Trend following performance with size and liquidity: evidence from US, Brazil and Portugal

Neste trabalho, eu analiso a eficiência de se aplicar estratégias que identificam tendências em mercados de capitais, em três países diferentes, usando um conjunto de variáveis macroeconómicas. Em cada país, a estratégia é testada contra os índices de grande capitalização, pequena capitalização e o índice principal. Eu concluo que, ao combinar os sinais diários obtidos pela estratégia, é possível alcançar retornos ajustados ao risco superiores e reduzir as perdas possíveis do portfólio. No geral, enfatizo os benefícios de usar estratégias que exploram tendências para investidores avessos ao risco, obtendo retornos característicos de capitais próprios com a volatilidade característica de obrigações.

Can unobserved heterogeneity in farmer ability explain the inverse relationship between farm size and productivity?

The well-known inverse relationship between farm-size and productivity is usually explained in terms of diminishing returns with respect to land and other inputs coupled with various types of market frictions that prevent the efficient allocation of land across farms. We show that even if in the absence of diminishing returns one can provide an alternative explanation for this phenomenon using endogenous occupational choice and heterogeneity with respect to farming skills.

Relationship between follicle size and ultrasound-guided transvaginal oocyte recovery

We evaluated the relationship between follicle size and oocyte recovery (OR) using ultrasound-guided follicle aspiration. Thirty Holstein cows were subjected to OR without gonadotrophic therapy. Oocytes were recovered two to four times from each cow in a total of 67 aspiration sessions, Ovarian follicles with diameters less than or equal to4 mm and >4 mm were aspirated in separated groups. Recovered oocytes from each group were kept separate and submitted to in vitro maturation, fertilization, and culture to the blastocyst stage. A total of 430 follicles were aspirated, of which 154 (35.8%) were from follicles >4 mm and 276 (64.2%) were from follicles less than or equal to4 mm. Seventy-seven oocytes (50%) were recovered from follicles >4 mm and 200 (72.2%) were from follicles less than or equal to4 mm. Nineteen blastocysts were obtained from follicles >4 mm, whereas 45 blastocysts were obtained from follicles less than or equal to4 mm. Recovery rate was greater (P < 0.01) in follicles less than or equal to4 mm, Oocyte quality, cleavage rate and blastocyst development did not differ between different follicle sizes. Routine aspiration of small follicles (less than or equal to4 mm) could increase the number of oocytes available for in vitro development. (C) 2001 Elsevier B.V. B.V. All rights reserved.

Estimates of genetic correlations between days to calving and reproductive and weight traits in Nelore cattle

Data comprising 53,181 calving records were analyzed to estimate the genetic correlation between days to calving (DC), and days to first calving (DFC), and the following traits: scrotal circumference (SC), age at first calving (AFC), and weight adjusted for 550 d of age (W550) in a Nelore herd. (Co)variance components were estimated using the REML method fitting bivariate animal models. The fixed effects considered for DC were contemporary group, month of last calving, and age at breeding season (linear and quadratic effects). Contemporary groups were composed by herd, year, season, and management group at birth; herd and management group at weaning; herd, season, and management group at mating; and sex of calf and mating type (multiple sires, single sire, or AI). In DFC analysis, the same fixed effects were considered excluding the month of last calving. For DC, a repeatability animal model was applied. Noncalvers were not considered in analyses because an attempt to include them, attributing a penalty, did not improve the identification of genetic differences between animals. Heritability estimates ranged from 0.04 to 0.06 for DC, from 0.06 to 0.13 for DFC, from 0.42 to 0.44 for SC, from 0.06 to 0.08 for AFC, and was 0.30 for W550. The genetic correlation estimated between DC and SC was low and negative (-0.10), between DC and AFC was high and positive (0.76), and between DC and W550 was almost null (0.07). Similar results were found for genetic correlation estimates between DFC and SC (-0.14), AFC (0.94), and W550 (-0.02). The genetic correlation estimates indicate that the use of DC in the selection of beef cattle may promote favorable correlated responses to age at first mating and, consequently, higher gains in sexual precocity can be expected.

Qualitative feed restriction for heavy swines: effect on digestibility and weight of organs of digestive tract, and environmental impact of feces

Foram utilizados 50 suínos machos castrados para avaliar o efeito da restrição alimentar qualitativa sobre a digestibilidade dos componentes dietéticos, os órgãos do trato digestório, a composição e a produção fecal. Foram utilizadas cinco dietas experimentais, com níveis de restrição qualitativa de 0, 5, 10, 15 e 20%. Houve redução linear (P<0,001) para todos os coeficientes de digestibilidade, com exceção da fibra em detergente ácido, que apresentou resposta quadrática (P<0,05). Os teores de sólidos totais (P<0,01) e voláteis (P<0,05), e minerais totais (P<0,001) nas fezes aumentaram com os níveis de restrição alimentar, enquanto os níveis de K (P<0,05), Cu (P<0,01) e de N, P, Na, Ca, Mg, Fe e Zn (P<0,001), apresentaram resposta quadrática. A excreção diária de fezes, sólidos totais e voláteis, minerais totais, N, P, K, Mn e Cu (P<0,001), Ca, Na, Mg e Fe (P<0,05) apresentaram aumento em função do nível da restrição alimentar qualitativa. A restrição qualitativa pode ser alternativa para destinação de resíduos da agroindústria, conferindo boas propriedades às fezes suínas, no que diz respeito à utilização para adubação de culturas.

Relationship Between Population Size and Symbiont Fungus Culture Volume in Colonies of Acromyrmex balzani (Hymenoptera: Formicidae)

In order to quantify the population of Acromyrmex balzani Emery, 1890 nests and to verify whether the population dynamic of the colony is correlated with the symbiont fungus volume, the principal energy source of the colony, five nests located in grassland areas were evaluated. The nests were sprayed with neutral talcum powder to improve visualization and digging. The symbiont fungus and the entire population existent in the chambers were collected. The mean fungus volume and total nest population in excavated nests were, respectively, 74.76 ml and 1,095 individuals. Simple linear correlation analysis verified that the fungus volume grew proportionally to the number of individuals. Despite the correlation between fungus volume and population dynamic of colonies, the factors that determine this relationship are little known since other microorganisms live in association with the colony.

Nest Digging by Leaf-Cutting Ants: Effect of Group Size and Functional Structures.

Leaf-cutting ant workers dig underground chambers, for housing their symbiotic fungus, interconnected by a vast quantity of tunnels whose function is to permit the entrance of food (leaves), gaseous exchanges, andmovement of workers, offspring, and the queen. Digging is a task executed by a group of workers, but little is known about the group effect and group-constructed functional structures. Thus, we analyzed the structures formed by worker groups (5, 10, 20, and 40 individuals) of the leaf-cutting ant, Atta sexdens rubropilosa, for 2 days of excavation. The digging arena was the same for the 4 groups, with each group corresponding to a different density. Our results verified a pattern of tunneling by the workers, but no chamber was constructed. The group effect is well known, since the 40-worker group dug significantly more than the groups of 5, 10, and 20. These groups did not differ statistically from each other. Analysis of load/worker verified that workers of the smallest group carried the greatest load. Our paper demonstrates the group effect on the digging of nests, namely, that excavation is proportional to group size, but without emergence of a functional structure such as a chamber.

Photoluminescence of SrTiO3: Influence of Particle Size and Morphology

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Effects of the particle size and nucleation temperature on tellurite 20Li(2)O-80TeO(2) glass crystallization

20Li(2)O-80TeMO(2) glasses were heat annealed at different temperatures between T-g and T-x and studied by using XRD, FTIR spectroscopy and DSC techniques to understand the crystallization kinetics in this glass matrix. The infrared band structure of this glass is similar to what was observed in glassy TeO2. XRD results reveal the presence of three distinct crystalline gamma-TeO2, alpha-TeO2 and Li2Te2O5 phases during the crystallization process. This is a first report of gamma-TeO2 phase crystallization in this glass matrix. DSC results confinn the crystallization of three distinct structures in the glass. In summary, our results suggest a crystallization hierarchy on this glass matrix since the gamma-TeO2 and alpha-TeO2 phases crystallization occurs before the Li2Te2O5 phase crystallization. (c) 2006 Elsevier B.V. All rights reserved.

Increase of gastric area and weight gain in rats submitted to the ingestion of gasified water

OBJETIVO: em virtude do aumento progressivo da utilização de bebidas gaseificadas e do ganho de peso na população brasileira, e sabendo-se que os refrigerantes têm no gás carbônico um fator em comum, planejou-se um estudo experimental em ratos para investigar os efeitos da água gaseificada na ingestão hídrica e alimentar, ganho de peso, área gástrica, glicemia, hematócrito e hemoglobina. MÉTODOS: Foram constituídos 4 grupos de 12 ratos acompanhados por 36 dias. Ao Grupo-1 foi oferecido 35 g/dia de ração ad libitum e 20 ml de água não gaseificada em 4 períodos diários, ao Grupo-2 foi oferecido 35 g/dia de ração ad libitum e 20 ml de água gaseificada em 4 períodos diários, ao Grupo-3 foi oferecido 10 g/dia de ração ad libitum e 20 ml de água não gaseificada em 4 períodos diários e ao Grupo-4 foi oferecido 10 g/dia de ração ad libitum e 20 ml de água gaseificada em 4 períodos diários. RESULTADOS: Os resultados identificaram que os animais que foram submetidos ao tratamento com água gaseificada (Grupo-2 e Grupo-4), apresentaram um maior volume de ingestão hídrica e aumento significativo da área gástrica (p<0,001), no Grupo-2 a ingestão alimentar assim como o ganho de peso foi significativo (p<0,01), os dados de glicemia, hematócrito e hemoglobina não tiveram alterações significativas entre os grupos estudados. CONCLUSÃO: Nas condições em que foi realizado este experimento, concluímos que a água gaseificada favoreceu a ingestão hídrica e alimentar, o ganho de peso e o aumento da área gástrica.

Survival rate, body size and food abundance in pure and mixed blowfly cultures

The influence of food abundance, larval density and interspecific interactions on the survival and body size of Chrysomya albiceps, Chrysomya megacephala and Cochliomyia macellaria was investigated in pure and mixed cultures, to determine the impact of competition and/or facultative predation on native and introduced blowfly species in South America. In mixed cultures there was complete elimination of C. megacephala and C. macellaria. Chrysomya albiceps exhibited higher survival in mixed compared to pure cultures, suggesting that predation offers more advantages than competition for food. Body size of C. albiceps was significantly affected by food scarcity in pure cultures. However, tibia size in males of all species suffered no significant variation as a function of food scarcity. The implications of these results for population dynamics of introduced and native blowfly species are discussed.

Effects of meal size and proximal-distal segmentation on gastric activity

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Population size and survivorship for juvenile lemon sharks (Negaprion brevirostris) on their nursery grounds at a marine protected area in Brazil

Os tubarões enfrentam muitos obstáculos para sobreviver nos primeiros anos de vida e muitas espécies ocupam áreas de berçário. Embora estimativas de sobrevivência, particularmente para jovens, sejam essenciais para acessar, monitorar e manejar efetivamente populações animais, existem poucos cálculos destas estimativas para populações de tubarões e poucas estimativas baseadas em métodos diretos para estes animais em suas áreas de berçário. Métodos de marcação e recaptura foram utilizados no presente estudo para estimar o tamanho populacional e a sobrevivência de jovens tubarões-limão (Negaprion brevirostris) em uma área de berçário na Reserva Biológica do Atol das Rocas, Brasil. Os indivíduos foram amostrados entre 1999 e 2003 e as estimativas de tamanho populacional variaram entre 12 a 100 indivíduos jovens e a taxa de sobrevivência entre 24 e 54%, com média de 44,6% durante o período de amostragem mais robusto. A população destes tubarões jovens diminuiu ao longo de nosso estudo, ainda que as taxas de sobrevivência tenham aumentado durante o mesmo período. Mesmo um nível moderado de pesca e a remoção de fêmeas maduras em áreas adjacentes podem afetar dramaticamente pequenas populações de tubarões num berçário pequeno e isolado como o Atol das Rocas. As taxas de sobrevivência e tamanho populacional relativamente mais baixos em Rocas podem ser resultado das diferenças nas características físicas deste berçário, comparadas a outros utilizados pela espécie no Atlântico norte-ocidental. Tais parâmetros comparativamente mais baixos no Atol das Rocas sugerem a fragilidade da população jovem de tubarões-limão neste berçário.

Fecundity, body size and population dynamics of Chrysomya albiceps (Wiedemann, 1819) (Diptera: Calliphoridae)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)