Pricing and spread components at the Lima Stock Exchange

This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases.

Estructura productiva y vulnerabilidad externa: un modelo estructuralista stock-flujo consistente

En este trabajo se reúnen los aportes de diferentes escuelas de pensamiento para construir un modelo que permita representar la dinámica macroeconómica de los países latinoamericanos. Para ello se parte de la estructura provista por los modelos stock-flujo consistentes de la tradición post keynesiana, a la cual se incorpora una matriz insumo producto y una serie de aportes de naturaleza estructuralista. Una vez construido el modelo, se introducen las modificaciones necesarias para describir cuatro tipos de estructuras productivas presentes en la región: países agroindustriales, petroleros, mineros y maquiladores. Luego, se simulan una serie de shocks a fin de evaluar el impacto diferencial de los mismos sobre el crecimiento, la distribución del ingreso y la sustentabilidad externa, bajo la sospecha de que la estructura productiva determina en gran parte la vulnerabilidad de cada país frente a los eventuales shocks a los que se exponen en un mundo globalizado. En función de los resultados hallados, se pueden pensar mecanismos que contribuyan a mitigar el impacto de los shocks o en estrategias que promuevan el cambio estructural.

Geologia, petrografia, geoquímica, comportamento físico-mecânico e alterabilidade das rochas ornamentais do stock granítico Serra do Barriga, Sobral (CE)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Educação ambiental e estratégias empresariais na área portuária: um estudo da Companhia Docas do Pará (CDP)

Desde a ECO-92 houve um crescimento substancial de ações de Educação Ambiental (EA) no Brasil e no mundo, ligadas aos mais diversos segmentos da sociedade, como movimentos sociais, associações de bairros, ONG‟s, escolas, universidades, instituições de pesquisa e empresas. As ações de EA ganharam visibilidade no setor empresarial, particularmente, na área portuária, objeto de interesse desse trabalho. Essa dissertação objetiva analisar, numa perspectiva crítica, a lógica da inserção da EA no setor empresarial portuário e seus impactos, a partir da análise da Companhia Ambiental Rural(CDP). Os estudos da EA no setor portuário não elucidam as intenções de “ordem econômica” ao adotarem programas ambientais. Partimos do pressuposto de que a EA é um campo de conhecimento de caráter sistêmico. Seguindo a noção de campo de Bourdieu, procuramos mostrar que a lógica da inserção da EA é acumular “capital simbólico” (crédito/reconhecimento) para conseguir a legitimação do modus operandi empresarial, mostrando suas ações como sustentáveis. Isso permite promover uma boa imagem da empresa e a conquista de selos e certificados. Observou-se que houve a construção do que chamamos de “habitus eco-lógico” reproduzido nas relações de trabalho pela qualificação profissional e gerenciamento ambiental dos negócios da empresa; na apropriação crescente da dimensão intelectual e cognitiva, procurando envolver os trabalhadores mais intensamente pelo disciplinamento, e, consequentemente, obtendo ganho de performance empresarial. Finalmente, conclui-se que a lógica de inserção da EA é a acumulação de “capital simbólico”, para se conseguir a legitimação do modus operandi empresarial, mostrando suas ações como sustentáveis, assim promovendo uma boa imagem da empresa (aumento do preço das ações, como também de seus parceiros) e a diminuição de investimentos em tecnologias e planejamentos para mitigar o compensar os impactos ambientais. Em síntese, a análise percorre elementos relevantes do processo de reestruturação logística das Companhias Docas no Brasil, em particular no Pará.

Caracterização Petrográfica e Tecnológica de Granitos Ornamentais do Stock Granítico Serra do Barriga, Sobral/CE

São apresentados resultados de análises petrográficas e do comportamento tecnológico de quatro variedades de granitos ornamentais do stock Serra do Barriga, localizado a NNW do estado do Ceará. Os tipos investigados são comercialmente conhecidos por Rosa Iracema, Rosa Olinda, Branco Savana e Branco Cristal Quartzo e correspondem a variedades de sienogranitos e monzogranitos, isotrópicos, inequigranulares de granulação média a grossa, com coloração que variam entre rosa e branco. Os resultados dos ensaios tecnológicos, com parâmetros físico-mecânicos bastante similares entre as quatro rochas, situam os granitos analisados como detentores de boas propriedades tecnológicas, indicados para utilização como pisos, bancadas, revestimentos de fachadas horizontais e verticais em ambientes de interiores e de exteriores. Correlações entre os resultados físico-mecânicos e características petrográficas das rochas mostram a influência dos aspectos mineralógicos, texturais e estruturais no comportamento de determinadas propriedades tecnológicas exibidas pelos referidos granitos ornamentais. Dentre os parâmetros petrográficos de maior influência verificados destacam-se a granulação grossa das rochas, teores de quartzo, grau de microfissuramento e alterações minerais, os quais controlam, em maior ou menor proporção, a porosidade aparente e consequente absorção d’água, resistência mecânica (compressão uniaxial; esforços flexores; impacto), desgaste abrasivo Amsler, dilatação térmica e propagação de ondas ultrassônicas exibidas pelos granitos.

Confidence and the Stock Market: An Agent-Based Approach

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

The one-dimensional cutting stock problem with usable leftovers - A survey

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

A genetic algorithm for the one-dimensional cutting stock problem with setups

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

A China e a Globalização: aspectos de uma estratégia nacional

The restructuring of the state productive sector of the central government of China is a phenomenon that has occurred since 1978, and is not yet complete. In a centrally planned economy, China's government introduced a series of economic and social transformations in order to modernize the country's economic structure. The flagship of these reforms was the reintroduction of a market economy, living side by side with a strong state control over key economic variables of the country. In this process, there was a restructuring of ownership of enterprises by means of collectivization, the creation of joint stock companies, establishing joint ventures with foreign companies or privatization. The result of this process was the creation of a set of holding companies that operate in strategic sectors of China's economy such as energy, transport, telecom, capital goods and defense. Within this brief article we will focus on the process of opening up and modernization as the expression of a national project that sought to understand the changes in the international economy and sought to adapt the demographic characteristics of China and productive so you get the best out of globalization.

Information Search Behavior: Proposal of Study with Investors in the Stock Market

With the aim of analyzing the information search behavior of investors working in the stock market, this research sought to raise the aspects related to this behavior with focus on the cognitive and causal aspects which pervade the need for information of these investors. For that, the general pattern of informational behavior proposed by Wilson [10], and also the analysis of a report from an investor of the stock market area were used as basis for the analysis and reflection. The report of only one investor was used as basis for investigation, turning it impossible to extrapolate such result to a greater universe. The objective of this research was to investigate the need for information, the context and the intervenient variables which might interfere or not in the information search behavior of investors, in an attempt to get a deeper comprehension about the subject, as well as to propose the continuity of studies with basis on this study proposal.

Information access law and disclosing of information by joint-stock companies in Brazil: open data and Extensible Business Reporting Language (XBRL) standard

The strategic management of information plays a fundamental role in the organizational management process since the decision-making process depend on the need for survival in a highly competitive market. Companies are constantly concerned about information transparency and good practices of corporate governance (CG) which, in turn, directs relations between the controlling power of the company and investors. In this context, this article presents the relationship between the disclosing of information of joint-stock companies by means of using XBRL, the open data model adopted by the Brazilian government, a model that boosted the publication of Information Access Law (Lei de Acesso à Informação), nº 12,527 of 18 November 2011. Information access should be permeated by a mediation policy in order to subsidize the knowledge construction and decision-making of investors. The XBRL is the main model for the publishing of financial information. The use of XBRL by means of new semantic standard created for Linked Data, strengthens the information dissemination, as well as creates analysis mechanisms and cross-referencing of data with different open databases available on the Internet, providing added value to the data/information accessed by civil society.

Aloe vera bathing improved physical and humoral protection in breeding stock after induced spawning in matrinxa (Brycon amazonicus)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Draft U.S. Pacific Marine Mammal Stock Assessments: 2009

Under the 1994 amendments to the Marine Mammal Protection Act (MMPA), the National Marine Fisheries Service (NMFS) and the U.S. Fish and Wildlife Service (USFWS) are required to publish Stock Assessment Reports for all stocks of marine mammals within U.S. waters, to review new information every year for strategic stocks and every three years for non-strategic stocks, and to update the stock assessment reports when significant new information becomes available. This report presents stock assessments for 13 Pacific marine mammal stocks under NMFS jurisdiction, including 8 “strategic” stocks and 5 “non-strategic” stocks (see summary table). A new stock assessment for humpback whales in American Samoa waters is included in the Pacific reports for the first time. New or revised abundance estimates are available for 9 stocks, including Eastern North Pacific blue whales, American Samoa humpback whales, five U.S. west coast harbor porpoise stocks, the Hawaiian monk seal, and southern resident killer whales. A change in the abundance estimate of Eastern North Pacific blue whales reflects a recommendation from the Pacific Scientific Review Group to utilize mark-recapture estimates for this population, which provide a better estimate of total population size than the average of recent line-transect and mark-recapture estimates. The ‘Northern Oregon/Washington Coast Stock’ harbor porpoise stock assessment includes a name change (‘Oregon’ is appended to ‘Northern Oregon’) to reflect recent stock boundary changes. Changes in abundance estimates for the two stocks of harbor porpoise that occur in Oregon waters are the result of these boundary changes, and do not reflect biological changes in the populations. Updated information on the three stocks of false killer whales in Hawaiian waters is also included in these reports. Information on the remaining 50 Pacific region stocks will be reprinted without revision in the final 2009 reports and currently appears in the 2008 reports (Carretta et al. 2009). Stock Assessments for Alaskan marine mammals are published by the National Marine Mammal Laboratory (NMML) in a separate report. Pacific region stock assessments include those studied by the Southwest Fisheries Science Center (SWFSC, La Jolla, California), the Pacific Islands Fisheries Science Center (PIFSC, Honolulu, Hawaii), the National Marine Mammal Laboratory (NMML, Seattle, Washington), and the Northwest Fisheries Science Center (NWFSC, Seattle, WA). Northwest Fisheries Science Center staff prepared the report on the Eastern North Pacific Southern Resident killer whale. National Marine Mammal Laboratory staff prepared the Northern Oregon/Washington coast harbor porpoise stock assessment. Pacific Islands Fisheries Science Center staff prepared the report on the Hawaiian monk seal. Southwest Fisheries Science Center staff prepared stock assessments for 9 stocks. The stock assessment for the American Samoa humpback whale was prepared by staff from the Center for Coastal Studies, Hawaiian Islands Humpback National Marine Sanctuary, the Smithsonian Institution, and the Southwest Fisheries Science Center. Draft versions of the stock assessment reports were reviewed by the Pacific Scientific Review Group at the November 2008, Maui meeting. The authors also wish to thank those who provided unpublished data, especially Robin Baird and Joseph Mobley, who provided valuable information on Hawaiian cetaceans. Any omissions or errors are the sole responsibility of the authors. This is a working document and individual stock assessment reports will be updated as new information on marine mammal stocks and fisheries becomes available. Background information and guidelines for preparing stock assessment reports are reviewed in Wade and Angliss (1997). The authors solicit any new information or comments which would improve future stock assessment reports. These Stock Assessment Reports summarize information from a wide range of sources and an extensive bibliography of all sources is given in each report. We strongly urge users of this document to refer to and cite original literature sources rather than citing this report or previous Stock Assessment Reports. If the original sources are not accessible, the citation should follow the format: [Original source], as cited in [this Stock Assessment Report citation].