As intervenções do Banco do Central do Brasil no mercado de câmbio e seus efeitos no nível intradiário da taxa de câmbio

Este trabalho tem como objetivo investigar o efeito das intervenções cambiais realizadas pelo Banco Central do Brasil sobre o nível intradiário da taxa de câmbio no Brasil. Para isso é utilizada uma abordagem de estudo de eventos, cruzando as cotações tick-by-tick dos contratos de dólar futuro negociados na BM&FBOVESPA com o instante em que ocorreram as intervenções, no período de outubro de 2011 a março de 2014. Foram considerados nas análises não apenas o momento da intervenção como também o momento do anúncio. Os resultados indicaram que o mercado reage de forma distinta a cada tipo de intervenção, sendo a reação acentuada quando a intervenção não é anunciada previamente ao mercado. As intervenções via swap cambial ou dólar pronto geraram efeitos significativos e relevantes no nível da taxa de câmbio. Por outro lado, as intervenções através de leilão de linha não afetaram significativamente a taxa de câmbio.

Detecting patterns of the spinoff decision of companies and accessing the determination of the abnormal returns

This paper examines value created through spinoffs over a period from 2002-2010. The net debt to average share price ratio and the debt to asset ratio of a company impacts the decision for this restructuring process statistically significant. The announcement of a spinoff yields abnormal returns (AR) for the stockholders of the parent. The relative size of the spin and the financial leverage correlated with the AR positively, whereas the net debt per share and the return on asset negatively. Therefore, no direct wealth transfer from the debt holders of a company to the equity holders can be derived from these results.

The sources of spinoff equity gains: takeover premiums or operating gains

Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit.

Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

Do insurance defrauders want to be punished?

We analyze a Principal-Agent model of an insurer who faces an adverse selection problem. He is unable to observe if his client has a high risk or a low risk of having an accident. At the underwriting of the contract, the insurer requests the client to declare his risk. After that, the former can costly audit the truthfulness of this announcement. If the audit confirms a false declaration, the insurer is legally allowed to punish the defrauder. We characterize the efRcient contracts when this punishment is bounded from above by a legal restriction. Then, we do some comparative statics on the efRcient contracts and on the agent's utility. The most important result of this paper concerns the legal limit to a defrauder's punishment. We prove that there exists a uni que value of this legal limit that maximizes the expected utility of a high risk type. Facing this particular value of the legal limit to a defrauder's punishment, the insurer will effectively audit a low risk reporto We also show that this particular value increases with the probability of facing a high risk policyholder. Therefore, when this probability is sufRciently high, the nullity of the contract is not enough. From the point of view of a potential defrauder, the law should allow harder sanctions. This is an striking result because the nullity of the contract is a common sanction for this kind of fraud in the USA and in some European countries.

Impacto das classificações de rating no valor das empresas brasileiras

Este trabalho tem como objetivo estudar como os anúncios de alterações nos ratings de crédito afetam o valor de mercado das empresas brasileiras. Isso foi feito considerando as divulgações de rating pelo período de 3 anos para o universo de empresas que compõem o índice Bovespa de ações. A metodologia escolhida foi a de Estudo de Evento, utilizando o Market Model como forma de estimação dos retornos normais das ações para uma janela de estimação de 1 ano. Como resultado verificou-se que as divulgações dos ratings têm influência no preço das ações, sendo esse efeito mais acentuado no caso dos rebaixamentos de rating (downgrades): os investidores tendem a antecipar a divulgação do downgrade já que o preço das ações cai antes dessa data e volta a subir depois dela. Essa conclusão está em linha com a de estudos semelhantes feitos com ações europeias e americanas. Outra conclusão foi a de que separando a amostra de downgrades entre empresas investment grade e non-investment grade o efeito dos anúncios de rating é mais acentuado no segundo grupo.

Generalized systemic cryptococcosis in a dog after immunosuppressive corticotherapy

Um cão da raça Boxer, macho, com 2 anos e 11 meses de idade foi encaminhado ao hospital veterinário com histórico de distúrbio gastroentérico de dois meses de duração, apatia, hiporexia, emagrecimento progressivo e deficiência visual. Ataxia e vocalização foram observadas posteriormente. O animal estava sendo tratado em outra clínica veterinária com antibióticos e doses imunossupressoras de corticóides, direcionados ao controle de provável enterite alimentar. A morte ocorreu após cinco dias. As observações macro e microscópica revelaram tratar-se de criptococose sistêmica, atingindo trato digestório, olhos, SNC, rins, pâncreas e linfonodos. O presente relato enfatiza a infecção fúngica criptocócica quanto aos seus aspectos grastrointestinais iniciais a serem considerados no diagnóstico clínico, ressaltando a imunossupressão induzida pela corticoterapia.

O livro didático de história: um caleidoscópio de escolhas e usos no cotidiano escolar (Ceará, 2007 2009)

In the first decade of the XXI century, it is possible to assert that school textbook is part of the material culture of most public Brazilian schools by means of National School Textbook Program (PNLD). This research aimed at identifying and analyzing textbooks choice in Ceara, relating it to the uses of such tool within school daily life. The setting for the study was four public schools, two of them placed in Fortaleza, and the other in Quixada. It evaluated the uses of textbooks in the 6th grade. As part of methodology, public managers were interviewed, teachers answered surveys, and a direct observation during History classes in 2008 school year was carried out. The observation was over after round chats with students in the class, in which each one designed draws and sentences concerning to the textbook. Furthermore, the study was based on MEC official documents that regulate the textbook choice process with National textbook Program announcement (PNDL/2008) and PNDL/2008 Textbook Guide, in addition to History textbooks schools used. Roger Chartier‟s concept of appropriation was an analysis category, as well as Michael de Certeau s strategy and tatics‟, and Dominique Julia‟s concept of school culture . The study recognizes textbook in the perspective of Alain Choppin and Egil Borre Johnsen, since it is a complex cultural object. For this reason, the study designs an analogy with a kaleidoscope that sends different images depending on who uses it, within a set of colorful lines, since textbook comprehends nowadays different sources and languages, as it offers countless possibilities of use in teaching History. The study concludes that only the main text of each chapter is really worked in daily class practice. Therefore, although theoretical and graphic changes in textbook production, the textbook is underused, which is central to a later rethought of teachers instruction, since, depending on the conception of teaching and learning, textbook potentialities will be used to improve the development of knowledge in History.

Dimorfismo sexual da traquéia e siringe de periquito (Touist sp.)

Investigaram-se as diferenças morfológicas da siringe do periquito Touist sp, cinco machos e cinco fêmeas. A traquéia e a siringe foram dissecadas com o auxílio de uma lupa estereoscópia e avaliaram-se o número de anéis, o comprimento da traquéia e da siringe e o comprimento e espessura do músculo traqueolateral. A traquéia do macho apresentou maior número de anéis e maior comprimento que a das fêmeas. O músculo traqueolateral dos machos é mais vigoroso e origina-se no 43º anel traqueal enquanto o das fêmeas origina-se no 30º anel traqueal e se insere no primeiro anel bronquial. A siringe do piriquito é constituída por anéis craniais, cinco nos machos e três nas fêmeas, anéis intermediários, com formato semelhante a uma bolha sulcada ventralmente, anéis caudais, quatro em ambos os sexos, e pessulo. O dimorfismo sexual está presente na morfometria da musculatura e das cartilagens, o que reflete no canto mais vigoroso dos machos.

Breed and selection line differences in the temperament of beef cattle

O temperamento de quatro raças bovinas foi avaliado utilizando-se o teste de velocidade de fuga (FT) e o escore de comportamento (BST). FT foi definida como o tempo necessário para animais percorrerem uma distância de 2 m após a pesagem. BST foi baseada no comportamento dos animais na balança, amostrando-se quatro categorias de comportamento: movimentos, intensidade de respiração, vocalizações e coices. Os coeficientes de herdabilidade de FT e BST foram estimados com uso de um modelo de máxima verossimilhança restrita, considerando meio irmãos paternos. Caracu apresentou menores médias para BST do que as demais raças. Nelore apresentou resultados intermediários, seguida por Guzerat e Gyr com médias mais elevadas (p < 0,05). Resultados similares foram observados para FT, mas as médias de Caracu e Nelore não diferiram entre si. Observou-se baixa associação entre FT e BST (r p= -0,36; p < 0,01). A correlação entre rank de touros ordenados pelos seus valores preditos (p) para FT e BST foi moderada e negativa (r s = -0,63; p < 0,001). A herdabilidade de FT e BST foi de 0,35 e 0,34, respectivamente. A comparação de rebanhos Nelore com diferentes critérios de seleção para peso corporal mostrou que linhas de seleção podem modular positivamente o temperamento de Bos indicus.

Um estudo sobre o momentum angular total de estrelas com planetas

Since Michel Mayor and his student Didier Queloz s pioneer announcement, in 1995, of the existence of a planet orbiting the star 51 Peg, up to present date, 695 extrasolar planets orbiting stars of spectral type F, G, K and M have been discovered. A study on the behavior of the total angular momentum of the planetary systems known up to present date becomes relevant when we know that about 98% of the angular momentum of the solar system is associated with the planets, although they represent only 0.15 percent of the mass of the whole system. In this dissertation we study the behavior of stellar angular momentum, orbital angular momentum and total angular momentum in a sample of 282 stars harboring planets, including 40 multiple systems. We observed that planetary systems containing more than one known planet have both higher orbital angular momentum and total angular momentum compared to those who have only one planet. This analysis shows that multiplanet systems tend to have higher momenta, suggesting that the planets in such systems that contribute to the greater portion momenta have been found. Thus, planetary systems with lower values for the momenta represent the best candidates to the discovery of new planets

Resposta comportamental e hormonal de machos não reprodutores de sagüi, callithrix jacchus, a estímulos sensoriais de filhotes não aparentados

Parental care in mammals is influenced by somatosensory stimuli from infants, such as vocalization and sight and by changes in the hormone levels of caretakers. The aim of this study was to evaluate the behavioral and hormonal responses of twelve non reproductive adult male common marmosets (Callithrix jacchus) to infant cues, vocalization recordings, sight and physical contact with newborn. Six out of twelve males had previous experience in caretaking. In article 1, adult males were exposed to newborn vocalizations for 10 minutes. On control condition no sound was presented. In article 2, males were tested on two conditions: a) Control: an empty acrylic transparent box (test box) was placed in male s cage for 15 minutes, and b) Experimental: males were exposed to newborns into a closed text box for 15 minutes. The cage was kept closed to prevented from tactile, smell and acoustic stimulation by the infant on common marmoset males. In article 3, males were exposed to an open or closed text box, which allowed or not their access to and social interaction with the infants. After each observation sessions, blood samples were collected to evaluate the cortisol levels of males. In all studies, behavioral response of adult males was significantly modified by newborns sight, vocalization and physical contact. Males approached and spent more time near the sound source and showed an increase in locomotion during sound exposure. Furthermore, males approached, smelled and spent more time near the test box when the newborn was inside it. There was no difference in behavioral pattern between experienced and non-experienced males in articles 1 and 2. In article 3, behavioral pattern of males was influence by previous caretaking experience. Experienced males recovered quicker and carried the infants more than the inexperienced ones. However, inexperienced males showed a decrease in recovery latency and an increase in carrying time after successive exposure to infants. Cortisol levels changed after exposure to infant s vocalization, especially for experienced adult males. Male hormonal profile was not affected by the sight of infants neither by their previous experienced in caretaking. The occurrence of social interaction between the caretaker and infant did not modify the hormonal profile of common marmoset males; however, as much as experienced males carried the infants their cortisol levels decreased. Thus, members of a social group or potential caretakers common marmosets exposed to sensory cues from dependent infant such as vocalization, sight, smell and physical contact, changed their behavioral and hormonal responses that are physiological modulators of parental behavior in common marmoset

Efeitos de vocalizações de co-específicos e do escuro sobre o ritmo circadiano da atividade motora em sagüis (Callithrix jacchus)

The principal zeitgeber for most of species is the light-dark photocycle (LD), though other environment factors as food availability, temperature and social cues may act. Daily adjustment of the circadian pacemaker may result from integration of environmental photic and non-photic cues with homeostatic cues. Characterization of non-photic effects on circadian timing system in diurnal mammals is scarce in relation to nocturnal, especially for ecologically significant cues. Thus, we analyzed the effect of conspecific vocalizations and darkness on circadian activity rhythm (CAR) in the diurnal primate Callithirx jacchus. With this objective 7 male adults were isolated in a room with controlled illumination, temperature (26,8 ± 0,2°C) and humidity (81,6 ± 3,6%), and partial acoustic isolation. Initially they were under LD 12:12 (~300:2 lux), and subsequently under constant illumination (~2 lux). Two pulses of conspecific vocalizations were applied in total darkness, separated by 22 days, at 7:30 h (external time) during 1 h. They induced phase delays at circadian times (CTs) 1 and 10 and predominantly phase advances at CTs 9 and 15. After that, two dark pulses were applied, separated by 14 days, during 1 h at 7:30 h (external time). These pulses induced phase delays at CTs 2, 3 and 18, predominantly phase advances at CTs 8, 10 and 19, and no change at CT 14. However, marmosets CAR showed oscillations in endogenous period and active phase duration influenced by vocalizations from animals outside the experimental room, which interfered on the phase responses to pulses. Furthermore, social masking and relative coordination with colony were observed. Therefore, phase responses obtained in this work cannot be attributed only to pulses. Afterwards, pulses of conspecific vocalizations were applied in total darkness at 19:00 h (external time), during 1 h for 5 consecutive days, and after 21 days, for 30 consecutive days, on attempt to synchronize the CAR. No animal was synchronized by these daily pulses, although oscillations in endogenous period were observed for all. This result may be due to habituation. Other possibility is the absence of social significance of the vocalizations for the animals due to random reproduction, since each vocalization has a function that could be lost by a mixture of sounds. In conclusion, conspecific vocalizations induce social masking and relative coordination in marmosets CAR, acting as weak zeitgeber

Comportamento social e territorialidade alimentar na garça-azul, Egretta caerulea (L) = Feeding territoriality in the little blue heron, Egretta caerulea (L)

The use of habitat is an important part of a species biology. One resource of great importance for the survivor and reproduction of an individual is the food resource. Thus, the social interactions an animal has during the feeding activities are of extremely importance within its behavioral aspects, which represents the part of an organism trough which it interacts with the environment, adapting to changes and variations. Herons are known to form feeding aggregations of even more than thousands of individuals, in which social components of foraging have been identified and studied for several species. More profound studies of these aspects are yet to poor for the Little Blue Heron, Egretta caerulea. Therefore, the aim of this study was to describe the social behavior (display postures, vocalizations and co-specific interactions) and the territoriality of the specie during the feeding period in an area of mud bank in the estuarine system of Cananéia, south coast of São Paulo state, Brazil. The defense of a fixed and exclusive area, closest to the mangrove, trough expulsion was observed; some thing that have not yet been registered with concrete data for the specie. Higher capture and success rates, and lower investment rates (steps/min and stabs/min) were registered for individuals foraging in areas corresponding to the defended territory. This could be one of possible reasons for the establishment of territories in the area. Four display postures were registered for the specie, two of then new in the literature, which are used in the interactions between individuals; one vocalization, that apparently is important in the social context of foraging for the specie and, possibly, has a function of advertising and proclaiming the dominance position of the territorial individual within the group. A territorial individual uses three behaviors, of the ones described: expulsion, vocalization and encounter (agonistic encounter between individuals, without physical aggression). Of these, the expulsion is apparently used in the actual defense, actively; while the other two behaviors are used in a more passive way, in the maintenance of the dominance position of the individual, helping it in the defense of its territory in a less direct manner. Therefore, with the results presented in here, new components of the social utilization of the feeding resource for the Little Blue Heron were identified, incorporating aspects of the territorial behavior for a future understanding of its possible adaptive significance. And it also reinforces the importance of the social interactions of herons foraging in great aggregations, in areas ecologically important

Influência de fotoperíodo artificial no comportamento de um primata neotropical diurno (Callithrix jacchus)

One of the main environmental cues for the adjustment of temporal organization of the animals is the light-dark cycle (LD), which undergoes changes in phase duration throughout the seasons. Photoperiod signaling by melatonin in mammals allows behavioral changes along the year, as in the activity-rest cycle, in mood states and in cognitive performance. The aim of this study was to investigate if common marmoset (Callithrix jacchus) exhibits behavioral changes under short and long photoperiods in a 24h cycle, assessing their individual behaviors, vocal repertoire, exploratory activity (EA), recognition memory (RM) and the circadian rhythm of locomotor activity (CRA). Eight adult marmosets were exposed to a light-dark cycle of 12:12; LD 08:16; LD 12:12 and LD 16:08, sequentially, for four weeks in each condition. Locomotor activity was recorded 24h/day by passive infrared motion detectors above the individual cages. A video camera system was programmed to record each animal, twice a week, on the first two light hours. From the videos, frequency of behaviors was registered as anxiety-like, grooming, alert, hanging position, staying in nest box and feeding using continuous focal animal sampling method. Simultaneously, the calls emitted in the experimental room were recorded by a single microphone centrally located and categorized as affiliative (whirr, chirp), contact (phee), long distance (loud shrill), agonistic (twitter) and alarm (tsik, seep, see). EA was assessed on the third hour after lights onset on the last week of each condition. In a first session, marmosets were exposed to one unfamiliar object during 15 min and 24h later, on the second session, a novel object was added to evaluate RM. Results showed that long days caused a decreased of amplitude and period variance of the CRA, but not short days. Short days decreased the total daily activity and active phase duration. On long days, active phase duration increased due to an advance of activity onset in relation to symmetric days. However, not all subjects started the activity earlier on long days. The activity offset was similar to symmetric days for the majority of marmosets. Results of EA showed that RM was not affected by short or long days, and that the marmosets exhibited a decreased in duration of EA on long days. Frequency and type of calls and frequency of anxiety-like behaviors, staying in nest box and grooming were lower on the first two light hours on long days. Considering the whole active phase of marmosets as we elucidate the results of vocalizations and behaviors, it is possible that these changes in the first two light hours are due to the shifting of temporal distribution of marmoset activities, since some animals did not advance the activity onset on long days. Consequently, the marmosets mean decreased because the sampling was not possible. In conclusion, marmosets synchronized the CRA to the tested photoperiods and as the phase angle varied a lot among marmosets it is suggested that they can use different strategies. Also, long days had an effect on activity-rest cycle and exploratory behaviors