Performance de fundos mútuos de investimento no Brasil : uma análise dos fenomenos de "hot-hands", sinalização e persistência de retornos

o presente trabalho apresenta um resumo não só dos conceitos básicos sobre fundos de investimento, como também seu histórico e evolução no Brasil e no mundo, o contexto institucional nacional e os principais ratings de classificação de performance. Sua parte empírica foca-se no exame do fenômeno de persistência de performance para os fundos de investimentos ativos brasileiros entre julho de 1996 e junho de 2001. o estudo empírico dividiu-se em três partes: a comparação do retomo das categorias de fundos de ações ativos, de renda fixa e multimercados com os respectivos benchmarks e fundos passivos; a verificação do fenômeno de persistência baseando-se em Malkiel (1995); e a análise dos resultados de investimentos em portfólios formados pelos grupos de uma mesma categoria pertecentes a um mesmo percentil de retomo não ajustado ao risco.

Effects of hot and cold smoking processes on organoleptic properties, yield and composition of matrinxa fillet

Foi avaliado o efeito do processo de defumação a quente (45-90ºC/5 horas) e a frio (27-45ºC/10 horas) nas propriedades organolépticas, no rendimento e na composição dos filés de matrinxã (Brycon cephalus). Não houve diferença significativa no rendimento de filés defumados e não-defumados. As perdas no processo de defumação foram significativamente maiores para defumação a quente (19,37%) em comparação à defumação a frio (17,08%). O processo de defumação reduziu a umidade (in natura = 72,91%; defumado a quente = 58,51%; e defumado a frio = 59,68%) e aumentou os teores de proteína bruta, lipídios e cinzas. Houve diferença significativa somente nos teores de proteína no defumado a quente (28,07%) e defumado a frio (27,14%). O processo a frio resultou em melhor aparência e cor de filé, enquanto o processo a quente melhorou o sabor, o teor de sal e a aparência geral. O aroma e a textura não diferiram significativamente entre os processos. O processo de defumação a quente melhora as propriedades organolépticas e os níveis de proteína do filé de matrinxã.

Influence of the season of year, stage of lactation and milking time on the chloride content in bovine milk

From January to October 1995, chloride content determinations were accomplished in 2,218 samples of milk collected from 67 quarters of 17 lactating cows, in initial, middle and final stages of lactation, in the morning and afternoon milking. The highest means of chloride contents were observed among the milk samples collected in the final stage of lactation (0,203 gC1/100ml), in the summer (0,212 gC1/100ml) and in the morning milking (0,189 g C1/100ml). The differences observed between the chloride contents in the samples obtained in the different stages of lactation and the seasons of the year were statistically significant (P<0.0001). The gratest occornce of chloride at rates superior to 0.22 gC1100ml was observed in the final stge of lactation (31.4%), summer (44.2%) and after the morning milking (27.8%). These results evidentiate the influence of physiological and external factors (stage of lactation and season of the year) on the concentration of chloride of milk.

Breeding potential of maize composite Isanao VF1 in small spacing in the second growing season

The purpose of this study was to verify the breeding potential of the maize composite Isanao VF1 in the second growing season. One hundred and fifty half-sib progenies were evaluated of spacing of 0.45 m, densities of 57,778 and 80,000 plants ha(-1), in a randomized block design with three replications. Gains of 16.0 and 19.2% were estimated for grain Yield, H. I and 10.5% for prolificacy and 12.3 and 12.9% for ear height, respectively, at 57,778 and 80,000 plants ha(-1). The heritabilities for plant height, ear height and grain yield were 65.2 and 61.3%, 64.3 and 66.9% and 53.5 and 63.3%, respectively, confirming the potential for breeding at both densities. The absence of progeny by density interaction indicates that no further selection programs are necessary. The occurrence of segregation for modifier genes for height suggests stabilizing selection based on ear height.

Effect of crude protein levels and organic selenium supplementation in the diets fed during the breeding season on reproductive parameters of red-winged tinamous (Rhynchotus rufescens)

There is little information on the nutrition of red-winged tinamous (Rhynchotus rufescens) reared in captivity, and their nutritional requirements still need to be determined. This study aimed at determining dietary crude protein requirements and testing four organic selenium supplementation levels in the diet of red-winged tinamous during the breeding season. Birds were housed in a conventional broiler house divided in 16 boxes with one male and three females each. Iso-energy (2800kcal ME/kg) pelleted feeds, based on corn and soybean meal, were supplied in tube feeders. In the first experiment, treatments consisted of four different diets containing different crude protein (CP) contents (15, 18, 21, or 24%) and in the second experiment, the four diets contained equal protein level (22.5%) and four different organic selenium levels (0, 0.2, 0.4, or 0.8ppm). Data were analyzed by the least square method. The best egg weight and eggshell thickness were obtained with 22.5% dietary CP. Organic selenium did not influence the studied reproductive traits of red-winged tinamous (Rhynchotus rufescens) males or females.

Effects of the season of the year, truck type and location on truck on skin bruises and meat quality in pigs

The purpose of this study was to evaluate the effect of the season of the year (summer vs winter), type of truck (A: single decker vs B : double-decker) and pig location on the truck (front, middle, rear) on the incidence of skin bruising and pork quality variation. For this purpose, 2660 gilts of an average weight of 126.7 (+/- 6.6) kg originating from 19 different farms were used. No interaction between season of the year, type of truck and location on truck was observed. A higher number of bruises on the body at unloading and slaughter (P < 0.0001) and a higher number of bruises on the carcass (P < 0.01) were observed in winter. At unloading a higher number of bruises on the body and on the carcass after slaughter was observed in pigs transported on Truck A (P=0.004 and P=0.05). A higher, although not significant, number of bruises was found on the body of pigs transported in the rear compartment of both trucks. Higher paleness value was found in the longissimus and semimembranosus muscles in summer (P=0.0001) than in winter. Cold and heat stress have a negative influence on skin bruises and meat quality, respectively. Poor vehicle design increases the incidence of bruised carcasses without detracting from pork quality regardless of the climate conditions tested and location of the animal it] the truck. (c) 2006 Elsevier B.V. All rights reserved.

Características da carcaça e da carne de novilhos mantidos em pastagem de capim-marandu submetidos a diferentes estratégias de suplementação

Este trabalho foi realizado com o objetivo de avaliar as características quantitativas e qualitativas da carcaça e da carne de 24 novilhos submetidos a três estratégias de suplementação em pastagem: SD - suplementação diária; da - suplementação em dias alternados; e FS - suplementação oferecida de segunda à sexta-feira e suspensa aos sábados e domingos. Foram utilizados 24 bovinos mestiços (Bos indicus x Bos taurus) com peso inicial de 230 kg mantidos em pastagem de Brachiaria brizantha cv. Marandu no período das águas de 2003 e nos períodos de seca e das águas de 2004, quando atingiram o peso de abate. O delineamento experimental utilizado foi o inteiramente casualizado, com três tratamentos e oito repetições. As características quantitativas e qualitativas da carcaça e da carne não foram influenciadas pelas diferentes estratégias de suplementação, mesmo quando o suplemento foi fornecido apenas em dias alternados ou quando não foi fornecido nos finais de semana. Na média, os animais apresentaram peso de abate de 468,21 kg de PV, rendimento de carcaça quente de 50,26%, área de olho-de-lombo de 59,67 cm² e espessura de gordura de 3,3 mm. A carne foi classificada como macia, com suculência e palatabilidade levemente acima da média.

Spatial variability of soil penetration resistance influenced by season of sampling

O objetivo deste trabalho foi analizar a distribuição espacial da compactação do solo e a influência da umidade do solo na resistência à penetração. Esta última variável foi descrita pelo índice de cone. O solo estudado foi Nitossolo e os dados de índice de cone foram obtidos usando um penetrômetro. A resistência do solo foi avaliada a 5 profundidades diferentes, 0-10 cm, 10-20 cm, 20-30 cm, 30-40 cm e mais de 40 cm, porém o conteúdo de umidade do solo foi medido a 0-20 cm e 20-40 cm. As condições hídricas do solo variaram nas diferentes amostragems. Os coeficientes de variação para o índice de cone foram 16,5% a 45,8% e os do conteúdo de umidade do solo variaram entre 8,96% e 21,38%. Os resultados sugeriram elevada correlação entre a resistência do solo, estimada pelo índice de cone e a profundidade do solo. Sem embargo, a relação esperada com a umidade do solo não foi apreciada. Observou-se dependência espacial em 31 de 35 séries de dados de índice de cone e umidade do solo. Esta dependência foi ajustada por modelos exponenciais com efeito pepita variável de 0 a 90% o valor do patamar. em séries de dados o comportamento foi aleatório. Portanto, a técnica das distâncias inversas foi utilizada para cartografar a distribuição das variáveis que não tiveram estrutura espacial. Na krigagem constatou-se uma suavização dos mapas comparados com esses das distâncias inversas. A krigagem indicadora foi utilizada para cartografar a variabilidade espacial do índice de cone e recomendar melhor manejo do solo.

An evergreen neotropical savanna tree (Gochnatia polymorpha, Asteraceae) produces different dry- and wet-season leaf types

Gochnatia polymorpha (Less.) Cabrera is a widespread tree species found in different physiognomies of neotropical savanna (cerrado) formations of south-eastern Brazil. The present study describes some leaf anatomical characteristics of this species as a function of the time of leaf flush, during dry or wet seasons. This species presents anatomical plasticity in the cuticle, palisade parenchyma and abaxial epidermis as well as in stomatal size and stomatal and trichome density, which are leaf structures linked with water-status control. Leaf structure changed to suit the particular environmental conditions during dry and wet seasons. The production of different wet-and dry-season leaf types in G. polymorpha could be a response to drought and an adaptation to environmental constraints in the cerrado.

Electricity, hot water and cold water production from biomass. Energetic and economical analysis of the compact system of cogeneration run with woodgas from a small downdraft gasifier

Wood gasification technologies to convert the biomass into fuel gas stand out. on the other hand, producing electrical energy from stationary engine is widely spread, and its application in rural communities where the electrical network doesn't exist is very required. The recovery of exhaust gases (engine) is a possibility that makes the system attractive when compared with the same components used to obtain individual heat such as electric power. This paper presents an energetic alternative to adapt a fixed bed gasifier with a compact cogeneration system in order to cover electrical and thermal demands in a rural area and showing an energy solution for small social communities using renewable fuels. Therefore, an energetic and economical analysis from a cogeneration system producing electric energy, hot and cold water, using wooden gas as fuel from a small-sized gasifier was calculated. The energy balance that includes the energy efficiency (electric generation as well as hot and cold water system; performance coefficient and the heat exchanger, among other items), was calculated. Considering the annual interest rates and the amortization periods, the costs of production of electrical energy, hot and cold water were calculated, taking into account the investment, the operation and the maintenance cost of the equipments. Crown Copyright (C) 2010 Published by Elsevier Ltd. All rights reserved.

Preparation of Ni-Ti-Mo and Ni-Ti-Mo-Zr Alloys by High-Energy Ball Milling and Subsequent Hot Pressing

This work discusses on the preparation of Ni-45Ti-5Mo, Ni-40Ti-10Mo and Ni-46Ti-2Mo-2Zr (at-%) alloys by high-energy ball milling and hot pressing, which are potentially attractive for dental and medical applications. The milling process was performed in stainless steel balls (19mm diameter) and vials (225 mL) using a rotary speed of 300rpm and a ball-to-powder weight ratio of 10:1. Hot pressing under vacuum was performed in a BN-coated graphite crucible at 900 degrees C for 1 h using a load of 20 MPa. The milled and hot-pressed materials were characterized by X-ray diffraction, electron scanning microscopy, and electron dispersive spectrometry. Peaks of B2-NiTi and Ni4Ti3 were identified in XRD patterns of Ni-45Ti-5Mo, Ni-40Ti-10Mo and Ni-46Ti-2Mo-2Zr powders milled for 1h. The NiTi compound dissolved small Mo amounts lower than 4 at%, which were measured by EDS analysis. Moreover, it was identified the existence of an unknown Mo-rich phase in microstructures of the hot-pressed Ni-Ti-Mo alloys.

Spermatozoon ultrastructure and sperm cryopreservation of the Brazilian dry season spawner fish pirapitinga, Brycon nattereri

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Setting the preheating and steady-state operation of electronic ballasts, considering electrodes of hot-cathode fluorescent lamps

This paper presents a new methodology for the adjustment of the preheating process and steady-state operation of electronic ballasts intended for hot-cathode fluorescent lamps. The classical series-resonant parallel-loaded half-bridge inverter is the power stage analyzed in this paper. In addition, the preheating process is based on the imposition of a constant rms current through the electrodes, in order to provide a proper value of the R-h/R-c ratio before the lamp start. According to the proposed methodology, it is possible to set suitable operating points for, the electronic ballast, considering optimal conditions for the lamps electrodes. Therefore, the proposed methodology for setting the preheating and steady-state operation is a complete platform to the design of electronic ballasts for hot-cathode fluorescent lamps.

New Terahertz Laser Lines From (13)CD(3)OH Pumped by Regular and Hot Bands CO(2) Laser

We have used our new pulsed CO(2) laser, operating both on regular and hot bands, to excite the (13)CD(3)OH methanol isotopomer. This has lead to the observation of 13 new high-threshold far-infrared laser emissions (also identified as terahertz laser lines), with frequencies in the range between 24.11 and 102.56 cm(-1) (0.72-3.07 THz). The absorption transitions leading to these new FIR laser emissions have been located by observing the optoacoustic absorption spectra around the CO(2) emissions. Here, we present these new far-infrared laser lines, characterized in wavelength, polarization, offset relative to the center of the pumping CO(2) laser transition, relative intensity, and optimum operation pressure.