The growing importance of the ETF industry - the pros and cons of passive management

O objectivo deste projecto é a comparação entre os prós e contras de gestão passiva e ativa através da realização de um estudo estatístico de várias estratégias através dos Exchange-Traded Funds. Em particular, a análise vai passar pela estratégia mais passiva, ou seja, buy and hold, para um grau diferente de active indexing management, tais como rotações do sector e / ou classe de ativos com base no bottom-up, top-down e indicadores técnicos. A análise mostra que as estratégias ativas, se forem devidamente aplicadas, conseguem obter retornos ajustados ao risco substancialmente superiores quando comparados com uma abordagem passiva, superando as questões de custos de transação e diversificação que normalmente são reivindicadas por uma gestão passiva.

Homogeneous middles vs. heterogeneous tails, and the end of the ‘Inverted-U’: the share of the rich is what it’s all about

This paper examines the current global scene of distributional disparities within-nations. There are six main conclusions. First, about 80 per cent of the world’s population now live in regions whose median country has a Gini not far from 40. Second, as outliers are now only located among middle-income and rich countries, the ‘upwards’ side of the ‘Inverted-U’ between inequality and income per capita has evaporated (and with it the statistical support there was for the hypothesis that posits that, for whatever reason, ‘things have to get worse before they can get better’). Third, among middle-income countries Latin America and mineral-rich Southern Africa are uniquely unequal, while Eastern Europe follows a distributional path similar to the Nordic countries. Fourth, among rich countries there is a large (and growing) distributional diversity. Fifth, within a global trend of rising inequality, there are two opposite forces at work. One is ‘centrifugal’, and leads to an increased diversity in the shares appropriated by the top 10 and bottom 40 per cent. The other is ‘centripetal’, and leads to a growing uniformity in the income-share appropriated by deciles 5 to 9. Therefore, half of the world’s population (the middle and upper-middle classes) have acquired strong ‘property rights’ over half of their respective national incomes; the other half, however, is increasingly up for grabs between the very rich and the poor. And sixth, Globalisation is thus creating a distributional scenario in which what really matters is the income-share of the rich — because the rest ‘follows’ (middle classes able to defend their shares, and workers with ever more precarious jobs in ever more ‘flexible’ labour markets). Therefore, anybody attempting to understand the within-nations disparity of inequality should always be reminded of this basic distributional fact following the example of Clinton’s campaign strategist: by sticking a note on their notice-boards saying “It’s the share of the rich, stupid”.

Abundance of sedentary consumers and sessile organisms along the wave exposure gradient of subtropical rocky shores of the south-west Atlantic

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

Relative abundance and population biology of the non-indigenous crab Charybdis hellerii (Crustacea: Brachyura: Portunidae) in a southwestern Atlantic estuary-bay complex

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

Ecological distribution of the shrimp Litopenaeus schmitti (Burkenroad, 1936) (Decapoda, Penaeoidea) in Ubatuba Bay, São Paulo, Brazil

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

Analysis of the efficiency of silicate clay on the control of Xanthomonas axonopodis PV. passiflorae in vitro and in seedlings of yellow passion fruit contaminated

The bacterial spot in yellow passion fruit plants, caused by the bacteria Xanthomonas axonopodis pv. passiflorae, occurs in all producing areas of the country, and is responsible for great economic losses in the culture of passion fruit. This study aimed to test the efficiency of the silicate clay in the inhibition of the bacteria Xanthomonas axonopodis pv. passiflorae in vitro, and in both preventive and curative control of the bacterial spot in seedlings of yellow passion fruit plants. The silicate clay was added to the growth medium at concentrations of. 0.5, 1.0, 1.5 and 2.0%, placed in Petri dishes. After the culture medium was cooler, the bacterial suspension was inoculates (10(7) UFC.mL(-1)) with a handle, and left incubating at 28 degrees C for three days, and then the bacterial growth was evaluated. Subsequently, the product at the same concentrations above was sprayed on seedlings of 'Afruvec' passion fruit, as preventive or curative. The inoculation of the bacteria was made by foliar spraying of bacterial suspension (10(7) ufc.mL(-1)), 24 hours before or after the curative and preventive treatments, respectively. The severity of the disease was measured comparing each four true leaves from bottom up, with a diagrammatic scale. In the concentrations evaluated, the silicate clay inhibited both bacteria in vitro and symptoms of bacterial spot in the curative treatment. In preventive treatment, significant results were obtained using more than 1.0% of clay silicates. Based on these results, the clay silicate can be recommended, the concentration of 1.0-2.0% for the control of bacterial spot of passion fruit plants, in foliar sprays.

Inversion in the temperature coefficient of the optical path length close to the glass transition temperature in tellurite glasses

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of age and genetic group on characteristics of the scrotum, testes and testicular vascular cones, and on sperm production and semen quality in AI bulls in Brazil

The objectives were to determine the effects of age and genetic group on characteristics of the scrotum, testes and testicular vascular cones (TVC), and on sperm production and semen quality in 107 Bos indicus, B, taurus and cross-bred bulls at three artificial insemination (AI) centers in Brazil. In addition, predictors of sperm production and semen quality were identified. In general, scrotal circumference (SC), scrotal shape score, scrotal neck perimeter, and testicular size (length, width and volume) increased (P < 0.05) with age. Although there were no significant differences among genetic groups for SC or testicular size, B. indicus bulls had the least pendulous scrotal shape, the shortest scrotal neck length, and the greatest scrotal neck perimeter (P < 0.05). Fat covering the TVC was thinner (P < 0.05) in bulls <= 36 months of age and in B. taunts bulls than in older bulls and B. indicus bulls, respectively. Age and genetic group did not affect testicular ultrasonic echotexture. B. indicus bulls tended (P < 0.1) to have the lowest average scrotal surface temperature (SST). In general, ejaculate volume, total number of spermatozoa and number of viable spermatozoa increased (P < 0.05) with age. However, there was no significant effect of age on sperm concentration, motility, major and total defects. The proportion of spermatozoa with minor defects was highest (P < 0.05) in bulls 37-60 months of age. B. indicus bulls had higher (P < 0.01) sperm concentration, total number of spermatozoa and number of viable spermatozoa than B. taunts bulls, with intermediate values for cross-bred bulls. Increased sperm production was associated with increased testicular volume, SC, TVC fat cover, and SST top-to-bottom gradient. Decreased semen quality was associated with increased SC and bottom SST, and decreased scrotal shape, scrotal neck perimeter and vascular cone diameter. In summary, age and genetic group affected the characteristics of the scrotum, testes, and TVC, sperm production and semen quality. In addition, characteristics of the scrotum, testes and TVC were associated with sperm production and semen quality in bulls and could be assessed for breeding soundness evaluation. (c) 2002 Elsevier B.V. All rights reserved.

Use of the connective tissue graft for the coverage of composite resin-restored root surfaces in maxillary central incisors

The purpose of this article is to report the use of the subepithelial connective tissue graft technique combined with the coronally positioned flap on a composite resin-restored root surface to treat Miller Class I gingival recessions associated with deep cervical abrasions in maxillary central incisors. Clinical measurements, including gingival recession height, probing depth, and bleeding on probing (BoP), were recorded during the preoperative clinical examination and at 2, 6, 12, and 24 months postoperatively. During the follow-up periods, no periodontal pockets or BoP were observed. The periodontal tissue of the teeth presented normal color, texture, and contouring. In addition, it was observed that creeping attachment had occurred on the restoration. This case report shows that this form of treatment can be highly effective and predictable in resolving gingival recession associated with a deep cervical abrasion. (Quintessence Int 2012;43:597-602)

Bouchardia rosea, a vanishing brachiopod species of the Brazilian platform: taphonomy, historical ecology and conservation paleobiology

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

Permian non-marine bivalves of the Falkland Islands and their palaeoenvironmental significance

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

Latitudinal variation in population structure and reproductive pattern of the endemic south american shrimp Artemesia longinaris (Decapoda : Penaeoidea)

Population Structure and reproductive Maturity of females were investigated in the shrimp Artemesia longinaris Bate, 1888 from coastal waters of northern São Paulo State (Brazil. 23 degrees S) and Mar del Plata (Argentina, 38 degrees S) from June 2001 to May 2002. Monthly collections were taken by, commercial shrimp fishing boats equipped with bottom trawl nets. Population parameters from size frequency distributions and size (carapace length = CL) of female reproductive maturity were analyzed and compared front the two sampling areas. Latitudinal trends in reproductive parameters of A. longinaris were shown in overall body size and size of reproductive maturity, both of which were smaller in females from the tropical location than those front the cold-temperate sampling area. Largest females (> 30 turn CL) were collected in Argentina, while Brazilian specimens reached maximum size at 27 nun CL. The smallest Size of female sexual maturity was estimated at 13.6 nun CL in Brazilian samples compared to 22.1 mm CL calculated for those from Argentina. Populations from both regions exhibited a bimodal size distribution in the spring, with the peak at small body size probably corresponding to recent recruits and the peak at larger body, size to reproductive females or shrimps migrating in from deeper waters or other latitudinal regions. In late spring and summer. an intrusion of the cold South Atlantic Coastal Water mass was observed which lowered water temperature and stimulated plankton production. The primary food source for the larvae of a typically cold-temperate species such as A. longinaris. The trend of increasing body size and delay of sexual maturity with increasing latitude appears to be correlated with the decreasing water temperature and increasing plankton productivity at higher latitudes.

Diet of the ichthyofauna associated with marginal vegetation of a mangrove forest in southeastern Brazil

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

Bathymetric distribution of the shrimp Rimapenaeus constrictus (Stimpson, 1874) (Decapoda, Penaeidae) in two locations off the southeastern Brazilian coast

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

Profiling the Proteome of the Venom from the Social Wasp Polybia paulista: A Clue to Understand the Envenoming Mechanism

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