Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

R&D investment, international trade, and home market and competitiveness efects

We analyze the effects of R&D investment on international trade. The importance of studying this comes from the fact that one of the most important characteristics of modern industrial organization is that firms try to influence market behavior through strategic variables as R&D. Moreover international competition between firms is, more and more, also centered in R&D competition (besides output and price competition). With this in mind, we develop an oligopolist reciprocal-markets model where firms engage in R&D investment to achieve future reductions in marginal costs. We find ‘home market effects’ at the level of R&D investment, i.e.: firms located in countries that host a higher share of skilled-labor perform higher levels of R&D investment. As consequence, firms in these countries are more competitive than firms in other countries, and as such they can penetrate more easily foreign markets. As result of this ‘competitiveness effect’, countries where these firms are located run trade surplus, while countries where firms perform lower levels of R&D investment incur in trade deficits.

Leading brazilian multinational enterprises: trends in an era of significant uncertainties and challenges

Escola de Administração de Empresas de São Paulo

A fast method using a new hydrophilic–lipophilic balanced sorbent in combination with ultra-high performance liquid chromatography for quantification of significant bioactive metabolites in wines

This manuscript describes the development and validation of an ultra-fast, efficient, and high throughput analytical method based on ultra-high performance liquid chromatography (UHPLC) equipped with a photodiode array (PDA) detection system, for the simultaneous analysis of fifteen bioactive metabolites: gallic acid, protocatechuic acid, (−)-catechin, gentisic acid, (−)-epicatechin, syringic acid, p-coumaric acid, ferulic acid, m-coumaric acid, rutin, trans-resveratrol, myricetin, quercetin, cinnamic acid and kaempferol, in wines. A 50-mm column packed with 1.7-μm particles operating at elevated pressure (UHPLC strategy) was selected to attain ultra-fast analysis and highly efficient separations. In order to reduce the complexity of wine extract and improve the recovery efficiency, a reverse-phase solid-phase extraction (SPE) procedure using as sorbent a new macroporous copolymer made from a balanced ratio of two monomers, the lipophilic divinylbenzene and the hydrophilic N-vinylpyrrolidone (Oasis™ HLB), was performed prior to UHPLC–PDA analysis. The calibration curves of bioactive metabolites showed good linearity within the established range. Limits of detection (LOD) and quantification (LOQ) ranged from 0.006 μg mL−1 to 0.58 μg mL−1, and from 0.019 μg mL−1 to 1.94 μg mL−1, for gallic and gentisic acids, respectively. The average recoveries ± SD for the three levels of concentration tested (n = 9) in red and white wines were, respectively, 89 ± 3% and 90 ± 2%. The repeatability expressed as relative standard deviation (RSD) was below 10% for all the metabolites assayed. The validated method was then applied to red and white wines from different geographical origins (Azores, Canary and Madeira Islands). The most abundant component in the analysed red wines was (−)-epicatechin followed by (−)-catechin and rutin, whereas in white wines syringic and p-coumaric acids were found the major phenolic metabolites. The method was completely validated, providing a sensitive analysis for bioactive phenolic metabolites detection and showing satisfactory data for all the parameters tested. Moreover, was revealed as an ultra-fast approach allowing the separation of the fifteen bioactive metabolites investigated with high resolution power within 5 min.

Optimization of temperature, sugar concentration, and inoculum size to maximize ethanol production without significant decrease in yeast cell viability

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

Aplicação de fungicida via irrigação por gotejamento na cultura do tomateiro em cultivo protegido

Pós-graduação em Agronomia (Irrigação e Drenagem) - FCA

Identificação das atitudes dos pais e familiares frente ao uso da chupeta

Pós-graduação em Pediatria - FMB

Significant genetic differentiation among populations of Anomalocardia brasiliana (Gmelin, 1791): a bivalve with planktonic larval dispersion

Four Brazilian populations of Anomalocardia brasiliana were tested for mutual genetic homogeneity, using data from 123 sequences of the mtDNA cytochrome oxidase c subunit I gene. A total of 36 haplotypes were identified, those shared being H3 (Canela Island, Prainha and Acupe) and both H5 and H9 (Prainha and Acupe). Haplotype diversity values were high, except for the Camurupim population, whereas nucleotide values were low in all the populations, except for that of Acupe. Only the Prainha population showed a deviation from neutrality and the SSD test did not reject the demographic expansion hypothesis. Fst values showed that the Prainha and Acupe populations represent a single stock, whereas in both the Canela Island and Camurupim stocks, population structures are different and independent. The observed structure at Canela Island may be due to the geographic distance between this population and the remainder. The Camurupim population does not share any haplotype with the remaining populations in northeastern Brazil. The apparent isolation could be due to the rocky barrier located facing the mouth of the Mamanguape River. The results highlight the importance of wide-scale studies to identify and conserve local genetic diversity, especially where migration is restricted.

Knowledge and culture: two significant issues for local level development programme analysis

O artigo objetiva propor um arcabouço teórico para analisar programas de desenvolvimento e suas ações em nível local. Em particular, o artigo destaca dois conceitos-chave que devem ser levados em consideração no processo de implementação de programas de desenvolvimento em nível local: conhecimento e cultura. O artigo mostra que o entendimento do conhecimento enquanto construção social contrasta com a perspectiva racional e positivista de que este é derivado exclusivamente da ciência. O artigo mostra que se desenvolvimento é relacionado para a melhoria das condições de vida das pessoas por via de mudanças econômicas e sociais, então, desenvolvimento é mediado e impacta sobre conhecimento e cultura.

A single bout of exercise with a flexible pole induces significant cardiac autonomic responses in healthy men

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

Olive oils from Campos de Hellin (Spain) exhibit significant varietal differences in fatty acid composition, sterol fraction, and oxidative stability

The Spanish region of Campos de Hellin (Albacete) is characterized by a wide range of olive varieties (Arbequina, Benizal, Cornicabra, Cuquillo, Injerta, Manzanilla Local, Manzanilla de Sevilla, Negrilla, Picual), which provides different physicochemical and sensory characteristics to the oils. Thus, the knowledge of these characteristics may help develop more balanced oils. Monovarietal virgin olive oils from the different varieties grown in this area were characterized from the physicochemical and sensory points of view during four consecutive years. Clear differences among the varieties were found when principal component analysis was applied to the data from the studied parameters. The varieties were grouped according to their oleic and linoleic acid content, oxidative stability, and campesterol and total sterols content. The differences were significant with a 95% confidence level. The variety effect on the oil characteristics was stronger than the effect of the crop year. Practical applications: Chemical and sensory characteristics of monovarietal virgin olive oils play an important role in the elaboration of blends. In olive-growing regions where there is more than one variety cultivated, the characterization of monovarietal oils could increase the value of the olive oil produced due to the development of more balanced oils tailored to the preferences of consumers. This work shows that the chemical and sensory differences between varieties make possible the elaboration of a new range of virgin olive oils. This could encourage the development and marketing of quality oils, and thus increase the competitiveness of the mills in the oil market.