Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

ELECTROPHORETIC ANALYSIS OF 11 ENZYMES IN NATURAL POPULATIONS OFROOT, 1926 (DIPTERA: CULICIDAE) IN THE AMAZON REGION

Of eleven proteins analyzed in four Amazonian populations, the esterases showed the greatest variation, with five activity zones. EST1, EST2 and EST5 showed variation in each of the populations studied. EST1 and EST2 are each controlled by two, and EST5 by four, codomi-nant alleles. LAP presented six activity zones, with codominant variation in LAP5and LAP6.oc—GPDH was monomorphic with one activity band on starch gel and two on polyacrylamide gel. 1DH presented two activity zones, with variation in the IDHl region. PGM had a single activity zone, with variation in all populations. The Ariquemes populations showed five alleles and the other populations three, all of then codominant. Three activity zones with two codominant alleles were observed for ODH. Aldehyde Oxidase showed two activity zones, with variation in AOl only in the Ariquemes and Porto Velho/Samuel populations. 6-PGDH showed only one activity zone and variation only in the Ariquemes population. The remaing systems - XDH, G-6-PDH and GDH. was monomorphic.

Arthropods obtained from the Amazonian tree species "Cupiuba" (Goupia glabra) by repeated canopy fogging with natural Pyrethrum

Two canopies of a widely distributed Amazonian tree species, Goupia glabra Aubl. (Celastraceae, height 38 and 45m) were fogged several times with 1% natural pyrethrum during the rainy and dry seasons (1991-1994) in the Adolpho Ducke Forest Reserve near Manaus/Brazil. Between 50 and 158 ind./m2 of arthropods were obtained per tree and fogging event. Hymenoptera, mostly Formicidae, and Diptcra dominated. A total of 95 ant species occurred on a single tree. Most ants were permanently foraging in the canopy and their recolonization after fogging seems to follow stochastic pathways. Data indicated an interaction between - 1) predating Formicidae and gall building Cecidomyiidae and - 2) Cecidomyiidae and the parasitic Hymenoptera.

Palmeiras do Parque Natural do Seringueiro, Acre, Brasil

Dez gêneros e vinte e duas espécies de palmeiras foram encontradas no Parque Natural do Seringueiro, localizado no Município de Plácido de Castro (AC), sudoeste da Amazônia (10 20'S, 67 15,W). Embora contando com uma área de apenas 45 hectares a diversidade de gêneros e espécies é comparável à encontrada nos 10.000 hectares da Reserva Ducke, na Amazônia central. A alta diversidade verificada, combinada com a elevada taxa de destruição da cobertura vegetal na região de Plácido de Castro, demonstram a urgente necessidade de se estabelecer novas áreas de proteção para a flora local.

Balanço dos nutrientes Ca+2, Mg+2, Na+, K+e NO3, em uma bacia de primeira ordem com vegetação Natural na Amazônia Central

O estudo foi conduzido em uma bacia hidrográfica experimental de primeira ordem de aproximadamente 3,5 km2 localizada próximo ao km 16 da estrada secundária ZF-02, do km 60 da rodovia BR-174 que liga Manaus - Boa Vista. O principal objetivo foi quantificar o balanço dos nutrientes Ca+2, Mg+2 Na+, K+e NO3 através da entrada via precipitação e saída via deflúvio. As coletas de água e os cálculos do fluxo de nutrientes foram feitos em base mensal por um período de um ano. Observou-se que as concentrações iônicas apresentaram pouca variação ao longo do tempo. As maiores concentrações na precipitação ocorreram em função do acúmulo de aerosóis na atmosfera, após um período longo sem chuva. Aparentemente a vegetação exerceu influência mais evidente sobre o nitrato em relação aos demais nutrientes. O fluxo dos nutrientes foi variável, onde principalmente a entrada total destes deu-se em função de eventos individuais de chuva de grande magnitude. O balanço em kg.ha-1.ano-1 foi positivo para todos os nutrientes com os seguintes ganhos líquidos: Ca+2 (2,33); Mg+2 (1,66); Na+ (2,07); K+ (l,80) e NO3 (5,84).

Compact saloplastic membranes of natural polysaccharides for soft tissue engineering

The regeneration of soft biological tissues requires new substitutes that exhibit mechanical properties similar to the native tissue. Herein, thin saloplastic membranes with tunable physical properties are prepared by complexation of chitosan and alginate solutions containing different concentrations of sodium chloride. Polyelectrolyte complexes (PECs) are transferred to flat Petri dishes for compaction into membrane shapes by sedimentation and solvent evaporation. All membranes are resistant to degradation by lysozyme and are stable in solutions with pH values between 1 and 13. Immersing the different membranes in new doping solutions of increasing salt concentrations triggers the typical saloplastic behavior, with a high water absorption and decrease of the rigidity and ultimate tensile strength. The range of such variations is tuned by the sodium chloride amount used in the synthesis: high salt concentrations increase water uptake and tensile moduli, while decreasing the ultimate strength. Cellular assays demonstrate high proliferation rates and viability of L929 fibroblasts seeded onto the most rigid membranes. The results validate the use of saloplastic membranes as soft tissue substitutes for future biomedical applications.

Changes in the floristic composition of a Terra Firme rain forest In Brazilian Amazonia over an eight-year period In response to logging

Changes in the floristic composition over an eight-year period in a logged area at the Tapajós National Forest in Brazilian Amazonia arc discussed. Two treatments of different intensities of logging were compared with an undisturbed (control) forest. Data were collected from permanent sample-plots. The effects of logging on floristic composition were stronger in the more heavily logged treatment. The number of species decreased immediately after logging, but started to increase before the fifth year after logging and was higher at the end of the study period than before logging. The more heavily logged plots responded more to disturbances, as judged by the increase in the number of species during the period after logging. This forest appears to recover its initial floristic composition after disturbance without intervention.

Tensile and bond characterization of natural fibers embeeded in inorganic matrices

Innovative composite materials made of continuous fibers embedded in mortar matrices have been recently received attention for externally bonded reinforcement of masonry structures. In this regards, application of natural fibers for strengthening of the repair mortars is attractive due to their low specific weight, sustainability and recycability. This paper presents experimental characterization of tensile and pull-out behavior of natural fibers embedded in two different mortar-based matrices. A lime-based and a geopolymeric-based mortar are used as sustainable and innovative matrices. The obtained experimental results and observations are presented and discussed.

Regeneração natural de três hectares de floresta ombrófila densa de terra firme na região do rio Urucu-AM, Brasil

Neste trabalho estudou-se a regeneração natural de três hectares, em floresta ombrófila de terra - firme na região do rio Urucu no município de Coari -Am ( 40 51' 18" e 40 52' 16" S; 650 17' 58" e 650 20' 01" W), abordando todos os indivíduos com altura total maior ou igual a 10cm até 3,0m e diâmetro à altura do peito (DAP) menor que 10cm. As espécies que mais se destacaram foram o Protium subserratum Engl. com valores médios de 30,55%, Inga receptabilis (Vahl.) Wild.com 15,85%, Oenocarpus bacaba com 12,35% e Oenocarpus bataua com 11,42%, entre as espécies arbóreas.

Durabilidade natural da madeira de pupunha (Bactris gasipaes Kunth). I. fungos

A durabilidade da madeira de Bactris gasipaes Kunth (pupunha) face aos fungos foi avaliada em ambiente florestal e urbano e em condições de laboratório. Foram utilizadas, cinco árvores com espinhos e cinco sem espinhos da população Tabatinga, raças Putumayo, sendo retirados discos de 25-30cm da base, meio e do topo de cada pupunheira e colocados em uma área florestal próxima ao Banco Ativo de Germoplama de B. gasipaes (2°38'S, 60°03'W). Os discos foram inspecionados trimestralmente, para acompanhar o processo de biodeterioração da madeira causado por fungos durante dezoito meses. No ensaio em ambiente urbano, as amostras do estipe foram distribuídas, uma na posição côncava e outra na convexa, sobre uma estrutura de madeira localizada em uma área próxima da CPPF do Campus do INPA, Manaus e inspecionadas bimestralmente por um ano. Em ambiente florestal, o revestimento dos discos mostrou-se suscetível aos fungos Hymenogramme javanensis Mont. & Berk. e Hypoxylon rubiginosum (Pers.: Fr.) Fr.. Em ambiente urbano, a madeira apresentou alta susceptibilidade a Lenzites striata (Swart.: Fr.) Fr. e a Lenzites sp. e o revestimento a Porostereum amethysteum Hjortst. & Ryv. e a Stereum strigoso-zonatum (Sch.) G. H. Cunn.. Em condições de laboratório, a madeira da pupunheira demonstrou alta resistência aos fungos Lenzites trabea Pers.:Fr., Polyporus fumosus Pers.:Fr. e Pycnoporus sanguineus (L.:Fr.) Murr.

Life cycle analysis of zero waste management for Jonggol green city

A Zero waste management is believed to be one of methods to gain sustainability in urban areas. Take advantages of resources as enough as the needs and process it until the last part to be wasted is a contribution to take care the environment for the next generation. Reduce, reuse, and recycle are three simplesactivities which are until nowadays consideredas the back bone of zero waste. Jonggolgreen city is a new urban area in Indonesia with a 100 ha of surface area zoned as education tourism area. It is an independent area with pure natural resources of water, air, and land to be managed and protected. It is planned as green city through zero waste management since2013. In this preliminary period, a monitoring tool is being prepared by applying a Life Cycle Analysis (LCA) for urban areas [1]. This paper will present an explanatory assessment ofthe zero waste management for Jonggolgreen city. The existing situation will be examined through LCA and afterwards,the new program and the proposed green design to gain the next level of zero waste will be discussed. The purpose is to track the persistence of the commitment and the perception of the necessary innovationsin order to achieve the ideal behavior level of LCA.

The food spectrum of the cardinal - tetra (Paracheirodon axelrodi, Characidae) in its natural habitat

The cardinal tetra (Paracheirodon axelrodi) is the most intensively commercialized ornamental fish from the Rio Negro Basin (Amazonas State, Brasil). Analysis of the stomach and gut contents of fish caught in their natural habitats show conclusively that the cardinal is essentially a predator, feeding on the mesofauna that adheres to submerged litter, roots and waterplants. Microcrustacea and chironomid larvae (Diptera) were the most frequently ingested prey, while algae intake was relatively infrequent. It is argued that the relatively small size of the cardinals captured in their natural habitat is due to the annual migrations imposed by the inundation cycles, rather than to resource limitation, because it is known from earlier investigations of similar habitats, that these plant substrates are densely colonized by the aquatic mesofauna. Cardinals raised in captivity are larger and have higher rates of growth.

Growth rate of a terra firme rain forest in Brazilian Amazonia over an eight-year period in response to logging

This paper deals with growth rates of trees > 5cm dbh over an eight-year period from 257 species at the Tapajós National Forest. The discussion is centred on the behaviour of the forest after logging. Permanent sample plots were established in 1981 and measured at the first time. The area was logged in 1982. Measurements after logging occurred in 1983, 1987 and 1989. Considering all species together, diameter increment was similar for both intensities of logging until five years after logging. Light-demanding species showed significantly higher growth rates than shade-tolerant species in the logged forest, with greater increment in the heavier treatment intensity. Commercial species also had higher growth rates in the heavier logged area, although those were significantly different only in the period from one to five years after logging. In the undisturbed forest, growth rates increased with increasing dbh size. At species level, growth rate varied between and within treatments, as well as between trees within species, depending mainly on degree of canopy opening. The logging favoured the growth of commercial species, chiefly the light-demanders. Therefore, if the same growth conditions continue being given, for example by silvicultural treatments, to those species of commercial interest, the forest would reach a stock available for harvesting around year 30 after logging. However, the high variation in increment rates indicates that an eight-year period is not sufficient to allow predictions on cutting cycles or polycyclic management systems for the study forest.

Durabilidade natural do estipe de pupunha (Bactris gasipaes Kunth, Arecaceae) II: insetos

Neste trabalho estão apresentados os resultados da durabilidade natural do estipe (madeira) de Bactris gasipaes Kunth (pupunha), quando submetido ao ataque de insetos xilófagos, em ensaios em ambiente florestal e urbano. Foram utilizados dez palmeiras, cinco com espinhos e cinco sem espinhos, de plantios da Fazenda Experimental da Universidade Federal do Amazonas, localizada no km 40 da rodovia Manaus-Boa Vista (BR 174). De cada uma das palmeiras foram cortados três discos de aproximadamente 30 cm de espessura, retirados da base, do meio e do topo. No ambiente florestal, os discos foram distribuídos aleatoriamente, em área próxima ao plantio, no espaçamento de 0,5m, permanecendo durante 18 meses, período no qual foram efetuadas seis inspeções trimestrais para avaliar o grau de deterioração e coleta de insetos. Para o ensaio em condição urbana, os discos foram secionados axialmente para a retirada da medula e distribuídos aleatoriamente, nas posições côncava e convexa, sobre uma estrutura de madeira, localizada no Campus do INPA em Manaus, e inspecionados bimestralmente por um ano. Os resultados do ensaio no ambiente florestal indicaram que a maioria dos discos foi deteriorada por térmitas e a vida útil da base foi em torno de 18 meses, a do meio e do topo em torno de 15. As principais espécies de cupins foram: Heterotermes tenuis (Hagen) (Rhinotermitidae) responsável pela deterioração da parte basal, mediana e o topo; Nasutitermes similis Emerson (Termitidae) que infestou a região da base e do meio; Anoplotermes sp.(Termitidae) e Nasutitermes tatarandae (Holmgren) (Termitidae) responsáveis pela infestação da parte mediana do estipe. No ambiente urbano, o principal responsável pela deterioração das amostras foi o besouro Dinoderus bifoveolatus Wollston (Bostrichidae), e em seguida, o térmita N. similis.

Heliconia acuminata reproductive success is independent of local floral density

Reproductive plants in tropical forests are patchily distributed, with some in large aggregations of reproductive consepecifics while others are relatively isolated. This variation in floral density is hypothesized to have a major effect on plant reproductive success, since individuals in higher density neighborhoods can attract more or higher quality pollinators. We experimentally tested this hypothesis with populations of the understory herb Heliconia acuminata in central Amazonia. We created replicated plots in which reproductive plant density spanned the range of naturally occurring floral neighborhood size, then measured three surrogates of plant fitness in focal plants in each array. There was no significant difference between any of the three floral neighborhood treatments in total seed production, fruit set, or the number of seeds produced per fruit. Pollinator visitation rates to plants in all treatments were extremely low, with many plants not visited at all during the observation period. This could be because H. acuminata's hummingbird pollinators are unable to find the widely scattered reproductive plants, however this hypothesis appears unlikely. Instead, natural flowering plant densities may simply be below the threshold value at which neighborhood effects become important, even in "high-density" aggregations. Nutrient limitation, selective fruit abortion, and reproduction via male rather than female function may also be playing a role. We argue the absence of neighborhood effects may be a general phenomenon in central Amazonian forests, though additional experiments with other plant-pollinator systems are needed to determine the extent to which this hypothesis is supported.