Análise do risco sistemático multi-escalar no mercado financeiro do Brasil

This work analyzes whether the relationship between risk and returns predicted by the Capital Asset Pricing Model (CAPM) is valid in the Brazilian stock market. The analysis is based on discrete wavelet decomposition on different time scales. This technique allows to analyze the relationship between different time horizons, since the short-term ones (2 to 4 days) up to the long-term ones (64 to 128 days). The results indicate that there is a negative or null relationship between systemic risk and returns for Brazil from 2004 to 2007. As the average excess return of a market portfolio in relation to a risk-free asset during that period was positive, it would be expected this relationship to be positive. That is, higher systematic risk should result in higher excess returns, which did not occur. Therefore, during that period, appropriate compensation for systemic risk was not observed in the Brazilian market. The scales that proved to be most significant to the risk-return relation were the first three, which corresponded to short-term time horizons. When treating differently, year-by-year, and consequently separating positive and negative premiums, some relevance is found, during some years, in the risk/return relation predicted by the CAPM. However, this pattern did not persist throughout the years. Therefore, there is not any evidence strong enough confirming that the asset pricing follows the model.Neste trabalho, é analisado se a relação entre risco e retorno prevista pelo Capital Asset Pricing Model (CAPM) é válida no mercado brasileiro de ações, com base na decomposição discreta de ondaletas em diferentes escalas de tempo. Essa técnica permite analisar a relação em diferentes horizontes de tempo, desde o curto prazo (2 a 4 dias) até o longo prazo (64 a 128 dias). Os resultados apontam que entre os anos de 2004 e 2007 há uma relação negativa ou nula entre risco sistemático e retorno para o Brasil. Como o retorno excedente médio da carteira de mercado em relação ao ativo livre de risco no período foi positivo, seria esperado que essa relação fosse positiva, ou seja, que um maior risco sistemático resultasse em um maior retorno excedente, o que não ocorreu. Portanto, não se observou nesse período uma remuneração adequada pelo risco sistemático no mercado brasileiro. As escalas que apresentaram a relação risco e retorno mais significativas foram as três primeiras, correspondendo a horizontes de mais curto prazo. Em outras palavras, ao se tratar diferentemente ano a ano e, em consequência, separar prêmios positivos e negativos, encontra-se em alguns anos alguma relevância na relação risco retorno prevista pelo CAPM, mas que não persiste ao longo de todos os anos. Portanto, não há evidência suficientemente forte de que o apreçamento dos ativos segue o modelo.En este trabajo se analiza si la relación entre riesgo y rendimiento prevista por el Capital Asset Pricing Model (CAPM) tiene validez en el mercado de acciones brasileño, con base en la descomposición discreta de wavelet en diferentes escalas de tiempo. Esta técnica permite analizar la relación en diferentes horizontes temporales, desde el corto plazo (2 a 4 días) hasta el largo plazo (64 a 128 días). Los resultados muestran que entre los años 2004 y 2007 existe una relación negativa o nula entre riesgo sistemático y rendimiento en Brasil. Como el rendimiento en exceso medio de la cartera de mercado sobre el activo libre de riesgo en el período fue positivo, se esperaría que esta relación fuese positiva, es decir, un mayor riesgo sistemático se traduciría en un mayor rendimiento en exceso, lo que no ocurrió. Por consiguiente, no se observó en este período una remuneración adecuada por el riesgo sistemático en el mercado brasileño. Las escalas que presentaron una relación más significativa entre riesgo y rendimiento fueron las tres primeras, y corresponden a horizontes de más corto plazo. Se puede decir que - al tratar de manera diferente año a año y, por consiguiente, separar premios positivos y negativos - se encuentra en algunos años alguna relevancia en la relación riesgo rendimiento prevista por el CAPM, pero no persiste a lo largo de todos los años. Se concluye que no hay evidencia bastante fuerte de que la valoración de los activos siga el modelo

Phenomenology of COPD: interpreting phenotypes with the ECLIPSE study

The Evaluation of COPD Longitudinally to Identify Predictive Surrogate End-points (ECLIPSE) study was a large 3-year observational multicentre international study aimed at defining COPD phenotypes and identifying biomarkers and/or genetic parameters that help to predict disease progression. The study has contributed to a better understanding of COPD heterogeneity, with the characterization of clinically important subtypes/phenotypes of patients, such as the frequent exacerbators or patient with persistent systemic inflammation, who may have different prognosis or treatment requirements. Because of the big amount of information that is starting to be produced from metabolomic, proteomic and genomic approaches, one of the biggest challenges is the integration of data in a biological prospective such as clinical prognosis and response to medicinal products. In this article we highlight some of the progress in phenotyping the heterogeneity of the disease that have been made thanks to the analyses of this longitudinal study

Extreme responses of a hinged raft type wave energy convertor

Much attention has been paid in recent years to the determination of design loads for moored floating structures and the application of established methodologies for fixed structures have been found to be ineffective. This paper experimentally investigates extreme responses of a lazy S moored 1:20 scale model of Mocean Energy’s Blue Star wave energy convertor (WEC) along the 1 year return contour. The device is a hinged raft type WEC and the extreme responses studied include mooring loads and snatch load events. Long irregular wave time series are used in the estimation of extreme value distributions of the mooring load for particular sea states. Conditional random response wave and constrained new wave profiles are used to study and support the predictions. Wave calibration and the impact of wave breaking on the physical realisation of response conditioned focus waves and extreme value distribution (EVD) predictions are discussed

Assessing Music Perception in Young Children: Evidence for and Psychometric Features of the M-Factor

Given the relationship between language acquisition and music processing, musical perception (MP) skills have been proposed as a tool for early diagnosis of speech and language difficulties; therefore, a psychometric instrument is needed to assess music perception in children under 10 years of age, a crucial period in neurodevelopment. We created a set of 80 musical stimuli encompassing seven domains of music perception to inform perception of tonal, atonal, and modal stimuli, in a random sample of 1006 children, 6–13 years of age, equally distributed from first to fifth grades, from 14 schools (38% private schools) in So Paulo State. The underlying model was tested using confirmatory factor analysis. A model encompassing seven orthogonal specific domains (contour, loudness, scale, timbre, duration, pitch, and meter) and one general music perception factor, the “m-factor,” showed excellent fit indices. The m-factor, previously hypothesized in the literature but never formally tested, explains 93% of the reliable variance in measurement, while only 3.9% of the reliable variance could be attributed to the multidimensionality caused by the specific domains. The 80 items showed no differential item functioning based on sex, age, or enrolment in public vs. private school, demonstrating the important psychometric feature of invariance. Like Charles Spearman's g-factor of intelligence, the m-factor is robust and reliable. It provides a convenient measure of auditory stimulus apprehension that does not rely on verbal information, offering a new opportunity to probe biological and psychological relationships with music perception phenomena and the etiologies of speech and language disorders

Avaliação de Transtornos de Depressão e Ansiedade e Correlação com o Tratamento de Pacientes com Psoríase Vulgar

Introduction: Psoriasis is a chronic inflammatory multisystemic disease with several comorbidities, namely anxiety and depression disorders. Methods: In this study, the prevalence of these psychiatric entities was investigated by the PHQ-9 and GAD-7 questionnaries and related to the socio-demographic variables and to the forms of clinical treatment. Results: A total of 90 patients (56 females) were analyzed. Of these, 41 patients (45.56%) used topical treatment only, 28 patients (31.11%) used oral methotrexate and 21 patients (23.33%) used immunobiological agents (anti-TNF-alfa agents). It was observed that 47 patients (52.23%) presented some degree of depression (mild, moderate or severe) and 53 patients (58.89%) presented some degree of anxiety disorder (mild, moderate or severe). There was no statistical relationship between the anxiety and depression scores and the PASI score, as well as age, employability or schooling. There was a statistical association between psychiatric comorbidities and the female gender (p <0.0001). It was also observed a lower prevalence of depression (p = 0.0336) on patients using immunobiological treatments. Conclusion: The findings confirm published data, showing association of psychiatric conditions with psoriasis, especially in relation to TNF-alpha, so that anti-TNF therapies may become an alternative for the treatment of depression or anxiety disorders associated with psoriasis.Introdução: A psoríase é uma doença crónica inflamatória multissistêmica com diversas comorbidades, entre elas estão os transtornos de ansiedade e de depressão. Metodologia: Avaliar a prevalência de ansiedade e depressão, respectivamente pelos questionários GAD-7 and PHQ-9 em relação com variáveis socio-demográficas e formas de tratamento. Resultados: Foram avaliados 90 pacientes (56 do género feminino), 41 pacientes (45,56%) utilizavam apenas tratamento tópico, 28 pacientes (31,11%) utilizavam metotrexato via oral e 21 (23,33%) utilizavam imunobiológicos (agentes anti-TNF-alfa). Observou-se que 47 pacientes dos avaliados (52,23%) apresentaram algum grau de depressão (leve, moderado ou severo) e que 53 pacientes (58,89%) apresentaram algum grau de transtorno de ansiedade (leve, moderado ou severo). Não houve relação estatística significante entre o quadro de ansiedade e de depressão e o score PASI, assim como a faixa etária, a empregabilidade ou a escolaridade. Houve associação estatística entre o quadro psiquiátrico e o género feminino (p<0,0001) e menor prevalência de depressão (p=0,0336) com o uso de imunobiológicos. Conclusão: Os achados ratificam os achados encontrados na literatura, nos quais o quadro psiquiátrico possui também uma ampla associação com a fisiopatogenia inflamatória da psoríase, em especial em relação ao TNF-alfa, de modo que terapias anti-TNF possam vir a ser uma alternativa para o tratamento de depressão ou de transtornos de ansiedade associados à psoríase

A case report on the challenging diagnosis of neuronal ceroid lipofuscinosis type 2 (CLN2)

Neuronal ceroid lipofuscinoses (NCLs), also referred as “Batten disease”, are a group of thirteen rare genetic conditions, which are part of the lysosomal storage disorders. CLN type 2 (CLN2) is caused by the deficient activity of the tripeptidyl peptidase I (TPP1) enzyme, encoded by the TPP1 gene, most frequently leading to the classic late infantile phenotype. Nearly 140 CLN2- causing mutations have been described. In this case report, we describe the identification of a new disease-causing mutation and highlight the importance of appropriate laboratory investigation based on clinical suspicion. The collection of dried blood spots (DBS) on filter paper, which is a convenient sample, can be used to measure the TPP1 enzyme activity and detect CLN2-related mutations. Since the biochemical and genetic diagnoses are possible and as the disease progression is fast and the therapeutic window is short, the investigation of CLN2 should be always considered when this diagnostic hypothesis is raised in order to enable the patients to benefit from the specific pharmacological treatment

Ancient pathogen-driven adaptation triggers increased susceptibility to non-celiac wheat sensitivity in present-day European populations

Details of sequence profiles for each NCWS subject. (XLSX 47 kb

Predicting Physical Features and Diseases by DNA Analysis: Current Advances and Future Challenges

The 'omics' era and its concomitant technological advances have brought great insight into genetics. One of the most promising fields within human genetics is the prediction of physical traits from analysis of genetic material. Besides the predictive potential of DNA, the traceability of pathogenic agents in the human body through molecular analysis is also a field to be further exploited. In this review, we aim to discuss specific aspects of phenotypic prediction by analysing DNA, with special emphasis on normal variation, and the application of a technology known as ‘Forensic DNA Phenotyping’ (FDP). We also suggest the term ‘Phenotype Informative Markers’ (PIMs) to designate any molecular markers responsible for normal or pathological human phenotypic variation. In addition, we raise some recommendations related to forensic genetics, the molecular diagnosis of human diseases, and the traceability of pathogens in the human body, giving special emphasis to the need for validation of these tests with strict protocols. Some relevant concerns about privacy, ethics, and legality of such predictions have also been discussed. Finally, we look at perspectives on the use of epigenetic tools, and quote some examples of what has been done in this specific field.Fil: Silva de Cerqueira, Caio Cesar. Scientific Police Of Sao Paulo State; BrasilFil: Ramallo, Virginia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; ArgentinaFil: Hünemeier, Tábita. Universidade de Sao Paulo; BrasilFil: de Azevedo, Soledad. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; ArgentinaFil: Quinto Sanchez, Mirsha Emmanuel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; ArgentinaFil: Paschetta, Carolina Andrea. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; ArgentinaFil: Cintas, Celia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; ArgentinaFil: González, Marina Fernanda. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; ArgentinaFil: Schüler-faccini, Lavinia. Universidade Federal do Rio Grande do Sul; Brasil. National Institute of Medical Genetics Population; BrasilFil: Bortolini, María Cátira. Universidade Federal do Rio Grande do Sul; BrasilFil: González José, Rolando. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Ciencias Sociales y Humanas; Argentin

Treatment outcomes of pulp revascularization in traumatized immature teeth using calcium hydroxide and 2% chlorhexidine gel as intracanal medication

Objective: Pulp revascularization is an effective treatment for immature necrotic teeth. Calcium hydroxide has been used in pulp revascularization as an intracanal medication due to its antimicrobial action and the non-exhibition of crown discoloration and cytotoxicity for stem cells from the apical papilla. Our study aimed to investigate the clinical success and quantitative radiographic changes of root development in immature traumatized teeth using calcium hydroxide plus 2% chlorhexidine gel as intracanal medication. Methodology: In this retrospective study, 16 patients were treated with a standardized pulp revascularization protocol. Calcium hydroxide and 2% chlorhexidine gel were manipulated in a 1:1 (v/v) ratio and inserted into root canals with Lentulo spirals (Dentsply Maillefer, Baillaigues, Switzerland). Patients were followed up for a period from 9 to 36 months for the evaluation of clinical and radiological data. Radiographic measurements of root length, root width, apical diameter, and MTA placement from the apex were quantified using software ImageJ. Wilcoxon test and t-test were used, according to nonparametric or parametric data, respectively, for changes over time in root length, root width, and apical diameter. Results: Fifteen teeth survived during the follow-up period (93.75%) and met the criteria for clinical success. Although the changes seem to be very small in many cases, significant increases in the average root length (14.28%, p<0.0001), root width (8.12%, p=0.0196), and decrease in apical diameter (48.37%, p=0.0007) were observed. MTA placement from the apex and age at the time of treatment was not significantly associated with the quantitative radiographic outcomes. Conclusions: Pulp revascularization in traumatized immature teeth treated with calcium hydroxide plus 2% chlorhexidine gel as intracanal medication had high success and survival rates, showing periodontal healing and resolution of signs and symptoms. However, concerning the continued root development, the outcomes can still be considered unpredictable