Brazilian equity mutual funds: A general outlook based on performance

This dissertation main goal is to overview the Brazilian equity mutual funds returns. We find that active management is not effective for Ibovespa index, since Ibovespa active funds do not outperform the Ibovespa referenced funds. However, for IBrX index, active management do outperform the passive strategy. We found that Sustainable funds returns do not outperform the market, Endowment funds show poor performance, which could indicate strong regulation imposition over endowment funds portfolios. The size of a fund shows positive correlation to mean average returns and alphas. A fund’s lifetime is positively correlated to returns and to alphas, which could be related to more risk-taking by younger managers in order to pursue higher expected returns and, consequently, bigger inflows. Younger funds tend to have lower performance probably because, in taking more risks, they do not perform as expected. In addition, we find that the decreasing trend of the alpha evolution along the time is a sign of the industry decreasing returns of scale, which entails that managers have more difficulties to beat the market portfolio. Top 10s rankings show that funds appear more than once on the top 10s, which shows persistence of funds’ performance. Finally, concerning the deciles and quartiles rankings, the frequency of appearances changes among performance measures. There are measures which, when compared to others, strongly change the top and bottom for the decile and quartile members.

Does active management add value?: the Brazilian mutual fund market

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence is against the active management. We also analyze the determinants of significant alphas. For stocks and hedge funds the evidence suggests that old, big and active funds generate biggest alphas. In fixed income funds the evidence is not clear, only a positive relationship between size and alphas could be found.

Rumen fermentation and rumen microbes in Nellore steers receiving diets with different lipid contents

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

Aplicações de Dispositivos de Microondas utilizando Substrato EBG/PBG para Comunicações Móveis

The modern society depends on an efficient communications system able to of transmitting and receiving information with a higher speed and reliability every time. The need for ever more efficient devices raises optimization techniques of microstrip devices, such as techniques to increase bandwidth: thicker substrates and substrate structures with EBG (Electromagnetic Band Gap) and PBG (Photonic Band Gap). This work has how aims the study of the application of PBG materials on substrates of planar structures in microstrip, more precisely in directional quadrature couplers and in rat-race and impedance of transformers. A study of the planar structures in microstrip and substrates EBG is presented. The PBG substrates can be used to optimize the radiation through the air, thus reducing the occurrence of surface waves and the resulting diffraction edge responsible for degradation of radiation pattern. Through specific programs in FORTRAN Power Station obtained the frequencies and couplings for each structure. Are used the program PACMO - Computer Aided Design in Microwave. Results are obtained of the frequency and coupling devices, ranging the frequency band used (cellular communication and Wimax systems) and the permittivity of the substrate, comparing the results of conventional material and PBG materials in the s and p polarizations.

Exploiting the versatility of taste sensors based on impedance spectroscopy

The versatility of sensor arrays made from nanostructured Langmuir-Blodgett (LB) and layer-by-layer (LBL) films is demonstrated in two ways. First, different combinations of sensing units are employed to distinguish the basic tastes, viz. sweet, sour, bitter, and salty tastes, produced, respectively, by small concentrations (down to 0.01 g/mol) of sucrose, HCl, quinine, and NaCl solutions. The sensing units are comprised of LB and/or LBL films from semiconducting polymers, a ruthenium complex, and sulfonated lignin. Then, sensor arrays were used to identify wines from different sources, with the high distinguishing ability being demonstrated in principal component analysis (PCA) plots. Particularly important was the fact that the sensing ability does not depend on specific interactions between analytes and the film materials, but a judicious choice of materials is, nevertheless, required for the materials to respond differently to a given sample. It is also shown that the interaction with the analyte may affect the morphology of the nanostructured films, as indicated with scanning electron microscopy. For instance, in wine analysis these changes are not irreversible and the original film morphology is retrieved if the sensing unit is washed with copious amounts of water, thus allowing the sensor unit to be reused.

Detection of glucose and triglycerides using information visualization methods to process impedance spectroscopy data

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

Analysis of the Al-PANI interfaces by complex impedance spectroscopy

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Impedance of carrier injection at the metal-organic interface mediated by surface states in electron-only tris(8-hydroxyquinoline) aluminium (Alq(3)) thin layers

Capacitance spectra of thin (< 200 nm) Alq(3) electron-only devices have been measured as a function of bias voltage. Capacitance spectra exhibit a flat response at high frequencies (> 10(3) Hz) and no feature related to the carrier transit time is observed. Toward low frequencies the spectra reach a maximum and develop a negative excess capacitance. Capacitance response along with current-voltage (J-V) characteristics are interpreted in terms of the injection of electrons mediated by surface states at the metal organic interface. A detailed model for the impedance of the injection process is provided that highlights the role of the filling/releasing kinetics of energetically distributed interface states. This approach connects the whole capacitance spectra to the occupancy of interface states, with no additional information about bulk trap levels. Simulations based on the model allow to derive the density of interface states effectively intervening in the carrier injection (similar to 1.5 x 10(12) cm (2)). (C) 2008 Elsevier B.V. All rights reserved.

Time-domain analysis of piezoelectric impedance-based structural health monitoring using multilevel wavelet decomposition

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A New Impedance Measurement System for PZT-Based Structural Health Monitoring

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Influence of Excitation Signal on Impedance-based Structural Health Monitoring

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Sizing PZT Transducers in Impedance-Based Structural Health Monitoring

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Optimal Frequency Range Selection for PZT Transducers in Impedance-Based SHM Systems

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Real-time multi-sensors measurement system with temperature effects compensation for impedance-based structural health monitoring

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Structural FRF acquisition via electric impedance measurement applied to damage location

Continuing development of new materials makes systems lighter and stronger permitting more complex systems to provide more functionality and flexibility that demands a more effective evaluation of their structural health. Smart material technology has become an area of increasing interest in this field. The combination of smart materials and artificial neural networks can be used as an excellent tool for pattern recognition, turning their application adequate for monitoring and fault classification of equipment and structures. In order to identify the fault, the neural network must be trained using a set of solutions to its corresponding forward Variational problem. After the training process, the net can successfully solve the inverse variational problem in the context of monitoring and fault detection because of their pattern recognition and interpolation capabilities. The use of structural frequency response function is a fundamental portion of structural dynamic analysis, and it can be extracted from measured electric impedance through the electromechanical interaction of a piezoceramic and a structure. In this paper we use the FRF obtained by a mathematical model (FEM) in order to generate the training data for the neural networks, and the identification of damage can be done by measuring electric impedance, since suitable data normalization correlates FRF and electrical impedance.