The Brazilian 1994 stabilization plan: an analytical view

The Real Plan has succeeded in stabilizing the Brazilian inflation. The consumer price inflation has been reduced from 11260 percent per year, in June 1994, to an estimate of 8 percent in 1997. The lower inflation resulted in a remarkable income distribution, and in an increased private consumption. The plan managed to control the inflationary effects of the increased demand with some traditional measures: A more liberalized economy, a moving (and overvalued) exchange rate band, high interest rate differentials, and a tight domestic credit policy. The government has, so far failed to accomplish the fiscal adjustment. The price stabilization has largely depended on the current account deficit. However, macroeconomic indicators do not present reasons for concern about the current account sustainability, in the medium-run. The economy may be trapped in a low-growth vicious cycle, represented by a stop-and-go trend, due to the two-way endogencity between domestic saving and growth. Economic growth depends on policies in increase the public sector saving, to secure the privatization of the State enterprises, and to promote investments. The major problem for the government action is, as always, in the political sphere. Approximately 80 percent of the Central Government net revenue are allocated to the social sectors. Consequently, the fiscal reform will hue to deal with the problem of re-designing the public sector’s intervention in the social area. Most probably, it will be inevitable to cut the social area budget. This is politically unpleasant.

From XML to relational view updates: applying old solutions to solve a new problem

XML has become an important medium for data exchange, and is frequently used as an interface to - i.e. a view of - a relational database. Although lots of work have been done on querying relational databases through XML views, the problem of updating relational databases through XML views has not received much attention. In this work, we give the rst steps towards solving this problem. Using query trees to capture the notions of selection, projection, nesting, grouping, and heterogeneous sets found throughout most XML query languages, we show how XML views expressed using query trees can be mapped to a set of corresponding relational views. Thus, we transform the problem of updating relational databases through XML views into a classical problem of updating relational databases through relational views. We then show how updates on the XML view are mapped to updates on the corresponding relational views. Existing work on updating relational views can then be leveraged to determine whether or not the relational views are updatable with respect to the relational updates, and if so, to translate the updates to the underlying relational database. Since query trees are a formal characterization of view de nition queries, they are not well suited for end-users. We then investigate how a subset of XQuery can be used as a top level language, and show how query trees can be used as an intermediate representation of view de nitions expressed in this subset.

Decentralization and education performance: a first view to the Brazilian process

This paper analyses the impact of the decentralization in educational system that is taking place in Brazil in the last decade, as a result of several laws that encourage municipalities to invest in fundamental education. The proficiency tests undertaken by the government allows to follow some public schools in two points in time. Therefore we were able to create an experimental group with the schools that were under state system in the SAEB exam and have migrated to the municipality system by the time of Prova Brasil and a control group with the schools that were under the state system between the two exams and compare the difference in their results using a fixed effect panel data analysis. The difference in difference estimator indicates that there is no significant change in the performance of the students.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

A pension manager’s view of exchange traded funds from São Paulo to Santiago

This paper examines the current Chilean and Brazilian pension markets, how these pension markets are structured, how they have historically invested their portfolios in ETFs and how they utilize Exchange Traded Funds (ETFs). This investigation will give an overview of the current pension landscape in each country, ETFs and ETF managers in the region, as well as distribution allowances and regulations for ETF providers within the region. Finally it will offer insights throughout that will be useful to those building a business or creating an expansion plan in Brazil or Chile.

Spermathecae of the mangrove crab Ucides cordatus: a histological and histochemical view

Ucides cordatus is the most commercially, important mangrove crab in Brazil. In spite of its economic importance, there are few studies of its reproduction, in particular the female reproductive system. The present study describes the histology and histochemistry of the spermathecae of U. cordatus. Adult females were can lit monthly from July 2004 through June 2005, at Iguape, State of São Paulo. The crabs were anaesthetized, and their spermathecae removed and fixed in Davidson's fluid, following the histological routine for paraffin. The slides were stained with HE, xylidine Ponceau, PAS, alcian blue (pH 1.0 and 2.5), Sudan black B and picrosirius-haematoxylin. Histologically, the spermathecae possesses a capsule of conjunctive tissue, rich in collalgen fibres, which surrounds the secretory columnar epithelium. In the lumen, individual sperm packets are not observed; the spermatophores are intermixed with the seminal fluid and secretions of the spermathecae itself. A large proportion of the free spermatozoids and spermatophores are arranged in homogeneous masses in the proximal part of the spermathecae. The secretion produced by the columnar epithelium appears to promote the movement of the gametes to the fertilization chamber, in a ventral position, allowing fertilization of the oocytes. Histochemically, the secretion produced by the columnar epithelium was strongly positive for neutral polysaccharides, positive for acid polysaccharides, and weakly positive for proteins and lipids. Tills secretion forms a glycoprotein matrix which is associated with maintenance of the spermatophores, which can remain stored for long periods.

Sistema de gestão ambiental sob a perspectiva da resource-based view: um estudo de caso no verdegreen Hotel - João Pessoa/PB

The pressure for a new pattern of sustainable development began to require of modern organizations the conciliation between competitiveness and a environmental protection. In this sense, a tool that acts in the implementation of structured strategies is the Environmental Management System (EMS), which focuses on improving environmental performance. This improvement, in turn, can generate to the organizations many benefits , among which, obtaining competitive advantages, susceptible of measurement from different perspectives. One of these is the application of VRIO model, reasoned by the Resource-Based View (RBV), which considers that differences between companies occurs due to differences between its internal resources and capabilities. However, although was been found some studies in the literature that evaluate the competitive potential of certain organizations , such assessments are not performed on specific objects, like the SEM s. Thus, the aim of this study was to evaluate the resources and capabilities (environmental strategies) adopted by the SGA of the Verdegreen Hotel, identifying which of these have the potential to generate competitive advantage. For this, this exploratory-descriptive character study and delineated as field research and case study was used as data collection tools: a literature survey, semi-structured interviews, document research and participant observation. The interpretation of results and consolidation of information were conducted from a qualitative approach, using two techniques of data analysis, namely: content analysis and analysis through VRIO model. The results show that the hotel is quite structured in relation to their EMS, as well as reaching related to improving the management of environmental factors, strengthening the image and gains in competitiveness benefits. On the other hand, the main difficulties for the implementation of the system are related to employees and suppliers. With regard to environmental strategies adopted, of the 25 strategies identified, 10 showed the potential to generate competitive advantage

Modification of polyethylene terephthalate by atmospheric pressure dielectric barrier discharge (DBD) in view of improving the polymer wetting properties

Surface treatment of polymers by discharge plasmas has increasingly found industrial applications due to its capability of modifying uniformly the surface without changing the material bulk properties. This work deals with surface modification of polyethylene terephthalate (PET) by a dielectric barrier discharge (DBD) at atmospheric pressure. The treatments were conducted in air, nitrogen or argon plasma. The polymer surface was characterized by contact angle measurement, X-ray photoelectron spectroscopy (XPS) and atomic force microscopy (AFM). The results show that the plasma treatment introduces oxygen-and nitrogen-related polar groups on the polymer surface and promotes the surface roughening. Both plasma-induced surface modifications contribute to the enhancement of the polymer wettability.

Development of phantom for radiographic image optimization of standard patient in the lateral view of chest and skull examination

We present the construction of a homogeneous phantom to be used in simulating the scattering and absorption of X-rays by a standard patient chest and skull when irradiated laterally. This phantom consisted of Incite and aluminium plates with their thickness determined by a tomographic exploratory method applied to the anthropomorphic phantom. Using this phantom, an optimized radiographic technique was established for chest and skull of standard sized patient in lateral view. Images generated with this optimized technique demonstrated improved image quality and reduced radiation doses. (c) 2006 Elsevier Ltd. All rights reserved.

Taking care as a relationship: a phenomenological view

The purpose of this study was to understand and analyse the meanings given to caring of patients on the isolation ward by nursing students, focusing particularly on the aspects of communication and interpersonal relationships. The data were collected from individual interviews with 18 nursing students who were performing nursing practice on the isolation ward. The results, analysed and interpreted according to existential phenomenology, describe the structure of the phenomenon 'taking care on the isolation ward' from a relational perspective. The students described their difficulties and anxieties, as well as their willingness to take care of isolated patients, resulting in the overcoming of obstacles and in contacting and becoming involved when taking care of these patients.

Caring for organ donors: the intensive care unit physicians' view

This study examined the meanings that the intensive care unit (ICU) physicians attribute to their practice when caring for brain-dead organ donors. It is a phenomenological study, a qualitative method that searches for describing and understanding the experiences lived. Data were collected through recorded individual interviews made with 10 ICU physicians who work in a university hospital in the interior of São Paulo, Brazil. Three categories emerged from data: (1) providing care for brain-dead organ donors; (2) relating to donors and their families; and (3) the ethical concerns and self-awareness of the physicians. There is consensus as to-many aspects: demand of technical qualification and excellence in practice; need of investing in technology of organ transplant; and donors seen as human beings and holders of human rights. Participants understand that family participation is decisive in the donation process, although interactions between the family members and the physicians are difficult because of the sensitive nature of the situation. The physicians often felt ill-prepared to openly discuss the topic of brain death and organ donation. Educational programs for physicians and family members may assist with this difficult process.

A morphological view of the relationship between indirect flight muscle maturation and the flying needs of two species of advanced eusocial bees

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

Mastoparan effects in skeletal muscle damage: An ultrastructural view until now concealed

Animal venoms have been valuable sources for development of new drugs and important tools to understand cellular functioning in health and disease. The venom of Polybia paulista, a neotropical social wasp belonging to the subfamily Polistinae, has been sampled by headspace solid phase microextraction and analyzed by gas chromatography-mass spectrometry. Recent study has shown that mastoparan, a major basic peptide isolated from the venom, reproduces the myotoxic effect of the whole venom. In this study, Polybia-MPII mastoparan was synthesized and studies using transmission electron microscopy were carried out in mice tibial anterior muscle to identify the subcellular targets of its myotoxic action. The effects were followed at 3 and 24 h, 3, 7, and 21 days after mastoparan (0.25 mu g/mu L) intramuscular injection. The peptide caused disruption of the sarcolemma and collapse of myofibril arrangement in myofibers. As a consequence, fibers presented heteromorphic amorphous masses of agglutinated myofilaments very often intermingled with denuded sarcoplasmic areas sometimes only surrounded by a persistent basal lamina. To a lesser extent, a number of fibers apparently did not present sarcolemma rupture but instead appeared with multiple small vacuoles. The results showed that sarcolemma, sarcoplasmic reticulum (SR), and mitochondria were the main targets for mastoparan. In addition, a number of fibers showed apoptotic-like nuclei suggesting that the peptide causes death both by necrosis and apoptosis. This study presents a hitherto unexplored view of the effects of mastoparan in skeletal muscle and contributes to discuss how the known pharmacology of the peptide is reflected in the sarcolemma, SR, mitochondria, and nucleus of muscle fibers, apparently its subcellular targets.

Proteomic View of the Venom from the Fire Ant Solenopsis invicta Buren

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