Emissões de eurobonds tem impacto no cupom cambial?

Este estudo tem por objetivo estimar o impacto do fluxo de emissões corporativas brasileiras em dólar sobre o cupom cambial. Podemos entender o cupom cambial, sob a ótica da Paridade Coberta da Taxa de Juros, como resultado de dois componentes: Taxa de juros externa (Libor) e Risco País. Desvios adicionais sobre a Paridade podem ser explicados por diversos fatores como custos de transação, liquidez, fluxos em transações de arbitragem de empresas financeiras ou não-financeiras, etc. Neste contexto, os fluxos de arbitragem ocorrem quando é possível para uma empresa brasileira captar recursos no mercado externo e internar estes recursos no Brasil encontrando uma taxa final de captação em reais inferior à de sua captação local (via debêntures, notas financeiras, empréstimos, CDB’s, etc) incluindo todos os custos. Quando há condições necessárias a este tipo de operação, o efeito pode ser visto no mercado de FRA de cupom cambial da BM&F, através de um fluxo anormal de doadores de juros. Testes não-paramétricos (Wilcoxon-Mann-Whitney, Kruskal-Wallis e Van der Waerden) e a metodologia de estudo de eventos detectaram comportamento anormal no mercado de FRA de cupom cambial frente aos eventos aqui considerados como emissões de eurobonds de empresas brasileiras, excluindo o efeito do risco soberano, medido pelo CDS Brasil e considerando nulo o risco de conversibilidade no período, após análise do diferencial entre NDF onshore e offshore. Para estimação do impacto das emissões sobre o FRA de cupom cambial foram utilizados dois modelos, AR-GARCH e OLS com correção de Newey-West, e os resultados mostraram que as emissões causam fechamento de 2 a 5 bps no FRA de cupom cambial, dependendo do vencimento da emissão e do modelo avaliado. Sob a mesma metodologia, concluímos de cada USD 100 milhões de emissões são responsáveis por, em média, 1 bps de fechamento no FRA de cupom cambial, tudo mais constante.

Does monetary policy stabilize the exchange rate following a currency crisis?

This paper provides evidence on the relationship between rnonetary policy and the exchange rate in the aftermath of currency crises. It ana1yzes a large data set of currency crises in 80 countries in the period 1980 to 1998. The rnain question addressed is: can rnonetary policy significantly alter the probability of reversing the post-crisis undervaluation through nominal appreciation rather than higher int1ation? We find that tight rnonetary policy facilitates the reversal of currency undervaluation through nominal appreciation rather than inflation. When the econorny is also facing a banking crisis, depending on the specification, tight rnonetary policy rnay not have the same effect.

Assessing interdependence among countries' fundamentals and its implications for exchange rate misalignment estimates: An empirical exercise based on GVAR

Exchange rates are important macroeconomic prices and changes in these rates a ect economic activity, prices, interest rates, and trade ows. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that the global vector autoregressions model (GVAR) proposed by Pesaran and co-authors can add relevant information to the literature on measuring exchange rate misalignment. Our empirical exercise suggests that the estimate exchange rate misalignment obtained from GVAR can be quite di erent to that using the traditional cointegrated time series techniques, which treat countries as detached entities. The di erences between the two approaches are more pronounced for small and developing countries. Our results also suggest a strong interdependence among eurozone countries, as expected

Show me the money and I will bring you the head: evaluation of the effects of self-interest and anger on whistleblowing

Though many of those who decided to report wrongdoings in their organizations were able to tell their stories (e.g. Bamford, 2014, Armenakis 2004), it is fair to say that there is still much left to uncover. The paper aims to contribute to the literature in three ways. First, it provides preliminary evidence that the wrongdoing linked with individual financial loss leads to higher whistleblowing rate. Secondly, it shows how the experience of anger is related to the higher likelihood to report the wrongdoer but only if the wrongful act is perceived as a cause of one’s financial loss. Finally, the paper establishes first steps for the future development of an experimental procedure that would enable to predict, and measure whistleblowing behavior in the lab environment.

Monetary policy, default risk and the exchange rate

In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from the dates surrounding the monetary policy committee meetings and the methodology of identification through heteroskedasticity. Indeed, we find that unexpected increases in interest rates tend to lead the Brazilian currency to depreciate. It follows that granting more independence to a central bank that focus solely on inflation is not always a free-lunch.

Low power laser radiation at 685 nm stimulates stem-cell proliferation rate in Dugesia tigrina during regeneration

Today's scientific interest in tissue engineering for organ transplantations and regeneration from stem cells, allied with recent observations on biostimulation of tissues and cells by laser radiation, stands as a strong motivation for the present work, in which we examine the effects of the low power laser radiation onto planarians under regenerative process. To investigate those effects, a number of 60 amputated worms were divided in three study groups: a control group and two other groups submitted to daily 1 and 3 min long laser treatment sections at similar to 910 W/m(2) power density. A 685 nm diode laser with 35 mW optical power was used. Samples were sent to histological analysis at the 4th, the 7th and the 15th (lays after amputation. A remarkable increase in stem cells counts for the fourth day of regeneration was observed when the regenerating worms was stimulated by the laser radiation. Our findings encourage further research works on the influence of optical radiation onto stem cells and tissue regeneration. (c) 2005 Elsevier B.V. All rights reserved.

The Geometric Birnbaum-Saunders regression model with cure rate

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of benzylaminopurine (BAP) on clonal propagation rate of Curcuma longa L.

Curcuma longa L. is used in many countries for its flavor, and medicinal and cosmetic attributes, as well as for its peculiar starch characteristics. These factors have driven an interest in the in vitro propagation of this species, looking for germplasm bank maintenance, production of disease free plants, genetic variability induction from callus, and as a tool for starch research. However, there are few reports concerning the micropropagation of Curcuma longa. The in vitro propagation rate of this species, cultured under two benzylaminopurine (BAP) concentrations, was the aim of this research.

Polymorphisms of estrogen receptor-α gene in Brazilian women with high breast density after menopause

The association of genetic polymorphism in the estrogen receptor alpha (ERα) gene and risk for diseases including breast cancer (BC) has been the subject of great interest. Objective: Checking on women with high breast density after menopause, the frequency of the Pvull and Xbal polymorphisms of the ERα gene and the correlation between them and the known risk factors for breast cancer. Method: Observational study with 308 women between 45 and 65 years old with high breast density, without hormonal therapy, menstruation for a year or more, breast and ovarian cancer history. It was characterized in clinical history and physical examination: menarche, menopause, parity, family history of BC, smoking, alcohol intake and body mass index. Results: The allelic and genotypic frequencies for ERα-Pvull and Xbal: p=43.99%; p=56.01%; pp=32.14%; Pp=47.73% and PP=20.13%; X=41.56%; x=58.44%; xx=33.44%; Xx=50.00% and XX=16.56%, respectively. The most frequent risk factors for BC: menarche before 12 years old (35.38%), nulliparity or first child after 28 years old (41.66%), family history of BC (19.16%) and overweight/obesity (62.01%). Conclusion: Allelic and genotypic distribution similar to literature. The risk factors for BC were more prevalent in women with high breast density but without significant associations with these polymorphisms. © 2013 Informa UK Ltd. All rights reserved.

From west to east: Environmental influences on the rate and pathways of Polynesian colonization

The prime movers behind the prehistoric colonization of Remote Oceania, and in particular the large c. 2000-year temporal gap (i.e. long pause') seen between West and East Polynesia, has long been major point of interest in the Pacific. To address these events and the processes that may have led to the known chronological disparity of these diasporas, we present results from two different, but equally powerful, analytical tools which are used to examine Polynesian seafaring capabilities and trajectories. The first is a statistical model known as Seascape, which simulates voyages, while the second uses ease of eastward travel estimates based on land distribution and wind pattern analysis. These analyses were done with the goal of determining the potential role of environmental factors in the colonization process, particularly as they relate to the long pause. We show that the eastern boundary of West Polynesia, the limit of the initial colonization pulse, is marked by a discontinuity in land distribution, where the distances travelers would have to cross in order to reach islands further to the east become significantly larger. At the same time, in West Polynesia, the frequency and intensity of winds favorable to eastward displacement decrease continuously from west to east. As far as winds are concerned, eastward travel in West Polynesia is favored in the northern and southern areas and much more difficult across the central portion. Favorable winds have a clear seasonality, and eastward displacement along the northern area is much easier under El Nino conditions. Voyaging simulations show that intentional eastward voyages departing from Tonga and Samoa, when undertaken with vessels capable of sailing efficiently against the wind, afford a viable route toward several island groups in East Polynesia, with trips starting in Samoa having a higher probability of success.

The intrinsic growth rate as a predictor of population viability under climate warming

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

Influence of Parity and Season of the Year on Oocyte Quality and Number in Buffaloes

The aim of the present study was to evaluate the effects of season of the year (summer and winter) and parity (heifers and cows) on oocyte quality and number in buffaloes. For this purpose, 71 buffaloes had follicular wave emergence synchronized before OPU. OPU of all follicles >= 2mm was done 5 days after the beginning of the hormonal protocol, in 4 replicates (two for each season). Data were analyzed by ANOVA using PROC GLIMMIX, in a 2 x 2 factorial arrangement of treatments. No interactions were observed in following variables: number of follicles, number of total and viable oocytes, recovery rate, percentage of viable oocytes, grade I oocytes, grade II oocytes, grade III oocytes, denuded oocytes, expanded cumulus oocytes, and atretic/degenerated oocytes. Number of follicles visualized at OPU and recovery rate were not affected by parity or season. Relative to parity, number of total and viable oocytes were greater in heifers than in cows, respectively. Concerning season of the year, number of viable oocytes and viable oocyte rate were increased in winter. In conclusion, better oocyte quality can be obtained from heifers and during winter in buffaloes. However, the number of total oocytes seems to be more influenced by parity than by season of the year in this species.

The benefits of soft sensor and multi-rate control for the implementation of wireless networked control systems

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

A Bayesian analysis of the Conway-Maxwell-Poisson cure rate model

The purpose of this paper is to develop a Bayesian analysis for the right-censored survival data when immune or cured individuals may be present in the population from which the data is taken. In our approach the number of competing causes of the event of interest follows the Conway-Maxwell-Poisson distribution which generalizes the Poisson distribution. Markov chain Monte Carlo (MCMC) methods are used to develop a Bayesian procedure for the proposed model. Also, some discussions on the model selection and an illustration with a real data set are considered.

The geometric Birnbaum-Saunders regression model with cure rate

In this paper, we propose a cure rate survival model by assuming the number of competing causes of the event of interest follows the Geometric distribution and the time to event follow a Birnbaum Saunders distribution. We consider a frequentist analysis for parameter estimation of a Geometric Birnbaum Saunders model with cure rate. Finally, to analyze a data set from the medical area. (C) 2011 Elsevier B.V. All rights reserved.