Índices de sustentabilidade: referências e bolsas (parte 8)

Os investimentos em fundos e carteiras socialmente responsáveis pediam uma referência com a qual a carteira pudesse ser comparada. Foi quando nasceram os primeiros índices de sustentabilidade, conta Mario Monzoni, coordenador do FGVces

WS de revisão do questionário ISE

Os workshops de revisão do questionário que fundamenta o Índice de Sustentabilidade Empresarial da BM&F Bovespa são parte de um processo maior de Consulta Pública, que ainda envolve uma etapa online e uma Audiência Pública ao final. Esse processo faz parte da metodologia desenvolvida pelo GVces para o desenvolvimento dos questionários e levantamento das informações que permitirão ao Conselho do ISE selecionar anualmente a carteira de empresas do Índice

Intervenções governamentais no mercado de crédito bancário brasileiro: bancos públicos e bancos privados varejistas competem entre si?

O presente estudo investiga se há competição entre os bancos públicos e privados varejistas na presença de intervenções governamentais impostas ao mercado de crédito bancário brasileiro, tais como o aumento da oferta de crédito via bancos públicos e a campanha de redução dos spreads bancários capitaneada pelos bancos governamentais. Os resultados encontrados no modelo Diff-in-Diff indicam que os bancos públicos apresentam ritmo de crescimento do estoque de crédito, nível de aprovisionamento, rentabilidade da carteira de crédito, retorno operacional, bem como custo do funding superiores aos bancos privados após o tratamento. Ademais, há evidências de mudanças na estratégia de alocação de recursos dos bancos privados em relação aos pares públicos, tendo as instituições bancárias privadas preferido aumentar a participação de ativos líquidos no balanço em detrimento de operações de crédito após o tratamento. Esses resultados sugerem que os bancos privados não competem com os bancos públicos no segmento de varejo quando estes adotam estratégias de alocação de recursos difusas à maximização do lucro esperado para um dado risco.

análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios

Teoria de carteiras e a alocação de parques eólicos offshore

The consumption of energy on the planet is currently based on fossil fuels. They are responsible for adverse effects on the environment. Renewables propose solutions for this scenario, but must face issues related to the capacity of the power supply. Wind energy offshore emerging as a promising alternative. The speed and stability are greater winds over oceans, but the variability of these may cause inconvenience to the generation of electric power fluctuations. To reduce this, a combination of wind farms geographically distributed was proposed. The greater the distance between them, the lower the correlation between the wind velocity, increasing the likelihood that together achieve more stable power system with less fluctuations in power generation. The efficient use of production capacity of the wind park however, depends on their distribution in marine environments. The objective of this research was to analyze the optimal allocation of wind farms offshore on the east coast of the U.S. by Modern Portfolio Theory. The Modern Portfolio Theory was used so that the process of building portfolios of wind energy offshore contemplate the particularity of intermittency of wind, through calculations of return and risk of the production of wind farms. The research was conducted with 25.934 observations of energy produced by wind farms 11 hypothetical offshore, from the installation of 01 simulated ocean turbine with a capacity of 5 MW. The data show hourly time resolution and covers the period between January 1, 1998 until December 31, 2002. Through the Matlab R software, six were calculated minimum variance portfolios, each for a period of time distinct. Given the inequality of the variability of wind over time, set up four strategies rebalancing to evaluate the performance of the related portfolios, which enabled us to identify the most beneficial to the stability of the wind energy production offshore. The results showed that the production of wind energy for 1998, 1999, 2000 and 2001 should be considered by the portfolio weights calculated for the same periods, respectively. Energy data for 2002 should use the weights derived from the portfolio calculated in the previous time period. Finally, the production of wind energy in the period 1998-2002 should also be weighted by 1/11. It follows therefore that the portfolios found failed to show reduced levels of variability when compared to the individual production of wind farms hypothetical offshore

Miguilins no sertão da cabaça azul: incandescência, infância e devaneios poéticos em Mutum

Cette thèse concerne dans une lecture poétique du roman Campo Geral, de Guimarães Rosa, du film Mutum - basé sur le roman mentionné et réalisé par Sandra Kogut, et de l investigation das les villes de Minas Gerais/MG impliqués dans la production du film. Le but de cette lecture est de communiquer l'expérience onirique faite à partir d'une oeuvre cinématographique, à partir d un récit littéraire et la rencontre avec cinq acteurs non-professionnels et de trois membres de l'équipe de Mutum. Pour ça, le rêve poétique, proposé par Gaston Bachelard, il est utilisé comme une ressource cognitive à l'expérience de la réalité de semi-imaginaire l'homme, a partir de l actionnement du double dans le processus de participation affective (MORIN, 1997). Le film choisi abord des impressions d un enfant qui vit avec ses parents, avec ses frères, avec sa grand-mère et avec sa chienne Rebeca, dans un place appelé Mutum. Sous la perspective de l être rêveur, qui medite sur les images de l enfance onirique dans le contexte des régions sèches de la campagne, des régions qui sont transformées et étendues à travers le rêve poétique, nous arrivons à l enfance méditative (BACHELARD, 2006). Tout au long de la narration de cette recherche, Guimarães Rosa, la réalisatrice Sandra Kogut, moi-même comme un individu / chercheur et les interlocuteurs de la famille Mutum que j'ai trouvé dans Minas Gerais, nous sommes tous pris comme Miguilins qui rêvent de La région Cabaça Azul. Incandescents, multiples, primitives, ces Miguilins sont porteurs des papiers colores et avec elle ils comprennent la participation de l'homme dans le Grand Récit (SERRES, 2005)

Avaliação da interação universidade - empresas - governo no desenvolvimento de projetos inovadores no RN por micro e pequenas empresas

Knowledge and innovation were seen as major forces, both for survival, as the acquisition of competitive advantages in the Brazilian economy, as well as adding value to the product as a market differentiator. The Triple Helix model is directed toward the knowledge-based economy. Over the past six years, the Federal Government through the Financier of Studies and Projects ( FINEP ) invested in technological innovation projects, economic subsidies, about U.S. $ 1 billion supporting more than 800 projects with these resources. According to the MCTI , the Northeast, over the years 2000 to 2010 increased spending on Science and Technology (considering the activities of research and development more scientific and related activities) of the State Government in relation to its total revenue In 2000, 0.51% of total revenues were invested in Science & Technology, while in 2010 this figure increased to 1.31%. Among the nine Northeast states, Paraíba is highlighted. In 2000, 0.33% of its total revenues were directed to innovation, reaching 2.04% in 2010, the largest increase in the region while the RN invested 0.24% in 2000 and in 2010 reached the level of 1.42 %. According to IBGE, in the period 2000-2011, the micro and small enterprises surpassed the barrier of 6 million establishments. In 2000, there were 4.2 million establishments while in 2011 were 6.3 million active establishments. Therefore, throughout the period, there was a creation of approximately 2.1 million new establishments. Between 2000 and 2011, micro and small businesses have created 7.0 million formal jobs, 8.6 million jobs in 2000 to 15.6 million in 2011. This scenario shows the importance of this study in relation to the investment of governments in RD & I in micro and small enterprises. This study aims to analyze the interaction Universities - Business - Government in the development of innovation in micro and small companies in Rio Grande do Norte participants of the edicts of Inova FAPERN. We chose to adopt as a research method case study concerning the procedure of the research, exploratory, descriptive, and on documents with engineers and researchers of innovation projects approved by PAPPE Subsidy (Inova -RN I, II and III). Data collection was done through the report made by FAPERN entitled: " Evaluation of companies financed and supported by the Grant Program for Technological Innovation for Micro and Small Enterprises RN - INOVA -RN " (2010) and a questionnaire with 40 closed questions and 1 opened to 30 affirmative composed based on a 5-point Likert scale. The analysis of data was qualitative and quantitative. The study provided to identify the importance and barriers arising from the relation between Government Enterprise (micro and small) and University as essential to the economic development of the region. It was also identified that, in the innovation projects, 70% of the goods or services originating from research were to market these, 50% resulted in a patent for the company and 80% publications of scientific articles

Medida da preditividade de instrumentos psicológicos nas avaliações psicológicas de condutores

The object of this study was to identify the possibility of predicting the involvement in traffic infractions from the results of the psychological tests carried out by psychologists specialized in the process of driver licensing in the state of Rio Grande do Norte (RN). The proposal consisted in identifying the penalty points recorded in national driving licenses (CNH) and identifying the corresponding tests and scores obtained, verifying if the average scores in the tests of drivers with and without an infraction record were significantly different and if there is any relation between the test scores and the frequency of the infractions. The results of the psychological instruments were collected in two moments the first being in the act of acquisition of the CNH and the second being during license renewal at the only certified clinic and at the DETRAN-RN. A population of 839 drivers of 14 municipalities were identified. 127 protocols of psychological tests were identified in the records of the DETRAN-RN (2002) and 76 at the clinic (2007), pointing out failures in the process of safekeeping of the psychological material, as well as in its retrieval from the record files. The sample was thus reduced to 68 drivers, all male, with age range between 18 and 41 years old, mean of 21,72 years old (DP = 5,24). 54 drivers were identified without a record of infraction, and 14 with a record. The latter committed 29 infractions. The penalty points recorded in their CNH ranged from 0 to 35 and the typical value of points (median) was zero. In the group with a record of infractions the number of points ranged between 3 and 35, mean of 10,79 (DP = 7,73). Differences were observed in the composition of the battery of tests in the two moments with the same subjects. The use of different tests to assess the same construct of the subject, first and second moment of assessment, did not allow for some analyzes with more efficient statistical proof. It was pointed out that five tests were not carried out and 118 were not corrected/analyzed. Significant differences between the groups were not identified with the psychological instruments used. In another attempt to establish differences between the means, the application of the independent t-Test evidenced a significant difference in the scores of the instruments of concentrated attention in 2002 (t = 2,21, gl = 25, p = 0.037) and of diffuse attention in 2002 (t = 2,37, gl = 24, p = 0.026). The results also did not evidence significant correlation between the scores of the tests and the penalty points of the infractions. Based on this study, it cannot be concluded with precision that the high or low scores are good criteria to determine that a driver will commit more or less traffic infractions, nor that the drivers with higher scores in the tests commit less infractions and vice-versa. Furthermore, the problems to find the instruments and the most basic data require a stronger monitoring on the part of the certified clinic and of the DETRAN-RN.

A produção das desigualdades: análise da relação entre trabalho infantil e indicadores sociais

The International Labor Organization (OIT) estimates that there are around 118 million children subjected to child labor around the world. In Brazil, there are 3.5 million workers aged between 5 and 17. This exploitation practice constitutes a serious social problem, including of Public Health, since these workers are exposed to a wide range of risks, such as those related to health, physical integrity and even to life, which may cause them to become sick adults and/or interrupt their lives prematurely. Therefore, this research aims to investigate the relationship between the frequency of child labor in the age group of 10 to 13 years and some socio-economic indicators. It is a quantitative research in an ecological study whose levels of analysis are the Brazilian municipalities grouped in 161 regions, defined from socioeconomic criteria. The dependent variable of this study was the prevalence of child labor in the age group of 10 to 13 years. The independent variables were selected after a correlation between the 2010 Census of child labor in the age group of 10 to 13 years and secondary data had been conducted, adopting two main independent variables: funds from the Family Allowance Program (PBF) per 1,000 inhabitants and Funds from the Child Labor Eradication Program (PETI) per a thousand inhabitants. Initially, it was conducted a descriptive analysis of the variables of the study, then, a bivariate analysis, and the correlation matrix was built. At last, the Multiple Linear Regression stratified analysis was performed. The results of this survey indicate that public policies , like the Bolsa Familia Program Features per 1000 inhabitants and Resources Program for the Eradication of Child Labour to be allocated to municipalities with HDI < 0.697 represent a decrease in the rate of child labor ; These programs have the resources to be invested in municipalities with HDI > = 0.697 have no effect on the rate of child labor. Other adjustment variables showed significance, among these the municipal Human Development Index (IDH), years of schooling at 18 years of age, illiteracy at 15 years of age or more, employees without employment contract at 18 years of age and the Gini Index. It is understood that the child labor issue is complex. The problem is associated, although not restricted to, poverty, the social exclusion and inequality that exist in Brazil, but other factors of cultural and economic nature, as well as of organization of production, also account for its aggravation. Fighting child labor involves a wide intersectoral articulation, shared and integrated with several public policies, among them health, sports, culture, agriculture, labor and human rights, with a view to guaranteeing the integrality of the rights of children and adolescents in situation of labor and of their respective families

Modelo de risco com dependência entre os valores das indenizações e seus intervalos entre ocorrências

We present a dependent risk model to describe the surplus of an insurance portfolio, based on the article "A ruin model with dependence between claim sizes and claim intervals"(Albrecher and Boxma [1]). An exact expression for the Laplace transform of the survival function of the surplus is derived. The results obtained are illustrated by several numerical examples and the case when we ignore the dependence structure present in the model is investigated. For the phase type claim sizes, we study by the survival probability, considering this is a class of distributions computationally tractable and more general

Sub-registro de acidentes do trabalho em localidade do Estado de São Paulo, 1997

OBJETIVO: Estimar o número de acidentes do trabalho ocorridos em determinada localidade e intervalo de tempo e a extensão do sub-registro de casos. MÉTODOS: Amostraram-se 4.782 domicílios residenciais do município de Botucatu, SP, contendo 17.219 moradores, em primeiro de julho de 1997. em cada um dos domicílios, um morador adulto era entrevistado para identificar ocorrência de acidentes do trabalho nos três meses precedentes à entrevista. Nos casos positivos, os acidentados foram entrevistados. Para cálculo do intervalo de confiança utilizou-se a formula de Cochran. RESULTADOS: Confirmaram ter sofrido acidente do trabalho 76 indivíduos, estimando-se em 1.810 o número desses eventos em Botucatu no ano de 1997 e a proporção de incidência em 4,1% (IC95% 3,0%-5,3%). Dos 76 acidentados, 39 não eram cobertos pelo seguro acidente previdenciário (51,3% IC95% 41,1%-61,6%), não se enquadrando na obrigatoriedade de emissão de Comunicação de Acidente do Trabalho (funcionários públicos estatutários, autônomos, assalariados sem registro em carteira, proprietários e outros). Dentre os 37 casos com obrigatoriedade de emissão desse documento, 20 casos não possuíam (54,1% IC39,4%-68,7%). Houve maior proporção de sub-registro de casos em trabalhadores de micro, pequenas e médias empresas, do que entre grandes empresas. Apenas 22,4% (IC13,8%, 30,9%) dos acidentes do trabalho informados nas entrevistas domiciliares foram captados pelos registros previdenciários CONCLUSÕES: Os achados indicam a necessidade de melhoria de utilização de outras fontes de informação, além das Comunicações de Acidentes do Trabalho, para elaboração das estatísticas oficiais sobre acidentes do trabalho.

Empregadas domésticas e Relações de trabalho nos loteamentos fechados de Presidente Prudente - SP

Pós-graduação em Geografia - FCT