Russian Venture Capital Markets

Tämän työn tarkoituksena on arvioida riskipääomasijoittamisen kehitystä ja kasvua Venäjällä, sekä antaa kuva siihen vaikuttavista tekijöistä. Se myös arvioi Venäjän valtion toimintaa niin säätelijänä, kuin myös itsenäisenä sijoittajana. Saavutetut tulokset perustuvat haastatteluihin ja olemassa olevien tilastojen analysointiin. Vuoden 1998 rupla kriisin jälkeen riskipääomasijoittaminen lähti kasvuun joka on jatkunut tasaisella rauhallisella tahdilla. Alueellisista riskipääomarahastoista on siirrytty myös yksityisrahoitteisiin ja yksityishallinnoituihin rahastoihin omine kohde aloineen ja portfolioineen. Silti markkinat ovat säilyneet kyllästymättöminä. Kuluttajavetoiset toimialat ovat keränneet eniten investointeja talouden ja ostovoiman kasvusta johtuen. Alueellisesti Moskova erottuu sijoituskohteena, muiden suurempien kasvukeskusten seuratessa perässä. Venäjällä on vielä paljon heikkouksia jotka vaikuttavat sen houkuttelevuuteen sijoittajan näkökulmasta. Heikot instituutiot ja lainsäädäntö yhdistettynä riskipääomasijoittamisen luonteeseen tekevät Venäjästä arvaamattoman markkina-alueen. Se kuitenkin tarjoaa menestyville sijoittajille korkeat tuotot. Nähtäväksi jää kuinka valtion toiminta vaikuttaa markkinoiden kehitykseen lyhyellä ja pitkällä tähtäimellä, ja kuinka se onnistuu kehittämään Venäjän yleistä kilpailukykyä globaaleilla markkinoilla.

Crescimento em diâmetro do tronco das árvores de Eucalyptus grandis W. Hill. ex. Maiden e relação com as variáveis climáticas e fertilização mineral

Este trabalho teve como objetivo avaliar o incremento em diâmetro do tronco de árvores de Eucalyptus grandis por 24 meses e sua relação com as variáveis climáticas e fertilização mineral. As árvores foram plantadas no espaçamento de 3 x 2 m e fertilizadas com potássio e sódio (plantio, 6 e 12 meses). Foram selecionadas 20 árvores de eucalipto por tratamento, de acordo com a distribuição de área basal do povoamento e instaladas faixas dendrométricas na altura do DAP. Os resultados indicaram efeito da sazonalidade climática no incremento em diâmetro do tronco das árvores, com períodos de máximo e de mínimo crescimento e uma defasagem (lag) de 28 dias, em função da resposta da atividade cambial às variações climáticas. A aplicação de potássio em relação ao sódio e controle promoveu maior taxa de incremento acumulado do tronco das árvores, com valores de 4,14; 3,28; e 3,08 cm, respectivamente.

Bartlett-Lewis of rectangular pulse modified model: estimate of parameters for simulation of precipitation in sub-hourly duration

The Bartlett-Lewis Rectangular Pulse Modified (BLPRM) model simulates the precipitous slide in the hourly and sub-hourly and has six parameters for each of the twelve months of the year. This study aimed to evaluate the behavior of precipitation series in the duration of 15 min, obtained by simulation using the model BLPRM in situations: (a) where the parameters are estimated from a combination of statistics, creating five different sets; (b) suitability of the model to generate rain. To adjust the parameters were used rain gauge records of Pelotas/RS/Brazil, which statistics were estimated - mean, variance, covariance, autocorrelation coefficient of lag 1, the proportion of dry days in the period considered. The results showed that the parameters related to the time of onset of precipitation (λ) and intensities (μx) were the most stable and the most unstable were ν parameter, related to rain duration. The BLPRM model adequately represented the mean, variance, and proportion of the dry period of the series of precipitation lasting 15 min and, the time dependence of the heights of rain, represented autocorrelation coefficient of the first retardation was statistically less simulated series suitability for the duration of 15 min.

Damage control surgery: it's evolution over the last 20 years

In less than twenty years, what began as a concept for the treatment of exsanguinating truncal trauma patients has become the primary treatment model for numerous emergent, life threatening surgical conditions incapable of tolerating traditional methods. Its core concepts are relative straightforward and simple in nature: first, proper identification of the patient who is in need of following this paradigm; second, truncation of the initial surgical procedure to the minimal necessary operation; third, aggressive, focused resuscitation in the intensive care unit; fourth, definitive care only once the patient is optimized to tolerate the procedure. These simple underlying principles can be molded to a variety of emergencies, from its original application in combined major vascular and visceral trauma to the septic abdomen and orthopedics. A host of new resuscitation strategies and technologies have been developed over the past two decades, from permissive hypotension and damage control resuscitation to advanced ventilators and hemostatic agents, which have allowed for a more focused resuscitation, allowing some of the morbidity of this model to be reduced. The combination of the simple, malleable paradigm along with better understanding of resuscitation has proven to be a potent blend. As such, what was once an almost lethal injury (combined vascular and visceral injury) has become a survivable one.

Identificação de lesões abdominais graves na avaliação inicial das vítimas de trauma fechado

OBJETIVO: avaliar os fatores preditivos de lesões abdominais graves (LAG) identificáveis na avaliação inicial das vítimas de trauma fechado. MÉTODOS: análise retrospectiva dos dados das vítimas de trauma fechado com idade superior a 13 anos submetidas à tomografia computadorizada do abdome e/ou laparotomia exploradora. Consideramos como graves as lesões com Abbreviated Injury Scale (AIS) maior ou igual a três. As variáveis foram comparadas entre os grupos A (LAG) e B (Sem LAG). Realizou-se inicialmente uma análise estatística univariada para identificar as variáveis associadas à presença de LAG. Destas, foram selecionadas para a análise multivariada (regressão logística) as que tivessem p<0,20 e pudessem ser avaliadas na admissão do doente. RESULTADOS: a amostra foi composta por 331 casos, sendo que 140 (42,3%) pacientes apresentaram lesões abdominais. Destes, 101 (30,5%) tinham lesão abdominais com AIS > 3 (Grupo A). Na análise univariada, associaram-se significativamente às LAG (p<0,05): pressão arterial sistólica (PAS) no pré-hospitalar (p=0,019), PAS à admissão (p<0,001), frequência cardíaca à admissão (p=0,047), exame físico do abdome alterado (p<0,001) e presença de fraturas de pelve (p=0,006). As seguintes variáveis se relacionaram significativamente e independentemente com a presença de lesões abdominais graves: PAS à admissão (p=0,034), exame físico abdominal alterado (p<0,001), fratura exposta de membro inferior (p<0,044), "motociclista" como mecanismo de trauma (p=0,017) e FAST positivo (p<0,001). CONCLUSÃO: das variáveis presentes na avaliação inicial, se associaram significativamente com a presença de LAG: PAS, exame físico abdominal alterado, presença de fratura exposta de membro inferior, "motociclista" como mecanismo de trauma e FAST positivo.

Osakkeiden hintojen muutokset makrotalouden muuttujia ennakoivina tekijöinä 2001-2011: BRIC-maat , euroalue, Japani ja USA.

The aim of this thesis is to examine stock returns as predictive indicators to macroeconomic variables in BRIC-countries, Japan, USA and euro area. We picked to represent macroeconomic variables interest rate, inflation, currency, gross domestic product and industrial production. For the beginning we examined previous studies and theory about the subject. Hypothesis of this thesis were derived from the previous studies. To conduct the results we used tests such augmented Dickey-Fuller, Engle-Granger co-integration, Granger causality and lagged distribution model. According to results stock returns do predictive macroeconomic variables and specifically changes of GDP and industrial production. There were few evidences of stock returns predictive power of inflation.

Avaliação dos Métodos Empregados no Programa Nacional de Combate ao Câncer do Colo Uterino do Ministério da Saúde

Objetivo: avaliar uma amostra populacional incluída no rastreamento proposto pelo Programa Nacional de Combate ao Câncer do Colo do Útero (PNCC), quanto aos seguintes aspectos: prevalência de resultados citológicos insatisfatórios; prevalência citológica de atipias escamosas e glandulares de significado indeterminado (ASCUS e AGUS) e lesões intra-epiteliais de baixo grau (LBG) e lesões intra-epiteliais de alto grau (LAG), comparando seus resultados com resultados anatomopatológicos de biópsias colposcopicamente dirigidas. Métodos: pela imprensa escrita, falada e televisionada, foram convocadas mulheres, com idade entre 35 e 49 anos, para realização de exames citopatológicos preventivos, a serem colhidos nas unidades da rede de saúde pública ou instituições credenciadas pelo SUS. As lâminas foram analisadas por laboratórios credenciados pelo PNCC, e as pacientes com alterações celulares da amostra populacional do Município de Naviraí/MS foram submetidas a exame colposcópico e biópsia dirigida. Resultados: a prevalência de alterações citológicas do tipo ASCUS, AGUS e lesões escamosas intra-epiteliais foi de 3,3%, índice próximo do previsto pelo PNCC (4%). O percentual de espécimes insatisfatórios para avaliação foi elevado (12,5%); das pacientes com resultados citológicos de ASCUS, AGUS ou LBG, 27,3% apresentavam neoplasia intra-epitelial de alto grau ao estudo anatomopatológico. Por outro lado, nas pacientes com citologia compatível com LAG a biópsia dirigida revelou, em 12,5% dos casos, neoplasia intra-epitelial de baixo grau. Conclusões: a escolha da citologia oncótica como método único de rastreamento no PNCC permitiu elevados índices de falso-negativos (27,3%) e de falso-positivos (12,5%). No rastreamento de neoplasias cervicais, a colposcopia mostrou-se procedimento importante e indispensável para nortear as condutas terapêuticas a serem adotadas.

Surface transformation hardening of carbon steel with high power fiber laser

This study investigated the surface hardening of steels via experimental tests using a multi-kilowatt fiber laser as the laser source. The influence of laser power and laser power density on the hardening effect was investigated. The microhardness analysis of various laser hardened steels was done. A thermodynamic model was developed to evaluate the thermal process of the surface treatment of a wide thin steel plate with a Gaussian laser beam. The effect of laser linear oscillation hardening (LLOS) of steel was examined. An as-rolled ferritic-pearlitic steel and a tempered martensitic steel with 0.37 wt% C content were hardened under various laser power levels and laser power densities. The optimum power density that produced the maximum hardness was found to be dependent on the laser power. The effect of laser power density on the produced hardness was revealed. The surface hardness, hardened depth and required laser power density were compared between the samples. Fiber laser was briefly compared with high power diode laser in hardening medium-carbon steel. Microhardness (HV0.01) test was done on seven different laser hardened steels, including rolled steel, quenched and tempered steel, soft annealed alloyed steel and conventionally through-hardened steel consisting of different carbon and alloy contents. The surface hardness and hardened depth were compared among the samples. The effect of grain size on surface hardness of ferritic-pearlitic steel and pearlitic-cementite steel was evaluated. In-grain indentation was done to measure the hardness of pearlitic and cementite structures. The macrohardness of the base material was found to be related to the microhardness of the softer phase structure. The measured microhardness values were compared with the conventional macrohardness (HV5) results. A thermodynamic model was developed to calculate the temperature cycle, Ac1 and Ac3 boundaries, homogenization time and cooling rate. The equations were numerically solved with an error of less than 10-8. The temperature distributions for various thicknesses were compared under different laser traverse speed. The lag of the was verified by experiments done on six different steels. The calculated thermal cycle and hardened depth were compared with measured data. Correction coefficients were applied to the model for AISI 4340 steel. AISI 4340 steel was hardened by laser linear oscillation hardening (LLOS). Equations were derived to calculate the overlapped width of adjacent tracks and the number of overlapped scans in the center of the scanned track. The effect of oscillation frequency on the hardened depth was investigated by microscopic evaluation and hardness measurement. The homogeneity of hardness and hardened depth with different processing parameters were investigated. The hardness profiles were compared with the results obtained with conventional single-track hardening. LLOS was proved to be well suitable for surface hardening in a relatively large rectangular area with considerable depth of hardening. Compared with conventional single-track scanning, LLOS produced notably smaller hardened depths while at 40 and 100 Hz LLOS resulted in higher hardness within a depth of about 0.6 mm.

Covalidation of Integral Transforms and Method of Lines in Nonlinear Convection-Diffusion with Mathematica

The Mathematica system (version 4.0) is employed in the solution of nonlinear difusion and convection-difusion problems, formulated as transient one-dimensional partial diferential equations with potential dependent equation coefficients. The Generalized Integral Transform Technique (GITT) is first implemented for the hybrid numerical-analytical solution of such classes of problems, through the symbolic integral transformation and elimination of the space variable, followed by the utilization of the built-in Mathematica function NDSolve for handling the resulting transformed ODE system. This approach ofers an error-controlled final numerical solution, through the simultaneous control of local errors in this reliable ODE's solver and of the proposed eigenfunction expansion truncation order. For covalidation purposes, the same built-in function NDSolve is employed in the direct solution of these partial diferential equations, as made possible by the algorithms implemented in Mathematica (versions 3.0 and up), based on application of the method of lines. Various numerical experiments are performed and relative merits of each approach are critically pointed out.

Toxicidade de herbicidas utilizados na cultura da cana-de-açúcar à bactéria diazotrófica Azospirillum brasilense

Objetivou-se neste trabalho identificar herbicidas utilizados na cultura da cana-de-açúcar que não alteram o crescimento ou a capacidade de fixação biológica de nitrogênio (FBN) da bactéria diazotrófica Azospirillum brasi lense. Dezoito herbicidas - paraquat, ametryn, amicarbazone, diuron, metribuzin, [hexazinone + diuron], [hexazinone + clomazone], clomazone, isoxaflutole, sulfentrazone, oxyfluorfen, imazapic, imazapyr, [trifloxysulfuron-sodium + ametryn], S-metolachlor, glyphosate, MSMA e 2,4-D - foram testados em suas doses comerciais quanto ao impacto sobre o crescimento da bactéria em meio líquido DIGs. As variáveis capacidade de suporte de crescimento (carrying capacity) do meio de cultura, duração da fase lag e tempo de geração de A. brasilense foram calculadas a partir de dados de densidade ótica obtidos, em intervalos regulares, durante a incubação de culturas por 55 h. O impacto dos herbicidas na atividade da nitrogenase de A. brasilense foi avaliado em meio semissólido NFb, sem N, pela técnica da atividade de redução do acetileno (ARA). Os efeitos dos herbicidas sobre as variáveis de crescimento e ARA foram comparados ao controle pelo teste de Dunnett. Paraquat, oxyfluorfen, [trifloxysulfuron-sodium + ametryn] e glyphosate reduziram a capacidade do meio DIGs em suportar o crescimento de A. brasilense. Esse efeito foi associado ao aumento da duração da fase lag e do tempo de geração para [trifloxysulfuron-sodium + ametryn] e ao aumento no tempo de geração para glyphosate. MSMA, paraquat e amicarbazone reduzem a FBN in vitro de A. brasilense, porém essa redução é mais severa na presença do paraquat. Os demais herbicidas não alteram o crescimento e a FBN de A. brasilense.

Diclofenac plasma protein binding: PK-PD modelling in cardiac patients submitted to cardiopulmonary bypass

Twenty-four surgical patients of both sexes without cardiac, hepatic, renal or endocrine dysfunctions were divided into two groups: 10 cardiac surgical patients submitted to myocardial revascularization and cardiopulmonary bypass (CPB), 3 females and 7 males aged 65 ± 11 years, 74 ± 16 kg body weight, 166 ± 9 cm height and 1.80 ± 0.21 m2 body surface area (BSA), and control, 14 surgical patients not submitted to CPB, 11 female and 3 males aged 41 ± 14 years, 66 ± 14 kg body weight, 159 ± 9 cm height and 1.65 ± 0.16 m2 BSA (mean ± SD). Sodium diclofenac (1 mg/kg, im Voltaren 75® twice a day) was administered to patients in the Recovery Unit 48 h after surgery. Venous blood samples were collected during a period of 0-12 h and analgesia was measured by the visual analogue scale (VAS) during the same period. Plasma diclofenac levels were measured by high performance liquid chromatography. A two-compartment open model was applied to obtain the plasma decay curve and to estimate kinetic parameters. Plasma diclofenac protein binding decreased whereas free plasma diclofenac levels were increased five-fold in CPB patients. Data obtained for analgesia reported as the maximum effect (EMAX) were: 25% VAS (CPB) vs 10% VAS (control), P<0.05, median measured by the visual analogue scale where 100% is equivalent to the highest level of pain. To correlate the effect versus plasma diclofenac levels, the EMAX sigmoid model was applied. A prolongation of the mean residence time for maximum effect (MRTEMAX) was observed without any change in lag-time in CPB in spite of the reduced analgesia reported for these patients, during the time-dose interval. In conclusion, the extent of plasma diclofenac protein binding was influenced by CPB with clinically relevant kinetic-dynamic consequences

Hyperthermia increases the metastatic potential of murine melanoma

Hyperthermia, either alone or combined with radio-, immuno- or chemotherapy, can control tumor growth, but its effect on metastasis is still controversial. In the present study, we investigated the influence of hyperthermia on the metastatic potential of B16-F10 murine melanoma cells. Incubation of melanoma cells at 43ºC for 30 min led to a significant decrease in cell viability. About half of the cells survived the acute exposure to heat. These thermoresistant cells displayed a longer lag phase as compared to control unheated B16-F10 melanoma cells. Other parameters of cell growth such as doubling time and saturation density were equivalent in both control and thermoresistant cells. Both control and treated cells were adherent, but thermoresistant cells failed to spread during the first 48 h after heat exposure. B16-F10 cells colonize the lungs of C57BL/6J mice when injected intravenously; the number of lung colonies is a measure of the metastatic potential of injected cells. Median values of 22, 10.5 and 31 colonies per injected mouse were observed for control cells, cells heated to 43ºC for 30 min and thermoresistant cells, respectively, with statistically significant differences between groups (Mann-Whitney test, P<0.02). Thus, despite its cytotoxic action, heat exposure induced the acquisition of a more metastatic phenotype in a subpopulation of B16-F10 cells

Effect of prostaglandin A1 in the induction of stress proteins in Aedes albopictus cells

Prostaglandins are natural fatty acid derivatives with diverse physiological effects, including immune function and the control of cell growth. While the action of prostaglandins in the induction of stress proteins in vertebrate cells is well documented, their functions in invertebrate cells have been poorly investigated. The purpose of the present study was to investigate the effect of prostaglandin A1 (PGA1; 0.25, 1.25 and 12.5 µg/ml) on protein synthesis during the growth of Aedes albopictus cells. We found that PGA1 stimulates the synthesis of several polypeptides with molecular masses of 87, 80, 70, 57, 29, 27 and 23 kDa in Aedes albopictus cells. When the proteins induced by PGA1 and those induced by heat treatment were compared by polyacrylamide gel electrophoresis, PGA1 was found to induce the stress proteins. The HSP70 family and the low-molecular weight polypeptides (29 and 27 kDa, respectively) were induced by PGA1 in the lag phase. We also observed that PGA1 is able to induce a 23-kDa polypeptide independently of the growth phase of the cell

Further analysis of open-respirometry systems: an a-compartmental mechanistic approach

A system is said to be "instantaneous" when for a given constant input an equilibrium output is obtained after a while. In the meantime, the output is changing from its initial value towards the equilibrium one. This is the transient period of the system and transients are important features of open-respirometry systems. During transients, one cannot compute the input amplitude directly from the output. The existing models (e.g., first or second order dynamics) cannot account for many of the features observed in real open-respirometry systems, such as time lag. Also, these models do not explain what should be expected when a system is speeded up or slowed down. The purpose of the present study was to develop a mechanistic approach to the dynamics of open-respirometry systems, employing basic thermodynamic concepts. It is demonstrated that all the main relevant features of the output dynamics are due to and can be adequately explained by a distribution of apparent velocities within the set of molecules travelling along the system. The importance of the rate at which the molecules leave the sensor is explored for the first time. The study approaches the difference in calibrating a system with a continuous input and with a "unit impulse": the former truly reveals the dynamics of the system while the latter represents the first derivative (in time) of the former and, thus, cannot adequately be employed in the apparent time-constant determination. Also, we demonstrate why the apparent order of the output changes with volume or flow.

Air pollution and neonatal deaths in São Paulo, Brazil

Air pollution has been associated with health effects on different age groups. The present study was designed to assess the impact of daily changes in air pollutants (NO2, SO2, CO, O3, and particle matter (PM10)) on total number of daily neonatal deaths (those that occur between the first and the 28th days of life) in São Paulo, from January 1998 to December 2000, since adverse outcomes such as neonatal deaths associated with air pollution in Brazil have not been evaluated before. Generalized additive Poisson regression models were used and nonparametric smooth functions (loess) were adopted to control long-term trend, temperature, humidity, and short-term trends. A linear term was used for holidays. The association between air pollutants and neonatal deaths showed a short time lag. Interquartile range increases in PM10 (23.3 µg/m³) and SO2 (9.2 µg/m³) were associated with increases of 4% (95% CI, 2-6) and 6% (95% CI, 4-8), respectively. Instead of adopting a two-pollutant model we created an index to represent PM10 and SO2 effects. For an interquartile range increase in the index an increase of 6.3% (95% CI, 6.1-6.5) in neonatal deaths was observed. These results agree with previous studies performed by our group showing the deleterious effects of air pollutants during the perinatal period. The method reported here represents an alternative approach to analyze the relationship between highly correlated pollutants and public health problems, reinforcing the idea of the synergic effects of air pollutants in public health.