Thiago de Melo Teixeira da Costa

Utilização de contratos futuros agropecuários no perfil médio de investimentos dos fundos de pensão no Brasil

Pension Funds have become increasingly representative internationally and nationally. These institutions present an efficient administration of their investment portfolios. At the same time, the negotiations with agricultural future contracts are increasingly consolidated in Brazil as an alternative for investors wanting to diversify their portfolios. This work aimed to evaluate the viability of using agricultural derivatives as a form of minimizing the risks of investment portfolios of Pension Funds in Brazil, within the legal limits those entities are submitted to, based on these institutions profile in relation to the allocation of their investments in the country. Thus, the performance of portfolios without and with 1% agricultural derivatives was assessed. The risk analyses were accomplished through the model Value-atrisk (VaR), using conditional variance models (Family GARCH) for the extraction of the daily series of volatilities. The returns were risk-weighted by the Adapted Sharpe Index (ASI). The results showed that, within the established parameters for each investment modality, the introduction of agricultural future contracts was beneficial for all the proposed profiles, reducing the risk more than proportionally to the return. The work becomes more significant as the financial figures involved are analyzed. Assuming, for instance, that the Pension Funds invest, overall, 1% of their assets, it is expected that over R

RECEITA PÚBLICA E BEM-ESTAR SOCIAL NOS MUNICÍPIOS MINEIROS EMANCIPADOS NO PERÍODO DE 1988 A 1997

2 billion would be injected into the future market of agricultural commodities, a value representing approximately 10% of all invested resources in financial movements for 2004.

ANÁLISE SOCIOMÉTRICA DA PRODUÇÃO CIENTÍFICA SOBRE A PREVIDÊNCIA SOCIAL NO BRASIL

The process of decentralized political, administrative and fiscal power intensified after 1988 aimed to promote the transfer of power, resources and assignments to local governments. Moreover, this process drove the municipal emancipation process in order to bring a government of society, promoting the public service improvement. This study presents the analysis of public revenues and social welfare in those cities emancipated from 1988 to 1997. Mean tests were used in order to compare the performance of emancipated municipalities with the performance of their municipalities of origin. In conclusion, it was found that the new municipalities are beneficiaries of government transfers and have the same capacity for tax collection as their municipalities of origin. Nevertheless, this did not allow the municipalities cited to present a level of welfare greater than in the municipalities of origin, as well as greater efficiency in managing these resources, since they are closer to users.The process of decentralized political, administrative and fiscal power intensified after 1988 aimed to promote the transfer of power, resources and assignments to local governments. Moreover, this process drove the municipal emancipation process in order to bring a government of society, promoting the public service improvement. This study presents the analysis of public revenues and social welfare in those cities emancipated from 1988 to 1997. Mean tests were used in order to compare the performance of emancipated municipalities with the performance of their municipalities of origin. In conclusion, it was found that the new municipalities are beneficiaries of government transfers and have the same capacity for tax collection as their municipalities of origin. Nevertheless, this did not allow the municipalities cited to present a level of welfare greater than in the municipalities of origin, as well as greater efficiency in managing these resources, since they are closer to users.

INVESTIDORES INDIVIDUAIS NA BM&FBOVESPA: UM ESTUDO COMPARATIVO ENTRE OS SETORES DE LISTAGEM E OS NÍVEIS DE GOVERNANÇA

O objetivo deste estudo e identificar e analisar as redes sociais formada pelos pesquisadores das areas de Administracao, Ciencias Contabeis, Economia e areas afins que publicaram artigos cientificos sobre Previdencia Social no Brasil, buscando compreender o condicionamento social na construcao do conhecimento da area. Para tanto, foram construidas redes sociais, a partir de informacoes de autoria dos trabalhos disponiveis no Portal Capes, no periodo de 2000 a 2014. O referencial compreendeu 86 artigos que totalizaram 169 autores e 172 relacoes, analisados por meio do software Gephi. Os relacionamentos sociais expressaram que a rede de autores e coautores e fragmentada, apresentando varios componentes, sendo a maioria de duplas de autores, alem disso avaliaram-se individualmente os autores mais centrais, em que a Universidade de Sao Paulo se destacou como instituicao vinculada a grande parte de autores com grande numero de colaboradores. No que concerne a centralidade de intermediacao e de proximidade, foi observado que houveram mudancas entre os autores com maior pontuacao em relacao a centralidade de grau, sendo confirmado pela analise de correlacao que a colaboracao, a intermediacao e a proximidade nao sao fenomenos extremamente relacionados quando o tema e Previdencia.

PRÁTICAS DE GOVERNANÇA CORPORATIVA DAS COMPANHIAS BRASILEIRAS OPERADAS NA BOLSA DE VALORES DE NOVA IORQUE

O mercado de capitais e um mecanismo importante para a capitacao de recursos pelas empresas, alem de ser uma opcao para aplicadores, individuais ou organizacoes. No Brasil, a BM&FBOVESPA e a maior bolsa de valores em operacao. Com relacao aos investidores individuais, percebe-se baixa participacao, quando comparada a bolsas de outros paises emergentes. O objetivo desse estudo foi analisar a participacao de investidores pessoas fisicas na BM&FBOVESPA, especificamente dentro dos setores de listagem das empresas e dos segmentos de governanca corporativa, verificando se algum setor ou segmento de governanca corporativa se destaca em termos de participacao de pessoas fisicas. Ainda, procurou-se analisar o perfil dos aplicadores pessoas fisicas e a evolucao temporal da participacao desses investidores na BM&FBOVESPA. O referencial teorico aborda aspectos sobre governanca corporativa, comportamento e preferencia dos investidores e incentivos as aplicacoes no mercado de capitais. Com relacao a metodologia, utilizou-se uma abordagem qualitativa e quantitativa com um objetivo exploratorio e descritivo. Foram utilizados dados secundarios disponibilizados pela BM&FBOVESPA e a analise dos mesmos foi feita por meio de estatistica descritiva, Regressao Linear Simples (RLS) e de analises graficas baseadas no referencial teorico. Os resultados demonstraram que a evolucao do numero de pessoas fisicas na bolsa de valores ocorreu concomitantemente com o momento economico favoravel, ainda que o setor de tecnologia da informacao foi destaque em relacao ao percentual de investidores pessoas fisicas e que a listagem em segmentos superiores de governanca corporativa nao esta diretamente relacionada com uma maior de participacao de investidores individuais.

Revenue and social welfare in the emancipated municipalitiesof minas gerais during the periods of 1988 to 1997

O mercado de capitais brasileiro obteve avancos nos ultimos anos, a partir da criacao de normas mais eficazes de Governanca Corporativa. No entanto, esse mercado ainda e pouco expressivo no pais, diferentemente do que ocorre nos paises desenvolvidos. Por esse motivo, com o alicerce da globalizacao financeira, muitas empresas brasileiras buscam recursos em bolsas de valores estrangeiras, principalmente na Bolsa de Valores de Nova York, possuidora de regras reduzidas para empresas estrangeiras. Esse artigo tem como objetivo analisar acoes de Governanca Corporativa praticadas pelas empresas brasileiras atuantes na NYSE, numa perspectiva comparada com as regras da bolsa norte-americana. A Governanca Corporativa e destacada a partir de suas particularidades no Brasil e na NYSE e de aspectos envolvidos, como a transparencia. De modo a atingir os objetivos propostos, foi utilizada uma abordagem predominantemente qualitativa, descritiva e com tratamento de dados atraves de pesquisa documental. Os resultados foram encontrados atraves da analise de Relatorios contendo exigencias que as empresas estrangeiras devem seguir para atuar na NYSE. Os resultados demonstraram que nem todas as exigencias da NYSE para as empresas norte-americanas sao desenvolvidas pelas empresas brasileiras, sendo esse nao seguimento de normas justificado pela nao exigencias nas regras brasileiras.

Hacienda pública y bien estar social en los municipios de minas gerais emancipados en el periodo de 1988 a 1997

The process of decentralized political, administrative and fiscal power intensified after 1988 aimed to promote the transfer of power, resources and assignments to local governments. Moreover, this process drove the municipal emancipation process in order to bring a government of society, promoting the public service improvement. This study presents the analysis of public revenues and social welfare in those cities emancipated from 1988 to 1997. Mean tests were used in order to compare the performance of emancipated municipalities with the performance of their municipalities of origin. In conclusion, it was found that the new municipalities are beneficiaries of government transfers and have the same capacity for tax collection as their municipalities of origin. Nevertheless, this did not allow the municipalities cited to present a level of welfare greater than in the municipalities of origin, as well as greater efficiency in managing these resources, since they are closer to users.The process of decentralized political, administrative and fiscal power intensified after 1988 aimed to promote the transfer of power, resources and assignments to local governments. Moreover, this process drove the municipal emancipation process in order to bring a government of society, promoting the public service improvement. This study presents the analysis of public revenues and social welfare in those cities emancipated from 1988 to 1997. Mean tests were used in order to compare the performance of emancipated municipalities with the performance of their municipalities of origin. In conclusion, it was found that the new municipalities are beneficiaries of government transfers and have the same capacity for tax collection as their municipalities of origin. Nevertheless, this did not allow the municipalities cited to present a level of welfare greater than in the municipalities of origin, as well as greater efficiency in managing these resources, since they are closer to users.

Performance of hedonic scales in sensory acceptability of strawberry yogurt

The process of decentralized political, administrative and fiscal power intensified after 1988 aimed to promote the transfer of power, resources and assignments to local governments. Moreover, this process drove the municipal emancipation process in order to bring a government of society, promoting the public service improvement. This study presents the analysis of public revenues and social welfare in those cities emancipated from 1988 to 1997. Mean tests were used in order to compare the performance of emancipated municipalities with the performance of their municipalities of origin. In conclusion, it was found that the new municipalities are beneficiaries of government transfers and have the same capacity for tax collection as their municipalities of origin. Nevertheless, this did not allow the municipalities cited to present a level of welfare greater than in the municipalities of origin, as well as greater efficiency in managing these resources, since they are closer to users.The process of decentralized political, administrative and fiscal power intensified after 1988 aimed to promote the transfer of power, resources and assignments to local governments. Moreover, this process drove the municipal emancipation process in order to bring a government of society, promoting the public service improvement. This study presents the analysis of public revenues and social welfare in those cities emancipated from 1988 to 1997. Mean tests were used in order to compare the performance of emancipated municipalities with the performance of their municipalities of origin. In conclusion, it was found that the new municipalities are beneficiaries of government transfers and have the same capacity for tax collection as their municipalities of origin. Nevertheless, this did not allow the municipalities cited to present a level of welfare greater than in the municipalities of origin, as well as greater efficiency in managing these resources, since they are closer to users.