Otimização de carteiras regularizadas empregando informações de grupos de ativos para o mercado brasileiro

Este trabalho se dedica a analisar o desempenho de modelos de otimização de carteiras regularizadas, empregando ativos financeiros do mercado brasileiro. Em particular, regularizamos as carteiras através do uso de restrições sobre a norma dos pesos dos ativos, assim como DeMiguel et al. (2009). Adicionalmente, também analisamos o desempenho de carteiras que levam em consideração informações sobre a estrutura de grupos de ativos com características semelhantes, conforme proposto por Fernandes, Rocha e Souza (2011). Enquanto a matriz de covariância empregada nas análises é a estimada através dos dados amostrais, os retornos esperados são obtidos através da otimização reversa da carteira de equilíbrio de mercado proposta por Black e Litterman (1992). A análise empírica fora da amostra para o período entre janeiro de 2010 e outubro de 2014 sinaliza-nos que, em linha com estudos anteriores, a penalização das normas dos pesos pode levar (dependendo da norma escolhida e da intensidade da restrição) a melhores performances em termos de Sharpe e retorno médio, em relação a carteiras obtidas via o modelo tradicional de Markowitz. Além disso, a inclusão de informações sobre os grupos de ativos também pode trazer benefícios ao cálculo de portfolios ótimos, tanto em relação aos métodos tradicionais quanto em relação aos casos sem uso da estrutura de grupos.

Loja de experiência, trabalho emocional e consumo: o trabalho dos vendedores e gerente da loja para a transmissão da experiência da marca Chilli Beans

O objetivo desta dissertação é compreender a forma como se estrutura o trabalho dos vendedores e gerente de uma loja de experiência para a transmissão da experiência da marca. O embasamento teórico que deu sustentação à pesquisa aborda discussões sobre o aspecto experiencial do consumo (Holbrook & Hirchsman, 1982b Pine & Gilmore, 2000), experiência da marca (Brakus et al., 2009) e trabalho emocional (Hochschild, 1982; Korczysnki, 2005). Este estudo buscou, através dos métodos shadowing e etnografia de curto prazo, analisar o trabalho dos vendedores e gerente de uma loja de experiência de marca brasileira Chilli Beans, para identificar como estes trabalhadores transmitem a experiência da marca aos consumidores. Os resultados foram coletados durante 45 dias de pesquisa em campo, realizada na loja de experiência da marca Chilli Beans localizada na Rua Oscar Freire, em São Paulo. Ao longo da pesquisa de campo foi possível obter informações sobre a rotina dos trabalhadores, treinamentos, reuniões de avaliação de desempenho e eventos, que proporcionaram a compreensão sobre o trabalho realizado na loja de experiência. Além disso, foram realizadas entrevistas com cinco funcionários da loja, do sexo feminino e masculino, entre 18 e 26 anos, residentes na cidade de São Paulo. Os resultados demonstraram que os trabalhadores utilizam o trabalho emocional para a transmissão da experiência da marca. O trabalho destes vendedores se caracteriza pela busca do atendimento pleno do consumidor, mediante interação emocional, soberania e encantamentos que direcionam o consumidor à aquisição de seus produtos. Para isso, a marca lança mão de treinamentos que objetivam desenvolver as habilidades e técnicas dos vendedores para envolver emocionalmente o consumidor, a fim de direcioná-lo à compra do produto.

O impacto da convergência de indústrias na configuração da cadeia de valor em empresas na indústria de telecomunicações no Brasil : um estudo de caso

O mercado de telecomunicações mundial, em geral e brasileiro em particular, passou por mudanças significativas ao longo dos últimos dez anos, tanto em âmbito concorrencial, como regulatório. O modelo de serviço único prestado por empresas distintas foi transformado pela convergência de indústrias, com a criação de novas ofertas e proposições de valor a partir de um portfólio diversificado e complementar de serviços aos consumidores. Estes fatos criaram para as empresas que operam no setor a necessidade de revisão de suas cadeias de valor para adequarem-se à nova dinâmica da indústria. Ainda que esse processo venha ocorrendo ao longo dos últimos anos, há poucos estudos que procurem endereçar os impactos para a realidade brasileira. O propósito desse trabalho é o de avaliar os efeitos para a configuração da cadeia de valor que a convergência de indústrias no setor de telecomunicações brasileiro trouxe para o estudo de caso. Para endereçar a resposta à pergunta de pesquisa, primeiro é conduzida uma revisão teórica sobre a definição do setor de TICs (FRANSMAN, 2010), a relação com a indústria de telecomunicações e os aspectos que marcam o caso brasileiro. Em segundo, é feita a revisão teórica para as definições constitutivas relacionadas à convergência de indústrias (HACKLIN, F. et al., 2009), cadeia de valor (PORTER, 1985) e rede de valor (PIL e HOLWEG, 2006; MÖLLER e RAJALA, 2007; PARTANEN e MÖLLER, 2012). A partir da constituição teórica e a análise dos dados qualitativos pretende-se aplicar os conceitos ao estudo de caso brasileiro e verificar se há alguma configuração da cadeia de valor que seja referência para melhor lidar com os efeitos da convergência de indústrias. Como ferramenta de coleta de dados serão feitas entrevistas para constituir os aspectos mais relevantes das mudanças causadas pela convergência de indústrias e entender as transformações consequentes para as cadeias de valor.

Cash-cum-in-kind transfers and income tax function

This paper investigates income tax revenues response to tax rate changes taking into consideration that cash-cum-in-kind transfers are used as a redistributive package to the community. First, we show that when cash and in-kind transfers are not tied to be substitute instruments, a marginal income tax increase may unambiguously decrease the quantity supplied of labor (and tax revenues therein). Next, we show that whenever the government chooses the optimum provision for the publicly provided good the tax revenue function has a negatively-sloped part with respect to tax rates except for one case. Last, we consider Brazilian data - PNAD - from 1976 to 2008 to test our theoretical implications. Our estimations suggest a weak evidence in favor of the existence of a La er-type curve for Brazilian income tax revenues data. Moreover, wend that the actual average income tax rate seems to be below the estimated optimum level. In a shorter sample from 1996-1999, we nd evidence that labor supply decreases with tax rate when cash and in-kind transfers are in play. Using a pseudo-panel from the same shorter sample, we try to estimate the elasticity of taxable income, following Creedy and Gemmell (2012) and Saez et al. (2009). We explore a small tax reform between 1997 and 1998 that a ected only the higher income tax bracket, and evidence that Brazil is on the revenue reducing side of the La er Curve, at least for individuals in the higher income tax bracket.

Uma comparação da aptidão funcional de mulheres idosas portuguesas e brasileiras

O objectivo deste estudo transversal foi descrever e comparar os perfis funcionais de duas amostras: 401 idosas portuguesas e 967 brasileiras (Krause et al., 2009), dos 60-79 anos. A aptidão funcional (ApF) foi avaliada usando a bateria Senior Fitness Test (Rikli & Jones 2001). Em ambas as amostras, as idosas dos 60-64 anos apresentaram melhores desempenhos na maioria dos testes de ApF, comparativamente às dos 75-79 anos. As idosas brasileiras foram mais proficientes na aptidão cardio-respiratória e flexibilidade, e as portuguesas, na força do membro superior. Os valores do índice de massa corporal foram superiores nas idosas portuguesas (60-79 anos). Estes resultados poderão ser úteis na identificação precoce de perdas funcionais, e fundamentar a intervenção ao nível da ApF em mulheres idosas.

Motivação no trabalho voluntário: expectativas e motivos na Pastoral da Criança

The present study has proposed a structural model to identify the reasons why individuals become voluntary, keep and exit this type of work. The empirical space was the Pastoral da Criança - social action agency of the National Conference of Bishops of Brazil (CNBB) - community-based institution that has its work based on solidarity and the sharing of knowledge. The theoretical framework has the context in which are volunteering studies in Brazilian and world level. Then discuss the various concepts of volunteering and presented the theoretical models of volunteer motivation. Studies of Mostyn (1983) and studies conducted by the BEPEGE-Base for Studies and Research in Management Policies and Strategies - in their line of research GERQUAL - Human Resource Management and Organizational Quality - of the Federal University of Rio Grande do Norte as Carvalho e Souza(2006), Souza, Medeiros e Fernandes (2006), Souza et al (2009, 2010), Cavalcante et al (2011a, 2011b, 2011c, 2011d) were the main theoretical references for the construction of the model that was tested. Data collection was done through a survey with 71 indicators, in 2 visits to cities from the Diocese of Pesqueira, Pernambuco. The first data collection occurred in the period between May 30 and June 3, 2011, in Buique/PE and the second collection happened in Pesqueira/PE, in St. Joseph Seminary, in the period between July 6-8, 2011. 720 questionnaires were collected. The sample was divided into two parts. Exploratory Factor Analysis was applied in first part and Confirmatory Factor Analysis - structural equation modeling - in the second half. The examination of the results achieved by the expectations, reasons for entry, reasons for staying and exit reasons showed that all hypotheses were accepted. So the motivation of voluntary Pastoral da Criança can be explained by a set of interactions between these five constructs: Altruistic, Affectionate, Amiable, Adjusted and Astute

Avaliação da aplicação de modelos para a secagem de pastas e suspensões em leito de jorro com alimentação contínua

This work studies the development, implementation and improvement of a macroscopic model to describe the behavior of the spouted bed dryer with continuous feeding for pastes and suspensions drying. This model is based on the CST model (Freire et al., 2009) and the model of Fernandes (2005), whose theoretical foundation is based on macroscopic mass and heat balances for the three phases involved in the process: gas, liquid and solid. Because this technique is quite relevant, the studies of modeling and simulation of spouted bed drying are essential in the analysis of the process as a whole, because through them it is possible to predict and understand the behavior of the process, which contributes significantly to more efficient project and operation. The development and understanding of the phenomena involved in the drying process can be obtained by comparing the experimental data with those from computer simulations. Such knowledge is critical for choosing properly the process conditions in order to obtain a good drying efficiency. Over the past few years, researches and development of works in the field of pastes and suspensions drying in spouted bed has been gaining ground in Brazil. The Particulate Systems Laboratory at Universidade Federal do Rio Grande do Norte, has been developing several researches and generating a huge collection of experimental data concerning the drying of fruit pulps, vegetables pastes, goat milk and suspensions of agro-industrial residues. From this collection, some data of goat milk and residue from acerola (Malpighia glabra L.) drying were collected. For the first time, these data were used for the development and validation of a model that can describe the behavior of spouted bed dryer. Thus, it was possible to model the dryer and to evaluate the influence of process variables (paste feeding, temperature and flow rate of the drying air) in the drying dynamics. We also performed water evaporation experiments in order to understand and to study the behavior of the dryer wall temperature and the evaporation rate. All these analysis will contribute to future works involving the implementation of control strategies in the pastes and suspensions drying. The results obtained in transient analysis were compared with experimental data indicating that this model well represents the process

Stochastic modelling considering ionospheric scintillation effects on GNSS relative and point positioning

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Aspectos epidemiológicos, cognitivo-comportamentais e neurofisiológicos do sonho lúcido

Lucid dreaming (LD) is a mental state in which the subject is aware of being dreaming while dreaming. The prevalence of LD among Europeans, North Americans and Asians is quite variable (between 26 and 92%) (Stepansky et al., 1998; Schredl & Erlacher, 2011; Yu, 2008); in Latin Americans it is yet to be investigated. Furthermore, the neural bases of LD remain controversial. Different studies have observed that LD presents power increases in the alpha frequency band (Tyson et al., 1984), in beta oscillations recorded from the parietal cortex (Holzinger et al., 2006) and in gamma rhythm recorded from the frontal cortex (Voss et al., 2009), in comparison with non-lucid dreaming. In this thesis we report epidemiological and neurophysiological investigations of LD. To investigate the epidemiology of LD (Study 1), we developed an online questionnaire about dreams that was answered by 3,427 volunteers. In this sample, 56% were women, 24% were men and 20% did not inform their gender (the median age was 25 years). A total of 76.5% of the subjects reported recalling dreams at least once a week, and about two-thirds of them reported dreaming always in the first person, i.e. when the dreamer observes the dream from within itself, not as another dream character. Dream reports typically depicted actions (93.3%), known people (92.9%), sounds/voices (78.5%), and colored images (76.3%). The oneiric content was related to plans for upcoming days (37.8%), and memories of the previous day (13.8%). Nightmares were characterized by general anxiety/fear (65.5%), feeling of being chased (48.5%), and non-painful unpleasant sensations (47.6%). With regard to LD, 77.2% of the subjects reported having experienced LD at least once in their lifetime (44.9% reported up to 10 episodes ever). LD frequency was weakly correlated with dream recall frequency (r = 0.20, p <0.001) and was higher in men (χ2=10.2, p=0.001). The control of LD was rare (29.7%) and inversely correlated with LD duration (r=-0.38, p <0.001), which is usually short: to 48.5% of the subjects, LD takes less than 1 minute. LD occurrence is mainly associated with having sleep without a fixed time to wake up (38.3%), which increases the chance of having REM sleep (REMS). LD is also associated with stress (30.1%), which increases REMS transitions into wakefulness. Overall, the data suggest that dreams and nightmares can be evolutionarily understood as a simulation of the common situations that happen in life, and that are related to our social, psychological and biological integrity. The results also indicate that LD is a relatively common experience (but not recurrent), often elusive and difficult to control, suggesting that LD is an incomplete stationary stage (or phase transition) between REMS and wake state. Moreover, despite the variability of LD prevalence among North Americans, Europeans and Asians, our data from Latin Americans strengthens the notion that LD is a general phenomenon of the human species. To further investigate the neural bases of LD (Study 2), we performed sleep recordings of 32 non-frequent lucid dreamers (sample 1) and 6 frequent lucid dreamers (sample 2). In sample 1, we applied two cognitive-behavioral techniques to induce LD: presleep LD suggestion (n=8) and light pulses applied during REMS (n=8); in a control group we made no attempt to influence dreaming (n=16). The results indicate that it is quite difficult but still possible to induce LD, since we could induce LD in a single subject, using the suggestion technique. EEG signals from this one subject exhibited alpha (7-14 Hz) bursts prior to LD. These bursts were brief (about 3s), without significant change in muscle tone, and independent of the presence of rapid eye movements. No such bursts were observed in the remaining 31 subjects. In addition, LD exhibited significantly higher occipital alpha and right temporo-parietal gamma (30-50 Hz) power, in comparison with non-lucid REMS. In sample 2, LD presented increased frontal high-gamma (50-100 Hz) power on average, in comparison with non-lucid REMS; however, this was not consistent across all subjects, being a clear phenomenon in just one subject. We also observed that four of these volunteers showed an increase in alpha rhythm power over the occipital region, immediately before or during LD. Altogether, our preliminary results suggest that LD presents neurophysiological characteristics that make it different from both waking and the typical REMS. To the extent that the right temporo-parietal and frontal regions are related to the formation of selfconsciousness and body internal image, we suggest that an increased activity in these regions during sleep may be the neurobiological mechanism underlying LD. The alpha rhythm bursts, as well as the alpha power increase over the occipital region, may represent micro-arousals, which facilitate the contact of the brain during sleep with the external environment, favoring the occurrence of LD. This also strengthens the notion that LD is an intermediary state between sleep and wakefulness

Caracterização comportamental endócrina das fases ontogenéticas de sagüi comum (Callithrix jacchus)

The use of animal models in biomedical research is ever increasing. Models that use primates might also have advantages in terms of low maintenance costs and availability of biological knowledge, thereby favoring their use in different experimental protocols. Many current stress studies use animal models at different developmental stages since biological response differs during ontogeny. The aims of this study were to perform a detailed characterization of the developmental stages of common marmosets (Callithrix jacchus), a very important animal model used in biomedical research. Ten subjects, 6 females and 4 males, were followed from birth to initial adult age (16 months). Behavioral and fecal collection for measurement of adrenal (cortisol) and sex (progesterone, estradiol and androgens) hormones took place twice a week during the first month of life and once a week for the remainder of the study. Behavior was observed for 30 minutes in the morning (0700-09:00h) and afternoon (12:00-14:00h). Behavioral profile showed changes during ontogeny, characterizing the 4 developmental stages and the respective phases proposed by Leão et al (2009).. Differentiation of developmental stages was considered using the onset, end, change and stabilization of the behavioral profile parental care (weaning and carrying), ingestion (solid food), affiliation (social grooming) and autogrooming, agonism (scent marking and piloerection) and play behavior and endocrine profile. Infant weaning and carrying terminated within the infantile stage and the peak of solid food ingestion was recorded in the infantile III phase. Receiving grooming was recorded earlier than grooming performed by the infant and autogrooming. The first episode of scent marking was recorded in the 4th week and it was the least variable behavior, in terms of its onset, which, in almost all animals, was between the 5th and 7th week of life. Solitary play and play with the twin started around the 7th week and play with other members of the group started 8 weeks later. Sex hormone secretion started to differ from basal levels between the 21st and 23rd week of life, in males and females, suggesting that puberty occurs simultaneously in both sexes. Basal cortisol, even at an early age, was higher in females than in males. However, cortisol was not correlated with the juvenile stage, as expected, since this stage corresponds to the transition between infancy and adult age and most behaviors are intensified by this time. The behavioral and endocrine profile of subadult animals did not differ from that of the adults. These results provide more detailed parameters for the developmental process of C. jacchus and open new perspectives for the use of experimental approaches focused on the intermediate ontogenetic phases of this species

Monitoring a wandering mean with an np chart

Este artigo considera um gráfico np x proposto por Wu et al. (2009) para controle de média de processo como uma alternativa ao uso do gráfico de. O que distingue do gráfico de controle np x é o fato das unidades amostrais serem classificadas como unidades de primeiro ou de segunda classe de acordo com seus limites discriminantes. O gráfico tradicional np é um caso particular do gráfico np x quando os limites discriminantes coincidem com os limites de especificação e unidade de primeira (segunda) classe é um item conforme (não conforme). Estendendo o trabalho de Reynolds Junior, Arnold e Baik (1996), consideramos que a média de processo oscila mesmo na ausência de alguma causa especial. As propriedades de Cadeia de Markov foram adotadas para avaliar o desempenho do gráfico np x no monitoramento de média de processos que oscila. de modo geral, o gráfico np x requer amostras duas vezes maior para superar desempenho do gráfico (enquanto que o gráfico tradicional np necessita tamanho de amostras cinco ou seis vezes maior).

Nanoscale effects and polaronic relaxation in CaCu3Ti 4O12 compounds

In the present communication, by using dielectric spectroscopy measurement, the correlations between Nanosized Barrier Layer Capacitance (NBLC) (Bueno et al. (2009) [7]) and the high frequency polaronic near-Debye dipolar relaxation found in CaCu3Ti4O12 compounds was discussed. The polaronic process was confirmed to be closely associated with the ultrahigh dielectric features of CaCu3Ti4O12 materials and its concomitant dielectric loss. Herein, the shift in relaxation frequency as a function of temperature was used for calculating the activation energy for hopping electronic conduction. The value obtained was 33 meV, an energy whose magnitude is compatible and confirmed the hypothesis of polaronic features for this high frequency dipolar relaxation process. Furthermore, it is shown that the nanosized barrier inferred from the NBLC model has a polaronic feature with dielectric permittivity exiting orthogonally to dielectric loss, a phenomenological pattern that contradicts the normally observed behavior for traditional dielectrics but explain the dielectric and conductivity feature of CaCu3Ti4O12 compounds. © 2010 Elsevier Ltd. All rights reserved.

Differential seed germination of a keystone palm (Euterpe edulis) dispersed by avian frugivores

The effectiveness of seed dispersal by vertebrates has been analysed by examining both quantitative and qualitative components (Jordano & Schupp 2000, Schupp et al. 2010). While the quantitative component is relatively easily assessed in the field (e.g. visitation rate, number of fruits eaten per visit), the qualitative component (e.g. fate of dispersed seeds, seed treatment in the digestive system of the disperser) is rarely studied under natural conditions, because it is difficult to measure the effects on seeds once ingested by the dispersers (Cortes et al. 2009). © Cambridge University Press 2012.

Delineamento ótimos para modelos não-lineares: efeitos fixos e efeitos aleatórios

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Uso da farmacogenética cardiovascular na análise e prevenção de doenças cardiovasculares e classificação em haplogrupos pelo cromossomo Y e DNA mitocondrial

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