Implied Hazard Rates Analysis Through Brazilian Corporate Debt

No Brasil, o mercado de crédito corporativo ainda é sub-aproveitado. A maioria dos participantes não exploram e não operam no mercado secundário, especialmente no caso de debêntures. Apesar disso, há inúmeras ferramentas que poderiam ajudar os participantes do mercado a analisar o risco de crédito e encorajá-los a operar esses riscos no mercado secundário. Essa dissertação introduz um modelo livre de arbitragem que extrai a Perda Esperada Neutra ao Risco Implícita nos preços de mercado. É uma forma reduzida do modelo proposto por Duffie and Singleton (1999) e modela a estrutura a termo das taxas de juros através de uma Função Constante por Partes. Através do modelo, foi possível analisar a Curva de Perda Esperada Neutra ao Risco Implícita através dos diferentes instrumentos de emissores corporativos brasileiros, utilizando Títulos de Dívida, Swaps de Crédito e Debêntures. Foi possível comparar as diferentes curvas e decidir, em cada caso analisado, qual a melhor alternativa para se tomar o risco de crédito da empresa, via Títulos de Dívida, Debêntures ou Swaps de Crédito.

Governos eficientes e serviços públicos efetivos: contribuições a partir da Teoria do Valor Público

O presente artigo discute as necessidades de aprimoramento na eficiência gerencial dos governos, a partir de inovações na elaboração e provisão dos serviços públicos. Alerta, porém, que não há muitas vantagens em ser eficiente em serviços que não geram valor para a população. Por esta razão, o texto procura associar estes dois vetores sobre o alicerce conceitual da teoria do valor público, a qual vai além da discussão da eficiência no desempenho governamental para resultados, e discorre sobre a geração de impacto na atuação do poder público, em termos do que seria seu propósito estratégico. Norteado por este viés metodológico, o artigo tratará sobre os aspectos de priorização, financiamento e aprimoramento de serviços públicos, como alternativas para fomentar a estruturação de governos eficientes na gestão e efetivos nos impactos que visam produzir.

Sistemas de regulação do comércio internacional em confronto: o marco dos estados e o marco das transnacionais

This article revisits a past article by the authors in which they propose a new methodology for analyzing trade issues, cross-cutting through the three ―layers‖ of international trade regulation: so-called multisystem of trade regulation. In this text the authors include another approach to international trade regulation studies, proposing a better understanding of the influence of transnational enterprises in the shaping of modern internal trade. In this sense, the transnationals are not only influencing international trade regulation through lobbying in traditional fora (especially in plurilateral and preferential trade agreements), but they are also becoming sources of their own private regulations, particularly regarding private standards. In this sense, the study of international trade regulation must take into account the activities and interests of these indispensible actors, critically analyzing the differences between the regulatory logic of states against the one keen to transnationals

Avaliação preliminar da contaminação por BTEX, em água subterrânea de poços tubulares, no município de Natal-RN

Among the different types of pollutants typically attributed to human activities, the petroleum products are one of the most important because of its toxic potential. This toxicity is attributed to the presence of substances such as benzene and its derivatives are very toxic to the central nervous system of man, with chronic toxicity, even in small concentrations. The area chosen for study was the city of Natal, capital of Rio Grande do Norte, where samples were collected in six different areas in the city, comprising 10 wells located in the urban area, being carried out in three distinct periods March/2009, December / June/2010 and 2009, and were evaluated for contamination by volatile hydrocarbons (BTEX - benzene, toluene, ethylbenzene and xylenes), so this work aimed to assess the quality of groundwater wells that supply funding for public supply and trade in the urban area of the city of Natal, in Rio Grande do Norte, contributing to the environmental assessment of the municipality. The analysis of BTEX in water was performed according to EPA Method 8021b. Was used the technique of headspace (TriPlus TP100) coupled to high resolution gas chromatography with selective photoionization detector (PID) and flame ionization (FID) - model Trace GC Ultra, Thermo Electron Corporation brand. The procedure adopted allowed the detection of concentrations of the order of μg.L-1. Data analysis with respect to BTEX in groundwater in the area monitored so far, shows that water quality is still preserved, because it exceeds the limits imposed by the potability Resolution CONAMA Nº. 396, April 2008

A compreensão do corpo na formação profissional do fisioterapeuta

Physical therapy has suffered of a mechanistic influence, with the superspecialization and fragmentation of learning, which interfers directly in the professional s understanding of the body, besides affecting his therapeutic performance. Worried about this reality, this research analyzed perceptions of Physical therapy students from Universidade Federal do Rio Grande do Norte and Universidade Potiguar about the human body. This is a descriptive study where 167 students were evaluated through objective and subjective responses to questionnaires designited QUEB Questionnare of understanding body evaluation. Searching the complement of the datas the QUEB open-ended was created, which gives freedom to students to answer freely. This questionnnaire was applicated on a subgroup composed by 21 students of the Health Sociology subject of the Physical therapy course. The validation process of these questionnaires included strategies of a panel of experts and face validity. The theorical reference analyzed based on the studies which favor the rejoining of knowledge represented by transdisciplinary support. The analysis of the results were performed quantitativavely and qualitatively through categorization of the responses selectioning key-words and the most expressive discourses , besides using descritive statistics interpretation. According to the responses, the body thought only thought biologically, ignoring the understanding of man as a cultural and social construction, confirming the presence of the reductionist model, with overvalorization of early specialization, technical training and purely biological and mechanical considerations of the body and its mobility. Probably, the dialogic knowledge of the body human inside Physical Therapist s learning can promote a growth of health s concept and a true activeness of Physical therapy on it, being the body a link with social environment. So, through understanding of the body as a complex form, the physical therapy will be able to attend your patients considerating their biological characteristics, but so the religious, political, social and ethics. Finally, this reflection suggests a search for a less technical vision, which allows the professional to discern more than segments of the body and which will contribute to a wider understanding of the patient and his social context, leading to greater humanization of the body , improvement in services and consequently, in the quality of life of these patients

As práticas educativas na saúde da família: uma cartografia simbólica

This qualitative research aimed to understand the educational activities carried out in Family Health Units, of the municipality of Mossoró-RN. It was used symbolic cartography to organize and present data from reality. It started on the approach of Health Education and knowledge transformation practice, aiming at the development of autonomy and responsibility of individuals and healthcare, publicized by the appreciation of the interpersonal relations area established in services, such as educational emancipator practices contexts. Individual and collective interviews were realized, conducted with health professionals and users of ESF, about themes, activities, membership, the difficulties, the potential and the design of health education that permeate everyday Family Health Strategy. From what was apprehended, thematic maps were done with the analysis of educational practices of professionals belonging to the Family‟s Health. Links are built with the wires of conceptions of education reflected on themes and activities of family health teams. The storylines are rebinded by voices about the difficulties and the potential of educational processes for emancipator postures. For users, health education means proper care and information on disease prevention. Professionals understand that it is all information that is given to users, about health, social well-being, economic and general condition of human being as a way of preventing and treating disease. Mark printed on voices denote that activities and themes worked don‟t motivate users enough for their participation, being that physicians and dentists also get excluded themselves from educational practices. Elderly groups are those who get most involved with the activities. The size of the contained area and its seclusion from community make harder the access of users, as well as diminishing the quality of educational actions and links users-professionals. Therefore, the searching for medicines, medical consultations and wish to be well served are trademarks of voices from the users that interconnect with enlightening information and guidelines offered by professionals to users. It brings out practices that need to incorporate the social, the subjective and act with practices of prevention and health promotion, on the basis of lifestyles. The dialogical model, which needs to be approached since planning phase of health education actions could arouse interest of involved groups; promoting a relationship of dialogue and listening; discussing the local reality; stimulating practical methodological dialetics; promoting processes of deconstruction of concepts, values and attitudes, as more necessary than construction, using multiple languages. The defended thesis denotes paths to other studies aimed at understanding a dialogical template committed to exchanges of knowledge, and discover strategies that encourage formation of critical consciousness and the discovery of how is the training of new generations of healthcare professionals to belong to the project of society, in its technical, scientific, pedagogical, ethical, political and humanistic dimensions

O sistema de certificação do etanol brasileiro sob a ótica do princípio constitucional do desenvolvimento sustentável

The gradual inclusion of biofuels is a necessary change that countries must include in their energy mixes. Energy sources still widely used in the world, such as oil and coal, are endowed with a high pollution load to the environment, bringing damages to the water, to the air and to humans as well. In addition, although there are conflicting studies, they are also identified as major causes of the greenhouse effect and the global warming phenomenon. They are, moreover, finite sources of energy, given that its reserves will surely run out. However, even if the introduction of biofuels, such as ethanol, in the energy mix is crucial for the survival of the present and future populations, this insertion cannot settle so disorderly and, thus, one must ensure the quality of these resources and promote transparency in international trade. In this manner, a certification process for ethanol is essential to attest that this biofuel meets the sustainable requirements defined for its production. Hence, this study sought to address the importance of the adoption of certification in the ethanol industry, according to the principle of sustainable development, by analyzing the evolution of its concept, its combination with the fundamental objectives sculptured in the Constitution of 1988, its regulation under Brazilian laws and the need for a balance between economic activities and the mentioned principle. The work also encompassed the criteria used to establish certification standards and their participating actors, combined with a study of ongoing initiatives. Finally, the consequences of the adoption of a certification process for ethanol in Brazil were presented, both in terms of sustainable development and in international trade

Participação das principais frutas brasileiras no comércio internacional: 1997 a 2008

As tendências do mercado mundial de alimentos apontam para alto crescimento no consumo de produtos naturais, como as frutas e verduras. O mercado mundial de frutas frescas registrou, em 2005, cifra superior a US$ 31,5 bilhões e cresce US$ 1 bilhão ao ano, em média. Tal fato se reproduz no Brasil, onde se observa elevação do consumo de frutas. em termos monetários, o valor bruto da produção de frutas no Brasil atingiu, em 2006, cerca de R$ 16,3 bilhões, 16,5% do valor da produção agrícola brasileira. O presente trabalho buscou analisar características econômicas da participação brasileira no comércio mundial de frutas, entre 1997 e 2008. Ademais, foi analisada a evolução da balança comercial das principais frutas brasileiras, discriminação das exportações em frescas ou processadas, representatividade do comércio externo no valor da produção nacional e participação da exportação de frutas selecionadas na exportação total do agronegócio. Foram utilizados dados da Pesquisa de Orçamento Familiar (POF) do Instituto Brasileiro de Geografia e Estatística; o Sistema de Análise e Levantamento do Comércio Exterior - AliceWeb do Ministério do Desenvolvimento, Indústria e Comércio Exterior e o banco de dados do Ministério da Agricultura, Pecuária e Abastecimento. Após levantamento das frutas que seriam estudadas, constatou-se que o crescimento das exportações foi maior que o crescimento das importações brasileiras de 1997 a 2008. Isso contribuiu para que o seu saldo comercial aumentasse em 112% no período. As exportações de frutas frescas cresceram relativamente mais que as exportações de frutas processadas. Porém houve queda da participação das exportações de frutas nas exportações do agronegócio brasileiro, de 5,8%, em 1997, para 3,9%, em 2008.

Controle inteligente de pressão para uma rede sem reservatório de abastecimento urbano de água

The sanitation companies from Brazil has a great challenge for the XXI century: seek to mitigate the rate of physical waste (water, chemicals and electricity) and financial waste caused by inefficient operating systems drinking water supply, considering that currently we already face, in some cases, the scarcity of water resources. The supply systems are increasingly complex as they seek to minimize waste and at the same time better serve the growing number of users. However, this technological change is to reduce the complexity of the challenges posed by the need to include users with higher quality and efficiency in services. A major challenge for companies of water supplies is to provide a good quality service contemplating reducing expenditure on electricity. In this situation we developed a research by a method that seeks to control the pressure of the distribution systems that do not have the tank in your setup and the water comes out of the well directly to the distribution system. The method of pressure control (intelligent control) uses fuzzy logic to eliminate the waste of electricity and the leaks from the production of pumps that inject directly into the distribution system, which causes waste of energy when the consumption of households is reduced causing the saturation of the distribution system. This study was conducted at Green Club II condominium, located in the city of Parnamirim, state of Rio Grande do Norte, in order to study the pressure behavior of the output of the pump that injects water directly into the distribution system. The study was only possible because of the need we had to find a solution to some leaks in the existing distribution system and the extensions of the respective condominium residences, which sparked interest in developing a job in order to carry out the experiments contained in this research

Resistência de genótipos de feijoeiro a Zabrotes subfasciatus (Bohemann, 1833) (Coleoptera: Bruchidae)

Durante o armazenamento de grãos de feijão (Phaseolus vulgaris L.), o rendimento pode ser reduzido devido às infestações de carunchos como os da espécie Zabrotes subfasciatus (Bohemann, 1833) (Coleoptera: Bruchidae). O ataque desse inseto afeta diretamente a qualidade dos grãos, além de facilitar a entrada de patógenos, tornando-os inviáveis para o consumo e/o comércio. Com a finalidade de buscar uma estratégia alternativa para o controle deste caruncho, avaliou-se a possível resistência de linhagens quase isogênicas contendo arcelina, linhagens selvagens contendo arcelina e cultivares comerciais de feijoeiro, em laboratório (T= 25±2° C, U.R.= 70±10% e fotoperíodo= 12h). Foram utilizados frascos contendo 10 g de grãos dos genótipos, os quais foram infestados por uma semana com sete casais do caruncho. Vinte e um dias após a infestação, os grãos foram avaliados contando-se o número de ovos viáveis. A partir de 25 dias da infestação, os grãos foram observados diariamente avaliando-se o número e o peso dos insetos emergidos, a viabilidade larval, o ciclo biológico (ovo-adulto) e o peso de grãos consumidos. Empregou-se um delineamento inteiramente casualizado, com oito repetições. Os genótipos Arc.2, Arc.3, Arc.4, Arc.3S e Ipa 6 expressaram baixos níveis de não-preferência para oviposição e foram classificados como deterrentes. Os genótipos Arc.1S e Arc.1 expressaram elevados níveis de antibiose; Arc.2, Arc.3 e Arc.4 apresentam o mesmo mecanismo, porém, em níveis inferiores.

Efeito do ácido lático sobre as características microbiológicas, físico-químicas e sensoriais na carne do sol

The dried beef is a food traditionally eaten by Northeastern and has an extensive trade in the city of Natal-RN. It is usually produced in an empirical manner, without any standardization in production. Characterized as partially dehydrated meat product, so that the activity of water present is not sufficient to prevent microbial growth, degradation or the production of microbial toxins. The guarantee that the market dried beef is to provide a quality product hygienic, microbiological, physicochemical and sensory stable and adequate for the safety and consumer satisfaction, which has been increasingly attracted to food with natural preservatives. Thus, the meat industries are replacing the current seasonings and natural preservatives for similar, with it without affecting the shelf life of products. Lactic acid has been used to meet these requirements. In this sense, this study aimed to evaluate the effect of lactic acid on the physico-chemical, microbiological and sensory, besides knowing the consumer profile of dried meat of the City of Natal / RN. The results demonstrated that the use of lactic acid in concentrations of 1% and 2% during the processing of dried meat, had statistically significant effect (p < 0.05) on the physico-chemical (pH and water activity) and consequently reduced the microbial count does not alter the taste of the new product developed. Regarding the results on the consumer profile, it was found that the majority of respondents (71.75%) did not observe the presence of the stamp of the Federal Inspection Service (SIF) to buy this meat food that 81.55% of consumers check the hygiene conditions of the site and handlers, however, a large proportion of respondents not concerned with the guarantee of origin of typical regional products featuring a hazard to food safety for consumers of the city of Natal-RN

A dinâmica territorial do comércio varejista moderno da Zona Norte de Natal/RN

This work studies the territorial dynamics of the trade modern retailer in the North Zone of Natal/RN, undertaken by the expansion of that following of the tertiary section in the researched space. For so much, we accomplished bibliographical and documental research during whole the process of construction of the work and the field research based close to in interviews the responsible for the establishments of the modern retail and application of questionnaires with the residents and consumers of the area in subject. Leaving of the understanding that the territory is used by the society producing the movement of capitalist reproduction in the places, we inferred that the expansion of the modern retail in the North Zone has been promoting a new dynamics in your territory, fact that has been valuing the space and attracted investors to the place. Therefore, we organized the study in this dissertation in three chapters: the first, "North Zone: use and occupation of the soil ", brings us the process of historical and social formation of the North Zone inserted in the context of the urban expansion of Natal; the second chapter, " Expansion of the tertiary section: the growth of the modern retail trade in the North Zone", makes direct reference to the tertiary section and the expansion of the I trade modern retailer; and finally, the third surrender, " The territorial dynamics and the modern retail trade in the North Zone of Natal", in which we expose all the results of the field research, looking for to understand the territorial dynamics that the expansion of the modern retail trade has been producing in the study area

Formação e capacitação profissional no setor hoteleiro de Ponta Negra, Natal/RN

This paper aims to analyse and discuss the labour in hospitality industry, specially the hospitality trade in Ponta Negra Natal/RN, Brazil, since the tourism has increased in the city, by investigating if the tourism field is suitable for public politics programs and labour qualification. The choice for Ponta Negra is because it has become the focus of tourism development in Natal. The research was developed by using qualitative approach of investigation, by means of some procedures such as: bibliographic and empirical researches, by using questionnaires with workers and recruiting personnel of hotels, always following a theory and a reflexive descriptive attitude. This dissertation involves eight chapters: Neoliberalism and labour; Economical and spatial restructuring of Rio Grande do Norte; Public politics concerning tourism area; Tourism, graduation and qualification in hospitality industry; Qualification for tourism hospitality; Hotels: territorialization and unterritorialization; Social qualification reality of people involved in hospitality activities in Ponta Negra, Natal/RN, Brazil; and Final considerations and recommendations. Therefore, this paper intends to contribute for understanding professional qualification in hospitality trade, confronting the needs that the service requires, and mainly, in the tourism sector, which is increasing in our city, Natal