Brazil and the USA: rethinking the future of ethanol for stronger mutual wns

A produção de etanol e a dominação da indústria, historicamente, tem sido uma fonte de discórdia para seus dois principais produtores. Os EUA com seu etanol de milho e o Brasil com sua etanol de cana, são os dois maiores produtores mundiais de etanol (1º EUA; 2º Brasil) e tem competido pela participação de mercado mundial há décadas. A partir de Dezembro de 2011, os EUA levantaram as tarifas e os subsídios que foram instalados para proteger sua indústria de etanol, o que muda o campo de jogo da produção mundial de etanol para o futuro. Atualmente em todo o mundo, o etanol é usado em uma proporção muito menor comparativamente a outros combustíveis. Esta pesquisa analisa o nível potencial de colaboração entre os EUA e o Brasil, facilitando um diálogo entre os stakeholders em etanol. A pesquisa consiste principalmente de conversas e entrevistas, com base em um conjunto de perguntas destinadas a inspirar conversas detalhadas e expansivas sobre os temas de relações Brasil-EUA e etanol. Esta pesquisa mostra que o etanol celulósico, que é também conhecido como etanol de segunda geração, oferece mais oportunidades de parceria entre os EUA e o Brasil, como há mais oportunidades para pesquisa e desenvolvimento em conjunto e transferência de tecnologia nesta área. Enquanto o etanol de cana no Brasil ainda é uma indústria próspera e crescente, o milho e a cana são muito diferentes geneticamente para aplicar as mesmas inovações exatas de um etanol de primeira geração, por outro. As semelhanças entre os processos de fermentação e destilação entre as matérias-primas utilizadas nos EUA e no Brasil para o etanol de segunda geração torna o investimento conjunto nesta área mais sensível. De segunda geração é uma resposta para a questão "alimentos versus combustíveis". Esta pesquisa aplica o modelo de co-opetição como um quadro de parceria entre os EUA e o Brasil em etanol celulósico. A pesquisa mostra que enquanto o etanol pode não ser um forte concorrente com o petróleo no futuro imediato, ele tem melhores perspectivas de ser desenvolvido como um complemento ao petróleo, em vez de um substituto. Como os EUA e o Brasil tem culturas de misturar etanol com petróleo, algo da estrutura para isso já está em vigor, a relação de complementaridade seria fortalecido através de uma política de governo clara e de longo prazo. A pesquisa sugere que apenas através desta colaboração, com toda a partilha de conhecimentos técnicos e estratégias econômicas e de desenvolvimento, o etanol celulósico será um commodity negociado mundialmente e uma alternativa viável a outros combustíveis. As entrevistas com os interessados em que esta pesquisa se baseia foram feitas ao longo de 2012. Como a indústria de etanol é muito dinâmica, certos eventos podem ter ocorrido desde esse tempo para modificar ou melhorar alguns dos argumentos apresentados.

The performance of open-end Brazilian fixed income mutual funds for retail clients

From a financial perspective, this dissertation analyzes the Brazilian mutual fund industry performance for an average retail client. The most representative funds for the local population, that are the fixed income open-end ones, will be selected and their performance will be measured aiming to answer if clients of this industry obtained a proper return over their investments in the period between August 2010 and August 2013. A proper return will be understood as the preservation of the purchasing power of the individual´s savings, what is achieved with a positive performance of a mutual fund after discounting taxes, administrative fees and inflation. After obtaining an answer for the previous question, this dissertation will explore a possible alternative solution: Tesouro Direto, that is an example of a financial approach that could foster the disintermediation between savings and investments through electronic channels. New electronic platforms, with a broader scope, could be utilized to increase the efficiency of funding productive investments through better remunerating Brazilian savings. Tesouro Direto may point towards a new paradigm.

Brazilian equity mutual funds: A general outlook based on performance

This dissertation main goal is to overview the Brazilian equity mutual funds returns. We find that active management is not effective for Ibovespa index, since Ibovespa active funds do not outperform the Ibovespa referenced funds. However, for IBrX index, active management do outperform the passive strategy. We found that Sustainable funds returns do not outperform the market, Endowment funds show poor performance, which could indicate strong regulation imposition over endowment funds portfolios. The size of a fund shows positive correlation to mean average returns and alphas. A fund’s lifetime is positively correlated to returns and to alphas, which could be related to more risk-taking by younger managers in order to pursue higher expected returns and, consequently, bigger inflows. Younger funds tend to have lower performance probably because, in taking more risks, they do not perform as expected. In addition, we find that the decreasing trend of the alpha evolution along the time is a sign of the industry decreasing returns of scale, which entails that managers have more difficulties to beat the market portfolio. Top 10s rankings show that funds appear more than once on the top 10s, which shows persistence of funds’ performance. Finally, concerning the deciles and quartiles rankings, the frequency of appearances changes among performance measures. There are measures which, when compared to others, strongly change the top and bottom for the decile and quartile members.

Does active management add value?: the Brazilian mutual fund market

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence is against the active management. We also analyze the determinants of significant alphas. For stocks and hedge funds the evidence suggests that old, big and active funds generate biggest alphas. In fixed income funds the evidence is not clear, only a positive relationship between size and alphas could be found.

Mutual coupling modeling in transmission lines directly in the phase domain

This paper describes a computational model based on lumped elements for the mutual coupling between phases in three-phase transmission lines without the explicit use of modal transformation matrices. The self and mutual parameters and the coupling between phases are modeled using modal transformation techniques. The modal representation is developed from the intrinsic consideration of the modal transformation matrix and the resulting system of time-domain differential equations is described as state equations. Thus, a detailed profile of the currents and the voltages through the line can be easily calculated using numerical or analytical integration methods. However, the original contribution of the article is the proposal of a time-domain model without the successive phase/mode transformations and a practical implementation based on conventional electrical circuits, without the use of electromagnetic theory to model the coupling between phases. © 2011 IEEE.

Mutual occlusion between real and virtual elements in Augmented Reality based on fiducial markers

Augmented Reality (AR) systems which use optical tracking with fiducial marker for registration have had an important role in popularizing this technology, since only a personal computer with a conventional webcam is required. However, in most these applications, the virtual elements are shown only in the foreground a real element does not occlude a virtual one. The method presented enables AR environments based on fiducial markers to support mutual occlusion between a real element and many virtual ones, according to the elements position (depth) in the environment. © 2012 IEEE.

Equivalent representation of mutual coupling in transmission lines by discrete element

This paper describes a computational model based on lumped elements for the mutual coupling between phases in transmission lines without the explicit use of modal transformation matrices. The self and mutual parameters and the coupling between phases are modeled using modal transformation techniques. The modal representation is developed from the intrinsic consideration of the modal transformation matrix and the resulting system of time-domain differential equations is described as state equations. Thus, a detailed profile ofthe currents and the voltages through the line can be easily calculated using numerical or analytical integration methods. However, the original contribution of the article is the proposal of a time-domain model without the successive phase/mode transformations and a practical implementation based on conventional electrical circuits, without the use of electromagnetic theory to model the coupling between phases. © 2003-2012 IEEE.

Analysis of 25 mutual eclipses and occultations between the Galilean satellites observed from Brazil in 2009

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Mutual Information Rate and Bounds for It

The amount of information exchanged per unit of time between two nodes in a dynamical network or between two data sets is a powerful concept for analysing complex systems. This quantity, known as the mutual information rate (MIR), is calculated from the mutual information, which is rigorously defined only for random systems. Moreover, the definition of mutual information is based on probabilities of significant events. This work offers a simple alternative way to calculate the MIR in dynamical (deterministic) networks or between two time series (not fully deterministic), and to calculate its upper and lower bounds without having to calculate probabilities, but rather in terms of well known and well defined quantities in dynamical systems. As possible applications of our bounds, we study the relationship between synchronisation and the exchange of information in a system of two coupled maps and in experimental networks of coupled oscillators.

Universal behavior of the Shannon mutual information of critical quantum chains

We consider the Shannon mutual information of subsystems of critical quantum chains in their ground states. Our results indicate a universal leading behavior for large subsystem sizes. Moreover, as happens with the entanglement entropy, its finite-size behavior yields the conformal anomaly c of the underlying conformal field theory governing the long-distance physics of the quantum chain. We study analytically a chain of coupled harmonic oscillators and numerically the Q-state Potts models (Q = 2, 3, and 4), the XXZ quantum chain, and the spin-1 Fateev-Zamolodchikov model. The Shannon mutual information is a quantity easily computed, and our results indicate that for relatively small lattice sizes, its finite-size behavior already detects the universality class of quantum critical behavior.

Equine and human mutual welfare: a whole subject? Critical aspects and possible strategies in equine-assisted activities and therapies

General aim of the study is equine welfare, particularly concerning different husbandry methodic and inter-specific relational factors. Specific aim is the evaluation of possible mutual (to humans and to equines) benefits and the analysis of critical factors/strength points, of human-horse relationship within Therapeutic Riding context (TR). The peculiarities of human-horse relationship (compared to the bond with “Pet”) are analyzed, concerning their socio-anthropological, psychological, psycho-dynamic distinctive characteristics. 8 European representative therapeutic riding centers (TRC) were therefore selected (on the basis of their different animals’ husbandry criteria, and of the different rehabilitative methodologies adopted). TRC were investigated through 2 different questionnaires, specifically settled to access objective/subjective animal welfare parameters; the quality of human-horse relationship; technicians’ emotional experienced. 3 Centers were further selected, and behavioral (145 hours of behavioral recording) and physiological parameters (heart rate and heart rate variability) were evaluated, aimed to access equine welfare and horses’ adaptive responses/coping (towards general environment and towards TR job). Moreover a specific “handling-task” was ideated and experimented, aimed to measure the quality of TR technicians-horses relationship. We did therefore evaluate both the individual horses’ responses and the possible differences among Centers. Data collected highlight the lack of univocal standardized methodic, concerning the general animals’ management and the specific methodologies (aimed to improve animal welfare and to empower TR efficacy). Some positive and some critical aspects were detected concerning TR personnel-horse relationship. Another experimental approach did evaluate the efficacy (concerning the mutual benefits’ empowerment) of an “ethologically-fitted” TR intervention, aimed to educate children to and through the relationship with horses. Our data evidenced that the improvement of human horse relationship, through structured educational programs for TR personnel might have important consequences both to human and equine welfare.

Multi-modal diffeomorphic demons registration based on point-wise mutual information

In this paper we propose a variational approach for multimodal image registration based on the diffeomorphic demons algorithm. Diffeomorphic demons has proven to be a robust and efficient way for intensity-based image registration. However, the main drawback is that it cannot deal with multiple modalities. We propose to replace the standard demons similarity metric (image intensity differences) by point-wise mutual information (PMI) in the energy function. By comparing the accuracy between our PMI based diffeomorphic demons and the B-Spline based free-form deformation approach (FFD) on simulated deformations, we show the proposed algorithm performs significantly better.

"It was hard to come to mutual understanding..." - Multidimensionality of social learning processes in natural resource use in India, Africa and Latin America

Sustainable natural resource use requires that multiple actors reassess their situation in a systemic perspective. This can be conceptualised as a social learning process between actors from rural communities and the experts from outside organisations. A specifically designed workshop oriented towards a systemic view of natural resource use and the enhancement of mutual learning between local and external actors, provided the background for evaluating the potentials and constraints of intensified social learning processes. Case studies in rural communities in India, Bolivia, Peru and Mali showed that changes in the narratives of the participants of the workshop followed a similar temporal sequence relatively independently from their specific contexts. Social learning processes were found to be more likely to be successful if they 1) opened new space for communicative action, allowing for an intersubjective re-definition of the present situation, 2) contributed to rebalance the relationships between social capital and social, emotional and cognitive competencies within and between local and external actors.

Unifying energy minimization and mutual information maximization for robust 2D/3D registration of X-ray and CT images

Similarity measure is one of the main factors that affect the accuracy of intensity-based 2D/3D registration of X-ray fluoroscopy to CT images. Information theory has been used to derive similarity measure for image registration leading to the introduction of mutual information, an accurate similarity measure for multi-modal and mono-modal image registration tasks. However, it is known that the standard mutual information measure only takes intensity values into account without considering spatial information and its robustness is questionable. Previous attempt to incorporate spatial information into mutual information either requires computing the entropy of higher dimensional probability distributions, or is not robust to outliers. In this paper, we show how to incorporate spatial information into mutual information without suffering from these problems. Using a variational approximation derived from the Kullback-Leibler bound, spatial information can be effectively incorporated into mutual information via energy minimization. The resulting similarity measure has a least-squares form and can be effectively minimized by a multi-resolution Levenberg-Marquardt optimizer. Experimental results are presented on datasets of two applications: (a) intra-operative patient pose estimation from a few (e.g. 2) calibrated fluoroscopic images, and (b) post-operative cup alignment estimation from single X-ray radiograph with gonadal shielding.