Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

Variabilidade genética e sensibilidade de acessos de Pistia stratiotes ao herbicida glyphosate

A alface-d'água (Pistia stratiotes) é uma das principais entre as macrófitas aquáticas que causam problemas em corpos hídricos no Brasil e são consideradas como plantas daninhas. O presente trabalho foi realizado com os objetivos de conhecer melhor a variabilidade genética dessa macrófita e relacionar essa variabilidade com a resposta à aplicação do herbicida glyphosate. Para isso, foram coletados indivíduos em 12 corpos hídricos em diferentes cidades do território nacional (Americana, Cambaratiba, Curitiba, Itapura, Jaboticabal, Lagoa Santa, Piraí, Rio Grande, Rubinéia, Salto Grande, Santa Gertrudes e Três Lagoas). Os acessos foram caracterizados pelo uso de marcadores RAPD (DNA Polimórfico Amplificado ao Acaso), que permitiram, com o auxílio de iniciadores aleatórios, a caracterização dos locos polimórficos identificados por uma matriz de ausência e presença de bandas. Utilizando essa matriz, a análise de agrupamento permitiu nítida classificação dos acessos em três grupos com diferenças genéticas entre eles. Um ensaio de controle químico, com plantas mantidas em vasos plásticos (5 L) e pulverizadas com o herbicida glyphosate nas concentrações de 0,0, 0,6, 1,2, 1,8 e 2,4 kg ha-1, identificou, utilizando avaliações aos 7, 14 e 21 dias após aplicação, que as duas maiores doses promoveram melhor efeito herbicida. Foi verificado também que os acessos de Curitiba e Cambaratiba apresentaram menor suscetibilidade ao herbicida glyphosate. Não houve correspondência entre a estrutura de grupos dos acessos pela análise multivariada de agrupamento com a técnica RAPD e a suscetibilidade da alface-d'água ao glyphosate.

Modelagem de decisão na seleção de equipamento: um estudo usando o processo analítico hierárquico na contratação de sondas de perfuração de poços de petróleo

The main goal of this dissertation is to develop a Multi Criteria Decision Aid Model to be used in Oils and Gas perforation rigs contracts choices. The developed model should permit the utilization of multiples criterions, covering problems that exist with models that mainly use the price of the contracts as its decision criterion. The AHP has been chosen because its large utilization, not only academic, but in many other areas, its simplicity of use and flexibility, and also fill all the requirements necessary to complete the task. The development of the model was conducted by interviews and surveys with one specialist in this specific area, who also acts as the main actor on the decision process. The final model consists in six criterions: Costs, mobility, automation, technical support, how fast the service could be concluded and availability to start the operations. Three rigs were chosen as possible solutions for the problem. The results reached by the utilizations of the model suggests that the utilization of AHP as a decision support system in this kind of situation is possible, allowing a simplifications of the problem, and also it s a useful tool to improve every one involved on the process s knowledge about the problem subject, and its possible solutions

Genotype by environment interaction for birth and weaning weights of composite beef cattle in different regions of Brazil

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

Estimates of genetic parameters for scrotal circumference using random regression models in Nelore cattle

A total of 15,901 scrotal circumference (SC) records from 5300 Nelore bulls, ranging from 229 to 560 days of age, were used with the objective of estimating (co)variance functions for SC, using random regression models. Models included the fixed effects of contemporary group and age of dam at calving as covariable (linear and quadratic effects). To model the population mean trend, a third order Legendre polynomial on animal age was utilized. The direct additive genetic and animal permanent environmental random effects were modeled by Legendre polynomials on animal age, with orders of fit ranging from 1 to 5. Residual variances were modeled considering 1 (homogeneity of variance) or 4 age classes. Results obtained with the random regression models were compared to multi-trait analysis. (Co)variance estimates using multi-trait and random regression models were similar. The model considering a third- and fifth-order Legendre polynomials for additive genetic and animal permanent environmental effects, respectively, was the most adequate to model changes in variance of SC with age. Heritability estimates for SC ranged from 0.24 (229 days of age) to 0.47 (300 days of age), remained almost constant until 500 days of age (0.52), decreasing thereafter (0.44). In general, the genetic correlations between measures of scrotal circumference obtained from 229 to 560 days of age decreased with increasing distance between ages. For genetic evaluation scrotal circumference could be measured between 400 and 500 days of age. (C) 2010 Elsevier B.V. All rights reserved.

Genetic parameters and relationships between growth traits and scrotal circumference measured at different ages in Nellore cattle

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

Random regression models using different functions to model test-day milk yield of Brazilian Holstein cows

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

Detection and classification of voltage disturbances using a Fuzzy-ARTMAP-wavelet network

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

Robust fault diagnosis in power distribution systems based on fuzzy ARTMAP neural network-aided evidence theory

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

High incidences of DNA ploidy abnormalities in tongue squamous cell carcinoma of young patients: an international collaborative study

Aims: This multi-centre analysis assessed the DNA content of TSCC in 37 young patients (<40 years) and 28 old patients (>50 years) and determined the correlation of DNA ploidy findings with clinicopathological data.Methods and results: Image cytometry was carried out using an automated cellular imaging system on Feulgen-stained histological sections to obtain high-fidelity DNA histograms. Among young patients, 37.8% were females compared to 18.7% in the older group (P = 0.002). In total, 48.6% patients were non-smokers and 40.5% were non-drinkers compared to 10.7% non-smokers and non-drinkers in the older group (P < 0.0001). TNM, clinical stage of disease and histological grade of differentiation did not differ between groups. Tumour aneuploidy was detected in 86.5% and tetraploidy in 24.3% young patients; this was significantly greater than in the older group where 64.3% were aneuploid (P < 0.0001) and 7.2% tetraploid (P < 0.0001). The mean values of DNA index (DI) and DNA heterogeneity index as well as the percentage of cells with DI exceeding 5N were higher in young patients (P < 0.0001).Conclusions: Young patients with TSCC represent a distinct clinical entity. The high incidence of DNA ploidy abnormalities suggest that they may have increased genomic instability and indicates underlying genetic differences between TSCC in young and older patients.

Espectrometria de absorção atômica multielementar simultânea com atomização eletrotérmica em forno de grafite - uma revisão da técnica e aplicações

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

Multipath reduction from GPS double differences using wavelets: How far can we go?

Wavelets are being extensively used in Geodetic applications. In this paper, the Multi-Resolution Analysis (MRA) using wavelets is applied to pseudorange and carrier phase GPS double differences (DDs) in order to reduce multipath effects. The wavelets were already applied to GPS carrier phase DDs, but some questions remain: How good can be the results, and are all multipath effects reduced? The answers to these questions are discussed in this paper. Thus, the wavelet transform is used to decompose the DD signals, splitting them in lower resolution components. After the decomposition process, the wavelet shrinkage is performed by thresholding to eliminate the components relative to multipath effects. Then, the DD observation can be reconstructed. This new DD signal is used to perform the baseline processing. The daily multipath repeatability was verified. With the application of the proposed approach, the results showed that the reliability of the ambiguity resolution and accuracy of the results improved when compared with the standard procedure. Furthermore, the method showed to be very efficient computationally, because, it is not noticed, at practical level, difference in the time span between the processing with and without application of the proposed method. However, only the high frequency multipath was eliminated.

Avaliação do nível de multicaminho no posicionamento relativo GPS e sua atenuação através da análise de multiresolução

The multipath effect affects the differential and relative positioning, even that one involving short baselines. So it is necessary to detect this effect, check the caused error level, and mainly, its removal. This paper aims at analysing and comparing some useful components in the detection of this effect. These components are the Signal to Noise Ratio (SNR), the values of MP1 and MP2 obtained from the TEQC software that indicates the multipath level in the carriers L1 and L2, the multipath repeatability in consecutive days and the elevation angle and the azimuth of the satellites. For this purpose, an experiment is carried out, comparing such components in the presence and the absence of reflector objects that cause the multipath. Not only there is clear multipath repeatability in the residuals, but it also appears in the measures SNR, MP1 and MP2, reaching up 99% of correlation. For reduction, at least, of the high frequency multipath effect, the Multi-Resolution Analysis using wavelets is applied in the double differences (DD) measures. Some statistical tests were accomplished, which indicate results improvement, and mainly, larger reliability in the solution of the ambiguities, reaching up 49% of improvement concerning the Ratio test without applying the proposed method.

Potential use of the veris apparent EC sensor to predict soil texture under the semi-arid conditions of central Arizona

The operational details of the apparent electrical conductivity (ECa) sensor manufactured by Veris Technologies have been extensively documented in literature reports, but the geographical distribution of these research studies indicate a strong regional concentration in the US Mid-west and Southern states. The agricultural lands of these states diverge significantly to the soil conditions and water regime of irrigated land in the US South-western states such as Arizona where there is no previous research reports of the use of this particular sensor. The objectives of the present study were to analyze the performance of this sensor under the conditions of typical soils in irrigated farms of Central Arizona. We tested under static conditions the performance of the sensor on three soils of contrasting texture. Observations were collected as time series data as soil moisture changed from saturation to permanent wilting point. Observations were repeated at the hours of lowest and highest temperatures. In addition, this study included soil penetration resistance and salinity determinations. Preliminary results indicate that soil temperature of the upper layer caused the most dynamic change in the sensor output. The ECa curves of the three soil textures tested had well defined distinctive characteristics. Final multivariate analysis is pending.

Selecting the most adequate bedding material for broiler production in Brazil

Broiler chicken production is widely dispersed across the globe, and one important issue for growers is the selection of adequate bedding material, as the availability and price of substrates varies among countries and regions within a same country. This study aimed at applying a multiple criteria analysis approach for the selection of the most appropriate bedding material for broiler production. Based on field research data and growers' experience, the most desirable characteristics of a litter material were chosen as the main criteria. The selected materials were wood shavings, rice husks, chopped Napier grass (Pennisetum pupureum), 50% sugar cane bagasse (Saccharum L.) plus 50% wood shavings, 50% sugar cane bagasse (Saccharum L.) plus 50% rice husks, and pure sugar cane bagasse (Saccharum L.). The analytical hierarchy process (AHP) was applied for selecting the most suitable bedding material. Validation was performed using data from previous studies carried out in central-western Brazil on the effects of different types of bedding material on broiler carcass quality. Considering the selected criteria, several bedding materials were tested and ranked, and the results showed that wood-shavings litter was the best option (weight = 0.28), followed by rice husks (weight = 0.24). All other tested alternatives presented lower scores and were, therefore, not considered for use. The AHP approach was found to be an efficient tool to select the most appropriate litter material under specific scenarios.