Um Modelo Fuzzy Comportamental para análise de sobre-reação e sub-reação no mercado de ações brasileiro

Neste artigo, são apresentados testes empíricos para a investigação de ocorrência de fenômenos de sobre-reação e sub-reação no mercado de ações brasileiro. Para esses testes, é proposto um modelo baseado na teoria de conjuntos Fuzzy, que possui forte relação com as heurísticas de representatividade e ancoramento, estabelecidas na teoria de finanças comportamentais. O modelo proposto é empregado para a formação de carteiras e utiliza indicadores financeiros de companhias abertas. Para as análises são utilizados dois conjuntos de ações, um do setor de petróleo e petroquímica e outro do setor têxtil, com indicadores financeiros relativos ao período de 1994 a 2005.

How middle managers contribute to strategy formation process: connection of strategy processes and strategy practices

The role of middle management is essential when managing integrative and emergent strategy formation processes. We stand out the importance of its role connecting micro and macro organizational level offering a very important contribution when examining the strategy-as-practice perspective and integrative strategy formation process. The main goal of this research is to analyse the relationship between the integrative strategy formation process and the roles of middle management under the strategy-as-practice perspective. To check it out we adopted a qualitative methodology droving a case analysis in a Spanish University. Data was collected by means of personal interviews with members of different levels of the Institution, documents analysis and direct observation. In advance of some results we find out that the University develops an integrative strategy formation process and confers to middle management an important role extended all over the organization.

UM MODELO FUZZY-DEA-GAME PARA ESTRATÉGIAS DE PRODUÇÃO SOB INCERTEZA

Este trabalho desenvolve um novo modelo Fuzzy-DEA-Game (FDG) para apoiar o estabelecimento de estratégias de produção. Esse modelo combina a Análise Envoltória de Dados (DEA) com conceitos da Teoria dos Conjuntos Fuzzy e do Jogo da Barganha de Nash. O modelo permite uma avaliação da eficiência produtiva e econômica dos produtos, o que pode resultar num portfólio de produtos mais rentáveis e de interesse do mercado consumidor. O modelo foi aplicado em uma empresa do segmento de energia. Os resultados obtidos com a aplicação do modelo FDG mostraram-se aderentes à realidade da empresa estudada e forneceram metas para a redução dos níveis de recursos (entradas) necessários para a fabricação dos produtos e para aumento dos níveis de resultados (saídas) oriundos da comercialização desses produtos. Como resultado adicional importante, o modelo FDG permitiu a identificação dos produtos do portfólio que são mais sensíveis à ocorrência de incerteza.

O conceito de valor para o consumidor : uma análise sob a óptica da metodologia Laddering

RESUMO: O constructo de customer value é aquele que melhor explica o comportamento do consumidor, uma vez que o seu objectivo é o de entender como os consumidores traduzem os atributos e consequências do uso de um produto em valores pessoais relevantes. A metodologia laddering, que tem como base a teoria das cadeias meios-fim, é um elemento teórico que se considera consistente para estabelecer a relação entre os atributos e os valores do consumidor. Esta dissertação pretende demonstrar a exequibilidade da metodologia laddering em estudos sobre o valor para o consumidor, percebendo quais são as vantagens e limitações do seu uso. É conclusivo que este método, através da construção de cadeias A-C-V, proporciona elementos de estudo que permitem a visualização de hierarquia de valores produzida pelos consumidores, função dos critérios de escolha destes durante e após um processo de compra. A aplicabilidade desta metodologia na perspectiva do valor para o cliente, permite a utilização dos seus resultados num conjunto de áreas específicas do marketing, das quais destacamos a segmentação e análise de mercado, a avaliação do posicionamento de produtos e marcas, a avaliação da publicidade e o desenvolvimento de estratégias de comunicação. ABSTRACT: The customer value construct is the one that best explains the consumer behavior, since its purpose is to understand how consumers translate the attributes and consequences of the use of a product in relevant personal values. The laddering methodology, which is based on the theory of means-end chains, is a theoretical element that is considered consistent for establish the relationship between attributes and consumer values. This thesis attempts to demonstrate the feasibility of the laddering methodology in studies about the value for the consumer, knowing what are the advantages and limitations of its use. It is conclusive that this method, by building chains A-C-V, provides elements of study that allows the visualization of the values hierarchy produced by consumers, according to the criteria of their choice during and after a purchase process. The applicability of this methodology from the perspective of customer value, allows the use of their results in a number of specific areas of marketing, which we emphasize the segmentation and market analysis, evaluation of product and branding positioning, evaluation of advertising and development of communication strategies.

The process of implementing answerability in contemporary Brazil

Abstract: The aim of this study was to characterize the trajectory of answerability in Brazil. In the light of studies based on the historical neo-institutionalism approach, formal institutional changes adopted at federal level between 1985 and 2014, and which favor the typical requirements of answerability - information and justification - were identified and analyzed through the content analysis technique. The conclusion is that the trajectory of answerability in contemporary Brazil can be characterized as continuous, primarily occurring through the layering strategy, and whose leitmotif, since its origin, has consisted of matters of financial and budgetary nature. Nevertheless, a recent influence of deeper democratic subjects on it has been observed.

The portuguese insurance industry: basis for strategic process decision

Nowadays, the Portuguese insurance industry operates in a market with a much more aggressive structure than a few decades ago. Markets and the economy have become globalised since the last decade of the 20th century. Market forces have gradually shifted – power is now mainly on the demand side. In order to meet the new requirements, the insurance industry must develop a strong strategic ability to respond to constant changes of the new international economic order.One of the basic aspects of this strategic development will focus on the ability to predict the future. We introduce the subject by briefly describing the sector, its organisational structure in the Portuguese market, and challenges arising from the development of the European Union. We then analyse the economic and financial structure of the sector. From this point of view, we aim at the possibility of designing models that could explain the demand for insurance, claims and technical reserves evolution. Such models, (even if based on the past), would resolve, at least partly, one of the greatest difficulties experienced by insurance companies when estimating the budget. Thus, we examine the existence of variables that explain the previous points, which are capable of forming a basis for designing models that are simple but efficient, and can be used for strategic planning.

Fluorescence Microscopy Imaging Denoising with Log-Euclidean Priors and Photobleaching Compensation

Fluorescent protein microscopy imaging is nowadays one of the most important tools in biomedical research. However, the resulting images present a low signal to noise ratio and a time intensity decay due to the photobleaching effect. This phenomenon is a consequence of the decreasing on the radiation emission efficiency of the tagging protein. This occurs because the fluorophore permanently loses its ability to fluoresce, due to photochemical reactions induced by the incident light. The Poisson multiplicative noise that corrupts these images, in addition with its quality degradation due to photobleaching, make long time biological observation processes very difficult. In this paper a denoising algorithm for Poisson data, where the photobleaching effect is explicitly taken into account, is described. The algorithm is designed in a Bayesian framework where the data fidelity term models the Poisson noise generation process as well as the exponential intensity decay caused by the photobleaching. The prior term is conceived with Gibbs priors and log-Euclidean potential functions, suitable to cope with the positivity constrained nature of the parameters to be estimated. Monte Carlo tests with synthetic data are presented to characterize the performance of the algorithm. One example with real data is included to illustrate its application.

CP properties of symmetry-constrained two-Higgs-doublet models

The two-Higgs-doublet model can be constrained by imposing Higgs-family symmetries and/or generalized CP symmetries. It is known that there are only six independent classes of such symmetry-constrained models. We study the CP properties of all cases in the bilinear formalism. An exact symmetry implies CP conservation. We show that soft breaking of the symmetry can lead to spontaneous CP violation (CPV) in three of the classes.

RF Receiver Front End for 28.5 GHz Applications on a 70 GHz F-T SiGe BiCMOS Process

This article presents the design and test of a receiver front end aimed at LMDS applications at 28.5 GHz. It presents a system-level design after which the receiver was designed. The receiver comprises an LNA, quadrature mixer and quadrature local oscillator. Experimental results at 24 GHz center frequency show a conversion voltage gain of 15 dB and conversion noise figure of 14 5 dB. The receiver operates from a 2 5 V power supply with a total current consumption of 31 mA.

Unit Commitment in a Competitive and Emission Constrained Environment

This paper is on the unit commitment problem, considering not only the economic perspective, but also the environmental perspective. We propose a bi-objective approach to handle the problem with conflicting profit and emission objectives. Numerical results based on the standard IEEE 30-bus test system illustrate the proficiency of the proposed approach.

Innovation through virtual communities of Practice: motivation and constraints in the knowledge-creation process

Communities of Practice are places which provide a sound basis for organizational learning, enabling knowledge creation and acquisition thus improving organizational performance, leveraging innovation and consequently increasing competitively. Virtual Communities of Practice (VCoP‟s) can perform a central role in promoting communication and collaboration between members who are dispersed in both time and space. The ongoing case study, described here, aims to identify both the motivations and the constraints that members of an organization experience when taking part in the knowledge creating processes of the VCoP‟s to which they belong. Based on a literature review, we have identified several factors that influence such processes; they will be used to analyse the results of interviews carried out with the leaders of VCoP‟s in four multinationals. As future work, a questionnaire will be developed and administered to the other members of these VCoP‟s

CVD of CrO(2): Towards a lower temperature deposition process

The deposition of highly oriented a-axis CrO(2) films onto Al(2)O(3)(0001) by atmospheric pressure (AP)CVD at temperatures as low as 330 C is reported. Deposition rates strongly depend on the substrate temperature, whereas for film surface microstructures the dependence is mainly on film thickness. For the experimental conditions used in this work, CrO(2) growth kinetics are dominated by a surface reaction mechanism with an apparent activation energy of (121.0 +/- 4.3) kJ mol(-1). The magnitude and temperature dependence of the saturation magnetization, up to room temperature, is consistent with bulk measurements.

The (well) informed piano : internalization and growth process

The subject matter of this book is about piano methodology, including technical, musical, artistic, ethical and philosophical issues and reflections. The purpose of this work is to share a personal professional experience insight in the field of piano performance. This text assumes a certain continuity to the major contributions of artists like Ludwig Deppe, Tobias Matthay, Grigory Kogan, Heinrich Neuhaus and George Kochevitsky. At the same time, it tries to integrate and complement this selected literature, bringing new ideas and hints to specific professional issues.