Ações de valor e de crescimento no Brasil: riscos e retornos de carteiras uni e bidimensionais em diferentes estados da economia

For empirical purposes, value stocks are usually defined as those traded at low price-to-earnings ratios (stock prices divided by earnings per share), low price-to-book ratios (stock prices divided by book value per share) or high dividend yields (dividends per share divided by stock prices). Growth stocks, on the other hand, are traded at high price-to-earnings ratios, high price-to-book ratios or low dividend yields. Academic research so far produced, international and Brazilian alike, shows that value stocks outperform growth stocks, challenging the Efficient Market Hypothesis, which states that the market prices of traded stocks are the best estimate of their intrinsic values. Most studies use a single ratio to sort stocks on percentiles; risks (generally defined as beta or standard deviations) and returns are then calculated for the resulting value and growth portfolios. In the present paper, we aim to further contribute to the growing literature on the field by applying a method not previously tested on the Brazilian market. We build portfolios sorted by the price-to-earnings and price-to-book ratios alone and by a combination of both in order to assess value and growth stocks' risks and returns on the Brazilian stock market between 1989 and 2009. Furthermore, our risk analysis may be regarded as the paper's main contribution, since its approach departs from conventional risk concepts, as we not only test for beta: portfolios' returns are measured under different economic conditions. Results support a pervasive value premium in the Brazilian stock market. Risk analysis shows that this premium holds under every economic condition analyzed, suggesting that value stocks are indeed less risky. Beta proved not to be a satisfactory risk measure. Portfolios sorted by the price-to-earnings ratio yielded the best results.Para fins de pesquisas empíricas, ações de valor são geralmente definidas como aquelas negociadas a baixos índices preço/lucro (preço da ação dividido pelos lucros por ação), baixos índices preço/valor patrimonial (preço Cont da ação dividido pelo valor patrimonial por ação) ou altos dividend yields (dividendos por ação divididos pelo preço da ação). Ações de crescimento, por outro lado, são aquelas negociadas a altos índices preço/lucro, altos índices preço/valor patrimonial ou baixos dividend yields. Pesquisas acadêmicas brasileiras e internacionais mostram que as ações de valor têm melhor desempenho do que as de crescimento, contrariando a Hipótese de Mercados Eficientes, que estabelece que os preços de mercado das ações são as melhores estimativas de seus valores intrínsecos. A maioria dos estudos utiliza um único múltiplo para classificar carteiras em percentis; riscos (geralmente definidos como coeficiente beta ou desvio-padrão) e retornos são então calculados para as carteiras de valor e de crescimento. No presente paper, busca-se contribuir para a crescente literatura sobre o tema empregando uma metodologia ainda não testada no mercado brasileiro. Construíram-se carteiras classificadas pelos índices preço/lucro e preço/valor patrimonial, isoladamente e em conjunto, para calcular riscos e retornos no mercado acionário brasileiro no período 1989-2009. Ademais, a análise de risco pode ser considerada a principal contribuição do paper, uma vez que a abordagem diverge de tradicionais métricas de risco, já que não se testou apenas o coeficiente beta: os retornos das carteiras são medidos em diferentes estados da economia. Os resultados indicam um consistente prêmio de valor no mercado acionário brasileiro. A análise de risco mostra que esse prêmio ocorre em todos os estados da economia analisados, o que sugere que as ações de valor são realmente menos arriscadas. O beta não se mostrou uma medida satisfatória de risco. As carteiras classificadas pelo índice preço/lucro produziram os melhores resultados

THE LONG-RUN PERFORMANCE OF BRAZILIAN STOCKS TRADED BELOW BOOK VALUE

The price-to-book ratio (stock prices divided by book value per share) is a commonly used a valuation metric to screen for under- or overvalued stocks. Empirical evidence suggests that low price-to-book stocks (i.e., value stocks) outperform high price-to-book stocks (i.e., growth stocks) in the long run. Here we attempt to build on the vast literature on the field by applying a different methodology to Brazilian stocks in the 1989-2009 time period. We build portfolios of stocks traded below book value and compare results to the more comprehensive Ibovespa index. We found strong evidence in favor of the former. Our portfolios outperformed the Ibovespa by 1425.39 percentage points (cumulative real returns). Moreover, our portfolios seem to be less risky than the Ibovespa, given their outperformance in every state of the economy, and, more importantly, their strong relative results during economic downturns and bear markets. We speculate that the reasons for the superior performance are related to behavioral issues.

Para una ecología política del agua: análisis de la periferia metropolitana de Río de Janeiro (Brasil)

This paper presents a debate on water policy and ecology focuses on access to water and sewage network in the outskirts of the Metropolitan Area of Rio de Janeiro (Brazil). A theoretical and critical discussion is held based on political ecology and an overview of access to water and the sewage network is presented, according to data from the Brazilian Institute of Geography and Statistics. Qualitative analysis of the data shows that access is inefficient for the majority of the population in the periphery and indicates the need for further observation on the quality of water and sewage services. Another highlight is the need for greater reflection on the sector’s privatization, since water cannot be treated as a commodity, but as an essential right for the populations

“Geografando seropédica/rj”: (“re”-) conhecendo o espaço a partir de práticas educativas

This article presents some results recurring in the PIBID (Institutional Scholarship Program Introduction to Teaching) work, during the UFRRJ (Federal Rural of Rio de Janeiro University) geography’s course, Seropédica Campus. We present some theoretical conceptions to think the geographical practice like an educative practice of recognition of lived space and the uses of their instruments in the intervention of reality. We aims, from the results, determine how the geographical teaching (and the instruments used in the production of didactics materials) – understand the lived space as a pedagogical potential – can be understood as an important tool in the development of a spatial awareness citizenship.El presente artículo presenta algunos resultados de acciones recurrentes de los trabajos en el PIBID – Programa Institucional de Becas de Iniciación a la Docencia – en andamiento en el curso de geografía de la UFRRJ – Universidad Federal Rural de Río de Janeiro [Campus Seropédica]. Presentaremos algunas concepciones teóricas para pensar el hacer geográfico como una práctica educativa de reconocimiento del espacio vivido y de los usos de sus instrumentos en la intervención de la realidad. Apuntamos, a partir de los resultados, como la enseñanza de Geografía (y de sus instrumentos en la producción de materiales didácticos) – entendiendo el espacio vivido como potencial pedagógico – se puede tornar una importante herramienta en la formación de la ciudadanía con consciencia espacial.O presente artigo apresenta alguns resultados de ações decorrentes dos trabalhos no PIBID – Programa Institucional de Bolsas de Iniciação a Docência – em andamento no curso de geografia da UFRRJ – Universidade Federal Rural do Rio de Janeiro [Campus Seropédica]. Apresentaremos algumas concepções teóricas para pensar o fazer geográfico como uma prática educativa de reconhecimento do espaço vivido e dos usos de seus instrumentos na intervenção da realidade. Apontamos, a partir dos resultados, como o ensino de Geografia (e de seus instrumentais na produção de materiais didáticos) – entendendo o espaço vivido como potencial pedagógico – pode se tornar uma importante ferramenta na formação da cidadania com consciência espacial

Multicriteria hybrid flow shop scheduling problem: literature review, analysis, and future research

This research focuses on the Hybrid Flow Shop production scheduling problem, which is one of the most difficult problems to solve. The literature points to several studies that focus the Hybrid Flow Shop scheduling problem with monocriteria functions. Despite of the fact that, many real world problems involve several objective functions, they can often compete and conflict, leading researchers to concentrate direct their efforts on the development of methods that take consider this variant into consideration. The goal of the study is to review and analyze the methods in order to solve the Hybrid Flow Shop production scheduling problem with multicriteria functions in the literature. The analyses were performed using several papers that have been published over the years, also the parallel machines types, the approach used to develop solution methods, the type of method develop, the objective function, the performance criterion adopted, and the additional constraints considered. The results of the reviewing and analysis of 46 papers showed opportunities for future researchon this topic, including the following: (i) use uniform and dedicated parallel machines, (ii) use exact and metaheuristics approaches, (iv) develop lower and uppers bounds, relations of dominance and different search strategiesto improve the computational time of the exact methods,  (v) develop  other types of metaheuristic, (vi) work with anticipatory setups, and (vii) add constraints faced by the production systems itself

Eosinophilic cystitis, a rare cause of persistent haematuria in a diabetic dog

A cistite eosinofílica é uma doença inflamatória rara caracterizada por infiltração eosinofílica de todas as camadas da parede da bexiga. Essa enfermidade já foi descrita em adultos, crianças e cães. No entanto, não há um consenso de diretrizes sobre o seu tratamento. Mesmo que as literaturas humana e veterinária mostrem alguma eficácia no manejo com corticosteroides, anti-histamínicos e antibióticos, uma variedade de efeitos colaterais graves e frequentes estão associados à terapia com esteróides. Dessa forma, seu uso é relativamente contra-indicado para pacientes com diabetes mellitus e síndrome de Cushing, por exemplo. Um chow-chow, macho, castrado, de cinco anos e diabético estável foi encaminhado para atendimento com histórico de urina fétida, hematúria macroscópica e disúria não responsiva a antibióticos há 18 meses. A avaliação dos parâmetros físicos estava dentro dos padrões, exceto por desconforto abdominal suprapúbico. O hemograma e o perfil bioquímico estavam dentro dos valores de referência, exceto por eosinofilia periférica leve. Embora a ultrassonografia, a radiografia contratada da bexiga e os achados da urinálise indicassem malignidade, a histopatologia confirmou o diagnóstico definitivo de cistite eosinofílica. O manejo com ciclosporina foi satisfatório, com remissão completa da hematúria. Este relato de caso apresenta o primeiro uso documentado de ciclosporina para o tratamento de cistite eosinofílica, com sucesso, em um cão com diabetes.Eosinophilic cystitis is a rare inflammatory disorder characterized by eosinophilic infiltration of entire layers of the bladder wall. The condition has been described in adults, children, and dogs. However, there are no consensus guidelines for treatment of eosinophilic cystitis and although human and veterinary literature reviews show some effectiveness in management with corticosteroids, antihistamines, and antibiotics, a variety of serious and frequent side effects are associated with steroid therapy. As a result, steroids are relatively contraindicated for patients with diabetes mellitus and Cushing’s syndrome. A five-year-old neutered male chow-chow with controlled diabetes was referred with an 18-month history of malodorous urine, gross haematuria, and dysuria that were nonresponsive to antibiotics. The findings on general examination were unremarkable except for abdominal suprapubic discomfort. The complete blood count and biochemical profile were normal except for mild peripheral eosinophilia. Although ultrasonography, bladder contrast radiography, and urine cytology findings indicated malignancy, histopathology confirmed eosinophilic cystitis. Management with cyclosporine was adequate with complete remission of haematuria. This case report presents the first reported successful use of cyclosporine for treatment of eosinophilic cystitis in a dog with diabetes

Oeste Metropolitano do Rio de Janeiro: proposições, debates, desafios

Nas últimas duas décadas, o estado do Rio de Janeiro viveu importantes mudanças urbanas, políticas, econômicas, culturais e ambientais no seu espaço metropolitano por meio da emersão de novas centralidades econômicas, industriais e logísticas. Tais transformações atingiram especialmente o Oeste Metropolitano do Rio de Janeiro que, mesmo com a crise de graves proporções que assolou o Brasil nos últimos anos e com o estado do Rio de Janeiro vivendo uma verdadeira “atmosfera de crise”, permanece..

Essential oil of the leaves of Eugenia sulcata preserve myocardial contractility and does not present immunotoxicity

The essential oil of the leaves of Eugenia sulcata, in the Myrtaceae family, has a demonstrated antihypertensive effect, but its effects on heart muscle and its toxicity have not yet been elucidated. Little chemical or biological data are available for E. sulcata, whether emphasizing the beneficial effects or the pharmacological security of this species. This study aims to evaluate myocardial contractility and to analyze angiotensin converting enzyme (ACE) and myosin ATPase activities associated with use of this essential oil. In addition, we evaluated the immunotoxicity of E. sulcata essential oil. Wistar Kyoto (WKY) and spontaneously hypertensive rats (SHR) were treated daily for 30 days (10 mg/kg of oil) to evaluate the isometric force of the papillary muscle, ACE measured by fluorimetry, and myosin ATPase activities by inorganic phosphate. Lymphocyte cultures were used to evaluate cytotoxicity, DNA damage, and mutagenicity of the essential oil. The results demonstrate that the treatment did not change the cardiac contraction force and did not alter the functioning of the sarcoplasmic reticulum, extrusion of the membrane calcium, or modify the membrane calcium channels or β-adrenergic receptor activity. Tetanic contractions were potentiated in the SHR animals. Myosin ATPase activity was also increased in the SHR animals. Cardiac ACE activity was reduced in both animal strains, and the serum ACE was reduced only in the SHR animals. The essential oil did not cause cytotoxicity or mutagenicity and presented low DNA damage. Our results demonstrated that the essential oil does not change myocardial contractility and does not present relevant immunotoxicity

Importance of early diagnosis and intervention in per- son with TEA for its inclusion in society / Importância do diagnóstico e intervenção precoces na pessoa com TEA para sua inclusão na sociedade

Nowadays, the concept of autism distances itself from the notion of disease, having been better described later on the basis of observations by scholars of the subject. Only after forty years has autism been categorized as such in the DSM (Diagnostic and Statistical Manual of Mental Disorders) - and currently in the edition of DSM V, it is classified as Autism Spectrum Disorder (ASD). The earlier a diagnosis and an in- tervention, the greater the chance of this individual to develop their potentialities and be included in the family and in society