Prospect theory, diversificação ingênua e propensão a risco de especialistas em mercado: evidência empírica no Brasil

The Prospect Theory is one of the basis of Behavioral Finance and models the investor behavior in a different way than von Neumann and Morgenstern Utility Theory. Behavioral characteristics are evaluated for different control groups, validating the violation of Utility Theory Axioms. Naïve Diversification is also verified, utilizing the 1/n heuristic strategy for investment funds allocations. This strategy causes different fixed and equity allocations, compared to the desirable exposure, given the exposure of the subsample that answered a non constrained allocation question. When compared to non specialists, specialists in finance are less risk averse and allocate more of their wealth on equity.

O modelo de avaliação de ativos: (Capital asset pricing model)

Examina o modelo de seleção de portfólios desenvolvido por Markowitz, principalmente no que concerne: as suas relações com a teoria da utilidade de Von Neumann-Morgenstern; aos algo ritmos de solução do problema de Programação Quadrática paramétrica dele decorrente; a simplificação proporcionada pelo Modelo Diagonal de Sharpe. Mostra que a existência de um título sem risco permite a especificação do Teorema da Separação e a simplificação do problema de seleção de portfólios. Analisa o modelo denominado por CAPM, de equilíbrio no Mercado de Capitais sob condições de incerteza, comparando os processos dedutivos empregados por Lintner e Mossin. Examina as implicações decorrentes do relaxamento dos pressupostos subjacentes ã esse modelo de equilíbrio geral, principalmente a teoria do portfólio Zero-Beta desenvolvida por Black.

Asymmetric preferences in investment decisions in the Brazilian financial market

The main objective of this article is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results than the classic Von Neumann-Morgenstern utility functions in the Brazilian market. The asymmetric behavior can be computed through the introduction of a disappointment (or loss) aversion coefficient in the classical expected utility function, which increases the impact of losses against gains. The results generated by both traditional and loss aversion utility functions are compared with real data from the Brazilian market regarding stock market participation in the investment portfolio of pension funds and individual investors.

Electron microprobe and Raman spectroscopic investigation of monazite from chromitites of Cedrolina (Goias State, Brazil)

Monazite from chromitites of Cedrolina (Goias State, Brazil) was investigated by electron microprobe and Raman spectroscopy. Monazite has been rarely encountered in chromitites. In Brazil, it was previously reported from chromitites of the Campo Formoso layered intrusion. Comparison between the two occurrences indicates similar morphology and textural characteristics, but remarkable differences in chemical composition. In both cases, monazite occurs as irregular grains (up to 200 mu m) preferentially located in the chlorite-serpentine matrix of the chromitite, more rarely included in chromite. However, the monazite from Cedrolina is characterized by higher Ce/La ratio, and Pr, Nd, Th contents, compared with the monazite from Campo Formoso. The obtained Raman spectra are very similar in the two cases, suggesting that the compositional variation of monazites and the spectral resolution of the Raman do not allow a conclusive chemical analysis with Raman spectra. Textural evidence indicates that, in both occurrences, monazite precipitation did not take place at high temperature, concomitantly with the host chromitite. In the Campo Formoso chromitites, precipitation of monazite has been related with percolation of hydrothermal, aqueous and acid fluids emanating from a granite batholith. on the contrary, the Cedrolina monazite probably formed during one of the metamorphic events that affected the area in which the host chromitite occurs.

Perspectivas históricas da pesquisa operacional

Pós-graduação em Educação Matemática - IGCE

Platinum-Group Minerals in Chromitites of the Niquelandia Layered Intrusion (Central Goias, Brazil): Their Magmatic Origin and Low-Temperature Reworking during Serpentinization and Lateritic Weathering

A variety of platinum-group-minerals (PGM) have been found to occur associated with the chromitite and dunite layers in the Niquelandia igneous complex. Two genetically distinct populations of PGM have been identified corresponding to phases crystallized at high temperatures (primary), and others formed or modified during post-magmatic serpentinization and lateritic weathering (secondary). Primary PGM have been found in moderately serpentinized chromitite and dunite, usually included in fresh chromite grains or partially oxidized interstitial sulfides. Due to topographically controlled lateritic weathering, the silicate rocks are totally transformed to a smectite-kaolinite-garnierite-amorphous silica assemblage, while the chromite is changed into a massive aggregate of a spinel phase having low-Mg and a low Fe3+/Fe2+ ratio, intimately associated with Ti-minerals, amorphous Fe-hydroxides, goethite, hematite and magnetite. The PGM in part survive alteration, and in part are corroded as a result of deep chemical weathering. Laurite is altered to Ru-oxides or re-crystallizes together with secondary Mg-ilmenite. Other PGM, especially the Pt-Fe alloys, re-precipitate within the altered chromite together with kaolinite and Fe-hydroxides. Textural evidence suggests that re-deposition of secondary PGM took place during chromite alteration, controlled by variation of the redox conditions on a microscopic scale.

O evento 11 de setembro: (re)criação da história no romance Extremely Loud & Incredibly Close (2005), de Jonathan Safran Foer

Pós-graduação em Letras - IBILCE

Referência e code-switching: traços de singularidade na linguagem de uma criança bilíngue

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

NIRS and iSPA-PLS for predicting total anthocyanin content in jaboticaba fruit

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The FGM bivariate lifetime copula model: a bayesian approach

In this paper, we propose a bivariate distribution for the bivariate survival times based on Farlie-Gumbel-Morgenstern copula to model the dependence on a bivariate survival data. The proposed model allows for the presence of censored data and covariates. For inferential purpose a Bayesian approach via Markov Chain Monte Carlo (MCMC) is considered. Further, some discussions on the model selection criteria are given. In order to examine outlying and influential observations, we present a Bayesian case deletion influence diagnostics based on the Kullback-Leibler divergence. The newly developed procedures are illustrated via a simulation study and a real dataset.

Isotopic, trace element and nutrient characterization of coastal waters from Ubatuba inner shelf area, south-eastern Brazil

Stable isotopes, tritium, radium isotopes, radon, trace elements and nutrients data were collected during two sampling campaigns in the Ubatuba coastal area (south-eastern Brazil) with the aim of investigating submarine groundwater discharge (SGD) in the region. The isotopic composition (delta D, delta(18)O, (3)H) of submarine waters was characterised by significant variability and heavy isotope enrichment. The stable isotopes and tritium data showed good separation of groundwater and seawater groups. The contribution of groundwater in submarine waters varied from a few % to 17%. Spatial distribution of (222)Rn activity concentration in surface seawater revealed changes between 50 and 200 Bq m(-3) which were in opposite relationship with observed salinities. Time series measurements of (222)Rn activity concentration in Flamengo Bay (from 1 to 5 kBq m(-3)), obtained by in situ underwater gamma-spectrometry showed a negative correlation between the (222)Rn activity concentration and tide/salinity. This may be caused by sea level changes as tide effects induce variations of hydraulic gradients, which increase (222)Rn concentration during lower sea level, and opposite, during high tides where the (222)Rn activity concentration is smaller. The estimated SGD fluxes varied during 22-26 November between 8 and 40 cm d(-1), with an average value of 21 cm d(-1) (the unit is cm(3)/cm(2) per day). The radium isotopes and nutrient data showed scattered distributions with offshore distance and salinity. which implies that in a complex coast with many small bays and islands, the area has been influenced by local currents and groundwater-seawater mixing. SGD in the Ubatuba area is fed by coastal contaminated groundwater and re-circulated seawater (with small admixtures of groundwater). which claims for potential environmental concern with implications on the management of freshwater resources in the region. (C) 2007 Elsevier Ltd. All rights reserved.

Vitamin or mineral supplement intake and the risk of head and neck cancer: pooled analysis in the INHANCE consortium

To investigate the potential role of vitamin or mineral supplementation on the risk of head and neck cancer (HNC), we analyzed individual-level pooled data from 12 casecontrol studies (7,002 HNC cases and 8,383 controls) participating in the International Head and Neck Cancer Epidemiology consortium. There were a total of 2,028 oral cavity cancer, 2,465 pharyngeal cancer, 874 unspecified oral/pharynx cancer, 1,329 laryngeal cancer and 306 overlapping HNC cases. Odds ratios (OR) and 95% confidence intervals (CIs) for self reported ever use of any vitamins, multivitamins, vitamin A, vitamin C, vitamin E, and calcium, beta-carotene, iron, selenium and zinc supplements were assessed. We further examined frequency, duration and cumulative exposure of each vitamin or mineral when possible and stratified by smoking and drinking status. All ORs were adjusted for age, sex, race/ethnicity, study center, education level, pack-years of smoking, frequency of alcohol drinking and fruit/vegetable intake. A decreased risk of HNC was observed with ever use of vitamin C (OR = 0.76, 95% CI = 0.590.96) and with ever use of calcium supplement (OR = 0.64, 95% CI = 0.420.97). The inverse association with HNC risk was also observed for 10 or more years of vitamin C use (OR = 0.72, 95% CI = 0.540.97) and more than 365 tablets of cumulative calcium intake (OR = 0.36, 95% CI = 0.160.83), but linear trends were not observed for the frequency or duration of any supplement intake. We did not observe any strong associations between vitamin or mineral supplement intake and the risk of HNC.

Underlying Event measurements in pp collisions at root s=0.9 and 7 TeV with the ALICE experiment at the LHC

We present measurements of Underlying Event observables in pp collisions at root s = 0 : 9 and 7 TeV. The analysis is performed as a function of the highest charged-particle transverse momentum p(T),L-T in the event. Different regions are defined with respect to the azimuthal direction of the leading (highest transverse momentum) track: Toward, Transverse and Away. The Toward and Away regions collect the fragmentation products of the hardest partonic interaction. The Transverse region is expected to be most sensitive to the Underlying Event activity. The study is performed with charged particles above three different p(T) thresholds: 0.15, 0.5 and 1.0 GeV/c. In the Transverse region we observe an increase in the multiplicity of a factor 2-3 between the lower and higher collision energies, depending on the track p(T) threshold considered. Data are compared to PYTHIA 6.4, PYTHIA 8.1 and PHOJET. On average, all models considered underestimate the multiplicity and summed p(T) in the Transverse region by about 10-30%.