Acões de crescimento e valor no Brasil : um estudo dos retornos e determinantes da convergência do múltiplo P/B

Este trabalho busca compreender melhor as fontes de retorno de ações de valor e crescimento e os determinantes da convergência do indicador preço sobre valor patrimonial (P/B). Foram criados seis carteiras durante o período de 2001 a 2013, sendo elas classificadas de acordo com o seu múltiplo (P/B) e sua capitalização de mercado. O retorno divido entre dividendos e ganhos de capital, este foi dividido em: (1) crescimento do valor patrimonial, (2) convergência do indicador preço sobre valor patrimonial (P/B), devido a reversão de rentabilidade, crescimento e retorno esperado e (3) efeito drift. Também buscou-se determinar quais os principais fatores macro que afetam a convergência do indicador P/B. Foi realizada uma regressão linear múltipla utilizando como variáveis independentes a valorização do Ibovespa, PIB, juros reais, surpresa inflacionária e dummies (small, growth e value). A carteira big growth apresentou o melhor desempenho, seguido da carteira small value. O retorno de dividendos foi mais importante para os portfólios big em relação à small e para as carteiras value em relação às growth. Ao analisar o ganho de capital, verificou-se que o crescimento do valor patrimonial é maior para empresas growth, enquanto o efeito da convergência é mais importante para empresas valor. Verificou-se que o retorno do Ibovespa, surpresa inflacionária e o baixo valor de mercado influenciam positivamente a convergência do P/B. Já o pagamento os juros reais, PIB e a dummy growth influenciam negativamente.

Os ciclos econômicos eleitorais e o Programa Bolsa-Família

A partir da disseminação do conhecimento sobre voto econômico no meio político, o incremento da renda real criado pelo Bolsa Família pode criar incentivos para que os governantes aumentem o valor dos repasses ou ampliem a base de famílias cadastradas com intuito de aumentar suas chances de reeleição. A hipótese testada nesse trabalho foi de que o governo influencia os gastos do Programa Bolsa Família e os aumentam anormalmente em períodos pré-eleitorais. Para testar essa hipótese, foram usadas as séries temporais de gastos mensais com o programa e de número de famílias beneficiárias desde janeiro de 2004 até dezembro de 2014. Para isso foram utilizados modelos estatísticos para identificar se estes gastos aumentam anormalmente em períodos que antecedem eleições, controlados por outros fatores que podem influenciar os gastos do programa, tais como PIB Nacional, Receitas e Despesas do Tesouro Nacional, Inflação e Desemprego. Os resultados sugerem a ocorrência de ciclos eleitorais nas eleições presidenciais, nos quais há uma aceleração no número de famílias inscritas no Bolsa Família nos três meses anteriores à campanha com a consequente aceleração dos gastos do programa no mesmo período, porém não há redução no número de famílias inscritas após as eleições e, por fim, que não existem efeitos no período das eleições locais.

O descompasso de uma experiência: avaliação do Programa Habitar Brasil na Comunidade África-Natal/RN

This research deals with the evaluation of the Programa do Governo Federal para Urbanização de Favelas Habitar Brasil(1993) carried out in the Africa slum - Redinha neighbourhood in Natal-Rn. This study carried out in period from 2005 to 2006 searches to identify the effects of the actions proposed by Program in 1993-1994 about the current urbanistic configuration of the Africa community. It analyzes the effectiveness in the process of achievement of the considered objectives to habitation, communitity equipments, infrastructure and agrarian regularization. On the evaluation process, it has been as reference the works developed by Adauto Cardoso (2004), Blaine Worthen (2004), Ronaldo Garcia (2001) and Rosângela Paz (2006). About the Habitational Policy with approach to the Urbanistic Right and the right to the housing, the reflections by Raquel Rolnik, Nabil Bonduki, Ermínia Maricato, Saule Júnior, Betânia de Moraes Alfonsin and Edésio Fernandes are main references. To gauge the execution of the objectives proposed by Habitar Brasil in 1993, it has searched in the documentary data of the time and in information gotten in interviews with technicians that had participated of the program, consistent references on what was considered, what was executed and the process of the intervention of Habitar Brasil in the Africa community. The area analysis in 2005-2006 has developed on the base of the urbanistic survey of the current situation from the four performance lines of the Program: habitation, infrastructure, community equipments and agrarian regularization, with a current urbanistic evaluation of Africa considering the intervention carried out in 1993 and 1994. The study points out the context of Brazilian Habitational Policy where the Programa Habitar Brasil was launched, explaining the main principles of the Program. In terms of local, it empahsizes the administrative-political factors that had contributed so that Natal-Rn city has been pioneering in the resources captation of Habitar Brazil (1993). Considering Habitar Brazil in Africa, the work argues and presents the intervention diagnosis and the proposal, developed by Program in 1993 evidencing the local problem of the time. After that, it makes a current reading of the area, identifying in 2006 representative elements of Habitar Brasil (1993-1994) for the Africa community. It identifies significant advances in the constitution of the institucional apparatus of the plaining system of Habitation of Social Interest for the city of Natal and points the fragilities in the implementation of the urban infrastructure actions and above all in the achievement of the objectives of the agrarian regularization

Descrição do ciclo gametogênico do ouriço-branco, Tripneustes ventricosus (Lamarck, 1816), no Arquipélago de Fernando de Noronha PE, Brasil

Sea urchins are common benthic organisms on coastal ecosystems of tropical and temperate shallow waters. The impact of sea urchins populations in shore communities is density-dependent, and therefore, knowledge of the life history of these animals is important to understand these interactions. Between 2000 and 2005 a population boom of Tripneustes ventricosus was observed in the Fernando de Noronha Archipelago. In 2004 a research program was started to monitor the population dynamics of T. ventricosus in the archipelago, when it noted a lack of basic information on the biology and reproduction of this species, despite its broad geographic distribution and economic importance in parts of its occurrence. In this context, this work focuses on the reproductive biology of T. ventricosus with emphasis on the description of the gametogenic stages. Between December 2006 and July 2007, ten urchins were collected by snorkeling in two sites of the archipelago, totaling 120 individuals. Gametogenic stages were described for both sexes through microscopic analysis, and were defined as: Recovery, Growing, Premature, Mature and Spawning. Results showed increasing in Gonad index throughout of months of sampling and suggest that the reproductive cycle of the species in the archipelago is annual

Efeito dos nutrientes (nitrogênio e fósforo) sobre o desenvolvimento da Gracilaria birdiae: crescimento e possível uso como biofiltro

Marine shrimp farming has grown exponentially during the last years in Brazil. In spite of the promising economical situation, this activity is facing an increasing criticism due to its environmental impact. Thus, the necessity of alternatives to mitigate environmental degradation caused by this activity. An alternative that is being studied is the policulture that is the integrated culture of two or more organisms, normally one of them a filtering organism. Among filtering organisms, macroalgae are very practicable because they are efficient in the removal of the exceeding nutrients of the water and do not leave residues in the water. Besides, the integrated culture with macroalgae allows the economical exploration of the seaweed (for the manufacture of jelly and jam, for the dairy industry, pharmaceuticals, etc.) along with possibility of a sustainable aquaculture. In the present experiment, the development of the seaweed Gracilaria birdiae, the influence and tolerance of this species to the environmental parameters, and its absorption efficiency in relation with the three kinds of macronutrients (NH4+, NO3- and PO4-3) found in the effluents of marine shrimp farming was studied. The experiment was divided in two parts: a laboratorial part and one part carried under natural conditions. The water used in the laboratory trial was collected in the shrimp ponds of Tecnarão farm and distributed in aquaria containing 20 g of G. birdiae. In the field trial, 0.5 kg of G. birdiae was inserted in PVC cages cultivated in the farm. The results of the study showed a modest growth of G. birdiae, probably due to its low tolerance to highly eutrophicated environments. However, the removal of nutrients was very expressive. Ammonia was reduced in approximately 34 %. Ortho-phosphate showed a reduction of 93.5 %. The capacity of biofiltration of the NO3- by the macro algae was of 100 %, showing that G. birdiae is a seaweed-filtered with a high level of removal for this nutrient under laboratorial conditions. In spite of the low growth of the macro algae in the experiment, the results in relation to the removal of nutrients of the water was encouraging, suggesting that this species can be an efficient biofilter and thus, a strong candidate to be used in a sustainable aquaculture

Estratégia reprodutiva do peixe hermafrodita mussum, Synbranchus marmoratus Osteichthyes, Synbranchidae em um açude do Rio Grande do Norte, Brasil

Reproductive strategy of the hermaphrodite fish the marbled swamp eel, Synbranchus marmoratus (Bloch, 1795) (Osteichthyes: Synbranchidae) was investigated in the Marechal Dutra reservoir, Acari, Rio Grande do Norte, using fish samples captured monthly during the period of July 2010 to July 2011. The limnological parameters and rainfall were verified. The captured fish specimens were numbered, weighed, measured, dissected and their gonads and liver were removed, weighed and identified as to sex and developmental stages of gonads. The length-weight relationship was determined for grouped sex. The size of first gonadal maturation, gonadosomatic index (GSI), condition factor (K) and hepatosomatic index (HSI) were calculated. The development stages of the gonads were investigated using macroscopic and histological techniques, besides the fecundity and reproductive period. The macroscopic characteristics and the histological development of gonads confirmed the four different sexual types in the sampled population: primary males, females, intersex and secondary males. The secondary males were bigger and heavier than all the other types. This species showed a negative allometric growth with a higher increase in length than weight. The size at which 50% of the females began the process of gonadal maturation was 43.5 cm of total length, and for secondary males it was 58.5 cm. Condition factor showed two peaks in February and in April 2011. IGS indicated a reproductive period from July to September 2010 and was negatively correlated with the condition factor and rainfall. IGS showed a negative correlation when compared with the condition factor and the rainy season. HSI was highest in February ad lowest in December. The reproductive period of this species occurs between the end of the rainy season and the beginning of the dry season. S. marmoratus presents a seasonal reproductive strategy which optimizes its reproductive success under the semiarid climatic conditions

Discursos e práticas na formação de profissionais fisioterapeutas: a realidade dos cursos de fisioterapia na região nordeste do Brasil

This study had a multidisciplinary focus, investigating the areas of health and education, and proposes to discuss the formation of health professionals, requiring their understanding of the factors involved in the production of knowledge, given that this formation has an impact on the quality of human and social life. The aim of this work was to investigate the relationship existing between the process of physical therapist formation and the practical activities developed during the undergraduate course in the Northeast of Brazil. This is an exploratory descriptive study with qualitative significance. The sample consisted of 73 subjects (33 professors and 40 students) from 6 physical therapy courses at different institutions in the Northeast of Brazil. Data collection was conducted through focus group interviews. In addition, we used a school assessment instrument from the health area. The data, analyzed using dialectical hermeneutics, showed that the Northeast of Brazil has the second largest number of physical therapy courses in the country, with 93 (11 public and 82 private) out of a total of 510. These numbers represent a growth of 1062.5% since 1991. The pedagogical projects are guided by National Curricular Directives as well as by the country s health system. The prevalent pedagogy is that of transmission, and the contents/disciplines are generally not integrated with practice, a situation that hinders the integrality and interdisciplinarity of health care. It can be concluded that there is a need for implementing integrated curricula and for better qualified professors to effectively put this process into practice

Crescimento inicial e morfologia foliar em plantas de Enterolobium contortisiliquum (Vell.) Morong. E Erythrina velutina Mart. ex Benth, sob estresse hídrico

The Caatinga is the predominant vegetation type in semi-arid region of Brazil, where many inhabitants depend on hunting and gathering for survival, obtaining resources for: food and feed, folk medicine, timber production, etc. It‟s the dry ecosystem with highest population density in the world. The early stages of development are the most critical during the life cycle of a flowering plant and they‟re primordial to its establishment in environments exposed to water stress. Information about adjustments to the growth of the species, correlated with their studies of distribution in Seridó oriental potiguar, are an important ecological and economic standpoint, because they provide subsidies for the development of cultivation techniques, to programs of sustainable use and recovery of degraded areas. This thesis aimed to study the initial growth and foliar morphology in plants like Enterolobium contortisiliquum (Vell.) Morong. (tamboril) and Erythrina velutina Mart. ex Benth (mulungu), species of occurrence in the Caatinga, under water stress. After sowing and emergency, the seedlings were exposed to three water regimes: 450 (control), 225 (moderate stress) and 112.5 (severe stress) mm of water slide for 40 days. Seeding occurred in bags of 5 kg and after the establishment of seedlings thinning was carried out leaving a plantlet per bag. At the beginning the waterings occurred daily with distilled water, passing to be on alternate days after thinning. Twenty and forty days after the thinning seedlings collections were held to be done analysis of growth and biomass partition. When compared to the control group, the treatments with water stress showed reduction in the growth of the aerial part, growth of the greater root, number of leaves and leaflets, dry leaf area and total phytomass in both species, but in general, this effect was most marked for E. velutina. Regarding the partition of biomass, there were few changes throughout the experiment. Morphological changes in the leaves as a function of stress were not significant, however, there was a trend, in both species, to produce narrower leaves, that facilitate heat loss to the environment. It has not been possible to establish a positive relationship between inhibition of growth and distribution of species, whereas E. velutina is a species of most common occurrence in Seridó oriental potiguar. In this way, other aspects should be taken into account when studying the adaptation of species the dry environments, such as salinity, presence of heavy metals, wind speed, etc

O Trabalho e o labirinto da responsabilidade socioempresarial:a experiência da cidadania empresarial do Banco do Brasil

In the current systemic crisis, economic policy is directed to correct the consequences of the functioning of this metabolism, but within the limits of the capital. From this perspective, decision makers propose trade policies, agricultural and industrial to ensure conditions for economic growth. However, as a dead end, there is failure of the State in giving efficacy to the operation of all segments of the economy, especially given the budget constraint. Public managers are forced to seek external resources, resuming the cycle of political allegiance to the interests of international financial and banking representatives, installed in so-called multilateral. The complex ideological capital comes into play in trying to convince society that the paths taken by governments are inevitable, and that capitalism can be "humanized", even with the realization of the growing inequalities caused by historical irrationalism of the production process of capital . In this sense, emerging concepts that attempt to demonstrate the compatibility of the system to real human needs. This ideological offensive is intended to legitimize the capital. The so-called third sector has a special highlight with the concept of corporate social responsibility. It creates a political environment in which the inevitable mix-up with new illusions offered by and often funding the metabolism of capital in order to perpetuate this system. In this context, political elites, and considerable portions of the academy, embark on "waves of capitalist optimism," while the sociometabolismo capital expands its historical limits, driving forces postponing their collapse, but that cause human suffering and ecological stress. Wars are disseminated to strengthen the deadly war industry and the automobile industry; and devastating the environment of which depends the capital system. In this scenario disassemble, propositions emerge around a "new social pact" in order to minimize the adverse effects of the dynamics of reproduction of capital. The business class is called to exercise its role through the discourse that appeals to social responsibility programs, in order to intervene directly in the "social question". The core of this research is precisely this point. Although there is considerable scholarship on the phenomenon of Social Responsibility and Corporate Citizenship, there is also an evident lack of this approach focused on the banking sector in Brazil. The importance of rentier capital increased ownership of shares in the wealth produced by all of Brazilian society, justifies a sociological research project on Social Responsibility in the domestic financial sector. In this sense, it was decided to perform a dynamic approach to the "Corporate Citizenship" in the banking industry, specifically in the Bank of Brazil. As this is a key institution, is important analyze of the impacts of this strategy fetish of capitalist reproduction, in order to evaluate the social legitimization of rentier capital in Brazil. In this scenario of the abundance of the discourse on social responsibility there exist a progressive impoverishment of professional work in this segment in Brazil. There is a dramatic mismatch between rhetoric and practice because of the trend of deepening vulnerability of the working conditions of the Brazilian bank worker, from the 1990's. In the specific case of the Bank of Brazil, the first initiative of the institution was to conform to the principles of the UNO and the Ethos Institute, aiming to align their domestic policies to this new strategy of domination of capital. The purpose is to place the Bank in the ideological sphere of corporate social responsibility, just as with its partners in the private financial intercapitalist competition. Indeed, in the internal ambit of the Bank of Brazil, there is a policy to adjust its functional segments to the doctrine of Social Corporate Responsibility. The concepts of this doctrine is presented as something inexorable. There are no alternatives. The Bank of Brazil operates in a highly competitive market, the segment featuring the dominance of financial capital accumulation today. For this reason it can not fail to incorporate the technological advances organizational. For employees there is no alternative but to adapt to this new set of ideas proposed by the metabolism of capital