Relationship banking: does it lower information asymmetry or increase lender monopoly power?

A literatura teórica sobre economia bancária aponta que o relacionamento duradouro entre um emprestador e uma firma tomadora pode revelar informações sobre a qualidade de crédito da firma. Entretanto, trabalhos teóricos preveem diferentes resultados do efeito do relacionamento bancário sobre a taxa de juros e volume ofertado do empréstimo. De acordo com Diamond (1991) e outros, se o relacionamento bancário for revelar a todos os credores a qualidade de crédito da firma, espera-se como efeitos o aumento do volume dos empréstimos e redução na taxa de juros. Por outro lado, se o relacionamento bancário revelar as informações de crédito da firma apenas para o fornecedor principal, então se pode não ter os efeitos de aumento do volume e redução na taxa de juros. Este trabalho demonstra empiricamente quais são os efeitos das informações públicas e privadas geradas pelo relacionamento bancário no montante do empréstimo e na taxa de juros cobrada pelas instituições financeiras para as firmas. Usamos como medida de informação pública o tempo de relacionamento entre o banco e tomador, que pode ser encontrado em bureaux externos como Serasa Experian e Serviço Central de Proteção ao Crédito (SCPC) ou no Sistema de Informação do Banco Central (SISBACEN). Usamos como modelo de informação privada medidas que indicam o pagamento do débito em atraso por parte do tomador, o qual é de conhecimento apenas de cada credor. De acordo com a teoria, espera-se que a informação pública de tempo de relacionamento bancário indicará a qualidade do credor e resultará em maior volume de empréstimo e taxa de juros menores. As informações privadas sobre pagamentos em atraso, por ser exclusiva do credor principal, não terão efeitos sobre o montante do empréstimo e sobre a taxa de juros. No teste empírico, foram analisados dois mil setecentos e oitenta e cinco empréstimos do produto capital de giro concedidos a cinquenta e três empresas, fornecidos por uma instituição financeira do Estado do Espírito Santo. Utilizando o modelo econométrico dados em painel com efeito fixo de firma, encontramos que o tempo de relacionamento bancário é positivamente correlacionado ao valor do principal do empréstimo e é negativamente correlacionado ao spread bancário. Ambos os efeitos são estatisticamente significantes ao nível de 5,00%. Resultados similares ao encontrado por Berger e Udell (1995). Os resultados mostram que um relacionamento duradouro entre firmas e instituições financeiras reduz a assimetria de informação, gerando benefícios para as firmas. Para testar o feito da informação privada, foram utilizadas informações de atraso das firmas com a instituição financeira. Esses dados foram usados internamente, não divulgados em bureaux de crédito. As variáveis testadas foram número de parcelas pagas em atraso no mês anterior, a soma das parcelas pagas em atraso, flag se já efetuou pagamento em atraso e meses desde o último pagamento em atraso. Não têm efeito as informações privadas sobre o spread e o valor do principal do empréstimo. Resultados similares aos encontrados por Sharpe (1990).

Food waste in lower-middle income households: a qualitative analysis of antecedents and a typology of food wasters

Esta dissertação doutoral, com base em dados empíricos coletados com 50 mães distribuídas no Brasil (n = 30) e nos EUA (n = 20), tem como objetivo fornecer uma melhor compreensão do desperdício de alimento no contexto da baixa renda. A tese é composta por três artigos, que combinados, cumprem os objetivos de identificar os antecedentes do desperdício de alimento e delinear uma tipologia dos desperdiçadores de alimento. Adicionalmente, contextualiza o desperdício global e um capítulo propõe uma agenda futura para estudos sobre desperdício de alimento no âmbito do consumidor. O desperdício de alimento nas famílias, enquanto tema de pesquisa, oferece a oportunidade para o trabalho acadêmico em marketing cumprir os critérios de relevância social, gerencial e para políticas públicas. No primeiro estudo, descrevem-se os fatores do chamado "paradoxo do desperdício de alimento", a identificação e análise do desperdício de alimento em famílias com restrições orçamentárias, enquanto apresentam-se o itinerário do consumo de alimentos e os antecedentes do desperdício. Este primeiro artigo, elaborado com dados coletados em famílias brasileiras, ilustra também o papel das normas culturais, tais como o preparo abundante de alimento para mostrar hospitalidade ou como forma de não ser percebido como pobre, no aumento do desperdício. No segundo artigo, uma grounded-theory (teoria fundamentada nos dados) destaca o papel do afeto e da abundância no desperdício de alimento familiar. Para enriquecer as contribuições teóricas, este segundo estudo apresenta um framework com seis dimensões do desperdício de alimento (1. Afeto; 2. Abundância; 3. Multiplicidade de escolhas; 4. Conveniência; 5. Procrastinação; 6. Rotina sem planejamento). Baseado em dados empíricos coletados em famílias americanas, este estudo proporciona novas explicações, a exemplo de como o estoque abundante de comfort foods - uma forma de impulsionar tanto emoções positivas para si quanto mostrar afeto para crianças – pode gerar mais desperdício de alimentos. Em síntese, o segundo artigo identifica uma consequência negativa do afeto e da abundância de alimentos no contexto familiar, e apresenta um framework teoricamente relevante. Finalmente, o terceiro artigo, a partir do conjunto de dados dos estudos anteriores e de nova coleta com dez famílias, propõe uma tipologia comportamental do desperdício de alimento, uma contribuição original aos estudos de comportamento do consumidor. A identificação de cinco tipos de desperdiçadores de alimentos - (1) Mães carinhosas; (2) Cozinheiras abundantes; (3) Desperdiçadoras de sobras; (4) Procrastinadoras; (5) Mães versáteis - contribui para a teoria, enquanto implicações potenciais para educadores nutricionais e agentes públicos são exploradas a partir dos resultados. Como uma forma de explicar as características de cada um dos cinco tipos identificados, compara-se aspectos das amostras brasileira e norte-americana, que apresentam similaridades no comportamento de desperdício de alimento. Os níveis de desperdício percebidos por país também são comparados. Em suma, os achados dos três artigos podem contribuir para maximizar os resultados de campanhas de conscientização voltadas à mitigação do desperdício de alimento, e apresentam ideias para varejistas interessados em iniciativas de sustentabilidade. Mais abrangentemente, os resultados apresentados também podem ser aplicados para incrementar programas de combate à fome e projetos de educação nutricional realizados pelo setor público ou ONGs.

Development of an active orthosis prototype for lower limbs

ARAUJO, Márcio V. ; ALSINA, Pablo J. ; MEDEIROS, Adelardo A. D. ; PEREIRA, Jonathan P.P. ; DOMINGOS, Elber C. ; ARAÚJO, Fábio M.U. ; SILVA, Jáder S. . Development of an Active Orthosis Prototype for Lower Limbs. In: INTERNATIONAL CONGRESS OF MECHANICAL ENGINEERING, 20., 2009, Gramado, RS. Proceedings… Gramado, RS: [s. n.], 2009

Otimização e análise mecânica de pastas geopoliméricas para uso em poços sujeitos à injeção cíclica de vapor

Oil wells subjected to cyclic steam injection present important challenges for the development of well cementing systems, mainly due to tensile stresses caused by thermal gradients during its useful life. Cement sheath failures in wells using conventional high compressive strength systems lead to the use of cement systems that are more flexible and/or ductile, with emphasis on Portland cement systems with latex addition. Recent research efforts have presented geopolymeric systems as alternatives. These cementing systems are based on alkaline activation of amorphous aluminosilicates such as metakaolin or fly ash and display advantageous properties such as high compressive strength, fast setting and thermal stability. Basic geopolymeric formulations can be found in the literature, which meet basic oil industry specifications such as rheology, compressive strength and thickening time. In this work, new geopolymeric formulations were developed, based on metakaolin, potassium silicate, potassium hydroxide, silica fume and mineral fiber, using the state of the art in chemical composition, mixture modeling and additivation to optimize the most relevant properties for oil well cementing. Starting from molar ratios considered ideal in the literature (SiO2/Al2O3 = 3.8 e K2O/Al2O3 = 1.0), a study of dry mixtures was performed,based on the compressive packing model, resulting in an optimal volume of 6% for the added solid material. This material (silica fume and mineral fiber) works both as an additional silica source (in the case of silica fume) and as mechanical reinforcement, especially in the case of mineral fiber, which incremented the tensile strength. The first triaxial mechanical study of this class of materials was performed. For comparison, a mechanical study of conventional latex-based cementing systems was also carried out. Regardless of differences in the failure mode (brittle for geopolymers, ductile for latex-based systems), the superior uniaxial compressive strength (37 MPa for the geopolymeric slurry P5 versus 18 MPa for the conventional slurry P2), similar triaxial behavior (friction angle 21° for P5 and P2) and lower stifness (in the elastic region 5.1 GPa for P5 versus 6.8 GPa for P2) of the geopolymeric systems allowed them to withstand a similar amount of mechanical energy (155 kJ/m3 for P5 versus 208 kJ/m3 for P2), noting that geopolymers work in the elastic regime, without the microcracking present in the case of latex-based systems. Therefore, the geopolymers studied on this work must be designed for application in the elastic region to avoid brittle failure. Finally, the tensile strength of geopolymers is originally poor (1.3 MPa for the geopolymeric slurry P3) due to its brittle structure. However, after additivation with mineral fiber, the tensile strength became equivalent to that of latex-based systems (2.3 MPa for P5 and 2.1 MPa for P2). The technical viability of conventional and proposed formulations was evaluated for the whole well life, including stresses due to cyclic steam injection. This analysis was performed using finite element-based simulation software. It was verified that conventional slurries are viable up to 204ºF (400ºC) and geopolymeric slurries are viable above 500ºF (260ºC)

Influência da adição de cálcio nas propriedades de pastas geopoliméricas destinadas a cimentação de poços de petróleo

Nowadays, the search for new technologies that are able to follow the upcoming challenges in oil industry is a constant. Always trying properties improvements of the used materials, looking for the best performance and greater life time. Besides the search for technologies that show an improvement of performance, the search for materials environmentally correct along the whole production process. In Oil well cementing, this search for new technologies passes through the development of slurry systems that support these requests and that are also environmentally friendly. In this context, the use of geopolymer slurries is a great alternative route to cementing oil wells. Besides having good properties, comparable to Portland cement slurries, this alternative material releases much less CO2 gas in the production of their root materials when compared the production of Portland cement, which releases tons of CO2. In order to improve the properties of geopolymer slurries has been added Calcium Oxide, as observed in other studies that slurries where the Calcium is present the values of compressive strength is greater. The addition has been realized based in the CaO/SiO2 molar ratio of 0.05, 0.10 and 0.15. Have been performed compressive strength tests, thickening time, rheology and fliud loss control test of the slurries, following NBR 9831, as well as the physical chemical characterization of XRD, SEM and TG. Has been observed in most of the tests the slurries follow a tendency until the ratio of 0.10, which inverses in the ratio 0.15. This behavior can be explained by two phenomena that occur simultaneously, the first one is the break of the polymer chains and a consequent increase in molucules mobility, which prevails until the ratio of 0.1, and the second is possible approach of the chains due to the capacity of the calcium ions stabilize the charges of two different aluminum. There is only one linearity in the mechanical behavior that can be attributed to the appereance of the C-S-H phase. Based on this, it is concluded that the phenomenon of breaking the polymer chains predominates until the ratio of 0.1, causing an increase of the filtrate volume, lower rheological parameters and increasing thickening time. From the ratio of 0.15 the approach of the chains predominates, and the behavior is reversed

Comparison between two methods for cardiac output measurement in propofol-anesthetized dogs: thermodilution and Doppler

ObjectiveTo compare cardiac output (CO) measured by Doppler echocardiography and thermodilution techniques in spontaneously breathing dogs during continuous infusion of propofol. To do so, CO was obtained using the thermodilution method (CO(TD)) and Doppler evaluation of pulmonary flow (CO(DP)) and aortic flow (CO(DA)).Study designProspective cohort study.AnimalsEight adult dogs weighing 8.3 +/- 2.0 kg.MethodsPropofol was used for induction (7.5 +/- 1.9 mg kg-1 IV) followed by a continuous rate infusion at 0.7 mg kg-1 minute-1. The animals were positioned in left lateral recumbency on an echocardiography table that allowed for positioning of the transducer at the 3rd and 5th intercostal spaces of the left hemithorax for Doppler evaluation of pulmonary and aortic valves, respectively. CO(DP) and CO(DA) were calculated from pulmonary and aortic velocity spectra, respectively. A pulmonary artery catheter was inserted via the jugular vein and positioned inside the lumen of the pulmonary artery in order to evaluate CO(TD). The first measurement of CO(TD), CO(DP) and CO(DA) was performed 30 minutes after beginning continuous infusion (T0) and then at 15-minute intervals (T15, T30, T45 and T60). Numeric data were submitted to two-way anova for repeated measurements, Pearson's correlation coefficient and Bland & Altman analysis. Data are presented as mean +/- SD.ResultsAt T0, CO(TD) was lower than CO(DA). CO(DA) was higher than CO(TD) and CO(DP) at T30, T45 and T60. The difference between the CO(TD) and CO(DP), when all data were included, was -0.04 +/- 0.22 L minute-1 and Pearson's correlation coefficient (r) was 0.86. The difference between the CO(TD) and CO(DA) was -0.87 +/- 0.54 L minute-1 and r = 0.69. For CO(TD) and CO(DP), the difference was -0.82 +/- 0.59 L minute-1 and r = 0.61.ConclusionDoppler evaluation of pulmonary flow was a clinically acceptable method for assessing the CO in propofol-anesthetized dogs.

Old beagle dogs have lower faecal concentrations of some fermentation products and lower peripheral lymphocyte counts than young adult beagles

The effects of age on microbiota composition, gut fermentation end-product formation and peripheral lymphocyte numbers were compared between old and young adult Beagle dogs fed four kibble diets differing in yeast cell wall contents. The experiment had a double 4 x 4 Latin square design, one with four mature dogs (4 years old) and the other with four old dogs (10 years old), with four replicates (diets) per dog. In each period a 15d adaptation period preceded a 5d total collection of faeces for the digestibility trial. on day 21, fresh faecal samples were collected for the determination of bacterial enumeration, pH, biogenic amine and short-chain fatty acid. Flow cytometry was used for immunophenotypic evaluation. Dogs were fed four kibble diets with similar composition with 0, 0.15, 0.30 and 0.45% of yeast cell wall (as-fed), respectively. Data were evaluated using general linear models of Statistical Analysis Systems statistical software (P<0.05). No evidence of a difference in faecal bacteria counts between ages was found (total aerobes, total anaerobes, Bifidobacterium, Lactobacillus, Clostridium and Escherichia coli: P. 0.15). Faecal concentrations of butyrate, histamine, agmatine and spermine were lower (P <= 0.05) and faecal pH was higher (P=0.03) in older dogs than in mature adult dogs, suggesting an alteration in bacterial metabolic activity, or in the rate of intestinal absorption of these compounds. Concentrations of T-lymphocytes, T-cytotoxic lymphocytes and B-lymphocytes were also lower (P <= 0.01) in older dogs than in mature adult dogs. The study confirmed alterations in peripheral lymphocytes and revealed a reduced concentration of some fermentation end products in the colon of old dogs.

Efeito do silício na preferência para oviposição de Bemisia tabaci biótipo B (Genn.) (Hemiptera: Aleyrodidae) em plantas de feijão (Phaseolus vulgaris L.)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Larvicidal activity of the water extract of Moringa oleifera seeds against Aedes aegypti and its toxicity upon laboratory animals

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Aspectos Biológicos dos Estádios Imaturos de Chrysoperla externa (Hagen) e Ceraeochrysa cincta (Schneider) (Neuroptera: Chrysopidae) Alimentados com Ovos e Ninfas de Bemisia tabaci (Gennadius) Biótipo B (Hemiptera: Aleyrodidae)

Foram avaliados os aspectos biológicos dos estádios imaturos de Chrysoperla externa (Hagen) e Ceraeochrysa cincta (Schneider), alimentados com ovos e ninfas de Bemisia tabaci (Genn.) biótipo B. Ovos dos predadores foram individualizados em recipientes de vidro de fundo chato com 2,5 cm de diâmetro e 8,5 cm de altura que foram mantidos à temperatura de 25±2ºC, UR de 70±10% e fotofase de 14h. Após a eclosão das larvas, discos de folhas de tomateiro e de couve com 2 cm de diâmetro, contendo ovos e ninfas de B. tabaci, respectivamente, foram colocados nos recipientes. A duração e a viabilidade de cada ínstar e da fase pupal de ambas as espécies predadoras alimentadas com diferentes estágios da presa foram avaliados. Larvas de primeiro ínstar de C. externa apresentaram desenvolvimento mais lento quando alimentadas com ovos de B. tabaci biotipo B monstrando influência do estágio da presa fornecida no período de desenvolvimento do predador. O mesmo não ocorreu para a espécie C. cincta. O desenvolvimento de larvas de primeiro ínstar de ambas as espécies predadoras foi semelhante quando foram alimentadas com ovos de B. tabaci; porém C. cincta apresentou período de desenvolvimento mais longo (5,4 dias) comparada a C. externa (4,0 dias) quando alimentada com ninfas da presa. Para larvas de segundo e terceiro ínstares e para a duração da fase larval não houve influência do estágio da presa fornecida (ovo ou ninfa) no período de desenvolvimento. A duração do segundo ínstar foi maior para C. cincta do que para C. externa (4,8 e 4,1 dias, respectivamente). Porém a duração do terceiro instar foi maior e da fase larval foi menor para C. externa (6,6 e 15,3 dias, respectivamente) do que para C. cincta (6,4 e 16,7 dias, respectivamente). A viabilidade dos ínstares foi acima de 90% para ambas as espécies. No entanto, menor porcentagem de viabilidade da fase de pupa foi registrada para C. cincta, quando alimentada com ovos (30%) ou ninfas (55,6%).

Annual pattern of plasma melatonin and progesterone concentrations in hair and wool ewe lambs kept under natural photoperiod at lower latitudes in the southern hemisphere

To study the annual pattern of plasma melatonin and progesterone concentrations in hair [Santa Ines (SI)] and wool [Romney Marsh (RM) and Suffolk (SU)] ewe lambs kept under natural photoperiods at 21 degrees 59'S, 12 ewe lambs (four/breed) were used. For melatonin, blood samples were collected monthly throughout the year at the onset (17:00, 19:00 and 21:00 hr) and end (04:00, 06:00 and 08:00 hr) of the night, and for progesterone the samples were collected in the morning, two to three times a week throughout the year. Plasma melatonin concentrations at different times of the day changed according to the season. In diurnal periods (17:00 and 8:00 hr) no seasonal differences were observed but they became evident in the nocturnal intervals (21:00 and 4:00 hr) and transitional night-day (6:00 hr) times. The patterns of melatonin secretion were higher in winter and autumn than in spring and summer. The patterns of plasma progesterone secretion were affected by interaction between breed and season. There was no seasonal variation in plasma progesterone concentrations for SI females. The progesterone pattern for RM and SU females varied with season. The plasma levels were higher in autumn and winter than in spring and summer. At 21 degrees 59'S hair and wool ewe lambs showed the same annual pattern of plasma melatonin concentration while the annual progesterone profiles were quite different. For SI females this pattern was constant along all seasons and for RM and SU females this pattern was higher during autumn and winter than spring and summer.

Tolerance to iron chlorosis in non-grafted quince seedlings and in pear grafted onto quince plants

Grafting is a technique that may affect plant tolerance to iron chlorosis in plants cultivated for their fruit. Therefore, the objective of this study was to evaluate the tolerance of non-grafted quince seedlings and pear grafted onto quince plants cultivated in pots with alkaline soil. The experiment was conducted in a greenhouse at the University of Cordoba, Spain, in pots (3 L) filled with alkaline soil, with one plant per pot. The treatments consisted of two genotypes, quince (Cydonia oblonga Mill) semi-woody rooted cuttings, cultivar BA29, and pear (Pyrus Communis L.), cultivar Ercolini, grafted onto quince cultivar BA29 (rootstock), and two nutrient solutions with and without iron (80 mu M Fe-EDDHA) arranged in a completely random design with eight repetitions. Each pot received 250 mL of the nutrient solution on June 3rd, 2010. Chlorophyll indirect measurements and the main stem length were evaluated for six weeks after the commencement of the treatments. During the last week, the main stem dry matter weight and the leaf total iron content were determined. It was found that grafting pear seedlings onto quince rootstock resulted in a higher tolerance to iron deficiency than when quince was not grafted. Non-grafted quince plants without iron in the nutrient solution, compared to the results with its application, showed low SPAD (Soil-Plant Analyses Development) values and resulted in plants with a lower leaf iron content and lower dry matter production; however, decreased seedling stem growth was observed only in the last week of cultivation.

Piroxicam encapsulated in liposomes: Characterization and in vivo evaluation of topical anti-inflammatory effect

Liposomes of soya phosphatidylcholine, cholesterol, and stearylamine (molar ratio 6/3/1) and 0.1% alpha-tocopherol were prepared by the extrusion of multilamellar vesicles through 0.2-mu m polycarbonate membrane. Liposomes were characterized by electron transmission microscopy, and the mean structure diameter was 278 nm. The encapsulation efficiency obtained was 12.73%. The topical anti-inflammatory effect was evaluated in vivo by the cotton pellet granuloma method. We analyzed free piroxicam at 4 mg/kg, piroxicam encapsulated in liposomes added to 1.5% hydroxyethylcellulose (HEC) gel at 1.6 mg/kg, and piroxicam encapsulated in liposomes added to HEC gel at 4 mg/kg; the inhibition of inflammation obtained was 21.1%, 32.8%, and 47.4%, respectively. These results showed that the encapsulation of piroxicam produced an increase of topical anti-inflammatory effect, suggesting that the inhibition of inflammation can be obtained with lower drug concentrations.

Self-Organizing Maps as a New Tool for Classification of Plants at Lower Hierarchical Levels

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