Tools for testing the Solvency Capital Requirement for life insurance

Longevity risk is one of the major risks that an insurance company or a pension fund has to deal with and it is expected that its importance will grow in the near future. In agreement with these considerations, in Solvency II regulation the Standard formula furnished for calculating the Solvency Capital Requirement explicitly considers this kind of risk. According to the new European rules in our paper we suggest a multiperiod approach to evaluate the SCR for longevity risk. We propose a backtesting framework for measuring the consistency of SCR calculations for life insurance policies.

Impacto da adopção das IAS/IFRS no capital próprio e no resultado líquido nas empresas portuguesas cotadas

Mestrado em Contabilidade Internacional

Abordagem do capital intelectual na perspectiva da tridimensionalidade da linguagem contábil

O artigo aborda o capital intelectual na perspectiva da tridimensionalidade da linguagem contábil. Para tanto, foi realizada pesquisa exploratória em fontes secundárias, com abordagem lógica dedutiva. O trabalho busca preencher uma lacuna existente na literatura quanto à necessidade de se considerar os elementos intangíveis, em particular, os relacionados ao capital intelectual, no processo de mensuração dos ativos das organizações. Inicialmente, faz uma incursão na conceituação e características de ativos, bem como na sua mensuração. Após, aborda os aspectos conceituais do capital intelectual, centrando maior atenção nas alternativas relacionadas à sua avaliação. Na seqüência, mostra o capital intelectual na perspectiva da tridimensionalidade da linguagem contábil e apresenta considerações finais ao estudo. Com base na pesquisa realizada, observou-se que os ativos possuem diversos atributos passíveis de mensuração.

Análise empírica da informação voluntária sobre capital intelectual no setor bancário espanhol

A contabilidade financeira tradicional está perdendo relevância frente a nova economia. O valor contábil das empresas se distanciam cada vez mais do seu valor de mercado, principalmente nas organizações de alta tecnologia e serviços. Perante essa conjuntura, surge a polêmica, defendida por alguns pesquisadores, de que as demonstrações contábeis não estão mais retratando o verdadeiro valor da empresa, uma vez que o valor dos livros das empresas estão muito aquém do seu corresponente valor de mercado (Lev, 2003, p. 21-24). Esta diferença vem sendo explicada, por uma infinidade de autores como: Capital Intelectual o Ativo Intangível. Diante do que foi exposto, inegavelmente os intangíveis, nos últimos anos, ganharam mais importância para as organizações. O desafio, portanto, consiste em identificar, medir, gerir e informar o capital intelectual. Este artigo tem a finalidade de verificar, através do estudo empírico, qual a relação existente entre os modelos de capital intelectual propostos na literatura, e analisados neste trabalho, com os informes divulgados pelos bancos espanhóis. Para isto, em primeiro lugar tratamos de definir o termo Capital Intelectual (CI); em seguida apresentaremos algumas agrupações existentes de modelos de CI, para assim podermos selecionar os mais apropriados para a informação externa (reporting). Em um terceiro momento analisamos a divulgação de informes das Contas Anuais destas instituições. Por fim evidenciamos as conclusões a que chegamos, onde podemos observar que há um distanciamento entre os modelos utilizados na prática pelos bancos e os modelos teóricos.

O capital intelectual no sector público

Com a denominação de Capital Intelectual pretende-se reconhecer o conjunto de activos intangíveis de que dispõe uma organização. Os administradores das entidades públicas gerem activos intangíveis, tanto ou mais que os seus colegas das empresas privadas, o que justifica o seu crescente interesse nos progressos do Capital Intelectual. É, de qualquer modo, um tanto difícil aplicar ao sector público modelos desenhados para as empresas, tanto mais que os objectivos das administrações públicas diferem das empresas privadas, como a maximização do resultado ou a criação de valor para o accionista. Os recursos humanos, com os seus conhecimentos, habilidades e atitudes são fundamentais para que a entidade atinja os seus objectivos. A determinação do Capital Intelectual permite o estabelecimento de objectivos realistas assim como a pronta resolução dos problemas. Este trabalho é de duplo objectivo: analisar os distintos critérios propostos na literatura para diferenciar entre tipos de Capital Intelectual e propor um modelo de Capital Intelectual adaptado às características especiais do sector público. Apresentam-se também alguns indicadores de gestão do Capital Intelectual destinados ao sector público, agrupados em várias categorias.

Criação de valor, gestão de risco e as medidas de performance ajustadas ao risco: aplicação do RAROC - Risk Adjustment Return on Capital - ao grupo crédito agrícola

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Cell-specific regulation of acetylcholinesterase expression under inflammatory conditions

Acetylcholine (ACh) has been shown to exert an anti-inflammatory function by down-modulating the expression of pro-inflammatory cytokines. Its availability can be regulated at different levels, namely at its synthesis and degradation steps. Accordingly, the expression of acetylcholinesterase (AChE), the enzyme responsible for ACh hydrolysis, has been observed to be modulated in inflammation. To further address the mechanisms underlying this effect, we aimed here at characterizing AChE expression in distinct cellular types pivotal to the inflammatory response. This study was performed in the human acute leukaemia monocytyc cell line, THP-1, in human monocyte-derived primary macrophages and in human umbilical cord vein endothelial cells (HUVEC). In order to subject these cells to inflammatory conditions, THP-1 and macrophage were treated with lipopolysaccharide (LPS) from E.coli and HUVEC were stimulated with the tumour necrosis factor α (TNF-α). Our results showed that although AChE expression was generally up-regulated at the mRNA level under inflammatory conditions, distinct AChE protein expression profiles were aurprisingly observed among the distinct cellular types studied. Altogether, these results argue for the existence of cell specific mechanisms that regulate the expression of acetylcholinesterase in inflammation.

Protection against oxidative stress through SUA7/TFIIB regulation in Saccharomyces cerevisiae

The general transcription factor TFIIB, encoded by SUA7 in Saccharomyces cerevisiae, is required for transcription activation but apparently of a specific subset of genes, for example, linked with mitochondrial activity and hence with oxidative environments. Therefore, studying SUA7/TFIIB as a potential target of oxidative stress is fundamental. We found that controlled SUA7 expression under oxidative conditions occurs at transcriptional and mRNA stability levels. Both regulatory events are associated with the transcription activator Yap1 in distinct ways: Yap1 affects SUA7 transcription up regulation in exponentially growing cells facing oxidative signals; the absence of this activator per se contributes to increase SUA7 mRNA stability. However, unlike SUA7 mRNA, TFIIB abundance is not altered on oxidative signals. The biological impact of this preferential regulation of SUA7 mRNA pool is revealed by the partial suppression of cellular oxidative sensitivity by SUA7 overexpression, and supported by the insights on the existence of a novel RNA-binding factor, acting as an oxidative sensor, which regulates mRNA stability. Taken together the results point out a primarily cellular commitment to guarantee SUA7 mRNA levels under oxidative environments.

Regulation of antioxidant enzymes gene expression in the yeast Saccharomyces cerevisiae during stationary phase

Gene expression of three antioxidant enzymes, Mn superoxide dismutase (MnSOD), Cu,Zn superoxide dismutase (Cu,ZnSOD), and glutathione reductase (GR) was investigated in stationary phase Saccharomyces cerevisiae during menadione-induced oxidative stress. Both GR and Cu,ZnSOD mRNA steady state levels increased, reaching a plateau at about 90 min exposure to menadione. GR mRNA induction was higher than that of Cu,ZnSOD (about 14-fold and 9-fold after 90 min, respectively). A different pattern of response was obtained for MnSOD mRNA, with a peak at about 15 min (about 8-fold higher) followed by a decrease to a plateau approximately 4-fold higher than the control value. However, these increased mRNA levels did not result in increased protein levels and activities of these enzymes. Furthermore, exposure to menadione decreased MnSOD activity to half its value, indicating that the enzyme is partially inactivated due to oxidative damage. Cu,ZnSOD protein levels were increased 2-fold, but MnSOD protein levels were unchanged after exposure to menadione in the presence of the proteolysis inhibitor phenylmethylsulfonyl fluoride. These results indicate that the rates of Cu,ZnSOD synthesis and proteolysis are increased, while the rates of MnSOD synthesis and proteolysis are unchanged by exposure to menadione. Also, the translational efficiency for both enzymes is probably decreased, since increases in protein levels when proteolysis is inhibited do not reflect the increases in mRNA levels. Our results indicate that oxidative stress modifies MnSOD, Cu,ZnSOD, and GR gene expression in a complex way, not only at the transcription level but also at the post-transcriptional, translational, and post-translational levels.

Cellular polarity in aging: role of redox regulation and nutrition

Cellular polarity concerns the spatial asymmetric organization of cellular components and structures. Such organization is important not only for biological behavior at the individual cell level, but also for the 3D organization of tissues and organs in living organisms. Processes like cell migration and motility, asymmetric inheritance, and spatial organization of daughter cells in tissues are all dependent of cell polarity. Many of these processes are compromised during aging and cellular senescence. For example, permeability epithelium barriers are leakier during aging; elderly people have impaired vascular function and increased frequency of cancer, and asymmetrical inheritance is compromised in senescent cells, including stem cells. Here, we review the cellular regulation of polarity, as well as the signaling mechanisms and respective redox regulation of the pathways involved in defining cellular polarity. Emphasis will be put on the role of cytoskeleton and the AMP-activated protein kinase pathway. We also discuss how nutrients can affect polarity-dependent processes, both by direct exposure of the gastrointestinal epithelium to nutrients and by indirect effects elicited by the metabolism of nutrients, such as activation of antioxidant response and phase-II detoxification enzymes through the transcription factor nuclear factor (erythroid-derived 2)-like 2 (Nrf2). In summary, cellular polarity emerges as a key process whose redox deregulation is hypothesized to have a central role in aging and cellular senescence.

Gene expression regulation and lineage evolution: the North and South tale of the hybrid polyploid Squalius alburnoides complex

The evolution of hybrid polyploid vertebrates, their viability and their perpetuation over evolutionary time have always been questions of great interest. However, little is known about the impact of hybridization and polyploidization on the regulatory networks that guarantee the appropriate quantitative and qualitative gene expression programme. The Squalius alburnoides complex of hybrid fish is an attractive system to address these questions, as it includes a wide variety of diploid and polyploid forms, and intricate systems of genetic exchange. Through the study of genome-specific allele expression of seven housekeeping and tissue-specific genes, we found that a gene copy silencing mechanism of dosage compensation exists throughout the distribution range of the complex. Here we show that the allele-specific patterns of silencing vary within the complex, according to the geographical origin and the type of genome involved in the hybridization process. In southern populations, triploids of S. alburnoides show an overall tendency for silencing the allele from the minority genome, while northern population polyploids exhibit preferential biallelic gene expression patterns, irrespective of genomic composition. The present findings further suggest that gene copy silencing and variable expression of specific allele combinations may be important processes in vertebrate polyploid evolution.

Hydrogen peroxide sensing, signaling and regulation of transcription factors

The regulatory mechanisms by which hydrogen peroxide (H2O2) modulates the activity of transcription factors in bacteria (OxyR and PerR), lower eukaryotes (Yap1, Maf1, Hsf1 and Msn2/4) and mammalian cells (AP-1, NRF2, CREB, HSF1, HIF-1, TP53, NF-κB, NOTCH, SP1 and SCREB-1) are reviewed. The complexity of regulatory networks increases throughout the phylogenetic tree, reaching a high level of complexity in mammalians. Multiple H2O2 sensors and pathways are triggered converging in the regulation of transcription factors at several levels: (1) synthesis of the transcription factor by upregulating transcription or increasing both mRNA stability and translation; (ii) stability of the transcription factor by decreasing its association with the ubiquitin E3 ligase complex or by inhibiting this complex; (iii) cytoplasm-nuclear traffic by exposing/masking nuclear localization signals, or by releasing the transcription factor from partners or from membrane anchors; and, (iv) DNA binding and nuclear transactivation by modulating transcription factor affinity towards DNA, co-activators or repressors, and by targeting specific regions of chromatin to activate individual genes. We also discuss how H2O2 biological specificity results from diverse thiol protein sensors, with different reactivity of their sulfhydryl groups towards H2O2, being activated by different concentrations and times of exposure to H2O2. The specific regulation of local H2O2 concentrations is also crucial and results from H2O2 localized production and removal controlled by signals. Finally, we formulate equations to extract from typical experiments quantitative data concerning H2O2 reactivity with sensor molecules. Rate constants of 140 M-1s−1 and ≥ 1.3 × 103 M-1s−1 were estimated, respectively, for the reaction of H2O2 with KEAP1 and with an unknown target that mediates NRF2 protein synthesis. In conclusion, the multitude of H2O2 targets and mechanisms provides an opportunity for highly specific effects on gene regulation that depend on the cell type and on signals received from the cellular microenvironment.

A gestão baseada no valor: Métricas tradicionais e medidas de performance ajustada ao risco. Risk Adjusted Return on Capital (RAROC) - Aplicação prática à actividade bancária

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Modelos de supervisão/regulação bancária: enquadramento internacional e desenvolvimentos mais recentes

Mestrado em Contabilidade e Análise Financeira

Contabilidade do capital humano: considerações na aplicação de uma PME

Mestrado em Contabilidade