International private equity funds strategies in the Brazilian market

The Private Equity Market in Brazil has flourished in the last two decades, and international Funds have been entering the market since then. The activity of these enterprises and how they deal with institutional voids that are present in the brazilian market and the all spheres of distances they have with Brazil are investigated in this research. What are the main challenges for those players in the local market and how private equity functions in Brazil? The first chapter reviews all the literature that concerns private equity in their home countries, such as the United States and Spain (Europe) and Brazil. It also discourses about the concept of private equity in all its different senses, the routine of investees and how is the relationship between Private Equity Fund and Investee. In addition to that, the due diligence process is also explained as well as the private equity sector in Brazil and its regulation. Moreover, the distance between countries and how it affects business is presented followed by the concepts of institutional voids. For the inquiry proposed interviews were conducted in order to capture the perspective of International Private Equity Funds on the Brazilian market. Advent International, The Carlyle Group and Mercapital replied to the inquiries and provided the tools so a picture of the sector was developed. This sector has a range of challenges and opportunities and requires the International Fund to establish a local branch in order to really succeed in the market. The results of this project pointed out to the challenges the market presents and how International Private Funds are coming about it. There are definitely gaps that need to be fulfilled however the industry is going in the right direction. Revenues may change its nature in the next couple of years, however from the Private Equity Fund perspective Brazil has been a worthwhile investment. Nonetheless, it is important to question the vision also of the investee and institutional investor so one can have the entire picture of the sector.

Regionalização dos serviços de assistência à saúde: uma nova configuração estratégica da operadora Fesp

O segmento suplementar de saúde no Brasil apresenta hoje, substancial importância no cenário nacional, não só por sua abrangência e capilaridade, mas também por sua relevância econômica. Neste cenário, destaca-se o segmento de cooperativas médicas Unimed, que atendem hoje cerca de 8% da população brasileira e detém mais de 33% do marketshare do setor. Desde o advento do marco regulatório do setor no Brasil, a saúde suplementar vem sendo submetida a um rigoroso processo de reestruturação enquanto segmento econômico, que ano após ano, vem reduzindo a autonomia de livre negociação de preços e ampliando o rol de procedimentos obrigatórios para as operadoras. Diante deste cenário e sob a temática da estratégia empresarial, propôs-se um estudo exploratório da Federação das Unimeds do Estado de São Paulo (Fesp), avaliando criticamente o modelo de regionalização adotado em sua operadora, caracterizando-se como uma nova configuração estratégica, alinhada à realidade regulatória do setor e ao ambiente competitivo de mercado no qual está inserida.

Arbitragem regulatória X one size fits all: a discricionariedade na regulação bancária internacional entre Cila e Caríbdis

As peculiaridades da atividade bancária - normalmente vista como fundamental à persecução do desenvolvimento, bem como bastante influenciada pelo direito - estimularam a emergência de um regime internacional de regulação da categoria. Tal advento se deu na esteira dos trabalhos realizados por organizações internacionais, como o Comitê da Basileia (BCBS) e o Comitê de Estabilidade Financeira (FSB), e em virtude da percepção de estarmos em um mundo no qual os mercados estão muito interligados, mas permanecem nacionalmente regulados. À parte da discussão do mérito e efetividade dos padrões regulatórios propostos por essas organizações, em um contexto no qual uma série de países busca implementá-los, interessa ao presente trabalho perscrutar os elementos que definem o grau adequado de discricionariedade de implementação conferida na formulação desses. A análise de tal problema sugere a existência de dois extremos a se evitar: a arbitragem regulatória e o one size fits all. Evitar a arbitragem regulatória é uma preocupação da literatura de regulação bancária que se traduz em conter uma variação muito acentuada entre os regimes regulatórios de diferentes jurisdições. Isso enseja três vetores favoráveis a um menor grau de discricionariedade, representado por desígnios de maior coordenação, maior competitividade e de evitar uma race to the bottom regulatória entre os países. Já evitar o one size fits all é uma preocupação recorrente da literatura de direito e desenvolvimento que sugere a necessidade de se atentar para as peculiaridades locais na formulação de políticas regulatórias. Por sua vez, isso enseja outros três vetores, dessa vez em direção a um maior grau de discricionariedade. Sendo esses representados por preocupações com a eficiência das medidas adotadas, com a garantia de um espaço de manobra que respeite a autodeterminação dos países - ao menos minorando eventuais déficits democráticos da estipulação de padrões internacionais - e com a viabilidade prática do experimentalismo. A fim de analisar esse problema e levando em conta esses extremos, propõe-se uma estratégia bipartida: a construção de um enquadramento teórico e a verificação de uma hipótese de pesquisa, segundo a qual um caso específico de regulação bancária pode demonstrar como esses elementos interagem na definição do grau de discricionariedade. Assim, em um primeiro momento - após a necessária contextualização e descrição metodológica - é construído um framework teórico do problema à luz da literatura da regulação bancária e do instrumental utilizado pelas discussões acerca do impacto do direito no desenvolvimento. Discussões essas que há anos têm abordado a formulação de padrões internacionais e a sua implementação em contextos nacionais diversos. Também nesse primeiro momento e como parte da construção dos alicerces teóricos, procede-se a um excurso que busca verificar a hipótese da confiança no sistema bancário ser uma espécie de baldio (common), bem como suas possíveis consequências. Partindo desse enquadramento, elege-se o segmento de regulação bancária relativo aos garantidores de depósito para uma análise de caso. Tal análise - realizada com subsídios provenientes de pesquisa bibliográfica e empírica - busca demonstrar com que grau de discricionariedade e de que forma se deu a formulação e implementação de padrões internacionais nesse segmento. Ao fim, analisa-se como os vetores determinantes do grau de discricionariedade interagem no caso dos garantidores de depósitos, bem como as sugestões possivelmente inferíveis dessa verificação para os demais segmentos da regulação bancária.

Growing research where economies grow: essays on strategy and international expansion of companies from emerging countries

In recent years, emerging countries have assumed an increasingly prominent position in the world economy, as growth has picked up in these countries and slowed in developed economies. Two related phenomena, among others, can be associated with this growth: emerging countries were less affected by the 2008-2009 global economic recession; and they increased their participation in foreign direct investment, both inflows and outflows. This doctoral dissertation contributes to research on firms from emerging countries through four independent papers. The first group of two papers examines firm strategy in recessionary moments and uses Brazil, one of the largest emerging countries, as setting for the investigation. Data were collected through a survey on Brazilian firms referring to the 2008-2009 global recession, and 17 hypotheses were tested using structural equation modeling based on partial least squares. Paper 1 offered an integrative model linking RBV to literatures on entrepreneurship, improvisation, and flexibility to indicate the characteristics and capabilities that allow a firm to have superior performance in recessions. We found that firms that pre-recession have a propensity to recognize opportunities and improvisation capabilities for fast and creative actions have superior performance in recessions. We also found that entrepreneurial orientation and flexibility have indirect effects. Paper 2 built on business cycle literature to study which strategies - pro-cyclical or counter-cyclical – enable superior performance in recessions. We found that while most firms pro-cyclically reduce costs and investments during recessions, a counter-cyclical strategy of investing in opportunities created by changes in the environment enables superior performance. Most successful are firms with a propensity to recognize opportunities, entrepreneurial orientation to invest, and flexibility to efficiently implement these investments. The second group of two papers investigated international expansion of multinational enterprises, particularly the use of distance for their location decisions. Paper 3 proposed a conceptual framework to examine circumstances under which distance is less important for international location decisions, taking the new perspective of economic institutional distance as theoretical foundation. The framework indicated that the general preference for low-distance countries is lower: (1) when the company is state owned, rather than private owned; (2) when its internationalization motives are asset, resource, or efficiency seeking, as opposed to market seeking; and (3) when internationalization occurred after globalization and the advent of new technologies. Paper 4 compared five concurrent perspectives of distance and indicated their suitability to the study of various issues based on industry, ownership, and type, motive, and timing of internationalization. The paper also proposed that distance represents the disadvantages of host countries for international location decisions; as such, it should be used in conjunction with factors that represent host country attractiveness, or advantages as international locations. In conjunction, papers 3 and 4 provided additional, alternative explanations for the mixed empirical results of current research on distance. Moreover, the studies shed light into the discussion of differences between multinational enterprises from emerging countries versus those from advanced countries.

Microcrédito e o terceiro setor: uma relação mutualista

O século XXI se iniciou com inúmeros desafios para sociedade. Apesar do evidente avanço global no que tange as políticas de combate a pobreza, ainda há muito espaço para evolução. Nesse contexto, surge o conceito de microcrédito que se utiliza de mecanismos de mercado para consecução de objetivos sociais. As incontáveis experiências mundiais e brasileiras relacionadas com o tema demonstram o avanço e desenvolvimento dessa política. Concomitantemente, a sociedade civil, através das organizações do Terceiro Setor, busca seu espaço na sociedade e procurar evoluir suas formas de organização para cumprir adequadamente seu papel social. Nesse trabalho, veremos como o microcrédito, dentro da realidade brasileira, pode ser um importante catalisador para chegada do “Novo Terceiro Setor”: autossuficiente e contemporâneo as demandas sociais do século XXI.

Mapping digital media: Brazil

The impact of digitization was felt before it could be described and explained. The Mapping Digital Media project is a way of catching up, an ambitious attempt at depicting and understanding the progress and effects of digitization on media and communications systems across the world. The publication of over 50 country reports provides the most comprehensive picture to date on the changes undergone by journalism, news production, and the media as a result of the transition of broadcasting from analog to digital and the advent of the internet. These extensive reports, all sharing the same structure, cover issues such as media consumption, public media, changes in journalism, digital activism, new regulation, and business models. Reports have been published from nine Latin American countries: Mexico, Argentina, Colombia, Peru, Chile, Brazil, Guatemala, Nicaragua, and Uruguay. Given the recent evolution of Brazil’s media landscape and regulation, and its position as a regional reference, few reports have generated as much expectation as the Brazilian one. This excellent text is key to understanding digitization in Brazil, in Latin America, and in the world at large.

Novas mídias e mercado da experiência: um estudo da indústria de videogames

Os videogames estão revolucionando a cultura de entretenimento digital e já movimentam U$27 bilhões anuais, mais do que a indústria de Hollywood foi capaz de arrecadar em 2004 em suas bilheterias de cinema. Encarados por alguns críticos como arte, por outros como escape e ainda como terapia por alguns psicólogos, os videogames apresentam muitos elementos que podem nos ajudar a traçar um panorama de algumas mudanças centrais na cultura do entretenimento no início deste século. Nessa pesquisa, os videogames serão tomados como paradigmáticos da “economia do acesso”. Esta é produto da imbricação entre tecnologia, mercado e cultura, que teria possibilitado a formação da economia de rede, promovendo um outro tipo de espaço para o capitalismo: não mais o mercado de compra e venda - que durante muito tempo significou algo geograficamente delimitado-, mas o ciberespaço, algo virtual, relacionado ao tempo, promotor de trocas de informações e experiências. Como etapa primeira de um projeto de pesquisa mais amplo, este atual projeto se focará em resgatar a história da indústria dos videogames: quando, onde, como e por que surgiu, e quais os seus desdobramentos contemporâneos. Ou seja: trata-se de um levantamento bibliográfico preliminar sobre o surgimento da "indústria dos videogames", tomando-o como modelo de uma nova forma de entretenimento – digital e interativo –, buscando-se compreender a lógica que o sustenta e a subjetividade que lhe corresponde.

A distribuição de riscos em concessões florestais: uma análise econômico-jurídica dos riscos recorrentes do inventário florestal amostral

A Lei 11.284/2006 é um importante marco legal da atividade de gestão florestal do Brasil. O manejo florestal sustentável de florestas públicas, até então exercido exclusivamente pelo Estado, passou a ser passível de concessão com o advento dessa Lei. A chamada “concessão florestal” se insere, portanto, na nova orientação político-econômica brasileira de “desestatização”, privilegiando o princípio da eficiência. Como resultado, a atividade de exploração sustentável de produtos florestais passa a ser transferida pelo Estado, por intermédio do Serviço Florestal Brasileiro, à iniciativa privada. Para o sucesso de uma concessão florestal, os licitantes interessados precisam de uma estimativa da capacidade produtiva da “Unidade de Manejo Florestal”. O estudo disponibilizado pelo Serviço Florestal Brasileiro para fazer essa estimativa é o inventário florestal que, resumidamente, tem a importante missão de antecipar às características vegetais de área que será objeto da concessão. E os resultados desse estudo são a principal fonte de informação para que o licitante calcule o valor que irá ofertar ao Poder Concedente. Ocorre que, por questões técnico-metodológicas que fogem ao conhecimento jurídico, os estudos de inventário florestal estão sujeitos a erros de grande escala, retratando, de maneira ilusória, a realidade da vegetação que compõe área que será concedida. Isto é um risco intrínseco à atividade de exploração sustentável de produtos florestais. Diante desse contexto, caberia ao Serviço Florestal Brasileiro administrar o risco do inventário florestal da maneira mais eficiente possível. Entretanto, não é isso que vem ocorrendo nos contratos de concessão florestal. Sobre a distribuição de riscos em contratos de concessão, a doutrina especializada no tema oferece critérios que, quando seguidos, possibilitam uma alocação dos riscos peculiares a cada atividade à parte que melhor tem condições de geri-los. Esses critérios aumentam a eficiência da concessão. Contudo, os contratos de concessão florestal até hoje celebrados não vêm considerando esses importantes critérios para uma eficiente distribuição de riscos. Como consequência, o risco do inventário florestal é, igualmente a outros inúmeros riscos, negligenciado por esses contratos, aumentando-se a ineficiência dos contratos de concessão. Diante desse panorama, os licitantes interessados na concessão adotam duas posturas distintas, ambas igualmente rejeitáveis: a postura do Licitante Conservador e a postura do Licitante Irresponsável. Esses perfis de licitantes geram, respectivamente, ineficiência à concessão e, caso o erro do inventário florestal efetivamente ocorra, a possibilidade de inviabilidade da concessão. Como resposta a isso – que é exatamente o “problema” que pretendo resolver –, proponho uma solução para melhor administrar o risco do inventário florestal. Essa solução, inspirada em uma ideia utilizada na minuta do contrato de concessão da Linha 4 do Metrô de São Paulo, e baseando-se nos critérios oferecidos pela doutrina para uma distribuição eficiente dos riscos, propõe algo novo: a fim de tornar a os contratos de concessão florestal mais eficientes, sugere-se que o risco do inventário florestal deve ser alocado na Administração Pública, e, caso o evento indesejável efetivamente ocorra (erro do inventário florestal), deve-se, por meio do reequilíbrio econômico-financeiro do contrato, ajustar o valor a ser pago pelo concessionário ao Poder Concedente. Como consequência dessa previsão contratual, as propostas dos licitantes serão mais eficientes, permitindo-se alcançar o objetivo primordial da Lei 11.284/2006: aumento da eficiência da exploração florestal sustentável e preservação do meio ambiente e dos recursos florestais.

A organização industrial das bolsas de valores: uma resenha da literatura e o caso brasileiro

O mercado de capitais brasileiro não é representativo do tamanho de sua economia. Nos últimos anos, o crescimento observado nas áreas de serviços, indústria, agronegócio, e outras, não foi acompanhado pelo mercado financeiro. A estrutura verticalizada e o posicionamento monopolista da BM&F Bovespa, única bolsa de valores em atuação no mercado local, vão de encontro ao cenário encontrado em mercados internacionais. O advento da eletronificação e a atuação dos agentes reguladores proporcionaram que os mercados internacionais operassem em ambientes com múltiplas bolsas, incentivando a competitividade e trazendo benefícios para o investidor final, como redução de custos explícitos e implícitos, melhoria dos serviços prestados, diversidade de produtos, etc. Artigos recentes comprovam o benefício da fragmentação de ordens, e podem ser usados como referência no incentivo à quebra do monopólio que existe hoje no mercado brasileiro.

Facebook3d

INTRODUCTION With the advent of Web 2.0, social networking websites like Facebook, MySpace and LinkedIn have become hugely popular. According to (Nilsen, 2009), social networking websites have global1 figures of almost 250 millions unique users among the top five2, with the time people spend on those networks increasing 63% between 2007 and 2008. Facebook alone saw a massive growth of 566% in number of minutes in the same period of time. Furthermore their appeal is clear, they enable users to easily form persistent networks of friends with whom they can interact and share content. Users then use those networks to keep in touch with their current friends and to reconnect with old friends. However, online social network services have rapidly evolved into highly complex systems which contain a large amount of personally salient information derived from large networks of friends. Since that information varies from simple links to music, photos and videos, users not only have to deal with the huge amount of data generated by them and their friends but also with the fact that it‟s composed of many different media forms. Users are presented with increasing challenges, especially as the number of friends on Facebook rises. An example of a problem is when a user performs a simple task like finding a specific friend in a group of 100 or more friends. In that case he would most likely have to go through several pages and make several clicks till he finds the one he is looking for. Another example is a user with more than 100 friends in which his friends make a status update or another action per day, resulting in 10 updates per hour to keep up. That is plausible, especially since the change in direction of Facebook to rival with Twitter, by encouraging users to update their status as they do on Twitter. As a result, to better present the web of information connected to a user the use of better visualizations is essential. The visualizations used nowadays on social networking sites haven‟t gone through major changes during their lifetimes. They have added more functionality and gave more tools to their users, but still the core of their visualization hasn‟t changed. The information is still presented in a flat way in lists/groups of text and images which can‟t show the extra connections pieces of information. Those extra connections can give new meaning and insights to the user, allowing him to more easily see if that content is important to him and the information related to it. However showing extra connections of information but still allowing the user to easily navigate through it and get the needed information with a quick glance is difficult. The use of color coding, clusters and shapes becomes then essential to attain that objective. But taking into consideration the advances in computer hardware in the last decade and the software platforms available today, there is the opportunity to take advantage of 3D. That opportunity comes in because we are at a phase were the hardware and the software available is ready for the use of 3D in the web. With the use of the extra dimension brought by 3D, visualizations can be constructed to show the content and its related information to the user at the same screen and in a clear way. Also it would allow a great deal of interactivity. Another opportunity to create better information‟s visualization presents itself in the form of the open APIs, specifically the ones made available by the social networking sites. Those APIs allow any developers to create their own applications or sites taking advantage of the huge amount of information there is on those networks. Specifically to this case, they open the door for the creation of new social network visualizations. Nevertheless, the third dimension is by itself not enough to create a better interface for a social networking website, there are some challenges to overcome. One of those challenges is to make the user understand what the system is doing during the interaction with the user. Even though that is important in 2D visualizations, it becomes essential in 3D due to the extra dimension. To overcome that challenge it‟s necessary the use of the principles of animations defined by the artists at Walt Disney Studios (Johnston, et al., 1995). By applying those principles in the development of the interface, the actions of the system in response to the user inputs became clear and understandable. Furthermore, a user study needs to be performed so the users‟ main goals and motivations, while navigating the social network, are revealed. Their goals and motivations are important in the construction of an interface that reflects the user expectations for the interface, but also helps in the development of appropriate metaphors. Those metaphors have an important role in the interface, because if correctly chosen they help the user understand the elements of the interface instead of making him memorize it. The last challenge is the use of 3D visualization on the web, since there have been several attempts to bring 3D into it, mainly with the various versions of VRML which were destined to failure due to the hardware limitations at the time. However, in the last couple of years there has been a movement to make the necessary tools to finally allow developers to use 3D in a useful way, using X3D or OpenGL but especially flash. This thesis argues that there is a need for a better social network visualization that shows all the dimensions of the information connected to the user and that allows him to move through it. But there are several characteristics the new visualization has to possess in order for it to present a real gain in usability to Facebook‟s users. The first quality is to have the friends at the core of its design, and the second to make use of the metaphor of circles of friends to separate users in groups taking into consideration the order of friendship. To achieve that several methods have to be used, from the use of 3D to get an extra dimension for presenting relevant information, to the use of direct manipulation to make the interface comprehensible, predictable and controllable. Moreover animation has to be use to make all the action on the screen perceptible to the user. Additionally, with the opportunity given by the 3D enabled hardware, the flash platform, through the use of the flash engine Papervision3D and the Facebook platform, all is in place to make the visualization possible. But even though it‟s all in place, there are challenges to overcome like making the system actions in 3D understandable to the user and creating correct metaphors that would allow the user to understand the information and options available to him. This thesis document is divided in six chapters, with Chapter 2 reviewing the literature relevant to the work described in this thesis. In Chapter 3 the design stage that resulted in the application presented in this thesis is described. In Chapter 4, the development stage, describing the architecture and the components that compose the application. In Chapter 5 the usability test process is explained and the results obtained through it are presented and analyzed. To finish, Chapter 6 presents the conclusions that were arrived in this thesis.

Impactos sociais da atividade turística: um estudo de caso em Tibau do Sul/RN

This study has been presented for the Master in business of the Universidade Federal do Rio Grande do Norte, the objectives are evaluate the social impacts of the tourism in the community of Tibau do Sul in the state of Rio Grande do Norte. The research is a study of case and the analysis is qualitative and quantitative. The tourism is considerate for many people as an important source of richness, job and an important economic activity. However, for being an activity that involves as main element people, It can cause impacts, could these are beneficial or malign. To evaluate the community's perception about these impacts, it was applied a questionnaire returned to the perceptions of them about the next social indicators: health, job, security, education and life quality. Considering the advent of the tourist activity in a period fifteen year. Through the research could conclude that, of general form the population realizes the changes occurred in the municipal district of positive way. Except for some indicators that receive negative evaluation

Avaliação dos marcadores celulares por citometria de fluxo nos portadores de leucemia mieloide aguda atendidos no Hemocentro do Rio Grande do Norte-Hemonorte

The acute myeloid leukemia (AML) is a disease in which malignant myeloblasts expand, build up and suppress normal hematopoietic activity would represent a major diagnostic challenge. With the advent of immunophenotyping by flow cytometry, the diagnosis of these tumors have become more faithful, facilitating the treatment and monitoring of patients. The objectives of this study: diagnosis and classification of AML based on immunophenotyping by flow cytometry with a panel of AcMo specific for acute leukemias, set the frequency of AML in samples from patients with acute leukemias sent to the Department of Hematology Blood Center of Rio Grande do Norte - HEMONORTE, establish standards of antigen expression for different subtypes of acute leukemia and its correlation with the newly diagnosed cases refractory to treatment and recurrence of the disease, standardization of methods for detection and labeling of surface antigens by flow cytometry and intracytoplasmic flow, and observe the frequency of acute leukemia with aberrant phenotypes rare. During the study, 351 were diagnosed acute leukemia, and 179 (51%) classified as AML and 172 (49%) and ALL, which were excluded from the present work. Of the 179 AML, 92 (51.4%) were female and 87 (48.6%) were male, with ages ranging from 3 to 95 years of ag, with higher incidence in individuals in the age group of 41 to 65. Splenomegaly was the clinical finding more present, a total of 147 cases (82.1%), followed by hepatomegaly present in 132 cases (73.7%). The hemorrhagic events were observed in 55 cases (30.7%). Lymphadenopathy in turn was detected in 20 of 179 cases (11.2%). In order to classify subtypes of AML, we used a large panel of monoclonal antibodies, obtaining the following results: AML M0, 02 (1.1%) AML M1, 40 (22.3) AML M2, 60 (33.5) AML M3, 22 (12.3%) AML M4, 10 (5.6) AML M5, 13 (7.3%) AML M6 06 (3.4%) and AML M7 01 (0.6%). We observed some cases with aberrant expression of some antigens such as CD7, CD4, CD19, CD3, CD5 and TdT, CD 7 was present in 30 (16.8%), CD4 in 5 (2.8%), the CD 3 in 5 (2.8%), the CD19 in 3 (1.7%), the CD5 in 3 (1.7%) and TDT was in 7 (3.9%) cases of AML .the CD8 and CD79a was present in only a 1 case.

Micarande: festa do povo?

Contemporary politics have assumed new configurations both in the way they are carried out and in the content publicized. Nevertheless, some practices are unchanged since antiquity. But the advent of the media and its circumstantial molding of current society have forced politics to make some changes to adapt both to mass media and to the new social practices in liberal democracy. Given that fact, this study tried to demonstrate how power has become personalized in Campina Grande, Paraíba, Brazil, by a politician named Cássio Cunha Lima. Through the communications media and popular manifestations, he has been trying to create a symbiosis between Micarande a Carnival party (not held in the traditional Mardi Gras week) and his own public image, elaborating a process that identifies him with that event. In that way, he hopes to appropriate the festival and project his political image by using the party as na electoral currency in his publicity campaigns

A dimensão simbólica e midiática da política e a história da dona de casa que virou guerreira : a construção da imagem pública de Wilma de Faria em 2002 e 2006

This paper examines two aspects. First, the symbolic dimension of politics and some of the elements that make up this universe, as the scenario, the representation, the myth, the spectacle, the media and the political and electoral marketing. We assume that the policy brings together a set of traits related to both reason and the human subjectivity, and can not be summed up in just a few calculations based on rationality. In the case of elections, in a process (ritual, according Irlys Barrier) of choice, there is a meeting of two systems of representations: to that transmitted by a political actor, in a scene from a particular context, based on a life trajectory unique, and the other from the public, crossed by social relations, situations own wishes, desires, expectations and unique perspectives. Between them there are the means of mass media (especially television), and with them the advent of language media and advertising applied to politics, changing the layout of public visibility and inaugurating what Rejane Accioly Carvalho will call the "aesthetics of mostrabilidade". This does not necessarily mean a preponderance of media on politics as a whole but only its adaptation to that with regard to contact with the public, the ad extra portion of the policy, according to Wilson Gomes. In a second aspect, try to apply these elements to a specific study to verify them in building an effective public image, in this case, the current governor of Rio Grande do Norte, Wilma de Faria. The concept of public image is from the book of Wilson Gomes The transformation was visible in the mass media, and relates to a conceptual image to fix "personality traits" through political history, personal conduct, action of image makers and the public reception. For this we will review some videos aired on Free Time for political propaganda in the years 2002 and 2006.

OBALUAIÊ: um estudo sobre o estigma no convívio com o HIV/Aids em terreiros de Umbanda na cidade de Fortaleza-Ceará

The tradition and living in African-Brazilian religious spaces, called yards, reveal how dynamic the reproduction and exchange of knowledge are, and that through their worldview, reveal ways of dealing with health and disease. The yards are culturally rich territories, in which people shape concepts, practices, and beliefs about health, disease and forms of healing, passed on from generation to generation through oral tradition. With the advent of HIV/AIDS from the 80s, a new challenge is established in the community of the yards and in the individual trajectories of people affected by the disease, who since an early age participate in this religious practice. The objective of this research is the analysis on the stigma in living with HIV/AIDS in yards of Umbanda in Fortaleza-Ceará, considering the (re)production of social dramas experienced by the community in question. During the investigation we adopted two basic parameters: the first one considers the understanding of the reproduction of stigma (or deteriorated identity) in relation to HIV/AIDS in its socio-historical dimension and its effects in the investigated context (Goffman, 1988). And the second one refers to the creation and reproduction of social dramas as a social experience carried through learning, handling and symbolic performance, which is reproduced in four stages: rupture, crisis, corrective action and reintegration (Turner, 1971)