Added Value of Combining Value and Momentum Indicators in the Swiss Stock Market

The purpose of the thesis is to examine the added value of combining value and momentum indicators in the Swiss stock exchange. Value indicators employed are P/E, EV/EBITDA, P/CF, P/B ja P/S. Momentum indicators examined are 52-week high, acceleration rate, 12-month past return and 6-month past return. The thesis examines whether the composite value measures based on the above mentioned ratios can add value and whether the inclusion of momentum can further improve the risk return profile of the value portfolios. The data is gathered from the Swiss equity market during the sample period from May 2001 to May 2011. Previous studies have shown that composite value measures can somewhat add value to the value portfolio strategy. Similarly, recent academic literature have found evidence that momentum works well as a timing indicator for time to entry to value stocks. This study indicates that the added value of composite value measures exists. It also shows that momentum combined to acceleration rate can significantly improve the risk adjusted performance of value-only portfolios.

ASSESSMENT OF A 5-YEAR-OLD REHABILITATED RIPARIAN FOREST: IS IT ALREADY SUSTAINABLE?

ABSTRACTAs important as the establishment of projects of ecological restoration is its assessment post-implementation to know whether the area is becoming self-sustainable or need to be redirected. In this way, this study aimed to know the current situation of a 5-year-old rehabilitated riparian forest,inserted in an anthropogenic impacted region,at the das Velhas River, Minas Gerais State, studying the canopy openness and recruitment of seedlings as plant indicators. 15 plots were allocated in the forest, where hemispherical photographs were taken to analyze the canopy openness and evaluate all seedlings from 0.30 m to 1.30 m height.Canopy openness ranged from 23.7% to 38.8% between seasons and only 192 seedlings were found,from 13 species, five of them exotic and aggressive. Although canopy openness was low, it seems that lateral penetration of light has been favoring the development and dominancy of plants from invasive species, whereas few native ones have been recruited. The exotic/invasive plants may compromise the success of restoration mainly by competition with native planted species. The outcomes evidenced an unsustainability of the riparian forest and the requirement of some management actions to control exotic and invasive plants and ensure the preservation of the area and its ecological roles over time.

NATURAL REGENERATION STRATUM AS AN INDICATOR OF RESTORATION IN AREA OF ENVIRONMENTAL COMPENSATION FOR MINING LIMESTONE, MUNICIPALITY OF BARROSO, MG, BRAZIL

ABSTRACT This study was conducted in a forest under restoration process, which belongs to the company Holcim Brasil S/A, in the municipality of Barroso, state of Minas Gerais (21º00'to 22º00'S and 43º00' to 44º00'W), where 40 plots (2 x 2 m) were set, spaced at 10 m, forming eight strata parallel to the watercourse present in the area. Floristic composition and natural regeneration stratum were characterized, and the formed strata allowed evaluating whether the riparian vegetation and watercourse influence on the local regeneration. It was found 162 individuals of 13 families, 18 genera and 22 species, and 10,125 individuals/ha were estimated. Successional classes from pioneer and early secondary and zoochory dispersion syndrome prevailed among species and individuals. The watercourse and riparian vegetation did not exercise significant influence (p> 0.05) on the number of species and regenerating individuals among the different strata of the forest. The diversity index of Shannon-Wiener (H') and equability of Pielou (J') were 2.691 and 0.870, respectively. The species Psidium guajava and Myrtaceae families presented the highest VI (value of importance). Natural regeneration analysis showed the low floristic diversity in the area, suggesting that corrective management actions should be adopted.

Material embodiment and energy flows as efficiency indicators of soybean (Glycine max) production in Brazil

As the requirement for agriculture to be environmentally suitable there is a necessity to adopt indicators and methodologies approaching sustainability. In Brazil, biodiesel addition into diesel is mandatory and soybean oil is its main source. The material embodiment determines the convergence of inputs into the crop. Moreover, the material flows are necessary for any environmental analysis. This study evaluated distinct production scenarios, and also conventional versus GMO crops, through the material embodiment and energy analysis. GMO crops demanded less indirectly applied inputs. The energy balance showed linearity with yield, whereas for EROI, the increases in input and yield were not affected.

Setting efficiency indicators for center pivots

In this study, it was discussed the efficiency criteria in each of the elements that compose a central pivot, and this analysis was applied to two sets of systems located in regions of Cruz Alta and Santo Augusto, state of Rio Grande do Sul, Brazil. The methodology used combines water and energy assessment through an indicator called Normalized Specific Consumption in Irrigation (C ENI), allowing thus a comparison between equipment and projects. The C ENI in Cruz Alta region showed 72% of the equipment above the standard (8.68 kWh mm-1 ha-1 100m-1), and in Santo Augusto region 64.28% with consumption above the standard. The mean irrigation efficiency for Cruz Alta region was 29.85%, with standard deviation of 5.41%, and for Santo Augusto region, it was 29.02%, with standard deviation of 5.15%.

Technical and economic indicators of the yellow passion fruit tree irrigated with underground water supply

The research aimed to quantify technical and economic indicators of yellow passion fruit tree irrigated with fractions of irrigation with underground source of water, to generate information that helps farmers in decision making on the implementation of investment in irrigated fruit growing (yellow passion fruit). For this purpose, we used the passion fruit crop irrigated with Microjet type irrigation system, with conducting system in simple espaliers. The treatments consisted of five hours of application of the depth of water required by the crop with irrigation frequency of two days. The results showed that the highest yield (16660kg ha-1) was obtained with the fractionation of irrigation twice a day (50% to 7h and 50% to 21h30), which provided an increase in productivity of 54%, demonstrating the financial viability and being highly profitable to the interest rate of 2% per year, with low sensitivity of financial risk to real interest rates above the prevailing market.

Water quality indicators for environmental and resistance profile of Escherichia coli strains isolated in Rio Cascavel, Paraná, Brazil

In this article it was evaluated the quality of water in the Cascavel river, in the city of Cascavel - Paraná using microbiological indicators, physical and chemical pollution and susceptibility / resistance in strains of Escherichia coli isolated antimicrobial trade. The water sampling was conducted between 2010-July and 2011-June at three points: a) near the source, b) urban area, c) rural area. The samples were analyzed for physical, chemical and microbiological variables: temperature, pH, color, turbidity, electrical conductivity, total nitrogen and total phosphorus, total coliforms (CT), fecal coliform (CTe) and Escherichia coli. Tests were also performed to nine antimicrobial commercial resistances. The variables studied indicated that the Cascavel river water was presented at disagreement with the resolution 357/2005 CONAMA (class I), ranking in the index as regular water quality. The physical, chemical and rainfall did not affect the growth of CT and CTe, with higher counts of E. coli in the urban area. The greatest resistance profiles of the strains of E. coli isolated from Cascavel river water was found in section 2, the urban area as a probable consequence of human influence on water quality.

Cloroplast pigments as indicators of lead stress

Plants respond to environmental adversities, becoming an indicator for assessing the environment quality. In this aspect, chlorophyll contents as well, carotenoids are used as a reliable indicator to associate environmental quality and pollution, mainly regarding the toxicity of heavy metals in higher plants. So, we aimed to evaluate the content of chlorophyll a, b, and total chlorophylls and carotenoids in plants vetiver [Vetiveria zizanioides (L.) Nash], maize (Zea mays L.) cv. AG 1051, sunflower (Helianthus annuus L.) cv. BRS 122/V-2000, and castor beans (Ricinus communis L. ) cv . Northeastern BRS grown in contaminated soil with lead, with and without correction of soil pH, so they were used as indicators of metal stress by the soil. From the biochemical point of view, the correction of soil pH values caused chlorophyll a, b and total statistically higher for vetiver species and castor beans in the analyzed periods, except for the analysis performed 60 days after transplanting where only the species vetiver benefited from the correction of soil pH on the content of chlorophyll b and total. On the other hand plants without correction of soil pH showed a decrease of all chlorophyll levels. In addition, the largest increase in the synthesis of carotenoids, indicated that under stress the plants have developed alternative routes of dissipation of energy in order to avoid problems of photo-inhibition and photo-oxidation.

Key performance indicators for successful metadata governance

Metadata in increasing levels of sophistication has been the most powerful concept used in management of unstructured information ever since the first librarian used the Dewey decimal system for library classifications. It remains to be seen, however, what the best approach is to implementing metadata to manage huge volumes of unstructured information in a large organization. Also, once implemented, how is it possible to track whether it is adding value to the company, and whether the implementation has been successful? Existing literature on metadata seems to either focus too much on technical and quality aspects or describe issues with respect to adoption for general information management initiatives. This research therefore, strives to contribute to these gaps: to give a consolidated framework for striving to understand the value added by implementing metadata. The basic methodology used is that of case study, which incorporates aspects of design science, surveys, and interviews in order to provide a holistic approach to quantitative and qualitative analysis of the case. The research identifies the various approaches to implementing metadata, particularly studying the one followed by the unit of analysis of case study, a large company in the Oil and Gas Sector. Of the three approaches identified, the selected company already follows an approach that appears to be superior. The researcher further explores its shortcomings, and proposes a slightly modified approach that can handle them. The research categorically and thoroughly (in context) identifies the top effectiveness criteria, and corresponding key performance indicators(KPIs) that can be measured to understand the level of advancement of the metadata management initiative in the company. In an effort to contrast and have a basis of comparison for the findings, the research also includes views from information managers dealing with core structured data stored in ERPs and other databases. In addition, the results include the basic criteria that can be used to evaluate metrics, in order to classify a metric as a KPI.

An Overview of the Cleantech Sector - Evaluating Environmental Indicators

The purpose of the thesis is to give an overview of the cleantech sector and to give an answer how cleantech companies can evaluate the environmental sustainability of their business by utilizing various indicators and measures. The thesis is a literature study and it is based on a secondary data. Thesis presents the definitions to cleantech as well as its history and the main industries. Cleantech market overview in Finland and worldwide is also introduced. Furthermore, various indicators are presented in order to evaluate the environmental sustainability of companies' business. In the end, indicators used in cleantech sector are evaluated. As a result, the thesis presents the following methodologies that can be used in evaluating the environmental sustainability in the cleantech sector: Sustainability assessment framework, Environmental value analysis, COMPLIMENT - Environmental performance index for industries and Environmental assessment for cleaner production. More tools are still needed to evaluate environmental sustainability in the cleantech sector.

Internal quality control indicators of cervical cytopathology exams performed in laboratories monitored by the External Quality Control Laboratory

PURPOSE: To evaluate the impact of continued education provided by an external quality control laboratory on the indicators of internal quality control of cytopathology exams.METHODS: The internal quality assurance indicators for cytopathology exams from 12 laboratories monitored by the External Quality Control Laboratory were evaluated. Overall, 185,194 exams were included, 98,133 of which referred to the period preceding implementation of a continued education program, while 87,061 referred to the period following this intervention. Data were obtained from the Cervical Cancer Database of the Brazilian National Health Service.RESULTS: Following implementation of the continued education program, the positivity index (PI) remained within recommended limits in four laboratories. In another four laboratories, the PI progressed from below the limits to within the recommended standards. In one laboratory, the PI remained low, in two laboratories, it remained very low, and in one, it increased from very low to low. The percentage of exams compatible with a high-grade squamous intraepithelial lesion (HSIL) remained within the recommended limits in five laboratories, while in three laboratories it progressed from below the recommended levels to >0.4% of the total number of satisfactory exams, and in four laboratories it remained below the standard limit. Both the percentage of atypical squamous cells of undetermined significance (ASC-US) in relation to abnormal exams, and the ratio between ASC-US and intraepithelial lesions remained within recommended levels in all the laboratories investigated.CONCLUSION: An improvement was found in the indicators represented by the positivity index and the percentage of exams compatible with a high-grade squamous intraepithelial lesion, showing that the role played by the external quality control laboratory in providing continued education contributed towards improving laboratory staff skills in detecting cervical cancer precursor lesions.

Quality Indicators of Cervical Cytopathology Tests in the Public Service in Minas Gerais, Brazil

Objective The objective of this study is to assess the performance of cytopathology laboratories providing services to the Brazilian Unified Health System (Sistema Único de Saúde - SUS) in the State of Minas Gerais, Brazil. Methods This descriptive study uses data obtained from the Cervical Cancer Information System from January to December 2012. Three quality indicators were analyzed to assess the quality of cervical cytopathology tests: positivity index, percentage of atypical squamous cells (ASCs) in abnormal tests, and percentage of tests compatiblewith high-grade squamous intraepithelial lesions (HSILs). Laboratories were classified according to their production scale in tests per year≤5,000; from 5,001 to 10,000; from 10,001 to 15,000; and 15,001. Based on the collection of variables and the classification of laboratories according to production scale, we created and analyzed a database using Microsoft Office Excel 97-2003. Results In the Brazilian state of Minas Gerais, 146 laboratories provided services to the SUS in 2012 by performing a total of 1,277,018 cervical cytopathology tests. Half of these laboratories had production scales≤5,000 tests/year and accounted for 13.1% of all tests performed in the entire state; in turn, 13.7% of these laboratories presented production scales of > 15,001 tests/year and accounted for 49.2% of the total of tests performed in the entire state. The positivity indexes of most laboratories providing services to the SUS in 2012, regardless of production scale, were below or well below recommended limits. Of the 20 laboratories that performed more than 15,001 tests per year, only three presented percentages of tests compatible with HSILs above the lower limit recommended by the Brazilian Ministry of Health. Conclusion The majority of laboratories providing services to the SUS in Minas Gerais presented quality indicators outside the range recommended by the Brazilian Ministry of Health.

Occurrence of parasitism by Dioctophyma renale in ring-tailed coatis (Nasua nasua) of the Tiete Ecological Park, São Paulo, Brazil

Dioctophymosis is a worldwide renal parasitosis caused by the Dioctophyma renale nematode, which results in progressive destruction of renal tissue. Aquatics annelids are considered the main intermediate hosts and the literature refers as permanent hosts of dogs, wild mammals and even humans. During procedures for population control of coatis (Nasua nasua) in the Ecological Park of Tietê (PET), was noticed the presence of parasitosis by D. renale. From 68 animals, males and females, young and adults, submitted to exploratory laparotomy, 51 were positive for the presence of worms, 9 were found only in the right kidney. In 10 cases, in addition to right kidney parasitism, worms were also observed in the abdominal cavity. In 24 cases D. renale was found only in the abdominal cavity and in 8 animals the right kidney was reduced to a small rigid structure. The study showed that the preferred site for parasitism of the worm, considered erratic, was the abdominal cavity in 66.66% of the cases.

Frequency of Toxoplasma gondii antibodies in tufted capuchin monkeys (Cebus apella nigritus) from an ecological station in the State of São Paulo, Brazil

Toxoplasmosis is a worldwide zoonosis caused by Toxoplasma gondii, an obligate intracellular parasite protozoan. A large percentage of animals presents specific antibodies caused by a previous exposition, resulting in a chronic infection. Felides are the definitive hosts and the other warm-blooded animals, including primates, are the intermediate hosts. This study was aimed to determine the prevalence of T. gondii infection in free-living tufted capuchin monkeys (Cebus apella nigritus) from an ecological station located on Mata de Santa Teresa, Ribeirão Preto, SP, Brazil. T. gondii antibodies were analyzed by modified agglutination test (MAT) in serum samples of 36 tufted capuchin monkeys, considering eight as cut-off titer. From the studied animals, 3/36 (8.33%; CI95% 3.0-21.9%) presented T. gondii antibodies, all with titer 32. No significative difference was observed relating to the sex (1/3 male and 2/3 female), and to the age (1/3 young and 2/3 adult) (P>0.05). Thus, these results demonstrate the presence of T. gondii antibodies in primates from São Paulo state.