997 resultados para Brazilian derivatives market
Resumo:
Pós-graduação em Letras - FCLAS
Resumo:
The Brazilian automotive industry has undergone profound changes during the 90’s decade, as a consequence of the market opening up through the liberation of automobile imports. The exposure of the Brazilian domestic market to competition with imported products of high quality and lower prices indicated the need for significant changes in those auto industries operating in this country, with the intention of making them competitive. To achieve these objectives management and production concepts were adopted, such as: the just-in-time philosophy; lean manufacturing; outsourcing; reengineering and increasing the rate of automation in both production and management systems. These changes helped to increase productivity and, in turn, reduced the level of employment in the sector, especially in activities where the required qualification levels were low. Despite this modernization, the Brazilian companies have committed themselves to meet the specific needs of the Brazilian market. The objective of this paper is to analyze and present manufacturing strategies from six manufacturers of automotive vehicles: Toyota in Japan, Fiat in Italy, Volkswagen in Brazil and Germany and General Motors in the U.S. and Brazil. The predominant method of research was from reviewing relevant literature, whereas the empirical data was analyzed qualitatively. The article seeks to identify the manufacturing strategies adopted by manufacturers located in the above countries, electing one automotive manufacturer to represent each country. The research demonstrated that the processes for production of automobiles in four plants located in, the U.S. (GM); Italy (Fiat); Japan (Toyota) and Germany (VW) are similar to those adopted in Brazilian industrial plants of the same companies (GM and VW), with differences of operations only in the business strategies adopted by each of them.
Resumo:
The large number of dentists in Brazilian job market has increased the competitiveness in the dentistry field, leading the professional to use different strategies in an attempt to attract more patients. This study aimed to report different forms of dental marketing, showing how they can strengthen the bond between professional and patient, making it an alternative to face the competitive market. It was concluded that there are various marketing tools that can be applied in an effective and simple manner; since supported on ethics, it can make the dentist be highlighted, attracting and retaining patients and ensuring their professional success.
Resumo:
Pós-graduação em Design - FAAC
Resumo:
Pós-graduação em Engenharia Mecânica - FEIS
Resumo:
Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)
Resumo:
The objective of this paper is to verify and analyze the existence in Brazil of stylized facts observed in financial time series: volatility clustering, probability distributions with fat tails, the presence of long run memory in absolute return time series, absence of linear return autocorrelation, gain/loss asymmetry, aggregative gaussianity, slow absolute return autocorrelation decay, trading volume/volatility correlation and leverage effect. We analyzed intraday prices for 10 stocks traded at the BM&FBovespa, responsible for 52.1% of the Ibovespa portfolio on Sept. 01, 2009. The data analysis confirms the stylized facts, whose behavior is consistent with what is observed in international markets.
Resumo:
Until 1990, beef cattle production in Brazil was recognized as an enterprise of low investment, low cost of production, as well as an extensive production system that used large land areas to be economically feasible. The situation changed for the Brazilian beef market when the economy stabilized in 1994 and all sectors involved in the beef supply chain were able to predict their associated costs and profits. During the same period, purchasing power of the Brazilian population grew, and as a consequence, consumers began to demand higher quality beef products. This new scenario in the late 1990s and early 2000s has led to more intensive beef production systems in Brazil as well as the need for a greater understanding of how technologies might be applied. As consequence of this evolution, in the last five years, a necessity to increase beef production has occurred. The quality of Brazilian beef has improved compared with beef produced 15 years ago, but continued improvements are needed to achieve excellence in terms of large-scale production of high quality beef, be sustainable over a long period of time, and increase our contribution to global food security.
Resumo:
Pós-graduação em Geografia - IGCE
Resumo:
After the 2008 financial crisis, the financial innovation product Credit-Default-Swap (CDS) was widely blamed as the main cause of this crisis. CDS is one type of over-the-counter (OTC) traded derivatives. Before the crisis, the trading of CDS was very popular among the financial institutions. But meanwhile, excessive speculative CDSs transactions in a legal environment of scant regulation accumulated huge risks in the financial system. This dissertation is divided into three parts. In Part I, we discussed the primers of the CDSs and its market development, then we analyzed in detail the roles CDSs had played in this crisis based on economic studies. It is advanced that CDSs not just promoted the eruption of the crisis in 2007 but also exacerbated it in 2008. In part II, we asked ourselves what are the legal origins of this crisis in relation with CDSs, as we believe that financial instruments could only function, positive or negative, under certain legal institutional environment. After an in-depth inquiry, we observed that at least three traditional legal doctrines were eroded or circumvented by OTC derivatives. It is argued that the malfunction of these doctrines, on the one hand, facilitated the proliferation of speculative CDSs transactions; on the other hand, eroded the original risk-control legal mechanism. Therefore, the 2008 crisis could escalate rapidly into a global financial tsunami, which was out of control of the regulators. In Part III, we focused on the European Union’s regulatory reform towards the OTC derivatives market. In specific, EU introduced mandatory central counterparty clearing obligation for qualified OTC derivatives, and requires that all OTC derivatives shall be reported to a trade repository. It is observable that EU’s approach in re-regulating the derivatives market is different with the traditional administrative regulation, but aiming at constructing a new market infrastructure for OTC derivatives.
Resumo:
Can the potential availability of unemployment insurance (UI) affect the behavior of employed workers and the duration of their employment spells? After discussing few straightforward reasons why UI may affect employment duration, I apply a regression kink design (RKD) to address this question using linked employer-employee data from the Brazilian labor market. Exploiting the UI schedule, I find that potential benefit level significantly affects the duration of employment spells. This effect is local to low skilled workers and, surprisingly, indicates that a 1\% increase in unemployment benefits increases job duration by around 0.3\%. Such result is driven by the fact that higher UI decreases the probability of job quits, which are not covered by UI in Brazil. These estimates are robust to permutation tests and a number of falsification tests. I develop a reduced-form welfare formula to assess the economic relevance of this result. Based on that, I show that the positive effect on employment duration implies in a higher optimal benefit level. Moreover, the formula shows that the elasticity of employment duration impacts welfare just with the same weight as the well-known elasticity of unemployment duration to benefit level.
Resumo:
El presente trabajo de tesis doctoral tiene por finalidad demostrar que las decisiones de financiación y de inversión inmobiliaria en España influyen de manera determinante en la configuración del proceso urbanístico y arquitectónico. Este planteamiento inicial obliga a formular las siguientes cuestiones: - En una primera fase, la situación en España del sector inmobiliario y su relación con el sector financiero en el contexto de la actual crisis financiera, iniciada en el año 2008. - Los métodos de análisis y selección de inversiones y su aplicación a los proyectos de inversión en función de la naturaleza de los activos inmobiliarios. - La valoración inmobiliaria para determinadas entidades financieras. - Características de la gestión financiera empresarial y de las empresas inmobiliarias. - El origen de fondos para financiar el proceso urbanístico y arquitectónico mediante las instituciones de inversión colectiva inmobiliaria y el mercado inmobiliario. - La regulación actual en España, a nivel estatal, del suelo como materia prima del sector inmobiliario. - La edificación residencial y el mercado inmobiliario en el actual contexto económico. - La posibilidad de crear en España un mercado de derivados basado en activos inmobiliarios. - Cómo repercute la actividad económica, a través de la inversión y la financiación, en los activos inmobiliarios, en el urbanismo y la arquitectura. Las cuestiones precedentes se resuelven de forma sistemática y metodológica en esta tesis doctoral estructurada en tres grandes bloques (inversión, financiación y repercusiones en el urbanismo y la arquitectura), obteniendo una serie de respuestas reflejadas en el desarrollo del presente trabajo que se sintetizan en las siguientes líneas: - La actual crisis financiera iniciada en el año 2008 ha provocado en España el colapso del sector inmobiliario y una nueva concepción en la naturaleza de los activos inmobiliarios. El sector inmobiliario trae causa del sector financiero, en especial del crédito bancario. - Dependencia y vinculación del sector inmobiliario español de la política monetaria europea: la incorporación de España a la moneda única transforma por completo el sector inmobiliario español. - Los métodos de análisis y selección de inversiones se conforman como instrumentos relevantes que nos permiten jerarquizar nuestros proyectos. No obstante, presentan una serie de limitaciones y dificultades de aplicación práctica, por lo que no deben considerarse como herramientas que nos aporten una única solución irrefutable. - La valoración de activos inmobiliarios se constituye en un pilar básico que fundamenta la correcta aplicación de los fondos. - La inversión en activos inmobiliarios puede realizarse de forma directa o indirecta. En este último supuesto, con una influencia relevante de las innovaciones financieras surgidas en los últimos años. - Las instituciones de inversión colectiva y el mercado hipotecario constituyen instituciones fundamentales capaces de captar importantes cantidades de fondos que impulsan y financian el proceso urbanístico y arquitectónico. - El complejo y cambiante sistema jurídico español en materia de suelo, dificulta la implementación de los procesos urbanísticos y arquitectónicos. - Tras la crisis financiera de 2008, los activos inmobiliarios tienen un comportamiento similar a otros activos en cuanto a subidas y bajadas de precios. En el actual sistema económico, la especulación forma parte inherente a la naturaleza de los activos inmobiliarios. - Desde una perspectiva teórica, existe la posibilidad de crear un mercado de derivados que tenga como subyacente activos de naturaleza inmobiliaria. - Sin actividad económica, el proceso urbanístico y arquitectónico carecerá finalmente de sentido y tenderá a desaparecer. No obstante, son las innovaciones tecnológicas, a nivel de producto y proceso, las principales causantes del impulso de la actividad económica. - A pesar de lo expresado en los documentos urbanísticos internacionales, la transformación del urbanismo y la arquitectura dependen principalmente de la actividad económica y la tecnología. En un segundo nivel, la inversión y la financiación condicionan y definen el urbanismo y la arquitectura, incluso a nivel de proyecto si se pretende su materialización. En base al desarrollo previo, el objetivo fundamental de esta tesis doctoral ha sido demostrar que las decisiones de financiación y de inversión tienen una importancia capital y determinan la configuración de los activos inmobiliario, del urbanismo y la arquitectura, por lo que deben ser tenidas en cuenta no sólo en su materialización sino incluso en la propia concepción del proceso creativo. ABSTRACT The present dissertation aims to show that real estate financing and investment decisions in Spain play a predominant role in structuring urban development and architectural solutions. The issues addressed to support that contention include: - As a preliminary study, the situation of the real estate industry in Spain and its relationship to the financial sector in the context of the 2008 financial crisis. - The methods used to analyse and select investments and their application to investment projects, by type of real estate asset. - Appraisal of certain financial institutions’ real estate asset holdings. - Characteristics of financial institution and real estate company corporate management. - Sourcing funds for financing urban development and architecture through real estate investment trusts and the real estate market. - Present nation-wide regulations on landed property in Spain as a raw material for the real estate industry. - Residential building construction and the real estate market in the present economic context. - The possibility of creating a real estate asset-based derivatives market in Spain - The impact of economic activity, through investment and financing, on real estate assets, urban development and architecture. The aforementioned issues are addressed systematically and methodically in this dissertation, which is divided into three major units: investment, financing, and impact on urban development and architecture. The conclusions drawn are summarised below. - The financial crisis that began in 2008 has induced the collapse of the Spanish real estate industry and spawned a new perception of the nature of real estate assets. The real estate industry is dependent upon the financial sector, in particular on bank loans. - The Spanish real estate industry also depends on and is related to European monetary policy: Spain’s adherence to the single currency ushered in a thorough overhaul of its real estate industry. - Investment analysis and selection methods constitute highly suitable tools for project evaluation and ranking. Nonetheless, inasmuch as their practical implementation is subject to a series of limitations and difficulties, they should not be thought able to deliver a single irrefutable solution. - Real estate asset appraisal is a mainstay to the rightful application of funds. - Real estate asset investments can be made directly or indirectly. The latter approach is heavily influenced by the financial innovations forthcoming in recent years. - Investment trusts and the mortgage market are key institutions able to raise substantial funding, thereby driving and financing urban development and architecture. - Spain’s complex and changing legal provisions on land management are an obstacle to urban development and architecture. - Since the 2008 crisis, real estate assets have behaved much like other assets in terms of rising and falling prices. In the present economic context, speculation is indivisible from real estate assets. - Theoretically speaking, a derivatives market with real estate holdings as the underlying assets lies within the realm of possibility. - In the absence of economic activity, urban development and architecture are senseless pursuits and tend to disappear. Technological innovation in products and processes are the main drivers of economic activity. - Despite the opinion expressed in international papers on the subject, the transformation of urban development and architecture depend primarily on economic activity and technology. In a second dimension, investment and financing condition and define urban development and architecture, even at the design level for projects aspiring to actual construction. Pursuant to the foregoing, the primary aim of this dissertation is to show that financial and investment decisions are of cardinal importance and determine the structure of real estate assets, urban development and architecture. They must consequently be borne in mind not only in connection with implementation, but also with conceptual design and the creative process itself. I
Resumo:
The price formation of the Iberian Energy Derivatives Market-the power futures market-starting in July 2006, is assessed until November 2011, through the evolution of the difference between forward and spot prices in the delivery period (“ex-post forward risk premium”) and the comparison with the forward generation costs from natural gas (“clean spark spread”). The premium tends to be positive in all existing mechanisms (futures, Over-the-Counter and auctions for catering part of the last resort supplies). Since year 2011, the values are smaller due to regulatorily recognized prices for coal power plants. The power futures are strongly correlated with European gas prices. The spreads built with prompt contracts tend also to be positive. The biggest ones are for the month contract, followed by the quarter contract and then by the year contract. Therefore, gas fired generation companies can maximize profits trading with contracts of shorter maturity.
Resumo:
Este trabalho, cujo tema é A comunicação e o mercado editorial infantil brasileiro na década de 1990 , descreveu e analisou o panorama editorial infantil do país no período indicado sob a perspectiva da comunicação. O problema de pesquisa proposto, tendo em vista a conjuntura política, social e econômica da época, tem o intuito de responder se houve, de fato, um desenvolvimento substantivo no mercado editorial infantil na década de 1990 ou, se este desenvolvimento foi apenas aparente. Correlatamente, constatar quais as estratégias de comunicação mercadológicas utilizadas no período e de que maneira elas contribuíram para o fomento desse mercado. Para garantir o caráter sistemático e científico deste trabalho, foi utilizado o método qualitativo. Muito embora, a presença do método quantitativo também tenha sido necessária, sobretudo no que tange ao comportamento de vendas do mercado editorial brasileiro na década de 1990. Como tipo de pesquisa, o estudo descritivo analítico foi o que melhor se enquadrou com os objetivos pretendidos, assim, além de um apurado levantamento bibliográfica, foi realizada uma pesquisa de campo por meio de questionários semi-estruturados e entrevistas. Dessa forma, pôde-se, a partir desses dados, traçar o cenário do mercado editorial infantil da época relacionando-o à sua cadeia produtiva.(AU)
Resumo:
Este trabalho, cujo tema é A comunicação e o mercado editorial infantil brasileiro na década de 1990 , descreveu e analisou o panorama editorial infantil do país no período indicado sob a perspectiva da comunicação. O problema de pesquisa proposto, tendo em vista a conjuntura política, social e econômica da época, tem o intuito de responder se houve, de fato, um desenvolvimento substantivo no mercado editorial infantil na década de 1990 ou, se este desenvolvimento foi apenas aparente. Correlatamente, constatar quais as estratégias de comunicação mercadológicas utilizadas no período e de que maneira elas contribuíram para o fomento desse mercado. Para garantir o caráter sistemático e científico deste trabalho, foi utilizado o método qualitativo. Muito embora, a presença do método quantitativo também tenha sido necessária, sobretudo no que tange ao comportamento de vendas do mercado editorial brasileiro na década de 1990. Como tipo de pesquisa, o estudo descritivo analítico foi o que melhor se enquadrou com os objetivos pretendidos, assim, além de um apurado levantamento bibliográfica, foi realizada uma pesquisa de campo por meio de questionários semi-estruturados e entrevistas. Dessa forma, pôde-se, a partir desses dados, traçar o cenário do mercado editorial infantil da época relacionando-o à sua cadeia produtiva.(AU)