Alocação dinâmica de memória – Alocação de matrizes [Audiodescrição]

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Análise da sobre-reação e sub-reação nos ativos de primeira e segunda lina do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Teoria de carteiras e a alocação de parques eólicos offshore

The consumption of energy on the planet is currently based on fossil fuels. They are responsible for adverse effects on the environment. Renewables propose solutions for this scenario, but must face issues related to the capacity of the power supply. Wind energy offshore emerging as a promising alternative. The speed and stability are greater winds over oceans, but the variability of these may cause inconvenience to the generation of electric power fluctuations. To reduce this, a combination of wind farms geographically distributed was proposed. The greater the distance between them, the lower the correlation between the wind velocity, increasing the likelihood that together achieve more stable power system with less fluctuations in power generation. The efficient use of production capacity of the wind park however, depends on their distribution in marine environments. The objective of this research was to analyze the optimal allocation of wind farms offshore on the east coast of the U.S. by Modern Portfolio Theory. The Modern Portfolio Theory was used so that the process of building portfolios of wind energy offshore contemplate the particularity of intermittency of wind, through calculations of return and risk of the production of wind farms. The research was conducted with 25.934 observations of energy produced by wind farms 11 hypothetical offshore, from the installation of 01 simulated ocean turbine with a capacity of 5 MW. The data show hourly time resolution and covers the period between January 1, 1998 until December 31, 2002. Through the Matlab R software, six were calculated minimum variance portfolios, each for a period of time distinct. Given the inequality of the variability of wind over time, set up four strategies rebalancing to evaluate the performance of the related portfolios, which enabled us to identify the most beneficial to the stability of the wind energy production offshore. The results showed that the production of wind energy for 1998, 1999, 2000 and 2001 should be considered by the portfolio weights calculated for the same periods, respectively. Energy data for 2002 should use the weights derived from the portfolio calculated in the previous time period. Finally, the production of wind energy in the period 1998-2002 should also be weighted by 1/11. It follows therefore that the portfolios found failed to show reduced levels of variability when compared to the individual production of wind farms hypothetical offshore

Identificação dos princípios ativos presentes no extrato etanólico de cereus jamacaru e avaliação em ratos dos possíveis efeitos tóxicos e/ou comportamentais da exposição prolongada

Conselho Nacional de Desenvolvimento Científico e Tecnológico

Melhoria da segurança pública: uma proposta para alocação de unidades policiais utilizando o modelo das p-medianas e do caixeiro viajante

The decrease in crime is one of the core issues that cause concern in society today. This study aims to propose improvements to public safety from the choice of points to the location of police units, ie the points which support the car and the police. For this, three models were developed in order to assist decision making regarding the best placement of these bases. The Model of Police Units Routing has the intention to analyze the current configuration of a given region and develop optimal routes for round preventative. The Model of Allocation and Routing for New Police Units (MARNUP) used the model of facility location called p-median weighted and traveling salesman problem (TSP) combined aiming an ideal setting for regions that do not yet have support points or to assess how far the distribution is present in relation to that found in solution. The Model Redefinition and Routing Unit Police (MRRUP) seek to change the current positioning taking into account the budgetary constraints of the decision maker. To verify the applicability of these models we used data from 602 points to instances of police command that is responsible for the capital city of Natal. The city currently has 31 police units for 36 of these 19 districts and police have some assistance. This reality can lead to higher costs and higher response times for answering emergency calls. The results of the models showed that in an ideal situation it is possible to define a distance of 500 km/round, whereas in this 900 km are covered by approximately round. However, a change from three-point lead reduced to 700 km / round which represents a decrease of 22% in the route. This reduction should help improve response time to emergency care, improving the level of service provided by the increase of solved cases, reducing police shifts and routing preventive patrols

Técnica de controle adaptativo robusto aplicada a filtros ativos de potência e paralelo

The Methods for compensation of harmonic currents and voltages have been widely used since these methods allow to reduce to acceptable levels the harmonic distortion in the voltages or currents in a power system, and also compensate reactive. The reduction of harmonics and reactive contributes to the reduction of losses in transmission lines and electrical machinery, increasing the power factor, reduce the occurrence of overvoltage and overcurrent. The active power filter is the most efficient method for compensation of harmonic currents and voltages. The active power filter is necessary to use current and voltage controllers loop. Conventionally, the current and voltage control loop of active filter has been done by proportional controllers integrative. This work, investigated the use of a robust adaptive control technique on the shunt active power filter current and voltage control loop to increase robustness and improve the performance of active filter to compensate for harmonics. The proposed control scheme is based on a combination of techniques for adaptive control pole placement and variable structure. The advantages of the proposed method over conventional ones are: lower total harmonic distortion, more flexibility, adaptability and robustness to the system. Moreover, the proposed control scheme improves the performance and improves the transient of active filter. The validation of the proposed technique was verified initially by a simulation program implemented in C++ language and then experimental results were obtained using a prototype three-phase active filter of 1 kVA

Estratégia de controle robusto para filtro ativo paralelo sem detecção de harmônicos de correntes

Conventional control strategies used in shunt active power filters (SAPF) employs real-time instantaneous harmonic detection schemes which is usually implements with digital filters. This increase the number of current sensors on the filter structure which results in high costs. Furthermore, these detection schemes introduce time delays which can deteriorate the harmonic compensation performance. Differently from the conventional control schemes, this paper proposes a non-standard control strategy which indirectly regulates the phase currents of the power mains. The reference currents of system are generated by the dc-link voltage controller and is based on the active power balance of SAPF system. The reference currents are aligned to the phase angle of the power mains voltage vector which is obtained by using a dq phase locked loop (PLL) system. The current control strategy is implemented by an adaptive pole placement control strategy integrated to a variable structure control scheme (VS¡APPC). In the VS¡APPC, the internal model principle (IMP) of reference currents is used for achieving the zero steady state tracking error of the power system currents. This forces the phase current of the system mains to be sinusoidal with low harmonics content. Moreover, the current controllers are implemented on the stationary reference frame to avoid transformations to the mains voltage vector reference coordinates. This proposed current control strategy enhance the performance of SAPF with fast transient response and robustness to parametric uncertainties. Experimental results are showing for determining the effectiveness of SAPF proposed control system

Alocação de biomassa e nutrientes em Myriophyllum aquaticum sob diferentes níveis de macronutrientes

O objetivo deste trabalho foi verificar o efeito de diferentes concentrações de macronutrientes no crescimento e na alocação de biomassa seca em folha, caule e raiz de Myriophyllulm aquaticum. As plantas foram cultivadas em vasos plásticos preenchidos com areia lavada e emersas em solução nutritiva. O experimento foi conduzido em um delineamento inteiramente ao acaso, com quatro níveis (0, 25, 50 e 75%) da concentração original de N, P, K Ca, Mg e S da solução nutritiva, além de uma testemunha (100% da solução nutritiva), com quatro repetições e por um período de 38 dias. A maior produção de biomassa total foi obtida na testemunha. A ausência de K afetou a alocação de biomassa em raízes. Quanto ao comprimento total dos ramos, a maior resposta ocorreu entre os níveis de Ca a 60 mg L-1. A solução a 100% dos macronutrientes propiciou o maior comprimento das plantas. O número de ramos entre os níveis de N e P seguiu uma tendência linear e crescente com as concentrações desses nutrientes, porém em maior proporção para o fósforo. As condições mais favoráveis ao desenvolvimento das plantas ocorreram a 100% dos macronutrientes da solução base. Entre os níveis de nitrogênio verificaram-se maiores teores de N nas folhas do que nos caules. Já para os demais nutrientes a alocação desses recursos foi destinada em maior proporção para o caule. A maior alocação de biomassa nesta espécie destinou-se ao caule.

Efeitos do turno fixo sobre a saúde mental em operadores de petróleo :um estudo de caso em dois ativos produção da Petrobrás

Un conjunto de cambios viene siendo implantado en la Petrobrás procurando que sus unidades de negocios resulten más modernas y competitivas para atender las necesidades del mercado. Dentro de esta perspectiva, un nuevo régimen de trabajo, denominado turno fijo , ha sido implantado en dos activos de producción de la provincia de Rio Grande do Norte. Tal situación originó varios reclamos de los petroleros y, consecuentemente, el interés del SINDIPETRO-RN en obtener una evaluación más precisa de las consecuencias de los mismos. Este estudio, realizado a partir de la demanda sindical de esos trabajadores, ha tenido como objetivo central analizar los efectos del turno fijo sobre la salud mental de los operadores de producción, actualmente lotados en los referidos activos. El estudio ha sido realizado con 39 operadores que representan el 82,9% de la población objeto de este estudio. La muestra ha sido homogénea en cuanto al género, grado de instrucción, edad y tiempo de servicio en la compañía, lo que ha posibilitado un mayor control de las variables y un estudio comparativo entre los dos activos. Para el desarrollo del estudio, se han aplicado los siguientes instrumentos de colecta de datos: una escala de medida probada y validada (QSG-12), un cuestionario abierto, entrevistas individuales y una ficha socio-demográfica. Las respuestas del cuestionario abierto han sido categorizadas mediante la aplicación de análisis de contenido. Los resultados de ese tratamiento y las respuestas del QSG-12 han sido registradas en la forma de banco de datos del SPSS for Windows (Statical Package for social sciense for Windows) para luego procederse con el desarrolllo de los análisis estadísticos. Los principales resultados encontrados en el estudio han sido que la mitad de los participantes de la muestra han presentado resultados de deteriorización de la autoeficacia más elevado que 1,44 (un una escala de 0 a 3) y, en tensión emocional y depresión, el resultado es más elevado que 1,67; la mayoría se da cuenta del aumento de carga de trabajo, revela acentuado sufrimiento con el distanciamiento de la familia, y 58,8% presenta enfermedades psicosomáticas crónicas. La percepción de los operadores sobre el turno fijo e el análisis de éste, conforme el modelo vitamínico de Warr, conducen a la conclusión de que el turno fijo es uno de los factores que está influyendo negativamente en la salud mental de esos trabajadores

Um algoritmo genético especializado aplicado ao planejamento da expansão do sistema de transmissão com alocação de dispositivos de compensação série

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Ativos intangíveis (modelo RBV) como recurso estratégico e competitivo: um estudo em hotéis de pequeno porte (zona sul, Natal/RN)

The study aims to analyze the perception of managers on intangible assets as strategic and competitive resources in small hotels in Natal/RN, through the theory of the Resource Based View (RBV). This is a qualitative study of exploratory and descriptive, conducted with managers of the means of hosting small the capital of Rio Grande do Norte through semi-structured interviews, which was applied later, the technique content analysis based on the results of the information obtained in the interviews. Thus, research has shown that managers of small hotels visited (A, B, C) are not sufficient and satisfactory knowledge to set as their unique intangible assets of the company and makes use of them, on an occasional basis, without understanding or in essence understand its true value as a resource that can be used strategically for sustainable competitive advantage in the hotel market in Natal/RN. This means that managers do not know how to create new attributes and use them strategically. And they need to expand their partnerships with stakeholders. Given the importance of the subject of the present research, the information achieved by this analysis may contribute to the provision of information to establish a current situation with regard to the attributed to the knowledge and use of resources (intangible assets) importance as a strategic source and competitive for the internal management of the company by managers and thus, enabling a differential and greater economic profit over time in this segment

A influência do genótipo da ECA sobre a aptidão cardiovascular de jovens do sexo masculino moderadamente ativos

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Prevalência de dislipidemia em indivíduos fisicamente ativos durante a infância, adolescência e idade adulta

FUNDAMENTO: A prevalência de dislipidemias vem aumentando em diversas partes do Brasil, porém não é claro ainda quanto de exercício físico é necessário para se obter efeitos benéficos sobre os níveis de lipoproteínas plasmáticas. OBJETIVO: O estudo analisou, em oito cidades do Estado de São Paulo, a associação entre a prática continuada de exercícios físicos ao longo da vida e a ocorrência de dislipidemia na idade adulta. MÉTODOS: Estudo transversal envolvendo 2.720 adultos, de ambos os sexos, residentes em oito cidades do Estado de São Paulo. Por meio de entrevista domiciliar, a presença de dislipidemias foi autorreferida e a prática de exercícios físicos foi analisada na infância (7-10 anos), na adolescência (11-17 anos) e na idade adulta (atividades de lazer). No tratamento estatístico, modelos multivariados foram criados com a regressão logística binária. RESULTADOS: A prevalência de dislipidemia foi de 12,2% (IC95%= 11,1%-13,5%) e não houve diferença entre as cidades (p = 0,443). Mulheres (p = 0,001) e obesos (p = 0,001) apresentaram maior taxa de dislipidemia. Exercício físico atual não se associou com a presença de dislipidemia ([> 180 minutos por semana] p = 0,165), porém, a prática de exercício físico, tanto na infância (p = 0,001) como na adolescência (p = 0,001), foi associada com menor ocorrência da doença. Adultos fisicamente ativos em todos os três momentos da vida apresentaram 65% menos chances de reportar dislipidemia (RC = 0,35 [0,15-0,78]). CONCLUSÃO: A prática continuada de exercícios físicos ao longo da vida foi associada com menor ocorrência de dislipidemia entre adultos do Estado de São Paulo.