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.

Fundamentals and applications of spectroscopic ellipsometry

This paper describes the use of ellipsometry as a precise and accurate technique for characterizing substrates and overlayers. A brief historical development of ellipsometry and the basic principles necessary to understand how an ellipsometer works are presented. There are many examples of studies performed in addressing materials science issues, and several are presented here: measurements of thickness, optical properties, and modeling of surface roughness. These selected results obtained in our laboratory for substrates, Si/SiO2 interfaces, and polymers provide evidence that ellipsometry can play a critical role in characterizing different types of materials.

Trends and strategies of ozone application in environmental problems

Efforts presented by the scientific community in recent years towards the development of numerous green chemical processes and wastewater treatment technologies are presented and discussed. In the light of these approaches, environmentally friendly technologies, as well as the key role played by the well-known advanced oxidation processes, are discussed, giving special attention to the ones comprising ozone applications. Fundamentals and applied aspects dealing with ozone technology and its application are also presented.

Working in a digital world: new leadership practices for the development of a digital library workforce

Digital library developments are part of a global move in many sectors of society toward virtual work and electronic services made possible by the advances in information technology. This environment requires new attitudes and skills in the workforce and therefore leaders who understand the global changes underlying the new information economy and how to lead and develop such a workforce. This article explores ways to develop human resources and stimulate creativity to capitalize on the immense potential of digital libraries to educate and empower social change. There is a shortage of technically skilled workers and even more so of innovators. Retention and recruitment is one of the greatest obstacles to developing digital library services and information products.

The use of mini-projects in an undergraduate laboratory course in chemistry

This paper reports the results of a three-year study of the effectiveness of mini-projects in a first year laboratory course in chemistry at a Scottish university. A mini-project is a short, practical problem which requires for its solution the application of the knowledge and skills developed in previously completed set experiments. A number of recommendations have been made about the most appropriate ways of introducing mini-projects into undergraduate laboratory course. The main hypothesis of this survey was concerned with the value of mini-projects in laboratory courses formulated within the context of Information Processing Theory.

Designing an undergraduate laboratory course in general chemistry

From an analysis of a learning model based on the theory of information processing four hypothesis were developed for improving the design of laboratory courses. Three of these hypotheses concerned specific procedures to minimise the load on students' working memories (or working spaces) and the fourth hypothesis was concerned with the value of mini-projects in enhancing meaningful learning of the knowledge and skills underpinning the set experiments. A three-year study of a first year undergraduate chemistry laboratory course at a Scottish university has been carried out to test these four hypotheses. This paper reports the results of the study relevant to the three hypotheses about the burden on students' working spaces. It was predicted from the learning model that the load on students working space should be reduced by appropriate changes to the written instructions and the laboratory organisation and by the introduction of prelab-work and prelab-training in laboratory techniques. It was concluded from research conducted over the three years period that all these hypothesised changes were effective both in reducing the load on students' working spaces and in improving their attitudes to the laboratory course.

A pirólise como técnica analítica

In this paper historical aspects of analytical pyrolysis, the equipment used, the fundamentals and the mechanisms of pyrolysis of different polymeric materials are discussed. The latest work on analytical pyrolysis applied to various types of synthetic and natural samples is reviewed. Current applications of this technique that are discussed include identification of microorganisms, analysis of trace compounds by forensic laboratories, investigation of food and agricultural products, study of the chemical composition of wood, authentication and conservation of artworks, and the study of environmental and geochemical samples.