Fundos de investimento imobiliário no Brasil: as características que explicam o desempenho

O objetivo deste trabalho é ajudar o investidor que optou por investir seus recursos no mercado imobiliário a tomar sua decisão de investimento com base nas características endógenas facilmente identificáveis no prospecto dos Fundos de Investimento Imobiliários (FIIs). Foram selecionadas aquelas consideradas importantes pela literatura e foram construídos alguns modelos para testar sua influência na rentabilidade. Inicialmente, foi construído um modelo completo, com todas as variáveis, que apresentou resultados pouco relevantes, já que a maioria das variáveis não apresentou significância. Em seguida, um modelo reduzido foi montado com as variáveis que mais contribuíam para a rentabilidade, obtendo-se resultados relevantes. Através desse modelo, observou-se que FIIs que investem em desenvolvimento imobiliário, com foco no mercado residencial e com baixas taxas de administração, geraram maiores rentabilidades ao investidor.

Are returns on Foreign Direct Investment (FDI), FDI determinants?

Foreign Direct Investments (FDI) acquired an important role in the development process of the global economy. FDI inward stock was equivalent to an average of 32% of GDP for OECD countries in 2013. However, FDI affects a country’s Balance of Payments (BoP) in two ways: FDI flows are recorded in the BoP financial account while returns on FDI affect the BoP current account. Therefore, part of the positive contribution of inward FDI to a country on its financial account could be potentially offset by a negative contribution of FDI returns on the current account. The intent of this work is to complement the research on FDI determinants by introducing FDI returns as a variable in a gravity model where bilateral FDI outflows are the dependent variable. Moreover, using outward FDI flows as the dependent variable, the work allows looking at the behavior of Multinational Corporations (MNC) investing abroad. The results show that MNCs repatriate returns generating from the investments they make abroad. This is particularly true when high-income countries are involved: MNCs from high-income countries repatriate returns to their home countries from FDI made anywhere, while MNCs from middle-income countries repatriate returns from FDI in high-income countries. Repatriated returns are a relevant variable determining the value of FDI that a country makes in another country. The information on FDI returns is starting to become available to the public. This allows MNCs to sharpen their investment location decision models and national IPAs to better assess the two-fold BoP effects of promoting FDI.

Flexible information acquisition and optimal Tobin tax in tractable dynamic global games

My dissertation focuses on dynamic aspects of coordination processes such as reversibility of early actions, option to delay decisions, and learning of the environment from the observation of other people’s actions. This study proposes the use of tractable dynamic global games where players privately and passively learn about their actions’ true payoffs and are able to adjust early investment decisions to the arrival of new information to investigate the consequences of the presence of liquidity shocks to the performance of a Tobin tax as a policy intended to foster coordination success (chapter 1), and the adequacy of the use of a Tobin tax in order to reduce an economy’s vulnerability to sudden stops (chapter 2). Then, it analyzes players’ incentive to acquire costly information in a sequential decision setting (chapter 3). In chapter 1, a continuum of foreign agents decide whether to enter or not in an investment project. A fraction λ of them are hit by liquidity restrictions in a second period and are forced to withdraw early investment or precluded from investing in the interim period, depending on the actions they chose in the first period. Players not affected by the liquidity shock are able to revise early decisions. Coordination success is increasing in the aggregate investment and decreasing in the aggregate volume of capital exit. Without liquidity shocks, aggregate investment is (in a pivotal contingency) invariant to frictions like a tax on short term capitals. In this case, a Tobin tax always increases success incidence. In the presence of liquidity shocks, this invariance result no longer holds in equilibrium. A Tobin tax becomes harmful to aggregate investment, which may reduces success incidence if the economy does not benefit enough from avoiding capital reversals. It is shown that the Tobin tax that maximizes the ex-ante probability of successfully coordinated investment is decreasing in the liquidity shock. Chapter 2 studies the effects of a Tobin tax in the same setting of the global game model proposed in chapter 1, with the exception that the liquidity shock is considered stochastic, i.e, there is also aggregate uncertainty about the extension of the liquidity restrictions. It identifies conditions under which, in the unique equilibrium of the model with low probability of liquidity shocks but large dry-ups, a Tobin tax is welfare improving, helping agents to coordinate on the good outcome. The model provides a rationale for a Tobin tax on economies that are prone to sudden stops. The optimal Tobin tax tends to be larger when capital reversals are more harmful and when the fraction of agents hit by liquidity shocks is smaller. Chapter 3 focuses on information acquisition in a sequential decision game with payoff complementar- ity and information externality. When information is cheap relatively to players’ incentive to coordinate actions, only the first player chooses to process information; the second player learns about the true payoff distribution from the observation of the first player’s decision and follows her action. Miscoordination requires that both players privately precess information, which tends to happen when it is expensive and the prior knowledge about the distribution of the payoffs has a large variance.

De gata borralheira a Cinderela :nova espacialidade decorrente do desenvolvimento turístico, diferenciada pelo estilo de vida em Ponta Negra, Natal, RN

The transformations economical, social and politics in you finish them decades of the century XX brought changes that didn't just limit to the production system. The flexible accumulation took many workers lost her/it their workstations and they look for her/it new survival forms, migrating for administrative activities, of services rendered and for the tourist activity of small and medium load. The State has been investing in the implantation of plans of tourist development in order to create favorable conditions for the reproduction of the tourist activity in Brazil, mainly in the Northeast. A space when it starts to present a predominant economical activity suffers a restructuring in their social and economical relationships. The restructuring of these relationships takes to the construction of a new espacialidade. In the city of Christmas, in Rio Grande do Norte, the neighborhood of Black Tip is the most representative of the public investments for the tourist development. After intense process of tourist urbanization, Black Tip passed interfering in the global context consolidating as the tourist locus in the city. The tourist urbanization of the neighborhood took to the transformation of the space in merchandise that is sold and consumed as such. The recreation of fragments of other cultures brought by social actors, resulting from migratory processes stimulated by the tourist development, it has been presenting ruled social relationships in the informational technology, consumption of global goods and in the fragmentation of the urban space characterized by the internationalization and cosmopolitização. That process has been masking the inequalities partners and cultural as well as the territorial appropriation for an economical elite. The spaces are being appropriate for investors of the tourist section, private investors, agents and real estate producers, where the inequality is not just economical, but also cultural. The local population, mainly of the urban fraction of the Town of Black Tip, it doesn't participate of the productive process in function of the little or any professional qualification and he/she doesn't also have access to the consumption process. To the native ones it remains the fight for the preservation of his/her cultural identity and for the survival

Uso de resíduo e de minerais de pegmatito da região do seridó RN e de argilas portuguesas em formulações de grês porcelanato

In the State Rio Grande do Norte, Brazil, the most significant deposits of minerals in the production of granite and pegmatite are Seridó region. Municipalities of Parelhas and Equador are the main responsible for the production of feldspar, quartz, kaolin and granite. The ceramic industries are always in search of competitiveness by investing in new products or improving existing techniques. The stoneware is a type of pottery that stands in the market because it presents technical and aesthetic characteristics superior to other existing products. Characteristics of the raw materials initially obtained with chemical analysis and mineralogical analysis are crucial in getting a product that satisfies the conditions in a manufacturing process and is, in principle, directly related to the firing cycle. This research aimed at developing new formulations for the mass production of ceramic stoneware. The raw materials initially characterized were feldspar, quartz, kaolin and granite. As part of the research was developed at the University of Aveiro, in Portugal, we used two clays used in the production of Portuguese ceramics. The raw material Brazilian and Portuguese and the final product, both in Portugal and Brazil, were analyzed for X-ray fluorescence, X-ray diffraction, granulometric analysis, dilatometric analysis, thermal analysis and analysis of scanning electron microscopy (MEV). The specimens prepared at the University of Aveiro (DECV) were sintered at 10000C and 12000C and the specimens prepared in UFRN were sintered at 10000C, 10500C, 11000C, 11500C, 12000C, 12500C and 13000C, but the best results and demonstrating the presence of the mineral mullite were at temperatures of 12000C, 12500C and 13000C. The results showed that the granite waste used may be considered raw material of excellent quality for use in the ceramic industry and coating floors and more accurately by the industry of stoneware. Physical and mechanical tests conducted on samples of the formulations F01 and F02 developed in UFRN showed a water absorption and mechanical strength suitable for the stoneware

Fazer a ponte para a escola de todos(as)

The purpose of this study is to understand what are the matrix elements in which everyday activities of social author/authors, actor/actors and actress/actresses are embedded, in order to carry out the Escola da Ponte s political and pedagogic process (PPP). Thus, the object of this study is to reflect on an experience developed in a public school supported by the Portuguese State within the scenario of institutions that are committed to building up a school of the people by investing in democratization and community participation in their management process. The methodological course of action was targeted at the presuppositions of qualitative research (WOODS, 1999; BURGESS, 1997; MILLS, 1982; OLIVEIRA, 1998; BOGDAN and BIKLEN, 1994; MACEDO, 2000; CASAL, 1996; GEERTZ, 2000), with data collected from random word association (MACHADO and CARVALHO, 2003), the discourse of the interviewed (KAUFMANN, 1996; SILVA, 2006; 2002), observation notes and documents (ELIAS, 1997). Based on a multiple reference and theoretical framework, the investigation revealed elements that are construed as the raw material and pillars supporting the bridge of a school of the people, as well as the self-organization of the school community which emerges as a dimension that binds together all the elements and brings new arrangements into the school dynamics by moving from the individual to the society (DUPUY, 1990). Along this line, the central argument is that in the short and long run the public school quality does not spring from macro educational policies, nor from ephemeral mass-production programs, projects or governmental policies, but from the intent of the professionals working there in becoming authors and characters in the process of building up and carrying out the PPP. The Project has been conceived in the light of the needs and intentionality of the community whose support comes from the participation and social control held by the students families and the community s power to force to action public administration central agencies aiming at having the State fulfill its responsibilities

A ação do coordenador pedagógico e as suas contribuições a vivência compreensiva sob a perspectiva conscienciológica

This work is based on a reflection about my personal and professional background as a teacher and a pedagogical supervisor in two public schools in the municipality of Natal, RN, and how relevant this background is to the development of a proposal of continued formation within the scope of the school, in which a diversity of actionreflection strategies are present. In such contexts, I have identified several of my personality traits as being likely advantages or disadvantages that may contribute or not to the coming up of misunderstanding situations. The self-research experience and the identification of new dimensions of self-evaluation, self-observation and attention serve as a basis to think about the importance of experiencing the understanding within the ambit of the school. The reflections about my actions and those of the teachers bring up the hypothesis that the misunderstandings in the teaching-learning process and in the affective relations are the result of a fragmented, naive and egotistic way of thinking. Thus, they don t contribute to an experience of mutual understanding. That is why there must be an investment on new strategies of self-research and dialogue within the scope of pedagogical meetings that may come to help all educators with the analysis, identification and solving of their own problems as well as the other s. Under this perspective, the question that guides this study assumes the presupposition that the educator can invest in a qualified and meaningful pedagogical formation, either one s own and others , if one has a critical-reflexive overview about oneself and the school s pedagogical process. This research aims to explore, discuss and encourage new reflections about the act of researching in the pedagogical supervisor s role, questioning about the possibility of this action to generate contributions to the process of one s own and other s pedagogical formation within the scope of the school, in a conscientiological perspective, in which the manifestation of the thosenes of the educators are valorized. We approach Paulo Freire (1921-1997), as we see the dialogue as very important to the development of this research work, as well as an encouragement to the consciential dialogue. The empirical research took place from June 4, 2004 to November 11, 2004, with 8 pedagogical meetings and with the participation of 2 pedagogical supervisors and 8 teachers. The application of this new methodology within the scope of pedagogical meetings brought considerable contributions to the interpretation of the elements of the educators thosenes, classified according to the following: uncritical, naïve and critical thoughts; sentiments of assistential or non-assistential affectivity; and actions that may or not make the experience of mutual understanding possible. The action of the pedagogical supervisor and one s contributions to the understanding brought up reflections about new ways of investing in the process of continued formation within the scope of the school

Atuação do enfermeiro no acompanhamento do crescimento e desenvolvimento da criança

The nurses assistance in monitoring the growth and development of children has been characterized mostly a service based on the biological dimension of illness, when in reality, the actions should be combined in the reorientation of care model of the Family Health Strategy. Thus, the research aimed to examine the role of nurses in the growth and development of children. This is an exploratory and descriptive, qualitative approach. The project was approved by the Ethics Committee of the Universidade Federal do Rio Grande do Norte under Opinion No. 191/2012. Data collection was developed in the Health Units from the city of Natal, RN, Brazil. Survey participants were nurses who worked in the Family Health Strategy for at least two years and who performed the monitoring of child growth and development in the health unit selected. Data were collected through an in-depth interview, and seized material from speeches was treated as categorical thematic analysis proposed by Bardin. This process revealed three themes, which were analyzed in the light of Relief Models and Process Work in Health and Nursing and discussed based on the findings literary. The results elucidated that nurses consider their performance satisfactory as it has favored the accession of mothers of children under one year nursing visits, contributing to the reduction of morbidity and mortality due to prevalent diseases, as well as the establishment of a connection between the professionals and mothers. It was shown that despite having a promotion and prevention with the use of lightweight technologies, the nurses also emphasized the care of mothers in complaints and signs and symptoms of children, followed by referrals to professionals in the unit or to other sectors. Furthermore, we found that the process of working nurses face challenges regarding the organizational structure of services and social situation of the family. Given these statements, it is observed that despite the strong interference from hegemonic health model in the performance of nurses, it is found that these professionals have been investing in promotion and prevention to injuries to children in care, with a focus on family context. Thus, nurses are embarking on making the reorientation of health care through the use of relational technologies, which has contributed to solving the integral care to the pediatric population

Impacto urbano ocasionado por empreendimentos da construção civil no entorno da zona de proteção ambiental (zpa-6), Vila de Ponta Negra, Natal/RN

The process of urbanization in recent decades has generated considerable seriousness of problems relating to the use and occupation physical environment of cities. The concentration of population, economic activities and technological standards have reinforced an existing urban environment highly degraded as a consequence of the development style that leads to the predatory use of natural resources. In this context, cities as centers of production and consumption, have the most serious problems of environmental degradation. This study investigated the impacts of the municipal building projects to large-scale vertical in the town of Vila de Ponta Negra, Natal-RN, given the proximity to the Environmental Protection Area (ZPA-6) and considering its environmental importance , scenic, landscape and tourism for the city of Natal-RN. The fragility of the licensing process and the failure of the assumptions in the analysis, objective and subjective, for the granting of environmental permits for the building construction projects, specifically those set out in the surroundings of the Environmental Protection Area (ZPA-6) and fundamental importance of landscape and tourism for the city of Natal, has aroused the concern of local people in and of itself the Government, faced with the probable impacts that will affect greatly the Vila de Ponta Negra. The methodology used to achieve the intended objectives will be the literature review, questionnaire to the surrounding population and the Government, as well as findings on the spot, through the photographic record. The beneficiaries of the license, if the entrepreneurs, have been affected because of the granting of licensing act of investing large amount of capital in the works. Additionally, with distrust of the population, since they are to discredit the public system of environmental management have guessed by the probability of imbalance to the environment and structural damage to the Vila de Ponta Negra, where such failure to support energy, lack of regular supply of water , lack of sanitation and access roads sufficient for the flow of motor vehicles in these areas, among other factors. Thus, this work will contribute to the diagnosis and solutions to the problem in question, so that the Government will effectively fulfill its social management of ecologically balanced environment of continuing urban development in Natal, Brazil

Implantação de um sistema de detecção de vazamentos em oleodutos com tratamento de alarmes falsos

The pumping of fluids in pipelines is the most economic and safe form of transporting fluids. That explains why in Europe there was in 1999 about 30.000 Km [7] of pipelines of several diameters, transporting millíons of cubic meters of crude oil end refined products, belonging to COCAWE (assaciation of companies of petroleum of Europe for health, environment and safety, that joint several petroleum companies). In Brazil they are about 18.000 Km of pipelines transporting millions of cubic meters of liquids and gases. In 1999, nine accidents were registered to COCAWE. Among those accidents one brought a fatal victim. The oil loss was of 171 m3, equivalent to O,2 parts per million of the total of the transported volume. Same considering the facts mentioned the costs involved in ao accident can be high. An accident of great proportions can bríng loss of human lives, severe environmental darnages, loss of drained product, loss . for dismissed profit and damages to the image of the company high recovery cost. In consonance with that and in some cases for legal demands, the companies are, more and more, investing in systems of Leak detection in pipelines based on computer algorithm that operate in real time, seeking wíth that to minimize still more the drained volumes. This decreases the impacts at the environment and the costs. In general way, all the systems based on softWare present some type of false alarm. In general a commitment exists betWeen the sensibílity of the system and the number of false alarms. This work has as objective make a review of thé existent methods and to concentrate in the analysis of a specific system, that is, the system based on hydraulic noise, Pressure Point Analyzis (PPA). We will show which are the most important aspects that must be considered in the implementation of a Leak Detection System (LDS), from the initial phase of the analysis of risks passing by the project bases, design, choice of the necessary field instrumentation to several LDS, implementation and tests. We Will make na analysis of events (noises) originating from the flow system that can be generator of false alarms and we will present a computer algorithm that restricts those noises automatically

A Família do tesouro: a monumentalização da família Albuquerque Maranhão e a luta pelo poder no Rio Grande do Norte (1889-1914)

The objective of this study is to discuss the process of building a family monumentalization Albuquerque Maranhão showed that both the traditional historiography of Rio Grande do Norte, represented by Tavares de Lyra, Rocha Pombo e Câmara Cascudo, as reflected in urban areas of Natal. To understand this process, we intend to analyze the production of the aforementioned authors as well as more recent studies, trying to discern or identify an attempt to link them to the family name to the history of Albuquerque Maranhão State, which ended up giving visibility to this group, making it the characters featured in the scenario of local history, investing them with a monumental character. In addition to historical analysis, we observe changes in the urban landscape of the city of Natal in the early twentieth century orchestrated by members of this family, which tied his line to public spaces for a new and modern city. Through this review, we will be able to realize that such practices turned out to be a stage of political disputes between Albuquerque Maranhão and opposition groups who were anxious to remove them both from the center of historical narratives on the Rio Grande do Norte, as well as the political space of the State environment exclusive domain of this group for nearly twenty years

Distribuição espacial, formação de grupos, uso do hábitat e ecologia comportamental de jovens de tubarão limão, negaprion brevirostris (poey 1868), no arquipélago de fernando de noronha

Lemon sharks, Negaprion brevirostris, are common in the Fernando de Noronha Archipelago, but detailed information about the species in this site is lacking. The aim of this study was to describe the spatial distribution, grouping behavior, habitat use and behavioral ecology of juvenile lemon sharks in the archipelago, and their interaction with some environmental and ecological factors. During 2006 and 2007, the presence and spatial distribution of juvenile sharks were quantified through scuba diving and snorkeling at several sites of the archipelago. In 2008 the habitat use of juvenile sharks was quantified through visual census while snorkeling along 300 x 8 m strip transects. During these transects the grouping behavior of lemon sharks was quantified by ad libitum. Results indicate that Fernando de Noronha Archipelago is used as a nursery area for lemon sharks, and the parturition occurs from November to April. Juveniles preferred using shallower areas available by the tide variation and formed groups only in the presence of adult conspecifics. This preference for shallower habitats and the group behavior probably are anti-predatory tactics used by juvenile lemon sharks, in response to the low availability of shelter and high predation risk of the studied areas. Quantifications of prey availability and predation risk of juveniles showed that, in general, lemon sharks are trading-off food by security and investing in sites with higher possibility of energetic return. Behavioral observations enabled to record juvenile carangid fishes following juvenile lemon sharks, remora host-parasite and juvenile sharks foraging on schools of herrings and octopuses. We also recorded the behavior of juvenile sharks following conspecifics of similar size, circling with two or three individuals and smaller individuals giving way to larger juveniles. When adults are present, juvenile lemon sharks are more social than solitary, indicating that predation is one of the factors that contribute to social behaviors of the species. Results also suggest that when grouped the juveniles have a hierarchical organization according to body size. Furthermore, observation of large adult females with several fresh mating bites and scars in the same habitats used by juvenile lemon sharks, indicates that Fernando de Noronha Archipelago is used as nursery and mating grounds by this species

Suporte ao uso de álcool e drogas na atenção primária: um estudo com equipes de Natal/RN

National surveys indicate that 6.8 % of the brazilian population is dependent on alcohol and 1 % dependent on illicit drugs, representing a significant portion of the population affected by this issue . Primary Care becomes instrumental in expanding the coverage of this demand and in reducing unnecessary referrals for specialized care. This study aimed to investigate the responsiveness and institutional support of Primary Care Teams in relation to the demands of alcohol and drugs users. The research was conducted in a Family Health Unit in West Sanitary District of Natal City. With quantitative and qualitative nature, our study consisted of two stages. At first, we performed a mapping of alcohol and other drugs abusive use in a sample of the population assisted by Family Heath Teams, using sociodemographic questionnaire and ASSIST (Alcohol, Smoking and Substance Involvement Screening Test). 406 questionnaires were completed. Of these questionnaires, 27.8% are men and 72.2% women, of which 56% are between 20 and 39 years-old, they are housewives, have a stable relationship and are consumers of tobacco (37.6%), marijuana (13%) and especially alcohol (57%). In second stage, two Conversation Circles with Family Health Teams and the referential Family Health Support Center were formed to discuss the data of the mapping realized in the previous phase. The circles, which had participation of 20 of the 37 professional teams from Family Health and 2 from Family Health Support Center, showed a lack of professional training in the subject; inability of the healthcare network in the user embracement; belief of professionals that nothing can be done when matter is alcohol and drugs; and referencing as the only care action performed by teams. Thus we point out the need to support an approach on issues of alcohol and drugs which consider gender issues, investing in Harm Reduction Policy as a possibility of working in this context for recognizing each user in their uniqueness and strategizing with them to promote health in a broad and contextualized way

Criação de empresas à luz do modelo de decisão effectuation: um estudo com mulheres empreendedoras no município de Currais Novos/RN

This study analysed the creation of businesses by entrepreneur women in the Currais Novos city, looking for verifying if they used making decision processes aligned to the Effectuation logic throughout the creation of their companies. To this, was accomplished a multiple cases and exploratory study, whit a qualitative approach of analyse, using the thematic life history technique that match accounts and semi-structured interview route, being accomplished like a long interview, where the researcher interact with the informer continuously. The semi-structured interview route was created by the adaptation of the interview route used by Tasic (2007). The present study appealed to a intentional selection of individuals in function of their importance in relation to the boarded theme. This means that the individuals were chosen in function of their social and theoretical representatively inside the considered situation. The participant individuals of this research were five entrepreneur women that act in the Currais Novos city, owners of five different companies. To the data treatment and analyse, was chosen the content analyse technique. This study worked with a priori theoretical categories. The categories of analyse in this study was obtained with base in the Effectuation approach (SARASVATHY, 2001a, 2001b, 2008), that is an alternative model of making decision to the classic model based in the causality principle. These categories are Clarity of Initial Aims , Tolerance to the Lost and Initials Investments , Control of Resources ( who I am , what I know and who I know ) and Promoting Over Contingencies . As result, the entrepreneur women researched, in a general way, hadn t clear initial aims at the companies creation moment, hadn t aversion to the risk to lose the time and the money that they were investing in the company in formation, they highlighted the products and services identity that offered with a strong link with Seridó region, they had experience in the field of activity in which they decided to open their companies, had the commitment of partners in the beginning of the business and they knew to transform the initial difficulties in opportunities. By the end, this study conclude that the entrepreneur women studied used, in a big part, making decision processes aligned to the Effectuation logic throughout the creation of their companies