La banque d'investissement et la conglomération du secteur financier : une multiplicité d'intérêts en quête d'équilibre

Jouant un rôle crucial pour l’efficience des marchés, la banque d’investissement contemporaine se caractérise par l’exercice d’une grande diversité d’activités aussi complexes qu’hétérogènes sous un même toit. Agissant tantôt auprès d’une clientèle de particuliers, d’entreprises, d’institutions financières, de fonds d’investissement ou de gouvernements, et tantôt pour son propre compte, elle compose avec une multitude d’intérêts divergents, ce qui soulève un certain questionnement quant à la portée de l’obligation de loyauté dont elle peut être tributaire envers ses clients. Les implications répétées des banques d’affaires dans la vague de récents scandales financiers ont inévitablement affecté la confiance que les épargnants témoignent envers l’intégrité de cette institution et des marchés financiers en général. Elles ont de plus contribué significativement à relancer le débat concernant la pertinence de contrôler, et même d’éliminer les conflits d’intérêts, un phénomène largement répandu au sein de la banque d’investissement. À titre de mécanismes préventifs, les solutions de marchés et l’autodiscipline des intermédiaires financiers sont imparfaits. La réglementation des conflits d’intérêts se justifie alors afin de pallier les défaillances du marché et de l’autorégulation. Pour autant qu’il maintienne sa réglementation dans un rapport efficience-équité acceptable, l’État est appelé à concevoir des normes de contrôle aux objectifs variés, allant de la réforme structurelle du secteur financier à l’élaboration de principes généraux devant servir de balises à la conduite des intermédiaires financiers. Ainsi, dans une industrie caractérisée par une forte conglomération, la réponse des législateurs semble s’articuler autour du traitement adéquat des conflits d’intérêts, traitement qui s’opère par divers mécanismes, dont la muraille Chine, la divulgation et le refus d’agir.

O insider trading no direito brasileiro

O insider trading é ilícito de elevado potencial danoso, pois impacta não só as pessoas diretamente relacionadas com a operação realizada com a informação privilegiada, mas também o mercado de capitais como um todo, afetando a confiança dos investidores. É importante, portanto, a repressão severa do ilícito nas esferas administrativa, civil e penal, destacando-se o papel regulador da Comissão de Valores Mobiliários, enquanto representante da intervenção do poder estatal no âmbito do mercado de capitais. Não obstante, para a responsabilização pelo ilícito do insider trading, deve-se exigir um conjunto probatório robusto, ainda que apenas indiciário. A utilização de uma espécie de muralha segregadora, se minimiza situações de conflito de interesses ao evitar o acesso amplo a informações relevantes não divulgadas ao mercado, não é, por si só, capaz de excluir responsabilidade por eventual insider trading. Importante ter cuidado com construções teóricas, como a da “mente corporativa”, capazes de esvaziar de utilidade barreiras como uma Chinese Wall. Impossível transpor a teoria do domínio do fato à apuração de ilícitos de insider trading.

As artes marciais chinesas para pessoas com deficiência : contextos, dilemas e possibilidades = Chinese martial arts for people with disabilities : contexts, dilemmas and possibilities

Universidade Estadual de Campinas . Faculdade de Educação Física

The optical analysis of the abdominal wall using the biospeckle after implants of polypropylene mesh in rats

PURPOSE: To evaluate an experimental animal model to study the abdominal tissue activity considering its interaction with a polypropylene mesh, through the use of one of the optical phenomena of light Laser, the biospeckle. METHODS: Fifty Wistar male rats were divided into four groups: Group 1: ten animals not submitted to surgery; Group 2: ten animals submitted to surgery without polypropylene mesh; Group 3: 20 animals submitted to surgery followed by the mesh placement; Group 4: (sham) with ten animals. None of the animals presented post surgical complications being submitted to the optical tests at the 20th postoperative day. RESULTS: The analysis from the biospeckle tests, comparing the medians and standard deviations with T Student test, indicated that no significative difference was observed on the abdominal wall tissue activity in the four groups considered, with and without polypropylene mesh prosthesis implantation. CONCLUSION: The animal model is viable and the biospeckle open ways for a great number of experiments to be developed in evaluating tissue activity.

Influence of Chinese breeds on pork quality of commercial pig lines

We compared carcass and meat quality of pigs from the same sire line and two different dam lines, one that included Chinese breeds and one that did not. Line A consisted of 1/4 Landrace, 1/2 Large White, 1/8 Chinese breeds (Meishan, Fengjing, Jiaxing), and 1/8 Large White, Duroc and Pietrain, and line B consisted of 1/2 Large White and 1/2 Pietrain. The animals (N = 144) were slaughtered at a live weight of 108 kg. Backfat thickness, percentage of lean meat, pH 24 h after slaughter, meat color, percentage of drip loss, and percentage of intramuscular fat were measured and compared using analysis of variance in a completely randomized design; the BioEstat 5.0 test was applied for the comparison of means at a significance level of 5% for all analyses. Backfat was significantly lower for line A (12.78 mm) than for line B (15.90 mm). The pH measured 24 h after slaughter was significantly lower in line A (5.68) compared to line B (5.84). Percent lean meat was significantly higher for line A (61.21%) compared to line B (59.72%). Percentage drip loss was significantly higher in line A (2.73%) than in line B (2.23%). Percentage intramuscular fat and meat color were not significantly different between the lines. The inclusion of Chinese breeds produced a higher percentage of lean meat and reduced fat thickness, along with increased heterosis, which are important characteristics for breeding programs.

Analysis of PVC pipe-wall viscoelasticity during water hammer

This research work focuses on the analysis of hydraulic transients in polyvinyl chloride (PVC) pipes, which are characterized by a viscoelastic rheological behavior. Transient pressure data were collected in a pipe rig consisting of a set of PVC pipes. The creep function of the PVC pipes was determined by using an inverse transient model based on collected transient pressure data and compared with that obtained by carrying out mechanical tensile tests of PVC pipe specimens. The numerical results obtained from the transient solver have shown that the attenuation, dispersion, and shape of transient pressures were well described. The incorporation of the viscoelastic mechanical behavior in the hydraulic transient model has provided an excellent fitting between numerical results and observed data. Calibrated creep function based on inverse analysis fit the one determined by mechanical tests well, which emphasized the importance of pipe-wall viscoelasticity in hydraulic transients in PVC pipes.

Study of the influence of simultaneous variation of magnetic material microstructural features on domain wall dynamics

The magnetic Barkhausen noise (MBN) is a phenomenon sensitive to several kinds of magnetic material microstructure changes, as well as to variations in material plastic deformation and stress. This fact stimulates the development of MBN-based non-destructive testing (NDT) techniques for analyzing magnetic materials, being the proposition of such a method, the main objective of the present study. The behavior of the MBN signal envelope, under simultaneous variations of carbon content and plastic deformation, is explained by the domain wall dynamics. Additionally, a non-destructive parameter for the characterization of each of these factors is proposed and validated through the experimental results. (C) 2010 Elsevier B.V. All rights reserved.

AUTOMATIC CORONARY WALL SEGMENTATION IN INTRAVASCULAR ULTRASOUND IMAGES USING BINARY MORPHOLOGICAL RECONSTRUCTION

Intravascular ultrasound (IVUS) image segmentation can provide more detailed vessel and plaque information, resulting in better diagnostics, evaluation and therapy planning. A novel automatic segmentation proposal is described herein; the method relies on a binary morphological object reconstruction to segment the coronary wall in IVUS images. First, a preprocessing followed by a feature extraction block are performed, allowing for the desired information to be extracted. Afterward, binary versions of the desired objects are reconstructed, and their contours are extracted to segment the image. The effectiveness is demonstrated by segmenting 1300 images, in which the outcomes had a strong correlation to their corresponding gold standard. Moreover, the results were also corroborated statistically by having as high as 92.72% and 91.9% of true positive area fraction for the lumen and media adventitia border, respectively. In addition, this approach can be adapted easily and applied to other related modalities, such as intravascular optical coherence tomography and intravascular magnetic resonance imaging. (E-mail: matheuscardosomg@hotmail.com) (C) 2011 World Federation for Ultrasound in Medicine & Biology.

Expression patterns of cell wall-modifying genes from banana during fruit ripening and in relationship with finger drop

Few molecular studies have been devoted to the finger drop process that occurs during banana fruit ripening. Recent studies revealed the involvement of changes in the properties of cell wall polysaccharides in the pedicel rupture area. In this study, the expression of cell-wall modifying genes was monitored in peel tissue during post-harvest ripening of Cavendish banana fruit, at median area (control zone) and compared with that in the pedicel rupture area (drop zone). To this end, three pectin methylesterase (PME) and seven xyloglucan endotransglycosylase/hydrolase (XTH) genes were isolated. The accumulation of their mRNAs and those of polygalaturonase, expansin, and pectate lyase genes already isolated from banana were examined. During post-harvest ripening, transcripts of all genes were detected in both zones, but accumulated differentially. MaPME1, MaPG1, and MaXTH4 mRNA levels did not change in either zone. Levels of MaPME3 and MaPG3 mRNAs increased greatly only in the control zone and at the late ripening stages. For other genes, the main molecular changes occurred 1-4 d after ripening induction. MaPME2, MaPEL1, MaPEL2, MaPG4, MaXTH6, MaXTH8, MaXTH9, MaEXP1, MaEXP4, and MaEXP5 accumulated highly in the drop zone, contrary to MaXTH3 and MaXTH5, and MaEXP2 throughout ripening. For MaPG2, MaXET1, and MaXET2 genes, high accumulation in the drop zone was transient. The transcriptional data obtained from all genes examined suggested that finger drop and peel softening involved similar mechanisms. These findings also led to the proposal of a sequence of molecular events leading to finger drop and to suggest some candidates.

Mutagenicity and Antimutagenicity of Baccharis dracunculifolia Extract in Chromosomal Aberration Assays in Chinese Hamster Ovary Cells

Baccharis dracunculifolia De Candole (Asteraceae), a native plant from the Brazilian ""cerrado"", is widely used in folk medicine as an anti-inflammatory agent and for the treatment of gastrointestinal diseases. B. dracunculifolia has been described as the most important plant source of propolis in southeastern Brazil, which is called green propolis due to its color. The aim of the present study was to evaluate the mutagenic and antimutagenic effects of the ethyl acetate extract of B. dracunculifolia leaves (Bd-EAE) on Chinese hamster ovary cells. On one hand, the results showed a significant increase in the frequencies of chromosome aberrations at the highest Bd-EAE concentration tested (100 mu g/mL). On the other hand, the lowest Bd-EAE concentration tested (12.5 mu/mL) significantly reduced the chromosome damage induced by the chemotherapeutic agent doxorubicin. The present results indicate that Bd-EAE has the characteristics of a so-called Janus compound, that is, Bd-EAE is mutagenic at higher concentrations, whereas it displays a chemopreventive effect on doxorubicin-induced mutagenicity at lower concentrations. The constituents of B. dracunculifolia responsible for its mutagenic and antimutagenic effects are probably flavonoids and phenylpropanoids, since these compounds can act either as pro-oxidants or as free radical scavengers depending on their concentration.

Effect of the dibenzylbutyrolactone lignan (-)-hinokinin on doxorubicin and methyl methanesulfonate clastogenicity in V79 Chinese hamster lung fibroblasts

The dibenzylbutyrolactone lignan (-)-hinokinin (HK) was obtained by partial synthesis from (-)-cubebin, isolated from the dry seeds of the pepper, Piper cubeba. In view of the trypanocidal activity of HK and its potential as a lead compound for drug development, evaluation of its possible genotoxic activity is required. We have tested HK for possible genotoxicity and evaluated the compound`s effect on the activity of the clastogens doxorubicin (DXR) and methyl methanesulfonate (MMS) in the micronucleus (MN) assay with Chinese hamster lung fibroblast V79 cells. HK alone did not induce MN, at concentrations up to 128 mu M. In combined treatments, HK reduced the frequency of MN induced by MMS. With respect to DXR, HK exerted a protective effect at lower concentrations, but at higher concentrations it potentiated DXR clastogenicity. (C) 2010 Elsevier B.V. All rights reserved.

Stone wall, C House, Coorparoo, Brisbane

Stone clad wall to filter room beside pool deck.

Pool area wall, Q House, Chelmer, Brisbane

As seen from adjacent garden area.

Pool area wall, Q House, Chelmer, Brisbane

As seen from adjacent garden area.