A systematic component of the jump-risk premium in an AJD model

We develop an affine jump diffusion (AJD) model with the jump-risk premium being determined by both idiosyncratic and systematic sources of risk. While we maintain the classical affine setting of the model, we add a finite set of new state variables that affect the paths of the primitive, under both the actual and the risk-neutral measure, by being related to the primitive's jump process. Those new variables are assumed to be commom to all the primitives. We present simulations to ensure that the model generates the volatility smile and compute the "discounted conditional characteristic function'' transform that permits the pricing of a wide range of derivatives.

Reforma tributária no Brasil: histórico, necessidades e propostas

O presente trabalho aborda o processo de reforma tributária no Brasil. Partimos da análise dos principais fatos da história econômica do país que justificaram a reforma tributária de 1966. Após, elencamos as principais alterações ocorridas na legislação tributária no período entre a instituição do Código Tributário Nacional (1966) e a promulgação da Constituição Federal de 1988, que representa a última grande reforma tributária no Brasil. Estudamos as mudanças ocorridas na legislação tributária no período pós 1988, afim de se verificar a necessidade de reforma tributária no sistema brasileiro atual. Concluímos pela necessidade de reforma tributária no Brasil sob seis diferentes aspectos: federalismo, orçamento, renda, patrimônio, consumo e contribuições sociais. Analisamos as propostas de reforma tributária, elaboradas pelo Poder Executivo no período pós 1988 até o ano de 2008, de forma a examinar se tais propostas contemplavam as necessidades de reforma tributária apontadas. Indagamos o porquê de tais propostas não terem sido aprovadas, de forma que, nos dias atuais, o país ainda necessita de outra reforma tributária.

Otimização da medida Omega de um portfolio de ações com a utilização de opções do Índice Bovespa

O uso de opções no mercado financeiro tem ganhado relevância devido ao seu payoff não-linear e a possibilidade de alterar o perfil da distribuição de retornos de um portfolio. Existem diversas estratégias que são adequadas para cada cenário que o investidor acredita estar exposto, mas como o conjunto de cenários forma uma distribuição de retornos, devemos utilizar uma medida adequada para trabalhar com este tipo de informação. Assim, foi utilizada a medida Omega, que é uma medida capaz de capturar todos os momentos de uma distribuição, dado um limiar de retornos. Este trabalho se propõe a desenvolver uma metodologia que possibilite otimizar a medida Omega de um portfolio, através do uso de opções sobre o IBOVESPA. Para a geração das distribuições de retornos foi utilizada simulação de Monte Carlo, com jumps e volatilidade estocástica. Finalmente, foram feitas diversas análises sobre os resultados obtidos, afim de comparar a estratégia otimizada com diversas estratégias aleatórias, e também, realizado um backtest para avaliar a eficácia da implementação da estratégia otimizada.

O Instituto da Defesa Nacional - IDN e as relações civis-militares em Portugal

Esta dissertação teve como objetivo verificar qual foi e tem sido o papel do Instituto da Defesa Nacional – IDN nas Relações Civis Militares em Portugal, após a Revolução dos Cravos. Fazendo uso de uma abordagem mista, a pesquisa visou avaliar a penetração do IDN na sociedade portuguesa, conhecer o impacto dos eventos, produções editoriais e capacitações, em especial do Curso de Defesa Nacional - CDN, ofertados pelo IDN, na formação de um pensamento crítico sobre as relações civis-militares e ainda verificar a interação entre o IDN, universidade e outros institutos congêneres. Foi aplicado um questionário a 39 respondentes, escolhidos aleatoriamente entre Auditores da Defesa Nacional, afim de perceber a opinião deles sobre esse tema. Para complementar os dados coletados foram realizadas duas entrevistas com pesquisadores renomados. As evidências apontam para o fato de o IDN não conseguir atingir a toda sociedade portuguesa. Apesar disso, ficou claro que o trabalho desenvolvido pelo IDN influenciou positivamente na formação de um pensamento crítico sobre as RCM. Foi possível perceber também que a ampliação desse cenário tem se dado pelas importantes parcerias que o IDN tem mantido com universidade e institutos congêneres. Por fim, percebeu-se que, apesar das dificuldades que impedem o Instituto de atingir a toda sociedade, o papel desenvolvido por ele foi e tem sido muito relevante na formação de civis e militares que atuam direta ou indiretamente nas Relações Civis-Militares.

Saúde bucal no programa de saude da família: o caso do distrito sanitário norte em Natal - RN

The inclusion of the dentist in the Family Health Program (FHP) teams designates a reorganization of the mouth health care in your country and establishes a new scenario in Brazilian odontology, through of a new way to organize the basic health care, creating conditions to consolidate in mouth health practice actions, in the level of the basic attention, the validation of Unique Health System (UHS) constitutional principles. The purpose of this research is to verify if the actuation of mouth health teams (MHT) dentists, in Natal city north sanitary district, is tuned with FHP goals.The target research population was composed by all dentists working in Basic Health Units (BHU) of Natal north sanitary district. Fifth-eight questionnaires were applied and using open and closed questions we look for identify the functional characteristics of each BHU, the dentists professional attributions on each BHU, as well as the clinical procedures that they execute. This research also searched to identify the factors that facilitate and/or difficult the inclusion process and the dentists activities performance on these BHUs, as well as the necessary actions to north sanitary district MHTs to fulfill the objectives proposed by FHP. The results point that the inclusion of mouth health actions in north sanitary district FHPs brought the incorporation of new values to the used practices. Whoever, its necessary a more frequent evaluation of the carried actions, in a way they can be adapted to the real community necessities, and, is fundamental the data accompaniment, for that these serve of base for planning and redirecting activities, in a way that we do not have only a reproduction of traditional practices, fragmented and isolated, but a truly substitution of the traditional practices and a new way of promoting health

Pastas compósitas cimento/sílica/polímero para cimentação de poços de baixa profundidade sujeitas à injeção de vapor

The production of heavy oil fields, typical in the Northeastern region, is commonly stimulated by steam injection. High bottom hole temperatures are responsible not only for the development of deleterious stresses of the cement sheath but also for cement strength retrogression. To overcome this unfavorable scenario, polymeric admixtures can be added to cement slurries to improve its fracture energy and silica flour to prevent strength retrogression. Therefore, the objective of the present study was to investigate the effect of the addition of different concentrations of polyurethane (5-25%) to cement slurries containing 40% BWOC silica flour. The resulting slurries were characterized using standard API (American Petroleum Institute) laboratory tests. In addition to them, the mechanical properties of the slurries, including elastic modulus and microhardness were also evaluated. The results revealed that density, free water and stability of the composite cement/silica/polyurethane slurries were within acceptable limits. The rheological behavior of the slurries, including plastic viscosity, yield strength and gel strength increased with the addition of 10% BWOC polyurethane. The presence of polyurethane reduced the fluid loss of the slurries as well as their elastic modulus. Composite slurries also depicted longer setting times due to the presence of the polymer. As expected, both the mechanical strength and microhardness of the slurries decreased with the addition of polyurethane. However, at high bottom hole temperatures, the strength of the slurries containing silica and polyurethane was far superior than that of plain cement slurries. In summary, the use of polyurethane combined with silica is an interesting solution to better adequate the mechanical behavior of cement slurries to heavy oil fields subjected to steam injection

A representação social do cuidado no Programa Saúde da Família na cidade do Natal

The aim of this study was to learn about the social representations of the care provided by the Family Health Program (FHP) in the city of Natal, Brazil and determine how these representations guide the daily actions of doctors, dentists, nurses, nurse s assistants and oral health assistants during the work process. In this sense, we used the theoreticalmethodological approach to the Theory of Social Representations. For data collection, we used the following instruments: a two-part questionnaire, where the first part recorded sociodemographic data and the second part was adapted to the free word association technique (FWAT), which was applied to 90 professionals belonging to 18 FHP units. Interviews were also used as collection instruments. These were based on inductive stimuli and on direct observations of 30 of these professionals. After a superficial reading of the material, we constructed a corpus from which ten categories emerged. To analyze FWAT we used lexicographic analysis, combining frequency and the mean order of responses. The interviews and sociodemographic variables were analyzed using content analysis and descriptive statistical analysis, respectively. The study showed that the central nucleus of the social representation in question is composed of the elements attention, receptivity and love, revealing that the subjects have different understandings of the FHP care process and that the knowledge accumulated in this respect is supported by an approximate vision of the meaning of care. However, traditional elements with trivializing connotations about care predominate, which compromises the development of strategies to overcome traditional practices. In the set of analyses, we were able to capture the invariance of a contradiction: on one hand, professionals know and affirm the importance of providing care for FHP patients; on the other, the experience of daily practice translates into the negation of this concept. In this contradictory context, professionals build gradual and successive syntheses that allow them to act and affirm themselves by associating information from their academic formation, structured knowledge acquired in other experiences, values and symbols of their daily routine. Thus, they shape and reshape themselves, according to what is concretely and specifically required, at the same time both plural and multiple. The composition of the central nucleus indicates that any measure that intends to modify attitudes that is, the daily actions of FHP professionals with respect to care must take into account and give priority to the debate about the redefining of the semantic fields of the central nucleus (love/attention/receptivity and humanization), especially those of love and attention

O trabalho do gestor escolar: intensificação e implicações administrativas e pedagógicas na gestão da escola

Analyze the work of the school manager who now faces the changes experienced in school management for the last two decades. We propose that there have been changes in school management that have generated a larger number of activities to be developed by managers, causing both the intensification of work and a greater involvement of professionals in the financial-administrative dimension of their work in opposition to the political and pedagogical dimension. This study has a historic-critic approach. That is why we performed semi-structured interviews with school managers of the city schools in Natal RN, BR as a methodological procedure. We also analyzed the literature as well as the documentation relevant to this subject. From the study it was possible to conclude that changes in the field of school management and also teaching have led to an intensification of work of school managers and that such changes have not been followed by corresponding improvement in working conditions and teaching career of these professionals. They, as a rule, are considered by controlling agencies and by the school community as the primarily responsible for the school condition and for creating actions or projects that may improve the institutional objectives and results, including even the maintenance of the institution. Moreover, the growing number of administrative activities represents for obvious reasons extra work for these managers, who, when trying to cope with the growing bureaucratic situations, end up misplacing other political and educational aspects of school work, which may undermine the final purpose of school itself. We stress that we must broaden the discussions on the functions of the school manager, so that this worker can actualize a pedagogical project more committed to an emancipatory nature, despite all the challenge in keeping the school running in often-precarious conditions

A gestão da qualidade nos cursos de graduação a distância da UFRN/SEDIS : a percepção dos discentes

This dissertation has as objective at analyzing the students' perception about the quality of graduate courses distance of the Federal University of Rio Grande do Norte, which was motivated by the following research problem: the perception that graduate students of the distance of the UFRN have on the quality of the undergraduate? To this end, we sought to gather evidence for a satisfactory approach that addresses the complexity of the subject studied: quality management, distance learning and quality in the Higher Education Institutions. We chose to adopt as a research method, case study on the procedure of the research, exploratory research-descriptive about the objective and quantitative research when tackling the problem. The object of the study were six graduate courses distance UFRN/SEDIS, having as target the students of the courses. The sample was calculated using the Stratified sampling on which 217 students, the courses surveyed were selected. The survey instrument consisted of 21 structured questions, of which seven questions designed to identify the profile of students, seven issues of perceptions (manifest variables) on quality management in distance learning, where students have given values (responses) for 24 statements (which address the central theme of this dissertation) composite based on a 5-point Likert s scale, and six questions about general characteristics that may interfere with students' perception about the quality. Was used as statistical method (data analysis), descriptive statistics and exploratory factor analysis. The results show the identification of four latent factors (obtained by exploratory factor analysis), namely: (1) infrastructure and management - polo presence, (2) teaching-learning processes, (3) communication tools and integration; (4) tutors. We also observed that aspects related to infrastructure and management at the pole face had the lowest score among the factors observed, requiring special attention by the education institution. On the other hand, teachers and teaching learning processes were the items with better performance in the perception of students. It is concluded that the perception of students in relation to quality in distance education courses, the median is trending positive perception, ie the perception of overall quality of the courses is not assertive and unison, but tends to positive perception. Thus, the results, it is expected that the managers of the institution to focus attention on critical points in order to minimize them (or eliminate them) and maximize the positive aspects that are perceived by the students

Fator de decisão na adoção de um sistema de micro-cogeração de energia a gás natural :um estudo em Hotéis três estrelas

The natural gas perform a essential paper, not only in primary sectors of energy, but also in others sectors of economy. The use natural gas will have expansion in Brazil, motivated by governmental decision to increase the participation of this fuel in the Brazilian energy matrix from 4% to 12% up until 2010. in order to reach the objective related to increase the consumption of natural gas in the energy matrix and to propose solutions to attend the electric requirements of heart and refrigeration, using natural gas as primary power plant. This thesis has a main objective to analysis the perception of businessmen of hotel sector about the feasability of investment with micro-cogeneration system by natural gas in their hotel in turistic sector, in Natal/RN. It s show a case for the hotels selected analyzing the actual knowledge of businessmen about alternative of new technology in generation of owner energy. There was make a interview using a standard form researching information about this topic. In this interview has shown 4 (four) canaries for businessmen with different configurations of investment in micro-cogeneration. Two of this canaries uses the project finance like option to make fasible this projects. The resulteis showed who businessmen has insecurity to make decision to put in office alone, or with a local company, and perhaps with a national company to perform for a alternative energy system, justifying, the alone feasability and without information by local businessmen. Apart from that, they are receptive for a option to put in office in micro-cogeneration configured in the settings using project finance

Um método para localização facial Invariante a rotação

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Técnicas visuais de localização e mapeamento simultâneos sem extração de primitivas geométricas da imagem

In Simultaneous Localization and Mapping (SLAM - Simultaneous Localization and Mapping), a robot placed in an unknown location in any environment must be able to create a perspective of this environment (a map) and is situated in the same simultaneously, using only information captured by the robot s sensors and control signals known. Recently, driven by the advance of computing power, work in this area have proposed to use video camera as a sensor and it came so Visual SLAM. This has several approaches and the vast majority of them work basically extracting features of the environment, calculating the necessary correspondence and through these estimate the required parameters. This work presented a monocular visual SLAM system that uses direct image registration to calculate the image reprojection error and optimization methods that minimize this error and thus obtain the parameters for the robot pose and map of the environment directly from the pixels of the images. Thus the steps of extracting and matching features are not needed, enabling our system works well in environments where traditional approaches have difficulty. Moreover, when addressing the problem of SLAM as proposed in this work we avoid a very common problem in traditional approaches, known as error propagation. Worrying about the high computational cost of this approach have been tested several types of optimization methods in order to find a good balance between good estimates and processing time. The results presented in this work show the success of this system in different environments

Influência do uso e ocupação de solo na qualidade de água de um reservatório mesotrófico na região semiárida tropiocal

In the semiarid region of northeastern of Brazil, the reservoirs are vulnerable to water level seasonal fluctuations, they re related to the hydrological cycle. The rain periods are irregular and there are long periods of drought that increases eutrophication process. That happens because of the water level s reduction and nutrient concentration. The Boqueirao, located in northeastern Brazil , is a mesotrophic reservoir. The reservoir is naturally susceptible to deterioration of water quality. This happens because of the potential diffuse sources arising from the use and occupation of the basin, associated with shallow soil caatinga biome and highly vulnerable to erosion. This study aimed to analyze the influence of the use and occupation of the area around and the water quality of the watershed. A study of the area around the Boqueirão was performed, taking the potentially polluting activities. Limnological variables were monitored monthly in 3 points of the reservoir to assess the water quality. Was evidenced an event of prolonged drought, with rainfall below the historical average for the year of study. By the index of water quality, the watershed was classified as " good " during the whole year of 2012. According to the trophic index adopted the reservoir is characterized as mesotrophic. The main anthropogenic impacts identified in the soil were arboreal selective logging, mining, diffuse contribution of residues from agricultural and livestock activities. The lack of precipitation and the degradation of the surrounding area, affect negatively the water quality, requiring immediate control to prevent degradation of the watershed . Although there wasn t a majority polluting activity in the region. The total of several impacting activities, the high susceptibility of the soil and the selective clearing of caatinga vegetation can accelerate the natural process of eutrophication in the water body

Um estudo sobre a interação estrela-planeta a partir da relação massa-período planetário com a atividade estelar

n this work, we analyze the behavior of the chromospheric and coronal activities as a function of the mass and the orbital period of extrasolar planets which were detected by transit technique. So we look for possible effects of the planet on the star s chromosphere and corona. For this study we selected a sample of 48 stars with chromospheric activity indicator and 23 with coronal activity indicator. Our work is based on the work from Pont et al. (2011) in order to study stars with planets which were obtained by transit technique. Furthermore, we studied the relationship between planetary mass and orbital period with the chromospheric and coronal activity in order to better understand which influences the planets cause in the outer layers of stellar atmosphere. In our analysis we can observe that the mass of the planets exerts no influence in the stellar activity. However, we observed that the stellar coronal and chromospheric activities decrease with the increase of the orbital period of the planet

Um estudo sobre a interação estrela-planeta a partirda relação massa-período planetário com a atividade estelar

In this work, we analyze the behavior of the chromospheric and coronal activities as a function of the mass and the orbital period of extrasolar planets which were detected by transit technique. So we look for possible effects of the planet on the star s chromosphere and corona. For this study we selected a sample of 48 stars with chromospheric activity indicator and 23 with coronal activity indicator. Our work is based on the work from Pont et al. (2011) in order to study stars with planets which were obtained by transit technique. Furthermore, we studied the relationship between planetary mass and orbital period with the chromospheric and coronal activity in order to better understand which influences the planets cause in the outer layers of stellar atmosphere. In our analysis we can observe that the mass of the planets exerts no influence in the stellar activity. However, we observed that the stellar coronal and chromospheric activities decrease with the increase of the orbital period of the planet