Suponha uma carteira formada por dois ativos. Um deles é o ativo livre de risco, com taxa de juros igual a r_f . Esse ativo é vendido a descoberto, com proporção igual a -0,5 (-50%) do patrimônio da carteira. O outro componente da carteira é um ativo com risco, com retorno esperado igual a E(r) e risco igual ao desvio-padrão estimado de seu retorno, !$ \sigma !$. Portanto, o risco da carteira, medido pelo desvio-padrão do retorno da carteira, será igual a:

Nos termos da Lei n. 10.180, de 6 de fevereiro de 2001, as unidades de gestão interna da Advocacia-Geral da União integram o Sistema de Contabilidade Federal na qualidade de

Assinale a opção correta sobre os direitos e garantias fundamentais e o tratamento conferido pela Constituição Federal aos institutos da emenda, da reforma e da revisão constitucional.

"E preciso, pois, dizer o óbvio: a Constituição constitui (no sentido fenomenológico-hermenêutico); a Constituição vincula (não metafisicamente); a Constituição estabelece as condições do agir político-estatal. Afinal, como bem assinala Miguel Angel Pérez, uma Constituição democrática é, antes de tudo, normativa, de onde se extrai duas conclusões: que a Constituição contém mandatos jurídicos obrigatórios, e que estes mandatos jurídicos não somente são obrigatórios senão que, muito mais do que isso, possuem uma especial força de obrigar, uma vez que a Constituição é a forma suprema de todo o ordenamento jurídico." (STRECK, Lenio Luiz, Jurisdição constitucional e hermenêutica: uma crítica do direito. 2. ed. Rio de Janeiro: Forense, 2004, p.287).

Assinale a opção que indica com exatidão os princípios de hermenêutica constitucional utilizados no texto para sustentar a aplicabilidade das normas constitucionais.

O Banco do Brasil e a Caixa Econômica Federal são, respectivamente, sociedade de economia mista e empresa pública, cujos capitais votantes majoritários pertencem à União. Quanto a estas espécies de instituições, analise os itens a seguir e marque com V se a assertiva for verdadeira e com F se for falsa. Ao final, assinale a opção correspondente.

( ) A constituição de sociedades de economia mista e de empresas públicas decorre de um processo de descentralização do Estado que passa a exercer certas atividades por intermédio de outras entidades.

( ) Apesar de serem constituídas como pessoas jurídicas de direito privado, as sociedades de economia mista e as empresas públicas estão submetidas hierarquicamente à pessoa política da federação que as tenha criado.

( ) Somente por lei específica podem ser criadas sociedades de economia mista e empresas públicas, bem como necessária autorização legislativa, em cada caso, para a criação de suas subsidiárias.

( ) As empresas públicas e as sociedades de economia mista exploradoras de atividade econômica sujeitam-se ao regime próprio das empresas privadas, inclusive quanto aos direitos e obrigações civis, comerciais, trabalhistas e tributários.

( ) Quanto ao regime de compras, as empresas públicas e as sociedades de economia mista sujeitam-se aos princípios da administração pública e devem observar procedimento licitatório.

While Rome burns
Source: www.economist.co.uk
Sep 25th, 2008 (Adapted)

American plans to buy up assets that are clogging the financial system lack detail but no one doubts that a massive government intervention is coming. In Europe jittery investors have no such reassurance. European governments have yet to respond publicly to calls from Hank Paulson, the treasury secretary, to follow his lead. They look set to keep faith with the approach that they have used to handle the crisis so far − staving off liquidity worries by allowing banks to use facilities at central banks to swap their assets in exchange for ready cash.

That makes many watchers nervous. The crisis in America has dramatically grown from one of liquidity to one of solvency as well. Lehman Brothers had access to the Federal Reserve's discount window, after all, but still went under. The burning question now is whether banks have enough capital. On some measures, European banks look pretty well capitalized. The average tier-one ratio, which measures capital based on the riskiness of bank assets, stood at 8% in the first half of the year. That looks solid enough, if you assume that banks have a good handle on risk.

While Rome burns
Source: www.economist.co.uk
Sep 25th, 2008 (Adapted)

American plans to buy up assets that are clogging the financial system lack detail but no one doubts that a massive government intervention is coming. In Europe jittery investors have no such reassurance. European governments have yet to respond publicly to calls from Hank Paulson, the treasury secretary, to follow his lead. They look set to keep faith with the approach that they have used to handle the crisis so far − staving off liquidity worries by allowing banks to use facilities at central banks to swap their assets in exchange for ready cash.

That makes many watchers nervous. The crisis in America has dramatically grown from one of liquidity to one of solvency as well. Lehman Brothers had access to the Federal Reserve's discount window, after all, but still went under. The burning question now is whether banks have enough capital. On some measures, European banks look pretty well capitalized. The average tier-one ratio, which measures capital based on the riskiness of bank assets, stood at 8% in the first half of the year. That looks solid enough, if you assume that banks have a good handle on risk.

While Rome burns
Source: www.economist.co.uk
Sep 25th, 2008 (Adapted)

American plans to buy up assets that are clogging the financial system lack detail but no one doubts that a massive government intervention is coming. In Europe jittery investors have no such reassurance. European governments have yet to respond publicly to calls from Hank Paulson, the treasury secretary, to follow his lead. They look set to keep faith with the approach that they have used to handle the crisis so far − staving off liquidity worries by allowing banks to use facilities at central banks to swap their assets in exchange for ready cash.

That makes many watchers nervous. The crisis in America has dramatically grown from one of liquidity to one of solvency as well. Lehman Brothers had access to the Federal Reserve's discount window, after all, but still went under. The burning question now is whether banks have enough capital. On some measures, European banks look pretty well capitalized. The average tier-one ratio, which measures capital based on the riskiness of bank assets, stood at 8% in the first half of the year. That looks solid enough, if you assume that banks have a good handle on risk.

While Rome burns
Source: www.economist.co.uk
Sep 25th, 2008 (Adapted)

American plans to buy up assets that are clogging the financial system lack detail but no one doubts that a massive government intervention is coming. In Europe jittery investors have no such reassurance. European governments have yet to respond publicly to calls from Hank Paulson, the treasury secretary, to follow his lead. They look set to keep faith with the approach that they have used to handle the crisis so far − staving off liquidity worries by allowing banks to use facilities at central banks to swap their assets in exchange for ready cash.

That makes many watchers nervous. The crisis in America has dramatically grown from one of liquidity to one of solvency as well. Lehman Brothers had access to the Federal Reserve's discount window, after all, but still went under. The burning question now is whether banks have enough capital. On some measures, European banks look pretty well capitalized. The average tier-one ratio, which measures capital based on the riskiness of bank assets, stood at 8% in the first half of the year. That looks solid enough, if you assume that banks have a good handle on risk.

Half the nation, a hundred million citizens strong
Source: www.economist.co.uk
Sep 11th, 2008 (Adapted)

It remains hard to define, and attempts to do so often seem arbitrary. But in Brazil, the middle class describes those with a job in the formal economy, access to credit and ownership of a car or motorbike. According to the Fundação Getúlio Vargas (FGV), a research institute, this means households with a monthly income ranging from 1,064 reais ($600) to 4,561 reais. Since 2002, according to FGV, the proportion of the population that fits this description has increased from 44% to 52%. Brazil, previously notorious for its extremes, is now a middle-class country.

This social climbing is a feature mainly of the country's cities, reversing two decades of stagnation that began at the start of the 1980s. Marcelo Neri of FGV suggests two factors behind the change. The first is education. The quality of teaching in Brazil's schools may still be poor, but those aged 15-21 now spend on average just over three more years studying than their counterparts did in the early 1990s.

The second is a migration of jobs from the informal "black" economy to the formal economy. The rate of formal job creation is accelerating, with 40% more created in the year to this July than in the previous 12 months, which itself set a record. Together with cash transfers to poor families, this helps to explain why − in contrast with economic and social development in India or China − as Brazil's middle class has grown, so the country's income inequality has lessened.