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

Desenvolvimento e caracterização de filtros cerâmicos para aplicações a altas temperaturas

Ceramic filters are cellular structures that can be produced by various techniques, among which we highlight the replication method, or method of polymeric sponge. This method consists of impregnating polymeric foam with ceramic slurry, followed by heat treatment, where will occur decomposition of organic material and the sinter of the ceramic material, resulting in a ceramic whose structure is a replica of the impregnated sponge. Ceramic filters have specific properties that make this type of material very versatile, used in various technological applications such as filters for molten metals and burners, make these materials attractive candidates for high temperature applications. In this work we studied the systems Al2O3-LZSA ceramic filters processed in the laboratory, and commercial Al2O3-SiC ceramics filters, both obtained by the replica method, this work proposes the thermal and mechanical characterization. The sponge used in the processing of filters made in the laboratory was characterized by thermogravimetric analysis. The ceramic filters were characterized by compressive strength, flexural strength at high temperatures, thermal shock, permeability and physical characterization (density and porosity) and microstructural (MEV and X-rays). From the results obtained, the analysis was made of the mechanical behavior of these materials, comparing the model proposed by Gibson and Ashby model and modified the effective area and the tension adjusted, where the modified model adapted itself better to the experimental results, representing better the mechanical behavior of ceramic filters obtained by the replica method

Desenvolvimento de filtros cerâmicos impregnados com nanopartículas de prata para desinfecção de água potável

Brazil has vast amounts of hydric resources, whose quality has been deteriorating due to pollutant dumping. Household waste disposal is one of the main sources of water pollution, stimulating bacteria proliferation and introducing microorganisms, including those from fecal matter. Conventional water disinfection methods are a solution, but on the downside, they lead to the formation byproducts hazardous to human health. In this study, aiming to develop bactericidal filters for the disinfection of drinking water; silver nanoparticles were deposited on alumina foams through three routes: sputtering DC, dip coating and in situ chemical reduction of silver nitrate. The depositions were characterized through X-ray diffraction, scanning electron microscopy and EDS element mapping. The influence of the depositions on permeability and mechanical properties of the ceramic foams was assessed and, in sequence, a preliminary antibacterial efficiency analysis was carried out. Characterization results indicate that the chemical reduction routes were efficient in depositing homogeneously distributed silver particles and that the concentration of the metallic precursor salt affects size and morphology of the particles. The antibacterial efficiency analysis indicates that the chemical reduction filters have potential for water disinfection