Anticipatory effects in the FTSE 100 index revisions

This paper examines the price impact of trading due to expected changes in the FTSE 100 index composition. We focus on the latter index because it employs publicly-known objective criteria to determine membership and hence it provides a natural context to investigate anticipatory trading e ects. We propose a panel-regression event study that backs out these anticipatory e ects by looking at the price impact of the ex-ante proba-bility of changing index membership status. Our ndings reveal that anticipative trading explains about 40% and 23% of the cumulative abnormal returns of additions and deletions, respectively. We con rm these in-sample results out of sample by tracking the performance of a trading strategy that relies on the addition/deletion probability estimates. The perfor-mance is indeed very promising in that it entails an average daily excess return of 11 basis points over the FTSE 100 index.

Gestão de membresia: a relação entre associação e associados em três casos brasileiros

O objetivo desta tese é investigar quais são as práticas de gestão de membresia que associações voluntárias realizam para recrutar, engajar e manter associados. Este é um ponto fundamental da administração desse tipo de organização que até o momento teve pouca atenção na literatura, que tende a focar mais nos efeitos democráticos que resultam da vida associativa. O olhar teórico para analisar as práticas vem da Teoria Organizacional, em especial da abordagem de Trabalho Institucional. Busca-se entender se a gestão de membresia tem potencial de ajudar a institucionalizar a associação. A investigação se deu por meio de três estudos de caso de diferentes associações brasileiras: o Instituto Brasileiro de Ciências Criminais (IBCCrim), a Associação Brasileira de Organizações Não Governamentais (Abong) e o Instituto Brasileiro de Governança Corporativa (IBGC). A análise se concentrou nas seguintes questões: quais são as práticas de gestão de membresia desenvolvidas para recrutar, manter e engajar associados? De que forma essas práticas podem ter efeitos institucionalizantes? Quem realiza a gestão associativa? Como ela varia em função do tipo de associado – individual (IBCCrim), organizacional (Abong) ou misto (IBGC)? Os casos mostram como as dezenas de práticas identificadas são feitas não apenas pelos gestores das associações, mas também por conselheiros, pela equipe profissional e voluntária e pelo quadro de associados em geral. Observou-se também como essas práticas ativam diferentes tipos de trabalho institucional, em especial os ligados a aspectos normativos e cognitivos-culturais: construção e reforço de identidade, definição de fronteiras, edição e disseminação de narrativas, exercício da liderança institucional e infusão de valores e criação de rotinas. Explicita-se, assim, como a relação entre associação e associado pode ir muito além de uma troca utilitária de bens e serviços. Entre as principais contribuições do estudo se encontram: mostrar o potencial de usar o olhar da Teoria Institucional para entender as associações; jogar luz sobre um aspecto da administração de associações – gestão de membresia – ainda pouco estudado no Brasil e no exterior; e aumentar o entendimento das chamadas metaorganizações, associações de um tipo especial, cujos membros são outras organizações.

The power of the purse : what do the data say on US federal budget allocation to the states?

This paper provides new evidence on the determinants of the allocation of the US federal budget to the states and tests the capability of congressional, electoral and partisan theories to explain such allocation. We find that socio-economic characteristics are important explanatory variables but are not sufficient to explain the disparities in the distribution of federal monies. First, prestige committee membership is not conducive to pork-barrelling. We do not find any evidence that marginal states receive more funding; on the opposite, safe states tend to be rewarded. Also, states that are historically "swing" in presidential elections tend to receive more funds. Finally, we find strong evidence supporting partisan theories of budget allocation. States whose governor has the same political affiliation of the President receive more federal funds; while states whose representatives belong to a majority opposing the president party receive less funds.

Determinantes e eficácia da lealdade partidária no Brasil: uma análise das estratégias dos candidatos a prefeito e vereador

O sistema político brasileiro atual é marcado pelo número expressivo de partidos e também pelo forte trânsito interpartidário: hoje, mais de 30 partidos disputam eleições e, tanto em cargos do legislativo quanto do executivo, o número de políticos com filiação exclusiva a uma única legenda vem caindo consideravelmente. Nesse cenário, a investigação das características do processo de migração entre partidos torna-se fundamental para a melhor compreensão do sistema político-partidário brasileiro. Buscando aprofundar o conhecimento sobre esse tema, nos propusemos a responder duas questões: 1. Como o resultado das eleições municipais e estaduais afetam a decisão dos prefeitos e vereadores de permanecerem fiéis ou migrarem de partido? 2. Qual a eficácia das estratégias de migrar ou permanecer fiel? Para responder a essas questões, utilizamos dados das eleições municipais para prefeito e vereador de 2000 a 2012 e estimamos os efeitos descritos acima por meio do Desenho de Regressão Descontínua e também utilizando o método de Variáveis Instrumentais.

A Formação de gabinetes no governo do Estado do Espírito Santo (1995-2014)

Este trabalho analisa a formação de gabinetes no Governo do Estado do Espírito Santo no período 1995-2014. Para isso, parte-se do debate em torno do presidencialismo de coalizão brasileiro e suas aplicações ao nível subnacional, reforçando a importância de estudos de caso e estudos comparativos. Um resgaste da trajetória política do Espírito Santo é feita, ressaltando o período de crise na década de 1990 e a virada institucional que se deu no começo dos anos 2000. A composição da Assembleia Legislativa no período também é destacada, dada a sua importância para o entendimento das relações entre o Executivo e o Legislativo. Foi construída uma base de dados com todos os Secretários de Estado do período, além de suas respectivas filiações partidárias, de acordo com dados do Tribunal Superior Eleitoral (TSE). Assim, pode-se comparar a composição partidária do gabinete e o tamanho das bancadas partidárias no Legislativo. Para análise da proporcionalidade dos gabinetes este estudo utiliza a Taxa de Coalescência de Amorim Neto (2000) e a aplicação do Índice G sugerido por Avelino, Biderman e Silva (2011). Além da tradicional utilização da filiação partidária dos secretários como proxy para a determinação de um elemento político no gabinete, há ainda a proposição e aplicação paralela de um novo critério que considera a filiação partidária e a ocorrência de candidatura prévia como indicativo de um secretário político. Os dois critérios utilizados mostram resultados diferenciados, e o fato de a maioria dos gabinetes formados não terem sido majoritários sugere que no Espírito Santo a distribuição de cargos no primeiro escalão de governo não seja a principal moeda de troca nos acordos entre Executivo e Legislativo.

Da Barra do Rio aos parrachos: duas realidades sociorganizacionais no litoral Norteriograndense

Observing that social capital is considered crucial for the consolidation of an association, this paper analyzes how different groups associative absorb the concept of membership and how to manage routing in their actions to the social interest. The research aimed to evaluate two central forms of association, based on the concept of Pierre Bourdieu (1980) on social capital, stressing that its distribution and perception are uneven and depends on the ability of ownership of different social groups. Accordingly, took up two organizations community based one in - Barra do Rio and another in Maracajaú - whose main activity is the exploitation in the coastal tourist norteriograndense. Once processed the data, it became clear that, despite the purpose for the association has been motivated by exploration in both organizations, each differently appropriates its capital. While one maintains a feelings of togetherness, trust and satisfaction of group work, the other one, feelings are stifled by individualism, mistrust among their members that although they see the association as something important for the growth and strengthening of the group, working individually

Fuzzy modeling to predict chicken egg hatchability in commercial hatchery

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

As práticas educativas na saúde da família: uma cartografia simbólica

This qualitative research aimed to understand the educational activities carried out in Family Health Units, of the municipality of Mossoró-RN. It was used symbolic cartography to organize and present data from reality. It started on the approach of Health Education and knowledge transformation practice, aiming at the development of autonomy and responsibility of individuals and healthcare, publicized by the appreciation of the interpersonal relations area established in services, such as educational emancipator practices contexts. Individual and collective interviews were realized, conducted with health professionals and users of ESF, about themes, activities, membership, the difficulties, the potential and the design of health education that permeate everyday Family Health Strategy. From what was apprehended, thematic maps were done with the analysis of educational practices of professionals belonging to the Family‟s Health. Links are built with the wires of conceptions of education reflected on themes and activities of family health teams. The storylines are rebinded by voices about the difficulties and the potential of educational processes for emancipator postures. For users, health education means proper care and information on disease prevention. Professionals understand that it is all information that is given to users, about health, social well-being, economic and general condition of human being as a way of preventing and treating disease. Mark printed on voices denote that activities and themes worked don‟t motivate users enough for their participation, being that physicians and dentists also get excluded themselves from educational practices. Elderly groups are those who get most involved with the activities. The size of the contained area and its seclusion from community make harder the access of users, as well as diminishing the quality of educational actions and links users-professionals. Therefore, the searching for medicines, medical consultations and wish to be well served are trademarks of voices from the users that interconnect with enlightening information and guidelines offered by professionals to users. It brings out practices that need to incorporate the social, the subjective and act with practices of prevention and health promotion, on the basis of lifestyles. The dialogical model, which needs to be approached since planning phase of health education actions could arouse interest of involved groups; promoting a relationship of dialogue and listening; discussing the local reality; stimulating practical methodological dialetics; promoting processes of deconstruction of concepts, values and attitudes, as more necessary than construction, using multiple languages. The defended thesis denotes paths to other studies aimed at understanding a dialogical template committed to exchanges of knowledge, and discover strategies that encourage formation of critical consciousness and the discovery of how is the training of new generations of healthcare professionals to belong to the project of society, in its technical, scientific, pedagogical, ethical, political and humanistic dimensions

Mortalidade infantil e condições socioeconômicas nas microrregiões do Nordeste Brasileiro

The study aims to answer the following question: what are the different profiles of infant mortality, according to demographic, socioeconomic, infrastructure and health care, for the micro-regions at the Northeast of Brazil? Thus, the main objective is to analyze the profiles or typologies associated mortality levels sociodemographic conditions of the micro-regions, in the year 2010. To this end, the databases of birth and death certificates of SIM and SINASC (DATASUS/MS), were taken from the 2010 population Census microdata and from SIDRA/IBGE. As a methodology, a weighted multiple linear regression model was used in the analysis in order to find the most significant variables in the explanation child mortality for the year 2010. Also a cluster analysis was performed, seeking evidence, initially, of homogeneous groups of micro-regions, from of the significant variables. The logit of the infant mortality rate was used as dependent variable, while variables such as demographic, socioeconomic, infrastructure and health care in the micro-regions were taken as the independent variables of the model. The Bayesian estimation technique was applied to the database of births and deaths, due to the inconvenient fact of underreporting and random fluctuations of small quantities in small areas. The techniques of Spatial Statistics were used to determine the spatial behavior of the distribution of rates from thematic maps. In conclusion, we used the method GoM (Grade of Membership), to find typologies of mortality, associated with the selected variables by micro-regions, in order to respond the main question of the study. The results points out to the formation of three profiles: Profile 1, high infant mortality and unfavorable social conditions; Profile 2, low infant mortality, with a median social conditions of life; and Profile 3, median and high infant mortality social conditions. With this classification, it was found that, out of 188 micro-regions, 20 (10%) fits the extreme profile 1, 59 (31.4%) was characterized in the extreme profile 2, 34 (18.1%) was characterized in the extreme profile 3 and only 9 (4.8%) was classified as amorphous profile. The other micro-regions framed up in the profiles mixed. Such profiles suggest the need for different interventions in terms of public policies aimed to reducing child mortality in the region

Família, aluno e professor: as forças tipológicas da educação básica na região metropolitana de Natal

This work was developed in the research line: "The habitus of study: builder of a new reality in the basic education of metropolitan area Natal" which is being developed with the support of CAPES by the Centre for Education. Acts, especially the problem of academic performance of students in basic education of the public in the Metropolitan Region of Natal (RMN). Thus, the aim of this paper is to construct a typology of students in the 9th year of basic education, attending the public schools (state or municipal) of MRN, 2009, and assess, according to these profiles, what personal characteristics student and their families: economic, social and cultural capital as well as teaching practices create environments capable of favoring a good educational development as measured by the performance obtained in the assessments in mathematics and English language. The data used were provided through the microdata Brazil Exam 2009 held by INEP. We used the methods Grade of Membership (GoM) for construction of profiles relevance of students according to the characteristics already mentioned. With these profiles was verified, which were effectively generating good performance in school curriculum components evaluated. The findings indicate that students belonging to the profile considered good environment, able to achieve better school performance both in Portuguese as in Mathematics, compared to the extreme profiles and adverse deficit

Trajetos no labirinto: história de vida dos portadores de doenças oncológicas em uso de transfusões sanguíneas na cidade de Natal/RN

The studies paths in the maze: life story of individuals with oncological diseases into use of blood transfusion in Natal has the hemotherapy as a primordial procedure to review the relationship between users of oncological health and the due ramifications. The hemotherapy looks for supply the organic needs through blood transfusion, which acquires vital function to the ones that have cancer, because it might reestablish the functionality of the organism throughout the raising of blood components. The impact over the transfusion affects emotionally and physically the users life. Aiming to reflect on these impacts, this study tried, through narratives of lives, rescue their experience since their knowledge of the disease until the time of blood transfusion using. It s about an exploratory-descriptive study, where the qualitative approach uses the theoretical-methodological reference of the oral life history to analyze a colony consisting of five users of health diagnosed with cancer, with achievement of at least three blood transfusions, the clinic Núcleo de Hematologia e Hemoterapia - UFRN, in Natal-RN. The network, in turn, was composed by employees of both sexes, regardless of age, who voluntarily agreed to participate in the study. The data collection, with approval of the Ethics Committee in Research, Liga Norte Riograndense Contra o Cancer, on the number 001/001/2012, occurred through semi-structured interviews, recorded individually in the home context that was previously chosen by employees. The methodological procedure occurred with the transcription of the interviews and their transcreations, and analysis of reports by thematic content analysis. At the reading orientation and interpretation of the employees stories, were discussed three categories of analysis: the impact on psychological REVIEW; impact on socialization and group membership, the environment and the impact of blood transfusion on treatment. Based on the narrative of the life histories of employees, we conclude that the experiences and feelings, hope and sorrow, pain and faith, even when facing a disease like cancer, bring lots of teaching and learning to health professional that deposits humanization health and reinstate hemotherapy forms of clinical critical

Um protocolo de comunicação multicast na camada de aplicação com Consciência de Localização

Internet applications such as media streaming, collaborative computing and massive multiplayer are on the rise,. This leads to the need for multicast communication, but unfortunately group communications support based on IP multicast has not been widely adopted due to a combination of technical and non-technical problems. Therefore, a number of different application-layer multicast schemes have been proposed in recent literature to overcome the drawbacks. In addition, these applications often behave as both providers and clients of services, being called peer-topeer applications, and where participants come and go very dynamically. Thus, servercentric architectures for membership management have well-known problems related to scalability and fault-tolerance, and even peer-to-peer traditional solutions need to have some mechanism that takes into account member's volatility. The idea of location awareness distributes the participants in the overlay network according to their proximity in the underlying network allowing a better performance. Given this context, this thesis proposes an application layer multicast protocol, called LAALM, which takes into account the actual network topology in the assembly process of the overlay network. The membership algorithm uses a new metric, IPXY, to provide location awareness through the processing of local information, and it was implemented using a distributed shared and bi-directional tree. The algorithm also has a sub-optimal heuristic to minimize the cost of membership process. The protocol has been evaluated in two ways. First, through an own simulator developed in this work, where we evaluated the quality of distribution tree by metrics such as outdegree and path length. Second, reallife scenarios were built in the ns-3 network simulator where we evaluated the network protocol performance by metrics such as stress, stretch, time to first packet and reconfiguration group time

Identificação fuzzy-multimodelos para sistemas não lineares

This paper presents a new multi-model technique of dentification in ANFIS for nonlinear systems. In this technique, the structure used is of the fuzzy Takagi-Sugeno of which the consequences are local linear models that represent the system of different points of operation and the precursors are membership functions whose adjustments are realized by the learning phase of the neuro-fuzzy ANFIS technique. The models that represent the system at different points of the operation can be found with linearization techniques like, for example, the Least Squares method that is robust against sounds and of simple application. The fuzzy system is responsible for informing the proportion of each model that should be utilized, using the membership functions. The membership functions can be adjusted by ANFIS with the use of neural network algorithms, like the back propagation error type, in such a way that the models found for each area are correctly interpolated and define an action of each model for possible entries into the system. In multi-models, the definition of action of models is known as metrics and, since this paper is based on ANFIS, it shall be denominated in ANFIS metrics. This way, ANFIS metrics is utilized to interpolate various models, composing a system to be identified. Differing from the traditional ANFIS, the created technique necessarily represents the system in various well defined regions by unaltered models whose pondered activation as per the membership functions. The selection of regions for the application of the Least Squares method is realized manually from the graphic analysis of the system behavior or from the physical characteristics of the plant. This selection serves as a base to initiate the linear model defining technique and generating the initial configuration of the membership functions. The experiments are conducted in a teaching tank, with multiple sections, designed and created to show the characteristics of the technique. The results from this tank illustrate the performance reached by the technique in task of identifying, utilizing configurations of ANFIS, comparing the developed technique with various models of simple metrics and comparing with the NNARX technique, also adapted to identification