Dynamic - Constant proportion portfolio insurance: aplicação ao índice FTSE 100

Given the risk aversion usually associated with financial markets investors’, it is common, in literature, to present and study strategies to be used in order to limit risk. In this work, a traditional risk management strategy Constant Proportion Portfolio Insurance Strategy (CPPI) is modified in order to use a dynamic multiplier that varies based on the fluctuations of the risky asset prices. This strategy is called Dynamic - Constant Proportion Portfolio Insurance (D-CPPI). The multiplier is adjusted according to the price fluctuations, which means that it will increase when the quote goes up and decrease when the quote goes down. The work is based on the model presented by Yao & Li (2016) and is applied to the British stock market (FTSE 100) in the 2008-2018 period. The performance of D-CPPI is analysed and compared with the performance of the traditional CPPI strategy and with the Buy and Hold (BH) strategy. It also sought to analyse the impact of Brexit on the British market and whether the use of D-CPPI effectively reduces the risk faced by investors in this troubled period. The results show that the D-CPPI has the best profitability rates in falling markets despite its performance is generally lower than CPPI and BH strategies. BH proves to be the strategy that achieves better performance, despite being the one with the highest levels of risk. Brexit had a great impact in the market, however, the use of D-CPPI allowed to guarantee the expected results

Alternative Approaches for the Numerical Simulation of Glass Structural Beams Reinforced with GFRP Laminates

This paper discusses alternative numerical approaches to the analysis of the structural behaviour of glass beams reinforced with GFRP laminates adhesively bonded, which were calibrated and validated from four-point bending tests available in the literature. For this purpose, smeared crack and damaged plasticity models were used to simulate the non-linear behaviour of glass, available in FEMIX and ABAQUS finite element softwares. The interaction between the materials in the composite beams, using polyurethane or epoxy adhesives, was defined thought different strategies. In all cases it was possible to simulate well the non-linear behaviour of glass-GFRP composite beams. However, while the FEMIX (smeared crack model) results showed greater resemblance to the experimental ones, ABAQUS models, showed to be able to capture in greater detail the effects of cracking in theses structural responses

Inventário e avaliação qualitativa dos sítios de geodiversidade na região norte da Ilha de São Sebastião, Ilha Bela (SP)

Anais do IV Simpósio Brasileiro de Patrimônio Geológicoinfo:eu-repo/semantics/publishedVersio

Hidrogeologia

Versão revista e actualizada do capítulo "Hidrogeologia" da Notícia Explicativa da Folha 6-D, Vila Pouca de Aguiar, da Carta Geológica de Portugal, escala 1:50.00

Hybrid Maneuver for Gradient Search with Multiple Coordinated AUVs

This work presents a hybrid maneuver for gradient search with multiple AUV's. The mission consists in following a gradient field in order to locate the source of a hydrothermal vent or underwater freshwater source. The formation gradient search exploits the environment structuring by the phenomena to be studied. The ingredients for coordination are the payload data collected by each vehicle and their knowledge of the behaviour of other vehicles and detected formation distortions

210608

Complex safety-critical Cyber-Physical Systems require modern approaches that can provide evidence of their correct functioning. Among the many state-of-the-art approaches is runtime verification, which constantly verifies if a system’s behavior complies with its specification. However, the coupling of monitors causes an inevitable overhead that could compromise the system’s safety. We present the concept of a framework capable of analyzing the schedulability of a set of mode-change supporting Cyber-Physical Systems in the presence of coupled runtime monitors.N/

A Embratel: da era da intervenção ao tempo da competição

O artigo trata da política brasileira de telecomunicações nos últimos trinta e cinco anos. Enfoca, em especial, o processo de constituição e consolidação da Empresa Brasileira de Telecomunicações (Embratel). Enfatizamos que o processo decisório ocorrido nos anos 60, quando o setor passou por uma profunda mudança institucional e organizacional favorável à atuação direta do Estado, correspondeu ao ideário desenvolvimentista. Retratamos o salto tecnológico promovido pela Embratel ocorrido ao longo das décadas de 60, 70 e 80 por meio da implantação do Sistema Nacional de Telecomunicações, o que possibilitou a ligação do país pelas telecomunicações, internamente e com o exterior. Por fim, analisamos o processo de privatização das telecomunicações ocorrido ao longo da segunda metade dos anos 90, como parte do programa de reforma econômica do Estado brasileiro. Configura-se então um quadro de competição regulada pelo Estado através da Agência Nacional de Telecomunicações (Anatel). Abstract This article looks at Brazilian telecommunications policies over the last thirty five years. Its specific focus is the process of formation and consolidation of the Empresa Brasileira de Telecomunicações (Embratel). Emphasis is placed on the decision-making processes of the sixties, when the sector underwent a profound institutional and organization change favorable to direct State action that corresponded to the developmentalist ideals of the period. I look at the technological leap that Embratel promoted over the 60s, 70s and 80s through the implantation of the National Telecommunications System (Sistema Nacional de Telecomunicações), which linked the country up ¾ domestically and internationally ¾ through telecommunications. Finally, I analyze the process of privatization of telecommunications that took place over the second half of the nineties as part of the program for the economic reform of the Brazilian State. This created the current scenario of competition regulated by the State through the National Agency of Telecommunications (Agência Nacional de Telecomunicações ¾ Anatel). Résumé Cet article porte sur la politique brésilienne en ce qui concerne les télécommunications pendant les trente cinq dernières années. Il met en relief principalement le processus de formation et de consolidation de l'Entreprise Brésilienne de Télécommunications (Embratel). Nous soulignons que le processus de décision qui a eu lieu dans les années 60 lorsque le secteur a subi une profonde transformation institutionnelle et organisationnelle favorable à la gestion directe de l'État correspondait à une conception de développement. Nous retraçons le saut technologique que l'Embratel a promu et qui s'est produit au cours des années 60, 70 et 80 par l'implantation du Système National de Télécommunications, ce qui a favorisé l'intégration du pays à travers la télécommunication, aussi bien sur le plan national qu'international. Finalement, nous analysons le processus de privatisation des télécommunications qui a eu lieu au cours des années 90, dans le cadre du programme de réforme économique de l'État brésilien. Il surgit alors la concurrence qui sera régulée par l'État au moyen de l'Agence Nationale de Télécommunications (Anatel)