The performance of open-end Brazilian fixed income mutual funds for retail clients

From a financial perspective, this dissertation analyzes the Brazilian mutual fund industry performance for an average retail client. The most representative funds for the local population, that are the fixed income open-end ones, will be selected and their performance will be measured aiming to answer if clients of this industry obtained a proper return over their investments in the period between August 2010 and August 2013. A proper return will be understood as the preservation of the purchasing power of the individual´s savings, what is achieved with a positive performance of a mutual fund after discounting taxes, administrative fees and inflation. After obtaining an answer for the previous question, this dissertation will explore a possible alternative solution: Tesouro Direto, that is an example of a financial approach that could foster the disintermediation between savings and investments through electronic channels. New electronic platforms, with a broader scope, could be utilized to increase the efficiency of funding productive investments through better remunerating Brazilian savings. Tesouro Direto may point towards a new paradigm.

Estimation of random coefficients logit demand models: an application to the Brazilian fixed income fund market

Estimation of demand and supply in differentiated products markets is a central issue in Empirical Industrial Organization and has been used to study the effects of taxes, merges, introduction of new goods, market power, among others. Logit and Random Coefficients Logit are examples of demand models used to study these effects. For the supply side it is generally supposed a Nash equilibrium in prices. This work presents a detailed discussion of these models of demand and supply as well as the procedure for estimation. Lastly, is made an application to the Brazilian fixed income fund market.

Human resource policies in public education: empirical evidences for Brazil

Esta tese traz três exercícios empíricos sobre questões de recursos humanos em escolas públicas brasileiras, aproveitando-se de uma ampla política implantada na rede estadual de São Paulo. Esta política aumenta os salários para os professores que trabalham em escolas urbanas pobres e sua regra de alocação, baseada em um corte arbitrário em um índice socioeconômico, permite a identificação de impactos causais. Em resumo, os três artigos apontam que políticas de subsídios são capazes de, de fato, manter professores nas escolas mais pobres e este efeito, por sua vez, melhora o desempenho acadêmico dos alunos. Além disso, concluímos também que esta política também reduz o absenteísmo dos professores. No entanto, como consequência do desenho dessa política, não há evidências de que o subsídio melhora o perfil dos professores alocados nessas escolas. O primeiro artigo avalia os impactos dessa política sobre a rotatividade dos professores. Concluímos que a compensação salarial reduziu a taxa de rotatividade em 7,2 pontos percentuais, o que significa uma queda de 15% sobre a média pré-tratamento. Em um modelo em forma reduzida, encontramos também evidências de que esta política pode impactar positivamente o desempenho dos alunos. O segundo artigo analisa os impactos sobre a aprendizagem dos alunos, com foco em três possíveis mecanismos: i) a rotatividade; ii) a qualidade dos professores; iii) o aumento do salário. As estimativas mostram que o único canal através do qual esta política compensatória afeta o desempenho dos alunos é a redução da rotatividade dos professores. Ao reduzir taxa de volume de negócios em um desvio-padrão, a política reduziu a proporção de alunos de baixo desempenho em cerca de meio desvio-padrão. O terceiro artigo avalia como a diferenciação salarial criada por esta política afeta absenteísmo dos professores. Os resultados mostram que, após controlar efeitos fixos de professores e escolas, pagar um salário mais elevado (em média 26% a mais) provoca uma queda de 8-22% nas faltas dos professores. Ausências que não levam a desconto de salário, como por licenças médicas, não respondem à diferenciação salarial e o impacto é maior para os professores que recebem maior incentivo.

Multilayer optimization in radio resource allocation for the packet transmission in wireless networks

In the last decade mobile wireless communications have witnessed an explosive growth in the user’s penetration rate and their widespread deployment around the globe. It is expected that this tendency will continue to increase with the convergence of fixed Internet wired networks with mobile ones and with the evolution to the full IP architecture paradigm. Therefore mobile wireless communications will be of paramount importance on the development of the information society of the near future. In particular a research topic of particular relevance in telecommunications nowadays is related to the design and implementation of mobile communication systems of 4th generation. 4G networks will be characterized by the support of multiple radio access technologies in a core network fully compliant with the Internet Protocol (all IP paradigm). Such networks will sustain the stringent quality of service (QoS) requirements and the expected high data rates from the type of multimedia applications to be available in the near future. The approach followed in the design and implementation of the mobile wireless networks of current generation (2G and 3G) has been the stratification of the architecture into a communication protocol model composed by a set of layers, in which each one encompasses some set of functionalities. In such protocol layered model, communications is only allowed between adjacent layers and through specific interface service points. This modular concept eases the implementation of new functionalities as the behaviour of each layer in the protocol stack is not affected by the others. However, the fact that lower layers in the protocol stack model do not utilize information available from upper layers, and vice versa, downgrades the performance achieved. This is particularly relevant if multiple antenna systems, in a MIMO (Multiple Input Multiple Output) configuration, are implemented. MIMO schemes introduce another degree of freedom for radio resource allocation: the space domain. Contrary to the time and frequency domains, radio resources mapped into the spatial domain cannot be assumed as completely orthogonal, due to the amount of interference resulting from users transmitting in the same frequency sub-channel and/or time slots but in different spatial beams. Therefore, the availability of information regarding the state of radio resources, from lower to upper layers, is of fundamental importance in the prosecution of the levels of QoS expected from those multimedia applications. In order to match applications requirements and the constraints of the mobile radio channel, in the last few years researches have proposed a new paradigm for the layered architecture for communications: the cross-layer design framework. In a general way, the cross-layer design paradigm refers to a protocol design in which the dependence between protocol layers is actively exploited, by breaking out the stringent rules which restrict the communication only between adjacent layers in the original reference model, and allowing direct interaction among different layers of the stack. An efficient management of the set of available radio resources demand for the implementation of efficient and low complexity packet schedulers which prioritize user’s transmissions according to inputs provided from lower as well as upper layers in the protocol stack, fully compliant with the cross-layer design paradigm. Specifically, efficiently designed packet schedulers for 4G networks should result in the maximization of the capacity available, through the consideration of the limitations imposed by the mobile radio channel and comply with the set of QoS requirements from the application layer. IEEE 802.16e standard, also named as Mobile WiMAX, seems to comply with the specifications of 4G mobile networks. The scalable architecture, low cost implementation and high data throughput, enable efficient data multiplexing and low data latency, which are attributes essential to enable broadband data services. Also, the connection oriented approach of Its medium access layer is fully compliant with the quality of service demands from such applications. Therefore, Mobile WiMAX seems to be a promising 4G mobile wireless networks candidate. In this thesis it is proposed the investigation, design and implementation of packet scheduling algorithms for the efficient management of the set of available radio resources, in time, frequency and spatial domains of the Mobile WiMAX networks. The proposed algorithms combine input metrics from physical layer and QoS requirements from upper layers, according to the crosslayer design paradigm. Proposed schedulers are evaluated by means of system level simulations, conducted in a system level simulation platform implementing the physical and medium access control layers of the IEEE802.16e standard.

Eutrofização do reservatório Engenheiro Armando Ribeiro Gonçalves, no Rio Grande do Norte: implicações para o abastecimento público e para a piscicultura intensiva em tanques-rede

This study aimed to describe the spatial and temporal patterns of variation in trophic state and its relation with the structure and dynamics of planktonic community of a large reservoir located in semi-arid tropical region of Northeast Brazil. The reservoir Armando Ribeiro Gonçalves is the biggest reservoir of the Rio Grande do Norte State and is responsible for about 53% of all surface water accumulated in the State. The samples of water and plankton were taken monthly in 10 points distributed throughout the longitudinal axis of the reservoir and over a full hydrological cycle. The samples were collected to determine concentrations of total phosphorus, total nitrogen, chlorophyll a and suspended solids (fixed and volatile) and for determining the composition and abundance of phytoplanktonic and zooplanktonic species. During the study period, the reservoir was characterized as eutrophic and there was no trend of increasing the trophic state of the reservoir in the period of drought. The concentrations of total phosphorus and suspended fixed solids decreased towards the dam while the N:P ratios increased in the same direction due to the reduction in the phosphorus concentrations and relative constancy in the nitrogen concentrations. The N:P ratios observed were indicative of greater limitation by phosphorus than by nitrogen. However, as concentrations of both nutrients were high and the water transparency was very low, with secchi depth usually lower than one meter, it seems likely that the planktonic primary production of the reservoir is more limited by the availability of light than the availability of nutrients. High nutrient concentrations coupled with low availability of light may explain the continuing dominance of filamentous cyanobacteria such as Cylindrospermopsis raciborskii in the plankton of the reservoir.These cyanobacteria are potentially toxic and pose a serious environmental problem because it compromises the water quality for public supply, recreation and fishing when present in high densities as in this study. The mesozooplankton of the reservoir was dominated by the calanoid Notodiaptomus cearensis and the cladoceran Diaphanosoma spinulosum. In general, the structure of zooplankton community seems to be particularly influenced by the spatial variation of cyanobacteria. The results of the regression analyses show that both the chlorophyll a concentrations and the cyanobacteria biovolume were more strongly correlated with the nitrogen than with phosphorus and that the water transparency was more strongly correlated with algal biomass than with other sources of turbidity. The maximum load of phosphorus to attain the maximum permissible concentration of total P in the reservoir was estimated in 63.2 tonnes P/ year. The current external P load to the reservoir is estimated in 324 tonnes P / year and must be severely reduced to improve the water quality for water supply and allow the implementation of aquaculture projects that could contribute to the socio-economic development of the region

O tratamento ortodôntico em uma perspectiva a longo prazo: avaliação da estabilidade oclusal e do grau de satisfação dos pacientes

This study aimed to evaluate factors associated to orthodontic treatment stability and patient satisfaction in the long-term. A total of 209 patients (88 class I and 121 class II) treated with straight wire fixed appliance were selected at least 5 years post treatment. Six hundred twenty seven dental casts were examined with the PAR Index at pretreatment (T1), end of treatment (T2), and at long-term follow up (T3, mean 8.5 years post treatment). At T3, a Dental Impact on Daily Living questionnaire was used to assess patient satisfaction with the dentition in the long-term. Friedman test and multiple regression analysis were used to evaluate changes among the time points and factors associated with stability and patient satisfaction. Predictive factors used to exam the occlusion were: PAR Index at T1 and T2, age at T1, the amount of time without retainer, length of Hawley retainer wear, length of follow-up, sex, extraction and third molar status. To assess patient satisfaction were considered: changes produced by the orthodontic treatment (PAR T2-T1), post treatment stability (PAR T3), age at the start of treatment (T1), length of treatment (T2-T1), gender, and extraction. Orthodontic treatment produced a significant improvement of 94.2% in the PAR Index (T2-T1), but this change was not associated with the level of satisfaction when the patient was questioned at T3. No significant change was observed between T2 and T3. However, when the sample was divided according to the level of finalization (PAR T2), it was observed that well-finished patients experienced some deterioration (P<.001), whereas the less well-finished ones showed some improvement (P<.05). Even with the deterioration, the well-finished patients still had a better PAR Index at T3 compared to the less well-finished ones (PAR T2- T3). Regression analysis showed that PAR Index at T1 and T2, age at T1, and length of retainer wear had a slight association with occlusal stability (R2 = 0.27). Patient satisfaction was significantly associated only with PAR Index at T3 (r2=0.125, P<.0001). We can conclude that, even thought orthodontic treatment is quite stable, not so well-finished treatments tend to show some improvement and well-finished ones deteriorate some in the long-term. Despite of that, well-finished patients still have better occlusal characteristics. Patient satisfaction is not related to the result of orthodontic treatment; nevertheless, there is a slight association with dentition in the long-term

Estudo do perfil térmico de fornos do tipo "caipira" utilizados pelo setor de cerâmica vermelha em parelhas na região Seridó-RN

The present study aimed to characterize the thermal profile of wood fired oven used by the red ceramic industry in Parelhas, in the Seridó region/RN, aiming to propose structural interventions that can contribute to increasing productivity and product quality, optimize wood consumption and mitigate existing losses during the burning process. The study was conducted at Cerâmica Esperança in the city of Parelhas -RN, Brazil, during the period from August 2012 to September 2013. Four treatments were performed with three replicates, ie, with, a total of 12 experimental units (burnings). In the first stage 4 treatments were performed with three replicates, totaling 12 experimental units (firings). In the second stage 2 treatments were performed with three replications, totaling 6 experimental units (firings). The physical characteristics of the wood were analyzed using standard NBR 11941 and NBR 7190 for basic density and moisture, respectively. The clay was used as a reference parameter for distinguishing treatments. For both the analysis and characterization was carried out using techniques of fluorescence X (XRF) rays, X-ray diffraction (XRD) analysis, particle size analysis (FA). In the first and second stages were monitored: the time during the firing process, the amount of wood used at each firing, the number of parts enfornadas for subsequent determination of the percentages of losses, but also product quality. To characterize the thermal profile of the oven, we measured the temperature at 15 points scored in the surface charge put into the oven. Measurements were taken every 30 minutes from preheat until the end of burning, using a pyrometer laser sight sighting from preheating until the end of burning. In the second step 12 metal cylinders distributed on the oven walls, and the cylinder end walls 8 of the furnace 2 and rollers on each side walls are installed equidistant to 17 cm from the soil and the surface 30 of the wall are installed. The cylinders distributed on the front were placed 50 cm above the furnace, and the base of the oven 20 cm distant from the ground. 10 also thermocouples were installed, and five thermocouples distributed 1.77 cm above the combustion chambers, and one thermocouple on each side, and three thermocouples in front of the oven. We carried out the measurements of the temperatures every 1 hour during the burning two hours in cooling the cylinders with a pyrometer and thermocouples for dattaloger. These were fixed with depth of 30 cm from the wall. After statistical analysis it was found that: the thermal profile of the furnace surface and at different heights was heterogeneous; and the ranges of density and moisture content of wood are within recommended for use as an energy source standards. We conclude that even at low temperatures reached during firing there was a significant production of good quality products, this is due to high concentrations of iron oxide and potassium oxide found in clay, which lowers the melting point of the piece. The average burn time for each step varied 650-2100 minutes wood consumption was on average 20 m3, product quality was on average 16% of first quality, 70% second, third and 5% to 10% loss . The distance between the wire and the surface of the oven was a significant parameter for all treatments, but with different variations, meaning that the wire should not be so generic and unique form, used as a criterion for completion of the burn process. The central part of the furnace was the area that reached higher temperature, and in a unified manner, with the highest concentration of top quality products. The ideal temperature curve, which provided the highest quality of ceramic products was achieved in the central part of the furnace

Controle estatístico aplicado ao processo de colheita mecanizada diurna e noturna de cana-de-açúcar

The system of mechanized harvesting can seek process improvements using quality tools that can assist in reducing losses, damaged ratoons and increase the longevity of sugarcane crop. Therefore, the objective this study was to detect the effective control of the variability of losses and damage to ratoon and identify whether they are within acceptable standards. Thus, 40 points were sampled in two periods of harvest, diurnal and nocturnal, in rectangular grids (55 x 45 m) for determining visible losses (whole and shattered billets, fixed and loose piece, stump and shrapnel), using frames of 10 m(2). Also, we measured the height of cut and degree of damage to ratoon (without damage, partial injury and fragmentation). The statistic used was descriptive variables for the loss of sugarcane during the diurnal (D) and nocturnal (N) periods, analysis of variance using the F test at 5% probability and the Tukey test for comparison of the mean, also using the statistical control through charts process. There was no difference to ratoon damage. In the process of harvest, losses of whole and shattered billets by grinding were considered under control, so as losses from the stump. on the other hand, the losses of fixed piece, shrapnel and whole-cane were not controlled. The cutting height and total losses were higher during the nocturnal harvest. The charts were shown to be effective for the evaluation of control process of diurnal and nocturnal harvests.

Fertility Rates Following Fixed-Time Artificial Insemination in Dairy Heifers in a Practical Progesterone-Based Protocol

Background: In bovines, more efficient management practices are important for maximizing profitability. In order to increase the pregnancy rates in artificial insemination (AI) programs, several hormonal protocols were developed to synchronize the follicular wave and the moment of ovulation in beef and dairy cattle. In dairy cattle, detection of estrus can be difficult due to a number of factors including the incidence of silent estrus. Hormonal treatments designed to control both luteal and follicular function has permitting efficient synchronizations of time of ovulation. Thus, the AI can be performed in a large number of animals on a fixed schedule without the need for detection of estrus. Using these management techniques, the fixed-time artificial insemination (TAI) can overcome the problem of accurate estrus detection and help in reducing the incidence of repeat breeding. In addition, with TAI in cattle operations, it is possible to facilitate management practices and commercialization, and to reduce the time and semen wasting with animals inseminated at incorrect times. The investigation of practical and efficient TAI protocols is important for reducing the labor and animal handling of TAI in dairy cattle, as well as for increasing the profitability of the cattle management system. This study was carried out in order to investigate the effectiveness of TAI in dairy heifers treated with a practical progesterone-based protocol.Materials, Methods & Results: This experiment was conducted at the university farm located in southwestern Brazil, during May 2009. Thirty-nine cycling crossbred dairy heifers were employed in this study. All animals received a single intramuscular injection of estradiol benzoate and intravaginal progesterone releasing device in a random stage of the estrous cycle (Day 0). on day 7 the animals were treated with PGF2a analogue and on day 9 the device was removed. Forty-eight hours after the device removal (day 11) a synthetic analogue of GnRH was administered and the animals were fixed-time artificially inseminated at the time of GnRH injection. The inseminations were performed using four different batches from the same Holstein bull. Among the heifers that were synchronized (87.2%), 30.8% ovulated until 24 h after TAI and 56.4% ovulated between 24 and 32 h after TAI. The conception rate was 61.5%. No effects of ovulation time in conception rates were detected. The conception rate from heifers that ovulated until 24 h after TAI was 58.3% and from heifers that ovulated between 24 and 32 h after TAI was 77.3%. The mean of ovulatory follicle in heifers that ovulated until 24 h was 14.3 mm and in heifers that ovulated between 24 and 32 h was 11.9 mm.Discussion: Taking together, the findings of the present study, along with those of others, emphasize the concept that development of practical methods for TAI offers significant advantages to dairy producers if conception rates are close or greater to those obtained after breeding at detected estrus. Thus, the results of the present study reinforce the possibility of making dairy cattle production more cost-effective using TAI. In conclusion, with the progesterone-based TAI protocol of the present experiment all synchronized animals ovulated up to 32 h after GnRH+TAI and no effects of ovulation time related to conception rate was detected. The exogenous control of luteal and follicular development facilitated the reproductive management and animal handling. Also, inseminating the heifers at the moment of GnRH injection in a progesterone-based TAI protocol is a practical strategy and provided satisfactory results regarding ovulation and conception rates in dairy heifers.

Detection of bovine herpesvirus 5 (BoHV-5) in formalin-fixed, paraffin-embedded bovine brain by nested PCR in Colombian cattle

Fifteen cases of viral meningoencephalitis in Colombian cattle were tested by nested PCR analysis for the detection of bovine herpesvirus 5 (BoHV-5). All fatal cases had shown severe neurological signs and had occurred following natural outbreaks of the disease. The neurological infection was histologically characterized by mild to moderate inflammatory changes in the brain and cerebellum, including meningitis, mononuclear perivascular cuffing, gliosis, haemorrhage, and the presence of Gitter cells (macrophages) accompanying large areas of malacia. No intranuclear inclusion bodies were seen in any of the cases. Results from BoHV-5 molecular extraction analyses showed there were five positive cases thus confirming the presence of the virus in Colombia.

Comparação de critérios de seleção para precocidade de crescimento em bovinos da raça Guzerá

Objetivou-se com este estudo comparar a seleção com base no ganho médio diário de peso na pré-desmama (GMD) e no número de dias para ganhar 160 kg nessa fase (D160), com e sem correção para efeitos de grupos de contemporâneos (GC), em bovinos da raça Guzerá. Utilizou-se o banco de dados de desenvolvimento ponderal da Associação Brasileira de Criadores de Zebu (ABCZ) para esta raça. A obtenção dos parâmetros e valores genéticos foi feita pelo método da máxima verossimilhança restrita utilizando-se modelo unicaracterístico com equações de modelos mistos. O modelo utilizado foi composto pelo efeito fixo de grupo genético e pelos efeitos aleatórios, genético aditivo direto e de ambiente permanente, além do erro residual. A média para D160 foi de 270,5 dias e para GMD, 642,3 g. As correlações de Spearman entre ganho médio diário e a precocidade em dias para ganhar 160 kg na pré-desmama (PD160), e GMD e PD160c (PD160 corrigido para o efeito de grupo de contemporâneo), foram iguais a 0,91 e 0,94, respectivamente. A seleção para PD160 favorece touros que produzem progênie com desempenho superior e menos variável e a padronização deste critério com base no grupo de contemporâneos melhorou sua eficiência. A classificação dos touros varia de acordo com o critério de seleção utilizado, GMD ou PD160, principalmente nos extremos, onde ocorrem seleção e descarte de reprodutores.

Técnicas de inteligência artificial para a geração dinâmica de set points para uma coluna de destilação

Artificial Intelligence techniques are applied to improve performance of a simulated oil distillation system. The chosen system was a debutanizer column. At this process, the feed, which comes to the column, is segmented by heating. The lightest components become steams, by forming the LPG (Liquefied Petroleum Gas). The others components, C5+, continue liquid. In the composition of the LPG, ideally, we have only propane and butanes, but, in practice, there are contaminants, for example, pentanes. The objective of this work is to control pentane amount in LPG, by means of intelligent set points (SP s) determination for PID controllers that are present in original instrumentation (regulatory control) of the column. A fuzzy system will be responsible for adjusting the SP's, driven by the comparison between the molar fraction of the pentane present in the output of the plant (LPG) and the desired amount. However, the molar fraction of pentane is difficult to measure on-line, due to constraints such as: long intervals of measurement, high reliability and low cost. Therefore, an inference system was used, based on a multilayer neural network, to infer the pentane molar fraction through secondary variables of the column. Finally, the results shown that the proposed control system were able to control the value of pentane molar fraction under different operational situations

Random regression analyses using B-spline functions to model growth of Nellore cattle

The objective of this study was to estimate (co)variance components using random regression on B-spline functions to weight records obtained from birth to adulthood. A total of 82 064 weight records of 8145 females obtained from the data bank of the Nellore Breeding Program (PMGRN/Nellore Brazil) which started in 1987, were used. The models included direct additive and maternal genetic effects and animal and maternal permanent environmental effects as random. Contemporary group and dam age at calving (linear and quadratic effect) were included as fixed effects, and orthogonal Legendre polynomials of age (cubic regression) were considered as random covariate. The random effects were modeled using B-spline functions considering linear, quadratic and cubic polynomials for each individual segment. Residual variances were grouped in five age classes. Direct additive genetic and animal permanent environmental effects were modeled using up to seven knots (six segments). A single segment with two knots at the end points of the curve was used for the estimation of maternal genetic and maternal permanent environmental effects. A total of 15 models were studied, with the number of parameters ranging from 17 to 81. The models that used B-splines were compared with multi-trait analyses with nine weight traits and to a random regression model that used orthogonal Legendre polynomials. A model fitting quadratic B-splines, with four knots or three segments for direct additive genetic effect and animal permanent environmental effect and two knots for maternal additive genetic effect and maternal permanent environmental effect, was the most appropriate and parsimonious model to describe the covariance structure of the data. Selection for higher weight, such as at young ages, should be performed taking into account an increase in mature cow weight. Particularly, this is important in most of Nellore beef cattle production systems, where the cow herd is maintained on range conditions. There is limited modification of the growth curve of Nellore cattle with respect to the aim of selecting them for rapid growth at young ages while maintaining constant adult weight.

Desenvolvimento de esquema de controle com realimentação visual para um robô manipulador

This work proposes a kinematic control scheme, using visual feedback for a robot arm with five degrees of freedom. Using computational vision techniques, a method was developed to determine the cartesian 3d position and orientation of the robot arm (pose) using a robot image obtained through a camera. A colored triangular label is disposed on the robot manipulator tool and efficient heuristic rules are used to obtain the vertexes of that label in the image. The tool pose is obtained from those vertexes through numerical methods. A color calibration scheme based in the K-means algorithm was implemented to guarantee the robustness of the vision system in the presence of light variations. The extrinsic camera parameters are computed from the image of four coplanar points whose cartesian 3d coordinates, related to a fixed frame, are known. Two distinct poses of the tool, initial and final, obtained from image, are interpolated to generate a desired trajectory in cartesian space. The error signal in the proposed control scheme consists in the difference between the desired tool pose and the actual tool pose. Gains are applied at the error signal and the signal resulting is mapped in joint incrementals using the pseudoinverse of the manipulator jacobian matrix. These incrementals are applied to the manipulator joints moving the tool to the desired pose

Dinâmica da comunidade de macrófitas aquáticas no reservatório de Santana, RJ

Apesar da importância na dinâmica dos ecossistemas aquáticos, as macrófitas podem formar densas e extensas colonizações em corpos hídricos cujos equilíbrios ecológicos foram rompidos. Nessas condições, essas plantas promovem uma série de problemas que as tornam alvos de controle. Para elaboração de planos adequados de manejo dessa vegetação, é fundamental o conhecimento das dinâmicas relativas das populações que a compõem. O objetivo deste trabalho foi realizar levantamentos mensais da composição específica da comunidade de macrófitas que coloniza o reservatório de Santana, localizado no município de Piraí/RJ, monitorando 97 pontos georreferenciados, abrangendo toda a lâmina d'água. Foram identificadas 41 espécies, inseridas em 21 famílias botânicas. As famílias Poaceae, Pontederiaceae e Cyperacae foram as que apresentaram os maiores números de espécies ao longo do ano. Salvinia herzogii e Egeria densa apresentaram as maiores notas anuais de colonização do reservatório. As populações de Eichhornia azurea, Brachiaria arrecta e Paspalum repens completaram o grupo das espécies numericamente mais relevantes. As plantas de hábito flutuante tenderam a apresentar populações com padrão de distribuição geográfica casualizado, enquanto as espécies fixadas no sedimento e as submersas apresentaram populações com padrão agregado. Não houve expressivas variações mensais dos valores dos índices de diversidade (H') e de equitabilidade (E') das comunidades de macrófitas aquáticas ao longo do ano. O dendrograma construído com o coeficiente de Odum mostrou uma seqüência lógica dos meses, evidenciando uma definida sucessão de populações divididas em dois grupos de similaridade separados pelo mês de junho. Nessa época, o nível de água do reservatório foi reduzido e o sedimento ficou exposto, favorecendo as espécies de hábito emergente.