Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Turismo e terceiro setor: o papel e atuação de organizações não-governamentais no polo costa das dunas/RN

O tema deste estudo visa pesquisar o papel e atuação das Organizações Não Governamentais - ONGs, terceiro setor do turismo, no estado do Rio Grande do Norte - RN, identificando a atuação e participação no turismo, para, assim, elencar suas contribuições e benefícios para as populações locais, para o usuário dos serviços e para o incremento da economia no Estado. Analisando as que atuam no turismo do Rio Grande do Norte, procurou-se identificar suas contribuições, características e estruturas, descrever as suas formas de atuação e os respectivos resultados e influências. Buscou-se verificar se a organização atua na área de turismo e local adequado para o desenvolvimento das atividades turísticas nos seus projetos, na gestão administrativa e operacional. Para tal, utilizamos a teoria do livro “Análise Estrutural do Turismo” (Beni), bem como o Modelo Referencial do Sistema de Turismo (SISTUR). Avaliando se o tempo em que essa instituição atua na área propiciará às pessoas, de acordo com seus perfis, assimilarem conhecimento como gestoras no processo dos projetos. Observamos como funciona a Gestão de ONGs, a fim de identificarmos se as ONGs trabalham adequadamente as funções gerenciais. Se há envolvimento da organização nos projetos e nas suas fases de processo, assim como, sua importância e dificuldades encontradas na relação estabelecida entre as ONGs e a sociedade. A partir disso, poderemos identificar o envolvimento da comunidade que se beneficia.

Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Contribuições da pesquisa operacional para gestão da produção e operações : uma análise exploratória da literatura

This research aims to investigate the evolution presented during three decades (1980, 1990 and 2000) of using the tools of Operations Research (OR) as a suport to decision making in Production Operation Management (POM). Hypothesis tests were made to verify the proportional growth of a given area over the decades to the detriment of the areas of facility layout, capacity planning, production scheduling and inventory management. Six journals were selected and from them more than 800 articles were used for classification and analysis in the grounds of review. It also discussed possible ways for future research and comparisons are made with other papers of literature review. As a result, it was found that areas of heuristics and simulation showed a greater quantity of contributions in all POM areas of this study

análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios

Reforma administrativa e gestão de políticas sociais em Mossoró: a falácia dos atores institucionais e sociais

The thesis entitled The administrative reform and social political management in Mossoró: the institutional and social staff's falacy. Comprehends a moment of apprehensiveness and analysis in the reestrcturing process of the city, whose process will show the formation of strategies and deployment of its relation with the social political affectiveness. It represents a single moment in the approach of such a kind of experience in the city. The analysis starts from the third mandate of the Mayor Rosalba Ciarlini Rosado, during the quadriennium 2001/2004, for being the time in which the public management got materialized, such as in the operational way of the social politics. For that, we delimitate this study in two distinct moments: the first one refers to the reform elaboration from the creation of the additional law nº 001/2000 GP/PMM: the second one refers to a practical reform from the social and institutional staff's speech. Within that scenary it was seen that the approaching, though partially, the State Reform and, consequently, the master plan of the state apparatus, which were made of theoretical matrices of such a project locally. However, that is a complex experience, that required the use of field and documental research for the proposed investigation and at the same time, prove the guiding hypothesis of it, what means a grouping of areas like: education, healthy, and social development in only one department City Citizenship Department that is able to materialize a new intitutional arrangement, according to the management principles in the public administration at the govern local level, configuring a reform and not just an institutional adequacy. In that context, it got necessary to apprehending the institutional and social actors' falacy as a way to prove or not the presented hypothesis. Among the first staff, we have the mayor's direct leaders and advisors' perception that express the politcal administrative aspects of the reform and, in the second, the perception of the political view of what has changed concerning the management of the social politics

Fatores de decisão da adoção do gás natural na geração de energia elétrica em pequena escala em postos de combustíveis: um estudo de anális de decusão usando o processo de hierarquia analítica AHP

A modeling of criterias and alternatives is through and applied a questionnaire based on method AHP to proprietors of gas stations. The considered alternatives had been the maintenance of the current state with electric energy of the deliverer and the generation in small scale based on the natural gas. The used criteria had been Cost of the Investment, Final Cost of the Energy, Operational cost, Ambient Benefits, Risk and Variation of Costs. The study it was carried through in the city of Natal, RN in ranks that make use of the natural as for resale, where the generation alternative on the basis of the available gas is present. The main results evidence in a dimension the viability of use of method AHP with questionnaire by means of validation of the judgments with analysis of variance beyond proper the normal mechanisms of analysis of consistency to the method. The main results of the analysis help to show that in this in case that the profile of models of criteria and judgments of the actors is similar, with the final evidence of that it has a dominance of the maintenance of the energy of the deliverer. The main criterion to influence this decision was the risk

Um estudo da aplicação do conceito de risco na conscientização e conhecimento de estudantes de ensino técnico sobre riscos de segurança e saúde ocupacional em laboratório de soldagem

This dissertation presents a discussion on the level of risk awareness of students who have welding practice in the laboratories at CEFET/PI, both in Teresina and Floriano. Its main goal is to investigate risk factors involving students, teachers and employees that work in these laboratories. It s an empirical survey, held among a certain amount of students from the course in Mechanic Technology. For data analysis, the concept of risk was compared to the students direct measure of perception. The main results suggest the students must be better informed, more risk aware and more competent, in order to avoid accidents. They also point to a strong need for a more formal and effective performance to assure full consciousness about the risks involving the welding practice.

Gestão logística e comércio exterior: um estudo de caso em uma empresa exportadora do setor de alimentos

The thesis argues the importance of the logistic management for the performance of the companies and for the foreign trade. The study is endorsed in construction of one analyses that brings in its essential the underlyng elements for the understanding of the subject. The analyse made from the data of an exporters company of Rio Grande of the Norte, with performance in the branch of candies, allowed to evaluate an efficient of the logistic management, that involving operacional and financial questions, is unavoidable for reduction of costs of the companies and has significant impact is its profitability

Gestão ambiental na indústria do petróleo : fatores associados ao comportamento pró-ambiental de empregados de uma empresa brasileira de óleo e gás

This survey develops a study about the pro-environment behavior of a brazilian company of oil and gas sector, emphazing the Petróleo Brasileiro S/A PETROBRAS in its Unit of Business of Exploration and Production in the State of Rio Grande do Norte and Ceará − UN-RNCE. The work s development adopt the bibliographic research methodology with the descriptive exploratory analisys, with the purpouse of identifying related points with the knowledge and the analysed enterprise s staff conduct, by the aplication of the interview with a instrument of data colecting with closed variable questions from answers that varies from o to 10.The answers allowed us to know the employees knowledge about the related aspects of environmental responsability, knowing also the involvement of the employees with the politics of environmental managment that has been implemented in the operating area of the company. The research led us to an important verification of the pro-environmental behavior of the people interviewed. The results depends of a wise acting, not only inside the company, but also outside, where the results of this acting will be more perceived for the society. Finally, we conclude that the company has a politics of management with a great importance, emphasinzing that the employees are been in constant training about their behavior resulting in satisfaction

Diagnóstico operacional de lagoas de estabilização

This work intends to develop an approach based through scientific criteria in the operational diagnosis of ponds of stabilization, starting from analyses accomplished in loco and in laboratory of 78 systems of sewer treatment through ponds of stabilization in the State of Rio Grande do Norte. The objectives of the research are: to map, to evaluate and to diagnose the operational acting of the ponds of stabilization of the state of Rio Grande do Norte, through visits in loco and analyses laboratory; to build a SIG, through the map rain, locate the points of releases of sewages of the systems of existent ponds in Rio Grande do Norte, as well as operational data and his/her respective efficiency diagnosis in the removal of BOD and Coliforms Termotolerantes; to evaluate, in real scale, three systems of ponds of stabilization of RN in the operational efficiency for the parameters BOD5, COD, pH, Temperature, OD and Coliforms Termotolerantes. Of 78 ETEs of appraised RN just, 9% or 7 had maximum concepts in what concerns the removal of BOD and Coliforms Termotolerantes and 41% or 32, they had the worst concepts in term of operational efficiency. The flowing concentrations ETEs of RN of BOD and Coliforms were of 410mg/L and 2,50x107UFC/100ml, the predominant configuration is of the type F1+M1+M2, the relationship BOD/COD revealed for the sewer tributary characteristic biodegradable high. For the study of case of 3 ETEs, the best operational efficiencies in decreasing order were: Cidade (Municipal district), it Roça (State) and São Miguel (SAAE). The removals of final BOD were 51,6mg/L; 108,27mg/L and 62,6mg/L, tends efficiency of 82%; 74% and 81%. In term of coliforms removal in the final effluentes were 1,90x103UFC/100ml; 1,50x104UFC/100ml and 3,10x104UFC/100ml, tends efficiencies of 99,99%; 99,95% and 99,90%. In what it concerns the practice of agricultural reúso of cultures consumed raw, none of 3 ETEs assisted the parameters of the Resolution CONAMA 357/05, for other reúso practices, all assisted the categories B and C of OMS. For release in body receiving ETE Cidade just, they assist the demands of the resolution of CONAMA 357/05, by study of purification solemnity of the receiving body. The maintenance lack and operation; exclusive operator in ETEs and operation knowledge was the contributory factors for the operational fall in appraised ETEs of RN

Utilização de indicadores financeiros e não-financeiros na gestão de hotéis no Rio Grande do Norte: um estudo sob a ótica do Balanced Scorecard

This study presents the results of a research on the use of financial and non-financial performance indicators used by medium and large hotels. The research was conducted in Rio Grande do Norte, a Brazilian State. The objective is to identify the usage of performance measures by these companies. Hotel industry is one of the most important sectors in the Rio Grande do Norte economy. The research takes the Balanced Scorecard as a conceptual framework, since it represents an original contribution to the literature of managerial accounting, for rethinking old issues, pointing out themes that were forgotten or badly interpreted, to discuss the requirements imposed by the economy environment, dominated by competitive companies, and increasing the understanding of the relationship between strategy and operation. The objective of the research is to investigate if the hotel managers make use of a managerial information system or not, when evaluating the performance of their business unit. The research reveals the usage of performance evaluation using a large variety of measures. Among them is worth mention: the usage of accounting profit altogether with the EVA/MVA, the process cycle time, total quality management, process transformation, strategic mission, vision, strategic measures, measures related to feedback, risk, costs, productivity, incomes, customers retention, customer satisfaction and profitability, measures using time as a component, quality of the process, cost of the processes, employees capabilities, information systems, motivation, empowerment and alignment. The research leads to the conclusion that the usage of the deriving concepts of Balanced Scorecard can improve the performance measurement systems used by hotels

A incorporação de preceitos ambientais no sistema de gestão de resíduos sólidos do município de João Câmara - RN Brasil

The reality points to the global environmental sustainability as the only viable option for addressing the crisis at hand. The move towards sustainability calls for the generation / evaluation systems in their direction, through the incorporation of environmental requirements and in line with the National Policy on Solid Waste. Therefore, the proposed research supports the importance of social and environmental vision, complementing the technical view, the system for management of solid waste from East London, which is a municipality that has a system whose inadequacies are configured in environmental risk and health. Therefore, by observing, applying the model of sustainability indicators and content analysis of interviews, this research proposes to investigate the principles of sustainability and social participation are presented and what is the perception of risk about the inadequacies in the system. The results confirmed the hypotheses of the study and draw a picture of worrying data, such as very unfavorable indicators of sustainability, lack of channels of participation, uncommitted investments with the management system, devaluation of the collector of waste and differing perceptions about the risk by making actors act in isolation. This worrying situation is eased by the appearance of a series of elements are configured as opportunities for the integration of environmental principles in the system. And despite the inability of managers to participate in the research system, yet it behaves as an opportunity to implement public policies in the area of solid waste such as: the preparation of the municipal waste, the institutionalization of selective collection and organization of cooperative with the support of companies present in the city and educational institutions as the Federal Institute. The research is an opportunity for the implementation of policies in the area of solid waste and will collaborate with the building instruments for the quality of life of residents, for the socioeconomic conditions of collectors and the move towards a sustainable society

Avaliação do potencial de toxicidade de florações de cianobactérias como subsídio para ações de gestão ambiental em açudes do semiárido potiguar

Blooms negatively compromise the aquatic environment, plants, animals and human health.Some species are toxin-producing, such as the neurotoxin saxitoxin and the hepatotoxin microcystin, which may contaminate water reservoirs, as those existing in the semiarid region of Rio Grande do Norte (Brazil) which are used to supply the population, fishing, aquiculture and recreational activities, thereby providing the risk of human exposure through water intake, dermal contact and respiratory tract. Thus, it is recommended a constant monitoring of the density of cyanobacteria with the quantification of cyanotoxins. One goal with this work was the monitoring of water in four reservoirs in semiarid of RN through the identification and enumeration of cyanobacteria and through the identification and quantification of cyanotoxins by ELISA. Furthermore, we intended to assess the environmental perception of farmers and artisanal fishers in reservoirs of semiarid of RN through semi-structured interviews with questions mostly related to water and eutrophication. Through these objectives the aim was the development of management strategies for aquaculture and prevention of risks to public health. The results showed that the highest values of microcystins were found in the rainy season. Standards for drinking water, according to the guidelines of Ministry of Health 2914/2011 and CONAMA 357/05, setting the maximum values for raw water density of cyanobacteria: 50,000 cel.mL-1; microcystin: 1 μg. L-1 and saxitoxin: 3 μg. L-1. The values found for microcystin ranged between 0.00227 μg. L-1 and 24.1954 μg. L-1. From 128 samples analyzed, 27% were above the limit. There was no clear seasonal pattern for saxitoxins and their values ranged between 0.003 μg. L-1 and 0.766 μg. L-1 with none of the values above the limit. Furthermore, 76% of the densities of cyanobacteria values were above the limit. About environmental perception, 52 interviews were conducted and the results show that the respondents recognize the main uses of water of the rervoirs, recognize the importance and have a positive view about the reservoirs. They also realize that the water has a poor quality and can cause health problems. The results provide data showing the persistence of cyanobacteria and cyanotoxins, many times over the limit, reinforcing the importance of constant monitoring. The assessment of environmental perception gives foundation for later proposed environmental education linked to public health management into the context of this particular population, making it more effective

A utilização da pesquisa operacional para o gerenciamento dos leitos em um hospital particular: estudo de caso baseado em simulação computacional

The hospital is a place of complex actions, where several activities for serving the population are performed such as: medical appointments, exams, surgeries, emergency care, admission in wards and ICUs. These activities are mixed with anxiety, impatience, despair and distress of patients and their families, issues involving emotional balance both for professionals who provide services for them as for people cared by them. The healthcare crisis in Brazil is getting worse every year and today, constitutes a major problem for private hospitals. The patient that comes to emergencies progressively increase, and in contrast, there is no supply of hospital beds in the same proportion, causing overcrowding, declines in the quality of care delivered to patients, drain of professionals of the health area and difficulty in management the beds. This work presents a study that seeks to create an alternative tool that can contribute to the management of a private hospital beds. It also seeks to identify potential issues or deficiencies and therefore make changes in flow for an increase in service capacity, thus reducing costs without compromising the quality of services provided. The tool used was the Computational Simulation –based in discrete event, which aims to identify the main parameters to be considered for a proper modeling of this system. This study took as reference the admission of a private hospital, based on the current scenario, where your apartments are in saturation level as its occupancy rate. The relocation of project beds aims to meet the growing demand for surgeries and hospital admissions observed by the current administration.