Underlying dynamics of typical fluctuations of an emerging market price index: the Heston model from minutes to months

We investigate the Heston model with stochastic volatility and exponential tails as a model for the typical price fluctuations of the Brazilian São Paulo Stock Exchange Index (IBOVESPA). Raw prices are first corrected for inflation and a period spanning 15 years characterized by memoryless returns is chosen for the analysis. Model parameters are estimated by observing volatility scaling and correlation properties. We show that the Heston model with at least two time scales for the volatility mean reverting dynamics satisfactorily describes price fluctuations ranging from time scales larger than 20min to 160 days. At time scales shorter than 20 min we observe autocorrelated returns and power law tails incompatible with the Heston model. Despite major regulatory changes, hyperinflation and currency crises experienced by the Brazilian market in the period studied, the general success of the description provided may be regarded as an evidence for a general underlying dynamics of price fluctuations at intermediate mesoeconomic time scales well approximated by the Heston model. We also notice that the connection between the Heston model and Ehrenfest urn models could be exploited for bringing new insights into the microeconomic market mechanics. (c) 2005 Elsevier B.V. All rights reserved.

Doxorubicin as an antioxidant: Maintenance of myocardial levels of lycopene under doxorubicin treatment

The mechanism of doxorubicin-induced cardiotoxicity remains controversial. Wistar rats (n=96) were randomly assigned to a control (C), lycopene (L), doxorubicin (D), or doxorubicin+lycopene (DL) group. The L and DL groups received lycopene (5 mg/kg body wt/day by gavage) for 7 weeks. The D and DL groups received doxombicin (4 mg/kg body wt intraperitoneally) at 3, 4, 5, and 6 weeks and were killed at 7 weeks for analyses. Myocardial tissue lycopene levels and total antioxidant performance (TAP) were analyzed by HPLC and fluorometry, respectively. Lycopene metabolism was determined by incubating H-2(10)-lycopene with intestinal mucosa postmitochondrial fraction and lipoxygenase and analyzed with HPLC and APCI mass spectroscopy. Myocardial tissue lycopene levels in DL and L were similar. TAP adjusted for tissue protein were higher in myocardium of D than those of C (P=0.002). Lycopene metabolism study identified a lower oxidative cleavage of lycopene in D as compared to those of C. Our results showed that lycopene was not depleted in myocardium of lycopene-supplemented rats treated with doxorubicin and that higher antioxidant capacity in myocardium and less oxidative cleavage of lycopene in intestinal mucosa of doxorubicin-treated rats suggest an antioxidant role of doxombicin rather than acting as a prooxidant. (c) 2007 Elsevier B.V. All rights reserved.

Formation and maintenance of complex systems

A complex system is often identified by the absence of a characteristic length, e.g. as in a fractal. A very large system subject to a fragmentation and/or aggregation dynamics passes through such complex configurations. We study statistically creation and maintenance of such configurations in space dimensions d = 1 to 5 and find that they are easily created (maintained) for small (large) d. An intermediate d such as d = 3 seems to be ideal for the creation and maintenance of complex systems. This has consequences in a statistical description of the universe.

Energy and protein requirements for maintenance and growth of Boer crossbred kids

Meat production by goats has become an important livestock enterprise in several parts of the world. Nonetheless, energy and protein requirements of meat goats have not been defined thoroughly. The objective of this study was to determine the energy and protein requirements for maintenance and growth of 34 3/4 Boer x 1/4 Saanen crossbred, intact male kids (20.5 +/- 0.24 kg of initial BW). The baseline group was 7 randomly selected kids, averaging 21.2 +/- 0.36 kg of BW. An intermediate group consisted of 6 randomly selected kids, fed for ad libitum intake, that were slaughtered when they reached an average BW of 28.2 +/- 0.39 kg. The remaining kids (n = 21) were allocated randomly on d 0 to 3 levels of DMI (treatments were ad libitum or restricted to 70 or 40% of the ad libitum intake) within 7 slaughter groups. A slaughter group contained 1 kid from each treatment, and kids were slaughtered when the ad libitum treatment kid reached 35 kg of BW. Individual body components (head plus feet, hide, internal organs plus blood, and carcass) were weighed, ground, mixed, and subsampled for chemical analyses. Initial body composition was determined using equations developed from the composition of the baseline kids. The calculated daily maintenance requirement for NE was 77.3 +/- 1.05 kcal/kg(0.75) of empty BW (EBW) or 67.4 +/- 1.04 kcal/kg(0.75) of shrunk BW. The daily ME requirement for maintenance (118.1 kcal/g(0.75) of EBW or 103.0 kcal/kg(0.75) of shrunk BW) was calculated by iteration, assuming that the heat produced was equal to the ME intake at maintenance. The partial efficiency of use of ME for NE below maintenance was 0.65. A value of 2.44 +/- 0.4 g of net protein/kg(0.75) of EBW for daily maintenance was determined. Net energy requirements for growth ranged from 2.55 to 3.0 Mcal/kg of EBW gain at 20 and 35 kg of BW, and net protein requirements for growth ranged from 178.8 to 185.2 g/kg of EBW gain. These results suggest that NE and net protein requirements for growing meat goats exceed the requirements previously published for dairy goats. Moreover, results from this study suggest that the N requirement for maintenance for growing goats is greater than the established recommendations.

Maintenance requirements for methionine and cysteine, and threonine for poultry

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

Costs estimates and rentability of the guava culture {psidium guajava l. patuma cv.) in monte alto county, Sao Paulo state

This work intended to calculate the rentability of the guava culture Paluma cv. in Monte Alto region-SP, estimating the costs of the implantation, maintenance, production and the gross income of this culture in the first three years of cultivation. The production system utilized refers to the cultural treatments usually used in this culture in the region. The costs estimates were based on the total operational costs methodology used by the Agricultural Economics Institute (I.E.A.). The results obtained showed that the implantation and maintenance costs of the culture, in the two first years was Rs7.402,31/alqueire. Considering the possibility that in guava orchard, on irrigated conditions, reach in the fourthy year a productivity of 80t/alqueire and that the current price is Rs0,20/kg, it is possible to estimate the gross income around of Rs16.000,00/alqueire, resulting in a net income of Rs9.497,06/alqueire.

Maintenance of a reducer by vibration and wear particles analysis

Purpose - The purpose of the paper is to provide information on wear debris on oil and vibration analysis as predictive maintenance techniques in reducer. Design/methodology/approach - The estate of a reducer is verified by analyzing the vibration and oil conditions of a test rig under well-designed conditions utilizing some predictive variables. Findings - According to the vibration and oil analysis it is found out what it was happening into the reducer without disassembling it. Practical implications - This paper demonstrates the use of oil debris analysis and vibration analysis as a technique that enhances preventive maintenance practices. The paper helps practitioners to utilize these techniques more effectively. Originality/value - This paper gives information about two predictive maintenance techniques with a test rig. © Emerald Group Publishing Limited.

World food price increases and Brazil: an opportunity for everyone?

Includes bibliography.

The energetic cost of maintenance in ruminants: From classical to new concepts and prediction systems

The cost of maintenance makes up a large part of total energy costs in ruminants. Metabolizable energy (ME) requirement for maintenance (MEm) is the daily ME intake that exactly balances heat energy (HE). The net energy requirement for maintenance (NEm) is estimated subtracting MEm from the HE produced by the processing of the diet. Men cannot be directly measured experimentally and is estimated by measuring basal metabolism in fasted animals or by regression measuring the recovered energy in fed animals. MEm and NEm usually, but not always, are expressed in terms of BW0.75. However, this scaling factor is substantially empirical and its exponent is often inadequate, especially for growing animals. MEm estimated by different feeding systems (AFRC, CNCPS, CSIRO, INRA, NRC) were compared by using dairy cattle data. The comparison showed that these systems differ in the approaches used to estimate MEm and for its quantification. The CSIRO system estimated the highest MEm, mostly because it includes a correction factor to increase ME as the feeding level increases. Relative to CSIRO estimates, those of NRC, INRA, CNCPS, and AFRC were on average 0.92, 0.86, 0.84, and 0.78, respectively. MEm is affected by the previous nutritional history of the animals. This phenomenon is best predicted by dynamic models, of which several have been published in the last decades. They are based either on energy flows or on nutrient flows. Some of the different approaches used were described and discussed.