Old-age benefits and retirement decisions of rural elderly in Brazil

I estimate the impact of social security benefits on retirement decisions of rural workers by studying changes in the roles governing social security in Brazil. I focus on a 1991 reform, which brought a reduction in the minimum eligibility age for males and females, a doubling of benefit values and the extension of benefits to non-heads of households. Because beneficiaries are not subject to means or retirement tests, I estimate apure income effect. I find that a reduction in the minimum eligibility age for old-age benefits was an important determinant in the reduction in labor supply of elderly rural workers in Brazil. Finally, I find that benefit take-up rates are larger among the better educated, but least-schooled workers show the largest labor supply responses to the reform.

Estilo e agrupamento de fundos : um estudo aplicado aos fundos multimercados brasileiros

Uma classificação adequada de fundos é importante para que o investidor possa organizar a informação disponível de tal modo que possa tomar decisões de aplicação de seus recursos de forma eficiente. No Brasil, existem dois sistemas de classificação amplamente utilizados, o CVM e o ANBIMA, porem ambos possuem categorias com fronteiras subjetivas, isto é, possuem um elevado grau de arbitrariedade na definição de suas categorias, este fato prejudica uma alocação eficiente por parte do investidor. Fundos multimercado são fundos que possuem política de investimento que envolvem vários fatores de risco sem concentração em nenhum fator especial, diferentemente das outras classes de fundos do mercado brasileiro. Sob este aspecto, uma categorização adequada dos fundos multimercados traria inúmeros benefícios tais como a redução do custo de análise, a maior facilidade no processo de tomada de decisão de investimento, uma diversificação mais eficiente, clareza na comparação de desempenho e o melhor entendimento dos riscos incorridos dentre outros benefícios. O presente trabalho tem como objetivo, utilizando-se da já consagrada técnica de análise de estilo de Sharpe (1992), decompor a exposição de cada fundo em seus principais fatores de risco, após isto, utilizar-se da análise de cluster para agrupar os fundos de forma coerente a suas exposições, tentando assim fazer um classificação mais eficiente; isto seria um contraponto a classificação mais utilizada pelo mercado brasileiro, a classificação Anbima, que se baseia no regulamento do fundo, isto é, no que o fundo “pode” investir, e não no que o fundo efetivamente investe.

Toward convergence? The brazilian stock market concentration and the role of private equity in its diversification

Using quantitative data obtained from public available database, this paper discusses the difference between of the Brazilian GDP and the Brazilian Stock Exchange industry breakdown. I examined if, and to what extent, the industry breakdowns are similar. First, I found out that the Stock Exchange industry breakdown is overwhelming different from the GDP, which may present a potential problem to asset allocation and portfolio diversification in Brazil. Second, I identified an important evidence of a convergence between the GDP and the Stock Exchange in the last 9 years. Third, it became clear that the Privatizations in the late 90’s and IPO market from 2004 to 2008 change the dynamics of the Brazilian Stock Exchange. And fourth, I identified that Private Equity and Venture Capital industry may play an important role on the portfolio diversification in Brazil.

International portfolio diversification: evidence from emerging markets

Taking into account previous research we could assume to be beneficial to diversify investments in emerging economies. We investigate in the paper International Portfolio Diversification: evidence from Emerging Markets if it still holds true, given the assumption of larger world markets integration. Our results suggest a wide spread positive time-varying correlations of emerging and developed markets. However, pair-wise cross-country correlations gave evidence that emerging markets have low integration with developed markets. Consequently, we evaluate out-of-sample performance of a portfolio with emerging equity countries, confirming the initial statement that it has a better a risk-adjusted performance over a purely developed markets portfolio.

The benefits and pitfalls of participating in a corporate inversion: a case study of two companies on two different paths

Even though the term corporate inversion has been heard globally for decades, it has only become more prevalent in the United States during the past two years. This case study examines two United States companies that recently had very high profile and public corporate inversion experiences. Complicated tax laws and high tax rales have long eroded the ability of United States companies to remain competitive on a global scale. During the past two years, tax reform has been elevated to the Presidential and Congressional levei. Because these reform efforts have stalled, however, and in the constant search for ways to become more competitive and profitable, United States dorniciled companies have begun to more aggressively explore corporate inversion. This case study of Walgreens Alliance Boots and Mylan N.V., is undertaken because while the reasons to pursue a corporate inversion for both companies were very similar and done during the same time period, the internai process and final outcome were dramatically different. The other dynamic studied is the role both internai and externai politics had on these two cornpanies and how they influenced the decisions made by the executives. Lastly, the Obama Administration continues to threaten so called "corporate America" to remain in the country through regulatory pressure, but this has not stopped companies frorn pursing corporate inversions. Legislatively, attempts at corporate tax reform, another way to encourage Untied States companies to remain, have also failed. I will not try to determine i f a corporate inversion is the right path for a company to take. I am examining how the rise o f the practice o f corporate inversions has been elevated in boardroorns, on Wall Street, in Congress and at the White House during the past two years.

How resource rich countries attract foreign direct investments: a study of Western Asian countries and strategies of industrialization and diversification

Fuel is a self-depleting resource and long term dependency on this commodity alone will not suffice. An export trade oriented approach can lead to faster industrialization while diversification leads to economic sustainable growth. This research seeks to understand how countries compete for foreign direct investments, and how certain activities have the most impact in the competitive global marketplace. Research suggests that when companies decide to invest abroad, they seek only to find countries that facilitate their strategic objectives. The results conclude with appropriate levels of government accountability, credibility and visibility with the private sector, foreign direct investment is attracted by policy advocacy and policy reform. By reviewing countries such as United Arab Emirates in direct comparison to Western Asian countries, including Kuwait and Iraq with high levels of fuel exports, along with Qatar with optimistic marketplace indicators and plentitude of skills and capabilities – research seems to suggest that despite high capabilities and attractive GDP, promotional investment activities yield the highest returns using policy advocacy and reform.

The benefits of ethanol use for hydrogen production in urban transportation

The purpose of this paper is to describe the benefits of sugar cane ethanol in Brazil, appointing the productivity of this type of fuel based on hectares of plantation, its carbon dioxide cycle and the contribution to reduce the greenhouse effect. In the following step the uses of ethanol for hydrogen production by steam reforming is analyzed and some comparison with natural gas steam reforming is performed. The sugar cane industry in Brazil, in a near future, in the hydrogen era, could be modified according to our purpose, since besides the production of sugar, and ethylic and anhydric alcohol, Brazilian sugar cane industry will also be able to produce biohydrogen.Fuel cells appear like a promising technology for energy generation. Among several technologies in the present, the PEMFC (proton exchange membrane fuel cell) is the most appropriate for vehicles application, because it combines durability, high power density, high efficiency, good response and it works at relatively low temperatures. Besides that it is easy to turn it on and off and it is able to support present vibration in vehicles. A PEMFC's problem is the need of noble catalysts like platinum. Another problem is that CO needs to be in low concentration, requiring a more clean hydrogen to avoid fuel cell deterioration.One part of this paper was developed in Stockholm, where there are some buses within the CUTE (clean urban transport for Europe) project that has been in operation with FC since January 2004. Another part was developed in Guaratingueta, Brazil. Brazil intends to start up a program of FC buses. As conclusion, this paper shows the economical analysis comparing buses moved by fuel cells using hydrogen by different kinds of production. Electrolyze with wind turbine, natural gas steam reforming and ethanol steam reforming. (C) 2009 Elsevier Ltd. All rights reserved.

Intracytoplasmic morphologically selected sperm injection benefits for patients with oligoasthenozoospermia according to the 2010 World Health Organization reference values

The comparison between the outcomes of intracytoplasmic morphologically selected sperm injection performed in couples with male factor infertility according to the World Health Organization guidelines from 1999 and 2010 was the objective of this study. Our results suggest that the sperm selection under high magnification results in improved treatment outcomes in patients with oligoasthenoteratozoospermia, according to the new World Health Organization guidelines. (Fertil Steril (R) 2011;95:2711-4. (C)2011 by American Society for Reproductive Medicine.)

Chromosomal diversification in populations of Characidium cf. gomesi (Teleostei, Crenuchidae)

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

Benefits of physical exercise on executive functions in older people with Parkinson's disease

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Functional dependence and caregiver burden in Alzheimer's disease: a controlled trial on the benefits of motor intervention

Background: Cognitive decline has a negative impact on functional activities in Alzheimer's disease. Investigating the effects of motor intervention with the intent to reduce the decline in functionality is an expected target for patients and caregivers. The aim of this study was to verify if a 6-month motor intervention programme promoted functionality in Alzheimer's patients and attenuated caregivers' burden. Methods: The sample comprised 32 community patients with Alzheimer's disease and their 32 respective caregivers. Patients were divided into two groups: 16 participated in the motor intervention programme and 16 controls. Subjects performed 60 minutes of exercises, three times per week during the 6-month period, to improve flexibility, strength, agility and balance. Caregivers followed the procedures with their patients during this period. Functionality was evaluated by the Berg Functional Balance Scale and the Functional Independence Measure. Caregivers completed the Neuropsychiatric Inventory Caregiver Distress Scale and the Zarit Carer Burden Scale. Two-way ANOVA was used to verify the interaction between time (pre- and post-intervention) and the motor intervention program. Results: While patients in the motor programme preserved their functionality, as assessed by the Functional Independence Measure, the controls suffered a relative decline (motor intervention group: from 109.6 to 108.4 vs controls: from 99.5 to 71.6; P= 0.01). Patients from motor intervention also had better scores than the controls on functional balance assessed by Berg scale (F: 22.2; P= 0.001). As assessed by the Neuropsychiatric Inventory and Zarit scale, burden was reduced among caregivers whose patients participated in the motor intervention programme compared with caregivers whose patients did not participate in this programme (Neuropsychiatric Inventory, caregiver's part: F: 9.37; P= 0.01; Zarit: F: 11.28; P= 0.01). Conclusion: Patients from the motor intervention group showed reduced functional decline compared to the controls, and there was an associated decrease in caregivers' burden.

Gene and species trees of a Neotropical group of treefrogs: Genetic diversification in the Brazilian Atlantic Forest and the origin of a polyploid species

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

Karyotypic diversification and its contribution to the taxonomy of Eleocharis (Cyperaceae) from Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Benefits of soy germ isoflavones in postmenopausal women with contraindication for conventional hormone replacement therapy

Objective: To evaluate the effects of isoflavones on vasomotor symptoms and blood lipids in postmenopausal women with contraindication for conventional hormone replacement therapy (HRT). Methods: This prospective, double-blind and placebo-controlled study included 50 postmenopausal women randomly divided into two groups: 25 women on soy germ isoflavones (60 mg per day, capsules) and 25 women on placebo. Inclusion criteria included: non-vegetarian, non-asian women whose last menstruation dated at least 12 months prior to the beginning of the study, With FSH > 40 mIU/ml, hot flushes and contraindication for HRT, not using tamoxifen or antibiotic and no disease of the gastrointestinal tract. For 6 months, the Kupperman menopausal index (KMI), the vaginal cytological maturation value (MV) and both hormonal and lipid profiles were assessed. The t-test and analysis of variance (ANOVA) were employed to compare the two groups. Results: In both groups, a decreased KI rate was observed. However, isoflavone was significantly superior to placebo in reducing hot flushes (44% versus 10%, respectively) (P < 0.05). After 6 months, the isoflavone group showed increased estradiol levels with unchanged FSH, LH, and vaginal cytology, and a reduction of 11.8% in LDL and an increase of 27.3% in HDL (P < 0.05). In the placebo group, just a reduction in MV was observed after 6 months (P < 0.05). Conclusions: Soy germ isoflavone exerted favorable effects on vasomotor symptoms and lipid profile, showing itself to be an interesting alternative therapy for the postmenopausal women with contraindication for conventional HRT. (C) 2003 Elsevier B.V.. All rights reserved.

Phylogenetic Relationships in Eleocharis (Cyperaceae): C-4 Photosynthesis Origins and Patterns of Diversification in the Spikerushes

Eleocharis (Cyperaceae) is a morphologically and physiologically diverse lineage of 250 + species with a cosmopolitan distribution. We here explore phylogenetic relationships in this lineage using maximum parsimony and Bayesian inference analyses of nrDNA ITS and cpDNA trnC-ycf6 and ycf6-psbM sequence data with the goals of comparing our phylogenetic hypotheses to previous classifications, morphological variation, and photosynthetic pathway variation. Our results suggest that in Eleocharis C, photosynthesis has been derived at least three times, with several cases of possible reversion to C-3-like or intermediate pathways and several additional origins of C-3-C-4 intermediate photosynthetic pathways, as inferred by carbon isotope ratio measurements. Many classification units currently recognized in Eleocharis are not monophyletic, however, E. subgenus Limnochloa and E. subgenus Scirpidium are monophyletic. Other classification units largely corresponding to clades include E. subgenus Zinserlingia, E. subseries Chaetariae, and E. series Maculosae. Problems with species circumscription and morphological variation in several groups are discussed in light of the phylogeny, particularly in the context of species membership of seven focal clades found in the analyses.