Negociação com informação privilegiada e retorno das ações na BM&FBOVESPA

No Brasil, conforme a Lei nº 10.303/2001, o uso indevido de informação privilegiada no mercado acionário é crime. Contudo, na literatura, é possível encontrar estudos que apontam a existência de negociações com informação privilegiada nesse mercado (BOPP, 2003; BARBEDO, SILVA, LEAL, 2009). Por isso, este estudo tem o objetivo de investigar a probabilidade de negociação com informação privilegiada (PIN) na negociação de ações na BM&FBOVESPA, buscando identificar sua relação com o retorno dessas ações. Com base nas Teorias dos Mercados Eficientes e da Agência, foram analisadas 198 ações durante o ano de 2011. Por meio do modelo de mensuração de assimetria de informação de Easley, Hvidkjaer e O'Hara (2002), a PIN foi estimada e relacionada ao retorno das ações por meio do modelo de Fama e MacBeth (1973) ajustado. Os resultados indicam que há 22,9% de probabilidade de terem ocorrido negociações com informação privilegiada, que os segmentos com maiores exigências de governança reúnem as ações com menor assimetria e que um aumento de 10,0% na PIN leva a um aumento de 8,0% no retorno das ações.

New source-material for the socio-economic history of the Hindus of Goa

The Mhamai brothers were the suppliers of daily commodities / stationery to the viceroys / governors of Goa. Since late 18th century their agency house worked in partnership with several other trading houses all over the west coast of India. They also served as brokers for the French East India company in Goa during the critical period of anglo-french wars. The Mhamais were also revenue farmers, particularly customs and tobacco tax farming. I had the privilege of taking their family archives to the Xavier Centre of Historical Research in 1979 and making the history of the family known worldwide.

Nutritional status of children, inmates of a small institution for homeless children in the capital of the State of S. Paulo, Brazil

Nutritional surveys (food consumption, clinical and biochemichal) were conducted in a small institution for homeless children. Results showed that only 30% of the children presented adequate calorie intake. Most of the children presented adequate protein intake, but almost half consumed less than 2/3 of the calcium RDA considered necessary. Food handling, processing, and distribution also proved inadequate and wastage, high. Skinfold measurement showed up one case of obesity. Furthermore, most of the children presented clinical signs of vitamin A deficiency, mostly skin lesions; while about half presented clinical signs of riboflavin deficiency. Biochemical data showed that 63.6% had deficient plasma levels of vitamin A, none showed abnormal results for riboflavin excretion, four showed packed blood cell volume below normal, and all had normal hemoglobin levels. Stool examinations revealed a high rate of pathogenic protozoa (Hymenolepis nana), in fact, one of the highest in Brazilian literature.

Factors influencing amblyopia rehabilitation in occlusive therapy

Amblyopia develops in an early period and is a decrease of visual acuity (unilateral or bilateral) caused by a deprivation of vision or abnormal binocular interaction. Prognosis of Amblyopia is better when occlusive treatment is implemented in an early stage. Visual acuity of amblyopic eye does not improve without effective occlusive therapy. The aim of this study is to identify potential risk factors of noncompliance with treatment when it is implemented by parents in amblyopic children.

(Virtual) Agents for running electricity markets

This paper describes a multi-agent based simulation (MABS) framework to construct an artificial electric power market populated with learning agents. The artificial market, named TEMMAS (The Electricity Market Multi-Agent Simulator), explores the integration of two design constructs: (i) the specification of the environmental physical market properties and (ii) the specification of the decision-making (deliberative) and reactive agents. TEMMAS is materialized in an experimental setup involving distinct power generator companies that operate in the market and search for the trading strategies that best exploit their generating units' resources. The experimental results show a coherent market behavior that emerges from the overall simulated environment.