O mercado acionário brasileiro e a macroeconomia: um estudo sobre o impacto de indicadores macroeconômicos e da política monetária sobre diversos setores e índices de ações

Este trabalho consiste no estudo do tipo de correlação e previsibilidade existentes entre a bolsa brasileira, representada pelos índices Ibovespa e SmallCaps, e indicadores macroeconômicos, como produção industrial, inflação e Produto Interno Bruto. No processo, o mercado acionário é dividido setorialmente. Tal divisão tenta reduzir os riscos não sistêmicos através da diversificação de ações e se utiliza de um critério de liquidez pré-estabelecido. A parte final do trabalho estuda a relação desses setores com indicadores mais específicos da economia brasileira como crédito, inadimplência, vendas no varejo, produção e licenciamento de veículos.

The forward and the equity premium puzzles: two symptoms of the same illness?

The Forward Premium Puzzle (FPP) is how the empirical observation of a negative relation between future changes in the spot rates and the forward premium is known. Modeling this forward bias as a risk premium and under weak assumptions on the behavior of the pricing kernel, we characterize the potential bias that is present in the regressions where the FPP is observed and we identify the necessary and sufficient conditions that the pricing kernel has to satisfy to account for the predictability of exchange rate movements. Next, we estimate the pricing kernel applying two methods: i) one, du.e to Araújo et aI. (2005), that exploits the fact that the pricing kernel is a serial correlation common feature of asset prices, and ii) a traditional principal component analysis used as a procedure 1;0 generate a statistical factor modeI. Then, using on the sample and out of the sample exercises, we are able to show that the same kernel that explains the Equity Premi um Puzzle (EPP) accounts for the FPP in all our data sets. This suggests that the quest for an economic mo deI that generates a pricing kernel which solves the EPP may double its prize by simultaneously accounting for the FPP.

Adaptation of the international investment contract: the hardship clause

Este trabalho acadêmico explora, em linhas gerais, a questão da adaptação do contrato de investimento internacional, e o tema ‘cláusula de hardship’ em específico. Objetiva-se efetuar uma análise detalhada da cláusula de hardship, como meio de adaptação e flexibilização de contratos internacionais de investimento sob a ótica da prática jurídica e mercantil contemporânea. A discussão se centra no contraste entre a possibilidade de adaptação do contrato por circunstâncias imprevisíveis e o imperativo de previsibilidade no investimento. Nesse sentido, o estudo busca oferecer soluções práticas para o dilema existente entre a necessidade de segurança na relação econômica (cumprimento do contato) e a prevenção da possibilidade de ruína financeira para quaisquer das partes no caso de uma mudança brusca no contexto dos negócios. O trabalho está centrado em uma investigação teórica acerca dos temas de readaptação contratual; diferenças entre sistemas jurídicos de estados-nações, e suas consequências no comércio internacional; e a cláusula de hardship em si. Como forma de contribuir para uma compreensão prática na questão da adaptação do contrato de investimento internacional devido a fatores imprevistos, este trabalho analisa casos reais e tendências atuais observadas na arbitragem internacional.

Estilo, comovimento e previsibilidade de retorno: uma análise do mercado brasileiro entre 2000-2011

Wahal e Yavuz (2009) divulgaram trabalho ampliando a literatura da teoria de finanças comportamentais, unindo os conceitos de momento, estilo e comovimento como ferramentas de previsibilidade de retorno em investimentos. Eles descobriram que ativos com maior comovimento apresentam retornos mais elevados que os de baixo comovimento. Buscamos replicar a sua metodologia ao mercado brasileiro de maneira aplicável a realidade de baixa liquidez e quantidade reduzida de ativos do nosso mercado de ações. Nossos resultados não apresentaram a mesma tendência do trabalho original, porém verificamos, ainda que de forma limitada, a possibilidade de explorar estratégias lucrativas usando este arcabouço.

Consumption-Wealth Ratio and Expected Stock Returns: Evidence from Panel Data on G7 Countries

Using the theoretical framework of Lettau and Ludvigson (2001), we perform an empirical investigation on how widespread is the predictability of cay {a modi ed consumption-wealth ratio { once we consider a set of important countries from a global perspective. We chose to work with the set of G7 countries, which represent more than 64% of net global wealth and 46% of global GDP at market exchange rates. We evaluate the forecasting performance of cay using a panel-data approach, since applying cointegration and other time-series techniques is now standard practice in the panel-data literature. Hence, we generalize Lettau and Ludvigson's tests for a panel of important countries. We employ macroeconomic and nancial quarterly data for the group of G7 countries, forming an unbalanced panel. For most countries, data is available from the early 1990s until 2014Q1, but for the U.S. economy it is available from 1981Q1 through 2014Q1. Results of an exhaustive empirical investigation are overwhelmingly in favor of the predictive power of cay in forecasting future stock returns and excess returns.

Uma análise crítica do papel da jurisprudência no planejamento tributário: tensões principiológicas e desafios à uniformidade

Como em países de tradição civil law, o sistema jurídico brasileiro consagra a lei como fonte primária e garantia do Estado de Direito. A hermenêutica, como teoria científica da arte de interpretar, impõe-se em nosso sistema como canal destinado a suprir as vaguezas e imprecisões da lei e resolver-lhe os conflitos normativos, pelos métodos e critérios tradicionais. A jurisprudência, entendida como um conjunto uniforme e constante de decisões sobre assuntos similares, tem um papel secundário, e as ideias de Direito e Justiça, nesse contexto, muito se aproximam da lei. Com a promulgação da Constituição democrática de 1988, e o renascimento do direito constitucional brasileiro, cujo marco filosófico é o pós-positivismo, o constituinte atribuiu normatividade aos princípios constitucionais. Mas não sistematizou as relações dos princípios entre si, e destes com regras igualmente positivadas na Constituição, fazendo emergir certas tensões principiológicas e também entre princípios e regras constitucionais. Superado o modelo positivista, que equiparava o Direito à lei, ganharam grande importância as discussões relacionadas à neutralidade do aplicador da norma, e os voluntarismos e personalismos praticados sob ideais subjetivos de justiça. Nesse novo contexto, a jurisprudência assume papel protagonista, e aproxima o modelo brasileiro das jurisdições do common law. Entretanto, a vinculação apenas extraordinária dos julgadores aos precedentes, que deita raízes no regime de livre convencimento, induz falta de uniformidade e de coerência dos julgados, acerca de questões jurídicas similares, comprometendo a estabilidade, gerando incerteza e insegurança jurídica, e por via de consequência, relevantes empecilhos ao planejamento empresarial e aos investimentos que dele dependem, o que tende a gerar prejuízos ao ambiente de negócios do País. Essa perspectiva tem o objetivo de demonstrar que o Direito, enquanto sistema harmônico de normas, requer limites claros, e que esses limites, em nosso sistema constitucional, significam precisamente a imposição de métodos que assegurem à sociedade pronunciamentos uniformes e coerentes por parte do aplicador da norma, mediante observância de precedentes adequadamente sopesados em direção à harmonia, segurança jurídica e previsibilidade.

Uma arquitetura distribuída de hardware e software para controle de um robô móvel autônomo

BRITTO, Ricardo S.; MEDEIROS, Adelardo A. D.; ALSINA, Pablo J. Uma arquitetura distribuída de hardware e software para controle de um robô móvel autônomo. In: SIMPÓSIO BRASILEIRO DE AUTOMAÇÃO INTELIGENTE,8., 2007, Florianópolis. Anais... Florianópolis: SBAI, 2007.

Responsabilidade civil como função social na distribuição e revenda de combustível face ao direito do consumidor e ao meio ambiente

The civil liability of the distribution and retail fuel stems from the fact business activity developed to be high risk and can be said as risk inherent or latent danger that has predictability and normality characterized by placing the consumer in a position of vulnerability, such as the environment, both public policies defined and constitutional protection. Consumer protection as a fundamental right and the environment as the primacy of social order aims the welfare and social justice, as inserted right to the third dimension, are guarded by the State when it creates operational standards through public policies and indirectly intervenes in the economic order. This intervention is due to consumer protection and the environment are economic order principles, founded on free initiative and free competition, ensuring everyone a dignified existence which underlies the irradiation of fundamental rights in private initiative, before the commercial evaluation, mass consumption, the emergence of new technologies that link consumers to the environment before the protection of life, health and safety and ensuring a better quality of life for present and future generations. To repair this damage and the right to information are provided as fundamental rights that put the person at the epicenter of the relations and collective interest stands out against individual interests that to be done need public-private partnership. In such a way that the used methodology was an analysis of documents correlating them with bibliographic sources whose goals are to recognize the civil responsibility as limit to subjective right, having to develop a social function where guilt and risk grow distant and the damage is configured as a consequence of inherent risk, requiring the State interventional postures in fulfilling its public policy; prevailing in these risky activities the solidarity of those involved in the chain of production and socialization of damage forward those are provided directly of products of hazardous nature that put in a position of vulnerability the environment and the consumer

Uma arquitetura distribuída de hardware e software para controle de um robô móvel autônomo

In this work, we present a hardware-software architecture for controlling the autonomous mobile robot Kapeck. The hardware of the robot is composed of a set of sensors and actuators organized in a CAN bus. Two embedded computers and eigth microcontroller based boards are used in the system. One of the computers hosts the vision system, due to the significant processing needs of this kind of system. The other computer is used to coordinate and access the CAN bus and to accomplish the other activities of the robot. The microcontroller-based boards are used with the sensors and actuators. The robot has this distributed configuration in order to exhibit a good real-time behavior, where the response time and the temporal predictability of the system is important. We adopted the hybrid deliberative-reactive paradigm in the proposed architecture to conciliate the reactive behavior of the sensors-actuators net and the deliberative activities required to accomplish more complex tasks

Dental Implants in Patients With Osteoporosis: A Clinical Reality?

Osteoporosis is a systemic disorder characterized by generalized decrease in bone mineral density. Dental implantology is a specialty with high predictability when both quantity and quality of the bone are respected. Therefore, the diagnosis and the implant treatment in patients with osteoporosis are important. In the current study, a literature review about osteoporosis and dental implant therapy was conducted. PubMed, Cochrane, ISI, Dentistry Oral Science, SciELO, and Bireme databases were consulted over the last 20 years. English- and Portuguese-language articles were included in this revision. Some authors stated that the osteoporotic bone is similar to the proposed model of bone type IV. Randomized clinical studies reported implant failure in patients with osteoporosis after menopause. Studies that contraindicate the use of implants in patients with osteoporosis infer that the impaired bone metabolism led to reduction of bone healing around the implants. Nevertheless, other authors believe that the presence of osteoporosis is not a definitive condition to contraindicate the therapy with dental implants. In these cases, the dentist should perform a proper treatment planning, modifying the implant geometry, and use larger implant diameter and with surface treatment. Thus, osteoporosis is not a contraindication for implant surgery because an accurate analysis of bone quality by means tomography is performed.

Aesthetic Approach in Single Immediate Implant-Supported Restoration

The aim of this study was to analyze the main aspects that influence the aesthetics of single immediate implant-supported restorations through a literature review on the MEDLINE database. It was observed that immediate implant-supported restorations present clinical success with aesthetic predictability demonstrated by the literature. Proper patient selection and diagnostic and multidisciplinary planning are essential and should be associated to technical ability of professional and knowledge concerning the biology of peri-implant tissues. It is suggested that provisional restoration should be immediately inserted after implant fixation to guide healing of gingival tissues with a proper emergence profile besides psychologic comfort for a patient due to immediate aesthetic reestablishment.

O efeito da retração dos dentes anteriores sobre o ponto A em pacientes submetidos ao tratamento ortodôntico corretivo

OBJETIVO: avaliar o efeito da retração anterior sobre o ponto A sagital e verticalmente, bem como a correlação e a previsibilidade do comportamento dessas estruturas. METODOLOGIA: sessenta telerradiografias em norma lateral foram usadas, tomadas no início e no final do tratamento ortodôntico corretivo, a partir de 30 pacientes (22 feminino e 8 masculino) com idade entre 10 e 17 anos antes do tratamento, com má oclusão de Classe II, divisão 1 ou Classe I, que foram submetidos às extrações dos quatro primeiros pré-molares ou somente dois primeiros pré-molares superiores. Além das variáveis .1NA,1-NA, 1.PP e 1-A, mensurações lineares horizontais e verticais foram feitas em relação a uma linha de referência construída a partir da linha SN menos 7º e uma linha perpendicular a ela. Todos os dados foram mensurados duas vezes, e as médias foram submetidas ao teste t emparelhado, de correlação linear e de regressão. RESULTADOS: em média, o ponto A retraiu 0,71mm e movimentou para baixo 2,38mm, seguindo 1,03mm e 4,13mm de retração, respectivamente, do ápice radicular e da borda incisal, e 2,35mm de extrusão dentária. A retração do ponto A apresentou correlação positiva em relação ao ápice radicular (r = 0,75; alfa < 0,0001) e em relação à retração da borda incisal (r = 0,70; alfa < 0,0001), mostrando um comportamento ântero-posterior previsível. CONCLUSÕES: concluiu-se que o ponto A retraiu-se e movimentou-se para baixo seguindo o dente, e a retração do ponto A em relação aos incisivos foi previsível.

Regeneration of class III furcation defects with basic fibroblast growth factor (b-FGF) associated with GTR. A descriptive and histometric study in dogs

Background: the poor predictability of periodontal regenerative treatment of Class III furcation defects stimulates the study of alternatives to improve its results, such as the use of polypeptide growth factors. The objective of this study was to evaluate, both histologically and histometrically, the effects of topical application of basic fibroblast growth factor (b-FGF) associated with guided tissue regeneration (GTR) in the treatment of Class III defects surgically induced in dogs.Methods: All second and fourth premolars of 5 mongrel dogs were used and randomly assigned to one of three treatment groups: group 1 (control), treated with scaling and root planing, tetracycline hydrochloride (125 mg/ml) conditioning, and GTR with a collagen membrane; group 2, same treatment as group 1 plus 0.5 mg of b-FGF; group 3, same treatment as group 1 plus 1.0 mg of b-FGF. After a 90-day healing period, routine histologic processing and staining with hematoxylin and eosin and Masson trichrome were performed.Results: the descriptive analysis indicated better regenerative results in both groups treated with b-FGF while the histometric data, analyzed by means of analysis of variance (ANOVA), showed greater filling of the defects in group 2 in comparison to the defects in groups 3 and 1, respectively, which was represented by a smaller area of plaque-occupied space (P = 0.004) as well as a greater amount of newly formed cementum (P = 0.002).Conclusions: These results indicate that b-FGF, especially in smaller doses, may enhance the regenerative results in Class III furcation lesions, leading to greater filling of these defects with both mineralized and non-mineralized tissues.

Multidisciplinary approach for the aesthetic treatment of maxillary lateral incisors agenesis: thinking about implants?

Missing maxillary lateral incisors create an esthetic problem with specific orthodontic and prosthetic considerations. Implants are commonly used to replace congenitally missing lateral incisors in adolescent orthodontic patients. However, an interdisciplinary approach should be observed during the diagnosis, prognosis, and treatment plan to provide a result with good predictability and meet the esthetic and functional expectations of the patient. The present study describes a case of a young patient with tooth agenesis of maxillary lateral incisors, which was conducted with an integrated planning. After 5-year follow-up of 2 fixed implant-supported prostheses, clinical and radiographic examination showed the treatment to be successful. (Oral Surg Oral Med Oral Pathol Oral Radiol 2012;114:e22-e28)

PDGF-B gene therapy accelerates bone engineering and oral implant osseointegration

Platelet-derived growth factor-BB (PDGF-BB) stimulates repair of healing-impaired chronic wounds such as diabetic ulcers and periodontal lesions. However, limitations in predictability of tissue regeneration occur due, in part, to transient growth factor bioavailability in vivo. Here, we report that gene delivery of PDGF-B stimulates repair of oral implant extraction socket defects. Alveolar ridge defects were created in rats and were treated at the time of titanium implant installation with a collagen matrix containing an adenoviral (Ad) vector encoding PDGF-B (5.5 x 10(8) or 5.5 x 10(9) pfu ml (1)), Ad encoding luciferase (Ad-Luc; 5.5 x 10(9) pfu ml (1); control) or recombinant human PDGF-BB protein (rhPDGF-BB, 0.3 mg ml (1)). Bone repair and osseointegration were measured through backscattered scanning electron microscopy, histomorphometry, microcomputed tomography and biomechanical assessments. Furthermore, a panel of local and systemic safety assessments was performed. Results indicated that bone repair was accelerated by Ad-PDGF-B and rhPDGF-BB delivery compared with Ad-Luc, with the high dose of Ad-PDGF-B more effective than the low dose. No significant dissemination of the vector construct or alteration of systemic parameters was noted. In summary, gene delivery of Ad-PDGF-B shows regenerative and safety capabilities for bone tissue engineering and osseointegration in alveolar bone defects comparable with rhPDGF-BB protein delivery in vivo. Gene Therapy (2010) 17, 95-104; doi: 10.1038/gt.2009.117; published online 10 September 2009