Mineralogy of the clay fraction of alfisols in two slope curvatures: IV - spatial correlation with physical properties

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

Anatomical evaluation of the cervical vertebrae of Wistar rats by means of digital radiographs and its correlation with the maturation stages of human cervical vertebrae

INTRODUCTION: Biological age is an important parameter for growth and development assessment. It can be evaluated through the observation of radiographic changes in skeletal maturation of cervical vertebrae. OBJECTIVE: This study aims to: a) verify if there is correlation between growth curve and the stages of bone age of animals used in laboratories, by evaluating radiographs of the cervical vertebrae; b) correlate these stages with their correspondents in humans. METHODS: 35 Wistar rats were evaluated for a period of 160 days, starting at day 22nd (weaning), with cross sections for periodic weighing, length measurement and digital radiography. Radiographs of the cervical vertebrae (C2 and C3) were measured by means of a computer program (Radio IMP). Data were submitted to statistical analysis (ANOVA) and Pearson correlation. RESULTS: Growth spurt was characterized by fast increasing in weight and length. Through ANOVA, differences were observed in the cervical measurements between days 22, 97, 127, 157, 187 and 217 (p <0.001). A high correlation was found between increasing in body length and weight, as well as in cervical vertebrae height (r = 0.86). Increments in concavities of vertebrae were also observed, similar to humans. CONCLUSIONS: There is correlation between body growth and maturation of cervical vertebrae in rats. Despite the continuous development of concavities, it was not possible to clearly identify the 5/6 stages as in studies of cervical vertebrae maturation in humans.

Confidence and the Stock Market: An Agent-Based Approach

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

The 60-and 70-kDa heat-shock proteins and their correlation with cardiovascular risk factors in postmenopausal women with metabolic syndrome

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

Porphyromonas endodontalis in chronic periodontitis: a clinical and microbiological cross-sectional study

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

Diallel cross among fresh market tomato inbreeding lines

The general combining ability (GCA), specific combining ability (SCA), and heterosis were studied in a complete diallel cross among fresh market tomato breeding lines with reciprocal excluded. Fifteen genotypes (five parents and ten hybrids) were tested using a randomized complete block design, with three replications, and the experiments were conducted in Itatiba, São Paulo state, Brazil, in 2005/06. The yield components evaluated were fruit yield per plant (FP), fruit number per plant (FN), average fruit weight (FW); cluster number per plant (CN); fruit number per cluster (FC), fruit wall thickness (FT) and number of locules per fruit (NL). Fruit quality components evaluated were total soluble solids (SS); total titratable acidity (TA); SS/TA ratio, fruit length (FL); fruit width (WI); length to width ratio (FL/WI). The data for each trait was first subjected to analysis of variance. Griffing's method 2, model 1 was employed to estimate the general (GCA) and specific (SCA) combining abilities. Parental and hybrid data for each trait were used to estimate of mid-parent heterosis. For plant fruit yield, IAC-2 was the best parental line with the highest GCA followed by IAC-4 and IAC-1 lines. The hybrids IAC-1 x IAC-2, IAC-1 x IAC-4 and IAC-2 x IAC-4 showed the highest effects of SCA. High heterotic responses were found for fruit yield and plant fruit number with values up to 49.72% and 47.19%, respectively. The best hybrids for fruit yield and plant fruit number were IAC-1 x IAC-2, IAC-1 x IAC-4 and IAC-2 x IAC-5, for fruit yield and plant fruit number, the main yield components.

Correlations between yield and fruit quality characteristics of fresh market tomatoes

Genotypic, phenotypic and environmental correlations were estimated for all possible pairs among eleven characters of tomatoes. Fifteen treatments including five parents and ten hybrids of Instituto Agronômico (IAC) tomato breeding program were evaluated using a randomized complete block experimental design, with tree replications in Itatiba, São Paulo state, Brazil, during 2005/2006. The following traits were evaluated: fruit yield per plant (FP), fruit number per plant (FN), average fruit weight (FW), cluster number per plant (CN), fruit number per cluster (FC), number of locules per fruit (NL), fruit length (FL), fruit width (WI), fruit wall thickness (FT), total soluble solids (SS), and total titratable acidity (TA). The genotypic (rG), phenotypic (rF) and environmental correlations (rA) for two pairs of plant traits were estimated using the Genes© program. High similarity was found among the estimates of genotypic and phenotypic correlations. Positive and high phenotypic and genotypic correlations were observed between FP and the traits FN, FW and FT, and these associations contributed for yield increasing. FW and FT contributed to yield increase and should be considered together as primary yield components in tomato. Positive values of the genotypic and phenotypic correlations revealed that FP influenced FN with high direct effect and significant positive correlation. These traits may be included as the main selection criteria for tomato yield improvement.

The Libor Market Model: from theory to calibration

This thesis is focused on the financial model for interest rates called the LIBOR Market Model. In the appendixes, we provide the necessary mathematical theory. In the inner chapters, firstly, we define the main interest rates and financial instruments concerning with the interest rate models, then, we set the LIBOR market model, demonstrate its existence, derive the dynamics of forward LIBOR rates and justify the pricing of caps according to the Black’s formula. Then, we also present the Swap Market Model, which models the forward swap rates instead of the LIBOR ones. Even this model is justified by a theoretical demonstration and the resulting formula to price the swaptions coincides with the Black’s one. However, the two models are not compatible from a theoretical point. Therefore, we derive various analytical approximating formulae to price the swaptions in the LIBOR market model and we explain how to perform a Monte Carlo simulation. Finally, we present the calibration of the LIBOR market model to the markets of both caps and swaptions, together with various examples of application to the historical correlation matrix and the cascade calibration of the forward volatilities to the matrix of implied swaption volatilities provided by the market.

Shareholder protection and stock market development

The dissertation contains five parts: An introduction, three major chapters, and a short conclusion. The First Chapter starts from a survey and discussion of the studies on corporate law and financial development literature. The commonly used methods in these cross-sectional analyses are biased as legal origins are no longer valid instruments. Hence, the model uncertainty becomes a salient problem. The Bayesian Model Averaging algorithm is applied to test the robustness of empirical results in Djankov et al. (2008). The analysis finds that their constructed legal index is not robustly correlated with most of the various stock market outcome variables. The second Chapter looks into the effects of minority shareholders protection in corporate governance regime on entrepreneurs' ex ante incentives to undertake IPO. Most of the current literature focuses on the beneficial part of minority shareholder protection on valuation, while overlooks its private costs on entrepreneur's control. As a result, the entrepreneur trade-offs the costs of monitoring with the benefits of cheap sources of finance when minority shareholder protection improves. The theoretical predictions are empirically tested using panel data and GMM-sys estimator. The third Chapter investigates the corporate law and corporate governance reform in China. The corporate law in China regards shareholder control as the means to the ends of pursuing the interests of stakeholders, which is inefficient. The Chapter combines the recent development of theories of the firm, i.e., the team production theory and the property rights theory, to solve such problem. The enlightened shareholder value, which emphasizes on the long term valuation of the firm, should be adopted as objectives of listed firms. In addition, a move from the mandatory division of power between shareholder meeting and board meeting to the default regime, is proposed.

The interrelationship between monetary policy and the interbank money market during the financial crisis

Die vorliegende Dissertation besteht aus sechs Kapiteln und trägt zur Forschung in den Bereichen der Finanzmarktpolitik und der Geldpolitik bei. Das zweite Kapitel zeigt die Wechselbeziehung zwischen Geldmarktanspannungen und der Stabilität des Finanzsystems auf. Mittels der theoretischen Literatur werden verschiedene Einflussfaktoren einer aggregierten Liquiditätsnachfragefunktion präsentiert. Das dritte Kapitel untersucht den Informationsgehalt der Ergebnisse der Hauptrefinanzierungsgeschäfte für den europäischen Geldmarkt. Unsere Ergebnisse zeigen, dass sich seit der Finanzkrise der Informationsgehalt der Hauptrefinanzierungsgeschäfte in zweierlei Hinsicht verändert hat. Im vierten Kapitel untersuchen wir die Wirksamkeit der Geldpolitik während der Finanzkrise europäische Geldmarktzinssätze zu steuern. Die Ergebnisse deuten auf eine erhebliche Divergenz zwischen den Zinssätzen und den Erwartungen über die zukünftige Geldpolitik hin. Weiterhin finden wir heraus, dass die unkonventionellen Maßnahmen der EZB für einen Rückgang der Euriborsätze von bis zu 60 Basispunkten verantwortlich sind. Das fünfte Kapitel beschäftigt sich mit der Funktionsweise des besonderen geldpolitischen Instrumentariums der Schweizerischen Nationalbank.

Determining the effect of regulation on Microfinance Institutions Financial Self-Sustainability. A Cross-Country Comparison

Microfinance is an initiative which seeks to address financial inclusion, micro-entrepreneurship, and poverty reduction without over burdening governments. However, the current sector of microfinance is still heavily dependent on the good will of donors. The over-reliance on donations is a feature which threatens the long term sustainability of microfinance. Much has been written about this reliance, but research to date hasn’t empirically examined the effect of regulation as a mediator. This is a critical area of study because regulation directly affects Microfinance Institutions’ (MFI) innovation, and innovation is what shapes the future of microfinance. This thesis considers the role that regulation plays in affecting MFI’s and their ability to innovate in products, services and long-term sustainability via access to capital. Interviews were undertaken with stakeholders in MFI’s, NGO’s, Self-Regulating Bodies, and Regulators in India, Pakistan, and Bangladesh. This thesis discusses findings from interviews in relation to regulatory measures regarding financial self-sustainability of MFI’s. The conclusions of this thesis have implications for policy and inform the microfinance literature.

The market manipulation regime in the European Union

Market manipulation is an illegal practice that enables a person can profit from practices that artificially raise or lower the prices of an instrument in the financial markets. Its prohibition is based on the 2003 Market Abuse Directive in the EU. The current market manipulation regime was broadly considered as a big success except for enforcement and supervisory inconsistencies in the Member States at the initial. A review of the market manipulation regime began at the end of 2007, which became quickly incorporated into the wider EU crisis-era reform program. A number of weaknesses of current regime have been identified, which include regulatory gaps caused by the development of trading venues and financial products, regulatory gaps concerning cross-border and cross-markets manipulation (particular commodity markets), legal uncertainty as a result of various implementation, and inefficient supervision and enforcement. On 12 June 2014, a new regulatory package of market abuse, Market Abuse Regulation and Directive on criminal sanctions for market abuse, has been adopted. And several changes will be made concerning the EU market manipulation regime. A wider scope of the regime and a new prohibition of attempted market manipulation will ensure the prevention of market manipulation at large. The AMPs will be subject to strict scrutiny of ESMA to reduce divergences in implementation. In order to enhance efficiency of supervision and enforcement, powers of national competent authorities will be strengthened, ESMA is imposed more power to settle disagreement between national regulators, and the administrative and criminal sanctioning regimes are both further harmonized. In addition, the protection of fundamental rights is stressed by the new market manipulation regime, and some measures are provided to guarantee its realization. Further, the success EU market manipulation regime could be of significant reference to China, helping China to refine its immature regime.

Twitter data analysis for financial markets

Over the time, Twitter has become a fundamental source of information for news. As a one step forward, researchers have tried to analyse if the tweets contain predictive power. In the past, in financial field, a lot of research has been done to propose a function which takes as input all the tweets for a particular stock or index s, analyse them and predict the stock or index price of s. In this work, we take an alternative approach: using the stock price and tweet information, we investigate following questions. 1. Is there any relation between the amount of tweets being generated and the stocks being exchanged? 2. Is there any relation between the sentiment of the tweets and stock prices? 3. What is the structure of the graph that describes the relationships between users?