The role of bond covenants and short-term debt: evidence from Brazil

Esta dissertação tem como objetivo analisar a relação entre covenants e alavancagem financeira no curto e longo prazo com oportunidades de crescimento. A partir de uma amostra de 159 debêntures, encontramos evidência de que: 1) Covenants e dívida de curto-prazo podem ser considerados substitutos na atenuação do conflito de agência, uma vez que apresentaram relação negativa e significante e; 2) A relação negativa existente entre dívida de curto prazo e oportunidades de crescimento pode ser reduzida através da utilização de covenants.

Pair trading in Bovespa with a quantitative approach: cointegration, Ornstein-Uhlenbeck equation and Kelly criterion.

Pair trading is an old and well-known technique among traders. In this paper, we discuss an important element not commonly debated in Brazil: the cointegration between pairs, which would guarantee the spread stability. We run the Dickey-Fuller test to check cointegration, and then compare the results with non-cointegrated pairs. We found that the Sharpe ratio of cointegrated pairs is greater than the non-cointegrated. We also use the Ornstein-Uhlenbeck equation in order to calculate the half-life of the pairs. Again, this improves their performance. Last, we use the leverage suggested by Kelly Formula, once again improving the results.

Do options contain information about excess bond returns ?

There is strong empirical evidence that risk premia in long-term interest rates are time-varying. These risk premia critically depend on interest rate volatility, yet existing research has not examined the im- pact of time-varying volatility on excess returns for long-term bonds. To address this issue, we incorporate interest rate option prices, which are very sensitive to interest rate volatility, into a dynamic model for the term structure of interest rates. We estimate three-factor affine term structure models using both swap rates and interest rate cap prices. When we incorporate option prices, the model better captures interest rate volatility and is better able to predict excess returns for long-term swaps over short-term swaps, both in- and out-of-sample. Our results indicate that interest rate options contain valuable infor- mation about risk premia and interest rate dynamics that cannot be extracted from interest rates alone.

Por que James Bond, o engenheiro, desistiu do Brasil

Após oito anos e meio, James Arthur Bond, de 48 anos, a contragosto, foi levado de volta às origens. A crise tirou-o do Rio de Janeiro, terra que escolheu para viver com a família, forçando-o a buscar estabilidade em solo britânico.

Social impact bond feasibility study APAC Portugal: enhancing ex-offenders’ lives

Este estudo é uma análise à eficácia de um Social Impact Bond como como instrumento financeiro no modelo de intervenção da APAC Portugal. O objetivo é o de melhorar a vida de ex-criminosos e reduzir os índices de reincidência de modo a apoiar a sua reinserção na sociedade após a libertação. Enquanto os custos de funcionamento de um estabelecimento prisional forem suportados pelo sector público, como é de lei, o modelo inovador de intervenção terá de encontrar um meio alternativo de financiamento. Sendo assim, testámos a rentabilidade de um Social Impact Bond através de um bem estruturado modelo Excel que simula o mecanismo de investimento, tendo os resultados demonstrado que um Social Impact Bond pode, de facto, financiar o modelo de intervenção da APAC Portugal de forma eficaz.

A tellurium-based cathepsin B inhibitor: Molecular structure, modelling, molecular docking and biological evaluation

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A Perda Auditiva Induzida pelo Ruído (PAIR) na formação odontológica: conhecimentos e níveis de exposição

The rationalization of work in the Dentistry has been taking the professional to work for ways and systems based in the ergonomics, turning their work efficient and less tiring. Since their academic formation, the dentists surgeons are concerned with the high productivity in clinic and with the final result of the work, neglecting the way as it is executed, which reduce their work capacity and exhibits them to occupational diseases that could be minimized and/or forewarned. This research had as the main objective to investigate the knowledge of the Dentistry academics of Rio Grande do Norte Federal University concerning the Noise-induced Hearing Loss (NIHL), relating them at the noise levels that they are exposed, as well as to the preventive measures taken during the clinical activities. Was observed that 95% of the individuals know that the dentist surgeon is a professional in risk for NIHL. Among the causes of NIHL, the one that obtained the largest frequency citation was the high-speed handpieces, reminded by 92,4% of the academics. Among the students which enumerated protective measures for NIHL, 92% mentioned the use of the ear plugs, although 97% of the researched have told do not use any kind of preventive measure related to the noise. Was also observed that 96% of the academics notice the noise during the clinical attendance, what inconvenience 28,1% of them. Related the noise levels, the high-speed handpieces of the academics presented a medium value of 80,5 dB varying from 72,3 to 88,3 dB. The average of the ambient noise observed at the Integrated Clinic was about 74,8 dB. In spite of the noise levels in this research were observed below the established limits of tolerance by the legislation, they can provoke damages to the Dentistry professionals' health, or that suggests the need of an intervention and use of immediate preventive measures able to generate a healthy atmosphere of work and less risky

Quantitative fractography by digital image processing: NIH Image macro tools for stereo pair analysis and 3-D reconstruction

A set of NIH Image macro programs was developed to make qualitative and quantitative analyses from digital stereo pictures produced by scanning electron microscopes. These tools were designed for image alignment, anaglyph representation, animation, reconstruction of true elevation surfaces, reconstruction of elevation profiles, true-scale elevation mapping and, for the quantitative approach, surface area and roughness calculations. Limitations on time processing, scanning techniques and programming concepts are also discussed.

Tipos de fibras no músculo flexor longo do hálux de frangos de corte submetidos ao estresse pelo calor e frio e alimentados em pair-feeding

O objetivo deste trabalho foi avaliar o efeito da temperatura ambiente sobre as características morfométricas das fibras musculares do músculo flexor longo do hálux de frangos de corte alimentados com a mesma quantidade de ração (pair-feeding), isolando-se o efeito do consumo voluntário de alimento. Foram utilizados 16 frangos de corte machos, Ross, distribuídos em um delineamento inteiramente casualizado com dois tratamentos (estresse pelo calor e frio), com sete e nove repetições cada, respectivamente. Aos 43 dias de idade, o peso médio das aves estressadas pelo calor (1255 g) foi maior que o das aves estressadas pelo frio em pair-feeding (1086 g). O músculo das aves submetidas ao estresse pelo calor e pelo frio apresentou 22,82 e 27,93% de fibras brancas (FG - Fast Glycolytic), 52,76 e 47,67% de intermediárias (FOG - Fast Oxidative Glycolytic) e 24,42 e 24,40% de vermelhas (SO - Slow Oxidative), respectivamente. O diâmetro das fibras FG foi maior no músculo das aves submetidas ao calor (48,69 mm), quando comparado ao das aves submetidas ao frio (37,74 mm). A freqüência e o número dos tipos de fibras no músculo não diferiram entre as aves estressadas pelo calor e pelo frio. O estresse pelo frio associado à limitação no consumo de alimento determinou redução no crescimento e alterou a composição dos tipos de fibras no músculo flexor longo do hálux de frangos de corte, reduzindo o tamanho das fibras do tipo FG e mantendo o tamanho das fibras SO e FOG, as quais apresentam metabolismo oxidativo, associado à maior produção de calor.

Effect of monomer treatment and polymerisation methods on the bond strength of resin teeth to denture base material

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

Effect of methyl methacrylate monomer on bond strength of denture base resin to acrylic teeth

Bond failures at the acrylic teeth and denture base resin interface are still a common clinical problem in prosthodontics. The effect of methyl methacrylate (MMA) monomer on the bond strength of three types of denture base resins (Acron MC, Lucitone 550 and QC-20) to two types of acrylic teeth (Biotone and Trilux) was evaluated. Twenty specimens were produced for each denture base resin/acrylic tooth combination and were randomly divided into control (acrylic teeth received no surface treatment) and experimental groups (MMA was applied to the surface of the acrylic teeth for 180 s) and were submitted to shear tests (1 mm/mm). Data (MPa) were analyzed using three-way ANOVA/Student's test (alpha = 0.05). MMA increased the bond strength of Lucitone denture base resins and decreased the bond strength of QC-20. No difference was detected for the bond strength of Acron MC base resin after treatment with MMA. (C) 2008 Elsevier Ltd. All rights reserved.

Evaluation of the Bond Strength of Denture Base Resins to Acrylic Resin Teeth: Effect of Thermocycling

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

Bond strength between acrylic resin and maxillofacial silicone

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

THE EFFECT of DENTIN PRETREATMENT on THE MICROTENSILE BOND STRENGTH of SELF-ADHESIVE RESIN CEMENTS

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