Made available in DSpace on 2016-04-27T14:48:41Z (GMT). No. of bitstreams: 1 Denise Maria Milan Tonello.pdf: 6263544 bytes, checksum: a7ae22de4ace6fab45f3c2576b1680ed (MD5) Previous issue date: 2015-02-27 / This research is based on a concern about the evaluation process in early childhood education and the way it is presented to parents. The predominant rating model in most institutions is characterized by the filling of records that have generic information, which creates, on the teacher, a feeling insufficiency because it fails to communicate the process of each student as something particular and unique. Thus, whatever the form of record may be, it does not seem to contemplate one of the main premises of assessment practices: the assessment for decision-making. In addition, the apparent lack of knowledge about the evaluation practices and its formative role generates a demand from educators and families, disregarding the procedural assessment of young children. Focused on training trainers, this research has two main objectives: first, it prepares a training course for teachers, proposing the use of portfolios as an assessment strategy of the learning process. this training course aims at promoting a reflective thinking on evaluation review and modify assessment practices in kindergarten, investigating the viewpoint of the teachers, the relevance of a training course in the daily work, and finally reelaborate with the teachers contribution, the initial training course, so that they would be able to replicated what they have learned to other teachers in order to promote a change on assessment practices of this initial stage of schooling. From the training point of view, this research is relevant, because in addition to encourage reflection on the role of evaluation and the development of portfolios as formative assessment instruments, it will contribute more assertively to create guidelines for teacher training courses / A pesquisa fundamenta-se numa inquietação acerca do processo de avaliação na Educação Infantil e a maneira como ele é comunicado. O modelo classificatório, predominante na maior parte das instituições da primeira infância, caracteriza-se pelo preenchimento de registros que apresentam informações genéricas e criam, no professor, um sentimento de incompletude por não conseguir comunicar o processo de cada um de seus alunos, como algo particular e único. Desse modo, qualquer que seja a forma de registro, parece não contemplar uma das principais premissas das práticas avaliativas: a avaliação para uma tomada de decisão. Além disso, a aparente falta de conhecimento sobre a avaliação e o seu papel formativo gera uma cobrança por parte dos educadores e dos familiares, descaracterizando a avaliação processual das crianças pequenas. Centrada na formação de formadores, esta pesquisa teve, como principais objetivos, primeiramente elaborar um Projeto de Formação junto a docentes, propondo o uso do portfólio como estratégia de avaliação dos processos de aprendizagem, com a finalidade de promover a reflexão sobre avaliação e modificar as práticas avaliativas na Educação Infantil, depois, investigar, na ótica dos professores, a relevância de um projeto de formação no cotidiano de trabalho na Educação Infantil, e por fim reelaborar, a partir da contribuição dos professores, o projeto de formação inicial, para que seja replicado por outros formadores, com o intuito de promover a mudança das práticas avaliativas desta etapa inicial da escolaridade. A pesquisa, do ponto de vista formativo, torna-se relevante, pois, além de incentivar a reflexão sobre o papel da avaliação na Educação Infantil e a elaboração de portfólios como instrumentos da avaliação formativa, contribuirá com diretrizes mais assertivas dos projetos de formação para formadores

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-04-04T13:22:06Z No. of bitstreams: 1 Ligianne Carvalho da Silva Dâmaso.pdf: 1500565 bytes, checksum: b03b4cee0e805463b4de2234ea457420 (MD5) / Made available in DSpace on 2017-04-04T13:22:07Z (GMT). No. of bitstreams: 1 Ligianne Carvalho da Silva Dâmaso.pdf: 1500565 bytes, checksum: b03b4cee0e805463b4de2234ea457420 (MD5) Previous issue date: 2017-03-24 / Recently, Brazil has taken an outstanding position as one of the most attractive emerging markets for Private Equity investment in sectors related to infrastructure, specially the Power Sector. One of the major short-term structural challenges for this segment is the need to attract new capital. From this point of view, the Private Equity market may intensify its activity as an additional source of financial resources for this strategic sector. The main purpose of this research was to verify if the return of Power Sector companies’ stocks listed on BM&FBOVESPA is statistically significant and different due to the Private Equity investments presence. Two portfolio investment with and without Private Equity were examined. The performance was measured by the Sharpe Index in order to capture the risk-adjusted return. The robust method of Ledoit & Wolf (2008) was applied to evaluate the difference between Sharpe indices and to verify the hypothesis of this study. The results indicated that the Private Equity portfolio showed, on average, a higher statistical significant Sharpe Index even before the Provisional Act no. 579 of September 11, 2012, which corroborated to lower volatility and greater cumulative return of stocks in the period between 2010 and 2016. In addition, there are evidences to support a higher return on the Private Equity portfolio, since the portfolio of companies without Private Equity showed decreasing average for Return on Assets and Return on Equity indicators and unsatisfactory performance for the indices that make up the DuPont Model / O Brasil assumiu posição de destaque nos últimos anos como um dos mercados emergentes mais atrativos para o investimento de Private Equity em setores relacionados com a infraestrutura, especialmente o Setor Elétrico. Um dos grandes desafios estruturais de curto prazo para este segmento é a necessidade de ter acesso a novos capitais. Nesta perspectiva, o mercado de Private Equity poderá intensificar a sua atividade como fonte complementar de recursos para este setor estratégico. O objetivo principal desta pesquisa foi verificar se o retorno das ações de empresas do Setor Elétrico listadas na BM&FBOVESPA é estatisticamente significativo e diferente devido à presença dos investimentos de Private Equity. Foram examinadas duas carteiras de investimentos com e sem Private Equity. A performance foi medida pelo Índice de Sharpe a fim de capturar o retorno ajustado ao risco. Aplicou-se o método robusto de Ledoit & Wolf (2008) para avaliar a diferença dos Índices de Sharpe e testar as hipóteses do estudo. Os resultados comprovaram que a carteira com Private Equity apresentou, em média, um Índice de Sharpe estatisticamente superior e significativo mesmo antes da Medida Provisória nº 579 de 11/09/2012, o que corroborou para a menor volatilidade e maior retorno acumulado das ações no período de 2010 a 2016. Adicionalmente, há evidências que sustentam a geração de retorno maior da carteira com Private Equity, pois o portfólio de empresas sem Private Equity apresentou indicadores médios de rentabilidade ROA e ROE decrescentes e resultados insatisfatórios para os índices que compõem o Modelo DuPont

This study examines the use of leveraged exchange traded funds (LETFs) within a portfolio insurance framework to reduce exposure to downside risk. Investors have learned the importance of mitigating this risk having experienced two “once in a century” events in the last 20 years with the tech crash in the early 2000s and the financial crisis in 2008. Current portfolio insurance strategies are either option based (Leland & Rubinstein, 1976) or constant proportional portfolio insurance (CPPI), (Black & Jones, 1987). The cost of option based strategies can be quite high while a CPPI strategy requires constant rebalancing. This study combines the advantages of each by using LETFs to attain the leverage options provide, while at the same time allowing a greater percentage of the portfolio to be invested in bonds since a position in LETFs relative to a typical market index magnifies equity exposure. Thus, where a standard CPPI strategy may require 50% of the portfolio to be invested in equities, using a 3x LETF only requires approximately 16.7%. Results suggest the use of LETFs within a portfolio insurance framework result in better returns, higher Sharpe, Sortino, Omega, and cumulative prospect values while reducing Value at Risk (VaR) and Excess Shortfall below VaR. This twist on the use of LETFs will be of interest to any investor concerned with mitigating downside risk while allowing participation in increasing markets.

Motivated by an electric power portfolio selection problem, a sampling method is developed for simulation-based robust design that builds on existing multi-objective statistical improvement methods. It uses a Bayesian surrogate model regressed on both design and noise variables, and makes use of methods for estimating epistemic model uncertainty in environmental uncertainty metrics. Regions of the design space are sequentially sampled in a manner that balances exploration of unknown designs and exploitation of designs thought to be Pareto optimal, while regions of the noise space are sampled to improve knowledge of the environmental uncertainty. A scalable test problem is used to compare the method with design of experiments (DoE) and crossed array methods, and the method is found to be more efficient for restrictive sample budgets. Experiments with the same test problem are used to study the sensitivity of the methods to numbers of design and noise variables. Lastly, the method is demonstrated on an electric power portfolio simulation code.

Little research has been undertaken investigating e-portfolios as a strategy in the development of self-directed learning skills in young learners. This dissertation aims to contribute to this area of research. Self-directed learning is considered an important skill in assisting learners to prepare for a future where the skill set required is undetermined for many roles. Eportfolios have been shown to assist students in development of their reflective thinking and self-assessment skills. Self-assessment and reflection are both key skills in selfdirected learners. Research into e-portfolios has primarily been focused at tertiary level and has not focused on the development of the indicators of self-directed learning. This study is a qualitative case study of four Year 1 students which takes place over three months at a private international school in Hong Kong. The intervention (eportfolio) was introduced into the context of expressive oral reading. Each student produced an e-portfolio documenting their learning. The indicators of self-directed learning were assessed prior to the intervention, during and post intervention through interviews, document and observations. Results strongly indicated that e-portfolios were effective in developing selfdirected learning skills. In particular there was a clear emergence of the indicators intrinsic motivation, self-assessment, ownership of learning and celebration of learning. Surprisingly creativity, self-confidence, and self-esteem also emerged to significant levels. It was concluded that e-portfolios were an effective way to develop self-directed learning skills. It is recommended that e-portfolios are used with young learners as an effective way of engaging students in their own learning process. / published_or_final_version / Education / Master / Master of Science in Information Technology in Education

Recent work in the area of retail financial services marketing almost invariably cite the deregulation of national and international financial markets as a major reason as to why financial institutions have a need for better knowledge of their customers' behaviors and needs. Among the most sought-after information are better ways to segment and target the market, that is, how do groups of households behave with regards to their savings and investments, why do they behave in certain ways, how can we reach them and how do they respond to marketing activities? In this thesis we will attempt to shed light on some salient aspects of the first two of these four questions.Three of the papers in this volume are based on the segmentation of the market for retail financial services based on different financial strategies, as expressed in households' portfolio choices. In the first two papers, such behavioral segmentation is carried out on data from samples of Swedish and Dutch households. Issues concerning the stability of segmentation over time are also highlighted. The third paper is also focused on the concept of heterogeneity, but this time as expressed by different agents within the individual household, the question being whether the marketing researcher needs to collect data from both spouses in family households. In the fourth paper behavioral segments are used as domains to examine differences in human intertemporal discounting. / Diss. Stockholm : Handelshögsk.

[pt] Markowitz em 1959 estruturou as bases da teoria moderna de seleção de carteiras através da análise do risco e do retorno de ativos. Mesmo após cinco décadas sua teoria ainda é amplamente utilizada como base para construção de carteiras de investimentos. Nessa dissertação investigamos variações do modelo de Markowitz para seleção de carteiras tanto de um ponto de vista teórico quanto prático. Analisamos o impacto dos diferentes métodos de estimativa de risco e retorno, custos transacionais, risco alvo e freqüência da revisão de carteira. Para que fosse possível testar e analisar as estratégias estudadas, implementamos um simulador versátil e robusto além de criar uma base de dados com dados diários de 41 ativos da bolsa de valores brasileira, CDI e IBOVESPA. / [en] Markowitz in 1959 structured the foundations of the modern portfolio theory through the analysis of risk and return of assets. Now, after five decades his theory is still widely used as a basis for building portfolios. In this thesis we investigate variations of the Markowitz model for portfolio selection from both a theoretical and practical point of view. We analyzed the impact of different methods for the prediction of risk and return, transaction costs, target risk and frequency of revision of the portfolio. In order to test and analyze the strategies studied we implemented a robust and versatile simulator and created a database with daily data of 41 assets from the Brazilian stock exchange, CDI and IBOVESPA.

O objetivo geral deste trabalho é testar se a informação contida em dados de microestrutura de mercado contribui para uma melhor explicação do comportamento dos preços dos títulos negociados na BMF&BOVESPA. O primeiro ensaio testa a hipótese de que o volume gera informação sobre o movimento dos preços quando os traders possuem informações diferentes sobre o comportamento dessa variável. Em uma abordagem de microestrutura de mercado, os traders não informados observam apenas as estatísticas diárias de preço e volume, e os traders informados conhecem o comportamento dos preços e volumes tick-by-tick. Aplicando o algoritmo do tick-test, os traders informados observam o volume de ordens de compras e vendas diárias. O teste empírico é feito utilizando modelos markov-switching, e os resultados revelam que os traders informados apresentam estimações melhores. No segundo ensaio, buscam-se evidências de que traders informados preferem atuar no mercado de opções pela possibilidade de alavancar seus ganhos. O objetivo é identificar se o volume no mercado de opções revela o comportamento dos preços das ações. Os resultados obtidos, utilizando opções de PETR4 e VALE5, corroboram a hipótese que o volume no mercado de opções não transmite informação sobre o comportamento do preço da ação. O terceiro ensaio utiliza dados tick-by-tick para estimar a probabilidade de informação privilegiada (PIN) para ações do IBRX. O PIN é uma proxy para informação privada e é incorporado ao método de Fama e French (1993) para separar os portfolios e explicar seus retornos. A combinação do PIN com as variáveis valor de mercado e índice book-to-market possibilita, para alguns portfolios, aumento do retorno e diminuição do risco. A significância das variáveis na explicação dos retornos é testada utilizando modelos de markov-switching. Os resultados permitem concluir que o PIN é um fator importante na explicação dos retornos dos portfolios. / The general objective is to test whether the information contained in data of microstructure market contributes to a better explanation of the behavior of stock prices negotiated in BMF&BOVESPA. The first essay tests the hypothesis that volume generates information on price movements when traders have different information on the behavior of this variable. In a model of market microstructure, non-informed traders observe only the daily statistics on price and volume, while informed traders know the behavior of tick-by-tick prices and volumes. Applying the tick-test algorithm, informed traders observe the volume of buy orders and daily sales. The empirical test is carried out by using markov-switching models, and the results reveal that informed traders show better estimates. In the second essay, we look for evidence that informed traders prefer to trade in options market due to its possibility of leveraging their revenue. The objective is to identify whether volume in the options market is revealing of the behavior of stock prices. The results obtained using options from PETR4 and VALE5 concur to the hypothesis that volume in options market does not transmit information on the behavior of stock price. The third essay makes use of tick-by-tick data to estimate the probability of privileged information (PIN) to IBRX stocks. PIN is a proxy to privilege information and is incorporated to Fama French (1993) method to separate portfolios and explain their returns. The combination of PIN with variables of market value and book-to-market index allows some portfolios to increase return and diminish risk. The significance of these variables in explaining returns is tested using markov-switching methods. The results demonstrate that PIN is an important factor in explaining portfolio returns.

Made available in DSpace on 2014-12-17T15:06:52Z (GMT). No. of bitstreams: 1 CatiaMS_DISSERT_partes_autorizadas.pdf: 1129198 bytes, checksum: d9df995fd9f8baf903eb8c83bdd32340 (MD5) Previous issue date: 2011-02-21 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / This research deals with the insertion of the portfolio as a resource to the development of the reflective action in training teachers of English as a Foreign Language (EFL). Its goal is to characterize linguistic marks that show the reflective process in learning narratives collected in portfolios following the considerations of the ideational metafunction of the Systemic-Functional Grammar (SFG) by Halliday (1994). Within the scope of analysis offered by SFG, the system of transitivity was chosen attempting to observe and study the lexicogrammatical choices made by participants to produce their learning narratives. The corpus was composed of twenty-six learning narratives produced by thirteen participants into two distinct modules, designated here as "First Assessment" and "Final Assessment. The analysis were performed using procedures related to Corpus Linguistics, with the aid of the computer resource WordSmith Tools 5.0 (Scott, 1999). The results seems to indicate that preservice teachers, when asked to reflect on activities written on the classroom, use in their narratives a significant majority of mental processes instead of material processes that are common in narratives from other nature. Meanwhile, the use of a portfolio in teacher training in EFL, can be considered as a trigger reflection tool, which allows future teachers' effective monitoring of all their learning process / Esta pesquisa trata da inser??o do portf?lio como recurso para o desenvolvimento da a??o reflexiva na forma??o inicial de professores de Ingl?s como L?ngua Estrangeira (ILE). Seu objetivo ? caracterizar - sob a perspectiva da metafun??o ideacional da Gram?tica Sist?mico-Funcional (GSF) de Halliday (1994) - marcas lingu?sticas que evidenciam o processo reflexivo de seus participantes em narrativas de aprendizagem coletadas em portf?lios. Dentro das possibilidades de an?lise oferecidas pela GSF, o sistema de transitividade foi escolhido na inten??o de observar e estudar as escolhas l?xico-gramaticais feitas pelos participantes ao produzirem suas narrativas de aprendizagem. O corpus foi composto por vinte e seis narrativas de aprendizagem produzidas por 13 participantes em dois m?dulos distintos, nomeados neste estudo como First Assessment e Final Assessment . Para realizar a an?lise foram utilizados procedimentos relacionados ? Lingu?stica de Corpus, com o aux?lio da ferramenta computacional WordSmith Tools em sua vers?o 5.0 (Scott, 1999). Os resultados indicam que professores em pr?-servi?o, quando solicitados a refletirem sobre atividades realizadas em sala de aula, utilizam em suas narrativas uma maioria significativa de processos mentais sobre os processos materiais, comumente encontrados em narrativas de diferentes naturezas. Neste ?nterim, a utiliza??o do portf?lio na forma??o de professores de ILE, pode ser considerada como uma ferramenta desencadeadora da reflex?o, que possibilita ao futuro professor o efetivo acompanhamento de todo seu processo de aprendizagem

O objetivo geral deste trabalho é testar se a informação contida em dados de microestrutura de mercado contribui para uma melhor explicação do comportamento dos preços dos títulos negociados na BMF&BOVESPA. O primeiro ensaio testa a hipótese de que o volume gera informação sobre o movimento dos preços quando os traders possuem informações diferentes sobre o comportamento dessa variável. Em uma abordagem de microestrutura de mercado, os traders não informados observam apenas as estatísticas diárias de preço e volume, e os traders informados conhecem o comportamento dos preços e volumes tick-by-tick. Aplicando o algoritmo do tick-test, os traders informados observam o volume de ordens de compras e vendas diárias. O teste empírico é feito utilizando modelos markov-switching, e os resultados revelam que os traders informados apresentam estimações melhores. No segundo ensaio, buscam-se evidências de que traders informados preferem atuar no mercado de opções pela possibilidade de alavancar seus ganhos. O objetivo é identificar se o volume no mercado de opções revela o comportamento dos preços das ações. Os resultados obtidos, utilizando opções de PETR4 e VALE5, corroboram a hipótese que o volume no mercado de opções não transmite informação sobre o comportamento do preço da ação. O terceiro ensaio utiliza dados tick-by-tick para estimar a probabilidade de informação privilegiada (PIN) para ações do IBRX. O PIN é uma proxy para informação privada e é incorporado ao método de Fama e French (1993) para separar os portfolios e explicar seus retornos. A combinação do PIN com as variáveis valor de mercado e índice book-to-market possibilita, para alguns portfolios, aumento do retorno e diminuição do risco. A significância das variáveis na explicação dos retornos é testada utilizando modelos de markov-switching. Os resultados permitem concluir que o PIN é um fator importante na explicação dos retornos dos portfolios. / The general objective is to test whether the information contained in data of microstructure market contributes to a better explanation of the behavior of stock prices negotiated in BMF&BOVESPA. The first essay tests the hypothesis that volume generates information on price movements when traders have different information on the behavior of this variable. In a model of market microstructure, non-informed traders observe only the daily statistics on price and volume, while informed traders know the behavior of tick-by-tick prices and volumes. Applying the tick-test algorithm, informed traders observe the volume of buy orders and daily sales. The empirical test is carried out by using markov-switching models, and the results reveal that informed traders show better estimates. In the second essay, we look for evidence that informed traders prefer to trade in options market due to its possibility of leveraging their revenue. The objective is to identify whether volume in the options market is revealing of the behavior of stock prices. The results obtained using options from PETR4 and VALE5 concur to the hypothesis that volume in options market does not transmit information on the behavior of stock price. The third essay makes use of tick-by-tick data to estimate the probability of privileged information (PIN) to IBRX stocks. PIN is a proxy to privilege information and is incorporated to Fama French (1993) method to separate portfolios and explain their returns. The combination of PIN with variables of market value and book-to-market index allows some portfolios to increase return and diminish risk. The significance of these variables in explaining returns is tested using markov-switching methods. The results demonstrate that PIN is an important factor in explaining portfolio returns.