Valuing emerging markets companies : new approaches to determine the effective exposure to country risk

The aim of this paper is to propose new methods to measure the effective exposure to country risk of emerging-market companies. Starting from Damodaran (2003), we propose seven new approaches and a revised CAPM for emerging markets companies. The “Prospective Lambda” represents the effective exposure according to analysts’ estimates of growth. The “Relative Lambda” relies on the firm value estimated through a relative valuation. The “Retrospective Lambda” represents the ex-post effective exposure to country risk. The “Company Effective Risk Premium” is a generalization of the Retrospective Lambda, and expresses the premium effectively requested by investors to invest in that specific company in the past year. “The Actual Lambda” and the “Company Actual Risk Premium” represent, respectively, the actual exposure to country risk of a company and the actual premium requested by investors to invest in that specific company. The “Industry Lambda” reflects the median exposure to country risk of the industry in which the company belongs. We tested our new measures of exposure to country risk on the Latin American emerging markets companies according to the classification of the MSCI Emerging Markets Latin America Index. The results confirm that the new approaches can be effectively applied by financial analysts to stable-growth companies that operate in emerging markets and to mature markets companies that operate in emerging markets, providing with a more reliable estimate of both the premium effectively requested by investors in the past and the actual premium. Applying the new approaches, the cost of equity reflects the effective exposure of a company to country risk without being over- or underestimated, as is the case with other existing approaches.

Comparação antropométrica, composição corporal, somatotipo e saltos verticais de atletas de voleibol de praia masculino

The kinanthropometric characteristics are used by the sports science as selection criteria and detection of talents. Hence, this study aimed at comparing the anthropometrical profile, the body composition, the somatotype and the vertical jumps of the beach volleyball players. This study consists of 79 male beach volleyball players, being forty nine (n=49) Brazilian participants of the National Circuit and thirty (n=30) of 15 countries participating in the XV Pan American Games. In order to analyze the vertical jumps of the Brazilian the participants were allocated into two groups (G1 and G2) in agreement with the national ranking of their teams. The vertical jump protocol developed by Smith and collaborators was used to evaluate the vertical jumps of spike and block. The Heath-Carter anthropometrical technique (1990) was used for calculating the somatotype. The Student s t test with the Bonferroni adjustment was used to calculate the differences among the investigated variables. The multiple regression analysis was used to identify the contributions of the anthropometrical variables in the performance of the vertical jumps and the multivariance analysis was used to calculate the differences among the components of the somatotype. The Brazilian athletes of G1 were better than G2 in the spike jump (p <0.01), block jump (p <0.01) and in the block difference (p <0.01). The prediction model of the spike jump of G2 included the body mass and standing spike reach (adjusted R2 = 0.77), the body mass and the standing block reach were also included in the model of the block jump (adjusted R2 = 0.73). The regression model of G1 was not statistically significant. As for the somatotype, statistically significant differences were found between the Brazilians and the Pan Americans (Wilks' lambda = 0.498; p <0.05). The Brazilian somatotype was classified as balanced mesomorph (2.7-4.3-3.0) and the Pan American somatotype as endomorphic mesomorph (3.5-4.6-2.4). As to the specific position of the block game (2.8-4.3-2.9) and the defense game (2.6-4.4-3.0), the Brazilian somatotype was classified as balanced mesomorph and the Pan American somatotype, the block (3.7-4.4-2.4) and the defense (3.4-4.9-2.3), was classified as endomorphic mesomorph. In conclusion, the vertical jump height (spike and block) influences the male Brazilian beach volleyball players performance. The physical type of the Brazilian blockers and defenders was similar with relationship to the somatotype. The Brazilian and Pan American beach volleyball players differ in terms of kinanthropometric characteristics. This work had a multidisciplinary feature with the participation of several departments and laboratories, like the Physiotherapy Department, the Nutrition Department, the Physical Education Laboratory, thus corroborating the multidisciplinary research feature

Use of Bioscreen C for growth of Mucor hiemalis in different carbon and nitrogen sources

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

Emprego da citometria de fluxo na avaliação do perfil imunofenotípico de pacientes com leucemia linfocítica crônica

Chronic lymphocytic leukemia (B-CLL) is a clonal proliferation of mature B lymphocytes characterized by indolent clinical course. Biologically this clonallity is characterized by low expression of surface immunoglobulin (sIg) with restriction to a single immunoglobulin light chain associated with high expression of CD5 antigen and positivity to B cell antigens lymphocytes such as CD19, CD20 and CD23 and negativity to FMC7. The immunological profile and morphological analysis of lymphoid cells are the main means for the differential diagnosis of B-CLL from other chronic lymphoproliferative diseases. The aim of this study was to evaluate the expression pattern of a variety of membrane antigens in leukemic cells originating from patients with B-CLL. In this study, peripheral blood samples from 80 patients with B-CLL were analyzed by multiparametric flow cytometry in addition to routine hematologic exams, using a panel of monoclonal antibodies (MoAb): CD45/CD14, CD3/CD19/CD45, CD4/CD8 / CD3, CD20/CD5/CD3, CD3/CD16-56/CD45, CD2/CD7, FMC7/CD23, CD103/CD22/CD20, HLADR/CD38, CD10/CD19, CD1a, CD11b and also IgM/gD, kappa and lambda immunoglobulin light chains for the detection of surface immunoglobulin and clonal restriction for immunoglobulin light chain. The Hematological data were obtained from the hematological analyzer and cytomorphological analysis in blood film stained by Leishmann. The study samples consisted of 45 men and 35 women, ages ranging from 55 to 84 years (mean 65 years). Complete white blood count showed count ranging from 10.0 to 42.0 x 109/l. (mean 50.0 x 109/l) and lymphocytes count greater than 5.0 x 109/l in all cases. The neoplastic cells displayed B-CLL phenotype (CD5+/CD19+/CD20+/HLADR+/CD23+) in the vast majority of the cases, associated to failed to stain for T cell markers (CD1a, CD2, CD4, CD3, CD7, CD8), CD103, CD14 and FMC7. Leukemic cells of most patients also expressed low intensity of IgM and IgD with restricted kappa light chain, in most cases (59,7%). This observation highlights the importance of immunophenotyping for correct diagnosis of chronic lymphoproliferative syndromes and the panel of MoAb used was sufficient for diagnostic confirmation of B-CLL

Estudo dos genes do complexo do antígeno leucocitário humano (hla) associados à susceptibilidade ao diabetes mellitus tipo 1

Of all of the genes associated with the development of Diabetes mellitus type 1 (T1D), the largest contribution comes from the genes in the Human Leukocyte Antigen (HLA) region, mostly the class II DR e DQ genes. Specific combinations of alleles DRB1, DQA1 and DQB1 constituting haplotypes, and further, a combination of more than one haplotype, providing multilocus genotypes are associated with susceptibility, protection and neutrality to DM1. Thus, the aim of present study was to verified the association of polymorphisms of HLA genes class II with susceptibility to type 1 diabetes mellitus (T1D). Ninety-two patients with T1D and 100 individuals normoglycemics (NG) aged between 6 and 20 years were studied. Genomic DNA was obtained from peripheral whole blood, collected in EDTA tube, using the extraction kit Illustra Triple Prep®, GE Healthcare. For HLA typing was used DNA LABType system by One Lambda kit applying Luminex® technology to the method of PCRSSO typing reverse. The alleles DRB1*03:01, *04:05, *04:01, *04:02, DQA1*03:01g, *05:01g, DQB1*02:01g, *03:02, the haplotypes DRB1*03:01-DQA1*05:01-DQB1*02:01, DRB1*04:05-DQA1*03:01g-DQB1*03:02, DRB1*04:02-DQA1*03:01g-DQB1*03:02, DRB1*04:01-DQA1*03:01g-DQB1*03:02 and DR3-DQ2/DR4-DQ8 genotype were significantly associated with the chance of developing T1D. The alleles DRB1*11:01, *15:03, *15:01, *13:01, DQA1*01:02, *04:01g, *01:03, DQB1*06:02, *03:01g, *06:03, *04:02, the haplotypes DRB1*11:01-DQA1*05:01-DQB1*03:01, DRB1*13:01-DQA1*01:03-DQB1*06:03 and DRX-DQX/DRX-DQX genotype, formed by other than the DR3-DQ2 or DR4-DQ8 haplotypes, were significantly associated with T1D protection Despite the major racial Brazilian, even at the regional level, these results are similar to the majority of alleles, genotypes and haplotypes of HLA class II-related susceptibility or resistance to T1D, extensively described in the literature for Caucasian population. Children with age at diagnosis less than 5 years of age had significantly higher frequency of the heterozygous genotype DR3-DQ2/DR4-DQ8 compared to children with age at diagnosis than 5 years old. These results also demonstrate strong association of the genetic profile of the class II HLA for this age group, possibly associated with the severity and rapid progression to the onset of T1D. The knowledge of HLA class II genes may be useful in genetic screens that allow the prediction of T1D

Monotonicity and asymptotics of zeros of Sobolev type orthogonal polynomials: A general case

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Fertility life table of Trichogramma pretiosum and Trichogramma acacioi (Hymenoptera : Trichogrammatidae) on Sitotroga cerealella (Lepidoptera : Gelechiidae) eggs at different constant temperatures

Fertility life tables were developed for both Trichogramma pretiosum and Trichogramma acacioi reared on Sitotroga cerealella eggs as an alternative host at five different temperatures. The egg parasitoids were first collected from Nipteria panacea eggs, a lepidopterous pest of avocado. Egg parasitoid females were individualized in small glass vials along with 40 eggs of the host during 24 h for parasitization. For evaluation of the parasitism capacity, a similar procedure was adopted, but cardboards with eggs were replaced every day. The net reproductive rate (Ro), intrinsic rate of increase (rm), finite rate of increase (lambda), and mean generation time (T) were estimated. Temperature affected all parameters for both Trichogramma species. The highest fecundity for both species was observed at 25degreesC. Extreme temperatures such as 15degreesC or 35degreesC negatively affect the development rate of both species.

Biology and fertility life table of the South American fruit fly Anastrepha fraterculus on grape

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Use of ridge regression for the prediction of early growth performance in crossbred calves

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

Estratégias baseadas em aprendizado para coordenação de uma frota de robôs em tarefas cooperativas

In multi-robot systems, both control architecture and work strategy represent a challenge for researchers. It is important to have a robust architecture that can be easily adapted to requirement changes. It is also important that work strategy allows robots to complete tasks efficiently, considering that robots interact directly in environments with humans. In this context, this work explores two approaches for robot soccer team coordination for cooperative tasks development. Both approaches are based on a combination of imitation learning and reinforcement learning. Thus, in the first approach was developed a control architecture, a fuzzy inference engine for recognizing situations in robot soccer games, a software for narration of robot soccer games based on the inference engine and the implementation of learning by imitation from observation and analysis of others robotic teams. Moreover, state abstraction was efficiently implemented in reinforcement learning applied to the robot soccer standard problem. Finally, reinforcement learning was implemented in a form where actions are explored only in some states (for example, states where an specialist robot system used them) differently to the traditional form, where actions have to be tested in all states. In the second approach reinforcement learning was implemented with function approximation, for which an algorithm called RBF-Sarsa($lambda$) was created. In both approaches batch reinforcement learning algorithms were implemented and imitation learning was used as a seed for reinforcement learning. Moreover, learning from robotic teams controlled by humans was explored. The proposal in this work had revealed efficient in the robot soccer standard problem and, when implemented in other robotics systems, they will allow that these robotics systems can efficiently and effectively develop assigned tasks. These approaches will give high adaptation capabilities to requirements and environment changes.

Velocidade do fluxo de ar em barra de pulverização no controle químico de Anticarsia gemmatalis, Hübner e percevejos na cultura da soja

A lagarta Anticarsia gemmatalis (Hübner) e os percevejos fitófagos são pragas importantes na cultura da soja no Brasil. Este trabalho objetivou avaliar o controle desses insetos após o tratamento com inseticidas, sob diferentes velocidades do fluxo de ar junto à barra de pulverização nessa cultura. O experimento foi desenvolvido em Botucatu, na cultura da soja [Glycine max (L.) Merrill], var. Conquista (safra 2007/08), no delineamento experimental de blocos ao acaso (quatro velocidades do fluxo de ar: 0, 9, 11 e 29 km h-1), mais testemunha, totalizando cinco tratamentos e quatro repetições. No estádio de desenvolvimento vegetativo (V10) realizou uma aplicação do inseticida deltametrina na dosagem de 6,5 g do i.a. ha-1 para o controle de lagartas e no estádio de desenvolvimento reprodutivo (R6) aplicou o inseticida tiametoxam associado com lambda-cialotrina na dosagem de 25,38 + 19,08 g do i.a. ha-1 para o controle de percevejos. A aplicação foi feita com um pulverizador Advanced Vortex 2000, com pontas de pulverização jato cônico JA2, conferindo um volume de calda de 200 L ha-1. As avaliações antes e após a aplicação foram realizadas pelo método de batidas no pano. Avaliaram-se os danos causados por percevejos, considerando-se a porcentagem de danos às sementes, ao poder germinativo e à produtividade. No geral, o número médio de lagartas e percevejos foram significativamente menores nas parcelas tratadas em relação ao obtido na testemunha. Não houve diferença de produtividade entre os tratamentos. A porcentagem de emergência e sementes picadas por percevejos foram significativamente menores nos tratamentos que receberam o controle em comparação à testemunha.

Stochastic modelling considering ionospheric scintillation effects on GNSS relative and point positioning

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Fission-track dating of Macusanite glasses with plateau and size correction methods

Two Macusanite pebbles (MB1 and MB2) were dated with the fission-track method. Six irradiations were carried out in different nuclear reactors: Pavia (Italy), IPEN-CNEN (Brazil) and IPEN-Lima (Peru). Measurements of the thorium and uranium induced-fission per target nucleus using natural thorium thin films and natural U-doped glasses calibrated against natural uranium thin films, together with lambda(F) of 8.46 x 10(-17) a(-1) were used to determine the ages. The apparent ages were corrected using the plateau and size correction methods. Track measurements were performed by different analysts, using different counting criteria. In addition, tracks were measured on samples which had been submitted to thermal treatment as well as on samples which had not been heated. Thermal treatments were carried out to erase the fossil tracks before neutron irradiation. No significant differences have been found in individual results, using the two Macusanite pebbles and the different nuclear reactors, age correction techniques, analysts, track-counting criteria, and thermal treatments before neutron irradiation. The great majority of the results (14/17) is compatible with the Ar-Ar ages of 5.12 +/- 0.11 and 5.10 +/- 0.11 Ma, Macusanite MB1 and MB2, respectively. However, the fission-track ages are systematically less (similar to8%) than the Ar-Ar ages of the two Macusanite samples studied. (C) 2003 Published by Elsevier Ltd.

Group analysis method for fission track thermochronology

A methodology to obtain ages and thermal histories of sets of apatite samples from localities with geologically compatible characteristics is described. A methodology exploring the fact that samples with similar geological characteristics should present the same thermal history is proposed. This approach can contribute for the obtainment of more conclusive results by analysing fewer samples than it is necessary when the samples are individually analysed. In order to determine the ages, we use the absolute neutron dosimetry through thin films of natural uranium along with lambda(f) = 8.46 x 10(-17) a(-1). As an example of application of the proposed methodology, we analyse samples collected in a Brazilian region, Sao Francisco Craton, which experienced low tectonic activity. (C) 2008 Elsevier Ltd. All rights reserved.

Ultrastructural analysis of the low level laser therapy effects on the lesioned anterior tibial muscle in the Gerbil

Low level laser therapy (LLLT) is known for its positive results but studies on the biological and biomodulator characteristics of the effects produced in the skeletal muscle are Still lacking. In this Study the effects of two laser dosages, 5 or 10 J/cm(2), on the lesioned tibial muscle were compared. Gerbils previously lesioned by 100 g load impact were divided into three groups: GI (n = 5) controls, lesion non-irradiated; GII (n = 5), lesion irradiated with 5 J/Cm(2) and GIII (n = 5), lesion irradiated with 10 J/cm(2), and treated for 7 consecutive days with a laser He-Ne (lambda = 633 rim). After intracardiac perfusion, the muscles were dissected and reduced to small fragments, post-fixed in 1% osmium tetroxide, dehydrated in increasing alcohol concentrations, treated with propylene oxide and embedded in Spurr resin at 60 degrees C. Ultrafine Cuts examined on a transmission electron microscope (Jeol 1010) revealed in the control GI group a large number of altered Muscle fibers with degenerating mitochondria, intercellular substance containing degenerating cell fragments and budding blood capillaries with Underdeveloped endothelial cells. However, groups GII and GIII showed muscle fibers with few altered myofibrils, regularly contoured mitochondria, ample intermembrane spaces and dilated mitochondrial crests. The clean intercellular Substance showed numerous collagen fibers and capillaries with multiple abluminal processes, intraluminal protrusions and several pinocytic vesicles in endothelial cells. it was concluded that laser dosages of 5 or 10 J/cm(2) delivered by laser He-Ne (lambda = 633 rim) during 7 consecutive days increase mitochondrial activity in muscular fibers, activate fibroblasts and macrophages and stimulate angiogenesis, thus suggesting effectivity of laser therapy tinder these experimental conditions. (C) 2009 Elsevier Ltd. All rights reserved.