Essays in corporate risk management

This research investigates the factors that lead Latin American non-financial firms to manage risks using derivatives. The main focus is on currency risk management. With this purpose, this thesis is divided into an introduction and two main chapters, which have been written as stand-alone papers. The first paper describes the results of a survey on derivatives usage and risk management responded by the CFOs of 74 Brazilian non-financial firms listed at the São Paulo Stock Exchange (BOVESPA), and the main evidence found is: i) larger firms are more likely to use financial derivatives; ii) foreign exchange risk is the most managed with derivatives; iii) Brazilian managers are more concerned with legal and institutional aspects in using derivatives, such as the taxation and accounting treatment of these instruments, than with issues related to implementing and maintaining a risk management program using derivatives. The second paper studies the determinants of risk management with derivatives in four Latin American countries (Argentina, Brazil, Chile and Mexico). I investigate not only the decision of whether to use financial derivatives or not, but also the magnitude of risk management, measured by the notional value of outstanding derivatives contracts. This is the first study, to the best of my knowledge, to use derivatives holdings information in emerging markets. The use of a multi-country setting allows the analysis of institutional and economic factors, such as foreign currency indebtedness, the high volatility of exchange rates, the instability of political and institutional framework and the development of financial markets, which are issues of second-order importance in developed markets. The main contribution of the second paper is on the understanding of the relationship among currency derivatives usage, foreign debt and the sensitivity of operational earnings to currency fluctuations in Latin American countries. Unlikely previous findings for US firms, my evidence shows that derivatives held by Latin American firms are capable of producing cash flows comparable to financial expenses and investments, showing that derivatives are key instruments in their risk management strategies. It is also the first work to show strong and robust evidence that firms that benefit from local currency devaluation (e.g. exporters) have a natural currency hedge for foreign debt that allows them to bear higher levels of debt in foreign currency. This implies that firms under this revenue-cost structure require lower levels of hedging with derivatives. The findings also provide evidence that large firms are more likely to use derivatives, but the magnitude of derivatives holdings seems to be unrelated to the size of the firm, consistent with findings for US firms.

Estudo das relações de paridade de juros para a economia brasileira no período recente

O objetivo deste trabalho é verificar se o ajustamento das condições de paridade de juros por expectativa do mercado (paridade descoberta) e por prêmios de risco (paridades coberta e descoberta) leva à validação da relação de não-arbitragem subjacente, ou pelo menos a resultados econométricos mais próximos de sua validação. Para isso, combinamos taxas de retornos de instrumentos de renda fixa domésticos e norte-americanos e aplicamos o arcabouço econométrico de séries de tempo. Como primeiro passo de investigação, aplicamos a paridade de juros (descoberta e coberta) na sua forma tradicional. No passo seguinte aplicamos os testes econométricos às condições de paridade ajustadas por um prêmio de risco. No caso da PDJ, não obtivemos resultados satisfatórios, mesmo ajustando pelos prêmios de risco. Esse ajuste propiciou uma mudança nos sinais dos coeficientes na direção correta, mas a magnitude do coeficiente da desvalorização cambial efetiva passou a destoar bastante da magnitude das outras séries. Apesar de termos obtido a validade da PCJ na forma tradicional, não esperaríamos este resultado, pois isso implicaria que o prêmio de risco país seria nulo para este período. Ajustando a PCJ pelo prêmio de risco de não-pagamento passa-se a não obter co integração entre as séries, ou seja, o prêmio de risco de não-pagamento teria um comportamento independente do prêmio futuro e do diferencial de juros. As possíveis causas para a não obtenção dos resultados esperados são: intervalo amostraI menor que 3 anos, erro de medida dos dados de survey ou tentativa do Banco Central de controlar a taxa de câmbio nominal e as taxas de juros domésticas simultaneamente.

The risk premium on brazilian government debt, 1996-2002

The goal of this paper is to identify the determinants of the risk premium on Brazilian government debt. As the risk premium is a component of the interest rate set by the Brazilian central bank, its reduction would make it possible for the central bank to cut interest rates to levels compatible with a higher economic growth environment. The empirical evidence presented in this paper does not reject the hypotheses that fiscal solvency and the size of the public debt affect the risk premium as measured by the spread over treasury bills of the Brazilian C-bond.

Volatilidade cambial e regimes de câmbio

Regimes de câmbio flutuante têm sido amplamente adotados desde 1973. De acordo com muitos estudos empíricos, esses regimes têm manifestado maiores volatilidades do que os regimes de câmbio fixo adotados após a Segunda Guerra Mundial. Contudo, desde começo dos anos 1970, muitos países têm adotado diferentes tipos de regimes de câmbio flutuante, desde completamente livres a flutuantes administrados, assim como uma ampla variedade de regimes de câmbio rígido. O objetivo deste trabalho é verificar se a volatilidade cambial está estatisticamente associada a esses diferentes regimes de câmbio. Utilizando a classificação cambial de facto de Reinhart e Rogoff (2004), nossa pesquisa aponta que regimes de câmbio com algum tipo de rigidez cambial são menos voláteis que regimes de câmbio com flutuação livre (freely floating); além disso, aponta que regimes cambiais em períodos de instabilidade monetária são ainda mais voláteis. Verificou-se ainda, que crises cambiais são significativas e responsáveis por maior volatilidade cambial, enquanto outros tipos de crises não se mostram estatisticamente significantes. Um terceiro resultado importante é o de que a abertura comercial e a abertura financeira não apresentaram significância estatística.

O poder social

o presente trabalho teve por objetivo investigar o relacionamento entre locus externo de causalidade e aquiescência de detentores de poder e a so1icitações de subordinados. Pesquisas anteriores realizadas nos Estado Unidos demonstraram das condições que afetam os indivíduos em situação de poder levando-os a atender as solicitações de dependentes. Esse estudo constitui uma réplica parcial do experimento de Schopler e Mathew B (1965) para o teste da mesma hipótese - o detentor de poder que percebe a dependência de seu parceiro motivada por fatores externos dar-lhe-á mais ajuda que quando percebe a dependência do parceiro motivada por auto escolha (fatores internos) - com sujeitos brasileiros. O mesmo “design” serviu para o teste de duas hipóteses adicionais: a) o detentor de poder ajuda mais sem parceiro dependente quando o custo da ajuda é baixo (hipótese de Thibaut e Kelly, 1967); b) o detentor de poder ajuda menos o parceiro, percebido como dependente por força de circunstâncias externas, quando conhece antecipadamente qual a sua solicitação (hipótese original deste trabalho). Os resultados confirmaram as hipóteses ao nível de 0,05. A discussão dos resultados obtidos foi desenvolvida em termos das teorias da troca e da reatância. Com base nos resu1tados conclui-se que: (1) as relações de poder não parecem ser influenciadas pela cultura em que os agentes estão inseridos; (2) a oposição à liberdade perdida pode explicar o menor atendimento a solicitações pré-conhecidas.

Determinantes de intervenção do Banco Central do Brasil no mercado de câmbio: uma abordagem empírica por regressão logística e redes neurais

Em economias com regimes de metas de inflação é comum que Bancos Centrais intervenham para reduzir os níveis de volatilidade do dólar, sendo estas intervenções mais comuns em países não desenvolvidos. No caso do Brasil, estas intervenções acontecem diretamente no mercado à vista, via mercado de derivativos (através de swaps cambiais) ou ainda com operações a termo, linhas de liquidez e via empréstimos. Neste trabalho mantemos o foco nas intervenções no mercado à vista e de derivativos pois estas representam o maior volume financeiro relacionado à este tipo de atuação oficial. Existem diversos trabalhos que avaliam o impacto das intervenções e seus graus de sucesso ou fracasso mas relativamente poucos que abordam o que levaria o Banco Central do Brasil (BCB) a intervir no mercado. Tentamos preencher esta lacuna avaliando as variáveis que podem se relacionar às intervenções do BCB no mercado de câmbio e adicionalmente verificando se essas variáveis se relacionam diferentemente com as intervenções de venda e compra de dólares. Para tal, além de utilizarmos regressões logísticas, como na maioria dos trabalhos sobre o tema, empregamos também a técnica de redes neurais, até onde sabemos inédita para o assunto. O período de estudo vai de 2005 a 2012, onde o BCB interveio no mercado de câmbio sob demanda e não de forma continuada por longos períodos de tempo, como nos anos mais recentes. Os resultados indicam que algumas variáveis são mais relevantes para o processo de intervenção vendendo ou comprando dólares, com destaque para a volatilidade implícita do câmbio nas intervenções que envolvem venda de dólares, resultado este alinhado com outros trabalhos sobre o tema.

Determinantes macroeconômicos da estrutura a termo da taxa de juros na América Latina

O trabalho relaciona, com um modelo de três fatores proposto por Huse (2007), variáveis macroeconômicas e financeiras observáveis com a estrutura a termo da taxa de juros (ETTJ) dos países da América Latina (Brasil, Chile, Colômbia e México). Consideramos os seguintes determinantes macroeconômicos: taxa de inflação, taxa de variação do nível de atividade, variação da taxa de câmbio, nível do credit default swaps (CDS), nível da taxa de desemprego, nível da taxa de juros nominal e fatores globais (inclinação da curva de juros norte-americana e variação de índices de commodities). Os modelos explicam mais do que 75% nos casos do Brasil, Chile e Colômbia e de 68% no caso do México. Variações positivas no nível de atividade e inflação são acompanhadas, em todos os países, de um aumento na ETTJ. Aumentos do CDS, com exceção do Chile, acarretam em aumento das taxas longas. Já crescimentos na taxa de desemprego têm efeitos distintos nos países. Ao mesmo tempo, depreciações cambiais não são acompanhadas de subida de juros, o que pode ser explicado pelos bancos centrais considerarem que depreciações de câmbio tem efeitos transitórios na inflação. No México, aumentos na ETTJ são diretamente relacionados com o índice de commodities de energia e metálicas. Já no caso brasileiro, em que os preços da gasolina são regulados e não impactam a inflação, esse canal não é relevante. Variações positivas na inclinação da curva norte-americana têm efeitos similares nas curvas da América Latina, reduzindo as taxas curtas e aumentando as taxas longas.

Gestão Social em Empreendimentos Econômicos Solidários: uma abordagem no Oeste Potiguar

The central research question was to search for data to ratify the theory and discourse of the so-called practitioners of economic solidarity, by defending the substantive rationality should guide the principles of economic solidary, designing the space economy incidental and not the primacy of relations in determining social as well, reflecting the predominance of dimensions of social management in administrative practices of ESS's. For both analyzed the theoretical dimensions of social management - sociopolitical, economic, organizational and environmental - manifested in organizational practices supportive of economic organization Potiguar West. For the success of the research realized the triangulation involving a combination of quantitative and qualitative methodological approaches. At first the research will use a quantitative approach, from the cluster analysis, to verify the behavior of the sample chosen for this study. In the second stage of the qualitative study was carried out focus group technique (FLICK, 2002) for further analysis of the dimensions of social management on organizational practices supportive of economic organization, related to the principles of Solidary Economy, established in a quantitative approach. In quantitative analysis, the socio-political dimension, it was clear that the more equity instruments of internal and external, from the purposeful living in public spaces, the best monetary results. Another point worth stressing concerns the economic dimension, with the practice reciprocity prevailing in market. Thus, the qualitative approach was possible to understand the processes of exchange of product or service. Rural enterprises surveyed in the allocation of the agro-ecological products have the following scale of priority, sequentially: self-consumption (domestic), market and exchange. The research leads to the fact that training and practices that enhance the socio-political dimension (knowledge, empowerment, sense of belonging) become the guiding principle for the strengthening of the social management in the context of other dimensions, leading to gains sociopolitical, economic, organizational and environmental. Despite the weaknesses found in the organizational dimension and environment, both in a quantitative as in qualitative, we determined that the practices of ESS's Potiguar West incorporate predominantly elements of social management and economic solidarity, with a preponderance of substantive rationality in the primacy of the instrumental. Finally, research has brought information that the participants of the ESS's do not give the money economy primacy in determining social relations, which in turn leads to the confirmation that, in practice the solidarity economy, prevailing the dominance of substantive rationality, as a guide for organizational practices

Estudo in silico da interação da albumina de soro humano com o ibuprofeno

Currently, computational methods have been increasingly used to aid in the characterization of molecular biological systems, especially when they relevant to human health. Ibuprofen is a nonsteroidal antiinflammatory or broadband use in the clinic. Once in the bloodstream, most of ibuprofen is linked to human serum albumin, the major protein of blood plasma, decreasing its bioavailability and requiring larger doses to produce its antiinflamatory action. This study aimes to characterize, through the interaction energy, how is the binding of ibuprofen to albumin and to establish what are the main amino acids and molecular interactions involved in the process. For this purpouse, it was conducted an in silico study, by using quantum mechanical calculations based on Density Functional Theory (DFT), with Generalized Gradient approximation (GGA) to describe the effects of exchange and correlation. The interaction energy of each amino acid belonging to the binding site to the ligand was calculated the using the method of molecular fragmentation with conjugated caps (MFCC). Besides energy, we calculated the distances, types of molecular interactions and atomic groups involved. The theoretical models used were satisfactory and show a more accurate description when the dielectric constant ε = 40 was used. The findings corroborate the literature in which the Sudlow site I (I-FA3) is the primary binding site and the site I-FA6 as secondary site. However, it differs in identifying the most important amino acids, which by interaction energy, in order of decreasing energy, are: Arg410, Lys414, Ser 489, Leu453 and Tyr411 to the I-Site FA3 and Leu481, Ser480, Lys351, Val482 and Arg209 to the site I-FA6. The quantification of interaction energy and description of the most important amino acids opens new avenues for studies aiming at manipulating the structure of ibuprofen, in order to decrease its interaction with albumin, and consequently increase its distribution

Relações internacionais: o comércio exterior do Brasil e Rio Grande do Norte no período de 1999 a 2008

The period post-war promoted several changes in relations economic, political and social world. Since then, a new division international of labor has delineated, with the great growth of Asian countries. In the field of international relations, the world still appears to transition is not completed because the old institutions were not replaced by new ones and the power of the United States as a major capitalist country remains unshaken, even with the emergence and strengthening of new economic global blocs. With globalization, Brazil emerges with more intensity in the face of new issues global, although its share in transactions trade global hasn‟t changed accordingly. In this sense, the objective of this dissertation is to examine, in a descriptive and critical the development of international relations and trade of Brazil and Rio Grande do Norte with the main blocs in the world from 1999 to 2008. As a secondary objective: to identify the assumptions theoretical that underpinned the decisions governments of the FHC and Lula, in particular, the interference of these terms in international relations and foreign trade. Adopted as the procedure methodological the literature review of the subject, as well as collection and processing of the data of foreign trade. During the Cardoso government has undergone the substantial growth in imports, as part of the economic policy of anti-inflationary, generating large deficits trade. From the first to the second term, with the inflection of exchange rate policy the country has resumed surpluses trade. The choice of government of the autonomy participation increased the relative share of the traditional blocks in total foreign trade and reduced the share of MERCOSUL. In the Lula government, there is the maintenance of some elements of the economic policy of the previous government and the partial shift in the conduct of foreign policy, with the option of autonomy through diversification, raising its stake on the blocks and other emerging countries in total foreign trade Brazilian and reducing the contribution of the traditional blocks such as NAFTA and the European Union. A trend observed in the previous government and deepened in the Lula government was the growth in commodity exports and the decline of manufactured products, confirming the model of conservative insertion of Brazilian exports. The Rio Grande do Norte followed the trend Brazilian in the growth of foreign trade, including in participating conservative, given that the products exported by the state are basically coming from horticulture irrigated and agribusiness. However, in the aspect of destination export, the state followed trajectory distinct from that in the Lula government, with the deepening of trade relations with traditional blocks, especially with the European Union and NAFTA

Segurança do paciente no sistema de medicação: análise de enfermeiros de um hospital de ensino

This study aimed to identify and describe the factors related to Patient Safety in a medication system according to the nurses analysis in a teaching hospital from the photographic analysis method. This was a cross-sectional, descriptive study with mixed approach in a teaching hospital in Rio Grande do Norte. The population consisted of 42 nurses from inpatient units, of which 34 composed the study sample. As eligibility criteria, we defined nurses from public service and nurses who agreed to participate. Ethical determinations were observed, the study was submitted to the Ethics and Research of the University Hospital Onofre Lopes, obtaining the assent with ethical assessment certificate (CAAE 0098.0.051.294-11). For data collection, we used the photographic method (Photographic Analysis Technique) by Patricia Marck (Canada). It was developed in two phases: at first, we randomly captured photos from the medication system, resulting in 282 images; then we selected/processed the photographs, which were reduced to 10 images in Microsoft Excel 2010; in the second phase, the nurses answered the questionnaire divided into socio-professional profile and Digital Photography Scoring Tool (questions a and b ). For analysis of the question a , we used the content analysis technique, and for b , we used the Statistical Package for the Social Sciences 20.0 (temporary license). The socio-professional profile revealed the predominance of females; age group 34-43 years; professionals with specialization; 10-18 years of length of service; and nurses working exclusively in the hospital and who know the Patient Safety. The photographic analysis in relation to Patient Safety resulted in specific categories for each stage of the medication system. Regarding disposal, we identified Proper verification ; Improper verification ; Correct identification ; Disposal in single doses ; and Improper Environment , with predominance of that last category. As for storage: Proper storage ; Improper storage ; Risk of exchange/disappearance ; and Poor hygiene , with special reference to improper storage. In preparation: Risk of exchanging medication/patient ; Inappropriate physical space ; and Inadequate 9 preparation of controlled drugs , highlighting the first category. In drug administration: Lack of Personal Protective Equipment ; Use of Personal Protective Equipment ; Improper administration technique ; Proper administration technique ; Correct drug identification ; Incorrect drug identification ; and Peripheral venous access without identification . From the safety assessment of 10 photographs, by adapting the scores (1-10) to the Likert Scale, we identified three Totally Unsafe (Level 1), three Unsafe (Level 2), three Partially Safe (Level 3), one Safe (Level 4), and no photograph considered Totally Safe. This study identified the prevalence of unsafety in the medication system in the nurses opinion. We were also able to understand that, although nurses identify safety aspects, the most prevalent categories characterize an unsafe assessment. Nursing needs to reflect on its practice, identifying gaps in the medication system in order to achieve a proper and safe care

Disponibilidade de metais pesados em Latossolo com aplicação superficial de escória, lama cal, lodos de esgoto e calcário

O objetivo deste trabalho foi avaliar alguns atributos químicos do solo e a disponibilidade de cádmio (Cd), cromo (Cr), níquel (Ni), mercúrio (Hg), chumbo (Pb) e arsênio (As), por meio da extração pelo DTPA, em conseqüência da aplicação superficial de escória de aciaria, lama cal e lodos de esgoto centrifugados e de biodigestores, nas doses 0 (testemunha), 2, 4 e 8 Mg ha-1 e um tratamento adicional composto pela calagem superficial na dose 2 Mg ha-1. O experimento foi conduzido em delineamento de blocos ao acaso, em condições de campo, em área sob sistema plantio direto, durante 2003 e 2004. A aplicação superficial de escória de aciaria, lama cal, lodo de esgoto centrifugado e de biodigestor, até a dose 8 Mg ha-1, assim como o calcário na dose 2 Mg ha-1, não trazem problemas de disponibilidade ao ambiente, com relação aos metais pesados Cd, Cr, Hg, Pb, Ni e As, quando aplicados sobre a superfície em Latossolo Vermelho distrófico, no sistema plantio direto. A fitodisponibilidade de metais pesados às culturas da soja e aveia-preta foi nula, quando foram aplicadas doses de até 8 Mg ha-1 de lodo de esgoto, escória e lama cal sobre a superfície do solo, no sistema plantio direto.

A escrita do texto acadêmico na graduação: modos de utilização de conceitos teóricos de uma área de conhecimento

In this study we have developed a discussion about academic text production in the undergraduate course of Literature and Languages. Specifically, we are going to analyze the monographic text writing in order to verify the meaning effects created from the ways of showing other s discourses that constitute a written production. As a means to do that, we are going to answer the following question: How does a young researcher make use of a theory in order to be part of a particular scientific community? We aim to: 1) analyze the linguistic resources, like quotations and signs of cohesion that demonstrate the other s voice presence in academic writing; 2) observe the meaning effects produced through the ways that the one who writes shows the other s voice in the written text. Firstly, we have selected 23 (twentythree) monographs produced in the last five years by students from a Literature and Languages undergraduate course in a determined public university. However, in this study, we have analyzed just 02 (two) different monographic texts. To develop such an investigation, we have inquired Kuhn s concept of science, which shows the existence of different meanings of science production in the course of the centuries. It allows us to define academic writing as science production that develops and contributes to knowledge production. With the purpose of restricting the meaning of writing conception, we have relied on Coracini, who assumes that all writing production is the registration of the self, in other words, writing comes from the subject s intervention, it is to say that only an imposition of the self guarantees the subject as author of what he writes. We have as theoretical basis the following concepts: 1-) Authier-Revus s enunciative heterogeneity, that allowed us to analyze the written marks of the other in the monographic writing; 2-) Pêcheux s reformulation-paraphrase and Orlandi s polysemy and paraphrase, concepts that present notions of productivity and creativity as ways of meaning production, and allows us to observe how the process of language production in academic writing is established; 3-) Rossi-Landi s concept of exchange-value and use-value, which consider language as a linguistic work, allowing us to verify the differences between use and social functionality in a determined theory; and 4-) Possenti s notion of authorship indicia, with which we have identified attitudes that make the one who writes author of his own text. We have verified that writing characterized for repetition and reproduction may develop a meaning effect that constructs the idea that writing production promotes an author, a concept or a theory. We have also realized that a written text that restricts itself to reproduce other authors discourses and does not articulate a theory with data analysis or with work methodology, when evaluated is approved and legitimates itself as scientific production. That demonstrates the existence of academic productions that do not develop any functionality of the employed theory. The text works as a means to promote its theoretical concepts, and theory. It is to say that the theoretical foundantion, which usually is a way to argue and sustain scientific production, does not have any function. Thus, we consider that the way someone shows the other s discourse in academic writing may work as a way to underline what the other asserts to the detriment of the researcher s words. This fact allows us to comprehend that a way of writing may evidence a meaning effect of the author s, theory s or theoretical concepts promotion

Propriedades magnéticas de nanopartículas de ferro em substratos antiferromagnéticos

The effect of finite size on the magnetic properties of ferromagnetic particles systems is a recurrent subject. One of the aspects wide investigated is the superparamagnetic limit where the temperature destroys the magnetic order of ferromagnetic small particles. Above the block temperature the thermal value of the magnetic moment of the particle vanishes, due to thermal fluctuations. The value of the blocking temperature diminishes when the size of the particle is reduced, reflecting the reduction of the anisotropy energy barrier between the uniform states along the uniaxial axis. The increasing demand for high density magnetic media has recently attracted great research interest in periodic arrangements of nanometric ferromagnetics particles, approach in the superparamagnetic limit. An interesting conjecture is the possibility of stabilization of the magnetic order of small ferromagnetic particles (F) by interface coupling with antiferromagnetic (AF) substrate. These F/AF systems may also help to elucidate some details of the effect of exchange bias, because the effect of interface roughness and the paper of domain walls, either in the substrate or the particle, are significantly reduced. We investigate the magnetic phases of small ferromagnetic particles on a antiferromagnetic substrate. We use a self-consistent local field method, incorporating the interface field and the dipole interaction between the spins of the ferromagnetic particle. Our results indicate that increasing the area of the interface favors the formation of the uniform state. Howere above a critical height value appears a state non-uniform is formed where the spins of in the particle s free surface are rotated with respect to the interface spins direction. We discuss the impact of the competition between the dipolar and interface field on the magnetic charge, that controls the field of flux leakage of the particle, and on the format of the hysteresis curves. Our results indicate that the liquid magnetic charge is not a monotonically increasing function of the height of the particle. The exchange bias may display anomalous features, induced for the dipolar field of the spins near the F/AF interface

Nucleação de vortices e paredes de domínio em nanoestruturas magnéticas

We report a theoretical investigation of the magnetic phases and hysteresis of exchange biased ferromagnetic (F) nanoelements for three di erent systems: exchange biased nanoparticles, exchange biased narrow ferromagnetic stripes and exchange biased thin ferromagnetic lms. In all cases the focus is on the new e ects produced by suitable patterns of the exchange energy coupling the ferromagnetic nanoelement with a large anisotropy antiferromagnetic (AF) substrate. We investigate the hysteresis of iron and permalloy nanoparticles with a square basis, with lateral dimensions between 45 nm and 120 nm and thickness between 12 nm and 21 nm. Interface bias is aimed at producing large domains in thin lms. Our results show that, contrary to intuition, the interface exchange coupling may generate vortex states along the hysteresis loop. Also, the threshold value of the interface eld strength for vortex nucleation is smaller for iron nanoelements. We investigate the nucleation and depinning of an array of domain walls pinned at interface defects of a vicinal stripe/AF bilayer. The interface exchange eld displays a periodic pattern corresponding to the topology of the AF vicinal substrate. The vicinal AF substrate consists of a sequence of terraces, each with spins from one AF subalattice, alternating one another. As a result the interface eld of neighboring terraces point in opposite direction, leading to the nucleation of a sequence of domain walls in the ferromagnetic stripe. We investigated iron an permalloy micrometric stripes, with width ranging from 100 nm and 300 nm and thickness of 5 nm. We focused in domain wall sequences with same chirality and alternate chirality. We have found that for 100nm terraces the same chiraility sequence is more stable, requiring a larger value of the external eld for depinning. The third system consists of an iron lm with a thickness of 5 nm, exchange coupled to an AF substrate with a periodic distribution of islands where the AF spins have the opposite direction of the spins in the background. This corresponds to a two-sublattice noncompensated AF plane (such as the surface of a (100) FeF2 lm), with monolayer-height islands containing spins of one sublattice on a surface containing spins of the opposite sublattice. The interface eld acting in the ferromagnetic spins over the islands points in the opposite direction of that in the spins over the background. This a model system for the investigation of interface roughness e ects. We have studied the coercicivity an exchange bias hysteresis shift as a function of the distance between the islands and the degree of interface roughness. We have found a relevant reduction of coercivity for nearly compensated interfaces. Also the e ective hysteresis shift is not proportional to the liquid moment of the AF plane. We also developed an analytical model which reproduces qualitatively the results of numerical simulations