Taxa de juros e default em mercados de empréstimos colateralizados

This paper investigates how changes in interest rates affect the probability of default (PD) in a general equilibrium model with incomplete markets and collateral requirement. Theoretically, the PD has a positive relationship with the loan real interest rate and negative with the economy real interest rate. Empirically, those relationships are confirmed by the estimation of the Cox proportional hazard model for a large sample of collateralized loans. Among the control variables, there are characteristics of the individuals, contracts, and economy as a whole. Intuitively, a lower real interest rate reduces earnings from financial operations, leading the banks to increase their credit portfolios by lending for riskier individuals.Este artigo investiga como variações nas taxas de juros afetam a probabilidade de default (PD) em um modelo de equilíbrio geral com mercados incompletos e exigência de colateral. Teoricamente, a PD possui relação positiva com taxa de juro real do empréstimo e negativa com a taxa de juro real da economia. Empiricamente, essas relações são confirmadas por meio da estimação do modelo de risco proporcional de Cox para uma grande amostra de empréstimos colateralizados. Dentre as variáveis de controle, há características do indivíduo, do contrato e da economia como um todo. Intuitivamente, uma taxa de juro real básica mais baixa implica menor retorno das operações de tesouraria, levando os bancos a ampliarem suas carteiras de crédito, emprestando para indivíduos mais arriscados

Conductive electrospun Polyaniline/Polyvinylpyrrolidone nanofibers: Electrical and morphological characterization of new yarns for electronic textiles

UID/CTM/50025/2019Advanced functionalities textiles embedding electronic fibers, yarns and fabrics are a demand for innovative smart cloths. Conductive electrospun membranes and yarns based on polyaniline/polyvinylpyrrolidone (PANI/PVP) were investigated using the chemical modification of PANI instead of using conventional coating processes as in-situ polymerization. PANI was synthesized from the aniline monomer and the influence of the oxidant-to-monomer ratio on electrical conductivity was studied. The optimized conductivity of pellets made with pressed PANI powders was 21 S·cm-1. Yarns were then prepared from the t-Boc-PANI/PVP electrospun membranes followed by PANI protonation to enhance their electrical properties. Using this methodology, electrospun membranes and yarns were produced with electrical conductivities of 1.7 x 10-2 and 4.1 x 10-4 S·cm-1.publishersversionpublishe

Stability under humidity, UV-light and bending of AZO films deposited by ALD on Kapton

H2020-ICT-2014-1 ERC-CoG-2014 CapTherPV, 647596Aluminium doped zinc oxide (AZO) films were grown by Atomic Layer Deposition (ALD) on yellow Kapton and transparent Kapton (type CS) substrates for large area flexible transparent thermoelectric applications, which performance relies on the thermoelectric properties of the transparent AZO films. Therefore, their adhesion to Kapton, environmental and bending stability were accessed. Plasma treatment on Kapton substrates improved films adhesion, reduced cracks formation, and enhanced electrical resistance stability over time, of importance for long term thermoelectric applications in external environment. While exposure to UV light intensity caused the films electrical resistance to vary, and therefore their maximum power density outputs (0.3–0.4 mW/cm3) for a constant temperature difference (∼10 °C), humidity exposure and consecutive bending up to a curvature radius above the critical one (∼18 mm) not. Testing whether the films can benefit from encapsulation revealed that this can provide extra bending stability and prevent contacts deterioration in the long term.publishersversionpublishe

Naomi Poinsettia (Euphorbia pulcherrima Willd. ex Klotzsch) variety for indoor spaces

Objective: Evaluate the behavior of the Naomi poinsettia variety and its varietal description applying UPOV guidelines. Design/methodology/approach: The variety was generated through the genotechnical methods of hybridization, individual selection, and use of the grafting technique. The varietal description was made based on the document of the Union for the Protection of New Varieties of Plants (UPOV).The experimental design used was completely randomized with 10 replications. Vegetative and reproductive characters of the plant were recorded. The information was studied by analysis of variance and Tukey mean comparison test (P≤ 0.05). Results: Naomi is tall with breadth and intermediate branching. The intensity of the green color in the middle third of the stem is strong. Oval-shaped leaf, of intermediate size with a rounded base without curvature in the main vein. Elliptical bract, without torsion and intermediate roughness between nerves. Limitations on study/implications: The variety propagates asexually via cuttings and is preserved as the original plant for cuttings production. It needs adequate nutrition, light and temperature conditions that do not allow its floral differentiation. Findings/conclusions: The new poinsettia material presents phenotypic attributes demanded by the market. The varietal description indicates that it is comparable with other INIFAP varieties and with those found on the market. It can be competitive and is considered a candidate to diversify the offer of poinsettia plants in the Christmas season.Objective: To evaluate the behavior of the Naomi poinsettia variety and its varietal description applying the guidelines of the Union for the Protection of New Varieties of Plants (UPOV).Design/Methodology/Approach: The variety was generated through the following methods: plant genetic hybridization, individual selection, and use of the grafting technique. The varietal description was based on the document of the Union for the Protection of New Varieties of Plants (UPOV). A completely randomized experimentaldesign with 10 replications was used. Vegetative and reproductive characteristics of the plant were recorded. The data was subjected to an analysis of variance and Tukey’s mean comparison test (P ≤ 0.05).Results: The Naomi variety is tall with intermediate width and branching. It has a very intense green color in the middle third of the stem. It has oval-shaped leaves of intermediate size, with a rounded base, and without curvature in the main nerve. Its elliptical bract does not have a torsion, but it has an intermediate roughness between itsnerves.Study Limitations/Implications: The variety is propagated asexually via cuttings andthe plants from which the cuts are made are preserved as mother plants. It needsadequate nutrition and light and temperature conditions that hinder floral differentiation.Findings/Conclusions: The new poinsettia material has phenotypic attributes demanded by the market. The varietal description indicates that it is comparable with other INIFAP varieties and with commercially available varieties. This plant can be considered a competitive candidate for the diversification of the offer of poinsettia plants in the Christmas season

Ximena, variedad de nochebuena (Euphorbia pulcherrima Willd. ex Klotzsch) para decorar espacios de interior

Objective: To describe the variety of Ximena poinsettia based on UPOV guidelines and to evaluate its behavior with a cooperating producer in Morelos state.Design/methodology/approach: The variety was generated by the genotechnical methods of hybridization, recurrent selection and use of the grafting method. The varietal description was made based on the document of the Union for the Protection of New Varieties of Plants (UPOV). The experimental design used was a completely randomized, with 10 repetitions. Vegetative and bract characters of the plant were recorded. The information was studied by analysis of variance and Tukey means comparison test (P? 0.05).Results: Ximena is tall, large, with intermediate branching. The leaf is oval, long and wide with a medium length petiole. Elliptical bracts, red color, without torsion and roughness between the nerves. The width of the top is medium, yellow ciatio glands, and without any deformation. Ximena's response was statistically similar to the two controls in stem diameter, number of internodes, leaf width, leaf petiole length and bract. Instead, it was statistically superior in bract length, bract canopy width, and diameter of ciatio.Limitations on study/implications: The variety is maintained as an original plant, from which commercial crops will be established. Therefore, it requires adequate nutrition and conditions that do not allow its floral differentiation.Findings/conclusions: Ximena's behavior and archetype was comparable to that of commercial varieties, it has aesthetic characteristics that the market demands, it can be competitive and it is considered a candidate to diversify the offer of poinsettias plants in the Christmas season.Objetivo: Describir la variedad de nochebuena Ximena en base a directrices de la UPOV y evaluar su comportamiento con un productor cooperante en el estado de Morelos.Diseño/metodología/aproximación: La variedad se generó mediante los métodos genotécnicos de hibridación, selección recurrente y uso de la técnica de injerto. La descripción varietal se realizó en base al documento de la Unión para la Protección de las Obtenciones Vegetales (UPOV). El diseño experimental utilizado fue un completamente al azar con 10 repeticiones. Se registraron caracteres vegetativos y de bráctea de la planta. La información se estudió mediante análisis de varianza y prueba de comparación de medias Tukey (P? 0.05).Resultados: Ximena presenta porte alto, de amplitud grande con ramificación intermedia. La hoja de forma oval, larga y ancha con peciolo de longitud media. Brácteas de forma elíptica, color rojo, sin torsión y rugosidad entre los nervios. La anchura de la cima es media, glándulas del ciatio de color amarillo de tamaño medio sin alguna deformación. La respuesta de Ximena fue estadísticamente similar a los dos testigos en diámetro del tallo, número de entrenudos, ancho de hoja, longitud de peciolo de hoja y bráctea. En cambio, fue superior estadísticamente en longitud de bráctea, amplitud de dosel de bráctea y diámetro de ciatio.Limitaciones del estudio/implicaciones: La variedad se mantiene como planta madre, a partir de la cual se van a establecer cultivos comerciales. Por lo que, requiere adecuada nutrición y condiciones que no permitan su diferenciación floral.Hallazgos/conclusiones: El comportamiento y arquetipo de Ximena fue comparable a la de variedades comerciales, posee características estéticas que demanda el mercado, puede ser competitiva y se considera candidata para diversificar la oferta de plantas de nochebuena en la temporada de navidad

A place for arguing in engineering education: A study on students' assessments

This paper focuses on the issue of how engineering programmes demand and/or promote argumentative reasoning, which is a subsequent aspect of curricular development. This was the main objective of the project on which this paper reports. This is to say that the focus is on assessment as a way to establish to what extent argumentative reasoning is demanded and mobilised in teaching and learning processes. This aim was achieved using a sample of assignments developed in courses in different Bologna undergraduate programmes at the Engineering School at the University of Porto, during the first semester of the academic year 2009/2010. Whereas problem solving in engineering constitutes a structural element in the curricular organisation of the engineering programmes and is strongly related to argumentative skills, it was possible to conclude that students demonstrate and explain extensively, but do not argue, possibly because their teachers do not invite them to do so in assessment situations. © 2011 Copyright SEFI

Argumentative skills in higher education: a comparative approach

This text analyzes how curricular units of distinct areas of knowledge may refer,demand and promote argumentative reasoning. This is considered to be a fundamentalfeature in Higher Education within the framework of the Bologna Process. Theobjective of the study is to establish how argumentative skills developed by studentsshould be promoted and assessed in courses from two different areas of knowledge.The sample was made up from 282 students assessment elements developed in 4undergraduate courses for students majoring in Psychology, Educational Science andEngineering, of University of Porto. The methodological approach used was contentanalysis and data were treated by N-Vivo software. Data in relation with the coursessupply the bases to infer that the current position held by argumentative skills inHigher Education depends on the area of knowledge, as well as on the conditions andmethods of student assessment

Argumentar, precisa-se!

O ângulo de análise que sustenta o presente texto centra-se, sobretudo, em saber como é que as unidades curriculares se referem, exigem e/ou promovem o raciocínio argumentativo, que é um aspecto fundamental no ensino superior, no período pós-Bolonha. Para o estudo recorremos aos dados do projecto "Argumentar, precisa-se" desenvolvido na Universidade do Porto. O projecto recolheu e analisou trabalhos produzidos por estudantes do ponto de vista da mobilização de competências argumentativas, numa amostra constituída por trabalhos desenvolvidos em unidades curriculares de diferentes cursos do 1º ciclo da Faculdade de Engenharia e da Faculdade de Psicologia e Ciências da Educação da Universidade do Porto, no 1º semestre do ano lectivo de 2009/2010. São os dados relativos a essas duas unidades curriculares que aqui servem de base para inferir o lugar que tem a competência argumentativa no Ensino Superior

Characterization of digestive disorders of patients with chronic Chagas disease in Cochabamba, Bolivia

Background: Chagas disease (CD) is endemic in Latin America and particularly common in Bolivia, but there is little information on the characteristics of chronic digestive involvement. Objectives: To determine the prevalence and characterize digestive manifestations in chronic CD patients in Cochabamba, Bolivia. Methods: Eighty-five T. cruzi-seropositive individuals with or without digestive symptoms (G1 group), and fifteen T. cruzi-seronegative patients with similar digestive symptoms to those seen in CD (G2 group) were included in the study. All patients underwent a detailed history including past medical history, epidemiological information, hygiene and dietary habits, a complete physical examination, two serological tests for T. cruzi, video endoscopy, barium swallow, and barium enema. Findings: We observed digestive manifestations in T. cruzi seropositive and seronegative patients. Colonic manifestations were detected in both groups, highlighting the relevance of other confounder factors in the region. Constipation was present in 52.9% of G1 patients, 62.4% presented two or more upper digestive tract symptoms, and 5.9% of them presented esophageal manifestations. Helicobacter pylori infection was detected in 58.8% of G1 patients, and all patients presented gastritis on endoscopy. Conclusions: Prevalence of digestive involvement in CD patients is higher than expected. However, digestive symptoms are not always caused by T. cruzi infection and require differential diagnoses