Una estrategia de inversión basada en múltiplos que bate los retornos del MILA

El presente trabajo plantea la hipótesis de que se puede emplear una estrategia basada en múltiplos para obtener retornos superiores a los del mercado integrado latinoamericano (MILA), lo cual sugeriría que no se cumple a cabalidad la forma semifuerte de eficiencia de mercado, según la cual no se puede batir al mercado de manera sistemática a partir del uso de información pública. Para ello, se desarrolló una estrategia de inversión para inversionistas no sofisticados, basada en tres ratios financieros (PER, Price to Book Value y grado de apalancamiento), que busca obtener retornos superiores al índice MILA; asimismo, se llevaron a cabo pruebas estadísticas para probar si los excesos de retorno obtenidos son significativos y sugieren la existencia de ineficiencia en el MILA. Mediante dicho análisis, se concluyó que, a partir del uso oportuno de la información financiera que publican las empresas, se diseñaron algunas estrategias de inversión basadas en múltiplos que batieron al índice S&P MILA Andean 40, incluso luego de realizar el ajuste por nivel de riesgo. A diferencia de los trabajos anteriores, en la presente investigación, se planteó un punto de vista diferente para analizar los resultados obtenidos por la estrategia de inversión, dado que se compara el rendimiento acumulado obtenido, pero, además, se ha analizado estadísticamente la existencia de un alpha significativo. En este proceso, se realizó una regresión de mínimos cuadrados ordinarios a fin de verificar estadísticamente la existencia de un alpha positivo y no se pudo concluir que este sea significativo. En línea con los trabajos revisados, se pudo apreciar que el PER serviría como un predictor de retornos acumulados superiores a los de mercado; sin embargo, los resultados obtenidos no han sido concluyentes en términos estadísticos. Con estos resultados, no se puede rechazar la hipótesis semifuerte de los mercados eficientes. No obstante, existirían ventanas de tiempo que podrían ser aprovechadas para obtener rendimientos superiores al mercado.

Qualificação da atenção em saúde bucal dos escolares de 06 aos 12 anos do distrito de Bate Pé, Vitória da Conquista – BA

O objetivo do presente trabalho foi melhorar a atenção em saúde bucal dos escolares, nas faixas etárias de 06 aos 12 anos de idade, matriculados nas escolas de um dos distritos do município de Vitória da Conquista – BA, Bate pé. A partir do planejamento de ações preventivas voltada para crianças, foi possível promover a ampliação da cobertura da atenção em saúde bucal de alguns desses alunos que frequentam três das quatro escolas do distrito, através da realização de exames bucais com finalidade epidemiológica em 155 escolares. Posteriormente, foi realizada a classificação de risco às doenças bucais de modo a garantir o princípio da equidade aos atendimentos odontológicos de primeiras consultas programadas até a conclusão do plano de tratamento, no qual 40% das crianças foram classificadas com alto risco. Com o intuito de melhorar a adesão ao tratamento, a partir da qualificação do atendimento odontológico prestado, com a atualização dos registros dos alunos na Unidade de Saúde da Família, foi possível realizar o atendimento a 46,8% dos alunos classificados com alto risco e 27,7% do total de alunos que fizeram parte do projeto de intervenção, sendo que 41,9% dos classificados como alto risco tiveram seus planos de tratamento concluídos. Por meio da abordagem de temas cotidianos e linguagem adequada, foram realizadas atividades educativas de prevenção em saúde bucal em busca de promover mudanças de atitudes e hábitos que antes poderiam representar risco à saúde dos escolares. Foram abordados temas envolvendo higiene pessoal (escovação de dentes após as principais refeições, lavagem das mãos antes da alimentação); orientações nutricionais e doenças bucais, sempre contando com o envolvimento dos educadores e familiares para solidificar o processo de aprendizagem das crianças e estimulando-as a levarem as questões aprendidas aos seus lares. Além de escovações dentais supervisionadas e aplicação tópica de flúor gel realizada em todos os escolares que fizeram parte das atividades de intervenção.

Molecular phylogeny of the freshwater prawn genus Macrobrachium (Decapoda, Palaemonidae), with emphasis on the relationships among selected American species

The genus Macrobrachium Bate, 1868 is one of the best examples of widespread crustacean genera distributed globally throughout tropical and subtropical waters. Previous investigators have noted the systematic complexity of the group, and have suggested rearrangements within the family Palaemonidae. Our phylogenetic analysis of new mitochondrial DNA sequences of 58 species of Macrobrachium distributed mainly in America support the hypothesis of monophyly of this genus, if Cryphiops Dana, 1852 is accepted as a generic synonym. We concluded that the independent evolution of different types of life cycle (abbreviated larval development-ALD and extended larval development-ELD) must have occurred more than once in the history of the group. Similarly, we also concluded that the current type species of the genus, Macrobrachium americanum Bate, 1868, should not be considered valid, as previously proposed. The synonymy of two members of the `olfersi` species complex (M. birai Lobao, Melo&Fernandes, 1986 and M. holthuisi Genofre&Lobao, 1978) with M. olfersi (Wiegmann, 1836) was confirmed. Similar results were found in comparing M. petronioi Melo, Lobao&Fernandes, 1986 and M. potiuna (Muller, 1880), in which the genetic divergence placed M. petronioi within the level of intraspecific variation of M. potiuna. The taxonomic status of the genus Cryphiops, as well as theories on the origin of Macrobrachium, is also called into question.

Distribution of Hemoglobin Phenotypes in Four Different Districts of Porto Velho, Rondonia, Brazil

Hemoglobin profile studies have been carried out in four samples from different districts of Porto Velho (Rondonia State) in the western Amazonian region of Brazil: Candelaria, Bate Estaca, Hemeron (at the State Blood Bank), and Sao Carlos. Samples from 337 unrelated individuals were collected during medical and paramedical team visits by professionals from the Instituto de Pesquisa em Patologia Tropical and the Centro de Pesquisa em Patologias Tropicais (both research institutes in tropical diseases). The aim of this study is to assess the frequency of alleles in the hemoglobin system, mainly alleles HB*A, *S, and *E. The overall phenotype frequencies were FIB A,S = 0.025, HB A,E = 0.006, and HB A,A = 0.969. Samples from the blood bank subjects and samples from the homogeneous areas of Silo Carlos and Candelaria plus Bate Estaca have a chi-square of heterogeneity of 6.383 (p = 0.041) and 8.406 (p = 0.015), respectively. The allele frequencies (HB*A = 0.984, HB*S = 0.012, and HB*E = 0.003) do not significantly differ from frequencies found in other Brazilian regions.

The efficiency and condition of oysters and macroalgae used as biological filters of shrimp pond effluent

Current shrimp pond management practices generally result in elevated concentrations of nutrients, suspended solids, bacteria and phytoplankton compared with the influent water. Concerns about adverse environmental impacts caused by discharging pond effluent directly into adjacent waterways have prompted the search for cost-effective methods of effluent treatment. One potential method of effluent treatment is the use of ponds or raceways stocked with plants or animals that act as natural biofilters by removing waste nutrients. In addition to improving effluent water quality prior to discharge, the use of natural biofilters provides a method for capturing otherwise wasted nutrients. This study examined the potential of the native oyster, Saccostrea commercialis (Iredale and Roughley) and macroalgae, Gracilaria edulis (Gmelin) Silva to improve effluent water quality from a commercial Penaeus japonicus (Bate) shrimp farm, A system of raceways was constructed to permit recirculation of the effluent through the oysters to maximize the filtration of bacteria, phytoplankton and total suspended solids. A series of experiments was conducted to test the ability of oysters and macroalgae to improve effluent water quality in a flow-through system compared with a recirculating system. In the flow-through system, oysters reduced the concentration of bacteria to 35% of the initial concentration, chlorophyll a to 39%, total particulates (2.28-35.2 mum) to 29%, total nitrogen to 66% and total phosphorus to 56%. Under the recirculating flow regime, the ability of the oysters to improve water quality was significantly enhanced. After four circuits, total bacterial numbers were reduced to 12%, chlorophyll a to 4%, and total suspended solids to 16%. Efforts to increase biofiltration by adding additional layers of oyster trays and macroalgae-filled mesh bags resulted in fouling of the lower layers causing the death of oysters and senescence of macroalgae. Supplementary laboratory experiments were designed to examine the effects of high effluent concentrations of suspended particulates on the growth and condition of oysters and macroalgae. The results demonstrated that high concentrations of particulates inhibited growth and reduced the condition of oysters and macroalgae. Allowing the effluent to settle before biofiltration improved growth and reduced signs of stress in the oysters and macroalgae. A settling time of 6 h reduced particulates to a level that prevented fouling of the oysters and macroalgae.

Pol??ticas p??blicas para o tratamento da judicializa????o: janelas para solu????es alternativas

O panorama da judicializa????o das pol??ticas p??blicas (JPP) no Brasil se expande e se diversifica, imprimindo uma presen??a marcante na cena p??blica nacional. Isto tem levado atores da gest??o p??blica a buscarem solu????es alternativas para o tratamento da judicializa????o, quando esta bate ?? porta dos ??rg??os do Executivo, ou mesmo, quando entra sem bater. O presente trabalho visa transpor o debate pouco f??rtil que superdimensiona o papel do ativismo do Judici??rio, para situar a judicializa????o como fen??meno que carrega ao mesmo tempo problemas e janelas de solu????o para demandas cidad??s. Busca-se responder ?? indaga????o: o manejo da judicializa????o atrav??s de solu????es de gest??o para o atendimento de decis??es judiciais e para a preven????o de novos conflitos poderia ser considerado uma pol??tica p??blica? Para tal, ?? proposto um percurso anal??tico (te??rico e emp??rico). S??o confrontados dois campos te??ricos: a teoria da judicializa????o e os modelos anal??ticos de Pol??ticas P??blicas (m??ltiplos fluxos e equil??brio pontuado). A metodologia inclui o estudo de casos m??ltiplos da judicializa????o da Sa??de, por??m com pretens??es de aplica????o geral ?? JPP, mesmo que ainda explorat??ria. Com base na compara????o de casos, ?? constru??da uma tipologia de problemas e solu????es e testada a aplicabilidade dos fluxos de Kingdon (Problemas, Alternativas e Pol??tica) na forma????o da agenda do manejo da judicializa????o. S??o tamb??m estudados os aspectos do deslocamento de arena que a judicializa????o representaria, e da constru????o dessa arena emergente. Ao fim, os achados e possibilidades s??o postos em di??logo com a teoria da judicializa????o das pol??ticas p??blicas, buscando-se perceber as janelas para o estabelecimento de agendas de pol??ticas p??blicas mais sens??veis aos fluxos de judicializa????o

Optimising protocol of acquisition and post-processing procedures in the assessment of coronary artery disease by computed tomography

Coronary artery disease (CAD) is currently one of the most prevalent diseases in the world population and calcium deposits in coronary arteries are one direct risk factor. These can be assessed by the calcium score (CS) application, available via a computed tomography (CT) scan, which gives an accurate indication of the development of the disease. However, the ionising radiation applied to patients is high. This study aimed to optimise the protocol acquisition in order to reduce the radiation dose and explain the flow of procedures to quantify CAD. The main differences in the clinical results, when automated or semiautomated post-processing is used, will be shown, and the epidemiology, imaging, risk factors and prognosis of the disease described. The software steps and the values that allow the risk of developingCADto be predicted will be presented. A64-row multidetector CT scan with dual source and two phantoms (pig hearts) were used to demonstrate the advantages and disadvantages of the Agatston method. The tube energy was balanced. Two measurements were obtained in each of the three experimental protocols (64, 128, 256 mAs). Considerable changes appeared between the values of CS relating to the protocol variation. The predefined standard protocol provided the lowest dose of radiation (0.43 mGy). This study found that the variation in the radiation dose between protocols, taking into consideration the dose control systems attached to the CT equipment and image quality, was not sufficient to justify changing the default protocol provided by the manufacturer.

Networked embedded systems for active flow control in aircraft

Aerodynamic drag is known to be one of the factors contributing more to increased aircraft fuel consumption. The primary source of skin friction drag during flight is the boundary layer separation. This is the layer of air moving smoothly in the immediate vicinity of the aircraft. In this paper we discuss a cyber-physical system approach able of performing an efficient suppression of the turbulent flow by using a dense sensing deployment to detect the low pressure region and a similarly dense deployment of actuators to manage the turbulent flow. With this concept, only the actuators in the vicinity of a separation layer are activated, minimizing power consumption and also the induced drag.

Study of the Reliability of Statistical Timing Analysis for Real-Time Systems

Presented at 23rd International Conference on Real-Time Networks and Systems (RTNS 2015). 4 to 6, Nov, 2015, Main Track. Lille, France.

Cuando las ciudades se transforman en paisajes: representación, fragmentación e idealización del espacio urbano

El texto considera que el espacio de la ciudad es representado hoy a partir de los mecanismos de construcción cultural del paisaje. Se concluye que estos tienen por consecuencia una fragmentación y una idealización/estilización del territorio. Al mismo tiempo que afirman el deleite estético y la idealización de la vida, los mecanismos referidos fomentan el abandono de una mirada crítica y global sobre la ciudad.

Ensaio de combate a ninhos do cupim Cornitermes cumulans (Kollar, 1832)

O presente trabalho foi realizado com a finalidade de reiniciar pesquisas de com bate químico ao cupim de monte Cornitermes cumulans em pastagem. Cinco produtos foram testados com tal objetivo, totalizando cinco tratamentos: A) aldoxicarbe 1,0g; B) bifentrina 0,2g; C) profenofós 1,0g; D) dodecacloro 0,18 g; E) fentiom 1,0g. As quantidades são de ingrediente ativo aplicado por cupinzeiro. A análise dos resultados mostrou que o dodecacloro e o fentiom foram os melhores tratamentos dessa seleção, com 100% de mortalidade dos ninhos.

Estágios de desenvolvimento gonadal de fêmeas do camarão-barba-ruça (Artemesia longinaris - Decapoda: Penaeidae)

The stages of gonadal development for the female of "barba-ruça" shrimp (Artemesia longinaris Bate, 1888) were characterized based on histological analysis. Four stages (immature, almost mature, ripe and spawned) were determined according to the structure and arrangement of cells in the ovary. Each stage corresponds macroscopically to a characteristic color, except stages I (immature) and IV (spawned), in which colors are very similar and can be distinguished only microscopically. The chromatic scale varies from white/translucent (stage I), neutral green (almost mature) to dark green (ripe). The mean size of cells was 56.9 µm (±3.5) (stage I), 127 µm (±2.6) (stage II) and 183 µm (±1.91) (stage III). The size frequency of cells was polimodal, and different cell stages were observed in ripe ovary, suggesting the occurrence of multiple spawning. The chromatic scale developed is an important tool for laboratory analysis, and can be easily used to identify the gonadal stages.

Spatial and temporal distribution of decapod larvae in the subtropical waters of the Arvoredo archipelago, SC, Brazil

The present paper aims to describe the temporal and spatial distribution of the composition and abundance of Decapoda larvae in the shallow waters around Arvoredo Marine Biological Reserve. Stomatopod occurrence is also discussed. Plankton samples were collected at five sites around the Arvoredo Island every two months for one year from May, 2002 to April, 2003. Thirty-nine morphotypes, 11 genus and 4 species (Artemesia longinaris Bate, 1888, Hexapanopeus schmitii Rathbun, 1930, Menippe nodifrons Stimpson, 1859 and Pleoticus muelleri Bate, 1888) were identified, among them only two morphotypes of Stomatopoda larvae, and the remainder Decapoda larvae. Brachyuran zoeae were the most abundant group and they were well represented by Portunidae and Xanthidae zoeae. Lucifer sp. and Caridea zoeae were the most abundant non-brachyuran taxa. Decapod larvae were observed to occur at all sampling sites, however the spatial distribution demonstrated a general tendency to greater abundance and diversity at the southern sites of the Island. Decapoda and Stomatopoda larvae occurred throughout the year, showing that reproduction is continuous, but that larval input in planktonic community was significantly higher during autumn and spring.

Taxonomic revision of doubtful Brazilian freshwater shrimp species of genus Macrobrachium (Decapoda, Palaemonidae)

The freshwater prawns of the genus Macrobrachium Spence Bate, 1868 are widely distributed in rivers of tropical and subtropical regions and represent an interesting group with controversial taxonomy. The morphological characters traditionally used to separate species have shown a high intraspecific variation. Doubts about the status of M. birai Lobão, Melo & Fernandes, 1986, M. holthuisi Genofre & Lobão, 1978 and M. petronioi Melo, Lobão & Fernandes, 1986 have been arisen due to the high resemblance of the former two species with M. olfersi (Wiegmann, 1836), and the latter one with M. potiuna (Müller, 1880). Therefore, we performed a detailed morphological analysis of these species, including new characters not usually used in the species recognition. The present results here with molecular data lead us to conclude that M. birai and M. holthuisi are junior synonyms of M. olfersi, and M. petronioi is a junior synonym of M. potiuna. Considering these synonymies, 17 valid species are now reported for the Brazilian territory.

Urban and suburban malaria in Rondônia (Brazilian Western Amazon) II: perennial transmissions with high anopheline densities are associated with human environmental changes

Longitudinal entomological surveys were performed in Vila Candelária and adjacent rural locality of Bate Estaca concomitantly with a clinical epidemiologic malaria survey. Vila Candelária is a riverside periurban neighborhood of Porto Velho, capital of the state of Rondônia in the Brazilian Amazon. High anopheline densities were found accompanying the peak of rainfall, as reported in rural areas of the region. Moreover, several minor peaks of anophelines were recorded between the end of the dry season and the beginning of the next rainy season. These secondary peaks were related to permanent anopheline breeding sites resulting from human activities. Malaria transmission is, therefore, observed all over the year. In Vila Candelária, the risk of malaria infection both indoors and outdoors was calculated as being 2 and 10/infecting bites per year per inhabitant respectively. Urban malaria in riverside areas was associated with two factors: (1) high prevalence of asymptomatic carriers in a stable human population and (2) high anopheline densities related to human environmental changes. This association is probably found in other Amazonian urban and suburban communities. The implementation of control measures should include environmental sanitation and better characterization of the role of asymptomatic carriers in malaria transmission.