The theory of storage and the volatility in commadity markets

Esse estudo estende a metodologia de Fama e French (1988) para testar a hipótese derivada da Teoria dos Estoques de que o convenience yield dos estoques diminui a uma taxa decrescente com o aumento de estoque. Como descrito por Samuelson (1965), a Teoria implica que as variações nos preços à vista (spot) e dos futuros (ou dos contratos a termo) serão similares quando os estoques estão altos, mas os preços futuros variarão menos que os preços à vista quando os estoques estão baixos. Isso ocorre porque os choques de oferta e demanda podem ser absorvidos por ajustes no estoque quando este está alto, afetando de maneira similar os preços à vista e futuros. Por outro lado, quando os estoques estão baixos, toda a absorção dos choques de demanda ou oferta recai sobre o preço à vista, uma vez que os agentes econômicos têm pouca condição de reagir à quantidade demandada ou ofertada no curto prazo.

The eager fight for supremacy in the online service industry: a comparative study of M&A activities: case studies of Apple, Google and Microsoft

A indústria de serviços online é caracterizada por um volume alto de Fusões e Aquisições no período de 2005 a 2015. As líderes de mercado, Apple, Google e Microsoft, incorporaram essa forma de crescimento inorgânico em suas estratégias corporativas. Essa tese examina as atividades de Fusões e Aquisições dessas três empresas. Consequentemente, ela tem foco em dois aspectos principais. Primeiro, existe o objetivo de saciar uma escassez na literatura acadêmica, no que se diz respeito ao estabelecimento de uma conexão entre a estratégia corporativa dessas empresas e as decisões tomadas de Fusões e Aquisições. Segundo, há também o objetivo de estimar possíveis futuros desenvolvimentos no setor. Através de uma análise de conteúdo qualitativa das publicações das empresas, relatórios de análise de mercado, e outros conteúdos de terceiros, estudos de caso foram desenvolvidos. Os resultados mostram o processo de posicionamento estratégico por parte da Apple, Google e Microsoft, dentro do mercado de serviços online, entre os anos de 2005 e 2015. As recorrentes fusões e aquisições são analisadas, no que se diz respeito as estratégias corporativas dessas empresas e a responsividade perante as atividades de seus competidores. Os resultados evidenciam atividades agressivas de Fusões e Aquisições em grupos estratégicos em comum entre as três empresas, especialmente no mercado de aparelhos de comunicação móvel e serviços de comunicação.

An improved and fast UHPLC-PDA methodology for determination of L-ascorbic and dehydroascorbic acids in fruits and vegetables: evaluation of degradation rate during storage

This study provides a versatile validated method to determine the total vitamin C content, as the sum of the contents of L-ascorbic acid (L-AA) and dehydroascorbic acid (DHAA), in several fruits and vegetables and its degradability with storage time. Seven horticultural crops from two different origins were analyzed using an ultrahigh-performance liquid chromatographic–photodiode array (UHPLC-PDA) system, equipped with a new trifunctional high strength silica (100% silica particle) analytical column (100 mm×2.1 mm, 1.7 μm particle size) using 0.1% (v/v) formic acid as mobile phase, in isocratic mode. This new stationary phase, specially designed for polar compounds, overcomes the problems normally encountered in HPLC and is suitable for the analysis of large batches of samples without L-AA degradation. In addition, it proves to be an excellent alternative to conventional C18 columns for the determination of L-AA in fruits and vegetables. The method was fully validated in terms of linearity, detection (LOD) and quantification (LOQ) limits, accuracy, and inter/intraday precision. Validation experiments revealed very good recovery rate of 96.6±4.4% for L-AA and 103.1±4.8 % for total vitamin C, good linearity with r2-values >0.999 within the established concentration range, excellent repeatability (0.5%), and reproducibility (1.6%) values. The LOD of the method was 22 ng/mL whereas the LOQ was 67 ng/mL. It was possible to demonstrate that L-AA and DHAA concentrations in the different horticulture products varied oppositely with time of storage not always affecting the total amount of vitamin C during shelf-life. Locally produced fruits have higher concentrations of vitamin C, compared with imported ones, but vegetables showed the opposite trend. Moreover, this UHPLC-PDA methodology proves to be an improved, simple, and fast approach for determining the total content of vitamin C in various food commodities, with high sensitivity, selectivity, and resolving power within 3 min of run analysis.

Using Neo4J geospatial data storage and integration

Online geographic-databases have been growing increasingly as they have become a crucial source of information for both social networks and safety-critical systems. Since the quality of such applications is largely related to the richness and completeness of their data, it becomes imperative to develop adaptable and persistent storage systems, able to make use of several sources of information as well as enabling the fastest possible response from them. This work will create a shared and extensible geographic model, able to retrieve and store information from the major spatial sources available. A geographic-based system also has very high requirements in terms of scalability, computational power and domain complexity, causing several difficulties for a traditional relational database as the number of results increases. NoSQL systems provide valuable advantages for this scenario, in particular graph databases which are capable of modeling vast amounts of inter-connected data while providing a very substantial increase of performance for several spatial requests, such as finding shortestpath routes and performing relationship lookups with high concurrency. In this work, we will analyze the current state of geographic information systems and develop a unified geographic model, named GeoPlace Explorer (GE). GE is able to import and store spatial data from several online sources at a symbolic level in both a relational and a graph databases, where several stress tests were performed in order to find the advantages and disadvantages of each database paradigm.

Physical-chemical analysis of the cerebrospinal fluid of healthy dogs submitted to different storage periods and temperatures

Disfunções envolvendo o sistema nervoso são de grande importância na Medicina Veterinária, pois tratam-se de enfermidades de elevada incidência e com poucos subsídios auxiliares no seu diagnóstico, prognóstico e na avaliação de terapias empregadas. Ainda hoje, o diagnóstico baseia-se, em grande parte, no histórico e no exame clínico neurológico. Dessa forma, a análise dos constituintes do fluido cefalorraquidiano torna-se uma das poucas alternativas de acesso clínico ao sistema nervoso central (SNC). Mesmo com a grande utilidade do exame físico-químico e citoscópico do liquor na neurologia veterinária, poucos são os estudos sobre a estabilidade dos seus constituintes sob estocagem. Dessa forma, o presente trabalho teve como finalidade verificar a influência da temperatura e do tempo de conservação nas características físico-químicas do liquor de cães hígidos. Para tanto, foram coletadas amostras de LCR, através da punção da cisterna cerebelo-medular de cães clinicamente sadios, as quais foram submetidas à análise da densidade específica, do pH, da glicorraquia, das proteínas totais e das atividades das enzimas creatina quinase (CK) e aspartato aminotransferase (AST), após conservá-las em diferentes temperaturas (25°C, 4°C e -4°C) e por diferentes períodos de tempo (logo após a colheita, 24 horas, 48 horas, uma semana e um mês). Dentre os resultados obtidos, foi possível verificar, principalmente, que houve estabilidade dos parâmetros estudados por até um mês de estocagem nas amostras mantidas sob a temperaturas de congelamento de -4°C.

Influence of egg pre-storage heating period and storage length on incubation results

This experiment aimed at evaluating the influence of different heating times of settable eggs of Cobb 500® broiler breeders before submitting them to different storage periods on egg weight loss, embryo mortality, and hatchability. A total number of 1,980 eggs were distributed in a completely randomized experimental design with a 3 x 3 factorial arrangement, comprising nine treatments with 22 replicates of 10 eggs each. The following factors were analyzed: pre-storage heating periods (0, 6, 12 hours at 36.92°C) and storage periods (4, 9, 14 days at 12.06°C). After storage, eggs were incubated under usual conditions, and were transferred to the hatcher at 442 hours of incubation. Eggs were weighed before heating, incubation, and transference to determine weight loss. Partial hatchability was determined at 480 hours, and total hatchability at 498 hours of incubation. Embryo mortality was determined in non-hatched eggs. It was concluded that heating eggs for six hour before storage improves incubation results as it decreases incubation length and late embryo mortality, therefore its use can be indicated in commercial operations. Storing eggs for 14 days and pre-heating for 14 days and pre-heating for 12 hours severely impair incubation results, and therefore are not recommended.

Influence of egg pre-storage heating period and storage length on the digestive tract of newly-hatched broiler chicks

An experiment was carried out to evaluate the effect of different heating times of settable eggs of Cobb 500® broiler breeders before submitting them to different storage periods on body weight, digestive tract organ weights, and intestinal mucosa morphology of newly-hatched chicks. Settable eggs were distributed in a completely randomized experimental design with a 3 x 3 factorial arrangement: pre-storage heating periods (0, 6, 12 hours at 36.92°C) and storage periods (4, 9, 14 days at 12.06°C). Body weight and relative weights of the yolk sac, heart, liver, proventriculus+gizzard, and intestinal segments were measured in chicks hatching at 480 and 498 hours of incubation. Villi height, width and perimeter, and crypt depth (ìm) were measured in duodenal histological sections. It was concluded that pre-storage heating for six hours of eggs stored for four or nine days increases small intestine weight of newly-hatched chicks, but does not influence the morphology of the duodenal mucosa. Pre-storage heating for 12 hours negatively influences body weight and duodenal mucosa development, and therefore this practice is not recommended. Storage length does not have consistent effect on body weight and development of the gastrointestinal tract.

The Effect of Serial Culture and Storage on the Protective Potential of a Competitive Exclusion Preparation

Cultura de fezes (Método de Exclusão Competitiva - EC) utilizada para prevenir a colonização cecal de aves por Salmonella enterica serovar Enteritidis (SE) foi submetida a cultivos seriados para evitar a presença de patógenos e, após o tratamento mais adequado, foi armazenada em temperatura de refrigeração antes do seu uso por até 63 dias. Os resultados mostraram que o cultivo repetido por 14 vezes não prejudica a ação protetora da cultura (CE), a qual continua inibindo a colonização cecal por SE. O produto submetido a 12 cultivos e armazenado durante 28 dias em temperatura de refrigeração também continua eficaz.

Electrical conductivity of soybean seeds after storage in several environments

Membrane integrity, as measured by electrical conductivity (EC), is suggested as an indicator of seed vigor in soybean [Glycine max (L.) Merrill] seeds. This study evaluated the effect of storage time and temperature on EC of six soybean seed lots (two lots each of high, medium and low vigor). All seed lots were adjusted to 120 g kg(-1) seed moisture, sealed in aluminum foil packets and placed in storage at 10 and 20 degreesC or stored unsealed in multi-wall paper bags in warehouse (WH) conditions at Lexington, KY, USA for 486 days. Four of the six seed lots were also stored unsealed at 10 degreesC. All seed lots were sampled at 3-month intervals and evaluated for seed moisture (SMC), standard germination (SG) and vigor [accelerated aging (AA) and EC]. After 91 and 204 days in storage, samples initially stored at 20 degreesC and WH were moved to 10 degreesC and sampled at the same intervals. Seed moisture content for unsealed samples equilibrated at 107 g kg(-1) (+/-9 g kg(-1)) in both the WH and 10 degreesC environments. No change in SG occurred for seeds stored sealed (120 g kg(-1)) at 10 degreesC, except for the low vigor seed lots which declined significantly at the last sample date. The AA germination declined significantly for all, seed lots stored sealed at 10 degreesC, however the EC did not change during the same storage period. Seeds stored sealed at 20 degreesC and unsealed in the WH showed rapid declines in AA and SG and significant increases in EC. When these seeds were moved to 10 degreesC, however, the AA continued to decline while the EC remained at the same level (no significant change) for the remainder of the seed storage period. Thus whilst the AA declined in all environments, the EC only increased at higher temperatures (20 degreesC, WH) but showed little change during storage at 10 degreesC. Thus, precautions must be taken if using EC to measure soybean seed vigor following storage at 10 degreesC.

Temperature during soybean seed storage and the amount of electrolytes of soaked seeds solution

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

Plantability and moisture content of naked and pelleted seeds of supersweet (Sh2) corn during cold storage conditions

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Eletrical conductivity and deterioration of soybean seeds exposed to different storage conditions

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

Electrical conductivity testing of corn seeds as influenced by temperature and period of storage

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

Electrical conductivity and mineral composition of the imbibition solution of bean seeds during storage

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