Empréstimo de ações no Brasil

Este trabalho investiga a atividade de empréstimo de ações no Brasil e sua conexão com operações de venda a descoberto em bolsa de valores. Descreve a organização do mercado, identifica fatores que determinam o nível de empréstimos e analisa os efeitos na eficiência da formação de preços das ações. Conclui que os vendedores atuam como contrários e que a atividade tem relação direta com o volume de negociação e inversa com a amplitude diária dos preços. Períodos de lock up e estabilização, esses após os IPOs, e o que antecede às ofertas subsequentes também influenciam o saldo de empréstimos, assim como a arbitragem tributária na distribuição, pelas empresas, de juros sobre capital próprio que tem efeito disruptivo sobre os preços das ações. Investidores a descoberto posicionam-se de modo a auferir excesso de retornos negativos e preferem ações com betas mais elevados. Os resultados também demonstram que o acréscimo de posições long-short a portfólio de investimento já existente aumentaria o retorno e reduziria o risco de mercado. Sobre a eficiência do mercado brasileiro, o estudo mostra que os preços das ações com saldos elevados de empréstimos ajustam-se com mais rapidez aos movimentos do mercado do que aquelas com menor saldo. O trabalho contribui, ainda, com recomendações pontuais para alterações da regulação e da organização operacional da atividade no País.

Úma análise comparativa entre o Procedimento de Manifestação de Interesse (PMI) e o diálogo competitivo

Este trabalho tem como objetivo analisar os principais aspectos da Lei Geral de Licitações (Lei Federal nº 8. 6666/1993) e compará-los com as formas contemporâneas de relacionamentos pré-contratuais: as manifestações de interesse da iniciativa privada, a experiência do Estado de Minas Gerais e os Diálogos Competitivos, a experiência da União Europeia e dos Estados Unidos. Para tanto, em uma primeira etapa, são descritas as principais mudanças ocorridas no processo licitatório desde 1993, como a criação das parcerias público-privadas (PPPs) e do Regime Diferenciado de Contratação (RDC). Em seguida, uma comparação entre as principais alterações implantadas. Finalmente, elencar breves conclusões sobre a comparação entre o Procedimento de Manifestação de Interesse (PMI) e o Diálogo Competitivo, que podem proporcionar um aprimoramento das licitações públicas.

Nem tão racional assim: cognição social implícita, discriminação trabalhista e ações afirmativas

É um trabalho de interdisciplinaridade entre o Direito e a Psicologia Social dentro da temática da discriminação trabalhista. Será apresentada a visão da Psicologia Social sobre preconceitos automáticos (“Implicit Bias”), assim como será discutida qual seria a melhor solução para o problema exposto. Ações afirmativas é o remédio mais adequado para combater preconceitos automáticos. O trabalho mostra a visão da Psicologia Social sobre a melhor forma de introduzir e conduzir as Ações afirmativas no mercado de trabalho. Será também feita uma análise jurídica constitucional e infraconstitucional das Ações afirmativas no mercado de trabalho, procurando entender se o ordenamento constitucional acolhe estas políticas no Brasil, bem como investigar o interesse do Estado em legislar para tornar tais iniciativas uma realidade.

Capital structure in Brazil : review of studies during the period of 1988-2003

A systematic review was made of studies regarding the capital structure in Brazil during the period of 1988-2003. The recurring themes relate to the static tradeoff and pecking order in various moments of the economy, the fiscal benefits of indebtedness and interest on privately-owned capital, and the inefficacies of the stock market. The Brazilian companies enjoy little leverage as compared to other emerging markets. BNDES is responsible for 5% of the gross formation of fixed capital. The funding of resources occurs at opportune moments, and the financing decision may precede that of investment. Efficacy of the judiciary system and company transparency positively affect access to credit.

Responsabilidade social empresarial: o caso de uma indústria alimentícia no estado do Pará

The theme of corporate social responsibility (CSR) provides discussion and analysis and relatively recent, particularly in the last twenty years, has grown into the world as well as in Brazil, the interest on the involvement of the business sector in social activities or projects facing combating poverty. However, a lack of socialization of successful experiences in the practice of CSR and clarity and consensus concepts generate deviations of understanding on the subject and the structuring of interventions. This research aimed to reveal how corporate social responsibility of the IMA Food was developed from Project Nursery Saci. The research took place under a qualitative approach of descriptive-explanatory, conducted through semi-structured interviews and non-participatory observation and interviewed 35 people in total. The interpretation and analysis of data occurred through a categorical content analysis, having as theoretical approach to socioeconomic CSR. The results showed that the major form of social responsibility of the Food IMA is based on a classical approach of CSR, focusing on philanthropy. The absence of a more systematic management of the project and reflect the fragility, instability and lack of commitment towards the community. The contributions generated by the project are substantial and important, but do not reach the development occasioned by the company. However, none of this invalidates the initiative of the organization's commitment to the community, however, requires a reassessment and restructuring of the proposal in a way that leverages the performance of the project and the company itself and it can more effectively contribute to society

Polissacarídeos sulfatados de interesse farmacológico no camarão litopenaeus schimitti

Sulfated Polysaccharides with unique chemical structures and important biological activities has been found in a diversity of sea invertebrates. For that, to exist a huger interest on the biotechnology field in the research theses sulfated compounds isolated from sea organisms. Despite the privileged brazilian position for these compounds attainment, there are still a few scientific informations about the isolated substances and their biological activities. A head the displayed, the present work has for objectives, to evaluate the pharmacological properties of the glycosaminoglycans isolated from the sea shrimp Litopenaeus schimitti on homeostasis, blood coagulation, leukocytes migration and platelet/leukocyte adhesion. For this, yhe glycosaminoglycans were extracted from crustacean tissues by proteolysis, fractionation with acetone and later submitted to pharmacological assays. The crustacean tissues showed compounds heparin-like, with anticoagulant activity of 45 IU/mg and 90 IU/mg, respectively. These molecules showed low residual hemorrhagic effects in the tested concentration (100 µg/mL), when compared to unfractionated commercial heparin (UFH). Another dermatan sulfate-like compound, predominately constituted for disulfated disaccharides, was isolated from crustacean abdomen. This compound showed an efficient effect on leukocytes migration inhibition, in the concentration of 15 µg/mL, reducing the cellular infiltration in 65% when compared to the controlled animals. In this same concentration, the DS reduced in 60% the protein concentration of the peritoneal exudates. In the concentration, this compound of 0.5 mg/mL, it was capable to reduce in 40% platelet/leukocytes adhesion. Our data demonstrate that these sulfated polysaccharides isolated from the shrimp L. schimitti will can be used as bioactive compounds, appearing as active principles for pharmacological development, anticoagulants and inflammatory response regulators

Estudo comparativo de pás para aerogeradores de grande porte fabricadas em materiais compósitos reforçadas com fibra de carbono ou fibra de vidro

The research and development of wind turbine blades are essential to keep pace with worldwide growth in the renewable energy sector. Although currently blades are typically produced using glass fiber reinforced composite materials, the tendency for larger size blades, particularly for offshore applications, has increased the interest on carbon fiber reinforced composites because of the potential for increased stiffness and weight reduction. In this study a model of blade designed for large generators (5 MW) was studied on a small scale. A numerical simulation was performed to determine the aerodynamic loading using a Computational Fluid Dynamics (CFD) software. Two blades were then designed and manufactured using epoxy matrix composites: one reinforced with glass fibers and the other with carbon fibers. For the structural calculations, maximum stress failure criterion was adopted. The blades were manufactured by Vacuum Assisted Resin Transfer Molding (VARTM), typical for this type of component. A weight comparison of the two blades was performed and the weight of the carbon fiber blade was approximately 45% of the weight of the fiberglass reinforced blade. Static bending tests were carried out on the blades for various percentages of the design load and deflections measurements were compared with the values obtained from finite element simulations. A good agreement was observed between the measured and calculated deflections. In summary, the results of this study confirm that the low density combined with high mechanical properties of carbon fibers are particularly attractive for the production of large size wind turbine blades

A ação do coordenador pedagógico e as suas contribuições a vivência compreensiva sob a perspectiva conscienciológica

This work is based on a reflection about my personal and professional background as a teacher and a pedagogical supervisor in two public schools in the municipality of Natal, RN, and how relevant this background is to the development of a proposal of continued formation within the scope of the school, in which a diversity of actionreflection strategies are present. In such contexts, I have identified several of my personality traits as being likely advantages or disadvantages that may contribute or not to the coming up of misunderstanding situations. The self-research experience and the identification of new dimensions of self-evaluation, self-observation and attention serve as a basis to think about the importance of experiencing the understanding within the ambit of the school. The reflections about my actions and those of the teachers bring up the hypothesis that the misunderstandings in the teaching-learning process and in the affective relations are the result of a fragmented, naive and egotistic way of thinking. Thus, they don t contribute to an experience of mutual understanding. That is why there must be an investment on new strategies of self-research and dialogue within the scope of pedagogical meetings that may come to help all educators with the analysis, identification and solving of their own problems as well as the other s. Under this perspective, the question that guides this study assumes the presupposition that the educator can invest in a qualified and meaningful pedagogical formation, either one s own and others , if one has a critical-reflexive overview about oneself and the school s pedagogical process. This research aims to explore, discuss and encourage new reflections about the act of researching in the pedagogical supervisor s role, questioning about the possibility of this action to generate contributions to the process of one s own and other s pedagogical formation within the scope of the school, in a conscientiological perspective, in which the manifestation of the thosenes of the educators are valorized. We approach Paulo Freire (1921-1997), as we see the dialogue as very important to the development of this research work, as well as an encouragement to the consciential dialogue. The empirical research took place from June 4, 2004 to November 11, 2004, with 8 pedagogical meetings and with the participation of 2 pedagogical supervisors and 8 teachers. The application of this new methodology within the scope of pedagogical meetings brought considerable contributions to the interpretation of the elements of the educators thosenes, classified according to the following: uncritical, naïve and critical thoughts; sentiments of assistential or non-assistential affectivity; and actions that may or not make the experience of mutual understanding possible. The action of the pedagogical supervisor and one s contributions to the understanding brought up reflections about new ways of investing in the process of continued formation within the scope of the school

DANÇA: linguagem do corpo na educação infantil

This production is a reflection about the practices/experiences involving the teaching of the dance developed by the teachers in the Núcleo de Educação Infantil (NEI/UFRN), with the children from 2 to 7 years old, having as objectives: describe and interpret the lived experiences with the dance focusing on the meaning of the dance and organization of the pedagogic job, identify blanks in the pedagogic practices of dance and appoint possible perspectives to the teaching of dance on the infant education. The way from the investigation has begun with the following question: Who do the teachers understand the dance and live it on the Núcleo de Educação Infantil? The research of phenomenological orientation toke as methodological reference the qualitative approach from the placed phenomenon type, this one has as beginning the interest on the phenomenon by the way as it happens on the lived experience from where comes the knowledge with we can present about the world, trying to interpret it, understand it on its essence/existence. The interviews showed that the researched subjects give to the dance different meanings and consequently present variations on the manner to organize the work around this knowledge. The most of the teachers recognizes the dance as a culture expression, being a priority on the school the job with the folkloric dances. They recognize too the dance as knowledge/content coming from the Arts and Physical Education areas and its relation with the knowledge from others areas on the pedagogic action. There were found different process on the way to conduct the job with the dance in relates from experiences done with dance at NEI and, therefore, of teach/learn this knowledge. Its perceptible that exists a systematic work with the objective of develop the dance and its various educative possibilities, starting from the research about its origins, the exploration of the movement, the contextualization until the artistic practice. Those possibilities are reinforced on the school s curricular propose. Some experiences have as a priority the free expression, the dance s vision without context or the reproduction of movements as stand manners of teaching dance, situations like those observed on the investigation as products from the blanks on the academic formation from the teachers with must be fixed. The interpretation of the experiences with dance, described by the teachers from NEI, connected with the theoretical referential from the investigation, allowed to appoint three perspectives to the work with dance in the infant education, having as main interlocutors Merleau-Ponty and Rudolf Laban: the dance as the body s language; the dance and its movement factors; imitate, improvise and play: manners of draw ways to dance. On those process are emphasized the dance on the scholar context, the elements that constitute this language and the forms of appropriate from it supported in a ludicrous, poetic and educative vision, having as focus the children s education on its peculiarities and possibilities

Análise morfológica da placenta da paca (Agouti paca, Linnaeus, 1766: Estudo ao microscópio de luz e à microscopia eletrônica de transmissão

Foram estudados os aspectos morfológicos de nove placentas de paca (Agouti paca, L., 1766) mediante análises em microscopia de luz e eletrônica de transmissão dos fragmentos teciduais correspondentes à porção de maior conexão placentária em diferentes fêmeas gestantes, nos estágios intermediário e final da prenhez. Realizamos este estudo, pois, aliada à necessidade da procura de novas espécies que atuem como modelos experimentais adequados, havia a disponibilidade deste roedor em nosso meio; por outro lado, o melhor conhecimento dos aspectos reprodutivos destes animais oferece subsídios ao estabelecimento de criatórios racionais desta espécie, uma vez que a preservação deste vertebrado é necessária, além do grande interesse comercial em torno de sua carne. Os resultados mostraram que este roedor possui uma placenta do tipo vitelina e outra do tipo corioalantoidiana, sendo este órgão do tipo hemocorial, labiríntico, que se apresenta histologicamente composto por lóbulos divididos em três regiões distintas: o centro do lóbulo, o labirinto e o interlóbulo. Na região do centro do lóbulo, verificou-se a presença de artérias e veias; e em sua região periférica estavam presentes dois sistemas tubulares arranjados de forma paralela, onde as lacunas sangüíneas e os capilares estavam em íntimo contato, formando a região do labirinto. O interlóbulo era composto de artérias e veias. O trofoblasto era o principal componente da placenta, que, independentemente da região onde se encontrava, mostrava-se de natureza sincicial. Ultra-estruturalmente a barreira placentária da paca foi classificada como hemomonocorial.

Úlcera de pressão em pacientes internados em um hospital universitário em Natal/RN: condições predisponentes e fatores de risco

The pressure ulcers (PU), also known as decubitus ulcers, are defined as injuries caused by the constant pressure exerted on a particular point of the body, causing impairment of blood supply with a decrease or interruption of tissue irrigation, causing occlusion of blood vessels and capillaries, ischemia and cell death. This is a descriptive study with longitudinal design, and panel type, with quantitative approach that aimed to examine the association between predisposing conditions (PC), intrinsic factors (IF) and extrinsic factors (EF) with the occurrence of PU, in hospitalized patients in the Intensive Care Unit (ICU), pain clinical, surgical clinical and neurology wards of a university hospital. The study population was composed of all patients who were restricted to bed during the period from December 2007 to February 2008. The study was approved by the Ethics Committee of HUOL / UFRN (No 135/07). The data-collection took place through a structured formulary of observation, data from medical records and physical examination of patients skins. The results were organized in SPSS 15.0 software, tabulated, categorized and analyzed by descriptive and inferential statistics. Of the 30 patients studied, 43.3% had been hospitalized in the pain clinical and surgical clinic wards, 20.0% in the ICU, 20.0% in the ICU / ward and 16.7% in neurology, being the length of hospitalization in those units of 7 to 18 days (63.3%) and from 19 to 30 days (36.7%), predominantly female and aged ≥ 60 years (60.0%). 19 PU were diagnosed in 43.3% of patients monitored, being 38.5% with one PU between 7 to 18 days and 46.2% with two or more between 19 to 30 days of hospitalization, showing significant relationship (ρ-value = 0029) between length of hospital stay and the number of PU. Was found an association of 35.7% of the PC (cardio-respiratory, hematological, metabolic and psychogenic), IF (age group, oedema, skin changes in humidity and change of body temperature) and EF (type of mattress and strength of body pressure) for all patients studied, statistically significant (ρ-value = 0001), between the average scores in patients with and without PU, with reason chance to 12.0 for the development of PU and there was moderate correlation ( r = 0618) in the presence of this association. Results show the influence of the multiplicity of factors and conditions on the occurrence of PU, which brings us to reflect on the assistance focused on prevention and reduction of these injuries which will encourage the reduction of hospitalization length, physical and psychological suffering, and the possibility of improving the clinical condition of the patient.

Método simples e acessível para determinar amônia liberada pela cama aviária

A amônia é um gás altamente irritante e causador de estresse às aves confinadas, o que leva à perda de peso, podendo até causar a morte. Por esse motivo, existe grande interesse em se determinar a quantidade de amônia liberada por diferentes camas aviárias e de diferentes condições, bem como os fatores que influenciam a produção desta substância. Assim, idealizou-se o presente trabalho com o objetivo de desenvolver e padronizar uma metodologia simples, acessível, exeqüível para avaliar camas de frangos submetidas a diferentes condições (diferentes tratamentos, tempos de confinamento e temperatura) e capaz de determinar a potencialidade da liberação de amônia pela cama de frangos nos galpões. A metodologia baseou-se na adaptação do método da microdifusão, que consta da incubação da cama em um frasco de vidro com capacidade de 500 mL. Sobre a superfície do material incubado coloca-se um béquer de 50 mL contendo 10 mL de solução de ácido bórico 2% (m/v) para fixar a amônia exalada pela cama aviária. Esse sistema é fechado e incubado por 15 horas a 30°C e, após, a solução fixadora é retirada e titulada com ácido sulfúrico 0,05 N, usando como indicador uma mistura de verde de bromocresol e alaranjado de metila. O método proposto apresenta precisão para ser usado em experimentos e utiliza material barato e reagentes facilmente encontrados nos laboratórios.

Influência das condições de cultivo na produção de antígenos recombinantes de Leishmania i. chagasi utilizando Escherichia coli M15 cultivada em incubador rotativo e biorreator

Escherichia coli has been one of the most widely used hosts in recombinant protein production, in both laboratory and industrial scale since the advent of recombinant DNA technology. Despite the substantial progress of studies on the molecular biology and immunology of infections, there is currently no medication-based prophylaxis capable of preventing leishmaniasis. As such, there is a great need to identify specific antigens for the development of vaccines and diagnostic kits against visceral leishmaniasis. Thus, the primary goal of the present study is to assess the influence of cultivation conditions on the production of Leishmania chagasi antigens, carried out in a rotating incubator and bioreactor. To that end, several assays were conducted to evaluate the kinetic behavior of antigens (648, 503) of Leishmania. i. chagasi in two different compositions of media (2xTY, TB), with and without an inducer. In order to improve expression, assays were performed in a benchtop bioreactor using the best conditions obtained in a rotating incubator, in addition to assessing the influence of stirring speed. Results show that high complexity of the cultivation medium favored kinetic growth of clones (648, 503). However, in assays submitted to induction by IPTG, this elevated complexity did not promote the expression of recombinant proteins. Expression of antigens 648 and 503 exhibited behavior associated with growth and, in terms of location, proteins 648 and 503 are intracellularly stored. Lactose may be the most adequate inducer in protein expression, when considering factors, cost, toxicity and stability. Elevated stirring may increase cell growth in clone 53, although it may not result in high concentrations for the protein of interest. On the other hand, positive results were obtained for all recombinant clones (648, 503) tested, confirmed by the electrophoretic profile

Referenciação anafórica :as anáforas não-correfereciais no livro didático da língua portuguesa

On recent years, it has been observed an increasing interest on referentiation processes, which involves an important field of Text Linguistics and Discourse Analysis studies. The existence of a significant number of international and national publications which focus on this perspective corroborate this finding. Given the textbook importance as a teaching instrument, and the relevance of the referentiation processes to text production and comprehension, we realize that the study of these two topics articulation is taken as a relevant research theme, with consequences to the improvement of Portuguese Language teaching. Taking this into consideration, we intend to analyze the non-coreference anaphors in texts of Portuguese Language textbooks from fifth to eighth grades, adopted in many schools of Pau dos Ferros RN, considering the frequency, genre, kind of anaphor and manifestation form. This study is classified as a documental and qualitative research. We have found out that the indirect anaphor was used in more than a half of the corpus. We have found out, as well, that the literary and press genres do not favor the use of labeling and metadiscursive anaphors. On the other hand, concerning the indirect anaphor, it is clear its abundant use in the literary genre. In what concerns the manifestation forms, we have verified that on labeling and metadiscursive anaphors it is significant the predominance of demonstrative pronouns working as determiners. On the indirect anaphor, we have verified that most of the occurrences do not present a determiner, and for the ones which present it, the majority occurs under the form of definite and indefinite articles. We believe that this work can contribute to the activities which involve questions related to text production and comprehension, since the referentiation processes are intimately related to them