On the forecast accuracy and consistency of exchange rate expectations: The Spanish PwC Survey.

We examine the predictive ability and consistency properties of exchange rate expectations for the dollar/euro using a survey conducted in Spain by PwC among a panel of experts and entrepreneurs. Our results suggest that the PwC panel have some forecasting ability for time horizons from 3 to 9 months, although only for the 3-month ahead expectations we obtain marginal evidence of unbiasedness and efficiency in the forecasts. As for the consistency properties of the exchange rate expectations formation process, we find that survey participants form stabilising expectations in the short-run and destabilising expectations in the long- run and that the expectation formation process is closer to fundamentalists than chartists.

Influência da sequência de empilhamento nas propriedades mecânicas de laminados compósitos submetidos à tração

Composite laminates with plies in different directions finely dispersed are classified as homogenized. The expected benefits of homogenization include increased mechanical strength, toughness and resistance to delamination. The objective of this study was to evaluate the effect of stacking sequence on the tensile strength of laminates. Composite plates were fabricated using unidirectional layers of carbon/epoxy prepreg with configurations [903/303/-303]S and [90/30/-30]3S. Specimens were subjected to tensile and open hole tension (OHT) tests. According to the experimental results, the mean values of strength for the homogenized laminates [90/30/-30]3S were 140% and 120% greater for tensile and OHT tests, respectively, as compared to laminates with configuration [903/303/-303]S. The increase in tensile strength for more homogenized laminates was associated with the increment in interlaminar interfaces, which requires more energy to produce delamination, and the more complicated crack propagation through plies with different orientations. OHT strength was not affected by the presence of the hole due to the predominance of the interlaminar shear stress in relation to the stress concentration produced by the hole

Avaliação de danos mecânicos causados em banana Nanicão durante as etapas de beneficiamento, transporte e embalagem

This study had as objective the evaluation of mechanical damages occurred in banana Nanicão during the improvement process, packing and distribution, identifying the probable critical points. The mechanical damages caused by transport, first cleaning; cleanness and sorting; preservation in the packing, transport, and mature were evaluated. The studied packing had been: torito wooden packing (18 kg), wood type ½ box, (13 kg) and cardboard (18 kg). The stage of preservation and transport of the fruits to the distribution center duplicated the light defects and quintupled the serious defects, causing rottenness after the acclimatization. The cardboard packing did not support the piling up and presented deformations, that resulted in the kneading the fruits of the inferior packing, causing a significant increase of the serious defects. The fruits conditioned in the involved packing of plastic bubble had presented an inferior number of serious damages when compared with the others packing, without the plastic.

Electronic conduction and electrocatalysis by supramolecular tetraruthenated copper porphyrazine films

A new tetraruthenated copper(II)-tetra(3,4-pyridyl)porphyrazine species, [CuTRPyPz]4+, has been synthesized and fully characterized by means of analytical, spectroscopic and electrochemical techniques. This À-conjugated system contrasts with the related meso-tetrapyridylporphyrins by exhibiting strong electronic interaction between the coordinated peripheral complexes and the central ring. Based on favorable À-stacking and electrostatic interactions, layer-by-layer assembled films were successfully generated from the appropriate combination of [CuTRPyPz]4+ with copper(II)-tetrasulfonated phtalocyanine, [CuTSPc]4-. Their conducting and electrocatalytic properties were investigated by means of impedance spectroscopy and rotating disc voltammetry, exhibiting metallic behavior near the Ru(III/II) redox potential, as well as enhanced catalytic activity for the oxidation of nitrite and sulphite ions.