LIGHT COVERAGE ON COLBY COLLEGE CAMPUS

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Light Coverage on Colby College Campus

Outdoor lighting is an essential component for nighttime safety on college campuses. Outdoor lighting on Colby College campus is not uniform, leaving some areas with minimal light. The purpose of this project is to analytically evaluate if and where major walkways on Colby College have inadequate lighting. While we were unable to define inadequate lighting, we found that most paths on campus do appear to be well lit, while in general open spaces on campus have the lowest light levels.

Cálculo do subsídio implícito a agricultura, proveniente da política de preços mínimos, utilizando a teoria de "option pricing"

O objetivo desse trabalho é calcular o subsídio implícito aos produtores de arroz agulhinha, feijão preto, milho e soja, proveniente da política de preços mínimos, através da avaliação dos prêmios das opções de venda que correspondem à política de preços mínimos para essas commodities.

Are real options a real option for real-world finance professionals? case study : the application of real options to evaluate investment projects in the latin american oil and gas field services industry

Brasil e outros mercados emergentes continuarão a apresentar muitas oportunidades de investimento nos próximos anos. Profissionais financeiros que gerenciam os processos de orçamento de capital nas empresas terão grandes desafios a enfrentar. Características específicas destes projetos como preços ligados a commodities (por exemplo: petróleo e gás e projetos agrícolas) e as incertezas habituais relacionadas com os mercados emergentes são desafios adicionais. Neste cenário, ferramentas mais sofisticadas de orçamento de capital como Opções Reais, oferece uma teoria mais robusta para lidar com incerteza, flexibilidade gerencial, e os resultados voláteis embutidas nestas oportunidades. A teoria de Opções Reais assume que o envolvimento dos gestores nos projetos gera valor à medida que potencializam os bons resultados ou reduzem as perdas por abandonar projetos com maus resultados. O objetivo principal desta pesquisa foi aplicar a análise de Opções Reais para um projeto de investimento e discutir o processo e os resultados da metodologia. O estudo de caso analisa retroativamente um projeto de investimento na Colômbia e compara os resultados sob o tradicional VPL e Opções Reais. As técnicas de avaliação foram realizadas como se estivessem sendo aplicadas no momento em que o projeto foi aprovado, e depois comparadas com o desempenho real do projeto. O estudo de caso avaliado possui dois tipos de Opções Reais: primeiro, o efeito de uma opção para cancelar um contrato que é analisado a partir da perspectiva do cliente que pode exercer essa opção, e o segundo, a opção de abandonar e adiar a partir da perspectiva da empresa que irá executar a investimento.

Regionalização dos serviços de assistência à saúde: uma nova configuração estratégica da operadora Fesp

O segmento suplementar de saúde no Brasil apresenta hoje, substancial importância no cenário nacional, não só por sua abrangência e capilaridade, mas também por sua relevância econômica. Neste cenário, destaca-se o segmento de cooperativas médicas Unimed, que atendem hoje cerca de 8% da população brasileira e detém mais de 33% do marketshare do setor. Desde o advento do marco regulatório do setor no Brasil, a saúde suplementar vem sendo submetida a um rigoroso processo de reestruturação enquanto segmento econômico, que ano após ano, vem reduzindo a autonomia de livre negociação de preços e ampliando o rol de procedimentos obrigatórios para as operadoras. Diante deste cenário e sob a temática da estratégia empresarial, propôs-se um estudo exploratório da Federação das Unimeds do Estado de São Paulo (Fesp), avaliando criticamente o modelo de regionalização adotado em sua operadora, caracterizando-se como uma nova configuração estratégica, alinhada à realidade regulatória do setor e ao ambiente competitivo de mercado no qual está inserida.

Pricing the option adjust spread of Brazilian Eurobonds

This paper presents results of a pricing system to compute the option adjusted spread ("DAS") of Eurobonds issued by Brazilian firms. The system computes the "DAS" over US treasury rates taktng imo account the embedded options present on these bonds. These options can be calls ("callable bond"), puts ("putable bond") or combinations ("callable and putable bond"). The pricing model takes into account the evolution of the term structure along time, is compatible with the observable market term structure and is able to compute risk measures such as duration and convexity, and pricing and hedging of options on these bonds. Examples show the ejJects of the embedded options on the spread and risk measures as well as the ejJects on the spread due to variations on the volatility parameters ofthe short rate.

Affine processes, arbitrage-Free Term structures of legendre polynomials,and option pricing

Multivariate Affine term structure models have been increasingly used for pricing derivatives in fixed income markets. In these models, uncertainty of the term structure is driven by a state vector, while the short rate is an affine function of this vector. The model is characterized by a specific form for the stochastic differential equation (SDE) for the evolution of the state vector. This SDE presents restrictions on its drift term which rule out arbitrages in the market. In this paper we solve the following inverse problem: Suppose the term structure of interest rates is modeled by a linear combination of Legendre polynomials with random coefficients. Is there any SDE for these coefficients which rules out arbitrages? This problem is of particular empirical interest because the Legendre model is an example of factor model with clear interpretation for each factor, in which regards movements of the term structure. Moreover, the Affine structure of the Legendre model implies knowledge of its conditional characteristic function. From the econometric perspective, we propose arbitrage-free Legendre models to describe the evolution of the term structure. From the pricing perspective, we follow Duffie et al. (2000) in exploring Legendre conditional characteristic functions to obtain a computational tractable method to price fixed income derivatives. Closing the article, the empirical section presents precise evidence on the reward of implementing arbitrage-free parametric term structure models: The ability of obtaining a good approximation for the state vector by simply using cross sectional data.

Soil water evaporation under densities of coverage with vegetable residue

O presente estudo foi realizado no Instituto Agronômico do Paraná (IAPAR), em Londrina, Estado do Paraná (latitude de 23º18'S, longitude de 51º09'W e altitude média de 585 m). O clima local, segundo a classificação do Köppen, é do tipo Cfa, ou seja, subtropical úmido, com chuvas em todas as estações, podendo ocorrer secas no período de inverno. Determinou-se a evaporação (E) da água do solo sob diferentes densidades de cobertura com resíduo da cultura de trigo. Os tratamentos foram instalados em lisímetros de pesagem de 2,66 m² e 1,3 m de profundidade, que permitem determinar E por diferença de massa com precisão equivalente a 0,1 mm em intervalos de uma hora. Os tratamentos consistiram em 0; 2,5; 5 e 10 t ha-1 de resíduos da cultura do trigo, colocadas de forma homogênea em cada lisímetro. No primeiro ciclo (22/09 a 20/10/2008), a redução de E em relação ao solo descoberto foi de 4; 15 e 24%, enquanto no segundo ciclo (01/12 a 30/12/2008), a redução foi de 15; 22 e 25%, respectivamente, para os tratamentos 2,5; 5 e 10 t ha-1.

Sorteio de domicílios em favelas em inquéritos por amostragem

OBJETIVO: Identificar vantagens e desvantagens do uso de segmentos em relação ao sorteio feito a partir da lista completa de endereços, para o sorteio de domicílios em amostragem por conglomerados em múltiplos estágios em favelas. PROCEDIMENTOS METODOLÓGICOS: Estudo qualitativo realizado em quatro favelas sorteadas no Inquérito de Saúde do Município de São Paulo, SP, 2008, nas quais foram aplicadas as duas técnicas. Foram realizados grupos focais com pesquisadores de campo - arroladores e entrevistadores do inquérito. Os conteúdos das conversações foram analisados, agrupados em categorias e organizados em núcleos temáticos. ANÁLISE DOS RESULTADOS: A utilização de segmentos de domicílios foi associada a numerosas vantagens e poucas desvantagens. Entre as vantagens, constaram a rapidez e facilidade na elaboração do cadastro de endereços e na localização e identificação de domicílios na etapa de realização das entrevistas, maior segurança dos entrevistadores e da população, maior acesso aos entrevistados, maior estabilidade e maior cobertura do cadastro produzido, e menor ocorrência de erros na identificação dos domicílios sorteados. CONCLUSÕES: A construção de cadastro de domicílios por meio da criação de segmentos é vantajosa em relação à listagem completa de endereços, quando feita em favelas. Por ter se mostrado uma opção econômica e fácil de ser aplicada, constitui alternativa para a simplificação do processo de amostragem em áreas com as suas características de desorganização e adensamento de domicílios.

Reproductive responses of rabbit does to a supplemental lighting program

The objective was to investigate whether the productivity of rabbit does can be improved, when natural photoperiod is decreasing, by adopting a supplemental lighting program. Three experiments were conducted involving two groups: control, submitted to the natural decreasing photoperiod, and supplemented with a lighting program which provided 14 h light/24 h beginning at 10 weeks of age. In the first experiment, 20 nulliparous does, 10 from each group, were euthanized 8 h after being presented to a buck; the overall number of follicles, whose diameter exceeded I mm, was determined macroscopically. The right ovaries were collected, histologically analyzed, and electronically measured. In the second experiment, 30 nulliparous does, 15 from each group, were presented to a buck (day 1). Receptive does were euthanized on day 8 to evaluate embryonic survival (number of normal embryos/ovulation rate). In the third experiment, 48 nulliparous does, 24 from each group, were followed from the first presentation to the buck until the weaning of the first litter. The effect of treatment on reproductive and body weight traits of does, and litter performance traits, at birth and weaning, was evaluated. The average number of follicles whose diameter exceeded 1 mm was higher in the treatment group (12.05 +/- 1.07 vs. 8.63 +/- 1.00, P=0.03 7). Receptive does of the treatment group had heavier ovaries relative to those of the control group (790 +/- 59 vs. 470 +/- 64 mg, P=0.004), whereas no treatment difference regarding this trait was found for non-receptive ones. Treatment had a favorable effect on pregnancy rate of total exposed and of receptive does (80.0% vs. 33.3%, P=0.01, and 92.3% vs. 50.0%, P=0.02, respectively). The number of underdeveloped embryos was lower (0.067 +/- 0.380 vs. 2.500 +/- 0.455, P=0.004), embryonic survival up to day 8, and uterus weight was higher in the treatment group (0.839 +/- 0.075 vs. 0.534 +/- 0.087, P=0.033 and 13.83 +/- 0.72 vs. 10.99 +/- 0.84, P=0.037, respectively). Number of presentations tended to be lower (1.32 +/- 0.17 vs. 1.75 +/- 0.16, P=0.077) and adjusted litter size in the first reproductive cycle tended to be higher (7.09 +/- 0.89 vs. 5.22 +/- 0.68, P=0.091) in the treatment group relative to the control.

Periodontal tissue response to coverage of root cavities restored with resin materials: A histomorphometric study in dogs

Background: the purpose of this study was to histomorphometrically evaluate the response of periodontal tissues covering Class V resin restorations in dogs.Methods: After raising a mucoperiosteal flap, bony defects measuring 5 x 5 mm were created on the buccal aspect of the canines of five dogs followed by cavity preparations on the root surface measuring 3 x 3 x 1 mm. Before repositioning the flap to cover the bone defect, the cavities were restored with composite resin (CR) or resin-modified glass ionomer cement (RMGIC) or were left unrestored as control (C). The dogs were euthanized 90 days after surgery. Specimens comprising the tooth and periodontal tissues were removed, processed routinely, cut into longitudinal serial sections in the bucco-lingual direction, and stained with hematoxylin and eosin (H&E) or Masson's trichrome. The most central sections were selected for histomorphometric analysis.Results: Histomorphometric analysis revealed apical migration of epithelial tissue onto the restorative materials (RMGIC and CR). The C group presented significantly longer connective tissue attachment (P < 0.05) than the RMGIC and CR groups and significantly higher bone regeneration (P < 0.05) compared to the RMGIC group. Histologically, the cervical third (CT) of all groups had the most marked chronic inflammatory infiltrate.Conclusions: Within the limits of this study, it can be concluded that the restorative materials used exhibit biocompatibility; however, both materials interfered with the development of new bone and the connective tissue attachment process.

Use of the connective tissue graft for the coverage of composite resin-restored root surfaces in maxillary central incisors

The purpose of this article is to report the use of the subepithelial connective tissue graft technique combined with the coronally positioned flap on a composite resin-restored root surface to treat Miller Class I gingival recessions associated with deep cervical abrasions in maxillary central incisors. Clinical measurements, including gingival recession height, probing depth, and bleeding on probing (BoP), were recorded during the preoperative clinical examination and at 2, 6, 12, and 24 months postoperatively. During the follow-up periods, no periodontal pockets or BoP were observed. The periodontal tissue of the teeth presented normal color, texture, and contouring. In addition, it was observed that creeping attachment had occurred on the restoration. This case report shows that this form of treatment can be highly effective and predictable in resolving gingival recession associated with a deep cervical abrasion. (Quintessence Int 2012;43:597-602)

When Basking Is Not an Option: Thermoregulation of a Viperid Snake Endemic to a Small Island in the South Atlantic of Brazil

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

Testing option pricing with the Edgeworth expansion

There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments. (C) 2004 Elsevier B.V. All rights reserved.