Wrong-way risk in stock swaps : measuring counterparty credit risk and CVA

Uma forma interessante para uma companhia que pretende assumir uma posição comprada em suas próprias ações ou lançar futuramente um programa de recompra de ações, mas sem precisar dispor de caixa ou ter que contratar um empréstimo, ou então se protegendo de uma eventual alta no preço das ações, é através da contratação de um swap de ações. Neste swap, a companhia fica ativa na variação de sua própria ação enquanto paga uma taxa de juros pré ou pós-fixada. Contudo, este tipo de swap apresenta risco wrong-way, ou seja, existe uma dependência positiva entre a ação subjacente do swap e a probabilidade de default da companhia, o que precisa ser considerado por um banco ao precificar este tipo de swap. Neste trabalho propomos um modelo para incorporar a dependência entre probabilidades de default e a exposição à contraparte no cálculo do CVA para este tipo de swap. Utilizamos um processo de Cox para modelar o instante de ocorrência de default, dado que a intensidade estocástica de default segue um modelo do tipo CIR, e assumindo que o fator aleatório presente na ação subjacente e que o fator aleatório presente na intensidade de default são dados conjuntamente por uma distribuição normal padrão bivariada. Analisamos o impacto no CVA da incorporação do riscowrong-way para este tipo de swap com diferentes contrapartes, e para diferentes prazos de vencimento e níveis de correlação.

Do insiders get abnormal returns? : event studies on the trades of insiders of the firms with differentiated corporate governance of the São Paulo stock exchange

The subject insider trading is controversial. This paper presents series of event studies carried through on the trades with stocks of the firm carried by insiders with the objective to detect abnormal returns, based on the access to privileged information. The sample is composed by trades performed by insiders of the companies with stocks negotiated in the São Paulo Stock Exchange, that are classified as firms with differentiated corporate governance. Indication that trades performed by insiders resulted in abnormal returns compared to the statistically significant expected ones, as in the purchases of common shares; or for selling of preferred stocks.

Hospital hero: a game for reducing stress and anxiety of children while waiting in emergency room

This report tells a story which started as an idea that came to us to fight the battle-cry feeling commonly known as stress and anxiety. Before creating the solution of the idea, we first need to understand the feelings underneath and its effects on our well-being. Throughout the course of our lives, we experience states of weakness and fear. These feelings can arise, for instance, while we are in an emergency room. Needless to say, how much it would have imaginable effects on children, who are unfamiliar to such environments. We ran through a serious of scenarios to find the most suitable solution, among them the study of interaction with positive expressions by Dr. Baldwin, proved to be a valued resource. It was reduced due to its length and to be suitable to our public audience. The game was then created in order to reduce or even eliminate the stress and anxiety of children. Since the game was initially released, some modifications had been made but the original idea - interaction with positive expressions – remained. When the time came, we asked children to play one of the two versions of the game while waiting in the emergency room. This not only created a diversion for them but also a learning experience as it displayed some hospital equipment. The difference between the two versions is that one provides expressions, while the other does not. After all our hard work, we felt rewarded because the project proved its worth and we would see that in the expressions on children’s faces while they played. Most importantly, their anxiety level numbers were significantly reduced during that short period of time.

Postharvest harpin or Bacillus thuringiensis treatments suppress citrus black spot in 'Valencia' oranges

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

Mechanical removal of necrotic periodontal ligament by either Robinson bristle brush with pumice or scalpel blade. Histomorphometric analysis and scanning electron microscopy

One of the important factors accounting for successful delayed replantation of avulsed teeth is seemingly the type of root surface treatment. Removal of necrotic cemental periodontal ligament remnants may prevent the occurrence of external root resorption, which is the major cause of loss of teeth replanted in such conditions. The purpose of this study was to compare the efficacy of two mechanical techniques for removal of root-adhered periodontal ligament. Preservation or removal of the cementum layer concomitantly with these procedures was also assessed. Forty-five roots of healthy premolars extracted for orthodontic purposes were selected. After extraction, the teeth were kept dry at room temperature for 1 h and then immersed in saline for rehydration for an additional 10 min. Thereafter, the roots were assigned to three groups, as follows: group 1 (control) - the cemental periodontal ligament was preserved; group 2 - removal of the periodontal ligament by scraping root surface with a scalpel blade (SBS); group 3 - periodontal ligament remnants were removed using a Robinson bristle brush at low-speed with pumice/water slurry (RBP). The specimens were analysed histomorphometrically and examined by scanning electron microscopy. The quantitative and qualitative analyses of the results showed that the RBP technique was significantly more effective than the SBS technique for removal of the periodontal ligament remnants adhered to root surface. Both techniques preserved the cementum layer.

Tooth replantation after use of euro-coffins solution or bovine milk as storage medium: a histomorphometric analysis in dogs

Purpose: Euro-Collins solution was developed for the preservation of organs for transplantation, whose characteristics have raised interest for its use as a storage medium for avulsed teeth before replantation. This study evaluated histologically and morphometrically the healing process of dog teeth replanted after storage in Euro-Collins solution or bovine milk.Materials and Methods: Eighty roots of 4 young adult mongrel clogs were randomly assigned to 4 groups (n = 20) and the root canals were instrumented and obturated with gutta-percha and a calcium hydroxide-based sealer. After 2 weeks, the teeth were extracted and subjected to the following protocols: GI (negative control), replantation immediately after extraction; GII (positive control), bench-drying for 2 hours before replantation; GIII and GIV, immersion in 10 mL of whole bovine milk and Euro-Collins solution at 4 C, respectively, for 8 hours before replantation. The animals were sacrificed 90 days postoperatively. The pieces containing the replanted teeth were subjected to routine processing for histologic and histometric analyses under light microscopy and polarized light microscopy.Results: Root resorption was observed in all groups. GII exhibited the greatest loss of dental structure (P < .01), and inflammatory resorption was predominant in this group. Storage in milk showed poorer results than immediate replantation and storage in Euro-Collins solution (P < .01). The teeth stored in Euro-Collins solution presented similar extension of root resorption and periodontal ligament reorganization to those of immediately replanted teeth.Conclusions: The findings of this study suggest that the Euro-Collins solution is an adequate storage medium for keeping avulsed teeth for up to 8 hours before replantation.

Tooth replantation after keeping the avulsed tooth in oral environment: case report of a 3-year follow-up

Clinical practice has shown that most avulsed teeth are replanted after an extra-alveolar time that compromises the prognosis of replantation. In cases of delayed replantation, the use of adequate media for storage and transportation of the avulsed teeth may improve this prognosis considerably. Difficulties inherent to accidental dental avulsion include the lack of immediate access to ideal storage media, which accentuates the importance of saliva as a viable and readily available option. The authors report the case of an accidentally avulsed permanent maxillary central incisor that was kept into the patient's oral cavity from the moment of trauma until its replantation, 90 min later. Three years of follow-up revealed absence of root resorption, ankylosis or abnormal mobility, which demonstrates the feasibility of keeping avulsed teeth in saliva, at least when more indicated storage media are not available immediately.

Comparison of the Accuracy of Plastic and Metal Stock Trays for Implant Impressions

Purpose: This in vitro study evaluated the dimensional accuracy of two impression techniques (tapered and splinted) with two stock trays (plastic and metal) for implant-supported prostheses. Materials and Methods: A master cast with four parallel abutment analogs and a passive framework were fabricated. Polyvinyl siloxane impression material was used for all impressions with two metal stock trays and two plastic stock trays (closed and open trays). Four groups (tapered plastic, splinted plastic, tapered metal, and splinted metal) and a control group (master cast) were tested (n = 5 for each group). After the framework was seated on each of the casts, one abutment screw was tightened, and the marginal gap between the abutment and framework on the other side was measured with a stereomicroscope. The measurements were analyzed with the Kruskal-Wallis one-way analysis of variance on ranks test followed by the Dunn method. Results: The mean values (+/- standard deviations) for the abutment/framework interface gaps were: master cast, 32 +/- 2 mu m; tapered metal, 44 +/- 10 mu m; splinted metal, 69 +/- 28 mu m; tapered plastic, 164 +/- 58 mu m; splinted plastic, 128 +/- 47 mu m. No significant difference was detected between the master cast, tapered metal, and splinted metal groups or between the tapered and splinted plastic groups. Conclusions: In this study, the rigidity of the metal stock tray ensured better results than the plastic stock tray for implant impressions with a high-viscosity impression material (putty). Statistically similar results were obtained using tapered impression copings and splinted squared impression copings. The tapered impression copings technique and splinted squared impression copings technique with a metal stock tray produced precise casts with no statistically significant difference in interface gaps compared to the master cast. INT J ORAL MAXILLOFAC IMPLANTS 2012;27:544-550.

Intense blue and green photoluminescence emissions at room temperature in barium zirconate powders

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Huge values of room-temperature dielectric constants in pellets of poly(3-methylthiophene)

Room temperature data of impedance and phase angle in pellets of electrochemically synthesized ClO4- doped poly(3-methylthiophene) (P3MT) were analyzed assuming the sample being represented by a parallel resistor-capacitor (RC) circuit or by a series RC circuit. The last assumption proved to be the correct one, and to confirm it we use the sample as the RC component of a resistor-capacitor-inductor series resonator. We discuss the possibility of this RC series behavior to be due to a charge-density wave characteristic also evidenced from the huge values of the low-frequency dielectric constant of the system.

Intense and broad photoluminescence at room temperature in structurally disordered Ba[Zr0.25Ti0.75]O-3 powders: An experimental/theoretical correlation

Intense and broad photoluminescence (PL) emission at room temperature was observed on structurally disordered Ba[Zr0.25Ti0.75]O-3 (BZT) powders synthesized by the polymeric precursor method. BZT powders were annealed at 573 K for different times and at 973 K for 2 h in oxygen atmosphere. The single-phase cubic perovskite structure of the powder annealed at 973 K for 2 It was identified by X-ray diffraction and Fourier transform Raman techniques. PL emission increased with the increase of annealing time, which reached its maximum value in the powder annealed at 573 K for 192 h. First principles quantum mechanical calculations based on density functional theory (B3LYP level) were employed to study the electronic structure of ordered and disordered models. The theoretical calculations and experimental measurements of Ultraviolet-visible absorption spectroscopy indicate that the presence of intermediary energy levels in the band gap is favorable for the intense and broad PL emission at room temperature in disordered BZT powders. The PL behavior is probably due the existence of a charge gradient on the disordered structure, denoted by means of a charge transfer process from [TiO5]-[ZrO6] or [TiO6]-[ZrO5] clusters to [TiO6]-[ZrO6] clusters. (C) 2008 Elsevier Ltd. All rights reserved.

Photoluminescence in the CaXSr1-xWO4 system at room temperature

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The role of oxygen vacancy in the photoluminescence property at room temperature of the CaTiO3

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

Room-temperature photoluminescence in amorphous SrTiO3-The influence of acceptor-type dopants

Room-temperature photoluminescence (PL) was observed in undoped and 2 mol% Cr-, Al- and Y-doped amorphous SrTiO3 thin films. Doping increased the PL, and in the case of Cr significantly reduced the associated PL wavelength. The optical bandgaps, calculated by means of UV-vis absorption spectra, increased with crystallinity and decreased with the doping level. It was considered that yttrium and aluminum substituted Sr2+, whereas chromium replaced Ti4+. It is believed that luminescence centers are oxygen-deficient BO6 complexes, or the same centers with some other defects, such as oxygen or strontium vacancies, or BO6 complexes with some other defects placed in their neighborhood. The character of excitation and the competition for negatively charged non-bridging oxygen (NBO) among numerous types of BO6 defect complexes in doped SrTiO3 results in various broadband luminescence peak positions. The results herein reported are an indicative that amorphous titanates are sensitive to doping, which is important for the control of the electro-optic properties of these materials. The probable incorporation of Cr into the Ti site suggests that the existence of a double network former can lead to materials displaying a more intense photoluminescence.

Dietary electrolyte balance for broiler chickens exposed to thermoneutral or heat-stress environments

Ross male broiler chicks (n = 480) on new litter were used in a randomized block design with two blocks (environmental rooms) and four treatments having four replicate pens (1.0 × 2.5 m; 15 chicks) each to evaluate dietary electrolyte balance (DEB; P < 0.05). Two rooms were 1) thermoneutral (Weeks 1 through 6, with decreasing maximum from 32 to 25°C and minimum from 28 to 19°C; relative humidity 49 to 58%) and 2) cyclic daily heat stress (Weeks 1 and 2, thermoneutral; Weeks 2 through 6, maximum temperatures 35, 35, 33, and 33°C, respectively; and minimum temperatures 23, 20, 19, and 19°C, respectively; relative humidity 51 to 54%). The DEB treatments (0, 140, 240, or 340 mEq Na + K - Cl/kg) had NaHCO3 plus NH4Cl, or KHCO3, or both added to corn-soybean meal mash basal diets with 0.30% salt (NaCl). In the thermoneutral room, DEB 240 increased 42-d weight gain and 44-d lymphocyte percentage and decreased heterophil percentage and heterophil to lymphocyte ratio compared to the DEB 40 treatment. The DEB 240 diets had 0.35 and 0.35% Na and 0.37% and 0.29% Cl in starter (0.75% K) and grower (0.67% K) diets, respectively. No DEB treatment differences were found in the heat stress room. For combined rooms, 42-d feed intake was higher for DEB 240 than for DEB 40. The 21-d weight gain was higher for DEB 240 than for DEB 40 or 140; and 21-d feed/gain was lower for DEB 40 than for DEB 340. The predicted maximum point of inflection for 21- and 42-d weight gains were DEB 250 and 201, with highest 42-d feed intake at 220.