Terraços da margem leste da Laguna dos Patos, Litoral Médio do Rio Grande do Sul: estratigrafia e evolução holocênica

O presente trabalho discute os terraços lagunares da margem leste da Laguna dos Patos, localizados próximo à cidade de Mostardas. Através desse estudo é apresentado um novo modelo evolutivo para os últimos 5.000 anos no Litoral Médio do Rio Grande do Sul. Novas ferramentas foram utilizadas pela primeira vez no estudo da planície costeira do Rio Grande do Sul. Com respeito a aquisição dos dados de subsuperfície foi utilizado com êxito um GPR (Ground Penetretion Radar). Na análise e interpretação dos dados foi feita uma tentativa de aplicação da estratigrafia de seqüências. Através do uso de um scanner foram elaborados perfis dos testemunhos de sondagem, identificando aspectos distintos na composição e porosidade de diferentes litologias. Outras ferramentas utilizadas constam de sensoriamento remoto, nivelamento altimétrico e batimétrico, vibracore e datação radiométrica. Dessa forma, foram definidas três feições de terraceamento lagunar de idade holocênica na área de estudo, cada uma relacionada a um nível lagunar distinto. Através dos dados obtidos em subsuperfície foi possível traçar um esboço cronoestratigráfico, bem como uma curva de variação relativa do nível lagunar para a região. Também, como resultado dos dados geológicos de superfície, associados a novas interpretações baseadas em fotografias aéreas e imagens de satélite, foi elaborado um mapa geológico atualizado.

Estimating the stochastic discount factor without a utility function

Using the Pricing Equation in a panel-data framework, we construct a novel consistent estimator of the stochastic discount factor (SDF) which relies on the fact that its logarithm is the serial-correlation ìcommon featureîin every asset return of the economy. Our estimator is a simple function of asset returns, does not depend on any parametric function representing preferences, is suitable for testing di§erent preference speciÖcations or investigating intertemporal substitution puzzles, and can be a basis to construct an estimator of the risk-free rate. For post-war data, our estimator is close to unity most of the time, yielding an average annual real discount rate of 2.46%. In formal testing, we cannot reject standard preference speciÖcations used in the literature and estimates of the relative risk-aversion coe¢ cient are between 1 and 2, and statistically equal to unity. Using our SDF estimator, we found little signs of the equity-premium puzzle for the U.S.

Análise da proposta educacional das escolas metodistas

O objetivo deste trabalho foi analisar a proposta educacional das Escolas Metodistas a partir do relacionamento destas com a própria estrutura eclesiástica da Igreja Metodista e com a sociedade brasileira como um todo, na oportunidade em que o Brasil se definia como um país capitalista dependente. Através da pesquisa e análise dos estatutos, prospectos, anuários, programas de ensino, organização curricular, revistas educacionais, artigos, discursos, documentos de arquivo, etc, provenientes do Instituto Porto Alegre (IPA), tomado como referencial para interpretar a proposta educacional das Escolas Metodistas, detectaram-se os princípios básicos-da referida proposta desde a fundação da Escola (1919) até os dias atuais. Procedeu-se à análise da evolução histórica da Igreja e das Escolas Metodistas sempre considerando a vinculação existente inicialmente com os Estados Unidos (nação hegemônica, externa) e posteriormente com o Estado Brasileiro (dominação interna). Concluiu-se que, na medida em que a sociedade brasileira ia sendo estruturada conforme os principios e propósitos definidos por uma nação hegemônica (Estados Unidos) e que o Estado Brasileiro se organizava como agente de uma dominação interna, as Escolas Metodistas passaram do nivel de dependência externa para um nível de dependência interna, e o relativo êxito de sua proposta educacional diluiu-se com a implantação do sistema oficial de ensino no país.

Estimating Relative Risk Aversion, Risk-Neutral and Real-World Densities using Brazilian Real Currency Options

Building Risk-Neutral Densities (RND) from options data can provide market-implied expectations about the future behavior of a financial variable. And market expectations on financial variables may influence macroeconomic policy decisions. It can be useful also for corporate and financial institutions decision making. This paper uses the Liu et all (2007) approach to estimate the option-implied Risk-neutral densities from the Brazilian Real/US Dollar exchange rate distribution. We then compare the RND with actual exchange rates, on a monthly basis, in order to estimate the relative risk-aversion of investors and also obtain a Real-world density for the exchange rate. We are the first to calculate relative risk-aversion and the option-implied Real World Density for an emerging market currency. Our empirical application uses a sample of Brazilian Real/US Dollar options traded at BM&F-Bovespa from 1999 to 2011. The RND is estimated using a Mixture of Two Log-Normals distribution and then the real-world density is obtained by means of the Liu et al. (2007) parametric risktransformations. The relative risk aversion is calculated for the full sample. Our estimated value of the relative risk aversion parameter is around 2.7, which is in line with other articles that have estimated this parameter for the Brazilian Economy, such as Araújo (2005) and Issler and Piqueira (2000). Our out-of-sample evaluation results showed that the RND has some ability to forecast the Brazilian Real exchange rate. Abe et all (2007) found also mixed results in the out-of-sample analysis of the RND forecast ability for exchange rate options. However, when we incorporate the risk aversion into RND in order to obtain a Real-world density, the out-of-sample performance improves substantially, with satisfactory results in both Kolmogorov and Berkowitz tests. Therefore, we would suggest not using the “pure” RND, but rather taking into account risk aversion in order to forecast the Brazilian Real exchange rate.

Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Changes in test scores distribution for students of the fourth grade in Brazil: a relative distribution analysis for the years 1997 to 2005

To assess the quality of school education, much of educational research is concerned with comparisons of test scores means or medians. In this paper, we shift this focus and explore test scores data by addressing some often neglected questions. In the case of Brazil, the mean of test scores in Math for students of the fourth grade has declined approximately 0,2 standard deviation in the late 1990s. But what about changes in the distribution of scores? It is unclear whether the decline was caused by deterioration in student performance in upper and/or lower tails of the distribution. To answer this question, we propose the use of the relative distribution method developed by Handcock and Morris (1999). The advantage of this methodology is that it compares two distributions of test scores data through a single distribution and synthesizes all the differences between them. Moreover, it is possible to decompose the total difference between two distributions in a level effect (changes in median) and shape effect (changes in shape of the distribution). We find that the decline of average-test scores is mainly caused by a worsening in the position of all students throughout the distribution of scores and is not only specific to any quantile of distribution.

Fiscal multipliers in an incomplete markets economy

This paper studies the behavior of fiscal multipliers in two different economic environments: complete markets and incomplete markets. Based on steady state analysis, output multipliers are found within a range between 0.49 and 0.66, when the markets are complete. Under incomplete markets, output multiplier was found in an interval between 0.75 and 0.94. These results indicates that the market structure, which reflects the degree of risk sharing and the intensity of the precautionary motive faced by individuals, plays a key role in determining the fiscal multipliers. In the second part of the paper, was performed an exercise to analyze the dynamic response of macroeconomic aggregates to an exogenous and unexpected rise in government spending financed by lump-sum taxes. In this case, impact output multipliers varies in a range between 0.64 and 0.68, under complete markets, and within 1.05 and 1.20 when markets are incomplete. The results found under incomplete markets are very close to that found on related literature which usually uses an econometric approach or calibrated/estimated New Keynesian models. These results shows that taking into account the deficiencies in the insurance mechanisms can be an interesting way to reconcile theoretical models with the results found on related current literature, without the need of ad-hoc assumptions relative to price stickness.

Brazilian Federal Universities : relative efficiency evaluation and data envelopment analysis

The papers aims at considering the issue of relative efficiency measurement in the context of the public sector. In particular, we consider the efficiency measurement approach provided by Data Envelopment Analysis (DEA). The application considered the main Brazilian federal universities for the year of 1994. Given the large number of inputs and outputs, this paper advances the idea of using factor analysis to explore common dimensions in the data set. Such procedure made possible a meaningful application of DEA, which finally provided a set of efficiency scores for the universities considered .

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)

Relative potency of ketamine and S(+)-ketamine in dogs

The aim of this study was to determine the relative potency of racemic ketamine and S(+)-ketamine for the hypnotic effect and to evaluate the clinical anesthesia produced by equianesthetic doses of these two substances in dogs. One hundred and eight dogs were allocated in groups R2, R2.5, R3, R6, R9, R12, S2, S2.5, S3, S6, S9, and S12, to receive by intravenous route 2, 2.5, 3, 6, 9, and 12 mg/kg of ketamine or S(+)-ketamine, respectively. A dose-effect curve was drawn with the dose logarithm and the percentage of dogs that presented hypnosis in each group. The curve was used to obtain a linear regression, to determine the effective doses 100 and the potency relationship. In another experimental phase, eight groups of five dogs received 3, 6, 9 and 12 mg/kg of ketamine or S(+)-ketamine to evaluate the periods of latency, hypnosis, and total recovery. The times in which the dogs reached the sternal position, attempted to stand up for the first time, recovered the standing position, and started to walk were also recorded. The hypnotic dose for ketamine was 9.82 +/- 3.02 (6.86-16.5) mg/kg and for S(+)-ketamine was 7.76 +/- 2.17 (5.86-11.5) mg/kg. The time of hypnosis was longer in R3 and the first attempt to stand up occurred early in R6 when compared with S3 and S6 respectively. When R9 (100% of hypnosis with ketamine) and S6 [100% of hypnosis with S(+)-ketamine] were compared (1:1.5 ratio), the time to sternal position (12 +/- 2.5 and 20.2 +/- 5.6 min respectively) and the total recovery time (45 +/- 5.5 and 60.2 +/- 5.2 min respectively) were significantly shorter with S(+)-ketamine. It was concluded that the potency ratio between ketamine and S(+)-ketamine in dogs is smaller than the one reported in other species, and that the dose obtained after a reduction of 50%, as usually performed in humans, would not be enough to obtain equianesthetic effects in dogs.

Incidência da varíola, causada por Asperisporium caricae, em folhas de mamoeiros submetidos ao manejo orgânico, em diferentes ambientes de cultivo

Mudas de mamoeiro da cultivar Baixinho de Santa Amália foram transplantadas para covas de 40x60x40 cm, em áreas de três estruturas contíguas: (a) estufa sombreada (cobertura de plástico), (b) estufa sombreada + sombrite (cobertura adicional de sombrite com 30% de sombreamento sobre o plástico) e (c) telado (cobertura exclusiva de sombrite 30%). Ao lado de tais estruturas foi implantada uma área de cultivo de mamoeiro em ambiente natural. Os tratos culturais aplicados foram os condizentes às normas técnicas vigentes na agricultura orgânica. As irrigações foram procedidas com mangueira plástica, evitando-se molhar folhas e frutos. Aos 45 dias pós-transplantio e, subseqüentemente, a intervalos mensais, as plantas foram inspecionadas em relação à incidência de lesões foliares causada pelo fungo Asperisporium caricae. Para efeito de análise estatística, após o teste de homogeneidade das variâncias, foram consideradas quatro repetições por ambiente (tratamento), com seis plantas úteis por parcela. O modelo de quantificação da doença indicou efeito altamente significativo dos ambientes protegidos, estufa e estufa sombreada, quanto à incidência de sintomas, em comparação com ambientes de telado e em área natural de cultivo. Durante os 12 meses de avaliações foi constatada alta correlação entre incidência da doença e pluviosidade e umidade relativa do ar. As estruturas cobertas com plástico demonstraram alto potencial de controle de A. caricae, sendo, portanto, recomendáveis no sistema orgânico de produção do mamoeiro.

O pedagogo como agente de transformação social para além dos muros escolares

This thesis concerns the problem about the pedagogue actuation in the social education into no scholars places. It search to understand the context and the social pedagogue role to his praxis and formation that enlarger the possibilities of the social educative practices into no scholars places. In this direction, we developed an investigation about the actuation of the pedagogues-educators in Natal city, in the 2007-2010 periods, into Municipal Secretary of the Labor and Social Assistance (SEMTAS). Considering that pedagogues are regularly attached in social educators profession as municipals public employees, we re the objective to evaluate their role into the social executed in the no scholars places, with the focus in the environmental dimensions of theirs work s places, pedagogical organization, institutional management and the professional formation. It privileged in this research the Specialized Reference Center of Social Assistance II (CREAS II), the Passages Houses I, II and III, the Social-Educative Measures in Open Environment Execution Program of Natal city (PENSEMA) and the Pitimbú Educational Center (CEDUC-Pitimbú). To realize this study it developed a research with qualitative nature by critic ethnography approach privileging those information collected with the social pedagogue-educators of the mentioned places. Through the methodological procedures adopted; beyond the bibliographical review we remarked the documental research, the semi-structured interview, the questionnaires-routes and the field observations. The analytical results revealed that the politics to the social education in Brazil historically came been dimensioned by the fight of social movements demanding the fundamental rights to the excluded people; that the SEMTAS politics of social education present a relative basic social protection to the excluded children and young people specially into law view; that the politics of social education in Natal city it s close of the logic of sanitarian attention about the disadvantaged groups; that the conceptual, methodological and formatives fragilities needs to the social pedagogues-educators praxis into non scholars places made difficult the operation capacity of a educative proposition anchored in a institutional action guided by the idea of emancipator education; that the SEMTAS take face several difficulties to developed a web assistance as preview in the reception proposition elaborated by the social pedagogues-educators. However in despite the tensions we remarked the value of this potentiality to the non scholar social education in her attempt to constitute herself in a legitimate space to the pedagogue professional actuation. In despite the obstacles to work and formation quotidian, across those non scholar spaces in the municipalities institutes to the social politics, it demonstrated personal sensibility and professional creativity in learning mediations and educative action to the children and younger derived from exclusion process and the social iniquities

Somatotrophic and thyroid hormones around the onset of lay in broiler breeders under different conditions

Somatotrophic and thyroid hormones were determined around the onset of reproduction in broiler breeders reared in two different housing systems [dark, close-sided house (CH) and conventional, open-sided house (OH)]. In both groups age-related changes were obvious for thyroxine (T-4), growth hormone (GH) and insulin-like growth factor (IGF-1); levels of T-4 decreased, especially between 24 and 28 weeks in both groups; concomitantly GH sharply increased over the same period. A transient peak in triiodothyronine (T-3) occurred between 25 and 27 weeks. The effect of housing was only present after the onset of lay. Between weeks 27-28 and the end of the period studied, the CH group showed higher levels of GH and T-3 but lower T-4 levels as compared to the OH group. A significant increase in GH after onset of lay, without any significant rise in T-3 or in IGF-I, could point to a relative insensitivity to high plasma GH levels. Changes at GH receptor level, together with an increased pituitary GH secretion and/or decreased GH turnover may be expected. This may indicate that hypothalamo-pituitary changes at the onset of lay not only imply changes of gonadotrophic cell function, but also other hormonal axes. The relatively decrease in T-4 without changes in T-3, may point to a decrease in the activity of the thyrotropic axis.