Precificação de ativos sem cotação corrente de mercado na indústria de private equity e venture capital no Brasil

Neste trabalho são estudadas as características do mercado de private equity e venture capital no Brasil, particularmente no que se refere às metodologias de avaliação de investimentos, com o intuito de procurar identificar o método que se ajusta melhor à realidade brasileira para mensuração de ativos sem cotação corrente de mercado, presentes nas carteiras dos Fundos Mútuos de Investimento em Empresas Emergentes e Fundos de Investimento em Participações. Para atingir este objetivo, serão discutidos os principais mercados no exterior, ou seja, Estados Unidos e Europa, bem como as características específicas deste mercado no Brasil, além de apresentar como a Comissão de Valores Mobiliários trata o assunto, uma vez que os ativos aqui tratados não possuem marcação a mercado, como ocorre em outros fundos disciplinados por esta autarquia. Em seguida, são descritas as metodologias a partir das quais serão investigadas as formas como as organizações gestoras abordam os métodos em seus regulamentos e confrontadas as opiniões das organizações mencionadas com as dos investidores. Por fim, busca-se atingir o objetivo proposto utilizando o comportamento do valor das cotas no período de vida dos fundos como indicador do método mais apropriado.

The impacts of TTIP on Brazil

The objective of this project is to analyze the effects for Brazil of the conclusion of TTIP. This is approached under different hypotheses: considering the effects on Brazil of a TTIP with the reduction of only tariff barriers between US and EU; introducing a partial reduction of non-tariff barriers; and, at last, with a complete reduction of these barriers. To finalize, an audacious alternative is assumed: a hypothetical participation of Brazil in the TTIP under a partial reduction of agricultural tariffs by the US and EU markets, and under a full liberalization of their agricultural markets. The methodology used to estimate non-tariff barriers was presented in the Ecorys Project (2009) developed by Berden e Francois to the European Commission.

The distortion of currencies misalignments on trade Instruments: or why currencies wars are not over

The negotiations of mega agreements between the US and the Pacific countries (TPP) and between the US and the EU (TTIP) are raising the attention of experts on international trade law and economics. TPP and TTIP are proclaimed to be the designers of the rules for the XXI Century. Old trade instruments such as tariffs are said to be no more important for TTIP because tariffs are negligible among those partners but significant to for TPP. Another relevant agreement in negotiation is between the EU and Mercosul, where tariffs are the most important issue in discussion. The main purpose of this paper is to shows that tariff are important for all these agreements, not because of its nominal value, but because the impacts of exchange rate misalignments on tariffs are so significant that all concessions can be distorted by overvalued and by devaluated currencies. The article is divided into several sections: the first gives an introduction to the issue; the second explains the methodologies used to determine exchange rate misalignments and also presents some results for Brazil, US and China; the third summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication” and examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth creates a methodology to estimate exchange rates against a basket of currencies (a virtual currency of the World) and a proposal to deal with persistent and significant misalignments related to trade rules. The fifth presents some estimates for the main PTAs. The conclusions are present in the last section

A structuralist Philips curve

This paper presents a structuralist model of the Philips curve and applies it to the US and Brazilian economies. The theoretical model starts from a simple markup rule to build a Philips curve based on the assumptions that firms have a desired rate of profit and wokers have a target real wage. Inflation expectations are modeled in terms of current inflation and the governments’ target, and the model shows that relative prices can have both a short-run and long-run influence on inflation. When applied to the US, the structuralist Philips curve results in a nonlinear model in which there are two steady states for inflation, and where the wageshare of income becomes the main instrument to drive inflation to the governments’ target. When applied to Brazil, the structuralist Philips curve reveals a nonlinear relationship between long-run inflation and the real exchange rate, so that the same inflation target can be consistent with more than one value of the exchange rate. The main conclusion of the paper is that a structuralist specification of the Philips curve is a useful instrument to model many macroeconomic topics as well as alternative theoretical closures.

Interactive interface for stress relief

Every time more we hear in our everyday statements like "I'm stressed!", "Don´t worry me more than I am." But in what sense can we use technology to combat these congestions that we deal with daily? Well, one way would be to use technology to create objects, systems or applications that can spoil us and preferably be imperceptible by the user and, for this we have the ubiquitous computing and nurturant technologies. The ubiquitous computing is increasingly discussed as well as ways to make your computer more subtle in the view of the user, which is subject of research and development. The use of technology as a source of relaxation and spoil us is a strand that is being explored in the context of nurturant technologies. Accordingly, this thesis is focused on the development of an object and several applications with which we can interact. The object and applications have the purpose to spoil us and help us relax after a long day at work or in some situation more stressful. The object developed employs technologies like the use of accelerometers and the applications developed employs communications between computers and Web cameras. This thesis begins with a brief introduction to the areas of research and others that we can include in this thesis, such as ubiquitous computing and the nurturant technologies, providing yet general information on stress and ways to mitigate it. Later is described some of the work already done and that influenced this thesis as well as the prototypes developed and the experiences performed, ending with a general conclusion and future work.

Prevalência da infecção por HPV e perfil das mulheres frente ao exame de papanicolau no município de São José de Mipibú/RN.

The Human Papillomavirus (HPV) infection is the major sexually transmitted disease all over the world. There are many factors associated to infection and the virus persistency in the organism. This study aims to evaluate the women's knowledge, attitudes and practice about the Papanicolaou test (Pap), as well as analyze the HPV and Chlamydia trachomatis infections prevalences in sexually active women from the city of São José do Mipibu/RN/Brazil. This research was divided in two steps (step I and step II), using different methodologies and samples each. The samples collected in each step, even socio-demographic or from uterus cervix, are from different patients e were analyzed separated. In step I was evaluated 267 rural and urban zone women s knowledge, attitudes and practices about the Pap by home interview. In the step II were included 605 women with age ranged from 15 to 71 years old, with mean of 33,5 years old and from each one were collected two cervical samples, one for Pap and other for molecular biology, beside the epidemiological interview to investigate the correlation between prevalence of HPV infection and risk factors. To molecular analyses, the samples were processed using a mammal rapid DNA extraction technique protocol. For C. trachomatis DNA detection were used the CP24/27 primers, and GP5+/GP6+ to HPV. PCR products were analyzed by electrophoresis on 8% polyacrylamide gels, followed by silver staining. The results of the step I showed that, in spite of only 46,1% of the interviewed women they have demonstrated to possess appropriate knowledge on the Pap test, the attitude and practice proportions were significantly larger, 63,3% and 64,4% respectively. The largest education degree presented association with adaptation of the knowledge, attitudes and practice, while neglect, lack of solicitation of the exam for the doctor and shame, came as main barriers for the accomplishment of the exam. In the stage II the HPV general prevalence was 28,9%, being 26,7% in the women with normal cytology or benign alterations, 26,7% in the ones that had atypical squamous cells of undetermined significance (ASC-US) and 80% in those with Low grade squamous intraepithelial lesion (LSIL). the HPV infection prevalence was larger in the patients with up to 30 years of age and in the unmarried women, and those that had more than one sexual partner presented larger infection risk. The results show that the sexual relationship with multiple partners increased the infection risk for HPV and consequently the possibility of the occurrence of lesions uterine cervix

Prevalência da infecção por Chlamydia Trachomatis em mulheres atendidas no Programa de rastreamento do câncer de colo do útero

Genital infection with Chlamydia trachomatis is now recognized as one of the most prevalent sexually transmitted infections (STDs). Despite major advances in laboratory diagnosis techniques, primarily the character of asymptomatic chlamydial infection in both men and in women constitutes the basis for the formation of reservoirs that perpetuate transmission and acquisition of this and other STDs. The asymptomatic in women favors the rise of infection to the upper genital tract, causing injuries that can result in infertility. An examination of population screening for early detection and treatment of asymptomatic infections is the key step in combating this major public health problem. The present study aimed to evaluate the prevalence of infection by C. trachomatis in sexually active women attended the screening program for cervical cancer of the uterus in health facilities in municipalities in different regions of the State of Rio Grande do Norte, and identify factors that may contribute to the spread of this pathogen and its relationship with the lesions of the uterine cervix. It is a cross-sectional study aimed at detecting the presence of genital tract infection by C. trachomatis either in isolated form or in association with human papilloma virus (HPV) infection in asymptomatic women. Were included in this study, a total sample of 1,134 women aged 13-76, mean 34.4 years, from March 2008 to September 2012. Specimens containing exfoliated cells of the epithelium of the uterine cervix were analyzed by examining Pap cytology for the detection of possible injuries, and the polymerase chain reaction (PCR) for detection of plasmid DNA from C. trachomatis and HPV. Infection with C. trachomatis was detected with overall prevalence rate of 8.1% in the isolated form and 2.8% in co-infection with HPV. The infection was detected in 7.4% of women with normal cytology 11.5% of those with atypical cells of undetermined significance (ASC-US) and 16.7% of those with low-grade squamous intraepithelial lesion (LSIL). We observed an association between C. trachomatis and incidence of low-grade squamous intraepithelial lesion (LSIL). The genital tract infection by C. trachomatis alone was associated with education level, ethnicity and parity, revealing that women with higher education, those of non-white ethnicity and those who had three or more pregnancies were more likely to acquire infection. Levels very close to statistical significance were observed for chronological age, age at first sexual intercourse and first pregnancy. There was no association with marital status, number of sexual partners. Co-infection with C. trachomatis and HPV was detected in 2.3% of women with normal cytology, who had 5.1% in ASC-US and 10.4% in those with LSIL. No association was found between infection C. trachomatis and increased risk of HPV infection, but women with simultaneous infection by both pathogens showed greater risk for LSIL. Co-infection was more prevalent among single women, who had in the first sexual intercourse under 18 years and those who had two or more sexual partners over a lifetime

Regulação do livre acesso no transporte de gás natural à luz da ordem econômica da Constituição de 1988

In the middle of modern social changes produced by globalization and capitalism, several markets have changed. States have left the direct coordination of these markets (chiefly public utility sector in the form of monopolies), introducing regulation in order to promote competition. These changes have affected natural gas industry by promoting competition as a key factor to the development and the increase of firms in this market. The regulatory reform of natural gas industry ocurred in EUA and Europe Union and it has produced its first results. In Brazilian context, Constitutional Amendment nbr. 09 and Federal Law nbr. 9.478/97 ( Petroleum Law ) opened the natural gas market to a broad range of private economic agents and they finished the monopoly over the industry before managed by Petrobras. The new regulatory framework of Brazilian natural gas industry has designed competition as a central element to the new form of managment of business and contractual relationships of this industry. Among the regulatory instruments, open access regulation in natural gas pipelines is directed to promote competition. The questions arised about its implementation in Brazilian context are studied in the present work, in which it is discussed the constitutional rules and principles are to be applied to the open access regulation within the theme of statal regulation of economy present in constitutional economic order

Física no cotidiano: da cozinha para a sala de aula relato de uma experiência didática no município de Limoeiro do Norte (CE)

Brazilian high school teaching has passing through important changes. Based on current legislation and other official documents this research focus on the notion of contextualization, discussing the possibilities of a Physics teaching contextualized at a kitchen environment. Given the difficulties presented by students in establishing the relation between the contents discussed in classroom and their own daily lives, we propose the elaboration and application of a didactic unity. This started after the analyses of an initial questionnaire answered by the students. The didactic unity was elaborated based on an earlier proposal made by GREF (Physics Teaching Reelaboration Group) for a Thermal Physics course, and involved situations on students daily lives, in particular, those activities tried to relate formal contents discussed in classrooms to the kitchen environment. The didactic unity was applied to a public high school classroom at Limoeiro do Norte (CE). After evaluation of this experience it is possible to state that contextualization is a challenge that shall be faced, so that students may have a more critical look at physics, understanding that this subject is of relevance to all of us and is present in all world around us

A Transposição Didádica dos Gêneros do domínio do discursivo publicitários nos livros didáticos

Advertising text has been a subject of many investigations, because of its multimodal universe. Embodied by a linguistic and discursive materiality laying on scene persuasion, argumentation and power imagery of multissemiotics elements, the advertising text acts as an instrument of power, creating and destroying, promising and denying (CARVALHO, 2007). Advertising not only invites us to act for it, but directs us to look at it. It was under this moving look - of charm and interrogations - that discussions raised in this research were born. Investigations are directed to the school environment, in special, for the discursive advertising domain in Portuguese Language Textbook. It is from this environment that was born our research whose main objective is to analyze how does the didactic transposition of textual genres, described by Marcuschi (2008) as belonging to the "advertising" discourse domain (focusing on advertising genre) in didactic books teaching Portuguese Language before and after the advent of the PCN. Textbooks taken as reference for the study are historically situated in the 90s of the twentieth century and 10 century. Such books refer to elected 7th and 8th grades, currently corresponding to the 8th and 9th grades of elementary school. The choice is justified by the fact that in these Textbook teaching series the presence of advertising domain is recurrent and "didactized". In addition, we are also concerned in analyzing books that circulated around us and our regional reality. Hence, we elected books that were used by two public high schools: Municipal School Clementina Ana da Conceição in Jaçanã city in the Rio Grande do Norte state, State School for Elementary and High school Carlota Barreira in Areia city, Paraíba state. In our research the following categories of analysis were highlighted: (1) presence of advertising in DB, (2) fluctuation terminology: concepts and classifications; (3) The complexity of concepts facilitation, (4) what they propagate, and from which nature are the explored advertisements. From our analysis, we observe how the treatment of textual "advertising" genres have been inserted into Textbooks, and how occurs, in general, their didactic transposition. Focusing on the issue of fluctuating terminology, we noted the difficulty in drawing boundaries between the genres of advertising domain in the Textbooks. However, this also would result in the complexity - in the field of scientific knowledge - of delimiting genres of the same domain. To accomplish our studies, it was required a thorough and systematic dialogue with theories regarding the concept of "Didactic Transposition", due to the theoretical Chevallard Yves (1991), research on the textual genres - Bezerra (2005), Marcuschi (2008), Bazerman (2005), Swales (2004), among others - and studies involving the field of "Advertising" - Sandmann (2002), Carvalho (2007) and others

Tatuagem da palavra : educação sentimental do corpo no corpus poético de Maria Teresa Horta

While looking to the body and finding it engraved by cultural, imaginary and power-related texts through a discourse embodied in itself, this research proposes a new vertiginous approach to it by analyzing the following works: Poesia completa II, more specifically, Educação sentimental, and Novas cartas portuguesas. Such transgressive and performatic works are from Maria Teresa Horta (1937-), Portuguese writer, who proposes a new education by a renewed language: a sentimental education spawned from the erotic element. Starting from the deconstruction of the view over the spoiled body and exposed in Novas cartas portuguesas, from the poetic texts in Educação sentimental, as well as in remaining ones in Poesia completa II, Horta disassembles and reassembles the body, giving a new meaning to the symbols that surround us and our experiences. Other than proposing to all, men and women, such new meaning of the behavior and current practices models, Horta s education allows, through a performance action, the construction of a stage for female identity, free from the phallic influence. A new identity, able to handle all holy and profane characteristics of women, discarding the chromatic lens of sin. Horta s poetry emerges as a new proposal of literary labor

Atividade de morcegos insetívoros (mammalia, chiroptera) no pampa brasileiro: uso de hábitat e sazonalidade

Bats correspond to 20% of the extant mammal species and, with a few exceptions, use echolocation, a spacial orientation system based on emission and analysis of echoes from sound waves, generally ultrasounds. Echolocation was discovered in the 1940 s and since the 1970 s ultrasound detectors have been commercially available, allowing the investigation of several aspects of the natural history and ecology of bats. Passive acoustic monitoring has been frequently used in habitat use studies, predominantly in North America and Europe, by comparing the number of bat passes between different habitat types. This dissertation presents the first evaluation of the spacial and seasonal variation patterns in the activity of insectivorous bats in the Brazilian biome Pampa, in the state of Rio Grande do Sul. Since bat activity can vary according to habitat type, time of year and climatic conditions, the following hypotheses were tested: 1. bat activity varies between different types of habitat; 2. bat activity varies seasonally; 3. bat activity is influenced by temperature, humidity and wind speed. The acoustic samples were taken along fixed transects of 1500 meters, which were monitored monthly from April 2009 to March 2010. Five habitat types were sampled: eucalypts, stream, riparian forest, wetland and grassland. In each sample, the number of bat passes was obtained by using an ultrasound detector Pettersson D230. A total of 1183 bat passes were registered. Greater bat activity levels was observed along large eucalypts (1.93 bat passes/3min) and along a stream (1.61 bat passes/3 min). A riparian forest (0.94 bat passes/3 min) and a wetland area (0.61 bat passes/3 min) exhibited statistically equal levels of activity. Bat passes were fewer in grassland areas (0,16 bat passes/3 min). Bat activity was not correlated with abiotic factors. However, bat activity was significantly low in the colder season, winter, and was similar in autumn, spring and summer. The observed preference for vegetation borders and water courses agrees with reports from other countries and is attributed predominantly to the high prey abundance in these types of environments. Additionally, low activity in the winter is probably a response to the reduced availability of insects, and to lower temperatures. Our results indicate which areas of arboreal vegetation and water courses should be priorities for the conservation of bats and that alterations of these habitat types might negatively influence bat activity in the region

Malformação arteriovenosa uterina após doença trofoblástica gestacional

OBJETIVO: investigar a presença e resultados de malformações vasculares uterinas (MAVU) após doença trofoblástica gestacional (DTG). MÉTODOS: estudo retrospectivo com inclusão de casos diagnosticados entre 1987 e 2004; 2764 pacientes após DTG foram acompanhadas anualmente com ultra-sonografia transvaginal e Doppler colorido no Centro de Neoplasia Trofoblástica Gestacional da Santa Casa da Misericórdia (Rio de Janeiro, RJ, Brasil). Sete pacientes tiveram diagnóstico final de MAVU baseado em análise ultra-sonográfica - índice de pulsatilidade (IP), índice de resistência (IR) e velocidade sistólica máxima (VSM) - e achados de imagens de ressonância nuclear magnética (RNM). Dosagens negativas de beta-hCG foram decisivas para estabelecer o diagnóstico diferencial com DTG recidivante. RESULTADOS: a incidência de MAVU após DTG foi 0,2% (7/2764). Achados ultra-sonográficos de MAVU: IP médio de 0,44±0,058 (extremos: 0,38-0,52); IR médio de 0,36±0,072 (extremos: 0,29-0,50); VSM média de 64,6±23,99 cm/s (extremos: 37-96). A imagem de RNM revelou útero aumentado, miométrio heterogêneo, espaços vasculares tortuosos e vasos parametriais com ectasia. A apresentação clínica mais comum foi hemorragia transvaginal, presente em 52,7% (4/7) dos casos. Tratamento farmacológico com 150 mg de acetato de medroxiprogesterona foi empregado para controlar a hemorragia, após a estabilização hemodinâmica. Permanecem as pacientes em seguimento, assintomáticas até hoje. Duas pacientes engravidaram com MAVU, com gestações e partos exitosos. CONCLUSÃO: presente sangramento transvaginal em pacientes com beta-hCG negativo e história de DTG, deve-se considerar a possibilidade de MAVU e solicitar avaliação ultra-sonográfica com dopplervelocimetria. O tratamento conservador é a melhor opção na maioria dos casos de MAVU pós-DTG.

Artroplastia total coxofemoral em cães: Estudo experimental com prótese nacional

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

In vivo evaluation of the biocompatibility of three current bonding agents

The aim of this in vivo study was to evaluate the biocompatibility of three current bonding agents and calcium hydroxide cement. Sixty polyethylene tubes filled with the following materials: Group 1: Prime & Bond NT (PB - Dentsply, US; Group 2: Bond 1 (BO - Jeneric/Pentron, US); Group 3: Optibond Solo (OP - Kerr, US); and Group 4 (control): calcium hydroxide cement - Dycal (CH - Dentsply, US) were implanted into the connective tissue of 30 rats. After 15, 30 and 60 days, the implants were excised and the animals sacrificed. The biopsies were immersed in Karnovsky (pH, 7.2) fixative solution for 48 hours, and processed using routine histological technique. Six-micron-thick sections were cut and stained with hematoxilin and eosin and Masson's trichome technique. Microscopic evaluation was used to compare the connective tissue reactions caused by the experimental and control materials adjacent to the tube opening. At 15 days, the experimental and control materials triggered a moderate to intense inflammatory response which gave rise to a thick capsule adjacent to the tube opening. With time, the inflammatory reaction decreased. At 60 days, the connective tissue adjacent to the bonding agents exhibited a persistent inflammatory response mediated by macrophages and giant cells which were engulfing displaced resin components. on the other hand, for the control group (calcium hydroxide) no inflammatory response associated with a thin capsule adjacent to the material was observed even at the 30-day period. The hard-setting calcium hydroxide cement allowed complete healing and was considered more biocompatible than the bonding agents.