The equity premium puzzle: um estudo de viés de seleção dos ativos

As empresas de capital aberto, listadas em bolsa de valores, são naturalmente aquelas que vieram apresentando retornos superiores perante às demais empresas do seu setor. Assim, será que o viés de seleção desses ativos in uencia sigini cativamente no resultado do Equity Premium Puzzle, primordialmente lançado por Mehra and Prescott (1985)? É essa pergunta que este trabalho investiga e conclui que, sim, de fato pode haver uma in uência desse viés em explicar o Puzzle . Para isso, iremos gerar uma economia cujos ativos, por hipótese, sejam preci cados de acordo com o fator estocástico de desconto (SDF) baseado em consumo, ou seja, os modelos conhecidos como CCAPM (Consumption Capital Asset Pricing Model). Assim, essa economia será gerada via simulação de Monte Carlo, de forma que iremos construir um índice benchmark dessa economia, nos quais participariam apenas os ativos que foram historicamente mais rentáveis. Adota-se tal metodologia em paralelo à forma como os reais benchmarks são construidos (S&P 500, Nasdaq, Ibovespa), em que neles participam, basicamente, as empresas de capital aberta mais negociadas em Bolsa de Valores, que são, comumente, as empresas historicamente mais rentáveis da economia. Em sequência, iremos realizar a estimação via GMM (Generalized Method of Moments) de um dos parâmetros de interesse de uma economia CCAPM: o coe ciente de aversão relativa ao risco (CRRA). Finalmente, os resultados obtidos são comparados e analisados quanto ao viés de estimação.

A prospective study on the dimensions of global brands, brand equity and brand value

This doctoral thesis is about global brands under several perspectives, starting this study with and overview on the matter, followed by a "step ahead" in the conceptualization of brand equity and brand value. As the global marketplace dynamically increases, there are theoretical and empirical challenges concerning the global brands that ask for more branding researches, trying to tune and to contextualize meanings and attributes. Thereafter, the thesis intends to provide a discussion about the industry and country-of-origin effects (and their interactions) on the brand value and the firm market value. Finally, the thesis offers an interesting comparison about the practitioners’ perspectives on the dimensions of global brands, the brand equity and the brand value, branding and marketing, including highlights on the brand internationalization process. The thesis offers a general approach on the extant literature in the first chapter, and a specific literature review for each other chapter.

Adventure race's injuries

Objective. - To describe the distribution of frequency of the injuries during adventure competition.Material and methods. - Fifty-five participants who underwent to the second stage of the Caloi Adventure Camp competition answered to a questionnaire about their personal characteristics, training status and injuries.Results. - The age of the athletes was 32 +/- 10 years old and the body mass index (BMI) 23.3 +/- 2.2 kg/m(2). The most frequent injuries occurred during trekking (61%), followed by mountain bike (24%). Abrasions (36.7%) and cuts (24.5%) were the most frequent injuries mentioned. Tissue level lesions occurred in 61.2% of the episodes. The most frequent injuries were contusions (16.3%) at muscular level, and sprain (6.1%) and fracture (6.1%) at osteoarticular system. Related to the body structure, the lower limb was the most affected (49%), mainly ankle (14.3%) and knee (12.2%). In the upper limb (30.6%), arm and forearm were more affected with cuts and abrasions. Neck and trunk were responsible for 20.4% of the injuries. Cramps (31%) and tendinitis (11%) were also mentioned.Conclusion. - The data suggest that it is necessary to create one training approach including prevention and logistics for participants rescue and rapid attendance during the tournament. (C) 2008 Published by Elsevier Masson SAS.

Genetics of resistance to soybean cyst nematode, Heterodera glycines ichione (Race 3), in a brazilian soybean population

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

The end magnets of the IFUSP race-track microtron booster

The end magnets of the IFUSP race-track microtron booster, second stage of the electron accelerator under construction at the Linear Accelerator Laboratory, are presented. They deflect, focus and return the beam to the accelerating section. Details about the project are discussed, Poisson code was used to give the final geometry of the end magnets. The end magnets incorporate auxiliary pole pieces (clamps) which create a reverse fringe field region that avoids the beam vertical defocusing and reduces the horizontal displacement produced by extended fringe fields (EFF). The small gap height used for the clamps provided reverse field distributions with fringe fields of short extensions, avoiding the traditional use of inactive clamps. Measurements and calculations concerning particle trajectories and reverse field distribution are presented. The floating wire technique, employing an original procedure to register orbits, was used to corroborate the calculated beam trajectories and represents a good experimental option in the lack of the accelerator beam. The experimental results showed agreement of about 0.1% with the calculations.

The IFUSP race-track microtron booster accelerator end magnets antisymmetric perturbations

We will present measurements and calculations related to the antisymmetric perturbations, and comparisons with the symmetric ones, of the IFUSP race-track microtron booster accelerator end magnets. These perturbations were measured in planes situated at +/-12 mm of the middle plane, in a gap height of 4 cm, for a field distribution of about 0.1 T. The measurements were done in 1170 points, separated by a distance of 8 mm, using an automated system with a +/-1.5 mu T differential Hall probe. The race-track microtron booster is the second stage of the 30.0 MeV electron accelerator under construction at the Linear Accelerator Laboratory in which the required uniformity for the magnetic field is of about 10(-3). The method of correction employed to homogenize the IFUSP race-track microtron booster accelerator magnets assures uniformity of 10(-5) in an average field of 0.1 T, over an area of 700 cm(2). This method uses the principle of attaching to the pole pieces correction coils produced by etching techniques, with copper leads shaped like the isofield lines of the normal component of the magnetic field measured. The ideal planes, in which these measurements are done, are calculated and depend on the behavior of the magnetic field perturbations: symmetric or antisymmetric with reference to the middle plane of the magnet gap. These calculations are presented in this work and show that for antisymmetric perturbations there is no ideal plane for the correction of the magnetic field; for the symmetric one, these planes are at +/-60% of the half gap height, from the middle plane. So this method of correction is not feasible for antisymmetric perturbations, as will be shown. Besides, the correction of the symmetric portion of the field distribution does not influence the antisymmetric one, which almost does not change, and corroborates the theoretical predictions. We found antisymmetric perturbations of small intensity only in one of the two end magnets. However, they are not detected at +/- 1 mm of the middle plane and will not damage the electron beam.

Effects of research and extension on agricultural growth and equity in Brazil.

Studies the effects of investment in research and extension on total agricultural production and on production of individual crops. Some distributional effects are briefly discussed. Due to the lack of data, the first part of the analysis is restricted to the State of Sao Paulo, and the second part covers the entire country.-from Author

Is the Thoroughbred race-horse under chronic stress?

Thoroughbred fillies were divided into three groups according to age: group 1, 7 fillies aged 1 to 2 years (G1) starting the training program; group 2, 9 fillies aged 2 to 3 years (G2) in a full training program; group 3, 8 older fillies 3 to 4 years of age (G3) training and racing. Blood samples were collected weekly from July to December. Cortisol was quantified using a solid phase DPC kit. The intra- and interassay coefficients of variation were 12.5% and 15.65% and sensitivity was 1.9 ± 0.2 nmol/ l. The semester average of cortisol levels varied between groups: G1 = 148.8 ± 6.7, G2 = 125.7 ± 5.8, G3 = 101.1 ± 5.4 nmol/l, with G3 differing statistically from the other groups. The lower cortisol levels observed in the older fillies leads us to propose that the stress stimulus, when maintained over a long period of time, may become chronic and result in a reduction of hypophyseal corticotropin-releasing hormone receptors. The secretion of endogenous opioids may also lead to low serum cortisol levels.

Evaluation of race distance, track surface and season of the year on exercise-induced pulmonary haemorrhage in flat racing Thoroughbreds in Brazil

Reasons for performing study: To our knowledge no studies evaluating risk factors to EIPH have been undertaken with such a population of horses in Brazil, which is one of the few countries in the racing community to accept the use of frusemide (FUR) as a prerace medication for bleeders. We also compared national results with those already in the literature. Objectives: To verify the influence of variables such as distance of the race, racetrack surface, going and season of the year in the recurrence and severity of EIPH and its effect on the finishing position of flat racing Thoroughbreds in Brazil. Methods: 2118 post race respiratory endoscopies were recorded, in a total of 1003 individual horses. All horses in the study were certified bleeders (deemed positive by registered veterinarians following one or more endoscopies) and were administered FUR prior to each race. Data was analysed using both ordinary logistic regression and multiple logistic regression. Results: The results suggest that race distance, season of the year and racetrack surface affect the recurrence of EIPH. Also, despite the use of FUR, the majority (62%) of horses continued to display some degree of haemorrhage. Conclusions: There was a tendency for horses that remained positive despite the use of FUR to finish unplaced in a race. Horses which had a significant reduction in bleeding and became HPIE negative after the use of FUR, tended to finish in top positions. It was not possible to determine a pattern of severity of EIPH in horses with more than one endoscopy. Further studies are required to improve our understanding of this syndrome and its correlations to performance in the racing Thoroughbred, together with the role of FUR and its possible enhancing performance effects and efficacy in consistently diminishing EIPH. Potential relevance: This study enabled a better understanding of the use of FUR in Brazilian Thoroughbred racehorses and showed there was a tendency towards improvement in performance after administrion of FUR in bleeders. The fact that a large number of horses remained positive for EIPH despite the use of FUR should encourage the scientific community to search for better ways of reducing, or preventing, this syndrome. © 2006 EVJ Ltd.

Latin America and the Caribbean in the World Economy 2008-2009: Crisis and opportunities for regional cooperation

Incluye Bibliografía

Building equity from the beginning: the children and adolescents of Ibero-America

Includes bibliography