Do equity and foreign currency risk premiums display common patterns?

In da Costa et al. (2006) we have shown how a same pricing kernel can account for the excess returns of the S&:P500 over the US short term bond and of the uncovered over the covered trading of foreign government bonds. In this paper we estimate and test the overidentifying restrictiom; of Euler equations associated with "ix different versions of the Consumption Capital Asset Pricing I\Iodel. Our main finding is that the same (however often unreasonable) values for the parameters are estimated for ali models in both nmrkets. In most cases, the rejections or otherwise of overidentifying restrictions occurs for the two markets, suggesting that success and failure stories for the equity premium repeat themselves in foreign exchange markets. Our results corroborate the findings in da Costa et al. (2006) that indicate a strong similarity between the behavior of excess returns in the two markets when modeled as risk premiums, providing empirical grounds to believe that the proposed preference-based solutions to puzzles in domestic financiaI markets can certainly shed light on the Forward Premium Puzzle.

A coordination approach to the essentiality of money

The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate on the use of two alternative technologies of exchange, money and credit. We show that although credit strictly dominates money from an e¢ ciency perspective, money is essential for coordination reasons. If agents are patient, the region of parameters where they coordinate in the use of money strictly contains the region of parameters where they coordinate in the use of credit

A natureza condominial do fundo de investimento em participações: FIP e a possibilidade de extinção do condomínio por exercício do direito potestativo do cotista

O presente trabalho parte da premissa que os fundos de investimento em participação (FIP) têm natureza jurídica condominial, ainda que, sem negar a importância das diversas obras doutrinárias que buscaram determinar outras naturezas com base em interpretações sistemáticas ou mesmo com base na analogia. Adota-se a natureza jurídica condominial não apenas em decorrência do que dispõe o direito positivo e o regulamento imposto pela agência reguladora, mas também com fundamento no entendimento exarado em julgados da CVM. Tratando-se, portanto, de um condomínio, passa então a analisar a importação estrangeira dessa estrutura de investimento, a partir do seu desenvolvimento em determinados contextos históricos e regionais, até chegar a realidade nacional corrente, levando também em conta a importância e o encargo da regulação para o adequado funcionamento do mercado. O trabalho descreve brevemente a forma de constituição do FIP, seu funcionamento e tributação, sendo este último uma das racionalidades que justificariam a escolha por esse modelo único em relação ao praticado em outras jurisdições. Em seguida, assumida a distinta natureza jurídica do FIP em comparação com as estruturas verificadas no exterior, são analisados os efeitos jurídicos decorrentes de sua natureza condominial, notadamente em face do limite quinquenal que o Código Civil estabelece como seu termo e ainda diante do direito subjetivo que o condômino/cotista pode exercer ao requerer a dissolução da copropriedade. Diante dos riscos que eventual comportamento oportunístico de um ou mais cotistas pode causa sugere-se medidas práticas na estruturação do FIP que podem concorrer para mitigar os riscos expostos ao longo do trabalho.

Contribuição previdenciária sobre a receita bruta: análise crítica e estudo de alternativas

Neste trabalho são analisados os principais aspectos da desoneração da folha de salários. São apresentadas considerações sobre os efeitos fiscais e extrafiscais dos tributos. Em seguida, apresentam-se informações sobre o histórico da Contribuição Previdenciária sobre a Receita Bruta ("CPRB"). Após, analisa-se a adequação da CPRB à CF/88 e conclui-se que a referida contribuição não possui fundamento de validade na CF/88. Em seguida, a CPRB é estudada à luz de princípios constitucionais, administrativos e econômicos considerados relevantes. Conclui-se que (i) o tributo é nocivo por ser cumulativo; (ii) a CPRB não é eficiente, já que a renúncia de receita não foi compensada pelo aumento do emprego nem gerou o desejado desenvolvimento econômico; (iii) a contribuição viola os princípios da isonomia, publicidade, motivação e impessoalidade, pois o regime não é assegurado a todos e não há razões que levem à inclusão de apenas alguns setores econômicos; e (iv) as regras de apuração do novo tributo são complexas. Por fim, sugere-se extinguir a CPRB e promover a redução da tributação sobre a folha (i) no contexto de uma reforma tributária, como a trazida pela PEC 233, ou (ii) acompanhada da majoração de alíquotas de contribuições não-cumulativas, se necessário para compensar a perda de arrecadação.

Descrição do ciclo gametogênico do ouriço-branco, Tripneustes ventricosus (Lamarck, 1816), no Arquipélago de Fernando de Noronha PE, Brasil

Sea urchins are common benthic organisms on coastal ecosystems of tropical and temperate shallow waters. The impact of sea urchins populations in shore communities is density-dependent, and therefore, knowledge of the life history of these animals is important to understand these interactions. Between 2000 and 2005 a population boom of Tripneustes ventricosus was observed in the Fernando de Noronha Archipelago. In 2004 a research program was started to monitor the population dynamics of T. ventricosus in the archipelago, when it noted a lack of basic information on the biology and reproduction of this species, despite its broad geographic distribution and economic importance in parts of its occurrence. In this context, this work focuses on the reproductive biology of T. ventricosus with emphasis on the description of the gametogenic stages. Between December 2006 and July 2007, ten urchins were collected by snorkeling in two sites of the archipelago, totaling 120 individuals. Gametogenic stages were described for both sexes through microscopic analysis, and were defined as: Recovery, Growing, Premature, Mature and Spawning. Results showed increasing in Gonad index throughout of months of sampling and suggest that the reproductive cycle of the species in the archipelago is annual

Ecologia alimentar e reprodutiva da piaba-do-rabo-amarelo, Astyanax cf. lacustris (Reinhardt, 1874) (Osteichthyes: Characidae) na Lagoa do Piató, Assu, Rio Grande do Norte, Brasil

The feeding habits and biological aspects of the reproductive cycle of two-spot astyanax, Astyanax cf. lacustris (Reinhardt, 1874) were investigated. Fish samples were captured on a monthly basis, using gillnets of 4 cm mesh size, from the Piató Lake, Assu, Rio Grande do Norte, during the period of September, 2006 to August, 2007. Physico-chemical parameters, such as, temperature, electrical conductivity and dissolved oxygen of the lake were registered. The monthly values of rainfall also were obtained. The 360 individuals captured, were measured, weighed, dissected, and stomach weight and the stage of gonadal maturity were registered. The stomach contents analyses were carried out based on volumetric method, points, frequency of occurrence and applying the Index of Relative Importance. The degrees of repletion of the stomachs were determined besides the Index of Repletion relating to feeding activity variations and frequency of ingestion with limnological parameters and rainfall. The food items identified were separated into distinct groups according to their origin. Sex ratio and Gonadosomatic Relation of females were verified to determine the spawning period and fecundity. The physico-chemical parameters presented the following annual mean values: temperature = 28.8ºC, electrical conductivity = 992.5 µS.cm-1; dissolved oxygen = 4.9 mg.L-1 during the study period. The annual mean of the rainfall was 63.5 mm. The results indicate that this species present an omnivorous feeding habit with a tendency towards insectivory, with an increase in feeding activity during the dry season. The aquatic oxygen to interfere very importance in the feeding activity than the others factors physico-chemicals of water and rainfall. There was a predominance of females, with a sex proportion of 1M:7F. The macroscopic characteristics of the ovaries and testicles revealed four stages of gonadal development: immature, maturing, mature and spent. A temporal variation was observed for the gonadal development of males and females. There was reproductive activity through out the year, with peaks in the months of February, April and June to correspond with the rain of precipitation of the region. The mean fecundity was 7.681 mature oocytes, varying from 4.476 to 12.036, with mean of 7.681. There was positive relation between fecundity and body mass. Condition Factor is not an efficient indicator of the reproductive period of this species. The species A. cf. lacustris is an opportunist and is well adapted to the conditions of the semi-arid Caatinga Biome

Diversidade Ictiofaunística e Ecologia reprodutiva de uma espécie nativa de peixe da Bacia Piranhas-Assu, RN

The Caatinga biome is rich in endemic fish species fauna. The present study the results of fish faunal surveys conducted in the hydrographic basin of Piranhas-Assu of the Brazilian Caatinga biome. The fish samples collected were distributed in four orders (Characiformes, Perciformes, Siluriformes and Synbranchiformes), 11 families (Characidae, Curimatidae, Auchenipteridae, Anostomidae, Prochilodontidae, Erythrinidae, Cichlidae, Sciaenidae, Heptapteridae, Loricariidae, Synbranchidae) and 22 species, of which 17 are endemic and five have been introduced from other basins. The order Characiformes was the most representative in number of species (46,35% ) followed by Perciformes (35,38%), Siluriformes (17,44%) and Synbranchiformes (0,5%). The Nile tilapia, Oreochomis niloticus, the only exotic species, was most expressive in number of individuals (24.92%) followed by the native species piau preto, Leporinus piau (18,77 %). Considering the relative frequency of occurrence of the 22 species, 13 were constant, five were accessory and four were occasional. This study investigated the reproductive ecology of an endemic fish black piau, Leporinus piau from the Marechal Dutra reservoir, Acari, Rio Grande do Norte. Samplings were done on a monthly basis from January to December 2009, and a total of 211 specimens were captured. The environmental parameters such as rainfall, temperature, pH, electrical conductivity and dissolved oxygen of water were recorded. The sampled population showed a slight predominance of males (55%), however females were larger and heavier. Both sexes of L. piau showed positive allometric growth, indicating a higher increase of weight than length. The first sexual maturation of males occurred at smaller size, with 16.5 cm in total length than females (20.5 cm). During the reproductive period, the condition factor and gonadosomatic index (GSI) of L. piau were negatively correlated. This species has large oocytes with a high mean fecundity of 54.966 with synchronous oocyte development and total spawning

Ecologia reprodutiva do peixe-donzela, Stegastes fuscus cuvier, 1830 (osteichthyes: pomacentridae) em arrecifes rochosos da praia de Búzios, Rio Grande do Norte, Brasil

The reproductive ecology of fish plays a key role both for rational exploitation methods and for protective measures of natural stocks. The purpose of this study was to analyze the reproductive aspects of the damsel-fish, Stegastes fuscus, during October 2004 to September 2005, in the coastal rocky reefs of Búzios Beach, Nísia Floresta, RN. Fish were captured using hooks and hand nets, during low tide. Reproduction was determined using sexual ratio, mean length of first maturation (L50), absolute fecundity and macroscopic characteristics of gonads. The following parameters were related to gonadosomatic index (GSI): condition factor (CF), hepatosomatic index (HSI), rain fall and temperature. In relation to sex distribution, it was observed that 78% were females and 22% were males. The L50 was 6.2 cm for females and 7.0 for males. Average fecundity was 6832 oocytes. Results showed that S. fuscus had better body condition in the months prior to spawning, particularly during initial and intermediate stages of maturation. Five stages of gonadal maturation were identified through macroscopic analysis: immature, in maturation, mature, spent and resting. The HSI was inversely related to the GSI. This was possibly due to the reproductive cycle of this species which was associated to the dry period of this region. During this period, low rain fall and high temperatures provide an propitious reproductive condition for the study species

Síntese de catalisadores do tipo LaNixFe1-xO3 como precursores catalíticos para reação oxidação parcial do metano

Nickel-bases catalysts have been used in several reform reactions, such as in the partial oxidation of methane to obtain H2 or syngas (H2 + CO). High levels of conversion are usually obtained using this family of catalysts, however, their deactivation resulting from carbon deposition still remains a challenge. Different approaches have been tested aiming at minimizing this difficulty, including the production of perovskites and related structures using modern synthesis methods capable of producing low cost materials with controlled microstructural characteristics at industrial scale. To establish grounds for comparison, in the present study LaNixFe1-xO3 (x=0, 0.3 or 0.7) perovskites were prepared following the Pechini method and by microwave assisted self-combustion. All samples were sub sequently calcined at 900 °C to obtain the target phase. The resulting ceramic powders were characterized by thermogravimetric analysis, infrared spectroscopy, X ray diffraction, specific area and temperature programmed reduction tests. Calcined samples were also used in the partial oxidation reaction of methane to evaluate the level of conversion, selectivity and carbon deposition. The results showed that the calcined samples were crystalline and the target phase was formed regardless of the synthesis method. According to results obtained by Rietveld refinement, we observed the formation of 70.0% of LaNi0.3Fe0.7O3 and 30.0% of La2O3 for samples LN3F7-900- P, LN3F7-900-M and 41,6% of LaNi0.7Fe0.3O3, 30.7% of La2NiO4 and 27.7% of La2O3 for samples LN7F3-900-P and LN7F3-900-M.Temperature-programmed profiles of the LaNiO3 sample revealed the presence of a peak around 510 °C, whereas the LaFeO3 sample depicted a peak above 1000°C. The highest l evel of methane conversion was obtained for LaNiO3 synthesized by the Pechini method. Overall, catalysts prepared by the Pechini method depicted better conversion levels compared to those produced by microwave assisted self-combustion

Biologia reprodutiva da |Tainha, Mugil curema valencientes, 1836 (osteichthyes: mugilidade) nas águas costeiras do Rio Grande do Norte

The marine fish white mullet, Mugil curema Valenciennes, 1836 (Osteichthyes: Mugilidae) exhibits a wide geographical distribution, being common in the Brazilian coast and is an important component of the artisanal fisheries. The objective of this study was to investigate the reproductive biology of M. curema in the coastal waters of Rio Grande do Norte. Fish samples were captured on a monthly basis during August, 2008 to July, 2009. The fish specimens were numbered, weighed, measured, dissected and their gonads were removed, weighed, their sex and gonadal development were identified. The length-weight relationship was determined for males and females. The sex ratio, the size at first gonadal maturation and gonadosomatic index (GSI) were calculated and ovarian development was investigated using macroscopic and histological techniques. The fecundity, spawning type and the reproductive period of the species were determined. A total of 366 specimens (186 males and 180 females) were captured. The sex ratio was 1:1 and the females were heavier than males. The estimated values of the angular coefficient for both sexes suggest that the species has isometric growth. The size at which 50% of the population began the process of maturation was 25.9 cm of total length for grouped sex. The macroscopic characteristics of the ovaries showed four stages of development: immature, maturing, mature and spent. However, the microscopic characteristics of the ovaries showed five stages of development: immature, early maturing, late maturing, mature and spent. The development of oocytes indicated five phases: Chromatin-nucleolus (phase I), initial perinucleolar (phase II), final perinuclear (phase II), formation of vitelline vesicle or yolk (phase III), vitellogenic (phase IV) and complete vitellogenesis (phase V). The species has a prolonged spawning period, with two peaks coinciding with the rainy season.

Neustonic distribution of decapod planktonic stages and competence of brachyuran megalopae in coastal waters

Settlement rate may not reflect larval supply to coastal waters in different marine invertebrates and demersal fishes. The importance of near-shore oceanography and behaviour of late larval stages may be underestimated. The present study conducted neustonic sampling over station grids and along full-length transects at two embayments in south-eastern Brazil to (1) compare diurnal and nocturnal occurrence of most frequent decapod stages to assess their vertical movements, (2) describe the formation of larval patches and (3) measure competence of crab megalopae according to their distance to recruitment grounds. Several shrimp species apparently undergo a diel vertical migration, swimming crab megalopae showed no vertical movements and megalopae of the intertidal crab Pachygrapsus transversus revealed a reversed vertical migration. During the day, crab megalopae aggregated in convergence zones just below surface slicks. These larvae consisted of advanced, pre-moult stages, at both mid-bay and near-shore patches. Competence, measured as the time to metamorphosis in captivity, was similar between larval patches within each taxon. Yet, subtidal portunids moulted faster to juveniles than intertidal grapsids, possibly because they were closer to settlement grounds. Megalopae of Pachygrapsus from benthic collectors moulted faster than those from bay areas. These results suggest that alternative vertical migration patterns of late megalopae favour onshore transport, and actual competence takes place very close to suitable substrates, where larvae may remain for days before settlement. Lack of correlation between larval supply and settlement for Pachygrapsus suggests that biological processes, besides onshore transport, may play an important role in determining settlement success of coastal crabs.

Effects of photoperiod on reproduction of Siamese fighting fish Betta splendens

This study investigated the effect of different photoperiods (24 h of light (L):0 h of darkness (D); 20L:4D; 16L:8D; 12L:12D; and 8L:16D) on the reproduction and growth of Betta splendens. The results showed that spawning frequency was significantly higher in couples reared under 16L:8D and 12L:12D, in comparison with other treatments. The highest number of eggs per spawn was obtained under 16L:8D (544.76±375.23) and 12L:12D (471.13±261.52), and the lowest values were detected for 24L:0D (128.55±58.14) and 20L:4D (187.87±103.84). Fertility and fecundity also showed significantly higher average values in 16L:8D and 12L:12D when compared with 24L:0D and 20L:4D treatments. Egg volume and perivitelline space were significantly higher in 24L:0D treatments that showed the lowest numbers of eggs per spawn, while the vitelline volume did not show significant differences. Other variables such as breeders weight gain and condition factor (K) were not statistically different. Moreover, the final length varies according to photoperiod and gender. These results demonstrated a key role for the photoperiod upon B. splendens reproduction. The best reproductive performance is achieved under the photoperiods that best approached those that occur in spring and summer (16L:8D and 12L:12D), coinciding with their best seasons for reproduction.