Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Parâmetros citogenéticos de espécies comerciais de carangidae (perciformes), com vistas a sua empregabilidade na conservação biológica e piscicultura marinha

Worldwide, families Carangidae and Rachycentridae represent one of the groups most important commercial fish, used for food, and great potential for marine aquaculture. However, the genetic bases that can underpin the future cultivation of these species, cytogenetic between these aspects are very weak. The chromosomal patterns have provided basic data for the exploration of biotechnological processes aimed at handling chromosomal genetic improvement, such as induction of polyploidy, androgenesis and ginogenesis, as well as obtaining monosex stocks and interspecific hybridizations. This paper presents a comprehensive cytogenetic survey in 10 species, seven of the family Carangidae and the monotypic family Rachycentridae. Classical cytogenetic analysis and in situ mapping of multigene sequences were employed, and additionally for the genus Selene and morphotypes of Caranx lugubris, comparisons were made using geometric morphometrics. In general, conservative species exhibit a marked chromosome number (2n=48). Although present in large part, different karyotypic form, retain many characteristics typical of chromosomal Order Perciformes, the high number of elements monobrachyal, Ag-NORs/18S rDNA sites and heterochromatin simply reduced, preferably centromeric. The main mechanisms involved in karyotypic diversification are the pericentric inversions, with secondary action of centric fusions. In addition to physical mapping and chromosome detail for the species are presented and discussed patterns of intra-and interspecific diversity, cytotaxonomic markers. This data set provides a better understanding of these patterns caryoevolutyonary groups and conditions for the development of protocols based on Biotechnology for chromosomal manipulation Atlantic these species

Formulação de massas cerâmicas para porcelanas elétricas utilizando resíduos oriundos de corpos de fusíveis

The power industry generates as waste ceramic bodies of electrical fuses that are discarded after use. The formulation of ceramic bodies for porcelain electrical insulators using waste from the bodies fuse allocation promotes environmentally appropriate, through the reuse of the material. This work evaluated the technical feasibility of using waste for use in electrical porcelains with formulations containing the residue, feldspar and kaolinite. The raw materials were processed through grinding and sieving to 200 mesh. The ceramic material obtained from the proposed formulations with 25%, 30%, 34% and 40% of the residue went through a vibratory mill for grinding and homogenization, and then were sieved at 325 mesh. The samples were shaped in a uniaxial press, with the application of 25 MPa and sintered at 1100° C, 1150°C, 1200°C, 1225°C and 1250°C, at levels of 20 and 45 minutes. Were also developed bodies of evidence with reference formulations obtained without residue, to establish a comparison on physical, mechanical and electrical. The tests were conducted and technology: linear shrinkage, porosity, water absorption, resistance to bending to three points, measuring insulation resistance electrical resistivity of the material, X-ray diffraction and X-ray fluorescence Waste characterizations pointed to the existence of two phases: mullite and quartz phases are of great importance in the microstructure of the ceramic and this fact reveals a possibility for reuse in electrical porcelains. The mullite is an important constituent because it is a phase that makes it possible to increase the mechanical strength in addition to the body allows the use at high temperatures. The use of ceramic bodies residue fuses, proved feasible for application in electrical porcelain and the most significant results were obtained by the formulations with 25% waste and sintering at 1200°C

São públicas as contratações do estado brasileiro? - uma experiência de contratações públicas junto à comunidade Coqueiral em Aracaju/SE.

State intervention generally demands the purchase or rental of goods and services, and such acquisitions are subject to a number of indispensable legal frameworks. In the Brazilian State, Law 8.666 of 21 June 1993 and further norms regulate the necessity of a formal process, usually licitation. Given the importance of this subject to public and private spheres, one of the prerequisites of these formal contracting rules is the openness of public acts, and society s knowledge and accompaniment. The objective of this study is to investigate society s participation in public contracting, with the aim of debating theories surrounding the state/society relationship proposed by public political thought and authors in relation to legal aspects involving licitations. The principal question of this research is: despite the possibility of society s participation being predicted in the legal frameworks which orientate licitations, why is this social control not carried out? Why does it only occupy a secondary position to both individual and collective agents? In order to test some of this study s hypotheses, field research was carried out in the Coqueiral community in Aracaju, Sergipe, in relation to public acquisitions of goods and services during the period of May to September 2009. Research involved observation visits and guided interviews with the relevant community and public sector representatives. This project s hypotheses were confirmed, as this social control is not apparent, even in areas where popular participation is a strong component in asserting ones local rights, like in the Coqueiral community.

Diversificação evolutiva de gobídeos no litoral brasileiro: padrões citogenéticos e ecomorfológicos

The fishes of the order Perciformes are characterized as an important model for understanding the genetic structure of marine populations, because besides they present examples of conservation chromosomal, also they present the karyotype diversification for some groups. Gobiidae family is the most specious in the marine environment. Among its representatives, many species are part of a cryptic fauna little noticed and studied, a wide distribution with behavioral and reproductive characteristics, that make them conducive to the action of biogeographical barriers. Morphologically this family presents reduced body structures through simplification and regressions. Despite their importance in evolutionary inferences, cytogenetics data are incipient facing their species diversity, especially with western Atlantic species. In order to estimate the evolutionary diversity in Gobiidae, it were developed cytogenetic analysis and the standards body, through geometric morphometrics in five species on the Brazilian coast, Coryphopterus glaucofraenum, Bathygobius mystacium, B. soporator, Ctenogobius smaragdus e C. Boleosoma. The data show significant karyotype and morphological diversity among the species. The pericentric inversions and mergers play an important role in chromosomal evolution of this family, causing karyotypic structural and numerical differences in all species. Karyotypic and morphological comparisons among geographic samples of B. soporator from the coast of Maranhão, Rio Grande do Norte and Bahia showed cytogenetics patterns commons, but different morphological patterns. A sample from the Atol das Rocas revealed conspicuous morphological and karyotypic differentiation of another continental populations, confirming the presence of a new island species. The approaches done reveal diversification consistent with characteristics of a group of low vagile and largely able to environmental selection due from peculiar ecological requirements

A educação destina a algumas crianças no Piauí (1730 1859)

L'histoire culturelle de l'éducation de l'enfant dans le Piauí, de l'année de 1730 à l'année de 1859, je mange écriture dans ce travail de thèse, est motivé dans l'analyse sócio-histórica de la forme scolaire à la lumière des théorisations des historiens Gui Vincent, Bernard Lahire et Daniel Thin, avec l'objectif de refléter concernant le passage d'instauration de la socialisation des enfants dans les écoles publiques, religieuses, particulières et domestiques. La recherche concernente à la thématique éducation de l'enfant dans leurs conceptions politiques et culturelles levou-em à définir, je mange objet d'étude, les manières d'instruire les enfants dans l'(s) école (s) et dans la (s) famille (s). La thèse du travail ici défendu est de que l'éducation destinée aux enfants dans le Piauí, dans la période de 1730 à 1859, était soumise aux acquisitions des habilités de lecture et d'écriture, principalement, analogue à leurs conceptions politiques et culturelles. La judicieuse recherche de corpus documentaire (licences, avertissements, troupeaux, lettres, correspondances, consultations, métiers, règlements, régiments, rapports, lois, dispositions, cartes scolaires, cartes d'inscriptions) pour l'écriture de la thèse il se procède nous quantités formulaires et digitales du Portugal, Brésil, Pará, Maranhão et Piauí. L'analyse de l'ensemble des sources nous a permis de comprendre que la socialisation scolaire de l'enfant dans le Piauí n'a pas maintenu le mêmes façons pendant cette longue période qui a été de 129 ans, malgré des récurrences, celui-là a acquis des formes et des sens divers qui variaient comme les circonstances politiques et culturelles, les exigences du commerce, les espaces et les sujets qui l'ont vécue intensément

Educação escolar para crianças: o que dizem sujeitos deste direito?

The text aims to discuss the problems that this would be set: - What are the concepts of public school children about their right to primary education, as required step in the Basic Education? - What are conducted by children on the elementary school, in terms of its structure, teaching, and acquisitions provide for their users, especially when it comes to literacy? In order to answer these questions, we conducted within the qualitative a case study within twenty children of the early years of elementary public school, ten of the School Mauricio de Sousa and ten children of the School Monteiro Lobato. with construction procedures of data, we worked with observation, semi-directive interview, questionnaire and document analysis. In analyzing the data, two categories emerged: right to education and school for children. The first focuses on what children think about the legal guarantee to school, seeking to understand if they understand the educational area as a right and relate what the law says and the reality in which they participate. The category for school children, including their purposes, characteristics, space literacy and its relationship with the teacher. In this sense, we comment, taking as its founding, the speech of children in their schools, focusing on how they perceive the school in terms of its structure and functioning, relations with the knowledge and the other children. With regard to child rights, the appreciation of Brazilian children should be the basis of the struggle for a more just, democratic, nondiscriminatory. However, children show not recognize education as a right, but as one who deserves the credit, that is, those children who are always attentive, do not fight and do not complain. In interviews, children express a simple wish child that the school had toys. A school for children should be a place with its own characteristics: cheerful, lively, colorful, which included the same time, security and challenges. Children point to the hope that the course of action the teacher was guided by respect their differences in a more emotional, especially with regard to issues of authority and discipline of the group. The most important learning is for all subjects learning to read / write, differing in the idea of how to learn. Unfortunately, for some students, learning reading and writing appears as a difficult and enjoyable process is not perceived by some subjects up to recognize the instrumental writing. Finally, we point to the actors of the school to launch a more accurate to say that the children and how to outline your main locus of learning

Vozes não silenciadas de alfabetizandos jovens e adultos e suas repercussões na formação docente

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Construção e validação de um receptor GPS para uso espacial

Global Positioning System, or simply GPS, it is a radionavigation system developed by United States for military applications, but it becames very useful for civilian using. In the last decades Brazil has developed sounding rockets and today many projects to build micro and nanosatellites has appeared. This kind of vehicles named spacecrafts or high dynamic vehicles, can use GPS for its autonome location and trajectories controls. Despite of a huge number of GPS receivers available for civilian applications, they cannot used in high dynamic vehicles due environmental issues (vibrations, temperatures, etc.) or imposed dynamic working limits. Only a few nations have the technology to build GPS receivers for spacecrafts or high dynamic vehicles is available and they imposes rules who difficult the access to this receivers. This project intends to build a GPS receiver, to install them in a payload of a sounding rocket and data collecting to verify its correct operation when at the flight conditions. The inner software to this receiver was available in source code and it was tested in a software development platform named GPS Architect. Many organizations cooperated to support this project: AEB, UFRN, IAE, INPE e CLBI. After many phases: defining working conditions, choice and searching electronic, the making of the printed boards, assembling and assembling tests; the receiver was installed in a VS30 sounding rocket launched at Centro de Lançamento da Barreira do Inferno in Natal/RN. Despite of the fact the locations data from the receiver were collected only the first 70 seconds of flight, this data confirms the correct operation of the receiver by the comparison between its positioning data and the the trajectory data from CLBI s tracking radar named ADOUR

Efeitos do envelhecimento ambiental acelerado em compósitos poliméricos

The advantages of the use of vegetable fibers on the synthetic fibers, such as glass fibers, in the reinforcements in composites are: low cost, low density, good tenacity, good thermal properties and reduced use of instruments for their treatment or processing. However, problems related to poor performance of some mechanical natural fibers, have hindered its direct use in structural elements. In this sense, the emergence of alternative materials such as hybrids composites, involving natural and synthetic fibers, has been encouraged by seeking to improve the performance of structural composites based only on natural fibers. The differences between the physical, chemical and mechanical properties of these fibers, especially facing the adverse environmental conditions such as the presence of moisture and ultraviolet radiation, is also becoming a concern in the final response of these composites. This piece of research presents a comparative study of the strength and stiffness between two composite, both of ortoftalic polyester matrix, one reinforced with fibers of glass-E (CV) and other hybrid reinforced with natural fibers of curauá and fiberglass-E (CH). All the comparative study is based on the influence of exposure to UV rays and steam heated water in composites, simulating the aging environment. The conditions for the tests are accelerated through the use of the aging chamber. The composites will be evaluated through tests of uniaxial static mechanical traction and bending on three points. The composite of glass fiber and hybrid manufacturing industry are using the rolling manual (hand lay-up) and have been developed in the form of composites. All were designed to meet possible structural applications such as tanks and pipes. The reinforcements used in composites were in the forms of short fiber glass-E quilts (450g/m2 - 5cm) of continuous wires and fuses (whose title was of 0.9 dtex) for the curauá fibers. The results clearly show the influence of aging on the environmental mechanical performance of the composite CV and CH. The issues concerning the final characteristics of the fracture for all types of cargoes studied were also analyzed

Um estudo das condições de percolação e estabilidade em barragens de terra mediante métodos geofísicos: caso do dique de Sant Llorenç de Montgai - Espanha

The monitoring of Earth dam makes use of visual inspection and instrumentation to identify and characterize the deterioration that compromises the security of earth dams and associated structures. The visual inspection is subjective and can lead to misinterpretation or omission of important information and, some problems are detected too late. The instrumentation are efficient but certain technical or operational issues can cause restrictions. Thereby, visual inspections and instrumentation can lead to a lack of information. Geophysics offers consolidated, low-cost methods that are non-invasive, non-destructive and low cost. They have a strong potential and can be used assisting instrumentation. In the case that a visual inspection and strumentation does not provide all the necessary information, geophysical methods would provide more complete and relevant information. In order to test these theories, geophysical acquisitions were performed using Georadar (GPR), Electric resistivity, Seismic refraction, and Refraction Microtremor (ReMi) on the dike of the dam in Sant Llorenç de Montgai, located in the province of Lleida, 145 km from Barcelona, Catalonia. The results confirmed that the geophysical methods used each responded satisfactorily to the conditions of the earth dike, the anomalies present and the geological features found, such as alluvium and carbonate and evaporite rocks. It has also been confirmed that these methods, when used in an integrated manner, are able to reduce the ambiguities in individual interpretations. They facilitate improved imaging of the interior dikes and of major geological features, thus inspecting the massif and its foundation. Consequently, the results obtained in this study demonstrated that these geophysical methods are sufficiently effective for inspecting earth dams and they are an important tool in the instrumentation and visual inspection of the security of the dams

Uso do GPR na geração de modelos estáticos 3D para o planejamento de lavra de minerais pesados depositados em dunas eólicas

This project was developed as a partnership between the Laboratory of Stratigraphical Analyses of the Geology Department of UFRN and the company Millennium Inorganic Chemicals Mineração Ltda. This company is located in the north end of the paraiban coast, in the municipal district of Mataraca. Millennium has as main prospected product, heavy minerals as ilmenita, rutilo and zircon presents in the sands of the dunes. These dunes are predominantly inactive, and overlap the superior portion of Barreiras Formation rocks. The mining happens with the use of a dredge that is emerged at an artificial lake on the dunes. This dredge removes sand dunes of the bottom lake (after it disassembles of the lake borders with water jets) and directs for the concentration plant, through piping where the minerals are then separate. The present work consisted in the acquisition external geometries of the dunes, where in the end a 3D Static Model could be set up of these sedimentary deposits with emphasis in the behavior of the structural top of Barreiras Formation rocks (inferior limit of the deposit). The knowledge of this surface is important in the phase of the plowing planning for the company, because a calculation mistake can do with that the dredge works too close of this limit, taking the risk that fragments can cause obstruction in the dredge generating a financial damage so much in the equipment repair as for the stopped days production. During the field stages (accomplished in 2006 and 2007) topographical techniques risings were used with Total Station and Geodesic GPS as well as shallow geophysical acquisitions with GPR (Ground Penetrating Radar). It was acquired almost 10,4km of topography and 10km of profiles GPR. The Geodesic GPS was used for the data geopositioning and topographical rising of a traverse line with 630m of extension in the stage of 2007. The GPR was shown a reliable method, ecologically clean, fast acquisition and with a low cost in relation to traditional methods as surveys. The main advantage of this equipment is obtain a continuous information to superior surface Barreiras Formation rocks. The static models 3D were elaborated starting from the obtained data being used two specific softwares for visualization 3D: GoCAD 2.0.8 and Datamine. The visualization 3D allows a better understanding of the Barreiras surface behavior as well as it makes possible the execution of several types of measurements, favoring like calculations and allowing that procedures used for mineral extraction is used with larger safety

A relação entre desempenho e a forma legal das instituições de microcrédito

This work test the relationship of performance and legal form of microfinance institutions (MFI), in our work MFI can be banks, non-governmental organizations (NGO), cooperatives, non-banks financial institutions (NBFI) or rural banks. We use linear regression model, panel data and variables dummy for the legal forms. Our samples are 243 MFI from all continents, except North America, in the period from 2007 to 2012. We found that bigger MFI generates higher profit, higher returns and higher self-sufficiency rates, so the growing can be a way for consolidation of MFI. For smaller MFI a way can be assimilation or merging with other MFI. Cooperatives, non-bank financial institutions and rural banks can serve more customers, causing greater impact on society, and get higher returns. This suggests the most appropriate legal form for microfinance market can be cooperatives, non-banks financial institutions or rural banks balancing social orientation and profit orientation.

Padrões temporais e grau de diversificação cariotípica em espécies atlânticas da família Acanthuridae (Perciformes)

The Acanthuridae family is a representative group from the marine fish that plays a key role in ecological dynamics of coral reefs. Three species are common along coastal reefs of Western Atlantic: Acanthurus coeruleus, Acanthurus bahianus and Acanthurus chirurgus. In the present study, cytogenetic data are presented for these three species Acanthurus based on classical cytogenetic methods and mapping of repetitive sequences such as ribosomal 18S and 5S rDNA and telomeric repeats to improve their karyotype evolutionary analyses. The cytogenetic pattern of these species indicated sequential steps of chromosomal rearrangements dating back 19 to 5 millions of years ago (M.a.) that accounted for their interspecific differences. A. coeruleus (2n=48; 2sm+4st+42a), A. bahianus (2n=36; 12m+2sm+4st+18a) and A. chirurgus (2n=34; 12m+2sm+4st+16a) share an older set of three chromosomal pairs that were originated through pericentric inversions. A set of six large metacentric pairs formed by Robertsonian (Rb) translocations found in A. bahianus and A. chirurgus and a putative in tandem fusion found in A. chirurgus are more recent events. The lack of interstitial telomeric sequences (ITS) in spite of several centric fusions in A. bahianus and A. chirurgus might be related to the long period of time after their occurrence (estimated in 5 M.a.). Furthermore, the homeologies among the chromosome pairs bearing ribosomal genes, in addition to other structural features, highlight large conserved chromosomal regions in the three species. Our findings indicate that macrostructural changes occurred during the cladogenesis of these species were not followed by conspicuous microstructural rearrangements in the karyotypes.

Projeto de intervenção adaptando o Balanced Scorecard ao sistema de compras da Base Aérea de Natal

The present proposal for intervention examines the issue of public procurements carried out by a military organization on a Federal Public Administration. The main objective of this paper is to propose a model of strategic planning based on the Balanced Scorecard for the public procurement system, which contributes to increased efficiency, efficacy and effectiveness of acquisitions made in the Air Base of Natal city. Therefore, Structured interviews were used in order to make a diagnosis of the current reality of the procurement system along with the main requirement sectors of BANT, as well as the adaptation of the prospects of the BSC based on literature review. The technique used for the analysis of the interviews was the analysis of content whose results contributed to the preparation of the conceptual Strategic Map which was submitted to validation through a Focal Group. It was concluded through the analysis of the interviews, that the system of purchases of BANT is in a tactical profile because of low interaction between the system of purchases and the requirement sectors, aiming only at the “economicity” of acquisition in opposition of the effectiveness of material acquired, the lack of training of the elements which build the system and the absence of a proper planning. It is intended with thecreation of this proposal to contribute to the improvement of management with a focus on results in public administration as well as increasing efficiency, efficacy and effectiveness of public procurements. Whereas for the particular case the measurement of the results can only be performed after at least a year of its implementation, the present research constitutes a proposal of intervention.