O mercado de opções de Petrobras é eficiente? Um estudo a partir da estratégia delta-gama-neutra

This study aims to verify if the Petrobras options market is efficient in the semi-strong form, that is, if all public information is reflected in these derivative prices. For this purpose, this work tries to achieve profit systematically through the Delta-GammaNeutral strategy using the company's stock and options. In order to simulate the strategy exactly as it would be used in the real world, we built the order books every five minutes considering all buying and selling orders sent to the underlying asset and to the options. We apply the strategy when distortions between implied volatilities extracted from the options are detected. The results show that the Petrobras options market is not efficient, since in 371 day trade strategies, which have an average investment of R$81,000 and average duration of one hour and thirteen minutes, the average return was 0.49% - which corresponds to more than 1,600% of the 1-day risk free interest rate - and 85% of strategies were profitable.

Quark-antiquark correlation in the pion

The electromagnetic tensor for inclusive electron scattering off the pion Wμν for momentum transfers such that q+ = 0, (q+ = q0 + q3) is shown to obey a sum-rule for the component W++. From this sum-rule, one can define the quark-antiquark correlation function in the pion, which characterizes the transverse distance distribution between the quark and antiquark in the light-front pion wave-function. Within the realistic models of the relativistic pion wave function (including instanton vacuum inspired wave function) it is shown that the value of the two-quark correlation radius (rqq̄) is near twice the pion electromagnetic radius (rπ), where rπ ≈ 2/3 fm. We also define the correlation length lcorr where the two-particle correlation have an extremum. The estimation of lcorr ≈ 0.3-0,5 fm is very close to estimations from instanton models of QCD vacuum. It is also shown that the above correlation is very sensitive to the pion light-front wave-function models. © 1997 Elsevier Science B.V.

Modelagem de comunicações móveis com a utilização de series temporais e geoestatísticas

O presente trabalho apresenta os resultados da modelagem de canal de propagação baseado em séries temporais multivariadas com a utilização de dados coletados em campanhas de medição e as principais características da urbanização de onze vias do centro da cidade de Belém-Pa. Modelos de função de transferência foram utilizados para avaliar efeitos na série temporal da potência do sinal recebido (dBm) que foi utilizada como variável resposta e como variáveis explicativas a altura dos prédios e as distâncias entre os prédios. Como nos modelos em séries temporais desconsideram-se as possíveis correlações entre amostras vizinhas, utilizou-se um modelo geoestatístico para se estabelecer a correção do erro deste modelo. Esta fase do trabalho consistiu em um conjunto de procedimentos necessários às técnicas geoestatísticas. Tendo como objetivo a análise em duas dimensões para dados espacialmente distribuídos, no que diz respeito à interpolação de superfícies geradas a partir das mostras georreferenciadas obtidas dos resíduos da potência do sinal recebido calculados com o modelo em séries temporais. Os resultados obtidos com o modelo proposto apresentam um bom desempenho, com erro médio quadrático na ordem de 0,33 dB em relação ao sinal medido, considerando os dados das onze vias do centro urbano da cidade de Belém/Pa. A partir do mapa de distribuição espacial da potência do sinal recebido (dBm), pode se identificar com facilidade as zonas infra ou supra dimensionadas em termos desta variável, isto é, beneficiadas ou prejudicadas com relação a recepção do sinal, o que pode resultar em um maior investimento da operadora (concessionária de telefonia celular móvel) local naquelas regiões onde o sinal é fraco.

Energy and system-size dependence of two- and four-particle nu(2) measurements in heavy-ion collisions at root S-NN=62.4 and 200 GeV and their implications on flow fluctuations and nonflow

We present STAR measurements of azimuthal anisotropy by means of the two- and four-particle cumulants nu(2) (nu(2){2} and nu(2){4}) for Au + Au and Cu + Cu collisions at center-of-mass energies root S-NN = 62.4 and 200 GeV. The difference between nu(2){2}(2) and nu(2){4}(2) is related to nu(2) fluctuations (sigma(nu 2)) and nonflow (delta(2)). We present an upper limit to sigma(nu 2)/nu 2. Following the assumption that eccentricity fluctuations sigma(epsilon) dominate nu(2) fluctuations nu(2)/sigma nu(2) approximate to epsilon/sigma epsilon we deduce the nonflow implied for several models of eccentricity fluctuations that would be required for consistency with nu(2){2} and nu(2){4}. We also present results on the ratio of nu(2) to eccentricity.

Lamellar body ultrastructure revisited: high-pressure freezing and cryo-electron microscopy of vitreous sections

Lamellar bodies are the storage sites for lung surfactant within type II alveolar epithelial cells. The structure-function models of lamellar bodies are based on microscopic analyses of chemically fixed tissue. Despite available alternative fixation methods that are less prone to artifacts, such as cryofixation by high-pressure freezing, the nature of the lung, being mostly air filled, makes it difficult to take advantage of these improved methods. In this paper, we propose a new approach and show for the first time the ultrastructure of intracellular lamellar bodies based on cryo-electron microscopy of vitreous sections in the range of nanometer resolution. Thus, unspoiled by chemical fixation, dehydration and contrasting agents, a close to native structure is revealed. Our approach uses perfluorocarbon to substitute the air in the alveoli. Lung tissue was subsequently high-pressure frozen, cryosectioned and observed in a cryo-electron microscope. The lamellar bodies clearly show a tight lamellar morphology. The periodicity of these lamellae was 7.3 nm. Lamellar bifurcations were observed in our cryosections. The technical approach described in this paper allows the examination of the native cellular ultrastructure of the surfactant system under near in vivo conditions, and therefore opens up prospectives for scrutinizing various theories of lamellar body biogenesis, exocytosis and recycling.

How much is there really? Why stereology is essential in lung morphometry

Quantitative data on lung structure are essential to set up structure-function models for assessing the functional performance of the lung or to make statistically valid comparisons in experimental morphology, physiology, or pathology. The methods of choice for microscopy-based lung morphometry are those of stereology, the science of quantitative characterization of irregular three-dimensional objects on the basis of measurements made on two-dimensional sections. From a practical perspective, stereology is an assumption-free set of methods of unbiased sampling with geometric probes, based on a solid mathematical foundation. Here, we discuss the pitfalls of lung morphometry and present solutions, from specimen preparation to the sampling scheme in multiple stages, for obtaining unbiased estimates of morphometric parameters such as volumes, surfaces, lengths, and numbers. This is demonstrated on various examples. Stereological methods are accurate, efficient, simple, and transparent; the precision of the estimates depends on the size and distribution of the sample. For obtaining quantitative data on lung structure at all microscopic levels, state-of-the-art stereology is the gold standard.

Investigating within-canopy variation of functional traits and cellular structure of sugar maple (Acer saccharum) leaves

Patterns of increasing leaf mass per area (LMA), area-based leaf nitrogen (Narea), and carbon isotope composition (δ13C) with increasing height in the canopy have been attributed to light gradients or hydraulic limitation in tall trees. Theoretical optimal distributions of LMA and Narea that scale with light maximize canopy photosynthesis; however, sub-optimal distributions are often observed due to hydraulic constraints on leaf development. Using observational, experimental, and modeling approaches, we investigated the response of leaf functional traits (LMA, density, thickness, and leaf nitrogen), leaf carbon isotope composition (δ13C), and cellular structure to light availability, height, and leaf water potential (Ψl) in an Acer saccharum forest to tease apart the influence of light and hydraulic limitations. LMA, leaf and palisade layer thickness, and leaf density were greater at greater light availability but similar heights, highlighting the strong control of light on leaf morphology and cellular structure. Experimental shading decreased both LMA and area-based leaf nitrogen (Narea) and revealed that LMA and Narea were more strongly correlated with height earlier in the growing season and with light later in the growing season. The supply of CO2 to leaves at higher heights appeared to be constrained by stomatal sensitivity to vapor pressure deficit (VPD) or midday leaf water potential, as indicated by increasing δ13C and VPD and decreasing midday Ψl with height. Model simulations showed that daily canopy photosynthesis was biased during the early growing season when seasonality was not accounted for, and was biased throughout the growing season when vertical gradients in LMA and Narea were not accounted for. Overall, our results suggest that leaves acclimate to light soon after leaf expansion, through an accumulation of leaf carbon, thickening of palisade layers and increased LMA, and reduction in stomatal sensitivity to Ψl or VPD. This period of light acclimation in leaves appears to optimize leaf function over time, despite height-related constraints early in the growing season. Our results imply that vertical gradients in leaf functional traits and leaf acclimation to light should be incorporated in canopy function models in order to refine estimates of canopy photosynthesis.

VEGF-B-induced vascular growth leads to metabolic reprogramming and ischemia resistance in the heart

Angiogenic growth factors have recently been linked to tissue metabolism. We have used genetic gain- and loss-of function models to elucidate the effects and mechanisms of action of vascular endothelial growth factor-B (VEGF-B) in the heart. A cardiomyocyte-specific VEGF-B transgene induced an expanded coronary arterial tree and reprogramming of cardiomyocyte metabolism. This was associated with protection against myocardial infarction and preservation of mitochondrial complex I function upon ischemia-reperfusion. VEGF-B increased VEGF signals via VEGF receptor-2 to activate Erk1/2, which resulted in vascular growth. Akt and mTORC1 pathways were upregulated and AMPK downregulated, readjusting cardiomyocyte metabolic pathways to favor glucose oxidation and macromolecular biosynthesis. However, contrasting with a previous theory, there was no difference in fatty acid uptake by the heart between the VEGF-B transgenic, gene-targeted or wildtype rats. Importantly, we also show that VEGF-B expression is reduced in human heart disease. Our data indicate that VEGF-B could be used to increase the coronary vasculature and to reprogram myocardial metabolism to improve cardiac function in ischemic heart disease.

Edge Detection by Adaptive Splitting II. The Three-Dimensional Case

In Llanas and Lantarón, J. Sci. Comput. 46, 485–518 (2011) we proposed an algorithm (EDAS-d) to approximate the jump discontinuity set of functions defined on subsets of ℝ d . This procedure is based on adaptive splitting of the domain of the function guided by the value of an average integral. The above study was limited to the 1D and 2D versions of the algorithm. In this paper we address the three-dimensional problem. We prove an integral inequality (in the case d=3) which constitutes the basis of EDAS-3. We have performed detailed computational experiments demonstrating effective edge detection in 3D function models with different interface topologies. EDAS-1 and EDAS-2 appealing properties are extensible to the 3D case

Characteristic study, its identification and self-tuned approach to control hydro-power plants

The water time constant and mechanical time constant greatly influences the power and speed oscillations of hydro-turbine-generator unit. This paper discusses the turbine power transients in response to different nature and changes in the gate position. The work presented here analyses the characteristics of hydraulic system with an emphasis on changes in the above time constants. The simulation study is based on mathematical first-, second-, third- and fourth-order transfer function models. The study is further extended to identify discrete time-domain models and their characteristic representation without noise and with noise content of 10 & 20 dB signal-to-noise ratio (SNR). The use of self-tuned control approach in minimising the speed deviation under plant parameter changes and disturbances is also discussed.

Essays on the determinants of private investment: The effects of relative price uncertainty and political instability

The objective of this study was to provide empirical evidence on the effects of relative price uncertainty and political instability on private investment. My effort is expressed in a single-equation model using macroeconomic and socio-political data from eight Latin American countries for the period 1970–1996. Relative price uncertainty is measured by the implied volatility of the exchange rate and political instability is measured by using indicators of social unrest and political violence. ^ I found that, after controlling for other variables, relative price uncertainty and political instability are negatively associated with private investment. Macroeconomic and political stability are key ingredients for the achievement of a strong investment response. This highlights the need to develop the state and build a civil society in which citizens can participate in decision-making and express consent without generating social turmoil. At the same time the government needs to implement structural policies along with relative price adjustments to eliminate excess volatility in price movements in order to provide a stable environment for investment. ^

Aerobic power and lean mass are indicators of competitive sprint performance among elite female cross-country skiers

The purpose of this study was to establish the optimal allometric models to predict International Ski Federation’s ski-ranking points for sprint competitions (FISsprint) among elite female cross-country skiers based on maximal oxygen uptake (V̇O2max) and lean mass (LM). Ten elite female cross-country skiers (age: 24.5±2.8 years [mean ± SD]) completed a treadmill roller-skiing test to determine V̇O2max (ie, aerobic power) using the diagonal stride technique, whereas LM (ie, a surrogate indicator of anaerobic capacity) was determined by dual-emission X-ray anthropometry. The subjects’ FISsprint were used as competitive performance measures. Power function modeling was used to predict the skiers’ FISsprint based on V̇O2max, LM, and body mass. The subjects’ test and performance data were as follows: V̇O2max, 4.0±0.3 L min-1; LM, 48.9±4.4 kg; body mass, 64.0±5.2 kg; and FISsprint, 116.4±59.6 points. The following power function models were established for the prediction of FISsprint: 3.91×105 ∙ VO -6.002maxand 6.95×1010 ∙ LM-5.25; these models explained 66% (P=0.0043) and 52% (P=0.019), respectively, of the variance in the FISsprint. Body mass failed to contribute to both models; hence, the models are based on V̇O2max and LM expressed absolutely. The results demonstrate that the physiological variables that reflect aerobic power and anaerobic capacity are important indicators of competitive sprint performance among elite female skiers. To accurately indicate performance capability among elite female skiers, the presented power function models should be used. Skiers whose V̇O2max differs by 1% will differ in their FISsprint by 5.8%, whereas the corresponding 1% difference in LM is related to an FISsprint difference of 5.1%, where both differences are in favor of the skier with higher V̇O2max or LM. It is recommended that coaches use the absolute expression of these variables to monitor skiers’ performance-related training adaptations linked to changes in aerobic power and anaerobic capacity.

MEF2C: expression, regulation and interaction with target genes in health and diseases

Tese de doutoramento, Ciências Biomédicas, Departamento de Ciências Biomédicas e Medicina, Universidade do Algarve, 2015

Characterization of the molecular mechanisms mediated by the insulin-like growth factor-2 mRNA-binding proteins and Ephrin receptor A2 (EPHA2) signaling in the malignancy of CIC-DUX4 sarcomas

Ewing sarcoma (EWS) and CIC-DUX4 sarcoma (CDS) are pediatric fusion gene-driven tumors of mesenchymal origin characterized by an extremely stable genome and limited clinical solutions. Post-transcriptional regulatory mechanisms are crucial for understanding the development of this class of tumors. RNA binding proteins (RBPs) play a crucial role in the aggressiveness of these tumors. Numerous RBP families are dysregulated in cancer, including IGF2BPs. Among these, IGF2BP3 is a negative prognostic factor in EWS because it promotes cell growth, chemoresistence, and induces the metastatic process. Based on preliminary RNA sequencing data from clinical samples of EWS vs CDS patients, three major axes that are more expressed in CDS have been identified, two of which are dissected in this PhD work. The first involves the transcription factor HMGA2, IGF2BP2-3, and IGF2; the other involves the ephrin receptor system, particularly EphA2. EphA2 is involved in numerous cellular functions during embryonic stages, and its increased expression in adult tissues is often associated with pathological conditions. In tumors, its role is controversial because it can be associated with both pro- and anti-tumoral mechanisms. In EWS, it has been shown to play a role in promoting cell migration and neoangiogenesis. Our study has confirmed that the HMGA2/IGF2BPs/IGF2 axis contributes to CDS malignancy, and Akt hyperactivation has a strong impact on migration. Using loss/gain of function models for EphA2, we confirmed that it is a substrate of Akt, and Akt hyperactivation in CDS triggers ligand-independent activation of EphA2 through phosphorylation of S897. Moreover, the combination of Trabectedin and NVP/BEZ235 partially inhibits Akt/mTOR activation, resulting in reduced tumor growth in vivo. Inhibition of EphA2 through ALWII 41_27 significantly reduces migration in vitro. The project aim is the identification of target molecules in CDS that can distinguish it from EWS and thus develop new targeted therapeutic strategies.

Modelling the Halo mass number counts in modified gravity cosmological scenarios

In this Thesis work we investigate some of different cosmological background scenarios using one of the main probes used in cosmology: the halo mass function. The observed abundance of galaxy clusters (or similarly DM haloes) can indeed be compared to its theoretical predictions to derive fundamental constrains on the cosmological scenario assumed. Given the importance of exploring and constraining models degenerate with the ΛCDM one, we test the applicability of some notable halo mass function models to these scenarios. To this purpose, we made use of the DUSTGRAIN-pathfinder N-body simulations, which assume cosmological scenarios that include modified gravity in the form of f(R) models and massive neutrinos. We carried on the analysis of 3 simulation snapshots at different redshifts, z = 0, 0.5, 1, building multiple samples of dark matter haloes by applying different overdensity thresholds during the procedure of halo identification. We started our analysis by considering the halo mass function model introduced by Despali et al. (2016), who proposed a parametrization that encapsulates the effect of the different halo mass definitions and the relative evolution with the redshift. We calibrated the main parameters of this relation by using the ΛCDM halo catalogues extracted from the DUSTGRAIN-pathfinder simulations, fitting the measured halo abundances at all redshifts and density thresholds. Afterwards we tested the same model parametrization with halo catalogues extracted from the simulations implementing both modified gravity and massive neutrinos. We repeated therefore the calibration procedure on these data to search for discrepancies with respect to the ΛCDM model. Finally we focused the analysis on the cosmological models implementing modified gravity only. We took our ΛCDM calibrated halo mass function and we modified it with the additional f (R) gravity form proposed by Gupta et al. (2022).