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

A Corrupção burocrática inibe o empreendedorismo? uma análise empírica dos estados brasileiros

This work aims to investigate the relationship between the entrepreneurship and the incidence of bureaucratic corruption in the states of Brazil and Federal District. The main hypothesis of this study is that the opening of a business in Brazilian states is negatively affected by the incidence of corruption. The theoretical reference is divided into Entrepreneurship and bureaucratic corruption, with an emphasis on materialistic perspective (objectivist) of entrepreneurship and the effects of bureaucratic corruption on entrepreneurial activity. By the regression method with panel data, we estimated the models with pooled data and fixed and random effects. To measure corruption, I used the General Index of Corruption for the Brazilian states (BOLL, 2010), and to represent entrepreneurship, firm entry per capita by state. Tests (Chow, Hausman and Breusch-Pagan) indicate that the random effects model is more appropriate, and the preliminary results indicate a positive impact of bureaucratic corruption on entrepreneurial activity, contradicting the hypothesis expected and found in previous articles to Brazil, and corroborating the proposition of Dreher and Gassebner (2011) that, in countries with high regulation, bureaucratic corruption can be grease in the wheels of entrepreneurship

Situações de Risco, Trabalho e Saúde de Imigrantes Brasileiros: representações sociais

This study searches in approaching diverse pertinent aspects to the immigration process that affects the countries of the European Union especially in Portugal. The works deriving from this research has its objective in: analyzing the risk, work and health in Brazilian immigrants residing in Lisbon, Portugal. As methodological way, we use the instruments: Test of Free Association of Words and half-structuralized interview. For in such a way, they had been processed in software s for analysis between them: SPSS 14,5, Evoc, Trideux and Alceste. The not-boarded results in this study will be worked as clippings and will be sent for posterior publication. Thus, I consider this work enriching, in view of contributing of the same as mechanisms of understanding of being a immigrant and the possibility of the mobilization of the society and the academic environment for a phenomenon growing each time more, especially, the professionals of health, so we can intervine in a more necessary form within the factors that affects this population layer directly

Prevalência e fatores associados da síndrome de Osgood-Schlatter em uma amostra populacional de adolescentes brasileiros

Osgood-Schlatter (O-S) syndrome, a pathology of the musculoskeletal system, exhibits high incidence in adolescence, a phase of accelerated bone growth. Detection of physiopathological mechanisms that may cause disorders and dysfunctions in bone growth must be taken into account when planning physical activities, in order to promote normal physiological growth patterns. The aim of this epidemiological investigation was to identify and analyze the relationships between sociodemographic, anthropometric and clinical aspects and O-S. A cross-sectional design was used, with a representative sample of 956 subjects: 474 (49.6%) males and 482 (50.4%) females. Age range varied between 12 and 15 years (mean = 13.7±1.04). We used a battery of tests, previously applied in a pilot study, which met the aims of the investigation. Descriptive statistics (frequency, mean and standard deviation) were used and the odds ratio was calculated from bivariate and multivariate logistic regression (p<0.05). A prevalence of 9.8% was found (n = 94 cases): 11% males and 8.3% females. Hierarchized multivariate analysis showed a significant association between regular physical activities (OR= 1.94; CI 95%, 1.22-3.10) and shortening of the rectus femoris muscle (OR= 7.15; CI 95%, 2.86-17.86). The results may serve as a basis for therapeutic and prophylactic measures, in addition to increasing our knowledge of this syndrome in Brazilian adolescents. This investigation used a multidisciplinary approach, involving elements of anatomy, nutrition, physical education and physical therapy to elucidate the object under study related to Osgood-Schlatter syndrome

Representações sociais de enfermeiros brasileiros e portugueses sobre o estresse em serviço de urgência

This study aimed to analyze the social representations of Brazilian and Portuguese nurses on stress in the emergency service. A semi-structured interview and the free word association test, with "stress" as the inductive stimulus, were used as research instruments. Data were collected from 120 nurses, being 60 from an emergency hospital in the city of Natal, Brazil and 60 from an urgency hospital in the city of Aveiro, Portugal. Data from the word association test were analyzed with the EVOC 2002 program, after thematic categorical content analysis, enabling construction of a data bank. Data gathered from the interview were analyzed by ALCESTE 4.8 software. Nurse represent the stress in the urgency department as a generation of physical and mental detrition where adaptation is unsatisfactorily, resulting in the onset of fatigne, irritability, lack of concentration, lack of motivation, pessimism, impaired interpersonal relationship and low productivity. The solution is part of a complex whole, which demands an integrated way of acting that has demanded increasingly professional attitudes based on multidisciplinarity

Medidas de parâmetros morfológicos e funcionais do Coração em brasileiros: um subestudo do primeiro registro multicêntricos latino-americano em ressonância magnética cardiáca

There is no data about cardiac measurements em Brazilians obtained by CMR. This a muldisciplinary study with the objective of obtaining measurements of the left ventricle (LV) and right ventricle (RV) diastolic diameter (Dd), systolic diameter (Ds), diastolic volume (Dv), systolic volume (Sv), ejection fraction (EF) and myocardial mass in Brazilians. One hundred and seven (54 men and 53 women, mean age of 43.4 ± 13.1 years) asymptomatic individuals without heart disease were submitted to cardiac magnetic resonance (cMR) studies using steady state free precession technique. The means and standard deviations of the parameters of the LV and RV were respectively: LVDD = 4,8 ± 0,5 cm; LVSD = 3,0±0,6 cm; LVDV = 128,4±29,6 ml; LVSV = 45,2±16,6 ml; LVEF = 65,5±6,3%; LV mass = 95,2±30,8.1 g; RVDD = 3,9±1,3 cm; RVSD = 2,5±0,5 cm; RVDV = 126,5±30,7 ml; RVSV = 53.6±18,4 ml; RVEF = 58.3±8,0.0% and RV mass = 26,1±6,1 g. The masses and volumes were significantly higher in men, except for the LVSV. The RV EF was significantly higher in women. There was inverse correlation between RV systolic volume and with age, being more significant in men. This study describes for the first time benchmarks for cardiac measurements obtained by CMR among asymptomatic Brazilians individuals without heart disease and demonstrated differences according to sex and age

Estudo de adulteração em méis brasileiros através de razão isotópica do carbono

Neste trabalho, objetivou-se analisar isotopicamente méis comercializados nas regiões Sul e Sudeste do Brasil, para a detecção de fraude. Foram colhidas amostras comerciais com registro no Serviço de Inspeção Federal, Estadual ou Municipal. As amostras foram submetidas à combustão no Analisador Elementar EA 1108 CHN e analisadas no espectrômetro de massas de razão isotópica DELTA-S (Finningan Mat). Os valores isotópicos (δ13C) dos méis in natura foram comparados aos de suas respectivas proteínas (padrão interno). Foram consideradas adulteradas as amostras cuja diferença entre o valor isotópico da proteína e do mel foi igual ou inferior a -1 . As amostras consideradas adulteradas pela análise isotópica foram submetidas a testes químicos qualitativos que não foram capazes de indicar adulteração para algumas delas. Das 61 amostras analisadas, 18,0% encontram-se adulteradas, sendo 11,5% na Região Sudeste e 6,5% na Região Sul. Ao contrário dos testes químicos, a análise isotópica mostrou-se eficaz em identificar e quantificar a adulteração de méis comerciais.

Esporos de Clostridium botulinum em mel comercializado no Estado de São Paulo e em outros Estados brasileiros

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Fatores intervenientes na competitividade dos portos brasileiros: um estudo de caso no Nordeste

A competitividade portuária intensificou-se a partir dos anos 1980/90, influenciada pelo aumento no comércio internacional e pelas reformas portuárias que se seguiram. Entre os fatores que a determinam, há alguns que estão acima do poder de atuação de um dado porto, como a concessão de subsídios governamentais em portos de países ou estados concorrentes. Consideram-se três áreas em que um porto pode atuar para modificar sua posição competitiva: infra-estrutura, operações e facilitação ao comércio através do porto. Foi realizada uma pesquisa sobre trinta e oito fatores intervenientes na competitividade dos portos, agrupados em seis conjuntos, relacionados dois a dois às três áreas mencionadas. A pesquisa examinou a relevância dos trinta e oito fatores para a competitividade portuária através de questionários apresentados a sessenta usuários de portos nordestinos com vinculação passada, presente ou potencial pelo porto de Natal. Complementarmente pesquisou a opinião desses usuários sobre a competitividade dos cinco portos inseridos no estudo de caso: Fortaleza (CE), Natal (RN), Pecém (CE), Salvador (BA) e Suape (PE). Os resultados obtidos destacaram a importância conferida pelos usuários à agilidade na liberação aduaneira, a fatores relacionados à utilização de contêineres e ao calado do porto. Os usuários foram consultados entre abril e maio de 2004 e consideraram Pecém (CE) como o porto mais competitivo entre os cinco

Modelo em dinâmica de sistemas para gestão de aeroportos brasileiros

The importance of the airport sector in the development of a country refers to the need for studies on management of airports, to aid the process of decision making. In Brazil, growth in passenger demand is why investments in order to balance the capacity of an airport with air demand. Thus, the study aims to develop a model for Dynamic Systems able to assist airport management in Brazilian sizing subsystems an airport (Passenger Terminal, Runway and Patio). The methodology of this work consists in the steps of defining the problem, formulating the hypothesis dynamic building simulation model, and validation experiments. Finally, we examined the status of each subsystem in thirteen Brazilian airports in scenarios current, most likely and optimistic for air passenger demand

Fatores condicionantes da utilização da Internet na compra de serviços de viagens e turismo: estudo com turistas brasileiros em visita à Natal-RN

In today s global society, companies have become even more competitive with the abundance of information that prospective clients have available to them. This way the tourist services has appropriate the distribution using electronics ways as information for doing acquirement services. This work, shows the adopted provision of on-line tourist services does have suited apportionment for factors and buy decisions. The method used is a survey applied to the tourists, at international airport Augusto Severo, no matter why the visit reason to Natal city, at all, they were 210 people, being the chief variables evaluated the tourist perception of facility, utility, benefits, amenity and pleasure from the Internet s use, under the terms at the tourists experiences from the WEB about to acquisitions and researches. The results acquaint that the younger tourists or less experts tourists, in visit to Natal, demonstrated greater bias to the Internet s use than the other people. By the way women have a larger representation as a consumer from the WEB and finally, people along greater study tends to adopt. The work s contribution provides greater knowledge for the tourism executives about how might use the Internet, as well as bring forward a scene propitious for the on-line diffuseness service

Produção e sensibilidade de isolados brasileiros de Xanthomonas axonopodis pv. citri à bacteriocinas

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

A correção como procedimento de reformulação em chat educacional escrito em espanhol por brasileiros: tipos de operacionalização e marcas

O objetivo deste artigo foi analisar, nas interações realizadas por escrito dentro de um chat educacional, os tipos de operacionalização para o processo da correção - enquanto procedimento de reformulação, de acordo com a Perspectiva Textual-Interativa. O corpus, constituído por 31 sessões e por 17 participantes (1 professor e 16 alunos), mostrou a presença de quatro tipos de operacionalização da correção: autocorreção autoiniciada, autocorreção heteroiniciada, heterocorreção autoiniciada e heterocorreção heteroiniciada. O maior número de ocorrências foi o da autocorreção autoiniciada. Esse resultado sugere que: i) os participantes, nesse contexto, parecem se preocupar em preservar a auto-imagem, já que a correção não era essencial à compreensão do texto; ii) os escreventes conhecem as regras e, por isso, se monitoram; iii) a própria ferramenta chat contribui para a autocorreção autoiniciada; e iv) a preferência pela autocorreção autoiniciada parece evitar que o professor assuma o papel de corretor do curso de língua. Foram identificados, ainda, padrões de reformulação com e sem marcadores inscritos na materialidade do texto.

Comparação entre diferentes métodos para estimativa de gordura corporal de ciclistas brasileiros de elite

O objetivo do estudo foi comparar diferentes métodos de estimativa de gordura corporal em ciclistas de elite. A amostra foi composta por 15 atletas de alto nível, do sexo masculino, com idade média de 28,6 anos. Gordura corporal foi estimada pela equação para espessura de dobras cutâneas (EDC), análise da bioimpedância elétrica (BIA) e absortometria de radiológica de dupla energia (DEXA) (utilizada como referência). O teste t pareado comparou as diferenças entre os métodos e o coeficiente de correlação intraclasse analisou o relacionamento entre os mesmos. Foi observado que os valores do percentual de gordura corporal estimado pela BIA (p= 0,029), mas não o estimado pela EDC (p= 0,094) diferiram das estimativas da DEXA. Dessa maneira, é possível concluir que EDC apresentou estimativas mais próximas daquelas fornecidas pelo DEXA.

Se inicia oração com pronome clítico? Atitudes linguísticas, na escola, em relação aos padrões brasileiros de colocação pronominal

Focusing on the empirical assessment issue, proposed by Language change theory (cf. cf. WEINREICH; LABOV; HERZOG, 2006; LABOV, [1972] 2008), this research assists to clarifying Portuguese teacher s attitudes in Natal- RN, regarding (a) to proclisis in three specific contexts: in the beginning of a simple/compound sentence (V1), after the subjects (SV), and proclisis after the secondary verb in complex verbal structures (V1V2); (b) to students who use such patterns in usage. Specific contexts were gathered thanks to their representing of the standard variety, as many studies have proven (Martins, 2012; Schei, 2003; Biazzoli, 2010, 2012). The research aims at: (i) verifying by means of a classroom assessment test, whether Portuguese teachers correct proclisis on referred contexts; (ii) identifying, via attitudinal tests what actions teachers take regarding to the usage of standards above mentioned, as well as students as users of those. Twenty Portuguese teachers, picked at random out of different of public schools in Natal-RN, responded to a classroom assessment test in addition to other two attitudinal ones. Results achieved point to a recurring high proclisis correction index of 50% in simple/compound sentences, even though such variety has been implemented to pronominal usage standards in Brazilian Portuguese. This setting of usage was generally assessed negatively, having no commonality between this assessment and the neutral one used by students. Unlike previous setting, the proclisis after subject did not receive any correction of the twenty teachers, what proves coherence with the positive evaluation both the varieties and the students attained. As for the second verb of complex verbal structures, proclisis correction went negative on presenting single results, despite their proximity, with correction indexes of 20% (infinite structures), 10% (present progressive structures) and 25% (participle structures). The assessment on these contexts of proclisis ranged between positive and neutral, also valid for the one students utilized. It means that proclisis in the beginning of simple/compound sentences are yet seemingly spotted in writing school scenario, much likely due to the negative evaluation, opposite to students . Later to subjects and earlier to secondary verbs in structures, proclisis appears to be acknowledged in writing school scenarios, which reflects on teachers assessment as compared to students who use proclisis in these contexts; being in general either positive or neutral