The new Brazilian bankruptcy law and its impacts on the credit market

No início de 2005, uma nova Lei de Falências foi aprovada pelo Congresso Nacional, entrando em meados de junho do mesmo ano. A nova legislação ampliou o grau de proteção ao credor em muitos aspectos. Este artigo busca investigar algumas das consequências empíricas dessa nova lei sobre o mercado de crédito, utilizado dados de firmas argentinas, brasileiras, chilenas e mexicanas para estimar dois modelos para dados em painel: o primeiro com tendências específicas para cada firma e o outro com tendência macro comum às firmas de um mesmo país. A estimação dos dois modelos produziu resultados similares. Foram encontrados impactos significativos sobre a oferta de crédito, o custo da dívida e a oferta de crédito segurado, não-segurado e de longo prazo. Não foram encontrados impactos sobre o total de dívida de curto prazo.

Políticas públicas tributárias municipais: o caso da Secretaria de Finanças da Prefeitura do Recife no período de 2005 a 2008

Este trabalho tem por objetivo principal analisar a experiência vivenciada na secretaria de Finanças da Prefeitura do Recife - SEFIN, entre os anos de 2005 e 2008, na área de políticas públicas tributárias municipais. Foram políticas públicas elaboradas e concretizadas por intermédio de projetos de lei, decretos e portarias, além de ações entre os diversos atores da SEFIN, que tiveram por objetivo estratégico atender à demanda dos segmentos empresarias por diminuição de carga tributária municipal, sem ferir aos limites legais impostos pela Lei de Responsabilidade Fiscal – LRF e pela Constituição da República Federativa do Brasil –CF. Pode-se perceber uma nova prática nas tratativas com a sociedade, principalmente por ser uma área tão árida quanto a de tributos. Por intermédio da escuta, diálogo e interação com alguns segmentos, construiu-se uma saída viável do ponto de vista legal e econômico, para as questões levantadas pelos diversos setores demandantes. Fez-se também uma análise do ponto de vista gerencial da secretaria na busca por uma mudança, tanto interna quanto externa, de relacionamento entre os atores envolvidos no processo negocial. Buscou-se como referencial teórico do tema, o contexto da discussão sobre políticas públicas no Brasil, o federalismo brasileiro, a busca pelo desenvolvimento endógeno local, a Guerra Fiscal, a Reforma Tributária no Brasil e a questão da gestão na administração pública. Uma análise das ações tomadas para dar à estrutura da SEFIN um caráter mais gerencial, sem perder de vista a busca de uma gestão com viés também societal, e a busca pelo uso de inovação na administração pública brasileira. Concluiu-se com uma série de recomendações aos interessados no estudo, das medidas e dos cuidados que se avaliam necessários tomar, para aqueles que buscam nesse estudo, conhecer as estratégias utilizadas para atingir aos objetivos propostos. Finalmente, uma crítica ao desenvolvimento das tecnologias e leis no sentido de aumento da arrecadação, em detrimento de uma verdadeira revolução, até certo ponto ainda silenciosa, do que precisa ser feito em relação à despesa pública no Brasil. Mas isso, com certeza, já será tema para outros estudos a esse respeito.

Sensible and latent heat loss from the body surface of Holstein cows in a tropical environment

The general principles of the mechanisms of heat transfer are well known, but knowledge of the transition between evaporative and non-evaporative heat loss by Holstein cows in field conditions must be improved, especially for low-latitude environments. With this aim 15 Holstein cows managed in open pasture were observed in a tropical region. The latent heat loss from the body surface of the animals was measured by means of a ventilated capsule, while convective heat transfer was estimated by the theory of convection from a horizontal cylinder and by the long-wave radiation exchange based on the Stefan-Boltzmann law. When the air temperature was between 10 and 36 degrees C the sensible heat transfer varied from 160 to -30 W m(-2), while the latent heat loss by cutaneous evaporation increased from 30 to 350 W m(-2). Heat loss by cutaneous evaporation accounted for 20-30% of the total heat loss when air temperatures ranged from 10 to 20 degrees C. At air temperatures > 30 degrees C cutaneous evaporation becomes the main avenue of heat loss, accounting for approximately 85% of the total heat loss, while the rest is lost by respiratory evaporation.

Underlying dynamics of typical fluctuations of an emerging market price index: the Heston model from minutes to months

We investigate the Heston model with stochastic volatility and exponential tails as a model for the typical price fluctuations of the Brazilian São Paulo Stock Exchange Index (IBOVESPA). Raw prices are first corrected for inflation and a period spanning 15 years characterized by memoryless returns is chosen for the analysis. Model parameters are estimated by observing volatility scaling and correlation properties. We show that the Heston model with at least two time scales for the volatility mean reverting dynamics satisfactorily describes price fluctuations ranging from time scales larger than 20min to 160 days. At time scales shorter than 20 min we observe autocorrelated returns and power law tails incompatible with the Heston model. Despite major regulatory changes, hyperinflation and currency crises experienced by the Brazilian market in the period studied, the general success of the description provided may be regarded as an evidence for a general underlying dynamics of price fluctuations at intermediate mesoeconomic time scales well approximated by the Heston model. We also notice that the connection between the Heston model and Ehrenfest urn models could be exploited for bringing new insights into the microeconomic market mechanics. (c) 2005 Elsevier B.V. All rights reserved.

Widespread Amazon forest tree mortality from a single cross-basin squall line event

Climate change is expected to increase the intensity of extreme precipitation events in Amazonia that in turn might produce more forest blowdowns associated with convective storms. Yet quantitative tree mortality associated with convective storms has never been reported across Amazonia, representing an important additional source of carbon to the atmosphere. Here we demonstrate that a single squall line (aligned cluster of convective storm cells) propagating across Amazonia in January, 2005, caused widespread forest tree mortality and may have contributed to the elevated mortality observed that year. Forest plot data demonstrated that the same year represented the second highest mortality rate over a 15-year annual monitoring interval. Over the Manaus region, disturbed forest patches generated by the squall followed a power-law distribution (scaling exponent alpha = 1.48) and produced a mortality of 0.3-0.5 million trees, equivalent to 30% of the observed annual deforestation reported in 2005 over the same area. Basin-wide, potential tree mortality from this one event was estimated at 542 +/- 121 million trees, equivalent to 23% of the mean annual biomass accumulation estimated for these forests. Our results highlight the vulnerability of Amazon trees to wind-driven mortality associated with convective storms. Storm intensity is expected to increase with a warming climate, which would result in additional tree mortality and carbon release to the atmosphere, with the potential to further warm the climate system. Citation: Negron-Juarez, R. I., J. Q. Chambers, G. Guimaraes, H. Zeng, C. F. M. Raupp, D. M. Marra, G. H. P. M. Ribeiro, S. S. Saatchi, B. W. Nelson, and N. Higuchi (2010), Widespread Amazon forest tree mortality from a single cross-basin squall line event, Geophys. Res. Lett., 37, L16701, doi:10.1029/2010GL043733.

Deviation from the sech2 superradiant emission law in a two-level atomic system

The atomic superradiant emission is treated in the single-particle mean-field approximation. A single-particle Hamiltonian, which represents a dressed two-level atom in a radiation field, can be obtained and it is verified that it describes the transient regime of the emission process. While the line-shape emission for a bare atom follows the sech2 law, for the dressed atom the line shape deviates appreciably from this law and it is verified that the deviation depends crucially on the ratio of the dynamic frequency shift to the transition frequency. This kind of deviation is observed in experimental results. © 1990 The American Physical Society.

Discrepancies between abstracts presented at international association for dental research annual sessions from 2004 to 2005 and full-text publication

Purpose. The purpose of this study was to evaluate the discrepancies between abstracts presented at the IADR meeting (2004-2005) and their full-text publication. Material and Methods. Abstracts from the Prosthodontic Section of IADR meeting were obtained. The following information was collected: abstract title, number of authors, study design, statistical analysis, outcome, and funding source. PubMed was used to identify the full-text publication of the abstracts. The discrepancies between the abstract and the full-text publication were examined, categorized as major and minor discrepancies, and quantified. The data were collected and analyzed using descriptive analysis. Frequency and percentage of major and minor discrepancies were calculated. Results. A total of 109 (95.6%) articles showed changes from their abstracts. Seventy-four (65.0%) and 105 (92.0%) publications had at least one major and one minor discrepancies, respectively. Minor discrepancies were more prevalent (92.0%) than major discrepancies (65.0%). The most common minor discrepancy was observed in the title (80.7%), and most common major discrepancies were seen in results (48.2%). Conclusion. Minor discrepancies were more prevalent than major discrepancies. The data presented in this study may be useful to establish a more comprehensive structured abstract requirement for future meetings. © 2012 Soni Prasad et al.

Report of the activities of the Commission from June 2004 to December 2005

Includes bibliography

La pesca en alta mar y los intereses de los estados ribereños de la región: un análisis de la negociación futura a la luz de la equidad: parte I: De la Convención de las Naciones Unidas sobre el Derecho del Mar a la convocatoria de la Conferencia de las Naciones Unidas sobre Poblaciones Transzonales y las Poblaciones de Peces Altamente Migratorias = High-seas fisheries and the interests of the coastal states of the region: an analysis of the upcoming negotiation from the perspective of social equity: part I: From the United Nations Convention on the Law of the Sea to the United Nations Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks

Incluye Bibliografía

Tracking and Perspectives on WTO Negotiations: from Geneva to Hong Kong , July-December 2005

This month's issue of the FAL Bulletin takes a panoramic view of the present World Trade Organization (WTO) trade negotiations, soon to embark on the Sixth Ministerial Conference in Hong Kong (Special Administrative Region of the People's Republic of China ). Reduced expectations on the outcomes of this meeting due to the scant progress on critical issues - such as the liberalization of the agricultural sector - increase the challenge to conclude the Doha Round by the end of 2006. The governments of the region have a role to play in the direction this process may take. Additional details on the progress of these objectives can be obtained in chapter II of Latin America and the Caribbean in the World Economy, 2004 Trends 2005.

Roundtable discussion on the nature of the regional instrument: Summary of the answers and the comments from experts in public environmental international law

This document summarizes the development and conclusions of the sixth meeting of the working group on access rights and the regional instrument held virtually on August 1st, 2014. The meeting, which was for information purposes only, had the aim of advancing in the discussions on the nature of the regional instrument by holding a round table discussion with the renowned experts in Public International Law.

Frequency of acute myeloid leukemia in children attended in Belém, Pará from August 2005 to May 2009

Introdução: A leucemia mieloide aguda (LMA) tem incidência variável nas diferentes regiões do Brasil. Objetivos: Determinar a frequência dos subtipos de LMA em crianças entre 0-17 anos, atendidas em Belém, Pará, no período de agosto de 2005 a maio de 2009. Casuística e métodos: Estudo retrospectivo com 278 pacientes com diagnóstico de leucemias agudas ou crônicas com base nos critérios clínicos, morfológicos (classificação franco-americana-britânica [FAB]/Organização Mundial da Saúde [OMS]) e de perfil imunofenotípico por citometria de fluxo para determinação da frequência de subtipos de LMA. Resultados: Foram encontrados 70 (25,18%) casos de LMA; destes, 37 (52,9%) eram crianças entre 0-17 anos (idade mediana de 7 anos e 8 meses). Não houve diferença estatística em relação ao gênero. Observou-se maior frequência de LMA dos subtipos M2 (18/37 - 48,6%) e M0/M1 (10/37 - 27%), principalmente na primeira década de vida (16/28 [57,1%] LMA M2 e 9/28 [32,1%] LMA M0/M1). Conclusão: Na população pediátrica, os tipos de LMA M2, M0/M1 e M3 foram, respectivamente, as mais frequentes.

TUNGSTEN ISOTOPIC COMPOSITIONS IN STARDUST SiC GRAINS FROM THE MURCHISON METEORITE: CONSTRAINTS ON THE s-PROCESS IN THE Hf-Ta-W-Re-Os REGION

We report the first tungsten isotopic measurements in stardust silicon carbide (SiC) grains recovered from the Murchison carbonaceous chondrite. The isotopes (182,183,184,186)Wand (179,180)Hf were measured on both an aggregate (KJB fraction) and single stardust SiC grains (LS+ LU fraction) believed to have condensed in the outflows of low-mass carbon-rich asymptotic giant branch (AGB) stars with close-to-solar metallicity. The SiC aggregate shows small deviations from terrestrial (= solar) composition in the (182)W/(184)Wand (183)W/(184)Wratios, with deficits in (182)W and (183)W with respect to (184)W. The (186)W/(184)W ratio, however, shows no apparent deviation from the solar value. Tungsten isotopic measurements in single mainstream stardust SiC grains revealed lower than solar (182)W/(184)W, (183)W/(184)W, and (186)W/(184)W ratios. We have compared the SiC data with theoretical predictions of the evolution of W isotopic ratios in the envelopes of AGB stars. These ratios are affected by the slow neutron-capture process and match the SiC data regarding their (182)W/(184)W, (183)W/(184)W, and (179)Hf/(180)Hf isotopic compositions, although a small adjustment in the s-process production of (183)W is needed in order to have a better agreement between the SiC data and model predictions. The models cannot explain the (186)W/(184)W ratios observed in the SiC grains, even when the current (185)W neutron-capture cross section is increased by a factor of two. Further study is required to better assess how model uncertainties (e. g., the formation of the (13)C neutron source, the mass-loss law, the modeling of the third dredge-up, and the efficiency of the (22)Ne neutron source) may affect current s-process predictions.

Fourier´s law from a chain of coupled anharmonic oscillators under energy conserving shot noise.

We analyze the transport of heat along a chain of particles interacting through anharmonic potentials consisting of quartic terms in addition to harmonic quadratic terms and subject to heat reservoirs at its ends. Each particle is also subject to an impulsive shot noise with exponentially distributed waiting times whose effect is to change the sign of its velocity, thus conserving the energy of the chain. We show that the introduction of this energy conserving stochastic noise leads to Fourier's law. That is for large system size L the heat current J behaves as J ‘approximately’ 1/L, which amounts to say that the conductivity k is constant. The conductivity is related to the current by J = kΔT/L, where ΔT is the difference in the temperatures of the reservoirs. The behavior of heat conductivity k for small intensities¸ of the shot noise and large system sizes L are obtained by assuming a scaling behavior of the type k = ‘L POT a Psi’(L’lambda POT a/b’) where a and b are scaling exponents. For the pure harmonic case a = b = 1, characterizing a ballistic conduction of heat when the shot noise is absent. For the anharmonic case we found values for the exponents a and b smaller then 1 and thus consistent with a superdiffusive conduction of heat without the shot noise. We also show that the heat conductivity is not constant but is an increasing function of temperature.