THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZON

ABSTRACT Based on the assumption that earnings persistence has implications for both financial analysis and compensation contracts, the aim of this paper is to investigate the role of earnings persistence assuming that (i) more persistent earnings are likely to be a better input to valuation models and (ii) more persistent earnings are likely to serve as a proxy for long-term market and managerial orientation. The analysis is based on Brazilian listed firms from 1995 to 2013, and while we document strong support for the relevance of earnings persistence in financial analysis and valuation, we fail to document a significant relationship between earnings persistence and long-term value orientation. These results are sensitive to different specifications, and additional results suggest that firms' idiosyncratic risk (total risk) is relevant to explain the focus on short-term outcomes (short-termism) across firms. The main contribution of this paper is to offer empirical evidence for the relevance of accounting numbers in both valuation and contractual theories in an emergent market.

Construction and validation of nursing diagnoses for individuals with diabetes in specialized care

OBJECTIVE To construct statements of nursing diagnoses related to nursing practice for individuals with diabetes in Specialized Care, on the basis of the Database of Nursing Practice Terms related to diabetes, in the International Classification for Nursing Practice (ICNP®) and in the Theory of Basic Human Needs and to validate them with specialist nurses in the area. METHOD Methodological research, structured into sequential stages of construction, cross-mapping, validation and categorization of nursing diagnoses. RESULTS A list was indicated of 115 statements of diagnostic, including positive, negative and improvement statements; 59 nursing diagnoses present in and 56 nursing diagnoses absent from the ICNP® Version 2011. 66 diagnoses with CVI ≥ 0.50 were validated, being categorized on the basis of human needs. CONCLUSION It was observed that the use of the ICNP® 2011 favored the specifications of the concepts of professional practice in care with individuals with diabetes.

Evaluation of statistical and geostatistical models of digital soil properties mapping in tropical mountain regions

Soil properties have an enormous impact on economic and environmental aspects of agricultural production. Quantitative relationships between soil properties and the factors that influence their variability are the basis of digital soil mapping. The predictive models of soil properties evaluated in this work are statistical (multiple linear regression-MLR) and geostatistical (ordinary kriging and co-kriging). The study was conducted in the municipality of Bom Jardim, RJ, using a soil database with 208 sampling points. Predictive models were evaluated for sand, silt and clay fractions, pH in water and organic carbon at six depths according to the specifications of the consortium of digital soil mapping at the global level (GlobalSoilMap). Continuous covariates and categorical predictors were used and their contributions to the model assessed. Only the environmental covariates elevation, aspect, stream power index (SPI), soil wetness index (SWI), normalized difference vegetation index (NDVI), and b3/b2 band ratio were significantly correlated with soil properties. The predictive models had a mean coefficient of determination of 0.21. Best results were obtained with the geostatistical predictive models, where the highest coefficient of determination 0.43 was associated with sand properties between 60 to 100 cm deep. The use of a sparse data set of soil properties for digital mapping can explain only part of the spatial variation of these properties. The results may be related to the sampling density and the quantity and quality of the environmental covariates and predictive models used.

A model of multilingual digital library

This paper addresses the problem of multilingual digital libraries. The motivation for a such a digital library comes from the diversity of languages of the Internet users as well as the diversity of content authors, from e-book authors to writers of courseware. The basic definitions of such a system, the specifications of its functionality and the identification of the items it holds are discussed. The impact of multilinguism in each of the former aspects is presented. A case study of a multilingual digital library - in the Maxwell System in PUC-Rio - is described in the last sections. Its main characteristics are described and the current status of its digital library is shown.

The 21st century chemistry journal

Internet publication will radically alter how chemists will publish their research in the next century. In this article, we describe two fundamental changes: enhanced chemical publication which allows chemists to publish materials that cannot be published on paper and end-user customization which allows readers to read articles prepared to meet their specifications. These concepts have been implemented within the Internet Journal of Chemistry, a new journal designed to employ the latest technologies for chemical publications.

Peróxido de hidrogênio: importância e determinação

A brief discussion about the hydrogen peroxide importance and its determination is presented. It was emphasized some consideration of the H2O2 as reagent (separated or combined), uses and methods of analysis (techniques, detection limits, linear response intervals, sensor specifications). Moreover, it was presented several applications, such as in environmental, pharmaceutical, medicine and food samples.

Tratamento de banhos de tingimento têxtil por processos foto-Fenton e avaliação da potencialidade de reuso

In this work the treatment of textile dyeing baths by a sequential reductive-oxidative process was evaluated, aiming its utilization in new dyeing process. The results demonstrated that reactive dyes can be easily degraded by reductive processes mediated by zero-valent iron, a fact that induces decolorizations of about 80%. Sequential photo-Fenton processes permit almost total removal of the residual color with elimination of 90% of the COD content. The reuse of treated residues permits the achievement of materials that attend practically all textile specifications, with exception of the color difference parameter (ΔE), which is unsatisfactory toward the importation standards, but adequate for the national market.

Guia para a determinação da estabilidade de produtos químicos

Companies worldwide are reviewing their working process to avoid waste, become aligned with environmental management standards and to fulfill specifications defined for national and international regulations. In this context, it is important that Brazilian Chemical companies have a specific stability guide for their products. The main purpose of this work is to present a stability guide for chemical products based on the existing guides of the Pharmaceutical and Cosmetics segments. Furthermore, this work proposes to offer an additional period of shelf life for chemical products, provided they meet certain prerequisites.

MATERIAIS VÍTREOS E LUZ: PARTE 2

In this second part it will be discussed some photonic applications of glassy and glass ceramic thin films which can be used as planar waveguides. Some photonic applications require certain specifications of glass, which can be quantified by studying the nonlinear optical properties of the materials. Therefore, a brief introduction of these phenomena is discussed, as well as the use of femtosecond lasers to manipulate the composition or for the preparation of waveguides into glasses. Finally, the article will address a brief introduction on microstructured optical fibers and commercial application prospects for these devices.

Production of biodiesel from babassu oil using methanol-ethanol blends

Maranhão state in Brazil presents a big potential for the cultivation of several oleaginous species, such as babassu, soybean, castor oil plant, etc... These vegetable oils can be transformed into biodiesel by the transesterification reaction in an alkaline medium, using methanol or ethanol. The biodiesel production from a blend of these alcohols is a way of adding the technical and economical advantages of methanol to the environmental advantages of ethanol. The optimized alcohol blend was observed to be a methanol/ethanol volume ratio of 80 % MeOH: 20 % EtOH. The ester content was of 98.70 %, a value higher than the target of the ANP, 96.5 % (m/m), and the biodiesel mass yield was of 95.32 %. This biodiesel fulfills the specifications of moisture, specific gravity, kinematic viscosity and percentages of free alcohols (methanol plus ethanol) and free glycerin.

Modelagem de um sistema de informação para rastreabilidade na indústria do vinho baseado em uma arquitetura orientada a serviços

Apresenta-se neste trabalho pesquisa científica que levou à modelagem de um sistema de informação para o registro de dados de rastreabilidade destinado à indústria do vinho, segundo os conceitos de uma arquitetura computacional orientada a serviços (service oriented architecture, SOA). Desde 2005, a manutenção de tais registros é obrigatória para todos os produtores que pretendem exportar para países da União Europeia. Ademais, os consumidores finais, inclusive brasileiros, preocupados com a segurança alimentar, apresentam demanda crescente por informações. Buscou-se uma solução que contemple a indústria coletivamente, por meio de consórcios ou associações de produtores, diluindo custos e compartilhando benefícios. A partir do levantamento bibliográfico realizado e de contatos com pesquisadores e representantes do setor produtivo vinícola brasileiro, em Bento Gonçalves -RS, pesquisaram-se tópicos de tecnologia da informação ligados ao tema, além de detalhes sobre o processo produtivo do vinho. A partir de um modelo do processo produtivo do vinho sugerido pelos autores, empregou-se a Unified Modeling Language (UML), para a modelagem do sistema, que utiliza a tecnologia de web services para o tráfego de dados. Com um protótipo funcional, constataram-se a viabilidade do modelo e a possibilidade de sua utilização em outros domínios.

Preventive diagnosis of dairy cow lameness

This research aimed to develop a Fuzzy inference based on expert system to help preventing lameness in dairy cattle. Hoof length, nutritional parameters and floor material properties (roughness) were used to build the Fuzzy inference system. The expert system architecture was defined using Unified Modelling Language (UML). Data were collected in a commercial dairy herd using two different subgroups (H1 and H2), in order to validate the Fuzzy inference functions. The numbers of True Positive (TP), False Positive (FP), True Negative (TN), and False Negative (FN) responses were used to build the classifier system up, after an established gold standard comparison. A Lesion Incidence Possibility (LIP) developed function indicates the chances of a cow becoming lame. The obtained lameness percentage in H1 and H2 was 8.40% and 1.77%, respectively. The system estimated a Lesion Incidence Possibility (LIP) of 5.00% and 2.00% in H1 and H2, respectively. The system simulation presented 3.40% difference from real cattle lameness data for H1, while for H2, it was 0.23%; indicating the system efficiency in decision-making.