Toward convergence? The brazilian stock market concentration and the role of private equity in its diversification

Using quantitative data obtained from public available database, this paper discusses the difference between of the Brazilian GDP and the Brazilian Stock Exchange industry breakdown. I examined if, and to what extent, the industry breakdowns are similar. First, I found out that the Stock Exchange industry breakdown is overwhelming different from the GDP, which may present a potential problem to asset allocation and portfolio diversification in Brazil. Second, I identified an important evidence of a convergence between the GDP and the Stock Exchange in the last 9 years. Third, it became clear that the Privatizations in the late 90’s and IPO market from 2004 to 2008 change the dynamics of the Brazilian Stock Exchange. And fourth, I identified that Private Equity and Venture Capital industry may play an important role on the portfolio diversification in Brazil.

Avaliação das propriedades farmacológicas de polissacarídeos do fungo Scleroderma nitidum

Several pharmacological properties have been attributed to isolated compounds from mushroom. Recently, have these compounds, especially the polysaccharides derived from mushrooms, modulate the immune system, and its antitumor, antiviral, antibiotic and antiinflammatory activities. This study assesses the possible pharmacological properties of the polysaccharides from Scleroderma nitidum mushroom. The centesimal composition of the tissue showed that this fungus is composed mainly of fibers (35.61%), ash (33.69%) and carbohydrates (25.31%). The chemical analysis of the polysaccharide fraction showed high levels of carbohydrates (94.71%) and low content of protein (5.29%). These polysaccharides are composed of glucose, galactose, mannose and fucose in the following molar ratios 0.156, 0.044, 0.025, 0.066 and the infrared analysis showed a possible polysaccharide-protein complex. The polysaccharides from Scleroderma nitidum showed antioxidant potential with concentration-dependent antioxidant activity compared to ascorbic acid. The analysis scavenging of superoxide radical and inhibition of lipid peroxidation showed that the polysaccharides from S. nitidum have an IC50 of 12.70 mg/ml and EC50 10.4 μg/ml, respectively. The antioxidant activity was confirmed by the presence of reducing potential of these polysaccharides. The effect of these polymers on the inflammatory process was tested using the carrageenan or histamine-induced paw edema model and the sodium thioglycolate or zymosan-induced model. The polysaccharides were effective in reducing edema (73% at 50 mg/kg) and cell infiltrate (37% at 10 mg/kg) in both inflammation models tested. Nitric oxide, a mediator in the inflammatory process, showed a reduction of around 26% at 10 mg/kg of body weight. Analysis of pro- and anti-inflammatory cytokines showed that in the groups treated with polysaccharides from S. nitidum there was an increase in cytokines such as IL-1ra, IL-10, and MIP-1β concomitant with the decrease in INF-γ (75%) and IL-2 (22%). We observed the influence of polysaccharides on the modulation of the expression of nuclear factor κB. Thus, polysaccharides from S. nitidum reduced the expression of NF-κB by up to 64%. The results obtained suggest that NF-κB modulation is one of the possible mechanisms that explain the anti-inflammatory effect of polysaccharides from the fungus S. nitidum.

Atividades Biológicas De Xilana De Sabugo De Milho

The corn cob is an agricultural by-product still little used, this in part due to the low knowledge of the biotechnological potential of their molecules. Xylan from corn cobs (XSM) is a polysaccharide present in greater quantity in the structure of plant and its biotechnology potential is little known. This study aimed to the extraction, chemical characterization and evaluation of biological activities of xylan from corn cobs. To this end, corncobs were cleaned, cut, dried and crushed, resulting in flour. This was subjected to a methodology that combines the use of alkaline conditions with waves of ultrasound. After methanol precipitation, centrifugation and drying was obtained a yield of 40% (g/g flour). Chemical analysis indicated a high percentage of polysaccharides in the sample (60%) and low contamination by protein (0.4%) and phenolic compounds (> 0.01%). Analysis of monosaccharide composition indicated the presence of xylose:glucose:arabinose:galactose:mannose:glucuronic acid in a molar ratio 50:20:15:10:2.5:2.5. The presence of xylan in the sample was confirmed by nuclear magnetic resonance (¹H and ¹³C) and infrared spectroscopy (IR). Tests were conducted to evaluate the antioxidant potential of XSM. This showed a total antioxidant capacity of 48.45 EAA/g sample. However, did not show scavenging activity of superoxide and hydroxyl radical and also reducing power. But, showing a high capacity chelating iron ions with 70% with about 2 mg/mL. The ability to XSM to influence cell proliferation in culture was also evaluated. This polymer did not influence the proliferation of normal fibroblast cells (3T3), however, decreased the rate of proliferation of tumor cells (HeLa) in a dose-dependent, reaching an inhibition of about 50% with a concentration around 2 mg/mL. Analyzing proteins related to cell death, by immunoblotting, XSM increases the amount of Bax, Bcl-2 decrease, increase cytochrome c and AIF, and reduce pro-caspase-3, indicating the induction of cell death induced apoptosis dependent and independent of caspase. XSM did not show anticoagulant activity in the PT test. However, the test of activated partial thromboplastin time (aPTT), XSM increased clotting time at about 5 times with 600 μg of sample compared with the negative control. The presence of sulfate on the XSM was discarded by agarose gel electrophoresis and IR. After carboxyl-reduction of XSM the anticoagulant activity decreased dramatically. The data of this study demonstrate that XSM has potential as antioxidant, antiproliferative and anticoagulant compound. Future studies to characterize these activities of XSM will help to increase knowledge about this molecule extracted from corn and allow their use in functional foods, pharmaceuticals and chemical industries.

Desenvolvimento de um sistema misto de pasta à base de geopolímero e cimento portland para correção de perda de circulação

The materials engineering includes processes and products involving several areas of engineering, allowing them to prepare materials that fulfill the needs of various new products. In this case, this work aims to study a system composed of cement paste and geopolymers, which can contribute to solving an engineering problem that directly involves the exploitation of oil wells subject to loss of circulation. To correct it, has been already proposed the use of granular materials, fibers, reducing the drilling fluid or cement paste density and even surface and downhole mixed systems. In this work, we proposed the development of a slurry mixed system, the first was a cement-based slurry and the second a geopolymer-based slurry. The cement-based slurry was formulated with low density and extenders, 12.0 ppg (1.438 g/cm ³), showing great thixotropic characteristics. It was added nano silica at concentrations of 0.5, 1.0 and 1.5 gps (66.88, 133.76 and 200.64 L/m3) and CaCl2 at concentrations of 0.5, 1, 0 and 1.5%. The second system is a geopolymer-based paste formulated from molar ratios of 3.5 (nSiO2/nAl2O3), 0.27 (nK2O/nSiO2), 1.07 (nK2O/nAl2O3) and 13.99 (nH2O/nK2O). Finally, we performed a mixture of these two systems, for their application for correction of circulation lost. To characterize the raw materials, XRD, XRF, FTIR analysis and titration were performed. The both systems were characterized in tests based on API RP10B. Compressive strength tests were conducted after curing for 24 hours, 7 and 28 days at 58 °C on the cement-based system and the geopolymer-based system. From the mixtures have been performed mixability tests and micro structural characterizations (XRD, SEM and TG). The results showed that the nano silica, when combined with CaCl2 modified the rheological properties of the cement slurry and from the concentration of 1.5 gpc (200.64 L / m³) it was possible to obtain stable systems. The system mixture caused a change in the microstructure of the material by favoring the rate of geopolymer formation to hinder the C3S phase hydration, thus, the production of CSH phases and Portlandite were harmed. Through the mixability tests it can be concluded that the system, due to reduced setting time of the mixture, can be applied to plug lost circulation zones when mixed downhole

Preparação e caracterização de catalisadores à base de titânio suportado em MCM-41 para produção de compostos oxigenados através da pirólise catalítica do capim elefante

In recent years, the area of advanced materials has been considerably, especially when it comes to materials for industrial use, such as is the case with structured porosity of catalysts suitable for catalytic processes. The use of catalysts combined with the fast pyrolysis process is an alternative to the oxygenate production of high added value, because, in addition to increasing the yield and quality of products, allows you to manipulate the selectivity to a product of interest, and therefore allows greater control over the characteristics of the final product. Based on these arguments, in this work were prepared titanium catalysts supported on MCM-41 for use in catalytic pyrolysis of biomass, called elephant grass. The reactions of pyrolysis of biomass were performed in a micro pyrolyzer, Py-5200, coupled to GC / MS, the company CDS Corporation, headquartered in the United States. The catalysts Ti-MCM-41 in different molar ratios were characterized by XRD, TG / DTG, FT-IR, SEM, XRF, UV-visible adsorption of nitrogen and the distribution of particle diameter and specific surface area measurement by the BET method. From the catalytic tests it was observed that the catalysts synthesized showed good results for the pyrolysis reaction.The main products were obtained a higher yield of aldehydes, ketones and furan. It was observed that the best reactivity is a direct function of the ratio Si/Ti, nature and concentration of the active species on mesoporous supports. Among the catalysts Ti-MCM-41 (molar ratio Si / Ti = 25 and 50), the ratio Si / Ti = 25 (400 ° C and 600 ° C) favored the cracking of oxygenates such as acids , aldehydes, ketones, furans and esters. Already the sample ratio Si / Ti = 50 had the highest yield of aromatic oxygenates

Síntese enzimática de ésteres de açúcar: surfactantes e polímeros como novos materiais ambientalmente seguros

Sugar esters are substances which possess surfactant, antifungical and bactericidal actions and can be obtained through two renewable sources of raw materials: sugars and vegetable oils. Their excellent biodegradability, allied to lhe fact that they are non toxic, insipid, inodorous, biocompatible, no-ionic, digestible and because they can resist to adverse conditions of temperature, pH and salinity, explain lhe crescent use of these substances in several sections of lhe industry. The objective of this thesis was to synthesize and characterize surfactants and polymers containing sugar branched in their structures, through enzymatic transesterification of vinyl esters and sugars, using alkaline protease from Bacillus subtilis as catalyst, in organic medium (DMF).Three types of sugars were used: L-arabinose, D-glucose and sucrose and two types of vinyl esters: vinyl laurate and vinyl adipate. Aiming to reach high conversions from substrates to products for a possible future large scale industrial production, a serie of variables was optimized, through Design of Experiments (DOE), using Response Surface Methodology (RSM).The investigated variables were: (1) enzyme concentration; (2) molar reason of substrates; (3) water/solvent rale; (4) temperature and (5) time. We obtained six distinct sugar esters: 5-0-lauroyl L-arabinose, 6-0-lauroyl D-glucose, 1'-O-lauroyl sucrose, 5-0-vinyladipoyl L-arabinose, 6-0-vinyladipoyl D-glucose and 1 '-O-vinyladipoyl sucrose, being lhe last three polymerizable. The progress of lhe reaction was monitored by HPLC analysis, through lhe decrease of sugar concentration in comparison to lhe blank. Qualitative analysis by TLC confirmed lhe formation of lhe products. In lhe purification step, two methodologies were adopted: (1) chromatographic column and (2) extraction with hot acetone. The acylation position and lhe chemical structure were determined by 13C-RMN. The polymerization of lhe three vinyl sugar esters was possible, through chemical catalysis, using H2O2 and K2S2O8 as initiators, at 60°C, for 24 hours. IR spectra of lhe monomers and respective polymers were compared revealing lhe disappearance of lhe vinyl group in lhe polymer spectra. The molar weights of lhe polymers were determined by GPC and presented lhe following results: poly (5-0-vinyladipoyl L-arabinose): Mw = 7.2 X 104; PD = 2.48; poly (6-0-vinyladipoyl D-glucose): Mw = 2.7 X 103; PD = 1.75 and poly (1'-O-vinyladipoyl sucrose): Mw = 4.2 X 104; PD = 6.57. The six sugar esters were submitted to superficial tension tests for determination of the critical micelle concentrations (CMC), which varied from 122 to 167 ppm. Finally, a study of applicability of these sugar esters, as lubricants for completion fluids of petroleum wells was' accomplished through comparative analysis of lhe efficiency of these sugar esters, in relation to three commercial lubricants. The products synthesized in this thesis presented equivalent or superior action to lhe tested commercial products

Chronic exposure to sub-lethal concentration of a glyphosate-based herbicide alters hormone profiles and affects reproduction of female Jundia (Rhamdia quelen)

This work was carried out to verify the effect of a glyphosate-based herbicide on Jundia hormones (cortisol, 17 beta-estradiol and testosterone), oocyte and swim-up fry production. Earthen ponds containing Jundia females were contaminated with glyphosate (3.6 mg/L); blood samples were collected from eight females from each treatment immediately before, or at 1, 10, 20 30 and 40 days following contamination. A typical post-stress rise in cortisol levels was observed at the 20th and 40th days following exposure to glyphosate. At the 40th day, 17 beta-estradiol was decreased in the exposed females. A similar number of oocytes were stripped out from females from both groups, however, a lower number of viable swim-up fry were obtained from the herbicide exposed females, which also had a higher liver-somatic index (LSI). The results indicate that the presence of glyphosate in water was deleterious to Rhamdia quelen reproduction, altering steroid profiles and egg viability. (c) 2006 Elsevier B.V. All rights reserved.

Digestive and functional properties of a partially hydrolyzed cassava solid waste with high insoluble fiber concentration

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effects of butorphanol on the minimum anesthetic concentration for sevoflurane in guineafowl (Numida meleagris)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Faecal IgA concentration is influenced by age in dogs

Data comparing age-related alterations in faecal IgA concentrations of dogs are not available in the literature. The present study aimed to compare the faecal concentrations of IgA in puppies, mature and senior dogs. A total of twenty-four beagle dogs were used, including eight puppies (5 months old, four females and four males), eight mature (4.6 years old, eight males) and eight senior dogs (10.6 years old, three males and five females). Fresh faecal samples were collected from each dog for three consecutive days and pooled by animal. After saline extraction, IgA content was measured by ELISA. Data were analysed by one-way ANOVA, and means were compared with Tukey's test (P<0.05). Results showed that puppies have lower faecal IgA concentrations than mature dogs (P<0.05); senior animals presented intermediary results. The reduced faecal IgA concentration in puppies is consistent with the reduced serum and salivary IgA concentrations reported previously, suggesting a reduced mucosal immunity in this age group. Although some studies have found an increased serum IgA concentration in older dogs, this may differ from the intestinal secretion of IgA, which appears to be lower in some senior animals (four of the eight dogs studied).

Hepatic concentration of heat shock protein 70 kD (Hsp70) in broilers subjected to different thermal treatments

1. The relationship between repeated thermal treatments and hepatic synthesis of Hsp 70 was studied in broiler chickens.2. Sixty broilers were submitted to 5 different treatments (12 birds each) from day 1 to day 42. Four groups were kept in a thermoneutral environment and subjected to 0, 1, 2 and 3 heat stress episodes at 35 degrees C for 4 h per week (TN-0, TN-1, TN-2 and TN-3, respectively). The last group (HT-35) was reared at a room temperature of 35 degrees C.3. From 39 to 42 old, the birds experienced acute heat stress at 41 degrees C. Resistance to heat stress was evaluated by the time taken for rectal temperature to increase by 3 degrees C above the pre-treatment value. Livers were collected (before and after heat stress) and Hsp70 was determined using Western Blot analysis with monoclonal anti-Hsp70 antibody.4. Resistance to heat stress and concentration of Hsp70 were higher in those birds subjected to more heat stress episodes during the experimental period (TN-3) and HT-35. A positive correlation was observed between Hsp70 concentration and the time taken for a 3 degrees C increase in rectal temperature (r=0.42; P<0.01).5. Exposing birds to episodes of heat stress (35 degrees C) during rearing may improve their resistance to acute heat stress, but the previous thermal history did not seem to influence the hepatocyte Hsp70 content after exposure to more severe heat stress (41 degrees C).

Impacts of limestone and nitrogen top dressing application on the potassium content in the soil profile and marandu-grass leaf concentration

Objetivou-se avaliar os efeitos de nitrogênio (0, 100, 200, 300 e 400 kg/ha.ano), com ou sem aplicação de calcário dolomítico em cobertura, sobre o teor de potássio (K) do solo nas profundidades de 0 a 5; 5 a 10; e 10 a 20 cm e a concentração de potássio na planta. O experimento foi realizado em Latossolo Vermelho distroférrico de relevo suavemente ondulado, disposto em esquema fatorial 5 × 2, em blocos casualizados, com quatro repetições. A adubação nitrogenada promoveu aumento linear na concentração de potássio na planta e no teor desse mineral na camada de 0 a 5 cm do solo. Ocorreu efeito de inibição competitiva entre a absorção de potássio e cálcio e entre potássio e magnésio. Embora uma fração significativa de potássio retorne à camada superficial do solo pelo resíduo de forragem, em decorrência da maior produção de massa, o aumento da concentração de potássio na planta nas mais altas doses de nitrogênio comprova a importância do suprimento de potássio para a planta, por intensificar a massa de forragem.

Desempenho produtivo e atividade microbiana cecal de coelhos alimentados com dietas contendo diferentes níveis de amido

Com o objetivo de avaliar a influência do amido dietético sobre o rendimento produtivo e a atividade microbiana cecal de coelhos em crescimento, quatro dietas experimentais foram elaboradas de forma a conter níveis crescentes de amido (23, 28, 33 e 38% de amido total na base da MS), os quais foram fornecidos a 32 coelhos da raça Nova Zelândia Branco, distribuídos em gaiolas de engorda individuais, seguindo um delineamento em blocos casualizados. Houve efeito linear decrescente para consumo e conversão alimentar, em que valores de 108,67 g/d e 3,216, respectivamente, foram obtidos para os animais alimentados com 38% de amido dietético. No entanto, o ganho de peso e o rendimento de carcaça não foram influenciados pelos tratamentos. Por outro lado, os valores de pH, as concentrações totais e as proporções molares dos ácidos graxos voláteis não foram influenciados pelos tratamentos, porém, para o ácido propiônico, houve efeito linear decrescente, sendo a maior proporção molar (12,06%) verificada no conteúdo cecal de coelhos alimentados com 23% de amido dietético. O milho-grão apresentou maior influência sobre a atividade microbiana cecal que o amido de milho purificado, porém, sem alterar o desempenho e rendimento de carcaça.

Dehydration of dedo de moça pepper: kinetics and phytochemical concentration

A pimenta vermelha é rica em vitamina C e outros fitoquímicos e pode ser consumida como produto desidratado. A avaliação das melhores condições de secagem pode garantir melhor qualidade do produto. Assim, o objetivo deste trabalho foi estudar o efeito da temperatura do ar de secagem (55, 65, 75 ºC) sobre a cinética de secagem, conteúdos de vitamina C e fenólicos totais e cor do produto desidratado, comparando-os à pimenta in natura. A desidratação foi feita por convecção forçada em estufa. A cinética de secagem foi determinada por pesagens periódicas até peso constante. A umidade da pimenta in natura foi de aproximadamente 86%. As curvas de secagem foram ajustadas por três modelos diferentes, avaliados na literatura. O modelo de Page apresentou o melhor ajuste para este processo. A análise de variância mostrou que a temperatura de secagem influenciou significativamente (p < 0,05) os parâmetros de qualidade (conteúdo de vitamina C, conteúdo de fenólicos totais, cor) da pimenta desidratada quando comparados aos da pimenta in natura. Após a secagem, a retenção de vitamina C aumentou com a redução da temperatura de secagem. de maneira geral, a qualidade do produto foi favorecida na secagem com menor temperatura, devido à redução nas perdas de compostos bioativos.

Recuperação de fósforo por cristalização de estruvita

This study investigated the influence of the molar ratio, the phosphorus initial concentration, the mixture gradient, mixing time, pH and the secondary nucleation on struvite s crystallization in synthetic water in batch reactors. The study was divided into two stages. The first investigated struvite s crystallization at different Mg:N:P molar ratios and at different initial concentrations of magnesium, nitrogen and phosphorus. It was also evaluated the importance of secondary nucleation on the struvite s crystallization. In the second, five parameters were tested to evaluate their influence on the struvite s crystallization, which were: Mg:N:P molar ratio, initial concentration of phosphate, mixing time, mixture gradient and pH. The best conditions for struvite s crystallization were: Mg:N:P = 1,3:1:1 molar ratio; mixture gradient = 60 rpm, pH = 10.0, mixing time = 5 minutes and high initial concentrations of the constituent ions of struvite. Furthermore, the use of struvite crystals as seed influenced positively on the struvite s crystallization