Operações off-balance sheet e instrumentos híbridos: utilização pelas empresas que compõe o IBrX-100 e sua relação com o rating e a internacionalização das empresas brasileiras

Esta dissertação busca identificar a utilização de operações off-balance e instrumentos híbridos pelas empresas brasileiras. Seu objetivo é, além da utilização, verificar se o índice de transnacionalidade e o rating de crédito influenciam na decisão de utilizar ou não tais operações e instrumentos. Para isso, foram observadas as demonstrações financeiras e ratings das empresas participantes do índice IBrX-100 no período dos últimos três anos (2009, 2010 e 2011). Já para considerar o efeito da utilização das operações e instrumentos em razão do quão internacionalizadas são as empresas, este trabalho utiliza como critério a participação das empresas no ranking das transnacionais brasileiras no mesmo período acima citado. A análise revela que as empresas brasileiras mais internacionalizadas são mais sofisticadas que as menos internacionalizas e consequentemente se utilizam mais de instrumentos híbridos e operações off-balance. Ainda nesta linha, quando se divide as empresas por quartil, se chega ao resultado esperado que quanto mais internacionalizada a empresa, mais ela se utiliza destas operações e instrumentos. Além disso, também conclui que o rating influencia na utilização destes instrumentos e operações; quanto pior, mais a empresa se utiliza. Isso ocorre quando a métrica é o rating nacional, e não foram encontradas fortes evidências em relação ao rating estrangeiro.

Especificação de um modelo para explicação e projeção de retornos do IBRX-100

Neste trabalho, propomos uma especificação de modelo econométrico na forma reduzida, estimado por mínimos quadrados ordinários (MQO) e baseado em variáveis macroeconômicas, com o objetivo de explicar os retornos trimestrais do índice de ações IBRX-100, entre 2001 e 2015. Testamos ainda a eficiência preditiva do modelo e concluímos que o erro de previsão estimado em janela móvel, com re-estimação de MQO a cada rodada, e utilização de VAR auxiliar para projeção dos regressores, é significativamente inferior ao erro de previsão associado à hipótese de Random Walk para o horizonte de previsão de um trimestre a frente.

Características dos tributos diferidos nas companhias abertas brasileiras após a adoção das IFRS

Esta pesquisa investigou as motivações econômicas que explicam o nível de reconhecimento dos tributos diferidos sobre o lucro nas companhias abertas brasileiras no período inicial de adoção das IFRS no Brasil e da vigência obrigatória do Regime Tributário de Transição. Foram selecionadas companhias abertas não financeiras brasileiras componentes no índice IBrX 100, sendo identificadas 68 companhias nos anos de 2010 à 2013 compreendendo assim 272 observações. A análise descritiva dos dados evidenciou que o montante dos passivos fiscais diferidos foi superior ao montante dos ativos fiscais diferidos em todos os anos pesquisados, situação esta que contrata com o cenário pré-IFRS onde existiam menos passivos fiscais diferidos devido às reduzidas opções de exclusões temporárias, e que os ativos fiscais diferidos são majoritariamente oriundos de diferenças temporárias, porém ocorrendo um crescimento maior dos créditos fiscais referentes a prejuízos fiscais no período combinado com uma evolução maior dos ativos fiscais totais do que dos passivos fiscais diferidos. Por meio da análise multivariada de regressão múltipla com dados em painel foi possível constatar que: (i) não há relacionamento significativo entre o reconhecimento de tributos diferidos e o endividamento da empresa, isto é, não existe evidência que as companhias utilizem os tributos diferidos com a finalidade de influenciar o nível de endividamento, apesar da possibilidade de quebra de covenants e, consequentemente, aumento de seu risco de crédito, (ii) as maiores empresas tendem a registrar um valor menor de ativos fiscais diferidos líquidos de forma a reduzir seus lucros e divulgar sua sobretaxação a fim de reduzir sua exposição pública, e (iii) as empresas menos lucrativas são propensas a reconhecer um montante maior de ativos fiscais diferidos líquidos para, presumivelmente, atenuar o baixo resultado da empresa e com isso mascarar o seu fraco desempenho, e também, por outro lado, as companhias que possuem maior rentabilidade tendem a registrar valores menores de ativos fiscais diferidos líquidos no sentido de reduzir o lucro, e com isso, diminuir seus custos políticos. Assim, os resultados obtidos sugerem que as empresas utilizam a discricionariedade proporcionada pela regulação contábil dos tributos diferidos para atingir seus objetivos e demandas, no sentido de reduzir sua exposição pública e melhorar sua rentabilidade.

Airwaves: 100 years of radio

Music composition using prominent broadcast speeches across the whole twentieth century in commemoration of the centenary of Marconi's first transatlantic radio transmission. The work is based on creating music from the found objects of melody derived from spoken intonation. Recordings of the speeches are accompanied throughout by live instrumental music.

The relationship between deformity correction and clinical outcomes after thoracoscopic scoliosis surgery : a prospective series of 100 patients

The relationship between deformity correction and self-reported patient satisfaction after thoracoscopic anterior scoliosis surgery is unknown. Scoliosis Research Society questionnaire scores, radiographic outcomes, and rib hump correction were prospectively assessed for a group of 100 patients pre-operatively and at two years after surgery. Patients with lower post-op major Cobb angles report significantly higher SRS scores than patients with higher post-op Cobb angles.

What aspects of the scoliosis correction are most important to the teenager who has keyhole scoliosis correction surgery? A prospective series of 100 patients

Introduction. Surgical treatment of scoliosis is assessed in the spine clinic by the surgeon making numerous measurements on X-Rays as well as the rib hump. But it is important to understand which of these measures correlate with self-reported improvements in patients’ quality of life following surgery. The objective of this study was to examine the relationship between patient satisfaction after thoracoscopic (keyhole) anterior scoliosis surgery and standard deformity correction measures using the Scoliosis Research Society (SRS) adolescent questionnaire. Methods. A series of 100 consecutive adolescent idiopathic scoliosis patients received a single anterior rod via a keyhole approach at the Mater Children’s Hospital, Brisbane. Patients completed SRS outcomes questionnaires before surgery and again at 24 months after surgery. Multiple regression and t-tests were used to investigate the relationship between SRS scores and deformity correction achieved after surgery. Results. There were 94 females and 6 males with a mean age of 16.1 years. The mean Cobb angle improved from 52º pre-operatively to 21º for the instrumented levels post-operatively (59% correction) and the mean rib hump improved from 16º to 8º (51% correction). The mean total SRS score for the cohort was 99.4/120 which indicated a high level of satisfaction with the results of their scoliosis surgery. None of the deformity related parameters in the multiple regressions were significant. However, the twenty patients with the smallest Cobb angles after surgery reported significantly higher SRS scores than the twenty patients with the largest Cobb angles after surgery, but there was no difference on the basis of rib hump correction. Discussion. Patients undergoing thoracoscopic (keyhole) anterior scoliosis correction report good SRS scores which are comparable to those in previous studies. We suggest that the absence of any statistically significant difference in SRS scores between patients with and without rod or screw complications is because these complications are not associated with any clinically significant loss of correction in our patient group. The Cobb angle after surgery was the only significant predictor of patient satisfaction when comparing subgroups of patients with the largest and smallest Cobb angles after surgery.

Partial melt processing and electrical properties of Bi-Sr-Ca-Cu-o superconducting thick films on (100) MgO substrates

Superconducting thick films of Bi2Sr2CaCu2Oy (Bi-2212) on single-crystalline (100) MgO substrates have been prepared using a doctor-blade technique and a partial-melt process. It is found that the phase composition and the amount of Ag addition to the paste affect the structure and superconducting properties of the partially melted thick films. The optimum heat treatment schedule for obtaining high Jc has been determined for each paste. The heat treatment ensures attainment of high purity for the crystalline Bi-2212 phase and high orientation of Bi-2212 crystals, in which the c-axis is perpendicular to the substrate. The highest Tc, obtained by resistivity measurement, is 92.2 K. The best value for Jct (transport) of these thick films, measured at 77 K in self-field, is 8 × 10 3 Acm -2.

100% pure New Zealand

Tourism New Zealand (TNZ) is the national tourism office responsible for coordinating international marketing of New Zealand as a tourism destination (see www.newzealand.com ). Typical of most destination marketing organisations (DMO), TNZ is funded by government to work with the private sector in an effort to improve the financial viability of the tourism industry. A competitive tourism industry can provide a number of economic and socio-cultural benefits to a community, such as increased job opportunities and lower unemployment, new amenities and attractions, and revival of indigenous culture.

The feral horse foot. Part B : radiographic, gross visual and histopathological parameters of foot health in 100 Australian feral horses

Background It has been proposed that the feral horse foot is a benchmark model for foot health in horses. However, the foot health of feral horses has not been formally investigated. Objectives To investigate the foot health of Australian feral horses and determine if foot health is affected by environmental factors, such as substrate properties and distance travelled. Methods Twenty adult feral horses from five populations (n = 100) were investigated. Populations were selected on the basis of substrate hardness and the amount of travel typical for the population. Feet were radiographed and photographed, and digital images were surveyed by two experienced assessors blinded to each other's assessment and to the population origin. Lamellar samples from 15 feet from three populations were investigated histologically for evidence of laminitis. Results There was a total of 377 gross foot abnormalities identified in 100 left forefeet. There were no abnormalities detected in three of the feet surveyed. Each population had a comparable prevalence of foot abnormalities, although the type and severity of abnormality varied among populations. Of the three populations surveyed by histopathology, the prevalence of chronic laminitis ranged between 40% and 93%. Conclusions Foot health appeared to be affected by the environment inhabited by the horses. The observed chronic laminitis may be attributable to either nutritional or traumatic causes. Given the overwhelming evidence of suboptimal foot health, it may not be appropriate for the feral horse foot to be the benchmark model for equine foot health.

The feral horse foot. Part A : observational study of the effect of environment on the morphometrics of the feet of 100 Australian feral horses

Aim To better understand the morphology of, and the effect of different travel patterns and varying substrate environments on, the feral horse foot to better manage the feet of domestic horses. Methods The left forefeet of 20 adult feral horses from each of five geographically separated populations in Australia (n = 100) were investigated. Populations were selected on the basis of substrate hardness under foot and the amount of travel typical for the population. Feet were radiographed and photographed and 40 morphometric measurements of each foot were obtained. Results Of the 40 parameters, 37 differed significantly (P < 0.05) among the populations, which suggested that substrate hardness and travel distance have an effect on foot morphology. Harder substrates and longer travel distances were associated with short hoof walls and minimal hoof wall flaring. Softer substrates and moderate travel distances were associated with long flared walls, similar to that of typical untrimmed feet of domestic horses. Conclusions The morphology of the feral horse foot appeared to be affected by the distance travelled and by the abrasive qualities and mechanical properties of the substrate under foot. There were marked differences in some conformation parameters between the feral horses in the current study and domestic horses in previous studies. Although the conformation of the feral horse foot may have some prescriptive value, concerns regarding abnormal foot anatomy warrant further investigation.

Microstructure of an artificial grain boundary weak link in an YBa2Cu3O(7-δ) thin film grown on a (100)(110), [001]-tilt Y-ZrO2 bicrystal

The microstructure of an artificial grain boundary in an YBa2Cu3O7-δ (YBCO) thin film grown on a (100)(110), [001]-tilt yttria-stabilized-zirconia (YSZ) bicrystal substrate has been studied using transmission electron microscopy (TEM). The orientation relationship between the YBCO film and the YSZ substrate was [001]YBCO∥[001]YSZ and [110]YBCO∥[100]YSZ for each half of the bicrystal film. However, the exact boundary geometry of the bicrystal substrate was not transferred to the film. The substrate boundary was straight while the film boundary was wavy. In several cases there was bending of the lattice confined within a distance of a few basal-plane lattice spacings from the boundary plane and microfaceting. No intergranular secondary phase was observed but about 25% of the boundary was covered by c-axis-tilted YBCO grains and a-axis-oriented grains, both of which were typically adjacent to CuO grains or surrounded by a thin Cu-rich amorphous layer.

Plasma-driven self-organization of Ni nanodot arrays on Si(100)

The results of the combined experimental and numerical study suggest that nonequilibrium plasma-driven self-organization leads to better size and positional uniformity of nickel nanodot arrays on a Si(100) surface compared with neutral gas-based processes under similar conditions. This phenomenon is explained by introducing the absorption zone patterns, whose areas relative to the small nanodot sizes become larger when the surface is charged. Our results suggest that strongly nonequilibrium and higher-complexity plasma systems can be used to improve ordering and size uniformity in nanodot arrays of various materials, a common and seemingly irresolvable problem in self-organized systems of small nanoparticles. © 2008 American Institute of Physics.

Twelve : the best Of IMP's 100 Songs Project 2011

12 Original recordings curated by leading national industry figures. It’s a 12 track album full of remixed, rerecorded and rejigged tracks from the project that were shortlisted by our friends at MGM Distribution, Music Sales, and EMI Music Australia. The TWELVE album is already receiving critical acclaim from Australia's music industry.

Eleven : best of 100 Songs Project 2012

Eleven original recordings curated by leading industry figures. This is a compilation album from QUT's 2012 100 Songs project. It's called Eleven: Best of 100 Songs Project 2012 and was released in May 2013. It’s an 11 track album with a bonus track, full of remixed, rerecorded and rejigged tracks from the project that were shortlisted by our friends at MGM Distribution, Mushroom Music, Island Records and Music Sales Australia. The Eleven album is already receiving critical acclaim from Australia's music industry.

Indie 100 2013

The Independent Music Project is centred around the development and creation of new music, and includes research into copyright, business models of the future, new technologies, and new audiences. The music industry is undergoing the most radical changes it has faced in almost a century. New digital technologies have made the production, distribution, and promotion of recorded music accessible to anyone with a personal computer. People can now make high-quality digital copies of music and distribute them globally within minutes. Even bastions of the established industries, such as EMI and Columbia, are struggling to make sense of the new industry terrain. The whole employment picture has changed just as radically for people who wish to make a living from music. In Australia, many of the avenues that provided employment for musicians have either disappeared or dramatically shrunk. The advertising industry no longer provides the level of employment it used to prior to the Federal deregulation of the industry in 1992. In many places, new legislative pressures on inner-city and suburban venues have diminished the number of performance spaces that musicians can work in. Just as quickly, new sectors have opened to professional musicians: computer games, ringtones, sound-enabled toys and web advertising all present new opportunities to the enterprising musician. The opportunity to distribute music internationally without being signed to a major label is very attractive to many aspiring and established professionals. No doubt the music industry will face many more challenges as technologies continue to change, as global communication gets easier and faster, and as the challenges to copyright proliferate and change. These challenges cannot be successfully met on a single front. They require research and expertise from all sectors being affected, and this is why the independent music project (IMP) exists.