Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

O progama empregador de última instância: Sua relevância em tempos de crises financeiras e sua aplicabilidade ao Brasil.

This dissertation aims to continue the work developed previously concerning the properties of the employer of last resort program (ELR) that would be able to promote a complete elimination of the involuntary unemployment from the economy, so much of the unemployment generated by structural problems as for problems of the conjuncture, as the present world financial crisis. Besides, it intends to deepen the study concerning the applicability of that program to the Brazilian economy, estimating their potential target population in the country and the cost with the workers' remuneration. It was presented the ELR theoretical-conceptual structure and a debate concerning their economic viability; the program properties that turn it more efficient than the onetary and fiscal policies (PMFs) in the fight against involuntary unemployment in times of financial crises; a study on its applicability to the Brazilian socioeconomic specificities and an estimate of their potential target population and of the annual wage cost in the country, as a whole, and in the specific case of the Northeast region and of the state of Rio Grande do Norte.

Algoritmos para o problema de localização de uma facilidade com distâncias limitadas e restrições de atendimento

The objective in the facility location problem with limited distances is to minimize the sum of distance functions from the facility to the customers, but with a limit on each distance, after which the corresponding function becomes constant. The problem has applications in situations where the service provided by the facility is insensitive after a given threshold distance (eg. fire station location). In this work, we propose a global optimization algorithm for the case in which there are lower and upper limits on the numbers of customers that can be served

Estudo e implementação em plantas físicas de um controlador preditivo generalizado com restrições

This work shows a study about the Generalized Predictive Controllers with Restrictions and their implementation in physical plants. Three types of restrictions will be discussed: restrictions in the variation rate of the signal control, restrictions in the amplitude of the signal control and restrictions in the amplitude of the Out signal (plant response). At the predictive control, the control law is obtained by the minimization of an objective function. To consider the restrictions, this minimization of the objective function is done by the use of a method to solve optimizing problems with restrictions. The chosen method was the Rosen Algorithm (based on the Gradient-projection). The physical plants in this study are two didactical systems of water level control. The first order one (a simple tank) and another of second order, which is formed by two tanks connected in cascade. The codes are implemented in C++ language and the communication with the system to be done through using a data acquisition panel offered by the system producer

Cooperação em sagüis comuns callithrix jacchus: condições e restrições

The cooperative behavior is no longer a dilemma for the theory of evolution, since there are models that explain the evolution of this behavior by means of natural selection at the individual level. However, there have been few studies on the proximal factors that interfere with cooperative behavior. In the study of the influence of cognition on cooperation, many authors have been interested in situations in which individuals decide whether to act cooperatively and select partners with different qualities to cooperate. Of the factors studied, we highlight the need for understanding the apparatus and communication between partners to the occurrence of cooperation. Recently, highlight is the proposal that the ability to cooperate would be greater in species with cooperative breeding system. Thus, the common marmoset (Callithrix jacchus) is a New World monkey which stands as a valuable species for this type of study because it presents cooperative actions in nature, such as sharing food and protection of the community territory. Our experiment investigated whether common marmosets unrelated females (n = 6) were able to cooperate using an electrical and a mechanical apparatus, if this cooperation is a byproduct of individual actions or involve social attention, if it occurs inter-individual variation in the use of devices and formation of roles (producer / scrounger) in dyads. We use the number of rewards obtained by animals (Ratio of Correct Pulls) as indicators of cooperation and glances for partners (Ratio of Correct Glances) as indicators of social attention and communication. The results indicate that the type of apparatus was not a constraint for the occurrence of cooperation between the marmosets, but still has not been verified formation of roles in the dyads. The performance of animals in the two devices showed a large variation in the learning time, not having relationship with the performance in the tests phase. In both devices the level of social glances at control phases were casually correlated with any other phase, but the data showed that there was not social attention, that is, the monkeys realized that they gave food to the partners, but the partners did

Uma abordagem dirigida por modelos para desenvolvimento de middlewares auto-adaptativos para transmissão de fluxo de dados baseado em restrições de QoS

The use of middleware technology in various types of systems, in order to abstract low-level details related to the distribution of application logic, is increasingly common. Among several systems that can be benefited from using these components, we highlight the distributed systems, where it is necessary to allow communications between software components located on different physical machines. An important issue related to the communication between distributed components is the provision of mechanisms for managing the quality of service. This work presents a metamodel for modeling middlewares based on components in order to provide to an application the abstraction of a communication between components involved in a data stream, regardless their location. Another feature of the metamodel is the possibility of self-adaptation related to the communication mechanism, either by updating the values of its configuration parameters, or by its replacement by another mechanism, in case of the restrictions of quality of service specified are not being guaranteed. In this respect, it is planned the monitoring of the communication state (application of techniques like feedback control loop), analyzing performance metrics related. The paradigm of Model Driven Development was used to generate the implementation of a middleware that will serve as proof of concept of the metamodel, and the configuration and reconfiguration policies related to the dynamic adaptation processes. In this sense was defined the metamodel associated to the process of a communication configuration. The MDD application also corresponds to the definition of the following transformations: the architectural model of the middleware in Java code, and the configuration model to XML

Análise da atividade cognitiva do operador de sala de controle da produção de controle da produção de petróleo on-shore: uma abordagem da ergonomia para a gestão das restrições do sistema sociotécnico

This master's thesis aims to analyze the activity of the operators in a control room of the processes of production on-shore petroleum, with a focus on sociotechnical restrictions that interfere in the decision-making process and the actions of operators and therefore, the strategies (individual and collective) to regulate and maintain the operator action required and the safety of the system, together. The activity in focus involves the supervision and control of the production of thousands of barrels of oil/day in a complex and dispersed production’s structures built in an extension of 80 km. This operational framework highlights the importance of this activity for the fulfilment of the targets local and corporate efficiency, good management of the environment, health and safety of operators. This is an exploratory research and in the field, which uses the methodology of Ergonomic Analysis of the Work, composed of observational techniques and interactional, having as locus control room of the processes of production on-shore oil of an oil company. The population of this research is formed by operators in the control room of an Brazilian oil company. The results showed that the supervisory activity and control of the superheated steam injection is an complex context, demands greater attention, concentration, calculations, comparisons, trend analysis and decision making. The activity is collectively constructed between the control room operator, field operator and the supplier of steam. The research showed that the processes of communication and collaboration between the control room , fields and support staff are the key elements of this activity. The study shows that the operators have the autonomy and the elements necessary for work; and that there is continuous investments to improve the technology used and that the operators report sleep disturbances as a result of chronic exposure to night work. The study contributed with proposals for transformation of this activity: with regard to the installation of a area reserved for food in control room, the update the screens of the supervisory current operating condition, the periodic visits by room operators in the field, standardization of production reports, development assistance and standardization of nomenclature of controlling stations steam systems, to improve the conditions of realization of the activity, improve the quality of products produced by operators and contribute to reduce the possibility of slips or shifts in the activity.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian