The financial performance of socially responsible investments: insights from the intertemporal CAPM

© 2015 Springer Science+Business Media Dordrecht This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We argue that this ‘no financial impact’ finding indicates that investors will not be disadvantaged financially by investing in socially responsible funds or corporations.

Como gerenciar a motivação e a liderança nas organizações militares da Marinha do Brasil para alavancar a eficácia do Programa Netuno

Este estudo busca identificar os fatores que contribuem para a motivação dos indivíduos nas organizações da Marinha do Brasil e quais fatores gerenciais podem contribuir para os métodos utilizados pelo Programa Netuno nas Organizações Militares da Marinha do Brasil. A pesquisa bibliográfica foi realizada com base na literatura existente sobre o assunto e seguiu, primeiramente, uma linha histórica da procura por um Estado mais eficiente até o momento da criação dos Programas GesPública do Governo Federal e Programa Netuno da Marinha do Brasil. Foi estudado como a Motivação e a Liderança são tratadas dentro destes programas de gestão, seguindo-se uma análise de algumas das principais teorias motivacionais de processo e conteúdo: Teoria Motivacional de Abraham H. Maslow; Teoria X e Y de Douglas McGregor; Teoria de Herzberg de Dois Fatores; Teoria das Necessidades Adquiridas de McClelland; Teoria ERG de Alderfer; Teoria da Equidade de Stacy Adams; Teoria da Modificação do Comportamento Organizacional (ModCO) de Luthans e Kreitner; e Teoria da Expectância de Vroom. Além destas, foram analisadas teorias da motivação no setor público, em especial a de James Perry. Também são descritos aspectos que contextualizam as Forças Armadas no cenário mundial e o seu desdobramento na motivação do pessoal, a fim de analisar os diversos fatores que influenciam a motivação no pessoal da Marinha do Brasil, desenvolvendo-se um quadro de correlação destes fatores com os reflexos do desempenho.

Previsão da estrutura a termo de taxa de juros aplicando o Filtro de Kalman ao modelo Vasicek: o caso brasileiro

Este trabalho tem o objetivo de testar a qualidade preditiva do Modelo Vasicek de dois fatores acoplado ao Filtro de Kalman. Aplicado a uma estratégia de investimento, incluímos um critério de Stop Loss nos períodos que o modelo não responde de forma satisfatória ao movimento das taxas de juros. Utilizando contratos futuros de DI disponíveis na BMFBovespa entre 01 de março de 2007 a 30 de maio de 2014, as simulações foram realizadas em diferentes momentos de mercado, verificando qual a melhor janela para obtenção dos parâmetros dos modelos, e por quanto tempo esses parâmetros estimam de maneira ótima o comportamento das taxas de juros. Os resultados foram comparados com os obtidos pelo Modelo Vetor-auto regressivo de ordem 1, e constatou-se que o Filtro de Kalman aplicado ao Modelo Vasicek de dois fatores não é o mais indicado para estudos relacionados a previsão das taxas de juros. As limitações desse modelo o restringe em conseguir estimar toda a curva de juros de uma só vez denegrindo seus resultados.

Pricing and hedging of oil futures : a unifying approach

We develop and empirically test a continuous time equilibrium model for the pricing of oil futures. The model provides a link between no-arbitrage models and expectation oriented models. It highlights the role of inventories for the identification of different pricing regimes. In an empirical study the hedging performance of our model is compared with five other one- and two-factor pricing models. The hedging problem considered is related to Metallgesellschaft´s strategy to hedge long-term forward commitments with short-term futures. The results show that the downside risk distribution of our inventory based model stochastically dominates those of the other models.

Produção de enzimas extracelulares por Fusarium solani de maracujazeiro amarelo

Uma das principais doenças do maracujazeiro, na maioria dos estados produtores do Brasil, é a podridão do colo, causada por Fusarium solani. Pouco se sabe a respeito da fisiologia deste patógeno do maracujazeiro amarelo, principalmente quanto à produção de enzimas extracelulares. O objetivo do presente trabalho foi verificar, em meios de cultura individuais e apropriados, a produção das enzimas extracelulares amilase, lipase, celulase, proteases (caseinase e gelatinase), lacase (oxidase) e catalase por isolados de F. solani, provenientes de maracujazeiro amarelo. O delineamento experimental adotado foi o inteiramente casualizado, em esquema de dois fatores (nove isolados versus sete enzimas), com três repetições. Todos os isolados de F. solani produziram, de maneira semiquantitativa, as enzimas extracelulares amilase, lipase, celulase, caseinase (protease) e lacase (oxidase). No entanto, a quantidade produzida de cada enzima foi significativamente diferente entre os isolados. As enzimas extracelulares gelatinase (protease) e catalase foram produzidas em pouca quantidade e de maneira igual por todos os isolados do fungo.

Sleep patterns of day-working, evening high-schooled adolescents of São Paulo, Brazil

Children who grow up in developing countries of the world must work to help financially support their families, and they must also attend school. We investigated the impact of work on the sleep of working vs. nonworking high school students. Twenty-seven São Paulo, Brazil, public high school students (eight male and eight female working students plus six nonworking female and five nonworking male students) 14-18 yrs of age who attended school Monday-Friday between 19:00 to 22:30h participated. A comprehensive questionnaire about work and living conditions, health status, and diseases and their symptoms was also answered. The activity level and rest pattern (sleep at night and napping during the day) were continuously assessed by wrist actigraphy (Ambulatory Monitoring, USA). The main variables were analyzed by a two-factor ANOVA with application of the Tukey HSD test for multiple comparisons, and the length of sleep during weekdays vs. weekends was compared by Student t-test. Working students went to sleep earlier weekends [F-(1,F-23) = 6.1; p = 0.02] and woke up earlier work days than nonworking students [F-(1,F-23) = 17.3; p = 0.001]. The length of nighttime sleep during weekdays was shorter among all the working [F-(1,F-23) = 16.7; p < 0.001] than all the nonworking students. The sleep duration of boys was shorter than of girls during weekends [F-(1,F-23) = 10.8; P < 0.001]. During weekdays, the duration of napping by working and nonworking male students was shorter than nonworking female students. During weekdays, working girls took the shortest naps [F-(1,F-23) = 5.6; p = 0.03]. The most commonly reported sleep complaint during weekdays was difficulty waking up in the morning [F-(1.23) = 6.5; p = 0.02]. During weekdays, the self-perceived sleep quality of working students was worse than nonworking students [F-(1,F-23) = 6.2; p = 0.02]. The findings of this study show that work has negative effects on the sleep of adolescents, with the possible build-up of a chronic sleep debt with potential consequent impact on quality of life and school learning.

Surface area of the tip of the enterocytes in small intestine mucosa of broilers submitted to early feed restriction and supplemented with glutamine

A total of 640 one-day-old male Cobb chicks were used to evaluate the effects of early feed restriction and glutamine on villi density and tip surface of enterocytes in the small intestine of broilers. A two-factor factorial experimental design with glutamine and feed restriction as main factors was used. Treatments consisted of quantitative feed restriction at 30% of ad libitum intake from 7 to 14 days of age, and glutamine addition at 1% in the diet from 1 to 28 days of age. Sections of the small intestine (duodenum, jejunum, ileum) were collected at 14 and 21 days of age for analyses by scanning and transmission electron microscopy. Villi density decreased with age and increased in cranial-caudal direction. Glutamine increased villi density in the small intestine. Microvilli density and height decreased with age. Glutamine increased microvilli width. The jejunum was the segment with the largest surface area of the tip of the enterocytes, followed by the duodenum and the ileum. Feed restriction decreased the surface area of the tip of the enterocytes in the small intestine at 14 and at 21 days of age. Glutamine supplemented in the feed increased the surface area of the tip of the enterocytes of the jejunum and ileum at 21 days of age. © Asian Network for Scientific Information, 2007.

Efeito da utilização de substâncias inibidoras de metaloproteinases e de tipos de envelhecimento na resistência de união entre dentina e resina composta

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Eficácia da terapia fotodinâmica antimicrobiana em biofilmes de Staphylococcus Aureus suscetível e resistente á meticilina

Pós-graduação em Reabilitação Oral - FOAR

Influência de diferentes tratamentos de superfície em uma cerâmica policristalina de zircônia tetragonal (ytzp), na resistência de união com cimento resinoso

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Obtenção de mutantes de Streptomyces clavuligerus e avaliação de condições de cultivo para a melhoria de produção de cefamicina C

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Anatomização de pinos de fibra de vidro: estudo de propriedades mecânicas na interface restauradora adesiva

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

Dental anxiety: prevalence and evaluation of psychometric properties of a scale

Aim: To estimate the reliability and validity of the Dental Anxiety Scale (DAS) and identify the prevalence and the effect of the socio-demographic characteristics of dental anxiety, in a sample of 212 adults. Methods: The psychometric sensitivity of the scale was assessed. A confirmatory factor analysis was performed, and the convergent validity and internal consistency were determined. The prevalence of anxiety was estimated, and the effect of socio-demographic variables on anxiety was assessed using structural equation modelling. Results: The participants’ mean age was 33.5 (SD = 15.6) years, and 62.3% were female. There was an adequate factorial adjustment of the scale in this sample. The convergent validity and internal consistency were adequate in the one-factor model. Regarding two-factor model, there was a high correlation (r) among the factors, which jeopardized the discriminant validity. A total of 47.6% of the participants (IC95% = 40.9 - 54.4) presented low levels of anxiety, 32.5% (IC95% = 26.2 - 38.9) moderate levels, and 12.3% (IC95% = 7.8 - 16.7) exacerbated levels. There was a non-significant effect of gender, age and education on the anxiety levels of this sample. Conclusion: We concluded that the one-factor model presented better psychometric qualities, that anxiety was highly prevalent and there was no significant effect of the demographic variables on anxiety, in this sample

Avaliação psicométrica da escala de atitudes em relação à estatística

RESUMO: O objetivo do estudo foi estimar a validade e confiabilidade da Escala de atitudes em relação à Estatística (EAE) quando aplicada a estudantes de Ciências Farmacêuticas. A amostra de 253 estudantes foi subdividida em duas partes. Sessenta por cento da amostra foi utilizada para explorar a estrutura fatorial e 40% para confirmá-la. Para verificar a reprodutibilidade da escala a mesma foi aplicada em duplicata a 40 estudantes. Aplicou-se o Teste de esfericidade de Bartlett e o índice Kaiser-Meyer-Olkin (KMO). A extração dos fatores foi realizada pela Análise de Componentes Principais. Realizou-se rotação ortogonal Varimax. Calculou-se o Coeficiente alfa de Cronbach (α) e o Coeficiente de Correlação Intraclasse (ρ). Realizou-se análise fatorial confirmatória. Elaborou-se um modelo hierárquico de segunda ordem (MHSO). O teste de esfericidade de Bartlett e o índice KMO foram excelentes (χ 2 =1835,815, p<0,001; KMO=0,935). Verificou-se dois fatores com valores próprios acima de 1 (λ=9,748; λ=2,086) explicando 59,2% da variância total. A questão 2 foi removida. Observou-se excelente consistência interna e reprodutibilidade. O modelo fatorial apresentou índices de qualidade de ajustamento bons (λ=0,59-0,86, χ 2 /gl=1,691, CFI=0,919, GFI=0,804, RMSEA=0,079). A validade discriminante dos fatores foi adequada. A EAE apresentou estrutura bifatorial na amostra com níveis de validade e confiabilidade adequados.

Metabolism of L929 cells after contact with acrylic resins. Part 1: Acrylic denture base resins

The purpose of this study was to evaluate the effectiveness of complementary heat treatment and water storage in reducing cytotoxicity of acrylic resins denture bases used in Brazil by the MTT assay. Material and Methods: First, nine specimens were fabricated from metal matrix in the form of discs with 14 mm in diameter and 1.2 mm of thick. Immediately after making, 24 or 48 hours after storage in distilled water, the samples of heat-polymerized resins were divided into 3 groups (n = 3) according to the type of thermal treatment: Group 1: samples were individually exposed to microwave energy (500 W for 3 minutes); Group 2: samples were immersed in water at 550 C for 60 minutes; Group 3: samples did not receive heat treatment. To prepare the extracts, 3 samples of each group were placed into vials containing 3 mL of culture medium and stored at 37°C for 24 hours. L929 cells were used and the MTT assay was performed to analyze the cellular metabolism. Two-factor analysis of variance was used to detect significant among groups at 5% significance. Results: After statistical analysis, the materials were classified according to the cytotoxic effect: non-cytotoxic, slightly cytotoxic; moderately cytotoxic; and strongly cytotoxic. The results showed that the resins ranged from moderately cytotoxic to non-cytotoxic, but no statistically significant difference among experimental groups. Furthermore, the water storage and thermal treatments reduced the cytotoxicity of the resins. Conclusions: It was concluded that the resins studied are potentially toxic and that treatments can decrease their cytotoxicity.