The Capm and Fama-French models in Brazil: a comparative study

This paper confronts the Capital Asset Pricing Model - CAPM - and the 3-Factor Fama-French - FF - model using both Brazilian and US stock market data for the same Sample period (1999-2007). The US data will serve only as a benchmark for comparative purposes. We use two competing econometric methods, the Generalized Method of Moments (GMM) by (Hansen, 1982) and the Iterative Nonlinear Seemingly Unrelated Regression Estimation (ITNLSUR) by Burmeister and McElroy (1988). Both methods nest other options based on the procedure by Fama-MacBeth (1973). The estimations show that the FF model fits the Brazilian data better than CAPM, however it is imprecise compared with the US analog. We argue that this is a consequence of an absence of clear-cut anomalies in Brazilian data, specially those related to firm size. The tests on the efficiency of the models - nullity of intercepts and fitting of the cross-sectional regressions - presented mixed conclusions. The tests on intercept failed to rejected the CAPM when Brazilian value-premium-wise portfolios were used, contrasting with US data, a very well documented conclusion. The ITNLSUR has estimated an economically reasonable and statistically significant market risk premium for Brazil around 6.5% per year without resorting to any particular data set aggregation. However, we could not find the same for the US data during identical period or even using a larger data set. Este estudo procura contribuir com a literatura empírica brasileira de modelos de apreçamento de ativos. Dois dos principais modelos de apreçamento são Infrontados, os modelos Capital Asset Pricing Model (CAPM)e de 3 fatores de Fama-French. São aplicadas ferramentas econométricas pouco exploradas na literatura nacional na estimação de equações de apreçamento: os métodos de GMM e ITNLSUR. Comparam-se as estimativas com as obtidas de dados americanos para o mesmo período e conclui-se que no Brasil o sucesso do modelo de Fama e French é limitado. Como subproduto da análise, (i) testa-se a presença das chamadas anomalias nos retornos, e (ii) calcula-se o prêmio de risco implícito nos retornos das ações. Os dados revelam a presença de um prêmio de valor, porém não de um prêmio de tamanho. Utilizando o método de ITNLSUR, o prêmio de risco de mercado é positivo e significativo, ao redor de 6,5% ao ano.

Product placement in movies: a cross cultural study between Brazil and the USA

The broader objective of this study undertaking can briefly be articulated in particulate aims as follows: to measure the attitudes of consumers regarding the brand displayed by this strategy as well as to highlight recall, recognition and purchase intentions generated by product placement on consumers. In addition, check the differences and similarities between the behavior of Brazilian and American consumers caused by the influence of product placements. The study was undertaken targeting consumer audience in Brazil and the U.S. A rang3 modeling set ups were performed in order to realign study instruments and hypothesis towards the research objectives. This study gave focus on the following hypothesized models. H1: Consumers / Participants who viewed the brands / products in the movie have a higher brand / product recall compared to the consumers / participants who did not view the brands / products in the movie. H2: US Consumers / Participants are able to recognize and recall brands / products which appear in the background of the movie than Brazil. H3: Consumers / participants from USA are more accepting of product placements compared to their counterparts in Brazil. H4: There are discernible similarities in consumer / participant brand attitudes and purchase intentions in consumers / participants from USA and Brazil in spite of the fact that their country of origin is different. Cronbach’s Alpha Coefficient ensured the reliability of survey instruments. The study involved the use of the Structural Equation Modeling (SEM) for the hypothesis testing. This study used the Confirmatory Factor Analysis (CFA) to assess both the convergent and discriminant validities instead of using the Exploratory Factor Analysis (EFA) or the Principal Component Analysis (PCA). This reinforced for the use of the regression Chi Square and T statistical tests in further. Only hypothesis H3 was rejected, the rest were not. T test provided insight findings on specific subgroup significant differences. In the SEM testing, the error variance for product placement attitudes was negative for both the groups. On this The Heywood Case came in handy to fix negative values. The researcher used both quantitative and qualitative approach where closed ended questionnaires and interviews respectively were used to collect primary data. The results were additionally provided with tabulations. It can be concluded that, product placement varies markedly in the U.S. from Brazil based on the influence a range of factors provided in the study. However, there are elements of convergence probably driven by the convergence in technology. In order, product placement to become more competitive in the promotional marketing, there will be the need for researchers to extend focus from the traditional variables and add knowledge on the conventional marketplace factors that is the sell-ability of the product placement technologies and strategies.

Food waste in lower-middle income households: a qualitative analysis of antecedents and a typology of food wasters

Esta dissertação doutoral, com base em dados empíricos coletados com 50 mães distribuídas no Brasil (n = 30) e nos EUA (n = 20), tem como objetivo fornecer uma melhor compreensão do desperdício de alimento no contexto da baixa renda. A tese é composta por três artigos, que combinados, cumprem os objetivos de identificar os antecedentes do desperdício de alimento e delinear uma tipologia dos desperdiçadores de alimento. Adicionalmente, contextualiza o desperdício global e um capítulo propõe uma agenda futura para estudos sobre desperdício de alimento no âmbito do consumidor. O desperdício de alimento nas famílias, enquanto tema de pesquisa, oferece a oportunidade para o trabalho acadêmico em marketing cumprir os critérios de relevância social, gerencial e para políticas públicas. No primeiro estudo, descrevem-se os fatores do chamado "paradoxo do desperdício de alimento", a identificação e análise do desperdício de alimento em famílias com restrições orçamentárias, enquanto apresentam-se o itinerário do consumo de alimentos e os antecedentes do desperdício. Este primeiro artigo, elaborado com dados coletados em famílias brasileiras, ilustra também o papel das normas culturais, tais como o preparo abundante de alimento para mostrar hospitalidade ou como forma de não ser percebido como pobre, no aumento do desperdício. No segundo artigo, uma grounded-theory (teoria fundamentada nos dados) destaca o papel do afeto e da abundância no desperdício de alimento familiar. Para enriquecer as contribuições teóricas, este segundo estudo apresenta um framework com seis dimensões do desperdício de alimento (1. Afeto; 2. Abundância; 3. Multiplicidade de escolhas; 4. Conveniência; 5. Procrastinação; 6. Rotina sem planejamento). Baseado em dados empíricos coletados em famílias americanas, este estudo proporciona novas explicações, a exemplo de como o estoque abundante de comfort foods - uma forma de impulsionar tanto emoções positivas para si quanto mostrar afeto para crianças – pode gerar mais desperdício de alimentos. Em síntese, o segundo artigo identifica uma consequência negativa do afeto e da abundância de alimentos no contexto familiar, e apresenta um framework teoricamente relevante. Finalmente, o terceiro artigo, a partir do conjunto de dados dos estudos anteriores e de nova coleta com dez famílias, propõe uma tipologia comportamental do desperdício de alimento, uma contribuição original aos estudos de comportamento do consumidor. A identificação de cinco tipos de desperdiçadores de alimentos - (1) Mães carinhosas; (2) Cozinheiras abundantes; (3) Desperdiçadoras de sobras; (4) Procrastinadoras; (5) Mães versáteis - contribui para a teoria, enquanto implicações potenciais para educadores nutricionais e agentes públicos são exploradas a partir dos resultados. Como uma forma de explicar as características de cada um dos cinco tipos identificados, compara-se aspectos das amostras brasileira e norte-americana, que apresentam similaridades no comportamento de desperdício de alimento. Os níveis de desperdício percebidos por país também são comparados. Em suma, os achados dos três artigos podem contribuir para maximizar os resultados de campanhas de conscientização voltadas à mitigação do desperdício de alimento, e apresentam ideias para varejistas interessados em iniciativas de sustentabilidade. Mais abrangentemente, os resultados apresentados também podem ser aplicados para incrementar programas de combate à fome e projetos de educação nutricional realizados pelo setor público ou ONGs.

A comparative study of the credit card market dynamics in Mexico and Brazil

This research analyzes and compares the attractiveness of the Brazilian and Mexican credit card markets from a financial firm’s perspective. The market dynamics in Latin America’s two economic powerhouses are fleshed out with qualitative and quantitative data, using a strategic framework to structure the analysis. Since its adoption by both countries in 1956, credit card usage has experienced many years of double digit growth. However, penetration levels remain low compared with most developed countries. Brazil has a more developed credit card infrastructure, with more potential profit, and issuers might face fewer competitive challenges.  Alternatively, Mexico, is witnessing a more favorable economy, a friendlier business and regulatory environment, combined with fewer financial products that compete with the credit card. Therefore, this paper concludes that Brazil and Mexico both offer market opportunities for credit card companies that can navigate the different technological, demographic, macroeconomic, and regulatory shifts in each country.

El mito, el paisaje y el hombre en la literatura ando-boliviana

This research was based on a study regarding the myth, the landscape and then man in Bolivian literature, a country whose cultural tradition transcends myth and reality, with an exotic nature, inherited from extraordinary people from a remote time, with archeological remains that show its glory, making it particular among other Latin American literatures. To contextualize the literary study of this nation, rich in fantasy literature, understanding its traits in the current literature, we have sought to rescue the history of its first inhabitants, the Kollas, and the cultural reference they inherited and reviewed in the acculturation process between indigenous and Spanish people. This study is based on the contributions of Latin American theorists, such as Antonio Conejo Polar, Nestor Canclini, the Cuban ethnologist Fernando Ortiz, and especially the concept of transculturation of the Uruguayan critic Ángel Rama. Thus, we have tried to rescue a study about the Andean past, approaching the fundamentals of mythic component in literature, addressing landscape and nature as the ones that illustrate, characterize and give life to the mythical characters and social problems of the Andean man

Fission track and U-Pb in situ dating applied to detrital zircon from the Vale do Rio do Peixe Formation, Bauru Group, Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Synergistic effect of propolis and antibiotics on the Salmonella Typhi

O objetivo do presente trabalho foi investigar um possível efeito sinérgico entre extrato alcoólico de própolis do Brasil e Bulgária com alguns antibióticos (Amoxilina, Ampicilina e Cefalexina) utilizados contra Salmonella Typhi. Própolis do Brasil e Bulgária mostraram uma atividade antibacteriana, embora a amostra da Bulgária tenha sido mais eficiente. Ambas as amostras apresentaram um efeito sinérgico com os antibióticos estudados. Pode-se concluir que as amostras de própolis possuem atividade antibacteriana, bem como apresentam efeito sinérgico com antibióticos utilizados contra Salmonella Typhi.

Leprosy control: perspectives & epidemiological and operational aspects

OBJETIVOS: A partir de acervo de 200 textos acadêmicos e de documentos de organismos nacionais e internacionais voltados ao controle da hanseníase publicados no período de 1999 a 2008, procurou-se estudar respectivas possibilidades evolutivas futuras, empregando-se os subsídios do recurso de análise de cenários. MÉTODOS: A reconstrução metodológica adotada foi de natureza qualitativa, fulcrada nas técnicas de revisão bibliográfica e análise de conteúdo. Esta última foi empregada na tipificação documental categorial frequencial contigencial, de acordo com devida fundamentação pertinente. RESULTADOS: Recuperaram-se elementos atuais importantes de natureza epidemiológica e operacional, bem como de respectivas perspectivas. CONCLUSÕES: Projeta-se que a manutenção dos coeficientes de incidência da doença coloca reptos econômicos e sanitários a desafiar desde o modelo neoliberal de organização societária mundial até competências específicas das ações das equipes de saúde em campo.

Effect of propolis, some isolated compounds and its source plant on antibody production

Propolis is a beehive product with a very complex chemical composition, widely used in folk medicine because of its several therapeutic activities. Its biological properties and chemical composition may vary according to the geographic location and to the different plant sources. The possible mechanism of action of propolis as well as of its active compounds has been the subject of researchers in recent years. In this work, first we reported the results of our study on the seasonal effect of the immunomodulatory action of propolis on antibody production in bovine serum albumin (BSA)-immunized rats. Then, we compared the effect of Brazilian and Bulgarian propolis, some isolated compounds and Baccharis extract on anti-BSA antibody levels. Based on the results, we conclude that propolis stimulates antibody production, independently of the season and geographic origin. Caffeic acid, quercetin and Baccharis extract had no effect on antibody production, although the importance of isolated compounds is well reported in other biological assays. Propolis action is a consequence of plant-derived products with synergic effects. while isolated compounds or extracts from its plant sources had no effect in this assay. (c) 2005 Elsevier B.V.. All rights reserved.

Cryptic speciation and recombination in the fungus Paracoccidioides brasiliensis as revealed by gene genealogies

Paracoccidioides brasiliensis is the etiologic agent of paracoccidioidomycosis, a disease confined to Latin America and of marked importance in the endemic areas due to its frequency and severity. This species is considered to be clonal according to mycological criteria and has been shown to vary in virulence. To characterize natural genetic variation and reproductive mode in this fungus, we analyzed P. brasiliensis phylogenetically in search of cryptic species and possible recombination using concordance and nondiscordance of gene genealogies with respect to phylogenies of eight regions in five nuclear loci. Our data indicate that this fungus consists of at least three distinct, previously unrecognized species: S1 (species 1 with 38 isolates), PS2 (phylogenetic species 2 with six isolates), and PS3 (phylogenetic species 3 with 21 isolates). Genealogies of four of the regions studied strongly supported the PS2 clade, composed of five Brazilian and one Venezuelan isolate. The second clade, PS3, composed solely of 21 Colombian isolates, was strongly supported by the alpha-tubulin genealogy. The remaining 38 individuals formed S1. Two of the three lineages of P. brasiliensis, S1 and PS2, are sympatric across their range, suggesting barriers to gene flow other than geographic isolation. Our study provides the first evidence for possible sexual reproduction in P. brasiliensis S1, but does not rule it out in the other two species.

GRAMMAR and COMMUNICATION IN PORTUGUESE AS A FOREIGN LANGUAGE A Study in the Context of Teletandem Interactions

This paper presents a study about the role of grammar in on-line interactions conducted in Portuguese and in English, between Brazilian and English-speaking interactants, with the aim of teaching Portuguese as a foreign language (PFL). The interactions occurred by means of chat and the MSN Messenger, and generated audio and video data for language analysis. Grammar is dealt with from two perspectives, an inductive and a deductive approach, so as to investigate the relevance of systematization of grammar rules in the process of learning PFL in teletandem interactions.

Power-law distributions for the citation index of scientific publications and scientists

The number of citations of a scientific publication or of an individual scientist has become an important factor of quality assessment in science. We report a study of the statistical distribution of the citation index of both scientific publications and scientists. We give numerical evidence that Tsallis (power law) statistics explains the entire distribution over eight orders of magnitude (10-4 to 10(4)). Also, we draw Zipf plots in order to analyze the statistical distribution of the citation index of Brazilian and international physicists and chemists. The relatively small group of Brazilian scientists seems more adequate to explain the dynamics of the citation index. In this case, we find that the distribution of the citation index can also be explained by a gradually truncated power law with similar parameters. We finally discuss possible mechanisms behind the citation index of scientists and scientific publications.

Global stratigraphy, palaeobiogeography and palaeoecology of Albian-Maastrichtian pithonellid calcispheres: impact on Tethys configuration

This study reviews the stratigraphy, palaeobiogeography and palaeoecology of some important Albian-Maastrichtian pelagic calcispheres: Bonetocardiella conoidea, Pithonella ovalis, P. perlonga, P. sphaerica and P. trejoi. It also presents a significant new data set on these organisms from the western South Atlantic Ocean. The group reached its acme simultaneously all over the world during the highest Cretaceous sea level in late Albian to Coniacian times. A strong association also existed between the maximum temperature and the salinity of the Tethyan water mass and the climax of these opportunistic microfossils. Their remarkable presence along the Brazilian and west African margins during the Albian, in association with other typical Tethyan pelagic biotic elements, indicates that during this period the northern South Atlantic was a long, narrow arm of the Tethys Sea. (C) 2000 Academic Press.

Oldenburg Burnout Inventory - student version: cultural adaptation and validation into Portuguese

Realizou-se adaptação cultural do Inventário de Oldenburg para estudantes (OLBI-S) em português e estimou-se sua confiabilidade e validade. O OLBI-S foi preenchido por 958 estudantes universitários brasileiros e 602 portugueses. O modelo fatorial original apresentou ajustamento adequado mas foram removidos dois itens com confiabilidade individual baixa (λ<0,5). A nova estrutura apresentou bom ajustamento a 2/3 da amostra total sendo invariante no 1/3 restante da amostra. Verificou-se baixa consistência interna e validade convergente, confiabilidade compósita aceitável, boa validade discriminante, concorrente e divergente. O OLBI-S não foi invariante nas amostras de Brasil e Portugal. O OLBI-S apresentou limitações e ausência de validade transcultural nas amostras estudadas.

Copenhagen Burnout Inventory - student version: adaptation and transcultural validation for Portugal and Brazil

Realizou-se adaptação cultural do Inventário de Burnout de Copenhagen para estudantes (CBI-S) em português e estimou-se sua confiabilidade e validade. O CBI-S foi preenchido por 958 estudantes universitários brasileiros e 556 portugueses. O modelo fatorial original apresentou bom ajustamento entretanto, foram removidos dois itens com confiabilidade individual baixa (λ<0,5). A nova estrutura apresentou bom ajustamento a 2/3 da amostra total sendo invariante no 1/3 restante da amostra original. Verficou-se adequada consistência interna e validade convergente, discriminante e concorrente. Os pesos fatoriais do CBI-S não foram invariantes nas amostras de Brasil e Portugal. O CBI-S apresentou adequada confiabilidade e validade entretanto, verificou-se ausência de estabilidade transcultural.