Instrumentos Financeiros Derivados: - Swaps de Taxa de Juro como Instrumentos de Cobertura de Risco

Actualmente, tem-se assistido à uma grande evolução do mercado financeiro internacional. Uma evolução consubstanciada, sobretudo, na oferta de produtos financeiros cada vez mais sofisticados, que permitem às empresas proteger-se dos diversos tipos de riscos a que estão expostas, no dia-a-dia da sua actividade económica. Os Derivados são os instrumentos financeiros que muito têm sido utilizados por instituições financeiras e não financeiras, na cobertura de risco de oscilações de determinadas variáveis económicas, ou seja, para fazer o hedging. O presente trabalho consiste sobretudo na realização de uma análise sintetizada de uma função económica dos produtos derivados (swaps) - a cobertura de risco - e as implicações de natureza económica e financeira, que podem advir dessa cobertura. Portanto, numa primeira fase, foi apresentado um referencial teórico acerca dos instrumentos financeiros derivados, com especial atenção aos swaps de taxa de juro. De seguida, procurou-se fundamentar a teoria com base na apresentação de um estudo de caso que muito nos ajudou na análise e compreensão dos impactos da utilização dos swaps, nas demonstrações financeiras de uma empresa privada. Do estudo efectuado, concluímos que a empresa utilizou o swap de taxa de juro, com o propósito de reduzir o risco de oscilações desfavoráveis da taxa de juro.

The zebrafish is an animal model in ophthalmic diseases : Fleck corneal dystrophy and Schorderet-Munier syndrome

RAPPORT DE SYNTHÈSE : Pip5k3 : Pip5k3 is a kinase responsible for fleck corneal dystrophy when mutated. It is a well conserved gene that has only been characterized in human and mouse. Characterization of pip5k3 in zebrafish was necessary before using it as a model. The protein is 70 % similar to the human homologue. The full coding sequence encompasses 6303 by and presented four isoforms. They were differentially expressed during development. All the analyzed organs of the adult zebrafish expressed pip5k3. The adult eye expressed pip5k3 in the cornea, lens, ganglion cell layer (GCL), inner nuclear layer (INL) and outer limiting membrane (OLM). During development, pip5k3 was first uniformly expressed before to be restricted to the head region and to the somites. The expression of pip5k3 in the cornea of the larval eye could make possible the study of fleck corneal dystrophy on this animal. NkxS-3 : NKXS-3 is a transcription factor responsible for a new oculo-auricular syndrome in human when mutated. This recessive disorder is characterized by defects in ear lobule and multiple defects in eye, including microphthalmia and cataract. During development, the zebrafish expressed nkx5-3 in the lens, in the anterior retina and in otic vesicles. Knockdown experiments partially phenocopied the human disease. Microphthalmia and cataract were reproduced, but zebrafish showed also defects in the cartilage of the jaw associated with a microcephaly and fins abnormalities. The retinal cell differentiation was delayed, possibly linked with the delayed expression of at`h5 and crx also observed in morphants. Shh, a regulator of ath5, was normally expressed in morphant. Overexpression of nkx5-3 lead to an anophthalmia, suggesting a role at the early organogenesis of the eye. All the phenotypes observed in morphants and embryos overexpressing nkx5-3 suggest a potential involvement of the FGF and hedgehog signaling pathways.

Flowering date of taxonomic families predicts phenological sensitivity to temperature: Implications for forecasting the effects of climate change on unstudied taxa.

PREMISE OF THE STUDY: Numerous long-term studies in seasonal habitats have tracked interannual variation in first flowering date (FFD) in relation to climate, documenting the effect of warming on the FFD of many species. Despite these efforts, long-term phenological observations are still lacking for many species. If we could forecast responses based on taxonomic affinity, however, then we could leverage existing data to predict the climate-related phenological shifts of many taxa not yet studied. METHODS: We examined phenological time series of 1226 species occurrences (1031 unique species in 119 families) across seven sites in North America and England to determine whether family membership (or family mean FFD) predicts the sensitivity of FFD to standardized interannual changes in temperature and precipitation during seasonal periods before flowering and whether families differ significantly in the direction of their phenological shifts. KEY RESULTS: Patterns observed among species within and across sites are mirrored among family means across sites; early-flowering families advance their FFD in response to warming more than late-flowering families. By contrast, we found no consistent relationships among taxa between mean FFD and sensitivity to precipitation as measured here. CONCLUSIONS: Family membership can be used to identify taxa of high and low sensitivity to temperature within the seasonal, temperate zone plant communities analyzed here. The high sensitivity of early-flowering families (and the absence of early-flowering families not sensitive to temperature) may reflect plasticity in flowering time, which may be adaptive in environments where early-season conditions are highly variable among years.

Necrophagous diptera associated with wild animal carcasses in southern Brazil

Necrophagous Diptera associated with wild animal carcasses in southern Brazil. The aim of this study was to acquire a better knowledge concerning the diversity of necrophagous Diptera that develop on wild animal carcasses. For this purpose, the decomposition of six wild animal carcasses was observed in order to collect and identify the main species of necrophagous flies associated with the decomposition process. The carcasses were found on highways near the cities of Pelotas and Capão do Leão in the initial stage of decomposition, with no significant injuries or prior larval activity. Four wild animal models were represented in this study: two specimens of Didelphis albiventris Lund, 1840; two Tupinambis merianae Linnaeus, 1758; one Nothura maculosa Temminck, 1815; and one Cerdocyon thous Linnaeus, 1766. A total of 16,242 flies from 14 species were reared in the laboratory, where Muscidae presented the greatest diversity of necrophagous species. Overall, (i) carcasses with larger biomass developed a higher abundance of flies and (ii) the necrophagous community was dominated by Calliphoridae, two patterns that were predicted from published literature; and (iii) the highest diversity was observed on the smaller carcasses exposed to the lowest temperatures, a pattern that may have been caused by the absence of the generalist predator Chrysomya albiceps (Wiedemann, 1819). (iv) An UPGMA analysis revealed a similar pattern of clusters of fly communities, where the same species were structuring the groupings.

Animal Industry News, 2009, Vol. 10, no. 1

Newsletter produced by Department of Agriculture and Land Stewardship about the animal industry in Iowa.

Animal Industry News, February 2000, Vol. 1, No. 1

Newsletter produced by Iowa Department of Agriculture and Land Stewardship.

Animal Industry News, March 2007, Vol. 8, No. 1

Newsletter produced by Iowa Department of Agriculture and Land Stewardship.

Mitochondrial uncoupling as a regulator of life-history trajectories in birds: an experimental study in the zebra finch.

Mitochondria have a fundamental role in the transduction of energy from food into ATP. The coupling between food oxidation and ATP production is never perfect, but may nevertheless be of evolutionary significance. The 'uncoupling to survive' hypothesis suggests that 'mild' mitochondrial uncoupling evolved as a protective mechanism against the excessive production of damaging reactive oxygen species (ROS). Because resource allocation and ROS production are thought to shape animal life histories, alternative life-history trajectories might be driven by individual variation in the degree of mitochondrial uncoupling. We tested this hypothesis in a small bird species, the zebra finch (Taeniopygia guttata), by treating adults with the artificial mitochondrial uncoupler 2,4-dinitrophenol (DNP) over a 32-month period. In agreement with our expectations, the uncoupling treatment increased metabolic rate. However, we found no evidence that treated birds enjoyed lower oxidative stress levels or greater survival rates, in contrast to previous results in other taxa. In vitro experiments revealed lower sensitivity of ROS production to DNP in mitochondria isolated from skeletal muscles of zebra finch than mouse. In addition, we found significant reductions in the number of eggs laid and in the inflammatory immune response in treated birds. Altogether, our data suggest that the 'uncoupling to survive' hypothesis may not be applicable for zebra finches, presumably because of lower effects of mitochondrial uncoupling on mitochondrial ROS production in birds than in mammals. Nevertheless, mitochondrial uncoupling appeared to be a potential life-history regulator of traits such as fecundity and immunity at adulthood, even with food supplied ad libitum.

First international workshop for small animal arthroscopy : matkakertomus

Jarmo Rintasalo, Pentti Tapio

Erosão na cultura do milho em sucessão à aveia preta e pousio descoberto, em preparo convencional e plantio direto, com tração animal e tratorizada

Empregando chuva simulada em Argissolo Vermelho distrófico arênico, com declividade média de 0,12 m m-1, avaliou-se a erosão na cultura do milho (Zea mays L.) em preparo convencional e plantio direto, utilizando tração animal e tratorizada, antecedida de pousio descoberto e aveia preta (Avena strigosa Schieb) no inverno, no período compreendido entre 1994 e 1995. Chuvas simuladas na intensidade de 64 mm h-1 e duração de 60 a 105 min foram aplicadas em quatro épocas: logo após a semeadura, 30 e 60 dias após a emergência e logo após a colheita do milho. A cobertura do solo propiciada pela cultura de inverno foi reduzida em 90% após o preparo convencional, independentemente da forma de tração. As perdas de solo e água medidas durante o desenvolvimento do milho foram sempre maiores sob preparo convencional do que sob plantio direto, independentemente da forma de tração, exceto logo após a colheita, quando a resteva estava uniformemente distribuída na superfície do solo. No preparo convencional, a erosão na cultura do milho foi, na média das formas de tração, 45% menor, quando antecedida de aveia preta no inverno do que quando antecedida de pousio descoberto. Por sua vez, a cultura do milho, por si só, reduziu a erosão em 60%, na média das formas de tração, comparada à do solo descoberto. A forma de tração influenciou a erosão somente no preparo convencional, com a animal apresentando perdas totais de solo 55 e 15% inferiores à tratorizada, respectivamente na cultura do milho e em solo descoberto. A perda de água por enxurrada foi mais afetada pela forma de tração no preparo convencional, totalizando, em média, 44% na animal e 57% na tratorizada, em relação ao volume total de chuva aplicado.

Variabilidade espacial da taxa de infiltração de água e da espessura do horizonte A, em um Argissolo Vermelho-Amarelo, sob diferentes usos

O experimento foi realizado no município de Vera Cruz (SP), no período de 1996 a 1998, com vistas em estudar a variabilidade espacial da taxa de infiltração de água em solo saturado e a espessura do horizonte A. O solo utilizado foi um Argissolo Vermelho-Amarelo eutrófico abrúptico, apresentando evidentes sinais de processos erosivos. As determinações de infiltração nos horizontes A, E e Bt, bem como da espessura do horizonte A, foram obtidas em malhas regulares de 40 x 40 m, com espaçamento de 5 x 5 m, totalizando 64 pontos, em café, pastagem e mata/capoeira. A análise das medidas de dispersão estatística revelou elevada variação das taxas de infiltração, bem como da espessura do horizonte A. Os semivariogramas indicaram a existência de dependência espacial da infiltração no horizonte E, em todos os usos amostrados. Com a utilização do semivario-grama cruzado, detectou-se a existência de correlação espacial entre a espessura do horizonte A e a infiltração, em cultivo de café e na mata/capoeira. A cobertura vegetal existente na mata/capoeira reduziu a perda do horizonte A, o que foi comprovado pela maior espessura e menor variação espacial.

Aqueous dynamic and histological findings after deep sclerectomy with collagen implant in an animal model.

AIM: The use of an animal model to study the aqueous dynamic and the histological findings after deep sclerectomy with (DSCI) and without collagen implant. METHODS: Deep sclerectomy was performed on rabbits' eyes. Eyes were randomly assigned to receive collagen implants. Measurements of intraocular pressure (IOP) and aqueous outflow facility using the constant pressure method through cannulation of the anterior chamber were performed. The system was filled with BSS and cationised ferritin. Histological assessment of the operative site was performed. Sections were stained with haematoxylin and eosin and with Prussian blue. Aqueous drainage vessels were identified by the reaction between ferritin and Prussian blue. All eyes were coded so that the investigator was blind to the type of surgery until the evaluation was completed. RESULTS: A significant decrease in IOP (p<0.05) was observed during the first 6 weeks after DSCI (mean IOP was 13.07 (2.95) mm Hg preoperatively and 9.08 (2.25) mm Hg at 6 weeks); DS without collagen implant revealed a significant decrease in IOP at weeks 4 and 8 after surgery (mean IOP 12.57 (3.52) mm Hg preoperatively, 9.45 (3.38) mm Hg at 4 weeks, and 9.22 (3.39) mm Hg at 8 weeks). Outflow facility was significantly increased throughout the 9 months of follow up in both DSCI and DS groups (p<0.05). The preoperative outflow facility (OF) was 0.15 (0.02) micro l/min/mm Hg. At 9 months, OF was 0.52 (0.28) microl/min/mm Hg and 0.46 (0.07) micro l/min/mm Hg for DSCI and DS respectively. Light microscopy studies showed the appearance of new aqueous drainage vessels in the sclera adjacent to the dissection site in DSCI and DS and the apparition of spindle cells lining the collagen implant in DSCI after 2 months. CONCLUSION: A significant IOP decrease was observed during the first weeks after DSCI and DS. DS with or without collagen implant provided a significant increase in outflow facility throughout the 9 months of follow up. This might be partly explained by new drainage vessels in the sclera surrounding the operated site. Microscopic studies revealed the appearance of spindle cells lining the collagen implant in DSCI after 2 months.

Variabilidade espacial da taxa de infiltração em Argissolo Vermelho

A variabilidade espacial do solo, decorrente de sua formação e manejo agrícola, tem atraído o interesse de cientistas do solo há muito tempo. Quando as variações aumentam com a distância entre amostras, uma parcela explicável pela dependência espacial está embutida na variação geral do atributo. Nesse caso, a análise da variabilidade espacial tem importância no sentido de subsidiar o planejamento de um experimento, bem como na avaliação dos efeitos dos tratamentos, visando reduzir a variação experimental atribuída ao erro aleatório. A taxa de infiltração, que, normalmente, apresenta alta variabilidade espacial, tem importância agronômica pelo seu papel na formação de enxurrada e na determinação de taxas viáveis de irrigação. Este trabalho teve por objetivos estimar o grau de dependência espacial, o seu alcance e sua influência na variabilidade geral da taxa de infiltração, bem como determinar o número necessário de amostras para obter determinada precisão em um experimento realizado num Argissolo Vermelho textura média sob plantio direto. A taxa de infiltração foi medida pelo método dos anéis concêntricos, fazendo observações numa transeção de 40 pontos eqüidistantes de 1 m. O conjunto de resultados foi submetido à análise estatística descritiva, exploratória e geoestatística. A taxa de infiltração apresentou-se altamente variável, especialmente para os tempos iniciais. Verificou-se a existência de dependência espacial com alcance na ordem de 3,5 m. A estimativa do número de observações necessárias para um desvio definido aumentou quando se utilizaram apenas dados espacialmente independentes.