Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina

The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some private information is transferable, like balance sheet data. Private information generated in relationships is not. To capture the closeness of bank relationships, we resort to the concentration of bank credit and the number of credit lines in a bank. We also consider public information available in the Central de Deudores. The cost of credit is measured using overdrafts, the most expensive line of credit, at the bank that charges the highest rate for overdrafts. We find that the cost of credit is smaller for a firm with a close relationship to the marginal bank. Firms with large assets, a high sales/assets ratio, and a low debt/assets ratio pay a lower interest rate at the margin. A good credit history (no debt arrears and no bounced checks) and collateral also reduce the marginal interest rate. The availability of credit is measured by unused credit lines as a proportion of total liabilities with the main bank. The availability of credit depends positively on a close relationship with the main bank. Large assets, a high return over assets, a high sales/assets ratio, a low debt/assets ratio, a good credit history, and collateral lead to higher credit availability. Our measure of unused credit lines is less ambiguous than traditional measures like leverage, which may indicate financial distress rather than availability of credit.

Curva de Phillips novo keynesiana, custo marginal e expectativas de inflação no Brasil

A importância deste trabalho será analisar a dinâmica inflacionária brasileira de acordo com um modelo híbrido de curva de Phillips baseado nos estudos sobre a curva de Phillips “Novo-Keynesiana”. Através deste estudo será possível avaliar a inflação passada e as expectativas de inflação como determinantes à inflação corrente e a aplicabilidade da curva de Phillips “Novo-Keynesiana” para o caso brasileiro. As conclusões do estudo darão uma indicação mais concreta do novo dinamismo da inflação brasileira e do papel das expectativas de inflação como variável predissora.

The economy of technology and adaptation (Dublado)

Video feito pela WWV

A decisão de consumo marginal baseado no aumento do limite de crédito

No Brasil os emissores de cartão de crédito realizam periodicamente aumento de limites do cartão, para clientes que possuem bom comportamento creditício. O objetivo do nosso estudo é analisar os efeitos desse aumento no uso que o cliente tem do seu cartão, com a hipótese de que o cliente passará a utilizar mais o cartão, seja por anchoring, visto que ele se importa em sempre ter uma reserva de limite para eventuais emergências, ou por se sentir priorizado pelo banco, ou até mesmo por demanda reprimida de crédito. Para isso, analisamos uma base de aumento de limite, com grupo de teste e controle, de clientes selecionados para aumento de limite, e observamos que o aumento fez com que os clientes aumentassem seus gastos, seu saldo devedor, passaram a fazer mais transações e timidamente passaram a rotativar. Após observar esses efeitos, dividimos o grupo em dois: Clientes com utilização média menor ou igual a 50% antes da ação e clientes com utilização média maior que 50% antes da ação. Para os clientes do teste dos dois grupos observamos um aumento no gasto mensal, no número de transações mensal, no saldo devedor e no número de clientes rotativando. Essa diferença foi maior no grupo de maior utilização pré tratamento, mas mesmo clientes que inicialmente pareciam ter uma demanda de crédito menor, mostraram-se sensíveis a utilizar mais devido ao aumento do limite.

Dietary copper absorption and excretion in three semi-terrestrial grapsoid crabs with different levels of terrestrial adaptation

Three species of phylogenetically related semi-terrestrial crabs (Superfamily Grapsoidea - Sesarma rectum, Goniopsis cruentata and Neohelice granulata (formerly: Chasmagnathus granulatus) with different degrees of terrestriality were studied to quantify the accumulation of copper (Cu) in hemolymph, gills, hepatopancreas and antennal gland, and its excretion through the faeces. These crabs were fed for 15 days practical diets containing 0 (A), 0.5 (B), 1.0 (C), and 1.5% (D) of added CuCl2 (corresponding to 0, 0.2, 0.5 and 0.7% of Cu2+, respectively). The amount of food ingested was directly proportional to the degree of terrestriality: S. rectum, the most terrestrial species, ate around 2-3 times more than the other crabs, whereas G. cruentata ate 1.5-2 times more than N. granulata, the least terrestrial. The amount of Cu excreted in the feces was proportional to Cu ingestion, and was 76.8% and 64.2% higher for Sesarma fed diet D compared to G. cruentata and N. granulata, respectively. Sesarma also displayed higher Cu concentration in the haemolymph, gills and antennal glands, but not in the hepatopancreas. A detoxifying mechanism followed by elimination was probably present at this last organ, preventing Cu accumulation. More terrestrial crabs, such as Sesarma, may accumulate more Cu in hemolymph and tissues, showing a correlation between metal accumulation and increased terrestriality. In this aspect, contaminated feed sources with Cu may have more impact in conservation of terrestrial crabs. (C) 2008 Elsevier B.V. All rights reserved.

Corrective shoeing in horses: analysis of the adaptation period to the new condition imposed

O ferrageamento corretivo é um método comumente ma Dvideow. O nível de significância adotado foi de 5%. No utilizado para alterar o padrão do andamento dos animais, presente estudo, não houve diferença significativa entre os assim como na terapêutica de diversas afecções do siste-dias avaliados, a elevação em seis graus da pinça ou talões ma locomotor dos equinos. No entanto, não existem, até não gerou desconforto durante a passada, portanto, os ani o momento, estudos científicos que revelem o período de mais podem retornar às atividades regulares de exercício e adaptação do andamento dos animais a este tipo de in-treinamento imediatamente após o ferrageamento. tervenção.O objetivo deste estudo foi avaliar o período de adaptação à ferraduras com elevação em seis graus da pinça ou talões em equinos caminhando em esteira rolante. O período de adaptação à ferradura foi avaliado nos tempos 0, 48 e 96 horas após cada tipo de ferrageamento proposto. Os animais foram gravados caminhando em esteira rolante. O comprimento da passada e a análise qualitativa do andamento foram realizados com o auxílio do programa Dvideow. O nível de significância adotado foi de 5%. No presente estudo, não houve diferença significativa entre os dias avaliados, a elevação em seis graus da pinça ou talões não gerou desconforto durante a passada, portanto, os animais podem retornar às atividades regulares de exercício e treinamento imediatamente após o ferrageamento.

New genes of Xanthomonas citri subsp citri involved in pathogenesis and adaptation revealed by a transposon-based mutant library

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

Environmental adaptation of the source of the subbasin of Rico Stream, Monte Alto - SP, Brazil

Este trabalho teve como principal objetivo definir padrões fotográficos que representem o uso e a ocupação do solo da cabeceira de drenagem do Córrego Rico, localizada no Município de Monte Alto, Estado de São Paulo, para fins de adequação ambiental no que tange à legislação florestal brasileira. O mapeamento foi realizado utilizando técnicas de sensoriamento remoto e interpretação visual da imagem World View, seguida da digitalização da rede de drenagem e vegetações (naturais e agrícolas) no AutoCad, com auxílio de documentos e trabalho de campo. A área de estudo apresenta uma superfície de 2.141,53 ha, e os resultados permitiram constatar que a principal cultura é a cana-de-açúcar, com 546,34 ha, seguida de pastagens, com 251,22 ha, culturas perenes, com 191,71 ha, Eucalipto, com 57,31 ha, e a cebola, com 49,52 ha da área total, confirmando o avanço dos canaviais na região. A área possui 375,04 ha de áreas de preservação permanente (APPs), e desta superfície verificou-se que apenas 72,17 ha (19,24%) encontram-se compostos por vegetação arbórea ou mata, e destas 302,87 ha precisam ser enriquecidos e reflorestados com vegetação nativa da região, de acordo com legislação vigente. Os dados de área possibilitam futuras propostas de modelos de adequação ambiental para a microbacia, de acordo com a legislação ambiental vigente.

Signal transducer and activator of transcription 3-regulated sarcoendoplasmic reticulurn Ca2+-ATPase 2 expression by prolactin and glucocorticoids is involved in the adaptation of insulin secretory response during the peripartum period

During pregnancy, the maternal endocrine pancreas undergoes, as a consequence of placental lactogens and prolactin (PR,L) action, functional changes that are characterized by increased glucose-induced insulin secretion. After delivery, the maternal endocrine pancreas rapidly returns to nonpregnant state, which is mainly attributed to the increased serum levels of glucocorticoids (GCs). Although GCs are known to decrease insulin secretion and counteract PRL action, the mechanisms for these effects are poorly understood. We have previously demonstrated that signal transducer and activator of transcription 3 (STAT3) is increased in islets treated with PRL. In the present study, we show that STAT3 expression and serine phosphorylation are increased in pancreatic islets at the end of pregnancy (P19). STAT3 serine phosphorylation rapidly returned to basal levels 3 days after delivery (U). The expression of the sarcoendoplasmic reticulum Ca2+-ATPase 2 (SERCA2), a crucial protein involved in the regulation of calcium handling in P-cells, was also increased in P19, returning to basal levels at L3. PRL increased SERCA2 and STAT3 expressions and STAT3 serine phosphorylation in RINm5F cells. The upregulation of SERCA2 by PRL was abolished after STAT3 knockdown. Moreover, PRL-induced STAT3 serine phosphorylation and SERCA2 expression were inhibited by dexamethasone (DEX). Insulin secretion from islets of PI 9 rats pre-incubated with thapsigargin and L3 rats showed a dramatic suppression of first phase of insulin release. The present results indicate that PRL regulates SERCA2 expression by a STAT3-dependent mechanism. PRL effect is counteracted by DEX and might contribute to the adaptation of maternal endocrine pancreas during the peripartum period.

Influência da técnica de fabricação e dos materiais sobre o ajuste da interface pilar/implante em infraestruturas implantossuportadas

The aim of this study was to compare the misfit vertical, horizontal and passivity of zirconia and cobalt-chromium frameworks fabricated for CAD / CAM technology and conventional method of casting. Sixteen frameworks in one-piece, were obtained from a metallic matrix containing three Brånemark compatible implants with regular platform (Titamax Cortical Ti, Neodent). Eight frameworks were fabricated by CAD / CAM system (NeoShape, Neodent): four in zirconia (ZirCAD) and four cobalt-chromium (CoCrcad). Eight other frameworks were obtained by conventional casting method: four cobalt-chromium with UCLA abutment premachined Co-Cr (CoCrUCci) and four cobalt-chromium with UCLA abutment castable (CoCrUCc). The fit vertical, horizontal and passivity by one-screw test were measured using scanning electron microscopy with magnification of 250x. Initially evaluated the passivity by one-screw test and subsequently to assess the vertical and horizontal misfit, tightened all the screws with a torque of 20 Ncm. Mean, standard deviation, minimum and maximum values were calculated for each group. Measurements of horizontal misfit were transformed into cumulative frequency for categorization of the variable and the group later comparison groups. To evaluate the existence of quantitative differences between the groups tested for vertical misfit and passivity, we used the Kruskal-Wallis test. The Mann-Whitney test was used to compare group to group statistical differences (p <0.05). Were observed the respective mean and standard deviation for vertical misfit and passivity in micrometers: ZirCAD (5.9 ± 3.6, 107.2 ± 36), CoCrcad (1.2 ± 2.2, 107.5 ± 26 ), CoCrUCci (11.8 ± 9.8, 124.7 ± 74), CoCrUCc (12.9 ± 11.0, 108.8 ± 85). There were statistical differences in measures of vertical misfit (p = 0.000). The Mann-Whitney test revealed statistical differences (p <0.05) between all groups except between CoCrUCci and CoCrUCc (p = 0.619). No statistical difference was observed for the passivity. In relation to the horizontal misfit groups ZirCAD and CoCrcad did not show best values in relation to CoCrUCci and CoCrUCc. Based on the results it can be concluded that frameworks fabricated by CAD / CAM technology had better values of vertical fit than those manufactured by the casting method, nevertheless, the passivity was not influenced by manufacturing technique and material used. The horizontal fit obtained by frameworks manufactured by CAD / CAM was not superior to those manufactured by casting. A lower variability in vertical adjustment and passivity was observed when frameworks were fabricated by CAD / CAM technology

Adaptation and evaluation of polymerase chain reaction for Brucella ovis detection in semen, urine and organs of rams experimentally infected

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

IMPROVEMENT TO THE MARGINAL COPING FIT of COMMERCIALLY PURE TITANIUM CAST IN PHOSPHATE-BONDED INVESTMENT BY USING A SIMPLE PATTERN COATING TECHNIQUE

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