Desafios na avaliação de incorporadoras imobiliárias brasileiras de capital aberto

Primeiramente, além de fazer análise resumida do setor de incorporação imobiliária brasileiro, a dissertação argumenta porque métodos tradicionais de valuation são inapropriados para avaliar incorporadoras e construtoras brasileiras. Entre os pontos levantados estão: as regras contábeis do setor, o modelo de negócios de incorporação no Brasil, a natureza cíclica do negócio, o descasamento entre geração de caixa e reconhecimento de receitas, e o tipo de informação disponibilizada pelas empresas listadas na bolsa de valores. Em seguida, o estudo sugere um método mais adequado, partindo de um conceito de Soma das Partes, onde calcula-se separadamente o valor líquido dos ativos, do banco de terrenos e dos projetos futuros. Metodologias semelhantes começaram a ser utilizadas por alguns bancos de investimento em anos recentes, porém nunca foram discutidas de forma mais acadêmica. Argumenta-se que o método proposto parece adequado, pois não só produz resultados compatíveis com a intuição econômica, como também permite que o usuário faça análises de sensibilidade de forma simples e direta. Finalmente, ao comparar a evolução no período entre 2008 e 2014 dos preços das ações de algumas incorporadoras imobiliárias listadas, discute-se quais ações estariam subavaliadas e quais estariam superavaliadas.

Por uma moradia termicamente confortável: proposta de habitação de interesse social com ênfase no conforto térmico

This research covers the topic of social housing and its relation to thermal comfort, so applied to an architectural and urban intervention in land situated in central urban area of Macaíba/RN, Brazil. Reflecting on the role of design and use of alternative building materials in the search for better performance is one of its main goals. The hypothesis is that by changing design parameters and choice of materials, it is possible to achieve better thermal performance results. Thus, we performed computer simulations of thermal performance and natural ventilation using computational fluid dynamics or CFD (Computational Fluid Dynamics). The presentation of the thermal simulation followed the methodology proposed in the dissertation Negreiros (2010), which aims to find the percentage of the amount of hours of comfort obtained throughout the year, while data analysis was made of natural ventilation from images generated by the images extracted from the CFD. From model building designed, was fitted an analytical framework that results in a comparison between three different proposals for dwellings housing model, which is evaluated the question of the thermal performance of buildings, and also deals with the spatial variables design, construction materials and costs. It is concluded that the final report confirmed the general hypotheses set at the start of the study, it was possible to quantify the results and identify the importance of design and construction materials are equivalent, and that, if combined, lead to gains in thermal performance potential.

Problemas e modelos que contribuíram com o desenvolvimento do cálculo diferencial e integral: dos gregos à Newton

This article refers to a research which tries to historically (re)construct the conceptual development of the Integral and Differential calculus, taking into account its constructing model feature, since the Greeks to Newton. These models were created by the problems that have been proposed by the history and were being modified by the time the new problems were put and the mathematics known advanced. In this perspective, I also show how a number of nature philosophers and mathematicians got involved by this process. Starting with the speculations over scientific and philosophical natures done by the ancient Greeks, it culminates with Newton s work in the 17th century. Moreover, I present and analyze the problems proposed (open questions), models generated (questions answered) as well as the religious, political, economic and social conditions involved. This work is divided into 6 chapters plus the final considerations. Chapter 1 shows how the research came about, given my motivation and experience. I outline the ways I have gone trough to refine the main question and present the subject of and the objectives of the research, ending the chapter showing the theoretical bases by which the research was carried out, naming such bases as Investigation Theoretical Fields (ITF). Chapter 2 presents each one of the theoretical bases, which was introduced in the chapter 1 s end. In this discuss, I try to connect the ITF to the research. The Chapter 3 discusses the methodological choices done considering the theoretical fields considered. So, the Chapters 4, 5 and 6 present the main corpus of the research, i.e., they reconstruct the calculus history under a perspective of model building (questions answered) from the problems given (open questions), analyzing since the ancient Greeks contribution (Chapter 4), pos- Greek, especially, the Romans contribution, Hindus, Arabian, and the contribution on the Medium Age (Chapter 5). I relate the European reborn and the contribution of the philosophers and scientists until culminate with the Newton s work (Chapter 6). In the final considerations, it finally gives an account on my impressions about the development of the research as well as the results reached here. By the end, I plan out a propose of curse of Differential and Integral Calculus, having by basis the last three chapters of the article

Ecological modeling and pest population management: a possible and necessary connection in a changing world

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

ON THE INDEPENDENT-PARTICLE APPROXIMATION OF GAUGE-THEORIES - A SIMPLE EXAMPLE

In this work the independent particle model formulation is studied as a mean-field approximation of gauge theories using the path integral approach in the framework of quantum electrodynamics in 1 + 1 dimensions. It is shown how a mean-field approximation scheme can be applied to fit an effective potential to an independent particle model, building a straightforward relation between the model and the associated gauge field theory. An example is made considering the problem of massive Dirac fermions on a line, the so called massive Schwinger model. An interesting result is found, indicating a behaviour of screening of the charges in the relativistic limit of strong coupling. A forthcoming application of the method developed to confining potentials in independent quark models for QCD is in view and is briefly discussed.

Dispersion relations and the spin polarizabilities of the nucleon

A forward dispersion calculation is implemented for the spin polarizabilities γ1, ⋯, γ4 of the proton and the neutron. These polarizabilities are related to the spin structure of the nucleon at low energies and are structure-constants of the Compton scattering amplitude at script O sign(ω3). In the absence of a direct experimental measurement of these quantities, a dispersion calculation serves the purpose of constraining the model building, and of comparing with recent calculations in heavy baryon chiral perturbation theory. © 1998 Elsevier Science B.V.

The Mode of Action of Recombinant Mycobacterium tuberculosis Shikimate Kinase: Kinetics and Thermodynamics Analyses

Tuberculosis remains as one of the main cause of mortality worldwide due to a single infectious agent, Mycobacterium tuberculosis. The aroK-encoded M. tuberculosis Shikimate Kinase (MtSK), shown to be essential for survival of bacilli, catalyzes the phosphoryl transfer from ATP to the carbon-3 hydroxyl group of shikimate (SKH), yielding shikimate-3-phosphate and ADP. Here we present purification to homogeneity, and oligomeric state determination of recombinant MtSK. Biochemical and biophysical data suggest that the chemical reaction catalyzed by monomeric MtSK follows a rapid-equilibrium random order of substrate binding, and ordered product release. Isothermal titration calorimetry (ITC) for binding of ligands to MtSK provided thermodynamic signatures of non-covalent interactions to each process. A comparison of steady-state kinetics parameters and equilibrium dissociation constant value determined by ITC showed that ATP binding does not increase the affinity of MtSK for SKH. We suggest that MtSK would more appropriately be described as an aroL-encoded type II shikimate kinase. Our manuscript also gives thermodynamic description of SKH binding to MtSK and data for the number of protons exchanged during this bimolecular interaction. The negative value for the change in constant pressure heat capacity (ΔCp) and molecular homology model building suggest a pronounced contribution of desolvation of non-polar groups upon binary complex formation. Thermodynamic parameters were deconvoluted into hydrophobic and vibrational contributions upon MtSK:SKH binary complex formation. Data for the number of protons exchanged during this bimolecular interaction are interpreted in light of a structural model to try to propose the likely amino acid side chains that are the proton donors to bulk solvent following MtSK:SKH complex formation. © 2013 Rosado et al.

Análise de pavimentos de edifícios através de uma formulação do método dos elementos de contorno baseada nas hipóteses de Reissner

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Report on expert group meeting on macroeconomic modelling in the Caribbean: new challenges and new directions

The purpose of the expert group meeting was to bring together modelling practitioners to share experiences and to reflect on how to overcome new and old challenges to model building in the Caribbean. As part of the rationale for such a meeting, it was argued that since a major objective of policymaking in the Caribbean was to create the conditions for growth with equity while reducing vulnerability to economic and environmental shocks, model builders must develop strategies to properly address those questions in a unified way. It was further suggested that those goals, though straightforward, required a concentrated technical effort to clarify and update understanding of the workings of Caribbean economies. The emphasis on addressing issues of growth, equity and vulnerability was urgent because Caribbean economies were at a crossroads, with major challenges to the foundations and premises on which the economies had been built.

Report on expert group workshop on macroeconomic modelling in the Caribbean: new challenges and new directions.

The purpose of the expert group meeting was to bring together modelling practitioners to share experiences and to reflect on how to overcome new and old challenges to model building in the Caribbean. As part of the rationale for such a meeting, it was argued that since a major objective of policymaking in the Caribbean was to create the conditions for growth with equity while reducing vulnerability to economic and environmental shocks, model builders must develop strategies to properly address those questions in a unified way. It was further suggested that those goals, though straightforward, required a concentrated technical effort to clarify and update understanding of the workings of Caribbean economies. The emphasis on addressing issues of growth, equity and vulnerability was urgent because Caribbean economies were at a crossroads, with major challenges to the foundations and premises on which the economies had been built.

Modelagem sísmica e inversão na presença de anisotropia

A necessidade da adoção de modelos elásticos anisotrópicos, no contexto da sísmica de exploração, vem crescendo com o advento de novas técnicas de aquisição de dados como VSP, walkway VSP, tomografia poço a poço e levantamentos sísmicos com grande afastamento. Meios anisotrópicos, no contexto da sísmica de exploração, são modelos efetivos para explicar a propagação de ondas através de meios que apresentam padrões de heterogeneidade em escala muito menor que o comprimento de onda das ondas sísmicas. Particularmente, estes modelos são muito úteis para explicar o dado sísmico mais robusto que são as medidas de tempo de trânsito. Neste trabalho, são investigados aspectos da propagação de ondas, traçado de raios e inversão de tempos de trânsito em meios anisotrópicos. É estudada a propagação de ondas SH em meios anisotrópicos estratificados na situação mais geral onde estas ondas podem ocorrer, ou seja, em meios monoclínicos com um plano vertical de simetria especular. É mostrado que o campo de ondas SH refletido a partir de um semi-espaço estratificado, não apresenta qualquer informação sobre a possível presença de anisotropia em subsuperfície. São apresentados métodos simples e eficientes para o traçado de raios em 3D através de meios anisotrópicos estratificados, baseados no princípio de Fermat. Estes métodos constituem o primeiro passo para o desenvolvimento de algoritmos de inversão de tempos de trânsito para meios anisotrópicos em 3D, a partir de dados de VSP e walkaway VSP. Esta abordagem é promissora para determinação de modelos de velocidade, que são necessários para migração de dados sísmicos 3D na presença de anisotropia. É efetuada a análise da inversão tomográfica não linear, para meios estratificados transversalmente isotrópicos com um eixo de simetria vertical(TIV). As limitações dos dados de tempo de trânsito de eventos qP para determinação das constantes elásticas, são estabelecidas e caracterizados os efeitos da falta de cobertura angular completa na inversão tomográfica. Um algoritmo de inversão foi desenvolvido e avaliado em dados sintéticos. A aplicação do algoritmo a dados reais demonstra a consistência de meios TIV. Esta abordagem é útil para casos onde há informação a priori sobre a estratificação quase plana das formações e onde os próprios dados do levantamento poço a poço apresentam um alto grau de simetria especular em relação a um plano vertical. Também pode ser útil em interpretações preliminares, onde a estimativa de um meio estratificado, serve como modelo de fundo para se efetuar análises mais detalhadas, por exemplo, como um modelo de velocidades anisotrópico para migração, ou como um modelo de calibração para análises de AVO.

The current financial and economic crisis: empirical and methodological issues

In this paper we describe the main causes of the recent financial crisis as a result of many theoretical, methodological, and practical shortcomings mostly according to heterodox, but also including some important orthodox economists. At theoretical level, there are problems concerning teaching and using economic models with overly unrealistic assumptions. In the methodological front, we find the unsuspected shadow of Milton Friedman’s ‘unrealisticism of assumptions’ thesis lurking behind the construction of this kind of models and the widespread neglect of methodological issues. Of course, the most evident shortcomings are at the practical level: (i) huge interests of the participants in the financial markets (banks, central bankers, regulators, rating agencies mortgage brokers, politicians, governments, executives, economists, etc. mainly in the US, Canada and Europe, but also in Japan and the rest of the world), (ii) in an almost completely free financial and economic market, that is, one (almost) without any regulation or supervision, (iii) decision-taking upon some not well regarded qualities, like irresponsibility, ignorance, and inertia; and (iv) difficulties to understand the current crisis as well as some biases directing economic rescues by governments. Following many others, we propose that we take this episode as an opportunity to reflect on, and hopefully redirect, economic theory and practice.

Maternal Smoking Impact on the Delivery Cost: a population-based study in the Emilia-Romagna region

This doctoral thesis is devoted to the study of the causal effects of the maternal smoking on the delivery cost. The interest of economic consequences of smoking in pregnancy have been studied fairly extensively in the USA, and very little is known in European context. To identify the causal relation between different maternal smoking status and the delivery cost in the Emilia-Romagna region two distinct methods were used. The first - geometric multidimensional - is mainly based on the multivariate approach and involves computing and testing the global imbalance, classifying cases in order to generate well-matched comparison groups, and then computing treatment effects. The second - structural modelling - refers to a general methodological account of model-building and model-testing. The main idea of this approach is to decompose the global mechanism into sub-mechanisms though a recursive decomposition of a multivariate distribution.

Die Kristallstruktur zweier Atmungsproteine: das Hämoglobin des Meerschweinchens und das 24-mere Hämocyanin des Kaiserskorpions

Im Verlauf der vorgestellten Arbeit konnten die Kristallstrukturen zweier Atmungsproteine gelöst werden. Da diese Strukturen mit verschiedenen Auflösungen gelöst wurden, wurden für die beiden Modelle unterschiedliche Methoden verwendet.rnrnDie Kristalle des Hämoglobins des Meerschweinchens Cavia porcellus erlaubten eine Messung von Streureflexen bis zu einer Auflösung von 1.7 Ǻ. Damit konnten das Molecular Replacement und das folgende Refinement mit geringen Vorgaben durchgeführt werden.rnAnhand der ermittelten Struktur konnte gezeigt werden, dass die Höhenadaptation des Hämoglobins des Meerschweinchens auf einer Stabilisierung des R2-Zustandes und einer gleichzeitigen Destabilisierung des T-Zustandes beruht. Die zu Grunde liegenden Aminosäureaustausche konnten identifiziert und der resultierende Mechanismus postuliert werden. Die Durchführung von Mutagenese-Experimenten am Hämoglobin des Meerschweinchens könnte die vorgestellte Hypothese bestätigen.rnrnDie Kristallstruktur des 24-meren Hämocyanins aus Pandinus imperator konnte durch eine Kombination von Röntgenkristallographie und Homologiemodellierung mit einer Auflösung von 6.5 Ǻ gelöst werden. Allerdings wäre die Bestimmung der Phasen durch Molecular Replacement ohne die vor kurzem publizierte Kryo-EM Struktur nicht möglich gewesen [Cong et al., 2009].rnDamit ist es durch die Kombination verschiedener Methoden erstmalig gelungen die Struktur eines Hämocyanins dieser Größe (Mw = 1.7 MDa) zu lösen. Die Auflösung von 6.5 Ǻ, eine für die Kristallographie relativ geringe Auflösung, erlaubte die Bestimmung des Cα-Traces des Proteins mit hoher Genauigkeit.rnDurch die Kristallstruktur konnte das zu Grunde liegende Kryo-EM Modell aus [Cong et al., 2009] bestätigt werden. Insbesondere die Position der α-Helices konnte mittels Kristallographie mit einer höheren Genauigkeit bestimmt werden. Durch die Verwendung von OMIT-Maps wurde sichergestellt, dass die Struktur nicht "kopiert" wurde. Die Übereinstimmung ist deshalb auf die Struktur des Hämocyanins im gemessenen Kristall zurückzuführen, nicht auf einen Bias bei der Auswertung.rnAnhand der Kristallstruktur konnten für die Kooperativität im Trimer potentiell entscheidende Aminosäuren identifiziert werden. Diese Aminosäuren könnten im Vergleich zur bekannten trimeren Struktur aus Limulus polyphemus zur Ausbildung zusätzlicher Bindungen zwischen den Untereinheiten führen. Diese Bindungen könnten eine wichtige Rolle beim Konformationsübergang zwischen dem T- und R-Zustand spielen.rn

Gravitational Lensing as a Tool on Galactic and Cosmological Scales

This work considers the reconstruction of strong gravitational lenses from their observed effects on the light distribution of background sources. After reviewing the formalism of gravitational lensing and the most common and relevant lens models, new analytical results on the elliptical power law lens are presented, including new expressions for the deflection, potential, shear and magnification, which naturally lead to a fast numerical scheme for practical calculation. The main part of the thesis investigates lens reconstruction with extended sources by means of the forward reconstruction method, in which the lenses and sources are given by parametric models. The numerical realities of the problem make it necessary to find targeted optimisations for the forward method, in order to make it feasible for general applications to modern, high resolution images. The result of these optimisations is presented in the \textsc{Lensed} algorithm. Subsequently, a number of tests for general forward reconstruction methods are created to decouple the influence of sourced from lens reconstructions, in order to objectively demonstrate the constraining power of the reconstruction. The final chapters on lens reconstruction contain two sample applications of the forward method. One is the analysis of images from a strong lensing survey. Such surveys today contain $\sim 100$ strong lenses, and much larger sample sizes are expected in the future, making it necessary to quickly and reliably analyse catalogues of lenses with a fixed model. The second application deals with the opposite situation of a single observation that is to be confronted with different lens models, where the forward method allows for natural model-building. This is demonstrated using an example reconstruction of the ``Cosmic Horseshoe''. An appendix presents an independent work on the use of weak gravitational lensing to investigate theories of modified gravity which exhibit screening in the non-linear regime of structure formation.