Finding a maximum skewness portfolio - A general solution to three-moments portfolio choice

Considering the three first moments and allowing short sales, the efficient portfolios set for n risky assets and a riskless one is found, supposing that agents like odd moments and dislike even ones. Analytical formulas for the solution surface are obtained and important geometric properties provide insights on its shape in the three dimensional space defined by the moments. A special duality result is needed and proved. The methodology is general, comprising situations in which, for instance, the investor trades a negative skewness for a higher expected return. Computation of the optimum portfolio weights is feasible in most cases.

Rangel: ciclos longos e dualidade

For Ignácio Rangel economic development is an intrinsically contradictory movement through which technological innovation, whose dynamics explains the long cycle, is permanently in conflict with the existing capitals that it depreciates. Development in Brazil is not just defined by the opposition between the capitalist and the pre-capitalist sector; there is also an external duality that does not just express the relation between its stages of economic growth and the development of the world economy, but also tells us how its modern and its backward sector change at each stage. The duality has a double character: through the coexistence of relations of productions that correspond to two sequential historical phases, and through the existence, in the domestic and in the external “pole” of such duality, a relation of dependency toward the more advanced societies.

Sanções ao Irã: como elas vêm impactando a sociedade civil iraniana?

O presente trabalho visa analisar quais os efeitos das sanções impostas pelos Estados Unidos da América, União Europeia e Conselho de Segurança das Nações Unidas contra a sociedade civil da República Islâmica do Irã. Inicialmente será abordado o histórico da construção das sanções, observando como se deu a relação entre os EUA e o Irã após 1979 até a imposição das mais recentes sanções, com ênfase no período pós-2009, época que apresenta uma mudança no comportamento das entidades sancionadoras. Vê-se que a política norte-americana para o Irã sempre foi baseada na dualidade entre diálogo e pressões econômicas, sendo este ultimo utilizado como ferramenta para desenvolvimento do primeiro. Em seguida se analisará todo o arcabouço jurídico construído com vistas a restringir a capacidade econômica iraniana e consequentemente sua capacidade de desenvolver seu programa nuclear. Neste capitulo é observada a amplitude que alcançaram as sanções e como estas buscam apesar de tudo gerar mecanismos de alivio a sociedade civil, deixando transparecer um discurso humanitário. O ultimo capitulo terá como ênfase os impactos das sanções na sociedade civil, nele será demonstrado que apesar das exceções legislativas, a população iraniana tem sido amplamente afetada. Através da analise de depoimentos e de noticias de periódicos serão vistas quais foram esses impactos e sua extensão. Por fim faremos um breve balanço do que fora apresentado, refletindo se quais os resultados alcançados pelas sanções e se eles superam os custos sociais impostos a população iraniana.

Estruturas de governança corporativa e financial distress: há relação entre conselho de administração e empresas em financial distress?

Nesta dissertação foi analisada se há uma relação significante entre estruturas de governança (estrutura e composição de conselho) e financial distress. Este trabalho focou neste tema porque os estudos acadêmicos em governança corporativa e sua relação com financial distress ainda são pouco explorados. Além disso, o tema tem relevância no mundo corporativo, pois entender quais estruturas e composições de conselho seriam mais eficientes para evitar financial distress é interessante para diversos stakeholders, principalmente para os acionistas e os credores. Para verificar a existência dessa relação, foram utilizados dados de empresas brasileiras de capital aberto e foram desenvolvidos modelos logit de financial distress. Sendo a variável resposta financial distress, partiu-se de um modelo base com variáveis financeiras de controle e, por etapas, foram adicionadas novos determinantes e combinações dessas variáveis para montar modelos intermediários. Por fim, o modelo final contou com todas as variáveis explicativas mais relevantes. As variáveis de estudo podem ser classificadas em variáveis de estrutura de governança (DUA, GOV e COF), qualidade do conselho (QUA) e estrutura de propriedade (PRO1 e PRO2). Os modelos base utilizados foram: Daily e Dalton (1994a) e um próprio, desenvolvido para modelar melhor financial distress e sua relação com as variáveis de estrutura de governança. Nos diversos modelos testados foram encontradas relações significativas no percentual de conselheiros dependentes (GOV), percentual de conselheiros da elite educacional (QUA), percentual de ações discriminadas (PRO1) e percentual de ações de acionista estatal relevante (PRO2). Portanto, não se descartam as hipóteses de que mais conselheiros dependentes, menos conselheiros da elite educacional e estrutura de propriedade menos concentrada contribuem para uma situação de financial distress futura. Entretanto, as variáveis dummy de dualidade (DUA) e de conselho fiscal (COF) não apresentaram significância estatística.

Estruturas de governança corporativa e financial distress: há relação entre conselho de administração e empresas em financial distress?

Nesta dissertação foi analisada se há uma relação significante entre estruturas de governança (estrutura e composição de conselho) e financial distress. Este trabalho focou neste tema porque os estudos acadêmicos em governança corporativa e sua relação com financial distress ainda são pouco explorados. Além disso, o tema tem relevância no mundo corporativo, pois entender quais estruturas e composições de conselho seriam mais eficientes para evitar financial distress é interessante para diversos stakeholders, principalmente para os acionistas e os credores. Para verificar a existência dessa relação, foram utilizados dados de empresas brasileiras de capital aberto e foram desenvolvidos modelos logit de financial distress. Sendo a variável resposta financial distress, partiu-se de um modelo base com variáveis financeiras de controle e, por etapas, foram adicionadas novos determinantes e combinações dessas variáveis para montar modelos intermediários. Por fim, o modelo final contou com todas as variáveis explicativas mais relevantes. As variáveis de estudo podem ser classificadas em variáveis de estrutura de governança (DUA, GOV e COF), qualidade do conselho (QUA) e estrutura de propriedade (PRO1 e PRO2). Os modelos base utilizados foram: Daily e Dalton (1994a) e um próprio, desenvolvido para modelar melhor financial distress e sua relação com as variáveis de estrutura de governança. Nos diversos modelos testados foram encontradas relações significativas no percentual de conselheiros dependentes (GOV), percentual de conselheiros da elite educacional (QUA), percentual de ações discriminadas (PRO1) e percentual de ações de acionista estatal relevante (PRO2). Portanto, não se descartam as hipóteses de que mais conselheiros dependentes, menos conselheiros da elite educacional e estrutura de propriedade menos concentrada contribuem para uma situação de financial distress futura. Entretanto, as variáveis dummy de dualidade (DUA) e de conselho fiscal (COF) não apresentaram significância estatística

Sheaves, local homeomorphisms and local sets as Hilbert locale modules

We give a thorough account of the various equivalent notions for \sheaf" on a locale, namely the separated and complete presheaves, the local home- omorphisms, and the local sets, and to provide a new approach based on quantale modules whereby we see that sheaves can be identi¯ed with certain Hilbert modules in the sense of Paseka. This formulation provides us with an interesting category that has immediate meaningful relations to those of sheaves, local homeomorphisms and local sets. The concept of B-set (local set over the locale B) present in [3] is seen as a simetric idempotent matrix with entries on B, and a map of B-sets as de¯ned in [8] is shown to be also a matrix satisfying some conditions. This gives us useful tools that permit the algebraic manipulation of B-sets. The main result is to show that the existing notions of \sheaf" on a locale B are also equivalent to a new concept what we call a Hilbert module with an Hilbert base. These modules are the projective modules since they are the image of a free module by a idempotent automorphism On the ¯rst chapter, we recall some well known results about partially ordered sets and lattices. On chapter two we introduce the category of Sup-lattices, and the cate- gory of locales, Loc. We describe the adjunction between this category and the category Top of topological spaces whose restriction to spacial locales give us a duality between this category and the category of sober spaces. We ¯nish this chapter with the de¯nitions of module over a quantale and Hilbert Module. Chapter three concerns with various equivalent notions namely: sheaves of sets, local homeomorphisms and local sets (projection matrices with entries on a locale). We ¯nish giving a direct algebraic proof that each local set is isomorphic to a complete local set, whose rows correspond to the singletons. On chapter four we de¯ne B-locale, study open maps and local homeo- morphims. The main new result is on the ¯fth chapter where we de¯ne the Hilbert modules and Hilbert modules with an Hilbert and show this latter concept is equivalent to the previous notions of sheaf over a locale.

Influência do tempo e dose de heparina em modelo de peritonite aguda

In the last years, heparin has become target of many studies related to inflammation due its ability of biding to proteins involved on immune response. Recently, it was demonstrated, at our laboratory, using a thIoglycollate-induced peritonitis model, heparin s capacity of reduce cellular influx into the peritoneal cavity, 3 hours after the inflammatory stimulus. Once neutrophilic infiltration is highest around 8 hours after the inflammatory stimulus, at the present work, using the same peritonitis model, it was assessed heparin s ability of keeping the interference on leukocyte infiltration, 8 hours after inflammation induction. Moreover, using cellular differential count, it was evaluated how the cellular populations involved in the inflammatory process would be affected by the treatment. Eight hours after the inflammatory stimulus, only heparin dosage of 1 μg/Kg was able to reduce the cellular influx to peritoneum, 62.8% of reduction when compared to positive control (p < 0.001). Furthermore, heparin dosage of 15 μg/Kg presented a pro-inflammatory effect in whole blood verified by the increase of 60.9% (p < 0.001) and 117.8% (p < 0.001) on neutrophils and monocytes proportion, respectively, when compared to positive control. In addition, this dosage also presented a neutrophilic proportion on peritoneal fluid 27.3% higher than positive control (p < 0.05). This duality between anti- and pro-inflammatory effects at different times corroborates studies that attribute a pleiotropic immunomodulator role to heparin.

O dia mais feliz da minha vida: a entrada na universidade segundo os alunos recém-ingressos no curso de Pedagogia da UFRN(2004.1)

The present work, based on the methodological principles of the Comprehensive Discourse Analysis, aimed, through the speech of twelve newly arrived students at the Pedagogy course of the Federal University of Rio Grande do Norte, to understand the moment students start university. It also aimed to analyze the relationship between the schools they were coming from and university entrance as well as the relationship between university and their new students. In the first part of the work, which focused on school knowledge, a comprehensive listening of the speeches of the students led primarily to a distinction, established by the students, between public and private schools, a distinction especially based on the view of superiority of private schools against public ones. The abovementioned interpretation is found in the discussion of the structural duality of Brazilian education which, historically, offers different pedagogical appliances among students of more priviledged social classes and those who come from lower levels of society. The overcome of this duality, aspired by the Brazilian Constitution of 1988, was stopped by the advent of a new economic model neoliberalism, which reinforced the differences between public and private when it prioritized the market on the economic, political and social relations, including educational projects. Impoverishment of public institutions and pauperization of the work of professors affected also the relationship between teachers and studens at the current institution. This is how the teacher becomes the greatest villain at the public management system. All of these references concerning differences in the quality of teaching at public and private schools, expressed by the students interviewed, however, were centered in the preparation for the entrance exam, called vestibular, thus showing a view that the relationship between the student and the school he came from is of a propedeutic kind and even so, reduced to a preparation for an entrance exam. In the second part of the work, which analyzed the relationship between newly arrived students and their university, it was noticed that the latter represents a whole new world. This world is seen as the change at the student´s social statute for now he is grown, takes more responsibilities and is socially respected. This change of attitude established by society and the discovery of a new world which requires more independence from the students, creates in them feelings of pride and fear and they feel insecure when it comes to making decision in the campus because now their decisions deliver a greater load of responsibility. This is when students understand they need to develop autonomy, which is seen, in this work, as the capacity to make conscious decisions. Nevertheless students expressed an understanding of autonomy as something that comes as a gift for those who enter university and not as a process that is constructed from social experiences. For these students, the need to be autonomous refers to the relationships with their teachers and the search for information. This search, however, is also related, according to interviews, to public school financial cuts, which penalize university, and to the lack of employers

Navegando nas ondas dos saberes do ser: uma conversa com a sexualidade à luz da corporeidade.

This study aimed to provide a continuing education towards raising teachers for reflection and effective sexual education within the school environment as a possible route of self-education and training of teachers of elementary school. More specifically aim to facilitate through the Continuing Education to discuss the knowledge of the body and knowledge of human sexuality, presenting them as core knowledge in the integral formation of individuals and promote discussion of a Human-centered education Teaching in a vocational training and human .In this sense, we dialogue with the human teaching preconized by Arroyo (2002, 2004) along with the humanization (hominization) of the individuals through education, under Freire´s perspective of the being more (2003) as well as his ideas, Pineau´s (2003) and Josso´s (2004) about the educational practice understanding as a way to build up the autonomy of the individuals who we intend to educate. We defend the inclusion of the body as an essential learning element according to the principles of corporeity presented by Assman (2001), whose comprehension is that every learning experience has a corporal inscription. Furthermore, the knowledge about human sexuality cannot be excluded from this process since the sexuality is inherent of individuals and is constructed and reconstructed during their existence. Our view of the world and of man is supported by the knowledge of the complexity (Morim, 2004) trying to surpass the mechanist view that sees them through the duality view, fragmenting them. For the discussion and construction of knowledge that search for the confluence of these knowledges about the being and the educational practice, aiming at the individual integral formation starting from the process of self-formation/self-knowledge, we´ve directed our research-action-formation having as compass the theoretical-methodological postulate of the research-action (Barbier, 2002; Morin, 2004; Thiollent, 2004) because it makes the participation of all the involved people in the process of resolution or surpassing of problem solving possible. We´ve used the continuing formation as a way of access for data collection, applying a questionnaire with open questions for the ones involved in the research. Based on the findings it´s been possible to infer that for the teaching formation it is necessary the inclusion of the Human sexuality and corporeity theme, so that the teacher can surpass the biological view of sexuality and also the expansion of the mechanist view of the body. To do so, we suggest that the teaching formation happens supported by the teaching capacitation and formation according to Maturana (2004), bringing teaching knowledges (Tardiff, 2002), which contribute effectively for the responsibility to educate people for life.

O PROEJA ensino médio no ifrn, campus Caicó: causas da desistência e motivos da permanência

This dissertation deals about the theme of National Integration Program of the Professional Education to the Basic Education in the form of Youth and Adults Education - PROEJA, which was developed at the Federal Institute of Education Science and Technology of Rio Grande do Norte - IFRN - Campus Caicó. It aims to analyze the causes of the abandonment and the reasons for the permanence of students within the mentioned program. To substantiate this research, we used methodologically, some procedures such as bibliographical research, documentary analysis, semi-structured interviews and focus group. To analyze the data, we discussed the contradiction that involves duality and educational compensation based in the struggles and achievements of rights at the core of public policies for high schools, for vocational education and the education of youth and adults in the 2000s. We analyze the integrated high school under PROEJA, having as reference the conception of the total human formation; the inseparability of the primary education system and vocational education and the integration of knowledge and expertise as a whole, discussing the specificities of the modality EJA, discussing the causes of abandonment and the reasons for the permanence of the students of education for youth and adults (EJA) in the primary education system. As for the results, we found that although the PROEJA be a program that aims to provide a complete human formation to contribute to the full citizenship of their graduate members, what is announced in the document that guides its creation has not been materialized in Caicó Campus. The curriculum of the course was not designed for the students of EJA, nor teachers have had an adequate training to work with these specific individuals, and its specificities of being workers with differentiated learning times have not been considered. In addition, the courses are predominantly of instrumentalist characteristics. This indicates that the material and institutional conditions to achieve the promised total and complete training have not being fully materialized at the researched school. Associated with the difficulties concerning the intra-school and extra-school conditions, personal and socioeconomic conditions which are related to the obligation to work that implies in limitations to balance work, school and family, they influenced in the interruption of the school trajectory of these subjects. Through research, we confirmed that the motives of students who remain have to do also with intraescolares conditions the quality of education (qualification of technical staff and teachers) involved in the educational process, as well as socioeconomic and personal issues represented by the support of colleagues and family.Then it is concluded that the causes of abandonment and the reasons of the permanence are of institutional, socioeconomic and personal origins. Finally, it is observed that capitalist society demands as much as possible high levels of educated workers, and at the same time makes difficult the access to that education for much of the population, and it is not randomly. The objects of that exclusion are the popular worker classes and their children

Práticas discursivas em blogs políticos: uma observação sobre a participação política e as trasnformações que acompanham o espaço público

This work discuss about the transformation of public space, based on the recent challenges imposed by communication practices that are renewed and recopying of the sociocultural contexts of everyday life. The study presents theoretical and empirical reports of regional political blogs. In this issue, it looks for understand the political participation in the Internet space, examining the reconfigurations that accompany social relations and new forms of interaction that are merged in the media scene. The ambience of the study limits comments of readers in two political blogs in Rio Grande do Norte, Território Livre, and Thaisa Galvão. The observation concerns about the democratic participation of citizens in matters of collective interest, during the 2010 election. The analysis update the debate on democratic discussion and conversation everyday, trying to grasp changes in social practices in virtual platforms. From this perspective, the work restores some conceptual notions that involve the public places, identifying the changes that appear in the virtual and traditional spheres, with the emergence of new places of conversations, from the Internet usage. Are also compared to similarities and differences between the two elements of the analysis. It is possible, therefore, the communication process of the two discursive spaces with ideas from the public sphere, trying to analyze the duality between public, private, and political participation in these virtual places

Antecedentes histórico-filosóficos da problemática do tempo e do mal no freiheitsschrift de schelling: aproximações gnósticas

This thesis aims better understanding the relation between time and evil in Schelling s Freiheitsschrift, having its starting point in approximations from Gnosticism. For that purpose, before approaching that relation, it is reviewed (chapter I) the question of Gnosticism, a strain of thought essentially concerned with the problem of time and permeated by the belief in an evil nature of creation, and which is alleged to have significantly influenced certain ideas of Schelling. An evaluation of approximations between Gnosticism, gnosis and German thought follows (chapter II), as well as an evaluation of Schellingian aproximations to Gnosticism (chapter III). Then, the Freiheitsschrift is analysed as the text where Schelling, having taken hold of a very distinct appropriation of Gnosticism, goes beyond Kantian theodicy (chapter IV). Some interrogations about whether key ideas of Schellingian philosophy (about gnosis, creation, duality, time, and evil) are conceived in a way that is essentially different from that of historic Gnosticism, despite the much that has been said to the contrary, are then addressed (chapter V). The proposal of a Platonic-Plotinian key to the understanding of the relations between time and evil in the Freiheitsschrift comes next (chapter VI), and then gives way to the concluding remarks (chapter VII). We perceive that Gnosticism and Neoplatonism are systems of thought that sometimes converge, and that German thought is one of the places of this convergence. Notwithstanding this perception, it is possible to affirm that Schellingian thought, with its valorization of time and of a certain perception of evil, is essentially anti-gnostic, despite some contrary observations

Synthesis and Characterization of Ruteno-Cuprates by Solid State Reactions

A new class of hybrid ruteno-cuprates - such as Ru-1212 and Ru-1222 - was discovered in 1995 by Bauerfeind and collaborators. These materials present superconducting and magnetic states at low temperatures, an atypical duality in other superconductors. The superconductivity is more easily observed in Ru-1222, while Ru-1212 is a more problematic case, due to the strong effects of the preparation details in its superconducting properties, becoming the material superconductor or not. Ru-1212 presents a critical temperature that can vary between 0 and 46 K, depending on the preparation conditions, and a temperature of magnetic transition of around 132 K. The samples were prepared through solid state reactions, by using a mixture of high purity powders, followed by calcination and sinterization in the nitrogen and oxygen atmospheres. This paper shows the preparation process of Ru-1212 samples, followed by their structural and magnetic characterization.

Imunoexpressão da IL-17 e RORγt em carcinomas de células escamosas de lábio e língua

Th17 cells have been strongly associated to the pathogenesis of inflammatory and autoimmune diseases, although their influence on the carcinogenesis is still little known, there are reports of anti-tumor and protumoral actions. The objective of this study is to research the presence of Th17 lineage in lip and tongue SCC, using the analysis of the immunoexpression of IL-17 and RORγt, relating this immunoexpression with clinical and morphological findings in the attempt to better comprehend the role of these cells on the tumoral immunity of OSCCs. The results were submitted to non-parametric statistical tests with significance level of 5%. On the histomorphological analysis, it was observed the predominance of low level lesions on lip and high level lesions on tongue (p=0,024). It was not observed statistical significance between clinical stage and histological gradation of malignancy (p=0,644). For the immunohistochemical study, 5 random fields with greater immunoreactivity of the peritumoral inflammatory infiltrate were photomicrographed on the 400x magnification. It was done the count of lymphocytes which showed cytoplasmic and pericytoplasmic staining for the IL-17 cytokine as well as nuclear and cytoplasmic staining for RORγt. It was observed statistical significance difference on the quantity of immunopositive lymphocytes to IL-17 between the groups of SCC of lip and tongue (p=0,028). For the RORγt it was not observed statistical significance difference between the groups of SCC of lip and tongue (p=0,915). It was not observed statistical difference between the immunostaining of IL-17 and RORγt with histological gradation of malignancy and clinical staging. The findings of this research suggest a possible anti-tumor role of IL-17 for cases of lip. The results of the analysis of the RORγt are possibly due to the wide duality of the anti-tumor and protumoral role of the Th17 cells and their plasticity which, in the presence of different cytokines expressed on the tumor microenvironment, can alter its phenotype.

Ghost free dual vector theories in 2+1 dimensions

We explore here the issue of duality versus spectrum equivalence in dual theories generated through the master action approach. Specifically we examine a generalized self-dual (GSD) model where a Maxwell term is added to the self-dual model. A gauge embedding procedure applied to the GSD model leads to a Maxwell-Chern-Simons (MCS) theory with higher derivatives. We show here that the latter contains a ghost mode contrary to the original GSD model. By figuring out the origin of the ghost we are able to suggest a new master action which interpolates between the local GSD model and a nonlocal MCS model. Those models share the same spectrum and are ghost free. Furthermore, there is a dual map between both theories at classical level which survives quantum correlation functions up to contact terms. The remarks made here may be relevant for other applications of the master action approach.