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

O aluno surdo em classe regular: concepções e práticas dos professores

Le texte se rapporte à une recherche sur les conceptions d enseignants concernant l inclusion scolaire d élèves sourds , et leurs ralations avec les pratiques qu ils développent dans les classe régulières. Elle a été conduite dans une école publique régulière appartenant à la commune de Assu RN, et dont le choix méthodologique a été une approche qualitative, du genre ethnographyque. La construction des données devient d un processus d observation, de l application d entretiens demi-structurés et de l analyse de documents, ayant pour sujets quatre enseignants des années initiales de l enseignement fondamental. L apport théorique de base a été la théorie socio-culturelle proposée par Vygotsky (2003 ; 2005), censée traduire la compréhension de l homme dans sa dimension historique et culturelle, et mettre en évidence l interaction sociale en tant que condition pour le développement des individus. Les données font connaître que les enseignants sujets de la recherche sont favorables à l inclusion scolaire des élèves sourds dans les classes régulières, néanmoins soulignent le besoin d un changement à l école pour que l inclusion devienne une réalité. Les enseignants sont d avis que l apprentissage des élèves sourds se fait d une façon qui met trop de temps, moyennant l utilisation de recours spécifiques, tels que l usage du langage des signes (Libras). Ils signalent les difficultés qu ils doivent faire face quand il s agit de travailler pédagogiquement avec ces élèves dans le quotidien, telles que : manque d un travail collectif à l école ; besoin d une formation spécialisée ; démonstration de sentiments de peur, ou préjugés de la part de quelques uns du personnel de l école , tout celà interférant directement dans leurs attitudes et leurs actions faces aux élèves ; manque d appui des instances administratives de l école ; absence de politiques consistentes pour guider l éducation sous un regard inclusif. Quant aux pratiques pédagogiques développées à l école, la recherche laisse voir que, par rapport à la présence des élèves sourds, très peu d adaptations y ont été introduites, d où se dégage que la planification des actions éducatives à l école se tourne, prioritairement, vers les élèves qui écoutent, c est-à-dire, vers un groupe apparemment homogène. On a constaté, en plus, qu il n existe pas à l école aucun professionnel habilité pour l établissement d un processus de communication avec les élèves sourds. Malgré ces difficultés, les enseignants avouent, quand même, que travailler avec ces élèves rapporte toujours des bénéfices, tels que la collaboration et le respect mutuels chez les élèves, l acquisition de nouveaux savoirs et l amélioration de la pratique pédagogique des enseignants

Um estudo na teoria do movimento brownianno com viscosidade variável

In this work we investigate the stochastic behavior of a large class of systems with variable damping which are described by a time-dependent Lagrangian. Our stochastic approach is based on the Langevin treatment describing the motion of a classical Brownian particle of mass m. Two situations of physical interest are considered. In the first one, we discuss in detail an application of the standard Langevin treatment (white noise) for the variable damping system. In the second one, a more general viewpoint is adopted by assuming a given expression to the so-called collored noise. For both cases, the basic diffententiaql equations are analytically solved and al the quantities physically relevant are explicitly determined. The results depend on an arbitrary q parameter measuring how the behavior of the system departs from the standard brownian particle with constant viscosity. Several types of sthocastic behavior (superdiffusive and subdiffusive) are obteinded when the free pamameter varies continuosly. However, all the results of the conventional Langevin approach with constant damping are recovered in the limit q = 1

Sobre a integração indefinida de funções racionais complexas: teoria e implementação de algoritmos racionais

We present indefinite integration algorithms for rational functions over subfields of the complex numbers, through an algebraic approach. We study the local algorithm of Bernoulli and rational algorithms for the class of functions in concern, namely, the algorithms of Hermite; Horowitz-Ostrogradsky; Rothstein-Trager and Lazard-Rioboo-Trager. We also study the algorithm of Rioboo for conversion of logarithms involving complex extensions into real arctangent functions, when these logarithms arise from the integration of rational functions with real coefficients. We conclude presenting pseudocodes and codes for implementation in the software Maxima concerning the algorithms studied in this work, as well as to algorithms for polynomial gcd computation; partial fraction decomposition; squarefree factorization; subresultant computation, among other side algorithms for the work. We also present the algorithm of Zeilberger-Almkvist for integration of hyperexpontential functions, as well as its pseudocode and code for Maxima. As an alternative for the algorithms of Rothstein-Trager and Lazard-Rioboo-Trager, we yet present a code for Benoulli’s algorithm for square-free denominators; and another for Czichowski’s algorithm, although this one is not studied in detail in the present work, due to the theoretical basis necessary to understand it, which is beyond this work’s scope. Several examples are provided in order to illustrate the working of the integration algorithms in this text

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