Variáveis que influenciam o encerramento de fundos multiestratégia : estudo para o mercado de fundos brasileiro no período de 2008 a 2014

Este trabalho tem por objetivo o estudo sobre o encerramento de fundos de investimento multiestratégia no mercado brasileiro com relação à influência das variáveis: taxas de administração e performance, idade, desempenho, patrimônio e captação líquida. Os fundos selecionados apresentam características de condomínio aberto, e destinados a investidores em geral, com duas janelas de observação, anuais e trimestrais, durante o período de 2008 a 2014. Os estudos apresentados são separados para dois tipos de fundos: com classificação Master e fundos de investimento em cotas (FIC). Para a determinação de desempenho dos fundos utiliza-se duas diferentes métricas, o retorno descontado da taxa DI e o índice de Sharpe. As variáveis foram avaliadas sob dois distintos modelos, o primeiro utilizando os dados das variáveis em valores absolutos e o segundo classificando-as em quintis. Para a obtenção dos resultados os dados foram aplicados por regressões em painel logística, painel e cross section. Os resultados obtidos mostraram a importância do patrimônio e da captação líquida, seguido por idade. Os desempenhos, tanto retorno descontado quanto o índice de Sharpe, apresentaram menor influência, e com pouca significância os custos de administração e de performance. Um segundo resultado apresentado é a diferença da significância das variáveis entre os tipos de fundos Master e FIC, no grupo de fundos Master apenas patrimônio líquido apresentou consistente influência nos eventos de encerramento em janelas anuais. Outra importante constatação é a diferença existente entre janelas trimestrais e anuais, em que grande parte das variáveis estudadas, principalmente as variáveis de desempenho apresentam maior nível de significância nas janelas mais curtas.

Inserção de fornecedores locais como fonte de desempenhos em custos de transação e legitimidade: estudo de caso na cadeia produtiva do petróleo e gás do Rio Grande do Norte

The inclusion of local suppliers in production chains has considerable impact on its performance, but most notably in its main actors. The results of this process may be of different kinds and can be analyzed from economic or institutional approaches. This study aimed to verify the existence of different performances of Petrobras due to the inclusion of local suppliers in the oil and gas production chain in the state of Rio Grande do Norte, from the viewpoints of transaction costs and the Institutional Theory. In order to this, were made the characterization of the PROMINP, the description of its actions and results, the mapping of its institutional context of reference, and identification of results obtained by Petrobras in terms of transaction costs and legitimacy. The theoretical framework is based on authors dealing with industrial concentration, as like Marshall, Krugman, Porter and Schmitz, from the sociological perspective of neoinstitucional theory, as like DiMaggio and Powell and Scott and Meyer, and transaction costs, as like Williamson. This is a qualitative research, with data collection done by consulting secondary fonts and semi-structured interviews with nineteen actors of three groups, namely: actors involved in actions of the program, representatives of enterprises and representative of Petrobras. To analyze the content was used the Suchman s model (1995) for categories associated with strategies of legitimation and fourteen variables associated with the three variables assets specificity, bounded rationality and opportunism (Williamson, 1995, 1989) in the case of transaction costs. The results indicate that PROMINP has achieved its objectives by encouraging the increased participation of local companies in the oil and gas production chain, reflecting in the economic development of the state. The Redepetro/RN, fostered and built upon the interaction of the participants, is presented as a solution of continuity to the participation of enterprises in the chain, after the closure of the actions of the program. PROMINP demands responses to coercive, legislative and regulatory pressures of the organizational field, whose institutional context of reference is wide. From the point of view of legitimacy, through strategies to gain cognitive legitimacy and maintaining pragmatic legitimacy, Petrobras can manipulate the environment, ensuring the compliance of the constituents to their technical and institutional demands. Enterprises, in turn, respond to the demands through compliance with technical demands, mainly through the certification of processes, and cultural changes. There aren t clear gains related to the transaction costs, however, gains in legitimacy can be seen as a cumulative capital that can serve as a competitive differential that generates economic gains. In terms of theoretical findings, it was found that, due to its explanatory power for actions that are difficult to explain only in economic terms, Institutional Theory may be used as theoretical support concurrent with other theories. TCE model has limitations in explaining the program actions. In the case, it s emphasized that Petrobras doesn t seek only economic efficiency, but has in its mission the commitment to social development.

Incontinência urinária após gonadectomia em fêmeas caninas

A incontinência urinária adquirida é uma condição debilitante e, muitas vezes, incurável que acomete fêmeas castradas e raramente fêmeas inteiras ou machos. A manifestação clínica pode ocorrer em qualquer momento após a gonadectomia e resulta em graves problemas no manejo do paciente. Os mecanismos que desencadeiam a incontinência após ovariectomia envolvem decréscimo na pressão de fechamento uretral, alterações hormonais, aumento na deposição de colágeno na musculatura lisa da bexiga, diminuição na contratilidade do músculo detrusor e redução na resposta aos estímulos elétricos e ao carbachol. O diagnóstico é realizado pelo histórico do animal, pelo exame físico, pelos exames laboratoriais, pelo perfil de pressão uretral, pela ultrassonografia e pelas radiografias abdominais. O tratamento clínico envolve utilização de fármacos -adrenérgicos, estrógenos, análogos de GnRH e agentes antidepressivos. As técnicas cirúrgicas recomendadas correspondem à uretropexia, cistouretropexia, aplicação de colágeno na uretra e colpossuspensão. Melhor compreensão da etiologia, da fisiopatologia, dos métodos de diagnóstico e tratamentos é fundamental em razão do pouco conhecimento e da identificação dessa condição no Brasil.

Surgical treatment of gynaecomastia in a Saanen goat

Background: Gynaecomastia in male goats is characterized by abnormal development of the mammary gland. Enlarged udder may be observed cranially to the scrotum, which can occasionally reach the size of the testicles. The udder may carry functional glands and impair the animal's reproductive performance and welfare. The case of a successful surgical treatment of gynaecomastia in a high reproductive performance Saanen buck-goat is reported in the present study.Material, Methods & Results: The animal was admitted presenting significant augmentation of the mammary glands, which was clinically diagnosed as gynaecomastia. The male goat owned optimal phenotypic characteristics for the Saanen breed, which had been producing high performance descendents. The mammary glands had been impairing the goat's locomotion and sexual performance. Manual milking resulted in great amount of milk secretion. The animal presented anorexia and impaired sexual performance. After clinical and laboratorial evaluation, the animal was submitted to radical mastectomy. An elliptic skin incision was performed around each mammary gland. Subcuticular blunt dissection was accomplished to isolate the mammarian tissue from the abdominal muscular layer and the spermatic chord. The excised mass was sampled for histological assessment. Subcuticular layer and skin closure was carried in a routine fashion. Hygienization of the surgical wound was performed with 2,5% PVP-I solution for ten days. Additionally, an association of penicillin G benzathine and streptomycin, and fluxinin meglumine were also given. The surgical procedure was successfully accomplished without any peroperative complication. The excised mass was sampled for anatomic/histological assessment. Macroscopically, the left mammary gland presented 22 cm in length, 12 cm wide and 26 cm in diameter. The right gland presented 16 cm in length, 7 cm wide and 13,5 cm in diameter. The microscopic assessment revealed hyperplasia of the glandular ducts. No abnormalities resembling malignant mammary neoplasms or degeneration were observed. At the end of the treatment, the animal was completely recovered. The animal convalesced satisfactorily and surgical wound healed completely within the first 10 days post-op. The goat was not culled and returned to normal reproductive activity. Within 12 months of follow-up, the animal was able to produce high milk yield performance progenies.Discussion: This case report presented relevant aspects of the surgical management of gynaecomastia, especially to veterinary practitioners dealing with milk goats. Gynaecomastia is not as common as other reproductive disorders in domestic animals. In opposition to the findings of the present study, other trials revealed that gynaecomastia usually does not affect fertility, libido, ejaculate parameters and sexual performance of goats. However, it is important to consider that neoplasic disorders such as mammary adenocarcinoma may be present, even though these are rare complications. Last but not least, the decision making on mastectomy in the present study was crucial in order to reestablish the animal's welfare and its functionality in the farms reproduction program.

Compositional nutrient diagnosis of corn using the Mahalanobis distance as nutrient imbalance index

Parent, L. E., Natale, W. and Ziadi, N. 2009. Compositional nutrient diagnosis of corn using the Mahalanobis distance as nutrient imbalance index. Can. J. Soil Sci. 89: 383-390. Compositional nutrient diagnosis (CND) provides a plant nutrient imbalance index (CND - r(2)) with assumed chi(2) distribution. The Mahalanobis distance D(2), which detects outliers in compositional data sets, also has a chi(2) distribution. The objective of this paper was to compare D(2) and CND - r(2) nutrient imbalance indexes in corn (Zea mays L.). We measured grain yield as well as N, P, K, Ca, Mg, Cu, Fe, Mn, and Zn concentrations in the ear leaf at silk stage for 210 calibration sites in the St. Lawrence Lowlands [2300-2700 corn thermal units (CTU)] as well as 30 phosphorus (2300-2700 CTU; 10 sites) and 10 nitrogen (1900-2100 CTU; one site) replicated fertilizer treatments for validation. We derived CND norms as mean, standard deviation, and the inverse covariance matrix of centred log ratios (clr) for high yielding specimens (>= 9.0 Mg grain ha(-1) at 150 g H(2)O kg(-1) moisture content) in the 2300-2700 CTU zone. Using chi(2) = 17 (P < 0.05) with nine degrees of freedom (i.e., nine nutrients) as a rejection criterion for outliers and a yield threshold of 8.6 Mg ha(-1) after Cate-Nelson partitioning between low- and high-yielders in the P validation data set, D(2) misclassified two specimens compared with nine for CND -r(2). The D(2) classification was not significantly different from a chi(2) classification (P > 0.05), but the CND - r(2) classification differed significantly from chi(2) or D(2) (P < 0.001). A threshold value for nutrient imbalance could thus be derived probabilistically for conducting D(2) diagnosis, while the CND - r(2) nutrient imbalance threshold must be calibrated using fertilizer trials. In the proposed CND - D(2) procedure, D(2) is first computed to classify the specimen as possible outlier. Thereafter, nutrient indices are ranked in their order of limitation. The D(2) norms appeared less effective in the 1900-2100 CTU zone.

Perfil fermentativo, estabilidade aeróbia e valor nutritivo de silagens de capim-marandu ensilado com aditivos

Com o objetivo de avaliar as perdas em silagem de capim-marandu produzidas com aditivos foram desenvolvidos dois experimentos. No experimento 1, objetivou-se conhecer o perfil de fermentação e a estabilidade aeróbia de quatro silagens: 1) forragem não tratada (Controle); 2) tratada com Lactobacillus plantarum e Propionibacterium; 3) tratada com Lactobacillus buchneri; e 4) tratada com 0,1% de benzoato de sódio. No experimento 2, foram utilizados nove novilhos castrados Nelore (PC de 350 ± 38,9 kg), alocados em três quadrados latinos 3 x 3 para avaliação do consumo e da digestibilidade das rações contendo 85,4% das seguintes silagens de capim-marandu: 1) controle; 2) controle com L. plantarum, Pediococcus acidilactici + enzimas fibrolíticas; e 3) tratamento 2 + L. buchneri. No experimento 1, as silagens apresentaram baixas recuperações de MS durante a fermentação (média de 86%) e os coeficientes de digestibilidade in vitro da matéria seca reduziram de 65,5% (momento da ensilagem) para 50,0% no 60º dia após o fechamento dos silos. No experimento 2, o valor médio de consumo das rações foi de 5,7 kg MS/dia (1,6% PC) e a digestibilidade de 51,6% e não diferiram entre as rações. As silagens apresentaram perdas acentuadas na fase fermentativa e o uso de aditivos não alterou essas perdas. A inoculação com bactérias não influenciou o consumo ou a digestibilidade das rações.

Estudo numérico de escoamento turbulento em padrão anular gás-líquido em dutos verticais

Multiphase flows in ducts can adopt several morphologies depending on the mass fluxes and the fluids properties. Annular flow is one of the most frequently encountered flow patterns in industrial applications. For gas liquid systems, it consists of a liquid film flowing adjacent to the wall and a gas core flowing in the center of the duct. This work presents a numerical study of this flow pattern in gas liquid systems in vertical ducts. For this, a solution algorithm was developed and implemented in FORTRAN 90 to numerically solve the governing transport equations. The mass and momentum conservation equations are solved simultaneously from the wall to the center of the duct, using the Finite Volumes Technique. Momentum conservation in the gas liquid interface is enforced using an equivalent effective viscosity, which also allows for the solution of both velocity fields in a single system of equations. In this way, the velocity distributions across the gas core and the liquid film are obtained iteratively, together with the global pressure gradient and the liquid film thickness. Convergence criteria are based upon satisfaction of mass balance within the liquid film and the gas core. For system closure, two different approaches are presented for the calculation of the radial turbulent viscosity distribution within the liquid film and the gas core. The first one combines a k- Ɛ one-equation model and a low Reynolds k-Ɛ model. The second one uses a low Reynolds k- Ɛ model to compute the eddy viscosity profile from the center of the duct right to the wall. Appropriate interfacial values for k e Ɛ are proposed, based on concepts and ideas previously used, with success, in stratified gas liquid flow. The proposed approaches are compared with an algebraic model found in the literature, specifically devised for annular gas liquid flow, using available experimental results. This also serves as a validation of the solution algorithm

Dominance of legume trees alters nutrient relations in mixed species forest restoration plantings within seven years

Failures in reforestation are often attributed to nutrient limitation for tree growth. We compared tree performance and nitrogen and phosphorus relations in adjacent mixed-species plantings of contrasting composition, established for forest restoration on Ultisol soil, originally covered by tropical semi-deciduous Atlantic Forest in Southeast Brazil. Nutrient relations of four tree species occurring in both planting mixtures were compared between a legume-dominated, species-poor direct seeding mixture of early-successional species ("legume mixture"), and a species-diverse, legume-poor mixture of all successional groups ("diverse mixture"). After 7 years, the legume mixture had 6-fold higher abundance of N(2)-fixing trees, 177% higher total tree basal area, 22% lower litter C/N, six-fold higher in situ soil resin-nitrate, and 40% lower in situ soil resin-P, compared to the diverse mixture. In the legume mixture, non-N(2)-fixing legume Schizolobium parahyba (Fabaceae-Caesalpinioideae) had significantly lower proportional N resorption, and both naturally regenerating non-legume trees had significantly higher leaf N concentrations, and higher proportional P resorption, than in the diverse mixture. This demonstrate forms of plastic adjustment in all three non-N(2)-fixing species to diverged nutrient relations between mixtures. By contrast, leaf nutrient relations in N(2)-fixing Enterolobium contortisiliquum (Fabaceae-Mimosoideae) did not respond to planting mixtures. Rapid N accumulation in the legume mixture caused excess soil nitrification over nitrate immobilization and tighter P recycling compared with the diverse mixture. The legume mixture succeeded in accelerating tree growth and canopy closure, but may imply periods of N losses and possibly P limitation. Incorporation of species with efficient nitrate uptake and P mobilization from resistant soil pools offers potential to optimize these tradeoffs.

Ecological distribution of the shrimp Litopenaeus schmitti (Burkenroad, 1936) (Decapoda, Penaeoidea) in Ubatuba Bay, São Paulo, Brazil

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

Thermochronology of the South American platform in the state of São Paulo, Brazil, through apatite fission tracks

The fission-track method (FTM) in apatite was applied to 45 samples collected in the Serra da Mantiqueira (Mantiqueira mountain range), the Serra do Mar (Mar mountain range), regions next to these mountain ranges and the coastal region between Ubatuba and Santos in the State of São Paulo, Brazil, to study the thermochronology of the South American Platform in southeast Brazil and its influence on Santos and Campos basins. The data presented in this work complement the previously presented data on the same region (Tello Saenz et al., 2003. J. S. Am. Earth Sci. 15, 765-774) with 31 new samples analyzed. The weighted mean of the corrected ages from high Mantiqueira (around 1000 m), (121 +/- 6) Ma, coincides with the South Atlantic opening. The fact that its thermal history starts at a relatively low temperature (similar to 80 degrees C) suggests that the age of similar to 120 Ma would be the formation age of Serra da Mantiqueira due to a rapid pulse, in which tracks had no time to be retained at the closure temperature, that is similar to 120 degrees C. The Serra do Mar presents a more complicated thermal history, with several reactivations indicated by the changes in the slope of its cooling curve. The thermal histories obtained in the regions next to these mountain ranges are compatible with the results mentioned above. The Santos Basin has unconformities that agree with changes in the slope thermal histories of the studied region. (c) 2005 Elsevier Ltd. All rights reserved.

Vestígios de permanência e mudança dos classificados do Jornal Tribuna do Norte (1951-2010)

The text, to be held in different linguistic spheres, in many aspects absorbs the changing processes through which language passes as a result of socio-historical changes. In this sense, this research proposes a study on gender sorted, motivated by the desire of understanding how the text incorporates traces of change and how to keep its constituents over time, in order to point out what are its characteristic traits. Our analysis is centered on the newspaper s section called classificados of Tribuna do Norte, state of Rio Grande do Norte, between the XX and XXI centuries. From the survey data a descriptive and analytical analysis was performed with a corpus of 250 listings, divided between the years 1951-2010. Based on a diachronic analysis, we also seek to investigate the macro-structural aspects of gender and microstructural compositional elements from the opportunities section that originated the Caderno de Classificados . For this reason, this approach has focused on particular Roman German Philology, especially in the works of Coseriu (1980) and Kabatek (2006). The analysis revealed that since its inception in Brazil, the classificados have fixed constituent elements, such as the use of "sell" and "rent" in the title or introduction, but also shows traces of change in the closure of the text, and especially with regard to the division of classificados by area of interest, that in the newspaper called Tribuna do Norte started in the Opportunities section

População de plantas e nitrogênio para feijoeiro cultivado em sistema de plantio direto

The availability of nitrogen interferes in the dry matter quantity produced by the common bean crop, carrying on earlier or later closure of row spacings. Thus, the objective this study was to evaluate the response of common bean in three plants population (200, 240 and 300,000 plants per ha) in winter, to the nitrogen application at sowing (10 or 20 kg ha(-1)) and nitrogen rates at sidedressing (0, 25, 50, 75 and 100 kg ha(-1)). The experimental design was a randomized block with four replicates in a factorial arrangement 3x2x5. According to the results obtained it was concluded that: a smaller plants population provided significant increase on productivity. Nitrogen rates at sowing (10 or 20 kg ha(-1)) did not alter the common bean productivity. The application of increasing nitrogen rates proposed significant increment of productivity and the fertilization with 100 kg ha(-1) at sidedressing increased in 20% the grain productivity compared with the control.

Surgical risk tests related to cardiopulmonary postoperative complications: comparison between upper abdominal and thoracic surgery

PURPOSE: To investigate if tests used in the preoperative period of upper abdominal or thoracic surgeries are able to differentiate the patients that presented cardiopulmonary postoperative complications. METHODS: Seventy eight patients, 30 submitted to upper abdominal surgery and 48 to thoracic surgery were evaluated. Spirometry, respirometry, manovacuometry, six-minute walk test and stair-climbing test were performed. Complications from immediate postoperative to discharge from hospital were registered. RESULTS: The postoperative complications rate was 17% in upper abdominal surgery and 10% in thoracic surgery. In the univariate regression, the only variable that kept the correlation with postoperative complications in the upper abdominal surgery was maximal expiratory pressure. In thoracic surgery, the maximal voluntary ventilation, six-minute walk test and time in stair-climbing test presented correlation with postoperative complications. After multiple regression only stair-climbing test continued as an important risk predictor in thoracic surgery. CONCLUSION: The respiratory pressure could differentiate patients with complications in upper abdominal surgery, whereas in thoracic surgery, only spirometric values and exercise tests could differentiate them.

Efeito do diclofenaco de sódio na cicatrização da parede abdominal de ratos. Estudo histopatológico, da força de ruptura e do colágeno tecidual

Com o objetivo de estudar os efeitos do diclofenaco sódico sobre a cicatrização da parede abdominal de ratos, foram utilizados 80 animais da linhagem Wistar divididos em dois grupos: Grupo 1: formado por 40 animais submetidos à laparotomia mediana e à injeção intramuscular de soro fisiológico durante quatro dias. Grupo 2: formado por 40 animais submetidos à laparotomia mediana e à injeção intramuscular de diclofenaco sódico durante quatro dias. Animais de ambos os grupos foram analisados no 5°, 7°, 14° e 21° dias de pós-operatório, correspondendo, respectivamente à M1, M2, M3 e M4. em cada momento foram estudados 10 animais e os parâmetros analisados foram a evolução clínica, a força de ruptura, estudo histológico e o conteúdo de colágeno tecidual da parede abdominal. Os animais do grupo tratado apresentaram como complicações, deiscência e/ou hérnia incisional, perda ponderal e taxa de mortalidade, complicações estas não evidenciadas no grupo controle. Observamos também neste grupo, diminuição da força de ruptura no 7° e 14° dia de pós-operatório e diminuição da concentração de colágeno tecidual no 5°, 7° e 14° dia de pós-operatório. Ambos os parâmetros retornaram a valores normais no 21° dia de pós-operatório. Quanto ao estudo histológico, concluímos que a cicatriz da parede abdominal dos animais tratados com D.S. apresentam retardo do processo cicatricial em relação aos seus controles, caracterizado por uma menor fibrogênese, menor densidade de fibras colágenas, além de um número maior de complicações, como microabscessos, em torno dos fios de sutura.

Comparative study between two techniques of incisional hernia repair with polypropylene mesh in rabbits

OBJETIVO: Comparar duas técnicas de tratamento da hérnia incisional em coelhos utilizando a tela de polipropileno apoiando um reforço peritônio - aponeurótico ou suturada nas bordas do anel herniário 'em ponte . MÉTODOS: Foram operados 60 coelhos para a produção de hérnia incisional, em uma incisão mediana de 4 centímetros. Após 30 dias, metade dos animais foram operados com o fechamento primário da parede, com colocação de uma tela de polipropileno apoiando o reforço e a outra metade dos animais com a colocação da tela suturada nas bordas do anel herniárioem ponte . Os animais foram avaliados com 30 (M1), 60 (M2)e 90 (M3) dias de pós-operatório. Os parâmetros analisados foram a evolução clínica, análise da força de ruptura da cicatriz, estudo macroscópico, análise microscópica e morfométrica. RESULTADOS: Não foram observadas diferenças significantes com relação a força de ruptura e estudos histológicos nos dois grupos e vários momentos estudados. Não houve diferença estatística com relação às complicações, embora os animais que receberam a telaem ponte tiveram aderências mais firmes e intensas à parede abdominal. CONCLUSÕES: As duas técnicas utilizadas para correção da hérnia incisional em coelhos não mostraram diferenças significantes quanto a força de ruptura, análise histológica e morfométrica. O número de complicações foi semelhante, porém a aderência de órgãos da cavidade abdominal à área de cicatriz foi muito mais intensa no grupo em que a tela foi colocadaem ponte .