Simulation -based smoothing and filtering in factor stochastic volatility models : two econometric applications (July-2001)

The past decade has wítenessed a series of (well accepted and defined) financial crises periods in the world economy. Most of these events aI,"e country specific and eventually spreaded out across neighbor countries, with the concept of vicinity extrapolating the geographic maps and entering the contagion maps. Unfortunately, what contagion represents and how to measure it are still unanswered questions. In this article we measure the transmission of shocks by cross-market correlation\ coefficients following Forbes and Rigobon's (2000) notion of shift-contagion,. Our main contribution relies upon the use of traditional factor model techniques combined with stochastic volatility mo deIs to study the dependence among Latin American stock price indexes and the North American indexo More specifically, we concentrate on situations where the factor variances are modeled by a multivariate stochastic volatility structure. From a theoretical perspective, we improve currently available methodology by allowing the factor loadings, in the factor model structure, to have a time-varying structure and to capture changes in the series' weights over time. By doing this, we believe that changes and interventions experienced by those five countries are well accommodated by our models which learns and adapts reasonably fast to those economic and idiosyncratic shocks. We empirically show that the time varying covariance structure can be modeled by one or two common factors and that some sort of contagion is present in most of the series' covariances during periods of economical instability, or crisis. Open issues on real time implementation and natural model comparisons are thoroughly discussed.

Ownership, control and corporate valuation of Brazilian companies

We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation.

Firm financial constraints and the impact of monetary policy: evidence from financial conglomerates

Building on recent evidence on the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the balance sheet channel of monetary policy. It does so by comparing monetary policy responses of small banks that are affiliated with the same bank holding company, and this arguably face similar constraints in accessing internal/external sources of funds, but that operate in different geographical regions, and thus face different pools of borrowers. Because these subsidiaries typically concentrate their lending with small local businesses, we can use cross-sectional differences in state-level economic indicators at the time of changes of monetary policy to study whether or not the strength of borrowers' balance sheets influences the response of bank lending. We find evidence that the negative response of bank loan growth to a monetary contraction is significantly stronger when borrowers have 'weak balance sheets. Our evidence suggests that the monetary authority should consider the amplification effects that financial constraints play following changes in basic interest rates and the role of financial conglomerates in the transmission of monetary policy.

A forma do privilégio: renda, acessibilidade e densidade em Natal-RN

The aim of this work is to understand the morphological expression of ground occupation by the higher income population, by focusing on population distribution in accordance with income layers and demographical density, as well as topological accessibility (HILLIER and HANSON, 1984) resulting from the urban grid structure. It endeavors to identify a functional organizing principle regarding the intra-urban space of Natal capital city of the state of Rio Grande do Norte, the research focus. In order to achieve this, census data as well as syntactic data were utilized for mapping and spatial analysis of income patterns, topological accessibility and demographical density using Geographical Information System GIS. The organizing principle was named as the Form of Privilege, a pattern that concentrates or tends to concentrate wealth, topological accessibility and low demographical density. Attempting to assess its extent, beyond Natal, this principle was applied to other Brazilian northeastern capitals such as: Fortaleza, CE; Teresina, PI; Aracaju, SE; Recife, PE; and João Pessoa, PB. Findings point out that although the urban structures of these cities are not immune to the Form of Privilege, Natal is emblematic of this phenomenon, a fact that demonstrates the perverse character of its spatial process, which historically creates privileged areas within the city, by means of the appropriation of accessibility as well as of the many urban benesses that are related to it by higher income groups at the expense of the major part of the population, which though being the people mostly in need of the benefits originating from the urban form are excluded from them

Qualidade do ar interior e conforto térmico : um estudo em espaços de estacionamento em Natal/RN

The recent tendency to utilize parking lots for other purposes has demonstrated that more time has been spent by visitors, mainly in great cities. Therefore, this paper investigates the thermal comfort and the air quality indoors in areas specifically used as parking lots by analyzing the direct relation between such environments and vehicular pollution. The thermal comfort and the quality of air indoors in parking lots with different architectonic typology (ground-floor and underground) are also studied, aiming to contribute to the proposition of suitable new areas designated to human usage. Field research was done, in two distinct periods within different weather conditions (January and July) in, two naturally cooled, parking lots located in Natal - RN. The internal environment agents were measured by using tools for air temperature, humidity, speed and direction; interviews with employees and visitors and chemical analysis through appropriate tools to analyze specific material, carbon monoxide and ozone. The results showed that chemical agents densely concentrate mostly in the closed parking space, aggravated by weather conditions, which dissatisfied the visitors. Still, it was shown that architectonic typology, alongside topographical aspects compromise internal environmental conditions, which increases the retention of pollution, leading to dissatisfactory thermal comfort levels and becoming less suitable for usage by visitors considering air and thermal comfort aspects. Consequently, they are not suitable for human stay due to the poor quality of the indoor air

Influência da alimentação sobre os níveis de retinol do leite caprino

The caprine milk is a product of high biological value and high digestibility. Due to these characteristics it is quite used by newly born children that are not breastfed or that are intolerant to the bovine milk. The vitamin deficiency is a public health problem in underdeveloped areas as the Northeast of Brazil and where areas the caprine ones adapt very well. The present study was led to analyze the influence of the feeding in the vitamin levels in the caprine milk. The animals used were the races Saanen and Murciana, divided in three groups. The first group with 38 animals of race Saanen and the second with 30 animals of race Murciana were, fed with concentrated and voluminous. A third group with 20 animals of the race Saanen was fed exclusively with voluminous. The four group was added with 10. 000 UI of retinol palmitato, administered directly, like capsule, in the mouth of animal. Parallel it was verified the level of retinol of milk in the beginning and final of the sucked, in the goats of the second group (race Murciana n =30). The retinol of caprine milk was determined through the system of liquid cromatografia of high efficiency (HPLC). The retinol levels in the studied groups were respectively: first (38. 5 ± 12. 7 μg/100ml), second (40. 5 ± 9. 7 μg/100ml); third, with 20 animals of race Saanen fed exclusively with voluminous (23. 1 ± 6. 7 μg/100ml) and in the group a, suplementation with 10. 000 UI of retinol palmitato (43,7 ± 18,8 μg/100ml) before, and (61,9 ± 26,9 μg/100ml) after the supplementation. It was not found significant difference between the averages from animals of the first and second group, that were fed with the same concentrate diet and voluminous, showing that the retinol levels in the milk of these two races are equivalent. Already in the animals of the first and third group that they were fed with different diets, in those which diet was just voluminous, a drastic reduction was verified in the retinol levels. In relation to the retinol of the milk in different moments from the same sucked, it was observed in the beginning of the breast-feeding (22. 6 ± 9. 8 μg/100ml) and at the end of the sucked (49. 6 ± 14. 7μg/100ml), being the difference between the averages, statistically significant (p < 0,0001). Already in the animals that were supplemented, a significant increase was observed in the retinol concentration, being obtained a medium response of 41,85%

Desempenho e eficiência biológica de bubalinos de três grupos genéticos terminados em confinamento e abatidos em diferentes estádios de maturidade

Neste trabalho objetivou-se estudar o desempenho e a eficiência biológica de 48 bubalinos (16 Murrah - MUR, 16 Jafarabadi - JAF e 16 Mediterrâneo - MED) com média de 18 meses de idade e de peso vivo inicial de 330 kg terminados em confinamento. Quatro animais de cada grupo genético foram designados por sorteio para o abate inicial e serviram de referência para o estudo dos pesos iniciais de corpo vazio e de carcaça. Os 12 animais restantes de cada grupo genético foram divididos aleatoriamente em três subgrupos de quatro animais e submetidos aos seguintes tratamentos: Maturidade 1 (400 kg PV ao abate); Maturidade 2 (450 kg PV ao abate); Maturidade 3 (500 kg PV ao abate). Foi fornecida uma ração única, ad libitum, para todos os animais, composta por 50% de feno de coastcross na MS e 50% de concentrado à base de fubá de milho, uréia e farelo de soja, devidamente suplementado com minerais. Após os abates pré-fixados, determinou-se o peso corporal vazio (PCVZ) dos animais, por meio do somatório das partes integrantes do corpo. Os consumos médios diários de MS e MO não diferiram entre grupos genéticos, embora animais JAF tenham apresentado os maiores valores numéricos. Animais MUR, JAF e MED não diferiram quanto aos ganhos de peso corporal vazio e de carcaça. Não houve diferenças quanto à eficiência biológica (ganho de peso corporal vazio e ganho de carcaça por unidade de energia metabolizável ingerida) entre os grupos genéticos, embora animais Murrah tenham apresentado os maiores valores. Bubalinos abatidos aos 400 e 450 kg apresentaram melhor eficiência de ganho de peso corporal vazio e ganho de carcaça que os abatidos aos 500 kg.

Reproductive migration and population dynamics of the blue crab Callinectes danae in an estuary in southeastern Brazil

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

Atenção ao usuário em um centro de referência HIV/Aids: perspectiva de profissionais e usuários

We study the health care focused on care in an intercessor and dialogical relationship with the User, which involves the construction of therapeutic projects essential to the quality of the treatment of the user in health services, and it is necessary individual and collective actions. It is intended to acknowledge and analyze the perception of social subjects, users and professionals on the treatment given to a user of a Specialized Outpatient Service (Serviço Ambulatorial Especializado SAE) in STD/HIV/AIDS state reference in Natal, RN. The study is structured in a transdisciplinary vision of science and knowledge, theoretical and methodological principles that give meaning to the expression of the institutional features of care and health care reconnecting them to the social context. As a research strategy we seek the expressions of 56 subjects of social research, which agreed to participate in the sample, from a symbolic map of the attention, coupled with the techniques of observation and semi-structured interview. For the analysis of the results, five categories of analysis were established: the meaning of the service, care perception, process of communication and interaction, treatment perception and organization and evaluation of the service. It is argued that the attention and care are developed in a technical health care assistance to the disease, focusing on attention based on treatment, on diagnostic and drug therapy of antiretroviral drugs, reflecting the traditional biomedical paradigm of attention to the disease. This is also the mode of organization of practical actions in daily SAE: the therapy proves to be fragmented in several specialties, vertical and feeds the same model, generating tension and overload for professionals; showing impersonal care focused on structured and informative technology, unrelated to an interactive dialogic. From the speech of the subjects, the SAE is understood as the place of confrontation with the disease, but also enables greater elaboration of the illness by meeting their peers. Living with HIV and AIDS is living with concern, apprehension and fear, but mainly with the stigma, prejudice and exclusion, which require that the disease is kept in secret. There is a movement of forces and power, expressed in the knowledge-power of those who dominate the technical and administrative capabilities, devices that concentrate the maintenance of the medicalization of care, rapid consultations and with little attention, making it difficult to interact with and listen to, combined with structural failures, organizational and inadequate management of the service. We conclude that there are dimensions that are not considered in the internal dynamics of the care service multiple forms, characterized by care conflicting models, marked by individual interventions related to the disease. The subject is not considered together with his speech as technical discourse is imposed and care production based on material technology is observed

Digestibilidade da Matéria Seca, Proteína Bruta e Energia Bruta da Silagem de Milho associada ao Concentrado, por meio de ensaios in vivo e in vitro

A study was made to compare dry matter, crude protein and gross energy digestibility of corn silage, associated to concentrate, through in vitro and in vivo digestion techniques. A completely randomized design was used, with two treatments and nine replications, involving three assays. The in vivo digestion assay was conducted with 12 Holstein heifers, on a 24 h permanent sample collection. The in vitro digestion assay was achieved with three collection methods: manual (M), vacuum pump (VP) and nasoesophagic (N). The collection methods VP and M can he used to determine the dry matter digestibility, instead of in vivo method, for the present study ration. The digestion methods influenced the DM, CP and GE digestibility for the studied ration.

A encruzilhada da vida política em assentamentos de reforma agrária no Rio Grande do Norte

The rural settlements represent a mark in the expensive historical process of fight by the land in Brazil. At first offer basic terms of survival, through the access the land and of the fundamental supports for exploration. At the same time, have stimulated organization forms politicizes of the families who manage to work with the new challenges of the everyday. The moment that follows the land conquest, and therefore, the settlements construction while life and work project, it is crossed for objective and subjective demands, with highlight for options of agricultural production and strategies of collective action. Originally formed as representation instance legitimates of the families - front to the government and social actors - the settlers associations are private spaces for political sociability, that guided by principles participative, can lead the settlers the new conquests through indeed democratic experiences. The goal of this work is to comprehend the participation forms in the scope of these associations and the way as that translates in life best terms for the group, from the settlements experiences located in the Territories of the Citizenship Mato Grande and Açu-Mossoró, in Rio Grande do Norte's State. The theoretical conceptions that guide this analysis are concentrate on discussions about democracy and participation (Patermam, Putnam, Bodernave) and in the reflections about the rural world (Medeiros, Martins, Woodman e Woodman and Bergamansco). About methodological, different point of view strategies were developed: The direct observation, the application in locate of questionnaires to the families settlers and interviews semi-structured with the internal leaderships. With that could verify that the participation forms in the associations operate in two heartfelt: Of a side, they promote assimilation opportunities of democratic abilities accompanied of notions of social rights and redefinition of political standards; Of another, it offers indeed the possibility of the settlers lead, with relative autonomy, the political organization and her changes in direction to a way of life that wish to have in the settling

Composição tecidual dos cortes da carcaça de ovinos jovens e adultos

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Influência de subprodutos de oleaginosas sobre parâmetros ruminais e a degradação da matéria seca e da proteína bruta

Avaliou-se o efeito da adição de subprodutos de oleaginosas na dieta de ovinos em substituição ao farelo de soja. Foram distribuídos quatro ovinos Santa Inês, com peso corporal de, aproximadamente, 40kg, canulados no rúmen, em quadrado latino (4x4), com quatro dietas e quatro períodos, analisados por regressão para a avaliação da degradação ruminal, dos valores de pH e das concentrações de nitrogênio amoniacal in vivo. Os subprodutos foram as tortas de amendoim, girassol e soja, em dietas isonitrogenadas, com 70% de concentrado e 30% de volumoso (feno de tifton). Não foi observado efeito da interação tempo x dieta para os valores de pH e concentração ruminal de nitrogênio amoniacal (P>0,05). O pH apresentou valor médio de 6,2. As concentrações ruminais de nitrogênio amoniacal não foram afetadas, com valor médio de 29,9mg/dL. Não foram observadas diferenças (P>0,05) nas taxas de degradação da matéria seca e na degradabilidade potencial.

Digestibilidade e balanço de nitrogênio em ovinos alimentados à base de dietas com elevado teor de concentrado e níveis crescentes de polpa cítrica peletizada

O experimento foi realizado com o objetivo de determinar os coeficientes de digestibilidade, a ingestão de nutrientes e o balanço de nitrogênio de dietas com 20% de silagem de milho e 80% de concentrado e 0, 25, 40 e 55% de polpa cítrica na matéria seca total, substituindo o milho em grão. em delineamento de blocos ao acaso, foram utilizados oito cordeiros mestiços, com nove meses de idade e 34 kg de peso, mantidos em gaiolas individuais com dispositivo para separação de fezes e urina. O período de coleta de alimento, sobras, fezes e urina foi de seis dias e a quantidade de alimento oferecido correspondeu à média do consumido nos três últimos dias do período de adaptação. O experimento foi desenvolvido em duas fases, utilizando-se os mesmos animais, que foram distribuídos em blocos pelo peso. Os resultados foram analisados por regressão polinomial. Houve aumento linear nos coeficientes de digestibilidade aparente da proteína bruta e da fibra em detergente ácido, com o aumento da participação da polpa cítrica na dieta. Os demais coeficientes de digestibilidade não diferiram entre si e foram, respectivamente: 71,8; 73,3; 77,2; 63,5; e 72,2%; para matéria seca, matéria orgânica, extrato etéreo, fibra em detergente neutro e hemicelulose. O teor médio de nutrientes digestíveis totais foi de 72,39%. Houve aumento linear da ingestão de matéria seca e de nutrientes digestíveis totais por dia e por peso metabólico, com o aumento de polpa cítrica na dieta. O mesmo ocorreu com a quantidade de nitrogênio ingerido, absorvido, urinário e retido. O aumento da participação da polpa cítrica peletizada até 55% da matéria seca da dieta, substituindo o grão de milho, implicou em melhor aproveitamento da fibra e eficiência no metabolismo do nitrogênio.

Digestibilidade Aparente da Proteína Bruta e dos Componentes da Parede Celular de uma Ração Completa, com Bovinos de Diferentes Grupos Genéticos

Avaliaram-se os coeficientes de digestibilidade do extrato etéreo (EE), proteína bruta (PB), fibra em detergente neutro (FDN), fibra em detergente ácido (FDA), hemicelulose (HCEL) e celulose (CEL) de uma ração completa, composta por 44,3% de feno de braquiária, 55% de concentrado e 0,7% de mistura mineral, fornecida a bovinos de diferentes grupos genéticos (Gir, Nelore, Guzerá, Santa Gertrudis e Caracu), pelas metodologias de coleta total de fezes e com indicador interno (lignina em detergente ácido - LDA), em delineamento inteiramente casualizado, com três repetições por grupo genético, com análise de variância individual dentro de cada metodologia e uma análise de correlação entre as metodologias. Não houve diferença entre grupos genéticos para a digestibilidade de EE, PB, FDN, FDA, HCEL e CEL, pelas metodologias de coleta total de fezes e com LDA, com médias de 44,28 e 40,38%; 52,46 e 49,51%; 57,04 e 54,25%; 37,71 e 34,04%; 71,66 e 69,68%; e 48,27 e 45,20%, respectivamente. As digestibilidades da PB, FDA e CEL não mostraram correlação. A LDA foi eficiente na estimativa da digestibilidades e os nutrientes foram utilizados de forma semelhante pelos diferentes grupos genéticos.