Submitted by Marcio Pintan (mpintan@gmail.com) on 2018-06-25T18:13:19Z No. of bitstreams: 1 financas-pintan-dissertação versao final.pdf: 1855884 bytes, checksum: 0ac7f69afc81d4cea8446f01d309fd99 (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-08-13T16:18:19Z (GMT) No. of bitstreams: 1 financas-pintan-dissertação versao final.pdf: 1855884 bytes, checksum: 0ac7f69afc81d4cea8446f01d309fd99 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-13T16:25:32Z (GMT) No. of bitstreams: 1 financas-pintan-dissertação versao final.pdf: 1855884 bytes, checksum: 0ac7f69afc81d4cea8446f01d309fd99 (MD5) / Made available in DSpace on 2018-08-13T16:25:32Z (GMT). No. of bitstreams: 1 financas-pintan-dissertação versao final.pdf: 1855884 bytes, checksum: 0ac7f69afc81d4cea8446f01d309fd99 (MD5) Previous issue date: 2018-05-25 / Esta dissertação trata das operações realizadas na BM&F BOVESPA chamadas comumente de 'Day Trading', ou seja, operações cuja compra (ou venda) e a liquidação são realizadas no mesmo dia. Tal questão é relevante, principalmente para o pequeno investidor, por possibilitar a otimização do resultado da sua carteira de investimento ao longo do tempo. O objetivo de pesquisa deste trabalho é apresentar e testar algumas técnicas utilizadas pelos operadores do mercado financeiro na modalidade 'Day Trading'. Em conjunto com a verificação das teorias de análise gráfica, o trabalho pretende conciliar tais técnicas preditivas com teorias de gestão de risco e de gestão de portfólio, nesse caso mais precisamente a teoria moderna de portfólio de Markowitz, de forma a testar a eficiência da combinação entre essas teorias no mercado de ações brasileiro, e se existe a possibilidade de otimização dos resultados que um investidor pode alcançar ao longo do tempo. Para atingir este objetivo foi realizada uma pesquisa quantitativa utilizando técnicas de análise gráfica baseadas em teorias amplamente conhecidas no mercado de capitais, como os Princípios de Ondas de Elliott e a Teoria de Dow. A partir dos indicadores de sucesso obtidos por essas técnicas preditivas (através de 'backtests'), o presente trabalho testa a efetividade das questões relativas a eficiência de mercado apresentadas nas Hipótese de Mercados Eficientes de Fama (1970). As principais conclusões desta dissertação sugerem que uma estratégia passiva, de compra e manutenção do Índice Bovespa, domina respectivamente estratégias baseadas na Teoria de Markowitz e estratégias ativas de Day Trading baseadas em análise técnica. Os resultados trazem uma grande contribuição para o pequeno investidor através de uma maior compreensão sobre possibilidades que as operações de curto prazo podem trazer para ao seu portfólio de investimentos e confirma a visão de que o mercado de ações brasileiro é eficiente em sua forma fraca. / This thesis deals with operations carried out on BM&F BOVESPA commonly called 'Day Trading', which are operations whose purchase (or sale) and settlement are carried out on the same day. This issue is relevant, especially for the small investor, because it allows the optimization of the result of their investment portfolio over time. The objective of this research is to present and test some techniques used by financial market traders in the 'Day Trading' modality. In conjunction with the verification of theories of technical analysis, the paper aims to reconcile such predictive techniques with theories of risk management and portfolio management, in this case more precisely the Modern Portfolio Theory of Markowitz, in order to test the efficiency of the combination between these theories in the Brazilian stock market, and whether there is a possibility of optimizing the results that an investor can achieve over time. To achieve this goal a quantitative research is performed using graphical analysis techniques based on theories widely known in the capital market, such as the Elliott Wave Principle and the Dow Theory. From the indicators of success obtained by these predictive techniques (through backtests), the present research explores aspects of market efficiency presented in the Efficient Market Hypothesis of Fama (1970). The main conclusions of this dissertation suggest that a passive buy and hold strategy of the Bovespa Index dominates respectively strategies based on Markowitz Theory and active day trading strategies based on technical analysis. The results make a contribution to the small investor through a better understanding of the possibilities that short-term operations can bring to their investment portfolios and confirms the view that the Brazilian stock market is efficient in its weak form.

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In automatic speech recognition systems (ASRs), training is a critical phase to the system?s success. Communication media, either analog (such as analog landline phones) or digital (VoIP) distort the speaker?s speech signal often in very complex ways: linear distortion occurs in all channels, either in the magnitude or phase spectrum. Non-linear but time-invariant distortion will always appear in all real systems. In digital systems we also have network effects which will produce packet losses and delays and repeated packets. Finally, one cannot really assert what path a signal will take, and so having error or distortion in between is almost a certainty. The channel introduces an acoustical mismatch between the speaker's signal and the trained data in the ASR, which results in poor recognition performance. The approach so far, has been to try to undo the havoc produced by the channels, i.e. compensate for the channel's behavior. In this thesis, we try to characterize the effects of different transmission media and use that as an inexpensive and repeatable way to train ASR systems.