Avaliação do mercado futuro do milho brasileiro como mecanismo de apoio à comercialização para os produtores de Goiás

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Agronomia e Medicina Veterinária, Programa de Pós-Graduação em Agronegócios, 2016.

Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Anthropometric measures of increased central and overall adiposity in association with echocardiographic left ventricular hypertrophy

Left ventricular hypertrophy is an important predictor of cardiovascular risk and sudden death. This study explored the ability of four obesity indexes (body mass index, waist circumference, waist-hip ratio and waist-stature ratio) to identify left ventricular hypertrophy. A sample of the general population (n=682; 43.5% men) was surveyed to assess cardiovascular risk factors. Biochemical, anthropometric and blood pressure values were obtained in a clinic visit according to standard methods. Left ventricular mass was obtained from transthoracic echocardiogram. Left ventricular hypertrophy was defined using population-specific cutoff values for left ventricular mass indexed to height(2.7). The waist-stature ratio showed the strongest positive association with left ventricular mass. This correlation was stronger in women, even after controlling for age and systolic blood pressure. By multivariate analysis, the main predictors of left ventricular hypertrophy were waist-stature ratio (23%), systolic blood pressure (9%) and age (2%) in men, and waist-stature ratio (40%), age (6%) and systolic blood pressure (2%) in women. Receiver-operating characteristic curves showed the optimal cutoff values of the different anthropometric indexes associated with left ventricular hypertrophy. The waist-stature ratio was a significantly better predictor than the other indexes (except for the waist-hip ratio), independent of gender. It is noteworthy that a waist-stature ratio cutoff of 0.56 showed the highest combined sensitivity and specificity to detect left ventricular hypertrophy. Abdominal obesity identified by waist-stature ratio instead of overall obesity identified by body mass index is the simplest and best obesity index for assessing the risk of left ventricular hypertrophy, is a better predictor in women and has an optimal cutoff ratio of 0.56. Hypertension Research (2010) 33, 83-87; doi: 10.1038/hr.2009.188; published online 13 November 2009

Photochemical characteristics of diclofenac and its photodegradation of inclusion complexes with β-cyclodextrins

Diclofenac is one of most frequently detected compounds in the water cycle. In this work, the effect of initial concentration, liquid inclusion complexes with β-Cyclodextrins (β-CDs) on the photodegradation of diclofenac were studied. Six phototransformation products were detected by HPLC chromatograms. UV-absorption spectra of diclofenac and phototransformation products were determined. One of the phototransformation products was identified. The degradation followed pseudo-first-order kinetics. The experiment showed that irradiation of diclofenac in the presence of β-CDs increase photodegradation rate and determined the optimal molar ratio of diclofenac to β-CDs as 1:2. The reduced photohaemolytic activity of diclofenac in the presence of β-CDs may be attributed to the sequestering and stabilizing of the radical intermediates and /or photoproducts by complexation.

Co-culture of chondrocytes and bone marrow mesenchymal stem cells in vitro enhances the expression of cartilaginous extracellular matrix components

Chondrocytes and bone marrow mesenchymal stem cells (BMSCs) are frequently used as seed cells in cartilage tissue engineering. In the present study, we determined if the co-culture of rabbit articular chondrocytes and BMSCs in vitro promotes the expression of cartilaginous extracellular matrix and, if so, what is the optimal ratio of the two cell types. Cultures of rabbit articular chondrocytes and BMSCs were expanded in vitro and then cultured individually or at a chondrocyte:BMSC ratio of 4:1, 2:1, 1:1, 1:2, 1:4 for 21 days and cultured in DMEM/F12. BMSCs were cultured in chondrogenic induction medium. Quantitative real-time RT-PCR and Western blot were used to evaluate gene expression. In the co-cultures, type II collagen and aggrecan expression increased on days 14 and 21. At the mRNA level, the expression of type II collagen and aggrecan on day 21 was much higher in the 4:1, 2:1, and 1:1 groups than in either the articular chondrocyte group or the induced BMSC group, and the best ratio of co-culture groups seems to be 2:1. Also on day 21, the expression of type II collagen and aggrecan proteins in the 2:1 group was much higher than in all other groups. The results demonstrate that the co-culture of rabbit chondrocytes and rabbit BMSCs at defined ratios can promote the expression of cartilaginous extracellular matrix. The optimal cell ratio appears to be 2:1 (chondrocytes:BMSCs). This approach has potential applications in cartilage tissue engineering since it provides a protocol for maintaining and promoting seed-cell differentiation and function.

Yhdysvaltalaisten matkustajalentoyhtiöiden rahoituksellisen lentopolttoaineen hintasuojautumisen kustannusvaikutukset 2000-luvulla

Tämän kandidaatintutkielman tarkoituksena on tutkia, miten yhdysvaltalaisten lentoyhtiöiden harjoittama rahoituksellinen lentopolttoaineen hintasuojaus on vaikuttanut niiden keskimääräisiin polttoainekustannuksiin 2000-luvun aikana. Lisäksi tavoitteena on kirjallisuuskatsauksen muodossa tarkastella lentopolttoaineen hintariskiä ja siltä suojautumista. Aiheeseen liittyvä aiempi tutkimus on pääasiassa keskittynyt rahoitusasemaan liittyvien vaikutusten tarkasteluun. Tässä tutkielmassa puolestaan tutkitaan suojauksen vaikutusta tarkasteltavien lentoyhtiöiden liiketoiminnan kustannuksiin. Lentopolttoaineen hintasuojauksen kustannusvaikutuksia arvioidaan regressiomallilla, jossa selitettävänä muuttujana on lentoyhtiön keskimääräinen polttoainekustannus. Selittävinä muuttujina puolestaan toimivat seuraavan vuoden arvioiduista polttoainehankinnoista rahoituksellisin keinoin suojattujen hankintojen osuus sekä lentopolttoaineen keskimääräinen markkinahinta kunakin tarkasteluvuonna. Tutkimuksen aineisto koostuu kymmenestä yhdysvaltalaisesta lentoyhtiöstä ja niiden 2000-luvulla vuosikertomuksissaan raportoimista tiedoista liittyen polttoainekustannuksiin ja rahoitukselliseen polttoaineen hintasuojaukseen. Lisäksi lentopolttoaineen keskimääräiset vuotuiset markkinahinnat tarkastelujakson ajalta haetaan Yhdysvaltain energiainformaatiota välittävän viranomaisen verkkotietokannasta. Johtopäätöksenä todetaan yhdysvaltalaisten lentoyhtiöiden rahoituksellisen polttoaineen hintasuojauksen vähentäneen niiden keskimääräisiä polttoainekustannuksia 2000-luvun aikana. Lentopolttoaineen markkinahinnan todetaan vaikuttavan kustannuksiin reilusti lentoyhtiöiden suojaustoimenpiteitä voimakkaammin. Lisäksi aiempiin tutkimuksiin ja toisaalta tässä tutkielmassa estimoitavan mallin autokorreloituvaan luonteeseen nojaten todetaan, että tämän mallin selittävät muuttujat eivät ole ainoat keskimääräisiin polttoainekustannuksiin vaikuttavat tekijät. Yhteenvetona todetaankin tarkempaa lisätutkimusta tarvittavan, jotta tämän tutkielman tulokset voidaan luotettavammin yleistää.

Self-reinforced composites obtained by the partial oxypropylation of cellulose fibers. 1. Characterization of the materials obtained with different types of fibers

The in-depth oxypropylation of different types of cellulose fibers, namely Avicel, Rayon, Kraft, and Filter Paper, was investigated. New biphasic mono-component materials were obtained, which could be hot-pressed to form films of cellulose fibers dispersed into a thermoplastic matrix. The success of this chemical modification was assessed by FTIR spectroscopy, X-ray diffraction, scanning electron microscopy. differential scanning calorimetry, thermogravimetric analysis and contact angle measurements. The optimization of this process led to the establishment of the optimal molar ratio between the cellulose CH groups and propylene oxide, which varied as a function of the specific morphology of the fibers. (C) 2008 Elsevier Ltd. All rights reserved.

Plasmons as sensors

“Plasmon” is a synonym for collective oscillations of the conduction electrons in a metal nanoparticle (excited by an incoming light wave), which cause strong optical responses like efficient light scattering. The scattering cross-section with respect to the light wavelength depends not only on material, size and shape of the nanoparticle, but also on the refractive index of the embedding medium. For this reason, plasmonic nanoparticles are interesting candidates for sensing applications. Here, two novel setups for rapid spectral investigations of single nanoparticles and different sensing experiments are presented.rnrnPrecisely, the novel setups are based on an optical microscope operated in darkfield modus. For the fast single particle spectroscopy (fastSPS) setup, the entrance pinhole of a coupled spectrometer is replaced by a liquid crystal device (LCD) acting as spatially addressable electronic shutter. This improvement allows the automatic and continuous investigation of several particles in parallel for the first time. The second novel setup (RotPOL) usesrna rotating wedge-shaped polarizer and encodes the full polarization information of each particle within one image, which reveals the symmetry of the particles and their plasmon modes. Both setups are used to observe nanoparticle growth in situ on a single-particle level to extract quantitative data on nanoparticle growth.rnrnUsing the fastSPS setup, I investigate the membrane coating of gold nanorods in aqueous solution and show unequivocally the subsequent detection of protein binding to the membrane. This binding process leads to a spectral shift of the particles resonance due to the higher refractive index of the protein compared to water. Hence, the nanosized addressable sensor platform allows for local analysis of protein interactions with biological membranes as a function of the lateral composition of phase separated membranes.rnrnThe sensitivity on changes in the environmental refractive index depends on the particles’ aspect ratio. On the basis of simulations and experiments, I could present the existence of an optimal aspect ratio range between 3 and 4 for gold nanorods for sensing applications. A further sensitivity increase can only be reached by chemical modifications of the gold nanorods. This can be achieved by synthesizing an additional porous gold cage around the nanorods, resulting in a plasmon sensitivity raise of up to 50 % for those “nanorattles” compared to gold nanorods with the same resonance wavelength. Another possibility isrnto coat the gold nanorods with a thin silver shell. This reduces the single particle’s resonance spectral linewidth about 30 %, which enlarges the resolution of the observable shift. rnrnThis silver coating evokes the interesting effect of reducing the ensemble plasmon linewidth by changing the relation connecting particle shape and plasmon resonance wavelength. This change, I term plasmonic focusing, leads to less variation of resonance wavelengths for the same particle size distribution, which I show experimentally and theoretically.rnrnIn a system of two coupled nanoparticles, the plasmon modes of the transversal and longitudinal axis depend on the refractive index of the environmental solution, but only the latter one is influenced by the interparticle distance. I show that monitoring both modes provides a self-calibrating system, where interparticle distance variations and changes of the environmental refractive index can be determined with high precision.

The role of coccolithophore calcification in bioengineering their environment.

Coccolithophorids are enigmatic plankton that produce calcium carbonate coccoliths, which over geological time have buried atmospheric CO2 into limestone, changing both the atmosphere and geology of the Earth. However, the role of coccoliths for the proliferation of these organisms remains unclear; suggestions include roles in anti-predation, enhanced photosynthesis and sun-screening. Here we test the hypothesis that calcification stabilizes the pH of the seawater proximate to the organisms, providing a level of acidification countering the detrimental basification that occurs during net photosynthesis. Such bioengineering provides a more stable pH environment for growth and fits the empirical evidence for changes in rates of calcification under different environmental conditions. Under this scenario, simulations suggest that the optimal production ratio of inorganic to organic particulate C (PIC : POCprod) will be lower (by approx. 20%) with ocean acidification and that overproduction of coccoliths in a future acidified ocean, where pH buffering is weaker, presents a risk to calcifying cells.

The role of coccolithophore calcification in bioengineering their environment.

Coccolithophorids are enigmatic plankton that produce calcium carbonate coccoliths, which over geological time have buried atmospheric CO2 into limestone, changing both the atmosphere and geology of the Earth. However, the role of coccoliths for the proliferation of these organisms remains unclear; suggestions include roles in anti-predation, enhanced photosynthesis and sun-screening. Here we test the hypothesis that calcification stabilizes the pH of the seawater proximate to the organisms, providing a level of acidification countering the detrimental basification that occurs during net photosynthesis. Such bioengineering provides a more stable pH environment for growth and fits the empirical evidence for changes in rates of calcification under different environmental conditions. Under this scenario, simulations suggest that the optimal production ratio of inorganic to organic particulate C (PIC : POCprod) will be lower (by approx. 20%) with ocean acidification and that overproduction of coccoliths in a future acidified ocean, where pH buffering is weaker, presents a risk to calcifying cells.

Optimal V. O2max-to-mass ratio for predicting 15 km performance among elite male cross-country skiers

The aim of this study was 1) to validate the 0.5 body-mass exponent for maximal oxygen uptake (V. O2max) as the optimal predictor of performance in a 15 km classical-technique skiing competition among elite male cross-country skiers and 2) to evaluate the influence of distance covered on the body-mass exponent for V. O2max among elite male skiers. Twenty-four elite male skiers (age: 21.4±3.3 years [mean ± standard deviation]) completed an incremental treadmill roller-skiing test to determine their V. O2max. Performance data were collected from a 15 km classicaltechnique cross-country skiing competition performed on a 5 km course. Power-function modeling (ie, an allometric scaling approach) was used to establish the optimal body-mass exponent for V . O2max to predict the skiing performance. The optimal power-function models were found to be race speed = 8.83⋅(V . O2max m-0.53) 0.66 and lap speed = 5.89⋅(V . O2max m-(0.49+0.018lap)) 0.43e0.010age, which explained 69% and 81% of the variance in skiing speed, respectively. All the variables contributed to the models. Based on the validation results, it may be recommended that V. O2max divided by the square root of body mass (mL⋅min−1 ⋅kg−0.5) should be used when elite male skiers’ performance capability in 15 km classical-technique races is evaluated. Moreover, the body-mass exponent for V . O2max was demonstrated to be influenced by the distance covered, indicating that heavier skiers have a more pronounced positive pacing profile (ie, race speed gradually decreasing throughout the race) compared to that of lighter skiers.

On the optimal ratio of heavy to light chain genes for efficient recombinant antibody production by CHO cells

Monoclonal antibodies (Mab) are heterotetramers consisting of an equimolar ratio of heavy chain (HC) and light chain (LC) polypeptides. Accordingly, most recombinant Mab expression systems utilize an equimolar ratio of heavy chain (he) to light chain (lc) genes encoded on either one or two plasmids. However, there is no evidence to suggest that this gene ratio is optimal for stable or transient production of recombinant Mab. In this study we have determined the optimal ratio of hc:lc genes for production of a recombinant IgG(4) Mab, cB72.3, by Chinese hamster ovary (CHO) cells using both empirical and mathematical modeling approaches. Polyethyleneimine-mediated transient expression of cB72.3 at varying ratios of hc:lc genes encoded on separate plasmids yielded an optimal Mab titer at a hc:lc gene ratio of 3:2; a conclusion confirmed by separate mathematical modeling of the Mab folding and assembly process using transient expression data. On the basis of this information, we hypothesized that utilization of he genes at low hc:lc gene ratios is more efficient. To confirm this, cB72.3 Mab was transiently produced by CHO cells at constant he and varying lc gene dose. Under these conditions, Mab yield was increased with a concomitant increase in lc gene dose. To determine if the above findings also apply to stably transfected CHO cells producing recombinant Mab, we compared the intra- and extracellular ratios of HC and LC polypeptides for three GS-CHO cells lines transfected with a 1:1 ratio of hc:lc genes and selected for stable expression of the same recombinant Mab, cB72.3. Intra- and extracellular HC:LC polypeptide ratios ranged from 1:2 to 1:5, less than that observed on transient expression of the same Mab in parental CHO cells using the same vector. In conclusion, our data suggest that the optimal ratio of hc:lc genes used for transient and stable expression of Mab differ. In the case of the latter, we infer that optimal Mab production by stably transfected cells represents a compromise between HC abundance limiting productivity and the requirement for excess LC to render Mab folding and assembly more efficient.

Évaluation du ratio de couverture optimal pour un portefeuille d'obligations dans le contexte du marché financier canadien

Il existe une multitude de façons de protéger un portefeuille formé d'obligations contre une variation des taux d'intérêt qui pourrait affecter défavorablement la valeur marchande du portefeuille. L'une d'elles consiste à vendre des contrats à terme sur obligations afin que les variations de la valeur marchande du portefeuille soient compensées par les gains (ou les pertes) sur le marché à terme. Le succès d'une telle opération dépend de l'évaluation du ratio de couverture puisque c'est lui qui déterminera quelle quantité de contrats à terme il faudra vendre pour protéger le portefeuille. L'objectif de cette étude consiste à déterminer, parmi cinq méthodes d'estimation du ratio de couverture (une naïve et quatre théoriques), celle qui permet de minimiser la variance du rendement du portefeuille à couvrir tout en sacrifiant le moins possible en terme de rendement. Pour ce faire, nous avons utilisé neuf portefeuilles formés d'obligations du gouvernement du Canada ayant des caractéristiques (coupon, échéance) très différentes que nous avons couverts en utilisant le contrat à terme sur obligations du gouvernement du Canada qui se transige à la Bourse de Montréal. L'analyse des résultats nous a amené à conclure que la méthode naïve génère de meilleurs résultats que les méthodes théoriques lorsque le portefeuille à couvrir possède des caractéristiques semblables au titre qui sert de couverture. Dans tous les autres cas (où le portefeuille à couvrir a des caractéristiques très différentes du contrat à terme qui sert de couverture), la performance de la méthode naïve est plutôt médiocre, mais aucune autre méthode n'est supérieure aux autres sur une base régulière.

Optimal design of periodic functionally graded composites with prescribed properties

The computational design of a composite where the properties of its constituents change gradually within a unit cell can be successfully achieved by means of a material design method that combines topology optimization with homogenization. This is an iterative numerical method, which leads to changes in the composite material unit cell until desired properties (or performance) are obtained. Such method has been applied to several types of materials in the last few years. In this work, the objective is to extend the material design method to obtain functionally graded material architectures, i.e. materials that are graded at the local level (e.g. microstructural level). Consistent with this goal, a continuum distribution of the design variable inside the finite element domain is considered to represent a fully continuous material variation during the design process. Thus the topology optimization naturally leads to a smoothly graded material system. To illustrate the theoretical and numerical approaches, numerical examples are provided. The homogenization method is verified by considering one-dimensional material gradation profiles for which analytical solutions for the effective elastic properties are available. The verification of the homogenization method is extended to two dimensions considering a trigonometric material gradation, and a material variation with discontinuous derivatives. These are also used as benchmark examples to verify the optimization method for functionally graded material cell design. Finally the influence of material gradation on extreme materials is investigated, which includes materials with near-zero shear modulus, and materials with negative Poisson`s ratio.

A review of the use of the basic cation saturation ratio and the "ideal" soil

The use of 'balanced' Ca, Mg, and K ratios, as prescribed by the basic cation saturation ratio (BCSR) concept, is still used by some private soil-testing laboratories for the interpretation of soil analytical data. This review aims to examine the suitability of the BCSR concept as a method for the interpretation of soil analytical data. According to the BCSR concept, maximum plant growth will be achieved only when the soil’s exchangeable Ca, Mg, and K concentrations are approximately 65 % Ca, 10 % Mg, and 5 % K (termed the ‘ideal soil’). This ‘ideal soil’ was originally proposed by Firman Bear and co-workers in New Jersey (USA) during the 1940s as a method of reducing luxury K uptake by alfalfa (Medicago sativa L.). At about the same time, William Albrecht, working in Missouri (USA), concluded through his own investigations that plants require a soil with a high Ca saturation for optimal growth. Whilst it now appears that several of Albrecht’s experiments were fundamentally flawed, the BCSR (‘balanced soil’) concept has been widely promoted, suggesting that the prescribed cationic ratios provide optimum chemical, physical, and biological soil properties. Our examination of data from numerous studies (particularly those of Albrecht and Bear, themselves) would suggest that, within the ranges commonly found in soils, the chemical, physical, and biological fertility of a soil is generally not influenced by the ratios of Ca, Mg, and K. The data do not support the claims of the BCSR, and continued promotion of the BCSR will result in the inefficient use of resources in agriculture and horticulture.