Development banks, risk and Basle II: some assessments

The implementation of the Basle II agreement in the financial markets of world economies has been seen as a significant advance in relation to the model enforced under the first agreement (Basle I). It is generally understood that the new agreement represents a substantial advance in relation to the first because it allows banks to better deal with the risks to which they are exposed. Nevertheless, when the application of these principles to development banks is considered it can be noted that certain inconsistencies exist, notably the fact that these institutions are typically public institutions - or at least strongly dependent on public funding - and they do not operate the payment system of the economy. Therefore, the application of the Basle rules to these institutions does not make sense. This means that Basle does not represent an appropriate set of recommendations for how these institutions should deal with their risks, whether because the proposed form of dealing with risks is inadequate, or because other relevant risks for these institutions are not covered by Basle I and II.

Governança corporativa e o custo de captação via debêntures no Brasil

Este trabalho tem como objetivo testar a hipótese de que os níveis diferenciados de governança corporativa alteram a percepção de risco de crédito por parte dos credores via incremento nos custos de captação das empresas. Para tanto, analisamos empiricamente a relação entre as taxas de 384 debêntures, emitidas no período de 2009 a 2014, com suas respectivas classificações e listagens na Comissão de Valores Mobiliários (CVM) e na BM&FBovespa. Variáveis como tamanho da firma, alavancagem, performance, setor de atuação, prazo de emissão, montante emitido e existência de garantia real foram utilizadas no controle do estudo. Os resultados obtidos mostraram que existem benefícios financeiros associados à listagem e negociação de ações na Bolsa de Valores, porém não há diferenciação relevante entre os segmentos Novo Mercado, Nível 1 e Nível 2 quando comparados ao segmento Tradicional. Adicionalmente, obtivemos evidências estatísticas de que outros fatores também influenciam o custo de captação via debêntures, tais como taxa livre de risco, performance da companhia, montante total emitido, prazo de emissão e existência de garantia real.

Especificação de um modelo para explicação e projeção de retornos do IBRX-100

Neste trabalho, propomos uma especificação de modelo econométrico na forma reduzida, estimado por mínimos quadrados ordinários (MQO) e baseado em variáveis macroeconômicas, com o objetivo de explicar os retornos trimestrais do índice de ações IBRX-100, entre 2001 e 2015. Testamos ainda a eficiência preditiva do modelo e concluímos que o erro de previsão estimado em janela móvel, com re-estimação de MQO a cada rodada, e utilização de VAR auxiliar para projeção dos regressores, é significativamente inferior ao erro de previsão associado à hipótese de Random Walk para o horizonte de previsão de um trimestre a frente.

Desempenho do value-at-risk nos países emergentes e desenvolvidos

O estudo teve como objetivo avaliar a capacidade preditiva dos modelos de estimação do risco de mercado em momentos de crises financeiras. Para isso, foram testados modelos de estimação do Value-at-Risk (VaR) aplicados aos retornos diários de carteiras compostas por índices de ações de países desenvolvidos e emergentes. Foram testados o modelo VaR de Simulação Histórica, modelos ARCH multivariados (Bekk, Vech e CCC), Redes Neurais Artificiais e funções Cópulas. A amostra de dados refere-se aos períodos de duas crises financeiras internacionais, Crise Asiática, de 1997, e Crise do Sub Prime dos EUA, de 2008. Os resultados apontaram que os modelos ARCH multivariados (Vech e Bekk) e Cópula - Clayton tiveram desempenho semelhantes, com bons ajustes em 100% dos testes. Diferentemente do que era esperado, não foi possível perceber diferenças significativas entre os ajustes para países desenvolvidos e emergentes e os momentos de crise e normal.

Sistema de transmissão de dados de uma aplicação remota

O principal objetivo deste projeto foi propor um sistema de aquisição de dados de uma aplicação remota. Existem diversas aplicações que requerem a recolha de informação remota, sendo, para isso, necessário estabelecer um sistema de comunicação dedicado. Este trabalho procurou encontrar as melhores soluções para o problema em causa, testando e avaliado um sistema de comunicação. Para testar o sistema foi desenvolvido um protótipo de monotorização de parâmetros ambientais, que mede periodicamente os valores de temperatura, humidade, luminosidade e pressão atmosférica. A comunicação entre sensores foi realizada com recurso a rádios XBee com protocolo Zigbee. Foi, também, desenvolvido um nó de coordenação que tem como objetivo principal gerir e manter todo o sistema de aquisição de dados. Este protótipo recebe, valida e armazena num cartão SD todos os dados provenientes do nó sensor e periodicamente envia os dados para um servidor com acesso a internet. A aquisição de dados em aplicações remotas, normalmente, é efetuada em zonas de ausência de energia elétrica. Então, tendo em consideração a capacidade reduzida dos sistemas de armazenamento de energia, foram desenvolvidos sistemas de alimentação através de energia solar, focando-se no mínimo de consumo possível. Para a comunicação de longa distância foi implementado e testado um sistema de feixes hertzianos. Estudou-se a propagação, utilizando a banda isenta de licença dos 2,4 GHz. Projetou-se uma ligação entre dois pontos e procedeu-se à validação das áreas de cobertura, a qual requer a estimação do sinal nos pontos de interesse. Verificou-se as zonas de interferência e as zonas onde o sinal é fraco ou está no seu limite. O desenvolvimento deste sistema de comunicação foi fundamentado com a análise e avaliação dos modelos de propagação, juntamente com o software criado em plataforma Matlab. Finalmente foram apresentadas as conclusões e algumas sugestões de trabalhos futuros.

Pirólise termoquímica de pós da fibra de coco seco em um reator de cilindro rotativo para produção de bio-óleo

This master thesis aims at developing a new methodology for thermochemical degradation of dry coconut fiber (dp = 0.25mm) using laboratory rotating cylinder reactor with the goal of producing bio-oil. The biomass was characterized by infrared spectroscopy with Fourier transform FTIR, thermogravimetric analysis TG, with evaluation of activation energy the in non-isothermal regime with heating rates of 5 and 10 °C/min, differential themogravimetric analysis DTG, sweeping electron microscopy SEM, higher heating value - HHV, immediate analysis such as evaluated all the amounts of its main constituents, i.e., lignin, cellulose and hemicelluloses. In the process, it was evaluated: reaction temperature (450, 500 and 550oC), carrier gas flow rate (50 and 100 cm³/min) and spin speed (20 and 25 Hz) to condensate the bio-oil. The feed rate of biomass (540 g/h), the rotation of the rotating cylinder (33.7 rpm) and reaction time (30 33 min) were constant. The phases obtained from the process of pyrolysis of dry coconut fiber were bio-oil, char and the gas phase non-condensed. A macroscopic mass balance was applied based on the weight of each phase to evaluate their yield. The highest yield of 20% was obtained from the following conditions: temperature of 500oC, inert gas flow of 100 cm³/min and spin speed of 20 Hz. In that condition, the yield in char was 24.3%, non-condensable gas phase was 37.6% and losses of approximately 22.6%. The following physicochemical properties: density, viscosity, pH, higher heating value, char content, FTIR and CHN analysis were evaluated. The sample obtained in the best operational condition was subjected to a qualitative chromatographic analysis aiming to know the constituents of the produced bio-oil, which were: phenol followed by sirigol, acetovanilona and vinyl guaiacol. The solid phase (char) was characterized through an immediate analysis (evaluation of moisture, volatiles, ashes and fixed carbon), higher heating value and FTIR. The non-condensing gas phase presented as main constituents CO2, CO and H2. The results were compared to the ones mentioned by the literature.

Gestão participativa em educação: compasso e descompasso de uma experiência de democracia no espaço escolar

This work aims at investigating the strategies of management used by State School Joaquim Jose de Medeiros, located in the city of Cruzeta - RN, as award practice of "School of Reference in Management", with a state title in 1999 at the beginning of the decade from 2000, being "Outstanding Brazil" from best management strategies nationally. In 2005, it is ranked among the best experiences of the state. It has been become complex by experiencing in that institution, but at the same time an enjoyable practice, mainly by using a social research, in a qualitative and quantitative approach, and a analysis of the institutional performance of two management practices: from 1995 to 2002 and from 2003 to 2007 . To understand the object, a investigative questionnaire was used with representatives of the school community and carried out an analysis of assessment of institutional and documents of institutional organization of the periods above in order to identify management strategies and examine the influences of the share capital, public policies , the institutional evaluation, in the process of democratic construction that has allowed achievements, highlighting Cruzeta, in the Seridó in the state of Rio Grande do Norte, semi-arid northeast, in the national and international juncture of well-successful experiences in management in institutional categories and leadership. This study becomes relevant to allow understand that the cultural practices of seridoenses that symbolize a capital generated by principles of trust, reciprocity, civic culture, as a driving force in overcoming the problems community and the conquest of democratic principles, worked for the school become a national reference in educational administration. Another aspect that made it natural that school was the collective creation of educational project with the participation and civic culture of self-evaluation as a way to understand the institutional practice and establish guidelines to improve the teaching and practice management in its many dimensions educational, social, administrative - financial and legal

Aconselhamento em HIV/AIDS: ações e reflexões dos profissionais do Centro de Testagem e Aconselhamento (CTA)

The counseling on HIV/Aids consists in a prevention strategy that contributes to increase the diagnosis of HIV and start earlier the treatment. The counseling has as pillars the emotional and educational support, risks evaluation that aim at the adoption of safe practices and the individual s responsibility for his own health. To accomplish these results, it is necessary that health workers understand counseling as a unique educational moment that stimulates the user s critical-reflection when it comes to his role as an active subject in this process. This study aimed to analyze the counseling on HIV/Aids conducted by the professionals of the Testing and Counseling Center (CTA), based on the educational perspective of Paulo Freire . This is a descriptive qualitative study with a critical reflexive design based on the principles of Action-Science. All the professionals acting as counselors in the Joao Pessoa, PB CTA, eight in total, took part in the study. Data were collected during the month of March, 2011, through non participative observation and semi-structured interviews with a critical-reflexive focus, analyzed according to the tenets of the critical-reflexive methodology, and discussed taking into consideration the Paulo Freire s pedagogy and pertinent literature. It was observed that most of the professionals expressed the work philosophy of CTA as the diagnosis and prevention of the disease, associated with the utilization and demonstration of condoms. However, upon observation of their counseling sessions, these ideas were not converted in actions. Educational themes were not covered and the condom wasn t offered at any time. The counseling actions focused on the provision of information and filling out the paper forms which are necessary for attendance. The sessions were conducted with brief dialogues and little opportunity for the users to expose or complement their thoughts and needs. The professionals mentioned as facilitating conditions for counseling, the team interaction and physical structure. The difficulties focused on the users low cognition, the large demand for attendance, aspects related to the service organization, and the counselors absences and delays. After reflecting about the actions observed in the counseling, the majority of professionals admitted the need to modify their practice in the incorporation of educational principles for the achievement of a broader prevention, and seemed to be willing to work in this perspective. In conclusion, although the counselors show ideas consistent with the purposes of CTA, these ideas are limited when it comes to the understanding of the meaning of prevention in HIV/Aids. Taking into consideration that they express a certain comprehension and act differently during the counseling, they demonstrate a lack of bond between the theories in use and the proposed ones, in accordance with the contribution of the action-science theory. The counseling, as an educative practice, doesn t materialize in the counseling itself and the orientation for reflection is not given during the attendance. These findings suggest the need to include the process of reflection in the execution of the actions of counseling, so that these practices are guided by reflexive practice, aiming at transforming the way of thinking and acting into a more educational perspective toward a more democratic and holistic assistance.

Mapeamento geoambiental do campo de dunas Pirangi-Potengi com ênfase a San Vale e Lagoinha Natal/RN: um instrumento de apoio ao planejamento ambiental

The city of Natal-RN is constructed on dune areas with wavy relives softly waved and green areas that help to keep a pleasant climate, amongst these is distinguished field Pirangi-Potengi the dune with the areas of San Vale and Lagoinha. These environments are being substituted gradual for property and other workmanships of engineering on behalf of the urban expansion. This study the elaboration of a geoambiental mapping of Field had as objective generality Pirangi-Potengi the Dune with emphasis the San Vale and Lagoinha in Natal-RN. The done mapping had as objective specific to elaborate a vegetation map, a map of registers in cadastre of ambient problems to dunes, a map of flooding susceptibility, a map of vulnerability to the underground water contamination and a map of use and occupation of the ground. Of the carried through analysis, the area in study reveals sufficiently degraded, remaining only few green areas and dunares, as well as, the vulnerable presence of areas of vulnerability in floods and areas the contamination of the water-bearing one. The gotten results allow to affirm that this type of mapping, is of great importance for analysis and evaluation of the environment of the city

A formação pós-graduada em ensino de ciências naturais e matemática de docentes do IFRN: implicações na atuação docente

This research part of the educational context of the Federal Rio Grande do Norte, through the resumption of legal frameworks that characterize it as an institution belonging to the Federal Network of Professional Education and Technology Brazilian, with a focus on continued education policies for the servers who work there specifically teachers, especially those who have their work in the Teaching of Natural Science and Mathematics. To do this the cut in an agreement between the IFRN and UFRN PPGECNM through the professional master's degree Teaching of Natural Sciences and Mathematics. This agreement as we have research collaborators 08 master teachers who graduated in the period 2004 to 2010, so we undertook a qualitative and quantitative research aimed to conduct the study in general terms of description and analysis of the impacts caused by the formation of masters IFRN in PPGECNM UFRN, taking into account the production of the same academic (dissertation), his performance in the context of the institution and the historical, social, economic and political aspects involved, and also meet the guidelines of the project at the Observatory in 2008 - MEC / CAPES / BSD-P. We used the theoretical options methodological elements of Comprehensive Interview and multireferentiality, our data collection instrument was the main interview, we also performed the analysis of dissertations by lecturers and teachers featured, from the specific descriptors used in catalogs USP / IFUSP (1992, 1996) and UNICAMP / FE / CEDOC (1998) and by other researchers. In analyzing and understanding the speech of the interviewees were able to identify the implications of teacher education in the school context, the motivation to seek the Master; how was the construction of the object of study of the educational product and its use in teaching practice and intervention, the question of the role of master teachers in the school environment to the post master taking into account changes in professional performance and influence in the working groups, how does the use of research and investigation in the classroom after training and between training and educational quality in the context of IFRN. In reading and analysis of the dissertations were able to identify the main focus and under-explored thematic focus as well as the theoretical methodological references. At the end of the research developed a product that could be used for technical analysis studies and assessment in quantitative terms the results achieved by the master teachers IFRN through his training in PPGECNM UFRN

Limpeza da superfície de corte de rebolos por um sistema de ar comprimido na retificação cilíndrica externa de mergulho de materiais cerâmicos refrigerados com a técnica da mínima quantidade de lubrificante (MQL)

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

Técnicas baseadas em etnografia e prototipagem no Design de interface de aplicativo mobile para gerenciamento acadêmico

Baseado na metodologia de design participativo, este artigo relata o processo de pesquisa e desenvolvimento de uma versão mobile de um sistema já existente para desktop e amplamente utilizado para o compartilhamento de informações acadêmicas em uma universidade federal do Brasil. A pesquisa foi realizada em duas etapas. Na ‘Etapa I’ foram realizados estudos baseados em etnografia envolvendo docentes e discentes: Grupo de Foco, Análise Contextual, Avaliação Heurística Participativa e Avaliação Cooperativa. Por meio dos resultados foi possível identificar funcionalidades e requisitos desejáveis, problemas de usabilidade de uma versão mobile já em processo inicial de desenvolvimento, bem como e elaboração de uma nova interface gráfica. Na ‘Etapa II’ foram avaliados modelos de interação por meio de protótipos especificamente projetados para testes no mecanismo de lançamento de frequência do sistema mobile que, em seguida, foram avaliados através de testes de usabilidade e questionário de satisfação do usuário.

Poliuretana de mamona (Ricinus communis) para desvio da crista tibial no cão

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

Toxicidade aguda e risco ecotoxicológico do fipronil para o guarú (Poecilia reticulata) e dissipação no ambiente aquático

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A aventura do risco entre os trabalhadores do corte de cana-de-açúcar

Pós-graduação em Ciências Sociais - FFC