Consumption smoothing in Latin America: an empirical assessment of present value models

The study aims to assess the empirical adherence of the permanent income theory and the consumption smoothing view in Latin America. Two present value models are considered, one describing household behavior and the other open economy macroeconomics. Following the methodology developed in Campbell and Schiller (1987), Bivariate Vector Autoregressions are estimated for the saving ratio and the real growth rate of income concerning the household behavior model and for the current account and the change in national cash ‡ow regarding the open economy model. The countries in the sample are considered separately in the estimation process (individual system estimation) as well as jointly (joint system estimation). Ordinary Least Squares (OLS) and Seemingly Unrelated Regressions (SURE) estimates of the coe¢cients are generated. Wald Tests are then conducted to verify if the VAR coe¢cient estimates are in conformity with those predicted by the theory. While the empirical results are sensitive to the estimation method and discount factors used, there is only weak evidence in favor of the permanent income theory and consumption smoothing view in the group of countries analyzed.

Volatility modelling in the forex market: an empirical evaluation

We compare three frequently used volatility modelling techniques: GARCH, Markovian switching and cumulative daily volatility models. Our primary goal is to highlight a practical and systematic way to measure the relative effectiveness of these techniques. Evaluation comprises the analysis of the validity of the statistical requirements of the various models and their performance in simple options hedging strategies. The latter puts them to test in a "real life" application. Though there was not much difference between the three techniques, a tendency in favour of the cumulative daily volatility estimates, based on tick data, seems dear. As the improvement is not very big, the message for the practitioner - out of the restricted evidence of our experiment - is that he will probably not be losing much if working with the Markovian switching method. This highlights that, in terms of volatility estimation, no clear winner exists among the more sophisticated techniques.

Valores organizacionais: uma análise no contexto educacional

This research¿s main goal was to analyze the existing relationship between both environmental and organizational values from three State Schools located in the city of Curitiba. These are: Protásio de Carvalho School, Guaíra School and Rio Branco School. At a theoretical empirical reference, an environmental approach has been performed, followed by aspects regarding organizational values, including the discussion on the theme of organizational culture, and, finally, a study on the prevalent values in public educational institutions. The method that best features this research is a comparative case report, with the use of multiple sources of evidence. Secondary data in order to identify the environmental values has been obtained through references of two of the most important newspapers in the State of Paraná, reports published by the State¿s Secretary of Education, publications from the State¿s Teachers Union and through the Educational Legislation in both Federal and State levels. The organizational values have been identified from primary data obtained through semi-structured interviews, performed with the School Principals and through questionnaires distributed to the School Principals and Teachers. The analysis over this data has been carried out in a descriptive-qualitative way by using both documentary and content analysis techniques. The database revealed that there are a few consistencies between environmental and organizational values, in a way that certain values identified in society and in the Government are, several times, more congruent with the values identified in the group of School Principals, whereas the values identified in the Teacher¿s Union have a higher consistency with the prevalent values in the group of teachers. At schools, mainly in the group of teachers, there¿s a noticeable refraction towards actions promoted by the government, and a certain skepticism towards actions promoted by the Teacher¿s Union. The student¿s education is given a higher value than one¿s cognitive education, in the work atmosphere as much as in the organizations; the Society has been gradually taking the responsibility regarding public education, with the support of school boards, teachers, and even of the Government, at a time when teachers, unlike the Society and the Government, appear to give very little value to their own profession.

Responsabilidade social e marketing social: dois estudos de caso

o objetivo desta pesquisa foi a identificação e a determinação dos principais elementos presentes no desenvolvimento de ações de responsabilidade social e programas de marketing social em unidades industriais de duas empresas, da iniciativa privada, localizadas em Curitiba: Bosch e Inepar. Na base teóricoempírica, foram analisados os aspectos referentes à gestão social sob o paradigma da Sociedade Pós-Industrial, à responsabilidade social e ao marketing social. Especificamente nestes dois últimos temas foi aprofundada a análise de suas bases de formação e a evolução de seus conceitos, bem como suas diferentes interpretações, tratamentos, usos e motivações para a efetivação de programas de cunho social. O método que caracteriza esta pesquisa é o de dois estudos de caso distintos. Os dados foram obtidos mediante pesquisa bibliográfica, análise de documentos internos e peças de comunicação externas, observação direta e por meio de entrevistas semi-estruturadas, realizadas com os dirigentes e funcionários das organizações estudadas, envolvidos na condução e organização de práticas sociais. A análise foi efetuada de forma descritivo-qualitativa. Os dados coletados revelaram a existência de consonâncias e dissonâncias entre a prática da responsabilidade social e do marketing social e o discurso apresentado pelas empresas. O objetivo maior do estudo foi ampliar o entendimento acerca da responsabilidade social e do marketing social praticado pela iniciativa privada, tendo como referência a visão de seus integrantes, dentro das atuais racionalidades econômica e social que estabelecem um novo modelo de relacionamento entre Estado, empresas e sociedade civil.

A (semi-)parametric functional coefficient autoregressive conditional duration model

In this paper, we propose a class of ACD-type models that accommodates overdispersion, intermittent dynamics, multiple regimes, and sign and size asymmetries in financial durations. In particular, our functional coefficient autoregressive conditional duration (FC-ACD) model relies on a smooth-transition autoregressive specification. The motivation lies on the fact that the latter yields a universal approximation if one lets the number of regimes grows without bound. After establishing that the sufficient conditions for strict stationarity do not exclude explosive regimes, we address model identifiability as well as the existence, consistency, and asymptotic normality of the quasi-maximum likelihood (QML) estimator for the FC-ACD model with a fixed number of regimes. In addition, we also discuss how to consistently estimate using a sieve approach a semiparametric variant of the FC-ACD model that takes the number of regimes to infinity. An empirical illustration indicates that our functional coefficient model is flexible enough to model IBM price durations.

A Numerical method for the semilinear stochastic transport equation

Trabalho apresentado no XXXV CNMAC, Natal-RN, 2014.

Theoretical and empirical essays on microeconometrics

This Master Thesis consists of one theoretical article and one empirical article on the field of Microeconometrics. The first chapter\footnote{We also thank useful suggestions by Marinho Bertanha, Gabriel Cepaluni, Brigham Frandsen, Dalia Ghanem, Ricardo Masini, Marcela Mello, Áureo de Paula, Cristine Pinto, Edson Severnini and seminar participants at São Paulo School of Economics, the California Econometrics Conference 2015 and the 37\textsuperscript{th} Brazilian Meeting of Econometrics.}, called \emph{Synthetic Control Estimator: A Generalized Inference Procedure and Confidence Sets}, contributes to the literature about inference techniques of the Synthetic Control Method. This methodology was proposed to answer questions involving counterfactuals when only one treated unit and a few control units are observed. Although this method was applied in many empirical works, the formal theory behind its inference procedure is still an open question. In order to fulfill this lacuna, we make clear the sufficient hypotheses that guarantee the adequacy of Fisher's Exact Hypothesis Testing Procedure for panel data, allowing us to test any \emph{sharp null hypothesis} and, consequently, to propose a new way to estimate Confidence Sets for the Synthetic Control Estimator by inverting a test statistic, the first confidence set when we have access only to finite sample, aggregate level data whose cross-sectional dimension may be larger than its time dimension. Moreover, we analyze the size and the power of the proposed test with a Monte Carlo experiment and find that test statistics that use the synthetic control method outperforms test statistics commonly used in the evaluation literature. We also extend our framework for the cases when we observe more than one outcome of interest (simultaneous hypothesis testing) or more than one treated unit (pooled intervention effect) and when heteroskedasticity is present. The second chapter, called \emph{Free Economic Area of Manaus: An Impact Evaluation using the Synthetic Control Method}, is an empirical article. We apply the synthetic control method for Brazilian city-level data during the 20\textsuperscript{th} Century in order to evaluate the economic impact of the Free Economic Area of Manaus (FEAM). We find that this enterprise zone had positive significant effects on Real GDP per capita and Services Total Production per capita, but it also had negative significant effects on Agriculture Total Production per capita. Our results suggest that this subsidy policy achieve its goal of promoting regional economic growth, even though it may have provoked mis-allocation of resources among economic sectors.

Effectiveness of high-throughput miniaturized sorbent- and solid phase microextraction techniques combined with gas chromatography–mass spectrometry analysis for a rapid screening of volatile and semi-volatile composition of wines: a comparative study

In this study the feasibility of different extraction procedures was evaluated in order to test their potential for the extraction of the volatile (VOCs) and semi-volatile constituents (SVOCs) from wines. In this sense, and before they could be analysed by gas chromatography–quadrupole first stage masss spectrometry (GC–qMS), three different high-throughput miniaturized (ad)sorptive extraction techniques, based on solid phase extraction (SPE), microextraction by packed sorbents (MEPS) and solid phase microextraction (SPME), were studied for the first time together, for the extraction step. To achieve the most complete volatile and semi-volatile signature, distinct SPE (LiChrolut EN, Poropak Q, Styrene-Divinylbenzene and Amberlite XAD-2) and MEPS (C2, C8, C18, Silica and M1 (mixed C8-SCX)) sorbent materials, and different SPME fibre coatings (PA, PDMS, PEG, DVB/CAR/PDMS, PDMS/DVB, and CAR/PDMS), were tested and compared. All the extraction techniques were followed by GC–qMS analysis, which allowed the identification of up to 103 VOCs and SVOCs, distributed by distinct chemical families: higher alcohols, esters, fatty acids, carbonyl compounds and furan compounds. Mass spectra, standard compounds and retention index were used for identification purposes. SPE technique, using LiChrolut EN as sorbent (SPELiChrolut EN), was the most efficient method allowing for the identification of 78 VOCs and SVOCs, 63 and 19 more than MEPS and SPME techniques, respectively. In MEPS technique the best results in terms of number of extractable/identified compounds and total peak areas of volatile and semi-volatile fraction, were obtained by using C8 resin whereas DVB/CAR/PDMS was revealed the most efficient SPME coating to extract VOCs and SVOCs from Bual wine. Diethyl malate (18.8 ± 3.2%) was the main component found in wine SPELiChrolut EN extracts followed by ethyl succinate (13.5 ± 5.3%), 3-methyl-1-butanol (13.2 ± 1.7%), and 2-phenylethanol (11.2 ± 9.9%), while in SPMEDVB/CAR/PDMS technique 3-methyl-1-butanol (43.3 ± 0.6%) followed by diethyl succinate (18.9 ± 1.6%), and 2-furfural (10.4 ± 0.4%), are the major compounds. The major VOCs and SVOCs isolated by MEPSC8 were 3-methyl-1-butanol (26.8 ± 0.6%, from wine total volatile fraction), diethyl succinate (24.9 ± 0.8%), and diethyl malate (16.3 ± 0.9%). Regardless of the extraction technique, the highest extraction efficiency corresponds to esters and higher alcohols and the lowest to fatty acids. Despite some drawbacks associated with the SPE procedure such as the use of organic solvents, the time-consuming and tedious sampling procedure, it was observed that SPELiChrolut EN, revealed to be the most effective technique allowing the extraction of a higher number of compounds (78) rather than the other extraction techniques studied.

Teamwork in academia: an empirical study

The Bologna Process introduced some changes in the curriculum of higher education institutions (HEIs) and defined that academic learning should consider the needs of the labour market. HEIs and employers agree that personal skills are the most important set of competence of graduates (Pavlin, Akkuyunlu, Kovacic, & Svetlik, 2009). The goals of this work were to explore how the work experienced by teams of students in HEIs might help them improve their personal skills, namely empirically explore the perception of teamwork and personality into two groups of students. The study was based on the theoretical model of Team Evolution and Maturation (TEAM, Fransen, 2012). The sample consisted of 99 students of the 3rd year of the degree (1st cycle) in Computer Science (49 students) and the 2nd year of the Bachelor's Degree (1st cycle) in Psychology (50 students), from the University of Madeira, Portugal. Areas of personality and team collaboration were evaluated with a Pre- and Post-test. Findings show that the perception of the teamwork collaboration of students in Computer Science and Psychology majors seems to be influenced by their scientific area, by gender, by the selection method of the time-organiser, the self-perceived personality of the time-organiser, the self perceived personality of the non-time-organiser, and the size of the team. It is expected that this data will contribute to further theoretical and practical reflection on the teamwork among college students and their performance in the labour market.

Estratégias internacionais da fruticultura do RN: o caso finobrasa processo e evolução

The present inquiry has as main objective to understand the process of formation of the international strategies of the exporting companies of fruits of the RN through the theory of the resource dependence. Aiming at to clarify as the companies they can carry through the process of internationalization through this theory had been study the behavior and economic theories of the process of internationalization of companies. Amongst the economic theories they are distinguished the eclectic paradigm of Dunning (1958), Vernon (1669) through the theory of the cycle of the product and Bucley and Casson (1979) with the theory of the international operations. In the mannering boarding they had been investigated the school of Upsala through Johanson and Valnhe (1977) with the concept of the increasing of the markets and in the distance psychic starts and the interaction of the purchaser-salesman of Hallen and Wiedersheim-Paul (1979). In this perspective it observes main the occured changes in the organization in function of this process, following the rules observed by the gradual ingression in the international market, having as base ways of entrances in the external market used by these companies, in view of the frist phase that the company presents of businesses. Ahead of you analyze of these theories the study searches to analyze the convergence of the concepts proclaimed for the theory of the dependence of resources (PFEFFER; SALANCIK, 1978). and strategies of internationalization of the companies. The research is characterized as qualitative case study which adopts and exploratory and analytical type, retrospective matrix. The adopted strategy is of case study and the unit of analysis consisting of the Finobrasa, pertaining company to the Vicunha Group. The main method of collection of data was halfstructuralized interview allied the documentary research that together had presented an empirical perspective of the internationalization process. The analysis and quarrel of the results understand the description and the interpretation of the one of the information through the technique of analyzes of content. Initially the historical of the exportation of fruits of the Rio Grande do Norte with the focus in the region Açu/Mossoró is presented and after that the information of the Finobrasa are presented as base of the study. The main events are identified that had constituted the phases of the strategical model of the company. It was observed that the dimensions most excellent amongst those proclaimed by the School of Uppsala had been the learning, staffs and the step-starts is sufficiently gifts in the reality of the company, as well as the aspects of strategical alliances since the consolidated relationship of the Vicunha Group create a more solid trajectory in the international market allied the conditions created windows of marked . One understands, therefore, that the investigated process still has base the theoretical theories of the internationalization strategies corroborating for the theoretical convergence of the rules proclaimed for the theory of the dependence of resources.

Arthropoda de solo em um ecossistema semi-árido da região neotropical: composição, variabilidade temporal e estratificação

Caatinga is an important laboratory for studies about arthropods adaptations and aclimatations because its precipitation is highly variable in time. We studied the effects of time variability over the composition of Arthropods in a caatinga area. The study was carried out at a preservation area on Almas Farm, São José dos Cordeiros, Paraíba. Samples were collected in two 100 m long parallel transects, separated for a 30 m distance, in a dense tree dominated caatinga area, between August 2007 and July 2008. Samples were collected in each transect every 10 m. Ten soil samples were taken from each transect, both at 0-5 cm (A) and 5-10 cm (B) depth, resulting in 40 samples each month. The Berlese funnel method was used for fauna extraction. We registered 26 orders and the arthropods density in the soil ranged from 3237 to 22774 individuals.m-2 from January 2007 to March 2008, respectively. There was no difference between layers A and B regarding orders abundance and richness. The groups recorded include groups with few records or that had no records in the Caatinga region yet as Pauropoda, Psocoptera, Thysanoptera, Protura and Araneae. Acari was the most abundant group, with 66,7% of the total number of individuals. Soil Arthropods presented a positive correlation with soil moisture, vegetal cover, precipitation and real evapotranspiration. Increases in fauna richness and abundance were registered in February, a month after the beginning of the rainy season. A periodic rain events in arid and semiarid ecosystems triggers physiological responses in edafic organisms, like arthropods. Edafic arthropods respond to time variability in the Caatinga biome. This fauna variation has to be considered in studies of this ecosystem, because the variation of Arthropods composition in soil can affect the dynamics of the food web through time

Biologia alimentar e morfohistologia do tubo digestório do mussum, synbranchus marmoratus, bloch (osteichthyes: synbranchidae) no açude Marechal Dutra Gargalheiras , localizado no semi-árido brasileiro

Food habits and morpho-histology of the digestive tract of marbled swamp eel, Synbranchus marmoratus (Block, 1917) were investigated. The fish samples were captured during August, 2007 to July, 2008 in the Marechal Dutra reservoir, Acari, Rio Grande do Norte. The rain fall data was obtained from EMPARN. The fish captured, were measured, weighed, dissected, eviscerated and individual stomach weights were registered. The stomach contents analyses were carried out based on volumetric method, points, frequency of occurrence and applying the Index of Relative Importance. The degrees of repletion of the stomachs were determined besides the Index of Repletion relating to feeding activity variations and frequency of ingestion during the rainy and dry seasons. The rainfall varied from 0 mm a 335 mm with a mean value of 71.62 mm. Highest rainfall of 335.5 mm was registered in March, 2008 and August to December was the dry period. During the dry period the study species presented high degrees of repletion of the stomachs, with a peak value in the month of September (mean = 4.54; ± SD = 0.56). The minimum mean value of = 3.99 ± SD = 0.25 was registered in the month of May during the rainy period. The stomach contents of S. marmoratus registered show that this fish prefers animals, 78.22% of crustaceans 2.85% of mollusks, 3.25% of fish, 1.4% of insects and 13.5% of semi-digested organic matter, thus characterizing the study species as a carnivore with a preference for crustaceans. The morpho-histological aspects of the digestive tract of S. marmoratus indicate that the mouth is terminal adapted to open widely, thin lips with taste buds, small villiform teeth forming a single series on maxillas, four pairs of branchial arches with short and widely spaced branchial rays. The oesophagus is short and cylindrical with a small diameter. The oesophagus wall is thick with mucas surface and internal parallel folds. The stomach is retilinical in form, presenting cardiac, caecal and pyloric portions. The caecal portion is long and is intermediary in position between the cardiac and pyloric portions. The cardiac portion of the stomach is short and cylindrical formed of simple epithelial cylindrical mucus cells. The caecal portion is long with narrow walls, a big cavity and smaller folds which give rise to gastric glands. The phyloric portion has no glands and primary or secondary mucas folds. The morphohistological aspects of the digestive tract of S. marmoratus indicate its adaptation to a carnivorous feeding habit

Políticas públicas para o turismo e desenvolvimento local: reflexões a partir dos "caminhos de fé" no semi-árido potiguar

This study analyzes the event of the Feast of Our Lady of Grace, located in the municipality of Florania / RN as a tourism product, inserted in a process of transformation of a sacred place, in principle determined by religious motives, in a destination "tourist-religious". We seek to understand to what extent state intervention, with policies aimed at boosting the tourism sector as well as the interactions among key actors in the space, are able to modify and streamline the city of Florania, particularly Feast of Our Lady of Grace. The methodology also includes the review of the literature using the deductive method the application of questionnaires to the pilgrims, tourists and pilgrims totaling 150 questionnaires. Along with the economic agents of the municipality, 36 questionnaires were administered according to the model adopted by REDESIST. Complement this research interviews with key Officials of the Municipal Government and the Church. Despite the recognition by the actors of the importance of tourism to the economy of the city of Florania, encouraging the development of the sector is still lagging, some worked and policies / programs listed actually pass by the "Paths of Faith" of Florania. Concerning the Feast of Our Lady of Grace, the bottlenecks reported by researchers and economic agents are very partially affected by the policies / programs and when this occurs, the effort seems to be only reactive, resulting from the pressures experienced by the municipal government (mayor)

Characterization of condensed tannins from native legumes of the Brazilian northeastern semi-arid

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

Latent heat loss of dairy cows in an equatorial semi-arid environment

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)