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

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

Rotação e processos de acreção e coalescência em sistemas planetários e sistemas binários

The discovery of giant stars in the spectral regions G and K, showing moderate to rapid rotation and single behavior, namely with constant radial velocity, represents one important topic of study in Stellar Astrophysics. Indeed, such anomalous rotation clearly violates the theoretical predictions on the evolution of stellar rotation, since in evolved evolutionary stages is expected that the single stars essentially have low rotation due to the evolutionary expansion. This property is well-established from the observational point of view, with different studies showing that for single giant stars of spectral types G and K values of the rotation are typically smaller than 5kms−1 . This Thesis seeks an effective contribution to solving the paradigm described above, aiming to search for single stars of spectral types G and K with anomalous rotation, tipically rotation of moderate to rapid, in other luminosity classes. In this context, we analyzed a large stellar sample consisting of 2010 apparently single stars of luminosity classes IV, III, II and Ib with spectral types G and K, with rotational velocity v sin i and radial velocity measurements obtained from observations made by CORAVEL spectrometers. As a first result of impact we discovered the presence of anomalous rotators also among subgiants, bright giants and supergiants stars, namelly stars of luminosity classes IV, II and Ib, in contrast to previous studies, that reported anomalous rotators only in the luminosity class III classic giants. Such a finding of great significance because it allows us to analyze the presence of anomalous rotation at different intervals of mass, since the luminosity classes considered here cover a mass range between 0.80 and 20MJ, approximately. In the present survey we discovered 1 subgiant, 9 giants, 2 bright giants and 5 Ib supergiants, in spectral regions G and K, with values of v sin i ≥ 10kms−1 and single behavior. This amount of 17 stars corresponds to a frequency of 0.8% of G and K single evolved stars with anomalous rotation in the mentioned classes of luminosities, listed at the Bright Star Catalog, which is complete to visual magnitude 6.3. Given these new findings, based on a stellar sample complete in visual magnitude, as that of the Bright Star Catalog, we conducted a comparative statistical analysis using the Kolmogorov- Smirnov test, from where we conclude that the distributions of rotational velocity, v sin i, for single evolved stars with anomalous rotation in luminosity classes III and II, are similar to the distributions of v sin i for spectroscopic binary systems with evolved components with the same spectral type and luminosity class. This vii result indicates that the process of coalescence between stars of a binary system might be a possible mechanism to explain the observed abnormal rotation in the referred abnormal rotators, at least among the giants and bright giants, where the rotation in excess would be associated with the transfer of angular momentum for the star resulting from the merger. Another important result of this Thesis concerns the behavior of the infrared emission in most of the stars with anomalous rotation here studied, where 14 stars of the sample tend to have an excess in IR compared with single stars with low rotation, within of their luminosity class. This property represents an additional link in the search for the physical mechanisms responsible for the abnormal observed rotation, since recent theoretical studies show that the accretion of objects of sub-stellar mass, such as brown dwarfs and giant planets, by the hosting star, can significantly raise its rotation, producing also a circumstellar dust disk. This last result seems to point in that direction, since it is not expected that dust disks occurring during the stage of star formation can survive until the stages of subgiants, giants and supergiants Ib. In summary, in this Thesis, besides the discovery of single G and K evolved stars of luminosity classes IV, II and Ib with anomalously high rotation compared to what is predicted by stellar evolution theory, we also present the frequency of these abnormal rotators in a stellar sample complete to visual magnitude 6.3. We also present solid evidence that coalescence processes in stellar binary systems and processes of accretion of brown dwarfs star or giant planets, by the hosting stars, can act as mechanisms responsible for the puzzling phenomenon of anomalous rotation in single evolved stars.

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda lina do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

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

Identificação dos princípios ativos presentes no extrato etanólico de cereus jamacaru e avaliação em ratos dos possíveis efeitos tóxicos e/ou comportamentais da exposição prolongada

Conselho Nacional de Desenvolvimento Científico e Tecnológico

Capacidade antioxidante in vitro e avaliação da toxicidade aguda in vivo de extratos de folhas de Licania rígida Benth., Licania tomentosa (Benth.) Fritsch e Couepia impressa Prance (Chrysobalanaceae)

Licania rigida Benth., Licania tomentosa (Benth.) Fritsch, and Couepia impressa Prance (Chrysobalanaceae family) plants have long been used medicinally by the people from Northeastern Brazil. Crude extracts and infusions of these plants have been applied in the treatment of several conditions such as diabetes and rheumatism, degenerative diseases with involvement of reactive oxygen species (ROS). The aim of this study was to evaluate the aqueous, ethanolic, and hydroethanolic leaves extracts antioxidant capacity of these species, using several in vitro assay systems (reducing power, DPPH● scavenging, the β-carotene linoleate model system and lipid peroxidation inhibition in rat brain homogenate, using thiobarbituric acid reactive substances - TBARS). The oral acute toxicity of aqueous extracts was also evaluated in vivo. Results revealed that these extracts possess a potent reducing power and DPPH scavenging ability, as well as the ability to prevent TBARS formation in rat brain homogenate in a concentration-dependent manner. Regarding in vivo oral acute toxicity of the aqueous species extracts, no toxic effects were observed upon evaluating physiological, hematological and biochemical parameters. The presence of high levels of phenolics and flavonoids was determined mainly in the ethanol extract. However, the C. impressa hydroethanolic extract, fractionated with hexane, chloroform and ethyl acetate for analysis by NMR 1H, showed more efficient results than the reference antioxidant Carduus marianus. The classes of organics compounds were determined were phenolics in the fraction of ethyl acetate and terpenes in chloroform and hexane fractions. The ethil acetate fraction had the highest content of flavonoids and increased scavenging capacity of DPPH●, possibly by the presence of phenolic compounds. Therefore, a detailed investigation of the phytochemical composition and in vivo study of the C. impressa hydroethanolic extract is suggested to characterize the active compounds of the species

Juventude e vulnerabilidade social :no contexto intra-urbano de Natal, RN

The use of the term social vulnerability in the study of the reproduction of the social inequalities in Brazil, still, is recent. The social vulnerability is linked to the indicators of social risk. The work approaches the youth's social vulnerability and your relationship with the education, considering the youth a, among other groups socially excluded, vulnerable, in the Brazilian metropolises. It is guided by the methodological theoretical formulations on this thematic one developed by the Rede Metrópoles in the ambit of the project, " Observatory of the Metropolises: territory, social cohesion and democratic governability ( Project Millennium CNPq) and your unfoldings in the Natal group. Empirically, forehead a methodological proposal - still in construction - and it accomplishes a " pilot " study for the city of Natal with base in the data of the Census of IBGE 2000, that proposes mensurar the importance of the social characteristics of the neighborhood on the considered youths' educational acting those that are in the strip from 15 to 24 years. It considers that the youths' educational " earnings as being influenced not only for the social context of the family, also, for your space location in the city - social context of the neighborhood. With base in the results can verify that the youths of the city of Natal present situations of social vulnerability so much in the ambit of the family as expresses in the social space of the neighborhood. Such vulnerability are verified in the low educational indexes, in the high unemployment rates and in the presented social conditions of the researched areas. The youths, residents of those neighborhoods, they are considered vulnerable socially because original of a precarious source of " assets " and opportunities. There is in Natal a low " structure of assets and opportunities " - accessible to the youth

A ética econômica das classes trabalhadoras: a gramática social do comportamento econômico da nova pequena burguesia comercial de Natal/RN

Rogram relying on sociological interface between Economic Sociology, Sociology of Moral Theory of Socialization and Social Stratification, this dissertation research makes use of theoretical contributions Luic Boltanski, Charles Taylor, Axel Honneth, Pierre Bourdieu and Bernard Lahire to problematize the generally about the physical and symbolic production and social reproduction of the type of "economic ethics" predominant in the new petite bourgeoisie Brazilian. In other words, the goal is to explain and analyze the objective conditions (economic needs and moral grammar) and intersubjective (modes of socialization and social networks) and update the social genesis and contextual transcontextual beliefs, biases, inclinations and cultural regularities observed the economic behavior of individual profiles for the fractions of the urban petty bourgeoisie and commercial upward Natal / RN. With regard to methodological strategies adopted in data collection will be conducted qualitative interviews (semistructured) and ethnographic notes. In turn, the analytical treatment of the collected empirical content is based on the approach dispositionalist (Pierre Bourdieu, Loïc Wacquant and Bernard Lahire) that emphasizes the study of the past embedded agents and the different contexts of incorporation / activation / inhibition of "provisions" individual cultural

A participação dos sujeitos e a reflexão coletiva das práticas na formação docente

Cet article propose, à partir d'une analyse de trois expériences différentes de la formation des enseignants, voir la pratique de l'enseignant comme une réalité et la comprendre, dans cette perspective, dynamique, génératrice de contenu et possible d être transformée. Une étude menée par un groupe de chercheurs de Sao Paulo do Potengi / RN avec des enseignants des écoles municipales dans les années 70, la mise en oeuvre du projet de réorientation curriculaire par le Bureau d Éducation de la ville de São Paulo - SP en 1989, et le cours Pédagogie de la Terre à l UFRN créée en 2002 sont pris en compte dans ce travail, comme des références dans la formation des enseignants qui démontrent à la fois les référentiel théorique et les actions développées sur la pertinence des réflexions par rapport à l'enseignement pratique comme point de départ quand on cherche à transformer l'école. Du matériel de lecture sur la manière dont ces processus de formation des événements a été possible de détecter la présence de deux éléments qui semblent être importants: la participation des personnes concernées et le reflet de leurs pratiques. Nous avons cherché à comprendre comment ces éléments apparaissent dans la pratique de deux étudiants du cours de Pédagogie de la Terre au cours de leurs classes de stage, en cherchant à identifier la façon dont ils font avancer ce point de vue de ce qui se passe dans le processus de formation. L'étude fait remarquer que la participation des sujets comme la réflexion collective des pratiques peuvent être cruciale pour la compréhension d'un enseignement qui peut être dynamique et de transformation des sujets, et qu elle peut se passer dans un processus de construction collective du savoir marquée par une refléxion et d une manière critique de faire et réflexive d'elle-même dans l'autonomie scolaire, améliorer la qualité de l'enseignement et le renforcement de l'enseignant et de l'élève comme des sujets actifs dans la reconstruction de leurs connaissances

Controle Adaptativo Robusto para Filtros Ativos de Potência Paralelo

Conventional control strategies used in shunt active power filters (SAPF) employs real-time instantaneous harmonic detection schemes which is usually implements with digital filters. This increase the number of current sensors on the filter structure which results in high costs. Furthermore, these detection schemes introduce time delays which can deteriorate the harmonic compensation performance. Differently from the conventional control schemes, this paper proposes a non-standard control strategy which indirectly regulates the phase currents of the power mains. The reference currents of system are generated by the dc-link voltage controller and is based on the active power balance of SAPF system. The reference currents are aligned to the phase angle of the power mains voltage vector which is obtained by using a dq phase locked loop (PLL) system. The current control strategy is implemented by an adaptive pole placement control strategy integrated to a variable structure control scheme (VS-APPC). In the VS-APPC, the internal model principle (IMP) of reference currents is used for achieving the zero steady state tracking error of the power system currents. This forces the phase current of the system mains to be sinusoidal with low harmonics content. Moreover, the current controllers are implemented on the stationary reference frame to avoid transformations to the mains voltage vector reference coordinates. This proposed current control strategy enhance the performance of SAPF with fast transient response and robustness to parametric uncertainties. Experimental results are showing for determining the effectiveness of SAPF proposed control system

Técnica de controle adaptativo robusto aplicada a filtros ativos de potência e paralelo

The Methods for compensation of harmonic currents and voltages have been widely used since these methods allow to reduce to acceptable levels the harmonic distortion in the voltages or currents in a power system, and also compensate reactive. The reduction of harmonics and reactive contributes to the reduction of losses in transmission lines and electrical machinery, increasing the power factor, reduce the occurrence of overvoltage and overcurrent. The active power filter is the most efficient method for compensation of harmonic currents and voltages. The active power filter is necessary to use current and voltage controllers loop. Conventionally, the current and voltage control loop of active filter has been done by proportional controllers integrative. This work, investigated the use of a robust adaptive control technique on the shunt active power filter current and voltage control loop to increase robustness and improve the performance of active filter to compensate for harmonics. The proposed control scheme is based on a combination of techniques for adaptive control pole placement and variable structure. The advantages of the proposed method over conventional ones are: lower total harmonic distortion, more flexibility, adaptability and robustness to the system. Moreover, the proposed control scheme improves the performance and improves the transient of active filter. The validation of the proposed technique was verified initially by a simulation program implemented in C++ language and then experimental results were obtained using a prototype three-phase active filter of 1 kVA

Um método para localização facial Invariante a rotação

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Aplicação de técnicas de aprendizado de máquina no reconhecimento de classes estruturais de proteínas

Nowadays, classifying proteins in structural classes, which concerns the inference of patterns in their 3D conformation, is one of the most important open problems in Molecular Biology. The main reason for this is that the function of a protein is intrinsically related to its spatial conformation. However, such conformations are very difficult to be obtained experimentally in laboratory. Thus, this problem has drawn the attention of many researchers in Bioinformatics. Considering the great difference between the number of protein sequences already known and the number of three-dimensional structures determined experimentally, the demand of automated techniques for structural classification of proteins is very high. In this context, computational tools, especially Machine Learning (ML) techniques, have become essential to deal with this problem. In this work, ML techniques are used in the recognition of protein structural classes: Decision Trees, k-Nearest Neighbor, Naive Bayes, Support Vector Machine and Neural Networks. These methods have been chosen because they represent different paradigms of learning and have been widely used in the Bioinfornmatics literature. Aiming to obtain an improvment in the performance of these techniques (individual classifiers), homogeneous (Bagging and Boosting) and heterogeneous (Voting, Stacking and StackingC) multiclassification systems are used. Moreover, since the protein database used in this work presents the problem of imbalanced classes, artificial techniques for class balance (Undersampling Random, Tomek Links, CNN, NCL and OSS) are used to minimize such a problem. In order to evaluate the ML methods, a cross-validation procedure is applied, where the accuracy of the classifiers is measured using the mean of classification error rate, on independent test sets. These means are compared, two by two, by the hypothesis test aiming to evaluate if there is, statistically, a significant difference between them. With respect to the results obtained with the individual classifiers, Support Vector Machine presented the best accuracy. In terms of the multi-classification systems (homogeneous and heterogeneous), they showed, in general, a superior or similar performance when compared to the one achieved by the individual classifiers used - especially Boosting with Decision Tree and the StackingC with Linear Regression as meta classifier. The Voting method, despite of its simplicity, has shown to be adequate for solving the problem presented in this work. The techniques for class balance, on the other hand, have not produced a significant improvement in the global classification error. Nevertheless, the use of such techniques did improve the classification error for the minority class. In this context, the NCL technique has shown to be more appropriated

Uma análise teórica da evolução da rotação estelar

In the past 50 years, large efforts have been made toward the understanding of the stellar evolution. In the observational context, large sets of precise measurements of projected rotational velocity were produced, in particular by the Natal and Geneva groups. From these data, it is now possible to establish the behavior of stellar rotation from the turnoff to the red giant branch. In addition, these data have shown the role of tidal effects on stellar rotation in close binary systems. Nevertheless, relatively little attention has been paid to theoretical studies on the evolution of rotation along the HR Diagram, a topic itself directly associated to the evolution of the stars. Basically, there are two reasons for such a fact, (i) spherical symmetry is not assumed, what leads to a substantial increase in the numerical complexity of equations and (ii) non rotating models have been very successful in explaining relevant observational data, including the mass-luminosity relation and chemical abundances. In spite of these facts, it is clear that considerable work remains to be done on the role of rotation in the later stages of the evolution, where clear disagreements arise from confrontations between theoretical predictions and observations. In the present work we study the evolutionary behavior of stellar rotation along the HR Diagram, taking into account constraint conditions issued from recent observational survey of rotational velocity carried out with high precision procedures and new evolutionary codes