Potencial antioxidante de extratos de sementes de limão (Citrus limon)

O presente trabalho teve como principais objetivos avaliar o comportamento do óleo de soja acrescido de extratos de sementes de limão (Citrus limon), em diferentes concentrações, por meio da estabilidade oxidativa e medir a atividade antioxidante através do método do radical livre DPPH e compostos fenólicos totais. A concentração de 2.400 mg.kg-1 para o extrato de sementes de limão, variedade galego, foi a que conferiu melhor estabilidade oxidativa ao óleo de soja. As atividades antioxidantes máximas e os valores da concentração de extrato natural suficientes para obter 50% do efeito máximo, estimado em 100% (EC50), determinados pelo DPPH para o extrato e ácido gálico foram 70,58%, 69,94 μg.mL-1 e 75,07%, 64,73 μg.mL-1, respectivamente. A concentração de compostos fenólicos totais, determinada pelo método de Folin-Ciocalteu foi de 76 mg.g-1. Foi possível concluir que o extrato de sementes de limão galego possui ação antioxidante natural, podendo ser aplicado em alimentos.

Nutritional value of organic acid lime juice (Citrus latifolia T.), cv. Tahiti

Acid lime can be used as fresh fruit or as juice to increase the flavor of drinks. Therefore, it is necessary to analyze organic acid lime nutritional composition in order to evaluate if there are important differences among those conventionally produced. No significant differences in total titrable acidity, pH, ascorbic acid, sucrose, calcium, and zinc were found between the acid lime juice from organic biodynamic crops and conventional crops. However, the organic biodynamic fruits presented higher peel percentage than the conventional ones leading to lower juice yield. On the other hand, fructose, glucose, total soluble solids contents, potassium, manganese, iron, and copper were higher in the conventional samples. These results indicated few nutritional differences between organic and conventional acid lime juices in some constituents. Nevertheless, fruit juice from biodynamic crops could be a good choice since it is free from pesticides and other agents that cause problems to human health maintaining the levels similar to those of important nutritional compounds.

Physicochemical and microbiological characteristics of minimally processed 'Champagne' oranges (Citrus reticulata × Citrus sinensis) in different packgings

The objective of this study was to investigate the influence of the level of minimal processing and modified atmosphere on the quality of 'Champagne' orange stored under refrigeration. The fruits were subjected to the following processing: a) whole fruit without flavedo; b) whole fruit without flavedo and albedo; and c) segmented into wedges and packed as follows: uncoated packaging (control); polyethylene film; PVC film; gelatin-based edible films (3%); and polyesthyrene translucent plastic container with a lid. The minimally processed oranges were stored at 5 ± 1°C for 8 days and were subjected to physicochemical and microbiological analyses every two days. Greater weight loss occurred in fruits without flavedo and segmented, uncoated, and coated with the edible gelatin film During storage, there was a slight increase in Total Soluble Solids (TSS) for the treatments with greater weight loss and reduction in acidity and ascorbic acid, regardless of the packaging type. The microbial counts did not exceed the acceptable limits in the treatments; however, higher counts were observed at the end of storage. The minimally processed fruit packed in lidded polystyrene containers and polyethylene and PVC films kept their overall fresh visual appearance with a few physicochemical and microbiological changes up to the 8th day of storage.

Return and Volatility spillovers among stock and Foreign Exchange Markets: Empirical Evidence from selected African Markets

Return and volatility dynamics in financial markets across the world have recently become important for the purpose of asset pricing, portfolio allocation and risk management. However, volatility, which come about as a result of the actions of market participants can help adapt to different situations and perform when it really matters. With recent development and liberalization among financial markets in emerging and frontier markets, the need for how the equity and foreign exchange markets interact and the extent to which return and volatility spillover are spread across countries is of importance to investors and policy makers at large. Financial markets in Africa have received attention leading to investors diversifying into them in times of crisis and contagion effects in developed countries. Regardless of the benefits these markets may offer, investors must be wary of issues such as thin trading, volatility that exists in the equity and currency markets and its related fluctuations. The study employs a VAR-GARCH BEKK model to study the return and volatility dynamics between the stock and foreign exchange sectors and among the equity markets of Egypt, Kenya, Nigeria, South Africa and Tunisia. The main findings suggest a higher dependence of own return in the stock markets and a one way return spillover from the currencies to the equity markets except for South Africa which has a weaker interrelation among the two markets. There is a relatively limited integration among the equity markets. Return and volatility spillover is mostly uni-directional except for a bi-directional relationship between the equity markets of Egypt and Tunisia. The study implication still proves a benefit for portfolio managers diversifying in these African equity markets, since they are independent of each other and may not be highly affected by the influx of negative news from elsewhere. However, there is the need to be wary of return and volatility spillover between the equity and currency markets, hence devising better hedging strategies to curb them.

Qualidade de sementes de limão-cravo (Citrus limonia Osbeck) durante o armazenamento

Um dos maiores problemas enfrentados na citricultura durante o processo de formação de mudas é a germinação lenta e a baixa longevidade das sementes. Fatores como o teor de água das sementes, temperatura do ambiente e tipo de embalagem podem influenciar na viabilidade das sementes, durante o armazenamento. Assim, objetivou-se avaliar o comportamento das sementes de limão-cravo tratadas ou não com fungicidas, acondicionadas com quatro teores de água e em três tipos de embalagens durante o armazenamento. Após colhidos, os frutos foram despolpados mecanicamente e as sementes degomadas. Para atingir os teores de água desejados de 44, 27, 13 e 9%, as sementes foram submetidas à secagem na sombra. Parte das amostras das sementes foi tratada com a mistura dos fungicidas Tecto 100 (200g/100kg de sementes) e Captan 75 (300g/100kg de sementes) e a outra parte não recebeu tratamento. Em seguida, as sementes foram acondicionadas em embalagem impermeável, semipermeável e permeável e armazenadas em condições ambiente e de câmara fria por um período de nove meses. Em intervalos trimestrais foram realizados os testes de germinação, envelhecimento acelerado, teor de água e sanidade. As sementes de limão-cravo comportaram-se como recalcitrantes a partir de sexto mês de armazenamento, principalmente, para as amostras acondicionadas em embalagens semipermeável e permeável e armazenadas em condição ambiente. As melhores condições para a conservação das sementes de limão-cravo foram o acondicionamento com 44 e 27% de teor de água em embalagem impermeável e em câmara fria. Recomenda-se, também, o tratamento fungicida das sementes, no momento do armazenamento para maior segurança na manutenção da qualidade fisiológica.

Cross Listing of a Finnish Company on an Exchange in the United States of America

Finnish companies cross listing in the United States is an exceptional phenomenon. This study examines the cross listing decision, cross listing choice and cross listing process with associated challenges and critical factors. The aim is to create an in-depth understanding of the cross listing process and the required financial information. Based on that, the aim is to establish the process phases with the challenges and the critical factors that ought to be considered be- fore establishing the process plus re-evaluated and further considered at points in time during the process. The empirical part of this study is conducted as a qualitative study. The research data was collected through the adoption of two approaches, which are the interview approach and the textual data approach. The interviews were conducted with Finnish practitioners in the field of accounting and finance. The textual data was from publicly available publications of this phenomenon by the two BIG5 accounting companies worldwide. The results of this study demonstrate the benefits of cross listing in the U.S. are the better growth opportunities, the reduction of cost of capital and the production of higher quality financial information. In the decision making process companies should assess whether the benefits exceed the increased costs, the pressure for performance, the uncertainty of market recognition and the requirements of management. The exchange listing is seen as the most favourable cross listing choice for Finnish companies. The establishment of the processes for producing reliable, transparent and timely financial information was seen as both highly critical and very challenging. The critical success factors relating to the cross listing phases are the assessment and planning as well as the right mix of experiences and expertise. The timing plays important role in the process. The results mainly corroborate the literature concerning cross listing decision and choice. This study contributes to the literature on the cross listing process offering a useful model for the phases of the cross listing process.

Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Osmotic priming methodologies in relation to the physiological performance of rangpur lime seeds (Citrus limonia Osbeck)

Several mechanisms have been used to promote rapid germination of citrus seeds and uniform seedling emergence. We evaluated the effects of osmotic priming on the physiological performance of Rangpur lime seeds (Citrus limonia Osbeck). Seeds were treated with 30 g of Captan and 10 g of Tecto 600 in 20-litre batches and stored, without drying, at 10 ºC and 50% relative humidity for periods of 3, 6 and 9 months. After each period, seeds were primed at 25 ºC, in the light, by immersion in Poliethylenoglicol (PEG 6000), potassium nitrate (KNO3) and 70% PEG 6000 plus 30% KNO3, all at an osmotic potential of -1.1MPa, for priming periods of 3, 6, 9 and 12 days. Percentage germination, tray emergence and the emergence rate index (ERI) were evaluated. Priming in PEG 6000 solution, independent of priming period, or in KNO3 or PEG 6000 plus KNO3 for up to 9 days, were efficient at improving the physiological performance of seeds stored for up to 3 months. Osmotic priming appears to be a promising technique for improving the physiological quality of Rangpur lemon seeds.

National exchange rate policies and international debt crises: how Brazil did not follow Argentina into a default in 2001-2002

This paper examines how exchange rate policies and IMF Stand-By Arrangements affect debt crises using econometrics and a comparison between Argentina and Brazil. It refines an existing diagram outlining crisis development to propose crisis prevention strategies. Flexible exchange rate policies reduce a country's probability of default by over 4%, but Stand-By Arrangements increase it by an inconsequential percentage. Unlike Argentina, Brazil avoided a default via a freely-floating exchange rate system, fiscal deficit reduction, and a cooperative and coordinated relationship with the IMF. The results provide policymakers from developing countries with lessons to manage their countries' default risks more effectively.

Static waves in corporate space : characterizing oscillating trading patterns in New York stock exchange

Various researches in the field of econophysics has shown that fluid flow have analogous phenomena in financial market behavior, the typical parallelism being delivered between energy in fluids and information on markets. However, the geometry of the manifold on which market dynamics act out their dynamics (corporate space) is not yet known. In this thesis, utilizing a Seven year time series of prices of stocks used to compute S&P500 index on the New York Stock Exchange, we have created local chart to the corporate space with the goal of finding standing waves and other soliton like patterns in the behavior of stock price deviations from the S&P500 index. By first calculating the correlation matrix of normalized stock price deviations from the S&P500 index, we have performed a local singular value decomposition over a set of four different time windows as guides to the nature of patterns that may emerge. I turns out that in almost all cases, each singular vector is essentially determined by relatively small set of companies with big positive or negative weights on that singular vector. Over particular time windows, sometimes these weights are strongly correlated with at least one industrial sector and certain sectors are more prone to fast dynamics whereas others have longer standing waves.

Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil

In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry.