Alguns gestores de fundos de ações são melhores do que outros? Uma análise cross-sectional das características dos gestores e do desempenho dos fundos

A área de fundos de investimento tem crescido no Brasil nos últimos 7 anos. Movimento semelhante tem sido observado no percentual destinado a fundos de ações. Parte deste movimento pode ser creditado à entrada de atores sem familiaridade com o universo financeiro, mas que vislumbram neste segmento uma oportunidade para investir seu dinheiro. O desconhecimento do funcionamento do universo financeiro leva o novo investidor a eleger critérios para seleção de onde alocar os seus recursos, já que se espera que um gestor profissional faça as melhores escolhas. Segundo Chevalier & Ellison (1999), a imprensa financeira produz um grande volume e variedade de informação sobre as pessoas que gerenciam esses fundos, mas pouco se fala de seus antecedentes educacionais. Este trabalho tem como objetivo analisar se o desempenho dos fundos de ações esta relacionado com as características dos gestores desses fundos. Em particular, se estudou a relação entre o desempenho dos fundos e a formação dos gestores, a qualidade das escolas em que cursaram, bem como o fato de possuírem pós-graduação Lato Sensu ou Stricto Sensu, além da idade e seu “tempo de experiência” no mercado financeiro. Utilizamos como base os dados coletados pelo sistema QUANTUN AXIS (Quantun Avaliação de Fundos de Investimento), tendo como referência o período de setembro/2007 a 2008. Consultamos currículos dos 81 gestores da amostra por meio de buscas aos sites das empresas administradoras, consulta por telefone aos gestores, e currículos via difusores de informação como o Bloomberg. Foram então realizadas as análises Cross-Section. Para tal, foi utilizada uma corrente de investigação que analisou o impacto dos antecedentes educacionais dos gestores de fundos sobre os resultados dos mesmos nos EUA, destacando os trabalhos de Golec (1996), Chevalier & Ellison (1999) e Gottesman & Morey (2006). O resultado deste trabalho sugere que existe diferença na análise cross-sectional entre o desempenho dos fundos de ações no Brasil e a qualidade do curso de graduação do gestor. Futuras pesquisas poderiam, utilizando a mesma amostra de gestores, acompanhar a evolução dos dados do currículo em comparação ao desempenho dos fundos administrados em uma perspectiva temporal utilizando dados de painel.

Capacidade de absorção de energia de tubos de compósitos submetidos à compressão

Structures capable of absorbing large amounts of energy are of great interest, particularly for the automotive and aviation industries, to reduce tbe impact on passengers in the case of a collision. The energy absorption properties of composite materials structures can be tailored, thus making these structures an appealing option a substitute of more traditional structures in applications where energy absorption is crucial. ln this research, the influence of some parameters, which affect the energy absorption capacity of composite material tubes, was investigated. The tubes were fabricated by hand lay-up, using orthophthalic polyester resin and a plain weave E-glass fabric Test specimens were prepared and tested under compression load. The ínfluence of the following parameters on the specific energy absorption capacity of the tubes was studied: fiber configuration (0/90º or ± 45°), tube cross-section (circular or square), and processing conditions (with or without vacuum). The results indicated that circular cross-section tubes with fibers oriented at 0/90º presented the highest level of specific energy absorbed. Further, specimens from tubes fabricated under vacuum displayed higher energy absorption capacity, when compared with specimens from tubes fabricated without vacuum. Thus, it can be concluded that the fabrication process with vacuum produce composite structures with better energy absorption capacity

Rare earth centers properties and electron trapping in SnO2 thin films produced by sol-gel route

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Minimum size for the occurrence of vortex matter in a square mesoscopic superconductor

The study of superconducting samples in mesoscopic scale presented a remarkable improvement during the last years. Certainly, such interest is based on the fact that when the size of the samples is close to the order of the temperature dependent coherence length xi(T), and/or the size of the penetration depth lambda(T), there are some significant modifications on the physical properties of the superconducting state. This contribution tests the square cross-section size limit for the occurrence (or not) of vortices in mesoscopic samples of area L-2, where L varies discretely from 1 xi(0) to 8 xi(0).The time dependent Ginzburg-Landau (TDGL) equations approach is used upon taking the order parameter and the local magnetic field invariant along the z-direction. The vortex configurations at the equilibrium can be obtained from the TDGL equations for superconductivity as the system relaxes to the stationary state.The obtained results show that the limit of vortex penetration is for the square sample of size 3 xi(0) x 3 xi(0) in which only a single vortex are allowed into the sample. For smaller specimens, no vortex can be formed and the field entrance into the sample is continuous and the total flux penetration occurs at higher values of H/H-c2(0), where H-c2(T) is the upper critical field. Otherwise, for larger samples different vortices patterns can be observed depending on the sample size. (c) 2007 Elsevier B.V. All rights reserved.

Heat transfer in laminar flow of non-Newtonian fluids in ducts of elliptical section

Laminar forced convection inside tubes of various cross-section shapes is of interest in the design of a low Reynolds number heat exchanger apparatus. Heat transfer to thermally developing, hydrodynamically developed forced convection inside tubes of simple geometries such as a circular tube, parallel plate, or annular duct has been well studied in the literature and documented in various books, but for elliptical duct there are not much work done. The main assumption used in this work is a laminar flow of a power flow inside elliptical tube, under a boundary condition of first kind with constant physical properties and negligible axial heat diffusion (high Peclet number). To solve the thermally developing problem, we use the generalized integral transform technique (GITT), also known as Sturm-Liouville transform. Actually, such an integral transform is a generalization of the finite Fourier transform where the sine and cosine functions are replaced by more general sets of orthogonal functions. The axes are algebraically transformed from the Cartesian coordinate system to the elliptical coordinate system in order to avoid the irregular shape of the elliptical duct wall. The GITT is then applied to transform and solve the problem and to obtain the once unknown temperature field. Afterward, it is possible to compute and present the quantities of practical interest, such as the bulk fluid temperature, the local Nusselt number and the average Nusselt number for various cross-section aspect ratios. (C) 2006 Elsevier. SAS. All rights reserved.

Search for pair production of second generation scalar leptoquarks in p(p)over-bar collisions at root s-=1.96 TeV

We report on a search for the pair production of second generation scalar leptoquarks (LQ(2)) in p (p) over bar collisions at the center-of-mass energy, root s = 1.96 TeV, using data corresponding to an integrated luminosity of 294 19 pb(-1) recorded with the DO detector. No evidence for a leptoquark signal in the LQ(2)LQ(2) -> mu q mu q channel has been observed, and upper bounds on the product of cross section times branching fraction were set. This yields lower mass limits of m(LQ2) > 247 GeV/c(2) for beta = B(LQ(2) -> mu q) = 1 and m(LQ2) > 182 GeV/c(2) for beta = 1/2. Combining these limits with previous DO results, the lower limits on the mass of a second generation scalar leptoquark are m(LQ2) > 251 GeV/c(2) and m(LQ2) > 204 GeV/c(2) for beta = I and beta = 1/2, respectively. (c) 2006 Elsevier B.V. All rights reserved.

Search for neutral Higgs bosons decaying to tau pairs in p(p)over-bar collisions at root s=1.96 TeV

A search for the production of neutral Higgs bosons Phi decaying into tau(+)tau(-) final states in p (p) over bar collisions at a center-of-mass energy of 1.96 TeV is presented. The data, corresponding to an integrated luminosity of approximately 325 pb(-1), were collected by the D0 experiment at the Fermilab Tevatron Collider. Since no excess compared to the expectation from standard model processes is found, limits on the production cross section times branching ratio are set. The results are combined with those obtained from the D0 search for Phi b((b) over bar)-> b (b) over barb((b) over bar) and are interpreted in the minimal supersymmetric standard model.

Search for R-parity violating supersymmetry via the LL(E)over-bar couplings lambda(121), lambda(122) or lambda(133) in p(p)over-bar collisions at root s=1.96 TeV

A search for gaugino pair production with a trilepton signature in the framework of R-parity violating supersymmetry via the couplings; lambda(121), lambda(122), or lambda(133) is presented. The data, corresponding to an integrated luminosity of L approximate to 360 pb(-1), were collected from April 2002 to August 2004 with the D0 detector at the Fermilab Tevatron Collider, at a center-of-mass energy of root s = 1.96 TeV. This analysis considers final states with three charged leptons with the flavor combinations eel, mu mu l, and ee tau (l = e or mu). No evidence for supersymmetry is found and limits at the 95% confidence level are set on the gaugino pair production cross section and lower bounds on the masses of the lightest neutralino and chargino are derived in two supersymmetric models. (c) 2006 Elsevier B.V. All rights reserved.

Search for a heavy resonance decaying into a Z plus jet final state in p(p)over-bar collisions at root s=1.96 TeV using the D0 detector

We have searched for a heavy resonance decaying into a Z+jet final state in p (p) over bar collisions at a center of mass energy of 1.96 TeV at the Fermilab Tevatron collider using the D0 detector. No indication for such a resonance was found in a data sample corresponding to an integrated luminosity of 370 pb(-1). We set upper limits on the cross section times branching fraction for heavy resonance production at the 95% C.L. as a function of the resonance mass and width. The limits are interpreted within the framework of a specific model of excited quark production.

Search for single production of scalar leptoquarks in p(p)over-bar collisions decaying into muons and quarks with the D0 detector

lWe report on a search for second generation leptoquarks (LQ(2)) which decay into a muon plus quark in (p) over barp collisions at a center-of-mass energy of root s = 1.96 TeV in the DO detector using an integrated luminosity of about 300 pb(-1). No evidence for a leptoquark signal is observed and an upper bound on the product of the cross section for single leptoquark production times branching fraction into a quark and a muon was determined for second generation scalar leptoquaiks as a function of the leptoquark mass. This result has been combined with a previously published DO search for leptoquark pair production to obtain leptoquark mass limits as a function of the leptoquark-muon-quark coupling, lambda. Assuming lambda = 1, lower limits on the mass of a second generation scalar leptoquark coupling to a u quark and a muon are m(LQ2) > 274 GeV and m(LQ2) > 226 GeV for beta = 1 and beta = 1/2, respectively. (c) 2007 Elsevier B.V. All rights reserved.

Search for a Higgs boson produced in association with a Z boson in p(p)over-bar collisions

We describe a search for the Standard Model Higgs boson with a mass of 105 GeV/c(2) to 145 GeV/c(2) in data corresponding to an integrated luminosity of approximately 450 pb(-1) collected with the D phi detector at the Fermilab Tevatron p (p) over bar collider at a center-of-mass energy of 1.96 TeV. The Higgs boson is required to be produced in association with a Z boson, and the Z boson is required to decay to either electrons or muons with the Higgs boson decaying to a b (b) over bar pair. The data are well described by the expected background, leading to 95% confidence level cross section upper limits sigma (p (p) over bar -> ZH) x B(H -> b (b) over bar) in the range of 3.1 pb to 4.4 pb. (C) 2007 Elsevier B.V. All rights reserved.

Search for supersymmetry via associated production of charginos and neutralinos in final states with three leptons

A search for associated production of charginos and neutralinos is performed using data recorded with the D0 detector at a p (p) over bar center-of-mass energy of 1.96 TeV at the Fermilab Tevatron Collider. This analysis considers final states with missing transverse energy and three charged leptons, of which at least two are electrons or muons. No evidence for supersymmetry is found in a data set corresponding to an integrated luminosity of 320 pb(-1). Limits on the product of the production cross section and leptonic branching fraction are set. For the minimal supergravity model, a chargino lower mass limit of 117 GeV at the 95% C.L. is derived in regions of parameter space with enhanced leptonic branching fractions.

Search for the Higgs boson in H -> WW(*) decays in p(p)over-bar collisions at root(s)=1.96 TeV

We present a search for the standard model Higgs boson in H -> WW(*) decays with e(+)e(-), e(+/-)mu(-/+), and mu(+)mu(-) final states in p (p) over bar collisions at a center-of-mass-energy of root s = 1.96 TeV. The data, collected from April 2002 to june 2004 with the D0 detector, correspond to an integrated luminosity of 300-325 pb(-1), depending on the final state. The number of events observed is consistent with the expectation from backgrounds. Limits from the combination of all three channels on the Higgs boson production cross section times branching ratio sigma x BR(H -> WW(*)) are presented.

Search for the standard model Higgs boson in the p(p)over-bar -> ZH -> v(v)over-barb(b)over-bar channel

We report a search for the standard model (SM) Higgs boson based on data collected by the D0 experiment at the Fermilab Tevatron Collider, corresponding to an integrated luminosity of 260 pb(-1). We study events with missing transverse energy and two acoplanar b jets, which provide sensitivity to the ZH production cross section in the nu nu bb channel, and to WH production when the lepton from the W ->center dot nu decay is undetected. The data are consistent with the SM background expectation, and we set 95% C.L. upper limits on sigma(pp -> ZH/WH) x B(H -> bb) from 3.4/8.3 to 2.5/6.3 pb, for Higgs-boson masses between 105 and 135 GeV.

Search for W ' boson production in the W ' -> t(b)over-bar decay channel

We present a search for the production of a new heavy gauge boson W' that decays to a top quark and a bottom quark. We have analyzed 230 pb(-1) of data collected with the DO detector at the Fermilab Tevatron collider at a center-of-mass energy of 1.96 TeV. No significant excess of events above the standard model expectation is found in any region of the final state invariant mass distribution. We set upper limits on the production cross section of W' bosons times branching ratio to top quarks at the 95% confidence level for several different W, boson masses. We exclude masses between 200 and 610 GeV for a W' boson with standard-model-like couplings, between 200 and 630 GeV for a W, boson with right-handed couplings that is allowed to decay to both leptons and quarks, and between 200 and 670 GeV for a W' boson with right-handed couplings that is only allowed to decay to quarks. (c) 2006 Elsevier B.V. All rights reserved.