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

Ocupação humana, conservação e uso da biodiversidade na terra indígena rio Urubu: desafios para a gestão

This work, resulting from academic research, is linked to the Professional Master Program in Management of Protected Areas in the Amazon (MPGAP), the National Institute for Amazonian Research (INPA), deals with the management of a type of protected area (AP) provided Indigenous Land (TI), with a focus on environmental management, from the case study of the Rio Vulture in Itacoatiara, state of Amazonas. Considering the fertile ground and still little explored in relation to the management of this type of AP, the light of knowledge of academic environmental management combined with traditional indigenous management, this work was based their theoretical models from the methodological procedures, namely: (i ) through participatory appraisal techniques of environmental ethnic character of the Indian Territory; (ii) qualitative survey of the interaction indigenous people versus environment (actions of public and private sector in Itacoatiara); (iii) were identified and mapped the main environmental problems and existing IT management challenges in Rio Vulture. In addition, a complementary manner, (iv) points of similarity between TI and Conservation Units (UCs) for Sustainable Use of the categories Sustainable Development Reserve (RDS) and Extractive Reserve (RESEX) were analyzed in terms of institutional attributes and administration of these types of protected areas (APs) in comparison with the Indigenous Land. Thus, from the analysis of the general conditions of governance and management of RDS and RESEX categories, identified potential items to be adapted to the model being proposed to the peculiarities of TI management Rio Vulture. And at the end (v) was designed a management model, covering the main management instruments, which requires every AP in this case recommended to the emergency situation of such TI. In summary, the results achieved by this project resulted in the proposal of criteria and technical management indicators that will serve as subsidies aimed at the construction and execution of future Management Plan of the Rio Vulture and its Management Board.Este trabalho, resultante de pesquisa acadêmica, se vincula ao Programa de Mestrado Profissional em Gestão de Áreas Protegidas na Amazônia (MPGAP), do Instituto Nacional de Pesquisas da Amazônia (INPA), versa sobre a gestão de um tipo de Área Protegida (AP) na condição de Terra Indígena (TI), sob o enfoque da gestão ambiental, a partir do estudo de caso da TI Rio Urubu, em Itacoatiara, estado do Amazonas. Considerando o terreno fértil e ainda pouco explorado no que concerne à gestão desse tipo de AP, a luz dos conhecimentos de gestão ambiental acadêmica conjugados aos de gestão tradicional indígena, este trabalho pautou seus modelos teóricos a partir dos procedimentos metodológicos, a saber: (i) mediante técnicas de diagnóstico participativo de caráter etno ambiental, do território indígena; (ii) levantamento qualitativo da interação povo indígena versus o entorno (ações do setor público e privado em Itacoatiara); (iii) foram identificados e mapeados os principais problemas socioambientais e desafios administrativos existentes na TI Rio Urubu. Além disso, de modo complementar, (iv) foram analisados pontos de similaridade entre TI e Unidades de Conservação (UCs) de Uso Sustentável, das categorias Reserva de Desenvolvimento Sustentável (RDS) e Reserva Extrativista (RESEX), em termos de atributos institucionais e administrativos desses tipos de Áreas Protegidas (APs) em comparação com a Terra Indígena. Desse modo, a partir das análises sobre as condicionantes gerais de gestão e governança das categorias RDS e RESEX se identificaram itens possíveis de serem adaptados ao modelo ora proposto às peculiaridades de gestão da TI Rio Urubu. E ao final (v) foi desenhado um modelo de gestão, contemplando os principais instrumentos de gestão, que toda AP requer, neste caso, recomendável para a situação emergencial da referida TI. Em síntese, os resultados alcançados por este projeto redundaram na proposição de critérios e indicadores técnicos de gestão que servirão de subsídios visando à construção e efetivação do futuro Plano de Gestão da TI Rio Urubu e seu Conselho Gestor

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

IAS 41 and biological assets in Brazil: is the information really useful?

Brazil is one of the emerging countries that has adopted the IFRS, and agribusiness plays a relevant role in the Brazilian economy, turning the country into an important player in the review and discussion process of international standards. The objective of this paper is to assess whether IAS 41 contributes to the enhancement of the quality of accounting information, given that the measure that was previously used was historical cost, with no changes in the future economic benefits being disclosured, resulting in low-quality information. To analyse agribusiness companies’ financial statements, five analysis sections were created: disclosure in the notes; value relevance; timeliness of fair value information on biological assets; earnings management; and experts’ opinion of the quality of the information on the biological assets. The results reveal that: there have been improvements in the compulsory disclosure required by IAS 41, but this disclosure is not yet suitable; variations in the fair value of biological assets are value-relevant, but not for bearer plants; the information on biological assets is not timely; there are signs of earnings management by companies with lower disclosure levels; analysts consider that non-financial information may be prepared more useful. No study was found in the literature that considered the combination of the level of disclosure of the notes to the financial statements, the value relevance, the timeliness of the fair value information, earnings management and analysts’ opinions.Brazil is one of the emerging countries that has adopted the IFRS, and agribusiness plays a relevant role in the Brazilian economy, turning the country into an important player in the review and discussion process of international standards. The objective of this paper is to assess whether IAS 41 contributes to the enhancement of the quality of accounting information, given that the measure that was previously used was historical cost, with no changes in the future economic benefits being disclosured, resulting in low-quality information. To analyse agribusiness companies’ financial statements, five analysis sections were created: disclosure in the notes; value relevance; timeliness of fair value information on biological assets; earnings management; and experts’ opinion of the quality of the information on the biological assets. The results reveal that: there have been improvements in the compulsory disclosure required by IAS 41, but this disclosure is not yet suitable; variations in the fair value of biological assets are value-relevant, but not for bearer plants; the information on biological assets is not timely; there are signs of earnings management by companies with lower disclosure levels; analysts consider that non-financial information may be prepared more useful. No study was found in the literature that considered the combination of the level of disclosure of the notes to the financial statements, the value relevance, the timeliness of the fair value information, earnings management and analysts’ opinions

Proposta de padrões técnicos para o manejo florestal sustentado em terra indígena

Orientador : MSc Antonio Carlos HummelMonografia (especialização) - Universidade Federal do Paraná, Setor de Ciências Agrárias, Curso de Pós-Graduação em Gestão FlorestalInclui referênciasResumo: Do ponto de vista indigenista. e da história recente, pode-se afirmar que, a questão da exploração ilegal e predatória de recursos florestais em áreas indígenas, em âmbito nacional, já vem acontecendo há pelo menos cinco décadas. Na Amazônia Brasileira há pelo menos quatro décadas. Os motivos, via de regra., estão ligados a três fatores: a políticas e processos de ocupação regional e nacional; ao crescimento progressivo da demanda e a escassez de matérias primas florestais em outras áreas; e a ausência. ou deficiência dos órgãos estatais de fiscalização no combate a esse e outros ilícitos ambientais. Algumas lideranças indígenas participam colaborando nesse processo ilegal e predatório contra a floresta, e em detrimento da maioria da população indígena. O modelo de exploração vigente baseia-se no corte seletivo, e focado em espécies de grande procura no mercado, sem recomposição da floresta e com graves impactos ecológicos. O resultado disso se resume em: lucros e riquezas para terceiros não-índios empobrecimento dos índios e destruição da floresta. Por outro lado, hoje, se verifica a disposição dos índios para uma nova forma de abordagem em relação a essa questão, através do envio e solicitação à FUNAI de manifestação acerca de propostas de implantação de Plano de Manejo Florestal Sustentado -PMFS em área indígena. A FUNAI, por sua vez, não acostumada e despreparada para lidar com esse tipo de demanda, ainda não tem uma posição institucional definida em relação a essa questão. Enquanto isso, os problemas prosseguem, e só tendem a crescer e agravar-se cada vez mais, no ambiente das florestas indígenas. A legislação ordinária. indigenista e florestal., recepciona a atividade de base florestal em terra indígena, porém, condicionada sua condução mediante métodos de manejo sustentado e que seja realizada pelos próprios índios visando atender suas necessidades básicas. Contudo, ainda resta ao governo federal normatizar tais diplomas legais. Este estudo vem ao encontro dessas demandas, indígena e indigenista. com a intenção de contribuir para esse processo de discussão acerca da utilização racional e sustentada de recursos florestais em terra indígena, oferecendo elementos de análise e decisão, fundamentada em critérios e requisitos técnicos, que facilitem aos gestores públicos envolvidos". a melhor tomada de decisão.Of the indigenista point of view, and of recent history, it can be affirmed that, the question of the illegal and predatory exploration of forest resources in aboriginal areas, in national scope, already it comes happening has at least five decades. In the Brazilian Amazônia it was at least four decades. The reasons, usually, are on the three factors: the politics and processes of regional and national occupation; to the gradual growth of the demand and the scarcity of substances forest cousins in other areas; e the absence or deficiency of the state agencies of fiscalization in the illicit combat to this and other ambient ones. Some aboriginal leadersbips participate collaborating in this illegal and predatory process against the forest, and in detriment of the majority of the aboriginal population. The model of effective exploration is based on the cut selective, and focado in species of great search in the market, without resetting of the forest and with serious ecological impacts. The result of this if summarizes in: profits and wealth for third not-indians, impoverishment of the indians and destruction of the forest. On the other hand, today, if it verifies the disposal of the indians for a new form of boarding in relation to this question, through the sending and request to the FUNAI of manifestation ronceming proposals of implamdion of PMFS in its aborigimd areas. The FUNAI, in tum, not customary and unprepared to deal with this type of demand, not yet has a defined institucional position in relation to this question. Meanwhile, the problems continue, and alone they tend to grow and to aggravate each time more, in the environment of the aboriginal forests. The usual, indigenista and forest legislation, recepcion the activity of forest base in aboriginal land, however, conditional its conduction by means of methods of supported bandJing and that it is carried through by the proper indians aiming at to take care of its basic necessities. However, still it remains the prescribed federal government and to normatizar such statutes. This study it comes to the meeting of these demands, aboriginal and indigenista, with the intention to contribute for this process of quarrel concerning the use rational and supported of forest resources in aboriginal land, offering to elements of analysis and decision, based on criteria and requirements technician, who facilitates to the involved public managers, the best one taken of decision

Proposta de perfil docente para EAD

Este trabalho busca analisar o perfil docente para atuar na Educação a Distância, traçando um paralelo entre o professor tradicional e o professor que atua na EAD. A intenção é propor as características essenciais que o docente EAD deve apresentar. Para atingir tal objetivo, foi realizado um levantamento bibliográfico e uma análise exploratória das informações, além de um estudo descritivo das características identificadas. A definição de Educação a Distância, bem como o estudo de sua evolução, serviram como ponto de partida para a análise dos papéis existentes nesta modalidade e a consequente evolução docente. O trabalho termina com a listagem de características fundamentais para que este novo docente possa atuar com eficiência na modalidade EAD

A new curriculum leading to the formation of a licenciate in Chemistry at the University of Brasília

Este artigo apresenta a concepção, princípios e a estrutura acadêmica do curso noturno de licenciatura em química, na Universidade de Brasília. O currículo é seguido desde o início de 1993. Esse currículo tem como eixo fundamental a graduação de futuros professores integrada com a formação conceitual em química. Ações interdisciplinares são planejadas entre o departamento de química, do Instituto de Psicologia e Faculdade de Educação, a fim de fornecer mecanismos que permitam ao Licenciado adquirir experiência de ensino ao longo do curso. __________________________________________________________________________________________________________ ABSTRACTThis article presents the conception, principles and academic structure of the evening course leading to the formation of a Licentiate in Chemistry, at the University of Brasília. The curriculum has been carried out since the beginning of 1993. This curriculum has as its basic axis the graduation of future teachers integrated with the conceptual formation in Chemistry. Interdisciplinary actions are planned between the Chemistry Department, the Psychology Institute and the Faculty of Education so as to provide mechanisms which would allow the licenciate to acquire teaching experience along the course