Elusive Anomalies in the Brazilian Stock Market

We study the twist-of-the-Monday effect in the Brazilian stock market and provide evidence that it is due to index construction problems, such as the non-synchronous trading of stocks. The effect is present for indices but absent for most individual stocks and in the most recent sub-periods of the 1986-98 period. When present, it was due to negative weekend returns while Monday intraday returns were significantly positive. When absent, Monday returns remain positively correlated with the previous week return although Monday returns are no longer significantly negative. Monday trading strategies based on the previous week return were profitable in and out of the sample.Indisponível

Does this dog hunt? Testing the performance of the dogs of the dow strategy in the U.S. and in Brazil

This study analyzes the performance of the Dogs of the Dow Jones (DoD) investment strategy in the U.S and in Brazil on an absolute and on a risk adjusted basis. The DoD is a value oriented strategy that calls for investing equal dollar amounts in the highest yielding components of the Dow Jones. Our performance evaluation findings demonstrate that the DoD strategy shows only limited evidence that it can add value as an investment strategy in the U.S stock market. The use of the DoD strategy in Brazil shows virtually no evidence that it can add value as an investment strategy. Our analysis suggests that the dividend yield may not be a good variable to select value stocks in the U.S and in Brazil given existing empirical evidence that value stocks have outperformed growth stocks in these markets.Indisponível

Dynamics of microalgal communities in the water-column/sediment interface of the inner shelf off Parana State, Southern Brazil

A composição geral e a biomassa da comunidade microalgal da interface sedimento/água da plataforma do Estado do Paraná (Brasil) foram estudadas em 1999 em relação ao regime de ventos. A cada dois meses foram coletadas amostras para a identificação de organismos e determinação de clorofila a, na interface água-sedimento e em profundidades discretas, ao longo da coluna d'água, até 4m acima do sedimento. Os resultados obtidos revelaram uma comunidade constituída principalmente por diatomáceas planctônicas e bentônicas maiores que 30 µm, diatomáceas bentônicas menores que 30 µm, e cianobactérias coloniais. As densidades celulares foram geralmente mais altas na interface. Eventos de mistura e sedimentação parecem ser determinantes na regulação da composição e biomassa de tais comunidades. Formas menores, mais susceptíveis à turbulência, dominaram a comunidade de água de fundo na maioria das ocasiões, e foram as mais abundantes na interface apenas em períodos de extrema estabilidade. Células maiores, aparentemente contendo a maior parte do pigmento observado, estiveram presentes em números significativos na interface sedimento/água, e foram profundamente afetadas pela competição com cianobactérias. Períodos de turbulência mais intensa causada por ventos podem desestabilizar tal quadro ressuspendendo os organismos.The composition and biomass of the microalgal community at the water-column/sediment interface on the continental shelf off Parana State (Brazil) were studied every 2 months during 1999. Samples for cell identification and determination of chlorophyll a were taken from the interface layer and at discrete depths up to 4 m above the sediment. Results showed a community mainly formed by benthic and planktonic diatoms >;30 µm, benthic diatoms ;30 µm, which accounted for most of the pigment biomass, were resuspended from the interface after turbulent periods, and may take advantage of calm periods to stay and grow at the interface. Small benthic diatoms were more susceptible to wind-induced turbulence occurring in higher densities in the water column just above the water-sediment interface. A cyanobacterial bloom (Trichodesmiun) was observed at these bottom layers in the spring-summer periods

International market linkages and common volatility in emerging markets of Latin America

This paper uses an ARCH framework to study stock market linkages in Latin American markets. We provide evidence that most markets exhibit ARCH effects even when multivariate information sets are incorporated. The correlations between Latin America with the US and developed markets have increased over time for all countries except Argentina. The linkages across Latin American countries also have strengthened. We also find that the volatility transmission between the US and Latin America has increased more recently. In contrast, the volatility transmission among Latin American countries has decreased. Overall our results reveal that Latin American financial markets are becoming more globalized and integrated not only with other countries in the region but also with developed markets.Este artigo emprega o método ARCH para estudar os elos dos mercados de ações da América Latina. Nós oferecemos evidência de que a maioria dos mercados apresentam efeitos ARCH mesmo quando conjuntos de informação multivariados são incorporados. As correlações entre a América Latina e os EUA e os mercados desenvolvidos aumentaram com o tempo para todos os países, menos a Argentina. Os elos entre os mercados latinos também se fortaleceram. Nós também encontramos evidência de que a transmissão de volatilidade entre a América Latina e os EUA aumentou recentemente. Por outro lado, a transmissão de volatilidade entre os mercados latinos diminuiu. De forma geral, nossos resultados revelam que os mercados da América Latina estão mais globalizados e integrados, não somente com os outros países da região, mas também com os mercados desenvolvidos

Corporate governance, market valuation and dividend policy in Brazil

This study investigates the effects of the corporate governance structure on market valuation and dividend payout of Brazilian companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares, pyramidal structures, and shareholding agreements. These mechanisms seem to be used by controlling shareholders to keep the firm’s control without having to own 50% of the total capital. The evidence also reveals that there is a relationship between governance structure, market valuation, and dividend policy in Brazil.Indisponível

Complete Genome Sequence of Xanthomonas arboricola pv. juglandis 417, a Copper-Resistant Strain Isolated from Juglans regia L.

Here, we report the complete genome sequence of Xanthomonas arboricola pv. juglandis 417, a copper-resistant strain isolated from a blighted walnut fruit (Juglans regia L. cv. Chandler). The genome consists of a single chromosome (5,218 kb)

Rotação de culturas. VII. Efeito de culturas de inverno sobre o rendimento de grão e algumas características agronômicas das plantas de soja, no período de 1979 a 1985

During a six-year period at EMBRAPA/Centro Nacional de Pesquisa de Trigo (CNPT) at Passo Fundo, RS, Brazil, the productivity and some agronomic characteristics of soybean plants in succession to winter crops were assessed. Soybeans were direct seeded on oats, rapeseed, flax, lupine and wheat stubble. The winter crops followed a rotational schedule and were arranged in a complete randomized block design and replicated four times. Both sowing and harvesting were mechanically done in plots with 120 m2. The means for soybean yield, plant height and insertion of the first pods were not affected by winter crops, nevertheless, yield components such as number of legumes, and number of grains were influenced by the preceeding winter crops. Soybeans seeded after wheat showed the highest yield. Durante seis anos, foi avaliada no Centro Nacional de Pesquisa de Trigo (CNPT), em Passo Fundo, RS, a cultura da soja em sucessão à aveia, à colza, ao linho, ao tremoço e ao trigo, quanto ao rendimento de grãos e algumas características agronômicas. A soja foi estabelecida através de semeadura direta, obedecendo a um esquema rotacional previamente arranjado, num delineamento de blocos ao acaso, com quatro repetições. A semeadura e a colheita foram feitas mecanicamente, em parcela com área de 120 m2. O rendimento de grãos, a altura de plantas e altura de inserção da soja, em média, não foram afetadas pelas culturas de inverno. Os componentes do rendimento (número de legumes e número de grãos) foram influenciados pelas espécies de inverno que antecederam a soja. Esta, após trigo, em valor absoluto, mostrou o maior rendimento de grão.