A propósito do centenário de Hitchcock em 1999

Hitchcock nasceu em Agosto de 1899, tinha o próprio cinematógrafo quatro anos, e aos nove anos de idade pode ver os primeiros Griffth e aos quinze os primeiros Chaplins, podendo aos vinte e sete realizar os seus primeiros filmes (mudos) e, logo um ano depois, "The Lodger" – "o primeiro verdadeiro Hitchcock", Hitchcock "dixit". Mais um ano passado, foi "Blackmail", primeiro filme sonoro, ou meio sonoro. Desde então foram várias dezenas, em Inglaterra e, logo desde 1940, em Hollywood, depois de "The Lady vanishes" e de "Jamaica Inn", "Rebecca" com Laurence Olivier, como pareceu acertado ao argumento adaptado, britânico de nascença

On multifractals: a non-linear study of actigraphy data

This work aimed, to determine the characteristics of activity series from fractal geometry concepts application, in addition to evaluate the possibility of identifying individuals with fibromyalgia. Activity level data were collected from 27 healthy subjects and 27 fibromyalgia patients, with the use of clock-like devices equipped with accelerometers, for about four weeks, all day long. The activity series were evaluated through fractal and multifractal methods. Hurst exponent analysis exhibited values according to other studies ($H>0.5$) for both groups ($H=0.98\pm0.04$ for healthy subjects and $H=0.97\pm0.03$ for fibromyalgia patients), however, it is not possible to distinguish between the two groups by such analysis. Activity time series also exhibited a multifractal pattern. A paired analysis of the spectra indices for the sleep and awake states revealed differences between healthy subjects and fibromyalgia patients. The individuals feature differences between awake and sleep states, having statistically significant differences for $\alpha_{q-} - \alpha_{0}$ in healthy subjects ($p = 0.014$) and $D_{0}$ for patients with fibromyalgia ($p = 0.013$). The approach has proven to be an option on the characterisation of such kind of signals and was able to differ between both healthy and fibromyalgia groups. This outcome suggests changes in the physiologic mechanisms of movement control.Comment: Preprint accepted for publication at Physica A: Statistical Mechanics and its Application

O benefício da substituição de dividendos e da remuneração do trabalho de sócios dirigentes pelos Juros sobre o Capital Próprio - JCP

Este texto apresenta um estudo dos juros sobre o capital próprio – JCP, instituídos pela Lei 9.249/95 e posteriormente alterados pela Lei 9.430/96. O estudo demonstra os benefícios da utilização dos JCP pelas pessoas jurídicas tributadas pela modalidade do lucro real como instrumento de planejamento tributário que promove a diminuição do desembolso de caixa por meio da redução da carga de tributos. São abordadas as alternativas de a empresa substituir a remuneração devida aos sócios dirigentes pelos JCP, bem como de poder acumular ambas, JCP e remuneração dos sócios dirigentes (pró – labore) e ainda a possibilidade de substituir dividendos. Os tributos que estão inclusos nessas alternativas de economia são o imposto de renda das pessoas jurídicas, o imposto de renda na fonte, a contribuição social sobre o lucro e a contribuição à previdência social

Frisch elasticity and fiscal multipliers

The literature on fiscal multipliers has evolved towards the notion that there is no such think asafiscal multiplier. These differ among many dimensions, including the aggregate state of theeconomy, wealth and income inequality, the demographic structure to name a few. However, in allof this studies, the elasticity of intertemporal substitution (Frisch) is held constant across countries.Based on findings from Peterman (2015), we use micro data to estimate country specific Frischelasticities and find that these differences not only are quantitatively meaningful in explaining cross-country differences in fiscal multipliers, but that the magnitude of the differences is much largerthan in most mechanisms that have been brought forward to explain cross-country heterogeneity infiscal multipliers

Equity valuation : Banco Português de Investimento

In this dissertation I will expose the process that lead me to give BPI a BUY recommendation for a price target of 1,75€ (against 1,466€ in August 2014). My work adds to the investment community (compared with the BCP report of May 2014) by giving a more detailed and forward-looking valuation. Detailed because I valuate domestic and international activities separately, accounting this way for a higher risk in the latter, but also greater profitability. Forward looking because I value BPI based on the excess return it is expected to generate. Using this approach I penalized BPI in the near future but I captured the long-term opportunities