O conteúdo informacional das transações no mercado futuro de câmbio: uma investigação do caso brasileiro

Modelos de microestrutura da taxa de câmbio têm recebido especial atenção nos últimos anos por capturarem de forma mais acurada as nuances deste mercado e evidenciarem a existência de informação assimétrica entre os agentes que transacionam nele. Os dados das operações do primeiro vencimento dos contratos futuros de câmbio Real/Dólar da Bolsa de Mercadorias e Futuros (BM&F) foram utilizados para testar se as transações impõem efeitos informativos sobre os preços. Os resultados do modelo de vetor-autoregressivo (VAR) estrutural apontaram para a existência de informação assimétrica no mercado futuro de câmbio brasileiro, indicando que aproximadamente 50% da variação do preço eficiente é resultado da informação privada contida no fluxo de ordem. Além disso, a análise do fluxo de ordem permitiu a estimação das taxas de chegada de ordens de agentes informados e não informadas no mercado, utilizadas para calcular a probabilidade de uma transação ser informativa (PIN). Altos valores de PIN implicam spreads mais amplos que reduzem a liquidez do mercado. O resultado de 1,53% indica que o mercado de câmbio brasileiro é bastante líquido, o que impõe menores custos aos agentes menos informados.

O conteúdo informacional das transações no mercado futuro de câmbio: uma investigação do caso brasileiro

Modelos de microestrutura da taxa de câmbio têm recebido especial atenção nos últimos anos por capturarem de forma mais acurada as nuances deste mercado e evidenciarem a existência de informação assimétrica entre os agentes que transacionam nele. Os dados das operações do primeiro vencimento dos contratos futuros de câmbio Real/Dólar da Bolsa de Mercadorias e Futuros (BM&F) foram utilizados para testar se as transações impõem efeitos informativos sobre os preços. Os resultados do modelo de vetor-autoregressivo (VAR) estrutural apontaram para a existência de informação assimétrica no mercado futuro de câmbio brasileiro, indicando que aproximadamente 50% da variação do preço e ciente é resultado da informação privada contida no uxo de ordem. Além disso, a análise do uxo de ordem permitiu a estimação das taxas de chegada de ordens de agentes informados e não informadas no mercado, utilizadas para calcular a probabilidade de uma transação ser informativa (PIN). Altos valores de PIN implicam spreads mais amplos que reduzem a liquidez do mercado. O resultado de 1,53% indica que o mercado de câmbio brasileiro é bastante líquido, o que impõe menores custos aos agentes menos informados que chegam ao mercado.

Transparência informacional e fluxo de recursos em fundos mútuos

O objetivo deste trabalho é verificar como se comporta a relação entre fluxo e performance de um fundo de investimentos quando se altera o nível de transparência de um mercado. Tendo em conta o modelo de gestão ativa de portfólios de Berk e Green (2004), derivamos como o fluxo de recursos de um fundo se comporta ao longo do tempo e como esta relação muda quando variamos o nível de transparência do mercado. Utilizamos o resultado teórico para analisar o episódio da ‘marcação a mercado’, ocorrido no Brasil em 2002. A mudança institucional de 2002 induziu maior transparência no mercado de fundos brasileiro, tornado os investidores mais capazes de identificar a habilidade dos gestores, à medida que passaram a ter informações mais confiáveis acerca do seu desempenho. Encontramos evidência de que o mercado brasileiro segue o comportamento esperado pela teoria no que se refere ao impacto da idade de um fundo sobre a sua relação entre fluxo e performance, corroborando o resultado obtido por Chevalier e Ellison (1997) para o Brasil. Concluímos também, como previsto no modelo teórico, que a mudança institucional de maio de 2002, aumentou a velocidade com a qual a sensibilidade do patrimônio líquido à performance cai ao longo do tempo.

O paradigma tecnológico e a revolução informacional: fundamentos da sociedade da informação

REGIS, Josiana Florencio Vieira; CAMPOS, Ana Celia Cavalcanti Fernandes. O paradigma tecnologico e a revoluçao informacional: fundamentos da sociedade da informaçao. In: CONGRESSO INTERNACIONAL EM SISTEMAS DE INFORMAÇAO E GESTAO DA TECNOLOGIA, 6., 2009. Sao Paulo. Anais eletronicos... Sao Paulo: FEA/USP, 2009. Trabalho oral.

Núcleo Temático da SECA/UFRN: uso do acervo informacional

CARVALHO, R.P.F. Núcleo Temático da SECA/UFRN: uso do acervo informacional. 1998. Dissertação (Mestrado)- Programa de Pós-Graduação em Ciência da Informação, Centro de Ciências Sociais e Aplicadas, Universidade Federal da Paraíba, João Pessoa, 1998.

Ingestão alimentar e nutricional de callithrix jacchus: relaçao com hierarquia social e disponibilidade de alimento

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Fatores de decisão da adoção do gás natural na geração de energia elétrica em pequena escala em postos de combustíveis: um estudo de anális de decusão usando o processo de hierarquia analítica AHP

A modeling of criterias and alternatives is through and applied a questionnaire based on method AHP to proprietors of gas stations. The considered alternatives had been the maintenance of the current state with electric energy of the deliverer and the generation in small scale based on the natural gas. The used criteria had been Cost of the Investment, Final Cost of the Energy, Operational cost, Ambient Benefits, Risk and Variation of Costs. The study it was carried through in the city of Natal, RN in ranks that make use of the natural as for resale, where the generation alternative on the basis of the available gas is present. The main results evidence in a dimension the viability of use of method AHP with questionnaire by means of validation of the judgments with analysis of variance beyond proper the normal mechanisms of analysis of consistency to the method. The main results of the analysis help to show that in this in case that the profile of models of criteria and judgments of the actors is similar, with the final evidence of that it has a dominance of the maintenance of the energy of the deliverer. The main criterion to influence this decision was the risk

Modelagem da decisão por pacotes de viagem: um estudo usando processo de hierarquia analítica AHP

The objective of this dissertation is to propose a Multi Criteria Decision Aid Model to be used by the costumers of the travel agencies and help them to choose the best package travel. The main objective is to contribute for the simplification of the travel package decision choice from the identification of the models of values and preference of the customers and applying them to the existing package. It is used the Analytic Hierarchy Process (AHP) method to structuralize a decision hierarchic model composed by six criteria (package cost, hotel category, security of the city, travel time, direct flight and position in ranking of the 10 most visited destination) and five real alternatives of packages for a holiday of three days created from travel agency data. The decision analysis was realized for the choice of a travel package by a group composed by two couples that regularly travels together, to which was asked to do a pairwise judgment of the criteria and the alternatives. The mains results show that, although been a group that travels together, there are different models of values in the weights of the criteria and a certain convergence in the scales of preferences of the alternatives in the criteria. It was not pointed a dominant alternative for all the members of the group separately, but an analysis of a total utility of the group shows a classification and an order of the travel packages and an alternative clearly in front of the others. The sensitivity analysis revels that there are changes in the ranking, but the two alternatives best classified in the normal analysis are the same ones in the sensitivity analysis, although with the positions changed. The analysis also led to a simplification of the process with the exclusion of alternatives dominated for the others ones. As main conclusion, it is evaluated that the model and method suggested allow a simplification of the decision process in the choice of travel packages

Análise de critérios de decisão em estratégia de arranjos produtivos locais: um estudo aplicando o processo de hierarquia analítica (AHP) no setor de cerâmica

This master thesis has the objective of investigating the strategic decision criteria of participants of Local Production Arrangements (LPA) in Brazil. The LPA s are an initiative of support agents to enterprises with the purpose of organizing joint actions for the development of groups (clusters) of enterprises. The choice of the actions is a decision of the participating enterprises and this paper aims at applying a Multi-criteria Analysis Method to analyze the criteria of entrepreneurs that are participating of a LPA. The used method is the Process of Analytical Hierarchy (PAH) and an application is presented along with questionnaires to participants of a ceramic LPA in the northeast of Brazil. The main results show that, in first place, from the implicit strategy of each enterprise there is only one objective for the LPA group and so, at the beginning, an action decided by all of them tends to favor some more than others. In second place, it was observed that there are general inconsistencies between the strategic objectives and the importance as to criteria, even though there have been cases of coherency. As the main conclusion it is pointed that the use of Methods of MCDA is useful to improve the decision making process and to bring more transparency to the logic of the found results

Uma aplicação de análise de decisão com o método AHP Processo de hierarquia analítica: um estudo sobre adoção de Sistema eletrônico de cobrança no Transporte público urbano

This thesis carries through an application of Analysis of Multicriterion Decision with use of the method of Analytical Hierarchy Process (AHP) in the problematic one of taking of decision of the adoption of electronic collecting in the system of urban transport in the country, a subject that has been controversial. A modeling of criteria and alternatives is carried through and applied a questionnaire based on method AHP the excellent actors in the system of urban transport - Leading of the Managing Agency Public Municipal theatre of Urban Transports, Controller of Company of Bus, Controller of Labor union, Controller of Union of Companies, Communitarian Leader. The considered alternatives were: the maintenance of the current state with collectors, the implementation of electronic collection without collectors, and the implementation of electronic collection with collectors. The used criteria were: job, impact in the fare, control of the system, easiness of use, information. The study was carried through in the city of Natal, RN, where if the adoption of electronic collection argues and where this implementation in some bus lines between Natal and Parnamirim exists, city that integrates the region of the great Natal. The main results of the method evidence in a dimension, the viability of use of method AHP with questionnaire by means of validation of the judgments with analysis of variance beyond proper the normal mechanisms of analysis of consistency to the method, and in another one, the contribution of the analysis boarding multicriterion to become the judgments more clearly. The main results of the analysis help to show that although to models of criteria and distinct judgments of the actors, the method evidenced that it has inclination the adoption of the electronic collection on the current situation, even so with divergences between the maintenance or not of the collector. The research points to the possibility of accomplishment of the application of the AHP in successive rounds of judgments

Uma arquitetura P2P baseada na hierarquia do endereçamento IP com roteamento unificado

There are some approaches that take advantage of unused computational resources in the Internet nodes - users´ machines. In the last years , the peer-to-peer networks (P2P) have gaining a momentum mainly due to its support for scalability and fault tolerance. However, current P2P architectures present some problems such as nodes overhead due to messages routing, a great amount of nodes reconfigurations when the network topology changes, routing traffic inside a specific network even when the traffic is not directed to a machine of this network, and the lack of a proximity relationship among the P2P nodes and the proximity of these nodes in the IP network. Although some architectures use the information about the nodes distance in the IP network, they use methods that require dynamic information. In this work we propose a P2P architecture to fix the problems afore mentioned. It is composed of three parts. The first part consists of a basic P2P architecture, called SGrid, which maintains a relationship of nodes in the P2P network with their position in the IP network. Its assigns adjacent key regions to nodes of a same organization. The second part is a protocol called NATal (Routing and NAT application layer) that extends the basic architecture in order to remove from the nodes the responsibility of routing messages. The third part consists of a special kind of node, called LSP (Lightware Super-Peer), which is responsible for maintaining the P2P routing table. In addition, this work also presents a simulator that validates the architecture and a module of the Natal protocol to be used in Linux routers

Hierarquia social e sucesso alimentar em callithrix jacchus (Primates, Callithrichidae), sob condições naturais

The competition for resources is one of the costs of group living. The scramble competition is considered an indirect type of competition, mainly associated with factors like group size and distribution of resources. Contest competition occurs when individuals compete directly for resources. In species that exibit this type of competition the establishment of dominance hierarchy can occur, resulting in differences on feeding and reproductive benefits for each member of the group. In these cases, aggressive and submissive behaviors are expected as a way to signal social status. The aim of this study was to investigate the effects of social hierarchy over food ingestion in Callithrix jacchus. Data recording was from September/2006 to March/2007, eight days by month, at Floresta Nacional de Açu do Instituto Chico Mendes de Biodiversidade. The observation time started at 05:00 AM and finished after the last animal was on the sleeptree. Analyses of aggressive interactions, behavioral profile and diet, reveals a lot of advantages for dominat animals in the study group. Dominant individuals had higher intake of animal matter that subordinates. The last ones, consumed fruits, exsudate and, eventually, explored itens that were not common to the diet. We suggest that dominance hiearchy enable the reproductive female to assure priority on access to food resources, a important caracteristc to supply tha costs to maintain tha high reproductive taxa of the specie. We also suggest that reproductive male, due to the participation on food transfer, had the forage efficience reduced