Análise dos retornos e características da estratégia de risk arbitrage no Brasil

O presente trabalho tem o objetivo de analisar os retornos de um portfólio investido na estratégia de risk arbitrage no Brasil entre 2004 e 2014, determinando se esta estratégia proporciona retornos anormais. De setembro de 2004 a dezembro de 2014, o portfólio de risk arbitrage gerou, depois de deduzidos os custos, um retorno anualizado de 14,40%, enquanto que o ativo livre de risco gerou retornos de 11,60% e o Índice Bovespa gerou 12,62%. Os resultados indicam que, usando-se tanto o CAPM como o modelo de três fatores de Fama e French (1993), a estratégia proporciona retornos anormais. Um segundo objetivo desse estudo é analisar se a distribuição dos retornos dessa estratégia é assimétrica. As evidências apontam para assimetria na distribuição dos retornos. Em função disto, foi utilizada a metodologia de Contingent Claims, que controla o efeito da relação não linear com os retornos de mercado, para analisar se mesmo assim a estratégia oferece retornos anormais. Com essa metodologia, não foram encontrados retornos anormais estatisticamente significativos. Por fim, o último objetivo desse estudo é analisar se o payoff da estratégia de risk arbitrage é análogo ao payoff da venda de uma put. Não foram encontradas evidências de que o payoff seja análogo ao da venda de uma opção de venda.

Cross-border reverse takeover: o caso das multinacionais brasileiras

O Cross-border reverse takeover, conduzido pelas multinacionais brasileiras, gerou desempenho superior? Cross-border reverse takeover tem sido a expressão usada para designar a aquisição de empresas em países desenvolvidos por empresas de países em desenvolvimento. Essas aquisições, reversas porque invertem o fluxo tradicional dos investimentos internacionais, respondem atualmente por parcela significativa desses investimentos e colocam em cheque a forma tradicional de pensar os negócios internacionais. Meu argumento é que as empresas que fizeram aquisições em países desenvolvidos passam a ter acesso aos recursos não disponíveis no país de origem, tais como novas tecnologias, técnicas de gestão mais avançadas, mercado de capitais mais desenvolvidos, recursos financeiros de baixo custo, entre outros. Por outro lado, elas já desenvolveram competências para gerir esses recursos e passam a ter vantagem competitiva sobre os competidores locais, levando ao desempenho superior. No entanto, partindo dos dados da base de dados Thomson ONE, que registra todas as fusões e aquisições anunciadas, oncluídas ou não, e empregando as metodologias de estudos de evento e de regressões multivariadas, com base em dados contábeis sobre uma amostra de empresas brasileiras listadas em bolsa de valores, esta tese demonstra que estatisticamente não é possível afirmar que essas empresas obtiveram desempenho superior.

Parâmetros citogenéticos de espécies comerciais de carangidae (perciformes), com vistas a sua empregabilidade na conservação biológica e piscicultura marinha

Worldwide, families Carangidae and Rachycentridae represent one of the groups most important commercial fish, used for food, and great potential for marine aquaculture. However, the genetic bases that can underpin the future cultivation of these species, cytogenetic between these aspects are very weak. The chromosomal patterns have provided basic data for the exploration of biotechnological processes aimed at handling chromosomal genetic improvement, such as induction of polyploidy, androgenesis and ginogenesis, as well as obtaining monosex stocks and interspecific hybridizations. This paper presents a comprehensive cytogenetic survey in 10 species, seven of the family Carangidae and the monotypic family Rachycentridae. Classical cytogenetic analysis and in situ mapping of multigene sequences were employed, and additionally for the genus Selene and morphotypes of Caranx lugubris, comparisons were made using geometric morphometrics. In general, conservative species exhibit a marked chromosome number (2n=48). Although present in large part, different karyotypic form, retain many characteristics typical of chromosomal Order Perciformes, the high number of elements monobrachyal, Ag-NORs/18S rDNA sites and heterochromatin simply reduced, preferably centromeric. The main mechanisms involved in karyotypic diversification are the pericentric inversions, with secondary action of centric fusions. In addition to physical mapping and chromosome detail for the species are presented and discussed patterns of intra-and interspecific diversity, cytotaxonomic markers. This data set provides a better understanding of these patterns caryoevolutyonary groups and conditions for the development of protocols based on Biotechnology for chromosomal manipulation Atlantic these species

Formulação de massas cerâmicas para porcelanas elétricas utilizando resíduos oriundos de corpos de fusíveis

The power industry generates as waste ceramic bodies of electrical fuses that are discarded after use. The formulation of ceramic bodies for porcelain electrical insulators using waste from the bodies fuse allocation promotes environmentally appropriate, through the reuse of the material. This work evaluated the technical feasibility of using waste for use in electrical porcelains with formulations containing the residue, feldspar and kaolinite. The raw materials were processed through grinding and sieving to 200 mesh. The ceramic material obtained from the proposed formulations with 25%, 30%, 34% and 40% of the residue went through a vibratory mill for grinding and homogenization, and then were sieved at 325 mesh. The samples were shaped in a uniaxial press, with the application of 25 MPa and sintered at 1100° C, 1150°C, 1200°C, 1225°C and 1250°C, at levels of 20 and 45 minutes. Were also developed bodies of evidence with reference formulations obtained without residue, to establish a comparison on physical, mechanical and electrical. The tests were conducted and technology: linear shrinkage, porosity, water absorption, resistance to bending to three points, measuring insulation resistance electrical resistivity of the material, X-ray diffraction and X-ray fluorescence Waste characterizations pointed to the existence of two phases: mullite and quartz phases are of great importance in the microstructure of the ceramic and this fact reveals a possibility for reuse in electrical porcelains. The mullite is an important constituent because it is a phase that makes it possible to increase the mechanical strength in addition to the body allows the use at high temperatures. The use of ceramic bodies residue fuses, proved feasible for application in electrical porcelain and the most significant results were obtained by the formulations with 25% waste and sintering at 1200°C

Diversificação evolutiva de gobídeos no litoral brasileiro: padrões citogenéticos e ecomorfológicos

The fishes of the order Perciformes are characterized as an important model for understanding the genetic structure of marine populations, because besides they present examples of conservation chromosomal, also they present the karyotype diversification for some groups. Gobiidae family is the most specious in the marine environment. Among its representatives, many species are part of a cryptic fauna little noticed and studied, a wide distribution with behavioral and reproductive characteristics, that make them conducive to the action of biogeographical barriers. Morphologically this family presents reduced body structures through simplification and regressions. Despite their importance in evolutionary inferences, cytogenetics data are incipient facing their species diversity, especially with western Atlantic species. In order to estimate the evolutionary diversity in Gobiidae, it were developed cytogenetic analysis and the standards body, through geometric morphometrics in five species on the Brazilian coast, Coryphopterus glaucofraenum, Bathygobius mystacium, B. soporator, Ctenogobius smaragdus e C. Boleosoma. The data show significant karyotype and morphological diversity among the species. The pericentric inversions and mergers play an important role in chromosomal evolution of this family, causing karyotypic structural and numerical differences in all species. Karyotypic and morphological comparisons among geographic samples of B. soporator from the coast of Maranhão, Rio Grande do Norte and Bahia showed cytogenetics patterns commons, but different morphological patterns. A sample from the Atol das Rocas revealed conspicuous morphological and karyotypic differentiation of another continental populations, confirming the presence of a new island species. The approaches done reveal diversification consistent with characteristics of a group of low vagile and largely able to environmental selection due from peculiar ecological requirements

Efeitos do envelhecimento ambiental acelerado em compósitos poliméricos

The advantages of the use of vegetable fibers on the synthetic fibers, such as glass fibers, in the reinforcements in composites are: low cost, low density, good tenacity, good thermal properties and reduced use of instruments for their treatment or processing. However, problems related to poor performance of some mechanical natural fibers, have hindered its direct use in structural elements. In this sense, the emergence of alternative materials such as hybrids composites, involving natural and synthetic fibers, has been encouraged by seeking to improve the performance of structural composites based only on natural fibers. The differences between the physical, chemical and mechanical properties of these fibers, especially facing the adverse environmental conditions such as the presence of moisture and ultraviolet radiation, is also becoming a concern in the final response of these composites. This piece of research presents a comparative study of the strength and stiffness between two composite, both of ortoftalic polyester matrix, one reinforced with fibers of glass-E (CV) and other hybrid reinforced with natural fibers of curauá and fiberglass-E (CH). All the comparative study is based on the influence of exposure to UV rays and steam heated water in composites, simulating the aging environment. The conditions for the tests are accelerated through the use of the aging chamber. The composites will be evaluated through tests of uniaxial static mechanical traction and bending on three points. The composite of glass fiber and hybrid manufacturing industry are using the rolling manual (hand lay-up) and have been developed in the form of composites. All were designed to meet possible structural applications such as tanks and pipes. The reinforcements used in composites were in the forms of short fiber glass-E quilts (450g/m2 - 5cm) of continuous wires and fuses (whose title was of 0.9 dtex) for the curauá fibers. The results clearly show the influence of aging on the environmental mechanical performance of the composite CV and CH. The issues concerning the final characteristics of the fracture for all types of cargoes studied were also analyzed

Allocation of protective devices in distribution circuits using nonlinear programming models and genetic algorithms

The optimized allocation of protective devices in strategic points of the circuit improves the quality of the energy supply and the system reliability index. This paper presents a nonlinear integer programming (NLIP) model with binary variables, to deal with the problem of protective device allocation in the main feeder and all branches of an overhead distribution circuit, to improve the reliability index and to provide customers with service of high quality and reliability. The constraints considered in the problem take into account technical and economical limitations, such as coordination problems of serial protective devices, available equipment, the importance of the feeder and the circuit topology. The use of genetic algorithms (GAs) is proposed to solve this problem, using a binary representation that does (1) or does not (0) show allocation of protective devices (reclosers, sectionalizers and fuses) in predefined points of the circuit. Results are presented for a real circuit (134 busses), with the possibility of protective device allocation in 29 points. Also the ability of the algorithm in finding good solutions while improving significantly the indicators of reliability is shown. (C) 2003 Elsevier B.V. All rights reserved.

MERCOSUL: avanços e desafios da integração

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Improving the grid operation and reliability cost of distribution systems with dispersed generation

In this work, a mathematical model to analyze the impact of the installation and operation of dispersed generation units in power distribution systems is proposed. The main focus is to determine the trade-off between the reliability and operational costs of distribution networks when the operation of isolated areas is allowed. In order to increase the system operator revenue, an optimal power flow makes use of the different energy prices offered by the dispersed generation connected to the grid. Simultaneously, the type and location of the protective devices initially installed on the protection system are reconfigured in order to minimize the interruption and expenditure of adjusting the protection system to conditions imposed by the operation of dispersed units. The interruption cost regards the unsupplied energy to customers in secure systems but affected by the normal tripping of protective devices. Therefore, the tripping of fuses, reclosers, and overcurrent relays aims to protect the system against both temporary and permanent fault types. Additionally, in order to reduce the average duration of the system interruption experienced by customers, the isolated operation of dispersed generation is allowed by installing directional overcurrent relays with synchronized reclose capabilities. A 135-bus real distribution system is used in order to show the advantages of using the mathematical model proposed. © 1969-2012 IEEE.

Anticorpos monoclonais em imunohematologia

Pós-graduação em Pesquisa e Desenvolvimento (Biotecnologia Médica) - FMB

O controle concorrencial dos atos de concentração como instrumento de implementação de política pública estatal

Pós-graduação em Direito - FCHS

Encontro Internacional de Atração de Investimento Direto Externo: documento setorial: fármacos

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Análise citogenética comparativa em espécies de morcegos dos gêneros Molossus (Molossidae), Artibeus, Platyrrhinus, Sturnira, Glossophaga, Phyllostomus e Carollia (Phyllostamide) - Chiroptera (Mammalia)

Pós-graduação em Genética - IBILCE

Os processos de comunicação e mediação da informação em uma indústria de alta produtividade do setor sucroalcooleiro no estado de São Paulo

Pós-graduação em Ciência da Informação - FFC

Produção e caracterização de anticorpos monoclonais contra antígeno de metacestóides de Taenia saginata

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)