Gestão empresarial : aspectos que dificultam ação gerencial estratégica em agências bancárias: o caso do Banco Delta S.A.

o processo de centralização vigente no setor saúde desenvolveu-se utilizando-se fortemente o mecanismo de desconcentração. A análise das três propostas de reorganização do setor saúde, no período de 1983 a 1990, aponta para uma mudança de estratégia no mecanismo de desconcentração. Anteriormente, os órgãos centrais dispunham de estruturas desconcentradas atuando nos níveis intermediários e locais. A partir de 1983 observa-se a tendência da atuação dos níveis intermediários e locais como instâncias desconcentradas do nível central. Portanto, a desconcentração é um processo em curso no setor. A desconcentração pode assumir sentidos distintos, isto é, pode ser uma estratégia de fortalecimento e atualização da centralização ou pode ser uma estratégia de fortalecimento dos níveis intermediários e locais, e, portanto, facilitadora e promotora da descentralização. Considerando o contexto delineado para o setor saúde no Brasil, caberia investigar qual o atual sentido da desconcentração. Descentralização

Delta hedge com custos de transação : uma análise comparativa

Dentre as premissas do modelo de Black-Scholes, amplamente utilizado para o apreçamento de opções, assume-se que é possível realizar a replicação do payoff da opção através do rebalanceamento contínuo de uma carteira contendo o ativo objeto e o ativo livre de risco, ao longo da vida da opção. Não somente o rebalanceamento em tempo contínuo não é possível, como mesmo que o fosse, em um mercado com custos de transação, rebalanceamentos da estratégia replicante com intervalos de tempo muito baixos teriam o payoff da estratégia replicante comprometido pelos altos custos totais de transação envolvidos. Este trabalho procura comparar metodologias de delta-hedge, tomando como base uma call européia vendida em um mercado com custos de transação. Para comparar as diferentes estratégias, este estudo será dividido em duas partes: na primeira, serão escolhidas três ações do mercado brasileiro, e usando simulações de Monte Carlo para cada ação, avaliamos diferentes modelos de delta-hedge a partir do erro de replicação do portfolio global e dentro de um contexto de média × variância, considerando-se custos de transação. Em um segundo momento, para o mesmo grupo de ações, testamos os resultados práticos dos modelos, usando dados de mercado.

O mercado de opções de petrobras é Ineficiente? Um estudo a partir da estratégia delta-gama-neutra

Este trabalho tem como objetivo verificar se o mercado de opções da Petrobras PN (PETR4) é ineficiente na forma fraca, ou seja, se as informações públicas estão ou não refletidas nos preços dos ativos. Para isso, tenta-se obter lucro sistemático por meio da estratégia Delta-Gama-Neutra que utiliza a ação preferencial e as opções de compra da empresa. Essa ação foi escolhida, uma vez que as suas opções tinham alto grau de liquidez durante todo o período estudado (01/10/2012 a 31/03/2013). Para a realização do estudo, foram consideradas as ordens de compra e venda enviadas tanto para o ativo-objeto quanto para as opções de forma a chegar ao livro de ofertas (book) real de todos os instrumentos a cada cinco minutos. A estratégia foi utilizada quando distorções entre a Volatilidade Implícita, calculada pelo modelo Black & Scholes, e a volatilidade calculada por alisamento exponencial (EWMA – Exponentially Weighted Moving Average) foram observadas. Os resultados obtidos mostraram que o mercado de opções de Petrobras não é eficiente em sua forma fraca, já que em 371 operações realizadas durante esse período, 85% delas foram lucrativas, com resultado médio de 0,49% e o tempo médio de duração de cada operação sendo pouco menor que uma hora e treze minutos.

O mercado de opções de Petrobras é eficiente? Um estudo a partir da estratégia delta-gama-neutra

This study aims to verify if the Petrobras options market is efficient in the semi-strong form, that is, if all public information is reflected in these derivative prices. For this purpose, this work tries to achieve profit systematically through the Delta-GammaNeutral strategy using the company's stock and options. In order to simulate the strategy exactly as it would be used in the real world, we built the order books every five minutes considering all buying and selling orders sent to the underlying asset and to the options. We apply the strategy when distortions between implied volatilities extracted from the options are detected. The results show that the Petrobras options market is not efficient, since in 371 day trade strategies, which have an average investment of R$81,000 and average duration of one hour and thirteen minutes, the average return was 0.49% - which corresponds to more than 1,600% of the 1-day risk free interest rate - and 85% of strategies were profitable.

Identification of new isolates of Bacillus thuringiensis using rep-PCR products and delta-endotoxin electron microscopy

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Electrochemical characterization of the paste carbon modified electrode with KSr2Ni0.75Nb4.25O15-delta solid in catalytic oxidation of the dipyrone

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

Mobilidade de oxigênio intersticial em cerâmicas SmBa2Cu3O7-delta

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

Anelastic characterization and superconducting properties of RuSr2GdCu2O8+delta

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Magnetic interactions and spin-reversal mechanism in ErMn1-xCoxO3-delta samples

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

Indirect optical transitions from carriers trapped on the delta doping and on the parabolic quantum well

In this work, doped AlGaAs/GaAs parabolic quantum wells (PQW) with different well widths (from 1000 angstrom up to 3000 angstrom) were investigated by means of photoluminescence (PL) measurements. In order to achieve the 2DEG inside the PQW Si delta doping is placed at both side of the well. We have observed that the thickness of this space layer plays a major rule on the characteristics of the 2DEG. It has to be thicker enough to prevent any diffusions of Si to the well and thin enough to allow electrons migration inside the well. From PL measurement, we have observed beside the intra well transitions, indirect transitions involving still trapped electron on the delta doping and holes inside the PQW. For the thinness sample, we have measured a well defined PL peak at low energy side of the GaAs bulk emission. With the increasing of the well thickness this peak intensity decreases and for the thickest sample it almost disappears. Our theoretical calculation indicated that carriers (electron and holes) are more placed at the center of the PQW. In this way, when the well thickness increases the distance between electrons on the delta doping and holes on the well also increases, it decreases the probability of occurrence of these indirect optical transitions. (C) 2012 Published by Elsevier B.V. Selection and/or peer-review under responsibility of Universidade Federal de Juiz de Fora, Brazil.

Muscle delta C-13 change in nile tilapia (Oreochromis niloticus) fingerlings fed lants grain-based diets

The effects of grain-based diets from C3 or C4-cycle plants on muscle delta C-13 change process in Nile tilapia (Oreochromis niloticus) fingerlings were investigated. Two groups of sex reversal males Nile tilapia fingerlings were fed with isoproteic (32.0% DP) and isocaloric (3200 kcal DE/kg) diets, differing from each other by their delta C-13. Muscle samples were collected and the carbon isotopic composition was measured. For C4 diet, the formula for the muscle delta C-13 change related to the intake time of a new diet was delta C-13=- 14.88 - 9.2 1 e(-0.0209t) and the half-life (T) of the muscle carbon was 33.2 days. For C3 diet, the formula was delta C-13 = - 25.43 + 8.59e(-0.0533), with T = 13 days. The C3 diet was considered more appropriate based on its palatability and consequent larger food intake than the C4 diet, resulting in an increased muscle delta C-13 change rate. However, for future studies, would be necessary to mix both the C3 and C4 feedstuffs to formulate diets nutritionally appropriated, with contrasting stable isotopes signatures. Tissue delta C-13 change rate is therefore indicated as a promising tool to better understand the biotic and abiotic factors that influence nutrients utilization from the diet and animal growth. (c) 2006 Elsevier B.V. All rights reserved.

Muscle delta C-13 change in Nile tilapia (Oreochromis niloticus): Effects of growth and carbon turnover

The contribution of growth and turnover to the muscle delta C-13 change process was investigated using mathematical models which associate delta C-13 change to time of intake of a new diet or increase in body mass. Two groups of Nile tilapia (Oreochromis niloticus) were fed on diets based on C3 (sigma C-13 = - 25.64 +/- 0.06 parts per thousand) or C4 (delta C-13= -16.01 +/- 0.06 parts per thousand) photosynthetic cycle plants to standardize the muscle delta C-13. After establishing the carbon isotopic equilibrium, fish (mean mass 24.12 +/- 6.79 g) then received the other treatment diet until a new carbon isotopic equilibrium could be established, characterizing T1 (C3-C4) and T2 (C4-C3) treatments. No significant differences were observed in fish productive performance. Good fits were obtained for the models that associated the delta C-13 change to time, resulting in carbon half-life values of 23.33 days for T1 and 25.96 days for T2. Based on values found for the muscle delta C-13 change rate from growth (0.0263 day(-1) and 0.0254 day(-1)) and turnover (0.0034 day(-1) and 0.0013 day(-1)), our results indicate that most of the delta C-13 change could be attributed to growth. The application of model that associated the delta C-13 change to body mass increase seems to produce results with no apparent biological explanation. The delta C-13 change rate could directly reflect the daily ration and growth rate, and consequently the isotopic change rates of carbon and other tissue elements can be properly used to assess different factors that may interfere in nutrient utilization and growth. (c) 2006 Published by Elsevier B.V.

Stable carbon (delta(13)C) and nitrogen (delta(15)N) isotopes as natural indicators of live and dry food in Piaractus mesopotamicus (Holmberg, 1887) larval tissue

This study proposed the use of the stable isotope technique to track the type of food utilized by pacu Piaractus mesopotamicus larvae during their development, and to identify the moment when the larvae start using nutrients from the dry diet by retaining its carbon and nitrogen atoms in their body tissues. Five-day-old pacu larvae at the onset of exogenous feeding were fed Artemia nauplii or formulated diet exclusively; nauplii+formulated diet during the entire period; or were weaned from nauplii to a dry diet after 3, 6 or 12 days after the first feeding. delta(13)C and delta(15)N values for Artemia nauplii were -15.1 parts per thousand and 4.7 parts per thousand, respectively, and -25.0 parts per thousand and 7.4 parts per thousand for the dry diet. The initial isotopic composition of the larval tissue was -20.2 parts per thousand and 9.5 parts per thousand for delta(13)C and delta(15)N respectively. Later, at the end of a 42-day feeding period, larvae fed Artemia nauplii alone reached values of -12.7 parts per thousand and 7.0 parts per thousand for delta(13)C and delta(15)N respectively. Larvae that received the formulated diet alone showed values of -22.7 parts per thousand for delta(13)C and 9.6 parts per thousand for delta(15)N. The stable isotope technique was precise, and the time at which the larvae utilized Artemia nauplii, and later dry diet as a food source could be clearly defined.