Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Arquitetura da (in)segurança: estudando relações entre configuração espacial, artifícios de segurança e violência urbana no bairro Manaíra, João Pessoa, Paraíba

João Pessoa, the capital city of the state of Paraíba (Northeast Brazil), is reputed throughout the country as a quiet place, although it has been acquiring, over the past years, an urban character with social implications similar to those of major metropolitan Brazilian areas. The new situation is evident by the social inequalities, with the creation of confined spaces, which segregate and cause enclosure of the inhabitants, leading to death the public space. This study correlates accessibility in spatial structure with two types of crime data, burglary and robbery, recorded in 2008 and 2009, by the Secretaria de Segurança da Paraíba (The government agency public in charge of safety), in the district of Manaíra, an upper middle class neighborhood, which has, in recent times, been considered one of the most violent areas in João Pessoa. Sought to understand connections between these events and morpho-social aspects of the built environment, where examined the spatial properties, such as accessibility of the urban net, the presence of control measures, the safety of buildings and their uses. Spatial properties were also validated by the observation of pedestrian flows at strategic points of the study area. It was concluded that the presence of intense flows helps to attract potential thieves, physical security and control offers little protection