Endogenous collateral: arbitrage and equilibrium without bounded short sales

We study the implications of the absence of arbitrage in an two period economy where default is allowed and assets are secured by collateral choosen by the borrowers. We show that non arbitrage sale prices of assets are submartingales, whereas non arbitrage purchase prices of the derivatives (secured by the pool of collaterals) are supermartingales. We use these non arbitrage conditions to establish existence of equilibrium, without imposing bounds on short sales. The nonconvexity of the budget set is overcome by considering a continuum of agents. Our results are particularly relevant for the collateralized mortgage obligations(CMO) markets.

Fundamentos da ordem republicana : repensando o pacto de Campos Sales

Resumo não disponível.

Políticas públicas, conselhos municipais e agricultura familiar : representações sobre o rural em Roca Sales/RS e a emergência da noção de multifuncionalidade da agricultura

Esta dissertação trata inicialmente de questões relativas ao papel das políticas públicas voltadas à modernização da agricultura nos contextos internacional e brasileiro. Com efeito, procurou-se evidenciar como foram concebidos os processos de modernização agrícola assentados no produtivismo. A propósito, os problemas sócio-ambientais gerados por estas políticas propiciaram o início do debate sobre a multifuncionalidade da agricultura. No caso brasileiro, a contestação das políticas de modernização conservadora da agricultura chegando levou ao Programa Nacional de Fortalecimento da Agricultura Familiar (PRONAF), cujo público-alvo, os agricultores familiares, estiveram, em grande medida, alijados até então das políticas públicas modernizantes. Num segundo momento, chamou-se a atenção para a emergência da noção de multifuncionalidade da agricultura, particularmente no que ela pode vir a transformar os rumos do desenvolvimento rural brasileiro, além da questão da produção. Traçando paralelos com o debate da multifuncionalidade, dedicou-se um capítulo sobre a evolução das concepções em torno da propriedade fundiária: de um direito irrestrito à sua função sócio-ambiental. Na atualidade, a incorporação de demandas ambientais reorientaram essa discussão. Por outro lado, a dissertação permite também discutir o lugar do Conselho de Desenvolvimento Rural (CMDR) de Roca Sales, a partir de uma interpretação fundada nas lógicas de seu funcionamento. Destacou-se a dependência do conselho em relação a programas estaduais e federais cuja alocação de recursos exige a caução dos conselheiros do desenvolvimento rural. Enfim, procurou-se discutir as representações sociais dos atores locais, de alguma maneira implicados no conselho, sobre a agricultura e o mundo rural. Notadamente, tentou-se examinar em qual medida as preocupações com o desenvolvimento rural consideram funções não produtivas da agricultura, principalmente nas dimensões da: reprodução socioeconômica das famílias; promoção da segurança alimentar da sociedade e das próprias famílias rurais; manutenção do tecido social e cultural e preservação dos recursos naturais e da paisagem rural. Nesse sentido, puderam-se apreender nas visões dos atores locais percepções que se aproximam dos fundamentos da noção de multifuncionalidade da agricultura, principalmente quando relacionados à temas como: agroindustrialização familiar, diversificação, profissionalização do agricultor, segurança alimentar, autoconsumo e turismo rural. Com efeito, as preocupações com o desenvolvimento rural revelam propensões dos atores locais em considerar as funções não mercantis da agricultura.

Improvement on the sales forecast accuracy for a fast growing company by the best combination of historical data usage and clients segmentation

Industrial companies in developing countries are facing rapid growths, and this requires having in place the best organizational processes to cope with the market demand. Sales forecasting, as a tool aligned with the general strategy of the company, needs to be as much accurate as possible, in order to achieve the sales targets by making available the right information for purchasing, planning and control of production areas, and finally attending in time and form the demand generated. The present dissertation uses a single case study from the subsidiary of an international explosives company based in Brazil, Maxam, experiencing high growth in sales, and therefore facing the challenge to adequate its structure and processes properly for the rapid growth expected. Diverse sales forecast techniques have been analyzed to compare the actual monthly sales forecast, based on the sales force representatives’ market knowledge, with forecasts based on the analysis of historical sales data. The dissertation findings show how the combination of both qualitative and quantitative forecasts, by the creation of a combined forecast that considers both client´s demand knowledge from the sales workforce with time series analysis, leads to the improvement on the accuracy of the company´s sales forecast.

Effect of price and in-store promotion on sales: a study of distinct regions in an emerging market

Increasing competition caused by globalization, high growth of some emerging markets and stagnation of developed economies motivate Consumer Packaged Goods (CPGs) manufacturers to drive their attention to emerging markets. These companies are expected to adapt their marketing activities to the particularities of these markets in order to succeed. In a country classified as emerging market, regions are not alike and some contrasts can be identified. In addition, divergences of marketing variables effect can also be observed in the different retail formats. The retail formats in emerging markets can be segregated in chain self-service and traditional full-service. Thus, understanding the effectiveness of marketing mix not only in country aggregated level data can be an important contribution. Inasmuch as companies aim to generate profits from emerging markets, price is an important marketing variable in the process of creating competitive advantage. Along with price, promotional variables such as in-store displays and price cut are often viewed as temporary incentives to increase short-term sales. Managers defend the usage of promotions as being the most reliable and fastest manner to increase sales and then short-term profits. However, some authors alert about sales promotions disadvantages; mainly in the long-term. This study investigates the effect of price and in-store promotions on sales volume in different regions within an emerging market. The database used is at SKU level for juice, being segregated in the Brazilian northeast and southeast regions and corresponding to the period from January 2011 to January 2013. The methodological approach is descriptive quantitative involving validation tests, application of multivariate and temporal series analysis method. The Vector-Autoregressive (VAR) model was used to perform the analysis. Results suggest similar price sensitivity in the northeast and southeast region and greater in-store promotion sensitivity in the northeast. Price reductions show negative results in the long-term (persistent sales in six months) and in-store promotion, positive results. In-store promotion shows no significant influence on sales in chain self-service stores while price demonstrates no relevant impact on sales in traditional full-service stores. Hence, this study contributes to the business environment for companies wishing to manage price and sales promotions for consumer brands in regions with different features within an emerging market. As a theoretical contribution, this study fills an academic gap providing a dedicated price and sales promotion study to contrast regions in an emerging market.

Design of biogas pipeline - Energy and sanitation

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Comparação de técnicas de redes de Petri na descrição de um pipeline

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Derechos aduaneros vigentes en los países centroamericanos sobre las principales materias primas y productos terminados de ácidos alquilaril sulfónicos, alquilaril sulfonatos y otras sales de ácidos de alquilaril sulfónicos y lustradores-limpiadores para zapatos

Incluye Bibliografía

Modelagem e simulação de sistemas de geração de energia para o setor de petróleo e gás

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Conversor analógico digital de 10 bits utilizando arquitetura pipeline e tecnologia CMOS

Pós-graduação em Engenharia Elétrica - FEIS

A New Method to Predict the Epidemiology of Fungal Keratitis by Monitoring the Sales Distribution of Antifungal Eye Drops in Brazil

Purpose: Fungi are a major cause of keratitis, although few medications are licensed for their treatment. The aim of this study is to observe the variation in commercialisation of antifungal eye drops, and to predict the seasonal distribution of fungal keratitis in Brazil. Methods: Data from a retrospective study of antifungal eye drops sales from the only pharmaceutical ophthalmologic laboratory, authorized to dispense them in Brazil (Opthalmos) were gathered. These data were correlated with geographic and seasonal distribution of fungal keratitis in Brazil between July 2002 and June 2008. Results: A total of 26,087 antifungal eye drop units were sold, with a mean of 2.3 per patient. There was significant variation in antifungal sales during the year (p < 0.01). A linear regression model displayed a significant association between reduced relative humidity and antifungal drug sales (R-2 = 0.17, p < 0.01). Conclusions: Antifungal eye drops sales suggest that there is a seasonal distribution of fungal keratitis. A possible interpretation is that the third quarter of the year (a period when the climate is drier), when agricultural activity is more intense in Brazil, suggests a correlation with a higher incidence of fungal keratitis. A similar model could be applied to other diseases, that are managed with unique, or few, and monitorable medications to predict epidemiological aspects.

Effects of specimen geometry and loading mode on crack growth resistance curves of a high-strength pipeline girth weld

This work presents an investigation of the ductile tearing properties for a girth weld made of an API 5L X80 pipeline steel using experimentally measured crack growth resistance curves. Use of these materials is motivated by the increasing demand in the number of applications for manufacturing high strength pipes for the oil and gas industry including marine applications and steel catenary risers. Testing of the pipeline girth welds employed side-grooved, clamped SE(T) specimens and shallow crack bend SE(B) specimens with a weld centerline notch to determine the crack growth resistance curves based upon the unloading compliance (UC) method using the single specimen technique. Recently developed compliance functions and η-factors applicable for SE(T) and SE(B) fracture specimens with homogeneous material and overmatched welds are introduced to determine crack growth resistance data from laboratory measurements of load-displacement records.