Venture capital e private equity: parte I

Professor Claudio Vilar Furtado e profissionais convidados falam sobre venture capital e private equity

Venture capital e private equity: parte II

Professor Claudio Vilar Furtado e profissionais convidados falam sobre venture capital e private equity

Private equity e venture capital

Professor Claudio Vilar Furtado fala sobre o Centro de Estudos em Private Equity (GVcepe)

Precificação de ativos sem cotação corrente de mercado na indústria de private equity e venture capital no Brasil

Neste trabalho são estudadas as características do mercado de private equity e venture capital no Brasil, particularmente no que se refere às metodologias de avaliação de investimentos, com o intuito de procurar identificar o método que se ajusta melhor à realidade brasileira para mensuração de ativos sem cotação corrente de mercado, presentes nas carteiras dos Fundos Mútuos de Investimento em Empresas Emergentes e Fundos de Investimento em Participações. Para atingir este objetivo, serão discutidos os principais mercados no exterior, ou seja, Estados Unidos e Europa, bem como as características específicas deste mercado no Brasil, além de apresentar como a Comissão de Valores Mobiliários trata o assunto, uma vez que os ativos aqui tratados não possuem marcação a mercado, como ocorre em outros fundos disciplinados por esta autarquia. Em seguida, são descritas as metodologias a partir das quais serão investigadas as formas como as organizações gestoras abordam os métodos em seus regulamentos e confrontadas as opiniões das organizações mencionadas com as dos investidores. Por fim, busca-se atingir o objetivo proposto utilizando o comportamento do valor das cotas no período de vida dos fundos como indicador do método mais apropriado.

Joint dynamic probabilistic constraints with projected linear decision rules

We consider multistage stochastic linear optimization problems combining joint dynamic probabilistic constraints with hard constraints. We develop a method for projecting decision rules onto hard constraints of wait-and-see type. We establish the relation between the original (in nite dimensional) problem and approximating problems working with projections from di erent subclasses of decision policies. Considering the subclass of linear decision rules and a generalized linear model for the underlying stochastic process with noises that are Gaussian or truncated Gaussian, we show that the value and gradient of the objective and constraint functions of the approximating problems can be computed analytically.

Role of the oblique ligament in the integrity of the medial collateral ligament of the canine elbow joint

Foram estudados o arranjo e o diâmetro médio das fibrilas colágenas do ligamento colateral medial da articulação do cotovelo do cão, isolado ou associado ao ligamento oblíquo e tracionado até a ruptura. Dezoito articulações foram divididas em três grupos. O primeiro grupo teve o ligamento colateral medial coletado, mas não tracionado; o segundo grupo teve o ligamento colateral medial tracionado isoladamente; o terceiro grupo teve os ligamentos colateral medial e oblíquo tracionados associadamente. O ligamento colateral medial não submetido ao ensaio de tração apresentou um padrão ondulado das fibras colágenas, o qual não foi totalmente destruído quando foi tracionado, associado ao ligamento oblíquo, e perdeu totalmente o padrão reticular das fibras colágenas quando testado isoladamente. Quando o ligamento colateral medial foi submetido à tensão isoladamente, o diâmetro médio das fibrilas colágenas aumentou em relação ao grupo não submetido à tensão. Associado ao ligamento oblíquo, o diâmetro médio das fibrilas colágenas foi o maior na região de inserção e o menor na região média, em relação aos outros grupos. Concluiu-se que o ligamento oblíquo pode favorecer a integridade da região de inserção do ligamento colateral medial, aumentando a eficácia de sua reconstrução após a lesão.

Study on the bone mineral density of broiler suffering femoral joint degenerative lesions

An experiment was carried out with male and females broilers of two different commercial breeds to evaluate bone mineral density of the right femur head. A number of 600 one-day-old broilers were raised in an experimental poultry house up to 42 days of age at the School of Veterinary Medicine and Animal Science of UNESP, Botucatu, Brazil. After slaughter, three males and three females in each breed in each of the established gross scores were selected. Their femora heads were submitted to gross examination, and subsequently the thighs were submitted to the Veterinary Hospital for radiographic analysis. Femora were also submitted to bone resistance, Seedor index, and dry matter content analyses. All these bone quality characteristics were different between males and females, independent of breed. Breeds presented similar behavior. It was possible to establish correlations between bone quality parameters, and confidence intervals for bone mineral density values, correlating them to femoral degeneration score, which allows characterizing femoral head lesions by radiographic optical densitometry.

Modeling and Experimental Aspects of Self-healing Bolted Joint through Shape Memory Alloy Actuators

Bolted joints are a form of mechanical coupling largely used in machinery due to their reliability and low cost. Failure of bolted joints can lead to catastrophic events, such as leaking, train derailments, aircraft crashes, etc. Most of these failures occur due to the reduction of the pre-load, induced by mechanical vibration or human errors in the assembly or maintenance process. This article investigates the application of shape memory alloy (SMA) washers as an actuator to increase the pre-load on loosened bolted joints. The application of SMA washer follows a structural health monitoring procedure to identify a damage (reduction in pre-load) occurrence. In this article, a thermo-mechanical model is presented to predict the final pre-load achieved using this kind of actuator, based on the heat input and SMA washer dimension. This model extends and improves on the previous model of Ghorashi and Inman [2004, "Shape Memory Alloy in Tension and Compression and its Application as Clamping Force Actuator in a Bolted Joint: Part 2 - Modeling," J. Intell. Mater. Syst. Struct., 15:589-600], by eliminating the pre-load term related to nut turning making the system more practical. This complete model is a powerful but complex tool to be used by designers. A novel modeling approach for self-healing bolted joints based on curve fitting of experimental data is presented. The article concludes with an experimental application that leads to a change in joint assembly to increase the system reliability, by removing the ceramic washer component. Further research topics are also suggested.

Radiographic measurement of tibial joint angles in sheep

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Radiographic Abnormalities in Barrel Racing Horses with Lameness Referable to the Metacarpophalangeal Joint

Barrel racing is one of the most popular uses of the American Quarter horse in North and South America. Although injury to the metacarpophalangeal joint frequently occurs in this sport, there is limited information describing the nature of these injuries. The aim of this study was to determine the most common radiographic abnormalities in barrel racing horses with lameness referable to the metacarpophalangeal joint. lameness examinations were performed on 63 barrel racing horses. Those found to be lame were subjected to radiographic examination. Lameness at trot was scored on a scale of 0-5 (0 = sound; 5 = inability to move). Data were analyzed using descriptive statistical analysis. of horses examined, 30 (47.6%) were lame with scores ranging from 1 to 4. Half of the lame horses (15 of 30) had grade 2 lameness of the right forelimb. Abnormal radiographic findings were more often present on the left forelimb and included signs of sesamoiditis (70%), villonodular synovitis (56.6%), osteoarthritis (36.6%), osteochondritis dissecans (13.3%), capsulitis (13.3%), and soft-tissue swelling (6.6%). Radiographic abnormalities indicated that sesamoiditis, villonodular synovitis, and osteoarthritis may be associated to mild-to-moderate lameness in barrel racing horses. Complementary sonographic evaluation is recommended to better characterize soft-tissue abnormalities. (C) 2012 Elsevier B.V. All rights reserved.

Origin of sensory and autonomic innervation of the rat temporomandibular joint: A retrograde axonal tracing study with the fluorescent dye fast blue

Previous studies that have used retrograde axonal tracers (horseradish peroxidase alone or conjugated with wheat germ agglutinin) have shown that the temporomandibular joint (TMJ) is supplied with nerve fibers originating mainly from the trigeminal ganglion, in addition to other sensory and sympathetic ganglia. The existence of nerve fibers in the TMJ originating from the trigeminal mesencephalic nucleus is unclear, and the possible innervation by parasympathetic nerve fibers has not been determined. In the present work, the retrograde axonal tracer, fast blue, was used to elucidate these questions and re-evaluated the literature data. The tracer was deposited in the supradiscal articular space of the rat TMJ, and an extensive morphometric analysis was performed of the labeled perikaryal profiles located in sensory and autonomic ganglia. This methodology permitted us to observe labeled small perikaryal profiles in the trigeminal ganglion, clustered mainly in the posterior-lateral region of the dorsal, medial and ventral thirds of horizontal sections, with some located in the anterior-lateral region of the ventral third. Sensory perikarya were also labeled in the dorsal root ganglia from C2 to C5. No labeled perikaryal profiles were found in the trigeminal mesencephalic nucleus. on the other hand, autonomic labeled perikaryal profiles were distributed in the sympathetic superior cervical and stellate ganglia, and parasympathetic otic ganglion. Our results confirmed those of previous studies and also demonstrated that: (i) there is a distribution pattern of labeled perikaryal profiles in the trigeminal ganglion; (ii) some perikaryal profiles located in the otic ganglion were labeled; and (iii) the trigeminal mesencephalic nucleus did not show any retrogradely labeled perikaryal profiles.

PAR(2) and Temporomandibular Joint Inflammation in the Rat

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

Putative antinociceptive action of nitric oxide in the caudal part of the spinal trigeminal nucleus during chronic carrageenan-induced arthritis in the rat temporomandibular joint

In order to investigate a putative role for nitric oxide (NO) in the central nociceptive processing following carrageenan-induced arthritis in the rat temporomandibular joint (TMJ), we analyzed the immunoreactivity, gene expression and activity of nitric oxide synthases (NOS) in the caudal part of the spinal trigeminal nucleus (Sp5C) during the acute (24 h), chronic (15 days) and chronic-active (14 days-24 h) arthritis. In addition, evaluation of head-withdrawal threshold was carried out in all phases of arthritis under chronic inhibition of nNOS with the selective inhibitor 7-nitroindazole (7-NI). Neurons with nNOS-like immunoreactivity (nNOS-LI) were concentrated mainly in the lamina II of the Sp5C, showing no significant statistical difference during arthritis. Only a discrete percentage of nNOS-LI neurons expressed Fos immunoreactivity. The mRNA expression for both nNOS and endothelial nitric oxide synthases (eNOS) presented no noticeable differences among the groups. No expression of inducible nitric oxide synthase (iNOS) was detected in the Sp5C by either immunohistochemistry or reverse-transcription polymerase chain reaction (RTPCR). Ca(2+)-dependent NOS activity in the ipsilateral Sp5C was significantly higher (108.3 +/- 49.2%; P<0.01) in animals during the chronic arthritis. Interestingly, this increased activity was completely abolished 24 h later, in the chronic-active arthritis. Finally, head-withdrawal threshold decreased significantly in the chronic arthritis in animals under 7-NI chronic inhibition. In conclusion, nNOS immunoreactivity and mRNA expression are stable in the Sp5C during TMJ arthritis evolution, but its activity significantly increases in the chronic-phases supporting an antinociceptive role of the nNOS as evidenced by pain threshold experiment. (C) 2009 Elsevier B.V. All rights reserved.

Phenotypic alterations of neuropeptide Y and calcitonin gene-related peptide-containing neurons innervating the rat temporomandibular joint during carrageenan-induced arthritis

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