Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

Variabilidade genética e sensibilidade de acessos de Pistia stratiotes ao herbicida glyphosate

A alface-d'água (Pistia stratiotes) é uma das principais entre as macrófitas aquáticas que causam problemas em corpos hídricos no Brasil e são consideradas como plantas daninhas. O presente trabalho foi realizado com os objetivos de conhecer melhor a variabilidade genética dessa macrófita e relacionar essa variabilidade com a resposta à aplicação do herbicida glyphosate. Para isso, foram coletados indivíduos em 12 corpos hídricos em diferentes cidades do território nacional (Americana, Cambaratiba, Curitiba, Itapura, Jaboticabal, Lagoa Santa, Piraí, Rio Grande, Rubinéia, Salto Grande, Santa Gertrudes e Três Lagoas). Os acessos foram caracterizados pelo uso de marcadores RAPD (DNA Polimórfico Amplificado ao Acaso), que permitiram, com o auxílio de iniciadores aleatórios, a caracterização dos locos polimórficos identificados por uma matriz de ausência e presença de bandas. Utilizando essa matriz, a análise de agrupamento permitiu nítida classificação dos acessos em três grupos com diferenças genéticas entre eles. Um ensaio de controle químico, com plantas mantidas em vasos plásticos (5 L) e pulverizadas com o herbicida glyphosate nas concentrações de 0,0, 0,6, 1,2, 1,8 e 2,4 kg ha-1, identificou, utilizando avaliações aos 7, 14 e 21 dias após aplicação, que as duas maiores doses promoveram melhor efeito herbicida. Foi verificado também que os acessos de Curitiba e Cambaratiba apresentaram menor suscetibilidade ao herbicida glyphosate. Não houve correspondência entre a estrutura de grupos dos acessos pela análise multivariada de agrupamento com a técnica RAPD e a suscetibilidade da alface-d'água ao glyphosate.

Análise de critérios de decisão em estratégia de arranjos produtivos locais: um estudo aplicando o processo de hierarquia analítica (AHP) no setor de cerâmica

This master thesis has the objective of investigating the strategic decision criteria of participants of Local Production Arrangements (LPA) in Brazil. The LPA s are an initiative of support agents to enterprises with the purpose of organizing joint actions for the development of groups (clusters) of enterprises. The choice of the actions is a decision of the participating enterprises and this paper aims at applying a Multi-criteria Analysis Method to analyze the criteria of entrepreneurs that are participating of a LPA. The used method is the Process of Analytical Hierarchy (PAH) and an application is presented along with questionnaires to participants of a ceramic LPA in the northeast of Brazil. The main results show that, in first place, from the implicit strategy of each enterprise there is only one objective for the LPA group and so, at the beginning, an action decided by all of them tends to favor some more than others. In second place, it was observed that there are general inconsistencies between the strategic objectives and the importance as to criteria, even though there have been cases of coherency. As the main conclusion it is pointed that the use of Methods of MCDA is useful to improve the decision making process and to bring more transparency to the logic of the found results

Genotype by environment interaction for birth and weaning weights of composite beef cattle in different regions of Brazil

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

Selection for higher body weight in Nelore cattle is effective in achieving an increase of longissimus muscle area without reducing subcutaneous fat thickness

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

Estimates of genetic parameters for scrotal circumference using random regression models in Nelore cattle

A total of 15,901 scrotal circumference (SC) records from 5300 Nelore bulls, ranging from 229 to 560 days of age, were used with the objective of estimating (co)variance functions for SC, using random regression models. Models included the fixed effects of contemporary group and age of dam at calving as covariable (linear and quadratic effects). To model the population mean trend, a third order Legendre polynomial on animal age was utilized. The direct additive genetic and animal permanent environmental random effects were modeled by Legendre polynomials on animal age, with orders of fit ranging from 1 to 5. Residual variances were modeled considering 1 (homogeneity of variance) or 4 age classes. Results obtained with the random regression models were compared to multi-trait analysis. (Co)variance estimates using multi-trait and random regression models were similar. The model considering a third- and fifth-order Legendre polynomials for additive genetic and animal permanent environmental effects, respectively, was the most adequate to model changes in variance of SC with age. Heritability estimates for SC ranged from 0.24 (229 days of age) to 0.47 (300 days of age), remained almost constant until 500 days of age (0.52), decreasing thereafter (0.44). In general, the genetic correlations between measures of scrotal circumference obtained from 229 to 560 days of age decreased with increasing distance between ages. For genetic evaluation scrotal circumference could be measured between 400 and 500 days of age. (C) 2010 Elsevier B.V. All rights reserved.

Genetic parameters and relationships between growth traits and scrotal circumference measured at different ages in Nellore cattle

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

Random regression models using different functions to model test-day milk yield of Brazilian Holstein cows

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

Avaliação da produção de sedimento na bacia hidrográfica do rio Potengi através do modelo SWAT

Anthropic disturbances in watersheds, such as inappropriate building development, disorderly land occupation and unplanned land use, may strengthen the sediment yield and the inflow into the estuary, leading to siltation, changes in the reach channel conformation, and ecosystem/water quality problems. Faced with such context, this study aims to assess the applicability of SWAT model to estimate, even in a preliminary way, the sediment yield distribution along the Potengi River watershed, as well as its contribution to the estuary. Furthermore, an assessment of its erosion susceptibility was used for comparison. The susceptibility map was developed by overlaying rainfall erosivity, soil erodibility, the slope of the terrain and land cover. In order to overlap these maps, a multi-criteria analysis through AHP method was applied. The SWAT was run using a five year period (1997-2001), considering three different scenarios based on different sorts of human interference: a) agriculture; b) pasture; and c) no interference (background). Results were analyzed in terms of surface runoff, sediment yield and their propagation along each river section, so that it was possible to find that the regions in the extreme west of the watershed and in the downstream portions returned higher values of sediment yield, reaching respectively 2.8 e 5.1 ton/ha.year, whereas central areas, which were less susceptible, returned the lowest values, never more than 0.7 ton/ha.ano. It was also noticed that in the west sub-watersheds, where one can observe the headwaters, sediment yield was naturally forced by high declivity and weak soils. In another hand, results suggest that the eastern part would not contribute to the sediment inflow into the estuary in a significant way, and the larger part of the sediment yield in that place is due to anthropic activities. For the central region, the analysis of sediment propagation indicates deposition predominance in opposition to transport. Thus, it s not expected that isolated rain storms occurring in the upstream river portions would significantly provide the estuary with sediment. Because the model calibration process hasn t been done yet, it becomes essential to emphasize that values presented here as results should not be applied for pratical aims. Even so, this work warns about the risks of a growth in the alteration of natural land cover, mainly in areas closer to the headwaters and in the downstream Potengi River

Detection and classification of voltage disturbances using a Fuzzy-ARTMAP-wavelet network

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

Robust fault diagnosis in power distribution systems based on fuzzy ARTMAP neural network-aided evidence theory

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

High incidences of DNA ploidy abnormalities in tongue squamous cell carcinoma of young patients: an international collaborative study

Aims: This multi-centre analysis assessed the DNA content of TSCC in 37 young patients (<40 years) and 28 old patients (>50 years) and determined the correlation of DNA ploidy findings with clinicopathological data.Methods and results: Image cytometry was carried out using an automated cellular imaging system on Feulgen-stained histological sections to obtain high-fidelity DNA histograms. Among young patients, 37.8% were females compared to 18.7% in the older group (P = 0.002). In total, 48.6% patients were non-smokers and 40.5% were non-drinkers compared to 10.7% non-smokers and non-drinkers in the older group (P < 0.0001). TNM, clinical stage of disease and histological grade of differentiation did not differ between groups. Tumour aneuploidy was detected in 86.5% and tetraploidy in 24.3% young patients; this was significantly greater than in the older group where 64.3% were aneuploid (P < 0.0001) and 7.2% tetraploid (P < 0.0001). The mean values of DNA index (DI) and DNA heterogeneity index as well as the percentage of cells with DI exceeding 5N were higher in young patients (P < 0.0001).Conclusions: Young patients with TSCC represent a distinct clinical entity. The high incidence of DNA ploidy abnormalities suggest that they may have increased genomic instability and indicates underlying genetic differences between TSCC in young and older patients.

Espectrometria de absorção atômica multielementar simultânea com atomização eletrotérmica em forno de grafite - uma revisão da técnica e aplicações

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