Regulation issues in the banking industry

Esta tese tem por objetivo examinar os fatores que direcionam o processo decisório de estrutura de capital/investimento do banco e avaliar a efetividade da intervenção regulatória no Brasil. O trabalho está divido em três capítulos. No primeiro capítulo, apresenta-se, de forma sistematizada, arcabouço teórico e evidências empíricas na literatura para explicar o comportamento da firma bancária, fortemente regulada, em suas decisões de financiamento e investimento. Além disso, descreve-se a evolução dos padrões internacionais de regulação prudencial de capital, desde a publicação do primeiro Acordo de Basiléia até as medidas iniciais de Basiléia III, apresentando também o contexto normativo no Brasil. No segundo capítulo, por meio de modelo dinâmico da teoria de trade-off, analisam-se os determinantes do buffer de capital dos bancos brasileiros entre 2001 e 2009. Os resultados sugerem que: (i) o requerimento regulatório de capital e os custos de ajustes de capital influenciam nas decisões dos bancos; (ii) as avaliações da autoridade de supervisão bancária impacta os colchões de capital; (iii) a disciplina de mercado pode não ser efetiva em aumentar a solvência dos bancos; e (iv) existe uma relação negativa entre o colchão de capital e o ciclo de negócios que pode representar uma gestão procíclica de capital dos bancos. Por fim, no terceiro capítulo, utiliza-se metodologia proprietária dos escores das instituições conferidos pela autoridade supervisora (CAMEL), para apresentar evidências de que as pressões regulatória e de supervisão no Brasil induzem os bancos a realizarem ajustes de curto prazo relativamente menores na alavancagem e, principalmente, no risco do portfólio.

Practices in social media in the travel education business

Praticas na midia social se refere a vista ou a percepcao de uma marca nao so com base em suas ofertas e servicos, mas tambem sobre seus valores e cultura como percebido principalmente pelos consumidores. As organizacoes podem utilizer a imagem que é interessante e aceitavel para os clients. Nos ultimos anos, uma das formas que as organizacoes de forma consistente comercializar ou publicitar a sua marca envolve midias sociais. O ojetivo deste estudo é explorer quais sao as praticas de midia social no negocio de educacao de viagens. Para obter os dados, a pesquisadora entrevistou pessoas de seis empresas de educacao de viagens e cotejadas informacoes sobre o tema a partir de fonts primarias e secundarias existentes. O pesquisador conduziu a pesquisa para determiner praticas de marketing de midia social em que se aplicam nos sectores do turismo e educacao. Com base nos dados obtidos pelo pesquisador, as praticas de marketing de midia social incluem a utilizacao de plataformas de midia social com um alcance internacional generalizada tipo Facebook, Twitter, Instagram e YouTube. Outra estratégia é para postar constantemente as atualizações que não são apenas interessante, mas também informativo sobre os produtos e serviços oferecidos por uma marca ou organização. As empresas ou organizações devem também interagir com os clientes ou clientes on-line, a fim de manter os interesses deste último em ofertas e serviços da ex. O envolvimento do cliente é uma das razões por que os clientes optam por seguir as empresas on-line através da mídia social. A pesquisa também revela outras vantagens e benefícios da mídia social que constituem as melhores práticas, tais como a conversão de não-clientes para os clientes, o aumento da presença da mídia para aumentar a popularidade, a comunicação eficaz das metas e objetivos organizacionais, bem como a formação de um bom relacionamento com os clientes. As organizações também podem usar turístico criado conteúdo (TCC) e outros tipos de conteúdo para orientar a tomada de decisão no desenvolvimento do produto gerado pelo usuário.

The influence of macroeconomic factors on primary issues in the Brazilian market

This research analyses the influence of the macroeconomic factors on the primary issue of stocks and debentures in the Brazilian market. Previous studies have agreed on the importance of aspects of the economic situation on a company’s capital structure, but have not established a relationship between the macroeconomic variables and the level of aggregate debt; we can mention Procianoy and Caselani (1997) and Terra (2003) as examples of this. According to Leal (2000), the limitations of the Brazilian capital market suggest that management takes advantage of moments of euphoria in the market - whether caused by a reduction in the rate of interest or by the return being offered by the equity market - to raise funds at rates that are more advantageous to the company. This characterizes the first evidence we have of opportunistic behavior influencing a company’s financing decisions. Eid Jr. (1996) provides us with the first evidence of this opportunistic behavior in his research in which 47% of those interviewed said that they chose fund sources that are economically more advantageous.

Contagion in financial networks: a network theory and agent-based approaches to modeling the spread of risk in financial systems

Esta dissertação estuda a propagação de crises sobre o sistema financeiro. Mais especi- ficamente, busca-se desenvolver modelos que permitam simular como um determinado choque econômico atinge determinados agentes do sistema financeiro e apartir dele se propagam, transformando-se em um problema sistêmico. A dissertação é dividida em dois capítulos,além da introdução. O primeiro capítulo desenvolve um modelo de propa- gação de crises em fundos de investimento baseado em ciência das redes.Combinando dois modelos de propagação em redes financeiras, um simulando a propagação de perdas em redes bipartites de ativos e agentes financeiros e o outro simulando a propagação de perdas em uma rede de investimentos diretos em quotas de outros agentes, desenvolve-se um algoritmo para simular a propagação de perdas através de ambos os mecanismos e utiliza-se este algoritmo para simular uma crise no mercado brasileiro de fundos de investimento. No capítulo 2,desenvolve-se um modelo de simulação baseado em agentes, com agentes financeiros, para simular propagação de um choque que afeta o mercado de operações compromissadas.Criamos também um mercado artificial composto por bancos, hedge funds e fundos de curto prazo e simulamos a propagação de um choque de liquidez sobre um ativo de risco securitizando utilizado para colateralizar operações compromissadas dos bancos.

Multilayer optimization in radio resource allocation for the packet transmission in wireless networks

In the last decade mobile wireless communications have witnessed an explosive growth in the user’s penetration rate and their widespread deployment around the globe. It is expected that this tendency will continue to increase with the convergence of fixed Internet wired networks with mobile ones and with the evolution to the full IP architecture paradigm. Therefore mobile wireless communications will be of paramount importance on the development of the information society of the near future. In particular a research topic of particular relevance in telecommunications nowadays is related to the design and implementation of mobile communication systems of 4th generation. 4G networks will be characterized by the support of multiple radio access technologies in a core network fully compliant with the Internet Protocol (all IP paradigm). Such networks will sustain the stringent quality of service (QoS) requirements and the expected high data rates from the type of multimedia applications to be available in the near future. The approach followed in the design and implementation of the mobile wireless networks of current generation (2G and 3G) has been the stratification of the architecture into a communication protocol model composed by a set of layers, in which each one encompasses some set of functionalities. In such protocol layered model, communications is only allowed between adjacent layers and through specific interface service points. This modular concept eases the implementation of new functionalities as the behaviour of each layer in the protocol stack is not affected by the others. However, the fact that lower layers in the protocol stack model do not utilize information available from upper layers, and vice versa, downgrades the performance achieved. This is particularly relevant if multiple antenna systems, in a MIMO (Multiple Input Multiple Output) configuration, are implemented. MIMO schemes introduce another degree of freedom for radio resource allocation: the space domain. Contrary to the time and frequency domains, radio resources mapped into the spatial domain cannot be assumed as completely orthogonal, due to the amount of interference resulting from users transmitting in the same frequency sub-channel and/or time slots but in different spatial beams. Therefore, the availability of information regarding the state of radio resources, from lower to upper layers, is of fundamental importance in the prosecution of the levels of QoS expected from those multimedia applications. In order to match applications requirements and the constraints of the mobile radio channel, in the last few years researches have proposed a new paradigm for the layered architecture for communications: the cross-layer design framework. In a general way, the cross-layer design paradigm refers to a protocol design in which the dependence between protocol layers is actively exploited, by breaking out the stringent rules which restrict the communication only between adjacent layers in the original reference model, and allowing direct interaction among different layers of the stack. An efficient management of the set of available radio resources demand for the implementation of efficient and low complexity packet schedulers which prioritize user’s transmissions according to inputs provided from lower as well as upper layers in the protocol stack, fully compliant with the cross-layer design paradigm. Specifically, efficiently designed packet schedulers for 4G networks should result in the maximization of the capacity available, through the consideration of the limitations imposed by the mobile radio channel and comply with the set of QoS requirements from the application layer. IEEE 802.16e standard, also named as Mobile WiMAX, seems to comply with the specifications of 4G mobile networks. The scalable architecture, low cost implementation and high data throughput, enable efficient data multiplexing and low data latency, which are attributes essential to enable broadband data services. Also, the connection oriented approach of Its medium access layer is fully compliant with the quality of service demands from such applications. Therefore, Mobile WiMAX seems to be a promising 4G mobile wireless networks candidate. In this thesis it is proposed the investigation, design and implementation of packet scheduling algorithms for the efficient management of the set of available radio resources, in time, frequency and spatial domains of the Mobile WiMAX networks. The proposed algorithms combine input metrics from physical layer and QoS requirements from upper layers, according to the crosslayer design paradigm. Proposed schedulers are evaluated by means of system level simulations, conducted in a system level simulation platform implementing the physical and medium access control layers of the IEEE802.16e standard.

A Mismatch-Based Model for Memory Reconsolidation and Extinction in Attractor Networks

OSAN, R. , TORT, A. B. L. , AMARAL, O. B. . A mismatch-based model for memory reconsolidation and extinction in attractor networks. Plos One, v. 6, p. e23113, 2011.

Muscles-bearing of sting apparatus in social wasps and their relationship with the autotomy (Hymenoptera: Vespidae: Polistinae)

The musculature that sustains the stinging organ was studied in three species of social wasps using scanning electron microscopy technique. It were observed some differences among species in which sting autotomy occurs and in which it does not. These differences were related to the diameter,length and position of insertion of these muscles.

Sociedade civil no espaço de atuação com juventude: uma cartografia social

This report has as its objective the setting up of a social cartography, mapping and characterizing non-governmental organizations working with adolescents and young people (OSC) in the western districts of the city of Natal. Characteristics such as the profile, themes and principal activities, how the organizations fit into the public sector and their participation in social networks are observed. Thus common differences and similarities which serve as a means of indentification, take as reference the symbolic cartography of Boaventura of Sousa Santos. Since there are relatively few studies relating to civil society of Rio Grande do Norte and in particular, Natal, the starting point was the setting up of a database allowing for a general overview. Hence a panorama of the organizations could be observed: where they are located, when they were formed how they operate and their relationships with other sectors (the state, the market and civil society) in addition to basic facts and location. The principal lines of enquiry were a) the OSC which operate with the public comprising adolescents and young people and b) the OSC operating or having branches in four suburbs on the periphery of the western administrative region of the city (Felipe Camarão, Bom Pastor, Cidade Nova and Guararapes).The present report has identified the impacts of ongoing social transformation caused by the process of globalization ,by the various currently contested political projects which are as follows: the project of neoliberal globalized capitalism(hegemonic)and the project of social emancipation (contra-hegemonic),how these are seen from the local viewpoint and how they influence the profiles and operation of the cartographic organizations. The area of the OSC is a heterogenous one with political, cultural and ideological strains, characterized by its infiltration, its local/global and multicultural dimensions. As civil organizations are fundamental in the processes of transformation within society, and following the idea of social emancipation referred to by Boaventura Santos, the enquiry classified the organizations according to the afore-mentioned characteristics, establishing eight types of associations. These different types and their respective characteristics were analysed from a related perspective using the mechanisms of symbolic cartography: scale, projection and symbolisation. The theoretical references underpinning this research arise from the debate on civil society which becomes redefined as a result of the dispute involving the two afore-mentioned political projects. These demand the theoretical application of the comprehension of heterogeneity in its diversity and complexity together with the idea of social emancipation.The main authors consulted were Boaventura de Sousa Santos, Antonio Gramsci, through the texts translated by Marco Aurelio Nogueira; Carlos Nelson Coutinho and Alberto Rivera ,who supported the construction of the types of associations identified by the local reality.Finally this research enabled an understanding of the current form of social action happening in the Space of the Four Neighbourhoods (Espaço dos 4 Bairros) and how the distinct profiles analysed together with the ares of operation of the organizations define their emancipatory potencials within the following two poles: regulation/adaptation and emancipation/transformation

Involvement of the midbrain periaqueductal gray 5-HT1A receptors in social conflict induced analgesia in mice

Recent results from our laboratory have shown that 30-bites social conflict in mice produces a high-intensity, short-term analgesia which is attenuated by systemically injected 5-HT1A receptor agonists, such as BAY R 1531 (6-methoxy-4-(di-n-propylamino)-1,3,4,5-tetrahydrobenz(c,d)indole hydrochloride) and gepirone. The present study investigated the effects of these drugs, as well as the 5-HT1A receptor antagonist WAY 100135 (N-tert-butyl-3-(4-(2-methoxyphenyl)piperazine-1-yl)-2-phenylpropanamide) injected into the midbrain periaqueductal gray matter of mice on 30-bites analgesia. Four to five days after guide-cannula implantation, each mouse received microinjection of gepirone (30 nmol/0.2 mu l), BAY R 1531 (10 nmol/0.2 mu l), WAY 100135 (10 nmol/0.2 mu l), saline (0.9% NaCl) or vehicle (saline + 4% Tween 80) 5 min before either an aggressive (30 bites) or a non-aggressive interaction. Nociception was assessed by the tail-flick test made before as well as 1, 5, 10 and 20 min after social interaction. The full 5-HT1A receptor agonist BAY R 1531 blocked, whereas, WAY 100135 and gepirone intensified 30-bites analgesia, Neither non-aggressive interaction, per se, nor the three compounds given after this type of social interaction significantly changed nociception. These results indicate that 5-HT1A receptors in the periaqueductal gray inhibit analgesia induced by social conflict in mice. (C) 1998 Elsevier B.V. B.V.

An Optimum-Path Forest framework for intrusion detection in computer networks

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

In the eye of the storm: exploring the introduction of environmental issues in the production function in Brazilian companies

This article aims to analyse the introduction of environmental issues in the context of the production function, which has been referred to as the organisational area to lead corporate environmental management. With that purpose, the theoretical references for corporate environmental management and the necessary alterations in production function have been organised to include environmental aspects, especially in terms of product and process development, quality management, and logistics. Considering that this research field still lacks empirical evidence for Brazilian companies, four case studies were conducted using companies located in the country. The environmental management maturity level of those companies tends to follow the rate with which the environmental issue is introduced in production sub-areas, especially in the product development process. However, in most cases we found that the companies had difficulties in structuring the insertion of the environmental dimension in logistics. The final notes point out the distance observed between what is recommended by international literature and the reality of Brazilian companies in the challenge of making the production function environmentally friendly.