Estrutura de mercado da indústria bancária e apetite ao risco no Brasil: uma análise dos anos 2001 a 2013

O presente trabalho analisou em que medida a estrutura de mercado da indústria bancária brasileira – em níveis de concentração e competição – afeta o apetite ao risco de seus agentes. Para tanto, o estudo examinou a relação entre indicadores de concentração (C3 e HHI), competição (Estatística-H) e de risco (NPL, Z-score) para o período entre 2001 e 2013. A relação entre non-performing loans (NPL), concentração e competição foi empiricamente testada através de modelos de dados em painel. Os resultados indicam que a concentração bancária tem impacto significativo no NPL, sugerindo que sistemas mais concentrados são mais frágeis. Por outro lado, os resultados para competição e NPL indicam que em ambientes mais competitivos podem gerar sistemas financeiros menos instáveis.

Ensaios em alocação de portfólio com mudança de regime

Uma das principais características dos ativos financeiros é a mudança de regime. Os preços dos ativos apresentam pouca variabilidade nos períodos de normalidade e possuem quedas inesperadas e são instáveis nos períodos de crise. Esta tese estuda alocação de portfólio com mudança de regime. O primeiro ensaio considera a decisão ótima de investimento entre os ativos de risco quando o mercado financeiro possui mudança de regime, definindo portfólios ótimos que dependem dos retornos esperados, risco e das crenças sobre o estado do mercado financeiro. O segundo ensaio estuda alocação de portfólio baseada em estimativas do modelo fatorial com mudança de regime e compara com alocações usando modelos fatoriais lineares e momentos amostrais. A mudança de regime tem maior efeito sobre o processo de escolha dos portfólios do que sobre as estimativas usadas para definir as carteiras.

Estrutura a termo da volatilidade em mercados de juros e futuros: características gerais e o mercado futuro de DI

São dois os objetivos deste artigo. O primeiro constitui-se em formalizar e formatar a resposta à questão acerca de como se comporta a volatilidade dos preços de titulos, futuros e derivativos de forma geral ao loogo do tempo. Com isto mostra-se que a abordagem empírica tradicional usada para analisar-se o comportamento estatístico de uma série de futuros não é apropriada para economias "instáveis" onde os prazos são curtos (ou para qualquer economia onde haja liquidez nos contratos próximos da maturidade, caso até hoje do Brasil). O segundo objetivo é analisar o mercado futuro de depósitos intemnanceiros (DIfuturo)-- um dos mais importantes mercados financeiros da economia brasileira. Provar-se-á que, do ponto de vista de apreçamento de ativos, este mercado COI'J1>Orta-se exatamente da mesma forma que um mercado à vista detitulos, ao invés de futuro de juros. Analisam-se as implicações empíricas desta constatação no que diz respeito à estrutura a termo da volatilidade, tema da primeira parte do artigo. É um artigo exclusivamente teóric.o, sobre qual deve ser a abordagem empírica correta para mercados de juros e futuros. Na verdade, ele faz parte de um artigo mais amplo, que incorpora, dentre outras análises, urna aplicação empírica.; São dois os sentidos em que esta versão é ampliada no trabalho original (embora esteja-se com o commtário a seguir fugindo do escopo do artigo ora apresentado, julgase tal comentário pertinente para que o leitor especializado possa situar melhor o trabalho na literatura e requisitar o trabalho original caso se interesse). O primeiro tem como objetivo provar que a hipótese de Samuelson -de que a volatilidade dos futuros aumenta a medida que se aproxima de sua maturida~ inconsistente com a ausência de arbitragem em mercados completos (no entanto, como esta é uma hipótese relevante na prática., propêie-se urna forma de fonnalizá-la através de Modelos de Deformação do Tempo). O segundo consiste na aplicação empirica propriamente dita. Discute-se um trabalho empírico (Milooas( 1986) que testa a hipótes de Samuelson para diversos mercados futuros americanos~ e adapta-o para o mercado futuro de Dl.

Diagnóstico molecular da talassemia ALFA+ (DELEÇÃO -3.7) em indivíduos com microcitose e/ou hipocromia

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Emulsões de óleo de copaíba: determinação do equilíbrio hidrófilo-lipófilo crítico (EHLC), propriedades e estabilidade físico-químicas

Durante as últimas décadas, as indústrias farmacêuticas têm despertado grande interesse em óleos vegetais e vários extratos de planta por causa da sua baixa toxicidade e alta biodegrabilidade. O óleo de copaíba (Cop) é usado in natura na medicina popular como anti-inflamatório e antimicrobiano para tratar várias doenças, tais como inflamação da garganta, úlceras e infecções urinárias e pulmonares. Emulsões são sistemas dispersos termodinamicamente instáveis que consistem em dispersões de gotículas microscópicas em outro líquido imiscível. O objetivo deste trabalho foi preparar diferentes emulsões de Cop, determinar o EHL crítico deste óleo e avaliar a sua estabilidade, além de realizar estudos comparativos entre diferentes métodos de construção de diagramas de fases. As emulsões foram preparadas pelo método de inversão de fases variando as proporções de EHL de 4,7 a 16,7. A estabilidade foi determinada por vários métodos e os diagramas de fases foram produzidos pelo método de titulação usando diferentes procedimentos de agitação. As emulsões a base de Cop com EHL entre 12,7 e 15,7 foram as mais estáveis. As emulsões apresentaram boa estabilidade em curto e longo prazo, aspecto leitoso e baixos valores de índice de cremagem. Diferentes sistemas coloidais foram produzidos a partir dos diagramas de fases dependendo do processo de agitação. Baseado nesses métodos, o valor determinado de EHL do Cop foi 14,8, as emulsões permaneceram estáveis por mais de um ano e estes resultados indicam que o estudo das emulsões de Cop pode ser um promissor veículo de liberação tópica de fármacos e ativos cosméticos

Diagnóstico molecular da talassemia ALFA em indivíduos com microcitose e/ou hipocromia

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Caracterização molecular e laboratorial da talassemia beta e da interação hemoglobina s/talassemia beta

Beta thalassemia arises as a consequence of the reduction (β+, β++, βsilent) or absence (β0) of beta globin chain synthesis and results from a number of mechanisms that lead to genetic defects. The inheritance of beta thalassemia is characterized by the existence of heterozygous individuals, compound heterozygotes, homozygotes and those with coinheritance of beta thalassemia allele and other thalassemias and/or hemoglobin variants. The aim of this study was to perform molecular and laboratory characterization of beta thalassemia in heterozygous and homozygous individuals and in those with coinheritance of S beta thalassemia. A total of 48 individuals were included (35 heterozygotes, 4 homozygotes and 9 S beta thalessemia carriers) referred to the Integrated Laboratory of Clinical Analyses of the Federal University of Rio Grande do Norte (UFRN) and the Hematology Ambulatory Facility of the Dalton Barbosa Cunha Hemocenter (Hemonorte Natal, Brazil). Peripheral blood samples form each patient underwent the following laboratory examinations: erythrogram, hemoglobin electrophoresis at alkaline pH, measurements of Hb A2, Fetal Hb and serum ferritin. DNA was extracted using the illustra blood genomicPrep Mini Spin Kit and molecular characterization was performed by the PCR/RFLP technique, which involves digestion with specific restriction enzymes for IVS-1 nt 1 (G®A), IVS-1 nt 6 (T®C) and codon 39 (CAG®TAG) mutations. Of the 35 heterozygotes, 37.1% showed IVS-1 nt 6 mutation, 42.9% IVS-1 nt 1 and 20% were carriers of other mutations not identified by the technique used. The four homozygous patients presented with the IVS-1 nt 6 mutation, while 66.7% of the individuals with S beta thalassemia had the IVS-1 nt 1 mutation. Codon 39 was not detected in any of the patients investigated. Of the thallasemic alleles found, 40.4% were IVS- 1 nt 1, 40.4% IVS-1 nt 6 and 19.2% were not identified. Laboratory data showed that the heterozygotes exhibited microcytosis and hypochromia, evidenced by MCV ranging from 57 to 75fL and MCH from 15.9 to 23.6 pg. Hemoglobin A2 varied between 3.7 and 7.2%. The homogygotes also showed reduced MCV and MCH and elevated HbA2.. Comparison of laboratory data between heterozygous individuals with IVS-1 nt 1 and IVS-1 nt 6 mutations showed that heterozygotes for the IVS1-1 mutation had significantly lower mean MCV and MCH (p = 0.023 and 0.007, respectively) and significantly higher hemoglobin A2 (p < 0.001) when compared to heterozygotes for the IVS-1 nt 6 mutation. PCR/RFLP was useful in identifying the presence or absence of IVS-1 nt 6, IVS-1 nt 1 and codon 39 mutations in most of the patients investigated here. This is the first study conducted in the state of Rio Grande do Norte, Brazil aimed at identifying beta thalassemia mutations and represents an important contribution to the knowledge regarding the molecular profile of beta thalassemia in our country

Reestruturação produtiva e terceirização : o caso dos trabalhadores das empresas contratadas pela Petrobrás no RN

This thesis is inserted on the discussion about the productive reframing and its reflexes concerning the world of work, in the current crisis stage in the capitalist way of production. This study deals with the impacts of outsourcing in relation to workers of companies subhired by Petrobras, in the State of Rio Grande do Norte, since decade of 1990. It is demonstrated that outsourcing in the oil sector, used mainly as a way to reduce costs of production, contributed to the raising of precarious conditions and relations of work. The transformation to the way of organization in the production, has intensified with the outsourcing, represented to the companies a bigger gain in productivity and a better control over the workers. These changings, that reconfigure the profile of the oil work force, allowed, among other things, reduction in numbers of the effective workers in the table of employees of Petrobras, the raising of relation concercing instable works, the raising in numbers of young workers, with a little or none qualification, reduction in the salary pattern of the professional class, illegal withholdment of labourite rights and the raising of risks to the health and security of the workers

Chemical and microbiological changes and aerobic stability of marandu grass silages after silo opening

Esta pesquisa foi realizada com os objetivos de caracterizar a microbiologia e avaliar a estabilidade aeróbia de silagens de capim-marandu contendo polpa cítrica peletizada (PCP). A forragem colhida foi submetida aos seguintes tratamentos: silagem de capim-marandu; silagem de capim-marandu + 5% PCP e silagem do capim-marandu + 10% de PCP com base na matéria natural. As alterações químicas e microbiológicas foram feitas aos 0, 2, 4 e 6 dias após a abertura dos silos (tambores de metal com 80 cm de altura e 50 cm de diâmetro). Na avaliação da estabilidade aeróbia por meio da alteração da temperatura, 3 kg de silagem foram colocados em caixas de isopor, que foram armazenadas em câmara climática. Nos dois ensaios realizados, utilizou-se delineamento inteiramente ao acaso com cinco repetições, em esquema de parcelas subdivididas, de modo que os níveis de PCP na silagem corresponderam às parcelas e o tempo, às subparcelas. As silagens sem polpa apresentaram desenvolvimento de bacilos e enterobactérias e aumento do pH no decorrer do desabastecimento dos silos. A presença de leveduras foi detectada nas silagens contendo o aditivo e aumentou do primeiro ao sexto dia de aeração. A digestibilidade in vitro da matéria seca (DIVMS) reduziu com o aumento dos tempos de aeração. A temperatura nas silagens com 10% de PCP aumentou durante a aerobiose. Com a abertura dos silos, as silagens apresentaram-se instáveis, seja pelo desenvolvimento de bactérias seja pelo desenvolvimento de leveduras, o que reduziu seu valor nutritivo.

Isoenzimas na diferenciação de sementes de três espécies do gênero Euterpe

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

Fases e criticalidade no modelo ashkin - teller de três cores

The usual Ashkin-Teller (AT) model is obtained as a superposition of two Ising models coupled through a four-spin interaction term. In two dimension the AT model displays a line of fixed points along which the exponents vary continuously. On this line the model becomes soluble via a mapping onto the Baxter model. Such richness of multicritical behavior led Grest and Widom to introduce the N-color Ashkin-Teller model (N-AT). Those authors made an extensive analysis of the model thus introduced both in the isotropic as well as in the anisotropic cases by several analytical and computational methods. In the present work we define a more general version of the 3-color Ashkin-Teller model by introducing a 6-spin interaction term. We investigate the corresponding symmetry structure presented by our model in conjunction with an analysis of possible phase diagrams obtained by real space renormalization group techniques. The phase diagram are obtained at finite temperature in the region where the ferromagnetic behavior is predominant. Through the use of the transmissivities concepts we obtain the recursion relations in some periodical as well as aperiodic hierarchical lattices. In a first analysis we initially consider the two-color Ashkin-Teller model in order to obtain some results with could be used as a guide to our main purpose. In the anisotropic case the model was previously studied on the Wheatstone bridge by Claudionor Bezerra in his Master Degree dissertation. By using more appropriated computational resources we obtained isomorphic critical surfaces described in Bezerra's work but not properly identified. Besides, we also analyzed the isotropic version in an aperiodic hierarchical lattice, and we showed how the geometric fluctuations are affected by such aperiodicity and its consequences in the corresponding critical behavior. Those analysis were carried out by the use of appropriated definitions of transmissivities. Finally, we considered the modified 3-AT model with a 6-spin couplings. With the inclusion of such term the model becomes more attractive from the symmetry point of view. For some hierarchical lattices we derived general recursion relations in the anisotropic version of the model (3-AAT), from which case we can obtain the corresponding equations for the isotropic version (3-IAT). The 3-IAT was studied extensively in the whole region where the ferromagnetic couplings are dominant. The fixed points and the respective critical exponents were determined. By analyzing the attraction basins of such fixed points we were able to find the three-parameter phase diagram (temperature £ 4-spin coupling £ 6-spin coupling). We could identify fixed points corresponding to the universality class of Ising and 4- and 8-state Potts model. We also obtained a fixed point which seems to be a sort of reminiscence of a 6-state Potts fixed point as well as a possible indication of the existence of a Baxter line. Some unstable fixed points which do not belong to any aforementioned q-state Potts universality class was also found

Comportamento social de botos-cinza, sotalia guianensis, na praia de Pipa, RN, Brasil: dinâmica, sequência, sincronia e respostas ao turismo de observação

Social behavior of Guiana dolphins, Sotalia guianensis, at Pipa Beach, RN, Brazil: dynamics, sequence, breathing synchrony, and responses to dolphin watching. Social animals form groups that can range from temporary to permanent. Depending on the nature of the social relationships developed between individuals, groups present a particular social organization and the effect of these interactions shapes the activity patterns of these animals. This study investigates: (i) fission-fusion dynamics of Guiana dolphins, through the analysis of three dimensions of the social system (variation in spatial cohesion, variation in size and composition of groups), (ii) sequence, routine and behavioral stability, (iii) breathing intervals in synchronized groups and (iv) behavioral responses of the animals to dolphin watching. Systematic observations of Guiana dolphins were made from a platform located in cliffs about 25 m above sea level that surround Madeiro Bay, Pipa Beach. Sampling occurred from December 2007 to February 2009 between 0600 h and 1600 h, and the groups of Guiana dolphins were investigated according to their size (alone and group) and composition (adults, adults and juveniles, and adults and calves). According to the analysis of fission-fusion dynamics, Guiana dolphin groups frequently changed their composition, modifying their patterns of spatial grouping and cohesion every 20 minutes on average. More than 50% of the individuals maintained a distance of up to 2 m from other group members and new individuals were attracted to the group, especially during feeding, leaving it for foraging. Large groups were more unstable than small, while groups containing only adults were more stable than groups of adults and juveniles. According to the Z-score analysis to investigate the sequence and behavioral routine, lone individuals were more ! .7! ! involved in foraging and feeding, while resting was more common in groups. Foraging and feeding were more common in homogeneous groups (individuals of the same age class), while heterogeneous groups (different age classes) were often involved in socialization, displaying a broader behavioral repertoire. Foraging and resting behavior presented higher stability (continuous duration in minutes) than the other behaviors. The analysis of breathing intervals in synchronized groups showed significant differences depending on type of behavior, composition and area preference. During resting, breathing intervals were of longer duration, and groups with calves showed shorter breathing intervals than groups without calves. Lone individuals also preferred areas called corral , often used for the entrapment of fishes. The Markov chain analysis revealed behavioral changes in the presence of boats, according to the type of group composition. Groups composed of adults presented decreased resting and increased in traveling during the presence of boats. Groups of adults and juveniles showed a massive reduction of socialization, while the behavior transition probability traveling-traveling was higher in groups of adults and calves. In the presence of the boats, stability of resting was reduced by one third of its original duration and traveling more than doubled. The behavioral patterns analyzed are discussed in light of socio-ecological models concerning costs and benefits of proximity between individuals and behavioral optimization. Furthermore, significant changes in behavioral patterns indicate that Guiana dolphins, at Pipa Beach, have suffered the effects of tourism as a result of violation of rules of conduct established for the study area

Sono e percepção visuoespacial em trabalhadores de uma empresa petroquímica submetidos a esquemas de trabalho em turnos alternantes

Shift work consists of an array of unusual work hours, such as evenings and weekends, and increasing workload, in order to meet the uninterrupted production, which leads to changes in the quality, duration and regularity of sleep. Research indicates that sleep alteration cause cognitive processes to become slower, unstable and prone to errors, leading to loss of cognitive functions such as visuospatial perception. In this sense, this research aimed to evaluate sleep quality and its relation to visuospatial perception in workers in alternating shifts. Participants were 21 panel operators in a petrochemical company, male, aged 19-53 years. All participants were subjected to schedules of alternating shifts (day and night) of 12 nonstop hours and data were collected from 10 workers who were assigned to the day shift and 11 workers assigned to the night shift. For the sleep evaluation were used the Sleep Diary, the Sleep Habits Questionnaire, the Chronotype Identification Questionnaire and the Pittsburgh Sleep Quality Index (PSQI). The visuospatial skills were assessed using the Rey Complex Figure Test and attention was assessed using a portable version of the Psychomotor Vigilance Task (PVT). The results showed that the general sample of workers obtained poor sleep quality on working days and good sleep quality during the work break. There was shortened sleep duration in the work week and appropriate duration in the work break. No losses were found in the workers visuospatiality, but the good quality of sleep during the work break was correlated to adequate visuospatial performance, for the day shift workers. The attention performance oscillated throughout the work hours, especially on the night shift. It is concluded that the alternating shifts work scheme can be detrimental to the sleep quality workers and a good sleep quality can contribute to a better visuospatial performance

Luxação aguda isolada da articulação tibiofibular proximal

A luxação traumática isolada da articulação tibiofibular proximal é rara. Esta lesão pode não ser reconhecida ou diagnosticada no atendimento inicial. A ausência de suspeita clínica pode causar problemas para o diagnóstico. O diagnóstico necessita de história precisa do mecanismo e sintomas da lesão, avaliação clínica e radiográfica adequada de ambos joelhos. Casos não reconhecidos são fonte de alterações crônicas. O tratamento é feito por redução fechada e imobilização ou, em casos irredutíveis ou instáveis, redução aberta com fixação interna temporária. Um caso raro de luxação tibiofibular proximal isolada em um jogador de basquetebol é relatado para ilustrar essa lesão.

Modelagem do clima de ondas e seus efeitos sobre as feições morfológicas costeiras no litoral setentrional do Rio Grande do Norte

This thesis presents the results of application of SWAN Simulating WAves Nearshore numerical model, OF third generation, which simulates the propagation and dissipation of energy from sea waves, on the north continental shelf at Rio Grande do Norte, to determine the wave climate, calibrate and validate the model, and assess their potential and limitations for the region of interest. After validation of the wave climate, the results were integrated with information from the submarine relief, and plant morphology of beaches and barrier islands systems. On the second phase, the objective was to analyze the evolution of the wave and its interaction with the shallow seabed, from three transverse profiles orientation from N to S, distributed according to the parallel longitudinal, X = 774000-W, 783000-W e 800000-W. Subsequently, it was were extracted the values of directional waves and winds through all the months between november 2010 to november 2012, to analyze the impact of these forces on the movement area, and then understand the behavior of the morphological variations according to temporal year variability. Based on the results of modeling and its integration with correlated data, and planimetric variations of Soledade and Minhoto beach systems and Ponta do Tubarão and Barra do Fernandes barrier islands systems, it was obtained the following conclusions: SWAN could reproduce and determine the wave climate on the north continental shelf at RN, the results show a similar trend for the measurements of temporal variations of significant height (HS, m) and the mean wave period (Tmed, s); however, the results of parametric statistics were low for the estimates of the maximum values in most of the analyzed periods compared data of PT 1 and PT 2 (measurement points), with alternation of significant wave heights, at times overrated with occasional overlap of swell episodes. By analyzing the spatial distribution of the wave climate and its interaction with the underwater compartmentalization, it was concluded that there is interaction of wave propagation with the seafloor, showing change in significant heights whenever it interacts with the seafloor features (beachrocks, symmetric and asymmetric longitudinal dunes, paleochannel, among others) in the regions of outer, middle and inner shelf. And finally, it is concluded that the study of the stability areas allows identifications of the most unstable regions, confirming that the greatest range of variation indicates greater instability and consequent sensitivity to hydrodynamic processes operating in the coastal region, with positive or negative variation, especially at Ponta do Tubarão and Barra do Fernandes barrier islands systems, where they are more susceptible to waves impacts, as evidenced in retreat of the shoreline