Balanced Scorecard: fatores relevantes de sua implantação na diretoria de mercado de capitais do Banco do Brasil

Este trabalho objetiva determinar que características do corpo funcional da DIMEC (Diretoria de Mercado de Capitais do Banco do Brasil) estão associadas aos principais entraves considerados relevantes pelos funcionários da área durante a implementação do Balanced Scorecard (BSC). Pretende-se salientar como entraves tais como a falta de apoio de Tecnologia de Informação e a falta de hábito dos funcionários em lidar com indicadores não financeiros podem se relacionar com as características de interesse do corpo funcional, tais como nível hierárquico , formação acadêmica e nível de conhecimento da ferramenta BSC , de forma a influenciar na implementação do modelo. Para tanto foi realizada revisão de literatura e estudo de caso no qual figuraram, como instrumentos de coleta de dados, a aplicação de questionários e a entrevista não-estruturada através dos quais funcionários da DIMEC demonstraram as relações entre as variáveis descritas de forma a destacar fatores de relevância para o desenrolar do processo de implantação da ferramenta BSC na referida empresa

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

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

A teoria democrática e a participação popular : as trajetórias participativas no Recife e em Módena

This work basically achieve three goals. Critically investigate the liberal democratic regime and its historical reformulation, rejecting the popular power and popular self-organization, limiting the entry of normal citizen in decision-making, believing in the market as a mediating body in regulating of the different life spheres of social. Starting from the critical liberal democracy, it discussed the concept of popular participation in the democracy, searching new democratically horizons, where the masses could have the opportunity to make decisions about their own destiny. On the basis of theoretical discussion on participation, we discuss a concrete instrument of participation, the Participatory Budgeting, comparing two participatory experiences in North and South

Contribuição da teoria do caos para a gestão do turismo: uma análise a partir da percepção dos gestores da hotelaria de Natal/RN

O presente estudo tem como objetivo analisar como os gestores da hotelaria percebem a relação da teoria do caos e turismo, descrever como é pensada e concebida a gestão do turismo; mostrar as características caopléxicas do turismo e sua gestão e identificar os elementos do padrão estratégico de gestão e planejamento na visão dos gestores dos Meios de Hospedagem. Os dados foram obtidos através da observação direta intensiva e aplicação de entrevistas aplicadas junto aos hoteleiros da cidade de Natal/RN. Constata que as teorias da mudança e do caos proporcionam visão do conjunto de relações, aspectos e implicações do turismo, com base nas incertezas e instabilidades ambientais e de mercado. Mostra que a maioria dos modelos de análise, planejamento e gestão do turismo ainda é limitada, em razão do seu caráter linear e unidimensional. Destaca que o objetivo da teoria do caos é fornecer explicações dos fenômenos, não é fazer previsões, pois é impossível prever o futuro a longo prazo. Trata das estratégias de gestão como geradoras de novas fontes de incerteza, pois a realidade não pode ser completamente representada por modelos. Ter consciência desses fatos significa, entretanto, considerar o campo de múltiplas possibilidades e oportunidades da mudança e do caos na gestão do desenvolvimento do turismo. Essas idéias foram aplicadas à análise da gestão do turismo na localidade investigada. Os questionamentos levantados no estudo pautaram-se em pesquisa bibliográfica, fundamentada, principalmente, em autores como Beni, Prahalad, Mintzberg, Ritto, Senge e Hamel. Conclui-se que na era do conhecimento, as organizações que continuam presas ao paradigma mecanicista têm dificuldade de acompanhar as mudanças do mercado e sendo a hotelaria uma indústria de serviços que tem características organizacionais complexas e adaptativas, é imprescindível que os empreendimentos hoteleiros funcionem como sistemas interativos, que acompanhem as mudanças de um mercado tão turbulento e instável tendo na teoria do caos e da complexidade uma das possibilidades de compreender a realidade fora do modelo mecanicista.

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha 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