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

Tvoice :um sistema de manipulação de linguagens para auxiliar portadores de necessidades especiais através da web

This work presents the tVoice, software that manipulates tags languages, extracting information and, being integral part of the VoiceProxy system, it aids bearers of special needs in the access to the Web. This system is responsible for the search and treatment of the documents in the Web, extracting the textual information contained in those documents and preceding the capability of generating eventually through translation techniques, an audio script, used by the of interface subsystem of VoiceProxy, the iVoice, in the process of voice synthesis. In this stage the tVoice, besides the treatment of the tag language HTML, processes other two formats of documents, PDF and XHTML. Additionally to allow that, besides the iVoice, other interface subsystems can make use of the tVoice through remote access, we propose distribution systems techniques based in the model Client-Server providers operations of the fashion of a proxy server treatment of documents