The theory of storage and the volatility in commadity markets

Esse estudo estende a metodologia de Fama e French (1988) para testar a hipótese derivada da Teoria dos Estoques de que o convenience yield dos estoques diminui a uma taxa decrescente com o aumento de estoque. Como descrito por Samuelson (1965), a Teoria implica que as variações nos preços à vista (spot) e dos futuros (ou dos contratos a termo) serão similares quando os estoques estão altos, mas os preços futuros variarão menos que os preços à vista quando os estoques estão baixos. Isso ocorre porque os choques de oferta e demanda podem ser absorvidos por ajustes no estoque quando este está alto, afetando de maneira similar os preços à vista e futuros. Por outro lado, quando os estoques estão baixos, toda a absorção dos choques de demanda ou oferta recai sobre o preço à vista, uma vez que os agentes econômicos têm pouca condição de reagir à quantidade demandada ou ofertada no curto prazo.

Exchange rate policies, patterns of specialization and economic development: theory and evidence in developing countries

The objectives of this paper are twofold. First, it intends to provide theoretical elements to analyze the relation between real exchange rates and economic development. Our main hypothesis is very much in line with the Dutch disease literature, and states that competitive currencies contribute to the existence and maintenance of the anufacturing sector in the economy. This, in turn, brings about higher growth rates in the long run, given the existence of increasing returns in the industrial sector, and its importance in generating echnological change and increasing productivity in the overall economy. The second objective of this paper is empirical. It intends to analyze examples of successful exchange rate policies, such as Chile and Indonesia in the eighties, as a benchmark for comparison with countries where currency overvaluation has taken place, such as Brazil. In the latter case, the local currency is being inflated by large capital inflows, due to high domestic interest rates and to a boom in demand and prices of commodities in the international markets. It will be argued that the industrial sector bears most of the burden when the currency appreciates, and that Brazil risks at deindustrialization if there are no changes in the exchange rate regime

The implementation of corporate governance in Germany and Brazi l: a comparative case study

The recent promotion of best corporate governance standards by several different government institutions and non-for profit organizations resulted in the implementation of more sophisticated governance mechanisms. As consequence to the separation of ownership and control the concept of agency theory arose. Agency theory argues that without out proper control mechanism managers would behave exploit owners due to information asymmetry. Regulators have promoted corporate governance mechanisms in order to address this issue. This paper aims to contrast the implementation of best corporate governance practices in Germany and Brazil on the example of two practical examples. With this purpose in mind, this paper analyzed two companies listed in the main stock exchange in Germany and Brazil throughout a period of 5 years. In order to measure the degree of corporate governance practices implemented 3 different parameters have been chosen. In line with great part of the literature the parameters considered to be relevant are; composition, procedures and deviation from the local corporate governance code. The comparison of the data revealed that board composition in the two analyzed companies is similar regarding the proportion of independent representatives but does distinguish in size. While committees are related to the same topics it can be implied that Natura’s board is more involved in the actual management of the company. Lastly, Beiersdorf has been able to comply to a larger extend with the recommendations of the local German code than Natura to the recommendations published by Brazilian code of the IBGC.

Seasonal variations in chemical composition and stable isotopes of farmed and wild Brazilian freshwater fish

This study examined variations in the Fulton condition factor, chemical composition, and stable isotopes of carbon and nitrogen in the Brazilian freshwater fish cachara (Pseudoplatystoma fasciatum), comparing farmed and wild fish in different seasons. Values for energy, protein, moisture, and Fulton's condition factor were higher for farmed than for wild fish in the rainy season, indicating better nutritional quality; however, these differences were not observed in the dry season. Likewise, we found significant enhancement of delta(15)N in farmed fish in the rainy season but not in the dry season, whereas enhancement of delta(13)C was observed in both seasons. The combined measurement of delta(13)C and delta(15)N provided traceability under all conditions. Our findings show that stable isotope analysis of C and N can be used to trace cachara origin, and that seasonal variations need to be considered when applying chemical and isotopic authentication of fish and fish products. (C) 2010 Elsevier Ltd. All rights reserved.

Soil attributes and efficiency of sulfentrazone on control of purple nutsedge (Cyperus rotundus L.)

Herbicidas aplicados ao solo são submetidos à adsorção, lixiviação e degradação por processos físicos, químicos e biológicos, além da absorção pelas plantas. Todos esses processos são afetados pela classe dos solos onde foram aplicados e das condições climáticas reinantes logo após a aplicação, que afetarão a eficiência dos produtos no controle de plantas daninhas. Investigaram-se as influências dos atributos de solos e condições de cultivo na eficiência do herbicida sulfentrazone no controle da planta daninha tiririca (Cyperus rotundus L.). O Latossolo Vermelho-Amarelo Distrófico (LVAd), o Latossolo Vermelho (LVd - Distrófico; LVdf - Distroférrico; LVef - Eutroférrico) e o Nitossolo Vermelho Eutrófico (NVe) foram coletados sob duas condições de cultivo, visando obter solos com teores diferenciados de argila, óxido de ferro e matéria orgânica. As amostras dos solos foram submetidas à caracterização granulométrica, química e mineralógica e, em seguida, utilizadas no bioensaio de avaliação da eficiência do sulfentrazone (1,6 L p.c. ha-1) no controle da tiririca em condições de pré-emergência. O sulfentrazone apresentou comportamento diferenciado entre as classes de solos estudados e a sua eficiência diminuiu com o aumento do teor de óxido de ferro nos solos, na seguinte ordem: LVAd, LVd, NVe, LVef e LVdf, sendo que as variações nos teores de argila (240 a 640 g kg-1) e da matéria orgânica (12 a 78 g kg-1) dos solos não interferiram na eficiência do sulfentrazone.

Control of Brachiaria decumbens and Panicum maximum by S-metolachlor as influenced by the occurrence of rain and amount of sugarcane straw on the soil

Com o objetivo de estudar o controle em pré-emergência de Brachiaria decumbens e Panicum maximum pelo herbicida S-metolachlor em função do intervalo de tempo entre a aplicação e a ocorrência de chuva e da quantidade de palha de cana-de-açúcar na superfície do solo, dois experimentos foram desenvolvidos em vasos mantidos em casa de vegetação. No primeiro, foram estudadas cinco quantidades de palha sobre o solo (0, 3, 6, 10 e 15 t ha-1) e cinco dosagens de S-metolachlor (0; 0,96; 1,44; 1,92 e 2,40 kg ha-1). No outro, foram avaliadas duas quantidades de palha sobre o solo (0 e 10 t ha-1) e sete intervalos de tempo entre a aplicação de S-metolachlor e a simulação de chuva (1 dia antes; logo após; 4, 8, 12, 16 e 20 dias após a aplicação). As dosagens de S-metolachlor não foram afetadas pelos níveis de palha na superfície do solo. Além disso, sem a manutenção de palha sobre o solo, o controle das plantas daninhas pelo herbicida S-metolachlor não foi influenciado pelos intervalos de tempo entre a aplicação e a simulação de chuva, até 20 dias. Com 10 t ha-1 de palha, o controle de B. decumbens e P. maximum pelo S-metolachlor não foi prejudicado quando choveu até 12 dias da sua aplicação ou um dia antes, mas, nesse caso apenas para P. maximum.

Nucleus isthmi and control of breathing in amphibians

Despite recent advances, the mechanisms of neurorespiratory control in amphibians are far from understood. One of the brainstem structures believed to play a key role in the ventilatory control of anuran amphibians is the nucleus isthmi (NI). This nucleus is a mesencephalic structure located between the roof of the midbrain and the cerebellum, which differentiates during metamorphosis; the period when pulmonary ventilation develops in bullfrogs. It has been recently suggested that the NI acts to inhibit hypoxic and hypercarbic drives in breathing by restricting increases in tidal volume. This data is similar to the influence of two pontine structures of mammals, the locus coeruleus and the nucleus raphe magnus. The putative mediators for this response are glutamate and nitric oxide. Microinjection of kynurenic acid (an ionotropic receptor antagonist of excitatory amino acids) and L-NAME (a non-selective NO synthase inhibitor) elicited increases in the ventilatory response to hypoxia and hypercarbia. This article reviews the available data on the role of the NI in the control of ventilation in amphibians. (C) 2004 Elsevier B.V. All rights reserved.

Efficiency of entomopathogenic fungi in the control of eggs and larvae of the horn fly Haematobia irritans (Diptera: Muscidae)

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

Mechanism and control of Genipa americana seed germination

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Loss of Y-chromosome does not correlate with age at onset of head and neck carcinoma: a case-control study

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Temporal relationship between successful pancreas transplantation and control of ocular complications in alloxan-induced diabetic rats

Purpose. The impact of pancreas transplantation (PT) on the progression of eye disease is still controversial. This study evaluated the course of retinopathy in transplanted rats in two different diabetic stages.Methods. Sixty inbred male Lewis rats were assigned to four experimental groups: NC-15 nondiabetic control rats; DC-15 untreated diabetic control rats; PT1-15 diabetic rats that received syngeneic pancreas transplants 2 weeks after alloxan diabetes induction; PT2-15 diabetic rats that received pancreas transplants 12 weeks after diabetes onset. Clinical and laboratory parameters and tens opacity were examined in all rats prior to treatment and at 1-, 6-, and 12-months follow-up. Nucleated eyes from five rats in each group processed for ultrastructural study of the retinal at 6 and 12 months after PT or at follow-up.Results. Cataracts were observed in 20%, 60%, and 100% of DC rats at 1-, 6-, and 12-months follow-up, respectively. Early PT (2 weeks) significantly reduced the prevalence of this complication but not late (12 weeks) PT. PT1 rats also showed improved ultrastructure of the superficial and deep capillary plexuses of the retina, and of Muller cells, compared with DC and PT2. In the last group, retinopathy continued to evolve despite successful PT.Conclusion. Our results suggested that prevention of diabetic ocular lesions by PT was closely dependent on earlier performance of the procedure.

Vasopressin and angiotensin receptors of the medial septal area of the brain in the control of thirst and salt appetite induced by vasopressin in water-deprived and sodium-depleted rats

In this study we investigated the influence of d(CH2)(5)-Tyr (Me)-AVP (A(1) AVP) and [Adamanteanacatyl(1),D-ET-D-Tyr(2), Va1(4), aminobutyril(6) ,As-8,As-9]-AVP 9 (A(2)AVP), antagonists of V-1 and V-2 arginine(8)-vasopressin (AVP) receptors, respectively, as well as the effects of losartan and CGP42112A, antagonists of angiotensin II (ANGII) AT(1) and AT(2), receptors, respectively, on water and 0.3 M sodium intake induced by water deprivation or sodium depletion (furosemide treatment) and enhanced by AVP injected into the medial septal area (N4SA). A stainless steel carmulawas implanted into the medial septal area (NISA) of male Holtzman rats AVP injection enhanced water and sodium intake in a dose-dependent manner. Pretreatment with V-1 antagonist injected into the MSA produced a dose-dependent reduction, whereas prior injection of V-2 antagonist increased, in a dose-dependent manner, the water and sodium responses elicited by the administration of AVP. Both AT(1) and AT(2) antagonists administered into the MSA elicited a concentration-dependent decrease in water and sodium intake induced by AVP, while simultaneous injection of the two antagonists was more effective in decreasing AVP responses. These results also indicate that the increase in water and sodium intake induced by AvT was mediated primarily by MSA AT(1) receptors. (c) 2007 Published by Elsevier B.V.

Interaction of serotonin and cholecystokinin in the lateral parabrachial nucleus to control sodium intake

Serotonin [5-hydroxytryptamine (5-HT)] and CCK injected into the lateral parabrachial nucleus (LPBN) inhibit NaCl and water intake. In this study, we investigated interactions between 5-HT and CCK into the LPBN to control water and NaCl intake. Male Holtzman rats with cannulas implanted bilaterally in the LPBN were treated with furosemide + captopril to induce water and NaCl intake. Bilateral LPBN injections of high doses of the 5-HT antagonist methysergide (4 mug) or the CCK antagonist proglumide (50 mug), alone or combined, produced similar increases in water and 1.8% NaCl intake. Low doses of methysergide (0.5 mug) + proglumide (20 mug) produced greater increases in NaCl intake than when they were injected alone. The 5-HT2a/2c agonist 2,5-dimetoxy-4-iodoamphetamine hydrobromide (DOI; 5 mug) into the LPBN reduced water and NaCl intake. After proglumide (50 mug) + DOI treatment, the intake was not different from vehicle treatment. CCK-8 (1 mug) alone produced no effect. CCK-8 combined with methysergide (4 mug) reduced the effect of methysergide on NaCl intake. The data suggest that functional interactions between 5-HT and CCK in the LPBN may be important for exerting inhibitory control of NaCl intake.

Adrenergic mechanisms of the Kölliker-Fuse/A7 area on the control of water and sodium intake

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