In this thesis, I analyze the Minions from Universal Pictures' Despicable Me franchise (2010-2020), Olaf from Disney's Frozen franchise (2013-2019), and Ducky and Bunny from Pixar's Toy Story 4 (2019). Although these characters are not intended to represent human beings but are fictional nonhuman species, examining them through the lens of racialization defamiliarizes them and reveals how children's media not only perpetuates specific caricatures of people of color but subtly naturalizes what race is as an assemblage of visual, verbal, performative, and affective components. While scholars studying racial representations in children's animated films often focus on how animated characters speak in non-white dialects, engage in stereotypes, and reproduce visual aspects of race, this interpretive framework does not address the ways in which race goes beyond the surface, nor does it address complex interactions between race, gender, and sexuality. Rather than asserting that nonhuman animated characters are certain races, my term "submerged racialization" suggests that animated characters are not direct representations of "real" non-white bodies but are aggregates of what it is to be racialized in historically specific ways that are co-constitutive with gender and sexuality. These features dwell beneath the surface like a skeleton, overdetermining how the characters perform without necessarily influencing their outward appearance in easily recognizable ways. In the first chapter, I analyze how the Minions enact a multi-layered submerged racialization as Black, Asian American, and indigenous beings. The second chapter discusses how Olaf's racialization shifts across different objects in the Frozen franchise, addressing his relationship to Blackness and Hawaiianness in the first film, the featurette, "pull apart" plush toys, and Hula Olaf figures. Finally, in my third chapter, I show how Ducky and Bunny fulfil roles as Black comedic sidekicks and demonstrate how Black men have been constructed as aggressive, hypersexual threats. By uncovering the submerged racialization underlying today's most popular children's franchises, I stress that race is reproduced and reinvented in the seemingly innocent intimate spaces around us. / Master of Arts / What race are the Minions? While this may seem a strange question, scholars of children's animated films have often described the race of nonhuman animated characters based on whether they speak in non-white dialects, engage in stereotypes, and reproduce certain visual characteristics, such as black skin. However, I argue that the Minions from Universal Pictures' Despicable Me franchise (2010-2020), Olaf from Disney's Frozen franchise (2013-2019), and Ducky and Bunny from Pixar's Toy Story 4 (2019) are "submerged racialized figures" and not direct representations of "real" non-white bodies. These characters demonstrate what it means to be racialized in historically specific ways that intersect with their gender and sexuality. Their racial features dwell beneath the surface like a skeleton, affecting their representation without necessarily influencing their outward appearance in easily recognizable ways. In the first chapter, I analyze how the Minions demonstrate a multi-layered submerged racialization throughout the franchise as Black, Asian American, and indigenous beings. The second chapter discusses how Olaf's racialization shifts across different objects in the Frozen franchise, changing his relationship to Blackness and Hawaiianness in the first film, the featurette, "pull apart" plush toys, and Hula Olaf figures. Finally, in my third chapter, I show how Ducky and Bunny fulfil roles as Black comedic sidekicks and demonstrate how Black men have been constructed as aggressive, hypersexual threats. By uncovering the submerged racialization within today's most popular children's franchises, I demonstrate how race is reproduced and reinvented in the seemingly innocent intimate spaces around us.

Movement-based interactive systems for play came into the spotlight over a decade ago, and were met with enthusiasm by the general public as well as the Human-Computer Interaction research community. Yet a decade of research and practice has not fully addressed the challenge of designing for the moving body and play. This thesis argues that often, the role of the technology to sustain the play activity, and to drive the design process, has been over-emphasized, and has resulted in limited design possibilities. This thesis explores an alternative design approach to address the problem through combining the design of the technology with designing aspects of the social and spatial context where the play activity takes place. The work is grounded in an embodied perspective of experience, action, and design. Methodologically, it belongs to the Research through Design tradition (RtD). A core concept and a characterization of design practices are presented as key contributions. The concept of embodied core mechanics is introduced to frame desirable and repeatable movement-based play actions, paying attention to the way these are supported by design resources including rules, physical and digital artifacts, and the physical and spatial arrangement of players and artifacts. The concept was developed during the two main design cases: the Oriboo case, targeting dance games for children, and the PhySeEar case, targeting rehabilitative therapy for the elderly. It was further substantiated in subsequent external design collaborations. To support the design process, this thesis presents embodied sketching: a set of ideation design practices that leverage the embodied experience and enable designers to scrutinize the desired embodied experience early in the design process. Three forms of embodied sketching are presented: embodied sketching for bodystorming, co-designing with users, and sensitizing designers. Through reframing the design task as one of designing and studying embodied core mechanics, this thesis establishes an alternative approach to design for movement-based play in which significant aspects of the embodied play experience, lead, drive, and shape the design process and the design of the technology.

La marionnette, petite Marie d’après son étymologie, figure réduite à l’image de l’homme, être diminutif ou condensé, actrice « dramatico-végétale » selon l’écrivain Carlo Collodi, amuse, effraie ou fascine depuis toujours l’être humain. Nous en trouvons des traces dès l’Antiquité en occident. Telle l’automate Olympia dans L’Homme au sable d’Ernst Hoffmann, qui inspira à Freud le concept d’ « Inquiétante étrangeté », la marionnette fait douter le spectateur : celui-ci ressent une étrange impression à la vue d’un objet sans vie qui paraît animé, un malaise comparable à celui qu’il éprouve en voyant une personne se comporter en « Homme-machine » (La Mettrie).Ce travail propose d’explorer l’existence paradoxale des figures inanimées dans le but d’expliquer comment celles-ci semblent prendre vie, mourir ou ressusciter à l’envi. A quel projet artisanal ou fantasme démiurgique répond la fabrication des créatures artificielles ? Comment l’esprit vient aux objets ? Quelles parts occupent le mouvement impulsé par le manipulateur et les croyances et projections du spectateur dans ce mystérieux phénomène d’animation ? Ce travail qui s’inscrit dans le domaine des études théâtrales traverse d’autres champs disciplinaires, notamment la littérature, la psychanalyse, la philosophie, l’anthropologie et l’histoire. / The puppet, or marionnete, - little Marie etymologically –, a human model, in reduction, a diminutive or condensed creature, a « dramatico-vegetable » actor in the eyes of writer Carlo Collodi, has always amused, frightened or fascinated mankind. Traces of puppets are to be found early in western ancient times. In much the same way as the automaton Olympia, in Ernst Hoffmann's The Sand Man, inspired Freud's concept of « disquieting strangeness », (Unheimliche), the puppet creates doubt in the spectator's mind : the latter feels strange when viewing an inanimate object apparently gifted with life, an unease akin to that which one feels if confronted with a human behaving like a ' « Man-machine » (La Mettrie).This work aims at exploring the paradoxical world of inanimate figures in order to explain how those seem to acquire life, lose it or come to life again at will. To what craft project or demiurgic fantasy does the making of artificial creatures answer ? How does the soul come to those objects ? What are the shares of the motions impulsed by the puppet manipulator and the beliefs and projections of the spectators, in that mysterious phenomenon of animation. The present work, although fully belonging to the field of drama studies, crosses others, notably literature, psychoanalysis, philosophy, anthropology and history.

Crianças e adolescentes brasileiros, de baixa renda, têm integrado a chamada população de risco, à medida que veem seu direito à vida, à saúde, ao bem-estar físico e psíquico ser violado cotidianamente. A proximidade com situações de violência, abusos, miséria, negligência e abandono,coloca-os em situação de vulnerabilidade social. Essa situação a que são submetidas nossas crianças e adolescentes não se limita ao campo de saber da saúde, porém o implica, cada vez mais, no sentido de articular ações que viabilizem outras formas de existência para essa população. No bairro do Jardim D\'Abril a parceria, entre o Cecco Previdência, serviço da rede municipal de saúde, e a Associação Cultural União de Bairros, permitiu a viabilização de uma dessas ações - a brinquedoteca comunitária - e deu origem a este estudo cujo objetivo é propor, a partir dos conceitos propostos pela teoria do amadurecimento de D. W. Winnicott, a intervenção na brinquedoteca. As interações promovidas pelo trabalho em saúde, permeadas por uma ética do cuidado deve ser compreendida como experiência de preocupação com o outro, e possibilidade de provocar transformações em trajetos pessoais e em trajetórias coletivas. O brincar propiciou, às crianças e adolescentes, o contato com o mundo, a cultura, e a apropriação desses elementos, revelando uma maneira de ser, de estar no mundo e de expressar-se. Como mãe suficientemente boa, a brinquedoteca se propôs a realizar o papel de acolher e sustentar o encontro humano. As relações se estabeleceram baseadas na confiabilidade, fidedignidade, e constância das ações, ofereceu às crianças e adolescentes a provisão de um ambiente humano que permitiu o brincar espontâneo e criativo. E levou crianças e adolescentes, a um modo pessoal de existir em que puderam ser mais criativos e menos vulneráveis frente aos desafios encontrados. No trânsito entre o individual e o coletivo as práticas cotidianas produziram resultados importantes. Um deles, criar o pensamento de que o trabalho construído na atenção à criança e ao adolescente em situação de vulnerabilidade social somente é possível em rede. A intervenção baseada nos pressupostos da teoria do amadurecimento possibilitou ampliar o trabalho para além das relações individuais e fortalecer as práticas coletivas, criando estratégias de composição entre o campo da saúde e o campo do social, afirmando a possibilidade de novas formas de convívio. / Brazilian low income children and teenagers have belonged to the so called risk population, as they notice that their rights to life, health and physical and psychological well being are violated daily. The nearness to everyday situations of violence, abuse, poverty, negligence and abandonment place them into situations of social vulnerability. This situation that such children and teenagers are subjected doesn\'t limit itself to the knowledge field of health, but implies it increasingly, in the sense of articulating actions that allow other forms of existence to this population. At Jardim D\'Abril district a fellowship between Cecco Welfare, a service from the city health network, and the Union of Districts Cultural Association allowed those actions to be feasible through a community toy library, and originated this study, whose objective is to propose an intervention at the community toy library based on the concepts proposed by D. W. Winnicott\'s theory of maturing. The interactions promoted by the work made in health, permeated by the ethics of care, must be understood as an experience of concern for the other and as a possibility to cause transformations in both personal and collective path. At the toy library\'s daily practice playing propitiated to children and teenagers being in touch with the world and culture, and appropriating themselves of these elements, revealing a way to be, to exist in the world and to express themselves. As a sufficiently good mother, the toy library proposed to play the role of sheltering and sustaining human encounter. As a human environment, the relationship that was established based on reliability and trust, as well as the constancy of actions, offered to those children and teenagers an environmental provision that allowed a spontaneous and creative way to play. They could be more creative and less vulnerable when dealing with the challenges they find along their lives. In the transit between what is personal and what is collective, the daily practice produced important results. One of them was to create the thought that the work built based on the attention of children and teenagers in a situation of social vulnerability, is only possible if built within a network. The intervention based on the assumption of the maturing theory allowed the work to be widen for beyond the personal relations and to strengthen the collective practice, building strategies of construction between health and social fields, asserting the possibilities of new ways of living.

O objetivo central desta pesquisa foi investigar a prática docente e sua relação com a formação inicial e contínua do professor a partir de uma pesquisa na ação qualitativa realizada no Museu da Educação e do Brinquedo - MEB da Faculdade de Educação da USP. A partir da grande questão do trabalho: \"Por que os professores não brincam?\" configurou-se o objeto de estudo, que trata da importância do lúdico na formação de educadores buscando investigar o potencial do MEB enquanto espaço formativo. As atividades realizadas no museu, que compõem o processo formativo analisado, foram realizadas com os grupos visitantes de crianças e de educadores juntamente com estagiárias e bolsistas do museu. O recorte para a análise de dados foi o processo de formação realizado com estagiárias dos cursos de Pedagogia da FEUSP e das Licenciaturas. O instrumento de coleta de dados foi uma entrevista com um grupo focal, constituído por alunas participantes do processo de formação. Os pressupostos principais da pesquisa referem-se à relação formador/formador, à relação professor/aluno e à formação como um projeto coletivo de reflexão dentro da perspectiva da formação lúdica. Para tanto, a fundamentação está ancorada, dentre outros, nos seguintes trabalhos sobre a formação de professores, (Pimenta, 2002; Schön, 1992/ 1997; Zeichner, 1993 e 1998b) considerando o lúdico como dimensão importante na formação do professor (Andrade e Marques, 2003; Dias, 2003; Kishimoto, 1996/ 1998; Santos e Cruz, 1997; Souza, 2001); sobre o museu na sua relação com o público (Francoio, 2000; Grinspum, 2000) e com a construção de seu projeto político pedagógico (Carrer, 1999; Fusari, 1997/ 2000). A pesquisa revela a importância da dimensão vivenciada do lúdico na formação inicial do professor, articulando teoria e prática, no sentido de contribuir para a apropriação, pelo professor, de uma prática lúdica. Nesse sentido, discutimos a concepção do brincar como prática social e sua influência nas práticas pedagógicas, o comportamento do adulto, a prática docente e o contexto escolar, analisados sob a perspectiva da sociedade moderna capitalista e de seus valores fundamentados na organização do sistema de produção; a valorização da dimensão vivenciada do lúdico na formação inicial e a atitude lúdica; a formação reflexiva e a homologia dos processos como pressupostos para a construção de um coletivo de formação; a contribuição do MEB para a formação de professores e a relação com uma proposta para seu projeto político-pedagógico. / The aim of this research is to investigate docent practice and its relationship to initial and continuous formation of teachers. This research is based on a qualitative analysis which took place on the Museu da Educacao e do Brinquedo da Universidade de Sao Paulo, MEB-USP (Education and Toy Museum, University of Sao Paulo). Having as a starting point an essential question why teachers do not play? the scope of this research was then set up. Specifically, the importance of the ludic element during the process of educating teachers, and MEB\'s potential as a training space. The activities put in practice in this museum - which represent the educational process to be analysed - were done with groups of children visiting the museum, educators and trainees of the museum itself. The education process of trainees coming from the USP Pedagogical faculty (as well as others faculties, e.g. History, Geography, Literature in order to get a license which enables them to teach at school level) was used as the scope of this research. In order to collect the data needed, interviews with focus groups (the students participating in the formation process) were taken. The main point of interest for this research is considered to be the relationship between forming/forming, teacher/student as well as the education of teachers itself as a collective project of reflection within the ludic formation perspective. Thus this research is mainly based on key works on teacher training (Pimenta, 2002; Schon, 1992/1997; Zeichner, 1993 and 1998b); the ludic as an important dimension in teacher education (Andrade & Marques, 2003; Dias, 2003; Kishimoto, 1996/1998; Santos & Cruz, 1997 and Souza, 2001); on MEB\'s role and its relation to the public (Francoio, 2000; Grinspum, 2000); and also on MEB\'s pedagogical political project (Carrer, 1999; Fusari, 1997/2000). This research demonstrates the importance of the ludic dimension experienced by teachers at the beginning of their training. Thus, a range of key elements such as the concept of \'playing\' as a social practice and its influence in pedagogical practices will here be discussed such as adult behavior; docent practice and school context; the valorization of the ludic dimension experienced by teachers during the beginning of their training; the ludic attitude; the reflective formation and also the homology of processes as assumptions for the construction of a collective formation and finally, MEB\'s contribution towards teacher\'s formation and its relationships with a political-pedagogical proposal. When looking at these topics, modern capitalist society as well as its fundamental values and the processes that take place during its production system, will be taken into consideration.

Trata-se de uma investigação circunscrita à área da educação que buscou no conceitual antropológico e na observação participante a possibilidade de realizar uma descrição densa da prática dos jogos realizados por crianças moradoras de um bairro da periferia da zona sul da cidade de São Paulo. O objetivo primeiro desta pesquisa é interpretar a forma sui generis como essas crianças, por meio de universos simbólicos disponíveis em seu meio social, e, apesar da restrição de espaço e das regras estabelecidas na escola, viabilizam a prática do jogo no interior dessa instituição e no espaço da rua. O trabalho mostra também como a dinâmica das brincadeiras pode ser lida na chave dos rituais próprios de grupos etários e, ainda, que a análise do jogo como forma de sociabilidade infantil não deve prescindir de uma reflexão sobre regra, trocas simbólicas, corpo e relações de gênero. / This research is circumscribed to the area of the education that searched in the anthropology conceptual the possibility to realize a \"dense description\" of the practical one of the plays realized for living children of a district of the south zone of the city of São Paulo. The first objective of this research is to interpret the form sui generis as these children, by means of available symbolic universes in its social environment and, despite the space restriction and of the rules established in the school, they make possible the practical one of the plays in this institution and the space of the street. The work also shows as the dynamics of the plays can be chore in the key of the proper rituals of age groups and that the analysis of the plays as form of infantile sociability does not have to do without a reflection on rule, symbolic exchanges, body and relations of gender.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-11-09T10:24:26Z No. of bitstreams: 1 Cássia Vianna Bittens dissertação.pdf: 1885839 bytes, checksum: 9e8b602cea34f17d3203872c923844b5 (MD5) / Made available in DSpace on 2018-11-09T10:24:26Z (GMT). No. of bitstreams: 1 Cássia Vianna Bittens dissertação.pdf: 1885839 bytes, checksum: 9e8b602cea34f17d3203872c923844b5 (MD5) Previous issue date: 2018-09-24 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / To contribute to the recent discussions about the relationship literature and infants, the present master thesis aims at answering the following research questions: (1.) Which are some of the main trends, in terms of graphic design, illustration, and text, in books that are preferably addressed to toddlers (zero to three years old) in Brazilian contemporaneity? (2.) How can the language's symbolic values contribute to the education of a child at such early age? To follow our course, we've selected, as a corpora of research, ten titles that compose the collection of 2014 PNBE, addressed to children between zero and three years old. As a hypothesis, we suggest that these books, addressed preferably to children who do not read yet, bring specific and particular elements that characterize trends on books for toddlers in terms of graphic design, illustration, and text, and that they are, therefore, amenable for literary analysis; and that, in contact with Literature, babies can learn the aesthetic language, which corroborates their individual and relational potential, providing a profitable environment for developing global skills. To pursue the present study – qualitative, exploratory, and descriptive – it was developed in three chapters. In chapter I, the reasons for approaching the subject are discussed, presenting the development of the young child and the encounter between Literature and toddlers, resorting on reflections by Bernard Golse, Antonio Candido, and Betina Kümmerling-Meibauer. In Chapter II, we present the corpora of this study and justify its choice. In addition, we address the PNBE program and its collection for early childhood, as well as the assessment criteria established in the present study for the analysis of the corpus, based, therefore, on the 2014 PNBE edict and the handbook that accompanies this specific collection. In chapter III, the books are analyzed in terms of graphic design, illustration, and text, using considerations by Rosinha, Sophie Van der Linden, and Ana Margarida Ramos on graphic design aspects; by Adriana Baptista and Annete Werner's regarding illustration; and by Antonio Candido, Octavio Paz, and Kathleen Ahrens's in terms of the literary text / No intento de contribuir com as discussões recentes acerca da relação literatura-bebê, o presente estudo tem como objetivo responder às seguintes questões direcionadoras: Quais são algumas das principais tendências, em termos de projeto gráfico, ilustração e texto, nos livros preferencialmente endereçados aos bebês (zero a três anos) na contemporaneidade brasileira? Como os valores simbólicos da linguagem podem contribuir para a educação da criança em sua tenra idade? Para efetuarmos esse percurso, selecionamos como corpus de pesquisa dez títulos que compõem o acervo do PNBE 2014, endereçados a crianças entre zero e três anos. Sugerimos, como hipótese, que estes livros, endereçados preferencialmente às crianças que ainda não leem, trazem elementos específicos e particulares que caracterizam tendências dos livros para bebês no projeto gráfico, na ilustração e no texto, sendo, portanto, passíveis à análise literária; e que, ao contato com a Literatura, os bebês apreendem a linguagem estética, o que corrobora com o seu potencial individual e relacional, proporcionando um ambiente profícuo às habilidades globais em desenvolvimento. Para tal, o presente estudo – qualitativo, exploratório e descritivo – foi desenvolvido em três capítulos. No capítulo I, entram em discussão as razões para a abordagem do tema na atualidade, apresentando o desenvolvimento da criança pequena e o encontro entre a Literatura e o bebê, recorrendo-se, para isso, às reflexões de Bernard Golse, Antonio Candido e Betina Kümmerling-Meibauer. No capítulo II, apresenta-se o corpora deste estudo e a justificativa de sua escolha. Em adição, aborda-se o programa PNBE e seu acervo para primeiríssima infância, bem como os critérios de avaliação estabelecidos no presente estudo para a análise do corpora, pautando-se, para tanto, no edital PNBE 2014 e no Manual que acompanha esse acervo em específico. No capítulo III, analisa-se os livros em termos de projeto gráfico, de ilustração e de texto, valendo-se das considerações de Rosinha, Sophie Van der Linden e Ana Margarida Ramos no que se refere ao projeto gráfico; de Adriana Baptista e Annete Werner no tocante à ilustração; e de Antonio Candido, Octavio Paz e Kathleen Ahrens nas reflexões acerca do texto literário

Topic of this thesis is marketing strategy analysis and assessment of toy retail chain Bambule Alltoys, spol. s.r.o. In addition, this paper deals with recommendations, which could strengthen company's position on the market and help it in meeting its strategic objectives. The theoretical part addresses the definition of strategic marketing and characterizes the strategic marketing management process. It also describes the specifics of consumer goods marketing and current trends in the European and Czech toy market. The practical part is focused on situational analysis, and results of marketing research based on analysis of the first and second degree. The results of this part are then used as a basis for recommendations for communications, personnel, product, distribution and pricing policies.

Abstrakt Titel: Leksaker i den digitala tidsåldern – Leksaksbranschens bemötande av nya preferenser Författare: Sandra Nilsson och Victor Tydesjö Handledare: Leif Rytting Kurs: Företagsekonomi III – examensarbete 15 hp. Linnéuniversitetet VT 2014 Syfte Vårt syfte med uppsatsen är att undersöka hur leksaksbranschen har förändrat och kommer att förändra sin verksamhet i den teknologiska tidsåldern. För att genomföra detta har vi fastställt några aspekter att undersöka: Butikernas nuvarande tillstånd gällande sortiment och arbetssätt Förändringar som har skett gällande sortiment som en konsekvens av barns förändrade teknologianvändning Leksaksbranschens framtid som en följd av den fortsatta teknologiutvecklingen Forskningsfrågan lyder: Hur påverkas leksaksbranschen av barns tidiga användande av olika former av digital teknologi? Metod Vi har för denna uppsats valt att använda den kvalitativa metoden. Detta för att på ett djupt sätt kunna få specifik data om branschens företeelser. Undersökningen har genomförts med en abduktiv ansats, där vald teori har format empirin men där empiri även har inverkat på den teori som presenteras. Det teoretiska materialet har präglats av akademisk litteratur och elektroniska källor. Empiriinsamlingen skedde genom kvalitativa intervjuer med fyra leksaksbutiker och en representant från branschorganisationen Leksaksbranschen. Slutsatser Gällande branschens nuläge framkom att inköp på speciella inköpsmässor för leksakshandlare och deras leverantörer bär stor betydelse för leksaksbutiker och inverkar även på utformning av deras sortiment. Samordning mellan mindre aktörer i en enda katalog föreslås vara ett sätt för de mindre starka butikerna att hävda sig bättre mot de stora kedjorna. Vi fann att lekåldern har minskat, vilket medför att barn är kunder under en kortare tid. Vissa sortimentsanpassningar har skett på grund av detta, men inte i särskilt stor skala. Gällande branschens framtid tydliggörs att aktörerna kan behöva göra vissa förändringar i sin verksamhet, där exakt vad detta skulle vara inte är självklart. / Abstract Our purpose with this study is to investigate how the toy industry has changed and will change its operations in the technological era. In order to do this, we determined a few aspects to investigate: The toy stores’ current state regarding assortment and ways of working Changes that have occurred regarding assortment as a consequence of children’s’ changed technological usage The future of the toy industry as a result of the continued technological development The research question goes as follows: How is the toy industry impacted by children’s early usage of different kinds of digital technology? In this study we decided to use the qualitative research method in order to gather profound and specific data about the happenings of the toy industry. The study has been carried out with an abductive methodology, allowing theoretical data to impact empirical data and also allowing empirical data to impact theoretical data. The theoretical data is characterized by usage of academic literature and electronic sources. The empirical data gathering was carried out by qualitative interviews with four toy stores as well as a representative from the Swedish toy industry association. Regarding the current state of the industry, it showed that purchasing at special toy dealer’s purchasing fairs is of significant importance for toy stores and also impacts the shaping of their assortments. Coordination between smaller actors in one single toy catalog is proposed as a way for the less powerful stores to assert themselves against large toy chains. We found that children stop playing with toys at an earlier age, which means that children are customers during a shorter time span. Certain assortment adaptations have happened due to this, but not in a very significant manner. Regarding the future of the industry it is conveyed that the actors may have to perform certain changes in their operations, but precisely what this would entail is not obvious.

Submitted by Mario Lopes (mariosilvalopes@gmail.com) on 2011-11-17T22:51:02Z No. of bitstreams: 1 DissertaçãoMSLFinal.pdf: 2601229 bytes, checksum: 8dd97b22637c4e3c6b2b47dfcab63218 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-11-18T10:41:59Z (GMT) No. of bitstreams: 1 DissertaçãoMSLFinal.pdf: 2601229 bytes, checksum: 8dd97b22637c4e3c6b2b47dfcab63218 (MD5) / Made available in DSpace on 2011-11-18T10:43:55Z (GMT). No. of bitstreams: 1 DissertaçãoMSLFinal.pdf: 2601229 bytes, checksum: 8dd97b22637c4e3c6b2b47dfcab63218 (MD5) Previous issue date: 2011-10-24 / O funcionamento dos bancos comerciais implica no sucesso de suas estratégias de captação de depósitos a prazo. O Certificado de Depósito Bancário (CDB) é um dos instrumentos mais utilizados para este fim. 95% dos CDBs são flutuantes e atrelados ao CDI, sendo que grande parte destes CDBs tem data de carência pré-definida para o resgate. Esta característica é responsável pela opção implícita de resgate oferecida ao investidor. Ou seja, o investidor tem a prerrogativa de resgatar seu investimento entre a data de carência e o vencimento do CDB sem que seja penalizado por isso. Este trabalho apresenta um método de apreçamento da opção de resgate implícita no CDB utilizando o modelo de Black Derman Toy. A técnica empregada inova ao considerar o nível da estrutura a termo de taxa de juros tanto em relação à curva de CDBs observada no mercado, quanto a sua volatilidade. Entretanto, a volatilidade é preservada e, por isso, não é contaminada pelas oscilações da estrutura a termo. No procedimento foram utilizados os CDBs do banco de dados da Cetip com valores maiores que quinhentos mil reais emitidos entre 2007 e 2009. Assumiu-se que todos os investidores eram racionais e não precisaram recorrer aos seus investimentos, portanto só resgataram seus recursos após o fim do prazo de carência. Com o intuito de verificar a validade dos preços calculados através do modelo Black Derman Toy, foi aplicada a técnica da simulação de Monte Carlo com a criação de dez mil trajetórias para o preço do ativo. Os resultados obtidos através do modelo proposto foram confirmados quando confrontados com a simulação de Monte Carlo. / The functioning of commercial banks relies on the success of their strategies to attract deposits. Time Deposits (TD) are one of the most used for this purpose. 95% of TDs have floating rates linked to Interbank Certificate of Deposits (CDI) and most of them have a pre-set grace date to the withdrawal. This feature is responsible for the embedded option offered to the investor. That is, the investor has the right to withdrawal their investment between the grace date and the TD maturity without being penalized. This paper presents a method of pricing withdrawal implied options in TDs using Black Derman Toy model. The innovative technique considers the level of the interest rates term structure in relation to TDs curve observed on the market, as well as its volatility. However, volatility is preserved, and therefore is not contaminated by term structure oscillations. In the procedure were used TDs (Cetip database) with amounts greater than five hundred thousand Reais issued between 2007 and 2009. It was assumed that all investors were rational and did not need to rely on their investments, so only withdrew them after their grace period. In order to verify the validity of the calculated prices by Black Derman Toy Model, Monte Carlo simulation technique was applied with the creation of ten thousand asset trajectories. Results obtained by the proposed model were confirmed when confronted with Monte Carlo simulation