Custo de capital de distribuição de energia elétrica: revisão tarifária 2007-2009

Bibliografia: p. 262-265O objetivo deste trabalho é contribuir com a Agência Nacional de Energia Elétrica (Aneel) no que se refere à metodologia de estimação da taxa de remuneração de capital (ou custo de capital), que é parte da revisão tarifária das distribuidoras de energia elétrica. Recomendamos a metodologia do CAPM global ajustado ao mercado brasileiro e, contrariamente à regulação vigente, a adoção da totalidade do risco-país. Essa abordagem torna desnecessário o acréscimo de um prêmio de risco cambial ao custo de capital. Por ser um parâmetro volátil e ter apresentado acentuada queda nos últimos três anos, consideramos ainda diversos cenários para a variável risco-país. A taxa de remuneração foi estimada na faixa de 10.6% – 12.3% em termos reais. Ressaltamos que o estabelecimento da adequada taxa de remuneração de capital é questão atual e presente nas discussões sobre as melhores práticas em economia de regulação e se justifica pelo reconhecimento de que, no longo prazo, o ente regulado privado deve recuperar pelo menos seu custo de oportunidade de capital, incluindo o risco-país, o risco do negócio, o risco regulatório e outros específicos dos projetos em que opera.The aim of this paper is to contribute with the Brazilian Electricity Regulatory Agency [Aneel] regarding the Weighted Average Cost of Capital (WACC) estimation methodology, which is an importante component of the regulatory electricity distribution tariff review. We recommend the adjusted global CAPM methodology and, as opposing to the current regulation, the adoption of the total sovereign risk instead of a segmented one. We further consider diferente scenarios for the sovereign risk variable, which presented significant volatility and outstanding decrease trend in the last three years. The WACC was estimated between 10,6% and 12,3% in real terms. We highlight that the establishment of the proper capital remuneration rate is a current and present issue in the discussions on the best practices in regulation economy and is justified by the recognition that, at long term, the private regulated body shall recover at least its capital opportunity cost, including the sovereign risk, the business risk, the regulatory risk and other specific risks of the project in which it operates

A taxa de remuneração do capital e a nova regulação das telecomunicações

Bibliografia: p. 188-191Estabelecer uma meta adequada para o retorno sobre o capital das operadoras é o assunto central relacionado à nova orientação a custos adotada pela Agência Nacional de Telecomunicações (Anatel). Nesse contexto, especial atenção deve ser dada à estimação do custo médio ponderado do capital [Weighted Average Cost of Capital (WACC)]. Estimativas excessivamente baixas podem prejudicar as futuras decisões de investimento em inovação e infra-estrutura e estimativas muito altas contrariam o objetivo governamental inicial de reduzir tarifas e fomentar a competição. De fato, ambas as inconsistências implicam a redução do bem-estar social. Diante disso, o artigo propõe princípios metodológicos, baseados em conceitos teóricos amplamente aceitos na economia de regulação e teoria de finanças, assim como nas melhores práticas internacionais, para a tarefa de estimar um WACC para o setor de telecomunicações, levando-se também em conta as especificidades regulatórias e setoriais brasileiras

A lógica atual do setor aeroportuário brasileiro

Bibliografia: p. 288-292O passado recente trouxe uma série de desafios a serem enfrentados pelo setor aéreo brasileiro. Mudanças estruturais no setor, que favoreceram sobremaneira o aumento da competição entre as companhias aéreas, acompanhadas de um período de desenvolvimento econômico notável, viabilizaram um representativo aumento no movimento de passageiros em nossos aeroportos. O ritmo de tal aumento não encontrou correspondência na ampliação da infraestrutura aeroportuária do país, tornando premente a adoção de medidas que viabilizassem a adequação do setor aéreo brasileiro a essa nova realidade. Este artigo analisa esse período ímpar que vive o setor aéreo, apresentando uma leitura sobre os principais motivos que impulsionaram esse novo cenário e contextualizando a participação do BNDES no rol de medidas adotadas pelo governo na busca da modernização do setor.The recent past has brought a lot of challenges to be faced by the Brazilian air sector. Structural changes in the industry, which greatly promoted the increase of competition among the airline companies, accompained by a remarkable economic development period, have enabled a representative increase in passenger traffic at our airports. The pace of this increase did not match the expansion of airport infrastructure in the country, urging to measures that would enable the suitability of the Brazilian air sector to this new outlook. This paper discusses the unique period experienced by the air sector, presenting a view about the main reasons that prompted this new scenario and putting into contexto the participation of BNDES in the list of measures adopted by the government in the pursuit of sector modernization

Measurement of χ c1 and χ c2 production with s√ = 7 TeV pp collisions at ATLAS

The prompt and non-prompt production cross-sections for the χ c1 and χ c2 charmonium states are measured in pp collisions at s√ = 7 TeV with the ATLAS detector at the LHC using 4.5 fb−1 of integrated luminosity. The χ c states are reconstructed through the radiative decay χ c → J/ψγ (with J/ψ → μ + μ −) where photons are reconstructed from γ → e + e − conversions. The production rate of the χ c2 state relative to the χ c1 state is measured for prompt and non-prompt χ c as a function of J/ψ transverse momentum. The prompt χ c cross-sections are combined with existing measurements of prompt J/ψ production to derive the fraction of prompt J/ψ produced in feed-down from χ c decays. The fractions of χ c1 and χ c2 produced in b-hadron decays are also measured

Measurement of the production of a W boson in association with a charm quark in pp collisions at √s = 7 TeV with the ATLAS detector

The production of a W boson in association with a single charm quark is studied using 4.6 fb−1 of pp collision data at s√ = 7 TeV collected with the ATLAS detector at the Large Hadron Collider. In events in which a W boson decays to an electron or muon, the charm quark is tagged either by its semileptonic decay to a muon or by the presence of a charmed meson. The integrated and differential cross sections as a function of the pseudorapidity of the lepton from the W-boson decay are measured. Results are compared to the predictions of next-to-leading-order QCD calculations obtained from various parton distribution function parameterisations. The ratio of the strange-to-down sea-quark distributions is determined to be 0.96+0.26−0.30 at Q 2 = 1.9 GeV2, which supports the hypothesis of an SU(3)-symmetric composition of the light-quark sea. Additionally, the cross-section ratio σ(W + +c¯¯)/σ(W − + c) is compared to the predictions obtained using parton distribution function parameterisations with different assumptions about the s−s¯¯¯ quark asymmetry

Search for a CP-odd Higgs boson decaying to Zh in pp collisions at √s=8TeV with the ATLAS detector

A search for a heavy, CP-odd Higgs boson, A, decaying into a Zboson and a 125GeV Higgs boson, h, with the ATLAS detector at the LHC is presented. The search uses proton–proton collision data at a centre-of-mass energy of 8TeV corresponding to an integrated luminosity of 20.3fb−1. Decays of CP-even hbosons to ττor bbpairs with the Zboson decaying to electron or muon pairs are considered, as well as h →bbdecays with the Zboson decaying to neutrinos. No evidence for the production of an Aboson in these channels is found and the 95% confidence level upper limits derived for σ(gg→A) ×BR(A →Zh) ×BR(h →f¯f)are 0.098–0.013pb for f=τand 0.57–0.014pb for f=bin a range of mA=220–1000GeV. The results are combined and interpreted in the context of two-Higgs-doublet models. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons

Observation of top-quark pair production in association with a photon and measurement of the ttγ production cross section in pp collisions at √s = 7 TeV using the ATLAS detector

A search is performed for top-quark pairs (tt) produced together with a photon (γ) with transverse energy greater than 20 GeV using a sample of tt candidate events in final states with jets, missing transverse momentum, and one isolated electron or muon. The data set used corresponds to an integrated luminosity of 4.59 fb −1 of proton-proton collisions at a center-of-mass energy of 7 TeV recorded by the ATLAS detector at the CERN Large Hadron Collider. In total, 140 and 222 ttγ candidate events are observed in the electron and muon channels, to be compared to the expectation of 79 +/- 26 and 120 +/- 39 non-ttγ background events, respectively. The production of ttγ events is observed with a significance of 5.3 standard deviations away from the null hypothesis. The ttγ production cross section times the branching ratio (BR) of the single-lepton decay channel is measured in a fiducial kinematic region within the ATLAS acceptance. The measured value is σ (fid/tty) × BR = 63 +/- 8(stat) (+17/-13)(syst) +/- 1 lumi fb per lepton flavor, in good agreement with the leading-order theoretical calculation normalized to the next-to-leading-order theoretical prediction of 48 +/- 10 fb

Clonal chromosomal mosaicism and loss of chromosome Y in elderly men increase vulnerability for SARS-CoV-2

The pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2, COVID-19) had an estimated overall case fatality ratio of 1.38% (pre-vaccination), being 53% higher in males and increasing exponentially with age. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, we found 133 cases (1.42%) with detectable clonal mosaicism for chromosome alterations (mCA) and 226 males (5.08%) with acquired loss of chromosome Y (LOY). Individuals with clonal mosaic events (mCA and/or LOY) showed a 54% increase in the risk of COVID-19 lethality. LOY is associated with transcriptomic biomarkers of immune dysfunction, pro-coagulation activity and cardiovascular risk. Interferon-induced genes involved in the initial immune response to SARS-CoV-2 are also down-regulated in LOY. Thus, mCA and LOY underlie at least part of the sex-biased severity and mortality of COVID-19 in aging patients. Given its potential therapeutic and prognostic relevance, evaluation of clonal mosaicism should be implemented as biomarker of COVID-19 severity in elderly people. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, individuals with clonal mosaic events (clonal mosaicism for chromosome alterations and/or loss of chromosome Y) showed an increased risk of COVID-19 lethality

Search for dark matter produced in association with bottom or top quarks in √s = 13 TeV pp collisions with the ATLAS detector

A search for weakly interacting massive particle dark matter produced in association with bottom or top quarks is presented. Final states containing third-generation quarks and miss- ing transverse momentum are considered. The analysis uses 36.1 fb−1 of proton–proton collision data recorded by the ATLAS experiment at √s = 13 TeV in 2015 and 2016. No significant excess of events above the estimated backgrounds is observed. The results are in- terpreted in the framework of simplified models of spin-0 dark-matter mediators. For colour- neutral spin-0 mediators produced in association with top quarks and decaying into a pair of dark-matter particles, mediator masses below 50 GeV are excluded assuming a dark-matter candidate mass of 1 GeV and unitary couplings. For scalar and pseudoscalar mediators produced in association with bottom quarks, the search sets limits on the production cross- section of 300 times the predicted rate for mediators with masses between 10 and 50 GeV and assuming a dark-matter mass of 1 GeV and unitary coupling. Constraints on colour- charged scalar simplified models are also presented. Assuming a dark-matter particle mass of 35 GeV, mediator particles with mass below 1.1 TeV are excluded for couplings yielding a dark-matter relic density consistent with measurements

Jet energy measurement and its systematic uncertainty in proton–proton collisions at √s=7 TeV with the ATLAS detector

The jet energy scale (JES) and its systematic uncertainty are determined for jets measured with the ATLAS detector using proton–proton collision data with a centre-of-mass energy of √s=7 TeV corresponding to an integrated luminosity of 4.7 fb −1. Jets are reconstructed from energy deposits forming topological clusters of calorimeter cells using the anti-kt algorithm with distance parameters R=0.4 or R=0.6, and are calibrated using MC simulations. A residual JES correction is applied to account for differences between data and MC simulations. This correction and its systematic uncertainty are estimated using a combination of in situ techniques exploiting the transverse momentum balance between a jet and a reference object such as a photon or a Z boson, for 20≤pTjet1 TeV. The calibration of forward jets is derived from dijet pT balance measurements. The resulting uncertainty reaches its largest value of 6 % for low-pT jets at |η|=4.5. Additional JES uncertainties due to specific event topologies, such as close-by jets or selections of event samples with an enhanced content of jets originating from light quarks or gluons, are also discussed. The magnitude of these uncertainties depends on the event sample used in a given physics analysis, but typically amounts to 0.5–3 %