911 resultados para Consumption-based Capm
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Modern food systems face complex global challenges such as climate change, resource scarcities, population growth, concentration and globalization. It is not possible to forecast how all these challenges will affect food systems, but futures research methods provide possibilities to enable better understanding of possible futures and that way increases futures awareness. In this thesis, the two-round online Delphi method was utilized to research experts’ opinions about the present and the future resilience of the Finnish food system up to 2050. The first round questionnaire was constructed based on the resilience indicators developed for agroecosystems. Sub-systems in the study were primary production (main focus), food industry, retail and consumption. Based on the results from the first round, the future images were constructed for primary production and food industry sub-sections. The second round asked experts’ opinion about the future images’ probability and desirability. In addition, panarchy scenarios were constructed by using the adaptive cycle and panarchy frameworks. Furthermore, a new approach to general resilience indicators was developed combining “categories” of the social ecological systems (structure, behaviors and governance) and general resilience parameters (tightness of feedbacks, modularity, diversity, the amount of change a system can withstand, capacity of learning and self- organizing behavior). The results indicate that there are strengths in the Finnish food system for building resilience. According to experts organic farms and larger farms are perceived as socially self-organized, which can promote innovations and new experimentations for adaptation to changing circumstances. In addition, organic farms are currently seen as the most ecologically self-regulated farms. There are also weaknesses in the Finnish food system restricting resilience building. It is important to reach optimal redundancy, in which efficiency and resilience are in balance. In the whole food system, retail sector will probably face the most dramatic changes in the future, especially, when panarchy scenarios and the future images are reflected. The profitability of farms is and will be a critical cornerstone of the overall resilience in primary production. All in all, the food system experts have very positive views concerning the resilience development of the Finnish food system in the future. Sometimes small and local is beautiful, sometimes large and international is more resilient. However, when probabilities and desirability of the future images were questioned, there were significant deviations. It appears that experts do not always believe desirable futures to materialize.
Chemical composition, fatty acid profile and bioactive compounds of guava seeds (Psidium guajava L.)
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This study aimed to characterize the chemical composition, determine the fatty acid profile, and quantify the bioactive compounds present in guava seed powder (Psidium guajava L.). The powder resulted from seeds obtained from guava pulp processing. The agro-industrial seeds from red guava cv. paluma were used, and they were donated by a frozen pulp fruit manufacturer. They contain varying amounts of macronutrients and micronutrients, with a high content of total dietary fiber (63.94 g/100g), protein (11.19 g/100g), iron (13.8 mg/100g), zinc (3.31 mg/100g), and reduced calorie content (182 kcal/100g). Their lipid profile showed a predominance of unsaturated fatty acids (87.06%), especially linoleic acid (n6) and oleic acid (n9). The powder obtained contained significant amounts of bioactive compounds such as ascorbic acid (87.44 mg/100g), total carotenoids (1.25 mg/100 g) and insoluble dietary fiber (63.55 g/100g). With regard to their microbiological quality, the samples were found suitable for consumption. Based on these results, it can be concluded that the powder produced has favorable attributes for industrial use, and that use of these seeds would be a viable alternative to prevent various diseases and malnutrition in our country and to reduce the environmental impact of agricultural waste.
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Digitalization and technology megatrends such as Cloud services have provided SMEs with a suitable atmosphere and conditions to internationalize and seek for further business growth. There is a limited amount of research on Cloud services from the business perspective and the limitations and challenges SMEs encounter when pursuing international business growth. Thus, the main research question of this study was how Cloud services may enable Finnish SMEs to overcome international growth challenges. The research question was further divided into three sub-questions dealing with matters related to features and characteristics of Cloud services, limitations and challenges Finnish SMEs experience when pursuing international growth of business, and benefits and advantages of utilizing Cloud services to mitigate and suppress international growth challenges. First, the theoretical framework of this study was constructed based on the existing literature on Cloud services, SMEs, and international growth challenges. After this, qualitative research approach and methodology were applied for this study. The data was collected through six semi-structured expert interviews in person with representatives of IBM, Exidio, Big Data Solutions, and Comptel. After analyzing the collected data by applying thematic analysis method, the results were compared with the existing theory and the original framework was modified and complemented accordingly. Resource scarcity, customer base expansion and retention, and lack of courage to try new things and take risks turned out to be major international growth challenges of Finnish SMEs. Due to a number of benefits and advantages of utilizing Cloud services including service automation, consumption-based pricing model, lack of capital expenditures (capex) and huge upfront investments, lightened organization structure, cost savings, speed, accessibility, scalability, agility, geographical expansion potential, global reaching and covering, credibility, partners, enhanced CRM, freedom, and flexibility, it can be concluded that Cloud services can help directly and indirectly Finnish SMEs to mitigate and overcome international growth challenges and enable further business growth.
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In this paper we revisit the relationship between the equity and the forward premium puzzles. We construct return-based stochastic discount factors under very mild assumptions and check whether they price correctly the equity and the foreign currency risk premia. We avoid log-linearizations by using moments restrictions associated with euler equations to test the capacity of our return-based stochastic discount factors to price returns on the relevant assets. Our main finding is that a pricing kernel constructed only using information on American domestic assets accounts for both domestic and international stylized facts that escape consumption based models. In particular, we fail to reject the null hypothesis that the foreign currency risk premium has zero price when the instrument is the own current value of the forward premium.
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We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)'s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.
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Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)’s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.
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Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by comparing this out-of-sample results with the one obtained performing an in-sample exercise, where the return-based SDF captures sources of risk of a representative set of developed and emerging economies government bonds. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.
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We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.
Resumo:
We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.
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Bioprocesses using filamentous fungi immobilized in inert supports present many advantages when compared to conventional free cell processes. However, assessment of the real advantages of the unconventional process demands a rigorous study of the limitations to diffusional mass transfer of the reagents, especially concerning oxygen. In this work, a comparative study was carried out on the cephalosporin C production process in defined medium containing glucose and sucrose as main carbon and energy sources, by free and immobilized cells of Cephalosporium acremonium ATCC 48272 in calcium alginate gel beads containing alumina. The effective diffusivity of oxygen through the gel beads and the effectiveness factors related to the respiration rate of the microorganism were determined experimentally. By applying Monod kinetics, the respiration kinetics parameters were experimentally determined in independent experiments in a complete production medium. The effectiveness factor experimental values presented good agreement with the theoretical values of the approximated zero-order effectiveness factor, considering the dead core model. Furthermore, experimental results obtained with immobilized cells in a 1.7-L tower bioreactor were compared with those obtained in 5-L conventional fermenter with free cells. It could be concluded that it is possible to attain rather high production rates working with relatively large diameter gel beads (ca. 2.5 mm) and sucrose consumption-based productivity was remarkably higher with immobilized cells, i.e., 0.33 gCPC/kg sucrose/h against 0.24 gCPC/kg sucrose/h in the aerated stirred tank bioreactor process. (C) 1999 John Wiley & Sons, Inc.
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Pós-graduação em Agronomia (Ciência do Solo) - FCAV
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Introduction: Physical exercise are related to high oxygen consumption, leading to increase on reactive oxygen species (ROS) generation and subsequent oxidative stress. Concomitantly, physical training can improve the antioxidant defense systems, reducing the deleterious activity of ROS. The yerba mate (Ilex paraguariensis) has several bioactive compounds in its composition, providing important antioxidant activity in improving defense systems and reducing the damage caused by ROS. Few studies related to yerba mate with antioxidant effects during exercise. Objective: Evaluate whether the consumption-based drink yerba mate (Ilex paraguariensis) is able to increase the total antioxidant performance (TAP) after an exhaustive test on a treadmill. Methods: The sample counted with 15 female soccers players from Botucatu-SP female soccer team with a mean age of 22.1 ± 4.2 years. For laboratory tests , it was evaluated: triglycerides (TG), total cholesterol (TC) and fractions, glucose and gamma-GT were dosed by dry chemistry (Vitros® System, Johnson & Johnson). LDL-cholesterol was obtained by Friedwald formula. Total antioxidant performance (TAP) was obtained by the method of fluorescence assay for the measurement of plasma. Weight, height and body mass index (IMC) were measured, percentage of body fat was obtained by bioeletrical impedance analysis (Biodinâmics, modelo 450, USA). Arterial blood pressure was checked by auscultatory method and cardiorespiratory fitness was determined by ergoespirometric test (Ramp Protocol). Maltodextrin was supplemented (30 g in 400 ml) 30 minutes after M0 with placebo (400 ml) or mate (5 g in 400 ml of water). Statistical analysis: ANOVA for repeated measures followed by Tukey's test set, p<0.05. Results: There was a decrease in the pH after exhaustive testing for water and tea (p<0.0001), the same was observed for bicarbonate (p<0.0001). In both groups pO₂ increased for ...
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The conservation of raw milk for long periods of time under refrigeration can result in the lost of its quality. This happens because bacterias, capable of developing in low temperatures, as psichrotrophics, in milk, associates with its enzymatic activities, are capable to degradate it. Although the pasteurization of milk sufficiently diminishes the transmission of the illnesses, that generally eliminates such microorganisms, is not a total efficient process because many enzymes produced for such bacterias are termostable, being able to resist the treatment and to remain active, leading to the loss of the quality of milk and its derivatives. The Normative Instruction 51 of 2002 established that milk must be cooled and stored in the production property, what resulted increasing the incidence of such bacteria in population destined milk. In some parts of the world contaminated milk is causing serious risks to the health of the population, assuming great importance in Public Health, mainly in relation to the hygienic-sanitary conditions of the product. ANVISA establishes, thus, maximum bacteriological concentration that must be evidenced before commercializing the product, guaranteeing the quality of milk as proper for consumption. Based on these aspects, the objective of this work is the microbiological analysis of 30 milk samples type C, collected in bakeries of the city Botucatu, in the state of São Paulo. Analysis were made to determinate the most likely number of termotolerants coliforms, as well the number of colony units of psichrotrophics bacterias, the presence of Salmonella and the enumeration of positive Staphylococcus aureus, at the moment of purchase and validity of the products
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The reason of this work is perform a study about using of electrical energy to identify the opportunities through rational use of electrical energy. For that it was necessary perform an analysis of hired energy against consumption. Based in a guide of energy analysis were found the main consumers and verified the main problems, which generate excessive use of electrical energy in a plastic injection factory. It was also analyzed the painting line because there are some thermal equipment that use electrical energy. Based on the data obtained will be proposed ways to reduce the needless consumption and energy use of rationally and efficiently, in addition to re-evaluate the contracted demand based on the new policy of supplying and charging.It were also proposed thermodynamics solutions to reduce the energy consumed in thermal process
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The ornaments have always been appreciated by human. And today is obviously the need to include the concepts of ecology in all areas. In this scenario ecodesign becomes a great ally for professionals who work in the making of ornaments, including jewelers. Aiming to decrease and the preservation of noble metals and the use of alternative materials, the ecodesign of adornment makes even more valued and attractive, it promotes sustainable consumption. Based on these concepts, this paper aims to investigate the Brazilian professionals who use sustainable ideas for making your accessories and social work related to this activity.