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Submitted by paulo junior (paulo.jr@fgv.br) on 2010-03-09T21:55:27Z No. of bitstreams: 1 LIZIE_M_O_RIBEIRO.pdf: 214822 bytes, checksum: d7372528573d8b900527bb14f3dcf304 (MD5) / Approved for entry into archive by paulo junior(paulo.jr@fgv.br) on 2010-03-09T21:55:58Z (GMT) No. of bitstreams: 1 LIZIE_M_O_RIBEIRO.pdf: 214822 bytes, checksum: d7372528573d8b900527bb14f3dcf304 (MD5) / Made available in DSpace on 2010-03-10T19:34:15Z (GMT). No. of bitstreams: 1 LIZIE_M_O_RIBEIRO.pdf: 214822 bytes, checksum: d7372528573d8b900527bb14f3dcf304 (MD5) Previous issue date: 2009-12-03 / The field of investment funds has been growing a lot in Brazil in the last 7 years. Such a movement can be seen at the percentual given to the stock funds. Part of this movement can be credited to the entrance of actors with no knowledge on the financial universe, but who mesmerize this segment as an opportunity to invest their money. The unknown work of the financial universe makes the new investor elect some criteria for the selection of where to put their resources, since it is expected a professional manager to make the best choices. According to Chevalier & Ellison (1999), the financial press produces a big number and variety of information the people who manage these funds, but little is spoken about their educational records. This work aims at analyzing if the performance of the stock funds is related to the features of the managers of those funds. Specifically, we studied the relationship between the performance of the funds and the degree of the managers, the quality of the schools where they studied, as well as the fact of having Lato Sensu or Stricto Sensu Graduation, besides their age and their 'experience time' in the financial market. We use as reference the data collected by the QUANTUN AXIS system (Quantun Assessment of the Investment Funds) having the period from september/2007 to 2008 as reference. We observed the résumés of 81 managers of the sample by searching sites of administrative companies, calling their numbers and résumés from information sites such as Bloomberg. Then, the Cross-Section analysis was made. For that, a chain of investigation was used which analyzed the impact of the educational records of the fund managers on their results in The U.S.A., emphasizing the work of Golec (1996), Chevalier & Ellison (1999) and Gottesman & Morey (2006). The result of this jog suggests that there is a difference in the cross-sectional analysis between the performance of the stock funds in Brazil and the quality of the manager’s college. Future researches could, using the same sample of managers, follow the evolution of the résumé data comparing to the performance of the funds managed in a time perspective using the panel data. / A área de fundos de investimento tem crescido no Brasil nos últimos 7 anos. Movimento semelhante tem sido observado no percentual destinado a fundos de ações. Parte deste movimento pode ser creditado à entrada de atores sem familiaridade com o universo financeiro, mas que vislumbram neste segmento uma oportunidade para investir seu dinheiro. O desconhecimento do funcionamento do universo financeiro leva o novo investidor a eleger critérios para seleção de onde alocar os seus recursos, já que se espera que um gestor profissional faça as melhores escolhas. Segundo Chevalier & Ellison (1999), a imprensa financeira produz um grande volume e variedade de informação sobre as pessoas que gerenciam esses fundos, mas pouco se fala de seus antecedentes educacionais. Este trabalho tem como objetivo analisar se o desempenho dos fundos de ações esta relacionado com as características dos gestores desses fundos. Em particular, se estudou a relação entre o desempenho dos fundos e a formação dos gestores, a qualidade das escolas em que cursaram, bem como o fato de possuírem pós-graduação Lato Sensu ou Stricto Sensu, além da idade e seu 'tempo de experiência' no mercado financeiro. Utilizamos como base os dados coletados pelo sistema QUANTUN AXIS (Quantun Avaliação de Fundos de Investimento), tendo como referência o período de setembro/2007 a 2008. Consultamos currículos dos 81 gestores da amostra por meio de buscas aos sites das empresas administradoras, consulta por telefone aos gestores, e currículos via difusores de informação como o Bloomberg. Foram então realizadas as análises Cross-Section. Para tal, foi utilizada uma corrente de investigação que analisou o impacto dos antecedentes educacionais dos gestores de fundos sobre os resultados dos mesmos nos EUA, destacando os trabalhos de Golec (1996), Chevalier & Ellison (1999) e Gottesman & Morey (2006). O resultado deste trabalho sugere que existe diferença na análise cross-sectional entre o desempenho dos fundos de ações no Brasil e a qualidade do curso de graduação do gestor. Futuras pesquisas poderiam, utilizando a mesma amostra de gestores, acompanhar a evolução dos dados do currículo em comparação ao desempenho dos fundos administrados em uma perspectiva temporal utilizando dados de painel.

Still life arise from interactions related to a particular situation, location and experience. They are composed of objects that are located on a given place, of my own and borrowed or donated by my "partners". Reflect the time memory. They are a physical reminder of the experience. Still Life is manipulated, staged, composed of various artifacts that are symbolic bearer of facts that preceded them, Images may affect the perception of emotions associated with the concept of beauty, transience, decay, evoking a feeling of emptiness, to reflect the time - an irreversible momentum. Photos show a banal, everyday objects, often so obvious and neglected, What remains for us ... What remains ... What goes around ... What is gone ... Similar scenarios acquire different meanings, finding what is already absent,

Our understanding of the physical world has evolved drastically over the last century and the microstructure described by subatomic physics has been found to be far stranger than we could previously have envisaged. However, our corresponding model of experience and its structure has remained largely untouched. The orthodox view conceives of our experience as made up of a number of different simpler experiences that are largely independent of one another. This traditional atomistic picture is deeply entrenched. But I argue that it is wrong. Our experience is extraordinarily rich and complex. In just a few seconds we may see, hear and smell a variety of things, feel the position and movement of our body, experience a blend of emotions, and undergo a series of conscious thoughts. This very familiar fact generates three puzzling questions. The first question concerns the way in which all these different things are experienced together. What we see, for example, is experienced alongside what we hear. Our visual experience does not occur in isolation from our auditory experience, sealed off and separate. It is fused together in some sense. It is co-conscious. We may then ask the Unity Question: What does the unity of consciousness consist in? The second question is the Counting Question: How many experiences does a unified region of consciousness involve? Should we think of our experience at a time as consisting in just one very rich experience, in a handful of sense-specific experiences, or in many very simple experiences? How should we go about counting experiences? Is there any principled way to do so?The third and final question, the Dependency Question, concerns the degree of autonomy of the various different aspects of our unified experience. For example, would one's visual experience be the same if one's emotional experience differed? Is the apparent colour of a sunset affected by the emotional state that we are in at the time? I offer a new answer to the Unity Question and argue that it has striking implications for the way that we address the Counting Question and the Dependency Question. In particular, it supports the view that our experience at a time consists in just one very rich experience in which all of the different aspects are heavily interdependent.