Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

A liderança e suas relações com o comprometimento organizacional

This study presents the results of field research of an exploratory descriptive character that seeks to identify the latent dimensions of leadership and organizational commitment as well as to discover the relationship between these two sets of indicators. In the study, 236 respondents were interviewed, 84 being managers or owners and 152 being sales personnel. The research was undertaken in five shopping centers in the municipality of Natal, capital of Rio Grande do Norte, and employed two different questionnaires. One of them was developed by Bass and Avolio, 1992 (in NORTHOUSE, 2004), contained 21 indicators of leadership and was completed by store managers. The other instrument, completed by sales personnel in the stores, was developed by Medeiros, Albuquerque, Marques and Siqueira (2003) and contained a total of 28 indicators of organizational commitment. For the analysis of the data, factor analysis techniques and structural equations modeling were used. Using the factor analysis, five dimensions of leadership and seven dimensions of organizational commitment were found, all of which have a theoretical basis for their explanation. Through the structural equations modeling, a relationship was established between leadership and organizational commitment, in which it was possible to observe that certain leadership styles influence in a positive form the commitment of the employee

Motivação e satisfação à luz do modelo ASH: estudo de caso em indústria de alimentos

Neste estudo, foram examinadas as relações existentes entre a motivação e a satisfação do trabalhador no espaço laboral. O estudo empírico foi conduzido em uma única etapa, por meio da qual buscou-se conhecer as dimensões latentes identificadas e, a partir das dimensões validadas, buscou-se estabelecer relações com características motivacionais, como antecedentes, e satisfação pelo trabalho realizado, como conseqüência do atendimento das necessidades manifestadas pelo trabalhador. Foram entrevistados 38 (trinta e oito) funcionários da empresa Água Mineral Cristalina, incluindo-se os que ocupam cargos de chefia. Como instrumento de coleta de dados, foi utilizada parte do complexo da Auditoria do Sistema Humano ASH, criado por Quijano (1999), que se trata de um modelo de pesquisa na área de Psicologia Social, incluindo a Administração de Recursos Humanos, que analisa os processos psicológicos e psicossociais nas organizações. Para esta pesquisa, foram utilizados dois formulários sugeridos pelo autor citado, (anexos 01 e 02). O primeiro denomina-se condições para a motivação , com 15 (quinze) questões do tipo likert. O segundo, "trabalho bem feito e satisfação de necessidades", tem 22 (vinte e duas) questões, também do tipo likert. O instrumento foi respondido por colaboradores, independente da posição hierárquica, em aproximadamente 10 (dez) a 15 (quinze) minutos. A aplicação foi realizada diretamente pelo pesquisador nas unidades de produção e de administração da empresa. Por meio de modelagem de equações estruturais, foi estabelecido um modelo de relações causais entre as dimensões latentes relacionadas à motivação e o desempenho do empregado quando tem satisfeitas as suas necessidades. Quanto ao tratamento dos dados, este ocorreu de forma quantitativa. Quanto à análise, aconteceu após os dados terem sido tratados. Nesta pesquisa, os dados foram analisados por meio de estatísticas descritivas, atualizando-se os recursos de softwares específicos como Statistic ou SPSS Statistic Package for Social Sciences. Usou-se a técnica de Análise de Regressão, na qual foi utilizado o método STEPWISE que inclui na equação de explicação de uma variável dependente somente aquelas que auxiliam ou incrementam sua explicação. Como variáveis dependentes, foram utilizadas as variáveis do formulário "trabalho bem feito e satisfação de necessidades" e como variável independe as variáveis do questionário "condições para motivação". Sob o ponto de vista prático, este estudo mostrou que um determinado conjunto de características motivacionais influi positivamente na satisfação do trabalhador, que poderá realizar um trabalho bem feito; do lado teórico, a pesquisa verificou explicitamente a hipótese de que os aspectos motivacionais contribuem para que o empregado, sentindo-se satisfeito, desempenhe melhor as atribuições que lhe são conferidas

Síntese e caracterização de cerâmicas nanométricas para produção de gás de síntese

In this work, ceramic powders belonging to the system Nd2-xSrxNiO4 (x = 0, 0.4, 0.8, 1.2 and 1.6) were synthesized for their use as catalysts to syngas production partial. It was used a synthesis route, relatively new, which makes use of gelatin as organic precursor. The powders were analyzed at several temperatures in order to obtain the perovskite phase and characterized by several techniques such as thermal analysis, X-rays diffraction, Rietveld refinement method, specific surface area, scanning electron microscopy, energy dispersive spectroscopy of X-rays and temperature programmed reduction. The results obtained using these techniques confirmed the feasibility of the synthesis method employed to obtain nanosized particles. The powders were tested in differential catalytic conditions for dry reforming of methane (DRM) and partial oxidation of methane (POM), then, some systems were chosen for catalytic integrals test for (POM) indicating that the system Nd2-xSrxNiO4 for x = 0, 0.4 and 1.2 calcined at 900 °C exhibit catalytic activity on the investigated experimental conditions in this work without showing signs of deactivation

Aplicação da metodologia de planejamento de experimentos para formulação de massas cerâmicas para telhas

Rio Grande do Norte State stands out as one great producer of structural clay of the brazilian northeastern. The Valley Assu ceramic tiles production stands out obtained from ilitics ball clays that abound in the region under study. Ceramics formulation and the design of experiments with mixture approach, has been applied for researchers, come as an important aid to decrease the number of experiments necessary to the optimization. In this context, the objective of this work is to evaluate the effects of the formulation, temperature and heating rate in the physical-mechanical properties of the red ceramic body used for roofing tile fabrication of the Valley Assu, using design of mixture experiments. Four clays samples used in two ceramics industry of the region were use as raw material and characterized by X-ray diffraction, chemical composition, differential thermal analysis (DTA), thermogravimetric analysis (TGA), particle size distribution analysis and plasticity techniques. Afterwards, they were defined initial molded bodies and made specimens were then prepared by uniaxial pressing at 25 MPa before firing at 850, 950 and 1050 ºC in a laboratory furnace, with heating rate in the proportions of 5, 10 e 15 ºC/min. The following tecnologicals properties were evaluated: linear firing shrinkage, water absorption and flexural strength. Results show that the temperature 1050 ºC and heating rate of 5 ºC/min was the best condition, therefore presented significance in all physical-mechanical properties. The model was accepted as valid based of the production of three new formulations with fractions mass diferents of the initial molded bodies and heated with temperature at 1050 ºC and heating rate of 5 ºC/min. Considering the formulation, temperature and heating rate as variables of the equations, another model was suggested, where from the aplication of design of experiments with mixtures was possible to get a best formulation, whose experimental error is the minor in relation to the too much formulations

Cinemática de partículas em fluidos de viscosidade variável com o tempo e sua aplicação na construção de poços de petróleo: avaliação durante paradas operacionais

The new oil reservoirs discoveries in onshore and ultra deep water offshore fields and complex trajectories require the optimization of procedures to reduce the stops operation during the well drilling, especially because the platforms and equipment high cost, and risks which are inherent to the operation. Among the most important aspects stands out the drilling fluids project and their behavior against different situations that may occur during the process. By means of sedimentation experiments, a correlation has been validated to determe the sedimentation particles velocity in variable viscosity fluids over time, applying the correction due to effective viscosity that is a shear rate and time function. The viscosity evolution over time was obtained by carrying out rheologic tests using a fixed shear rate, small enough to not interfere in the fluid gelling process. With the sedimentation particles velocity and the fluid viscosity over time equations an iterative procedure was proposed to determine the particles displacement over time. These equations were implemented in a case study to simulate the cuttings sedimentation generated in the oil well drilling during stops operation, especially in the connections and tripping, allowing the drilling fluid project in order to maintain the cuttings in suspension, avoiding risks, such as stuck pipe and in more drastic conditions, the loss of the well

Um modelo matemático baseado em wavelets para análise do método térmico de recuperação de óleo pesado aplicando irradiação eletromagnética

This work proposes a model to investigate the use of a cylindrical antenna used in the thermal method of recovering through electromagnetic radiation of high-viscosity oil. The antenna has a simple geometry, adapted dipole type, and it can be modelled by using Maxwell s equation. The wavelet transforms are used as basis functions and applied in conjunction with the method of moments to obtain the current distribution in the antenna. The electric field, power and temperature distribution are carefully calculated for the analysis of the antenna as electromagnetic heating. The energy performance is analyzed based on thermo-fluid dynamic simulations at field scale, and through the adaptation in the Steam Thermal and Advanced Processes Reservoir Simulator (STARS) by Computer Modelling Group (CMG). The model proposed and the numerical results obtained are stable and presented good agreement with the results reported in the specialized literature

Simulação de fluxo de fluidos em meios porosos desordenados uma análise de efeito de escala na estimativa da permeabilidade e do coeficiente de arrasto

The present study provides a methodology that gives a predictive character the computer simulations based on detailed models of the geometry of a porous medium. We using the software FLUENT to investigate the flow of a viscous Newtonian fluid through a random fractal medium which simplifies a two-dimensional disordered porous medium representing a petroleum reservoir. This fractal model is formed by obstacles of various sizes, whose size distribution function follows a power law where exponent is defined as the fractal dimension of fractionation Dff of the model characterizing the process of fragmentation these obstacles. They are randomly disposed in a rectangular channel. The modeling process incorporates modern concepts, scaling laws, to analyze the influence of heterogeneity found in the fields of the porosity and of the permeability in such a way as to characterize the medium in terms of their fractal properties. This procedure allows numerically analyze the measurements of permeability k and the drag coefficient Cd proposed relationships, like power law, for these properties on various modeling schemes. The purpose of this research is to study the variability provided by these heterogeneities where the velocity field and other details of viscous fluid dynamics are obtained by solving numerically the continuity and Navier-Stokes equations at pore level and observe how the fractal dimension of fractionation of the model can affect their hydrodynamic properties. This study were considered two classes of models, models with constant porosity, MPC, and models with varying porosity, MPV. The results have allowed us to find numerical relationship between the permeability, drag coefficient and the fractal dimension of fractionation of the medium. Based on these numerical results we have proposed scaling relations and algebraic expressions involving the relevant parameters of the phenomenon. In this study analytical equations were determined for Dff depending on the geometrical parameters of the models. We also found a relation between the permeability and the drag coefficient which is inversely proportional to one another. As for the difference in behavior it is most striking in the classes of models MPV. That is, the fact that the porosity vary in these models is an additional factor that plays a significant role in flow analysis. Finally, the results proved satisfactory and consistent, which demonstrates the effectiveness of the referred methodology for all applications analyzed in this study.

Modelagem matemática para o transporte de partículas sujeitas a múltiplos mecanismos de retenção

Discrepancies between classical model predictions and experimental data for deep bed filtration have been reported by various authors. In order to understand these discrepancies, an analytic continuum model for deep bed filtration is proposed. In this model, a filter coefficient is attributed to each distinct retention mechanism (straining, diffusion, gravity interception, etc.). It was shown that these coefficients generally cannot be merged into an effective filter coefficient, as considered in the classical model. Furthermore, the derived analytic solutions for the proposed model were applied for fitting experimental data, and a very good agreement between experimental data and proposed model predictions were obtained. Comparison of the obtained results with empirical correlations allowed identifying the dominant retention mechanisms. In addition, it was shown that the larger the ratio of particle to pore sizes, the more intensive the straining mechanism and the larger the discrepancies between experimental data and classical model predictions. The classical model and proposed model were compared via statistical analysis. The obtained p values allow concluding that the proposed model should be preferred especially when straining plays an important role. In addition, deep bed filtration with finite retention capacity was studied. This work also involves the study of filtration of particles through porous media with a finite capacity of filtration. It was observed, in this case, that is necessary to consider changes in the boundary conditions through time evolution. It was obtained a solution for such a model using different functions of filtration coefficients. Besides that, it was shown how to build a solution for any filtration coefficient. It was seen that, even considering the same filtration coefficient, the classic model and the one here propposed, show different predictions for the concentration of particles retained in the porous media and for the suspended particles at the exit of the media

Avaliação das pressões respiratórias máximas em crianças e adolescentes da grande Natal: elaboração de uma equação preditiva

The human respiratory system was so designed that would allow efficient ventilation, regardless of variations in the external environment that may hinder the act of breathing, such an act involves dozens of variables, among them we find the respiratory depression, which is nothing more than respiratory muscle strength. The pressures are widely used in several cases: Neuro-muscular; evolution of pulmonary dysfunction and a predictor for discontinuation of mechanical ventilation. Therefore it was proposed to carry out evaluations of these respiratory pressures for children and adolescents aged 10 to 16 years and propose a predictive equation that involves the anthropometric variables age (A, years), body mass (BM, kilograms) and height (H, meters) with maximal respiratory pressures (maximum inspiratory and expiratory pressure). Evaluations were performed in this age group of students in public and private schools of the Grande Natal , measurements were performed using the analogue manometer, were children and adolescents and their parents gave informed consent. 517 samples were taken, and 250 for males (M), 255 for females (F) and 12 were excluded according to our exclusion criteria. The sample was subdivided into three age groups (10-11, 12-13 and 14 to 16 years old). It was found through the student s t test (p ≤ 0.05) for all variables studied, children and male adolescents had higher means than females, except for the MC. For the correlation between the variables found significant correlation (p <0.05) among all the variables when analyzed as pairs except between MIP and height for females. The development of predictive equations (for p ≤ 0.05) based on three types of strategies adopted were restricted to two association between anthropometric variables isolated, resulting in: for males: MIP = -32.29 + (-2.11*A) + (-0.52*BM), MIP = 9.99 + (-0.36*BM) + (-49.40*H); MEP = 18.54 + 3.53*A + 0, 42*BM, MEP = -33.37 + 2.78*A + 52.18* H, MEP = -17.39 + 0.33*BM + 55.04*H; and, for females we find: MEP = 24.32 + 2.59 * A + 0.24*BM

Modelos matemáticos para estimativa do consumo máximo de oxigênio pela ventilometria de esforço em indivíduos saudáveis

The relation between metabolic demand and maximal oxygen consumption during exercise have been investigated in different areas of knowledge. In the health field, the determination of maximal oxygen consumption (VO2max) is considered a method to classify the level of physical fitness or the risk of cardiocirculatory diseases. The accuracy to obtain data provides a better evaluation of functional responses and allows a reduction in the error margin at the moment of risk classification, as well as, at the moment of determination of aerobic exercise work load. In Brasil, the use of respirometry associated to ergometric test became an opition in the cardiorespiratory evaluation. This equipment allows predictions concerning the oxyredutase process, making it possible to identify physiological responses to physical effort as the respiratory threshold. This thesis focused in the development of mathematical models developed by multiple regression validated by the stepwise method, aiming to predict the VO2max based on respiratory responses to physical effort. The sample was composed of a ramdom sample of 181 healthy individuals, men and women, that were randomized to two groups: regression group and cross validation group (GV). The voluntiars were submitted to a incremental treadmill test; objetiving to determinate of the second respiratory threshold (LVII) and the Peak VO2max. Using the método forward addition method 11 models of VO2max prediction in trendmill were developded. No significative differences were found between the VO2max meansured and the predicted by models when they were compared using ANOVA One-Way and the Post Hoc test of Turkey. We concluded that the developed mathematical models allow a prediction of the VO2max of healthy young individuals based on the LVII

Mortalidade materna no estado da Paraíba, 2000 a 2004

Esta tese articulou as áreas do conhecimento da Epidemiologia, Saúde Pública, Demografia e Estatística. Para esta investigação, traçaram-se duas estratégias: por um lado, buscou-se relatar a trajetória dos direitos femininos em saúde no Brasil a partir do período pós-guerra até os dias atuais; por outro lado, objetivou-se analisar diferenciais da morte materna e suas associações com variáveis sociodemográficas das mulheres residentes no estado da Paraíba no período de 2000 a 2004. As explorações decorrentes destes objetivos resultaram na produção de três abordagens. Na primeira, procedeu-se a um olhar retrospectivo sobre as políticas de saúde da mulher no país e seus desdobramentos regionais, enfocando a saúde materna. A análise permitiu reconhecer que, apesar de todas as conquistas adquiridas pelas mulheres desde os anos 80, a população feminina brasileira, em particular a paraibana, ainda carece de melhorias nas condições de saúde, sendo esta situação retratada pelo elevado número de mortes maternas ocorridas nos últimos anos. Também se buscou retratar os esforços dos sistemas oficiais na luta pela melhoria da qualidade dos dados reconhecida, na agenda nacional, como sendo ainda uma grande preocupação atual. Na segunda, o objetivo foi identificar o poder associativo entre a raça das mulheres residentes no estado da Paraíba e algumas variáveis sociodemográficas. Os resultados mostraram que houve indícios significativos de que as mulheres não brancas da Paraíba tiveram maiores chances de morrer que as brancas com baixa escolaridade e por morte obstétrica direta. Na terceira, centrou-se no tipo de óbito materno, cujo objetivo consistiu em analisar associações entre o tipo de óbito materno das mulheres paraibanas e as variáveis: grupo etário, escolaridade e raça, no período de 2000 a 2004. Os testes estatísticos realizados apontaram que a mulher paraibana teve cinco vezes mais chances de morrer por morte obstétrica direta ou indireta na faixa etária abaixo dos 20 anos e acima dos 34 em relação a faixa etária entre 20-34 anos

Modelo matemático para predição do VO2máx em cicloergômetro baseado na análise dos gases expirados

Existem diversas equações para predição do VO2máx a partir de variáveis dentro do teste ergométrico em vários ergômetros, no entanto equação semelhante utilizando os limiares ventilatórios na ergoespirometria em teste sub-máximo no cicloergômetro não está disponível. O objetivo do presente estudo foi avaliar a precisão de modelos de predição do VO2máx com base em indicadores de esforço sub-máximo. Neste sentido foram testados em protocolo incremental máximo no cicloergômetro 7.877 voluntários, sendo 4640 indivíduos do sexo feminino e 3147 do sexo masculino, todos saudáveis não atletas, com idades acima de 20 anos, divididos randomicamente em dois grupos: A de estimação e B de validação. A partir das variáveis independentes massa corporal (MC) em kg, carga de trabalho no limiar 2 (WL2) e freqüência cardíaca no limiar 2 (FCL2) foi possível construir um modelo de regressão linear múltipla para predição do VO2máx. Os resultados demonstram que em indivíduos saudáveis não atletas de ambos os sexos é possível predizer o VO2máx com um erro mínimo (EPE = 1,00%) a partir de indicadores submáximos obtidos em teste incremental. O caráter multidisciplinar do trabalho pôde ser caracterizado pelo emprego de técnicas que envolveram pneumologia, educação física, fisiologia e estatística

Sistema fuzzy para estimativa do bem-estar de matrizes pesadas

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Mathematical analysis of maximum power generated by photovoltaic systems and fitting curves for standard test conditions

The rural electrification is characterized by geographical dispersion of the population, low consumption, high investment by consumers and high cost. Moreover, solar radiation constitutes an inexhaustible source of energy and in its conversion into electricity photovoltaic panels are used. In this study, equations were adjusted to field conditions presented by the manufacturer for current and power of small photovoltaic systems. The mathematical analysis was performed on the photovoltaic rural system I- 100 from ISOFOTON, with power 300 Wp, located at the Experimental Farm Lageado of FCA/UNESP. For the development of such equations, the circuitry of photovoltaic cells has been studied to apply iterative numerical methods for the determination of electrical parameters and possible errors in the appropriate equations in the literature to reality. Therefore, a simulation of a photovoltaic panel was proposed through mathematical equations that were adjusted according to the data of local radiation. The results have presented equations that provide real answers to the user and may assist in the design of these systems, once calculated that the maximum power limit ensures a supply of energy generated. This real sizing helps establishing the possible applications of solar energy to the rural producer and informing the real possibilities of generating electricity from the sun.