Análise comparativa e teste empírico da validade dos modelos CAPM tradicional e condicional: o caso das ações da Petrobrás

ALVES, Janaína da Silva. Análise comparativa e teste empírico da validade dos modelos CAPM tradicional e condicional: o caso das ações da Petrobrás. Revista Ciências Administrativas, Fotaleza, v. 13, n. 1, p.147-157, ago. 2007.

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

Projeto café do trabalhador como promotor de segurança alimentar e nutricional: avaliação da eficácia da unidade Natal-RN

The evaluation of public policies that promote Food Security and Nutrition (FSN) it s a multidisciplinary activity extremely relevant to the effectiveness of actions to legitimize the Human Right to Adequate Food (HRAF). This study aimed at assessing the effectiveness of the unit project Natal-RN Café do Trabalhador in promoting SAN to its users. The theoretical framework is based on the public and political and on the dimensions of the concept of FSN (quantity and quality-regularity). Through a qualitative approach, methodologically this was the work of an evaluation of efficiency of the unit Natal-RN of Café do Trabalhador project in light of the assumptions of the concept of SAN. Data collection was conducted through retrospective archival research in official documents of the project, semi-structured interviews with managers involved in its implementation (representative of the Secretary of State for Employment, Housing and Care of RN SETHAS and third party), socioeconomic questionnaire applied to the users of the unit, check the amount, regularity and quality of meals offered for 15 days (menu routine) using the descriptive form menu and form filling type checklist for verification of compliance with good practices . Methods of analysis, we used content analysis, descriptive statistics and compared to previously established parameters for the project. As categories of analysis were defined organizational arrangement, access, user, food quantity-regularity and food quality. The results show that, it was found in the category arrangement that will implement the project dismissed technical criteria for choosing the districts and the quantitative distribution of meals for each location. It was found that the valuation of the shares of the company outsources technical SETHA has not been performed. We observed in the access category, the unit has a strategic location, but lack of space in the refectory. The main obstacle to economic access for users is the lack of a register for the beneficiaries. In the category of users, it was identified that the clientele of the project it is predominantly men, with more than 51 years, low education, earning wages less 1 obtained through informal employment, which they move up through the unit transport collective, go to all days of operation due primarily to price. About the meals category quantity-regularity of food showed that the menu serves 95% of the desired needs, and that holidays and weekends are periods of disrupting the regularity of supply of meals. Regarding the category of food quality, it was found that the nutritional aspect on the menu are food sources rich in sodium, nitrates and low in fiber. In the aspect of hygiene and sanitation are the main limitations related to waste management, lack of exposure controls of food prepared and inadequacies of the physical structure. The results showed that in general and the institutional arrangement of the organs attached to the project should establish a systematic evaluation project is to establish as a promoter of and FSN overcome these obstacles

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

Da Pedra do Rosário ao Pantanal: Espaço e Urbanização no Passo da Pátria (Natal/RN)

The Passo da Pátria is one of the areas of housing in the city of Natal/RN, presents characteristics of insecurity on ways to live and access to goods and services. The project of urbanization called Integrated Project Passo da Pátria implemented since 2002 by the public power wants to change this picture. In Passo da Pátria system of classifications of space operated by the villagers signals to singularities that allows the identification of four pieces: Pedra do Rosário , Passo , Areado and Pantanal . The actions of the Project of Urbanization promote a new socio-space configuration. Our objective is to examine ways of appropriation of space in Passo da Pátria , built by the residents, which included their cultural practices giving symbolic meaning to the four pieces. The methodological procedures consisted of: literature review of the themes of the City, Urban, Segregation socio-space, Space, the Public Policies in urban area and texts on the Passo da Pátria ; desk research and interviews with old residents, recent residents, and these: men, women, young, and leaders of the Passo da Pátria . The evaluation of the data indicates that residents live positively the action of the public power as regards the expansion of urban infrastructure and services. At the same time, negative value of the shares removal of residents and idea of integration for the different pieces that form the Passo da Pátria , for them, these actions desconstroem times, experiences and narratives that are expressed in their relations with the space in which live

Juizados especiais federais e o acesso à justiça federal no Rio Grande do Norte

This work aims to study the performance of Juizados Especiais Fedrais (JEF) in Rio Grande do Norte and its contribution to the facilitation of access to justice by ordinary citizens. Created in 2001, the JEF looks simplify and reduce the procedural steps and reduce the number of appeals referred to the courts so that justice is possible to provide a more agile. In this sense, are designed to contribute to the democratization of access to justice. In Rio Grande do Norte, the JEF was established and began operating in January 2002, serving in causes civil pension. From 2005, the Court began to receive all types of civil cases and have a virtual system of processing of cases. Among the methodological procedures used in conducting research, highlight the documentary survey in the virtual site of the Federal Justice of RN, to obtain data on the shares tried and sentenced in the years 2005, 2006 and 2007, using the quantitative research. Were also conducted interviews with federal judges, using the qualitative research method. Among the results, we conclude that the Juizado Especial Federal in Rio Grande do Norte is complying with its objective of making justice more accessible and responsive to ordinary citizens, especially the short time that an action leads to the entry in the Court to be given the sentence

O Trabalho e o labirinto da responsabilidade socioempresarial:a experiência da cidadania empresarial do Banco do Brasil

In the current systemic crisis, economic policy is directed to correct the consequences of the functioning of this metabolism, but within the limits of the capital. From this perspective, decision makers propose trade policies, agricultural and industrial to ensure conditions for economic growth. However, as a dead end, there is failure of the State in giving efficacy to the operation of all segments of the economy, especially given the budget constraint. Public managers are forced to seek external resources, resuming the cycle of political allegiance to the interests of international financial and banking representatives, installed in so-called multilateral. The complex ideological capital comes into play in trying to convince society that the paths taken by governments are inevitable, and that capitalism can be "humanized", even with the realization of the growing inequalities caused by historical irrationalism of the production process of capital . In this sense, emerging concepts that attempt to demonstrate the compatibility of the system to real human needs. This ideological offensive is intended to legitimize the capital. The so-called third sector has a special highlight with the concept of corporate social responsibility. It creates a political environment in which the inevitable mix-up with new illusions offered by and often funding the metabolism of capital in order to perpetuate this system. In this context, political elites, and considerable portions of the academy, embark on "waves of capitalist optimism," while the sociometabolismo capital expands its historical limits, driving forces postponing their collapse, but that cause human suffering and ecological stress. Wars are disseminated to strengthen the deadly war industry and the automobile industry; and devastating the environment of which depends the capital system. In this scenario disassemble, propositions emerge around a "new social pact" in order to minimize the adverse effects of the dynamics of reproduction of capital. The business class is called to exercise its role through the discourse that appeals to social responsibility programs, in order to intervene directly in the "social question". The core of this research is precisely this point. Although there is considerable scholarship on the phenomenon of Social Responsibility and Corporate Citizenship, there is also an evident lack of this approach focused on the banking sector in Brazil. The importance of rentier capital increased ownership of shares in the wealth produced by all of Brazilian society, justifies a sociological research project on Social Responsibility in the domestic financial sector. In this sense, it was decided to perform a dynamic approach to the "Corporate Citizenship" in the banking industry, specifically in the Bank of Brazil. As this is a key institution, is important analyze of the impacts of this strategy fetish of capitalist reproduction, in order to evaluate the social legitimization of rentier capital in Brazil. In this scenario of the abundance of the discourse on social responsibility there exist a progressive impoverishment of professional work in this segment in Brazil. There is a dramatic mismatch between rhetoric and practice because of the trend of deepening vulnerability of the working conditions of the Brazilian bank worker, from the 1990's. In the specific case of the Bank of Brazil, the first initiative of the institution was to conform to the principles of the UNO and the Ethos Institute, aiming to align their domestic policies to this new strategy of domination of capital. The purpose is to place the Bank in the ideological sphere of corporate social responsibility, just as with its partners in the private financial intercapitalist competition. Indeed, in the internal ambit of the Bank of Brazil, there is a policy to adjust its functional segments to the doctrine of Social Corporate Responsibility. The concepts of this doctrine is presented as something inexorable. There are no alternatives. The Bank of Brazil operates in a highly competitive market, the segment featuring the dominance of financial capital accumulation today. For this reason it can not fail to incorporate the technological advances organizational. For employees there is no alternative but to adapt to this new set of ideas proposed by the metabolism of capital

Gestão de centros históricos: uma avaliação da política de requalificação urbana de Natal/RN

From the second half of the century XX, in many Brazilian cities, the "historic centers" stop being the most densely populated areas of the city, accumulate degradation of the built environment and its functions have physical, social and economic resignified when also intensified interventions in these same centers Historic focused its redevelopment. This work aims to reflect on the experience of urban regeneration in the historic center of Natal, addressing the strategies adopted in the implementation of public policies and how these improve the effectiveness of actions, processes and outcomes for which turn the management of the historic center in question. In Natal, is identified in the neighborhoods of the Upper Town and Ribeira, the historic city center, a large distortion of their ancient architectural complex, the use of sub-urban infrastructure and emptying in the evenings and weekends. Shares redevelopment of the historic center of Natal are considered late, it is only recently that these neighborhoods were objects of policies and projects generally aimed at enhancing the cultural attraction of the area, and not always, it can be said that they have relevance in development process of the city. Added to this, there is the slowness of the interventions, although the zoning as an area of historic preservation has been done for over two decade. In Natal, the ideas of sustainable development articulated a proposed redevelopment of its historic center is still far from being achieved, but on the other hand, the latest phase of implementation of plans and projects in the area, indicating the intention to transform practical experience in the formulations and proposals in relation to these ideals

Intervenção judicial nas sociedades limitadas em face da liberdade de iniciativa

The judicial intervention in limited liability company goes through several issues of legislative and hermeneutics origin, based considerably on the small importance given to freedom of economic initiative by the participants in the process of formation and application of the law. In addition, Brazilian law, due to incompleteness, inconsistency or lack of valid grounds, put the judge in a procedural delicate situation. Being forced to judge, the judiciary faces severe uncomfortable interpretive situations, of which derive solutions of dubious constitutionality and affecting, significantly, the dynamics of business activity. In this context, and considering the limited liability company as an expression of free enterprise, corresponding to a lawful association of people in order to undertake economically, in exercise of his freedom of contracting and professional action, intended to be offered safe parameters of constitutionality for judicial intervention in limited liability company in the hypothesis of (i) transfer of corporate shares, (ii) attachment of corporate shares, (iii) dismissal of directors, (iv) appointment of judicial stakeholders, (v) exclusion of shareholders and (vi ) trespass. The hypothetical-deductive approach was adopted, building hypotheses to overcome the gaps and unconstitutionality of the law and subjecting them to tests, reviews, and comparisons with hypothetical facts and case law in order to determine the constitutional validity of the proposed solutions. The procedure aimed to reconcile the historical, comparative, dialectical and scientific methods. The roots of temporal institutes were researched as well as current solutions provided by national and compared law. From problematizations point, addressed by the constitutional interpretation of the law and jurisprudence, responses that bring out the unconstitutionality of certain conceptions were headed

Nestor lima e a modernização conservadora da gestão educacional no Rio Grande do Norte entre 1924-1928

This study attempts to investigate the school administration in the Department of Education of Rio Grande de Norte, in the period 1924 to 1928, in the context of conservative modernization in its management, implemented by Nestor Lima dos Santos. Addresses the trends of administrative Nestor Santos Lima and sequence of these variables so that we can correlate and monitor the development of various economic, social, cultural and political, to show how influenced and even determined the direction of education, not only the state of RN, but throughout the country. For this purpose, it is the recapitulation of the history of life, experiences of work and travel reports of this important figure, including administrative concepts, aiming to identify the school administration, introduced by him in the 1920s, as those who received influence of characters that included the social and historical context of the time, reconstituting the ways following the education. It was developed by Nestor shares in Lima on the administration of public schools, their way of management, and can see how was the process of modernization of education in Rio Grande do Norte state and how it followed the rapid changes, experienced by Brazil, during this period. Show up on the design aspects of modernizing Nestor Lima in the Department of Education, the Director General of Administrative Acts, the internal record of school groups, Isolated Schools, Schools rudimentary and the newly created Board of Education, highlighting the Internal Rules of Council but the General Regulations of the Department of Education. This work also highlights the proposed administrative Nestor of Lima, while educational model of an operating system of the organization, training and education, which is present in the area of production of discourse, through body practice, characteristic of the record established levels of policy development and implementation of educational instruction in all state. Key-words: school administration. Conservative modernization. Public Education

Há possibilidade do ensino da história desenvolver o pensamento teórico?

The expectation that there is a relationship between the teaching of history and the development of theoretical thinking , this study aimed to examine this relationship with the collaboration of two teachers who teach in the fourth year of elementary school in a public school in the city of Mossley - RN . Sues the theoretical and methodological contributions are identified with the history Dialectical Materialism . The methodological approach was collaborative research . Was based on studies of Vygotsky ( 1998, 2001 ) , Rubinstein (1965 , 1973) , Ibiapina (2007 , 2008) , Afanassiev (1985 ) , Goes (2003 ) , Ferreira and Ibiapina (2005 , 2006, 2007 ) , Davydov (1981 ) , Glenisson (1991 ) among others . The methodological procedures consisted of : meetings , questionnaire , interview , cycles of reflective studies , reports of experiences and reflective session. For data analysis , we used the methodology of conceptual elaboration , proposed by Ferreira (2009 ) and the shares of reflection proposed by Magalhães (2000 ) . Data analysis indicates the predominance of empirical thinking of collaborating both with regard to the process of design and ( re ) development of the concepts of history and theoretical thinking on the relationship between history teaching and the development of theoretical thought . However , we see the beginning of the start of the change process in thinking the teaching of history

Comunicação dos enfermeiros com usuários do gênero masculino: um estudo representacional

Communication is seen as vital function. Through it, individuals and organizations relate to each other, the environment and the shares of their own group, influencing each other to turn facts into information. The user of the male part of a group of patients whose health policy is still in development. This fact can create insecurity in the nurse to establish a process that promotes disease prevention, promotion and / or recovery of health for that user. Aiming to elucidate this, the present study aimed to: apprehend the social representations of nurses communication with the users were male, looking for disease prevention, promotion and recovery of his health; identify the factors that influenced, positively or negatively on the effectiveness of nurses communication with the users were male and investigate the strategies used by nurses to clarify communication with the users were male. In order to achieve the goal raised, this study was a descriptive, exploratory and qualitative approach. Was based on theoretical and methodological framework social representations of Denise Jodelet and Serge Moscovici. The project has, through no Parecer nº 649/10, approval of the Ethics and Research HULW. During data collection, we used a semi-structured script and a diary interviews with 24 nurses in basic health units of district-Mangabeira Health District III, the city of João Pessoa (PB). The results were analyzed using the technique of content analysis according to Bardin (2007). Classifying the research subjects and identified three categories and five nuclei of the central ideas. The categories identified: the grasp of the RS communication of nurses with male users, identifying factors that influence the effectiveness of nurses' communication with users and male research on the strategies used by nurses to the elucidation of the communication with male users. The nuclei of the central ideas found: social representations of nurses' communication with the users of the male is externalized as difficult, different, difficult, not technical (knowledge) specific, with a dubious sense in relation to its therapeutic action, the factors examined as positive in this communication were based on the connection between professional and user look in detail and not mechanistic, in preventive actions, the dynamics of care, accessibility, participatory care, humanization, and qualification service. Whereas served as negative factors for the communication, signed on the behavioral differences of men, the feminization of nurses, lack of training for professionals in relation to the subject, prescriptive conduct and prejudice (concerns) sociocultural. Another related consolidated core strategies employed for the occurrence of such communication. Given these results, it was realized the importance of social representations for the consecration of a single language, the common understanding of reality on the nurse's communication with the user in male and determination of changes in the behavior of nurses and the user to the establishment of more effective strategies for obtaining a therapeutic communication between them

Estratégias de intervenção utilizadas por enfermeiros da ESF do município de Natal/RN no controle do câncer do colo de útero

Cancer of the cervix (cervical cancer) is the second most prevalent cancer among Brazilian women. The high rates of cervical cancer in Brazil justify the implementation of effective strategies to control this, which include actions to promote health, primary prevention, early detection, screening, treatment and palliative care. Despite the existence of the National Programme for Control of the CCU there was no reduction in the incidence and mortality of this disease in Brazil. The Family Health Strategy (FHS) has the potential to facilitate such control and, in this context, one should consider that nurses play a central role. The study aimed to know the general intervention strategies used by nurses FHS of Natal / RN in CCU control, and how specific: analyzing the knowledge of these nurses on the CCU, the actions developed in the ESF for the control of CCU and identify the difficulties faced by them to perform it. This is a descriptive exploratory quantitative developed through a structured interview guide with 106 nurses who have experience in controlling the CCU in FHS teams of Natal / RN. Data analysis was performed using descriptive statistic s. The results pointed to actions taken in the FHS to control the CCU, collection of cervical cancer screening, health education activities, nursing consultation, referral of suspected cases for medical monitoring and active women with abnormal test result . The actions that were not mentioned by the nurses included: forming groups of prevention and health promotion; expand coverage of exams and office hours of consultations, establishment of alternatives to end the pent-up demand in the health units, participation in treatment or rehabilitation process users with the CCU; interventions for pain management, alliances and partnerships with schools, in dustry and the use of protocols. This study can be seen that the practice nurses partially shares to the CCU in Natal / RN. The participants of this study, when asked about the CCU, specifically for signs and symptoms of disease and risk factors in general showed important gaps. Difficulties such as lack of materials for collection of Pap smear; inadequate physical space in the Health Units; pent-up demand in the service, delay in arrival of the test results; obstacles in the actions of referral and counter-referral and cultural factors make the CCU control is compromised. It is believed in this research contributed to a reflection on the importance of the role of nurses in the development of the ESF control actions CCU, pointing out the factors that affect these. It is important to involve all nurses who comprise the ESF as knowledgeable of the risk factors, signs and symptoms, and existing tools for the early detection of cervical cancer in the pursuit of quality improvement actions to promote women`s health, contributing in planning future interventions that may reduce mortality from this disease in Natal / RN.

Implementação de processador banda base ofdma para downlink lte em fpga

This work treats of an implementation OFDMA baseband processor in hardware for LTE Downlink. The LTE or Long Term Evolution consist the last stage of development of the technology called 3G (Mobile System Third Generation) which offers an increasing in data rate and more efficiency and flexibility in transmission with application of advanced antennas and multiple carriers techniques. This technology applies in your physical layer the OFDMA technical (Orthogonal Frequency Division Multiple Access) for generation of signals and mapping of physical resources in downlink and has as base theoretical to OFDM multiple carriers technique (Orthogonal Frequency Division Multiplexing). With recent completion of LTE specifications, different hardware solutions have been developed, mainly, to the level symbol processing where the implementation of OFDMA processor in base band is commonly considered, because it is also considered a basic architecture of others important applications. For implementation of processor, the reconfigurable hardware offered by devices as FPGA are considered which shares not only to meet the high requirements of flexibility and adaptability of LTE as well as offers possibility of an implementation quick and efficient. The implementation of processor in reconfigurable hardware meets the specifications of LTE physical layer as well as have the flexibility necessary for to meet others standards and application which use OFDMA processor as basic architecture for your systems. The results obtained through of simulation and verification functional system approval the functionality and flexibility of processor implemented

Diagnóstico do usuário no aprimoramento dos serviços de tecnologia da informação: um projeto de intervenção para o Ministério Público do Estado do Rio Grande do Norte

The information tecnology (IT) has, over the years, gaining prominence as a strategic element and competitive edge in organizations, public or private. In the judiciary, with the implementation of actions related to Judiciário Eletrônico, information technology (IT), definitely earns its status as a strategic element and significantly raises the level of dependence of the organs of their services and products. Increasingly, the quality of services provided by IT has direct impact on the quality of services provided by the agency as a whole. The Ministério Público do Estado do Rio Grande do Norte (MPRN) deployments shares of Electronic Government, along with an administrative reform, beyond these issues raised, caused a large increase in institutional demand for products and services provided by the Diretoria de Tecnologia da Informação (DTI), a sector responsible for the provision of IT services. Taking as starting point strategic goal set by MPRN to reach a 85% level of user satisfaction in four years, we seek to propose a method that assists in meeting the goal, respecting the capacity constraints of the IT sector. To achieve the proposed objective, we conducted a work in two distinct and complementary stages. In the first step we conducted a case study in MPRN, in which, through an internal and external diagnosis of DTI, accomplished by an action of internal consulting and one research of the user satisfaction, we seek to identify opportunities of change seeking to raise the quality perceived of the services provided by the DTI , from the viewpoint of their customers. The situational report, drawn from the data collected, fostered changes in DTI, which were then evaluated with the managers. In the second stage, with the results obtained in the initial process, empirical observation, evaluation of side projects of quality improvement in the sector, and validation with the managers, of the initial model, we developed an improved process, gazing beyond the identification of gaps in service a strategy for the selection of best management practices and deployment of these, in a incremental and adaptive way, allowing the application of the process in organs with little staff allocated to the provision of information technology services