The forward- and the equity-premium puzzles: two symptoms of the same illness?

We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)'s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)’s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

Structural analysis of the place of wine in Brazil

With the constant decrease of the wine consumption in traditional winemaking countries, more and more Brazil is seen as an appealing market. But the country also pretends to become an international player of winemaking in its own right. Both the participants of the Brazilian wine industry and the foreigners trying to get advantage of this promising market are facing new challenges to develop the consumption of wine in the world’s fifth largest country. Among all the possible actions to be taken in that sense, it also is worth taking time for a collective thought on the place of wine in the country, as well as the factors that shape it. What are these factors, which ones really make the difference, and what is their respective impact on the evolution of the place of wine in the country? After drawing the big picture of the wine market situation, this thesis tries to identify the levers of the evolution of the place of wine in Brazil. Using the tools of prospective, it aims at putting into perspective the different driving forces that influence its development, and in particular the relative influence of the political drivers. This paper also intends to be a first step of a prospective study as it constitutes a solid base for scenario planning. This paper is divided in five chapters starting with “introduction”, followed by chapter 2 “Theoretical framework”. Chapter 3 is “Methodology”, followed by chapter 4 “Description and analysis of the results”. Finally the results are discussed and concluded in the last part “Conclusions and implications for future studies”.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by comparing this out-of-sample results with the one obtained performing an in-sample exercise, where the return-based SDF captures sources of risk of a representative set of developed and emerging economies government bonds. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

Differences in the perception of interest representation: a comparision of Brasília and Brussels lobbying activity

The research topic of this paper is focused on the analysis of how trade associations perceive lobbying in Brussels and in Brasília. The analysis will be centered on business associations located in Brasília and Brussels as the two core centers of decision-making and as an attraction for the lobbying practice. The underlying principles behind the comparison between Brussels and Brasilia are two. Firstof all because the European Union and Brazil have maintained diplomatic relations since 1960. Through these relations they have built up close historical, cultural, economic and political ties. Their bilateral political relations culminated in 2007 with the establishment of a Strategic Partnership (EEAS website,n.d.). Over the years, Brazil has become a key interlocutor for the EU and it is the most important market for the EU in Latin America (European Commission, 2007). Taking into account the relations between EU and Brazil, this research could contribute to the reciprocal knowledge about the perception of lobby in the respective systems and the importance of the non-market strategy when conducting business. Second both EU and Brazilian systems have a multi-level governance structure: 28 Member States in the EU and 26 Member States in Brazil; in both systems there are three main institutions targeted by lobbying practice. The objective is to compare how differences in the institutional environments affect the perception and practice of lobbying, where institutions are defined as ‘‘regulative, normative, and cognitive structures and activities that provide stability and meaning to social behavior’’ (Peng et al., 2009). Brussels, the self-proclaimed "Capital of Europe”, is the headquarters of the European Union and has one of the highest concentrations of political power in the world. Four of the seven Institutions of the European Union are based in Brussels: the European Parliament, the European Council, the Council and the European Commission (EU website, n.d.). As the power of the EU institutions has grown, Brussels has become a magnet for lobbyists, with the latest estimates ranging from between 15,000 and 30,000 professionals representing companies, industry sectors, farmers, civil society groups, unions etc. (Burson Marsteller, 2013). Brasília is the capital of Brazil and the seat of government of the Federal District and the three branches of the federal government of Brazilian legislative, executive and judiciary. The 4 city also hosts 124 foreign embassies. The presence of the formal representations of companies and trade associations in Brasília is very limited, but the governmental interests remain there and the professionals dealing with government affairs commute there. In the European Union, Brussels has established a Transparency Register that allows the interactions between the European institutions and citizen’s associations, NGOs, businesses, trade and professional organizations, trade unions and think tanks. The register provides citizens with a direct and single access to information about who is engaged in This process is important for the quality of democracy, and for its capacity to deliver adequate policies, matching activities aimed at influencing the EU decision-making process, which interests are being pursued and what level of resources are invested in these activities (Celgene, n.d). It offers a single code of conduct, binding all organizations and self-employed individuals who accept to “play by the rules” in full respect of ethical principles (EC website, n.d). A complaints and sanctions mechanism ensures the enforcement of the rules and addresses suspected breaches of the code. In Brazil, there is no specific legislation regulating lobbying. The National Congress is currently discussing dozens of bills that address regulation of lobbying and the action of interest groups (De Aragão, 2012), but none of them has been enacted for the moment. This work will focus on class lobbying (Oliveira, 2004), which refers to the performance of the federation of national labour or industrial unions, like CNI (National Industry Confederation) in Brazil and the European Banking Federation (EBF) in Brussels. Their performance aims to influence the Executive and Legislative branches in order to defend the interests of their affiliates. When representing unions and federations, class entities cover a wide range of different and, more often than not, conflicting interests. That is why they are limited to defending the consensual and majority interest of their affiliates (Oliveira, 2004). The basic assumption of this work is that institutions matter (Peng et al, 2009) and that the trade associations and their affiliates, when doing business, have to take into account the institutional and regulatory framework where they do business.

The rite of passage from regular to connoisseur consumer: the role of the taste transformation ritual in the specialty coffee context

Apesar de o campo da cultura de consumo ter abordado o papel do ritual no consumo, definindo e descrevendo este constructo e explicando suas dimensões, significados culturais, elementos, componentes e práticas, assim como revelando a diferenciação nas práticas dos consumidores, nenhuma pesquisa ainda identificou como os consumidores, por meio de práticas de ritual, estabelecem e manipulam suas próprias diferenciações em relação a outros consumidores durante o rito de passagem deles de uma categoria cultural de pessoa para outra. Tendo como base conceitos-chaves da teoria sobre ritual, minha pesquisa aborda o papel do ritual no consume de apreciação. Conduzindo um estudo etnográfico sobre consumo de apreciação de cafés especiais, eu realizei uma imersão no campo, visitando e observando consumidores em cafeterias independentes de destaque na América do Norte – Toronto, Montreal, Seattle e Nova York – de agosto de 2013 a julho de 2014. Eu também realizei uma imersão no contexto de cafés especiais no Brasil em Belo Horizonte e São Paulo, de agosto de 2014 a janeiro de 2015, para comparar e contrastar as culturas de consume de cafés especiais de Brasil, Estados Unidos e Canadá. Eu usei entrevistas longas, observação participante, netnografia, introspecção e análise histórica de artigos de jornais para coletar os dados, que foram interpretados utilizando a abordagem hermenêutica, comparando os consumidores em diferentes estágios durante o rito de passagem de apreciação. Para estender meu entendimento sobre o consumo de apreciação, eu também coletei dados sobre o contexto de consumo de vinho. Nesta tese, eu introduzo a ideia de ritual de transformação do gosto, teorizando sobre o processo do rito de passagem de apreciação, que converte consumidores regulares em consumidores apreciadores. Minha pesquisa revela que consumidores apreciadores são amadores em diferentes estágios do rito de passagem de apreciação. Eles se transformam pelo estabelecimento e reforço de oposições entre o consume de massa e de apreciação. O ritual de transformação do gosto envolve os seguintes elementos: (1) variação nas escolhas de produtos de alta qualidade, (2) o lugar para realizar a degustação, (3) o momento da degustação, (4) o ato de degustar, (5) investimento de tempo e dinheiro, (6) aumento do capital subcultural e social, (7) perseverança no rito de passagem. Os consumidores apreciadores participam da comunidade de consumo de apreciação. Essa comunidade heterogênea é composta por profissionais excelentes, apreciadores e consumidores regulares. As forças que direcionam a comunidade, de acordo com o que foi identificado no estudo, são a produção de capital social e subcultural, emulação do profissional e das práticas de ritual de consumo, tensões de performance entre os membros da comunidade, amizade comercial e jogo de status. Eu desenvolvo uma ampla consideração teórica que desenvolve e estende um número de conceitos em relação a ritual e consumo, gosto, comunidade heterogênea e consumidores apreciadores.

Homogeneous middles vs. heterogeneous tails, and the end of the ‘Inverted-U’: the share of the rich is what it’s all about

This paper examines the current global scene of distributional disparities within-nations. There are six main conclusions. First, about 80 per cent of the world’s population now live in regions whose median country has a Gini not far from 40. Second, as outliers are now only located among middle-income and rich countries, the ‘upwards’ side of the ‘Inverted-U’ between inequality and income per capita has evaporated (and with it the statistical support there was for the hypothesis that posits that, for whatever reason, ‘things have to get worse before they can get better’). Third, among middle-income countries Latin America and mineral-rich Southern Africa are uniquely unequal, while Eastern Europe follows a distributional path similar to the Nordic countries. Fourth, among rich countries there is a large (and growing) distributional diversity. Fifth, within a global trend of rising inequality, there are two opposite forces at work. One is ‘centrifugal’, and leads to an increased diversity in the shares appropriated by the top 10 and bottom 40 per cent. The other is ‘centripetal’, and leads to a growing uniformity in the income-share appropriated by deciles 5 to 9. Therefore, half of the world’s population (the middle and upper-middle classes) have acquired strong ‘property rights’ over half of their respective national incomes; the other half, however, is increasingly up for grabs between the very rich and the poor. And sixth, Globalisation is thus creating a distributional scenario in which what really matters is the income-share of the rich — because the rest ‘follows’ (middle classes able to defend their shares, and workers with ever more precarious jobs in ever more ‘flexible’ labour markets). Therefore, anybody attempting to understand the within-nations disparity of inequality should always be reminded of this basic distributional fact following the example of Clinton’s campaign strategist: by sticking a note on their notice-boards saying “It’s the share of the rich, stupid”.

Geostatistical characterization of the spatial distribution of Xylella fastidiosa sharpshooter vectors on citrus

A distribuição espacial das espécies de cigarrinhas (Dilobopterus costalimai Young, Acrogonia sp. e Oncometopia facialis Signoret), vetoras da Xylella fastidiosa, agente causal da Clorose Variegada dos Citros, foi estudada com o uso da geoestatística. As avaliações foram feitas em um pomar comercial de laranja 'Pêra' (Citrus sinensis [L.] Osb.), objetivando estabelecer meios para melhor controle dos vetores e da doença. O monitoramento da ocorrência das cigarrinhas no pomar foi feito através de amostragens mensais, utilizando-se armadilhas adesivas amarelas de 3 x 5, distribuídas uniformemente em 50 pontos na área, dispostas em laranjeiras à altura de 1,5 m do solo e substituídas mensalmente. Acrogonia sp. foi a espécie prevalente nas amostragens. Os resultados possibilitaram ajustar modelos aos semivariogramas da distribuição espacial das três espécies no pomar estudado. Durante os três anos consecutivos de amostragem, as populações de Acrogonia sp., D. costalimai e O. facialis apresentaram modelos de distribuição agregada somente nos meses de verão, inverno e primavera, respectivamente, mostrando a necessidade de monitoramento constante desses vetores para reduzir a sua população em épocas favoráveis ao seu desenvolvimento. Através de parâmetros geoestatísticos foi possível calcular a área de agregação das cigarrinhas no pomar. A espécie Acrogonia sp. apresentou área média de agregação de 15.760 m², enquanto para O. facialis e D. costalimai foi possível constatar áreas médias de agregação de 11.555 m² e 10.980 m², respectivamente. Esses resultados indicaram que para um levantamento seguro de cigarrinhas é necessário pelo menos dispor de uma armadilha por hectare.

Intramyocardial course of the coronary arteries in the marsh deer (Blastocerus dichotomus)

O trajeto das artérias coronárias foi estudado no cervo-do-pantanal para comparação com os ruminantes domésticos. A artéria coronária esquerda se origina na aorta, na superfície auricular cardíaca e divide-se em ramos paraconal e circunflexo, os quais preenchem o sulco paraconal interventricular e sulco subsinuoso, respectivamente; esta artéria também origina um ramo para o conus arteriosus imediatamente antes de entrar no miocárdio. A artéria coronária direita surge da aorta, na borda cranial cardíaca e termina nesta borda, próximo ao sulco subsinuoso interventricular, entretanto, sem preenche-lo.

Influence of the temperature in germination of seeds of jabuticaba tree

A jabuticabeira (Myrciaria spp.) é uma fruteira originada do centro-Sul do Brasil e apresenta tipos diferentes. É uma árvore de tamanho médio, com tendência a formar copa com grande número de ramos desde pouco acima do solo. Uma característica considerada como limitante para a cultura comercial dessa frutífera é o grande período juvenil, aconselhando-se então produzir bons porta-enxertos de pés-francos e enxertar as variedades desejadas, ou ainda por outros processos vegetativos. Objetivando-se avaliar a influência da temperatura na germinação de sementes de três clones de jabuticabeira, realizou-se um experimento em condições de laboratório. Observou-se que há influência da temperatura na porcentagem de germinação, sendo que, nas mais baixas temperaturas (15ºC e 20ºC), foi verificada uma maior porcentagem de germinação para os três clones em estudo. Quando do uso da temperatura de 35ºC, dois clones tiveram apenas 8% de germinação, enquanto, para o outro, foi verificado 35%. Estes dados mostram a possibilidade de ocorrência de variabilidade entre clones de jabuticabeira.

Composition and acaricidal activity of the essential oil of Lychnophora ericoides Mart. to Tetranychus urticae Koch (Acari: Tetranychidae).

The essential oil of the leaves and branches obtained by hydrodistillation of Lychnophora ericoides, collected in the Reserve of Furnas - MG, Brazil, was analyzed by CG/EM (Shimadzu QP2010). The major parts of the volatile components identified in the essential oil of leaves were monoterpenes (44.02%) and the sesquiterpene [alpha]-bisabolol (2.05%). The major acaricidal activity of the essential oil from L. ericoides was observed at 48 (14.55 [mu]L/L of air) and 72 h (8.01 [mu]L/L of air) of exposition. The oviposition of T. urticae oviposition was influenced by the essential oil, but the eclosion of eggs was not affected.

Mapping of adhesion forces on soil minerals in air and water by atomic force spectroscopy (AFS)

The adhesion force between an atomic force microscope (AFM) tip and sample surfaces, mica and quartz substrates, was measured in air and water. The force curves show that the adhesion has a strong dependence on both the surface roughness and the environmental conditions surrounding the sample. The variability of the adhesion force was examined in a series of measurements taken at the same point, as well as at different places on the sample surface. The adhesion maps obtained from the distribution of the measured forces indicated regions contaminated by either organic compounds or adsorbed water. Using simple mathematical expressions we could quantitatively predict the adhesion force behavior in both air and water. The experimental results are in good agreement with theoretical calculations, where the adhesion forces in air and water were mostly associated with capillary and van der Waals forces, respectively. A small long-range repulsive force is also observed in water due to the overlapping electrical double-layers formed on both the tip and sample surfaces.

Taking Advantage of Electrostatic Interactions To Grow Langmuir-Blodgett Films Containing Multilayers of the Phospholipid Dipalmitoylphosphatidylglycerol

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

Analysis of the Influence of Sparkout Time on Grinding Using Several Lubrication/Cooling Methods

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

Orbital evolution of the mu and nu dust ring particles of Uranus

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