Utilização do modelo de Black-Litterman para gestão de hedge funds do Brasil

O modelo Black-Litterman calcula os retornos esperados de mercado como uma combinação de um conjunto de expectativas específicas de cada investidor e um ponto de referência neutro. A combinação dessas duas fontes de informações são feitas pelo modelo utilizando a abordagem bayesiana. Os resultados obtidos a partir do modelo Black-Litterman, ao contrário da abordagem tradicional, são bastante intuitivos, estáveis e consistentes em relação as expectativas dos investidores. O objetivo dessa dissertação é fazer uma análise detalhada de cada um dos componentes do modelo Black-Litterman e verificar se a utilização o modelo de Black-Litterman, introduzindo as opiniões de mercado com base no relatório FOCUS do Banco Central, supera o retorno dos fundos multimercados brasileiros.

Traces, Patterns, Texture: In Search of Aesthetic Teaching/Learning Encounters

This inquiry reveals the crucial guidance of teachers toward surveying the capacity and needs of students, the formation of ideas, acting upon ideas, fostering connections, seeing potential, making judgments, and arranging conditions. Each aesthetic trace causes me to wonder how teachers learn to create experiences that foster student participation in the world aesthetically. The following considerations surface: • Given the emphasis in schools on outcomes and results, how do we encourage teachers to focus on acts of mind instead of end products in their work with students? • Given the orientations toward technical rationality, to fixed sequence, how do we help teachers experience fluid, purposeful learning adventures with students in which the imagi¬nation is given room to play? • Given the tendency to conceive of planning in teaching as the deciding of everything in advance, how do we help teachers and students become attuned to making good judgments derived from within learning experiences? • How do we help teachers build dialogical multivoiced conversations instead of monolithic curriculum? • What do we do to recover the pleasure dwelling in subject matter? How do we get teachers and students to engage thoughtfully in meaningful learning as opposed to covering curriculum7 • A capacity to attend sensitively, to perceive the complexity of relationships coming together in any teaching/learning experience seems critical. How do we help teachers and students attend to the unity of a learning experience and the play of meanings that arises from such undergoing and doing? The traces, patterns, and texture evidenced locate tremendous hope and wondrous possibilities alive within aesthetic teaching/learning encounters. It is such aliveness I encountered in the grade 4 art classroom that opened this account and continues to compel my attention. Possibilities for teaching, learning, and teacher education emerge. I am convinced they are most worthy of continued pursuit.

La ville comme labyrinthe: réécritures d'un mythe entre les années 1950 et 1980

Entre les années 1950 et 1980, émerge une nouvelle forme de labyrinthe chez des romanciers européens comme Michel Butor, Alain Robbe-Grillet, Italo Calvino, Patrick Modiano et Alasdair Gray : un labyrinthe insaisissable et non cartographiable. Pour en rendre compte nous avons recours au modèle du rhizome, issu de la philosophie de Gilles Deleuze et de Félix Guattari, aussi bien qu'au concept d'hétérotopie de Michel Foucault. La spatialité de nos romans nous pousse à prendre en compte également les réécritures ironiques du mythe de Thésée, Ariane, le Minotaure, Dédale. Les citations et les allusions au mythe nous font remarquer la distance d'avec le modèle traditionnel et les effets de ce qu'on peut considérer comme un « bricolage mythique », dans le cadre d'un regard ironique, parodique ou satirique. La représentation romanesque du labyrinthe accentue d'un côté l'absence d'un centre, et de l'autre côté l'ouverture extrême de cet espace qu'est la ville contemporaine. En même temps, la présence de nombreux « espaces autres », les hétérotopies de Foucault, définit l'égarement des protagonistes des romans. Au fur et à mesure que les écrivains acquièrent conscience des caractéristiques « labyrinthiques » de ces espaces, celles-ci commencent à informer l'œuvre romanesque, créant ainsi un espace métafictionnel. Entre les années Cinquante et le début des années Soixante-dix, les Nouveaux romanciers français accentuent ainsi l'idée de pouvoir jouer avec les instruments de la fiction, pour exaspérer l'absence d'un sens dans la ville comme dans la pratique de l'écriture. Calvino reformule cette conception du roman, remarquant l'importance d'un sens, même s'il est caché et difficile à saisir. Pour cette raison, à la fin de l'époque que nous analysons, des auteurs comme Modiano et Gray absorbent les techniques d'écriture de ces prédécesseurs, en les faisant jouer avec la responsabilité éthique de l'auteur.

Promoting Amphibian Conservation through the College Classroom: Detection of Batrachochytrium dendrobatidis among Local Amphibians

Many global amphibian declines have been linked to the fungal pathogen Batrachochytrium dendrobatidis (Bd). The knowledge on Bd distribution provides a fundamental basis for amphibian conservation planning. Yet, such Bd distribution information is currently insufficient, in particular at a regional scale. The college classroom provides an excellent opportunity to expand the knowledge of Bd distribution. Here we provide an example of such research projects to detect Bd prevalence among local amphibians in a college course setting and present the results of work conducted in central Pennsylvania, USA. We collected toe clips and conducted PCR assays of six species, Plethodon cinereus, Desmognathus fuscus, Notophthalmus viridescens, Lithobates catesbeianus, L. clamitans, and L. sylvaticus (59 individuals). Four groups of students independently conducted entire projects, orally presented their findings, and submitted manuscripts to the professor at the end of the semester. This example demonstrates that it is feasible for an undergraduate class to complete a Bd-detection project within a single semester. Such a project not only contributes to Bd research but also promotes conservation education among students through hands-on research experiences. We found Bd infection in only one sample of N. viridescens, but no sign of infection in the rest of the samples. As a relatively high prevalence of Bd has been reported in surrounding areas, our results suggest spatial heterogeneity in Bd occurrence at a regional scale and thus, the need for continued efforts to monitor Bd prevalence.

Impaired innate interferon induction in severe therapy resistant atopic asthmatic children

Deficient type I interferon-β and type III interferon-λ induction by rhinoviruses has previously been reported in mild/moderate atopic asthmatic adults. No studies have yet investigated if this occurs in severe therapy resistant asthma (STRA). Here, we show that compared with non-allergic healthy control children, bronchial epithelial cells cultured ex vivo from severe therapy resistant atopic asthmatic children have profoundly impaired interferon-β and interferon-λ mRNA and protein in response to rhinovirus (RV) and polyIC stimulation. Severe treatment resistant asthmatics also exhibited increased virus load, which negatively correlated with interferon mRNA levels. Furthermore, uninfected cells from severe therapy resistant asthmatic children showed lower levels of Toll-like receptor-3 mRNA and reduced retinoic acid inducible gene and melanoma differentiation-associated gene 5 mRNA after RV stimulation. These data expand on the original work, suggesting that the innate anti-viral response to RVs is impaired in asthmatic tissues and demonstrate that this is a feature of STRA.

A systematic approach to analyse the sequelae of LCPD

The analysis and treatment of hips with healed Legg-Calvé-Perthes disease (LCPD) differs substantially from the treatment in the acute phase of the disease. More specifically, the treating orthopaedic surgeon is often faced with a complex three-dimensional pathomorphology of the hip that is difficult to understand and correct. To date, none of the current classification systems provide a useful decision-making algorithm with regards to the type of surgical intervention necessary to improve hip function in patients with sequelae of LCPD. The conceptual recognition of the femoroacetabular impingement (FAI) and the ability to safely dislocate the hip have revolutionised our diagnostic and therapeutic algorithm for joint-preserving surgery of hips with structural residuals of LCPD. We present a systematic approach to analyse femoral and acetabular pathomorphologic features. The resulting pathomechanisms and the surgical treatment options are presented.

Characteristics, Distribution and Persistence of Thin Layers Over a 48 Hour Period

The biological and physical processes contributing to planktonic thin layer dynamics were examined in a multidisciplinary study conducted in East Sound, Washington, USA between June 10 and June 25, 1998. The temporal and spatial scales characteristic of thin layers were determined using a nested sampling strategy utilizing 4 major types of platforms: (1) an array of 3 moored acoustical instrument packages and 2 moored optical instrument packages that recorded distributions and intensities of thin layers; (2) additional stationary instrumentation deployed outside the array comprised of meteorological stations, wave-tide gauges, and thermistor chains; (3) a research vessel anchored 150 m outside the western edge of the array; (4) 2 mobile vessels performing basin-wide surveys to define the spatial extent of thin layers and the physical hydrography of the Sound. We observed numerous occurrences of thin layers that contained locally enhanced concentrations of material; many of the layers persisted for intervals of several hours to a few days. More than one persistent thin layer may be present at any one time, and these spatially distinct thin layers often contain distinct plankton assemblages. The results suggest that the species or populations comprising each distinct thin layer have responded to different sets of biological and/or physical processes. The existence and persistence of planktonic thin layers generates extensive biological heterogeneity in the water column and may be important in maintaining species diversity and overall community structure.

Increased nuclear suppressor of cytokine signaling 1 in asthmatic bronchial epithelium suppresses rhinovirus induction of innate interferons.

BACKGROUND Rhinovirus infections are the dominant cause of asthma exacerbations, and deficient virus induction of IFN-α/β/λ in asthmatic patients is important in asthma exacerbation pathogenesis. Mechanisms causing this interferon deficiency in asthmatic patients are unknown. OBJECTIVE We sought to investigate the expression of suppressor of cytokine signaling (SOCS) 1 in tissues from asthmatic patients and its possible role in impaired virus-induced interferon induction in these patients. METHODS We assessed SOCS1 mRNA and protein levels in vitro, bronchial biopsy specimens, and mice. The role of SOCS1 was inferred by proof-of-concept studies using overexpression with reporter genes and SOCS1-deficient mice. A nuclear role of SOCS1 was shown by using bronchial biopsy staining, overexpression of mutant SOCS1 constructs, and confocal microscopy. SOCS1 levels were also correlated with asthma-related clinical outcomes. RESULTS We report induction of SOCS1 in bronchial epithelial cells (BECs) by asthma exacerbation-related cytokines and by rhinovirus infection in vitro. We found that SOCS1 was increased in vivo in bronchial epithelium and related to asthma severity. SOCS1 expression was also increased in primary BECs from asthmatic patients ex vivo and was related to interferon deficiency and increased viral replication. In primary human epithelium, mouse lung macrophages, and SOCS1-deficient mice, SOCS1 suppressed rhinovirus induction of interferons. Suppression of virus-induced interferon levels was dependent on SOCS1 nuclear translocation but independent of proteasomal degradation of transcription factors. Nuclear SOCS1 levels were also increased in BECs from asthmatic patients. CONCLUSION We describe a novel mechanism explaining interferon deficiency in asthmatic patients through a novel nuclear function of SOCS1 and identify SOCS1 as an important therapeutic target for asthma exacerbations.

The Nile perch invasion in Lake Victoria: cause or consequence of the haplochromine decline?

We review alternative hypotheses and associated mechanisms to explain Lake Victoria’s Nile perch takeover and concurrent reduction in haplochromines through a (re)analysis of long term climate, limnological and stock observations in comparison with size-spectrum model predictions of co-existence, extinction and demographic change. The empirical observations are in agreement with the outcomes of the model containing two interacting species with life-histories matching Nile perch and a generalized haplochromine. The dynamic interactions may have depended on size related differences in early juvenile mortality: mouth-brooding haplochromines escape predation mortality in early life stages, unlike Nile perch that have miniscule planktonic eggs and larvae. In our model predation on the latter by planktivorous haplochromine fry act as a stabilizing factor for co-existence, but external mortality on the haplochromines would disrupt this balance in favor of Nile perch. To explain the observed switch, mortality on haplochromines would need to be much higher than the fishing mortality that can be realistically re-constructed from observations. Abrupt concomitant changes in algal and zooplankton composition, decreased water column transparency, and widespread hypoxia from increased eutrophication most likely caused haplochromine biomass decline. We hypothesize that the shift to Nile perch was a consequence of an externally caused, climate triggered, decrease in haplochromine biomass and associated recruitment failure rather than a direct cause of the introduction.

Calma y revuelta : Teorías solipsistas del relato

Este ensayo pretende llamar la atención, siguiendo especialmente a Jean-Marc Ferry en Les Puissances de l'expérience: essai sur l'identité contemporaine (1991: 103 y ss), acerca de cómo una buena parte de la teoría contemporánea sobre la narración ha quedado substraída al refugio solipsista de las identidades personales, negándose de ese modo para el relato la posibilidad de jugar un papel determinante en los debates públicos. Estos dogmatismos de la facticidad han acuñado dos formas que, simplificando demasiado, podemos nombrar como conservadoras y progresistas. En el primer caso, se trata de teorías que ponen en el centro de sus reflexiones la autoridad de la tradición en el seno de una comunidad lingüística y literaria que se forja a sí misma, sobre la base de una hermenéutica de sus propios valores (Ricoeur, MacIntyre); en el segundo, se trata de las subjetividades en revuelta que han elegido como mecanismo de emancipación el refugio en la vida psíquica por encima de la racionalidad contenida en el mundo de la acción (Kristeva)

Calma y revuelta : Teorías solipsistas del relato

Este ensayo pretende llamar la atención, siguiendo especialmente a Jean-Marc Ferry en Les Puissances de l'expérience: essai sur l'identité contemporaine (1991: 103 y ss), acerca de cómo una buena parte de la teoría contemporánea sobre la narración ha quedado substraída al refugio solipsista de las identidades personales, negándose de ese modo para el relato la posibilidad de jugar un papel determinante en los debates públicos. Estos dogmatismos de la facticidad han acuñado dos formas que, simplificando demasiado, podemos nombrar como conservadoras y progresistas. En el primer caso, se trata de teorías que ponen en el centro de sus reflexiones la autoridad de la tradición en el seno de una comunidad lingüística y literaria que se forja a sí misma, sobre la base de una hermenéutica de sus propios valores (Ricoeur, MacIntyre); en el segundo, se trata de las subjetividades en revuelta que han elegido como mecanismo de emancipación el refugio en la vida psíquica por encima de la racionalidad contenida en el mundo de la acción (Kristeva)