Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

Report : stochastic analysis of road asset data for maintenance cost prediction

Reliable budget/cost estimates for road maintenance and rehabilitation are subjected to uncertainties and variability in road asset condition and characteristics of road users. The CRC CI research project 2003-029-C ���Maintenance Cost Prediction for Road��� developed a method for assessing variation and reliability in budget/cost estimates for road maintenance and rehabilitation. The method is based on probability-based reliable theory and statistical method. The next stage of the current project is to apply the developed method to predict maintenance/rehabilitation budgets/costs of large networks for strategic investment. The first task is to assess the variability of road data. This report presents initial results of the analysis in assessing the variability of road data. A case study of the analysis for dry non reactive soil is presented to demonstrate the concept in analysing the variability of road data for large road networks. In assessing the variability of road data, large road networks were categorised into categories with common characteristics according to soil and climatic conditions, pavement conditions, pavement types, surface types and annual average daily traffic. The probability distributions, statistical means, and standard deviation values of asset conditions and annual average daily traffic for each type were quantified. The probability distributions and the statistical information obtained in this analysis will be used to asset the variation and reliability in budget/cost estimates in later stage. Generally, we usually used mean values of asset data of each category as input values for investment analysis. The variability of asset data in each category is not taken into account. This analysis method demonstrated that it can be used for practical application taking into account the variability of road data in analysing large road networks for maintenance/rehabilitation investment analysis.

The significant of public asset management framework application for Indonesian local governments : Opportunities and challenges

The purpose of this paper is to emphasis the significance of public asset management in Indonesia that is by identifying opportunities and challenges of Indonesian local governments in adopting current practice of Public Asset Management System. A Case Study, in South Sulawesi Provincial government was used as the approach to achieve the research objective. The case study involved two data collection techniques i.e. interviews followed by study on documents. The result of the study indicates there are some significant opportunities and challenges that Indonesian local government might deal with in adopting current practice of public asset management. There are opportunities that can lead to more effective and efficient local government, accountable and auditable local government organization, increase local government portfolio, and improve the quality of public services. The challenges include no clear institutional and legal framework to support the asset management application, non-profit principle of public assets, cross jurisdictions in public asset management, complexity of local government objectives, and unavailability of data for managing public property. The study only covers condition of South Sulawesi Province, which could not represent exactly the whole local governments��� condition in Indonesia. Findings from this study provide useful input for the policy makers, scholars and asset management practitioners in Indonesia to establish a public asset management framework that suitable for Indonesia.

Elements of public asset management framework for local governments in developing countries

There is a widespread recognition to the need of better manage municipal property in most cities in the world. Structural problems across regional, state, and territorial governments that have legal powers to own and maintain real property are similar, regardless of the level of development of each country. Start from a very basic level of property inventory records. The need for better manage to the local government owned property is the result of widespread decentralisation initiatives that often have devolved huge property portfolios from central to local governments almost ���overnight���. At the same time municipal or regional governments were and continue to be unprepared to deal with multiple issues related to the role of property owners and managers. The lack of discussion of public asset management especially the elements that should be incorporated in the framework creates an important challenge to study the discipline of public asset management further. The aim of this paper is to study the practices of public asset management in developed countries, especially the elements of public asset management framework, and its transferability to developing countries. A case study was selected and conducted to achieve this aim. They involved interviews and a focus group. The study found that in public asset management framework, proper asset identification, public asset needs analysis, asset life cycle and performance measurements are an important element that should be incorporated in the framework. Those elements are transferable and applicable to developing countries��� local governments. Finally, findings from this study provide useful input for the local government policy makers, scholars and asset management practitioners to establish a public asset management framework toward more efficient and effective local governments in managing their assets as well as increasing public services quality.

The application of public asset management in Indonesian local government : a case study in South Sulawesi Province

Purpose To identify the challenges faced by local government in Indonesia when adopting a Public Asset Management Framework. Design A Case Study in South Sulawesi Provincial Government was used as the approach to achieving the research objective. The case study involved two data collection techniques - interviews and document analysis. Findings The result of the study indicates there are significant challenges that the Indonesian local government need to manage when adopting a public asset management framework. Those challenges are: absence of an institutional and legal framework to support the asset management application; non-profit principle of public assets; multiple jurisdictions involved in the public asset management processes; the complexity of local government objectives; unavailability of data for managing public property; and limited human resources. Research Limitation This research is limited to one case study. It is a preliminary study from larger research that uses multiple case studies. The main research also investigates opportunities for local government by adopting and implementing public asset management. Originality/Value Findings from this study provide useful input for the policy makers, academics and asset management practitioners in Indonesia to establish a public asset management framework resulting in efficient and effective organizations, as well as an increase of public services quality. This study has a potential application for other developing countries.

A decision support framework for prioritization of engineering asset management activities under uncertainty

Engineers and asset managers must often make decisions on how to best allocate limited resources amongst different interrelated activities, including repair, renewal, inspection, and procurement of new assets. The presence of project interdependencies and the lack of sufficient information on the true value of an activity often produce complex problems and leave the decision maker guessing about the quality and robustness of their decision. In this paper, a decision support framework for uncertain interrelated activities is presented. The framework employs a methodology for multi-criteria ranking in the presence of uncertainty, detailing the effect that uncertain valuations may have on the priority of a particular activity. The framework employs employing semi-quantitative risk measures that can be tailored to an organisation and enable a transparent and simple-to-use uncertainty specification by the decision maker. The framework is then demonstrated on a real world project set from a major Australian utility provider.

Poverty and the Environment : Investment Poverty and the Role of Assets in Generating Welfare for Farmer Households in the Province of Herrera, Panama

K��yhi�� maanviljelij��it�� on usein syytetty kehitysmaiden ymp��rist��ongelmista. On v��itetty, ett�� eloonj����mistaistelu pakottaa heid��t k��ytt��m����n maata ja muita luonnonvaroja lyhytn��k��isesti. Harva asiaa koskeva tutkimus on kuitenkaan tukenut t��t�� v��itett��; perheiden k��yhyyden astetta ja heid��n aiheuttamaansa ymp��rist��vaikutusta ei ole kyetty kytkem����n toisiinsa. Selkeytt����kseen k��yhyys-ymp��rist�� ���keskustelua, Thomas Reardon ja Steven Vosti kehittiv��t investointik��yhyyden k��sitteen. Se tunnistaa sen kenties suuren joukon maanviljelij��perheit��, jotka eiv��t ole k��yhi�� perinteisten k��yhyysmittareiden mukaan, mutta joiden hyvinvointi ei ole riitt��v��sti k��yhyysrajojen yl��puolella salliakseen perheen investoida kest��v��mp����n maank��ytt����n. Reardon ja Vosti korostivat my��s omaisuuden vaikutusta perheiden hyvinvointiin, ja uskoivat sen vaikuttavan tuotanto- ja investointip����t��ksiin. T��ss�� tutkimuksessa pyrit����n vastaamaan kahteen kysymykseen: Miten investointik��yhyytt�� voidaan ymm��rt���� ja mitata? Ja, mik�� on viljelij��perheiden omaisuuden hyvinvointia lis����v�� vaikutus? T��t�� tutkimusta varten haastateltiin 402 maanviljelij��perhett�� V��li-Amerikassa, Panaman tasavallan Herreran l����niss��. N��iden perheiden hyvinvointia mitattiin heid��n kulutuksensa mukaan, ja paikalliset k��yhyysrajat laskettiin paikallisen ruoan hinnan mukaan. Herrerassa ihminen tarvitsee keskim����rin 494 dollaria vuodessa saadakseen riitt��v��n ravinnon, tai 876 dollaria vuodessa voidakseen ravinnon lis��ksi kattaa muitakin v��ltt��m��tt��mi�� menoja. Ruoka- eli ����rimm��isen k��yhyyden rajan alle j��i 15,4% tutkituista perheist��, ja 33,6% oli jokseenkin k��yhi��, eli saavutti kyll�� riitt��v��n ravitsemuksen, muttei kyennyt kustantamaan muita perustarpeitaan. Molempien k��yhyysrajojen yl��puolelle ylsi siis 51% tutkituista perheist��. N��iden k��yhyysryhmien v��lill�� on merkitt��vi�� eroavaisuuksia ei vain perheiden varallisuuden, tulojen ja investointistrategioiden v��lill��, mutta my��s perheiden rakenteessa, elinymp��rist��ss�� ja mahdollisuuksissa saada palveluja. Investointik��yhyyden mittaaminen osoittautui haastavaksi. Herrerassa viljelij��t eiv��t tee investointeja puhtaasti ymp��rist��nsuojeluun, eik�� maank��yt��n kest��vyytt�� muutenkaan pystytty yhdist��m����n perheiden hyvinvoinnin tasoon. Siksi investointik��yhyytt�� etsittiin sellaisena hyvinvoinnin tasona, jonka alapuolella el��vien perheiden parissa tuottavat maanparannusinvestoinnit eiv��t en���� ole suorassa suhteessa hyvinvointiin. T��llaisia investointeja ovat mm. istutetut aidat, lannoitus ja paranneltujen laiduntyyppien viljely. Havaittiin, ett�� jos perheen hyvinvointi putoaa alle 1000 dollarin/henkil��/vuosi, t��llaiset tuottavat maanparannusinvestoinnit muuttuvat eritt��in harvinaisiksi. Investointik��yhyyden raja on siis noin kaksi kertaa riitt��v��n ravitsemuksen hinta, ja sen ylitti 42,3% tutkituista perheist��. Heille on tyypillist��, ett�� molemmat puolisot k��yv��t ty��ss��, ovat korkeasti koulutettuja ja yhteis��ss����n aktiivisia, maatila tuottaa paremmin, tilalla kasvatetaan vaativampia kasveja, ja ett�� he ovat kerrytt��neet enemm��n omaisuutta kuin investointi-k��yhyyden rajan alla el��v��t perheet. T��ss�� tutkimuksessa kyseenalaistettiin yleinen oletus, ett�� omaisuudesta olisi poikkeuksetta hy��ty�� viljelij��perheelle. Niinp�� omaisuuden vaikutusta perheiden hyvinvointiin tutkittiin selvitt��m��ll��, mit�� reittej�� pitkin perheiden omistama maa, karja, koulutus ja ty��ik��iset perheenj��senet voisivat lis��t�� perheen hyvinvointia. N��iden hyvinvointi-mekanismien ajateltiin my��s riippuvan monista v��liin tulevista tekij��ist��. Esimerkiksi koulutus voisi lis��t�� hyvinvointia, jos sen avulla saataisiin paremmin palkattuja t��it�� tai perustettaisiin yritys; mutta n��ihin mekanismeihin saattaa vaikuttaa vaikkapa et��isyys kaupungeista tai se, omistaako perhe ajoneuvon. K��yhimpien perheiden parissa nimenomaan koulutus olikin ainoa tutkittu omaisuuden muoto, joka edisti perheen hyvinvointia, kun taas maasta, karjasta tai ty��voimasta ei ollut apua k��yhyydest�� nousemiseen. Varakkaampien perheiden parissa sen sijaan korkeampaa hyvinvointia tuottivat koulutuksen lis��ksi my��s maa ja ty��voima, joskin monesta v��liin tulevasta muuttujasta, kuten tuotantopanoksista riippuen. Ei siis ole automaatiota, jolla omaisuus parantaisi perheiden hyvinvointia. Vaikka rikkailla onkin yleens�� enemm��n karjaa kuin k��yhemmill��, ei t��ss�� aineistossa l��ydetty yht����n mekanismia, jota kautta karjan m����r�� tuottaisi korkeampaa hyvinvointia viljelij��perheille. Omaisuuden ker����misen ja hy��dynt��misen strategiat my��s muuttuvat hyvinvoinnin kasvaessa ja niihin vaikuttavat monet ulkoiset tekij��t. Ymp��rist��n ja k��yhyyden suhde on siis edelleen ep��selv��. K��yhyyden voittaminen vaatii pitk��ll�� t��ht��imell�� sit��, ett�� viljelij��perheet nousisivat investointik��yhyyden rajan yl��puolelle. N��in heill�� olisi varaa alkaa kartuttaa omaisuutta ja investoida kest��v��mp����n maank��ytt����n. T��ll�� hetkell�� kuitenkin isolle osalle herreralaisia perheit�� tuo raja on kaukana tavoittamattomissa. Miten p����st�� yli tuhannen dollarin kulutukseen perheenj��sent�� kohden, mik��li elintaso ei yll�� edes riitt��v����n ravitsemukseen? Ja sittenkin, vaikka hyvinvointi kohenisi, ei ymp��rist��n kannalta parannuksia ole v��ltt��m��tt�� odotettavissa, mik��li karjalaumat kasvavat ja eroosioalttiit laitumet levi��v��t.

Definition and quantification of assets

The word ���asset��� was originally taken into the English language, from the Latin ���ad satis��� and French ���asez���, as a term used at law meaning sufficient estate or effects to discharge debts. It later came to be used in the sense of property available for the payment of debts. Assets were understood to be property (objects owned and rights of ownership) that could be exchanged for cash. The importance of factual knowledge of the money equivalents of property and debts, in managing mercantile affairs, was emphasised in accounting manuals during the eighteenth and nineteenth centuries. The rights of investors and creditors to factual up-to-date information about the financial state of affairs of companies, given the advent of limited liability, underscored the early company legislation that required the preparation and auditing of statements of property and debts. During the latter part of the nineteenth century the emphasis in accounting moved away from assets as exchangeable property to assets as deferred costs. Expectations took the place of observables. The abstract (expectational) notion of assets as ���future economic benefits��� was embraced by accountants in the absence of rigorous definitions of the elements and functions of dated statements of financial position and performance. Assets are quantified financially by a heterogeneous mass of potentially inconsistent rules that, by and large, have no regard for the empirical nature of measurement. Consequently, accountants have failed to provide the community with up-to-date factual information about the financial state of affairs and performance of business entities - and, hence, with an informative basis for financial action.

A switching model of dynamic asset selling problem

This paper proposes an asset selling problem with a new selling strategy called the switching strategy where multiple homogeneous assets on hand must be sold up to a specified deadline. At each point in time the seller is permitted to decide between 1) proposing a selling price up front to an appearing buyer and 2) concealing the price and letting the buyer come up with an offer. Our analysis indicates that under certain conditions there emerges a time threshold after which the seller switches from concealing his idea for the selling price to proposing this price, and vice versa.<br />

The Impact of Human Asset Specificity on the Sourcing of Application Services

The question concerning the circumstances under which it is advantageous for a company to outsource certain information systems functions has been a controversial issue for the last decade. While opponents emphasize the risks of outsourcing based on the loss of strategic potentials and increased transaction costs, proponents emphasize the strategic benefits of outsourcing and high potentials of cost-savings. This paper brings together both views by examining the conditions under which both the strategic potentials as well as savings in production and transaction costs of developing and maintaining software applications can better be achieved in-house as opposed to by an external vendor. We develop a theoretical framework from three complementary theories and test it empirically based on a mail survey of 139 German companies. The results show that insourcing is more cost efficient and advantageous in creating strategic benefits through IS if the provision of application services requires a high amount of firm specific human assets. These relationships, however, are partially moderated by differences in the trustworthiness and intrinsic motivation of internal versus external IS professionals. Moreover, capital shares with an external vendor can lower the risk of high transaction costs as well the risk of loosing the strategic opportunities of an IS.