Mercado de ações brasileiro: uma investigação empírica sobre suas relações de longo prazo e de precedência temporal pré-crise de 2008

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

A crise do subprime e seus efeitos sobre os Estados Unidos e reflexos no Brasil

Between December 2007 and June 2009 the United States witnessed 18 months of recession that became known as the subprime crisis. Beginning in the housing market, the crisis moved into the banking and financial markets and spread throughout the entire economy through a domino effect, affecting the majority of other businesses. A major reflection of this was the large rise in unemployment rates due to business slashing jobs in an attempt to preserve cash. Although the crisis has officially ended, the unemployment rate reached over 10% in 2010 in the United States. American's continue to seek new jobs in a very difficult employment market, while attempting to manage the family household budget. American household income, which decreased either by pay cuts, job loss, and the effects of inflation, leads the majority of Americans to declare that the crisis had not yet ended. The crisis has spread to the world in varying degrees. Brazil was one of the countries least affected due to government policies and the large amount of foreign exchange. Although the crisis has affected Brazil only slightly, we will show how it reached this country and how the government solved this problem. This research paper will explain how the subprime crisis began, how it manifested itself in the U.S. economy and throughout the population. Also, it will show the crisis’ effects in Brazil and show some statements from Americans with their respective views and their experiences relative to the crisis

Credit-Default-Swaps and the 2008 Financial Crisis: An Inquiry into the Underlying Legal Origins and the European Union’s Regulatory Reforms

After the 2008 financial crisis, the financial innovation product Credit-Default-Swap (CDS) was widely blamed as the main cause of this crisis. CDS is one type of over-the-counter (OTC) traded derivatives. Before the crisis, the trading of CDS was very popular among the financial institutions. But meanwhile, excessive speculative CDSs transactions in a legal environment of scant regulation accumulated huge risks in the financial system. This dissertation is divided into three parts. In Part I, we discussed the primers of the CDSs and its market development, then we analyzed in detail the roles CDSs had played in this crisis based on economic studies. It is advanced that CDSs not just promoted the eruption of the crisis in 2007 but also exacerbated it in 2008. In part II, we asked ourselves what are the legal origins of this crisis in relation with CDSs, as we believe that financial instruments could only function, positive or negative, under certain legal institutional environment. After an in-depth inquiry, we observed that at least three traditional legal doctrines were eroded or circumvented by OTC derivatives. It is argued that the malfunction of these doctrines, on the one hand, facilitated the proliferation of speculative CDSs transactions; on the other hand, eroded the original risk-control legal mechanism. Therefore, the 2008 crisis could escalate rapidly into a global financial tsunami, which was out of control of the regulators. In Part III, we focused on the European Union’s regulatory reform towards the OTC derivatives market. In specific, EU introduced mandatory central counterparty clearing obligation for qualified OTC derivatives, and requires that all OTC derivatives shall be reported to a trade repository. It is observable that EU’s approach in re-regulating the derivatives market is different with the traditional administrative regulation, but aiming at constructing a new market infrastructure for OTC derivatives.

Effects of verum acupuncture compared to placebo acupuncture on quantitative EEG and heart rate variability in healthy volunteers

OBJECTIVES: The aim of this single-blind randomized crossover study was to evaluate specific effects of manual acupuncture on central and vegetative nervous system activity measured by quantitative electroencephalography (qEEG) and heart rate variability (HRV). DESIGN: Twenty (20) healthy volunteers (mean: 25.2 +/- 3.6 years) were monitored simultaneously using a qEEG system and a 12-channel electrocardiogram recorder during verum acupuncture (VA) at acupuncture point Large Intestine 4 (Hegu) (LI4) or placebo acupuncture (PA) at a sham point. RESULTS: In the EEG conduction of the occipital area, needle stimulation in VA increased alpha1-frequency significantly, and the ratio alpha1/theta was shifted to the benefit of alpha1 over all electrodes. The HRV parameters showed a significant increase of the low frequency/high frequency (HF) ratio during the first minute of stimulation in VA, indicating an initial increase of sympathetic activation. However, an increase of HF power in the minute after stimulation followed by a decrease in heart rate suggests delayed vagal activation. De qi (a sensation that is typical of acupuncture needling) occurred in 16 subjects during VA and in 9 volunteers during PA (80% versus 45%). CONCLUSIONS: Manual stimulation on LI4 seems to lead to specific changes in alpha EEG-frequency and in HRV parameters. A linear relationship between the HRV parameters and the alpha EEG band might point to a specific modulation of cerebral function by vegetative effects during acupuncture.

Sea ice cover, and bottom water and sediment characteristics at stations in the Amundsen Gulf, Canada

Seasonal dynamics in the activity of Arctic shelf benthos have been the subject of few local studies, and the pronounced among-site variability characterizing their results makes it difficult to upscale and generalize their conclusions. In a regional study encompassing five sites at 100-595 m water depth in the southeastern Beaufort Sea, we found that total pigment concentrations in surficial sediments, used as proxies of general food supply to the benthos, rose significantly after the transition from ice-covered conditions in spring (March-June 2008) to open-water conditions in summer (June-August 2008), whereas sediment Chl a concentrations, typical markers of fresh food input, did not. Macrobenthic biomass (including agglutinated foraminifera >500 µm) varied significantly among sites (1.2-6.4 g C/m**2 in spring, 1.1-12.6 g C/m**2 in summer), whereas a general spring-to-summer increase was not detected. Benthic carbon remineralisation also ranged significantly among sites (11.9-33.2 mg C/m**2/day in spring, 11.6-44.4 mg C/m**2/day in summer) and did in addition exhibit a general significant increase from spring-to-summer. Multiple regression analysis suggests that in both spring and summer, sediment Chl a concentration is the prime determinant of benthic carbon remineralisation, but other factors have a significant secondary influence, such as foraminiferan biomass (negative in both seasons), water depth (in spring) and infaunal biomass (in summer). Our findings indicate the importance of the combined and dynamic effects of food supply and benthic community patterns on the carbon remineralisation of the polar shelf benthos in seasonally ice-covered seas.

Chlorophyll a content, protist biomass and experimental plankton growth and mortality in West Greenland water samples

We evaluated the role of microzooplankton (sensu latto, grazers <500 µm) in determining the fate of phytoplankton production (PP) along a glacier-to-open sea transect in the Greenland subarctic fjord, Godthabfjord. Based on the distribution of size fractionated chlorophyll a (chl a) concentrations we established 4 zones: (1) Fyllas Bank, characterized by deep chl a maxima (ca. 30 to 40 m) consisting of large cells, (2) the mouth and main branch of the fjord, where phytoplankton was relatively homogeneously distributed in the upper 30 m layer, (3) inner waters influenced by glacial melt water and upwelling, with high chl a concentrations (up to 12 µg/l) in the >10 µm fraction within a narrow (2 m) subsurface layer, and (4) the Kapisigdlit branch of the fjord, ice-free, and characterized with a thick and deep chl a maximum layer. Overall, microzooplankton grazing impact on primary production was variable and seldom significant in the Fyllas Bank and mouth of the fjord, quite intensive (up to >100% potential PP consumed daily) in the middle part of the main and Kapisigdlit branches of the fjord, and rather low and unable to control the fast growing phytoplankton population inhabiting the nutrient rich waters in the upwelling area in the vicinity of the glacier. Most of the grazing impact was on the <10 µm phytoplankton fraction, and the major grazers of the system seem to be >20 µm microzooplankton, as deducted from additional dilution experiments removing this size fraction. Overall, little or no export of phytoplankton out of the fjord to the Fyllas Bank can be determined from our data.

Chlorophyll a and carbon fluxes, and characteristics of the water column during summer 2008 in the Beaufort Sea

Following the extreme low ice year of 2007, primary production and the sinking export of particulate and gel-like organic material, using short-term particle interceptor traps deployed at 100 m, were measured in the southeastern Beaufort Sea during summer 2008. The combined influence of early ice retreat and coastal upwelling contributed to exceptionally high primary production (500 ± 312 mg C/m**2/day, n = 7), dominated by large cells (>5 µm, 73% ± 15%, n = 7). However, except for one station located north of Cape Bathurst, the sinking export of particulate organic carbon (POC) was relatively low (range: 38-104 mg C/m**2/day, n = 12) compared to other productive Arctic shelves. Estimates indicate that 80% ± 20% of the primary production was cycled through large copepods or the microbial food web. Exopolymeric substances were abundant in the sinking material but did not appear to accelerate POC sinking export. The use of isotopic signatures (d13C, d15N) and carbon/nitrogen ratios to identify sources of the sinking material was successful only at two stations with a strong marine or terrestrial signature, indicating the limitations of this approach in hydrographically and biologically complex Arctic coastal waters such as in the Beaufort Sea. At these two stations influenced by either coastal upwelling or erosion, the composition and magnitude of particulate sinking fluxes were markedly different from other stations visited during the study. These observations underscore the fundamental role of mesoscale circulation patterns and hydrodynamic singularities on the export of particulate organic material on Arctic shelves.