Relevância das diferenças entre contratos futuros e a termo: o caso do trio

Visando estudar as diferenças entre contratos futuros e contratos a termo no mercado cambial brasileiro, este trabalho foca no contrato de Dólar Futuro negociado na BM&FBOVESPA que, para vencimentos sem liquidez, é marcado a mercado pelo preço teórico dos contratos a termo. Uma simulação por Monte Carlo de uma carteira hedgeada contendo contratos de Dólar Futuro, DI Futuro e DDI Futuro mostra claramente que essa metodologia de marcação a mercado deveria ao menos ser revista

Aspectos sócio-econômicos dos códigos de conduta de responsabilidade social (CRS) do setor de gás e petróleo

A presença de uma empresa internacionalmente significa também a disseminação mundial de seu Código de Conduta de Responsabilidade Social (Código de CRS). É portanto necessário um certo controle do conteúdo desses Códigos. As regras e padrões internacionais podem desempenhar este papel. O setor de gás e petróleo causa grande impacto nas comunidades em que as empresas exercem suas atividades. O mesmo se pode afirmar em relação aos seus Códigos de CRS. Este estudo examina, então, duas vertentes distintas mas convergentes. De um lado, o estudo comparativo de como os Códigos de CRS das empresas do setor de gás e petróleo tratam dos aspectos sócio-econômicos. De outro, examina-se a conformidade – ou falta de conformidade – dos Códigos de CRS com os tratados, convenções, normas e padrões internacionais. Estratégias podem então ser propostas ao setor de gás e petróleo, para a melhoria dos padrões sócio-econômicos de seus Códigos de CRS. Com isso atende-se às necessidades das comunidades envolvidas e, também, cria-se valor para as empresas do setor de gás e petróleo.

Aspectos sócio-econômicos dos códigos de conduta de responsabilidade social (CRS) do setor de gás e petróleo

A presença de uma empresa internacionalmente significa também a disseminação mundial de seu Código de Conduta de Responsabilidade Social (Código de CRS). É portanto necessário um certo controle do conteúdo desses Códigos. As regras e padrões internacionais podem desempenhar este papel. O setor de gás e petróleo causa grande impacto nas comunidades em que as empresas exercem suas atividades. O mesmo se pode afirmar em relação aos seus Códigos de CRS. Este estudo examina, então, duas vertentes distintas mas convergentes. De um lado, o estudo comparativo de como os Códigos de CRS das empresas do setor de gás e petróleo tratam dos aspectos sócio-econômicos. De outro, examina-se a conformidade – ou falta de conformidade – dos Códigos de CRS com os tratados, convenções, normas e padrões internacionais. Estratégias podem então ser propostas ao setor de gás e petróleo, para a melhoria dos padrões sócio-econômicos de seus Códigos de CRS. Com isso atende-se às necessidades das comunidades envolvidas e, também, cria-se valor para as empresas do setor de gás e petróleo.

Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

Estrutura a termo de taxas de juros : determinantes macroeconômicos : aplicação do modelo de Svensson para o Brasil

Este trabalho visa sistematizar um modelo para previsão e explicação dos movimentos de curto prazo da estrutura a termo de taxas de juros pré-fixada em reais do Brasil, baseado na relação dos movimentos em questão com os níveis e alterações que se processam nas variáveis macroeconômicas relevantes. A metodologia usada foi dividir o procedimento em duas etapas: Na primeira etapa, o modelo de Svensson (1994) é usado para ajustar a Estrutura a Termo de Taxas de Juros de cada data específica para obter os parâmetros daquela data. Isso é conseguido através da maximização da estatística R2 na regressão de mínimos quadrados, como sugerido no artigo original de Nelson e Siegel (1987). Então, as medianas dos dois parâmetros de decaimento utilizados são calculadas e mantidas arbitrariamente constantes para facilitar os cálculos da segunda etapa. Na segunda etapa, uma vez que os estimadores que melhor se ajustam às curvas de juros foram obtidos, outra regressão de MQO é realizada considerando os betas de Svensson dependentes de variáveis macroeconômicas de estado.

Os determinantes macroeconômicos da estrutura a termo das taxas de juros em dólar no Brasil

Este trabalho propõe o desenvolvimento de um modelo de três fatores em que os movimentos da Estrutura a Termo da Taxa de Juros em Dólar, o Cupom Cambial, são determinados por variáveis macroeconômicas observáveis. O estudo segue a metodologia elaborada por Huse (2011), que propõe um modelo baseado nos estudos de Nelson e Siegel (1987) e Diebold e Li (2006). Os fatores utilizados são: taxa de câmbio em real por dólar, spread do Credit Default Swap (CDS) Brasil de cinco anos, índice de preço de commodities, taxa de cupom cambial futura com vencimento em três meses, taxa futura de juros em dólar com cupom zero (Libor), volatilidade implícita da taxa de câmbio esperada pelo mercado de hoje até um ano, e inflação implícita de um ano no Brasil. O modelo foi capaz de explicar 95% das mudanças na estrutura a termo do cupom cambial. Aumentos no spread do CDS, na taxa de cupom cambial de três meses, na Libor, no índice de preço de commodities, e na volatilidade implícita do câmbio com vencimento em um ano estão diretamente relacionados com aumento na curva de juros em dólar. Por sua vez, a depreciação cambial tem correlação positiva com as maturidades mais curtas, até 2.5 anos, e negativo com a parte longa, até cinco anos. Choques na inflação implícita têm um pequeno impacto positivo para vencimentos curtos, mas levemente negativo para vencimentos mais longos.

Determinantes macroeconômicos da estrutura a termo da taxa de juros na América Latina

O trabalho relaciona, com um modelo de três fatores proposto por Huse (2007), variáveis macroeconômicas e financeiras observáveis com a estrutura a termo da taxa de juros (ETTJ) dos países da América Latina (Brasil, Chile, Colômbia e México). Consideramos os seguintes determinantes macroeconômicos: taxa de inflação, taxa de variação do nível de atividade, variação da taxa de câmbio, nível do credit default swaps (CDS), nível da taxa de desemprego, nível da taxa de juros nominal e fatores globais (inclinação da curva de juros norte-americana e variação de índices de commodities). Os modelos explicam mais do que 75% nos casos do Brasil, Chile e Colômbia e de 68% no caso do México. Variações positivas no nível de atividade e inflação são acompanhadas, em todos os países, de um aumento na ETTJ. Aumentos do CDS, com exceção do Chile, acarretam em aumento das taxas longas. Já crescimentos na taxa de desemprego têm efeitos distintos nos países. Ao mesmo tempo, depreciações cambiais não são acompanhadas de subida de juros, o que pode ser explicado pelos bancos centrais considerarem que depreciações de câmbio tem efeitos transitórios na inflação. No México, aumentos na ETTJ são diretamente relacionados com o índice de commodities de energia e metálicas. Já no caso brasileiro, em que os preços da gasolina são regulados e não impactam a inflação, esse canal não é relevante. Variações positivas na inclinação da curva norte-americana têm efeitos similares nas curvas da América Latina, reduzindo as taxas curtas e aumentando as taxas longas.

Antídoto à rivalidade: sororidade, substantivo feminino: termo usado usado para expressar empatia entre mulheres ganha força nas redes sociais

Termo usado para expressar empatia entre mulheres ganha força nas redes sociais

Caracterização termo-mecânica de interconectores metálicos recobertos com filmes de LaCrO3

The cells unitaria of the solid oxide fuel cell are separated by means of interconnects, which serve as electrical contact between the cells. Lanthanum Chromite (LaCrO3) has been the most common material used as interconnect in solid oxide fuel cells. Reducing the operating temperature around 800 º C of cells to solid oxide fuel make possibilite the use of metallic interconnects as an alternative to ceramic LaCrO3. Metallic interconnects have advantages over ceramic interconnects such as high thermal conductivity, electricity, good ductility, low cost, good physical and mechanical properties. In this work evaluate the thermo-mechanical properties of the metallic substrate and coated metallic substrate with the ceramic LaCrO3 film via spray-pyrolysis, in order to demonstrate the feasibility of using this material as a component of a fuel cell solid oxide. The materials were characterized by X-ray diffraction, oxidation behavior, mechanical strength, optical microscopy (OM) and scanning electron microscopy (SEM). The X-ray diffraction proved the formation phase of the LaCrO3 on the metallic substrate and the identification of the phases formed after the oxidative test and mechanical strength at high temperature. The oxidation behavior showed the increased oxidation resistance of the coated metallic substrate. It was noted that the mechanical resistance to bending of the coated metallic substrate only increases at room temperature. The optical microscopy (OM) has provided an assessment of both the metallic substrate and the LaCrO3 film deposited on the metal substrate that, in comparison with the micrographs obtained from SEM. The SEM one proved the formation of Cr2O3 layer on the metallic substrate and stability of LaCrO3 film after oxidative test, it can also observe the displacement of the ceramic LaCrO3 film after of mechanical testing and mapping of the main elements as chromium, manganese, oxygen, lanthanum in samples after the thermo-mechanical tests.

Estudo termo-mecânico de interconector metálico recoberto com filme de La0,8Ca0,2CrO3 e de interconector cerâmico de La0,8Sr0,2Cr0,92Co0,08O3 para PaCOS

Doped lanthanum chromite ( LaCrO3 ) has been the most common material used as interconnect in solid oxide fuel cells for high temperature ( SOFC-HT ) that enabling the stack of SOFCs. The reduction of the operating temperature, to around 800 º C, of solid oxide fuel cells enabled the use of metallic interconnects as an alternative to ceramic LaCrO3, From the practical point of view, to be a strong candidate for interconnect the material must have good physical and mechanical properties such as resistance to oxidizing and reducing environments, easy manufacture and appropriate thermo-mechanical properties. Thus, a study on the physic-mechanical interconnects La0,8Sr0,2Cr0,92Co0,08O3 ceramics for SOFC -AT obtained by the method of combustion , as well as thermo-mechanical properties of metallic interconnects (AISI 444) covered with La0,8Ca0,2CrO3 by deposition technique by spray-pyrolysis fuel cells for intermediate temperature (IT-SOFCs). The La0,8Sr0,2Cr0,92Co0,08O3 was characterized by X -ray diffraction(XRD) , density and porosity , Vickers hardness (HV) , the flexural strength at room temperature and 900 °C and scanning electron microscopy (SEM). The X -ray diffraction confirmed the phase formation and LaCrO3 and CoCr2O4, in order 6 GPa hardness and mechanical strength at room temperature was 62 MPa ceramic Interconnector. The coated metal interconnects La0,8Ca0,2CrO3 passed the identification by XRD after deposition of the film after the oxidation test. The oxidative behavior showed increased resistance to oxidation of the metal substrate covered by La0,8Ca0,2CrO3 In flexural strength of the coated metal substrate, it was noticed only in the increased room temperature. The a SEM analysis proved the formation of Cr2O3 and (Cr,Mn)3O4 layers on metal substrate and confirmed the stability of the ceramic La0,8 Ca0,2CrO3 film after oxidative test

O exame neurológico do recém-nascido pré-termo não complicado: avaliação pela escala de saint-anne dargassies, e screening pelas escalas de amiel-barrier-shnider modificada e prechtl ao termo

This study compared the evolution of posture, tone and neonatal reflexes in preterm infants without clinical or neurological complications before and after the age of term using the scale of Saint-Anne Dargassies. To reach the age of the term, was applied Scales Amiel-Barrier-Shnider changed and the Prechtl, traditionally used in the evaluation of term newborns, looking for possible changes to the term, while also evaluating the sensitivity of these scales. We studied 20 non-complicated preterm infants, both sexes aged 32-36 weeks, born in Januário Cicco Maternity School, from August 2006 to August 2007. Was applied to the scale of Saint-Anne Dargassies every two weeks until reach the term, and the range of Amiel-Barrier-Shnider changed and the Prechtl, after reaching 39 and 41 weeks. The evaluation result of articular angles was subjected to the test of Friedman ANOVA, significant differences between the three measurements of the scale of Saint-Anne Dargassies only for angles heel-to-ear to term. Neonatal reflexes changed in the period of prematurity were the cardinal points reflexes, Moro reflexes, cross extensions reflex and the automatic walking reflexes. The posture was the parameter which remained unchanged in the three scales. Considering a significance level of 5% by applying Cochran Q Test, it was found that the scale of Saint-Anne Dargassies is more sensitive to detect suspects. With this methodology and the results it was possible to prepare a manuscript: The neurological examination of non-complicated preterm newborns using the Sanit-Anne Dargssies Scale from birth to term: normal or altered? In which we describe that despite the good clinical condition, the RNP show changes in tone and neonatal reflexes. These data are important because though non-complicated RNP need further attention its maturation process, enabling us to detect and intervene early. With these results we can build a scale simplified neurological assessment made with items found most altered during the application of three scales. The development of this project has a multidisciplinary approach, because it involved Paediatric Neurologist, Physiotherapist and Neonatologist, as recommended by PPGCSA

Otimização Topológica com Termo-elasticidade Utilizando Elementos Tri3

This work proposes a formulation for optimization of 2D-structure layouts submitted to mechanic and thermal shipments and applied an h-adaptive filter process which conduced to computational low spend and high definition structural layouts. The main goal of the formulation is to minimize the structure mass submitted to an effective state of stress of von Mises, with stability and lateral restriction variants. A criterion of global measurement was used for intents a parametric condition of stress fields. To avoid singularity problems was considerate a release on the stress restriction. On the optimization was used a material approach where the homogenized constructive equation was function of the material relative density. The intermediary density effective properties were represented for a SIMP-type artificial model. The problem was simplified by use of the method of finite elements of Galerkin using triangles with linear Lagrangian basis. On the solution of the optimization problem, was applied the augmented Lagrangian Method, that consists on minimum problem sequence solution with box-type restrictions, resolved by a 2nd orderprojection method which uses the method of the quasi-Newton without memory, during the problem process solution. This process reduces computational expends showing be more effective and solid. The results materialize more refined layouts with accurate topologic and shape of structure definitions. On the other hand formulation of mass minimization with global stress criterion provides to modeling ready structural layouts, with violation of the criterion of homogeneous distributed stress

Uma análise do termo xenós em O sofista e O político

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Liberdades possíveis em espaços periféricos: escravidão e alforria no termo da vila de Arez (séculos xviii e xix)

This paper discusses aspects of the slavery and emancipations in the village of Arez between the last quarter of the eighteenth century and the first decades of the nineteenth century. It seeks to identify the profile of the slaves and the emancipation possibilities in a peripheral region with few commercial activities, given that the most of the approaches about manumission consider towns and cities where the economic dynamics ware more pronounced, as places of higher possibilities of slaves working in diverse activities that allowed them to accumulate a reserve fund and thus buy their freedom. Therefore it was necessary to raise evidences of slavery in the case study, which was based on surveys of the eighteenth century, and the first decades of the nineteenth century and some population maps and civil records related to the early nineteenth century. The information about the manumission acts were analyzed based on writs of freedom registered in the village of Arez between 1774 and 1827 due to the absence of other documents about it. The registry books include all the documents of the Arez community; so, it was possible to observe what happened in rural localities, in the town, in the headquarters of the district and in the village of Goianinha. Based on information from the documents, it was possible to address some aspects of slavery like the predominant types of groups, the possible activities in which slaves were inserted and the profile of the freed slaves, the emancipation modes and, therefore, discuss the possible relations ship between the colonial space and manumissions and between masters and slaves

Cuidado ambiental em tempos de sustentabilidade: explorando dimensões da conduta sustentável com estudantes universitários

The pro-ecological commitment (CPE) constitutes an important topic within Person- Environment Studies, here seen as a predisposition to practices that result in environmental protection. Under the framework of sustainability, the concept of sustainable behavior emerges, covering, in addition to CPE, new psychological dimensions such as: the future time perspective (PTF) and the ecological worldviews (VEM). The current study intended to explore the concept of sustainable behavior of university students, by means of the association among some of its dimensions: CPE, PTF and VEM. For this purpose, 380 undergraduate students of biology, ecology, nursing, geography, and social service answered a form containing: socio-demographic questionnaire, a question on self-assessment of environmental care, the Scale of Ecocentric and Anthropocentric Environmentalisms, the Scale Consideration of Future Consequences, and the Scale Ecological Worldviews. Based on descriptive and correlational procedures, it was found that 78% of the participants practice or have practiced environmental care (caregivers) and the spread of information has been the practice more frequently reported, and the source of influence for such practices were the school, social networks, and the contact with nature It was also observed the association between practice of environmental care and ecocentric environmentalism, consideration of future consequences and egalitarian worldview (worldview of fragile nature). The lack of environmental care was associated with anthropocentric environmentalism, apathy, and individualistic worldview (worldview of passivity). As expected, and suggested by the literature, positive association were found between the sustainable behavior dimensions investigated in this study and the practice of environmental care