International construction and Brazilian contractors’ operations

The international construction market is very complex, and requires strong structure and strategy for companies wanting to operate overseas. This article investigates characteristics of international construction. The international operation of Brazilian contractors is explored via results from a qualitative study which was carried out using case studies. The case studies comprised ten big Brazilian contractors, six of which operate abroad. The study identified the patterns of international operation, the competitive advantages of these contractors, as well as the difficulties faced by them in the international construction market. Four of the contractors studied operate only in the domestic market. The study of these cases revealed both obstacles and motivations for future international operations. The study revealed that despite the existing competitive advantages, Brazilian contractors' presence in the international market is limited. The main reason for that is probably their main competitive disadvantage: the lack of financial support from the government.

Brazilian red propolis: unreported substances, antioxidant and antimicrobial activities

BACKGROUND: Chloroform, ethyl acetate and methanol extracts of a sample of red propolis from the state of Alagoas (northeast Brazil) were analyzed by gas chromatography-mass spectrometry and high-performance liquid chromatography-diode array detection-electrospray ionization-mass spectrometry. Antimicrobial and antioxidant activities were also obtained. RESULTS: The propolis sample contained low content of narigenin-8-C-hexoside, this being the first report of a C-glycoside in propolis. The main constituent found was characterized as 3,4,2`,3`-tetrahydroxychalcone. Other important constituents were the chalcone isoliquiritigenin, the isoflavans (3S)-vestitol, (3S)-7-O-methylvestitol, the pterocarpan medicarpin, the phenylpropenes trans-anethol, methyl eugenol, elimicin, methoxyeugenol and cis-asarone, and the triterpenic alcohols lupeol and alpha- and beta- amyrins. The methanol extract exhibited high antioxidant activities by 2,2-diphenyl-1-picrylhydrazyl and beta-carotene/linoleic acid assay methods, and antimicrobial activity toward Gram-positive and Gram-negative bacteria. CONCLUSION: Structures are suggested for new substances never before seen in any kind of propolis. This is the first report of 3,4,2`,3`-tetrahydroxychalcone and a flavone C-glycoside in a propolis sample. (C) 2011 Society of Chemical Industry

A new type of Brazilian propolis: Prenylated benzophenones in propolis from Amazon and effects against cariogenic bacteria

Ethanol extracts of four propolis samples (E1-E4) from Manaus (Brazilian Amazon) were analysed by HPLC/DAD/ESI-MS/MS and GC/EIMS. The major constituents of E2 and E4 were analysed by NMR ((1)H and (13)C) and ESI/MS/MS. The main constituents of E2 and E4 are polyprenylated benzophenones: 7-epi-nemorosone, 7-epi-clusianone (major E4 constituents), xanthochymol and gambogenone (major E2 constituents), making up a chemical profile so far unreported for Brazilian propolis. Aristhophenone, methyl insigninone, 18-ethyloxy-17-hydroxy-17,18-dihydroscrobiculatone B, and derivatives of dimethyl weddellianone A and B, propolones, and a scrobiculatone derivative, were detected as minor constituents. Triterpenoids (beta-amyrins, beta-amyrenone, lupeol and lupenone) were ubiquitous and predominant in El and E3. The extracts E2 and E4 were highly active against the cariogenic bacteria Streptococcus mitis, Streptococcus mutans and Streptococcus salivarius. E2 was more active than E4, probably due to a higher content of 2-epi-nemorosone, while the latter was richer in di-hydroxylated compounds. (C) 2010 Elsevier Ltd. All rights reserved.

On the relationships between molecular conformations and intermolecular contacts toward crystal self-assembly of mono-, di-, tri-, and tetra-oxygenated xanthone derivatives

Oxygenated xanthones have been extensively investigated over the years, but there are few reports concerning their crystal structure. Our chemical investigations of Brazilian plants resulted in the isolation of four natural products named 1-hydroxyxanthone (I), 1-hydroxy-7-methoxyxanthone (II), 1,5-dihydroxy-3-methoxyxanthone (III), and 1,7-dihydroxy-3,8-dimethoxyxanthone (IV). The structures of these compounds were established on the basis of single crystal X-ray diffraction. The xanthone nucleus conformation is essentially planar with the substituents adopting the orientations less sterically hindered. In addition, classical intermolecular hydrogen bonds (O-H center dot center dot center dot O) present in III and IV give rise to infinite ribbons. However, the xanthone I does not present any intermolecular hydrogen bonds, meanwhile the xanthone II presents only a non-classical one (C-H center dot center dot center dot O). The crystal packing of all xanthone structures is also stabilized by pi-pi interactions. The fingerprint plots, derived from the Hirshfeld surfaces, exhibited significant features of each crystal structures.

STABILITY ANALYSIS WITH APPLICATIONS OF A TWO-DIMENSIONAL DYNAMICAL SYSTEM ARISING FROM A STOCHASTIC MODEL FOR AN ASSET MARKET

We analyze the stability properties of equilibrium solutions and periodicity of orbits in a two-dimensional dynamical system whose orbits mimic the evolution of the price of an asset and the excess demand for that asset. The construction of the system is grounded upon a heterogeneous interacting agent model for a single risky asset market. An advantage of this construction procedure is that the resulting dynamical system becomes a macroscopic market model which mirrors the market quantities and qualities that would typically be taken into account solely at the microscopic level of modeling. The system`s parameters correspond to: (a) the proportion of speculators in a market; (b) the traders` speculative trend; (c) the degree of heterogeneity of idiosyncratic evaluations of the market agents with respect to the asset`s fundamental value; and (d) the strength of the feedback of the population excess demand on the asset price update increment. This correspondence allows us to employ our results in order to infer plausible causes for the emergence of price and demand fluctuations in a real asset market. The employment of dynamical systems for studying evolution of stochastic models of socio-economic phenomena is quite usual in the area of heterogeneous interacting agent models. However, in the vast majority of the cases present in the literature, these dynamical systems are one-dimensional. Our work is among the few in the area that construct and study analytically a two-dimensional dynamical system and apply it for explanation of socio-economic phenomena.

Facile Synthesis of Koser`s Reagent and Derivatives from Iodine or Aryl Iodides

The first one-pot synthesis of neutral and electron-rich [hydroxy(tosyloxy)iodo]arenes (HTIBs) from iodine and arenes is presented, thereby avoiding the need for expensive iodine(III) precursors. A large set of including a polyfluorinated analogue, can be obtained from the corresponding aryl iodide under the same conditions. The reaction proceeds under mild conditions, without excess reagents, and is fast and high-yielding. Together, the two presented routes give access to a wide range of HTIBs, which are useful reagents in a variety of synthetic transformations.

Prenylated benzoic acid derivatives from Piper aduncum L. and P. hostmannianum C. DC. (Piperaceae)

The bioactivity-guided fractionation of the crude extracts from leaves of Brazilian species Piper aduncum and Piper hostmannianum by means of bioautography using the fungi Cladosporium cladosporioides and C. sphaerospermum afforded prenylated methyl benzoate, chromenes, and dihydrobenzopyran derivatives as antifungal compounds. The isolation and structural elucidation of a new compound methyl 4-hydroxy-3-(2`-hydroperoxy-3`-methyl-3`-butenyl) benzoate were performed by application of chromatographic techniques and spectroscopic analyses. (C) 2009 Phytochemical Society of Europe. Published by Elsevier B.V. All rights reserved.

Dereplication of Bromotyrosine-derived Metabolites by LC-PDA-MS and Analysis of the Chemical Profile of 14 Aplysina Sponge Specimens from the Brazilian Coastline

In order to investigate the chemical profile of 14 specimens of Aplysina spp. marine sponges, we have developed a method based on LC-PDA-MS for the detection of bromotyrosine-derived metabolites. The method enabled the dereplication of three distinct chemotypes of bromotyrosine-derived compounds based on UV absorptions, which were further refined by electrospray ionization-mass spectrometry analysis of the brominated quasi-molecular ion clusters. This procedure led to either a single compound assignment, or a maximum of two possible isobaric compounds. The dereplication study indicated that the chemical profile of the 14 specimens of Aplysina spp. analyzed presented practically the same dibromotyrosine-derived compounds. The results obtained suggested a possible biogenetic pathway for the formation of dibromotyrosine-derived compounds of wide occurrence in Verongida sponges.

Linkages between growth, poverty and the labour market

From a methodological point of view, this paper makes two contributions to the literature. One contribution is the proposal of a new measure of pro-poor growth. This new measure provides the linkage between growth rates in mean income and in income inequality. In this context, growth is defined as pro-poor (or anti-poor) if there is a gain (or loss) in the growth rate due to a decrease (or increase) in inequality. The other contribution is a decomposition methodology that explores linkages growth patterns, and labour market performances. Through the decomposition analysis, growth in per capita income is explained in terms of four labour market components: the employment rate, hours of work, the labour force participation rate, and productivity. The proposed methodology are then applied to the Brazilian National Household Survey (PNAD) covering the period 1995-2004. The paper analyzes the evolution of Brazilian social indicators based on per capita income exploring links with adverse labour market performance.

Avaliação de métodos numéricos para precificação de derivativos: aplicação ao mercado brasileiro

Os objetivos deste trabalho foram (i) rever métodos numéricos para precificação de derivativos; e (ii) comparar os métodos assumindo que os preços de mercado refletem àqueles obtidos pela fórmula de Black Scholes para precificação de opções do tipo européia. Aplicamos estes métodos para precificar opções de compra da ações Telebrás. Os critérios de acurácia e de custo computacional foram utilizados para comparar os seguintes modelos binomial, Monte Carlo, e diferenças finitas. Os resultados indicam que o modelo binomial possui boa acurácia e custo baixo, seguido pelo Monte Carlo e diferenças finitas. Entretanto, o método Monte Carlo poderia ser usado quando o derivativo depende de mais de dois ativos-objetos. É recomendável usar o método de diferenças finitas quando se obtém uma equação diferencial parcial cuja solução é o valor do derivativo.

O Impacto da introdução de opções sobre a volatilidade do ativo objeto: um estudo sobre a função dos mercados derivativos

There is a lot of misunderstanding about derivative markets. Many people believe that they are a kind of casinos and have no utility to the investors. This work looks on the effects of options introduction in the Brazilian market, seeking for another benefit for this introduction: changes in the stocks risk level due to this introduction. Our results are the same found in the US and other markets: the options introduction reduces the stocks volatility. We also found that there is a slight indication that the volatility became more stochastic with this introducion.

Price setting and macroeconomic variables: evidence from Brazilian CPI

Esta tese investiga as estratégias de precificação em ambientes macroeconômicos distintos, utilizando uma base de dados única para o IPC da Fundação Getulio Vargas. A base de dados primária consiste em um painel de dados individuais para bens e serviços representando 100% do IPC para o período de 1996 a 2008. Durante este período, diversos eventos produziram uma variabilidade macroeconômica substancial no Brasil: duas crises em países emergentes, uma mudança de regime cambial e monetário, racionamento de energia, uma crise de expectativas eleitorais e um processo de desinflação. Como consequência, a inflação, a incerteza macroeconômica, a taxa de câmbio e o produto exibiram uma variação considerável no período. No primeiro capítulo, nós descrevemos a base de dados e apresentamos as principais estatísticas de price-setting para o Brasil. Em seguida, nos capítulos 2 e 3, nos construímos as séries de tempo destas estatísticas e das estatísticas de promoções, e as relacionamos com as variáveis macroeconômicas utilizando análises de regressões. Os resultados indicam que há uma relação substancial entre as estatísticas de price-setting e o ambiente macroeconômico para a economia brasileira.

Efeitos da utilização de hedges cambiais nos resultados de empresas não financeiras: uma abordagem empírica

A realização de negócios em um mundo globalizado implica em aumentar a exposição das empresas não-financeiras a diversos riscos de origem financeira como câmbio, commodities e taxas de juros e que, dependendo da evolução destas variáveis macroeconômicas, podem afetar significativamente os resultados destas empresas. Existem diversas teorias acadêmicas que abordam sobre os benefícios gerados por programas de gestão de riscos em empresas não-financeiras como redução dos custos de financial distress e custos de agência bem como o uso de estratégias de hedge para fins fiscais. Tais iniciativas contribuiriam, em última instância, para a criação de valor para o negócio e poderiam garantir uma melhor previsibilidade dos fluxos de caixa futuros, tornando as empresas menos vulneráveis a condições adversas de mercado. Este trabalho apresenta dois estudos de caso com empresas não-financeiras brasileiras que possuíam exposições em moeda estrangeira e que não foram identificadas operações com derivativos cambiais durante o período de 1999 a 2005 que foi caracterizado pela alta volatilidade da taxa de câmbio. Através de modelos de simulação, algumas estratégias com o uso de derivativos foram propostas para as exposições cambiais identificadas para cada empresa com o objetivo de avaliar os efeitos da utilização destes derivativos cambiais sobre os resultados das empresas no que se refere à agregação de valor para o negócio e redução de volatilidade dos fluxos de caixa esperados. O trabalho não visa recomendar estratégias de hedge para determinada situação de mercado mas apenas demonstra, de forma empírica, quais os resultados seriam obtidos caso certas estratégias fossem adotadas, sabendo-se que inúmeras outras poderiam ser criadas para a mesma situação de mercado. Os resultados sugerem alguns insights sobre a utilização de derivativos por empresas não-financeiras sendo um tema relativamente novo para empresas brasileiras.

Essays on international prices and the subjacent market structure

Esta tese utiliza a informação contida em preços internacionais para identificar parâmetros de modelos de comércio sob competição imperfeita, desta forma permitindo inferência sobre o comportamento das exportações, sobre os ganhos de troca da abertura comercial e sobre a variedade de bens produzidos domesticamente. Em primeiro lugar, investigamos o repasse cambial, no longo prazo, para os preços praticados por exportadores brasileiros. O foco no longo prazo permite controlar os efeitos da rigidez de preço no curto prazo, de maneira que o repasse incompleto evidencie competição imperfeita com preços flexíveis. Em segundo lugar, calculamos os ganhos de troca de novas variedades de bens importados baseando-nos em estimativas para as elasticidades de substituição desagregadas. Finalmente, qualificamos a ênfase da literatura de comércio em ganhos de eficiência no lugar de ganhos de variedade, demonstrando que a variedade de bens produzidos domesticamente se amplia após aberturas comerciais desde que as firmas tenham uma margem de decisão em bens intermediários ou na qualificação da mão de obra.

Using irregularly spaced returns to estimate multi-factor models: application to Brazilian equity data

Multi-factor models constitute a useful tool to explain cross-sectional covariance in equities returns. We propose in this paper the use of irregularly spaced returns in the multi-factor model estimation and provide an empirical example with the 389 most liquid equities in the Brazilian Market. The market index shows itself significant to explain equity returns while the US$/Brazilian Real exchange rate and the Brazilian standard interest rate does not. This example shows the usefulness of the estimation method in further using the model to fill in missing values and to provide interval forecasts.