Demanda por proteção intertemporal e aloca����o estrat��gica de ativos no Brasil e EUA

Este estudo teve por objetivo mensurar a demanda por proteção intertemporal por a����es e t��tulos longos de renda fixa, no Brasil e nos EUA. Seguindo o arcabou��o da teoria de escolha din��mica de carteiras de Merton (1969, 1971, 1973) e Samuelson (1969), e o modelo multivariado proposto por Campbell, Chan e Viceira (2003), encontramos a solu����o ��tima de carteira para investidores de longo prazo com fun����o utilidade Epstein-Zin-Weil sobre uma corrente de consumo sem data terminal, e que alocam entre a����es e t��tulos de curto e longo prazo, cujos retornos s��o representados por um vetor autorregressivo de primeira ordem. Encontramos evid��ncia de demanda positiva por proteção intertemporal por a����es e t��tulos de longo prazo para o investidor americano, por��m a demanda por t��tulos �� muito superior �� por a����es, resultado que difere de Campbell, Chan e Viceira (2003). A escolha do per��odo utilizado, de janeiro de 1998 a mar��o de 2012, marcado por menor retorno das a����es, menor poder preditivo do dividend yield e clara trajet��ria de queda na taxa de juros de curto prazo, teve influ��ncia no resultado. Investidores brasileiros avessos a risco se protegem da deteriora����o nas oportunidades de investimento em t��tulos de longo prazo, mostrando que estes agem como ativos livres de risco no Brasil em per��odos de infla����o controlada. A demanda por proteção intertemporal por a����es �� de baixa magnitude, mas positiva, e est��o presentes ind��cios de que possam convergir, ao longo do tempo, para o papel que exercem para investidores nas economias com mercados financeiros desenvolvidos. Pela caracter��stica de proteção intertemporal, a����es e t��tulos de longo prazo cont��m a desej��vel propriedade de vari��ncia acumulada decrescente, em per��odos longos de investimento. �� um resultado a ser considerado por participantes de sistemas previdenci��rios e todos os interessados na aloca����o de ativos de longo prazo.

Estrat��gia de sustentabilidade ambiental : o caso da General Motors do Brasil

O presente estudo visa contribuir com as discuss��es sobre estrat��gia de sustentabilidade de empresas. Este investigou os fatores determinantes na forma����o da estrat��gia de sustentabilidade ambiental de um importante player da ind��stria automobil��stica nacional, procurando responder: ���Por que predominam as eco-inova����es em processos produtivos no posicionamento estrat��gico para sustentabilidade da GM do Brasil em rela����o a eco-inova����es em produto?���. Como referencial te��rico foram considerados os conceitos de desenvolvimento sustent��vel, as discuss��es sobre estrat��gias de sustentabilidade ambiental, responsabilidade socioambiental e a teoria institucional. Sendo esta ��ltima a lente te��rica escolhida por ampliar o conceito de ambiente externo da organiza����o e desta forma contemplar aspectos institucionais. A teoria institucional considera um enfoque abrangente dos fatores que influem e condicionam as estrat��gias ambientais. O m��todo de pesquisa foi qualitativo ao investigar de forma emp��rica os prop��sitos da estrat��gia de sustentabilidade ambiental da GM do Brasil. A an��lise foi composta por entrevistas semiestruturadas, direcionadas aos executivos da empresa, observa����o direta e participante, e por consulta a dados secund��rios. Os resultados apontam para inova����o em pr��ticas socioambientais para minimiza����o do impacto dos processos produtivos ao meio ambiente e para um isomorfismo organizacional no que tange a motoriza����o do produto comercializado. Espera-se que os resultados venham a contribuir para o avan��o do conhecimento da Administra����o no campo da gest��o estrat��gica e sirvam de est��mulo para o crescimento sustent��vel das ind��strias, pautado pela ado����o de pr��ticas que preservem o meio ambiente.

O milh��o restante, o Brasil e a evolu����o da proteção internacional a refugiados (1946-1952)

Quando a II Guerra Mundial chegou ao fim, calcula-se que havia at�� 40 milh��es de europeus deslocados de seu local de origem. Inicialmente, coube �� Ag��ncia das Na����es Unidas para Aux��lio e Restabelecimento (ANUAR) repatriar essas pessoas. Diante da crescente resist��ncia de muitas em retornar para casa, foi criada pela ONU a Organiza����o Internacional de Refugiados (OIR). De 1947 a 1951, quando foi substitu��da pelo ACNUR, foi respons��vel por reassentar mais de 1 milh��o de pessoas em diferentes pa��ses. O Brasil foi um deles. Diante deste quadro, a presente disserta����o busca compreender, em primeiro lugar, a constru����o do maquin��rio internacional de proteção de refugiados surgido no p��s-guerra no ��mbito da ONU. Em seguida, analisar de que maneira o Brasil se inseriu nele. Qual o papel que teve na cria����o do regime? Quais interesses tinha em vista ao receber os refugiados? S��o algumas das perguntas para as quais o presente estudo procurou encontrar respostas.

Cria����o de mercado de cr��ditos de biocombust��vel avan��ado para gera����o de economia financeira e ambiental no com��rcio de etanol entre Brasil e Estados Unidos

O com��rcio de etanol entre Brasil e Estados Unidos �� fortemente guiado por uma assimetria regulat��ria, que agrega valor ao etanol brasileiro ao gerar uma de-manda americana pelo produto derivado da cana de a����car. A demanda adv��m dos mandatos de consumo de biocombust��veis estabelecidos no programa americano conhecido como Renewable Fuel Standard (RFS). A assimetria emerge pelo fato de RFS dar ao etanol brasileiro a classifica����o de Biocombust��vel Avan��ado, tornando-o para os Estados Unidos um produto mais nobre que o etanol derivado do amido de milho produzido domesticamente. Apesar dos processos produtivos tornarem os dois produtos diferenciados quanto ao teor de emiss��o de CO2 em seus ciclos de vida, o produto final �� o mesmo: etanol anidro combust��vel. Portanto, quando a aquisi����o de etanol brasileiro pelos Estados Unidos �� tal que torna o balan��o do-m��stico de oferta e demanda deficit��rio no Brasil, faz-se necess��ria a importa����o brasileira de etanol americano. Esse vai e vem do produto ocorre de forma simult��-nea e, por isso, considera-se a exist��ncia de um fluxo redundante de etanol, geran-do custos log��sticos, transacionais e emiss��es de CO2 que poderiam ser evitados. Dado que o objeto do interesse americano pelo produto brasileiro �� o baixo ��ndice de emiss��es de CO2 no ciclo de vida do etanol de cana de a����car, o fluxo redun-dante de etanol pode ser substitu��do por transa����es de Cr��ditos de Biocombust��vel Avan��ado, uma nova ideia que �� desenvolvida ao longo deste trabalho. Para cada Cr��dito transacionado, os Estados Unidos contabilizar��o em seu balan��o a emiss��o de CO2 correspondente ao volume equivalente de etanol de cana de a����car, trans-ferindo para o Brasil as emiss��es correspondentes ao mesmo volume de etanol de-rivado do amido de milho. A substitui����o do fluxo f��sico pela transa����o de contratos �� a fonte de economia proposta no t��tulo deste trabalho.

Percep����o Ambiental em Museus Paisagens de Arte Contempor��nea: a legibilidade dos museus Inhotim/Brasil e em Serralves/Portugal avaliada pelo p��blico/visitante

This thesis nalyzes the wayfinding in Landscape Museum of Contemporary Art (MPAC), based on the Institute of Contemporary Art CACI, Minas Gerais, Brazil and the Museum of Contemporary Art of the Serralves Foundation, Porto, Portugal. The study focuses on the interrelationship of the public/visitors with the landscape, architecture and contemporary art museums in these, in order to understand visual perception and apprehension of such an environment for their users. For both were confronted documentation (visual and written) and people talk. The main hypothesis put forward is that the audience/visitor MPAC appreciates the interrelationship between the natural environment (park/garden) and built environment (the works of contemporary art and the galleries), giving equal value to both. To complement this, a second hypothesis is that during the visit to MPACS, visitors define their paths spontaneously, but strongly influenced by existing visual indicators (maps, signage and striking landscape elements), which facilitate the readability of space, which also contribute to the offered services and the experiences of similar institutions. The analytical basis of the research used the concepts of legibility (LYNCH, 2009), wayfinding (GIBSON, 2009; ARTHUR, PASSINI, 2002; WEISMAN, 1982), Experiential Cotinnum (TUAN, 1985), Space Bound (CRUZ PINTO, 2007) and habitus (BOURDIEU, 1992). Methodologically was used qualitative research (DEMO 2000) by means of a case study (YIN, 2005; STAKE, 1999) and participant observation (WHYTE, 2005). In the two institutions interviews with researchers and curators, behavior observation and questionnaires from employees, trainees, monitors and the public/visitor of the two museums were performed. Although partially referende the initial hypothesis, the research showed that the public/visitor value appears more natural environments, they experience a greater intensity and in addition to the factors listed in the second case, your perception and definition of paths suffer significant influence of emotional relations established with space. Generally the audience/visitor adapts easily to different demands of contemporary art exhibition in the two museums and the built environment (park/garden and museum) interferes with your reading path during the visit, perceived by the public/visitor condition as a factor that favors the enjoyment of works on different mounts (wayfinding), though often become a factor that hinders the legibility of the building and its built environment

Diversidade de macroalgas marinhas bent��nicas dos recifes de Maracaja��, ��rea de preserva����o ambiental dos recifes de corais, Rio Grande do Norte, Brasil

Despite the importance of coral reefs to humanity, these environments have been threatened throughout the world. Several factors contribute to the degradation of these ecosystems. The Maracaja�� Reef Complex, in Rio Grande do Norte state is part of the Coral Reefs Environment Preservation Area in northeastern Brazil. This area has been receiving an increasing influx of tourism and the integrity of the local reefs is a matter of concern. In this study, the reef macroalgae communities were studied and compared within two areas distinguished by the presence or absence of tourism activities. Two sample sites were chosen: the first one, where diving activities are intense; and the other, where these practices do not occur. Samples were collected at both sites within a quadrate of 625 cm2 of area randomly thrown 5 times along a 10 meters transect line. Richness, Shannon-Hill diversity and Simpson dominance indices were determined based on biomass data. Similarity between sites was analyzed with Bray-Curtis similarity and distance index. Fifty-eight macroalgae species were observed, including 7 Chlorophyta, 13 Phaeophyta and 38 Rhodophyta. In the non-disturbed site, 49 species were found, while at the disturbed site, there were 42 species. Dictyotaceae and Corallinaceae were the most representative families at the non-disturbed site, and Rhodomelaceae and Dictyotaceae at the disturbed site. The non-disturbed site presented a higher biomass and the greatest richness and diversity indices. In the disturbed site the dominance index was greater and Caulerpa racemosa was the dominant species. The dendogram based on similarity index showed two major clusters, and an isolated element at the center that corresponds to a sample from the disturbed site. In the first cluster, samples from the non-impacted site were predominant and fleshy brown algae were more conspicuous. The second cluster was composed primarily of samples from the impacted site, where C. racemosa and red filamentous and erect calcareous algae associations (turf forming) were observed covering large extensions. These associations are represented by groups of algae adapted to environments where disturbances are frequent. They can grow rapidly on substrate where benthic community was removed and do not allow the establishment of other species. The results of the present study show that tourism activity is an impacting factor that has been causing shifts in macroalgae communities in the Maracaja�� Reef Complex

e-Res��duos: A influ��ncia da norma europ��ia WEEE na estrat��gia da ind��stria de celulares no Brasil e no mundo e o impacto ambiental do descarte inadequado

This present Thesis, is explorer work and presents an analysis of e-wastes of the industry of cellular mobile telephony, evaluating the evolution of the telecommunications nets and as if it holds the global and Brazilian market of cellular telephony. It approaches the elements gifts in the cellular devices that can badly cause to the environment and the health, the discarding of the devices in end of life cycle is made. It analyzes the new European regulation of electric equipment residues and electronic, the WEEE, as it influenced the strategy of the companies manufacturers of mobile phone cellular and of that she forms is possible to create a Brazilian national industry for recycling of devices of cellular, with conditions to globally competition. For this some possible models of being implanted in Brazil are presented. The project of law 203/91 on solid residues is argued and as it would be interesting if to persist some proposals presented to the project, to create a Brazilian market of recycling with capacity of global competition for use to advantage of the European regulation if to get a competitive advantage

Gest��o de res��duos s��lidos: um estudo da conscientiza����o ambiental em uma cidade do Brasil

The present study inserts on the international environmental thematic, approaching the integrated management of solid waste and the participation of the social actors in the search of the sustainable development. The awareness in combining it still describes a Selective Collection Program SCP of solid waste, in partnership with the municipal public power, in the development of joint actions that result in better alternatives of waste management in the urban centers, providing better life quality for the population and conservation of the environment. The aim of this research is to study problematic of the management of solid waste under the point of view of the environmental awareness and the participation of the population in a city of Brazil. In this matter, the target of the work is focusing on the strategy of solid waste management, through the attitudes and the respondents behaviors to aid in the making decision of the public manager related to the implantation of a selective collection program in Natal/RN. The methodology used in this work constitutes in the application of a questionnaire with scales of the type Likert being constituted of variables that compose the aspects of attitudes and of behaviors, besides a social-demographic scale. For analysis statistics is used the Pearson s Chi-Square Method in order to verify the dependence of the associations between the social-demographic variables and the attitude and the behavior ones. The results appear for a larger participation in a SCP, since this provides a better quality of life of the population (28,3 %), followed for offering a financial advantage (27,3%). Other results indicate the existence of the variables that exercise influence on the environmental awareness of the population to its demographic aspects

Distribui����o ambiental e temporal das comunidades de macroalgas de riachos da Serra da Prata, Estado do Paran��, Sul do Brasil

Funda����o de Amparo �� Pesquisa do Estado de S��o Paulo (FAPESP)

Com��rcio internacional e meio ambiente: est��mulo �� produ����o sustent��vel ou mero protecionismo comercial a posi����o do Brasil em dois casos de lit��gio

The World Trade Organization (WTO) was established in 1994 as a result of the Uruguay Round, and has as its principal aim advocate for the maintenance of free trade between nations. The preamble of its Constitutive Agreement specifically cites as an institution the goal of achieving sustainable development and the pursuit of protecting and preserving the environment, bringing into the sphere of world trade the idea that concern for the environmental cause is not restricted only the group of environmentalists, but rather has entered the economic landscape in a way not only ideological, but also pragmatic. The General Agreement on Tariffs and Trade (GATT) 1947, part of the GATT 1994, contains a device that allows the adoption of trade restrictive measures, provided that such measures aimed at protecting the environment - Article XX. The Settlement Body (DSB) is part of the WTO and acts in dissolving disputes between the countries motivated by trade. It examines two cases where countries have imposed restrictive trade measures with environmental justification. The first case was closed in 1996, with award of damages given to Brazil, on the breakdown of U.S. environmental legislation imposed on imported gasoline from Brazil - and the second, begun in 2005 and closed in 2007, coming out victorious again Brazil is on the import ban on retreaded tires to Brazil. The objective is to answer the question: how the environment is treated in the midst of trade discussions - which is aimed at its protection or its use with economic objectives in disguise? For the preparation of this work, extensive documentary research was undertaken with the virtual site of the WTO to review the entire production of legal cases and subsequent analysis of the key issue for the work, and literature of authors who have studied the tense relationship between trade international environment. The first case, it could be seen that the political movement performed by the U.S. with the aim of achieving acceptable standards of air quality was an institutional effort to ensure the quality of air, and thus would be inappropriate to say that the regulation of gasoline was merely a disguised trade barrier.However, a careful analysis of the implementation and operation of gasoline regulation may reveal intentions disguised trade and U.S. environmental argument did not hold. The weight of this environment was relegated, since there were clearly outside interests to the environmental cause. The second case, it was realized that, despite clear attempts by the EC to promote ecological dumping, send when brought to Brazil, supposedly a country with weaker environmental structure on surveillance, a residue that, pursuant to internal policies, as could not be sent to their own landfills, the Brazilian discourse remained focused on the environmental cause, and this sort there was the existence of disguised trade barriers, but of importance, at least a priori, the discussion of foreign forces on the environment environment because there is no way to legally justify the reversal of the total understanding of the first judging body, the sight of all the arguments presented by Brazil and the nonsubmission of new facts upon appeal. Still, quite heartening to reflect on the role of trade liberalization on the environment in general, because, while they do not reach a definitive conclusion will reveal positions in both directions, both for and against, the that only adds to the discussions and makes this a very fertile topic for future research