HEDGE FUND REPLICATION STRATEGIES: THE GLOBAL MACRO CASE

This paper performs and analyzes hedge fund replication strategies using liquid exchange-traded instruments to build linear multi-factor models (“clones”) that mimic Hedge Funds returns. First, we follow Hasanhodzic and Lo (2006) six-factor model, using Barclay Hedge Indexes monthly returns for the period of January 1997 to August 2017 on seventeen hedge fund strategies. Next, we introduce variations and new propositions to the model in order to obtain closer risk-return characteristics, focusing on one particular hedge fund strategy: Global Macro. Finally, we use these results to base our conclusion and propose applications for this method.Our findings promote the use of shorter month period in rolling-windows approach and monthly rebalancing strategy for a faster reaction and adaptation to market conditions. Also, it suggests the addition of a strategic-specific factor to obtain better expected-return replications. These findings are particularly relevant to institutional investors that need diversification and could benefit from this asset class exposure, but many times are restricted from investing in hedge funds due to their high fee structure, illiquidity, and opaque tactics

Exploring mathematical functions through dynamic microworlds

The aim of this research was to investigate students' perceptions of function as they interacted with the different dynamic representations of function made available through computer environments. Microworlds were designed comprising sequences of activities around the software, Function Probe, and two adaptations of DynaGraph, DG Parallel (with parallel axes) and DG Cartesian (using Cartesian axes). A series of case studies of four pairs of students was undertaken in Brazil in order to trace the evolution in students' perceptions of a selection of function properties; namely turning point, variation, range, symmetry and periodicity. This diversity of properties was chosen to examine different ways students analyse functions: pointwise, variational, global and pictorial. Starting with an examination of the curriculum followed by the case study students as a means to describe the origins of their perceptions, a longitudinal investigation was undertaken in order to identify the main features of each of the microworlds that appeared to contribute to students' progress. The students' perceptions were analysed by drawing attention to their origins, their usefulness and their potential limitations (from a mathematical point of view). A methodology for this longitudinal study was devised which incorporated visual presentations to capture the main characteristics of students' perceptions. The results showed that DG Parallel, a 'new' representation, prompted the development of perceptions free of previous limitations and sufficiently robust to allow revision. However, properties previously perceived pictorially were rarely identified in DG Parallel. Together with DG Cartesian, interactions with this microworld provoked the students to develop a variational view of some of the function properties. In addition, DG Cartesian served as a two-way bridge between variational and pictorial views. By way of contrast, using the tools in FP to transform graphs seemed not to shape perceptions, but to assist in the exploration of the function properties

Pandemia e educação escolar: a reinvenção como performance da docência

O estudo procurou investigar como a pandemia afetou o trabalho docente e como foram se configurando mecanismos de regulação e controle do trabalho de professores da rede pública estadual do Rio Grande do Sul, visando analisar as (novas) demandas e a necessidade de adaptação das atividades escolares às diferentes orientações para o ensino, com o uso das tecnologias digitais. O trabalho foi realizado na perspectiva teórico-metodológica dos estudos culturais para análise de publicações da Revista Sineta (Cpers) e relatos de professores. Os resultados indicam que, em meio às orientações oficiais para o ensino, os professores se viram impelidos a estar em formação permanente, ao mesmo tempo em que houve intensificação e regulação do trabalho, com relação aos resultados do ensino remoto, à defasagem de aprendizagem e ao aumento das desigualdades

Feasibility study of an intensive multi-strategy rehabilitation program for Parkinson disease

Poster presented at the 19th International Congress of Parkinson’s Disease and Movement Disorders (MDS Congress 2015). San Diego, 14-18 June 2015

O CONTRATO DE FRANQUIA SOB O CRIVO DA LEI DE PROTEÇÃO DE DADOS.

Franquia é o sistema no qual o franqueador licencia ao franqueado um direito de propriedade intelectual, associado ou não ao direito de distribuição de produtos ou serviços, uso de tecnologia de implantação e administração do negócio ou sistema operacional desenvolvidos ou detidos pelo franqueador que se denomina know how. Esse último cuja natureza é de um segredo empresarial advindo da propriedade industrial. A partir desta constatação pode surgir um descompasso entre as Leis nº 13.966/2019 e 13.709/2018 ora abordadas neste trabalho. Para tanto, o método de pesquisa adotado foi exploratório para aproximar realidade fática à lei, além de obras bibliográficas

Sulbactam pivoxil powder attributes and compatibility study with excipients

Background: Sulbactam pivoxil is an irreversible β-lactamase inhibitor that can be used with β-lactam antibiotics to improve antibacterial therapy by the oral route. Relevant properties of this drug for pharmaceutical manufacturing are not available in the open literature. In this work, a solid-state characterization of sulbactam pivoxil at the molecular, particle, and bulk levels was performed. Results: Particles exhibited a mean diameter of about 350 μm, irregular shape crystals, and good flow properties. This work presents for the first time the crystal structure of this β-lactamase inhibitor obtained by X-ray diffraction analysis. Fourier-transform infrared results showed the characteristic bands of aliphatic hydrocarbons and ester groups. The differential scanning calorimetry curve exhibited a sharp endothermic peak at 109 °C corresponding to sulbactam pivoxil melting. The thermogravimetric curve revealed a mass loss at 184 °C associated with a decomposition process. This powder showed a moisture content of 0.34% and a water activity of 0.463. Potential interactions between sulbactam pivoxil and common pharmaceutical excipients were evaluated by thermal analysis. The endothermic peak and the enthalpies of melting were preserved in almost all the analyzed mixtures. Conclusion: The powder was constituted by micro-sized crystals of sulbactam pivoxil that had suitable physicochemical properties for processing in controlled humidity environments. Thermal analyses suggested that sulbactam pivoxil is compatible with most of the evaluated excipients. The information obtained in the present study is relevant for the development, manufacturing, and storage of formulations that include sulbactam pivoxil.Fil: Gallo, Loreana Carolina. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Planta Piloto de Ingeniería Química. Universidad Nacional del Sur. Planta Piloto de Ingeniería Química; ArgentinaFil: González Vidal, Noelia Luján. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca; ArgentinaFil: Ferreira, Fabio F.. Universidad Federal do Abc; BrasilFil: Ramírez Rigo, María Veronica. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Planta Piloto de Ingeniería Química. Universidad Nacional del Sur. Planta Piloto de Ingeniería Química; Argentin

ANÁLISE NUMÉRICA DO EFEITO DO SOBREPESO SOBRE O PAVIMENTO RODOVIÁRIO

No presente trabalho foi desenvolvida uma análise empírico-matemática dos efeitos do excesso de cargas no trecho Anápolis/Cocalzinho de Goiás da BR-414, objetivando demonstrar através de cálculos, como o sobrepeso de veículos de carga pode diminuir a vida útil do pavimento. Para tanto, foi feita uma previsão da vida útil do pavimento em função do número N, quando as cargas previstas no dimensionamento são acrescidas em 10,15 e 20%. Com os resultados pode-se concluir que, como consequência da falta de conscientização por parte das transportadoras, um aumento de carga de 10%, por exemplo, pode diminuir pela metade, a vida útil da via pavimentada

Produções orais e escritas dos ditongos [aj], [ej] e [ow]: dados de São José do Norte/RS

Os ditongos decrescentes [aj], [ej] e [ow] podem ser compreendidos como resultantes da inserção de um glide à forma subjacente (BISOL, 1989) ou como decorrentes do apagamento da semivogal (CABREIRA, 1996). Adamoli (2006), quanto à aquisição gráfica dessas sequências, defende que são constituídas por apenas uma vogal na subjacência. O presente trabalho investiga o processo de aquisição da escrita dos ditongos orais decrescentes [aj], [ej] e [ow] na cidade de São José do Norte/RS, assim como a relação que se estabelece entre língua falada e língua escrita nesse processo. Os sujeitos pertencem às turmas da 1ª, 2ª, 3ª e 6ª série de duas escolas públicas, uma da zona urbana e outra da zona rural. Foram elaborados três instrumentos de coleta de dados, sendo um destinado à coleta oral e dois à coleta escrita. O instrumento da coleta oral continha 62 figuras, apresentadas a cada sujeito por meio de um computador. Quanto à coleta escrita, um instrumento foi elaborado para os alunos da 1ª, 2ª e 3a séries e outro, para os alunos da 6ª série. As palavras da coleta escrita foram as mesmas trabalhadas na oralidade. Os resultados confirmam a proposta de Bisol (1989) acerca da existência de apenas um elemento vocálico na representação mental dos aprendizes, tendo em vista o expressivo número de reduções na escrita realizadas nas séries iniciais. A gradual apropriação dos ditongos na escrita, bem como a produção oral das sequências [aj], [ej] e [ow], de forma mais recorrente, pelos sujeitos da 3ª série, corroboram a possibilidade de esses ditongos emergirem na representação mental a partir do contato dos sujeitos com a escrita

Mexico: inpoverishment and the conditional cash transfers programmes of the World Bank

Abstract Poverty reproduces into the system, which generates it. The system creates conditions to prevail and to secure functionality. The erosion of the possibilities of intergenerational social mobility, associated with the reproduction or poverty, is not a big deal to the system as long as it allows the State legitimation. In Mexico, at the present time, policies aimed at alleviating poverty, in terms of such legitimation, play a very important role as a means to redistribute income. These policies are linked to other programmes which correspond to the so called structural reforms of neoclassical style, but have nothing to do with the real structural conditions which produce the economics slumps, inflation, concentration of income and other restrictive policies. Programmes like these are known as programmes of Conditional Cash Transfers (CCT). Our paper focuses on analysing the official results of poverty measurement and the evolution of the factors which affect the impoverishment process in order to demonstrate that the official programme to fight against poverty constitutes in fact an instrument to regulate it quantitatively, without improving the social conditions for the reproduction of the social forces. This paper intends to draw elements in order to consider the evolution of poverty itself and the impoverishment of people and their conditions of restrictive perspective growth, based on the official records of poverty. The CCT programmes based their policies on income-consumption, and these obey only to a particular conception of poverty. Consequently, these programmes try to raise the income, in order to raise consumption. Although it is important for people to receive money to purchase consume goods, and this is a short-term aid, in the long run, it does not eradicate poverty. In fact, the CCT programmes try to invest in people as a human capital in order to secure the reproduction of the labour force. In these terms, programmes aim at people being trained or having better salaries, but do not necessarily create a better life for them