Hedging effectiveness of total returns swaps: application to the Japanese market

The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from the point of view of an investor holding a portfolio of properties seeking to reduce the portfolio exposure to the real estate market by swapping an index of real estate for LIBOR. This paper explores the practicalities of hedging portfolios comprising small numbers of individual properties against an appropriate index. We use the returns from 74 properties owned by Japanese Real Estate Investment Trusts over the period up to September 2007. The paper also discusses and applies the appropriate stochastic processes required to model real estate returns in this application and presents alternative ways of reporting hedging effectiveness. We find that the development of the derivative does provide the capacity for hedging market risk but that the effectiveness of the hedge varies considerably over time. We explore the factors that cause this variability.

The decline of the world`s energy intensity

Energy intensity of the total primary energy supply (TPES), total final energy consumption (TFC) and LOSSES in the conversion from TPES to TFC were analyzed for the World, OECD and Rest of the World (ROW) countries. LOSSES increased significantly for all groups of countries due to the increase of electricity production from coal in the period studied (1971-2008). Electricity share final consumption almost doubled, increasing from 8.8% to 17.2% in the period studied. However the energy intensity of LOSSES remained practically constant, which reflects the fact that the efficiency of electricity generation from coal (the main source of electricity) remained practically constant in that period. Despite the attractiveness of end-use devices running on electricity such as computers, which is typical of modern societies, the CO(2) emissions are bound to increase unless coal is replaced by less carbon emitting sources such as natural gas, renewables and nuclear energy. (C) 2011 Elsevier Ltd. All rights reserved.

GLUON SATURATION AND THE TOTAL PROTON-AIR CROSS SECTION

In this work we propose a simple model for the total proton-air cross section, which is an improvement of the minijet model with the inclusion of a window in the p(T)-spectrum associated to the saturation physics. Our approach introduces a natural cutoff for the perturbative calculations which modifies the energy behavior of this component. The saturated component is calculated with a dipole model. The results are compared with experimental cross sections measured in cosmic ray experiments.

Total reaction cross-sections for light weakly bound systems

We have measured the elastic scattering cross-section for (8)Li + (9)Be and (8)Li + (51)V systems at 19.6 MeV and 18.5 MeV, respectively. We have also extracted total reaction cross sections from the elastic scattering analysis for several light weakly bound systems using the optical model with Woods-Saxon and double-folding-type potentials. Different reduction methods for the total reaction cross-sections have been applied to analyze and compare simultaneously all the systems.

Relação entre produtividade total dos fatores e investimento em capital fixo para a economia brasileira

O presente trabalho utiliza a teoria do crescimento econômico a fim de analisar a relação das taxas de investimento em capital fixo e a evolução da produtividade total dos fatores no Brasil a partir de 1950 ate 2005. A partir de pesquisas bibliográficas abordam-se os estudos de Romer, Arrow, Pires, Solow se apresenta conceitos como o “learning by doing”, “spillovers” e decomposição da produtividade a fim de embasar teoricamente o estudo. As pesquisas apontam a importância da variável eficiência sobre a produtividade total dos fatores no caso brasileiro, principalmente durante os anos de incidência de inflação elevada. A metodologia aplicada no trabalho se utiliza dos dados coletados junto ao IPEAdata e Pen World Tables para formação bruta de capital fixo, produto interno bruto e dados populacionais para o cálculo da produtividade total dos fatores seguindo a metodologia proposta por Solow. Utilizam-se os dados calculados para se extrair uma relação matemática entre a produtividade total dos fatores e ao nível de estoque de capital físico. O estudo comprova a relação entre a produtividade e o investimento em capital físico, também fica demonstrada a grande importância da eficiência sobre a produtividade no caso brasileiro.

Total and individual carotenoid profiles in Solanum phureja of cultivated potatoes: I. Concentrations and relationships as determined by spectrophotometry and HPLC

Total and individual carotenoid concentrations were determined by spectro photometry and HPLC, in raw tubers of a sample of 23 accessions of Solanum phureja potatoes taken at random from the world germplasm collection following its stratification on tuber flesh color. Lutein, zeaxanthin, violaxanthin, antheraxanthin and beta-carotene were detected in all accessions and three distinct patterns of carotenoid accumulation were evidenced by cluster analysis. Accessions in group 1 showed the highest concentrations of total carotenoids (1258-1840 mu g 100 g(-1) FW) comprised largely of zeaxanthin (658-1290 mu g 100 g(-1) FW) with very low or no presence of beta-carotene (below 5.4 mu g 100 g(-1) FW). Accessions in group 2 presented moderate total carotenoid concentrations with violaxanthin, antheraxanthin, lutein and zeaxanthin as the major carotenoids. Accessions in group 3 showed low concentrations of total carotenoids (97-262 mu g 100 g(-1) FW) and very low or no zeaxanthin, with lutein and violaxanthin as the predominant carotenoids and relatively high concentrations of beta-carotene(up to 27 mu g 100 g(-1) FW). Five accessions with significant concentrations of zeaxanthin were identified with the accession 703566 showing the highest concentration (1290 p g 100 g(-1) FW). This value is to our knowledge higher than any value previously reported for potatoes, including those achieved through genetic modification. For the 23 S. phureja accessions, total carotenoid concentration was positively and significantly correlated with antheraxanthin and zeaxanthin concentrations, and negatively and significantly correlated with beta-carotene concentration. (C) 2008 Elsevier B.V. All rights reserved.

The small x behavior of the gluon strucutre function from total cross-sections

Within a QCD-based eikonal model with a dynamical infrared gluon mass scale we discuss how the small x behavior of the gluon distribution function at moderate Q(2) is directly related to the rise of total hadronic cross-sections. In this model the rise of total cross-sections is driven by gluon-gluon semihard scattering processes, where the behavior of the small x gluon distribtuion function exhibits the power law xg(x, Q(2)) = h(Q(2))x(-epsilon). Assuming that the Q(2) scale is proportional to the dynamical gluon mass one, we show that the values of h(Q(2)) obtained in this model are compatible with an earlier result based on a specific nonperturbative Pomeron model. We discuss the implications of this picture for the behavior of input valence-like gluon distributions at low resolution scales.

NDACC/SAOZ UV-visible total ozone measurements: improved retrieval and comparison with correlative ground-based and satellite observations

Accurate long-term monitoring of total ozone is one of the most important requirements for identifying possible natural or anthropogenic changes in the composition of the stratosphere. For this purpose, the NDACC (Network for the Detection of Atmospheric Composition Change) UV-visible Working Group has made recommendations for improving and homogenizing the retrieval of total ozone columns from twilight zenith-sky visible spectrometers. These instruments, deployed all over the world in about 35 stations, allow measuring total ozone twice daily with limited sensitivity to stratospheric temperature and cloud cover. The NDACC recommendations address both the DOAS spectral parameters and the calculation of air mass factors (AMF) needed for the conversion of O-3 slant column densities into vertical column amounts. The most important improvement is the use of O-3 AMF look-up tables calculated using the TOMS V8 (TV8) O-3 profile climatology, that allows accounting for the dependence of the O-3 AMF on the seasonal and latitudinal variations of the O-3 vertical distribution. To investigate their impact on the retrieved ozone columns, the recommendations have been applied to measurements from the NDACC/SAOZ (Systeme d'Analyse par Observation Zenithale) network. The revised SAOZ ozone data from eight stations deployed at all latitudes have been compared to TOMS, GOMEGDP4, SCIAMACHY-TOSOMI, SCIAMACHY-OL3, OMI-TOMS, and OMI-DOAS satellite overpass observations, as well as to those of collocated Dobson and Brewer instruments at Observatoire de Haute Provence (44 degrees N, 5.5 degrees E) and Sodankyla (67 degrees N, 27 degrees E), respectively. A significantly better agreement is obtained between SAOZ and correlative reference ground-based measurements after applying the new O-3 AMFs. However, systematic seasonal differences between SAOZ and satellite instruments remain. These are shown to mainly originate from (i) a possible problem in the satellite retrieval algorithms in dealing with the temperature dependence of the ozone cross-sections in the UV and the solar zenith angle (SZA) dependence, (ii) zonal modulations and seasonal variations of tropospheric ozone columns not accounted for in the TV8 profile climatology, and (iii) uncertainty on the stratospheric ozone profiles at high latitude in the winter in the TV8 climatology. For those measurements mostly sensitive to stratospheric temperature like TOMS, OMI-TOMS, Dobson and Brewer, or to SZA like SCIAMACHY-TOSOMI, the application of temperature and SZA corrections results in the almost complete removal of the seasonal difference with SAOZ, improving significantly the consistency between all ground-based and satellite total ozone observations.

The small x behavior of the gluon structure function from total cross-sections

Within a QCD-based eikonal model with a dynamical infrared gluon mass scale we discuss how the small x behavior of the gluon distribution function at moderate Q 2 is directly related to the rise of total hadronic cross-sections. In this model the rise of total cross-sections is driven by gluon-gluon semihard scattering processes, where the behavior of the small x gluon distribution function exhibits the power law xg(x, Q 2) = h(Q 2)x( -∈). Assuming that the Q 2 scale is proportional to the dynamical gluon mass one, we show that the values of h(Q 2) obtained in this model are compatible with an earlier result based on a specific nonperturbative Pomeron model. We discuss the implications of this picture for the behavior of input valence-like gluon distributions at low resolution scales. © 2008 World Scientific Publishing Company.

Latin America and the Caribbean in the World Economy 2011-2012: Continuing crisis in the centre and new opportunities for developing economies

Includes bibliography

A precautionary tale when describing species in a world of invaders: Morphology, coloration and genetics demonstrate that Lysmata rauli is not a new species endemic to Brazil but a junior synonym of the Indo-Pacific L. vittata

The objective of this study was to investigate morphological variation in traits of systematic relevance and the phylogenetic position, ecology, and reproductive biology of the shrimp Lysmata rauli Laubenheimer and Rhyne, 2010 (Caridea: Hippolytidae), described based only on a single specimen collected in Salvador, Bahia, Brazil. We analyzed a total of 89 specimens from Camamu Bay, Bahia (n = 88) and from S3o Vicente estuary, São Paulo (n = 1). Considerable morphological variation was detected in the rostral spine series, number of segments on the carpus and merus of pereiopod 2, number of spiniform setae on the ventrolateral margin of merus and on the ventral margin of propodus of pereiopods 3-5. Importantly, L rauli can be distinguished neither using morphology, nor coloration from the Indo-Pacific L. vittata (Stimpson, 1860). Furthermore, molecular phylogenetic analyses (using the 16S mt DNA fragment) did not reveal any considerable genetic dissimilarities between L rauli and L vittata. Thus, our results clearly indicate that L rauli is not a new species but a junior synonym of L vittata. The high density observed within the structures of oyster farming indicates that the invasive L vittata lives in crowds in Brazil. The studied population was composed of males, hermaphrodites, and transitional individuals (having characteristics of males and hermaphrodites). The above information suggests that L rauli is a protandric simultaneous hermaphrodite, as it has been observed in all species of Lysmata that have been investigated. Lysmata vittata has invaded the southwestern Atlantic and is present in Bahia, Rio de Janeiro and S3o Paulo, Brazil. © The Crustacean Society, 2013. Published by Brill NV, Leiden.

Is it too early to study the elderly in the Third World?

Includes bibliography

Condições de vida e de trabalho do carteiro em busca da qualidade total

Pós-graduação em Serviço Social - FCHS

The current status of the new world monkey phylogeny

Four DNA datasets were combined in tandem (6700 bp) and Maximum parsimony and Neighbor-Joining analyses were performed. The results suggest three groups emerging almost at the same time: Atelidae, Pitheciidae and Cebidae. The total analysis strongly supports the monophyly of the Cebidae family, grouping Aotus, Cebus and Saimiri with the small callitrichines. In the callitrichines, the data link Cebuela to Callithrix, place Callimico as a sister group of Callithrix/Cebuella, and show Saguinus to be the earliest offshoot of the callitrichines. In the family Pithecidae, Callicebus is the basal genus. Finally, combined molecular data showed congruent branching in the atelid clade, setting up Alouatta as the basal lineage and Brachyteles-Lagothrix as a sister group and the most derived branch. Two major points remain to be clarified in the platyrrhine phylogeny: (i) what is the exact branching pattern of Aotus, Cebus, Saimiri and the small callitrichines, and (ii), which two of these three lineages, pitheciines, atelines or cebids, are more closely related?

Validação de metodologia analítica por cromatografia liquida de alta eficiencia (CLAE), para determinação de mefloquina e carboximefloquina em amostras de sangue total adsorvidas em papel de filtro, em pacientes com malária por Plasmodium falciparum

Dentre os principais desafios para o controle da malária no Brasil e no mundo, o advento da resistência do plasmódio, em especial do Plasmodium falciparum, se apresenta como o de maior relevância. A mefloquina é o fármaco de primeira linha para o tratamento da malária falciparum, e a disponibilidade de métodos sensíveis e baixo custo para monitorização das concentrações sanguíneas do fármaco e da carboximefloquina auxilia na otimização dos esquemas terapêuticos. Neste sentido, foi validada metodologia analítica, de acordo com parâmetros sugeridos pelos órgãos regulamentadores oficiais, para determinação de mefloquina e seu derivado carboxilado em amostra de sangue total adsorvida em papel de filtro. Foi empregado cromatografia líquida de alta eficiência após extração líquido-líquido dos analitos de interesse. A detecção foi realizada em λ = 222nm. Não foi observada interferência de outros antimaláricos comumente utilizados. O método foi linear em intervalo de concentração de 0,25 a 2,5 μg/mL, para mefloquina e seu derivado carboxilado. O limite de detecção foi de 35 ng/mL e do de quantificação de. 70 ng/mL, para mefloquina e carboximefloquina, respectivamente. A precisão intra ensaio média foi 31±4 % para mefloquina e de 21±5 % para carboximefloquina. A precisão inter ensaio média foi de e 38±4% para mefloquina e de 25±7% para carboximefloquina. A recuperação média para concentrações de mefloquina variando de 0,25 a 2,5 μg/mL foi de 83± 14%, e de carboximefloquina nas concentrações de 0,375 a 3740 μg/mL foi de 88±11%. O fármaco foi estável nas amostras adsorvidas em papel de filtro pelo período de um mês. O método foi robusto para pequenas variações de pH da fase móvel. Para avaliar a aplicabilidade do método foi realizada determinação dos analítos em amostras de sangue adsorvidas em papel de filtro de pacientes com malária falciparum. A concentração média de mefloquina foi de 0,861±0,723 μg/mL e de carboximefloquina de 0,472±0,086 μg/mL. Os parâmetros de validação da metodologia analítica seguem as recomendações propostas pelos órgãos oficiais sendo o método adequado para determinação de mefloquina e carboximefloquina em amostras de sangue total adsorvidas em papel de filtro.