Asymmetric preferences in investment decisions in the Brazilian financial market

The main objective of this article is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results than the classic Von Neumann-Morgenstern utility functions in the Brazilian market. The asymmetric behavior can be computed through the introduction of a disappointment (or loss) aversion coefficient in the classical expected utility function, which increases the impact of losses against gains. The results generated by both traditional and loss aversion utility functions are compared with real data from the Brazilian market regarding stock market participation in the investment portfolio of pension funds and individual investors.

Uma avaliação política da política de avaliação da educação superior brasileira

We had as the problem of analysis in this research: what are the assumptions, principles and general content that based the Sistema Nacional de Avaliação da Educação Superior (SINAES). We started from the hypothesis that the general content of SINAES is essentially based on the assumptions and principles of a control/regulatory perspective of evaluation and a summative epistemology, objectivist and quantitativist, constituted by members who prioritize testing and classification of courses and institutions based on market values. The overall goal was to make a political evaluation of SINAES and the specific objectives were: a) apply the concepts of politics evaluation and meta-evaluation, b) identify the role of international organizations in education reform in the 1990s and its impact on superior education in Brazil c) redeem the concept of evaluation, especially in the field of studies in education; and d) investigate the evaluation policies of Brazilian superior education leading to SINAES. As for the technical procedures for collecting and analyzing data, the research was made with bibliography and documents, considering that it was developed by bibliographic sources and official publications. It was developed by crossing sources: texts or documents remitted to others; it was also concentrated: on the role of international organizations in educational and State reforms (in the 1990s); on the policies of evaluation of the Brazilian superior education (1980s and 1990s); on the proposal of the Comissão Especial de Avaliação (CEA); on the Law No. 10.861/2004; on the documents of CONAES; on the Decree No. 5.773/2006, and the MEC Regulatory Ordinances No. 4/2008 and No. 12/2008. It did not stop in the so called purely technical aspects, but in the ideological field itself. The research found that international organizations, notably the World Bank, played a political, intellectual and financial role determinant to the field of education, a fact that reflects in the legal framework. It was also found that the politics of evaluation of the superior education is historically marked by conflict, represented by two distinct perspectives of different natures and emphases. On one hand, the focus is on control / regulation, favoring efficiency, productivity and competitiveness benchmarking and prioritizing the punctual performance and measurement. On the other, it seeks to transform academic perspective in primarily formative / emancipatory, in order to support more institutional improvement. It was concluded that the CEA presented a conception evaluation predominantly formative and emancipatory, which emphasized the idea of system, centered around the institution and repudiated the rankings practices. In the post-formulation period, however, some of its principles were fragmenting and, gradually, the institution was giving way to the courses and the Exame Nacional de Desempenho de Estudantes (ENADE) grew in prominence. With the creation of the Conceito Preliminar de Cursos superiores (CPC) and of the Índice Geral de Cursos da Instituição de Educação Superior (IGC), it was redemeed the practice of evaluation as measurement and control, under the principles of efficiency and productivity. So, SINAES that seemed like a progressive evaluation method has assumed a setting that close resembles the Exame Nacional de Cursos (ENC-Provão). Nevertheless, the survival of institutional formative evaluation, in the superior education evaluation policies, still an issue in dispute

Brazilian Students and Working Capital: An Analysis of Their Decisions When Using Virtual Market Business Games

This study aims to demonstrate that data from business games can be an important resource for improving efficiency and effectiveness of learning. The proposal presented here was developed from preliminary studies of data from Virtual Market games that pointed the possibility of identifying gaps in learning by analyzing the decisions of students. This proposal helps students to refine their learning processes and equips tutors with strategies for teaching and student assessment. The proposal also complements the group discussion and/or debriefing, which are widely used to enhance learning mediated by games. However, from a management perspective the model has the potential to be erroneous and miss opportunities, which cannot be detected because of the dependence on the characteristics of the individual, such as ability to communicate and work together. To illustrate the proposed technique, data sets from two business games were analyzed with the focus on managing working capital and it was found that students had difficulties managing this task. Similar trends were observed in all categories of students in the study-undergraduate, postgraduate and specialization. This discovery led us to the analysis of data for decisions made in the performance of the games, and it was determined that indicators could be developed that were capable of indentifying inconsistencies in the decisions. It was decided to apply some basic concepts of the finance management, such as management of the operational and non-operational expenditures, as well as production management concepts, such as the use of the production capacity. By analyzing the data from the Virtual Market games using the indicator concept, it was possible to detect the lack of domain knowledge of the students. Therefore, these indicators can be used to analyze the decisions of the players and guide them during the game, increasing their effectiveness and efficiency. As these indicators were developed from specific content, they can also be used to develop teaching materials to support learning. Viewed in this light, the proposal adds new possibilities for using business games in learning. In addition to the intrinsic learning that is achieved through playing the games, they also assist in driving the learning process. This study considers the applications and the methodology used.

Cost assessment of efficiency losses in hydroelectric plants

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Testing the quick meal hypothesis: the effect of pulp on hoarding and seed predation of Hymenaea courbaril by red-rumped agoutis (Dasyprocta leporina)

Red-rumped agoutis (Dasyprocta leporina) are important seed dispersers/predators of Neotropical large-seeded plants. Several species of seeds cached by agoutis have an edible reward, in contrast to temperate rodent-dispersed diaspores. The quick meal hypothesis states that the presence of a reward such as edible pulp will enhance the efficiency of rodents as seed disperses by satiating the animal and, consequently, reducing seed predation and enhancing hoarding. In this study, this hypothesis was tested using as the reference system the pulp and seeds of Hymenaea courbaril. Seeds with and without pulp were offered to agoutis and the behaviour of each individual was recorded. Since the probability of predation and hoarding were complementary, we used the probability of predation. The proportion of agoutis that preyed on at least one seed was similar for seeds with (42.8% of individuals) and without (40.0% of individuals) pulp. In agoutis that preyed upon at least one seed, the probability that they killed a seed did not differ between seeds with (0.17 +/- 0.03) and without (0.20 +/- 0.08) pulp. Hence, these results do not support the 'quick meal hypothesis'.

Land reform in NE Brazil: a stochastic frontier production efficiency evaluation

O objetivo desse artigo é caracterizar as fontes da ineficiência técnica e alocativa em um conjunto de 308 beneficiários de um programa de reforma agrária de mercado, chamado Cédula da Terra;, distribuídos em cinco estados do Nordeste brasileiro. Estudos conduzidos por Buainain et al. (2002) mostraram existem poucas diferenças entre as características de beneficiários deste programa e dos programas tradicionais de reforma agrária por expropriação e que portanto, os resultados obtidos por este trabalho permitem visualizar as dificuldades enfrentadas pelos assentamentos no Brasil. Para medir eficiência, estimou-se uma função de produção potencial segundo a metodologia de Battese e Coelli (1995) e a partir disto, procurou-se explicar as razões da ineficiência (relativa) encontrada. Os resultados apontam para a existência de ineficiência técnica e alocativa que é identificada principalmente nas situações em que a presença de produção para consumo é elevada. Tratase de um resultado que revela a pouca maturidade da maioria dos lotes dos assentados do PCT e a dificuldade de superar as limitações impostas pela condição inicial de formação dos assentamentos de reforma agrária, principalmente na região nordeste do Brasil.

Regulation, worker protection and active labour-market policies in Latin America

Includes bibliography

Innovating, gaining market share and fostering social inclusion: success stories in SME development

Includes bibliography

Development of eco-efficient and sustainable urban infrastructure in Asia and Latin America: eco-efficiency and sustainable infrastructure in the United States and Canada

Incluye bibliografía

Health benefits guarantees in Latin America: equity and quasi market restructuring at the beginning of the millennium

Includes bibliography

Reflections on the use of labour market indicators in designing policies with a gender-based approach

Includes bibliography

Renewable energy and energy efficiency in Latin America and the Caribbean: constraints and prospects

Includes bibliography

Straightforward systematic approach for fuel efficiency and emissions assessment in automotive systems

At this time, each major automotive market bares its own standards and test procedures to regulate the vehicle green house gases emissions and, thus, fuel consumption. Hence, much are the ways to evaluate the overall efficiency of motor vehicles. The majority of such standards rely on dynamometer cycle tests that appraise only the vehicle as a whole, but fail to assess emissions for each component or sub-system. Once the amount of work generated by the power source of an ICE vehicle to overcome the driving resistance forces is proportional to the energy contained in the required amount of fuel, the power path of the vehicle can be straightforwardly modeled as a set of mechanical systems, and each sub-system evaluated for its share on the total fuel consumption and green house gases emission. This procedure enables the estimation of efficiency gains on the system due to improvement of particular elements on the vehicle's driveline. In this work a simple systematic mechanical model of an arbitrary smallsized hatch back was assembled and total required energy calculated for different regulatory cycles. All the modeling details of the energy balance throughout the system are presented. Afterward, each subsystem was investigated for its role on the fuel consumption and the generated emission quantified. Furthermore, the application of the modeling technique for different sets of sub-systems was introduced. Copyright © 2011 SAE International.

Property rights and the rural land market in Latin America

Includes bibliography

The market and water management reform in Peru

Includes bibliography