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

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

Avaliação do processo industrial da cerâmica vermelha na região do Seridó - RN

Particularly in Braziland in Rio Grande do Norte, companies manufacturing red ceramic, play an important role as agents of development to study the region Seridó- RN, specific place for carrying out the research. It is observed in this region a concentration of red ceramic industries of small size, which, despite its importance in the ceramic, they are unable to enjoy or use the new forms of administrative management and technological advances designed and offered by universities, centers of research and projects of governments, remained almost entirely outside the progress and modernization, technological and administrative. These companies still have outdated technology, and management processes, providing quality problems and standardization of end products. Upon these conditions are the companies going through crisis and struggling to survive alone and without assistance. The region of Seridó-RN, lets make a detailed case study of red ceramic companies in the region proposed from the existing theoretical and actual lifting of the condition of the product manufacturing red ceramic, allowing through this overview of the implementation of collect samples of raw materials, allowing the study of each ceramic industry that contributed to the participation of the research, which was determined parameters such as: analysis of the physical, chemical and technological properties of raw materials, characterization of the processes used, raising the technological resources considering equipment, machinery, supplies, raw materials and facilities available and its organization by type of products from companies involved in this study. The methodology consists of the following steps: collection of raw material, crushing and screening, characterization of raw materials (liquid limit, chemical analysis, mineralogical analysis, differential thermal analysis, sieve analysis), mixing, forming, cutting, drying and burning of ceramic bodies and bodies of evidence. The results showed that it was clay with distinct characteristics with respect to plasticity. With respect to the different compositions of mixtures of ceramic masses, we conclude that the ceramic properties showed a direct proportionality with increasing fraction of the clay not plastic. However, the compositions of the masses studied proved to be the most appropriate for the types of simulated clay for use in ceramics. Adopted in the ceramic processing made it possible to obtain products the resulted in consistent properties, and in some cases even exceeding the requirements of technical studies and standard-Brazilian clays to obtain ceramic products such as tiles, bricks and tiles to floor. Based on the discussions from the results obtained in the various processing steps of this work, one can draw conclusions according to the physico-chemical and mineralogical properties of raw materials, the properties of ceramic products burned and analysis. This work may be used by other researchers, private companies and governmental organizations, undergraduate students and graduate, can develop studies and future research to: develop projects to modify the furnaces; mapping projects develop and rationalize the exploitation of raw materials ;promoting reforestation and forest management; develop reduction projects and recovery of waste; develop training projects in manpower sector, and develop security projects, improving the conditions of work in the area pottery

O ambiente de trabalho no setor bancário e o bem-estar

Wich the big transformations at the world of labor, thus as the appearing of the negatives psicologicals consequencies? Publications in books and articles about the health of the workers have been seen in the last 40 years, pointing at the increase of occupational ills, increase of the absenteeism, reach the redation between the labor and the family. With the appearing of the neoliberal sistem, changed all the net of relations, thus as the temporary labor contract, the flexibility at the work timetable, and others, that privilege the capitalism, in detriment of the worker health. It was given emphasis to the banking worker, in time that the banks and the banking agencies were one of the departaments that more suffered the impact of the productive restructuring at the last years. 200 bank clerks shared the search, in that 41,9% was female and 58,1% was male, 60,9% presenting a civil state married, following of 28,4% of single. The participants answered the following instruments: Scale of Positives and Negative Kindness, General Health Questionaire GHQ 12, Scale of Organization, Conditions and Labor Relations, Scale of Desire (own authorship), Scale about economic situation and a social-demographic record car. With the objective of trying the instruments of measure, it was checking the psychometric parameter of the search scales. We could verify that it has been more positive than negative ones for the mental health, but it was found some kind of depression and unsatisfied with their lives in some pieces of the sample. We can finally say that the work place has an impact at the mental health of the bank clerks. So, some interventions actions to promote the worker health could be essential

Limites e possibilidades da educação em saúde na estratégia de saúde da família de Pau dos Ferros/RN

A Estratégia Saúde da Família (ESF) apresenta-se como um espaço privilegiado para a efetivação de práticas de educação em saúde orientadas pelo diálogo entre o saber científico e o saber popular, uma vez que é nesse espaço de saúde que profissionais e indivíduos/família se interrelacionam, criam vínculos, dialogam e constroem soluções para o enfrentamento dos problemas de saúde da população. O objetivo geral deste estudo foi analisar os limites e as possibilidades de efetivação da educação em saúde voltada para a coletividade na ESF de Pau dos Ferros/RN. Nesse sentido, buscou-se conhecer as concepções de educação em saúde dos profissionais de nível universitário da ESF; observar onde as práticas de educação eram desenvolvidas; conhecer os conteúdos e metodologias utilizadas para a efetivação das práticas de educação em saúde e caracterizar os espaços onde tais práticas eram desenvolvidas. Trata-se de uma pesquisa qualitativa, de caráter descritivo-exploratório realizada junto a nove equipes localizadas na zona urbana do município. Foram investigados 28 profissionais que atuam nessas equipes, dentre os quais elencamos: quatro médicos, oito enfermeiros e dezesseis cirurgiões dentistas. Fez-se uso da entrevista semiestruturada e da observação baseada em princípios etnográficos. Os dados foram analisados com base na técnica de análise de conteúdo de Bardin. O estudo obedeceu aos aspectos éticos contidos na Resolução 196/96 que regulamenta as Pesquisas Envolvendo Seres Humanos. Os resultados apontam que as concepções e práticas de educação em saúde dos profissionais da ESF são orientadas por uma educação bancária , pautadas pela transmissão e reprodução de conhecimentos. As temáticas são desenvolvidas de forma verticalizada, dissonantes da realidade de vida e saúde dos usuários. As práticas educativas são ofertadas majoritariamente por enfermeiros e estudantes de graduação em estágio na USF. Em sua maioria não são planejadas em equipe, e estão direcionadas à prevenção de doenças, distanciando-se da promoção da saúde. As principais dificuldades apontadas para a efetivação da educação em saúde dizem respeito à dificuldade de trabalhar em equipe, à falta de apoio da gestão, à estrutura física inadequada e a pouca adesão dos profissionais as práticas educativas. Portanto, a educação em saúde praticada na ESF não consegue instrumentalizar os sujeitos para que estes tenham autonomia e possam tornar-se sujeitos de suas vidas, de sua história. A prática educativa centrada na transmissão de conhecimentos ainda é uma realidade presente na ESF, constituindo-se em um desafio a ser superado

Utilização do resíduo grosso do beneficiamento da scheelita em aplicações rodoviárias

Mining is an activity of great economic and social value, assisting in the development of the country. However, it can be extremely harmful to the environment if no proper waste management study exists as mitigation measure its effects. Sample some of these harmful effects are pollution: water, through the seepage of waste into the groundwater; soil; of fauna and flora; sound (due to the noise of machines); visual from the residue stored in the open, changing the local landscape; and air. One way to mitigate environmental impacts caused by mining is the proper management of their waste through their use on highways. To that end, this paper proposes to give an appropriate destination to grit coming from the beneficiation of scheelite, due to mining activity from mining group Tomaz Salustino in Brejuí mine, located in the city of Currais Novos in the state of Rio Grande do Norte. This work was developed in four stages. The first comprised the chemical and mineralogical tests, DRX and FRX in which they sought to discover the composition of the material studied. The next step involved the physical characteristics of the waste by means of specific tests and grinding the solid mass, LL and LP. The third stage included the specific tests applied to the pavement, with the compaction test and test Index Support California. Finally, the fourth stage was the mechanical characterization, represented by direct shear tests, both in the flooded condition and not in flooded condition. The technical feasibility of using the modified energie compacted in layers of subbase power has been verified. In normal and intermediate energies is feasible to use less noble as layers as the subgrade. The incorporation of the waste in layers of road pavements provide an alternative to conventionally used in paving aggregates, providing a proper disposal of tailings from scheelite, as well as environmental preservation

Comportamento geotécnico de misturas de solo e resíduos de perfuração onshore

The drilling of wells for petroleum extraction generates rocks and soils fragments, among other residues. These fragments are denominated petroleum drilling gravel or simply petroleum drilling residue. On the sites of onshore exploration are formed big deposits of drilling gravel, an expensive final destination material. This work aims at evaluating the addition of drilling residue to a lateritic soil, as composite material, for construction of compacted fills for earth work projects. Soil and residue were evaluated by X-ray diffraction (XRD) and X-ray fluorescence (XRF) and by laboratory tests traditionally used in soil mechanics, as particle-size analysis of soils, determination of liquid and plasticity indexes and compaction test. After soil and residue characterization, soil-residue mixtures were studied, using dosages of 2,5%, 5%, 10%, and 15% of residue in relation to the dry soil mass. These mixtures were submitted to compaction test, CBR, direct shear test and consolidation test. The test results were compared to the current legislation of DNIT for compacted fill construction. The results showed that the mixtures presented the minimal necessary parameters, allowing, from the point of view of geotechnical analysis, the use of these mixtures for construction of compacted fills

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.

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

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