Extreme observations and diversification in Latin American emerging equity markets

In this paper, we focus on the tails of the unconditional distribution of Latin American emerging markets stock returns. We explore their implications for portfolio diversification according to the safety tirst principIe, tirst proposed by Roy (1952). We tind that the Latin American emerging markets have signiticantly fatter tails than industrial markets. especially, the lower tail of the distrihution. We consider the implication of the safety tirst principIe for a U .S. investor who creates a diversitied portfolio using Latin American stock markets. We tind that a U.S. investor gains by adding Latin American equity markets to her purely domestic portfolio. For different parameter specitications. we finu a more realistic asset allocation than the one suggested by the Iiterature haseu on the traditional mean-variance framework.

Bayesian analysis of extreme events with threshold estimation

The aim of this paper is to analyze extremal events using Generalized Pareto Distributions (GPD), considering explicitly the uncertainty about the threshold. Current practice empirically determines this quantity and proceeds by estimating the GPD parameters based on data beyond it, discarding all the information available be10w the threshold. We introduce a mixture model that combines a parametric form for the center and a GPD for the tail of the distributions and uses all observations for inference about the unknown parameters from both distributions, the threshold inc1uded. Prior distribution for the parameters are indirectly obtained through experts quantiles elicitation. Posterior inference is available through Markov Chain Monte Carlo (MCMC) methods. Simulations are carried out in order to analyze the performance of our proposed mode1 under a wide range of scenarios. Those scenarios approximate realistic situations found in the literature. We also apply the proposed model to a real dataset, Nasdaq 100, an index of the financiai market that presents many extreme events. Important issues such as predictive analysis and model selection are considered along with possible modeling extensions.

Construindo lealdade online: a renda do consumidor faz diferença?

O varejo online vem apresentando volumes cada vez maiores em vendas. Esse volume de negócios em crescimento, transacionados em ambiente virtual, apresenta maior desafio à fidelização do seu consumo em relação aos apresentados nas transações realizadas em lojas físicas. No Brasil, os propulsores do crescimento do varejo online estão, principalmente, entre os consumidores pertencentes à baixa renda, mais conhecida como classe C, mas pouco se conhece a respeito desse segmento no varejo online. Essa pesquisa se propôs a avaliar o fenômeno de e-Lealdade, com consumidores brasileiros de ambos os estratos de renda (superior e inferior), em duas etapas: qualitativa exploratória e quantitativa. Na etapa exploratória da pesquisa foram entrevistados 16 consumidores e foi realizada análise de conteúdo. Na etapa quantitativa foram avaliados dados coletados de 1.020 consumidores, via websurvey, e analisados com o emprego de equações estruturais (estimador de máxima verossimilhança). A investigação foi norteada pela identificação, através de revisão de literatura, do que se denominou “modelo Clássico de e-Lealdade”. Nesse modelo, a e-Lealdade é construída pela relação entre as dimensões de e-Qualidade, e-Satisfação e e-Confiança. Essa pesquisa se propôs a avaliar essas relações, no mercado brasileiro, entre diferentes estratos de renda dos consumidores. Esse objetivo foi motivado pelo crescimento da participação de consumidores pertencentes à classe C no comércio on-line brasileiro, além de indícios de comportamento distinto entre os estratos. Entre os principais resultados, verificou-se que consumidores pertencentes a estratos superiores de renda valorizam mais a qualidade da informação do website, ao passo que consumidores de estratos de renda inferiores ressaltam a importância da garantia de entrega. Tanto para consumidores do estrato superior quanto para o inferior, a e-Satisfação tem peso muito maior do que a e-Confiança na determinação da e-Lealdade. Esse destaque da importância da e-Satisfação (em relação à e-Confiança) é ainda mais acentuado no segmento inferior de renda. Apesar do seu menor peso, a relevância da e-Confiança é maior no segmento superior do que no inferior. Tais diferenças atestaram a moderação da variável renda nas relações definidoras de e-Lealdade, esperando ter contribuído para o estudo do fenômeno.

Co-creation in hospitality industry: a case study on the drivers of traveler-generated content

User-generated content in travel industry is the phenomenon studied in this research, which aims to fill the literature gap on the drivers to write reviews on TripAdvisor. The object of study is relevant from a managerial standpoint since the motivators that drive users to co-create can shape strategies and be turned into external leverages that generate value for brands through content production. From an academic perspective, the goal is to enhance literature on the field, and fill a gap on adherence of local culture to UGC given industry structure specificities. The business’ impact of UGC is supported by the fact that it increases e-commerce conversion rates since research undertaken by Ye, Law, Gu and Chen (2009) states each 10% in traveler review ratings boosts online booking in more than 5%. The literature review builds a theoretical framework on required concepts to support the TripAdvisor case study methodology. Quantitative and qualitative data compound the methodological approach through literature review, desk research, executive interview, and user survey which are analyzed under factor and cluster analysis to group users with similar drivers towards UGC. Additionally, cultural and country-specific aspects impact user behavior. Since hospitality industry in Brazil is concentrated on long tail – 92% of hotels in Brazil are independent ones (Jones Lang LaSalle, 2015, p. 7) – and lesser known hotels take better advantage of reviews – according to Luca (2011) each one Yelp-star increase in rating, increases in 9% independent restaurant revenue whereas in chain restaurants the reviews have no effect – , this dissertation sought to understand UGC in the context of travelers from São Paulo (Brazil) and adopted the case of TripAdvisor to describe what are the incentives that drives user’s co-creation among targeted travelers. It has an outcome of 4 different clusters with different drivers for UGC that enables to design marketing strategies, and it also concludes there’s a big potential to convert current content consumers into producers, the remaining importance of friends and family referrals and the role played by incentives. Among the conclusions, this study lead us to an exploration of positive feedback and network effect concepts, a reinforcement of the UGC relevance for long tail hotels, the interdependence across content production, consumption and participation; and the role played by technology allied with behavioral analysis to take effective decisions. The adherence of UGC to hospitality industry, also outlines the formulation of the concept present in the dissertation title of “Traveler-Generated Content”.

Neoplasia papilar cística do pâncreas

Papyllary cystic tumor of the pancreas, so-called Frantz’s tumor, is rare. Clinical presentation of this disease is usually a slowly growing abdominal mass with or without abdominal pain, affecting predominantly young females. Its pathogenesis is still unknown . Surgical resection is usually curative, and prognosis is excellent. The authors report two pancreatic tumor cases(Frantz’s tumor) in women aged 26 and 31 years old. Pre operative assessment showed a solid-cystic tumor of the tail and body of the pancreas. An extended distal pancreatectomy was performed without splenic preservation

Análise toxicológica in vitro e in vivo de uma fucana antitrombótica da alga marrom Spatoglossum schdöederi

Fucan is a term used to denominate a family of sulfated polysaccharides rich in L-fucose. They are extracted mainly from the extracellular matrix of brown algae and echinoderms. The brown alga Spatoglossum schröederi (Dictyotaceae) has three heterofucans named A, B and C. Our research group have been extracted non anticoagulant heterofucan from S. schröederi which possess antithrombotic activity in vivo. However, their toxicity in vitro and in vivo has not yet been determined. For the results in toxicity in vitro, we observed that the fucan A at 20, 500 and 1000 μg/plate showed no mutagenic activity in Kado test (Microsuspension), when the bacterial strains TA97a, TA98, TA100 and TA102, with and without S9 were used. The comet assay showed that fucan A (from 20 to 1000 μg/mL) did not cause any genotoxic effect on CHO cells. There was no damage to the DNA of these cells, as evidenced by the tail length and tail moment, which were similar to that found for the negative control. The fucan A from S. schröederi was administered at 20 μg/g of rat (dose which it showed high antithrombotic activity) during two months. After that, the animals were killed and examined. The data showed that fucan A did not cause any change in biochemistry and hematological parameters, as well as, in the morphology and size of the rat s organs analyzed. In conclusion, this study indicates that fucan is a compound with potential pharmacological that has no toxicity

Avaliação do potencial antiinflamatório, anticoagulante e hemorrágico de heparinóides presentes em "Artemia franciscana"

Heparan sulfate (HS) and Heparin (Hep) glycosaminoglycans (GAGs) are heterogeneous and highly charged polysaccharides. HS is structurally related to Hep but is much less substituted with sulfo groups than heparin and has a more varied structure (or sequence). Because of structural similiarities between these two polymers, they have been described together as heparinoids . Both chains bind a variety of proteins and mediate various physiologically important processes including, blood coagulation, cell adhesion and growth factor regulation. Heparinoids with structural characteristics similar to these described from HS and/or Hep from mammalian tissues have been isolated from different species of invertebrates, although only a few heparinoids from unusual sources have been characterized. The present study describes the presence of unusual heparinoids population from Artemia franciscana, isolated after proteolysis and fractionation by ion exchange resin and named, F-3.0M. The study model in vivo were hemostasis (rat tail scarification) and inflamatoty activity. The tests in vitro were used for coagulations assays (PT and APTT). The analyse of the heparinoids eluted with 3,0M NaCl showed electrophoretic migration in different buffer systems a single band with a behaviour intermediate between those of mammalian HEP and HS. The main products obtained from Artemia heparinoids after enzymatic degradation with heparitinases I and II from F. heparinum were N-sulphated disaccharides (∆U-GlcNS,6S/ ∆U,2S-GlcNS and ∆U-GlcNS) and N-acetylated disaccharides (∆U, GlcNAc). This heparinoid had a lower hemorrhagic effect (400μg/ml) when compared to unfractiionated heparins(25μg/ml).The results also suggest a negligible APTT activity of this heparinoid (62.2s). No action was observed on PT indicating that F-3.0M haven t action on the extrinsic pathway. The results showed that the fraction F- 3.0M have inhibitory effect on migration of leukocytes, 64.5% in the concentration of 10 μg/ml (P<0.001). The search for new heparin and/or heparan sulphates analogs devoid of anticoagulant activity is an atractive alternative and may open up a wide variety of new therapeutic applications

Description of a new species of skate of the genus Malacoraja Stehmann, 1970: the first species from the southwestern Atlantic Ocean, with notes on generic monophyly and composition (Chondrichthyes: Rajidae)

O primeiro registro para o Atlântico Sul ocidental de uma espécie do gênero Malacoraja Stehmann, 1970 é feita com base na descrição de Malacoraja obscura, espécie nova, proveniente do talude continental do Sudeste brasileiro dos estados do Espírito Santo e Rio de Janeiro em profundidades de 808-1105 m. A espécie nova é conhecida através de cinco exemplares e é distinta de seus congêneres pela sua coloração dorsal composta por numerosas manchas esbranquiçadas e pequenas na região do disco e nadadeiras pélvicas, por apresentar uma fileira irregular de espinhos ao longo da superfície dorsal mediana da cauda a qual persiste em espécimes maiores (desde a base da cauda até dois-terços do seu comprimento numa fêmea de 680 mm de comprimento total, CT) e uma região pequena desprovida de dentículos na base ventral da cauda (estendendo somente até a margem distal da nadadeira pélvica). Outros caracteres diagnósticos em combinação incluem a ausência de espinhos escapulares em indivíduos maiores, número elevado de fileiras dentárias (64/62 fileiras num macho subadulto de 505 mm de CT e 76/74 numa fêmea de 680 mm de CT) e de vértebras (27-28 Vtr, 68-75 Vprd), coloração ventral do disco uniformemente castanha escura, duas fenestras pós-ventrais na cintura escapular, fenestra pós-ventral posterior grande, forame magno circular e dois forames para a carótida interna na placa basal ventral do neurocrânio. Machos adultos não são conhecidos, porém uma descrição anatômica de M. obscura, sp. nov., é fornecida. Comparações são realizadas com todo o material conhecido de M. kreffti, com a literatura sobre M. senta e com material abundante de M. spinacidermis da África do Sul; M. obscura, sp. nov., assemelha-se mais a M. spinacidermis do Atlântico Sul oriental em esqueleto dérmico, coloração e tamanho. Malacoraja é monofilético devido à sua espinulação e apêndices rostrais conspícuos e é aparentemente composta por dois grupos de espécies, um para M. obscura e M. spinacidermis e outro para M. kreffti e M. senta, porém a elucidação das relações filogenéticas entre as espécies necessita de mais informações anatômicas, principalmente das duas últimas espécies.