INCLUDING RISK IN ECONOMIC FEASIBILITY ANALYSIS:A STOCHASTIC SIMULATION MODEL FOR BLUEBERRY INVESTMENT DECISIONS IN CHILE

ABSTRACT The traditional method of net present value (NPV) to analyze the economic profitability of an investment (based on a deterministic approach) does not adequately represent the implicit risk associated with different but correlated input variables. Using a stochastic simulation approach for evaluating the profitability of blueberry (Vaccinium corymbosum L.) production in Chile, the objective of this study is to illustrate the complexity of including risk in economic feasibility analysis when the project is subject to several but correlated risks. The results of the simulation analysis suggest that the non-inclusion of the intratemporal correlation between input variables underestimate the risk associated with investment decisions. The methodological contribution of this study illustrates the complexity of the interrelationships between uncertain variables and their impact on the convenience of carrying out this type of business in Chile. The steps for the analysis of economic viability were: First, adjusted probability distributions for stochastic input variables (SIV) were simulated and validated. Second, the random values of SIV were used to calculate random values of variables such as production, revenues, costs, depreciation, taxes and net cash flows. Third, the complete stochastic model was simulated with 10,000 iterations using random values for SIV. This result gave information to estimate the probability distributions of the stochastic output variables (SOV) such as the net present value, internal rate of return, value at risk, average cost of production, contribution margin and return on capital. Fourth, the complete stochastic model simulation results were used to analyze alternative scenarios and provide the results to decision makers in the form of probabilities, probability distributions, and for the SOV probabilistic forecasts. The main conclusion shown that this project is a profitable alternative investment in fruit trees in Chile.

Transaction costs: an empirical analysis of their relationship with investment and foreign direct investment

As stated by the New Institutional Economics theory, transaction costs play a relevant role in economics and, according to the extent of such costs, agents make investment decisions. Actually, transaction costs may represent a disincentive to entrepreneurship. This work aims to verify whether transaction costs are related to investment rate and foreign direct investment rate (FDI) in different business environments. The results suggest that foreign investors do not have precise information about other countries as domestic investors do; as it is observed, only the relation between transaction costs and investment rate is significant. Furthermore, there is evidence that the business environments of BRIC countries are less developed when compared to business environments of other countries in the study

ANTIFUNGAL ACTIVITY OF Cymbopogon nardus (L.) Rendle (CITRONELLA) AGAINST Microsporum canis FROM ANIMALS AND HOME ENVIRONMENT

Dermatophytosis is a common zoonosis in urban centers. Dogs and cats have played an important role as its disseminators. Environmental decontamination is essential for the prevention of its propagation to humans and animals. However, sanitizers or disinfectants with antifungal activity, currently available, have high toxicity. The present study evaluated the in vitro effects of an extract of citronella (Cymbopogon nardus) on 31 Microsporum canis isolates from animals and home environments. Susceptibility tests were performed based on document M38-A2 (2008) of the Clinical and Laboratory Standards Institute with modifications for natural products. Although susceptibility variation was observed between the fungus tested, the concentrations that inhibited the growth of 50 and 90% of the microorganisms were low (19.5 and 78 µg/mL, respectively). Thus, this citronella extract showed potent fungistatic and fungicide activities against M. canis isolated from animals and home environments. Therefore, it could be an alternative for dermatophytosis prophylaxis in the home environment.

Alternative approaches in schistosomiasis control

Measures for for the control of schistosomiasis were implemented in Egypt begining 1922. This shows that developing endemic countries are facing this problem for near 70 years. However, results in the control of this infection have not been satisfactorily obtained in spite of the technologies and strategies recently developed. The idea that the social and economic components are relevant in the control of schistosomiasis is not new although its extension and profundity have not usually been well understood. More recently; most of the workers have recognized that the distribution of the prevalence rates of schistosomiasis should not be neglected in the control of the infection. At present field work projects on the control of schistosomiasis are being developed in rural areas of two Brazilian states (Espirito Santo and Pernanbuco). The adopted strategy aims to interfere in the complex relationships between amn and his bio-social-cultural environment, without forgeting tha the unequal distribution of the space is a consequence of the political and economic organization of the Society.

Genotype and environment interaction on soybean yield in Mato Grosso State, Brazil

The objective of this work was to investigate the genotype-environment interaction in Mato Grosso State, MT. The relative importance of locations, years, sowing dates and cultivars and their interactions was analyzed from data collected in regional yield trials performed in a randomized complete block design with four replications, from 1994-1995 through 1999-2000, in nine locations and two sowing dates. Individual and pooled analyses of variance over years and locations were performed. Complementary analyses of variances partitioned MT State in two main and five smaller regions, respectively: North and South of Cuiabá; and MT-South-A (Pedra Preta area), MT-South-B (Rondonópolis and Itiquira), MT-East (Primavera do Leste and Campo Verde), MT-Central (Nova Mutum, Lucas do Rio Verde and Sorriso) and MT-Parecis (Campo Novo dos Parecis and Sapezal). Locations are relatively more important than years for yield testing soybeans in the MT State, therefore, investment should be made in increasing locations rather than years to improve experimental precision. Partitioning the MT State into regions has little impact on soybean yield testing results and, consequently, on the efficiency of the soybean breeding program in the State. Breeding genotypes with broad adaptation for the MT State is an efficient strategy for cultivar development.

Environment is crucial to the cooking time of beans

The objectives of this study were to understand how genotype, storage time, and storage conditions affect cooking time of beans and to indicate storage techniques that do not affect the cooking time. The grains were subjected to five different storage periods and six different storage conditions. The cooking time was estimated using the Mattson Cooker. The data were subjected to analysis of variance and a subsequent adjustment of simple linear regression for deployment of the interactions between the factors. Contrasts were used to determine the best levels of the factor storage condition. Genotype did not impact cooking time when the storage time and storage conditions were considered. Time and storage conditions affect the cooking time of beans in a dependent manner, but time of storage had the biggest influence. The best conditions for long-term storage of beans ensuring a smaller increase in cooking time is plastic storage at low temperatures. Thus, plastic freezer storage is a practical alternative for consumers.

Selection of anthracnose resistant common beans using detached leaves in partially controlled environment

The objectives of this study were to evaluate the possibility of selecting anthracnose resistant common bean plants using detached primary leaves in partially controlled environment of a greenhouse and identify differences in the reaction of genotypes to anthracnose. The common bean cultivars Ouro Negro, OuroVermelho, ManteigãoFosco 11, Rudá, Rudá-R, VP8, BRSMG Madrepérola, Pérola, MeiaNoite and BRSMG Talismãwere characterizedfor resistance to the races 65, 81 and 453 of Colletotrichum lindemuthianum and the method of detached primary leaves was compared to the method with the traditional inoculation of plants at the phenological stage V2. The lines Rudá, Rudá-R and Pérola were inoculated with the races 65 and 453 of C. lindemuthianum, aiming to assess the rate of coincidence of anthracnose severity by both inoculation methods. In general, the two methods presented similar results for the reaction of the cultivars. The use of detached primary leaves of common bean plants in the partially controlled environment was feasible for selection of plants resistant to anthracnose and has the advantages of low-needed infrastructure and reduction of resources, space and time.

Growth and nutrient accumulation in mycorrhized papaya seedlings cultivated in a phosphorus-fertilized substrate

ABSTRACT The indiscriminate use of mineral fertilizers in papaya orchards has increased production costs, and the use of arbuscular mycorrhizal fungi is a promising alternative to reduce such expenses. Therefore, the present research aimed at studying the efficiency of arbuscular mycorrhizal fungi (AMF) on dry matter and nutrient accumulation in Sunrise Solo papaya seedlings, by applying doses of P2O5 (triple superphosphate) that are harmful to the symbiosis. The experiment was carried out in a protected environment and was set up in a randomized block design with four replications, and consisted of four P2O5 doses (0, 672, 1386 and 2100 mg dm-3), three mycorrhizal fungi species (Gigaspora margarita, Entrophospora colombiana and Scutellospora heterogama) and the control treatment (mycorrhiza-free). Shoot and root dry matter as well as nitrogen, phosphorus and potassium contents in leaf and root tissues were assessed. Mycorrhizal inoculation promoted a 30% increase in shoot dry matter in relation to the control treatment. Mycorrhizal fungi promoted increases in leaf and root nitrogen content up to 672 mg dm-3 P2O5. Inoculation of E. colombiana favored the highest gains in root and shoot dry matter. P2O5 fertilization increased foliar and root phosphorus content.

Use efficiency of variable rate of nitrogen prescribed by optical sensor in corn

ABSTRACT The efficiency of nitrogen fertilizer in corn is usually low, negatively affecting plant nutrition, the economic return, and the environment. In this context, a variable rate of nitrogen, prescribed by crop sensors, has been proposed as an alternative to the uniform rate of nitrogen traditionally used by farmers. This study tested the hypothesis that variable rate of nitrogen, prescribed by optical sensor, increases the nitrogen use efficiency and grain yield as compared to uniform rate of nitrogen. The following treatments were evaluated: 0; 70; 140; and 210 kg ha-1 under uniform rate of nitrogen, and 140 kg ha -1 under variable rate of nitrogen. The nitrogen source was urea applied on the soil surface using a distributor equipped with the crop sensor. In this study, the grain yield ranged from 10.2 to 15.5 Mg ha-1, with linear response to nitrogen rates. The variable rate of nitrogen increased by 11.8 and 32.6% the nitrogen uptake and nitrogen use efficiency, respectively, compared to the uniform rate of nitrogen. However, no significant increase in grain yield was observed, indicating that the major benefit of the variable rate of nitrogen was reducing the risk of environmental impact of fertilizer.

Is the International Business Environment the actual context for international business research?

The International Business Environment (IBE) has been argued to be the essential context for international business (IB) studies and the distinguishing factor from other management studies and studies of large enterprises. Two content analysis show that many papers published in top tier IB journals either lack reference to any dimension of the IBE or tend to be uni-or bi-dimensional when addressing the IBE; it is not a surprise that the cultural dimension is the most often used. We suggest that: (a) there is need to developed more uni-and multi-dimensional environmental constructs; (b) a more holistic view of the IBE provides richer insights on the actual complexity underlying IB research. Future studies that provide more comprehensive models of the IBE that overcome the usual broad classifications of the international environment as undefined and uncontrollable factors are warranted to advance conceptual and empirical research.

INTERNATIONALIZATION OF STATE-OWNED ENTERPRISES THROUGH FOREIGN DIRECT INVESTMENT

ABSTRACT State-owned enterprises (SOEs) are created to focus on domestic needs, and yet recent evidence points to increasing outward foreign direct investment by SOEs. Existing International Business (IB) theories focus on efficiency-based motives for internationalization; therefore, they do not fully capture SOEs' internalization dynamics, which are driven largely by political factors and social welfare considerations. We integrate public management and IB theories to develop propositions that combine these questions: why SOEs internationalize; what are their motivations; and what are the main managerial outcomes of SOEs' internationalization. Our findings suggest that SOEs display little hesitancy in entering international markets, and that SOE international expansion is not contradictory with the goals of state-ownership if the purpose is to adjust the company to changing institutional environments both in the domestic and international markets. Our propositions about SOE internationalization are based on an in-depth case study of the outward foreign direct investment conducted by Brazil's Petrobras over the past three decades.

Studies on mosquitoes (Diptera: Culicidae) and anthropic environment: 1- Parity of blood seeking Anopheles (Kerteszia) in South-Eastern Brazil

Populations of Anopheles (Kerteszia) were sampled fortnightly over a one-year period (August 1991 to July 1992) at Ribeira Valley, S. Paulo State, Brazil. Indoor and outdoor collections were made on human bait at evening crepuscular period. The Polovodova technique for age grading was applied to 3,501 females of Anopheles cruzii and to 416 females of An. bellator. That sample represented 34.4% of the total number of mosquitoes collected. The most abundant species found was An. cruzii. However, An. bellator showed an endophagy that was almost three times greater than that of An. cruzii. The overall parous rate was 25.4% and uniparity was practically dominant one. A proportion of 26.9% of An. cruzii and 12.0% of An. bellator were found to be uniparous. Only three outdoor females of the former species (0.1%) showed biparity. Parity of An. cruzii was higher in females caught outdoors than in those caught indoors. Nevertheless, 497 nulliparous females examined (417 cruzii and 80 bellator) had ovaries that had advanced to Christophers and Mer stages III to V. These results imply that these females had already practised hematophagy. Relating these results to those from the parous females, a high statistical significance was found, leading to the conclusion that gonothophic discordance is a common pattern among these anophelines. Further, these results obtained with human bait catches strongly suggest that nearly 38.0% of these host-seeking females had already taken at least one previous blood-meal. So it is possible that enough time could thus be available for the plasmodian development in the vectors.

Studies on mosquitoes (Diptera: Culicidae) and anthropic environment: 2 - Immature stages research at a rice irrigation system location in South-Eastern Brazil

A relation between a rice irrigation system and mosquito breeding was established in a study undertaken at the Ribeira Valley Experimental Station, from January through December 1992. Flooding favoured Anopheles (Nyssorhynchus) and Culex (Melanoconion) species, while empty paddies condition were propitious to Aedes scapularis and Culex (Culex) species. Compared with a more primitive area of the same region, several species showed high a degree of adaptation to the anthropic environment. Among them, Anopheles albitarsis, a potential malaria vector that breeds in the irrigation system, has shown immature stage production thirteen times higher than at the natural breeding sites. In addition, Ae. scapularis, An. oswaldoi, Cx. bastagarius, and Cx. chidesteri presented high levels of synanthropy.