Variáveis que influenciam o encerramento de fundos multiestratégia : estudo para o mercado de fundos brasileiro no período de 2008 a 2014

Este trabalho tem por objetivo o estudo sobre o encerramento de fundos de investimento multiestratégia no mercado brasileiro com relação à influência das variáveis: taxas de administração e performance, idade, desempenho, patrimônio e captação líquida. Os fundos selecionados apresentam características de condomínio aberto, e destinados a investidores em geral, com duas janelas de observação, anuais e trimestrais, durante o período de 2008 a 2014. Os estudos apresentados são separados para dois tipos de fundos: com classificação Master e fundos de investimento em cotas (FIC). Para a determinação de desempenho dos fundos utiliza-se duas diferentes métricas, o retorno descontado da taxa DI e o índice de Sharpe. As variáveis foram avaliadas sob dois distintos modelos, o primeiro utilizando os dados das variáveis em valores absolutos e o segundo classificando-as em quintis. Para a obtenção dos resultados os dados foram aplicados por regressões em painel logística, painel e cross section. Os resultados obtidos mostraram a importância do patrimônio e da captação líquida, seguido por idade. Os desempenhos, tanto retorno descontado quanto o índice de Sharpe, apresentaram menor influência, e com pouca significância os custos de administração e de performance. Um segundo resultado apresentado é a diferença da significância das variáveis entre os tipos de fundos Master e FIC, no grupo de fundos Master apenas patrimônio líquido apresentou consistente influência nos eventos de encerramento em janelas anuais. Outra importante constatação é a diferença existente entre janelas trimestrais e anuais, em que grande parte das variáveis estudadas, principalmente as variáveis de desempenho apresentam maior nível de significância nas janelas mais curtas.

Abolição dos sistemas de cotas de produção de açúcar da União Europeia e os efeitos no setor agrícola

Este trabalho tem como proposta avaliar os impactos de médio e longo prazo da remoção da política de incentivo à produção de açúcar de beterraba na União Europeia (UE) sobre o mercado deste bem, assim como permitirá verificar se algumas conclusões de estudos realizados em 2013 sobre o futuro do mercado de açúcar da UE pós-2017 ainda estão válidas, uma vez que os preços e margens nesse mercado mudaram consideravelmente desde então. Para a análise em questão, utiliza-se uma versão do modelo econômico global GTAP – Global Trade Analysis Project, conhecido como GTAPinGAMS, e assume-se que a diferença entre o custo de produção e o preço mínimo europeu representa uma boa proxy para o desvio de preço ocasionado pela imposição da quota em relação ao preço de equilíbrio que seria observado em cada país da UE se a quota não existisse. A partir dos resultados obtidos por este trabalho é possível afirmar que a abolição das cotas de produção não afetará negativamente a UE. Haverá um aumento de produção de açúcar no bloco, tanto por aumento de produção de beterraba quanto por aumento na eficiência industrial. Os países com menor custo de produção suprirão as reduções sofridas nos países não competitivos e suprirão a necessidade do produto pela UE, uma vez que a reforma não inclui maior abertura comercial para países de fora do bloco. A isoglucose, principal produto substituto do açúcar na indústria alimentícia, terá um aumento de produção nos países com indústrias já instaladas, dado o aumento do consumo de grãos nestes países pela indústria produtora de açúcar. Os países que fazem comercialização com o grupo econômico também serão afetados, mas em menor grau, graças à manutenção das cotas preferenciais de importação.

Contagion in financial networks: a network theory and agent-based approaches to modeling the spread of risk in financial systems

Esta dissertação estuda a propagação de crises sobre o sistema financeiro. Mais especi- ficamente, busca-se desenvolver modelos que permitam simular como um determinado choque econômico atinge determinados agentes do sistema financeiro e apartir dele se propagam, transformando-se em um problema sistêmico. A dissertação é dividida em dois capítulos,além da introdução. O primeiro capítulo desenvolve um modelo de propa- gação de crises em fundos de investimento baseado em ciência das redes.Combinando dois modelos de propagação em redes financeiras, um simulando a propagação de perdas em redes bipartites de ativos e agentes financeiros e o outro simulando a propagação de perdas em uma rede de investimentos diretos em quotas de outros agentes, desenvolve-se um algoritmo para simular a propagação de perdas através de ambos os mecanismos e utiliza-se este algoritmo para simular uma crise no mercado brasileiro de fundos de investimento. No capítulo 2,desenvolve-se um modelo de simulação baseado em agentes, com agentes financeiros, para simular propagação de um choque que afeta o mercado de operações compromissadas.Criamos também um mercado artificial composto por bancos, hedge funds e fundos de curto prazo e simulamos a propagação de um choque de liquidez sobre um ativo de risco securitizando utilizado para colateralizar operações compromissadas dos bancos.

Intervenção judicial nas sociedades limitadas em face da liberdade de iniciativa

The judicial intervention in limited liability company goes through several issues of legislative and hermeneutics origin, based considerably on the small importance given to freedom of economic initiative by the participants in the process of formation and application of the law. In addition, Brazilian law, due to incompleteness, inconsistency or lack of valid grounds, put the judge in a procedural delicate situation. Being forced to judge, the judiciary faces severe uncomfortable interpretive situations, of which derive solutions of dubious constitutionality and affecting, significantly, the dynamics of business activity. In this context, and considering the limited liability company as an expression of free enterprise, corresponding to a lawful association of people in order to undertake economically, in exercise of his freedom of contracting and professional action, intended to be offered safe parameters of constitutionality for judicial intervention in limited liability company in the hypothesis of (i) transfer of corporate shares, (ii) attachment of corporate shares, (iii) dismissal of directors, (iv) appointment of judicial stakeholders, (v) exclusion of shareholders and (vi ) trespass. The hypothetical-deductive approach was adopted, building hypotheses to overcome the gaps and unconstitutionality of the law and subjecting them to tests, reviews, and comparisons with hypothetical facts and case law in order to determine the constitutional validity of the proposed solutions. The procedure aimed to reconcile the historical, comparative, dialectical and scientific methods. The roots of temporal institutes were researched as well as current solutions provided by national and compared law. From problematizations point, addressed by the constitutional interpretation of the law and jurisprudence, responses that bring out the unconstitutionality of certain conceptions were headed

Ações de detecção precoce do câncer de mama realizadas por profissionais da estratégia saúde da família

This study is an exploratory descriptive study with a quantitative approach. The objective was to identify the actions for the early detection of breast cancer conducted by the health professionals of the Family Health Strategy in the Trairi region of the State of Rio Grande do Norte, Brazil. The research was conducted in nine municipalities of the region. Data were collected by means of a questionnaire with 52 Family Health Strategy professionals, 30 nurses and 22 physicians, that work in the region. Analysis was conducted using descriptive statistics. The results were organized and discussed in three areas: Knowledge about the early detection of breast cancer; Actions for early detection detection of breast cancer, and Difficulties experienced in the screening actions for breast cancer. The results indicate that these professionals (100%) have knowledge of the signs and symptoms of breast cancer and that the majority (96,2%) conduct screening actions in accordance with the recommendations of the Ministry of Health. However, a considerable number (55,8%) of these professionals encounters difficulties while conducting the screening procedures in his work setting. The difficulties varied from those of a personal nature to those of access to the procedure, such as the unavailability of sufficient quotas of screening exams. We conclude that the majority of health professionals execute the screening actions for breast cancer in their work settings according to the recommendations of the Ministry of Health, even though they encounter difficulties in the conclusion of the mammography and ultrasound exams, essential procedures in the early detection of breast cancer. We understand that these professionals demonstrate knowledge of secondary prevention even though they do not execute all the actions necessary for early detection primarily because they are impeded by the blockage of access to exam quotas. We conclude that, in spite of the difficulties experienced, the procedures for the early detection of breast cancer are being executed by the majority of the Family Health Strategy professionals in the Trairí region, specifically the clinical examination of the breast, orientation of breast self examination, requests for mammography and ultra sound examinations. Measures are needed that can mediate the difficulties, that will permit the realization of secondary prevention procedures with the population at risk in the region. We suggest training and actualization courses on the complete screening process that includes a wide discussion of the new legislation that provides the mammography exam for women over 40 years. We believe that the acquisition of such a work perspective for the early detection of breast cancer, along with knowledge of health vigilance and of breast cancer, will enhance integral health care of women that constitutes an aim of the nurse and the family health team

As pessoas com deficiência no mercado de trabalho: expressão das desigualdades sociais

This work was developed in the extent of the Post Graduation Program in Social Service of the Federal University of Rio Grande do Norte. It talks about the process of inclusion of the disabled people in the Job market in Mossoró-RN, bringing for the academic debate relevant thematic for the Brazilian society, for the profession of Social Service and similar areas and for the people with deficiency. It has the objective to apprehend the determiners that make possible the process of the disabled people's inclusion in the Job market in Mossoró, having as parameter the National Politics for the Integration of People Bearers of Deficiency. The critical theoretical perspective is backed in Marx's ideas for the understanding concerning the work, as well as in Pochamann, concerning the job market, regarding the exclusion/inclusion category is based in Martins, Yasbek and Sposati and on deficiency in the National Politics for the Integration of the Disabled People. The research is of qualitative nature and it took as subjects 26 (twenty-six) people, being 09 (nine) people with deficiency, inserted in the formal job and regulated market, and 17 (seventeen) managers of private companies and public institutions of the city of Mossoró-RN. For the collection of data we used techniques of nonsystemic observation, semi-structured interview and documental analysis. The results of the research mark that any modality of the human workforce used in the current context, they are functional to the capitalism and they move forward towards exploration, alienation and subordination of the work to the capital; the National Politics for the Integration of the People with Deficiency expresses and reproduces the contradictory dynamics of the class society, it reflects the neo liberal shades through the selectivity and of the articulation among the federated beings and organizations of the civil society for its operational system; there is a misproportion between the percentages of the quotas and the amount of people with deficiency inserted in the job market, just corresponding to a tiny numeric magnitude; the developed activities are of low social status and it is expressive the amount of workers that receives between one and two minimum wages. These data drive us to infer that the mentioned politics make possible, partly, the inclusion of the disabled people in the job market, though, such inclusion is executed in the selective or focused dimensions, marginal, precarious and unstable

A assistência estudantil e as cotas sociais nas universidades estaduais do nordeste: as faces do acesso ao direito

This paper discusses about the higher education in Brazilian society highlighting the struggle of the working class, as concerning the access to public universities, as well as highlights the contradictions implicit in social quotas adopted by Higher Education Institutions (HEIs) . The aim of this paper is on presenting the analysis of student assistance of the state universities in the Northeast that adopt quotas as social criteria of access for its students , presenting investigative locus as the following universities : UERN , UEPB , UPE and UNEAL . The paper presents the results of a qualitative study , based on a documentary analysis , based on dialectical and historical materialism in which she performed the reading of data from the following analytical categories: Higher Education, Social Quotas and Student Assistance. As main results, it is emphasized that the implementation of quotas as a means of access to higher education was not decisive for the form of planning and implementation of student assistance the university investigated; latent heterogeneity is that universities deal with actions to support student residence. And it is this heterogeneity and the variation in the conduct and understanding of student assistance , reflecting the lack of prioritization with the actions of the context of HEIs ; support programs are to stay focused on central campuses which are located the administrative offices of the universities, penalizing students enrolled in advanced units; also highlight that there is no link between the programs and projects related to student assistance with actions related to teaching, research and extension in universities investigated , which ultimately characterize the student assistance as an isolated action and punctual

Representações de estudantes universitários sobre alunos cotistas: confronto de valores

A inclusão da política de cotas, nas universidades brasileiras, é recente. Apesar da adesão de várias instituições de ensino, esse tipo de política tem gerado posições contraditórias. Este estudo teve como objetivo investigar quais valores estão mais presentes na avaliação que universitários fazem a respeito de supostos usuários das cotas. Na pesquisa, foram aplicados diferentes tipos de questionários em 403 estudantes de uma universidade pública paulista, os quais objetivaram verificar se suas representações sobre esse tema variavam conforme as possibilidades de ingresso na universidade, a saber: vestibular simples, cursinhos para alunos carentes e cotas e, conforme os públicos-alvo enfocados, negros ou alunos de escolas públicas. Como método de análise, foi utilizado o programa ALCESTE e, como recurso complementar, a análise de conteúdo. Os resultados demonstraram que há uma rejeição às políticas relacionadas às cotas, uma vez que estas foram percebidas como mais ameaçadoras do que aquelas referentes ao vestibular e ao cursinho gratuito. Na grande parte das respostas dadas pelos alunos, fica evidente o conflito de valores: mérito versus igualdade compensatória. O vestibular, baseado apenas no mérito, é representado como o sistema mais justo para ingresso de alunos de escola pública e, principalmente de negros, na universidade. Valores como justiça, igualdade, esforço próprio, sobre os quais a maioria dos universitários respalda suas respostas contrárias às cotas, estão sendo questionados pelas políticas de ação afirmativa, o que indica que enfrentá-los é o grande desafio posto a essas políticas.

La contribution des femmes à l'égalité en Amérique Latine et dans les Caraïbes

Inclut la bibliographie

Trade and the environment in the context of the World Trade Organization

Includes bibliography

Impact of changes in the European Union import regimes for sugar, banana and rice on selected CARICOM countries

Includes bibliography

The international competitiveness of the Costa Rican clothing industry

Includes bibliography

Some aspects of chicken behavior and welfare

Brazil is the world leader in broiler production and export. It achieved this position mainly to its excellent supply chain structure and climate, which favor poultry and grain production throughout its territory. Although Brazilian egg production is not as important as broiler production, this segment presents great potential of increasing its share in the global market. However, as elsewhere in the world, Brazilian poultry production faces the challenge to balance two elements within its supply chain: cruelty and productivity. The consumers of the European Union (EU) are very concerned with animal welfare issues. In order to increase its share in the European market, and eventually in the world market, Brazilian poultry producers must understand the effects of production systems on poultry welfare, and try to develop systems that are suited for its climate and other production conditions. There is a consensus that the natural behaviors performed by poultry in intensive production systems allow better welfare. This objective of this review is to present scientific research studies that relate different behaviors to chicken welfare. Poultry behavior is a reflex of their welfare status at a particular moment, and it is related to internal (physiological) and external (environmental) factors. Several natural behaviors that favor welfare, as well as undesirable behaviors, may be stimulated by environmental enrichment. The correct interpretation of the behaviors expressed by poultry, including their frequency, duration, and sequence, may be used to estimate their welfare. Animal production is an import sector of Brazilian economy. It significantly contributes to the Gross Domestic Product (GDP), in terms of products destined both to domestic consumption and exports. New technologies applied to products and management practices have been developed for field application, aiming at improving producers' productivity and profitability. In order to comply with the European Union's (EU) guidelines for animal protein production, Brazilian poultry production needs to undergo a process of adaptation. In May, 2007, the EU Commission established its new guidelines for animal welfare in poultry production, pressured by consumer demand. In the EU, there is a growing concern among consumers as to how poultry are reared and slaughtered. European consumers are in the fore front of the demand of high quality products produced with under better welfare conditions, and have spread this concern throughout the world. Beaumont et al. (2010) mentioned that European consumers frequently perceive that standard commercial poultry production has poor animal welfare practices. According to Nääs et al. (2008), Brazilian poultry production today needs to find a balance between cruelty and productivity. In fact, ensuring animal welfare may provide better financial results, as it increases the producer's profit margins and allows maintaining Brazilian chicken export quotas to the EU. França (2008) noted that biological studies that define ethical limits and guidelines for poultry production foster the development of new production practices that may ensure good product quality and productivity without putting bird welfare at risk. Gonyou (1994) states that, when animal welfare started to be studied, the only behavioral factors considered were those related to feeding and reproduction. These first studies used as indicators of animal welfare reduced life expectancy, impaired growth, impaired reproduction, body damage, disease, immunosuppression, adrenal activity, behavior anomalies, and self-narcotization (Broom, 1991). However, current studies evaluate additional indicators, such as natural behaviors, behavioral needs, preferences, behavioral problems, emotional state, cognitive abilities, etc. In the field of ethology, the expression of natural behavior is a frequently used tool used to estimate the welfare of poultry destined to human consumption. According to Bracke & Hopster (2006), natural behavior can be defined as the behavior the animal normaly presents when exposed to conditions similar to its natural habitat. Natural behaviors are pleasurable and promote biological functions that are meaningful to the animal's welfare. The definition of natural behavior, though, does not include the bird's behavior when sick, in flight or during aggression, since these are not considered pleasurable situations. Considering layer behavioral needs in the design of housing facilities optimize their welfare. Mishra et al. (2005) verified that ISA Brown layers spent, during 24 hours, around 97% of the time in the nest, feeding, walking, resting, or dust bathing, and that 57% of these behaviors did not depend on environmental enrichment. It was also observed that hens had preferred behavioral sequences, which included foraging and comfort behaviors, such as wing-stretching and preening. The present review aims at discussing, albeit not exhaustively, scientific research studies on the behavior of Gallusgallus domesticus and its relationship to welfare. The following behaviors are reviewed: feather pecking, scratching, dust bathing, nesting, locomotion activities, and aggressive behaviors. These behaviors are the most frequently observed in commercial broiler, broiler breeder, and layer farming, and therefore, monitoring their incidence may contribute to measure poultry welfare.

Recreational anglers and fishing guides from an estuarine protected area in southeastern Brazil: Socioeconomic characteristics and views on fisheries management

The Iguape and Cananéia Lagoon-Estuarine Complex is a biodiversity hotspot in southeastern Brazil. In recent decades, the region has become an important destination for recreational fishing. The objective of this study was to analyze the socioeconomic characteristics of visiting anglers and fishing guides working in the Cananéia-Iguape-Peruíbe Environmental Protected Area and their views on fisheries management. Data were collected through semi-structured interviews conducted between January 2009 and January 2010. We interviewed 278 anglers, who were predominantly male (93%) with a mean age of 47 years and from the state of São Paulo. The targeted species were snooks (Centropomus undecimales and Centropomus parallelus) and weakfishes (Cynoscion leiarchus and Cynoscion acoupa). Only half the anglers had the mandatory fishing license, and many of them lacked knowledge about catch quotas and minimum size requirements for specific species. The fishing guides (n = 80) were all male, with a mean age of 39 years and extensive experience. Most of the guides believe that the study area is somewhat degraded due to the removal of riparian vegetation, siltation, pollution, and especially the depletion of fish stocks. The opinions of the stakeholders (anglers and guides) converge on the high priority needs of the fishery and possible management actions regarding recreational fishing, such as improved fisheries enforcement (first in order of importance), proper training of fishing guides, zoning of fishing areas, and the definition of a maximum size limit. © 2013 Elsevier Ltd.