Estudo das intervenções diárias do Banco Central do Brasil sobre o mercado de câmbio nacional, sua volatilidade e conseqüência na procura por proteção

As intervenções efetuadas pelo Banco Central do Brasil têm sido freqüentes no mercado de câmbio à vista nestes últimos anos. Essas intervenções geram incremento das reservas internacionais do país, mas podem gerar também, entre outros, efeitos sobre o ritmo da apreciação da moeda nacional e também sobre a volatilidade do mercado. O presente trabalho buscou identificar se tais intervenções resultaram em alterações da volatilidade do mercado, concluindo que houve efeito de redução desta volatilidade em apenas uma faixa dentro do universo do volume de compras realizadas pelo Banco Central. Secundariamente buscou-se observar qual foi a demanda dos agentes de mercado na contratação de instrumentos de proteção (hedge) cambial em resposta dessas alterações da volatilidade. Não foi verificado qualquer efeito acerca da busca de proteção. A análise foi baseada no período compreendido entre janeiro de 2001 e maio de 2007, sendo que a identificação do efeito das intervenções sobre a volatilidade do mercado utilizou o modelo GARCH, e a análise subseqüente, de influência sobre a busca de proteção, foi baseada no modelo SARIMA.

The Capm and Fama-French models in Brazil: a comparative study

This paper confronts the Capital Asset Pricing Model - CAPM - and the 3-Factor Fama-French - FF - model using both Brazilian and US stock market data for the same Sample period (1999-2007). The US data will serve only as a benchmark for comparative purposes. We use two competing econometric methods, the Generalized Method of Moments (GMM) by (Hansen, 1982) and the Iterative Nonlinear Seemingly Unrelated Regression Estimation (ITNLSUR) by Burmeister and McElroy (1988). Both methods nest other options based on the procedure by Fama-MacBeth (1973). The estimations show that the FF model fits the Brazilian data better than CAPM, however it is imprecise compared with the US analog. We argue that this is a consequence of an absence of clear-cut anomalies in Brazilian data, specially those related to firm size. The tests on the efficiency of the models - nullity of intercepts and fitting of the cross-sectional regressions - presented mixed conclusions. The tests on intercept failed to rejected the CAPM when Brazilian value-premium-wise portfolios were used, contrasting with US data, a very well documented conclusion. The ITNLSUR has estimated an economically reasonable and statistically significant market risk premium for Brazil around 6.5% per year without resorting to any particular data set aggregation. However, we could not find the same for the US data during identical period or even using a larger data set. Este estudo procura contribuir com a literatura empírica brasileira de modelos de apreçamento de ativos. Dois dos principais modelos de apreçamento são Infrontados, os modelos Capital Asset Pricing Model (CAPM)e de 3 fatores de Fama-French. São aplicadas ferramentas econométricas pouco exploradas na literatura nacional na estimação de equações de apreçamento: os métodos de GMM e ITNLSUR. Comparam-se as estimativas com as obtidas de dados americanos para o mesmo período e conclui-se que no Brasil o sucesso do modelo de Fama e French é limitado. Como subproduto da análise, (i) testa-se a presença das chamadas anomalias nos retornos, e (ii) calcula-se o prêmio de risco implícito nos retornos das ações. Os dados revelam a presença de um prêmio de valor, porém não de um prêmio de tamanho. Utilizando o método de ITNLSUR, o prêmio de risco de mercado é positivo e significativo, ao redor de 6,5% ao ano.

Dinâmica de grupo: instrumento de transformação ou conservação?

O objetivo do presente estudo foi investigar se o Curso de Dinâmica de Grupo na Educação oferecido pelo NUTES/CLATES pôde trabalhar a capacidade de instituir (criar ou transformar) do professor-participante. Para alcançar este objetivo as seguintes questões foram colocadas: (lº) Ao buscarem o curso DGE os professores pretendiam ver satisfeitas que necessidades? (2ª) Até que ponto coordenadores e professores-participantes buscaram no curso DGE trabalhar sua capacidade de instituir? (3ª) Quais são os obstáculos detectados na literatura que poderiam limitar o atingimento do objetivo - trabalhar a capacidade de instituir - e que podem ser encontrados no curso DGE do NUTES/CLATES? Quanto a primeira questão, buscou-se resposta na análise das expectativas diante do curso DGE e avaliações realizadas após o seu término. A resposta a segunda questão foi feita especialmente a partir da análise dos protocolos de cada curso. Finalmente a terceira questão foi respondida de acordo com a visão de Lewin, Moreno, Rogers, Pages, Freud, Bion, e Loureau e Lapassade, estes últimos representando o movimento da Análise Institucional. Os resultados indicaram, em relação a primeira questão, que o curso foi buscado explicitamente por necessidades intelectuais de aprendizagem de técnicas e recursos didáticos e implicitamente por necessidades afetivas (identificadas nas comunicações interpessoais manifestadas durante a realização do curso DGE). Quanto a segunda questão, os resultados se ofereceram a uma dupla interpretação: se se fixa a realidade do grupo apenas no período do curso DGE pode-se afirmar que houve exercício da capacidade de instituir; se se aceita ao contrário que a realidade do grupo é a sua transversalidade que supera o "aqui e agora", a resposta seria que não se trabalhou a capacidade de instituir porque não houve busca de atuação na realidade através da análise da transversalidade. Os principais obstáculos detectados a partir da literatura que teriam limitado o trabalho da capacidade de instituir nos cursos DGE do NUTES/CLATES e que formalizam a resposta a terceira questão foram: o contexto social maior (Lewin); o não-trabalho do papel do professor (Moreno); a idealização do papel de chefe (Freud e Bion); o não enfoque das práticas sociais como reprodutoras de modelos impostos (Pages); o silêncio diante da transversalidade grupal (Lapassade e Loureau). Não se detectou obstáculos tendo Rogers como referência, na bibliografia pesquisada. As conclusões em numero de três foram: (1) reforçou-se a separação dos componentes afetivos e intelectuais do comportamento humano nos cursos DGE; (2) trabalhou- se a capacidade de instituir na medida em que o contexto social o permitiu; (3) os principais obstáculos foram tempo, organização social autoritária no Brasil, adoção de urna perspectiva mecanicista da dinâmica grupal. Frente aos resultados e conclusões sugeriu-se as seguintes modificações na realização de futuros DGE: (1) ampliação do "aqui e agora"; (2) visão dialética do processo grupal; (3) incorporação do conceito de transversalidade; (4) discussão das relações entre técnica e ideologia.

Processo decisório em contabilidade sob efeito da vaguidade.

O modelo racional de decisão tem sido objeto de estudo constante na academia de vários países, contribuindo para evolução do ser racional como importante tomador de decisão. A evolução destes estudos tem aberto questionamentos quanto à capacidade de racionalidade que temos como tomadores de decisão, deleitando assim em várias teorias novas que pesquisam estas limitações no decidir. Especialmente aplicadas a teorias econômicas, estudos como Inteligência Artificial, Contabilidade Mental, Teoria dos Prospectos, Teoria dos Jogos entre outras se destacam neste cenário de estudo das finanças comportamentais. A contabilidade como ferramenta de apoio as decisões financeiras ocupa posição de destaque. Esta tem em seu escopo de trabalho normas (aquilo que deveria ser feito) que regulam sua atuação, em alguns casos esta regulamentação não é precisa em suas especificações, deixando janelas que levam seus profissionais a erros de interpretação. A imprecisão contábil pode causar viés em suas classificações. Os profissionais, deparados com este legado podem se utilizar de heurísticas para interpretar da melhor maneira possível os acontecimentos que são registrados na contabilidade. Este trabalho tem a intenção de análise de alguns pontos que consideramos importantes quando temos imprecisão contábil, respondendo as seguintes perguntas: a imprecisão de normas contábeis causa viés na decisão? O profissional que se depara com imprecisão contábil se utiliza de Heurística para decidir? Quais os erros mais comuns de interpretação sob incerteza contábil? Para que o assunto fosse abordado com imparcialidade de maneira a absorver retamente quais são as experiências dos profissionais que atuam na área contábil, foi elaborado um questionário composto por uma situação possível que leva o respondente a um ambiente de tomada de decisões que envolva a prática contábil. O questionário era dividido em duas partes principais, com a preocupação de identificar através das respostas se existe imprecisão contábil (sob a luz do princípio da prudência) e quais heurísticas que os respondentes se utilizam com mais freqüência, sendo o mesmo aplicado em profissionais que atuam na área contábil e que detenham experiências profissionais relacionadas à elaboração, auditoria ou análise de demonstrações contábeis. O questionário aplicado na massa respondente determinou, através das respostas, que existe, segundo os profissionais, interpretações diferentes para os mesmos dados, caracterizando assim zona cinzenta, segundo Penno (2008), ou seja, interpretações que podem ser mais agressivas ou mais conservadoras conforme a interpretação do profissional. Já quanto às estratégias simplificadoras, ou heurísticas, que causam algum tipo de enviesamento no processo decisório, alguns foram identificadas como: associações pressupostas, interpretação errada da chance, regressão a media e eventos disjuntivos e eventos conjuntivos, que reforçam a pesquisa dando indícios de que os respondentes podem estar tomando decisões enviesadas. Porém, não se identificou no estudo tomada de decisões com enviesamentos como recuperabilidade e insensibilidades ao tamanho da amostra. Ao final do estudo concluímos que os respondentes têm interpretações diferenciadas sobre o mesmo assunto, mesmo sob a luz do princípio contábil da prudência, e ainda se utilizam de estratégias simplificadoras para resolverem assuntos quotidianos.

As conferências nacionais de política para as mulheres e os sentidos atribuídos á deliberação

Esta dissertação tem como problema de pesquisa analisar o perfil normativo das Conferências Nacionais de Política para Mulheres a partir dos sentidos atribuídos à deliberação pelas representantes governamentais e não governamentais que organizaram e/ou participaram desses processos de Conferências, entrevistadas para esta pesquisa. A relevância do problema se dá pelo diagnóstico de que o perfil dessas Conferências, marcado por discursos históricos que buscam firmar o compromisso político do governo federal com a Política para as mulheres, não está claro, por um lado. Mas também se justifica pelos debates em torno de propostas de Sistemas de Participação que buscam trabalhar com a complementaridade de modelos de democracia, por outro. No arcabouço teórico está a noção de “momentos deliberativos” presente na literatura brasileira sobre efetividade da participação e as noções jurídicas de ato administrativo discricionário e vinculativo presentes no ramo do Direito Administrativo, como tentativas de compreender o perfil a partir das categorias analíticas consultiva e deliberativa presentes na literatura brasileira sobre participação. As categorias, contudo, se mostram limitadas para se compreender os diversos sentidos da deliberação que indicariam seu perfil.

Política pública para o idoso : um estudo da cidadania no grupo cabelos de neve do programa conviver em Campina Grande-PB

The main objective of the study about the citizenship development in elderly attended by the Conviver Program of the City Hall of Campina Grande in Paraiba, Brazil was to evaluate how the actions of the Program contribute for the citizenship practice according to the users. The Citizenship analyzed is the existence of political, civil and social rights according to Marshall. For that it was utilized a descriptive research and a study of case based on technical procedure. The research was settled by the people who are benefited by the Conviver Program of the Snow Hair Group and the sample was formed by the active participants that it is in the Group for over ten years, corresponding to a total of ten elderly. For the data collection was utilized basic questionnaire in function of the low schooling of the interviewed, according to Marshall (2002) theory about the citizenship construction from each person. It was utilized the methodological procedure proposed by Bardin (2006), categorical analysis, in the qualitative data analysis, that was divided in four parts. In relation to Political Rights, noted that the program has stimulated your Watched on the exercise of voting and being voted. On the Civil Rights was observed that the Program has given incentive to actions which provide the users the justice rights in and in occupational activities as a job. In relation to Social Rights it was observed that the Conviver Program has contributed in order that its users can lead their lives according to the standards imposed by the society, which have being failed in the education area. As for the type of citizenship it was verified that the Program has given incentive to the served users, becoming more evidence on the speech basis

Efeito da adição de microfibras de lã de vidro na tenacidade à ruptura de pastas de cimento para poços de petróleo

Although there are a wide variety of additives that act in fresh state, to adjust the properties of cement, there is also a search by additions that improve the tenacity of the cement in the hardened state. This, in turn, can often be increased by inserting fibers, which act on the deflection of microcracks. This study aimed to use a microfiber glass wool (silica-based) as an additive reinforcing the cement matrix, improving the rupture tenacity, in order to prevent the propagation of microcracks in the cement sheath commonly found in oil wells submitted to high temperatures. The fibers were added at different concentrations, 2 to 5% (BWOC) and varied average sizes, grinding for 90 s, 180 s, 300 s, 600 s. The cement slurries were made with a density of 1,90 g/ cm3 (15,6 lb/gal), using Portland cement CPP- Special Class as the hydraulic binder and 40% silica flour. The characterization of the fiber was made by scanning electron microscopy (SEM), particle size by sieving, X-ray fluorescence (XRF), X-ray diffraction (XRD) and thermogravimetry (TG / DTG). Were performed technological tests set by the API (American Petroleum Institute) by rheology, stability, free water, compressive strength, as well as testing rupture energy, elastic modulus and permeability. The characterization results showed good thermal stability of the microfiber glass wool for application in oil wells submitted to steam injection and, also, that from the particle size data, it was possible to suggest that microfibers milled up to 300 s, are ideal to act as reinforcement to the cement slurries. The rheological parameters, there was committal of plastic viscosity when larger lengths were inserted of microfiber (F90). The values obtained by free water and stability were presented according to API. The mechanical properties, the incorporation of microfiber to the cement slurries gave better rupture tenacity, as compared to reference cement slurries. The values of compressive strength, elastic modulus and permeability have been maintained with respect to the reference cement slurries. Thus, cement slurries reinforced with microfiber glass wool can ensure good application for cementing oil wells submitted to steam injection, which requires control of microcracks, due to the thermal gradients

Avaliação in vitro da eficácia de produtos homeopáticos contendo momordica charantia através de bioensaios

Homeopathic medicines have been used for over two hundred years without the examination of their effects on in vivo and in vitro assays, due to the peculiarity of homeopathic preparations, the high dilution, which creates a challenge for the use of usual analytical techniques of quality control of medicine.Although there is scarcity of literature and variety of experiments, recently there have been some studies with few in vitro assays which have shown positive responses when evaluating the mechanism of action of homeopathic medicines which are able to act on a specific system.The present study aims to evaluate the efficacy of homeopathic products containing Momordica charantia through bioassays.Homeopathic products were tested by the MTT to assess cytotoxicity in RAW 264.7 (macrophage-like cells) and in tumor cells HeLa (human cervical adenocarcinoma cells), CHO K1 (Chinese hamster ovary cells), PANC-1 (human pancreas cancer cells) and PC-3 (human prostate cancer cells), dosage of inflammatory mediators NO, TNF-α and IL-6 released by RAW 264.7 cells, analysis of the death process and cell cycle changes of PC-3 by flow cytometry. The data demonstrate that homeopathic products of Momordica charantia did not show cytotoxicity to RAW 264.7, increased the production of inflammatory mediators by RAW 264.7 synergistically with LPS, showed cytotoxicity to PC-3 with change in its cell cycle inhibiting its proliferation, being the 30CH the most potent sample. Correlation studies were conducted in order to evaluate the possible in vitro applicable models to the quality control of homeopathic products with Momordica charantia. The data showed that the best applicable models in assessing the quality are the MTT to assess cytotoxicity in RAW 264.7 and PC-3 in 24 hours for Momordica charantia fruit products and dosage of NO production by RAW 264.7 with and without LPS

A Constituição Federal de 1988 e a integração regional : o desafio da harmonização tributária

As an effect of the growing interdependence in international relations, regional integration was conceived to face globalization, with a remarkable influence in politics and law, since the first steps of the European experience. In Latin America, regional integration ideas have blossomed in the 60 s. Among its experiences, MERCOSUL is the one with the most advanced objectives. However, MERCOSUL has not managed to achieve the objectives planned nor moved forward the integration process. Differently of what happened in Europe, in MERCOSUL the common market projected is concluded. It faced many disappointments throughout its brief history. As it matters to law, those were caused by the absence of supranationality, a mechanism that would allow MERCOSUL s decisions to be directly binding in the States with no need of bureaucratic proceedings to incorporate them to national legal systems. Among Latin American States, Brazil is probably the most resistant to integration process, due to Federal Constitution 1988 rigidity and legal professionals conservadorism towards opening legal system to international law. In Brazil hermeneutical standards are always based on national sovereignty and international law is referred as less important. The problems become more visible relating to taxation, a subject that plays an enormous role in integration process for its economic impact, demanding the execution of tax harmonization policies compatible to the integration levels aspired. However, because of the large number of tax rules in the Federal Constitution, structural changes initiatives face difficulties in order to be implemented. Actually, after two Constitutional Reforms on taxation, Brazil has not yet succeeded on promoting the necessary adaptations to regional integration. The research has confirmed the hypothesis that supranationality has indispensably to be adopted if Brazil really desires to move forward the integration process. But it has also been demonstrated that there are hermeneutical paths suitable to the constitutional profile which allow the adoption of supranationality, through the revision of the sovereignty traditional concept

Efeitos das variáveis ambientais locais sobre a abundância, a riqueza e a biomassa da macrofauna de solo em um ecossistema semiárido no estado do rio grande do norte, nordeste do brasil

The soil macrofauna is influenced to several biotic and abiotic environmental factors, from changes in the physical environment to a variety of interactions among the species involved, affecting the patterns of biodiversity of soil fauna. The power and specificity of the mechanisms that act on soil organisms vary greatly depending on environmental conditions at different scales of space and time. The Caatinga has great spatial heterogeneity of vegetation, climate and soil, so the soil macrofauna would follow this local spatial variation in the environment? This study aimed to investigate the effects of local environmental variables on biological parameters (taxa richness, total abundance and biomass) of soil macrofauna in a fragment of caatinga in João Câmara, Rio Grande Norte, Northeast Brazil. The study was conducted in the Cauaçu farm, where a grid of 2000m x 500m was drawn, and later, 30 sampling points were randomly selected. The methodology used to collect the macrofauna was the TSBF method. We tested the effects of 10 environmental variables on macrofauna across the plots and across the layers of soil. The hypothesis that macrofauna soil responds to changes in the environment was not supported throughout the plots, but was confirmed to soil layers. The soil macrofauna shows a pattern of concentration in the surface layer and decreases considerably in the deeper layers. This pattern had significant and positive relationship with the aerial plant biomass and fine root stock. The aerial plant biomass releases plant necromass that accumulates in the surface layer, providing an important source of resource and shelter for soil macrofauna, explaining their greater abundance in this layer. The roots are used as a means for the arrival of nutrients to the soil from the primary production, thus a greater amount of root conditions higher food intake for macrofauna, especially the herbivores

Era um sonho desde criança : a representação social da docência para os professores do município de Queimadas-PB

The objective of this work was to access and understand the teaching social representation (MOSCOVICI, 2005) for the teachers of the children education and fundamental education at Queimadas city, Paraíba. We assume that one representation that allows the teacher to name its profession and to act on it, is a derivative of regularities that are expressed by means of a habitus (BOURDIEU, 1983a), generative matrix of perception and action. This teaching habitus is originated from the experiences and the trajectories of social and professional life of the group. Therefore, from some variables, we tried to access the profile of the group of teachers studied and to get closer of their life style to understand their profession choice and the teaching social representation for this group. In this research, it was used four data sources: a) the questionnaires of characterization; b) the questionnaires of practices and meanings; c) the experience reports and; d) the interviews in depth. The analysis of the data collected was done by means of the simple statistics (frequency), the intersection of variables through cross tables and, the thematic analysis of the contents. The results show that there is a lightly homogeneous group in terms of its social origin and its life style, moreover, they conduct to an overlap between this origin/style and the professional choice. On the other hand, the teacher representation is multi-dimensional such that, all dimensions intercept and articulate with each other to provide a concise teacher representation. They are four dimensions: love and care, help and donation, teaching and learning and, sacrifice and hope. The elements of the teacher representation are substantiated in the schemes of perception and appreciation of the group, in the regularities and life experiences in the context of religion, family, gender and profession. In these regularities we find the elements that comprise the teaching habitus which drives perception and action, representation and daily practice of these teachers. The teaching social representation is still perceived as a threshold for the professional identity of the group of teachers considered. We also observed that there are signs of changes in the practices used by these professionals since they graduate from the course of pedagogy. However, it is not possible to say that these changes are isolated or they lead to a transformation in the teaching habitus or the teaching social representation

Universo encantado do cuidado na autopoiese docente: uma viagem epistemológica transdisciplinar

The health transition experienced in Brazilian health care model requires a metamorphosis in human and society, placing new demands on health and education. The Faculty of Science, Culture and Extension of Rio Grande do Norte (Facex), aware of their responsibilities to the Health System, which brings the principle of comprehensiveness as its structural axis, dared to implement a course of nursing in complex thinking and Experiential Pedagogy Humanescente with curriculum inter / transdisciplinary. For deployment of proprosta was not enough to reform thinking of educators, there was a need corporalizar new teaching practices that are aimed at the integral formation of human beings. In this context, emerged the workshop on Human Education autopoietic, self-forming area of the educator, where he developed an Action Research Existential (PA-E) which enabled experience, describe and analyze how the human autopoietic educators could contribute to the practice educational humanescente transdisciplinary curriculum project. Were worked out in meetings, knowledge necessary to practice the transdisciplinary 1st Meeting - learn to create; 2nd Meeting - learn to recognize the laws of nature with emphasis on complexity theory, 3rd Meeting - learn to organize, 4th meeting - namely autoestruturar themselves; 5th Meeting - know how to choose, 6th Meeting - knowing innovate 7th Meeting - namely exchange. Next an autobiographical perspective, we chose the metaphorical possibility to narrate the ways and strategies covered by the author and apprentice in the company of the Little Prince de Saint-Exupery, in search of a sensible pedagogical practice complex, which promotes re-enchant transdisicplinar education. The route involved five methodological connections: a literature review which relate to training for care in undergraduate nursing: the study of learning processes that drive the formation humanopoiética, emphasizing the relationship that involves the complexity and embodiment in the educational process transdisciplinary, highlighting the analysis of what is to learn from the findings of biosciences and recent cognitive theories of Maturana and Varela, the description of the interdisciplinary curriculum of the nursing course of Facex and Training Workshop, Human autopoietic, with emphasis on Experiential Education Humanescente; the report of seven meetings of the Workshops (cocoon), recording the experiences and listening to educators (luminescent butterflies), the final reflections with learning opportunized. Experientiality lived through, the expressions and words, educators say the influence of workshops for their teaching practices, highlighting it as a space for selforganizing, creating, learning and enchantment, and can identify the workshop as a place of transformation necessary for deployment an interdisciplinary curriculum. The knowledge emerging from the study indicate the need for permanent spaces of self, in which the educator learns from its body, between cognitive processes and vital, and in the experiences of their formative process the opportunity to act on the dimensions of knowing and being

Role of midbrain in the control of breathing in anuran amphibians

The present study was designed to explore systematically the midbrain of unanesthetized, decerebrate anuran amphibians (bullfrogs), using chemical and electrical stimulation and midbrain transections to identify sites capable of exciting and inhibiting breathing. Ventilation was measured as fictive motor output from the mandibular branch of the trigeminal nerve and the laryngeal branch of the vagus nerve. The results of our transection studies suggest that, under resting conditions, the net effect of inputs from sites within the rostral half of the midbrain is to increase fictive breathing frequency, whereas inputs from sites within the caudal half of the midbrain have no net effect on fictive breathing frequency but appear to act on the medullary central rhythm generator to produce episodic breathing. The results of our stimulation experiments indicate that the principal sites in the midbrain that are capable of exciting or inhibiting the fictive frequency of lung ventilation, and potentially clustering breaths into episodes, appear to be those primarily involved in visual and auditory integration, motor functions, and attentional state.

Degenerative process and cell death in salivary glands of Rhipicephalus sanguineus (Latreille, 1806) (Acari: Ixodidae) semi-engorged female exposed to the acaricide permethrin

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

A gestão da qualidade nos cursos de graduação a distância da UFRN/SEDIS : a percepção dos discentes

This dissertation has as objective at analyzing the students' perception about the quality of graduate courses distance of the Federal University of Rio Grande do Norte, which was motivated by the following research problem: the perception that graduate students of the distance of the UFRN have on the quality of the undergraduate? To this end, we sought to gather evidence for a satisfactory approach that addresses the complexity of the subject studied: quality management, distance learning and quality in the Higher Education Institutions. We chose to adopt as a research method, case study on the procedure of the research, exploratory research-descriptive about the objective and quantitative research when tackling the problem. The object of the study were six graduate courses distance UFRN/SEDIS, having as target the students of the courses. The sample was calculated using the Stratified sampling on which 217 students, the courses surveyed were selected. The survey instrument consisted of 21 structured questions, of which seven questions designed to identify the profile of students, seven issues of perceptions (manifest variables) on quality management in distance learning, where students have given values (responses) for 24 statements (which address the central theme of this dissertation) composite based on a 5-point Likert s scale, and six questions about general characteristics that may interfere with students' perception about the quality. Was used as statistical method (data analysis), descriptive statistics and exploratory factor analysis. The results show the identification of four latent factors (obtained by exploratory factor analysis), namely: (1) infrastructure and management - polo presence, (2) teaching-learning processes, (3) communication tools and integration; (4) tutors. We also observed that aspects related to infrastructure and management at the pole face had the lowest score among the factors observed, requiring special attention by the education institution. On the other hand, teachers and teaching learning processes were the items with better performance in the perception of students. It is concluded that the perception of students in relation to quality in distance education courses, the median is trending positive perception, ie the perception of overall quality of the courses is not assertive and unison, but tends to positive perception. Thus, the results, it is expected that the managers of the institution to focus attention on critical points in order to minimize them (or eliminate them) and maximize the positive aspects that are perceived by the students