On the robustness of short-term interest rate models

This paper investigates the robustness of a range of short–term interest rate models. We examine the robustness of these models over different data sets, time periods, sampling frequencies, and estimation techniques. We examine a range of popular one–factor models that allow the conditional mean (drift) and conditional variance (diffusion) to be functions of the current short rate. We find that parameter estimates are highly sensitive to all of these factors in the eight countries that we examine. Since parameter estimates are not robust, these models should be used with caution in practice.

Novel neutral iron(II) isocyanide maleonitrile dithiolate [Fe(S2C2(CN)2)(t-BuNC) 4] compound

FeBr2 reacts with the S2C2(CN)22- ion (1:1 ratio) in the presence of an excess of t-BuNC in THF to give the mixed ligand [Fe(S2C2(CN)2)(t-BuNC) 4] compound. This neutral product with a formal oxidation state of two for the iron atom was characterized by conductivity measurements, and, i.r., Mössbauer, 13C and 1H n.m.r. spectroscopy. There is a Fe-C p back-donation strengthened towards isocyanide ligands, according to the data of 13C, 1H n.m.r. and Mössbauer spectroscopy.

Estudo da cinética de extração alcoólica durante o processamento de licor de banana

O licor é uma bebida obtida a partir da mistura de álcool, água, açúcar e compostos aromáticos que podem ser extraídos de ervas, frutas, chocolates entre outros, dando origem a vários tipos e sabores de bebida. A banana é uma fruta perecível, que é produzida durante o ano todo e destaca-se no setor do agronegócio capixaba, sendo, portanto, uma boa alternativa para produção de licor, de cor e sabor bem característicos. O aroma é formado por uma mistura complexa de substâncias e que desempenha papel importante na aceitação do licor. Sua caracterização é feita por técnicas cromatográficas avançadas, como o emprego de GC/MS, e constitui um procedimento indispensável para o desenvolvimento da bebida em destaque. Este estudo teve como objetivo principal analisar o processo de extração dos compostos da banana durante a etapa de infusão para a produção de licor de banana e caracterização química de voláteis do extrato. Foram testadas cinco formulações: 200 g, 400 g, 600 g, 800 g e 1000 g de banana para 1 L de álcool de cereais com graduação alcoólica de 92,8 °GL, para obtenção do extrato hidroalcoólico de banana. Na etapa de extração foram realizadas análises físico-químicas de cor, °Brix, índice de refração, pH e atividade de água. Essas análises permitem determinar a cinética de extração dos compostos, bem como o tempo necessário para sua estabilização. A partir dos extratos, foram produzidos licores misturando-se água, extrato e xarope de açúcar, em proporções para que o licor tivesse 30% (m.v-1) de açúcares adicionados e 18 °GL, e foram realizadas análises físico-químicas no licor recém-preparado e após 60 dias de armazenamento. A análise dos compostos voláteis foi realizada no extrato hidroalcoólico após 21 dias do tratamento 2 (400 g.L-1), tendo a extração desses compostos ocorrido por meio do SPME e injetado no GC/MS. Foi observado que a cinética de extração variou para cada concentração e com o tipo de composto extraído. O tratamento 2 foi o que possuiu melhores características comparado aos demais, pois nessa concentração foi percebida a estabilização da coordenada de cor b* e não foi observado aglomeração de banana. O tempo de estabilização foi de 11 dias e a coordenada de cor b* foi o parâmetro utilizado para determinar o final da extração. Houve variações nos valores das análises físico-químicas entre o tempo 0 e após 60 dias, que podem ter ocorrido devido a reações no processo de maturação. Não foram detectados compostos voláteis de interesse, necessitando de adaptação da metodologia utilizada para avaliação de aroma de extrato hidroalcoólico de banana.

Remoção do herbicida 2,4 diclorofenoxiacético (2,4-D) no tratamento convencional de água e associado à adsorção em carvão ativado em pó (CAP) em escala piloto

O aumento do uso de agrotóxicos no Brasil tem causado muitas preocupações, tanto em relação à questão ambiental quanto a saúde pública. Muitos desses compostos não são eficientemente removidos das águas por tratamento convencional, sendo necessárias alternativas que os removam das águas de abastecimento. Dentre as tecnologias existentes, a adsorção em CAP é considerada uma das mais efetivas e confiáveis, cujas vantagens incluem alta eficiência de remoção e facilidade de operação. O objetivo desta pesquisa é avaliar a remoção, em escala piloto, do agrotóxico 2,4-D e o seu principal metabólito 2,4-DCP em amostras de águas tratadas por adsorção em CAP associado ao tratamento convencional. Os testes foram realizados em instalação piloto na áreada ETA Carapina/CESAN. A água bruta foi a proveniente do rio Santa Maria da Vitória contaminadaatravés da adição de agrotóxico em sua fórmula comercial. Foram realizados quatro ensaios, dois sem adição de CAP e dois com adição de CAP junto à unidade de mistura rápida. Os agrotóxicos foram detectados e quantificados através da cromatografia líquida de alta eficiência, em metodologia validada. As amostras coletadas foram caracterizadas de acordo com os parâmetros: temperatura, turbidez, condutividade elétrica, absorbância em 254 nm, cor real, cor aparente, alcalinidade, carbono orgânico total, além e concentração dos agrotóxicos 2,4-D e ácido 2,4,5-T e do metabólito 2,4-DCP. Os diferentes ensaios foram avaliados em termos da taxa de remoção destes parâmetros. Como resultado no TCVcom adição de CAP o composto de interesse foi removido abaixo de 30 μg. L-1,Valor Máximo Permitido, estabelecido pela Portaria do MS n° 2.914/2011 para dosagem de 100μg.L-1e mostrou-se eficiente, também, na remoção de matéria orgânica. Em nenhum dos testes foi detectado o composto 2,4-DCP e 2,4,5-T.

An e-marketplace of healthcare and social care services: the perceived interest

Purpose – The health and social care sector is receiving growing attention due to the increased life expectancy and to the public demand for a better quality of life and better health services. New cost-efficient approaches are required, and the paper aims to present and discuss the main results of a study undertaken in a Portuguese municipality on the perceived relevance of an e-marketplace of social and healthcare services for the inhabitants in general, and for people with special needs in particular, and the identification of the most relevant services to be offered through this platform. Design/methodology/approach – A wide survey was undertaken to identify the needs of potential users and their expectancies with relation to the proposed platform. The results of the study are a support for the project promoters to understand the viability of the solution and the requirements to the deployment of the pilot experiment, as well as to drive the selection of domains of activities/classes of services to be offered by the platform. Findings – Services such as information about healthcare services, home monitoring/accompanying services 24 hours per day, and personal hygiene services provided at home are the ones recognized by the inquired citizens as the most important, which indicates that the potential users will be mostly people with special needs or their family or caregivers. Originality/value – While still at a preliminary development phase, the project represents a good opportunity to develop a totally innovative service with high potential impact for the senior population and for individuals with special needs.

An e-marketplace of healthcare and social care services: the perceived interest

The health and social care sector is receiving growing attention for the last years, due to the increased life expectancy, the public demand for a better quality of life and for better health services. These requirements can be met with more cost-efficient approaches and using new technology-based solutions for providing services. The paper presents and discusses some of the main results of a study undertaken in Guimarães, a Municipality at the North of Portugal, on the perceived relevance of an e-Marketplace of social and healthcare services for the inhabitants in general, and in particular for people with special needs; the study also included the identification of the most relevant services to be offered by this platform and allowed concluding that such an e-Marketplace is of recognized relevance and that it is expected a good adhesion from the population.

Antibacterial activity of Baccharis trimera (Less.) DC. (carqueja) against bacteria of medical interest

Baccharis trimera (Less.) (Asteraceae), popularly know as "carqueja", is a species commonly used in folk medicine for the treatment or prevention of diseases. In this context, the purpose of this work was to study the antibacterial activity of crude hydroalcoholic extract from Baccharis trimera against Gram-positive bacterial strains (Staphylococcus aureus ATCC 29213, Staphylococcus saprophyticus ATCC 15305, Staphylococcus epidermidis ATCC 12228, Enterococcus faecalis ATCC 19433) and Gram-negative bacteria (Escherichia coli EHEC ATCC 43895, Pseudomonas aeruginosa ATCC 27853, Klebsiella pneumoniae ATCC 27736, Salmonella typhi ATCC 19430) of clinical interest. Antibacterial susceptibility was evaluated by broth microdilution assay following the CLSI (formerly the NCCLS) guidelines. The extract from B. trimera showed antibacterial activity against Gram-positive bacteria and the most interesting result was obtained against S. epidermidis that presented Minimal Inhibitory Concentration of 250μg/mL. These results indicate that B. trimera have bacterisostatic potential against Gram-positive bacterial strains of medical interest and could serve as a base for further studies on the use of isolated compounds from this species as future antimicrobials.

The impact of the digital divide on the perceived interest of an e-Marketplace to support healthcare and social care services

In a Europe increasingly aging, it is now recognized the importance and potential of the service industry for ageing well based on information and communication technologies (ICT), as exemplified by the electronic market of social services and health care, the GuiMarket, proposed by the authors. However, this new range of services requires that individuals have advanced digital skills to fully participate in society. Based on the results of a survey made on a sample of 315 individuals, this paper discusses the importance granted GuiMarket and the intended frequency of use, concluding there is a close relationship between ICT access and use that respondents anticipate making of GuiMarket and alike services.

Effect of biostimulant application on production and flavonoid content of marigold (Calendula officinalis L.)

The production of medicinal plants as raw material for industry must associate quality with biomass formation and, with this purpose, the application of plant growth regulators has been studied in these crops. The objective of this study was to evaluate the effect of a biostimulant on growth, inflorescence production and flavonoid content in marigold. The experiment was conducted in a greenhouse and the treatments consisted of increasing doses of the biostimulant (0, 3, 6, 9, 12 and 15 mL L-1) applied by foliar spraying in ten consecutive applications. The experiment was arranged in a completely randomized design, with six treatments and ten repetitions. The number of leaves and flowerheads and dry matter of roots increased linearly with increasing doses of the growth promoter, with 20%, 36.97% and 97.28% increases, respectively, compared with the control. The total dry mass and shoot dry mass showed maximum values at the highest dose tested of 15 mL L-1 (with increases of 40.09% and 46.30%, respectively). Plant height and flavonoid content reached the highest values at a dose of 6 mL L-1. The biostimulant promoted the development of marigold and positively influenced the synthesis of the secondary compound of medicinal interest. Among the tested doses, the application of rates between 6 and 9 mL L-1 of the biostimulant is recommended for more efficient large-scale production of marigold.

Impact of the background region of interest in the relative renal function

Renal scintigraphy with 99mTc-dimercaptosuccinic acid (99mTc-DMSA) is performed with the aim of detect cortical abnormalities related to urinary tract infection and accurately quantify relative renal function (RRF). For this quantitative assessment Nuclear Medicine Technologist should draw regions of interest (ROI) around each kidney (KROI) and peri-renal background (BKG) ROI, although, controversy still exists about BKG-ROI. The aim of this work was to evaluate the effect of the normalization procedure, number and location of BKG-ROI on the RRF in 99mTc-DMSA scintigraphy.

Interest rate exposure of Spanish banks: A nonparametric analysis

Interest rate risk is one of the major financial risks faced by banks due to the very nature of the banking business. The most common approach in the literature has been to estimate the impact of interest rate risk on banks using a simple linear regression model. However, the relationship between interest rate changes and bank stock returns does not need to be exclusively linear. This article provides a comprehensive analysis of the interest rate exposure of the Spanish banking industry employing both parametric and non parametric estimation methods. Its main contribution is to use, for the first time in the context of banks’ interest rate risk, a nonparametric regression technique that avoids the assumption of a specific functional form. One the one hand, it is found that the Spanish banking sector exhibits a remarkable degree of interest rate exposure, although the impact of interest rate changes on bank stock returns has significantly declined following the introduction of the euro. Further, a pattern of positive exposure emerges during the post-euro period. On the other hand, the results corresponding to the nonparametric model support the expansion of the conventional linear model in an attempt to gain a greater insight into the actual degree of exposure.

The problem of estimating the volatility of zero coupon bond interest rate

Financial literature and financial industry use often zero coupon yield curves as input for testing hypotheses, pricing assets or managing risk. They assume this provided data as accurate. We analyse implications of the methodology and of the sample selection criteria used to estimate the zero coupon bond yield term structure on the resulting volatility of spot rates with different maturities. We obtain the volatility term structure using historical volatilities and Egarch volatilities. As input for these volatilities we consider our own spot rates estimation from GovPX bond data and three popular interest rates data sets: from the Federal Reserve Board, from the US Department of the Treasury (H15), and from Bloomberg. We find strong evidence that the resulting zero coupon bond yield volatility estimates as well as the correlation coefficients among spot and forward rates depend significantly on the data set. We observe relevant differences in economic terms when volatilities are used to price derivatives.

KrF pulsed laser deposition of chromium oxide thin films from Cr8O21 targets

Chromium oxides, CrxOy, are of great interest due to the wide variety of their technological applications. Among them, CrO2 has been extensively investigated in recent years because it is an attractive compound for use in spintronic heterostructures. However, its synthesis at low temperatures has been a difficult task due to the metastable nature of this oxide. This is indeed essential to ensure interface quality and the ability to coat thermal-sensitive materials such as those envisaged in spintronic devices. Pulsed Laser Deposition (PLD) is a technique that has the potential to meet the requirements stated above. In this work, we describe our efforts to grow chromium oxide thin films by PLD from Cr8O21 targets, using a KrF excimer laser. The as-deposited films were investigated by X-ray diffraction and Rutherford backscattering spectrometry. Structural and chemical composition studies showed that the films consist of a mixture of amorphous chromium oxides exhibiting different stoichiometries depending on the processing parameters, where nanocrystals of mainly Cr2O3 are dispersed. The analyses do not exclude the possibility of co-deposition of Cr2O3 and a low fraction of CrO2.

Synthesis of optimization of [11C] Pittsburgh compound B by the captive solvent method

Mestrado em Medicina Nuclear.

Impact of the background Region of Interest in the relative renal function

Renal scintigraphy with 99mTc-dimercaptosuccinic acid (99mTc-DMSA) is performed with the aim of detect cortical abnormalities related to urinary tract infection and accurately quantify relative renal function (RRF). For this quantitative assessment Nuclear Medicine Technologist should draw regions of interest (ROI) around each kidney (KROI) and peri-renal background (BKG) ROI although controversy still exists about BKG-ROI. The aim of this work was to evaluate the effect of the normalization procedure, number and location of BKG-ROI on the RRF in 99mTc-DMSA scintigraphy.