Debt composition and exchange rate balance sheet effects in Brazil: A firm level analysis

In this paper we study the interaction between macroeconomic environment and firms’ balance sheet effects in Brazil during the 1990’s. We start by assessing the influence of macroeconomic conditions on firms’ debt composition in Brazil. We found that larger firms tend to change debt currency composition more in response to a change in the exchange rate risk than small firms. We then proceed to investigate if and how exchange rate balance sheet effects affected the firms’ investment decisions. We test directly the exchange rate balance sheet effect on investment. Contrary to earlier findings (Bleakley and Cowan, 2002), we found that firms more indebted in foreign currency tend to invest less when there is an exchange rate devaluation. We tried different controls for the competitiveness effect. First, we control directly for the effect of the exchange rate on exports and imported inputs. We then pursue an alternative investigation strategy, inspired by the credit channel literature. According to this perspective, Tobin’s q can provide an adequate control for the competitiveness effect on investment. Our results provide supporting evidence for imperfect capital markets, and for a negative exchange rate balance sheet effect in Brazil. The results concerning the exchange rate balance sheet effect on investment are statistically significant and robust across the different specifications. We tested the results across different periods, classified according to the macroeconomic environment. Our findings suggest that the negative exchange rate balance sheet effect we found in the whole sample is due to the floating exchange rate period. We also found that exchange rate devaluations have important negative impact on both cash flows and sales of indebted firms. Furthermore, the impact of exchange rate variations is asymmetric, and the significant effect detected when no asymmetry is imposed is engendered by exchange rate devaluations.

Coordenação e governança no Programa Territórios da Cidadania: uma análise multi-level a partir do Vale do Ribeira-SP

Poverty in Brazil has been gradually reduced. Among the main reasons, there are public policies for universalization of rights. On the other hand, the municipalities' Human Development Index indicates scenarios of growing inequality. In other words, some regions, basically of rural character, were left behind in that process of development. In 2008, the “Territórios da Cidadania” (Territories of Citizenship) Program was launched by the federal government, under high expectations. It was proposed to develop those regions and to prioritize the arrival of ongoing federal public policies where they were most demanded. The program has shown an innovative arrangement which included dozens of ministries and other federal agencies, state governments, municipalities and collegialities to the palliative management and control of the territory. In this structure, both new and existing jurisdictions came to support the program coordination. This arrangement was classified as an example of multi-level governance, whose theory has been an efficient instrument to understand the intra- and intergovernmental relations under which the program took place. The program lasted only three years. In Vale do Ribeira Territory – SP, few community leaderships acknowledge it, although not having further information about its actions and effects. Against this background, the approach of this research aims to study the program coordination and governance structure (from Vale Territory, considered as the most local level, until the federal government), based on the hypothesis that, beyond the local contingencies in Vale do Ribeira, the layout and implementation of the Territories of Citizenship Program as they were formulated possess fundamental structural issues that hinder its goals of reducing poverty and inequality through promoting the development of the territory. Complementing the research, its specific goal was to raise the program layout and background in order to understand how the relations, predicted or not in its structure, were formulated and how they were developed, with special attention to Vale do Ribeira-SP. Generally speaking, it was concluded that the coordination and governance arrangement of the Territories of Citizenship Program failed for not having developed qualified solutions to deal with the challenges of the federalist Brazilian structure, party politics, sectorized public actions, or even the territory contingencies and specificities. The complexity of the program, the poverty problem proposed to be faced, and the territorial strategy of development charged a high cost of coordination, which was not accomplished by the proposal of centralization in the federal government with internal decentralization of the coordination. As the presidency changed in 2011, the program could not present results that were able to justify the arguments for its continuation, therefore it was paralyzed, lost its priority status, and the resources previously invested were redirected.

Application of multivariable control using artificial neural networks in a debutanizer distillation column

LOPES, Jose Soares Batista et al. Application of multivariable control using artificial neural networks in a debutanizer distillation column.In: INTERNATIONAL CONGRESS OF MECHANICAL ENGINEERING - COBEM, 19, 5-9 nov. 2007, Brasilia. Anais... Brasilia, 2007

Acaricides used in conventional and organic citrus orchard: leprosis and phytoseiid mites population control

The citrus leprosis control in São Paulo state is performed exclusively by acaricides to control the vector mite, Brevipalpus phoenicis, which increases the production costs and may affect the beneficial organism's population. Therefore, the aim of this trial was to evaluate during four seasons, the effects of acaricides recommended to control the mite B. phoenicis in conventional and organic citrus over evolution of citrus leprosis and over phytoseiids' population. The experiment was installed in October of 2003 in a citrus orchard in Reginopolis city, state of São Paulo. The experimental design used randomized blocks, the dosages was expressed as mL c.p./100L of water and the treatments were the following: spirodiclofen (20 mL); cyhexatin (50 mL) (used in rotation), lime sulfur (4,000 mL) and control (without pesticide application). However, the rotation between spirodiclofen and cyhexatin began in September 2006. Prior to that time, only spirodiclofen had been used. Surveys were conducted every 15 days on the B. phoenicis, Iphiseioides zuluagai, and Euseius populations. The control level adopted by the B. phoenicis was 8.3%, and the pesticide applications were conducted using tractor-sprayers. During the 2007-08 seasons, 10 infected fallen fruits per plot were collected and the number of leprosis lesions was quantified by each fruit. By the end of the 2007-08 seasons, the productivity, harvest losses, the disease incidence and severity were evaluated. It was found that the lesions' location over the fruit is more important in determining its drop than the lesions' number. The more intense the mite infestation, the greater is the number of lesions, resulting in increased premature fruit drop. A strategy using acaricides spirodiclofen and cyhexatin in rotation promoted more efficient control of B. phoenicis compared to lime sulfur, resulting in greater productivity, lower fruit losses and severity levels. The lime sulfur applications reduced the mite population incidence below the control level; however it did not prevent the lesions' occurrence. The acaricides applicarevented adverse effects on phytoseiid population because there was a reduction of their density.

Efficacy evaluation of a commercial neem cake for control of Haematobia irritans on Nelore cattle

Muita atenção tem sido dada ao desenvolvimento de inseticidas vegetais buscando-se um efetivo controle de ectoparasitas de bovinos, sem prejudicar animais, consumidores e meio ambiente. Este estudo, realizado de abril a julho de 2008, na Empresa Brasileira de Pesquisa Agropecuária (EMBRAPA) Pecuária Sudeste, em São Carlos, SP, Brasil, avaliou a eficácia de uma torta comercial de nim (Azadirachta indica) no controle da mosca-dos-chifres (Haematobia irritans) em bovinos. A torta de nim, misturada ao sal mineral na concentração de 2%, foi fornecida a 20 vacas Nelore, durante nove semanas, e sua eficácia foi monitorada através de contagens semanais nos grupos tratado e controle. Infestações individuais foram registradas por meio de fotos digitais em todos os animais de ambos os grupos, e o número de moscas foi, posteriormente, quantificado com o auxílio de um sistema de análise de imagem computadorizado. A quantificação dos componentes da torta de nim, por cromatografia líquida, revelou a presença de azadiractina (421 mg.kg-1) e 3-tigloyl-azadirachtol (151 mg.kg-1). A adição da torta de nim a 2% reduziu o consumo de sal mineral em cerca de 22%. O tratamento com torta de nim a 2% não reduziu as infestações por mosca-dos-chifres em bovinos durante as nove semanas do estudo.

Bundle Block Adjustment of CBERS-2B HRC Imagery Combining Control Points and Lines

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

Ultrastructural analysis of the low level laser therapy effects on the lesioned anterior tibial muscle in the Gerbil

Low level laser therapy (LLLT) is known for its positive results but studies on the biological and biomodulator characteristics of the effects produced in the skeletal muscle are Still lacking. In this Study the effects of two laser dosages, 5 or 10 J/cm(2), on the lesioned tibial muscle were compared. Gerbils previously lesioned by 100 g load impact were divided into three groups: GI (n = 5) controls, lesion non-irradiated; GII (n = 5), lesion irradiated with 5 J/Cm(2) and GIII (n = 5), lesion irradiated with 10 J/cm(2), and treated for 7 consecutive days with a laser He-Ne (lambda = 633 rim). After intracardiac perfusion, the muscles were dissected and reduced to small fragments, post-fixed in 1% osmium tetroxide, dehydrated in increasing alcohol concentrations, treated with propylene oxide and embedded in Spurr resin at 60 degrees C. Ultrafine Cuts examined on a transmission electron microscope (Jeol 1010) revealed in the control GI group a large number of altered Muscle fibers with degenerating mitochondria, intercellular substance containing degenerating cell fragments and budding blood capillaries with Underdeveloped endothelial cells. However, groups GII and GIII showed muscle fibers with few altered myofibrils, regularly contoured mitochondria, ample intermembrane spaces and dilated mitochondrial crests. The clean intercellular Substance showed numerous collagen fibers and capillaries with multiple abluminal processes, intraluminal protrusions and several pinocytic vesicles in endothelial cells. it was concluded that laser dosages of 5 or 10 J/cm(2) delivered by laser He-Ne (lambda = 633 rim) during 7 consecutive days increase mitochondrial activity in muscular fibers, activate fibroblasts and macrophages and stimulate angiogenesis, thus suggesting effectivity of laser therapy tinder these experimental conditions. (C) 2009 Elsevier Ltd. All rights reserved.

Mucociliary clearance and its relation with the level of physical activity in daily life in healthy smokers and nonsmokers

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

Dynamics of inter-modality re-weighting during human postural control

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Age-related changes in postural control sensory reweighting

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Observer-based state-feedback versus H-infinity output feedback control solved by LMI approach for applications in smart structures

This paper aims with the use of linear matrix inequalities approach (LMIs) for application in active vibration control problems in smart strutures. A robust controller for active damping in a panel was designed with piezoelectrical actuators in optimal locations for illustration of the main proposal. It was considered, in the simulations of the closed-loop, a model identified by eigensystem realization algorithm (ERA) and reduced by modal decomposition. We tested two differents techniques to solve the problem. The first one uses LMI approach by state-feedback based in an observer design, considering several simultaneous constraints as: a decay rate, limited input on the actuators, bounded output peak (output energy) and robustness to parametic uncertainties. The results demonstrated the vibration attenuation in the structure by controlling only the first modes and the increased damping in the bandwidth of interest. However, it is possible to occur spillover effects, because the design has not been done considering the dynamic uncertainties related with high frequencies modes. In this sense, the second technique uses the classical H. output feedback control, also solved by LMI approach, considering robustness to residual dynamic to overcome the problem found in the first test. The results are compared and discussed. The responses shown the robust performance of the system and the good reduction of the vibration level, without increase mass.

Application of wavelets to the evaluation of phantom images for mammography quality control

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Evaluation of level of DNA damage in blood leukocytes of non-diabetic and diabetic rat exposed to cigarette smoke

The objective of the present study was to use the comet assay to evaluate the steady-state level of DNA damage in peripheral blood leukocytes from diabetic and non-diabetic female Wistar rats exposed to air or to cigarette smoke. A total of 20 rats were distributed into four experimental groups (n= 5 rats/group): non-diabetic (control) and diabetic exposed to filtered air; non-diabetic and diabetic exposed to cigarette smoke. A pancreatic beta (beta)-cytotoxic agent, streptozotocin (40 mg/kg b.w.) was used to induce experimental diabetes in rats. Rats placed into whole-body exposure chambers were exposed for 30 min to filtered air (control) or to tobacco smoke generated from 10 cigarettes, twice a day, for 2 months. At the end of the 2-month exposure period, each rat was anesthetized and humanely killed to obtain blood samples for genotoxicity analysis using the alkaline comet assay. Blood wleukocytes sampled from diabetic rats presented higher DNA damage values (tail moment =0.57 +/- 0.05; tail length =19.92 +/- 0.41, p < 0.05) compared to control rats (tail moment =0.34 +/- 0.02; tail length= 17.42 +/- 0.33). Non-diabetic (tail moment =0.43 +/- 0.04, p > 0.05) and diabetic rats (tail moment= 0.41 +/- 0.03, p > 0.05) exposed to cigarette smoke presented non-significant increases in DNA damage levels compared to control group. In conclusion, our data show that the exposure of diabetic rats to cigarette smoke produced no additional genotoxicity in peripheral blood cells of female Wistar rats. (c) 2007 Elsevier B.V. All rights reserved.

Influence of glycemic control on fetal lung maturity in gestations affected by diabetes or mild hyperglycemia

Objective. To evaluate the influence of glycemic control on fetal lung maturity in pregnancies affected by diabetes or mild hyperglycemia. Design. Cross-sectional study. Setting. Level III maternity center. Population. A total of 187 pregnant women were submitted to routine amniocentesis for the assessment of fetal lung maturity up to 72 hours before delivery. Methods. Fetal lung maturity thresholds were: Clements-positive at a dilution of 0.5; OD(650) nm >= 0.15; and lamellar body count (LBC) >= 32,000/mu l. The relation of test results with adequate (<= 6.7 mmol/l) or poor (> 6.7 mmol/l) glycemic mean (GM) at term and at preterm was evaluated. Main outcome measure. Delay in fetal lung maturity when glycemic control was poor. Results. Glycemic control was adequate in 146 (78.1%) women. Clements maturity rates were higher at term (91.9%) than at preterm (64.7%) when GM <= 6.7 mmol/l (p < 0.001), but not when control was inadequate. LBC median was higher at term (99.0; 62.0-154.0) than at preterm (66.5; 40.5-108.25) (p = 0.009) when GM <= 6.7 mmol/l, while GM > 6.7 mmol/l did not lead to any difference between these rates at term or preterm. When glycemic control was adequate, OD(650) nm medians at term and at preterm were similar. However, when GM > 6.7 mmol/l, OD(650) nm median at term (0.29; 0.22-0.40) was higher than that observed at preterm (0.15; 0.12-0.18) (p < 0.001). Conclusions. Our results suggest that in term pregnancies routine amniocentesis for the assessment of fetal lung maturity should be abandoned. In preterm pregnancies, or when glycemic control is inadequate it is recommended.

Can vitamins C and E restore the androgen level and hypersensitivity of the vas deferens in hyperglycemic rats?

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)