Thesis (Ph. D. in Economics)--Vanderbilt University, Dec. 2008. / Title from title screen. Includes bibliographical references.

LEITE, Lucas Gurgel. Inflação de alimentos e derivativos agropecuários: uma análise de causalidade para o período de 1999 a 2011. 2012. 37 f. Dissertação (mestrado) - Programa de Pós Graduação em Economia, CAEN, Universidade Federal do Ceará, Fortaleza-CE, 2012. / Submitted by Mônica Correia Aquino (monicacorreiaaquino@gmail.com) on 2013-07-16T21:58:27Z No. of bitstreams: 1 2012_dissert_lgleite.pdf: 219702 bytes, checksum: b213cd472c1219f7c057cfb9f0f45dce (MD5) / Approved for entry into archive by Mônica Correia Aquino(monicacorreiaaquino@gmail.com) on 2013-07-16T21:58:45Z (GMT) No. of bitstreams: 1 2012_dissert_lgleite.pdf: 219702 bytes, checksum: b213cd472c1219f7c057cfb9f0f45dce (MD5) / Made available in DSpace on 2013-07-16T21:58:45Z (GMT). No. of bitstreams: 1 2012_dissert_lgleite.pdf: 219702 bytes, checksum: b213cd472c1219f7c057cfb9f0f45dce (MD5) Previous issue date: 2012 / This study aims to analyze the relationship between the derivative operations and agricultural food inflation in Brazil and abroad. To this end, monthly data are used about the number of trades carried out on agricultural derivative contracts in BMF & BOVESPA, the IPCA of food and international prices of agricultural commodities from January 1999 until January 2011. The analysis applies some tests, such as the Augmented Dickey-Fuller (1979), the cointegration test of Johansen (1988), the Granger-causality test within an error-correction framework (GRANGER,1986) and the long-run causality test developed by Bruneau e Jondeau (1999). The results indicate both on short and long term a unidirectional causality from the international prices of agricultural commodities to the volume of derivatives contracts, and also the absence of a causal relationship between the latter and domestic food inflation. It follows that the dominant hypothesis is the price effect, thus changes in prices in the spot market Granger cause the elevation of the use of agricultural derivatives, although the reference to the agents are the international prices. Finally, the results still show, just for the long term, a unidirectional causality of the international food inflation on the Brazilian’s, demonstrating the significance of the foreign sector in the national food prices. / Este estudo tem como objetivo analisar a relação entre as operações de derivativos agropecuários e a inflação de alimentos no Brasil e no exterior. Para tanto, são utilizados dados mensais referentes ao número de negócios efetuados com contratos de derivativos agrícolas na BMF&BOVESPA, ao IPCA relativo à alimentação e aos preços internacionais de commodities agropecuárias de janeiro de 1999 até janeiro de 2011. Faz-se uso do teste Dickey Fuller Aumentado (1979), do teste de cointegração de Johansen (1988), da causalidade de Granger com uma estrutura de mecanismo de correção de erros (GRANGER,1986), além do teste de causalidade de longo-prazo desenvolvido por Bruneau e Jondeau (1999). Os resultados obtidos indicam, tanto no curto como no longo prazo, uma causalidade unidirecional dos preço internacionais de commodities agropecuárias sobre o volume de derivativos, além da ausência de relação causal entre este último e a inflação nacional de alimentos. Dessa forma, tem-se que a hipótese preponderante é a do efeito preço, ou seja, alterações dos preços no mercado à vista causam no sentido de Granger o aumento do uso de derivativos, sendo que o índice de referência dos agentes são os preços internacionais. Por fim, os resultados demonstram, ainda, apenas para o longo prazo, uma causalidade unidirecional da inflação internacional de alimentos sobre a brasileira, comprovando a significância do setor externo nas alterações dos preços nacionais de alimentos.

It is a broad function of this thesis to provide the commodity world with a new and valuable informational tool. This thesis shows quarterly prices for a ten year period 1940 through 1949, on fifty major commodities, giving in each case the actual cash price and the cash price adjusted to the purchasing power of the 1926 dollar. This adjusted price is a statistically derived relative price and for the purposes of this study is called a constant dollar value.

La Universidad Peruana de Ciencias Aplicadas (UPC) fue sede de la segunda edición del “University Premium Training” organizada por Bloomberg, empresa líder en información financiera y económica a nivel mundial. / El evento, que fue realizado los días 5, 6 y 7 de noviembre en el campus San Isidro, tuvo como objetivo poder reforzar las competencias de los docentes de diversas universidades de Lima que emplean Bloomberg como una herramienta didáctica para la educación y planificación financiera. Esta compañía brinda herramientas de software financiero, como análisis, plataformas de comercio capital y servicios de datos para las empresas quienes deseen consultar información bursátil y financiera en tiempo real. / Además, se contó con la participación de expertos que emplean la herramienta como apoyo para la toma de decisión financiero: Lizzette Lara; especialista en riesgos y derivados, André Lapponi; especialista Senior en Portafolio y Análisis técnico, Pedro Cortejo, CEO-Founder de Decision Capital, entre otros. / Se analizan los commodities o materias primas, la determinación de sus precios, las fuerzas de la oferta y la demanda, y el mercado invertido, sobre la base de los mercados energéticos, mineros y de hidrocarburos. / Ponente: Julio Aparecido, especialista de Commodities en América Latina.

[pt] Nos mercados internacionais, o volume negociado de derivativos agropecuários representa cerca de 5% do volume total de derivativos financeiros. No Brasil, os derivativos agropecuários têm uma importância bem mais reduzida, representando apenas 0,5% do volume de derivativos negociados na BM&F, dados do primeiro semestre de 2008. A baixa proporção de derivativos agropecuários negociados no Brasil não deixa de ser surpreendente. Afinal, a importante posição do Brasil na produção mundial de commodities deveria gerar uma demanda elevada por derivativos agropecuários para fins de hedge. Esta dissertação mostra que, no Brasil, uma boa parte da variação dos preços de commodities não é adequadamente replicada por uma carteira de contratos futuros que tenha as commodities como ativo subjacente. A baixa correlação entre os preços futuro e spot - chamada de risco de base na literatura de derivativos - dificulta o uso de contratos futuros como instrumento de hedge para os produtos agropecuários, explicando assim parte do baixo desenvolvimento do mercado de derivativos agropecuários no Brasil. / [en] Worldwide, the traded volume of commodity derivatives accounts for roughly 5% of the derivatives market. In Brazil, commodity derivatives are much less important, representing only 0.5% of the volume of derivatives traded at BM&F (the main derivatives exchange in Brazil), data concerning the first semester of 2008. The small importance of commodity derivatives at BM&F is somewhat surprising. After all, Brazil is one of the most important producers of commodities in the world. Conceivably, such a prominent role in the commodities markets should imply a large demand of commodity derivatives for hedging purposes. Why are the commodity derivatives markets relatively underdeveloped in Brazil? This dissertation shows that commodity futures poorly track the variation of commodity prices. The low correlation between futures and commodity prices - known in the literature as Basis Risk - makes futures contracts poor hedge instruments, thereby explaining at least part of the low importance of commodity derivatives in Brazil.

Orientador: Ricardo Abid Castillo / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Geociências / Made available in DSpace on 2018-08-19T02:27:47Z (GMT). No. of bitstreams: 1 Ilario_ClaytonGomes_M.pdf: 4395478 bytes, checksum: 64de6eb47129fd2df338378b5d17792d (MD5) Previous issue date: 2011 / Resumo: Objetiva-se nesse estudo analisar a região agrícola do Oeste da Bahia, porção do Cerrado incorporada às fronteiras agrícolas modernas, através de três aspectos principais: (1) a produção agrícola e agroindustrial, em bases modernas e especializadas, incluindo aspectos do circuito espacial dos principais produtos, particularmente soja, milho e algodão herbáceo; (2) a circulação, expressa no desenvolvimento de um sistema logístico de armazenamento e movimentação; e (3) a constituição de um ambiente normativo e regulatório, de âmbito federal (Agências Reguladoras, Planos e Programa Federais de investimentos e concessões de serviços públicos a empresas privadas), estadual (incentivos para atrair produtores e grandes empresas do agronegócio) e privado (associações setoriais). A partir da análise das fronteiras agrícolas em áreas do Cerrado, em especial no Oeste Baiano, propomos uma discussão dos conceitos de região competitiva e logística, compreendidos como novas formas regionais inseridas no atual período da globalização e sua correspondente forma de circulação corporativa, identificando quais são os principais agentes envolvidos (sobretudo o Estado e grandes empresas) na produção e circulação de commodities agrícolas. O recorte espacial analisado abrange os municípios de São Desidério, Barreiras e Luís Eduardo Magalhães, localizados no Oeste Baiano, por apresentarem maiores atributos de competitividade em relação aos outros municípios da região. Dessa forma, essa pesquisa propõe um estudo sobre a organização, o uso e a regulação do território através da análise do Oeste Baiano como região competitiva, além de considerar as demandas logísticas da produção e movimento de commodities (sobretudo soja, milho e algodão herbáceo) e suas implicações para o planejamento territorial / Abstract: The objective of this study is to analyze the agricultural region of the West of Bahia, portion of Cerrado incorporated to the modern agricultural borders, through three main aspects: (1) the agricultural and agroindustrial production, in modern and specialized bases, including aspects of the space circuit of the main products, particularly soy, maize and herbaceous cotton; (2) the circulation, expressed in the development of a logistic system of storage and movement; and (3) the constitution of a normative and regulatory environment, in federal scope (Federal Regulation Agencies, Federal Plains and Programs of investments, and concessions of public services to private companies), in state scope (incentives to attract producers and great companies of the agrobusiness) and private (sectorial associations). From the analysis of the agricultural borders in areas of Cerrado, in special in the West of Bahia, we consider a quarrel of the concepts of competitive region and logistic, understood as new regional forms inserted in the current period of globalization and its corresponding form of corporative circulation, identifying which are the main involved agents (mainly the State and great companies) in the production and circulation of agricultural commodities. The analyzed space clipping encloses the cities of São Desidério, Barreiras and Luis Eduardo Magalhães, located in the West of Bahia, for presenting greaters attributes of competitiveness in relation to the other cities of the region. Thus, this research considers a study on the organization, the use and the regulation of the territory through the analysis of the West of Bahia as competitive region, beyond considering the logistic demands of the production and movement of commodities (mainly soy, maize and herbaceous cotton) and its implications for the territorial planning / Mestrado / Análise Ambiental e Dinâmica Territorial / Mestre em Geografia

The objective of this research is to find, if and how, real and financial technological advancements influence interactions in the agricultural commodities market. Statistical testing was conducted to identify potential correlation and any positive linear relationships in the price data between agricultural commodities and their complementary agricultural chemical producers. Testing if higher trade volumes in this industry result from higher technology usage were initiated by identifying shared linear growth between general index volumes and agricultural commodities, alongside their chemical complement stock volumes. The scientific development of chemical engineering mirrors financial technologies influencing trader behavior as a significant contributor to agricultural chemical developments. Multiple tests conducted used a variety of dependent variables as included in those specified combinations that may suggest a significant influence on potential volatility and correlation amongst these sectors. The general result of this research showed evidence of a shared relationship among price and volume for ag-tech related stocks with respect to a generalized index (S&P500). The shared relationship between sample price averages generated from the S&P500 and the S&P500 Fertilizers & Agricultural Chemicals Sub-Industry Index (S5FERT) price suggests the growing involvement of traders in the agricultural commodities market and related speculative effects. Heteroscedasticity was indicated among the S&P500 sample volume averages and “Big Four” ag-tech stocks, supporting that more traders are entering markets because of technological advancements relative to trade platform accessibility. Lastly, agricultural chemical production and agricultural commodity returns demonstrate a common positive trend, suggesting that the agricultural commodity market and trade are gaining moment as a result of technological advancements.

No description available.

The drive and appeal of luxury designer products has fuelled consumer desire for luxury designer brands and their counterfeit versions. Some women value luxury designer handbags just the way men value their cars. The luxury designer handbag market has witnessed a surge of counterfeit handbag versions. The study focused on women in London, which has been ranked at number one in relation to demand levels of fashion handbags. Several antecedents were investigated for the purpose of this research, which are as follows: •Social consumption factors which incorporates an investigation into brand meaning and social meaning; •Attitudinal factors; •Individual factors which looks at the BLI (brand luxury index) and materialism; and •Post consumption emotions; Several research gaps were identified: firstly, there are no studies available on investigating identical antecedents in both luxury designer and counterfeit commodities, or even to a specific product category. Secondly, a number of researchers have examined consumers’ evaluative criteria in clothing, yet few have focused on the mentioned antecedents as part of the evaluative criteria of luxury designer handbags and counterfeit handbag versions. The investigation was carried out via quantitative data collection and was cross-analysed. The highlighted antecedents are important domains in the discipline of consumer choice behaviour. The research included two phases; a pilot survey study which pre-tested the acknowledged scales and a main survey incorporating the most important adapted constructs influencing consumer choice behaviours. The main analysis was based on data collected from a sample of 353 respondents in London. The conceptual model is unique in its specifications presenting a new behaviour orientated model which highlights integral factors in consumer behaviour. The research identified contemporary associations and discrepancies among women in London. The result of this research provides general support in understanding consumer decision-making and offers a comprehensive understanding of the effect of consumer evaluation and attitudes towards luxury designer handbags and counterfeit handbag versions. The differences and similarities across the antecedents are used to propose strategies to luxury designer companies thereby improving their marketing activities and achieving a competitive edge.

Near Infra-red (NIR) reflectance spectroscopy is an instrumental technique to analyse the chemical composition (eg. nitrogen content) of organic materials. As an approach it is rapid, accurate and hence cost effective. Composition is currently determined by calibration equations which relate traditional wet chemical measurements to NIR spectral measurements for the same sample. This thesis examines statistical methods of estimating composition from the NIR spectra and suggests new methods. The relative merits of each of the methods is described. Variation within the spectra is also affected by physical attributes like particle size. Several transformations are examined for their ability to reduce non-chemical differences. These include some transformations previously found to be useful and also some new approaches. Methods of calibration are then investigated. Of the 'standard* methods, stepwise multiple linear regression, principal component regression, latent root regression and partial least squares are discussed. In addition, some new methods are considered. Firstly, three new calibration models are derived which, like some of the 'standard' methods, use information from the whole spectra. Next is a slightly different approach, whereby only the information from informative areas of the spectra, called 'windows', are used for calibration. Finally, hierarchical models for combining information from different sample sets in a flexible way are considered and adapted for NIR data types.