The Brazilian real estate securitization market: determinants of pricing

Analisamos os determinantes de precificação de Certificados de Recebíveis Imobiliários (CRIs) com relação ao ativo objeto e níveis de garantias, controlando por variáveis de tamanho, prazo e rating. Verifica-se um prêmio médio adicional em CRIs de 1,0 p.p. quando comparados com debêntures de prazos semelhantes e de mesmo rating. A justificativa desse prêmio é analisada em duas frentes: (a) apesar de CRI seguir relativa padronização, encontramos que o papel pode representar diferentes níveis de risco e ativos-objeto; e (b) essa falta de padronização leva a níveis de precificação diferenciados por suas características específicas de riscos. Os diferentes níveis de risco são percebidos pelas diversas garantias utilizadas sendo que 41% das emissões possuem garantias pessoais de originadores (aval ou fiança). Conclui-se que existe, em geral, uma diferença de retornos positiva (o spread médio na emissão dos CRIs indexados à inflação foi de 321 bps superior à curva de juros de mercado), sendo mais preponderante a depender do segmento (prêmio para os segmentos residencial e loteamentos) e mitigado pelo nível de garantias oferecido. É possível verificar um prêmio médio de 1,4 p.p. para os segmentos residencial e de loteamentos. Algumas características das emissões foram analisadas como controle (tamanho, prazo e, por fim, das notas e origem da agência avaliadora de rating). Os CRIs de maior volume e maior prazo apresentam spreads menores. Quanto ao rating, os CRIs apresentam efeitos diversos a depender do segmento. Para CRIs residenciais, o efeito é positivo (redução de spread) caso a emissão seja avaliada por alguma agência de rating, enquanto que para os CRIs comerciais, o efeito é negativo. O efeito pode ser positivo para os CRIs comerciais (redução de spread) em caso de avaliação por agência de rating internacional ou possuir notas de rating superiores à nota ‘A’.

A RELAÇÃO DAS PRÁTICAS DE GOVERNANÇA CORPORATIVA EM EMPRESAS PRESTADORAS DE SERVIÇOS DE PORTARIA E LIMPEZA NA REGIÃO DO ABC

Após escândalos em gestão como o caso da Enron, Parmalat e Xerox, as boas práticas da Governança Corporativa são consideradas uma ferramenta de auxilio na gestão, exigindo que a organização tenha mais transparência, equidade, responsabilidade corporativa e prestação de contas. Mediante a isto, este trabalho de pesquisa tem como objetivo principal verificar as práticas da governança corporativa que são praticadas em empresas de capital fechado consideradas pequenas e médias (PME`s) no segmento de portaria e limpeza e, se as boas ou algumas destas práticas trazem geração de valor para as organizações. Essa pesquisa será realizada nas cidades de Santo André, São Bernardo e São Caetano do Sul, Estado de São Paulo. A justificativa para este projeto de pesquisa se dá pelo fato de existir carência de estudos medindo diretamente as práticas de governança corporativa em empresas de serviço (PME s) e também porque a taxa de mortalidade entre as empresas prestadoras de serviços segundo dados do IBGE (2008) é considerada alta devido a vários fatores, sendo um em especial, mensurado como deficiência do gestor. A governança corporativa trata diretamente do controle interno e a gestão de risco da organização (MOTTA, SILVEIRA E BORGES 2006), portanto as falhas gerencias podem ser minimizadas com a adoção desta prática. As informações foram obtidas através de survey de questionários a partir de gestores das empresas estudadas previamente mapeados e escala com dados primários e quantitativos. Os resultados apresentaram que existe uma relação com a Governança Corporativa e Desempenho nas empresas da amostra. Os construtos responsabilidade corporativa, prestação de contas e transparência tiveram maior significância enquanto equidade apresentou sentido inverso com o desempenho.(AU)

Processos de construção do sentido por portadores da Síndrome de Asperger

Para la lingüística Cognitiva, la construcción del sentido darse a través del accionamiento de procesos mentales específicos que están directamente ligados a las experiencias socioculturales, sensorio motores y perceptuales. En portadores de la Síndrome de Asperger, el comprometimiento de estos procesos, debido a características específicas dela propia síndrome, puede estar directamente relacionado a problemas de construcción de sentido por estos individuos. En este sentido, el objetivo de esta investigación es investigar los procesos cognitivos que direccionan la construcción del sentido en estos portadores de trastornos neurales. La investigación es realizada con alumnos de la APPARN (Associação de país e amigos dos autistas do Rio Grande do Norte), teniendo como grupo de control alumnos neurotípicos de otras instituciones, siendo los portadores de la síndrome practicantes de la lengua materna o grupo experimental de la búsqueda. Para elucidar el proceso de construcción del sentido por estos alumno, fueron desarrollados testes contiendo rasgos linguisticos norteadores responsables por el accionamiento de algunos procesos cognitivos como los esquemas (JOHNSON, 1987), frames (MINSKY, 1974), affordances (GIBSON, 1979) y simulación mental (BARSALOU, 1999). Los testes fueron basados en los presupuestos teóricos de la Lingüística Cognitiva, más precisamente, de la Teoria Neural del Linguaje. Los resultados apuntan para una posible justificativa para el comprometimiento de la construcción del sentido en portadores de la Síndrome de Asperger, que comprende directamente la relevancia intersubjetiva de la infersencias recibidas y construidas socialmente por los participantes específicamente de este análisis.

O registro de procedimentos metodológicos em projetos de intervenção arquitetônica no patrimônio edificado: o caso de Natal-RN

In the midst of growing preservationist awareness, regarding methods of architectural intervention of buildings with a recognized heritage value, there are numerous approaches on how the original heritage value can be protected. However, can these intervention projects be differentiated? Is it possible to identify how they differ (if in fact they do) from an architectural project not related to preservation? Although there are numerous theoretical studies regarding methods utilized in architectonical projects, there appear to be a lack of studies focused on an architectural intervention exclusively focused on areas or edifications that have a recognized heritage value, thereby requiring a reflection on which methodological procedures in an architectonical project serve the purpose of the preservation of the historical aspects. This discussion is of even greater importance because, at the national level, some recent discussions on this type of architectural design seem arbitrary and lack methodological rigor. Therefore, this research attempts to focus equally on the theoretical-methodological practices of preservation as well as the architectural project methods. In an attempt to address these aspects, the focus of this research centers on the case studies of the intervention projects of the maritime passenger terminal of Natal (Terminal Marítimo de Passageriros de Natal), the old government hall (Palacio do Governo - EDTAM) and the old central hotel (Hotel Central) which are situated in the area known as the historic downtown of the city of Natal, within the federal heritage protection polygon. The analyses of these is intended to identify what methodological procedures were recorded in the final product (in the graphical representation of the architectural design and other documents) delivered to IPHAN / RN, the body responsible for review and approval of these architectural projects, noting whether such procedures appear, in some way, in the final product, and if an understanding of the complexity of preservation is evident. The analyses of these projects corroborate the hypothesis that there are unique characteristics, which must be addressed in the intervention project for preservation when compared to new project design. The main characteristic to be addressed is related to the very nature of the project. It is inherent in the dialectical relationship between the need to preserve (the identified heritage values) and the need to modernize (making adaptations to contemporary life). This relationship, denominated in this dissertation as "radical restraint", must, or at least should, guide the actions in the project as well as the technical analyses of the preservationist organization. However, this radical restriction appears more evident in the guidelines put forth by legislators than in the decisions of designers. These legislators require the presentation of documents, aimed at identifying and contextualizing intervention (Ordinance No. 420 of December 22, 2010), that grant (or should grant) assistance in the decision making process. It was evident in the analyses of these documents that there existed a disconnect between the documents produced and the decisions made in the project. This fact can be seen in the total absence of dialogue about theoretical-methodological preservationist principles, which, in our view, is an essential element of the methodological procedures of the intervention project needed to guide the legislative and project design discussions.

Violência contra mulher: expressões da opressão às mulheres sob a égide do capitalismo e do patriarcado

This dissertation is the result of a research process that sought , from the speech of women in situations of violence , examine the difficulties these women to access the "network " of assistance to women victims of violence in the city of Natal/RN . Therefore , we made a critical analysis from the perspective of totality on the processual ontological " being a woman " and " be a man " , articulating the determinations of the subjective and objective dimensions in the lives of women at this juncture . Thus , also reflecting on the system of oppression of women through Capitalism / Patriarchate , articulated with other determinations of reality , as race / ethnicity , sexual orientation , generation and territoriality . Because of the oppression of women in all aspects of social life , the feminist movement led to the public domain claims against the oppressions of women and fight for Public Social Policies that aim to the particularities of women , among them, the social policies of coping violence against women . The speeches of the women interviewed show the contradictory aspect of work in women's lives . On the one hand , can become a means to financial independence ( with the possibility of exit from violent means). On the other , it can become "cause " of justification for the exercise of violence against women by their partners or former partners . Also show that despite legal advances , there is no effective implementation of policies aimed at women . This occurs as a result of capitalism / patriarchy and the context of neoliberal management of big capital . Thus , the feminist movement , as well as the social movement of the working class , must seek the empowerment of women through the struggle to end all forms of oppression , exploitation and domination among humans.

Leitura do mundo no rap: uma análise bakhtiniana de práticas leitoras no ensino fundamental

This study aims to propose two didactic sequences on the rap songs to the process of formation of critical reflective reader, in the elementary school – in 6th and 9th grade classes. The theoretical foundations that have supported the work are related to the Bakhtin Circle propositions, especially the notions of language as a social ideological discourse; responsive reading; discursive genre and social voices. As for the methodological guidance, it is characterized by adopting the interpretativist paradigm of socio-historical base, in addition to positioning in the large field of Applied Linguistics, whose primary focus is specifically located language. In the selected enunciations to corpus – some Rap songs of protesting – it was analyzed the students’ reflective critical reading in the workshops of Rap-song reading, applied in modules of our teaching sequences. Through the carried out analysis, it was noted that the subjects surveyed have come from an educational culture towards the fulfillment of a conteudista proposed curriculum, so that in this scenario we do not see, through reading, training of the individual citizen, able to through his readings, understanding the socio-ideological structure that surrounds them; and so, escaping of understandings the world, based only on common sense. We conclude also that our teaching proposal represented a novelty for students. Initially, some of them did not see this work as reading, however, the majority was heavily involved in the process; so that, in their comments, we realize voices of a critical and reflective look of which comprise environments, and social situation to which they belong.

Leitura do mundo no rap: uma análise bakhtiniana de práticas leitoras no ensino fundamental

This study aims to propose two didactic sequences on the rap songs to the process of formation of critical reflective reader, in the elementary school – in 6th and 9th grade classes. The theoretical foundations that have supported the work are related to the Bakhtin Circle propositions, especially the notions of language as a social ideological discourse; responsive reading; discursive genre and social voices. As for the methodological guidance, it is characterized by adopting the interpretativist paradigm of socio-historical base, in addition to positioning in the large field of Applied Linguistics, whose primary focus is specifically located language. In the selected enunciations to corpus – some Rap songs of protesting – it was analyzed the students’ reflective critical reading in the workshops of Rap-song reading, applied in modules of our teaching sequences. Through the carried out analysis, it was noted that the subjects surveyed have come from an educational culture towards the fulfillment of a conteudista proposed curriculum, so that in this scenario we do not see, through reading, training of the individual citizen, able to through his readings, understanding the socio-ideological structure that surrounds them; and so, escaping of understandings the world, based only on common sense. We conclude also that our teaching proposal represented a novelty for students. Initially, some of them did not see this work as reading, however, the majority was heavily involved in the process; so that, in their comments, we realize voices of a critical and reflective look of which comprise environments, and social situation to which they belong.

Estudo da redução de arrasto induzido por polímeros em escoamentos internos turbulentos em dutos

The flows turbulent and laminar are present in various applications of engineering and one of the villain of energy loss big is the surface friction. Currently, there are several research aimed for the study of reducing drag (DR) with the objective of developing effective methods to reduce the friction. Regardless of numerous research carried out until today, the phenomenon DR still remains in study not it is fully understood. This paper studied the drag reduction by polymer induction in turbulent internal flows in ducts. We constructed a testing bench to perform the analysis of drag reduction, the bench has basically two manometers with a 8.5 psi full scale, a peripheral pump 0.5 HP, an acrylic tank, valves and tubes pvc and is situated in the Laboratory Fluid Mechanics UFRN. Were used as polymer additives to polyethylene glycol 4000, the Polyox WSR N60K, Polyox WSR 301 and Polyox WSR 205. The rationale for the choice of these polymers is their wide application in situations requiring greater energy efficiency, such as the addition reducing polymers for the jet used by the fire department to achieve greater distances. The induced drag reduction polymers is investigated from the turbulent flow analysis, with Reynolds number in a range between 2×104

Estudo da redução de arrasto induzido por polímeros em escoamentos internos turbulentos em dutos

The flows turbulent and laminar are present in various applications of engineering and one of the villain of energy loss big is the surface friction. Currently, there are several research aimed for the study of reducing drag (DR) with the objective of developing effective methods to reduce the friction. Regardless of numerous research carried out until today, the phenomenon DR still remains in study not it is fully understood. This paper studied the drag reduction by polymer induction in turbulent internal flows in ducts. We constructed a testing bench to perform the analysis of drag reduction, the bench has basically two manometers with a 8.5 psi full scale, a peripheral pump 0.5 HP, an acrylic tank, valves and tubes pvc and is situated in the Laboratory Fluid Mechanics UFRN. Were used as polymer additives to polyethylene glycol 4000, the Polyox WSR N60K, Polyox WSR 301 and Polyox WSR 205. The rationale for the choice of these polymers is their wide application in situations requiring greater energy efficiency, such as the addition reducing polymers for the jet used by the fire department to achieve greater distances. The induced drag reduction polymers is investigated from the turbulent flow analysis, with Reynolds number in a range between 2×104

A regulação da exploração e produção de hidrocarbonetos não convencionais no Brasil

The global energy crisis triggered the possibility of unconventional hydrocarbons exploration and production, culminating in the US energy revolution as well as making other countries interested in the development of these natural resources. The justification for this research comes from Brazil's interest in the use of hydraulic fracturing techniques in unconventional resources since the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) organized the 12th acquisition process and published the Resolution no. 21 of April 10, 2014. The conflict between economic viability and the social and environmental damage from exploration and production of unconventional hydrocarbons in Brazil resulted in the search for a legal solution that would consider the economic, social and environmental interests. The main purpose here is to analyze the regulation of unconventional oil exploration and production in Brazil in order to show lack of regulatory instruments so far. The specific objectives are to investigate how the lack of effective regulation may ultimately prevent the development itself, analyze the importance of systematization of a new regulatory tool for ensuring legal security and energy, identify the key negative environmental and social impacts, and suggest possibilities approaches within the new regulatory framework. The research methodology stands out the hypothetico-deductive model as approach, and the comparative model as procedural method. Moreover, the research techniques used here are performance of a theoretical and descriptive questioning over literature search, analysis of Brazilian standardization and case laws, and a brief comparative study, in order to provide suggested approaches for a new regulatory framework.

A regulação da exploração e produção de hidrocarbonetos não convencionais no Brasil

The global energy crisis triggered the possibility of unconventional hydrocarbons exploration and production, culminating in the US energy revolution as well as making other countries interested in the development of these natural resources. The justification for this research comes from Brazil's interest in the use of hydraulic fracturing techniques in unconventional resources since the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) organized the 12th acquisition process and published the Resolution no. 21 of April 10, 2014. The conflict between economic viability and the social and environmental damage from exploration and production of unconventional hydrocarbons in Brazil resulted in the search for a legal solution that would consider the economic, social and environmental interests. The main purpose here is to analyze the regulation of unconventional oil exploration and production in Brazil in order to show lack of regulatory instruments so far. The specific objectives are to investigate how the lack of effective regulation may ultimately prevent the development itself, analyze the importance of systematization of a new regulatory tool for ensuring legal security and energy, identify the key negative environmental and social impacts, and suggest possibilities approaches within the new regulatory framework. The research methodology stands out the hypothetico-deductive model as approach, and the comparative model as procedural method. Moreover, the research techniques used here are performance of a theoretical and descriptive questioning over literature search, analysis of Brazilian standardization and case laws, and a brief comparative study, in order to provide suggested approaches for a new regulatory framework.

Uso didático do Facebook como estratégia de leitura para o gênero textual poesia

The poor performance of students in reading and writing activities, prompted the search for actions that would minimize this problem, noticeable mainly in public education. The lack of interest in reading of poetic texts seen in students from the 7th year in a public school in RN, has led us to question the reasons for the rejection of poetry. Thus, the idea to organize and develop new reading possibilities mediated by digital technologies, considering the preference of teenagers by virtual environments. Therefore, it was essential to observe how students used web resources in order to plan actions that aimed to improve their reading performance. We present to justify the need for reflection on the educational problems starting from our reality, in order to establish appropriate procedures to minimize them. To this end, we draw is to investigate how students appropriated the Facebook social network in order to elaborate reading strategies using this platform. The study is anchored in the reflections of the following theorists and researchers: language concepts and language: Bakhtin (2011 [1979] 2006 [1999]), Bronckart (2012 [1999]), Marcuschi (2008); reading strategies: Leffa (1996) Solé (1998), Antunes (2009), Kleiman (2013); genre: Bakhtin (2011 [1979] 2006 [1999]), Marcuschi (2008); didactic sequence: Dolz, Noverraz and Schneuwly (2013 [2004]); technologies: Moran (2008 [2000]), Kenski (2007), Bento (2012), Behrens (2013); literary literacy: Cosson (2007); other theoretical orientations: PCN (1998), PDE (2008), Perrenoud (1999), among others. The methodology followed action research guidelines, a qualitative approach perspective. The research instruments included questionnaires, interviews, observations and field notes. The results pointed to the interest of students in this social network, which favored the development of a didactic sequence whose activities converged on the didactic use of Facebook as a support for the presentation of textual poetry genre, drawing the attention of students for reading. Thus, we reiterate the need to include the pedagogical use of Information and Communication Digital Technologies educational activities to better meet the expectations of the generation of "digital natives", offering them a significant Portuguese-speaking school that fits your interests.

Uso didático do Facebook como estratégia de leitura para o gênero textual poesia

The poor performance of students in reading and writing activities, prompted the search for actions that would minimize this problem, noticeable mainly in public education. The lack of interest in reading of poetic texts seen in students from the 7th year in a public school in RN, has led us to question the reasons for the rejection of poetry. Thus, the idea to organize and develop new reading possibilities mediated by digital technologies, considering the preference of teenagers by virtual environments. Therefore, it was essential to observe how students used web resources in order to plan actions that aimed to improve their reading performance. We present to justify the need for reflection on the educational problems starting from our reality, in order to establish appropriate procedures to minimize them. To this end, we draw is to investigate how students appropriated the Facebook social network in order to elaborate reading strategies using this platform. The study is anchored in the reflections of the following theorists and researchers: language concepts and language: Bakhtin (2011 [1979] 2006 [1999]), Bronckart (2012 [1999]), Marcuschi (2008); reading strategies: Leffa (1996) Solé (1998), Antunes (2009), Kleiman (2013); genre: Bakhtin (2011 [1979] 2006 [1999]), Marcuschi (2008); didactic sequence: Dolz, Noverraz and Schneuwly (2013 [2004]); technologies: Moran (2008 [2000]), Kenski (2007), Bento (2012), Behrens (2013); literary literacy: Cosson (2007); other theoretical orientations: PCN (1998), PDE (2008), Perrenoud (1999), among others. The methodology followed action research guidelines, a qualitative approach perspective. The research instruments included questionnaires, interviews, observations and field notes. The results pointed to the interest of students in this social network, which favored the development of a didactic sequence whose activities converged on the didactic use of Facebook as a support for the presentation of textual poetry genre, drawing the attention of students for reading. Thus, we reiterate the need to include the pedagogical use of Information and Communication Digital Technologies educational activities to better meet the expectations of the generation of "digital natives", offering them a significant Portuguese-speaking school that fits your interests.

Ajuste estrutural e educação superior no Brasil: princípios negados

SILVA, Hiran Francisco Oliveira Lopes da. A juste estruturale educação superior no Brasil: princípios negados. 206 f., 2007. Tese (Doutorado em Educação) - Universidade Federal da Paraiba, João Pessoa, 2007.

O ambientalismo econômico no discurso da reciclagem dos materiais

O modelo civilizatório da sociedade global fundamenta-se na produção à larga escala e no aumento exponencial e diversificado do consumo. Este modelo impacta o meio ambiente já que demanda grandes quantidades de recursos naturais e provoca contaminação ambiental. No leque desta contaminação, a geração de resíduos sólidos surge como uma das principais devido a seus efeitos nocivos serem sentidos de forma imediata pelas pessoas. Em países como o Brasil, uma das soluções requeridas para se minimizar e/ou equacionar a problemática engendrada pelos resíduos sólidos é a reciclagem dos materiais. A justificativa oficial pelo esforço à reciclagem está nas características da atividade já que o uso de materiais reciclados reduz a demanda por recursos naturais em processos produtivos industriais, aumenta o tempo de vida útil dos aterros sanitários (local de destino final dos resíduos), além de gerar emprego e renda para os catadores, sujeitos que sobrevivem da coleta e separação dos materiais recicláveis. A partir de uma ética ambiental, a pergunta que deve ser feita quando nos propomos a analisar as implicações da geração dos resíduos é: por que a sociedade global gera resíduos sólidos de maneira acentuada? Contudo, à luz dos pressupostos mercadológicos do capitalismo, a pergunta que move as discussões acerca da problemática dos resíduos sólidos é: o que fazer com a crescente geração de resíduos sólidos? O presente artigo se propõe a uma reflexão dos elementos justificativos dessa ode à reciclagem. Em nossa perspectiva, a reciclagem fomenta ao que denominamos de ambientalismo econômico, no qual o discurso pró-reciclagem se apropria dos elementos e potencialidades ambientais da atividade da reciclagem para justificar as ações de caráter econômico no que se refere ao que fazer com os resíduos gerados diariamente.