Does mixed frequency vector error correction model add relevant information to exchange misalignment calculus? Evidence for United States

Real exchange rate is an important macroeconomic price in the economy and a ects economic activity, interest rates, domestic prices, trade and investiments ows among other variables. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that it is possible to calculate the misalignment from a mixed ointegrated vector error correction framework. An empirical exercise using United States' real exchange rate data is performed. The results suggest that the model with mixed frequency data is preferred to the models with same frequency variables

Does active management add value?: the Brazilian mutual fund market

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence is against the active management. We also analyze the determinants of significant alphas. For stocks and hedge funds the evidence suggests that old, big and active funds generate biggest alphas. In fixed income funds the evidence is not clear, only a positive relationship between size and alphas could be found.

Analysts’ recommendations in Brazil: do they add value?

This paper examines the value of analysts’ recommendations in Brazilian Stock Market. We studied a sample of 294 weeks of recommendations make public by the best seller newspaper in Brazil with six different investment strategies and time horizons. The main conclusion is that it is possible to beat the Brazilian market indexes Ibovespa and IBrX following the analysts’ stock recommendations. The best strategies are buying only the recommended stocks, buying the recommended stocks whose target and market prices difference is bigger than 25% and lesser or equal than 50%. The performance of the six strategies is analyzed through the use of bootstrap and Monte Carlo techniques.

Business process in supply chain integration in sugar and ethanol industry

This article presents the application of a diagnosis method in a Brazilian company from the sugar and ethanol industry to identify the level of supply chain integration. The diagnosis method is based on Cooper, Lambert and Pagh reference model for SCM. The method involves nine referential axes established from the eighth key business processes of the reference model.

3-Hydroxy-4, 5-dimethyl-2 (5 H)-furanone levels in fortified Madeira wines: Relationship to sugar content

The maturation of Madeira wines usually involves exposure to relatively high temperatures and humidity levels >70%, which affect the aroma and flavor composition and lead to the formation of the typical and characteristic bouquet of these wines. To estimate the levels of sotolon [3-hydroxy4,5-dimethyl-2(5 H )-furanone] and their behavior over time, 86 aged Madeira wines samples (1-25 years old), with different sugar concentrations, respectively, 90 g L-1 for Boal, 110 g L-1 for Malvazia, 25 g L -1 for Sercial, and 65 g L-1 for Verdelho varieties, were analyzed. Isolation was performed by liquid-liquid extraction with dichloromethane followed by chromatographic analysis by GC-MS. The reproducibility of the method was found to be 4.9%. The detection and quantification limits were 1.2 and 2.0 µgL-1, respectively. The levels of sotolon found ranged from not detected to 2000 µgL-1 for wines between 1 and 25 years old. It was observed that during aging, the concentration of sotolon increased with time in a linear fashion ( r ) 0.917). The highest concentration of sotolon was found in wines with the highest residual sugar contents, considering the same time of storage. The results show that there is a strong correlation between sotolon and sugar derivatives: furfural, 5-methylfurfural, 5-hydroxymethylfurfural, and 5-ethoxymethylfurfural. These compounds are also well correlated with wine aging. These findings indicate that the kinetics of sotolon formation is closely related with residual sugar contents, suggesting that this molecule may come from a component like sugar.

Distribution of Ra-226, Th-232 and K-40 in soils and sugar cane crops at Corumbatai river basin, São Paulo State, Brazil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

COMPOSITION OF FRESHLY HARVESTED BRAZILIAN ROYAL JELLY - IDENTIFICATION OF CARBOHYDRATES FROM THE SUGAR FRACTION

Samples of Brazilian royal jelly from Africanized Apis mellifera were analysed in order to determine the gross composition: crude moisture ranged from 67.80% to 69.40%, crude protein from 15.80% to 16.70%, crude lipid from 2.90% to 3.98% and-total sugars from 11.40% to 11.50%. The sugar fraction was investigated and revealed the presence of the following compounds identified by their retention time during HPLC analysis: ribose, fructose, glucose, sucrose, mannose, trehalose, erythritol, adonitol and mannitol.

Effects of dry sugar cane yeast on the diet intake, digestibility and bovine rumen microbial populations

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Potential and costs for the production of electrolytic hydrogen in alcohol and sugar cane plants in the central and south regions of Brazil

This project verified the potential for the production of hydrogen via water electrolysis by using the exceeding electrical energy resultant from alcohol and sugar plants that use sugar cane bagasse as fuel. The studies were carried out in cogeneration plants authorized by the Electrical Energy National Agency (ANEEL). The processing history of sugar cane considered was based on the 2006/2007 harvests. The total bagasse produced, electrical energy generated and exceeding electrical energy in a year were calculated. It was obtained an average energy consumption value of 5.2 kWh Nm(-3) and the hydrogen production costs regarding the amount of sugar cane processed that ranged from US$ 0.50 to US$ 0.75 Nm(-3). The results pointed that the costs for the production of hydrogen via the bagasse exceeding energy are close to the production costs that use other sources of energy. As the energy generated from the bagasse is a renewable one, this alternative for the production of hydrogen is economical and environmentally viable. (C) 2008 International Association for Hydrogen Energy. Published by Elsevier Ltd. All rights reserved.

The role of sugar cane straw on soil reaction

Conduziram-se dois experimentos em laboratório avaliar o efeito da palha da cana- de-açúcar na acidez do solo. A palha da cana foi adicionada nas doses de 0, 20, 40, e 76 g kg-1 na superfície de um latossolo roxo distrófico acondicionado em colunas de PVC. O solo foi incubado a capacidade de campo durante 0, 7, 14, 45, e 90 dias. Após cada incubação, o solo das colunas foram subdividido e amostrado nas seguintes frações 0-5, 5-10, 10-15, 15-20, e 20-25 cm. Com o aumento da dose da palha da cana verificou-se aumento do pH CaCl2 do solo e decréscimo do alumínio trocável até a camada de 15 cm de solo da coluna de PVC. A contribuição de compostos orgânicos para a destoxificação do Al aumentou com o acréscimo das doses da palha da cana. O crescimento da raiz das plantas trigo usadas como planta indicadora aumentou com o acréscimo das doses da palha de cana. O máximo de crescimento da raiz foi até a camada de 15 cm de solo depois de oito dias para a maior dose de palha da cana-de-açúcar.

Diet of Eared Doves (Zenaida auriculata, Aves, Columbidae) in a sugar-cane colony in South-eastern Brazil

Agricultores no médio Vale do Paranapanema têm relatado problemas com bandos de pombas (Zenaida auriculata) que se alimentam de cotilédones de soja na época do plantio. Na região do município de Tarumã, SP, essas aves se reproduzem em uma colônia situada em um canavial, e sua dieta é composta de 70% do peso seco por 4 grãos cultivados (em ordem de importância: milho, trigo, arroz e soja). As sementes de três invasoras (Euphorbia heterophylla, Brachiaria plantaginea e Commelina benghalensis) são importantes. Essa informação sugere que as pombas se adaptaram particularmente bem à paisagem criada pelas práticas agrícolas da região, aproveitando vários alimentos oferecidos.

Briquetting of charcoal from sugar-cane bagasse fly ash (scbfa) as an alternative fuel

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Physical Vapor Deposited Thin Films of Lignins Extracted from Sugar Cane Bagasse: Morphology, Electrical Properties, and Sensing Applications

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Analysis of the performance of an extraction-condensation steam turbine on a cogeneration system of a Brazilian sugar-alcohol factory

In this work a detailed thermodynamic analysis for an extraction-condensation steam turbine capable to drive a 40 MVA electricity generator in a sugar-alcohol factory was carried out. The use of this turbine in the cogeneration system showed that its efficiency contributed to increase the power generation, although the condensation reduces the overall efficiency of the plant. Sensibility analyses were performed to evaluate the behavior of the overall energy efficiency of a plant with the extraction-condensation turbine in function of the boiler efficiency, the specific consumption of steam in the processes and the condensation rate in the turbine. It was observed that the plant efficiency is very sensible to the condensation rate variation and it increases when there is an increase in the demand of steam for processes.