Three essays on stock returns and inflation - Australian evidence

Results of this thesis suggest that a significant negative relation between stock returns and inflation identified in Australia during ‘inflation targeting’ is mainly due to an incidence of ‘flight to safety’. Furthermore, the impact of inflation news on stock returns is industry-sector dependent. Specifically, in Australia rising inflation seems to be good news for Financials, but bad news for Materials.

Three essays on hybrid auctions

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Three essays on education from the perspective of the economics of public setor

This work consists of three essays organized into chapters that seek to answer questions at first sight unrelated, but with one common denominator, which is the scarcity of public resources devoted to education, overall, especially in lower education. . The first chapter deals with the scarcity of resources devoted to education in a context of population aging. Two hypotheses were tested for Brazilian municipalities on the relationship between the aging of the population and educational expenditure. The first, already proven in the literature, is that there is an intergenerational conflict for resources and the increase of the share of elderly in the population reduces the educational expenditure. The second, proposed here for the first time, is that there should be reduction of competition for resources if there is a relationship of co-residence between young and old. The results indicated that an increase in the share of elderly reduces the educational expenditure per youth. But the results also illustrate that an increase in the share of elderly co-residing with youth (family arrangement more common in Latin American countries) raises the educational expenditure, which reflects a reduction of competition for resources between generations. The second chapter assesses the allocative efficiency of investments in Higher Education. Using the difference between first-year and last-year students’ scores from Enade aggregated by HEI as a product in the Stochastic Production Function, is possible to contribute with a new element in the literature aimed at estimating the production function of education. The results show that characteristics of institutions are the variables that best explain the performance of students, and that public institutions are more inefficient than the private ones. Finally, the third chapter presents evidence that the allocation of public resources in early childhood education is important for a better future school performance. In this chapter was calculated the effects of early childhood education on literacy scores of children attending the 2nd grade of elementary school. The results using OLS and propensity score matching show that students who started school at the ages to 5, 4, and 3 years had literacy scores between 12.22 and 19.54 points higher than the scores of those who began school at the ages 6 years or late. The results also suggest that the returns in terms of literacy scores diminish in relation to the number of years of early childhood education.

Three essays on macroeconomics

Esta tese é composta por 3 estudos empíricos sobre macroeconomia. O primeiro ensaio discute a persistência da inflação no Brasil. O segundo estudo analisa o produto potencial e, principalmente, a questão taxa neutra de juros no Brasil, tema fundamental para a condução da política monetária. O último trabalho discute a questão da paridade entre os juros no Brasil e no exterior. O primeiro ensaio desta tese estima a taxa real de juros de equilíbrio no Brasil durante o período 1997-2012 usando diversas metodologias. Os resultados mostram alguma diferença nas estimativas da taxa de juros de equilíbrio dependendo da especificação utilizada, principalmente na modelagem da Curva IS. A mensuração do hiato do produto não é o principal responsável pelos resultados encontrados para a taxa de juros de equilíbrio. A estimação conjunta do PIB potencial e taxa neutra de juros não leva a resultados muito diferentes dos obtidos estimando a taxa neutra isoladamente. Independente do modelo utilizado, os resultados indicam redução na taxa de equilíbrio no Brasil nos últimos anos. O segundo ensaio estima a persistência da inflação no Brasil tanto em termos agregados quanto desagregados. O trabalho ainda compara a persistência da inflação no Brasil com a persistência em outros países emergentes. Os resultados indicam que a persistência da inflação no Brasil é maior do que em outros países, mas este resultado não é obtido para todos os métodos de estimação utilizados. A persistência no núcleo da inflação é maior do que na “inflação cheia”. Apesar da persistência elevada, nossos resultados indicam que a expectativa de inflação é uma variável mais importante na determinação da inflação corrente do que a inflação passada. O terceiro ensaio analisa a diferença entre as taxas de juros no Brasil e no exterior, particularmente nos EUA, e evidências de fluxos de investimentos locais ou estrangeiros para explorar o diferencial de juros. Os resultados indicam que os fluxos de investimento estrangeiro tiveram pouco impacto nas taxas de juros no Brasil. Medidas de risco-país e risco cambial são importantes para explicar o diferencial de juros sendo que as medidas de risco-país parecem ter sido mais importante no início de nossa amostra enquanto as medidas de risco cambial foram mais importantes nos últimos anos. Medidas de risco cambial, particularmente a volatilidade do câmbio ajudam a explicar a falta de convergência dos juros no Brasil com os juros praticados no exterior. Apesar da elevada volatilidade da taxa de cambio, uma simples estratégia de comprar Real (BRL) e investidor no mercado local de juros (estratégia similar a aplicar no contrato futuro de Real) teria gerado um índice de Sharpe tão elevado ou maior do que o observado em estratégias mais sofisticadas envolvendo diversas moedas.

Ecological distribution of the shrimp Nematopalaemon schmitti (Crustacea: Decapoda: Caridea) in three bays on the south-eastern coast of Brazil

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

Effects evaluation of remaining resin removal (three modes) on enamel surface after bracket debonding

Introduction: An appropriate selection of instruments is essential to perform a correct debonding technique, by properly removing orthodontic brackets and the remaining resin. Objective: The aim of this study was to evaluate three methods of remaining resin removal on enamel surface after bracket debonding, by means of Scanning Electron Microscopy (SEM). Methods: Eighteen bovine incisors were selected and divided into three groups (A, B and C) of six teeth each. Before bracket bonding, epoxy resin casts were obtained by impression of the teeth with addition silicon, in order to register baseline enamel characteristics and representing the control group. The methods for remaining resin removal were: Group A - gross and medium granulation Soflex discs; Group B - carbide bur in low-speed; Group C - carbide bur in high-speed. Soflex polishing system fine and ultrafine granulation discs were used for Group A, rubber tips for Groups B and C, and polishing paste for all groups. After polishing, impression of teeth were taken and casts were analyzed by means of SEM. The baseline enamel characteristics (Control Group) were compared to the final aspect of enamel to determine the method that generated less enamel abrasion. Results and Conclusion: The remaining resin removal by carbide bur in low-rotation, and enamel polished with rubber tips followed by polishing paste produced the smaller damage to the enamel.

Ecological distribution of the prawn Nematopalaemon schmitii (Crustacea: Decapoda: Caridea) in three bays on the southeastern coat of Brazil

The relationships between the spatial and temporal variations in the abundance of the shrimp Nematopalaemon schmitti and water temperature, salinity, and texture and organic-matter content of the sediment, were analysed in Ubatumirim, Ubatuba and Mar Virado bays on the northern coast of São Paulo, Brazil. Sampling was carried out monthly, from January 1998 through December 1999, from a shrimp boat equipped with double-rig nets, along six transects in each bay. In total, 2 116 specimens of N. schmitti were caught. Their distribution differed among bays, transects and seasons (ANOVA, p < 0.05). Highest total abundance was found in areas of high organicmatter content, in substrate composed mainly of very fine sand and silt and clay, and during winter and autumn. Although multiple regression analysis showed no significant relationship (p > 0.05), observations suggest that water tempera ture, sediment texture, organic-matter content, and the presence of biodetritus and plant fragments, provided favourable environmental conditions for the establishment of N. schmitti in the region.

Experiments on through-wall imaging using ultra wideband radar

Through-wall imaging (TWI) may provide vital information on interior environment in cases when physically entering such environment would pose danger to the person involved. The concept of ultra wideband radar (UWB radar) is an emerging technology, which offers high spatial resolution, as opposed to narrow band radars. Thus, TWI applications using UWB radar have become a growing field of research with several applications in the civil and defense areas such as rescue and surveillance. For this study, a prototype system of UWB radar to TWI has been built. Analyses and result to several kinds of experiments have been presented, that is, detection and visualization of metallic targets behind wooden board wall and concrete blocks wall. The results are encouraging and show the advantages of using UWB radar for TWI. (C) 2011 Wiley Periodicals, Inc. Microwave Opt Technol Lett, 54:339-344, 2012; View this article online at wileyonlinelibrary.com. DOI 10.1002/mop.26543

Identification of differentially expressed genes from Trichoderma harzianum during growth on cell wall of Fusarium solani as a tool for biotechnological application

Background: The species of T. harzianum are well known for their biocontrol activity against many plant pathogens. However, there is a lack of studies concerning its use as a biological control agent against F. solani, a pathogen involved in several crop diseases. In this study, we have used subtractive library hybridization (SSH) and quantitative real-time PCR (RT-qPCR) techniques in order to explore changes in T. harzianum genes expression during growth on cell wall of F. solani (FSCW) or glucose. RT-qPCR was also used to examine the regulation of 18 genes, potentially involved in biocontrol, during confrontation between T. harzianum and F. solani. Results: Data obtained from two subtractive libraries were compared after annotation using the Blast2GO suite. A total of 417 and 78 readable EST sequence were annotated in the FSCW and glucose libraries, respectively. Functional annotation of these genes identified diverse biological processes and molecular functions required during T. harzianum growth on FSCW or glucose. We identified various genes of biotechnological value encoding to proteins which function such as transporters, hydrolytic activity, adherence, appressorium development and pathogenesis. Fifteen genes were up-regulated and sixteen were down-regulated at least at one-time point during growth of T. harzianum in FSCW. During the confrontation assay most of the genes were up-regulated, mainly after contact, when the interaction has been established. Conclusions: This study demonstrates that T. harzianum expressed different genes when grown on FSCW compared to glucose. It provides insights into the mechanisms of gene expression involved in mycoparasitism of T. harzianum against F. solani. The identification and evaluation of these genes may contribute to the development of an efficient biological control agent.

ISO 14001 in India: More than a certificate on the wall?

The growth of ISO 14001 certificates worldwide has led to much research on the role of voluntary standards in improving the environmental impacts of industry. Most of this research, however, has focused on industrialized countries, with very little research examining the effects of ISO 14001 and other voluntary initiatives in the developing world. This is especially unfortunate because it is in these very countries that proponents of ISO 14001 claim the largest benefits of the standard will occur, by helping polluting industries improve performance and by assisting environmental regulators in enforcing laws more effectively. Indian industries have begun adopting ISO 14001 at an accelerating pace, but there is little available information on what this means for the environmental performance of Indian firms. The research described here closes this gap by exploring the reasons for the increasing popularity of ISO 14001 in India, the ways in which firms use the standard and the benefits they obtain from it. Findings suggest that while the processoriented approach of ISO 14001 does offer important benefits, changing market demands towards cheaper certification and away from rigorous EMS implementation have devalued the standard for those interested in using it as an indicator of a firm’s environmental performance.