Financial leverage and tangibility of assets of Brazilian companies of agribusiness in the post-real plan period

This paper aims to study the relationship between the debt level and the asset structure of Brazilian companies of the agribusiness sector, since it is considered a current and relevant discussion: to evaluate the mechanisms for fund-raising and guarantees. The methodology of Granger`s Causality test and Autoregressive Vectors was used to conduct a comparative analysis, applied to a financial database of companies with open capital of Brazilian agribusiness, in particular the agricultural sector and Fisheries and Food and Beverages in a period of 10 years (1997-2007) from quarterly series available in the database of Economatica(R). The results demonstrated that changes in leverage generate variations in the tangibility of the companies, a fact that can be explained by the large search of funding secured by fiduciary transfer of fixed assets, which facilitates access to credit by business of the Agribusiness sector, increasing the payment time and lowering interest rates.

A hybrid commodity price-forecasting model applied to the sugar-alcohol sector

Accurate price forecasting for agricultural commodities can have significant decision-making implications for suppliers, especially those of biofuels, where the agriculture and energy sectors intersect. Environmental pressures and high oil prices affect demand for biofuels and have reignited the discussion about effects on food prices. Suppliers in the sugar-alcohol sector need to decide the ideal proportion of ethanol and sugar to optimise their financial strategy. Prices can be affected by exogenous factors, such as exchange rates and interest rates, as well as non-observable variables like the convenience yield, which is related to supply shortages. The literature generally uses two approaches: artificial neural networks (ANNs), which are recognised as being in the forefront of exogenous-variable analysis, and stochastic models such as the Kalman filter, which is able to account for non-observable variables. This article proposes a hybrid model for forecasting the prices of agricultural commodities that is built upon both approaches and is applied to forecast the price of sugar. The Kalman filter considers the structure of the stochastic process that describes the evolution of prices. Neural networks allow variables that can impact asset prices in an indirect, nonlinear way, what cannot be incorporated easily into traditional econometric models.

PROPOSAL OF A PERFORMANCE MEASURING SYSTEM APPLIED TO AGRICULTURAL MECHANIZATION

The leaders` organizations of several different sectors have as characteristic to measure their own performance in a systematic way. However, this concept is still unusual in agricultural enterprises, including the mechanization sector. Mechanization has an important role on the production costs and to know its performance is a key factor for the agricultural enterprise success. This work was generated by the importance that measurement of performance has for the management and the mechanization impact on the production costs. Its aim is to propose an integrated performance measurement system to give support to agricultural management. The methodology was divided in two steps: adjustment of a conceptual model based on Balanced Score Card - BSC; application of the model in a study case at sugar cane mill. The adjustment and the application of the conceptual model allowed to obtain the performance index in a systematic way, that are associated to: costs and deadline ( traditionally used); control and improvement on the quality of operations and support process; environmental preservation; safety; health; employees satisfaction; development of information systems. The adjusted model helped the development of the performance measurement system for the mechanized management systems and the index allows an integrated view of the enterprise, related to its strategic objectives.

Análise da pozolanicidade da cinza da casca da castanha do caju pelo método de difratometria de raios X

Atualmente, o aproveitamento de resíduos na construção civil tem sido estimulado, uma vez que esse setor apresenta-se como um dos maiores consumidores de materiais naturais em seus processos e produtos. As cinzas ocupam lugar de destaque entre os resíduos agroindustriais por resultarem de processos de geração de energia. Grande parte dessas cinzas possui atividade pozolânica, podendo ser utilizada como substituto parcial do cimento Portland, resultando numa economia significativa de energia e custo. Este trabalho faz parte de uma pesquisa mais ampla, a qual busca avaliar a viabilidade técnica da cinza da casca da castanha de caju (CCCC) como adição mineral em matrizes de cimento Portland, como também, propor uma metodologia de análise de cinzas agroindustriais. Aplicou-se a técnica de difratometria de raios X para avaliar a reatividade do hidróxido de cálcio pela cinza da casca da castanha de caju em pastas, empregaram-se teores de substituição entre 2,5 e 30,0% e os difratogramas das pastas foram comparados com os das pastas confeccionadas com sílica ativa, executados sobre as mesmas condições de ensaio. Os resultados apontam para a ausência de reatividade pozolânica da CCCC com o cimento Portland.

Lepton sector of a fourth generation

In extensions of the standard model with a heavy fourth generation, one important question is what makes the fourth-generation lepton sector, particularly the neutrinos, so different from the lighter three generations. We study this question in the context of models of electroweak symmetry breaking in warped extra dimensions, where the flavor hierarchy is generated by choosing the localization of the zero-mode fermions in the extra dimension. In this setup the Higgs sector is localized near the infrared brane, whereas the Majorana mass term is localized at the ultraviolet brane. As a result, light neutrinos are almost entirely Majorana particles, whereas the fourth-generation neutrino is mostly a Dirac fermion. We show that it is possible to obtain heavy fourth-generation leptons in regions of parameter space where the light neutrino masses and mixings are compatible with observation. We study the impact of these bounds, as well as the ones from lepton flavor violation, on the phenomenology of these models.

New strongly coupled sector at the Tevatron and the LHC

We examine the possibility that a new strong interaction is accessible to the Tevatron and the LHC. In an effective theory approach, we consider a scenario with a new color-octet interaction with strong couplings to the top quark, as well as the presence of a strongly coupled fourth generation which could be responsible for electroweak symmetry breaking. We apply several constraints, including the ones from flavor physics. We study the phenomenology of the resulting parameter space at the Tevatron, focusing on the forward-backward asymmetry in top pair production, as well as in the production of the fourth-generation quarks. We show that if the excess in the top production asymmetry is indeed the result of this new interaction, the Tevatron could see the first hints of the strongly coupled fourth-generation quarks. Finally, we show that the LHC with root s = 7 TeV and 1 fb(-1) integrated luminosity should observe the production of fourth-generation quarks at a level at least 1 order of magnitude above the QCD prediction for the production of these states.

Conversion to soy on the Amazonian agricultural frontier increases streamflow without affecting stormflow dynamics

Large-scale soy agriculture in the southern Brazilian Amazon now rivals deforestation for pasture as the region`s predominant form of land use change. Such landscape-level change can have substantial consequences for local and regional hydrology, but these effects remain relatively unstudied in this ecologically and economically important region. We examined how the conversion to soy agriculture influences water balances and stormflows using stream discharge (water yields) and the timing of discharge (stream hydrographs) in small (2.5-13.5 km2) forested and soy headwater watersheds in the Upper Xingu Watershed in the state of Mato Grosso, Brazil. We monitored water yield for 1 year in three forested and four soy watersheds. Mean daily water yields were approximately four times higher in soy than forested watersheds, and soy watersheds showed greater seasonal variability in discharge. The contribution of stormflows to annual streamflow in all streams was low (< 13% of annual streamflow), and the contribution of stormflow to streamflow did not differ between land uses. If the increases in water yield observed in this study are typical, landscape-scale conversion to soy substantially alters water-balance, potentially altering the regional hydrology over large areas of the southern Amazon.

Historical carbon emissions and uptake from the agricultural frontier of the Brazilian Amazon

Tropical ecosystems play a large and complex role in the global carbon cycle. Clearing of natural ecosystems for agriculture leads to large pulses of CO(2) to the atmosphere from terrestrial biomass. Concurrently, the remaining intact ecosystems, especially tropical forests, may be sequestering a large amount of carbon from the atmosphere in response to global environmental changes including climate changes and an increase in atmospheric CO(2). Here we use an approach that integrates census-based historical land use reconstructions, remote-sensing-based contemporary land use change analyses, and simulation modeling of terrestrial biogeochemistry to estimate the net carbon balance over the period 1901-2006 for the state of Mato Grosso, Brazil, which is one of the most rapidly changing agricultural frontiers in the world. By the end of this period, we estimate that of the state`s 925 225 km(2), 221 092 km(2) have been converted to pastures and 89 533 km(2) have been converted to croplands, with forest-to-pasture conversions being the dominant land use trajectory but with recent transitions to croplands increasing rapidly in the last decade. These conversions have led to a cumulative release of 4.8 Pg C to the atmosphere, with similar to 80% from forest clearing and 20% from the clearing of cerrado. Over the same period, we estimate that the residual undisturbed ecosystems accumulated 0.3 Pg C in response to CO2 fertilization. Therefore, the net emissions of carbon from Mato Grosso over this period were 4.5 Pg C. Net carbon emissions from Mato Grosso since 2000 averaged 146 Tg C/yr, on the order of Brazil`s fossil fuel emissions during this period. These emissions were associated with the expansion of croplands to grow soybeans. While alternative management regimes in croplands, including tillage, fertilization, and cropping patterns promote carbon storage in ecosystems, they remain a small portion of the net carbon balance for the region. This detailed accounting of a region`s carbon balance is the type of foundation analysis needed by the new United Nations Collaborative Programmme for Reducing Emissions from Deforestation and Forest Degradation (REDD).

Greenhouse gas emissions from alternative futures of deforestation and agricultural management in the southern Amazon

The Brazilian Amazon is one of the most rapidly developing agricultural areas in the world and represents a potentially large future source of greenhouse gases from land clearing and subsequent agricultural management. In an integrated approach, we estimate the greenhouse gas dynamics of natural ecosystems and agricultural ecosystems after clearing in the context of a future climate. We examine scenarios of deforestation and postclearing land use to estimate the future (2006-2050) impacts on carbon dioxide (CO(2)), methane (CH(4)), and nitrous oxide (N(2)O) emissions from the agricultural frontier state of Mato Grosso, using a process-based biogeochemistry model, the Terrestrial Ecosystems Model (TEM). We estimate a net emission of greenhouse gases from Mato Grosso, ranging from 2.8 to 15.9 Pg CO(2)-equivalents (CO(2)-e) from 2006 to 2050. Deforestation is the largest source of greenhouse gas emissions over this period, but land uses following clearing account for a substantial portion (24-49%) of the net greenhouse gas budget. Due to land-cover and land-use change, there is a small foregone carbon sequestration of 0.2-0.4 Pg CO(2)-e by natural forests and cerrado between 2006 and 2050. Both deforestation and future land-use management play important roles in the net greenhouse gas emissions of this frontier, suggesting that both should be considered in emissions policies. We find that avoided deforestation remains the best strategy for minimizing future greenhouse gas emissions from Mato Grosso.

Changes in soil organic carbon storage under different agricultural management systems in the Southwest Amazon Region of Brazil

The Cerrado and Amazon regions of Brazil are probably the largest agricultural frontier of the world, and Could be a sink or source for C depending on the net effect of land use change and subsequent management on soil organic C pools. We evaluated the effects of agricultural management systems on soil organic C (SOC) stocks in the Brazilian states of Rondonia and Mato Grosso, and derived regional specific factors for soil C stock change associated with different management systems. We used 50 observations (data points) in this study, including 42 dealing with annual cropping practices and 8 dealing with perennial cropping, and analyzed the data in linear mixed-effect models. No tillage (NT) systems in Cerrado areas increased SOC Storage by 1.08 +/- 0.06 relative to SOC stocks under native conditions, while SOC storage increased by a modest factor of 1.01 +/- 0.17 in Cerradao and Amazon Forest conditions. Full tillage (FT) had negative effect on SOC storage relative to NT, decreasing SOC stocks by a factor of 0.94 +/- 0.04. but did not significantly reduce SOC stocks relative to native levels when adopted in the Cerrado region. Perennial cropping had a minimal impact on SOC stocks, estimated at a factor Value of 0.98 +/- 0.14, suggesting these systems maintain about 98% of the SOC stock found under native vegetation. The results Suggest that NT adoption may be increasing SOC with land use change from native vegetation to cropland management in the Cerrado region of Brazil. (C) 2009 Elsevier B.V. All rights reserved.

Carbon sequestration in agricultural soils in the Cerrado region of the Brazilian Amazon

The introduction of crop management practices after conversion of Amazon Cerrado into cropland influences soil C stocks and has direct and indirect consequences on greenhouse gases (GHG) emissions. The aim of this study was to quantify soil C sequestration, through the evaluation of the changes in C stocks, as well as the GHG fluxes (N(2)O and CH(4)) during the process of conversion of Cerrado into agricultural land in the southwestern Amazon region, comparing no-tillage (NT) and conventional tillage (CT) systems. We collected samples from soils and made gas flux measurements in July 2004 (the dry season) and in January 2005 (the wet season) at six areas: Cerrado, CT cultivated with rice for 1 year (1CT) and 2 years (2CT), and NT cultivated with soybean for 1 year (1NT), 2 years (2NT) and 3 years (3NT), in each case after a 2-year period of rice under CT. Soil samples were analyzed in both seasons for total organic C and bulk density. The soil C stocks, corrected for a mass of soil equivalent to the 0-30-cm layer under Cerrado, indicated that soils under NT had generally higher C storage compared to native Cerrado and CT soils. The annual C accumulation rate in the conversion of rice under CT into soybean under NT was 0.38 Mg ha(-1) year(-1). Although CO(2) emissions were not used in the C sequestration estimates to avoid double counting, we did include the fluxes of this gas in our discussion. In the wet season, CO(2) emissions were twice as high as in the dry season and the highest N(2)O emissions occurred under the NT system. There were no CH(4) emissions to the atmosphere (negative fluxes) and there were no significant seasonal variations. When N(2)O and CH(4) emissions in C-equivalent were subtracted (assuming that the measurements made on 4 days were representative of the whole year), the soil C sequestration rate of the conversion of rice under CT into soybean under NT was 0.23 Mg ha(-1) year(-1). Although there were positive soil C sequestration rates, our results do not present data regarding the full C balance in soil management changes in the Amazon Cerrado. (C) 2008 Elsevier B.V. All rights reserved.

Arsenic and Chromium in Brazilian Agricultural Supplies

Arsenic (As) and chromium (Cr) contents were measured in agricultural supplies used at different farms in Sao Paulo State, Brazil. The highest mass fractions of As were found in thermophosphates, reaching levels of 4 mg/kg. The highest mass fractions of Cr (21 g/kg) were found in calcium magnesium silicate, while the thermophosphates also presented high values reaching approximately 1 g/kg. The levels of As were within Brazilian guidelines, but the values of Cr in thermophosphates exceeded the levels permitted in Brazil. The As content in fertilizers may be considered safe (5 mg/kg) in terms of environmental pollution. However, the Cr content in calcium magnesium silicate following continuous use may constitute a significant problem in Brazil due to potentially increasing levels of this metal in soils.

Chemical characterization of agricultural supplies applied to organic tomato cultivation

The agricultural supplies used in the organic system to control pests and diseases as well as to fertilize soil are claimed to be beneficial to plants and innocuous to human health and to the environment. The chemical composition of six agricultural supplies commonly used in the organic tomato culture, was evaluated by instrumental neutron activation analysis (INAA). Results were compared to the maximum limits established by the Environment Control Agency of the Sao Paulo State (CETESB) and the Guidelines for Organic Quality Standard of Instituto Biodinamico (IBD). Concentrations above reference values were found for Co, Cr and Zn in compost, Cr and Zn in cattle manure and Zn in rice bran.

Sequential Injection Analysis (SIA) for Arsenic Speciation by Capillary Electrophoresis Hyphenated to Inductively Coupled Plasma Sector Field Mass Spectrometry (CE-ICP-SFMS)

Sequential injection analysis (SIA) is proposed for managing microvolumes of sample and arsenic species solutions for speciation analysis by capillary electrophoresis focusing on the reduction of hazardous waste residues. An electronically controlled hydrodynamic injector was projected to introduce microvolumes of solutions prepared by SIA into the CE capillary with precision better than 2%. The determination of arsenite, arsenate, monomethylarsonic acid, dimethylarsinic acid, and arsenobetaine was performed from 50 mu L volumes of lyophilized urine and extract of shrimp with the system hyphenated to inductively coupled plasma mass spectrometry (CE-ICP-SFMS).

Knowledge transfer in product development processes: A case study in small and medium enterprises (SMEs) of the metal-mechanic sector from Sao Paulo, Brazil

This paper reports a research that evaluated the product development methodologies used in Brazilian small and medium-sized metal-mechanic enterprises (SMEs), in a specific region of Sao Paulo. The tool used for collecting the data was a questionnaire, which was developed and applied through interviews conducted by the researchers in 32 companies. The main focus of this paper can be condensed in the synthesis-question ""Is only the company responsible for the development?"" which was analyzed thoroughly. The results obtained from this analysis were evaluated directly (through the respective percentages of answers) and statistically (through the search of an index which demonstrates if two questions are related). The results point to a degree of maturity in SMEs, which allows product development to be conducted in cooperation networks. (C) 2007 Elsevier Ltd. All rights reserved.