Pricing and spread components at the Lima Stock Exchange

This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases.

Exchange-rate variations and the rate of inflation in emerging economies

This paper develops a structural general equilibrium model to analyse the reactions of the nominal exchange rate and the domestic price level to three types of external shock in emerging economies that have limited access to world capital markets. Although the results depend crucially on the type of external shock, each of the two national balance-sheet parameters considered here —the risk premium and the ratio of external indebtedness— exacerbates the reactions of the two endogenous variables without altering the degree of exchange-rate pass-through (erpt). Moreover, flatter Phillips curves, as observed today in many economies, tend to increase erpt. On the basis of these results, the authorities of emerging economies seeking to stabilize markets and limit erpt are advised to minimize the two risk parameters by applying a flexible inflation-targeting regime.

Exchange rate pass-through and inflation targets in Chile

Using quarterly data on the Chilean economy from 1986 to 2009, this article looks at the effect of gradual implementation of an inflation-targeting regime on exchange rate pass-through to prices. Initially, the introduction of inflation-targeting contributes to substantial reductions in the pass-through coefficient. However, in the second phase of implementation, once the monetary authority extends the policy horizon and introduces greater flexibility into the exchange rate system, the pass-through coefficient rises sharply. The findings of this study show that exchange rate pass-through to prices, in addition to being sensitive to the inflationary environment, is closely tied to the rules of the game that shape the monetary policy framework.

Desorption of heavy metals from ion exchange resin with water and carbon dioxide

Adsorption and regeneration of ion exchange resins were studied using a subcritical solution of a CO₂-H₂O mixture and a fixed bed column. The commercial Amberlite IRC-50/IRC-86 cation exchange resins and Amberlite IRA-67 anion exchange resin were tested for heavy metals (Pb, Cu, Cd) adsorption from a solution with different initial metal concentrations at different temperatures. After adsorption, the loaded resins were regenerated with water and carbon dioxide at different temperatures and a pressure of 25 MPa. The efficiency of the IRC-50 resin was lower than that of the IRC-86 resin for the adsorption of metals like Cd, Cu and Pb. Results obtained for desorption of these metals indicated that the process could be used for Cd and in principle for Cu. Sorption of metal ions depended strongly on feed concentration. Mathematical modeling of the metal desorption process was carried out successfully as an extraction process. For this purpose, the VTII Model, which is applied to extraction from solids using supercritical solvents, was used in this work.

Estudos estruturais por dinâmica molecular do peptídeo Polybia-MPI via Replica Exchange

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Exercise domain profile through pulmonary gas exchange response during kendo practice by men

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

History, structure, and genetic diversity of Brazilian Gir cattle

The Gir cattle breed (Bos indicus) is an important genetic resource for milk production throughout the tropics. The small number of Gir animals introduced in Brazil, rapid dissemination of this breed recently, and the intensification of selection practices could contribute to increase of inbreeding level and reduce genetic diversity in this population. The population was analyzed in terms of pedigree completeness level, inbreeding coefficient, coancestry, generation interval, effective population size, effective number of founders and ancestors, among others. Despite the low mean inbreeding (around 2%), minor problems were identified in the population structure of the Brazilian Gir cattle, e.g., trend of narrower bottlenecks in the pedigree in recent years. The effective population sizes based on inbreeding (94) or coancestry (165.9) as well as the effective number of ancestors (76) and founders (143) were relativity high. The major subdivision of the Gir breed was observed between 1993 and 2002 (dairy and dual-purpose herds, wide use of within-herd matings). In this period the level of inbreeding remained at a higher level, there was a small increase in coancestry and the number of equivalent subpopulations was approximately 6. After 2002, there was genetic exchange between subpopulations, reduction in the average inbreeding, pronounced increase in the average coancestry, and the number of equivalent subpopulations was about 2. Furthermore, it was found that the mean generation interval of the population tended to increase in recent years (around 9 years). About 23% of genetic diversity has been lost since the first generation of founders. Based on the effective population size, number of equivalent subpopulations, inbreeding, coancestry, and loss of genetic diversity, the Gir population is still highly structured, but there is ample room for artificial selection. The results regarding the effective number of founders and ancestors in the present population demonstrate the existence of bottlenecks in the pedigree and indicate the need for population structure monitoring. Nevertheless, the Brazilian Gir breed can perfectly face a breeding program with high selection intensity. (C) 2014 Elsevier B.V. All rights reserved.

Composite interval mapping and mixed models reveal QTL associated with performance and carcass traits on chicken chromosomes 1, 3, and 4

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

The effects of different inspired oxygen fractions on gas exchange and Tei-index of myocardial performance in propofol-anesthetized dogs

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of Water Exchange and Mechanical Aeration on Grow-out of the Amazon River Prawn in Ponds

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Electrochemical Properties of the Oxo-Manganese-Phenanthroline Complex Immobilized on Ion-Exchange Polymeric Film and Its Application as Biomimetic Sensor for Sulfite Ions

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

Effect of interval from induction of puberty to initiation of a timed AI protocol on pregnancy rate in Nellore heifers

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effects of High-Intensity Interval vs. Continuous Moderate Exercise on Intraocular Pressure

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