Portfólios ponderados pelo risco : uma abordagem para a alocação de carteiras

Esse estudo busca analisar o desempenho de um portfólio de investimento constituído através da contribuição equânime do risco de seus ativos para o risco total do portfólio, ou seja, a chamada estratégia de risk parity, utilizando uma amostra composta de dados diários de cotações de fechamento de 27 ações pertencentes ao mercado brasileiro de ações entre janeiro de 2004 e dezembro de 2014. O estudo compara tal portfólio com outros três portfólios constituídos através de abordagens tradicionais: o portfólio baseado na estratégia por média-variância, o portfólio baseado na estratégia por mínima variância e o portfólio igualmente ponderado, também conhecido como portfólio ingênuo (naive). Ao mesmo tempo, o estudo analisa o desempenho do portfólio comparado a dois indicadores importantes do mercado de capitais brasileiro: o IBOVESPA e o CDI. Foram construídas séries temporais com rebalanceamento trimestral dos portfólios para o desenvolvimento do estudo, como efetuado em Maillard et al. (2010). Os resultados demonstram que o portfólio constituído através da contribuição equânime ao risco não apresentou desempenho superior quando comparado aos portfólios por média-variância e por mínima variância, em termos de retorno e risco. Por outro lado, quando comparado ao portfólio ingênuo, ao IBOVESPA e ao CDI, o desempenho obtido foi superior, tendo também apresentado resultados similares aos exibidos em Maillard et al. (2010). O estudo conclui que a construção de carteiras por risk parity é uma alternativa viável para a composição de carteiras que buscam estabilidade na alocação de risco e nos pesos dos ativos no longo prazo, diante de diferentes cenários macroeconômicos.

Reproductive Patterns and Birth Seasonality in a South-American Breeding Colony of Common Marmosets, Callithrix jacchus

SOUSA,M.B.C. et al. Reproductive Patterns and Birth Seasonality in a South-American Breeding Colony of Common Marmosets, Callithrix jacchus. Primates, v.40, n.2, p. 327-336, Apr. 1999.

Gestão da cadeia de suprimento e vantagem competitiva: uma análise em setores industriais a partir da visão relacional

This work has as its main purpose to investigate the contribution of supply chain management in order to obtain competitive advantage by companies from the textile industry and from Ceará footwear industry, focusing its analysis mainly in the interorganizational relations (dyadic). For this, the theoretical referential contemplates different explanatory streams of the competitive advantage, detaching the relational perception of the resources theory, as well as, the main presuppositions of the supply chain management which culminates with the development of an analysis sample that runs the empirical study; the one which considers an expanded purpose of the supply chain which includes the government and the abetment institutions as institutional environment representatives. Besides supply chain management consideration as a competitive advantage source, the work also tried to identify other possible competitive advantage sources for the companies of the investigated sectors. It represents a study of multiple interpretive cases, having four cases as a total; meaning two cases in each one of the sectors, which used as a primary data collecting instrument a semi-structured interview schedule. Different methods were used for the data analysis, the content analysis and the constant comparison methods, the analytical procedure originated from the grounded theory research strategy, which were applied the Atlas/ti software recourse. Considering the theoretical referential and the used analysis sample, four basic categories of the work were defined, including its respective proprieties and dimensions: (1) characteristics concerning to the relationship with the supplier; (2) the company relations with the government; (3) the company relations with the abetment institutions and; (4) obtaining sources of competitive advantage. In general, the applied research in the footwear sector revealed that in the relationships of the researched companies related to its suppliers, there is a predominance of the partnership system and the main presuppositions of the supply chain management are applied which contributes for the acquisition of the relational competitive advantage; while in the textile sector, only some of these presuppositions are applied, with little contribution for the relational competitive advantage. The main resource which was accessed by the companies in both sectors through its relationships with the government and the abetment institutions are the tax incentives which, for the footwear companies, contribute for the acquisition of the temporary competitive advantage in relation to the contestants who do not own productive installations in the Northeast region, it also conducts to a competitive parity situation in relation to the contestants who own productive installations in the Northeast region and to the external market contestants; while for the companies of the textile sector, the tax incentives run the companies to a competitive parity situation in relation to its contestants. Furthermore, the investigated companies from the two sectors possess acquisition sources of the competitive advantage which collimate with different explanatory streams (industrial analysis, resources theory, Austrian school and the dynamic capabilities theory), although there is a predominance of the product innovation as a competitive advantage source in both sectors, due to the bond of these with the fashion tendencies

Prevalência da infecção por Chlamydia Trachomatis em mulheres atendidas no Programa de rastreamento do câncer de colo do útero

Genital infection with Chlamydia trachomatis is now recognized as one of the most prevalent sexually transmitted infections (STDs). Despite major advances in laboratory diagnosis techniques, primarily the character of asymptomatic chlamydial infection in both men and in women constitutes the basis for the formation of reservoirs that perpetuate transmission and acquisition of this and other STDs. The asymptomatic in women favors the rise of infection to the upper genital tract, causing injuries that can result in infertility. An examination of population screening for early detection and treatment of asymptomatic infections is the key step in combating this major public health problem. The present study aimed to evaluate the prevalence of infection by C. trachomatis in sexually active women attended the screening program for cervical cancer of the uterus in health facilities in municipalities in different regions of the State of Rio Grande do Norte, and identify factors that may contribute to the spread of this pathogen and its relationship with the lesions of the uterine cervix. It is a cross-sectional study aimed at detecting the presence of genital tract infection by C. trachomatis either in isolated form or in association with human papilloma virus (HPV) infection in asymptomatic women. Were included in this study, a total sample of 1,134 women aged 13-76, mean 34.4 years, from March 2008 to September 2012. Specimens containing exfoliated cells of the epithelium of the uterine cervix were analyzed by examining Pap cytology for the detection of possible injuries, and the polymerase chain reaction (PCR) for detection of plasmid DNA from C. trachomatis and HPV. Infection with C. trachomatis was detected with overall prevalence rate of 8.1% in the isolated form and 2.8% in co-infection with HPV. The infection was detected in 7.4% of women with normal cytology 11.5% of those with atypical cells of undetermined significance (ASC-US) and 16.7% of those with low-grade squamous intraepithelial lesion (LSIL). We observed an association between C. trachomatis and incidence of low-grade squamous intraepithelial lesion (LSIL). The genital tract infection by C. trachomatis alone was associated with education level, ethnicity and parity, revealing that women with higher education, those of non-white ethnicity and those who had three or more pregnancies were more likely to acquire infection. Levels very close to statistical significance were observed for chronological age, age at first sexual intercourse and first pregnancy. There was no association with marital status, number of sexual partners. Co-infection with C. trachomatis and HPV was detected in 2.3% of women with normal cytology, who had 5.1% in ASC-US and 10.4% in those with LSIL. No association was found between infection C. trachomatis and increased risk of HPV infection, but women with simultaneous infection by both pathogens showed greater risk for LSIL. Co-infection was more prevalent among single women, who had in the first sexual intercourse under 18 years and those who had two or more sexual partners over a lifetime

Persistência na lactação para vacas da raça Holandesa criadas no Estado do Rio Grande do Sul via modelos de regressão aleatória

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Relação entre variáveis na regulação do consumo de vacas Holandês × Zebu em lactação sob pastejo em capim-elefante

A análise fatorial de componentes principais (CP) foi usada no exame do relacionamento entre variáveis de um banco de dados da Empresa Brasileira de Pesquisa Agropecuária (EMBRAPA) Gado de Leite. As variáveis disponíveis foram relacionadas às vacas (dias em lactação, teores lácteos de gordura e extrato seco total, produção de leite, ordem de lactação, peso vivo e grau de sangue), ao manejo (dia de pastejo, disponibilidade e períodos de descanso da pastagem), ao ambiente (estação do ano, precipitação pluviométrica) e ao alimento (consumo de nutrientes do concentrado e da cana × uréia, consumo de MS de pastagem de capim-elefante, composição química e digestibilidade in vitro da pastagem e concentração fecal de PB, FDN e FDA). O primeiro CP (33,7% da inércia dos dados) representou o uso da suplementação volumosa (cana × uréia) da pastagem em resposta à redução sazonal da disponibilidade e do consumo de capim-elefante. O segundo CP (15,3% da inércia) foi relacionado ao consumo de nutrientes do concentrado. O terceiro CP (8,5% da inércia) representou efeitos do manejo sobre a composição química da pastagem. A interpretação gráfica dos resultados favoreceu a percepção mais dinâmica da intensidade da associação e do antagonismo entre as variáveis contextualizadas no estudo.

Comparison of non-linear growth models to describe the growth curve in West African Dwarf sheep

The objectives of this study were to compare the goodness of fit of four non-linear growth models, i.e. Brody, Gompertz, Logistic and Von Bertalanffy, in West African Dwarf (WAD) sheep. A total of 5274 monthly weight records from birth up to 180 days of age from 889 lambs, collected during 2001 to 2004 in Betecoucou breeding farm in Benin were used. In the preliminary analysis, the General Linear Model Procedure of the Statistical Analysis Systems Institute was applied to the dataset to identify the significant effects of the sex of lamb (male and female), type of birth (single and twin), season of birth (rainy season and dry season), parity of dam (1, 2 and 3) and year of birth (2001, 2002, 2003 and 2004) on the observed birth weight and monthly weight up to 6 months of age. The models parameters (A, B and k), coefficient of determination (112), mean square error (MSE) were calculated using language of technical computing package Matlab(R), 2006. The mean values of A, B and k were substituted into each model to calculate the corresponding Akaike's Information Criterion (AIC). Among the four growth functions, the Brody model has been selected for its accuracy of fit according to the higher R(2), lower MSE and A/C Finally, the parameters A, B and k were adjusted in Matlab(R) 2006 for the sex of lamb, year of birth, season of birth, birth type and the parity of ewe, providing a specific slope of the Brody growth curve. The results of this study suggest that Brody model can be useful for WAD sheep breeding in Betecoucou farm conditions through growth monitoring.

LEARNING A COMPLEX MOTOR SKILL FROM VIDEO and POINT-LIGHT DEMONSTRATIONS

The aim of this Study was to compare the learning process of a highly complex ballet skill following demonstrations of point light and video models 16 participants divided into point light and video groups (ns = 8) performed 160 trials of a pirouette equally distributed in blocks of 20 trials alternating periods of demonstration and practice with a retention test a day later Measures of head and trunk oscillation coordination d1 parity from the model and movement time difference showed similarities between video and point light groups ballet experts evaluations indicated superiority of performance in the video over the point light group Results are discussed in terms of the task requirements of dissociation between head and trunk rotations focusing on the hypothesis of sufficiency and higher relevance of information contained in biological motion models applied to learning of complex motor skills

Estágio menopausal e níveis hormonais no desenvolvimento muscular e funcional em mulheres de meia idade: um estudo transversal

Introduction: Hypoestrogenism is the main characteristic of female aging. It promotes significant changes in body composition, both in fat mass as in lean body mass, leading to a decrease in muscle strength and physical performance. Objective: The aim of this study was to test whether menopausal status and hormone levels are associated with muscular strength and physical performance in middle-aged women. Methods: In a cross-sectional study it was collected sociodemographic data, gynecological history, anthropometric and biochemical measures in women aged 40 to 65 years in Parnamirim-RN. The menopause status (pre, peri and post menopause) was determined by menstrual history. All women underwent three dimensions of physical performance assessment: handgrip dynamometry, gait speed and chair stands test - Short Physical Performance Battery (SPPB). Categorical data were presented as absolute and relative frequencies. Quantitative data were showed as mean and standard deviation and the normality of distribution was verified with Kolmogorov-Smirnov (KS) test. Biochemical measures of estradiol and follicle-stimulating hormone (FSH) were transformed to log10. ANOVA with Tukey post-test for comparison of variables between the groups pre, peri and post-menopausal was performed and then multiple linear regression analyzes. Results: Two hundred and seventy eight women aged 50.2 (±5.58) years composed this study, being 50 women in premenopausal status (18%), 122 in perimenopausal (43.9%), and 106 postmenopausal stage (38.1%). The groups were different in age (p=0.001), marital relationship duration (p <0.001), number of pregnancies (p=0.001) and parity (p=0.001). Differences in biochemical measures were observed among the groups: estradiol (p<0.001), FSH (p<0.001), total cholesterol (p=0.001). There were no differences in gait velocity between menopausal status. Values in mean of grip strength decreased by postmenopausal women to perimenopausal and premenopausal ones (24.5 ± 5.1, 25.6 ± 5.4, 26.9 ± 4.9 for post-stage, pre and peri menopausas, respectively, p = 0.02) and the performance of chair stands test was better in premenopausal women compared with that in peri and postmenopausal status (p = 0.02). In multiple linear regression for muscle strength, the variables that remained were: age, estradiol and somatic symptoms measured by Menopause Rating Scale-MRS (R2=0.15). While for the xiv chair-stands test the predictors were number of births and FSH values (R2=0.04). Conclusion: There is a relationship between the stages of menopause and muscle performance in measures of grip strength and sit-up test and these are influenced by the fall of estrogens levels. Data suggest that the decrease in muscle strength and physical performance already appear in the transition to menopause stage, pointing to the need for more research in this area and appropriate preventive interventions

Influences of thermal and electric load fluctuations in the cogeneration attractiveness

The use of mean values of thermal and electric demand can be justifiable for synthesising the configuration and for estimating the economic results because it simplifies the analysis in a preliminary feasibility study of a cogeneration plant. For determining the cogeneration scheme that best fits the energetic needs of a process several cycles and combinations must be considered, and those technically feasible will be analysed according to economic models. Although interesting for a first approach, this procedure do not consider that the peaks and valleys present in the load patterns will impose additional constraints relatively to the equipment capacities. In this paper, the effects of thermal and electric load fluctuation to the cogeneration plant design were considered. An approach for modelling these load variability is proposed for comparing two competing thermal and electric parity competing schemes. A gas turbine associated to a heat recovery steam generator was then proposed and analysed for thermal- and electric-following operational strategies. Thermal-following option revealed to be more attractive for the technical and economic limits defined for this analysis. (c) 2006 Elsevier Ltd. All rights reserved.

Ecological efficiency and thermoeconomic analysis of a cogeneration system at a hospital

This work aims with an approach for cogeneration plants evaluation based on thermoeconomic functional diagram analysis. The second law of thermodynamics is used to develop a methodology to analyse cogeneration systems, based on exergoeconomics evaluation. The thermoeconomic optimisation method developed is applied to allow a better configuration of the cogeneration plant associated to a university hospital. Also ecological efficiency is evaluated. The method was efficient and contributes for thermoeconomics modelling and analysis and can be applied to any sort of thermal system, especially those with combined heat and power in thermal parity. (C) 2012 Elsevier Ltd. All rights reserved.

Bounded solutions of fermions in the background of mixed vector-scalar inversely linear potentials

The problem of a fermion subject to a general mixing of vector and scalar potentials in a two-dimensional world is mapped into a Sturm-Liouville problem. Isolated bounded solutions are also searched. For the specific case of an inversely linear potential, which gives rise to an effective Kratzer potential in the Sturm-Liouville problem, exact bounded solutions are found in closed form. The case of a pure scalar potential with their isolated zero-energy solutions, already analyzed in a previous work, is obtained as a particular case. The behavior of the upper and lower components of the Dirac spinor is discussed in detail and some unusual results are revealed. The nonrelativistic limit of our results adds a new support to the conclusion that even-parity solutions to the nonrelativistic one-dimensional hydrogen atom do not exist. (c) 2004 Elsevier B.V. All rights reserved.

Static potential in QED(3) with nonminimal coupling

Here we study the effect of the nonminimal coupling j(mu)epsilon(munualpha)partial derivative(nu)A(alpha) on the static potential in multiflavor QED(3). Both cases of four and two components fermions are studied separately at leading order in the 1/N expansion. Although a nonlocal Chern-Simons term appears, in the four components case the photon is still massless leading to a confining logarithmic potential similar to the classical one. In the two components case, as expected, the parity breaking fermion mass term generates a traditional Chern-Simons term which makes the photon massive and we have a screening potential which vanishes at large intercharge distance. The extra nonminimal couplings have no important influence on the static potential at large intercharge distances. However, interesting effects show up at finite distances. In particular, for strong enough nonminimal coupling we may have a new massive pole in the photon propagator, while in the opposite limit there may be no poles at all in the irreducible case. We also found that, in general, the nonminimal couplings lead to a finite range repulsive force between charges of opposite signs.

Bound states by a pseudoscalar Coulomb potential in one-plus-one dimensions

The Dirac equation is solved for a pseudoscalar Coulomb potential in a two-dimensional world. An infinite sequence of bounded solutions are obtained. These results are in sharp contrast with those ones obtained in 3 + 1 dimensions where no bound-state solutions are found. Next the general two-dimensional problem for pseudoscalar power-law potentials is addressed consenting us to conclude that a nonsingular potential leads to bounded solutions. The behaviour of the upper and lower components of the Dirac spinor for a confining linear potential nonconserving- as well as conserving-parity, even if the potential is unbounded from below, is discussed in some detail. (C) 2003 Elsevier B.V. All rights reserved.