Aplicações do modelo black-scholes ao mercado de opções de compra, utilizando-se metodologias diferenciais para o cálculo de volatilidade

Este trabalho cuida de avaliar a eficiência do mercado de opções de ações da bolsa de valores de são Paulo (BOVESPA). A avaliação é feita através do modelo Black-Scholes, e traz como principal novidade diversas estimativas de volatilidade. Portanto torna-se um teste conjunto da eficiência do mercado, do modelo Black-Scholes e das diversas estimativas de volatilidade. O objetivo principal ~ determinar a volatilidade que gera o melhor retorno , isto é , aponta a maior ineficiência do mercado. Foram utilizadas opções de Paranapanema-pp e Petrobr's-pp no per(odo de novembro de 1987 a outubro de 1988. Dois testes de eficiência foram realizados para cada volatilidade estimada . Em ambos observou-se que o mercado é ineficiente, e no segundo obtivemos evidência de que uma das estimativas de volatilidade gera um retorno maio

Racial discrimination in Brazil: interviews with leaders of the black movement

Racism in Brazil has some specificities when compared to other countries, for, differently from, for instance, South Africa and the United States, Brazilian Constitutions, ever since the Independence (1822), have never distinguished the citizens according to race or color. Furthermore, since the mid-1900s, Afro-Brazilian cultural manifestations, such as, for example, samba and capoeira, started to be valued as a part of our “national identity”. These specificities make race relations in Brazilian society a much more complex issue. This paper is focused on selected parts of interviews that deal with the nature of racial discrimination in Brazil, extracted from interviews with leaders of the black movement produced within the scope of the project “The History of Black Movement in Brazil: organization of a collection of Oral History Interviews”, developed by CPDOC, Getulio Vargas Foundation (Rio de Janeiro). These “histories within history”, as told by our interviewees, may be transformed into images that will be able to condense a given reality, thus allowing us to evaluate the gains obtained by oral history methodology.

Utilização do modelo de Black-Litterman para gestão de hedge funds do Brasil

O modelo Black-Litterman calcula os retornos esperados de mercado como uma combinação de um conjunto de expectativas específicas de cada investidor e um ponto de referência neutro. A combinação dessas duas fontes de informações são feitas pelo modelo utilizando a abordagem bayesiana. Os resultados obtidos a partir do modelo Black-Litterman, ao contrário da abordagem tradicional, são bastante intuitivos, estáveis e consistentes em relação as expectativas dos investidores. O objetivo dessa dissertação é fazer uma análise detalhada de cada um dos componentes do modelo Black-Litterman e verificar se a utilização o modelo de Black-Litterman, introduzindo as opiniões de mercado com base no relatório FOCUS do Banco Central, supera o retorno dos fundos multimercados brasileiros.

A polícia e os “black blocs”: percepção dos policiais sobre junho de 2013 (versão preliminar)

A mobilização coletiva operada nas ruas e organizada através dos canais de redes sociais é um fenômeno social relativamente recente. No caso brasileiro, junho de 2013 foi singular porque tomou proporções inéditas ao propagar novos movimentos a partir desses canais, criando uma espécie de efeito cascata. Considerando esses eventos, este estudo visa, principalmente, à construção de um quadro interpretativo a partir do olhar do policial sobre essas manifestações e os black blocs, explorando questões relacionadas às instituições de segurança e ao Estado, os procedimentos operacionais e legais, assim como a compreensão sobre as demandas de cidadania. A parte final da análise se ocupa em delinear nexos entre as varáveis abordadas.

Policiais dizem não ter recebido treinamento para lidar com black blocs, segundo survey

Policiais militares e civis consideram não ter recebido orientações e treinamento adequados para lidar com as manifestações e enfrentar os black blocs, segundo pesquisa realizada pela DAPP. De acordo com a websurvey 63% dos profissionais afirmam não possuir o preparo necessário para enfrentar ao manifestantes adeptos à tática de manifestação, contra 24% que dizem se considerar preparados. A pesquisa foi realizada pela internet no mês de dezembro e ouviu 5.304 de policiais civis e militares de todo o Brasil.

Biofertilizer for control of Guignardia citricarpa, the causal agent of citrus black spot

Biofertilizers generated from the anaerobic and aerobic digestion of cattle manure, known as Bio1 and Bio2, respectively, were studied with regard to their microbial composition and effect on the mycelial growth of Phyllosticta citricarpa, the causal agent of citrus black spot (CBS). Two field experiments were conducted to determine the biofertilizer's potential (Bio1) in controlling CBS (2001/2002 and 2002/2003 crops). It was observed that the greatest number of microorganisms was found in the aerobically produced biofertilizer. Bio2 did not inhibit the mycelial growth of P. citricarpa. Mycelial growth of P. citricarpa was inversely proportional to the Bio1 biofertilizer concentration. In the 2001/2002 cropping season, the Biol effect in controlling CBS was directly proportional to its concentration, at the rate of 0 (healthy fruit), with R-2 = 0.88. Biol had a significant effect in controlling CBS, at a concentration of 10%, during the 2001/2002 cropping season, with DI values of 0.246 and 0.229 for the. 10 and 20% doses, respectively, compared to DI of 0.329 for the control. A directly proportional effect of the biofertilizer concentration on the percentage of fruits with a rating of zero was. also observed in the 2002/2003 cropping season, with R-2 = 0.48. However, even at doses higher than in the preceding cropping season, the biofertilizer was less effective, possibly due to a higher occurrence of the disease. Copper oxychloride and combined applications of copper oxychloride and carbendazim plus mancozeb controlled the disease. The possibility of using the biofertilizer as a protective biofungicide to replace copper oxychloride, especially in organic agriculture, should be explored. (c) 2005 Elsevier Ltd. All rights reserved.

The effects of inter-crop cultivation Between rows of citrus crop on spreading of Guignardia citricarpa Ascospores and in the citrus black spot occurrence

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

Postharvest harpin or Bacillus thuringiensis treatments suppress citrus black spot in 'Valencia' oranges

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

A new method for inoculation of fruit with Guignardia citricarpa, the causal agent of citrus black spot

Citrus black spot (CBS) is a fungal disease, caused by Guignardia citricarpa, that has a high economic impact on citrus. Although G. citricarpa has been associated with black spot of citrus, an adequate pathogenicity test is still not available. Thus, our objective was to develop and evaluate a simple, safe, and practical pathogenicity test. We used fruits from Pera-Rio and Valencia sweet orange trees from two different orchards, located in the State of São Paulo, Brazil. Inoculation was performed by placing six disks colonized by G. citricarpa, onto the peel of healthy fruits, previously bagged. In the Pera-Rio sweet orange grove, initial symptoms of the false melanose type resulting from the inoculations were observed 55 days after inoculation (dai). In the Valencia grove, initial symptoms also of the false melanose type resulting from the inoculations occurred 73 dai. A total of 92.8% and 86.6% of the Pera Rio and Valencia fruits inoculated, respectively, showed symptoms of CBS. Citrus black spot symptoms were not observed in any of the control fruits.

Acceleration of the decomposition of Sicilian lemon leaves as an auxiliary measure in the control of citrus black spot

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

Genetic Diversity and Population Differentiation of the Causal Agent of Citrus Black Spot in Brazil

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

Trabalho e formação docente na rede municipal de ensino de natal

The study Teacher work and education in the municipal schools of Natal objectifies the analysis of the education and work conditions of the teachers in the municipal schools of Natal, placing them within the scenario of the public policies outlined for Basic Education (2005-2010). The thesis is based on the perspective that the educational reforms implemented by the Brazilian government in an attempt to answer to the new contextual demands originated from the world of work and globalization, demanding increasingly higher levels of qualification and constant extension of the teaching functions in school from the teachers, have been configured withal as a strategy for intensifying the teacher s work. The empirical field of study was constituded by thirteen municipal schools that offer basic education. Four hundred and seventeen teacher subjects that work in the municipal school system of Natal, two representatives of the Secretaria Municipal de Educação de Natal (SME)1 that work in the pedagogical team and one representative of the Sindicato dos Trabalhadores em Educação do Rio Grande do Norte2 took part in the study. The procedures/instruments used in the research were: bibliographic review, document research, questionnaires and recording of information in a field journal. The study confirmed that the majority of the teachers that work in the municipal school system were admitted by means of public entry exams, therefore meeting the requirements set by Law 9.394/96. Most of the teachers have the initial education demanded to work in basic education, although with some limitations due to the fact that they do not correspond to the needs of the educational system. The SME has a plan for continued training of the teachers in accordance to the current ideas defended by researchers of this field. There is, although, a disconnection between the purpose of the plan and the training strategies, because, in truth, predominate repetitive and specific actions that do not contemplate the training needs of the teachers, nor the demands of the system. Although the work conditions are evaluated, by the teachers, as relatively good, limits in relation to the physical structure of the schools are observed (dirty walls with holes in them, broken ceiling fans, old chairs and desks, old and stained black boards, inadequate restroom installations, poor maintenance of the computers, amongst other items). It was also verified the an increase in the functions of the teachers and an intensification of their work, materialized through an overburden of activities undertaken daily at school (and outside of it) and through the demand in taking part in activities that go beyond those inherent to the teaching process, such as the elaboration of political-pedagogical projects, participation in collegiate, registration of student information solicited by the SME and the participation in commissions, has been happening

Relationship of black layer and milk line development on maize seed maturity

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

Feeding substrates to black coconut bunch weevil, Homalinotus coriaceus (Gyllenhal) (Coleoptera: Curculionidae), rearing in laboratory

A broca do cacho do coqueiro, Homalinotus coriaceus (Gyllenhal), é uma praga limitante da produção de coco no Brasil, sendo que tanto as larvas como os adultos provocam a queda das flores femininas e dos frutos imaturos, pela interceptação do fluxo de seiva ou pela alimentação direta nas estruturas reprodutivas. em virtude da escassez de informações sobre sua biologia, realizou-se esse trabalho com o objetivo de desenvolver uma metodologia mais adequada para a criação da praga em laboratório. Foram utilizados os parâmetros biológicos para avaliação e comparação dos sistemas de criação estudados.Toletes de cana-de-açúcar foram utilizados como substrato para alimentação dos adultos coletados no campo e obtenção dos ovos. As larvas foram criadas em três substratos alimentares no Laboratório de Entomologia da Empresa Brasileira de Pesquisa Agropecuária (EMBRAPA)-CPATC (Centro de Pesquisa Agropecuária dos Tabuleiros Costeiros), em Aracaju, SE. Os substratos alimentares estudados foram: o mesocarpo do coco, dieta para criação da broca dos citros e dieta para criação da broca do olho do coqueiro, sendo esta a que proporcionou o melhor desenvolvimento larval num menor tempo, com boa viabilidade, maior facilidade no preparo e manutenção.