Mercado de opções sobre ações: características e principais operações estruturadas

Apresenta de forma didática e objetiva os principais fundamentos e propriedades em que um investidor se envolve ao utilizar o mercado de opções sobre ações como ferramenta para seus investimentos no mercado financeiro. Para a apresentação destes fundamentos e propriedades, a partir de exemplificações e conclusões, serão utilizados apenas os dados do mercado de opções brasileiro, não só pelo fato de serem mais facilmente encontrados, mas também por apresentarem basicamente as mesmas características nos diferentes mercados mundiais, ficando apenas sujeitos às formas de regulação e características dos agentes de cada região. A escolha do tema “mercado de opções sobre ações” para este trabalho teve como motivação a grande variedade de estratégias possíveis que um investidor pode realizar, desde operações de alto risco, mais conhecidas como operações alavancadas, até operações de renda fixa, ou operações de hedge, onde o investidor procura uma proteção maior para seu investimento. Assim, verificamos que o mercado de opções admite tanto o investidor com perfil agressivo quanto o investidor de perfil mais conservador

Morfometria e estatística multivariada em biologia evolutiva

Recent analytical and conceptual developments in multivariate statistics and morphometrics are reviewed. These developments include a modification of principal components analysis, the shear, and the truss networks, a geometric protocol for the generation of variables for statistical analyses. The implications of these techniques for studies of organismal evolution are discussed.57158

Species tree estimation for a deep phylogenetic divergence in the New World monkeys (Primates: Platyrrhini)

The estimation of a robust phylogeny is a necessary first step in understanding the biological diversification of the platyrrhines. Although the most recent phylogenies are generally robust, they differ from one another in the relationship between Aotus and other genera as well as in the relationship between Pitheciidae and other families. Here, we used coding and non-coding sequences to infer the species tree and embedded gene trees of the platyrrhine genera using the Bayesian Markov chain Monte Carlo method for the multispecies coalescent (*BEAST) for the first time and to compared the results with those of a Bayesian concatenated phylogenetic analysis. Our species tree, based on all available sequences, shows a closer phylogenetic relationship between Atelidae and Cebidae and a closer relationship between Aotus and the Cebidae clade. The posterior probabilities are lower for these conflictive tree nodes compared to those in the concatenated analysis; this finding could be explained by some gene trees showing no concordant topologies between Aotus and the other genera. Moreover, the topology of our species tree also differs from the findings of previous molecular and morphological studies regarding the position of Aotus. The existence of discrepancies between morphological data, gene trees and the species tree is widely reported and can be related to processes such as incomplete lineage sorting or selection. Although these processes are common in species trees with low divergence, they can also occur in species trees with deep and rapid divergence. The sources of the inconsistency of morphological and molecular traits with the species tree could be a main focus of further research on platyrrhines.Fil: Perez, Sergio Ivan. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Antropología; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; ArgentinaFil: Klaczko, Julia. Universidade Estadual de Campinas; BrasilFil: dos Reis, Sérgio F.. Universidade Estadual de Campinas; Brasi

Caracterização cromossômica de taxa do gênero Trinomys Thomas, 1921, (Rodentia, Echimyidae) nos Estados do Rio de Janeiro e São Paulo

Ten species of spiny rats of the genus Trinomys are currently recognized in eastern Brazil. Although most taxa known in the genus Trinomys have been characterized on the basis of craniodental, pelage, and bacular traits, data on chromosomal morphology are available for only four taxa, two from the State of Bahia, one from the State of São Paulo, and one from the State of Espírito Santo. Here we describe the normal chromosomal complement for three additional taxa, namely, Trinomys gratiosus bonafidei (Fazenda Boa Fé, Teresópolis, Rio de Janeiro, type-locality), Trinomys eliasi (Barra de Maricá, Maricá, Rio de Janeiro, type- locality), and Trinomys dimidiatus (Rio Bonito, Rio de Janeiro, and Ubatuba, São Paulo). The specimens analyzed here from the locality of Ubatuba were identified on the basis of craniodental, pelage, and bacular traits as T. dimidiatus, extending the known range of this species at least 100km south into the State of São Paulo. The three taxa for which chromosomal data are presented differ in their diploid and fundamental numbers and, therefore, can be diagnosed on the basis of their karyotypes. The significance and implications of chromosome numbers and morphology as diagnostic markers are evaluated in the framework of the molecular phylogenetic relationships and of the data on geographic distribution currently available for the genus Trinomys.Dez unidades taxonômicas no nível de espécie são atualmente reconhecidas para os roedores do gênero Trinomys no leste do Brasil. Embora a maioria dos taxa conhecidos tenham sido caracterizados com base em caracteres do crânio, da dentição, da pelagem e do báculo, a informação sobre a morfologia dos cromossomos limita-se até o momento apenas a quatro taxa, dois provenientes do Estado da Bahia, um de São Paulo e um do Espírito Santo. Neste trabalho são descritos os complementos cromossômicos para mais três taxa, Trinomys gratiosus bonafidei (Fazenda Boa Fé, Teresópolis, RJ, localidade tipo), Trinomys eliasi (Barra de Maricá, Maricá, RJ, localidade tipo) e Trinomys dimidiatus (Rio Bonito, RJ, and Ubatuba, SP). Os espécimes analisados neste estudo provenientes de Ubatuba foram identificados como T. dimidiatus com base em caracteres craniodentais, da pelagem e do báculo, estendendo a distribuição da espécie pelo menos 100km ao sul na direção do Estado de São Paulo. Os taxa analisados neste trabalho diferem nos seus números diplóide e fundamental e, por conseguinte, podem ser diagnosticados com base nos seus cariótipos. As implicações da variação nos cromossomos para a diagnose dos taxa do gênero Trinomys que ocorrem nos estados do Rio de Janeiro e São Paulo são avaliadas no contexto das relações filogenéticas deste grupo, inferidas a partir de seqüências do genoma mitocondrial e da informação disponível sobre a distribuição geográfica de suas espécies

Ecological and evolutionary factors in the morphological diversification of South American spiny rats

Understanding the processes underlying morphological diversification is a central goal in ecology and evolutionary biology and requires the integration of information about phylogenetic divergence and ecological niche diversity. In the present study, we use geometric morphometrics and comparative methods to investigate morphological diversification in Neotropical spiny rats of the family Echimyidae. Morphological diversification is studied as shape variation in the skull, comprising a structure composed of four distinct units: vault, base, orognathofacial complex, and mandible. We demonstrate association among patterns of variation in shape in different cranial units, levels of phylogenetic divergence, and ecological niche diversification. At the lower level of phylogenetic divergence, there is significant and positive concordance between patterns of phylogenetic divergence and cranial shape variation in all cranial units. This concordance may be attributable to the phylogenetic and shape distances being calculated between species that occupy the same niche. At higher phylogenetic levels of divergence and with ecological niche diversity, there is significant concordance between shape variation in all four cranial units and the ecological niches. In particular, the orognathofacial complex revealed the most significant association between shape variation and ecological niche diversity. This association may be explained by the great functional importance of the orognathofacial complex.Facultad de Ciencias Naturales y Muse

Ecological and evolutionary factors in the morphological diversification of South American spiny rats

Understanding the processes underlying morphological diversification is a central goal in ecology and evolutionary biology and requires the integration of information about phylogenetic divergence and ecological niche diversity. In the present study, we use geometric morphometrics and comparative methods to investigate morphological diversification in Neotropical spiny rats of the family Echimyidae. Morphological diversification is studied as shape variation in the skull, comprising a structure composed of four distinct units: vault, base, orognathofacial complex, and mandible. We demonstrate association among patterns of variation in shape in different cranial units, levels of phylogenetic divergence, and ecological niche diversification. At the lower level of phylogenetic divergence, there is significant and positive concordance between patterns of phylogenetic divergence and cranial shape variation in all cranial units. This concordance may be attributable to the phylogenetic and shape distances being calculated between species that occupy the same niche. At higher phylogenetic levels of divergence and with ecological niche diversity, there is significant concordance between shape variation in all four cranial units and the ecological niches. In particular, the orognathofacial complex revealed the most significant association between shape variation and ecological niche diversity. This association may be explained by the great functional importance of the orognathofacial complex.Facultad de Ciencias Naturales y Muse

Molecular phylogenetic relationships and phenotypic diversity in miniaturized toadlets, genus Brachycephalus (Amphibia: Anura: Brachycephalidae)

Toadlets of the genus Brachycephalus are endemic to the Atlantic rainforests of southeastern and southern Brazil. The 14 species currently described have snout-vent lengths less than 18. mm and are thought to have evolved through miniaturization: an evolutionary process leading to an extremely small adult body size. Here, we present the first comprehensive phylogenetic analysis for Brachycephalus, using a multilocus approach based on two nuclear (Rag-1 and Tyr) and three mitochondrial (Cyt b, 12S, and 16S rRNA) gene regions. Phylogenetic relationships were inferred using a partitioned Bayesian analysis of concatenated sequences and the hierarchical Bayesian method (BEST) that estimates species trees based on the multispecies coalescent model. Individual gene trees showed conflict and also varied in resolution. With the exception of the mitochondrial gene tree, no gene tree was completely resolved. The concatenated gene tree was completely resolved and is identical in topology and degree of statistical support to the individual mtDNA gene tree. On the other hand, the BEST species tree showed reduced significant node support relative to the concatenate tree and recovered a basal trichotomy, although some bipartitions were significantly supported at the tips of the species tree. Comparison of the log likelihoods for the concatenated and BEST trees suggests that the method implemented in BEST explains the multilocus data for Brachycephalus better than the Bayesian analysis of concatenated data. Landmark-based geometric morphometrics revealed marked variation in cranial shape between the species of Brachycephalus. In addition, a statistically significant association was demonstrated between variation in cranial shape and genetic distances estimated from the mtDNA and nuclear loci. Notably, B. ephippium and B. garbeana that are predicted to be sister-species in the individual and concatenated gene trees and the BEST species tree share an evolutionary novelty, the hyperossified dorsal plate.Facultad de Ciencias Naturales y Muse

Estimating dispersal and gene flow in the neotropical freshwater turtle Hydromedusa maximiliani (Chelidae) by combining ecological and genetic methods

Hydromedusa maximiliani is a vulnerable neotropical freshwater turtle endemic to mountainous regions of the Atlantic rainforest in southeastern Brazil. Random amplified polymorphic DNA (RAPD) was used to estimate the gene flow and dispersal for individuals inhabiting rivers and streams within a drainage. Nine primers generated 27 scoreable bands, of which 9 (33%) were polymorphic and produced 12 RAPD phenotypes. The gene flow estimates (Nm) among turtles inhabiting different rivers and streams were variable, ranging from 0.09 to 3.00 (mean: 0.60). For some loci, the rates of gene flow could offset population differentiation (Nm > 1), whereas for others random genetic drift could result in population divergence (Nm < 1). Since the genetic variation of this turtle seems to be structured according to the natural hierarchical system of rivers and streams within drainages, management programs involving translocations between different regions across the geographical range of H. maximiliani should be viewed with caution.151155Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq

Ecological and evolutionary factors in the morphological diversification of South American spiny rats

Understanding the processes underlying morphological diversification is a central goal in ecology and evolutionary biology and requires the integration of information about phylogenetic divergence and ecological niche diversity. In the present study, we use geometric morphometrics and comparative methods to investigate morphological diversification in Neotropical spiny rats of the family Echimyidae. Morphological diversification is studied as shape variation in the skull, comprising a structure composed of four distinct units: vault, base, orognathofacial complex, and mandible. We demonstrate association among patterns of variation in shape in different cranial units, levels of phylogenetic divergence, and ecological niche diversification. At the lower level of phylogenetic divergence, there is significant and positive concordance between patterns of phylogenetic divergence and cranial shape variation in all cranial units. This concordance may be attributable to the phylogenetic and shape distances being calculated between species that occupy the same niche. At higher phylogenetic levels of divergence and with ecological niche diversity, there is significant concordance between shape variation in all four cranial units and the ecological niches. In particular, the orognathofacial complex revealed the most significant association between shape variation and ecological niche diversity. This association may be explained by the great functional importance of the orognathofacial complex.Facultad de Ciencias Naturales y Muse

Searching for Modular Structure in Complex Phenotypes: Inferences from Network Theory

The notion of modularity has become a unifying principle to understand structural and functional aspects of biological organization at different levels of complexity. Recently, deciphering the modular organization of molecular systems has been greatly aided by network theory. Nevertheless, network theory is completely absent from the investigation of modularity of complex macroscopic phenotypes, a fundamental level of organization at which organisms experience and interact with the environment. Here, we used geometric descriptors of phenotypic variation to derive a network representation of a complex morphological structure, the mammalian mandible, in terms of nodes and links. Then, by integrating the network representation and description with random matrix theory, we uncovered a modular organization for the mammalian mandible, which deviates significantly from an equivalent random network. The modules revealed by the network analysis correspond to the four morphogenetic units recognized for the mammalian mandible on a developmental basis. Furthermore, these modules are known to be affected only by particular genes and are also functionally differentiated. This study shows that the powerful formalism of network theory can be applied to the discovery of modules in complex phenotypes and opens the possibility of an integrated approach to the study of modularity at all levels of organizational complexity.Facultad de Ciencias Naturales y Muse