The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by comparing this out-of-sample results with the one obtained performing an in-sample exercise, where the return-based SDF captures sources of risk of a representative set of developed and emerging economies government bonds. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

A note on the forward and the equity-premium puzzles: two symptoms of the same illness?

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

The forward and the equity premium puzzles: two symptoms of the same illness?

The Forward Premium Puzzle (FPP) is how the empirical observation of a negative relation between future changes in the spot rates and the forward premium is known. Modeling this forward bias as a risk premium and under weak assumptions on the behavior of the pricing kernel, we characterize the potential bias that is present in the regressions where the FPP is observed and we identify the necessary and sufficient conditions that the pricing kernel has to satisfy to account for the predictability of exchange rate movements. Next, we estimate the pricing kernel applying two methods: i) one, du.e to Araújo et aI. (2005), that exploits the fact that the pricing kernel is a serial correlation common feature of asset prices, and ii) a traditional principal component analysis used as a procedure 1;0 generate a statistical factor modeI. Then, using on the sample and out of the sample exercises, we are able to show that the same kernel that explains the Equity Premi um Puzzle (EPP) accounts for the FPP in all our data sets. This suggests that the quest for an economic mo deI that generates a pricing kernel which solves the EPP may double its prize by simultaneously accounting for the FPP.

Padrões geométricos na azulejaria

José Francisco da Silva Costa Rodrigues e José Manuel Nunes Castanheira da Costa

Geometrizando no segundo ciclo :relato de uma intervenção pedagógica voltada à construção de conceitos geométricos no ensino fundamental

This work has proposed to relate the experience product of a pedagogical intervention, performed in a public institution of teaching situated in this capital. It had as objective to validade the applying of a teaching module of geometry, more specifically about the conceptions of perimeter and área in the second cycle of fundamental teaching. This dissertation has presented the problematic which involves the teaching of geometry in different contexts. It has adopted the broach of the radical constructivism while methodological theoretical referencial through which it has tried to explain the phenomena that involves the teaching and the apprenticeship. It appropriates Jean s Piaget contributions related to the development stages, while referencial that will dialogue in the search by sense and comprehension of the geometric apprenticeship process and it runs over Richard s Skemp (1980) theory in order to explicit the student s apprenticeship according to the levels of instrumental comprehesion and relacional comprehension . The research has presented datum related to initial diagnosis evaluantion, the pedagogical intervention and analysis of the activities and students perfomance displaying still the results of the final evaluation. According to the results got, we could check the students group growth front to the acquisition of the concepts of perimeter and área in comparison with the previous knowledges presented in the initial diagnosis evoluation of the students participants of the research. We have concluded evaluating the objectives of the research, connecting the strategies and reasoning employed by the students in order to resolve the questions and then to reach the objectives proposed by the teaching module. We have presented still the main obstacles to the apprenticeship of such concepts

Reflexões sobre a construção e evolução de conceitos geométricos nas séries intermediárias do ensino fundamental

This thesis represents a didactic research linked to the Post-graduation Programme in Education of the Universidade Federal do Rio Grande do Norte which aimed to approach the construction of the geometrical concepts of Volume of the Rectangular Parallelepiped, Area and Perimeter of the Rectangle adding a study of the Area of the Circle. The research was developed along with students from the 6th level of the Elementary School, in a public school in Natal/RN. The pedagogical intervention was made up of three moments: application of a diagnostic evaluation, instrument that enabled the creation of the teaching module by showing the level of the geometry knowledge of the students; introduction of a Teaching Module by Activities aiming to propose a reflexive didactic routing directed to the conceptual construction because we believed that such an approach would favor the consolidation of the learning process by becoming significant to the apprentice, and the accomplishment of a Final Evaluation through which we established a comparison of the results obtained before and after the teaching intervention. The data gathered were analyzed qualitatively by means of a study of understanding categories of mathematical concepts, in addition to using descriptive statistics under the quantitative aspect. Based on the theory of Richard Skemp, about categorization of mathematical knowledge, in the levels of Relational and Instrumental Understanding were achieved in contextual situations and varied proportions, thus enabling a contribution in the learning of the geometrical concepts studied along with the students who took part in the research. We believe that this work may contribute with reflections about the learning processes, a concern which remained during all the stages of the research, and also that the technical competence along with the knowledge about the constructivist theory will condition the implementation of a new dynamics to the teaching and learning processes. We hope that the present research work may add some contribution to the teaching practice in the context of the teaching of Mathematics for the intermediate levels of the Elementary School

Utilizando processos geométricos da história da matemática para o ensino de equações do 2º grau

The present work had as principal objective to analyze the, 9th grade students understanding about the solutions of an equation of the 2° degree, using geometric processes of the History of the Mathematics. To do so, the research had as base the elaboration and application of a group of teaching activities, based on Jean Piaget's construtivism. The research consisted of a methodological intervention, that has as subjects the students of a group of 9th grade of the State School José Martins de Vasconcelos, located in the municipal district of Mossoró, Rio Grande do Norte. The intervention was divided in three stages: application of an initial evaluation; development of activities‟ module with emphasis in constructive teaching; and the application of the final evaluation. The data presented in the initial evaluation revealed a low level of the students' understanding with relationship to the calculation of areas of rectangles, resolution of equations of the 1st and 2nd degrees, and they were to subsidize the elaboration of the teaching module. The data collected in the initial evaluation were commented and presented under descriptive statistics form. The results of the final evaluation were analyzed under the qualitative point of view, based on Richard Skemp's theory on the understanding of mathematical concepts. The general results showed a qualitative increase with relationship to the students' understanding on the mathematical concepts approached in the intervention. Such results indicate that a methodology using the previous student‟s knowledge and the development of teaching activities, learning in the construtivist theory, make possible an understanding on the part of the students concerning the thematic proposal

Práticas etnomatemáticas no Liceu do Paracuri :a propósito dos ornamentos geométricos da cerâmica

The present study analyzes the ethnomatematics practices presents in the creation of the geometric ornaments of the icoaraciense ceramic, originated and still practiced in the neighborhood of Paracuri, District of Icoaraci, belonging to Belém, capital of the State of Pará/Brasil. The object of our study was centered at the workshops supplied by the artisans master of the School of Arts and Occupations, Master Raimundo Cardoso. Referred school provides to its students, formation at fundamental level as well professional formation, through vocational workshops that help to maintain alive the practice of the icoaraciense ceramic. Our interest of researching that cultural and vocational practice appeared when we got in touch with that School, during the development of activities of a discipline of the degree course of mathematics. In order to reach our objective, we accomplished, initially, a research about the icoaraciense ceramic historic, since the first works with the clay until to the main characteristics of that ceramic. Soon afterwards, we discussed on ethnomatematics, culture, knowledge, cognition and mathematical education. At the end, we analyzed the creation of the geometric ornaments of the icoaraciense ceramic, considering the proportion concepts, symmetry and some geometry notions, that are used by the artisans when they are ornamenting the pieces of that ceramic. We verified that, in spite of the artisans, usually, do not demonstrate to possess a bit of domain on the mathematical concepts that they are working with, for instance, the ones of translaction symmetry, rotation and reflection, they demonstrate full safety in the use of those concepts, as well as the capacity to recognize them, even if in a singular specific and very peculiar way, what opens the possibility of a partnership among mathematics teachers and master-artisans of the archeological ceramic and icoaraciense workshops

Um estudo sobre a aprendizagem de alguns conceitos algébricos e geométricos

The objective of the present work was develop a study about the writing and the algebraic manipulation of symbolical expressions for perimeter and area of some convex polygons, approaching the properties of the operations and equality, extending to the obtaining of the formulas of length and area of the circle, this one starting on the formula of the perimeter and area of the regular hexagon. To do so, a module with teaching activities was elaborated based on constructive teaching. The study consisted of a methodological intervention, done by the researcher, and had as subjects students of the 8th grade of the State School Desembargador Floriano Cavalcanti, located on the city of Natal, Rio Grande do Norte. The methodological intervention was done in three stages: applying of a initial diagnostic evaluation, developing of the teaching module, and applying of the final evaluation based on the Mathematics teaching using Constructivist references. The data collected in the evaluations was presented as descriptive statistics. The results of the final diagnostic evaluation were analyzed in the qualitative point of view, using the criteria established by Richard Skemp s second theory about the comprehension of mathematical concepts. The general results about the data from the evaluations and the applying of the teaching module showed a qualitative difference in the learning of the students who participated of the intervention

Elaboração de uma sequência didática sobre os conceitos geométricos preliminares ao estudo da trigonometria

This study is qualitative, including literature search and preparation of teaching materials. Your goal is to report the study of geometric problems of character presented in the application of trigonometry and work on the preparation of detailed activities that help in overcoming these difficulties. For this, we read some papers on teaching and learning of trigonometry in order to identify the difficulties encountered during their journey. Then separate the geometric difficulties of character and prepare a list of geometric content and procedures associated with them. Thus, we can organize a notebook with activities that would address most of these concepts. Finally we present the specification of activities called Activity on introductory concepts to the study of trigonometry

Índices geométricos de variabilidade da frequência cardíaca na doença pulmonar obstrutiva crônica

Background: It was already evidenced decreased heart rate variability (HRV) in chronic obstructive pulmonary disease (COPD) patients at rest.Objective: In order to insert new elements in the literature regarding this issue, we evaluated geometric index of HRV in COPD subjects.Method: We analyzed data from 34 volunteers, divided into two groups according to spirometric values: COPD (17 volunteers, FEV1/FVC = 47.3 +/- 10.2; FEV1 = 50.8 +/- 15.7) and control (17 volunteers, FEV1/FVC = 78.8 +/- 10.8; FEV1 = 100.1 +/- 14.7). For analysis of HRV indexes the volunteers remained in the supine position for 30 minutes. We analyzed the following indexes: triangular index (RRtri), triangular interpolation of RR intervals (TINN) and Poincare plot (SD1, SD2 and SD1/SD2). Student t test for unpaired samples and Mann-Whitney test were used for data analysis.Results: We observed statistically significant reductions in geometric indexes in the COPD group: RRtri (0.043 +/- 0.01 vs. 0.059 +/- 0.02; p = 0.018), TINN (105.88 +/- 51.82 vs. 151.47 +/- 49.9; p=0.014), SD1 (9.76 +/- 4.66 vs. 14.55 +/- 6.04; p = 0.014) and SD2 (34.86 +/- 17.02 vs. 51.51 +/- 18.38; p = 0.010). SD1/5D2 (0.30 +/- 0.11 vs. 0.28 +/- 0.07; p = 0.605) were not significantly different between groups. Patients with COPD presented a visual analysis of Poincare plot of lower dispersion of RR intervals both beat to beat and the long term.Conclusion: Subjects with COPD present reduction of geometric indexes of HRV, indicating reduced heart rate variability. (C) 2010 Sociedade Portuguesa de Pneumologia. Published by Elsevier Espana, S.L. All rights reserved.

Shell beds as paleoecological puzzles: A case study from the Upper Permian of the Parana Basin, Brazil

Microstratigraphic, sedimentological, and taphonomic features of the Ferraz Shell Bed, from the Upper Permian (Kazanian-Tatarian?) Corumbatai Formation of Rio Claro Region (the Parana Basin, Brazil), indicate that the bed consists of four distinct microstratigraphic units. They include, from bottom to top, a lag concentration (Unit 1), a partly reworked storm deposit (Unit 2), a rapidly deposited sandstone unit with three thin horizons recording episodes of reworking (Unit 3), and a shell-rich horizon generated by reworking/winnowing that was subsequently buried by storm-induced obrution deposit (Unit 4). The bioclasts of the Ferraz Shell Bed represent exclusively bivalve mollusks. Pinzonella illusa and Terraia aequilateralis are the dominant species. Taphonomic analysis indicates that mollusks are heavily time-averaged (except for some parts of Unit 3). Moreover, different species are time-averaged to a different degree (disharmonious time-averaging). The units differ statistically from one another in their taxonomic and ecological composition, in their taphonomic pattern, and in the size-frequency distributions of the two most common species. Other Permian shell beds of the Parana Basin are similar to the Ferraz Shell Bed in their faunal composition (they typically contain similar sets of 5 to 10 bivalve species) and in their taphonomic, sedimentologic, and microstratigraphic characteristics. However, rare shell beds that include 2-3 species only and are dominated by articulated shells preserved in life position also occur. Diversity levels in the Permian benthic associations of the Parana Basin were very low, with the point diversity of 2-3 species and with the within-habitat and basin-wide (alpha and gamma) diversities of 10 species, at most. The Parana Basin benthic communities may have thus been analogous to low-diversity bivalve-dominated associations of the present-day Baltic Sea. The 'Ferraz-type' shell beds of the Parana Basin represent genetically complex and highly heterogeneous sources of paleontological data. They are cumulative records of spectra of benthic ecosystems time-averaged over long periods of time (10(2)-10(4) years judging from actualistic research). Detailed biostratinomic reconstructions of shell beds can not only offer useful insights into their depositional histories, but may also allow paleoecologists to optimize their sampling designs, and consequently, refine paleoecological and paleoenvironmental interpretations.

Índices geométricos de variabilidade da frequência cardíaca em crianças obesas e eutróficas

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