O presente estudo teve como objetivo avaliar o impacto das variáveis da \"Teoria da Estocagem\", como custo de oportunidade e estoque, sobre a \"base\" dos contratos futuros de soja negociados na BM&FBOVESPA, para um período de cinco anos e com dados diários, de outubro de 2013 a março de 2017. Foi proposta uma análise semelhante à de Fama e French (1987) a qual verificou o impacto dos custos de oportunidade do capital e de uma proxy para o estoque de soja, visando capturar os custos de estocagem e o benefício de conveniência, derivados da teoria da estocagem. Verificou-se que o custo de oportunidade dos agentes de mercado impacta positivamente a base, da mesma forma, o estoque também impacta de forma positiva a base. Os resultados encontrados estão em conformidade com a teoria de estocagem proposta por Working (1949). Assim, a principal contribuição do trabalho é fornecer à literatura evidências empíricas que sustentem o comportamento da base de soja no Brasil / The study aimed to evaluate the impact of the \"Theory of Storage\" variables based on the soybean futures contracts traded on BM&FBOVESPA for a period of five years with daily data, from October 2013 to March 2017. An analysis similar to that of Fama and French (1987) was proposed, which verified the impact of the opportunity costs of capital and a proxy for the soybean stock, aiming to capture the storage costs and the benefit of convenience, derived from the theory of storage. It was verified that the opportunity cost of market agents has a positive impact on the basis, in the same way, the stock also has a positive impact on the basis. The results found are in accordance with the \"Theory of Storage\" proposed by Working (1949). Thus, the main contribution of the work is to provide the literature with empirical evidence to support the behavior of the soybean basis in Brazil

O presente estudo teve como objetivo avaliar o impacto das variáveis da \"Teoria da Estocagem\", como custo de oportunidade e estoque, sobre a \"base\" dos contratos futuros de soja negociados na BM&FBOVESPA, para um período de cinco anos e com dados diários, de outubro de 2013 a março de 2017. Foi proposta uma análise semelhante à de Fama e French (1987) a qual verificou o impacto dos custos de oportunidade do capital e de uma proxy para o estoque de soja, visando capturar os custos de estocagem e o benefício de conveniência, derivados da teoria da estocagem. Verificou-se que o custo de oportunidade dos agentes de mercado impacta positivamente a base, da mesma forma, o estoque também impacta de forma positiva a base. Os resultados encontrados estão em conformidade com a teoria de estocagem proposta por Working (1949). Assim, a principal contribuição do trabalho é fornecer à literatura evidências empíricas que sustentem o comportamento da base de soja no Brasil / The study aimed to evaluate the impact of the \"Theory of Storage\" variables based on the soybean futures contracts traded on BM&FBOVESPA for a period of five years with daily data, from October 2013 to March 2017. An analysis similar to that of Fama and French (1987) was proposed, which verified the impact of the opportunity costs of capital and a proxy for the soybean stock, aiming to capture the storage costs and the benefit of convenience, derived from the theory of storage. It was verified that the opportunity cost of market agents has a positive impact on the basis, in the same way, the stock also has a positive impact on the basis. The results found are in accordance with the \"Theory of Storage\" proposed by Working (1949). Thus, the main contribution of the work is to provide the literature with empirical evidence to support the behavior of the soybean basis in Brazil

[pt] Como conseqüência da desregulamentação da indústria aérea americana nos anos 70, Yield Management YM foi criado como uma ferramenta gerencial para maximizar os lucros e manter as vantagens competitivas de empresas do setor. Com o tempo, essa ferramenta passou a ser utilizada por diversas empresas prestadoras de serviço, quando existe uma demanda variável para uma capacidade fixa e elevado custo de ociosidade, ajudando os gerentes a maximizar as receitas das suas operações. Basicamente, YM é o processo de alocação do tipo certo de capacidade, para cada tipo de cliente, ao preço certo, para que se maximizem os lucros. Pode-se ainda dizer que YM é uma forma sistemática de realizar um tipo de preço discriminatório em função de dados de demanda, de ocupação e dos custos marginais de utilização do recurso (avião, hotel, ou outro sistema prestador de serviço). Esta dissertação tem como objetivo verificar como os maiores hotéis turísticos do Rio de Janeiro se utilizam desta ferramenta em suas operações de reservas e vendas. Para atingir tal objetivo, selecionou-se uma amostra de onze hotéis na orla marítima. Entrevistas foram realizadas com os respectivos gerentes responsáveis pelo processo de reservas e/ou vendas, que responderam a um sobre a atual aplicação dos elementos de YM dentro da organização. Os resultados indicaram que o uso de YM é ainda muito pouco difundido entre esses hotéis, sendo reconhecido e de aplicação incipiente apenas em hotéis de maior porte pertencentes a cadeias, sobretudo internacionais. Alguns impedimentos indicados pelos respondentes e inferidos de suas respostas são comentados. / [en] As a consequence of the deregulation of the American airline industry in the 70 s, Yield Management was created as a managerial tool in order to maximize the profits and to keep the competitive advantages of companies of the sector. With time, this tool was adopted by other service companies, where a flexible demand for a fixed capacity and high under utilization costs exist, helping the managers to maximize their operations revenues. Yield Management (YM), or Revenue Management, is the allocation process of the right type of capacity to each type of customer at the proper price to maximize the sales revenues of services, or of highly perishable goods. It can still be said that YM is a systematic form to carry out a type of discriminatory price to meet demand taking into account occupation data and the marginal cost of resource utilization (airplane, hotel, or another service rendering system). The study presented in this thesis aimed at verifying how the main tourist hotels of Rio de Janeiro are taking advantages of this tool within their reservation and sales processes. To accomplish this objective, a sample of eleven hotels was selected amongst the fifteen more important hotels of the main touristic area of Rio de Janeiro City. Interviews were carried out with the managers responsible for the reservation and, or sales, departament, who answered a questionnaire about the current application of YM elements within the organization. The results have indicated that YM is still very little spread out among these hotels, being recognized and of incipient application, only in large hotel chains, mainly, the international ones. Some obstacles pointed out by the respondents and inferred from their responses are commented.

[pt] O Prêmio de Risco do mercado acionário, infelizmente, não possui uma definição universalmente aceita. O material já publicado sobre o tema Prêmio de Risco do mercado acionário é muito vasto e abrangente, abordando desde análises ex- post sobre dados históricos (com diversos períodos amostrais, intervalos de observação, fatores de ajuste e em diversos países) até estimativas do prêmio ex-ante através dos mais variados modelos baseados em variáveis tais como aversão a risco, crescimento do consumo, dados contábeis e dividend yield, entre outros. O objetivo desta dissertação será analisarmos uma condensação das várias abordagens utilizadas, seus resultados e contribuições. Frente as significativas diferenças encontradas ao se computar o prêmio de risco, é fundamental o usuário da estimativa do prêmio de risco saber claramente qual a definição usada na estimativa e por que tal definição seria apropriada para seu propósito particular. No final dessa dissertação realizaremos uma estimativa do prêmio de risco no Brasil com base em um estudo de 1993 realizado pela McKinsey e Company, Inc. / [en] Unfortunately, there is no universally accepted definition of the Equity Risk Premium. Available material on the theme are very broad and deep, ranging from ex-post analysis on historical data -with distinct samples in different time periods- to ex-ante estimates of the equity premium making use of several models based in variables such as risk aversion, consumption growth, accounting data and dividend yield, among others. The objective of this paper will be to analyze a compilation of several approaches taken, their results and contributions. In face of the significant differences presented when computing the equity premium, it is key for the investor who will make use of the equity premium estimate to know clearly which definition of the premium he will be using and why is that definition appropriate for his particular purpose. In the final chapter we will estimate the equity risk premium in Brazil based on a study developed in 1993 by McKinsey and Company, Inc.

<p>The Table Mountain Group (TMG) Formation is the lowest member of the Cape Supergroup which consists of sediments deposited from early Ordovician to early Carboniferous times, approximately between 500 and 340 million years ago. The Table Mountain Group (TMG) aquifer system is&nbsp / exposed along the west and south coasts of South Africa. It is a regional fractured rock aquifer that has become a major source of bulk water supply to&nbsp / meet the agricultural and urban water requirements of the Western and Eastern Cape Provinces of South Africa. The TMG aquifer system comprises of an approximately 4000 m thick sequence of quartz arenite and minor shale layers deposited in a shallow, but extensive, predominantly eastwest striking&nbsp / asin, changing to a northwest orientation at the west coast. The medium to coarse grain size and relative purity of some of the quartz arenites,&nbsp / together with their well indurated nature and fracturing due to folding and faulting in the fold belt, enhance both the quality of the groundwater and its&nbsp / exploitation potential for agricultural and domestic water supply purposes and its hot springs for recreation. The region is also home to some unique&nbsp / and indigenous floral species (fynbos) of worldwide importance. These and other groundwater dependent vegetation are found on the series of&nbsp / mountains, mountain slopes and valleys in the Cape Peninsula. The hydrogeology of the TMG consists of intermontane and coastal domains which&nbsp / have different properties but are interconnected. The former is characterized by direct recharge from rain and snow melt, deep groundwater circulation with hot springs and low conductivity groundwater. The coastal domain is characterized by shallow groundwater occurrence usually with moderate to&nbsp / poor quality, indirect recharge from rainfall of shallow circulation and where springs occur they are usually cold. The sustainable utilization of the TMG&nbsp / aquifer addressed the issues of the groundwater flow dynamics, recharge and discharge to and from the aquifer / challenges of climate change and climate variability and their potential impact on the aquifer system. The concept of safe yield, recharge and the capture principle and the integration of&nbsp / sustainable yield provided the basis for sustainable utilization with the adaptive management approach. Methodology used included the evaluation of&nbsp / recharge methods and estimates in the TMG aquifer and a GIS based water balance recharge estimation. The evaluation of natural discharges and&nbsp / artificial abstractions from the TMG aquifer system as well as its potential for future development. The Mann-Kendal trend analysis was used to test historical and present records of temperature and rainfall for significant trends as indication for climate variability and change. The determination of&nbsp / variability index of rainfall and standard precipitation index were additional analyses to investigate variability. The use of a case study from the Klein&nbsp / (Little) Karoo Rural Water Supply Scheme (KKRWSS) within the TMG study area was a test case to assess the sustainable utilization of TMG aquifers.&nbsp / Results show that recharge varies in time and space between 1% and 55% of MAP as a result of different hydrostratigraphic units of the TMG based on&nbsp / geology, hydrology, climate, soil, vegetation and landuse patterns however, the average recharge is from 1% to 5% of MAP. The TMG receives recharge&nbsp / mainly through its 37,000 km2 of outcrop largely exposed on mountainous terrain. Natural discharges from the TMG include 11 thermal and numerous&nbsp / cold spring discharges, baseflow to streams and reservoirs, and seepage to the ocean. Results from this study also show increasing temperature&nbsp / trend over the years while rainfall trend generally&nbsp / remain unchanged in the study area. Rainfall variability persists hence the potential for floodsand droughts in the region remain. Global and Regional Models predict about 10% to 25% reduction in rainfall and increase in variability in future. Impacts of&nbsp / his change in climate will affect the different types of aquifers in various ways. Increase in temperature and reduction in rainfall will increase&nbsp / evapotranspiration, reduce surface flows and eventually reduce shallow aquifer resources. Coastal aquifers risk upsurge in salinisation from sea level&nbsp / rise and increase in abstractions from dwindling surface water resources. While floods increase the risk of contamination to shallow aquifers droughts&nbsp / put pressure on all aquifers especially deep aquifers which are considered to be more reliable due to the fact that they are far removed from surface conditions. Future population growth and increase in freshwater demand will put more pressure on groundwater. Recharge to groundwater have been&nbsp / over-estimated in certain areas in the past leading to high abstraction rates from boreholes causing extensive groundwater storage depletion evident by high decline in groundwater levels in these areas and hampering sustainable management of the aquifer resources. Over-abstraction have resulted in&nbsp / loss of stream flow and baseflow reduction to streams during summer, complete loss of springs and reduction of flow to others. Flow to wetlands,&nbsp / riparian vegetation, and sometimes loss and shifts in dependent ecosystems have also resulted from over-abstraction. Sustainability has spatial and&nbsp / temporal implications due to changing climate and demand. The study recommends adaptive management practices in which several factors are&nbsp / considered in managing groundwater together with surface water resources in order to maintain ecological and environmental integrity. The KKRWSS&nbsp / and other groundwater supply schemes in the Western and Eastern Cape Provinces demonstrate the huge potential of the TMG to provide freshwatersupply for domestic and irrigation water needs however, the huge decline in groundwater levels due to over-abstraction in the KKRWSS and&nbsp / other groundwater schemes underscores the need for sustainable utilization of the TMG groundwater resources for present and future generations with&nbsp / minimal impacts on the quality, dependent hydrological and ecosystems as well as the environment.</p>

Diverse native seed mixtures have many benefits for prairie restoration or seeded pastures. In natural grasslands, species naturally coexist with hundreds of other species in complex communities. Commercial seed mixtures rarely contain more than a small number of species, often with haphazard ratios of the component species. Thus there is no natural template for combining selected species into an optimally productive community and there is limited knowledge on how to compose a suitable species mixture. Identifying which features of a community drive increased productivity may aid in screening species and community compositions, leading to mixtures that are more specifically designed to be stable, and highly productive for the region. There is renewed interest native species as they have the potential to provide non-invasive, productive, and drought resistant rangelands that may prove more sustainable. Seven species with high agronomic potential and a broad native geographic distribution were selected for testing including: nodding brome [Bromus anomalus (Coult.)], blue bunch wheatgrass [Pseudoregneria spicata (Pursh)], western wheatgrass [Pascopyrum smithii (Rydb.)], side oats grama [Bouteloua curtipendula (Michx.)], little blue stem [Schizachyrium scoparium (Michx.)], purple prairie clover [Dalea purpurea (Vent.)], and white prairie clover [Dalea candida (Willd.)]. The early productivity and nutritional quality of these species was determined in simple mixtures in two field sites: Saskatoon and Swift Current. In the field sites the mixtures included all seven monocultures, 21 two-species mixtures and a mixture with all species. Productivity may be driven by the species richness, functional group richness, and species evenness of the community, the abundance and occurrence of particular species or functional groups, and average plant trait values within the community. Therefore, identifying the features of a community that drive increased productivity and applying them as predictive tools may aid in screening species and community compositions. Many complex mixtures of the species were planted in greenhouse experiments to determine the strongest drivers of productivity for communities of these species. The experimental approach was validated in a confirmatory experiment where optimum communities were tested. These results did not differ under a moderate drought treatment. Results were generally consistent between field and greenhouse studies. Western wheatgrass (WWG) had the highest overall plant density and the strongest effect on the forage yield of the mixtures and communities. In the field study, productivity and crude protein content were not reduced when other species were also included with WWG in the mixture. Dalea spp. did not establish as well as the other species, but had the highest crude protein concentrations. The strongest predictors of productivity were the presence and abundance of perennial C3 grasses. Increases in species richness, functional group richness, and the presence of C3s (more specifically western wheatgrass) also increased productivity, likely because of the high early relative growth rate and strong competitive ability of western wheatgrass. Overall, communities screened in the greenhouse reflected early establishment field results. The systematic approach for evaluating communities can be modified to consider enhancing other ecological functions in addition to high productivity, in other regions.

Exchange rate forecasting is hard issue for most of floating exchange rate economies. Studying exchange rate is very attractive matter since almost no model could beat random walk in short run yet. Relative yields and information in relative yield curves are contemporary topics in empirical literature and this study follows Chen and Tsang (2009) who model exchange rate changes with relative factors obtained from Nelson-Siegel (1987) yield curve model and find that relative factor model can forecast exchange rate change up to 2 years and perform better than random walk in short run. Analysis follows the methodology defined by Chen and Tsang (2009) and TL/USD, TL/EUR exchange rate changes are modeled by the relative factors namely relative level, relative slope and relative curvature. Basically, 162 weekly datasets from 09.01.2007 to 16.03.2010 are used and the relative factors for each week are estimated. Afterwards, regression analysis is made and results show that relative level and relative curvature factors are significant up to 4-6 weeks horizon but relative slope does not provide any valuable information for exchange rate prediction in Turkish financial market. Length of forecasting horizon of relative factor model is too short when compared to other exchange rate models. Since it is accepted that exchange rates follow random walk, we provided some tests to compare performance of the model. Similar to the literature, only short run performance of relative factor model is compared to random walk model and concluded that the relative factor model does not provide better forecasting performance in Turkish financial market

農林水産研究情報センターで作成したPDFファイルを使用している。

Papildomas augalų tręšimas per lapus žinomas jau prieš 140 metų. Tai labai efektyvus būdas norint greitai panaikinti nepalankių augimo sąlygų žieminiams kviečiams sukeltą stresą purškiant gydomaisiais tirpalais ir siekiant suformuoti optimalius derliaus struktūros elementus. Tai pasiekus galima tikėtis didesnio ir geresnės kokybės grūdų derliaus. 2005 – 2006 metais LŽŪU bandymų stotyje daryti lauko bandymai, kuriuose buvo tiriama tręšimų per lapus gydomaisiais tirpalais Atgaiva-1 (50 l ha-1), Amistar (0,7 l ha-1) ir jų mišinio įtaka žieminių kviečių (Triticum aestivum L.) derliui ir jo struktūros elementų rodikliams, esant trims, skirtingiems pagrindinio tręšimo fonams: 1) netręšta; 2) N90P60K90 ir 3) N180P120K180. Nustatyta, kad labiausiai žieminių kviečių grūdų derlių ir jo struktūros elementų reikšmes didino tręšimas Atgaiva-1 (50 l ha-1) ir tręšimas gydomųjų tirpalų Atgaiva-1 (50 l ha-1)+Amistar (0,7 l ha-1) mišiniu. Taip pat nustatyta, kad tręšimas per lapus didina mineralinių trąšų efektyvumą ir šių faktorių sąveika 2005 m. davė 3,84 t ha-1, o 2006 m. - 2,28 t ha-1 derliaus priedą. / Supplementary leaf-feed fertilization of plants was known about 140 years before. It is very effective way on purpose fast to remove winter wheat stress because of disadvantageous growth conditions, spraying leaf-feed fertilizers and settling optimum elements of yield. When these points gained, it is possible to expect the major and better quality grain yield. During the period of 2005 – 2006 field-site experiments were carried out at the experimental station of the Lithuanian University of Agriculture. The aim of investigation was to determine leaf-feed fertilizers Atgaiva-1 (50 l ha-1), Amistar (0,7 l ha-1) and their mixture solutions influence on winter wheat (Triticum aestivum L.) grain yield and its elements of yield, under different fertilization types: 1) unfertilized; 2) N90P60K90 and 3) N180P120K180. The biggest winter wheat grain yield and elements of yield values obtained after fertilization with leaf-feed fertilizers Atgaiva-1 (50 l ha-1) and Atgaiva-1 (50 l ha-1) + Amistar (0,7 l ha-1) mixture solution. Leaf-feed fertilization increased efficiency of mineral fertilizers and this factors interaction gave 3,84 t ha-1 yield increase in 2005 and 2,28 t ha-1 in 2006.

<p>The Table Mountain Group (TMG) Formation is the lowest member of the Cape Supergroup which consists of sediments deposited from early Ordovician to early Carboniferous times, approximately between 500 and 340 million years ago. The Table Mountain Group (TMG) aquifer system is&nbsp / exposed along the west and south coasts of South Africa. It is a regional fractured rock aquifer that has become a major source of bulk water supply to&nbsp / meet the agricultural and urban water requirements of the Western and Eastern Cape Provinces of South Africa. The TMG aquifer system comprises of an approximately 4000 m thick sequence of quartz arenite and minor shale layers deposited in a shallow, but extensive, predominantly eastwest striking&nbsp / asin, changing to a northwest orientation at the west coast. The medium to coarse grain size and relative purity of some of the quartz arenites,&nbsp / together with their well indurated nature and fracturing due to folding and faulting in the fold belt, enhance both the quality of the groundwater and its&nbsp / exploitation potential for agricultural and domestic water supply purposes and its hot springs for recreation. The region is also home to some unique&nbsp / and indigenous floral species (fynbos) of worldwide importance. These and other groundwater dependent vegetation are found on the series of&nbsp / mountains, mountain slopes and valleys in the Cape Peninsula. The hydrogeology of the TMG consists of intermontane and coastal domains which&nbsp / have different properties but are interconnected. The former is characterized by direct recharge from rain and snow melt, deep groundwater circulation with hot springs and low conductivity groundwater. The coastal domain is characterized by shallow groundwater occurrence usually with moderate to&nbsp / poor quality, indirect recharge from rainfall of shallow circulation and where springs occur they are usually cold. The sustainable utilization of the TMG&nbsp / aquifer addressed the issues of the groundwater flow dynamics, recharge and discharge to and from the aquifer / challenges of climate change and climate variability and their potential impact on the aquifer system. The concept of safe yield, recharge and the capture principle and the integration of&nbsp / sustainable yield provided the basis for sustainable utilization with the adaptive management approach. Methodology used included the evaluation of&nbsp / recharge methods and estimates in the TMG aquifer and a GIS based water balance recharge estimation. The evaluation of natural discharges and&nbsp / artificial abstractions from the TMG aquifer system as well as its potential for future development. The Mann-Kendal trend analysis was used to test historical and present records of temperature and rainfall for significant trends as indication for climate variability and change. The determination of&nbsp / variability index of rainfall and standard precipitation index were additional analyses to investigate variability. The use of a case study from the Klein&nbsp / (Little) Karoo Rural Water Supply Scheme (KKRWSS) within the TMG study area was a test case to assess the sustainable utilization of TMG aquifers.&nbsp / Results show that recharge varies in time and space between 1% and 55% of MAP as a result of different hydrostratigraphic units of the TMG based on&nbsp / geology, hydrology, climate, soil, vegetation and landuse patterns however, the average recharge is from 1% to 5% of MAP. The TMG receives recharge&nbsp / mainly through its 37,000 km2 of outcrop largely exposed on mountainous terrain. Natural discharges from the TMG include 11 thermal and numerous&nbsp / cold spring discharges, baseflow to streams and reservoirs, and seepage to the ocean. Results from this study also show increasing temperature&nbsp / trend over the years while rainfall trend generally&nbsp / remain unchanged in the study area. Rainfall variability persists hence the potential for floodsand droughts in the region remain. Global and Regional Models predict about 10% to 25% reduction in rainfall and increase in variability in future. Impacts of&nbsp / his change in climate will affect the different types of aquifers in various ways. Increase in temperature and reduction in rainfall will increase&nbsp / evapotranspiration, reduce surface flows and eventually reduce shallow aquifer resources. Coastal aquifers risk upsurge in salinisation from sea level&nbsp / rise and increase in abstractions from dwindling surface water resources. While floods increase the risk of contamination to shallow aquifers droughts&nbsp / put pressure on all aquifers especially deep aquifers which are considered to be more reliable due to the fact that they are far removed from surface conditions. Future population growth and increase in freshwater demand will put more pressure on groundwater. Recharge to groundwater have been&nbsp / over-estimated in certain areas in the past leading to high abstraction rates from boreholes causing extensive groundwater storage depletion evident by high decline in groundwater levels in these areas and hampering sustainable management of the aquifer resources. Over-abstraction have resulted in&nbsp / loss of stream flow and baseflow reduction to streams during summer, complete loss of springs and reduction of flow to others. Flow to wetlands,&nbsp / riparian vegetation, and sometimes loss and shifts in dependent ecosystems have also resulted from over-abstraction. Sustainability has spatial and&nbsp / temporal implications due to changing climate and demand. The study recommends adaptive management practices in which several factors are&nbsp / considered in managing groundwater together with surface water resources in order to maintain ecological and environmental integrity. The KKRWSS&nbsp / and other groundwater supply schemes in the Western and Eastern Cape Provinces demonstrate the huge potential of the TMG to provide freshwatersupply for domestic and irrigation water needs however, the huge decline in groundwater levels due to over-abstraction in the KKRWSS and&nbsp / other groundwater schemes underscores the need for sustainable utilization of the TMG groundwater resources for present and future generations with&nbsp / minimal impacts on the quality, dependent hydrological and ecosystems as well as the environment.</p>