Options listing and the volatility of the underling asset: a study on the derivative market function

There are basic misunderstandings on derivative markets. Some professionals believe that they are a kind of casinos and have no utility for the investors. This work looks at the effects of options introduction in the Brazilian market, seeking for another benefit for this introduction: changes in the stocks risk leveI. Our results are the same found in the US and other markets: the options introduction reduces the stocks volatility. We also found that there is a slight indication that the volatility becames more stochastic with this alternative.

O planejamento econômico no Brasil: considerações críticas

In the past thirty years, a series of plans have been developed by successive Brazilian governments in a continuing effort to maximize the nation's resources for economic and social growth. This planning history has been quantitatively rich but qualitatively poor. The disjunction has stimulated Professor Mello e Souza to address himself to the problem of national planning and to offer some criticisms of Brazilian planning experience. Though political instability has obviously been a factor promoting discontinuity, his criticisms are aimed at the attitudes and strategic concepts which have sought to link planning to national goals and administration. He criticizes the fascination with techniques and plans to the exclusion of proper diagnosis of the socio-political reality, developing instruments to coordinate and carry out objectives, and creating an administrative structure centralized enough to make national decisions and decentralized enough to perform on the basis of those decisions. Thus, fixed, quantified objectives abound while the problem of functioning mechanisms for the coordinated, rational use of resources has been left unattended. Although his interest and criticism are focused on the process and experience of national planning, he recognized variation in the level and results of Brazilian planning. National plans have failed due to faulty conception of the function of planning. Sectorial plans, save in the sector of the petroleum industry under government responsibility, ha e not succeeded in overcoming the problems of formulation and execution thereby repeating old technical errors. Planning for the private sector has a somewhat brighter history due to the use of Grupos Executivos which has enabled the planning process to transcend the formalism and tradition-bound attitudes of the regular bureaucracy. Regional planning offers two relatively successful experiences, Sudene and the strategy of the regionally oriented autarchy. Thus, planning history in Brazil is not entirely black but a certain shade of grey. The major part of the article, however, is devoted to a descriptive analysis of the national planning experience. The plans included in this analysis are: The Works and Equipment Plan (POE); The Health, Food, Transportation and Energy Plan (Salte); The Program of Goals; The Trienal Plan of Economic and Social Development; and the Plan of Governmental Economic Action (Paeg). Using these five plans for his historical experience the author sets out a series of errors of formulation and execution by which he analyzes that experience. With respect to formulation, he speaks of a lack of elaboration of programs and projects, of coordination among diverse goals, and of provision of qualified staff and techniques. He mentions the absence of the definition of resources necessary to the financing of the plan and the inadequate quantification of sectorial and national goals due to the lack of reliable statistical information. Finally, he notes the failure to coordinate the annual budget with the multi-year plans. He sees the problems of execution as beginning in the absence of coordination between the various sectors of the public administration, the failure to develop an operative system of decentralization, the absence of any system of financial and fiscal control over execution, the difficulties imposed by the system of public accounting, and the absence of an adequate program of allocation for the liberation of resources. He ends by pointing to the failure to develop and use an integrated system of political economic tools in a mode compatible with the objective of the plans. The body of the article analyzes national planning experience in Brazil using these lists of errors as rough model of criticism. Several conclusions emerge from this analysis with regard to planning in Brazil and in developing countries, in general. Plans have generally been of little avail in Brazil because of the lack of a continuous, bureaucratized (in the Weberian sense) planning organization set in an instrumentally suitable administrative structure and based on thorough diagnoses of socio-economic conditions and problems. Plans have become the justification for planning. Planning has come to be conceived as a rational method of orienting the process of decisions through the establishment of a precise and quantified relation between means and ends. But this conception has led to a planning history rimmed with frustration, and failure, because of its rigidity in the face of flexible and changing reality. Rather, he suggests a conception of planning which understands it "as a rational process of formulating decisions about the policy, economy, and society whose only demand is that of managing the instrumentarium in a harmonious and integrated form in order to reach explicit, but not quantified ends". He calls this "planning without plans": the establishment of broad-scale tendencies through diagnosis whose implementation is carried out through an adjustable, coherent instrumentarium of political-economic tools. Administration according to a plan of multiple, integrated goals is a sound procedure if the nation's administrative machinery contains the technical development needed to control the multiple variables linked to any situation of socio-economic change. Brazil does not possess this level of refinement and any strategy of planning relevant to its problems must recognize this. The reforms which have been attempted fail to make this recognition as is true of the conception of planning informing the Brazilian experience. Therefore, unworkable plans, ill-diagnosed with little or no supportive instrumentarium or flexibility have been Brazil's legacy. This legacy seems likely to continue until the conception of planning comes to live in the reality of Brazil.

Public hearings as a tool to improve participation in regulatory policies: case study of the National Agency of Electric Energy

The participation of citizens in public policies is an opportunity not only to educate them, but also to increase their empowerment. However, the best way for deploying participatory policies, defining their scope and approach, still remains an open and continuous debate. Using as a case study the Brazilian National Agency of Electric Energy (Aneel), with its public hearings about tariff review, this paper aims at analyzing the democratic aspects of these hearings and challenges the hypothesis of many scholars about the social participation bias in this kind of procedure. This study points out a majority participation of experts, contrasting with the political content of discussions. And, this way, it contributes to a critical analysis of the public hearings as a participatory tool, indicating their strengths and their aspects which deserve a special attention.

Modeling the Diffusion of Energy Performance Contracting

The Portuguese Energy Policy considers the development of a commercially viable and competitive market for energy performance contracting (EPC) as a main mechanism to achieve the objectives of energy efficiency improvement. This paper proposes a study to investigate how to achieve widespread adoption of energy performance contracting by means of system dynamics modelling and simulation. To explore and gather insights on this question, a system dynamics model representing the system of the Portuguese EPC market at industry level will be created. The simulation of that model will provide a helpful basis for analysing and explaining the development of key variables, and accelerating learning on the managerial, organizational and political adaptation processes that foster the diffusion of EPC adoption. The first phase of this research project aims at identifying and analysing the key factors and critical cause-effect relations that drive the adoption of EPC. With this purpose, a qualitative content analysis on relevant documents was performed and a set of interviews was conducted. That data was analysed to capture the critical variables and its interrelation to formulate a preliminary representation of the system structure as stock and flow diagrams.

Impact of the background region of interest in the relative renal function

Renal scintigraphy with 99mTc-dimercaptosuccinic acid (99mTc-DMSA) is performed with the aim of detect cortical abnormalities related to urinary tract infection and accurately quantify relative renal function (RRF). For this quantitative assessment Nuclear Medicine Technologist should draw regions of interest (ROI) around each kidney (KROI) and peri-renal background (BKG) ROI, although, controversy still exists about BKG-ROI. The aim of this work was to evaluate the effect of the normalization procedure, number and location of BKG-ROI on the RRF in 99mTc-DMSA scintigraphy.

Relationship of balance to function independence in stroke survivors

Cerebral vascular disease is the primary cause of permanent disability in Portugal. Impaired stability is considered an important feature after stroke as it is related with higher risk of falls and functional dependence. Physiotherapy intervention usually starts early after stroke in order to direct motor recovery and help patients to improve their ability to perform activities of daily living (ADL). Purpose: to investigate the relationship of balance to functionality in acute stroke patients. Methods: 16 subjects (8 women and 8 men), mean age 63,62 ± 2,16y, with unilateral ischemic stroke in the middle cerebral artery territory, who were admitted to physiotherapy department of Fernando Fonseca Hospital in Portugal, within the first month after stroke were recruited to participate in this study. All subjects have no cognitive impairment according to Mini Mental State, no history of lower extremity orthopedic problems and no other disease that could interfere with treatments. All patients gave their inform consent to participate in this study. Subjects were assessed with the Modified Barthel Index (MBI) and the Berg Balance Scale (BBS).

Predictive Optimal Matrix Converter Control for a Dynamic Voltage Restorer with Flywheel Energy Storage

This paper presents a predictive optimal matrix converter controller for a flywheel energy storage system used as Dynamic Voltage Restorer (DVR). The flywheel energy storage device is based on a steel seamless tube mounted as a vertical axis flywheel to store kinetic energy. The motor/generator is a Permanent Magnet Synchronous Machine driven by the AC-AC Matrix Converter. The matrix control method uses a discrete-time model of the converter system to predict the expected values of the input and output currents for all the 27 possible vectors generated by the matrix converter. An optimal controller minimizes control errors using a weighted cost functional. The flywheel and control process was tested as a DVR to mitigate voltage sags and swells. Simulation results show that the DVR is able to compensate the critical load voltage without delays, voltage undershoots or overshoots, overcoming the input/output coupling of matrix converters.

Scaling of the elastic contribution to the surface free energy of a nematic liquid crystal on a sawtoothed substrate

We characterize the elastic contribution to the surface free energy of a nematic liquid crystal in the presence of a sawtooth substrate. Our findings are based on numerical minimization of the Landau-de Gennes model and analytical calculations on the Frank-Oseen theory. The nucleation of disclination lines (characterized by non-half-integer winding numbers) in the wedges and apexes of the substrate induces a leading order proportional to q ln q to the elastic contribution to the surface free-energy density, with q being the wave number associated with the substrate periodicity.

Scheduling of head-dependent cascaded reservoirs considering discharge ramping constraints and start/stop of units

This paper is on the problem of short-term hydro scheduling (STHS), particularly concerning head-dependent reservoirs under competitive environment. We propose a novel method, based on mixed-integer nonlinear programming (MINLP), for optimising power generation efficiency. This method considers hydroelectric power generation as a nonlinear function of water discharge and of the head. The main contribution of this paper is that discharge ramping constraints and start/stop of units are also considered, in order to obtain more realistic and feasible results. The proposed method has been applied successfully to solve two case studies based on Portuguese cascaded hydro systems, providing a higher profit at an acceptable computation time in comparison with classical optimisation methods based on mixed-integer linear programming (MILP).

Power converter topologies for wind energy conversion systems: Integrated modeling, control strategy and performance simulation

This paper presents new integrated model for variable-speed wind energy conversion systems, considering a more accurate dynamic of the wind turbine, rotor, generator, power converter and filter. Pulse width modulation by space vector modulation associated with sliding mode is used for controlling the power converters. Also, power factor control is introduced at the output of the power converters. Comprehensive performance simulation studies are carried out with matrix, two-level and multilevel power converter topologies in order to adequately assert the system performance. Conclusions are duly drawn.

Fractional-order control and simulation of wind energy systems with PMSG/full-power converter topology

This paper presents a new integrated model for the simulation of wind energy systems. The proposed model is more realistic and accurate, considering a variable-speed wind turbine, two-mass rotor, permanent magnet synchronous generator (PMSG), different power converter topologies, and filters. Additionally, a new control strategy is proposed for the variable-speed operation of wind turbines with PMSG/full-power converter topology, based on fractional-order controllers. Comprehensive simulation studies are carried out with matrix and multilevel power converter topologies, in order to adequately assert the system performance in what regards the quality of the energy injected into the electric grid. Finally, conclusions are duly drawn.

Nanocrystalline p-layer for a-Si:H p-i-n solar cells and photodiodes

We report on structural, electronic, and optical properties of boron-doped, hydrogenated nanocrystalline silicon (nc-Si:H) thin films deposited by plasma-enhanced chemical vapor deposition (PECVD) at a substrate temperature of 150 degrees C. Film properties were studied as a function of trimethylboron-to-silane ratio and film thickness. The absorption loss of 25% at a wavelength of 400 nm was measured for the 20 nm thick films on glass and glass/ZnO:Al substrates. By employing the p(+) nc-Si:H as a window layer, complete p-i-n structures were fabricated and characterized. Low leakage current and enhanced sensitivity in the UV/blue range were achieved by incorporating an a-SiC:H buffer between the p- and i-layers.

Estudo da resposta de um dosímetro eletrónico individual

Introdução – A monitorização da exposição ocupacional a doses de radiação ionizante pode ser complementada por dosímetros eletrónicos individuais que permitem uma leitura direta da dose de radiação recebida. Dada a dependência energética e de débito de dose já reportada para estes dosímetros, este trabalho pretende determinar a linearidade da resposta de um dosímetro eletrónico individual e estudar o comportamento da sua resposta em função da energia de radiação e do débito de dose. Metodologia – Para estudar a dependência da energia da radiação do dosímetro eletrónico pessoal Vertec Bleeper Sv procedeu‑se à sua irradiação com um equivalente de dose individual, Hp(10), de 500 μSv de radiação gama do Cobalto – 60 (60C) e Césio – 137 (137Cs) e das qualidades de radiação X da série Narrow (N): N‑30, N‑40, N‑60, N‑80, N‑100 e N‑120. Para investigar a dependência da resposta em função do débito de dose aplicaram‑se à ampola de raios X as intensidades de corrente elétrica de 1 mA, 5 mA, 10 mA, 15 mA e 20 mA. Resultados – Não existe uma relação entre a resposta do detetor e a energia de radiação a que este é exposto. Ocorre uma subestimação superior a 50% na grandeza medida para energias inferiores a 33 keV, mas ostenta uma medida relativamente linear da grandeza Hp(10) para doses inferiores a 100 μSv. Também se constata que, à medida que o débito de dose aumenta, existe uma diminuição na resposta do dosímetro. O menor decréscimo na resposta deste dosímetro eletrónico individual dá‑se para as qualidades de radiação N‑30 (1,1%), N‑40 (4,1%) e N‑120 (20,0%). Conclusão – Verifica‑se que a resposta do dosímetro individual Vertec Bleeper Sv depende fortemente da energia da radiação e do débito de dose. ABSTRACT: Introduction – The measurement of occupational exposure to radiation doses can be completed with an electronic personal dosemeter that allows a direct reading and alarm function of the received radiation dose. Due to the energy and dose rate dependence already reported for this type of dosemeter, it is intended, with this work, to determine the response linearity of an Electronic Personal Dosemeter and to study its response behavior to the dose rate and radiation energy. Methodology – The electronic personal dosemeter Vertec Bleeper Sv energy dependency was evaluated by its irradiation with 500 μSv from the radionuclides Cobalt – 60 (60C) and Cesium – 137 (137Cs) as well as by the radiation qualities of the Narrow (N) series: N‑30, N‑40, N‑60, N‑80, N‑100 e N‑120. To investigate the dose rate dependency, the intensities of electric current of 1 mA, 5 mA, 10 mA, 15 mA and 20 mA were applied to the X‑ray tube. Results – There is no relationship between the response of the detector and the radiation energy. For energies below 33 keV there is an underestimation over 50% of the radiation dose measured but the detector presents a linear response for energies under 100 μSv. A dependency on the dose rate is perceived since as the dose rate increases, the response of the individual monitor decreases. There is a smaller decrease for the radiation qualities of N‑30 (1.1%), N‑40 (4.1%) and N‑120 (20.0%). Conclusion – It is concluded that there is a strong dependence of radiation energy and dose rate on the response of an electronic personal dosemeter.

Effects of lower limb strengthening on balance and function in persons who suffered a stroke

Introduction - Cerebrovascular diseases, and among them, cerebral vascular accidents, are one of the main causes of morbidity and disability at European Union countries. Clinical framework resulting from these diseases include important limitations in functional ability of the these patients Postural control dysfunctions are one of the most common and devastating consequences of a stroke interfering with function and autonomy and affecting different aspects of people’s life and contributing to decrease quality of life. Neurological physiotherapy plays a central role in the recovery of movement and posture, however it is necessary to study the efficacy of techniques that physiotherapists use to treat these problems. Objectives - The aim of this study was to investigate the effects of a physiotherapy intervention program, based on oriented tasks and strengthening of the affected lower limb, on balance and functionality of individuals who have suffered a stroke. In addition our study aimed to investigate the effect of strength training of the affected lower limb on muscle tone.

Light pollution and energy efficiency: a case study of the village of Vialonga

Since industrialization and the formation of larger urban centers in the nineteenth century, pollution of the environment was always present in daily life in various ways, namely in the form of light. Light pollution can cause various consequences, both for humans and for their ecosystem, producing effects on environmental, social, economic and scientific level. In Portugal, the lighting is responsible for 3% of total electricity consumption, energy costs are in some cases more than 50% towards the costs incurred by municipalities with energy, checking-in recent years a trend similar to that improvement of illumination levels in the region (about 4 to 5% per year). Proper use of lighting brings many benefits both to the citizen and environment, since greater energy efficiency can contribute to reducing CO2 emissions, energy costs, as well as to decrease the use of resources not-renewable and/or contamination of renewable resources, which can occurs in the process of obtaining electricity. The present study has a main goal to analyze the illuminance levels associated to the public lighting of the village of Vialonga, Vila Franca de Xira (Portugal), to verify if it is efficient. The aim is also to relate the efficiency of street lighting with the existence of light pollution.