Impacto das classificações de rating no valor das empresas brasileiras

Este trabalho tem como objetivo estudar como os anúncios de alterações nos ratings de crédito afetam o valor de mercado das empresas brasileiras. Isso foi feito considerando as divulgações de rating pelo período de 3 anos para o universo de empresas que compõem o índice Bovespa de ações. A metodologia escolhida foi a de Estudo de Evento, utilizando o Market Model como forma de estimação dos retornos normais das ações para uma janela de estimação de 1 ano. Como resultado verificou-se que as divulgações dos ratings têm influência no preço das ações, sendo esse efeito mais acentuado no caso dos rebaixamentos de rating (downgrades): os investidores tendem a antecipar a divulgação do downgrade já que o preço das ações cai antes dessa data e volta a subir depois dela. Essa conclusão está em linha com a de estudos semelhantes feitos com ações europeias e americanas. Outra conclusão foi a de que separando a amostra de downgrades entre empresas investment grade e non-investment grade o efeito dos anúncios de rating é mais acentuado no segundo grupo.

The effect of default risk on trading book capital requirements for public equities : an irc application for the Brazilian market

Esse é um dos primeiros trabalhos a endereçar o problema de avaliar o efeito do default para fins de alocação de capital no trading book em ações listadas. E, mais especificamente, para o mercado brasileiro. Esse problema surgiu em crises mais recentes e que acabaram fazendo com que os reguladores impusessem uma alocação de capital adicional para essas operações. Por essa razão o comitê de Basiléia introduziu uma nova métrica de risco, conhecida como Incremental Risk Charge. Essa medida de risco é basicamente um VaR de um ano com um intervalo de confiança de 99.9%. O IRC visa medir o efeito do default e das migrações de rating, para instrumentos do trading book. Nessa dissertação, o IRC está focado em ações e como consequência, não leva em consideração o efeito da mudança de rating. Além disso, o modelo utilizado para avaliar o risco de crédito para os emissores de ação foi o Moody’s KMV, que é baseado no modelo de Merton. O modelo foi utilizado para calcular a PD dos casos usados como exemplo nessa dissertação. Após calcular a PD, simulei os retornos por Monte Carlo após utilizar um PCA. Essa abordagem permitiu obter os retornos correlacionados para fazer a simulação de perdas do portfolio. Nesse caso, como estamos lidando com ações, o LGD foi mantido constante e o valor utilizado foi baseado nas especificações de basiléia. Os resultados obtidos para o IRC adaptado foram comparados com um VaR de 252 dias e com um intervalo de confiança de 99.9%. Isso permitiu concluir que o IRC é uma métrica de risco relevante e da mesma escala de uma VaR de 252 dias. Adicionalmente, o IRC adaptado foi capaz de antecipar os eventos de default. Todos os resultados foram baseados em portfolios compostos por ações do índice Bovespa.

Co-creation in hospitality industry: a case study on the drivers of traveler-generated content

User-generated content in travel industry is the phenomenon studied in this research, which aims to fill the literature gap on the drivers to write reviews on TripAdvisor. The object of study is relevant from a managerial standpoint since the motivators that drive users to co-create can shape strategies and be turned into external leverages that generate value for brands through content production. From an academic perspective, the goal is to enhance literature on the field, and fill a gap on adherence of local culture to UGC given industry structure specificities. The business’ impact of UGC is supported by the fact that it increases e-commerce conversion rates since research undertaken by Ye, Law, Gu and Chen (2009) states each 10% in traveler review ratings boosts online booking in more than 5%. The literature review builds a theoretical framework on required concepts to support the TripAdvisor case study methodology. Quantitative and qualitative data compound the methodological approach through literature review, desk research, executive interview, and user survey which are analyzed under factor and cluster analysis to group users with similar drivers towards UGC. Additionally, cultural and country-specific aspects impact user behavior. Since hospitality industry in Brazil is concentrated on long tail – 92% of hotels in Brazil are independent ones (Jones Lang LaSalle, 2015, p. 7) – and lesser known hotels take better advantage of reviews – according to Luca (2011) each one Yelp-star increase in rating, increases in 9% independent restaurant revenue whereas in chain restaurants the reviews have no effect – , this dissertation sought to understand UGC in the context of travelers from São Paulo (Brazil) and adopted the case of TripAdvisor to describe what are the incentives that drives user’s co-creation among targeted travelers. It has an outcome of 4 different clusters with different drivers for UGC that enables to design marketing strategies, and it also concludes there’s a big potential to convert current content consumers into producers, the remaining importance of friends and family referrals and the role played by incentives. Among the conclusions, this study lead us to an exploration of positive feedback and network effect concepts, a reinforcement of the UGC relevance for long tail hotels, the interdependence across content production, consumption and participation; and the role played by technology allied with behavioral analysis to take effective decisions. The adherence of UGC to hospitality industry, also outlines the formulation of the concept present in the dissertation title of “Traveler-Generated Content”.

Influence of door handles design in effort perception: accessibility and usability

The application of ergonomics in product design is essential to its accessibility and usability. The development of manual devices should be based on ergonomic principles. Effort perception analysis is an essential approach to understand the physical and subjective aspects of the interface. The objective of the present study was to analyze the effort perception during a simulated task with different door handles by Portuguese subjects of both genders and different ages. This transversal study agreed with ethical aspects. 180 subjects of both genders pertaining to three age groups have participated. Five door handles with different shapes were evaluated. A subjective numeric rating scale of 5 levels was used to evaluate the effort. For statistical analysis it was applied the Friedman non-parametric test. The results have showed no significant differences of effort perception in door handles "A" and "B"; "A" and "D"; and "D" and "C". Door handle "E" presented the lowest values of all. In general, there's an inverse relationship between the results of biomechanical studies and the effort perception of the same task activity. This shows that door handles design influence directly these two variables and can interfere in the accessibility and usability of these kinds of products.

Relationship of black layer and milk line development on maize seed maturity

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

The surface electromyography analysis of the non-plegic upper limb of hemiplegic subjects

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

Does bench model fidelity interfere in the acquisition of suture skills by novice medical students?

OBJETIVO: Embora vários modelos de bancada inanimados tenham sido descritos para o treinamento de habilidades de sutura, até o momento, não existe um método ideal para esse ensino e aprendizagem durante a formação médica. O objetivo foi avaliar se a fidelidade dos modelos de bancada interfere na aquisição de habilidades de sutura em estudantes de medicina iniciantes na prática cirúrgica. MÉTODOS: 36 estudantes de medicina sem exposição prévia a habilidades cirúrgicas foram randomizados em três grupos (n = 12): treinamento de suturas baseado em materiais didáticos (controle); treinamento de suturas em modelo de baixa-fidelidade (modelo de bancada de etileno vinil acetato); ou treinamento de suturas em modelo de alta-fidelidade (modelo de bancada de pele de pata de porco). Foram aplicados pré e pós-testes (realização de pontos simples e pontos subdérmicos invertidos em língua de boi). Três ferramentas (Global Rating Scale com avaliação cega, tamanho do efeito e autopercepção da confiança baseada em uma escala de Likert) foram utilizadas para mensurar todas as performances de sutura. RESULTADOS: A análise após o treinamento demonstrou que os estudantes que treinaram nos modelos tiveram um melhor (p < 0.0000) desempenho na avaliação pela Global Rating Scale, quando comparados com o controle, independente da fidelidade do modelo. A magnitude do efeito (treinamento) foi considerada grande (> 0.80) em todas as mensurações. Após o treinamento os alunos sentiram-se mais confiantes (p < 0.0000) para executarem os dois tipos de suturas. CONCLUSÃO: A aquisição de habilidades de suturas no modelo de baixa fidelidade foi semelhante à prática no modelo de alta fidelidade, sendo que a melhora no desempenho dos participantes que treinaram nesses dois modelos foi superior à aprendizagem baseada em materiais didáticos.

Identification of dementia cases in the community: A Brazilian experience

OBJECTIVES: To describe the application in Brazil of a simple, low-cost procedure, developed in India by the 10/66 Dementia Research Group, for the identification of dementia cases in the community.DESIGN: Community-based dementia case-finding method.SETTING: Piraju, São Paulo, Brazil.PARTICIPANTS: Twenty-five community health workers were trained to identify dementia cases in 2,222 people aged 65 and older in Piraju, a Brazilian town with 27,871 inhabitants.MEAUREMENTS: After the training, the health workers prepared a list of possible cases that afterward an experienced psychiatrist clinically evaluated, according to Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition (DSM-IV), criteria and the Clinical Dementia Rating.RESULTS: of the 72 cases that were clinically assessed, 45 met the DSM-IV diagnostic criteria for dementia. Therefore, the positive predictive value of this case finding method was 62.5%; the estimated frequency of dementia was 2%. Most of the confirmed cases met clinical criteria for Alzheimer's disease and vascular dementia.CONCLUSION: This simple method was appropriate to identify cases of dementia in the general population and can possibly be extended to other developing countries with limited resources to be applied in health programs.

Comparative analysis of root surface smear layer removal by different etching modalities or erbium:yttrium-aluminum-garnet laser irradiation. A scanning electron microscopy study

The purpose of this study was to evaluate the effect of erbium:yttrium-aluminum-garnet (Er:YAG) laser (2.94 mu m) irradiation on the removal of root surface smear layer of extracted human teeth and to compare its efficacy with that of citric acid, ethylenediamine tetra-acetic acid (EDTA), or a gel containing a mixture of tetracycline hydrochloride (HCl) and citric acid, using scanning electron microscopy (SEM). Thirty human dentin specimens were randomly divided into six groups: G1 (control group), irrigated with 10 ml of physiologic saline solution; G2, conditioned with 24% citric acid gel; G3, conditioned with 24% EDTA gel; G4, conditioned with a 50% citric acid and tetracycline gel; G5, irradiated with Er:YAG laser (47 mJ/10 Hz/5.8 J/cm(2)/pulse); G6, irradiated with Er:YAG laser (83 mJ/10 Hz/10.3 J/cm(2)/pulse). Electron micrographs were obtained and analyzed according to a rating system. Statistical analysis was conducted with Kruskal-Wallis and Mann-Whitney tests (P < 0.05). G1 was statistically different from all the other groups; no statistically significant differences were observed between the Er:YAG laser groups and those undergoing the other treatment modalities. When the two Er:YAG laser groups were compared, the fluency of G6 was statistically more effective in smear layer removal than the one used in G5 (Mann-Whitney test, P < 0.01). Root surfaces irradiated by Er:YAG laser had more irregular contours than those treated by chemical agents. It can be concluded that all treatment modalities were effective in smear layer removal. The results of our study suggest that the Er:YAG laser can be safely used to condition diseased root surfaces effectively. Furthermore, the effect of Er:YAG laser irradiation on root surfaces should be evaluated in vivo so that its potential to enhance the healing of periodontal tissues can be assessed.

A controlled clinical trial on the effects of exercise on neuropsychiatric disorders and instrumental activities in women with Alzheimer's disease

OBJETIVO: Analisar os efeitos de seis meses de intervenção de um programa de atividade física sobre os distúrbios neuropsiquiátricos e o desempenho nas atividades instrumentais da vida diária de idosos com Doença de Alzheimer (DA). MÉTODOS: Foram recrutados 20 pacientes nos estágios entre leve e moderado da DA. Segundo o escore clínico de demência (CDR), foram distribuídos em dois grupos: o grupo treinamento (GT), composto por dez mulheres que participaram de um program de exercícios físicos por um período de seis meses, e o grupo controle (GC), composto por dez outras participantes que não realizaram nenhum tipo de intervenção motora estruturada durante o mesmo período. Todas as participantes foram avaliadas por meio do Miniexame do Estado Mental, para obtenção da caracterização cognitiva; Inventário Neuropsiquiátrico, para identificação dos distúrbios neuropsiquiátricos mais prevalentes e Questionário de Atividades Instrumentais de Pfeffer, para verificação do grau de comprometimento funcional. RESULTADOS: Os participantes do GC mostraram uma deterioração tanto no desempenho das atividades instrumentais quanto na intensificação dos distúrbios neuropsiquiátricos, quando comparados os momentos pré e pós-intervenção. CONCLUSÃO: O GT demonstrou uma atenuação da intensificação dos distúrbios neuropsiquiátricos e do desempenho funcional em relação ao grupo sedentário.

Functional capacity of Brazilian patients with Parkinson's disease (PD): Relationship between clinical characteristics and disease severity

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Gait and risk of falls associated with frontal cognitive functions at different stages of Alzheimer's disease

The decline in frontal cognitive functions contributes to alterations of gait and increases the risk of falls in patients with dementia, a category which included Alzheimer's disease (AD). The objective of the present study was to compare the gait parameters and the risk of falls among patients at different stages of AD, and to relate these variables with cognitive functions. This is a cross-sectional study with 23 patients with mild and moderate AD. The Clinical Dementia Rating was used to classify the dementia severity. The kinematic parameters of gait (cadence, stride length, and stride speed) were analyzed under two conditions: (a) single task (free gait) and (b) dual task (walking and counting down). The risk of falls was evaluated using the Timed Up-and-Go test. The frontal cognitive functions were evaluated using the Frontal Assessment Battery (FAB), the Clock Drawing Test (CDT) and the Symbol Search Subtest. The patients who were at the moderate stage suffered reduced performance in their stride length and stride speed in the single task and had made more counting errors in the dual task and still had a higher fall risk. Both the mild and the moderate patients exhibited significant decreases in stride length, stride speed and cadence in the dual task. Was detected a significant correlation between CDT, FAB, and stride speed in the dual task condition. We also found a significant correlation between subtest Similarities, FAB and cadence in the dual task condition. The dual task produced changes in the kinematic parameters of gait for the mild and moderate AD patients and the gait alterations are related to frontal cognitive functions, particularly executive functions.

Diallel analysis of maize resistance to Phaeosphaeria maydis

Em programas de melhoramento visando resistência genética a doenças, a estimativa de parâmetros genéticos que governam a resistência permite direcionar a introdução de resistência em germoplasmas. O objetivo deste trabalho foi estimar os efeitos heteróticos, a capacidade geral (CGC) e específica (CEC) de combinação, utilizando-se de dois métodos de avaliação da resistência, à Phaeosphaeria maydis através da análise dialélica de 36 híbridos F1 e de suas nove linhagens genitoras, em experimentos conduzidos em três ambientes. Foi utilizado um delineamento experimental em blocos casualizados com três repetições e a parcela experimental foi representada por uma fileira de 5 m. As diferenças entre as estimativas da capacidade de combinação, em diferentes ambientes e para os dois métodos de avaliação, apresentaram efeitos significativos (P < 0.01) para ambientes (E), CGC e CGC x E. O efeito de CEC e a interação CEC x E não foi significativa para os dois métodos de avaliação. Os efeitos de CGC foram mais importantes que CEC nesse conjunto de linhagens, sugerindo que efeitos genéticos aditivos são mais importantes como fonte de variação para resistência a esta doença. Efeitos heteróticos para resistência foram estimados, sendo possível identificar combinações híbridas específicas entre linhagens com alto potencial para o controle genético deste patógeno. Resultados para os dois métodos de avaliação foram praticamente idênticos, embora o método PI seja de maior praticidade de uso.

Effect of doses of fungicides and plant resistance activators on the control of Rhizoctonia foliar blight of soybean, and on Rhizoctonia solani AG1-IA in vitro development

Rhizoctonia foliar blight (RFB) of soybean [Glycine max (L.) Merrill] occurs in many tropical and subtropical regions, causing yield reductions of up to 70% and in Brazil, up to 60%. The disease is caused by Rhizoetonia solani AG1-IA and AG1-IB, and by AG2-3 in Japan. RFB occurs in the North, Northeast and Mid-west regions of Brazil. Chemical control remains the only effective method of controlling RFB, but its efficiency depends upon environmental conditions. In this study, 18 fungicides, salicylic acid (SA) and acibenzolar-s-methyl (ASM) were evaluated on R. solani AG1-IA in vitro, by mycelial growth rating and estimating effective concentration for 50% (EC 50) and 90% (EC 90) inhibition of mycelial growth, and in vivo by reduction of disease severity on soybean plants in greenhouse conditions. Mycelial growth was strongly inhibited by the fungicides pyraclostrobin + boscalid and fludioxonil. Preventive fungicide applications were the most effective. Strobilurins were more efficient both in preventive and curative applications. Best results with plant resistance activators were obtained with SA (2.5 mM) sprayed at 20 d before inoculation and with ASM (12.5 mg a.i. l(-1)) 10 d before inoculation. (c) 2005 Elsevier Ltd. All rights reserved.

Proxy-reported health-related quality of life of patients with juvenile idiopathic arthritis: Pediatric rheumatology international trials organization multinational quality of life cohort study

Objective. To investigate the proxy-reported health-related quality of life (HRQOL) and its determinants in patients with juvenile idiopathic arthritis (JIA).Methods. In this multinational, multicenter, cross-sectional study, HRQOL of patients with JIA was assessed through the Child Health Questionnaire (CHQ) and was compared with that of healthy children of similar age from the same geographic area. of joint inflammation, Childhood Health Assessment Questionnaire (CHAQ), and erythrocyte sedimentation rate.Results. A total of 6,639 participants (3,324 with JIA and 3,315 healthy) were enrolled from 32 countries. The mean SD physical and psychosocial summary scores of the CHQ were significantly lower in patients with JIA than in healthy children (physical: 44.5 +/- 10.6 versus 54.6 +/- 4.0, P < 0.0001; psychosocial: 47.6 +/- 8.7 versus 51.9 +/- 7.59 P < 0.0001), with the physical well-being domain being most impaired. Patients with persistent oligoarthritis had better HRQOL compared with other subtypes, whereas HRQOL was similar across patients with systemic arthritis, polyarthritis, and extended oligoarthritis. A CHAQ score > 1 and a pain intensity rating > 3.4 cm on a 10-cm visual analog scale were the strongest determinants of poorer HRQOL in the physical and psychosocial domains, respectively.Conclusion. We found that patients with JIA have a significant impairment of their HRQOL compared with healthy peers, particularly in the physical domain. Physical well-being was mostly affected by the level of functional impairment, whereas the intensity of pain had the greatest influence on psychosocial health.