Effect of investments on fundamentals and market reaction on pre-operational and operational Brazilian companies for the period 2006-2012

ABSTRACT This paper provides evidence on the market reaction to corporate investment decisions whose shareholder value is largely attributed to growth options. The exploratory research raised pre-operational companies and their operational pairs on the same economy segments. It had the purpose of investigating the existence of statistical differentiation from financial indicators that reflect the installed assets and growth assets, and then study the market reaction to changes in fixed assets as a signaling element about investment decisions. The formation process of operational assets and shareholder value almost exclusively dependent on asset growth stands out in the pre-operational companies. As a result, differentiation tests confirmed that the pre-operational companies had their value especially derived on growth options. The market reaction was particularly bigger in pre-operational companies with abnormal negative stock returns, while the operational companies had positive returns, which may indicate that the quality of the investment is judged based on the financial disclosure. Additionally, operational companies' investors await the disclosure to adjust their prices. We conclude that the results are consistent with the empirical evidence and the participants in financial markets to long-term capital formation investments should give that special attention.

Expansion of undergraduate courses in nursing: dilemmas and contradictions facing the labor market

We sought to analyze, from the perspective of professors and students, the reasons and consequences of the expansion of undergraduate courses in nursing, discussing the dilemmas and the contradictions confronting the labor market. It was a qualitative study with data obtained from focus groups, conducted in 18 undergraduate nursing courses in the state of Minas Gerais, during the period of February to October of 2011. The narratives were submitted to critical discourse analysis. The results indicated that the education of the nurse was permeated by insecurity as to the future integration into the labor market. The insecurity translates into dilemmas that referred to employability and the precariousness of the working conditions. In this context, employment in the family health strategy emerges as a mirage. One glimpses the need for a political agenda with the purpose of discussion about education, the labor market and the determinants of these processes.

Building the future: the Brazilian university library in 2010

Information technology will affect academic activities as well as the nature of the high education sector. This sector besides the need to assimilate these technologies will need to attend the requisites of market globalization and, as consequence, all theses changes will be reflected in the university library. Prospectives impacts will affect the structure (emphasis in user services, outsourcing of several services), in the financing aspect (growing of consortia in order to reduce costs), in services (electronic reference, support to long distance education programs, intelligent agents) and in the clientele (attending the great demand por high education which implies a diversity of people).

Genetic similarity of citrus fresh fruit market cultivars

The objective of this work was to assess the genetic similarity of the following citrus fresh fruit market seedless cultivars: Lane Late, Navelate, Navelina and Salustiana sweet oranges (Citrus sinensis (L.) Osbeck), Clemenules and Marisol mandarins (C. reticulata Blanco) and Okitsu satsuma mandarin (C. unshiu Marcovitch), and the hybrids Nova [C. clementina x (C. paradisi x C. tangerina)] and Ortanique (tangor probably derived from C. sinensis (L.) Osbeck x C. reticulata Blanco), utilizing isoenzymatic markers. Electrophoresis analysis of proteins extracted from leaf tissues was utilized to detect polymorphisms at ten isoenzymatic systems. Out of 30 alleles, 16 were polymorphic. The Jaccard coefficient was utilized to estimate the genetic similarity between the cultivars and the unweigthed pair-group method using an arithmetic average (UPGMA) was used to obtain the phenogram (NTSYS 1.7). The cultivars showed high genetic similarity (>72.5%), and were classified in five main groups: sweet oranges, 'Clemenules' and 'Marisol' mandarins, 'Nova', 'Ortanique', and 'Okitsu' satsuma mandarin.

The ideal table grapes for the Spanish market

This paper seeks to explore a survey of consumers in Spain. The survey explores the attributes of quality that consumers are seeking and promotion of grapes via "quality" marks, which are indicators of possible ways to increase demand. The reason consumers are switching to other foods, such as dairy based snacks, is that grapes are not easy to eat, can be unreliable in terms of their quality attributes, and their price more variable. Consumers are also generally unaware of the marks quality currently used.

Production of yeast extracts from whey for food use: market and technical considerations

Whey is produced in large amounts by cheese industries. This by-product can be used for biomass production by yeast cultivation, resulting in commercially attractive products. The use of yeast extracts as source of flavour enhancer consists of an expansible market, encouraged by costumer's choice for natural additives. The development of a suitable and economically viable project for the generation of valued-added by-products, may allow the dairy industry to diversify their portfolio and increase their rentability.

Metodologia de Estudo de Dieta Total no Estado de São Paulo para estimativa de ingestão dietética de elementos tóxicos e essenciais: a elaboração da Cesta de Mercado (Market Basket)

O objetivo do estudo foi elaborar a Cesta de Mercado para a realização de Estudos de Dieta Total (EDT) para avaliação de ingestão dietética de elementos tóxicos e essenciais no Estado de São Paulo. A fonte de dados foi a pesquisa de consumo nacional domiciliar atualizada, Pesquisa de Orçamentos Familiares (POF) 2002-2003, do Instituto Brasileiro de Geografia e Estatística (IBGE). Para estimar o consumo de alimentos pela população estudada, os dados de aquisição alimentar utilizados foram pertinentes ao Estado de São Paulo. A Cesta de Mercado inicialmente foi formulada com os dados disponíveis das publicações do IBGE, e para detalhamento dos alimentos foram pesquisados os seus Micro dados, resultando numa Cesta de Mercado com 71 alimentos, que corresponde a 72% do peso dos alimentos da população do Estado de São Paulo, segundo a POF. Como abordagem sugerida pelos EDT já realizados em outros países, os alimentos foram agrupados em 30 compostos, que serão posteriormente analisados para determinar o seu conteúdo dos elementos essenciais e tóxicos.

Quality of propolis commercialized in the informal market

The purpose of this research was to evaluate the quality of propolis produced and commercialized informally in São Paulo State through physicochemical analyses of ethanolic extracts of propolis (EEP). Thus, 40 samples of in nature propolis, provided by beekeepers from 32 towns, were analyzed. The EEP were prepared in a proportion of 30% (w/v), and the physicochemical tests were performed according to the Technical Regulation of Propolis Identity and Quality. The pH of each EEP sample was also evaluated. Regarding the dry extract, it was observed that 80% of the samples meet the minimum requirements established by the Brazilian legislation. With regard to the oxidizing property, 67.5% of EEP were below the maximum time allowed for oxidation. With regard to the solubility in lead acetate, 97.5% of the samples showed positive results, whereas no sample produced a negative result in terms of solubility in sodium hydroxide. Regarding the concentration of flavonoids, 95% of the samples produced results consistent with the minimum value allowed, and regarding the phenolic compounds, all samples were in accordance with the legislation. The EEP pH was slightly acidic. Therefore, it can be concluded that most EEP is consistently in accordance with the Brazilian legislation, which suggests that good quality propolis is produced by those beekeepers.

Sugarcane spirit market share simulation: an application of conjoint analysis

This study evaluated the influence of packaging and labeling attributes of sugarcane spirit on consumers' behavior by applying the results of conjoint analysis in sugarcane spirit market share simulation. Firstly, a conjoint analysis was performed aiming to estimate the part-worths of each consumer for some sugarcane spirit packaging and labeling attributes. These part-worths were used in the market share simulation using the maximum utility model. It was observed that some packaging and labeling attributes affected consumer's purchase intention and that most consumers showed a similar preference pattern regarding these attributes. These consumers showed preference for the Seleta brand, which was bottled in 700 mL clear glass bottles with a metal screw cap that bore a label illustration unrelated to sugarcane spirit production process and had the information "aged 36 months in oak barrels". This study also showed that conjoint analysis and the use of its results in the market share simulation proved important tools to better understand consumer behavior towards intention to purchase sugarcane spirit.

Detection of genetically modified organisms in soy products sold in Turkish market

PCR-based technique for GMO detection is the most reliable choice because of its high sensitivity and specificity. As a candidate of the European Union, Turkey must comply with the rules for launching into the market, traceability, and labeling of GMOs as established by EU legislation. Therefore, the objective of this study is to assess soybean products in the Turkish market to verify compliance with legislation using qualitative Polymerase Chain Reaction (PCR) assay to detect the presence of GM soybean and to quantify its amount of GM soybean in the samples tested positive using real-time PCR. DNA extracted by the modified CTAB method was properly used for PCR amplification of food materials. The amplification of a 118 bp DNA fragment of the lectin gene from soybean by PCR was successfully achieved in all samples. The GMO screening was based on the detection of 35S promoter and NOS terminator sequences. The GM positive samples were subjected to detection of Roundup ReadyTM soybean (RR) using quantitative real-time PCR. It was found that 100% of the tested food samples contained less than 0.1 per cent of EPSPS gene.

Physicochemical and sensory characteristics of pan bread samples available in the Brazilian market

Pan bread samples available in the Brazilian market were evaluated for their physicochemical and sensory characteristics. Twelve pan breads, seven white and five whole grain breads, were evaluated. Moisture, water activity (Aw), firmness, and color (L*, a*, b*) of the crumb were evaluated on the first, fourth, seventh, and tenth days after purchasing the breads. Specific volume was evaluated on the first day of analysis with averages of 4.72 and 4.70 mL/g for the white and whole grain breads, respectively. The average results on the first day of analysis were: 37.03% and 41.23% moisture, 0.954 and 0.966 Aw, 276.27 and 267.83 gf firmness, 74.73 and 64.45 L* values, 0.37 and 3.85 a* values, and 15.51 and 18.98 b* values for the white and whole grain breads, respectively. The samples showed an increase in firmness, reduction in moisture and Aw, and no color changes over time. A survey conducted prior to the acceptance test showed that the three most important factors influencing purchase were taste (19.6%), tenderness (16.8%), and expiration date of the product (14.3%). The results showed that 37.2% of the panelists preferred white bread, 62.8% preferred bread with fibers, and 82.6% would probably or definitely buy white bread with fibers.

From semi-stagnation to growth in a sino-centric market

According to recent available information, the Brazilian economy may be entering a cycle of sustained growth. The dominant current interpretation points to the progresses made in terms of monetary stability, Balance of Payments and structural reforms. Indeed, without monetary stability and the commercial opening of the economy, investments would not be increasing and credit growth would not be helping the emergence of millions of new consumers. But these achievements should be taken as generally conditioning, rather than actually shaping the new picture. Some unexpected (not rarely positive) consequences of overcoming the long enduring semi-stagnation, the emergence of China as a major player, and its consequences on the necessary re-structuring of the Brazilian industry, seem to be decisive in the present day redefinition of the Brazilian GDP growth potential.

Brazilian, Chinese, and Indian exports: is the regional market really a source of learning?

In some Latin American countries the exporting activity starts at a regional level, with producers only later venturing into more competitive markets. The implicit risk is that a country might never progress from the regional stage to a more global market. This article compares the experiences of Brazil, China and India. It is shown that Brazil relied on the regional market far more intensely than these Asian countries. There were clear gains accruing to China and India for having exploited more sophisticated markets from the very beginning of their export drive.

Emerging markets and the international financial architecture: a blueprint for reform

If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

The boom and crisis of the Convertibility Plan in Argentina

This article analyses the relationship between state policies and economy in Argentina 1991-2001. In 1991 the currency board regime named 'convertibility' was implemented, within the framework of important neoliberal reforms introduced by the State. These neoliberal reforms facilitated capitalist restructuring, characterized by a leap in productivity, investment and profits. Likewise, these reforms generated imbalances which, along with the changes in the world market conditions from 1998, led to the deepest crisis in Argentina's history. The inefficiency of state neoliberal policies in managing the crisis, based on fiscal adjustment to guarantee the continuity of external financing, led to an economic depression and a financial crash, sparking a mass rebellion and the end of convertibility.