Dodd Frank act and the Brazilian capital market: extraterritorial effects of regulation to the over-the-counter derivatives market

This paper aims to describe the chief alterations proposed by the Dodd Frank Act to the American over-the-counter derivatives market and, at the same time, understand the extraterritorial reach of this law compared to the regulatory framework of the Brazilian derivative market. In order to do so, I will study the extraterritorial effects of the law, particularly in reference to the international nature of Title II of the Dodd Frank, which deals with the over-the-counter derivatives, in order to evaluate its reach to foreign markets, especially the Brazilian market.

A importância da fiscalização do serviço público como instrumento de gestão e política pública: uma breve análise do Sistema de Transporte Coletivo Urbano de Passageiros da Cidade de São Paulo

O trabalho tem por objetivo analisar a importância da fiscalização do serviço público como instrumento de gestão e política pública. Para tanto, propõe-se estudar o Sistema de Transporte Coletivo Urbano da Cidade de São Paulo, a partir do modelo instituído através da Lei nº 13.241/01, assim como toda a estrutura jurídica e elementos característicos presentes nessa forma de delegação. Sem a preocupação de esgotar o tema, com base na doutrina, o trabalho pretende abordar os principais conceitos que envolvem a prestação de serviços públicos, o dever legal de fiscalização e a estrutura legal da prestação dos serviços de transporte coletivo. E, a partir disso, verificar se o sistema de transporte municipal possui instrumentos jurídicos adequados á fiscalização dos serviços delegados. Além disso, busca-se avaliar se isso é suficiente para a prestação de um “serviço adequado”, ou seja, se os instrumentos de fiscalização utilizados, por si só, são efetivamente capazes de garantir as condições de regularidade, continuidade, eficiência, segurança, atualidade, generalidade, cortesia na prestação e modicidade das tarifas, conforme preceitua a lei. Em síntese, entende-se que o ordenamento jurídico dispõe de diversos mecanismos que permitem a fiscalização dos serviços públicos. Ademais, que encontra-se juridicamente adequado o modelo de fiscalização adotado pelo Município de São Paulo, para o sistema de transporte público. Todavia, apesar de ser correto, o modelo ainda necessita de melhorias, tanto no que diz respeito às obrigações estabelecidas nos contratos de concessão e permissão em vigor (e respectivos regulamentos, como é o caso do RESAM – Regulamento de Sanções e Multas), quanto na sua operação e, principalmente, na sua fiscalização. Por fim, o trabalho aponta que, tanto a regulação, quanto a fiscalização ou até mesmo a gestão, quando realizadas de forma inadequada, fomentam a prestação de um serviço público com má qualidade, ou seja, inferior à esperada pela população.

Docagem ou afretamento de UMS: a escolha ótima para a extensão da vida útil das plataformas de petróleo de campos marítimos maduros sob o enfoque das opções reais

O objetivo deste trabalho é propor a utilização do arcabouço teórico das opções reais e a posterior aplicação do modelo binomial na avaliação de projetos relacionados à exploração e produção de petróleo, tendo em vista a flexibilidade gerencial, os riscos e as incertezas técnicas e de mercado que norteiam o setor petrolífero upstream. Ademais, a aplicação do modelo proposto capta o papel crucial da volatilidade do preço do petróleo na avaliação da decisão de investimento e revela a existência dos custos irrecuperáveis extremos decorrentes do ativo real, neste caso, a unidade marítima de petróleo. Assim, com o intuito de prolongar o ciclo de produção de unidade marítima de petróleo com características preestabelecidas, propõe-se a avaliação econômica de duas alternativas tecnológicas para a extensão de vida útil da plataforma marítima objeto de estudo, sendo estas alternativas tratadas como opções de expansão. As alternativas propostas são duas: o afretamento da UMS (Unidade de Manutenção e Segurança) acoplada à plataforma e a docagem da plataforma a partir da desmobilização, isto é, o descomissionamento, e envio da plataforma ao estaleiro. Na aplicação da primeira opção, a UMS se configura em uma embarcação equipada com toda a estrutura necessária para a realização de serviço de manutenção e revitalização, sem que ocorra interrupção da produção de petróleo. Por outro lado, a opção de descomissionamento é desprovida de receita até o retorno da plataforma do estaleiro. No que tange à metodologia do presente trabalho, o modelo binomial com probabilidades de risco neutro é aplicado considerando a receita proveniente da produção de petróleo de uma plataforma marítima com sistema de produção flutuante com 14 poços, sendo 10 produtores e 4 injetores e sustentada por 8 linhas de ancoragem. Também é definida a volatilidade do projeto como sendo a volatilidade do preço do petróleo. Por fim, as opções de expansão podem ser exercidas a qualquer momento antes da data de expiração das opções, data esta coincidente para ambas as opções e referente ao término de contrato de afretamento da UMS, que corresponde ao período de cinco anos. Neste período de cinco anos, as duas alternativas são exercidas a partir do primeiro ano, com receitas e custos distintos em virtude das especificidades decorrentes das alternativas tecnológicas propostas. A partir da aplicação do modelo binomial com probabilidades de risco neutro sob o enfoque das opções reais, as duas alternativas tecnológicas são tratadas como opções americanas na avaliação econômica da revitalização e manutenção da plataforma marítima. Também realiza-se a análise tradicional do VPL para as duas alternativas. As duas análises apontam para a escolha da UMS como alternativa ótima de expansão da vida útil da plataforma. Ademais, a análise sob o enfoque das opções reais capta um valor adicional em ambas as alternativas tecnológicas, fruto das características inerentes à indústria petrolífera. Quanto à estrutura do trabalho em questão se divide em cinco capítulos: introdução, referencial teórico, metodologia, apresentação dos resultados e as considerações finais.

The revenge of the market on the rentiers why neo-liberal reports of the end of history turned out to be premature

Starting from the perspective of heterodox Keynesian-Minskyian-Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current financial crisis. These include excess liquidity, income polarisation, conflicts between financial and productive capital, lack of intelligent regulation, asymmetric information, principal-agent dilemmas and bounded rationalities. However, the paper then proceeds to argue that perhaps more than ever the ‘macroeconomics’ that led to this crisis only makes analytical sense if examined within the framework of the political settlements and distributional outcomes in which it had operated. Taking the perspective of critical social theories the paper concludes that, ultimately, the current financial crisis is the outcome of something much more systemic, namely an attempt to use neo-liberalism (or, in US terms, neo-conservatism) as a new technology of power to help transform capitalism into a rentiers’ delight. And in particular, into a system without much ‘compulsion’ on big business; i.e., one that imposes only minimal pressures on big agents to engage in competitive struggles in the real economy (while inflicting exactly the opposite fate on workers and small firms). A key component in the effectiveness of this new technology of power was its ability to transform the state into a major facilitator of the ever-increasing rent-seeking practices of oligopolistic capital. The architects of this experiment include some capitalist groups (in particular rentiers from the financial sector as well as capitalists from the ‘mature’ and most polluting industries of the preceding techno-economic paradigm), some political groups, as well as intellectual networks with their allies – including most economists and the ‘new’ left. Although rentiers did succeed in their attempt to get rid of practically all fetters on their greed, in the end the crisis materialised when ‘markets’ took their inevitable revenge on the rentiers by calling their (blatant) bluff.

JML- Based formal development of a Java card application for managing medical appointments

Although formal methods can dramatically increase the quality of software systems, they have not widely been adopted in software industry. Many software companies have the perception that formal methods are not cost-effective cause they are plenty of mathematical symbols that are difficult for non-experts to assimilate. The Java Modelling Language (short for JML) Section 3.3 is an academic initiative towards the development of a common formal specification language for Java programs, and the implementation of tools to check program correctness. This master thesis work shows how JML based formal methods can be used to formally develop a privacy sensitive Java application. This is a smart card application for managing medical appointments. The application is named HealthCard. We follow the software development strategy introduced by João Pestana, presented in Section 3.4. Our work influenced the development of this strategy by providing hands-on insight on challenges related to development of a privacy sensitive application in Java. Pestana’s strategy is based on a three-step evolution strategy of software specifications, from informal ones, through semiformal ones, to JML formal specifications. We further prove that this strategy can be automated by implementing a tool that generates JML formal specifications from a welldefined subset of informal software specifications. Hence, our work proves that JML-based formal methods techniques are cost-effective, and that they can be made popular in software industry. Although formal methods are not popular in many software development companies, we endeavour to integrate formal methods to general software practices. We hope our work can contribute to a better acceptance of mathematical based formalisms and tools used by software engineers. The structure of this document is as follows. In Section 2, we describe the preliminaries of this thesis work. We make an introduction to the application for managing medical applications we have implemented. We also describe the technologies used in the development of the application. This section further illustrates the Java Card Remote Method Invocation communication model used in the medical application for the client and server applications. Section 3 introduces software correctness, including the design by contract and the concept of contract in JML. Section 4 presents the design structure of the application. Section 5 shows the implementation of the HealthCard. Section 6 describes how the HealthCard is verified and validated using JML formal methods tools. Section 7 includes some metrics of the HealthCard implementation and specification. Section 8 presents a short example of how a client-side of a smart card application can be implemented while respecting formal specifications. Section 9 describes a prototype tools to generate JML formal specifications from informal specifications automatically. Section 10 describes some challenges and main ideas came acrorss during the development of the HealthCard. The full formal specification and implementation of the HealthCard smart card application presented in this document can be reached at https://sourceforge.net/projects/healthcard/.

Inclusion complex of piroxicam with beta-cyclodextrin and incorporation in hexadecyltrimethylammonium bromide based microemulsion

The interaction of piroxicam with beta-cyclodextrin (beta-CD), hexadecyltrimethylammonium bromide-based microemulsion (ME), and ME in the presence of beta-CD aimed at the optimization of topical drug delivery was studied. UV-VIS absorption spectra at pH 5.5 were obtained with and without beta-CD and ME. The stability constant (K) values for the piroxicam/beta-CD complex in the pH range 4.5-6.0 varied from 87 to 29 M-1. The cationic microemulsion was characterized by pseudo-ternary phase diagram. The association constant (K-s) of piroxicam/ME was determined using the framework of the pseudophase model. The value of K-s obtained for piroxicam at pH 5.5 was 132 M-1. At the same pH, the value of K-s for the incorporation of piroxicam/beta-CD complex in the ME was 150 M-1. (C) 1999 Elsevier B.V. B.V. All rights reserved.

Effect of cationic micelles on the decomposition of alpha-aminophenyl cephalosporins

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

Structural Properties Induced by the Composition of Biocompatible Phospholipid-Based Microemulsion and Amphotericin B Association

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

Analysis of the molecular association of rifampicin with hydroxypropyl-²-cyclodextrin

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

Extension of PT-symmetric quantum mechanics to the Dirac theory with position-dependent mass

We present a new method to construct the exactly solvable PT-symmetric potentials within the framework of the position-dependent effective mass Dirac equation with the vector potential coupling scheme in 1 + 1 dimensions. In order to illustrate the procedure, we produce three PT-symmetric potentials as examples, which are PT-symmetric harmonic oscillator-like potential, PT-symmetric potential with the form of a linear potential plus an inversely linear potential, and PT-symmetric kink-like potential, respectively. The real relativistic energy levels and corresponding spinor components for the bound states are obtained by using the basic concepts of the supersymmetric quantum mechanics formalism and function analysis method. (C) 2007 Elsevier B.V. All rights reserved.

Features of dielectric response in PMN-PT ferroelectric ceramics

In this paper, electrical and structural properties were reported for pyrochlore free (1-x)[Pb(Mg1/3Nb2/3)O-3] - xPbTiO(3) (PMN-PT) (with 35 mol% PbTiO3) ceramics obtained from fine powders. Dielectric studies were focused on the investigation of the complex dielectric permittivity (epsilon '-i epsilon '') as a function of frequency and temperature. The effects of the dc applied electric field on dielectric response were also investigated. Results revealed a field dependence dielectric anomaly in the dielectric permittivity curves (epsilon(T)) in the low dc electric field region, which in turn prevails in the whole analysed frequency interval. To the best of our knowledge, these properties for the PMN-PT ceramic system have not been reported before as in this work. The results were analysed within the framework of the current models found in the literature.

Investigation of nonlinear dielectric properties in Sr0.75Ba0.25Nb2O6 relaxor ferroelectric thin films

The ac and dc driving fields dependence of the dielectric permittivity for the strontium barium niobate relaxor ferroelectric thin films has been investigated. The nonlinear dielectric properties were obtained by using the measurements of the dielectric permittivity of the material as a function of the ac and dc "bias" electric field amplitude in wide frequency (100 Hz-10 MHz) and temperature (50-450 K) intervals. The results hint the existence of a true mesoscopic dielectric relaxor response in the ferroelectric thin film, which is very similar to those observed in bulk relaxor ferroelectrics. An anomalous behavior of the NL dielectric response was observed when submitted to moderate dc electric fields levels,,indicating a crossover from paraelectric to a glasslike behavior on cooling the sample toward the freezing transition. The obtained results were analyzed within the framework of the models proposed in the current literature.

Reconstruction of Skull Defects: Currently Available Materials

The restoration and recovery of a compromised skull continues to be a challenge to craniofacial surgeons and neurosurgeons. Different operative techniques and implant materials are being used to reconstruct the rigid framework of the skull. However, no currently available materials satisfy all of these criteria. According to this premise, the aim of this study was to report on the currently available materials for the reconstruction of the cranial vault and to describe their main characteristics, advantages, and disadvantages. Although the use of the materials discussed in this study is clearly positive for the reconstruction of skull defects and cranioplasties, there is a need for more complex studies and research into developing these materials to achieve all the ideal prerequisites stipulated by the scientific community and to evaluate their properties and aesthetic and functional results in the long term.

Linking frugivore activity to early recruitment of a bird dispersed tree, Eugenia umbelliflora (Myrtaceae) in the Atlantic rainforest

Seed dispersal by animals is a complex process involving several distinct stages: fruit removal by frugivores, seed delivery in different microhabitats, seed germination, seedling establishment, and adult recruitment. Nevertheless, studies conducted until now have provided scarce information concerning the sequence of stages in a plant's life cycle in its entirety. The main objective of this study was to evaluate the immediate consequences of frugivore activity for Eugenia umbelliflora ( Myrtaceae) early recruitment by measuring the relative importance of each fruit-eating bird species on the establishment of new seedlings in scrub and low restinga vegetation in the Atlantic rainforest, Brazil. We conducted focal tree observations on E. umbelliflora trees recording birds' feeding behaviour and post-feeding movements. We also recorded the fate of dispersed seeds in scrub and low restinga vegetation. We recorded 17 bird species interacting with fruits in 55 h of observation. Only 30% of the handled fruits were successfully removed. From 108 post flight movements of exit from the fruiting trees, 30.6% were to scrub and 69.4% to low restinga forest. Proportion of seed germination was higher in low restinga than in the scrub vegetation. Incorporating the probabilities of seeds' removal, deposition, and germination in both sites, we found that the relative importance of each frugivorous bird as seed dispersers varies largely among species. Turdus amaurochalinus and Turdus rufiventris were the best dispersers, together representing almost 12% probability of seed germination following removal. Our results show the importance of assessing the overall consequence of seed dispersal within the framework of disperser effectiveness, providing a more comprehensive and realistic evaluation of the relative importance of different seed dispersers on plant population dynamics.

Isomery of SU3 states in the strictly restricted dynamics model

Employing the general principles of classification of SU3 states, we have found 285 quantum number isomers (QNI), i.e. nuclei for which there are two possible SU3 quantum number sets, characterized by the maximal eigenvalue of the SU3 group Casimir operator, at the minimal value N-0(min) for the quantum number N-0 of the group U3(A-1) symmetric representation, allowed by the Pauli principle. 41 of these QNI can be attributed to the nun-excited, ground SU3 configurations of realistic nuclei. Two examples of QNI: Si-28 and Zn-60, have been studied in detail in the framework of the strictly restricted dynamics model (SRDM).