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O impacto das alterações do nível de risco de crédito nas yields das obrigações do tesouro

Tavares, Leinivy Florenço Soares
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Dissertação de Mestrado
POR
Relevância na Pesquisa
36.48%
Ao longo dos últimos anos, a realidade portuguesa e de muitos outros países europeus ficou marcada por períodos de grande instabilidade económica e financeira. Uma das importantes lições evidenciadas durante os períodos da crise que marcou a economia europeia e não só, é a importância do bom funcionamento dos mercados financeiros para o desenvolvimento e sustentabilidade de qualquer economia. As agências de rating que, pela sua essência, deveriam fomentar o bom funcionamento dos mercados, acabaram por ser das mais acusadas pela instabilidade dos mercados a que se assistiu no seguimento da crise. O presente estudo, foi proposto no sentido de analisar empiricamente a existência de influência das alterações de rating soberano do Estado português atribuído pelas três principais agências internacionais de rating (Moody’s, S&P e Fitch) no desempenho das yields das obrigações do tesouro português a médio/longo prazo (a 2, 5 e a 10 anos) no período compreendido entre fevereiro de 2003 e maio de 2012. Através da estimação dos modelos de regressão linear simples e múltipla, pelo método dos mínimos quadrados e aplicação do teste de Chow, as evidências estatísticas encontradas mostram que as alterações dos níveis de rating soberano influenciam de forma negativa e significativa o desempenho das yields das obrigações do tesouro de todas as maturidades e que esta influência é maior após a crise da dívida soberana do que antes. Os resultados obtidos...

Genetic parameters of milk, fat, and protein yields in the first three lactations, using an animal model and restricted maximum likelihood

Albuquerque, L. G.; Keown, J. F.; VanVleck, L. D.
Fonte: Soc Brasil Genetica Publicador: Soc Brasil Genetica
Tipo: Artigo de Revista Científica Formato: 79-86
ENG
Relevância na Pesquisa
26.48%
Milk, fat, and protein yields of Holstein cows from the States of New York and California in the United States were used to estimate (co)variances among yields in the first three lactations, using an animal model and a derivative-free restricted maximum likelihood (REML) algorithm, and to verify if yields in different lactations are the same trait. The data were split in 20 samples, 10 from each state, with means of 5463 and 5543 cows per sample from California and New York. Mean heritability estimates for milk, fat, and protein yields for California data were, respectively, 0.34, 0.35, and 0.40 for first; 0.31, 0.33, and 0.39 for second; and 0.28, 0.31, and 0.37 for third lactations. For New York data, estimates were 0.35, 0.40, and 0.34 for first; 0.34, 0.44, and 0.38 for second; and 0.32, 0.43, and 0.38 for third lactations. Means of estimates of genetic correlations between first and second, first and third, and second and third lactations for California data were 0.86, 0.77, and 0.96 for milk; 0.89, 0.84, and 0.97 for fat; and 0.90, 0.84, and 0.97 for protein yields. Mean estimates for New York data were 0.87, 0.81, and 0.97 for milk; 0.91, 0.86, and 0.98 for fat; and 0.88, 0.82, and 0.98 for protein yields. Environmental correlations varied from 0.30 to 0.50 and were larger between second and third lactations. Phenotypic correlations were similar for both states and varied from 0.52 to 0.66 for milk...

Mylar Secondary Emission-energy Distribution and Yields

Fonzar Pintao, Carlos Alberto
Fonte: Institute of Electrical and Electronics Engineers (IEEE) Publicador: Institute of Electrical and Electronics Engineers (IEEE)
Tipo: Artigo de Revista Científica Formato: 311-316
ENG
Relevância na Pesquisa
36.18%
Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq); Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP); We have characterized Mylar by determining the emission yield and energy spectrum of emitted secondary electrons. In this study we used a conventional electron accelerator apparatus to which we have made some important adjustments, especially to determine the normalized energy distribution. These adjustments allowed us to obtain the data necessary to calculate reduced yield curves, (delta/delta(M) vs. E/E-M) in which the secondary emission yields and the Energy of the fixed energy beam were both divided by their maximum values. Results for the total emission yield (sigma), backscattered electrons (eta) and true secondary emission electrons (delta) were obtained as a function of the energy of the incident electron beam (E). The results from an experiment where the incident beam was vertically striking a Mylar sample (thickness 36 mu m) are presented. The location of the first and second crossover points, where delta=1, as well as the energy spectrum of secondary electron emission using a planar symmetry arrangement for energies of 1.2 and 1.4 keV were obtained and presented.

Long-run Determinants of Sovereign Yields

Afonso, António; Rault, Christophe
Fonte: ISEG - Departamento de Economia Publicador: ISEG - Departamento de Economia
Tipo: Outros
Publicado em //2010 ENG
Relevância na Pesquisa
36.27%
We study sovereign bond yields in OECD countries with a dynamic panel by checking for cross-section dependence; assessing panel cointegration; and estimating panel error-correction models. The results show that markets consider budgetary and external imbalances and inflation as relevant determinants of sovereign yields.

Short and long-run behaviour of long-term sovereign bond yields

Afonso, António; Rault, Christophe
Fonte: ISEG - Departamento de Economia Publicador: ISEG - Departamento de Economia
Tipo: Outros
Publicado em //2010 ENG
Relevância na Pesquisa
36.33%
This study assesses the short and long-run behaviour of long-term sovereign bond yields in OECD countries, for the period 1973-2008. We employ a dynamic panel approach to reflect financial and economic integration, and to increase the performance and accuracy of the tests. Given the existence of cross-country dependence regarding sovereign yields and its determinants, we resort to simulation and bootstrap methods for the analysis. Results based on the Common Correlated Effect estimator of Pesaran (2006) and on Panel Error Correction Models to sort out short- and long-run fiscal developments show that in addition to common movements in sovereign yields, investors also consider country differences arising from specific factors (inflation, budgetary and current account imbalances, real effective exchange rates, and liquidity).

Economic forecasts and sovereign yields

Afonso, António; Nunes, Ana Sofia
Fonte: ISEG. Departamento de Economia Publicador: ISEG. Departamento de Economia
Tipo: Outros
Publicado em /01/2013 ENG
Relevância na Pesquisa
36.27%
The European Commission releases twice a year economic forecasts for some macro and fiscal variables (GDP growth rate, inflation, budget balance, among others). In our research we will try to understand if the corrections made to these forecasts have an impact in sovereign yields. We will perform an econometric analysis in a panel of 15 EU countries (Austria, Belgium, Germany, Denmark, Spain, Finland, France, United Kingdom, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Sweden), covering the period from 1999:1 until 2012:1, and after we analyse each country individually, on the basis of a SUR analysis. We find that corrections in the EC’s forecasts do impinge on the 10-year sovereign bond yields, particularly corrections in fiscal variables, but this impact is different across countries, being more pronounced in countries with less favourable economic conditions.

The influence of rating notations on the government bond yields of Greece, Ireland and Portugal: an econometric approach

Ganito, Miguel Primo
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2012 ENG
Relevância na Pesquisa
36.5%
Mestrado em Finanças; Actualmente, no mundo económico e financeiro tem-se questionado a existência, ou não, de influência das notações de rating sobre as government bond yields. Como tal, o presente estudo tem como objectivo verificar a existência de relação entre estas variáveis junto dos três países da zona Euro que recorreram a um plano financeiro de ajuda externa para colmatarem as dificuldades decorrentes da crise financeira. Uma vez que o presente estudo está associado ao desenvolvimento e expansão da recente crise do subprime, será efectuada uma abordagem às suas características. O presente trabalho encontra-se, então, estruturado em duas partes. A primeira parte foca-se numa abordagem à literatura existente relativamente à dívida soberana, com particular destaque para o risco associado ao financiamento de estados soberanos através de government bonds, envolvendo questões relacionadas com as yields e as notações de rating. Numa segunda parte é efectuada uma análise concreta entre as variáveis em estudo, através de alguns instrumentos económetricos, como o VAR (Vector Autoregression), com o objectivo de constatar possíveis inter-relações. Desta forma, pretende-se verificar a existência de influência das notações de rating sobre as government bond yields. Concluiu-se que existe uma divergência quanto ao papel que cada agência de rating tem nas government bonds dos países sob estudo em diferentes maturidades. As yields da Grécia são influenciadas pela Fitch; as Irlandesas estão sujeitas às notações da Moody’s e da S&P; enquanto as de Portugal sentem a pressão das notações atribuídas pelas três agências de rating.; At the current moment in the economic and financial world...

Trends in sales weighted tar, nicotine, and carbon monoxide yields of UK cigarettes

Jarvis, M
Fonte: BMJ Group Publicador: BMJ Group
Tipo: Artigo de Revista Científica
Publicado em /12/2001 EN
Relevância na Pesquisa
26.48%
BACKGROUND—Reducing tar yields of manufactured cigarettes has been an important plank of government policy on tobacco, but sale weighted yields are not routinely published.
METHODS—Tar, nicotine, and carbon monoxide yields measured by the Laboratory of the Government Chemist were combined with cigarette brand market shares from national surveys of smoking behaviour to generate sales weighted yield estimates for the period 1972-99.
RESULTS—Sales weighted mean tar yields have declined steadily and in 1999 were 9.6 mg per cigarette, less than half their level in 1972. Over the same period nicotine yields have come down from 1.33 mg to 0.79 mg per cigarette. Carbon monoxide yields have shown smaller declines. At the same time as absolute yields have declined, there have also been changes in tar to nicotine ratios. Smokers in 1999 were exposed to 22% less tar per unit of nicotine than in 1973, and smokers of low tar brands have consistently been exposed to less tar per unit of nicotine than smokers of other brands.
CONCLUSIONS—The value of reducing cigarette tar and nicotine yields has been questioned, since the tendency of smokers to compensate for reductions in nicotine delivery undermines the policy. The favourable trends in tar to nicotine ratios suggest that...

Roll-your-own smoke yields: theoretical and practical aspects

Darrall, K.; Figgins, J.
Fonte: BMJ Group Publicador: BMJ Group
Tipo: Artigo de Revista Científica
Publicado em /06/1998 EN
Relevância na Pesquisa
26.48%
OBJECTIVE—To identify the key parameters that influence smoke yields from roll-your-own (RYO) cigarettes and to compare smoke yields of cigarettes made under laboratory conditions with those made by habitual RYO consumers.
DESIGN AND SETTING—One-way parametric variations in the laboratory-based production of RYO cigarettes complemented by a consumer survey conducted in a busy street at Romford, Essex, United Kingdom.
SUBJECTS—26 habitual RYO consumers.
MAIN OUTCOME MEASURES—Cigarette weights, puff numbers, and yields (carbon monoxide, nicotine, and tar).
RESULTS—Smoke yields vary for specimen changes in weight of tobacco used, paper porosity, and the incorporation of a filter in the cigarette. Yields of cigarettes produced by 26 RYO smokers ranged from 9.9 to 21.0 mg tar per cigarette and from 0.9 to 1.8 mg nicotine per cigarette, and were generally lower than yields of laboratory-produced RYO cigarettes.
CONCLUSIONS—Laboratory studies can provide useful information concerning the parameters that affect smoke yields of RYO cigarettes such as the incorporation of a filter to reduce yields. However, such studies must be complemented by surveys of cigarettes made by actual current RYO smokers. In one such investigation...

Annual and seasonal yields, and base temperature of three Cynodon grasses under three clipping schedules in southeastern Brazil.

TONATO, F.; CARVALHO, M.; PEDREIRA, C. G.; MUNIZ, A. W.
Fonte: In: ASA-CSSA-SSSA INTERNATIONAL ANNUAL MEETINGS, Cincinnati, Ohio, 2012, Oct. 21-24. Publicador: In: ASA-CSSA-SSSA INTERNATIONAL ANNUAL MEETINGS, Cincinnati, Ohio, 2012, Oct. 21-24.
Tipo: Resumo em anais de congresso (ALICE)
EN
Relevância na Pesquisa
36.27%
The objective of this study was to determine the annual yields, seasonal yield distribution and low er base temperature (Tb) of three Cynodon genotypes under three harvest schedules with irrigation and fertilization.; 2012; Abstract 257-23.

The impacts of future climate change on wheat yields in the Jordan River basin (Briefing 3.5)

Arazi, Adit
Fonte: Universidade de Tubinga Publicador: Universidade de Tubinga
Tipo: Sonstiges
EN
Relevância na Pesquisa
36.27%
The impact of future climate change on wheat yields in the Jordan River basin was evaluated. The effects of decreased rainfall (average of 32 mm) for the predicted period were found to be insignificant on wheat yield, whereas the decrease in the stress index (SI) and consequently, the decrease in wheat yields, were found to be significant. Evaporation reduction measures such as screening mesh or mulching on wheat yield is pronounced only during dry years. The effect of mulching on increased drainage water is considerable, but its use is restricted to a limited area size.

Provincial grain yields in Spain, 1750-2009

Santiago-Caballero, Carlos
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: info:eu-repo/semantics/draft; info:eu-repo/semantics/workingPaper Formato: application/pdf
Publicado em /05/2012 ENG
Relevância na Pesquisa
36.41%
This paper estimates the yields for five grains in 33 provinces of Spain in the mid-18th century. The results show that yields were higher in the north of the country, and that the most fertile provinces of Spain were not far behind the most advanced agricultural regions of the world. Average wheat yields in Spain remained stagnant between 1750 and the late 19th century when they doubled, only to remain stagnant again until the modernisation of the primary sector in the 1960s. Our results show that, in the very long run, yields between provinces tended to converge, and this was the case until the 1960s when the traditional differences in provincial yields began to disappear. The use of artificial fertilisers or new wheat strains were key improvements that helped low yield provinces to break with severe natural constraints such as lack of rainfall or low-quality soils.

Explaining wheat yields in eighteenth-century Spain

Santiago-Caballero, Carlos
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: info:eu-repo/semantics/draft; info:eu-repo/semantics/workingPaper Formato: application/pdf; text/plain
Publicado em /06/2012 ENG
Relevância na Pesquisa
36.41%
From an extensive dataset of wheat yields at municipal level in mid eighteenth-century Spain, a detailed statistical analysis indicates that the differences in wheat yields were mainly a consequence of different natural conditions, and that demand did not have a significant influence. Counterfactual exercises show that improvements in rainfall, altitude or roughness of terrain would have a significant impact on average yields. The paper concludes that, although grain markets in the mid-eighteenth century were well integrated, producers addressed the growing demand not by investing in increasing yields, but by extending the area of cultivated land using the still abundant pastures. The low grain yields in Spain were in part a consequence of the rational behaviour of producers who faced an economic environment characterized by an elastic supply of land; Financial support from the Spanish Ministry of Science and Innovation project “Explicando el desarrollo de las regiones europeas, 1850-2008” ECO2009- 13331-C02-01”

Trapped by nature: provincial grain yields in Spain in the mid 18th century

Santiago-Caballero, Carlos
Fonte: Cambridge University Press Publicador: Cambridge University Press
Tipo: info:eu-repo/semantics/acceptedVersion; info:eu-repo/semantics/article
Publicado em /12/2013 ENG
Relevância na Pesquisa
36.44%
This paper estimates original yields for five grains in thirty-three provinces of Spain in the mid-18(th) century. We observe a strong heterogeneity between the provinces with yields being considerably higher in the north of the country than in the south-east. Although average yields in Spain were below those in other countries of north-western Europe, the provinces in the north achieved yields not far behind the most advanced agricultural regions of the world. The heterogeneity of yields across Spain can be explained by the different climatic conditions in each province. Although all the provinces improved their yields in the long term, the differences between the provinces remained stable until the modernisation of Spanish agriculture around the mid-20(th) century.; Financial support from the Spanish Ministerio de Economía y Competitividad project «Bienestar y desigualdad en una sociedad preindustrial: España, 1500-1800» ECO2012-38028 is acknowledged.

Rwanda Agricultural Sector Risk Assessment

Giertz, Asa; Gray, George; Mudahar, Mohinder S.; Rubaiza, Rhoda; Galperin, Diana; Suit, Kilara
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Other Agriculture Study
ENGLISH; EN_US
Relevância na Pesquisa
26.48%
Agriculture is the dominant sector of the economy, contributing a third of the country’s gross domestic product (GDP) and about half of Rwanda’s export earnings. The government of Rwanda has therefore made agricultural development a priority and allocated significant resources to improving productivity, expanding the livestock sector, promoting sustainable land management, and developing supply chains and value-added activities. At the same time, Rwanda’s agriculture sector faces a series of challenges. Agriculture is dominated by small-scale, subsistence farming under traditional agricultural practices and rain-fed agriculture. As a result, average crop yields are low compared with potential yields, and exposed to risks such as weather related shocks and pest and disease outbreaks. The purpose of this report is to assess existing risks to the agriculture sector, prioritize them according to their frequency and impacts on the sector, and identify areas of risk management solutions that need deeper specialized attention. Three levels of risks are assessed: production risks...

Evaluation of alternative irrigation technologies based upon applied water and simulated yields

Santos, Francisco Lúcio
Fonte: Journal of Agricultural Engineering Research Publicador: Journal of Agricultural Engineering Research
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
36.38%
Abstract Adequate estimates of yields under comparable amounts of infiltrated water of different irrigation systems are essential for evaluation and adoption of irrigation decisions. A simulation model, crop evapotranspiration and Young's criteria for subjective probability estimates from objective data were used to simulate water management regimes for pressurized and surface-irrigation systems. Historical climatic data, representative soil series and irrigation technologies for CentralArizona were considered in the simulations. Comparable spatial and average yields for drip, graded furrow, level furrow and level basin systems with similar distribution uniformity of applied water were predicted when each irrigation system infiltrates to the same depth in the low-quarter section of the irrigated field as the average of that quarter, to meet seasonal crop evapotranspiration. This implies that a similar fraction of the field (87·5%) is adequately irrigated in each case. Irrigation reuse systems are advisable to achieve comparable, and high, water application efficiencies with furrow systems. Applied water and simulated yields were influenced by the uniformity distribution of the irrigation technologies showing that the model can be used to explore theimplications of design and management decisions. The applied water and simulated yields can be used as inputs in economic models to aid selection of farm irrigation systems.

Changing forest water yields in response to climate warming: results from long-term experimental watershed sites across North America

Creed, Irena F; Spargo, Adam T; Jones, Julia A; Buttle, Jim M; Adams, Mary B; Beall, Fred D; Booth, Eric G; Campbell, John L; Clow, Dave; Elder, Kelly; Green, Mark B; Grimm, Nancy B; Miniat, Chelcy; Ramlal, Patricia; Saha, Amartya; Sebestyen, Stephen; Spi
Fonte: BlackWell Publishing Ltd Publicador: BlackWell Publishing Ltd
Tipo: Artigo de Revista Científica
EN
Relevância na Pesquisa
26.5%
Climate warming is projected to affect forest water yields but the effects are expected to vary. We investigated how forest type and age affect water yield resilience to climate warming. To answer this question, we examined the variability in historical water yields at long-term experimental catchments across Canada and the United States over 5-year cool and warm periods. Using the theoretical framework of the Budyko curve, we calculated the effects of climate warming on the annual partitioning of precipitation (P) into evapotranspiration (ET) and water yield. Deviation (d) was defined as a catchment's change in actual ET divided by P [AET/P; evaporative index (EI)] coincident with a shift from a cool to a warm period – a positive d indicates an upward shift in EI and smaller than expected water yields, and a negative d indicates a downward shift in EI and larger than expected water yields. Elasticity was defined as the ratio of interannual variation in potential ET divided by P (PET/P; dryness index) to interannual variation in the EI – high elasticity indicates low d despite large range in drying index (i.e., resilient water yields), low elasticity indicates high d despite small range in drying index (i.e., nonresilient water yields). Although the data needed to fully evaluate ecosystems based on these metrics are limited...

Yields of rotating stars at solar metallicity

Hirschi, R.; Meynet, G.; Maeder, A.
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
26.49%
We present a new set of stellar yields obtained from rotating stellar models at solar metallicity covering the massive star range (12-60 solar masses). The stellar models were calculated with the latest version of the Geneva stellar evolution code described in Hirschi et al (2004). Evolution and nucleosynthesis are in general followed up to silicon burning. The yields of our non-rotating models are consistent with other calculations and differences can be understood in the light of the treatment of convection and the rate used for C12(a,g)O16. This verifies the accuracy of our calculations and gives a safe basis for studying the effects of rotation on the yields. The contributions from stellar winds and supernova explosions to the stellar yields are presented separately. We then add the two contributions to compute the total stellar yields. Below about 30 solar masses, rotation increases the total metal yields, Z, and in particular the yields of carbon and oxygen by a factor of 1.5-2.5. As a rule of thumb, the yields of a rotating 20 solar masses star are similar to the yields of a non-rotating 30 solar masses star, at least for the light elements considered in this work. For very massive stars (around 60 solar masses), rotation increases the yield of helium but does not significantly affect the yields of heavy elements.; Comment: 11 pages...

Carbon and Oxygen Galactic Abundance Gradients: A Comparative Study of Stellar Yields

Carigi, Leticia
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
26.49%
Chemical evolution models for the Galactic disk under an inside-out formation scenario are presented for seven sets of stellar yields, all of them metal dependent. In particular, the effects of yields from massive and low-and-intermediate-mass stars on the C/O chemical history of the solar neighborhood and on abundance gradients are discussed comparing the predictions with abundance ratios from nearby HII regions, B-stars, dwarf stars, and the Sun. In the solar vicinity, the increase of C/O with metallicity is due to massive stars alone. Models with yields by Maeder (1992) or by Portinari, Chiosi, & Bressan (1998) reproduce the observed C/O increase with metallicity, while models assuming yields by Woosley & Weaver (1995) and Woosley, Langer, & Weaver (1993) do not. Models based on yields by Maeder (1992) are in agreement with the C/O gradient, while those based on yields by Portinari et al. (1998) or by Woosley & Weaver (1995) and Woosley et al. (1993) are not. To match both, the C/O enrichment history of the solar neighborhood and the C/O local gradient, models call for: i) yields that take into account metal-dependent stellar winds; and ii) for massive stars, a mass-loss rate with a metallicity dependence not as simple as Z^{0.5}. C/O abundance ratios predicted with yields by Marigo...

Onset and end of the rainy season and corn yields in São Paulo State, Brazil

Franchito,S. H.; Brahmananda Rao,V.; Gan,M. A.; Santo,C. M. E.
Fonte: Instituto de Geofísica, UNAM Publicador: Instituto de Geofísica, UNAM
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/06/2010 EN
Relevância na Pesquisa
36.44%
The relationships between the rainy season and corn yields in São Paulo State were investigated. The results showed that rainfall and corn yields are strongly positively correlated in most of the region, particularly in the northeastern, eastern, northwestern and western parts of the state (i.e. values are higher than 0.5 signifcant at 95% confdence level). The analysis of the trends in the duration of the rainy season and the associated accumulated precipitation showed a tendency of higher precipitation and shorter rainy seasons. It has been suggested to be due to global warming. Although rainfall and crop yields were positively correlated, an increase in heavy rainfall events in future may lead to landslides, fash foods and consequently crop damage. During the period 1970-2003 there was an increase of the rainy season and rainfall in strong El Niño episodes while in the case of La Niña events the rainy season was shorter and the rainfall decreased. Results of case studies considering the 1997-98 El Niño and the 1998-99 La Niña suggested that the increase (decrease) of the duration of the rainy season during the El Niño (La Niña) event is associated with the increase (decrease) of corn yields in São Paulo State. Further studies with a record of corn yields longer than 14 years and considering other El Niño/La Niña episodes are needed to obtain a frm connection between corn yields and ENSO events in São Paulo State.