Em busca de um índice alternativo à relação Book to Market para a construção de carteiras mais rentáveis

Muitos estudos buscam tentar prever o retorno potencial sobre portfólios de ações, com intuito de obter melhor rentabilidade sobre o capital aplicado. Diversas modelagens já foram utilizadas, sendo que as mais conhecidas são as que relacionam o risco com o retorno. Nesta linha destacam-se a Teoria de Carteiras proposta por Markowitz, e o CAPM de Sharpe. Através destas teorias entende-se a questão da influência da covariância dos retornos e que para um melhor desempenho de uma carteira, não é suficiente avaliar cada ativo individualmente. Por outro lado, diversas críticas em relação ao CAPM, vêm ensejando estudos complementares na busca de outras variáveis que melhorem os métodos de seleção de ativos. Fama e French (1993) fizeram um estudo com variáveis complementares em relação ao beta do CAPM, utilizando o tamanho e a relação Book to Market, conseguindo resultados melhores que o CAPM tradicional. O presente estudo leva em conta a questão do reinvestimento do lucro gerado e utilizando o modelo de Gordon propõe uma variável de classificação de empresas de crescimento e empresas valor, conceito já utilizado na literatura de finanças.Com base nesta variável montam-se carteiras de ações entre os anos de 2005 e 2012 e observa-se que é possível obter ganhos com a lógica proposta. Ao longo do período seria possível obter com as carteiras selecionadas ganhos de até 107,85% contra os retornos de 55,58% das carteiras com todos os ativos. Organizamos os mesmos ativos pela ótica da relação Book to Market as quais obtiveram retorno total do período de 90,42%. Apesar de notar uma mudança clara de comportamento, onde apenas nos quatro primeiros anos do estudo as carteiras com empresas value são superiores e nos quatro últimos períodos as carteiras de empresas growth são as melhores. Estes resultados são compatíveis com os resultados de Braga e Leal (2000), e Mescolin, Martinelli Braga e da Costa Jr. (1997), verificando um melhor desempenho para as empresas value.

Percepções de alunos egressos de institutos de idiomas sobre seu conhecimento linguístico em exames de Inglês para mestrado e doutorado: um estudo à luz do sistema de avaliatividade

O uso da língua materna (LM) faz parte dos exames do conhecimento de uma língua estrangeira (LE) tomados como instrumentos de avaliação em cursos de pós-graduação no Brasil que, em sua maioria, constam de tradução e compreensão leitora de um texto em Inglês. Porém, as abordagens adotadas em cursos de Inglês tendem a deixar a LM de fora do processo de ensino- aprendizagem. Outra questão importante inclui a qualidade e a abrangência da atenção dada à compreensão leitora, embora saiba-se que os cursos de Inglês trabalhem as quatro habilidades (falar, ouvir, ler e escrever) em sala de aula. Diante desse cenário, este estudo busca avaliar a percepção do percurso da aprendizagem de língua inglesa de treze participantes, quando confrontados com a necessidade de realizar provas de LI como parte da seleção para cursos de Mestrado e Doutorado. Aqui, voltamos nosso olhar sobre objetivos de uso do idioma especialmente para compreensão leitora, uma das possíveis ramificações do quadro teórico do Inglês para Fins Específicos (IFE). Neste sentido, apoiamo-nos em Hutchinson & Waters (1987, p. 19), que nos falam em aprendizagem centrada no aluno, nas necessidades trazidas por ele em determinado momento de sua vida profissional ou acadêmica.Para tanto, coletaram-se as percepções de treze participantes, por meio da técnica de Grupo Focal, a respeito do modo como aprenderam a língua inglesa ao longo de suas trajetórias. Utilizamo-nos, para analisar as realizações destes sujeitos, do Sistema de Avaliatividade, proposto por Martin & White (2005) dentre outros, no escopo da Linguística Sistêmico-Funcional, valendo-nos especialmente do domínio semântico de Atitude para investigar as opiniões expressas. Apesar de os participantes terem feito uso de todas as categorias do subsistema da Atitude, Afeto e Apreciação foram as mais recorrentemente utilizadas, já que suas falas revelam não apenas o modo como os sujeitos se sentiam e ainda se sentem quando no papel de alunos sob os métodos vigentes no mercado, mas também suas críticas aos métodos de aprendizagem de inglês. Obtivemos 10 índices de Apreciações Negativas aos cursos de idiomas a respeito da exclusão quase completa da LM em aulas, além de 11 Apreciações Negativas ao modelo de ensino de língua inglesa na esfera escolar.

Sea level rise adaptation: emerging lessons for local policy development

Many coastal communities across the United States are beginning to plan for climate-related sea level rise. While impacts and solutions will vary with local conditions, jurisdictions which have begun this process seem to pass through three common stages when developing policy for local sea level rise adaptation: l) building awareness about local sea level rise threats, 2) undertaking analyses of local vulnerabilities, and 3) developing plans and policies to deal with these vulnerabilities. The purpose of this paper is to help advance community dialogue and further inform local decision-makers about key elements and steps for addressing climate-related sea level rise. It summarizes the results of a project the Marine Policy Institute (MPI) undertook during 2011-12 to review experiences from fourteen U.S. coastal jurisdictions representing a variety of city, county, and state efforts with sea level adaptation. There are many more initiatives underway than those reflected in this sample, but the “focus jurisdictions” were selected because of the extensive information publically available on their experiences and lessons being learned that could provide insights for coastal communities, especially in Southwest Florida.

The ecological condition of estuaries in the Gulf of Mexico

This document is intended for use by scientists and other citizens concerned with the ecological condition of estuaries, as well as by managers and lawmakers interested in the sustained use of estuaries for commercial and recreational purposes. It also addresses public concerns about the aesthetic quality of coastal areas vital to tourism and recreation. By producing this report on the ecological condition of estuaries in the Gulf of Mexico, we have taken one step in assessing the health of this environmental resource. We have produced an environmental report card to be used as a guide in the evaluation of management decisions and research directions. This report is organized in three parts: (1) an introduction that gives background information on the Gulf of Mexico, estuarine ecology, and the factors that impact estuaries in the gulf, (2) the main section on priority ecological indicators used to measure the condition of estuaries in the gulf and (3) an ecological report card that summarizes the data on ecological indicators and provides a rating of the condition of estuaries in each gulf state and for gulf estuaries overall. Many of the ratings were based on the percent area of estuaries in each state exhibiting degraded or adverse levels of an indicator.

牡丹复合体的分子进化和系统学研究---细胞核核糖体基因变异的分析

牡丹复合体(Paeonia suffruticosa Andr. Complex)属芍药属牡丹组，为中国特有的落叶亚灌木，野生类型均为濒危种，仅局限分布于以秦岭为中心的较小区域。由于分布区有限，个体数量少，栽培历史长，育种广泛，种间极易杂交，网状进化的广泛发生，使得该复合体分类混乱。本文选取牡丹复合体6个野生种以及2个近缘类群，采用分别基于核酸印迹杂交和聚合酶链式反应的限制性酶切片段长度多态性分析，对细胞核核糖体基因片段ITS/18s的变异进行了分析，并且结合采用微卫星DNA指纹分析技术。选取18种内切酶对特异片段进行酶切消化。共得149个酶切位点，其中67个为变异位点，占45.0%。其中编码区(2．Okb，含18s，5.8s，26s)有突变位点29个，占该区段长度的1.4%;非编码区(490bp，含ITS-1，ITS-2)有突变位点38个，占该区段长度的7.8%。由此，可明显比较二者进化的保守程度和进化速率。两段间隔区的变异程度也存在差异。ITS-1为6.0%．ITS-2为9.9%。这说明构建系统树时二者的选用应得到综合考虑或加权。在复合体内不存在长度变异，即无缺失或插入发生，暗示了该复合体各种之间亲缘关系的紧密。根据Neighbor-joining法并计算遗传距离构建系统关系图，结果如下：(1)卵叶牡丹（神农架红花类群）与紫斑牡丹分化较早，考虑其与复合体内其它各种之间的遗传距离，支持将其定为新种的观点;(2)神农架白花类群与与卵叶牡丹亲缘关系非常相近，这一结果支持了来自其它分子和表型分析的结果;(3)延安牡丹与紫斑牡丹亲缘关系极近，但与矮牡丹关系较远，是否为上述两个种的杂交种，目前为止尚无充分的证据，作为存疑种处理;(4)川牡丹和矮牡丹进化关系密切，这一结果与ITS序列分析结果完全一致，加之其地理分布式样的不连续性说明了它们的古老和残存性质，这可进而推广至本复合体乃至整个牡丹组。我们认为现存的分布格局可能是地理与气候演化的产物，估计牡丹组的野牡丹复合体从本复合体分化出去的时间约为310 - 750万年前。由于基因间协调进化的不均一作用和该类群杂种的早期起源限制了核糖体基因在追溯其网状进化历程上的作用，这符合基因转换的梯度理论。最后讨论了nrDNA得到的基因树与其它的基因树和种系树之间的关系。

Age validation of juvenile Shortfin Mako (Isurus oxyrinchus) tagged and marked with oxytetracycline off southern California

The purpose of this study was to validate aging results of juvenile Shortfin Mako (Isurus oxyrinchus) by vertebral band counts. Vertebrae of 29 juvenile Shortfin Mako marked with oxytetracycline (OTC) were obtained from tag-recapture activities to determine centrum growth-band deposition. Tagging occurred off southern California from 1996 to 2010, and time at liberty of the 29 sharks ranged from 4 months to 4.4 years (mean=1.3 years). Growth information also was obtained from length-frequency modal analyses (MULTIFAN and MIXDIST) by using a 29-year data set of commercial and research catch data, in addition to a tag-recapture growth model (e.g, the GROTAG model). For vertebrae samples used for age validation, shark size at time of release ranged from 79 to 142 cm fork length (FL) and from 98 to 200 cm FL at recapture. Results from band counts of vertebrae distal to OTC marks indicate 2 band pairs (2 translucent and 2 opaque) are formed each year for Shortfin Mako of the size range examined. Length-frequency analyses identified 3 age class modes. Growth rate estimates from 26.5 to 35.5 cm/year were calculated for the first age-class mode (85 cm FL) and from 22.4 to 28.6 cm/year for the second age-class mode (130 cm FL). Results from the tag-recapture growth model revealed fast growth during time at liberty for tagged fish of the 2 youngest age classes. Collectively, these methods suggest rapid growth of juvenile Shortfin Mako in the southern California study area and indicate biannual deposition of growth bands in vertebrae for the first 5 years.

Changes in size and age at maturity of the northern stock of Tilefish (Lopholatilus chamaeleonticeps) after a period of overfishing

The modern fishery for Tilefish (Lopholatilus chamaeleonticeps) developed during the 1970s, offshore of southern New England, in the western North Atlantic Ocean. The population quickly became over exploited, with documented declines in catch rates and changes in demographic traits. In an earlier study, median size at maturity (L50) of males declined from 62.6 to 38.6 cm fork length (FL) and median age at maturity (A50) of males declined from 7.1 to 4.6 years between 1978 and 1982. As part of a cooperative research effort to improve the data-limited Tilefish assessment, we updated maturity parameter estimates through the use of an otolith aging method and macroscopic and microscopic evaluations of gonads. The vital rates for this species have continued to change, particularly for males. By 2008, male L50 and A50 had largely rebounded, to 54.1 cm FL and 5.9 years. Changes in female reproductive schedules were less variable among years, but the smallest L50 and youngest A50 were recorded in 2008. Tilefish are dimorphic, where the largest fish are male, and male spawning success is postulated to be socially mediated. These traits may explain the initial rapid decline and the subsequent rebound in male L50 and A50 and less dramatic effects on females. Other factors that likely contribute to the dynamics of maturity parameter estimates are the relatively short period of overfishing and the amount of time since efforts to rebuild this fishery began, as measured in numbers of generations. This study also confirms the gonochoristic sexual pattern of the northern stock, and it reveals evidence of age truncation and relatively high proportions of immature Tilefish in the recent catch.

Reproductive potential of Yellowfin Tuna (Thunnus albacares) in the western Indian Ocean

The reproductive biology of Yellowfin Tuna (Thunnus albacares) in the western Indian Ocean was investigated from samples collected in 2009 and 2010. In our study, 1012 female Yellowfin Tuna were sampled: 320 fish on board a purse seiner and 692 fish at a Seychelles cannery. We assessed the main biological parameters that describe reproductive potential: maturity, spawning seasonality, fish condition, and fecundity. The length at which 50% of the female Yellowfin Tuna population matures (L50) was estimated at 75 cm in fork length (FL) when the maturity threshold was established at the cortical alveolar stage of oocyte development. To enable comparison with previous studies, L50 also was estimated with maturity set at the vitellogenic stage of oocyte development; this assessment resulted in a higher value of L50 at 102 cm FL. The main spawning season, during which asynchrony in reproductive timing among sizes was observed, was November–February and a second peak occurred in June. Smaller females (<100 cm FL) had shorter spawning periods (December to February) than those (November to February and June) of large individuals, and signs of skip-spawning periods were observed among small females. The Yellowfin Tuna followed a “capital-income” breeder strategy during ovarian development, by mobilizing accumulated energy while using incoming energy from feeding. The mean batch fecundity for females 79–147 cm FL was estimated at 3.1 million oocytes, and the mean relative batch fecundity was 74.4 oocytes per gram of gonad-free weight. Our results, obtained with techniques defined more precisely than techniques used in previous studies in this region, provide an improved understanding of the reproductive cycle of Yellowfin Tuna in the western Indian Ocean.

Habitat and diet overlap of 4 piscivorous fishes: variation on the inner continental shelf off New Jersey

Piscivorous fishes, many of which are economically valuable, play an important role in marine ecosystems and have the potential to affect fish and invertebrate populations at lower trophic levels. Therefore, a quantitative understanding of the foraging ecology of piscivores is needed for ecosystem-based fishery management plans to be successful. Abundance and stomach contents of seasonally co-occurring piscivores were examined to determine overlap in resource use for Summer Flounder (Paralichthys dentatus; 206–670 mm total length [TL]), Weakfish (Cynoscion regalis; 80–565 mm TL), Bluefish (Pomatomus saltatrix; 55–732 mm fork length [FL]), and Striped Bass (Morone saxatilis; 422–920 mm FL). We collected samples from monthly, fishery-independent trawl surveys conducted on the inner continental shelf (5–27 m) off New Jersey from June to October 2005. Fish abundances and overlaps in diet and habitat varied over this study period. A wide range of fish and invertebrate prey was consumed by each species. Diet composition (determined from 1997 stomachs with identifiable contents) varied with ontogeny (size) and indicated limited overlap between most of the species size classes examined. Although many prey categories were shared by the piscivores examined, different temporal and spatial patterns in habitat use seemed to alleviate potential competition for prey. Nevertheless, the degree of overlap in both fish distributions and diets increased severalfold in the fall as species left estuaries and migrated across and along the study area. Therefore, the transitional period of fall migration, when fish densities are higher than at other times of the year, may be critical for unraveling resource overlap for these seasonally migrant predators.

Pixelated liquid-crystal light valve for neural network application.

The liquid-crystal light valve (LCLV) is a useful component for performing integration, thresholding, and gain functions in optical neural networks. Integration of the neural activation channels is implemented by pixelation of the LCLV, with use of a structured metallic layer between the photoconductor and the liquid-crystal layer. Measurements are presented for this type of valve, examples of which were prepared for two specific neural network implementations. The valve fabrication and measurement were carried out at the State Optical Institute, St. Petersburg, Russia, and the modeling and system applications were investigated at the Institute of Microtechnology, Neuchâtel, Switzerland.

Ecological condition of coastal ocean and estuarine waters of the U.S. South Atlantic Bight: 2000-2004

In March-April 2004, the National Oceanic and Atmospheric Administration (NOAA), U.S. Environmental Protection Agency (EPA), and State of Florida (FL) conducted a study to assess the status of ecological condition and stressor impacts throughout the South Atlantic Bight (SAB) portion of the U.S. continental shelf and to provide this information as a baseline for evaluating future changes due to natural or human-induced disturbances. The boundaries of the study region extended from Cape Hatteras, North Carolina to West Palm Beach, Florida and from navigable depths along the shoreline seaward to the shelf break (~100m). The study incorporated standard methods and indicators applied in previous national coastal monitoring programs — Environmental Monitoring and Assessment Program (EMAP) and National Coastal Assessment (NCA) — including multiple measures of water quality, sediment quality, and biological condition. Synoptic sampling of the various indicators provided an integrative weight-of-evidence approach to assessing condition at each station and a basis for examining potential associations between presence of stressors and biological responses. A probabilistic sampling design, which included 50 stations distributed randomly throughout the region, was used to provide a basis for estimating the spatial extent of condition relative to the various measured indicators and corresponding assessment endpoints (where available). Conditions of these offshore waters are compared to those of southeastern estuaries, based on data from similar EMAP/NCA surveys conducted in 2000-2004 by EPA, NOAA, and partnering southeastern states (Florida, Georgia, South Carolina, North Carolina, Virginia) (NCA database for estuaries, EPA Gulf Ecology Division, Gulf Breeze FL). Data from a total of 747 estuarine stations are included in this database. As for the offshore sites, the estuarine samples were collected using standard methods and indicators applied in previous coastal EMAP/NCA surveys including the probabilistic sampling design and multiple indicators of water quality, sediment quality, and biological condition (benthos and fish). The majority of the SAB had high levels of DO in near-bottom water (> 5 mg L-1) indicative of "good" water quality. DO levels in bottom waters exceeded this upper threshold at all sites throughout the coastal-ocean survey area and in 76% of estuarine waters. Twenty-one percent of estuarine bottom waters had moderate levels of DO between 2 and 5 mg L-1 and 3% had DO levels below 2 mg L-1. The majority of sites with DO in the low range considered to be hypoxic (< 2 mg L-1) occurred in North Carolina estuaries. There also was a notable concentration of stations with moderate DO levels (2 – 5 mg L-1) in Georgia and South Carolina estuaries. Approximately 58% of the estuarine area had moderate levels of chlorophyll a (5-10 μg L-1) and about 8% of the area had higher levels, in excess of 10 μg L-1, indicative of eutrophication. The elevated chlorophyll a levels appeared to be widespread throughout the estuaries of the region. In contrast, offshore waters throughout the region had relatively low levels of chlorophyll a with 100% of the offshore survey area having values < 5 μg L-1.

Integrated conceptual ecosystem model development for the Florida Keys/Dry Tortugas coastal marine ecosystem: MARine Estuarine goal Setting (MARES) for South Florida

The overall goal of the MARine and Estuarine goal Setting (MARES) project for South Florida is “to reach a science-based consensus about the defining characteristics and fundamental regulating processes of a South Florida coastal marine ecosystem that is both sustainable and capable of providing the diverse ecosystem services upon which our society depends.” Through participation in a systematic process of reaching such a consensus, science can contribute more directly and effectively to the critical decisions being made by both policy makers and by natural resource and environmental management agencies. The document that follows briefly describes the MARES project and this systematic process. It then describes in considerable detail the resulting output from the first two steps in the process, the development of conceptual diagrams and an Integrated Conceptual Ecosystem Model (ICEM) for the first subregion to be addressed by MARES, the Florida Keys/Dry Tortugas (FK/DT). What follows with regard to the FK/DT is the input received from more than 60 scientists, agency resource managers, and representatives of environmental organizations beginning with a workshop held December 9-10, 2009 at Florida International University in Miami, Florida.