Desempenho do value-at-risk nos países emergentes e desenvolvidos

O estudo teve como objetivo avaliar a capacidade preditiva dos modelos de estimação do risco de mercado em momentos de crises financeiras. Para isso, foram testados modelos de estimação do Value-at-Risk (VaR) aplicados aos retornos diários de carteiras compostas por índices de ações de países desenvolvidos e emergentes. Foram testados o modelo VaR de Simulação Histórica, modelos ARCH multivariados (Bekk, Vech e CCC), Redes Neurais Artificiais e funções Cópulas. A amostra de dados refere-se aos períodos de duas crises financeiras internacionais, Crise Asiática, de 1997, e Crise do Sub Prime dos EUA, de 2008. Os resultados apontaram que os modelos ARCH multivariados (Vech e Bekk) e Cópula - Clayton tiveram desempenho semelhantes, com bons ajustes em 100% dos testes. Diferentemente do que era esperado, não foi possível perceber diferenças significativas entre os ajustes para países desenvolvidos e emergentes e os momentos de crise e normal.

Medindo o impacto social da regeneração urbana pela cultura : percepções dos moradores da Mouraria

Este trabalho centra-se na capacidade do investimento em cultura, em contexto de regeneração urbana, em atender a retórica da revitalização social e em que medida oferece soluções socialmente sustentáveis para os moradores. Para o efeito, centra-se sobre os significados e práticas do culture-led urban regeneration (CLUR) na cidade-histórica e é proposta sua medição quanto a impactos sociais subjetivos na comunidade local. Uma das principais preocupações do estudo é o grau em que o CLUR pode realmente cumprir as expectativas que os decisores políticos têm dele como “ferramenta” de abordagem integrada e sustentável na transformação de espaços urbanos degradados. Para dar conta de tais objetivos vai se destacar o caso do bairro lisboeta da Mouraria como estudo de caso e local de teste das hipóteses apresentadas na pesquisa. Medir os impactos sociais subjetivos da intervenção sócio-urbana no bairro, na óptica de seus moradores, formam o eixo central do estudo. E, igualmente relevante, procurou-se avançar na produção de instrumentos de medição capazes de aferir o impacto social subjetivo de intervenções urbanas de base cultural. Com os procedimentos adotados na pesquisa, a dissertação reporta-se à experiência europeia e portuguesa procurando traçar a genealogia destas políticas, discutir as retóricas que as justificam e desvendar como os moradores da zona intervencionada percepcionam tais transformações do seu lugar.

Precious metals, a shiny hedge for investors?

Recorrendo a duas abordagens diferentes, regressão e correlação, e cobrindo os últimos vinte anos de dados diários para sete países, esta tese investiga as propriedades “safe haven” e “hedge” dos metais preciosos, em comparação com acções internacionais para um dado estado da economia. Adicionalmente, esta tese avalia o desempenho de diferentes portfolios, dentro e fora da amostra, com o objectivo de verificar se o investimento em metais preciosos poderá ajudar a atenuar a gestao do risco por parte do investidor. Os principais resultados são os que se seguem: (i) O ouro é o melhor metal precioso para um “hedging” internacional em oposição às acções (ii) O ouro permite obter valiosos benefícios de gestão de risco do portfolio (iii) 60/40 dos portofios atribuidos com ouro permitem ao investidor obter bons resultados.

O efeito tamanho na Bovespa

Após aplicação de testes empíricos sobre carteiras de ações na Bovespa, no período que vai de 1995 a 1998, os autores constatam a existência da anomalia conhecida como Efeito Tamanho no mercado de capitais brasileiro. Identificando no período analisado, 1995 a 1998, que há evidências de que a média dos retornos das carteiras compostas pelas empresas de baixa capitalização é menor do que as compostas por empresas de alta capitalização. O autores advertem que os resultados, refletem apenas o período estudado, não devendo ser generalizados e são indicativos de que novas pesquisas são necessárias.

Expansiones del híbrido escultura/arquitectura: cartografías de un Arch–Art como respuesta al arte público crítico

El objeto principal de esta tesis doctoral es cartografiar, revisar y proponer el empleo de un género de arte público basado en las relaciones de interferencia entre escultura y arquitectura. Tales relaciones han concebido obras y modelos de fusión entre los dos campos propuestos y para ello se há sugerido el término anglosajón arch–art, según ha sido empleado también por teóricos del tema como Javier Maderuelo y Martí Peran, entre otros. A pesar de ser reconocida y estudiada la relación de ambos campos a lo largo de la historia del arte, se ha dado principal atención a los fenómenos que han enmarcado estas cuestiones en el siglo XX y principalmente se ha dibujado un panorama contemporáneo particularizando las prácticas artísticas de los últimos treinta años y teniendo en cuenta las aportaciones de innovadoras cualidades en la esfera pública de dichos acontecimientos híbridos. Se ha dedicado un estudio exclusivo sobre la aparición de obras destacadas en el contexto que han emergido episódicamente y en distintos escenarios de la creación profesional, dirigida tanto por artistas como por arquitectos, lo que consolida el concepto arch-art como obra artística de características propias, las cuales proponemos como un lenguaje que amplia y extiende el propio concepto de escultura y viceversa. Las características de la ciudad contemporánea han validado el surgimiento de obras híbridas del género arch-art en el espacio público que utilizan la metáfora de la habitabilidad por medio de la funcionalidad y una reflexión sobre sus posibilidades de actuación en el entorno desde un arte público de vertiente crítica.

Análise comparativa e teste empírico da validade dos modelos CAPM tradicional e condicional: o caso das ações da Petrobrás

ALVES, Janaína da Silva. Análise comparativa e teste empírico da validade dos modelos CAPM tradicional e condicional: o caso das ações da Petrobrás. Revista Ciências Administrativas, Fotaleza, v. 13, n. 1, p.147-157, ago. 2007.

Os forrós da Serra da Gameleira (São Tomé/RN) : etnicidade, festa e sociabilidade

This work intends to describe and analyze the parties of forró that happen in Serra da Gameleira, in São Tomé/RN. Serra is a divided social space: groups of different ethnic origins live together in Gameleira de Baixo, Salgadinho (or Gameleira de Cima) and Chaves Belas. They are approximately two hundred families that live exclusively from agriculture. We try to understand how the parties inform about the social organization, the ethnic composition of the families that live there and the past of Serra, through the genealogy offorró players. In the discussion, we identify the festive places: in the total, we have Five houses of forró that function regularly one of them has been described. The private and public spaces inside them are intimate related, with no clear limits between the house of forró and the residence. Each house of forró has an owner, that regularly makes the parties, mobilizing a big part of the inhabitants, and provoking the straitening of the social relations. Observing the festive sociability between different social segments, the forró appears like na element that minimizes social conflicts, providing news ways of association and cooperation in the space of Serra da Gameleira. For the collection of facts, we used the ethnographic method, through the direct observation, interviewing and documentary research. The local history is recounted following the routes of oral memory and historical documents analysis. In the end of the analysis, we concluded that music and party are elements that aggregate the different groups that live in the location and determine forms of expression of what is seen as a traditional culture

Construção, caracterização e aplicação de eletrodos para descarga por arco de cátodo oco

The system built to characterize electrodes and, consequently, deposited fine films are constituted by a hollow cathode that works to discharges and low pressures (approximately 10-3 to 5 mbar), a source DC (0 to 1200 V), a cylindrical camera of closed borossilicato for flanges of stainless steel with an association of vacuum bombs mechanical and spread. In the upper flange it is connected the system of hollow cathode, which possesses an entrance of gas and two entrances for its refrigeration, the same is electrically isolated of the rest of the equipment and it is polarized negatively. In front of the system of hollow cathode there is a movable sample in stainless steel with possibility of moving in the horizontal and vertical. In the vertical, the sample can vary its distance between 0 and 70 mm and, in the horizontal, can leave completely from the front of the hollow cathode. The sample and also the cathode hollow are equipped with cromel-alumel termopares with simultaneous reading of the temperatures during the time of treatment. In this work copper electrodes, bronze, titanium, iron, stainless steel, powder of titanium, powder of titanium and silício, glass and ceramic were used. The electrodes were investigated relating their geometry change and behavior of the plasma of the cavity of hollow cathode and channel of the gas. As the cavity of hollow cathode, the analyzed aspects were the diameter and depth. With the channel of the gas, we verified the diameter. In the two situations, we investigated parameters as flow of the gas, pressure, current and applied tension in the electrode, temperature, loss of mass of the electrode with relationship at the time of use. The flow of gas investigated in the electrodes it was fastened in a work strip from 15 to 6 sccm, the constant pressure of work was among 2.7 to 8 x 10-2 mbar. The applied current was among a strip of work from 0,8 to 0,4 A, and their respective tensions were in a strip from 400 to 220 V. Fixing the value of the current, it was possible to lift the curve of the behavior of the tension with the time of use. That curves esteem in that time of use of the electrode to its efficiency is maximum. The temperatures of the electrodes were in the dependence of that curves showing a maximum temperature when the tension was maximum, yet the measured temperatures in the samples showed to be sensitive the variation of the temperature in the electrodes. An accompaniment of the loss of mass of the electrode relating to its time of use showed that the electrodes that appeared the spherical cavities lost more mass in comparison with the electrodes in that didn't appear. That phenomenon is only seen for pressures of 10-2 mbar, in these conditions a plasma column is formed inside of the channel of the gas and in certain points it is concentrated in form of spheres. Those spherical cavities develop inside of the channel of the gas spreading during the whole extension of the channel of the gas. The used electrodes were cut after they could not be more used, however among those electrodes, films that were deposited in alternate times and the electrodes that were used to deposit films in same times, those films were deposited in the glass substrata, alumina, stainless steel 420, stainless steel 316, silício and steel M2. As the eletros used to deposit films in alternate time as the ones that they were used to deposit in same times, the behavior of the thickness of the film obeyed the curve of the tension with relationship the time of use of the electrode, that is, when the tension was maximum, the thickness of the film was also maximum and when the tension was minimum, the thickness was minimum and in the case where the value of the tension was constant, the thickness of the film tends to be constant. The fine films that were produced they had applications with nano stick, bio-compatibility, cellular growth, inhibition of bacterias, cut tool, metallic leagues, brasagem, pineapple fiber and ornamental. In those films it was investigated the thickness, the adherence and the uniformity characterized by sweeping electronic microscopy. Another technique developed to assist the production and characterization of the films produced in that work was the caloteste. It uses a sphere and abrasive to mark the sample with a cap impression, with that cap form it is possible to calculate the thickness of the film. Through the time of life of the cathode, it was possible to evaluate the rate of waste of its material for the different work conditions. Values of waste rate up to 3,2 x 10-6 g/s were verified. For a distance of the substratum of 11 mm, the deposited film was limited to a circular area of 22 mm diameter mm for high pressures and a circular area of 75 mm for pressure strip. The obtained films presented thickness around 2,1 µm, showing that the discharge of arch of hollow cathode in argon obeys a curve characteristic of the tension with the time of life of the eletrodo. The deposition rate obtained in this system it is of approximately 0,18 µm/min

Dadi e o teatro de bonecos: memória, brinquedo e brincadeira

The puppet theater is the theme of this dissertation, with a particular treatment of Memory, Toy and Jokes, focused especially on a Calungueira, maker of dolls, Ieda Maria Medeiros da Silva, known by Dadi. Currently with 71 years old, Dadi resides in Carnauba dos Dantas / RN and not only restricted to "get" the dolls to play, to enact stories by various characters. Build the dolls, dresses, give life, movement. In Rio Grande do Norte, the Puppet Theater, named "João Redondo," is measured by a historically male character of tradition, represented by some masters who have died or by their pupils, or even by the players who have no lineage of masters in their families but learned from several of them and, gradually, were included in this playful universe. Dadi passes this potiguar genealogy and going to suggesting a variety of transgressions, beyond, with its inventiveness, both in their presentations and in her life, which I did elect her and choose as a singular object in the course of my inquiries. In this study, I use the theoretical and methodological framework of social sciences, in particular the references coming from studies of culture, such as approaches of memory and tradition of authors such as Maurice Halbwachs and Paul Zumthor, among others. The field work was systematized, prioritizing the observation participant and permanent dialogue. I used different strategies for registration, as semi-open interviews, documentary video, audio narratives, photographic and videographic record, giving the work a current relevance to the dialogue with various elements, expanding the initial project, which turned into research for the dissertation

Instâncias da representação imagética hiper-real

The approach that undertakes this work revolves around the emergence of iconic structures on reflecting about the meaning of different methods of image representation through which the contemporaneity reveals itself. At baseline, three aspects are considered looking for an analytical ontology of the act of representation and imagery: the transition of representation in the oral culture of societies for writing, from these to typography, and finally the creation of a representation device. Resorted to, therefore, the argument by some genealogy reference points that technological instances such as writing, printing and photography, the evolution of this process, correspond, in itself, a consequent shift technique, for each representation precedent. In the area of the image, the most salient aspect of this change in foward process is the emergence of hyper-reality: the instances of hyper-realistic representation. In the Western context, the 'simulation of the world' - essential idea of mimesis is the work of an autonomous an conventional system. It should be noted, then the fact that under unreflective of the post-industrial societies, the mass-media image is coating with natural or fake code including - according to Baudrillard - tends to replace the real world in the "perpetuation of a large chain of simulacra." Hence in modern times, in the postindustrial society, during the crisis of the representation regimen and perception, centered in the referent. In this limit, new settings are established by aesthetic representations of imagery in contemporary culture: establishing spaces of simulation [Jean Baudrillard] the spectacle [Guy Debord] and hypermodernity [Gilles Lipovetsky] in which they operate. In these assemblages, saps the emergence of Hyper-reality Representation Instances - as seen in this study aesthetic events to configure itineraries of a new sensibility. It is the nature of this practice sign-iconic, ingrained in the creation of current artistic expression, which this research engaged in peering: the hyper-realistic setting, taking empirical support central to contemporary imagery production, diverse formats of analog representation.