The effect of guia exame's ratings on the brazilian fund industry: an analysis of net-worth flows

This paper infers the impact the publication Guia Exame (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Capital flows and monetary control under a domestic currency substitution regime: the recent Brazilian experience

The 90s have witnessed a resumption in capital flows to Latin America. due to the conjugation of low interest rates in the US and economic reforms in most LA countries. In Brazil. however. substantial capital flows have becn induced by the extremely high domestic interest rates practiced by the Central Bank as a measure of last reson given the absence of successful stabilization policies. These very high interest rates were needed to prevent capital flight in a context of a surprisingly stable inflation rate above 20% a month. and keep interest bearing govemment securities preferable to foreign assets as money substitutes. We carefully describe how this domestic currency substitution regime (interest bearing govemment securities are substituted for MIas cash holdings) requires the Central Bank to renounce aoy control over monerary aggregates. In this domestic currency substitution regime. hyperinflation is the most likely outcome of an isolated (i.e.. without fiscal adjusanents) attempt by the Brazilian Central Bank to control money.

Balance of payment crises and capital flows : the role of liquidity

A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries.

The effect of guia exame’s ratings on the brazilian fund industry: an analysis of net-worth flows

This paper infers the impact the publication “Guia Exame” (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds’ net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Numerical solution of the eXtended Pom-Pom model for viscoelastic free surface flows

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

A continuously differentiable upwinding scheme for the simulation of fluid flow problems

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

Numerical Experimental Comparison of Dam Break Flows with non-Newtonian Fluids

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Simulation results and applications of an advection bounded scheme to practical flows

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

Electrofluid dynamic (EFD) energy conversion in gas flows with suspended nanoparticles

This work presents simulations of the Electrofluid Dynamic energy conversion process in slender channel devices having very small particles (in both micro and nano scales) as charge carriers. Solutions are discussed for a system composed by coupled differential equations, which includes the equation for the total current along the channel, the equations for total energy and momentum of the mixture (gas and solid particles), the continuity equation and the equations for energy and momentum of a single particle. Results for suspended particles of higher diameters have been previously published in the Literature, but the simulations here presented exhibit an appreciable increase in the values for output currents.

Electrofluid dynamic (EFD) energy conversion in gas flows with suspended nanoparticles

This work presents simulations of the Electrofluid Dynamic energy conversion process in slender channel devices having very small particles (in both micro and nano scales) as charge carriers. Solutions are discussed for a system composed by coupled differential equations, which includes the equation for the total current along the channel, the equations for total energy and momentum of the mixture (gas and solid particles), the continuity equation and the equations for energy and momentum of a single particle. Results for suspended particles of higher diameters have been previously published in the Literature, but the simulations here presented exhibit an appreciable increase in the values for output currents.

LEAST ACTION PRINCIPLE and THE INCOMPRESSIBLE EULER EQUATIONS WITH VARIABLE DENSITY

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

On negative flows of the AKNS hierarchy and a class of deformations of a bihamiltonian structure of hydrodynamic type

A deformation parameter of a bihamiltonian structure of hydrodynamic type is shown to parametrize different extensions of the AKNS hierarchy to include negative flows. This construction establishes a purely algebraic link between, on the one hand, two realizations of the first negative flow of the AKNS model and, on the other, two-component generalizations of Camassa-Holmand Dym-type equations. The two-component generalizations of Camassa-Holm- and Dym-type equations can be obtained from the negative-order Hamiltonians constructed from the Lenard relations recursively applied on the Casimir of the first Poisson bracket of hydrodynamic type. The positive-order Hamiltonians, which follow froth the Lenard scheme applied on the Casimir of the second Poisson bracket of hydrodynamic type, are shown to coincide with the Hamiltonians of the AKNS model. The AKNS Hamiltonians give rise to charges conserved with respect to equations of motion of two-component Camassa-Holm- and two-component Dym-type equations.

Supersymmetry flows, semi-symmetric space sine-Gordon models and the Pohlmeyer reduction

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Supersymmetry of Affine Toda Models as Fermionic Symmetry Flows of the Extended mKdV Hierarchy

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

High-order upwinding and the hydraulic jump

This work is concerned with the computation of incompressible axisymmetric and fall three-dimensional free-surface flows. In particular, the circular-hydraulic jump is simulated and compared with approximate analytic solutions. However, the principal thrust of this paper is to provide a real problem as a test bed for comparing the many existing convective approximations. Their performance is compared; SMART, HLPA and VONOS emerge as acceptable upwinding methods for this problem. Copyright (C) 2002 John Wiley Sons, Ltd.