O fator comum associado à dinâmica de preços das commodities : a relação de cointegração e o fator dinâmico

Este trabalho analisa a importância dos fatores comuns na evolução recente dos preços dos metais no período entre 1995 e 2013. Para isso, estimam-se modelos cointegrados de VAR e também um modelo de fator dinâmico bayesiano. Dado o efeito da financeirização das commodities, DFM pode capturar efeitos dinâmicos comuns a todas as commodities. Além disso, os dados em painel são aplicados para usar toda a heterogeneidade entre as commodities durante o período de análise. Nossos resultados mostram que a taxa de juros, taxa efetiva do dólar americano e também os dados de consumo têm efeito permanente nos preços das commodities. Observa-se ainda a existência de um fator dinâmico comum significativo para a maioria dos preços das commodities metálicas, que tornou-se recentemente mais importante na evolução dos preços das commodities.

Multiple structural change models:a simulation analysis

In a reccnt paper. Bai and Perron (1998) considcrccl theoretical issues relatec\ lo lhe limiting distriblltion of estimators and test. statist.ics in the linear model \\'ith multiplc struct ural changes. \Ve assess. via simulations, the adequacy of the \'arious I1Iethods suggested. These CO\'er the size and power of tests for structural changes. the cO\'erage rates of the confidence Íntervals for the break dates and the relat.Í\'e merits of methods to select the I1umber of breaks. The \'arious data generating processes considered alIo,,' for general conditions OIl the data and the errors including differellces across segmcll(s. Yarious practical recommendations are made.

Falta de qualidade da educação brasileira: qual a magnitude do problema?

In this paper we investigate how several national educational policies and practices influence both students' average reading achievement and the social distributioll of achievement within schools and countries. Data come fJ:om the 2000/2001 administration of PISA (programme for International Student Assessment) by the Organization for Economic Cooperation and Developrnent (OECD). They include observations from 212,880 lS-year-old students attending 8,038 secondary schools, which are located in 39 countries. We analyze these data with three-level Hierarchical Linear Models (HLM), with students nested in schools, which are nested within countries. Results focus on the role played by three country-level educational policies: (1) retention/repetition; (2) the mix of students in schools based on socioeconomic status (school social mix); and vocational education. We explore how these policies influence the social distribution of achievemer.t between schools within countries. Implications of these findings are discussed.

Caracterização dos retornos e das volatilidades de ativos financeiros do mercado Brasileiro : uma abordagem baseada na volatilidade realizada

The goal of this paper is twofold. First, using five of the most actively traded stocks in the Brazilian financial market, this paper shows that the normality assumption commonly used in the risk management area to describe the distributions of returns standardized by volatilities is not compatible with volatilities estimated by EWMA or GARCH models. In sharp contrast, when the information contained in high frequency data is used to construct the realized volatilies measures, we attain the normality of the standardized returns, giving promise of improvements in Value at Risk statistics. We also describe the distributions of volatilities of the Brazilian stocks, showing that the distributions of volatilities are nearly lognormal. Second, we estimate a simple linear model to the log of realized volatilities that differs from the ones in other studies. The main difference is that we do not find evidence of long memory. The estimated model is compared with commonly used alternatives in an out-of-sample experiment.

Household borrowing constraints and monetary policy in emerging economies

Credit markets in emerging economies can be distinguished from those in advanced economies in many respects, including the collateral required for households to borrow. This work proposes a DSGE framework to analyze one peculiarity that characterizes the credit markets of some emerging markets: payroll-deducted personal loans. We add the possibility for households to contract long-term debt and compare two different types of credit constraints with one another, one based on housing and the other based on future income. We estimate the model for Brazil using a Bayesian technique. The model is able to solve a puzzle of the Brazilian economy: responses to monetary shocks at first appear to be strong but dissipate quickly. This occurs because income – and the amount available for loans – responds more rapidly to monetary shocks than housing prices. To smooth consumption, agents (borrowers) compensate for lower income and for borrowing by working more hours to repay loans and erase debt in a shorter time. Therefore, in addition to the income and substitution effects, workers consider the effects on their credit constraints when deciding how much labor to supply, which becomes an additional channel through which financial frictions affect the economy.

Does absorptive capacity affect project performance? A study based on project management practices, organization learning, and knowledge

The literature has emphasized that absorptive capacity (AC) leads to performance, but in projects its influences still unclear. Additionally, the project success is not well understood by the literature, and AC can be an important mechanism to explain it. Therefore, the purpose of this study is to investigate the effect of absorptive capacity on project performance in the construction industry of São Paulo State. We study this influence through potential and realized absorptive capacity proposed by Zahra and George (2002). For achieving this goal, we use a combination of qualitative and quantitative research. The qualitative research is based on 15 interviews with project managers in different sectors to understand the main constructs and support the next quantitative phase. The content analysis was the technique used to analyze those interviews. In quantitative phase through a survey questionnaire, we collected 157 responses in the construction sector with project managers. The confirmatory factor analysis and hierarchical linear regression were the techniques used to assess the data. Our findings suggest that the realized absorptive capacity has a positive influence on performance, but potential absorptive capacity and the interactions effect have no influence on performance. Moreover, the planning and monitoring have a positive impact on budget and schedule, and customer satisfaction while risk coping capacity has a positive impact on business success. In academics terms, this research enables a better understanding of the importance of absorptive capacity in the construction industry and it confirms that knowledge application in processes and routines enhances performance. For management, the absorptive capacity enables the improvements of internal capabilities reflected in the increased project management efficiency. Indeed, when a company manages project practices efficiently it enhances business and project performance; however, it needs initially to improve its internal abilities to enrich processes and routines through relevant knowledge.

Modelagem dinâmica e simulação computacional de poços de petróleo verticais e direcionais com elevação por bombeio mecânico

LINS, Filipe C. A. et al. Modelagem dinâmica e simulação computacional de poços de petróleo verticais e direcionais com elevação por bombeio mecânico. In: CONGRESSO BRASILEIRO DE PESQUISA E DESENVOLVIMENTO EM PETRÓLEO E GÁS, 5. 2009, Fortaleza, CE. Anais... Fortaleza: CBPDPetro, 2009.

Estado nutricional antropométrico, perfil lipídico e consumo alimentar como fatores de risco para doença cardiovascular em adolescentes

The dyslipidemia and excess weight in adolescents, when combined, suggest a progression of risk factors for cardiovascular disease (CVD). Besides these, the dietary habits and lifestyle have also been considered unsuitable impacting the development of chronic diseases. The study objectives were: (1) estimate the prevalence of lipid profile and correlate with body mass index (BMI), waist circumference (WC) and waist / height ratio (WHR) in adolescents, considering the maturation sexual, (2) know the sources of variance in the diet and the number of days needed to estimate the usual diet of adolescents and (3) describe the dietary patterns and lifestyle of adolescents, family history of CVD and age correlates them with the patterns of risk for CVD, adjusted for sexual maturation. A cross-sectional study was performed with 432 adolescents, aged 10-19 years from public schools of the Natal city, Brazil. The dyslipidemias were evaluated considering the lipid profile, the index of I Castelli (TC / HDL) and II (LDL / HDL) and non-HDL cholesterol. Anthropometric indicators were BMI, WC and WHR. The intake of energy, nutrients including fiber, fatty acids and cholesterol was estimated from two 24-hour recalls (24HR). The variables of lipid profile, anthropometric and clinical data were used in the models of Pearson correlation and linear regression, considering the sexual maturation. The variance ratio of the diet was calculated from the component-person variance, determined by analysis of variance (ANOVA). The definition of the number of days to estimate the usual intake of each nutrient was obtained by taking the hypothetical correlation (r) ≥ 0.9, between nutrient intake and the true observed. We used the principal component analysis as a method of extracting factors that 129 accounted for the dependent variables and known cardiovascular risk obtained from the lipid profile, the index for Castelli I and II, non-HDL cholesterol, BMI, and WC the WHR. Dietary patterns and lifestyle were obtained from the independent variables, based on nutrients consumed and physical activity weekly. In the study of principal component analysis (PCA) was investigated associations between the patterns of cardiovascular risk factors in dietary patterns and lifestyle, age and positive family history of CVD, through bivariate and multiple logistic regression adjusted for sexual maturation. The low HDL-C dyslipidemia was most prevalent (50.5%) for adolescents. Significant correlations were observed between hypercholesterolemia and positive family history of CVD (r = 0.19, p <0.01) and hypertriglyceridemia with BMI (r = 0.30, p <0.01), with the CC (r = 0.32, p <0.01) and WHR (r = 0.33, p <0.01). The linear model constructed with sexual maturation, age and BMI explained about 1 to 10.4% of the variation in the lipid profile. The sources of variance between individuals were greater for all nutrients in both sexes. The reasons for variances were  1 for all nutrients were higher in females. The results suggest that to assess the diet of adolescents with greater precision, 2 days would be enough to R24h consumption of energy, carbohydrates, fiber, saturated and monounsaturated fatty acids. In contrast, 3 days would be recommended for protein, lipid, polyunsaturated fatty acids and cholesterol. Two cardiovascular risk factors as have been extracted in the ACP, referring to the dependent variables: the standard lipid profile (HDL-C and non-HDL cholesterol) and "standard anthropometric index (BMI, WC, WHR) with a power explaining 75% of the variance of the original data. The factors are representative of two independent variables led to dietary patterns, "pattern 130 western diet" and "pattern protein diet", and one on the lifestyle, "pattern energy balance". Together, these patterns provide an explanation power of 67%. Made adjustment for sexual maturation in males remained significant variables: the associations between puberty and be pattern anthropometric indicator (OR = 3.32, CI 1.34 to 8.17%), and between family history of CVD and the pattern lipid profile (OR = 2.62, CI 1.20 to 5.72%). In females adolescents, associations were identified between age after the first stage of puberty with anthropometric pattern (OR = 3.59, CI 1.58 to 8.17%) and lipid profile (OR = 0.33, CI 0.15 to 0.75%). Conclusions: The low HDL-C was the most prevalent dyslipidemia independent of sex and nutritional status of adolescents. Hypercholesterolemia was influenced by family history of CVD and sexual maturation, in turn, hypertriglyceridemia was closely associated with anthropometric indicators. The variance between the diets was greater for all nutrients. This fact reflected in a variance ratio less than 1 and consequently in a lower number of days requerid to estimate the usual diet of adolescents considering gender. The two dietary patterns were extracted and the pattern considered unhealthy lifestyle as healthy. The associations were found between the patterns of CVD risk with age and family history of CVD in the studied adolescents

Estimativa da área foliar de crotalaria juncea l. a partir de dimensões lineares do limbo foliar

Knowledge of the leaf area plant are needed for agronomic and physiological studies involving plant growth. The aim of this study was to obtain a mathematical model using linear measures of leaf dimensions, which will allow the estimation of leaf area of Crotalaria juncea L. Correlation studies were conducted involving real leaf area (Sf) and leaf length (C), maximum leaf width (L) and the product between C and L. All tested models (linear, exponential or geometric) provided good estimation of leaf area (above 87%). The better fit was attained using linear model, passing or not through the origin. From a practical viewpoint, it is suggested to use the linear model involving the C and L product, using a linear coefficient equal to zero. Estimation of leaf area of Crotalaria juncea L. can be obtained using the model Sf = 0.7160 x (C*L) with a determination coefficient of 0.9712.

Preparação e carcterização de complexos multicomponentes contendo ciclodextrinas e benznidazol

The benznidazole (BNZ) is the only alternative for Chagas disease treatment in Brazil. This drug has low solubility, which restricts its dissolution rate. Thus, the present work aimed to study the BNZ interactions in binary systems with beta cyclodextrin (β-CD) and hydroxypropyl-beta cyclodextrin (HP-β-CD), in order to increase the apparent aqueous solubility of drug. The influence of seven hydrophilic polymers, triethanolamine (TEA) and 1-methyl-2- pyrrolidone (NMP) in benznidazole apparent aqueous solubility, as well as the formation of inclusion complexes was also investigated. The interactions in solution were predicted and investigated using phase solubility diagram methodology, nuclear magnetic resonance of protons (RMN) and molecular modeling. Complexes were obtained in solid phase by spray drying and physicochemical characterization included the UV-Vis spectrophotometric spectroscopy in the infrared region, scanning electron microscopy, X-ray diffraction and dissolution drug test from the different systems. The increment on apparent aqueous solubility of drug was achieved with a linear type (AL) in presence of both cyclodextrins at different pH values. The hydrophilic polymers and 1-methyl-2-pyrrolidone contributes to the formation of inclusion complexes, while the triethanolamine decreased the complex stability constant (Kc). The log-linear model applied for solubility diagrams revealed that both triethanolamine and 1-methyl-2-pyrrolidone showed an action cosolvent (both solvents) and complexing (1-methyl-2-pyrrolidone). The best results were obtained with complexes involving 1-methyl-2-pyrrolidone and hydroxypropylbeta- cyclodextrin, with an increased of benznidazole solubility in 27.9 and 9.4 times, respectively. The complexes effectiveness was proven by dissolution tests, in which the ternary complexes and physical mixtures involving 1-methyl- 2-pyrrolidone and both cyclodextrins investigated showed better results, showing the potential use as novel pharmaceutical ingredient, that leads to increased benznidazole bioavailability

Whole-genome analysis for backfat thickness in a tropically adapted, composite cattle breed from Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Predição do Consumo Voluntário do Capim-Tanzânia (Panicum maximum, J. cv. tanzânia), sob Pastejo, por Vacas em Lactação, a partir das Características de Degradação

O consumo de matéria seca (CMS) do capim tanzânia de 24 vacas lactantes mestiças (HPB x Gir) e Gir, sob pastejo, foi estimado no mês de janeiro de 1998, a partir da relação entre a digestibilidade da MS da forragem e a produção fecal obtida com auxílio do cromo mordente por meio de um modelo não-linear. Os resultados do consumo estimado foram comparados aos consumos preditos por diferentes equações baseadas nos dados de degradabilidade do capim, no rúmen. A pastagem foi manejada com taxa de lotação de dois animais/ha, em sistema de pastejo rotativo com três dias de ocupação do piquete e 39 dias de descanso. Foram utilizadas para predizer o CMS diferentes equações: CMS = -1,19 + 0,035 (a+ b) + 28,5c (1), CMS = -0,822 + 0,0748 (a+ b) + 40,7c (2), CMS = -8,286 + 0,266a + 0,102b +17,696c (3) e CMS = [%FDN na MS]* [consumo de FDN ] / [(1-a-b)/K P +b/(c+ k p)]/24] (4). As equações, em geral, subestimaram o consumo obtido no modelo não-linear (9,6 kg/vaca/dia). Os consumos médios de capim de 6,2 e 6,0 kg MS/vaca/dia obtidas, respectivamente, nas equações de (2) e (4) foram semelhantes entre si e inferiores ao das equações de (1) (12,7 kg/vaca/dia) e (3) (8,1 kg/vaca/dia). A predição do consumo de forrageiras tropicais, sob pastejo, utilizando-se as equações baseadas nas variáveis da degradação in situ, constitui um importante potencial para estas avaliações. Entretanto, mais estudos dessa natureza devem ser realizados para validar o uso destas equações na prática.

Estimativa da ingestão voluntária a partir das características de degradação do capim-coastcross (Cynodon dactylon L. Pers.), sob pastejo, por vacas em lactação

O consumo de matéria seca (CMS) do capim-coastcross, sob pastejo, de vacas lactantes mestiças (HPB x Gir) e Gir, foi calculado a partir da relação entre a digestibilidade in vitro da MS (DIVMS) da forragem (extrusa colhida com animais esôfago- fistulados) e a produção fecal obtida com auxílio do cromo mordante por meio de um modelo não-linear. A pastagem foi manejada com uma taxa de lotação de 1,6 e 3,2 animais/ha, respectivamente para as épocas seca e chuvosa do ano, num sistema de pastejo rotativo com três dias de ocupação e 27 dias de descanso. Quatro diferentes equações baseadas em variáveis de degradação ruminal foram utilizadas para predizer o consumo de MS: CMS = -1,19 + 0,035 (a+ b) + 28,5c (1), CMS = -0,822 + 0,0748 (a+ b) + 40,7c (2), CMS = -8,286 + 0,266a + 0,102b +17,696c (3) e CMS = [%FDN na MS]* [consumo de FDN ] / [(1-a-b)/K P +b/(c+ k p)]/24] (4). Os dados observados utilizando as equações 1 e 2 (12,2 e 12,7 kg/vaca/dia respectivamente) foram similares entre si e superiores aos resultados obtidos na equação 4 (7,8 kg/vaca/dia). Já o resultado obtido pela equação 3 (5,5 kg/vaca/dia) foi menor do que aqueles determinados pelas outras equações, subestimando o CMS calculado a partir do cromo mordante (6,3 kg/vaca/dia). A predição do consumo de forrageiras tropicais sob pastejo, utilizando equações baseadas nas variáveis de degradação, constitui um importante potencial para estas avaliações. Entretanto, mais estudos devem ser realizados antes de se usarem estas equações na prática.

Genetic parameters for an alternative criterion to improve productive longevity of Nellore cows

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