UMA ANÁLISE DA RELAÇÃO ENTRE VARIÁVEIS MACROECONÔMICAS E O COMPORTAMENTO DAS AÇÕES DE MAIOR LIQUIDEZ DO ÍNDICE IBOVESPA

As ações de maior liquidez do índice IBOVESPA, refletem o comportamento das ações de um modo geral, bem como a relação das variáveis macroeconômicas em seu comportamento e estão entre as mais negociadas no mercado de capitais brasileiro. Desta forma, pode-se entender que há reflexos de fatores que impactam as empresas de maior liquidez que definem o comportamento das variáveis macroeconômicas e que o inverso também é uma verdade, oscilações nos fatores macroeconômicos também afetam as ações de maior liquidez, como IPCA, PIB, SELIC e Taxa de Câmbio. O estudo propõe uma análise da relação existente entre variáveis macroeconômicas e o comportamento das ações de maior liquidez do índice IBOVESPA, corroborando com estudos que buscam entender a influência de fatores macroeconômicos sobre o preço de ações e contribuindo empiricamente com a formação de portfólios de investimento. O trabalho abrangeu o período de 2008 a 2014. Os resultados concluíram que a formação de carteiras, visando a proteção do capital investido, deve conter ativos com correlação negativa em relação às variáveis estudadas, o que torna possível a composição de uma carteira com risco reduzido.

A configuration framework of manufacturing strategy paradigm in state owned enterprises within China's petrochemical industry:building context-embedded configurations for the paradigm of strategic manufacturing management from exploratory case studies

The role of the production system as a key determinant of competitive performance of business operations- has long been the subject of industrial organization research, even predating the .explicit conceptua1isation of manufacturing, strategy in the literature. Particular emergent production issues such as the globalisation of production, global supply chain management, management of integrated manufacturing and a growing e~busjness environment are expected to critically influence the overall competitive performance and therefore the strategic success of the organization. More than ever, there is a critical need to configure and improve production system and operations competence in a strategic way so as to contribute to the long-term competitiveness of the organization. In order to operate competitively and profitably, manufacturing companies, no matter how well managed, all need a long-term 'strategic direction' for the development of operations competence in order to consistently produce more market value with less cost towards a leadership position. As to the long-term competitiveness, it is more important to establish a dynamic 'strategic perspective' for continuous operational improvements in pursuit of this direction, as well as ongoing reviews of the direction in relation to the overall operating context. However, it also clear that the 'existing paradigm of manufacturing strategy development' is incapable of adequately responding to the increasing complexities and variations of contemporary business operations. This has been factually reflected as many manufacturing companies are finding that methodologies advocated in the existing paradigm for developing manufacturing strategy have very limited scale and scope for contextual contingency in empirical application. More importantly, there has also emerged a deficiency in the multidimensional and integrative profile from a theoretical perspective when operationalising the underlying concept of strategic manufacturing management established in the literature. The point of departure for this study was a recognition of such contextual and unitary limitations in the existing paradigm of manufacturing strategy development when applied to contemporary industrial organizations in general, and Chinese State Owned Enterprises (SOEs) in particular. As China gradually becomes integrated into the world economy, the relevance of Western management theory and its paradigm becomes a practical matter as much as a theoretical issue. Since China markedly differs from Western countries in terms of culture, society, and political and economic systems, it presents promising grounds to test and refine existing management theories and paradigms with greater contextual contingency and wider theoretical perspective. Under China's ongoing programmes of SOE reform, there has been an increased recognition that strategy development is the very essence of the management task for managers of manufacturing companies in the same way as it is for their counterparts in Western economies. However, the Western paradigm often displays a rather naive and unitary perspective of the nature of strategic management decision-making, one which largely overlooks context-embedded factors and social/political influences on the development of manufacturing strategy. This thesis studies the successful experiences of developing manufacturing strategy from five high-performing large-scale SOEs within China’s petrochemical industry. China’s petrochemical industry constitutes a basic heavy industrial sector, which has always been a strategic focus for reform and development by the Chinese government. Using a confirmation approach, the study has focused on exploring and conceptualising the empirical paradigm of manufacturing strategy development practiced by management. That is examining the ‘empirical specifics’ and surfacing the ‘managerial perceptions’ of content configuration, context of consideration, and process organization for developing a manufacturing strategy during the practice. The research investigation adopts a qualitative exploratory case study methodology with a semi-structural front-end research design. Data collection follows a longitudinal and multiple-case design and triangulates case evidence from sources including qualitative interviews, direct observation, and a search of documentations and archival records. Data analysis follows an investigative progression from a within-case preliminary interpretation of facts to a cross-case search for patterns through theoretical comparison and analytical generalization. The underlying conceptions in both the literature of manufacturing strategy and related studies in business strategy were used to develop theoretical framework and analytical templates applied during data collection and analysis. The thesis makes both empirical and theoretical contributions to our understanding of 'contemporary management paradigm of manufacturing strategy development'. First, it provides a valuable contextual contingency of the 'subject' using the business setting of China's SOEs in petrochemical industry. This has been unpacked into empirical configurations developed for its context of consideration, its content and process respectively. Of special note, a lean paradigm of business operations and production management discovered at case companies has significant implications as an emerging alternative for high-volume capital intensive state manufacturing in China. Second, it provides a multidimensional and integrative theoretical profile of the 'subject' based upon managerial perspectives conceptualised at case companies when operationalising manufacturing strategy. This has been unpacked into conceptual frameworks developed for its context of consideration, its content constructs, and its process patterns respectively. Notably, a synergies perspective towards the operating context, competitive priorities and competence development of business operations and production management has significant implications for implementing a lean manufacturing paradigm. As a whole, in so doing, the thesis established a theoretical platform for future refinement and development of context-specific methodologies for developing manufacturing strategy.

The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

O olhar das instituições de previdência sobre a casa e a cidade: promoção, financiamento e avaliação de imóveis

The investments of Caixas and Institutos de Aposentadoria e Pensões (CAP and IAP) in homes of Natal, between the decades of 1930-60, helped to boost up the local real estate market in consolidation at the time. Inserted in the first national policy on social housing in the country, these operations have demanded the creation of a wide qualified organizational structure, which would be from the "Central Offices" of Rio de Janeiro to the decentralized units of the federal states. The professionals linked to the Local Agencies have developed, on this matter, from activities related to the design and construction of residential complexes, to the daily study of financing proposals in isolated units. As from these studies, the evaluation of shelters was essential to the effectiveness of the policy, resulting in the production of data on the market value of the properties by observing and issuing judgments upon the living quarters of different social groups. Given these considerations, the aim here is to contribute to the understanding on how to operate these real estate actions in the legitimization of boundaries about the urban space and dwellings available to workers in Natal. Therefore, the views of the city and constructions expressed by the evaluating engineers in their technical reports have been taken as the focus. Being the main primary sources of work, these reports are part of the edifices process of CAP/IAP regarding Natal, whose content is systematized in the database "Enterprises", the HCUrb Research Group. In addition, there were used local newspapers at the time and interviews with professionals as complementary sources. It was found that, in general, the evaluations have configured – in a more everyday dimension of bureaucratic routines - a vehicle, among others, circulating ideas about "home" within the social security institutions, being imbued with assumptions historically constructed about the "modern habitat". Filled in loco, the reports expose the clash between modernizing ideals in vogue and clear limitations in the city scenario at the time. Fragmented images of the town are given to read through the labels assigned to the evaluated sites – these being coated of certain "scientific" character - which both legitimated and contributed to the dynamics of appreciation/depreciation of the soil and to the socio-spatial differentiation. Contradictions were evident in the endorsement given by the technicians when financing of admittedly precarious homes for insured disadvantaged categories at the local level - such as industrial workers - while strict regulations were imposed to new construction, designed, above all, to better paid categories. By identifying raters engineers as urban agents, members of a technical-focused operating system for safety and efficiency in the real estate investments of those authorities corporatist, it is desired the usefulness of further studies on these characters, their training, professional activity and participation in the construction of discourses and practices of intervention about the city and its buildings, discussing individual and grouped interests that were left behind.

Tooth replacement for partially dentate elders: a willingness-to-pay analysis

Objectives: The primary aim of this study was to investigate partially dentate elders' willingness-to-pay (WTP) for two different tooth replacement strategies: Removable Partial Dentures (RPDs) and, functionally orientated treatment according to the principles of the Shortened Dental Arch (SDA). The secondary aim was to measure the same patient groups' WTP for dental implant treatment.Methods: 55 patients who had completed a previous RCT comparing two tooth replacement strategies (RPDs (n=27) and SDA (n=28)) were recruited (Trial Registration no. ISRCTN26302774). Patients were asked to indicate their WTP for treatment to replace missing teeth in a number of hypothetical scenarios using the payment card method of contingency evaluation coupled to different costs. Data were collected on patients' social class, income levels and other social circumstances. A Mann-Whitney U Test was used to compare differences in WTP between the two treatment groups. To investigate predictive factors for WTP, multiple linear regression analyses were conducted.Results: The median age for the patient sample was 72.0 years (IQR: 71-75 years). Patients who had been provided with RPDs indicated that their WTP for this treatment strategy was significantly higher (€550; IQR: 500-650) than those patients who had received SDA treatment (€500; IQR: 450-550) (p=0.003). However patients provided with RPDs indicated that their WTP for SDA treatment (€650; IQR: 600-650) was also significantly higher than those patients who had actually received functionally orientated treatment (€550; IQR: 500-600) (p<0.001). The results indicated that both current income levels and previous treatment allocation were significantly correlated to WTP for both the RPD and the SDA groups. Patients in both treatment groups exhibited little WTP for dental implant treatment with a median value recorded which was half the market value for this treatment (€1000; IQR: 500-1000).Conclusions: Amongst this patient cohort previous treatment experience had a strong influence on WTP as did current income levels. Both treatment groups indicated a very strong WTP for simpler, functionally orientated care using adhesive fixed prostheses (SDA) over conventional RPDs. Clinical significance: Partially dentate older patients expressed a strong preference for functionally orientated tooth replacement as an alternative to conventional RPDs.

Analysis of the Bovespa Futures and Spot Indexes With High Frequency Data. Chinese Business Review

Data from the World Federation of Exchanges show that Brazil’s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built: ARFIMA, vector autoregressive (VAR), and vector error correction (VEC). Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.

Tanzanian Food Origins and Protected Geographical Indications

As the world`s population is constantly growing, food security will remain on the policy Agenda, particularly in Africa. At the same time, global food systems experience a new wave focusing on local foods and food sovereignty featuring high quality food products of verifiable geographical origin. This article argues that Geographical Indications (GI´s) hold the potential to help transform the Tanzanian agriculture-dependent economy through the tapping of value from unique products, attributing taste and colour to place or regional geography. This study aims to identify the existence and characteristics of food origin products in Tanzania that have potential for GI certification. The hypothesis was that there are origin products in Tanzania whose unique characteristics are linked to the area of production. Geographical indications can be useful policy instruments contributing to food security and sovereignty and quality within an efficient marketing system with the availability of government support, hence the need to identify key candidates for GI certification. Five Tanzanian origin products were selected from 14 candidate agricultural products through a scoping study. Rice from Kyela, Aloe vera, Coffee and Sugar from Kilimanjaro and Cloves from Zanzibar are some of the product cases investigated and provides for in-depth case study, as ´landscape´ products incorporating ´taste of place´. Interviews were conducted to collect quantitative and qualitative data. Data was collected on the production area, product quality perceived by the consumer in terms of taste, flavour, texture, aroma, appearance (colour, size) and perceptions of links between geography related factors (soil, land weather characteristics) and product qualities. A qualitative case study analysis was done for each of the (five) selected Tanzanian origin products investigated with plausible prospects for Tanzania to leapfrog into exports of Geographical Indications products. Framework conditions for producers creating or capturing market value as stewards of cultural and landscape values, environments, and institutional requirements for such creation or capturing to happen, including presence of export opportunities, are discussed. Geographical indication is believed to allow smallholders to create employment and build monetary value, while stewarding local food cultures and natural environments and resources, and increasing the diversity of supply of natural and unique quality products and so contribute to enhanced food security.

Fixation du prix de vente des exploitations agricoles québécoises: comparaison entre fermes laitières et autres types de production

L’écart croissant entre les valeurs marchande et économique des exploitations agricoles québécoises complexifie le processus de transfert des fermes à la prochaine génération. La capacité de payer limitée des repreneurs et les besoins de retraite des cédants restreignent la marge de manoeuvre nécessaire afin de déterminer un prix de vente de l’entreprise adéquat. La présente étude vise à analyser les déterminants du prix de vente des fermes et montre que dans notre échantillon, le prix est significativement corrélé avec les besoins de retraite nets des cédants et de façon moins significative, avec la valeur économique des fonds propres de l’entreprise. Les considérations financières semblent éclipser les aspects humains et d’importants compromis sont réalisés des deux côtés de la transaction en vue d’assurer la continuité de l’entreprise. L’influence d’intervenants externes à l’entreprise entre également en ligne de compte dans la fixation du prix, ce qui implique que la décision ne découle pas uniquement d’une négociation entre cédants et repreneurs. De façon générale, les fermes laitières semblent confrontées aux mêmes défis que les autres types de production quant à la fixation de leur prix de vente, ce qui suggère que la problématique soit davantage une question de gestion plutôt qu’une question spécifique au secteur. À moins d’un rétrécissement de l’écart entre la valeur marchande des actifs et leurs capacités à générer des revenus, la fixation du prix de vente de plusieurs fermes du Québec risque d’être encore plus contraignante à l’avenir.

Uso del indicador del retorno total del negocio como alternativa para optimizar la inversión en unidades de negocio en condiciones de incertidumbre

En este articulo se hace un análisis sobre la validez de la TBR (Total Bussines return) como medida de rentabilidad de unidades de negocio que pertenecen a un portafolio corporativo. Se establecen cuales son sus debilidades y en que casos es posible aceptarla como medida de rentabilidad asociada con la creación de valor. Se expone, la coincidencia matemática entre la TBR y el WACC (costo promedio ponderado de capital) a partir del descuento de flujos de caja proyectados y entre el CAV (creación adicional de valor) y la diferencia entre el ingreso económico obtenido y el ingreso económico esperado en un periodo determinado. También se evidencia la equivalencia entre el CAV y la variación del valor de las operaciones más la variación del flujo de caja del periodo. Posteriormente se realiza una aplicación para mostrar como puede utilizar la TBR y la teoría moderna de portafolio para que un gerente corporativo pueda controlar la relación rendimiento-riesgo existente entre las distintas unidades de negocio a cargo de su corporación.

A new species of gall midge (Diptera: Cecidomyiidae) feeding on ornamental Cordyline fruticosa(Asparagaceae) in Australia

Larvae of an undescribed gall midge were found feeding on leaves and stems within leaf sheaths and between leaf blades of potted plants of Cordyline fruticosa (Asparagaceae) in a production nursery in Queensland. The following varieties of the host plant were infested: Apple Blossom', Glauca', Kilauea', Negra', Pink Diamond, 'Purple Prince' and Willy's Gold'. The new species, Dasineura cordylineaeKolesik sp. nov., is described and its cytochrome oxidase unit I mitochondrial gene segment is sequenced. The new species is the first known gall midge feeding on a plant species of the genus Cordyline. Orange larvae induce oval shallow swellings on the leaf and stem tissue, which becomes necrotised during the later stage of larval feeding. Necrotic areas remain visible to the end of leaves' lives and decrease the market value of the plants. In the production nursery investigated, the lesions caused by the gall midge provided an entry for a fungal infection by Fusarium sp. inflicting further injury to plants. Larvae of the new species were preyed on by larvae of Gaurax sp. (Diptera: Chloropidae). This is the first worldwide record of Chloropidae preying on Cecidomyiidae.

Valor económico do solo: perspectivas pública e privada

Having in mind that the majority of human beings do not take consciousness how fundamental soil is for their survi - val, nor how men action can lead to soil dilapidation, this works tries to call attention for its real value. Concisely, the main objectives of this paper are: to show clearly the most relevant soil functions; to analyze how soil management can influence positive or negatively soil capacity of production; to present a methodology for private soil assessment , making clear that privates valuate almost exclusively the soil capacity to produce market goods and ser - vices; to stress that many goods and services have global public effects; to emphasize that society ought to recognize soil multifunctionality and must try to impute some value to all those goods and services although some of them have no market value, at present. The paper concludes that: (1) without productive soil life on earth, as we know it, would be impossible; (2) although it is almost impossible to assess the real value of all goods and services produced by the soil, it is of great importance to develop appropriate methodologies to do so, in order to improve cost-benefit analysis helping to take correct decisions regarding the sustainable use of the soil.

Otimização de uma linha de aglomeração de materiais reciclados

Dado a globalização dos negócios e o aumento da competitividade dos produtos, é cada vez mais difícil para as grandes empresas manter a sua posição no mercado. Este processo quer-se rápido, eficaz e com o menor custo possível. Para este efeito, a metodologia Lean tem oferecido respostas bastante interessantes às empresas, com a aplicação de ferramentas da metodologia muito simples mas muito eficientes. Garantir características no produto final que façam á empresa manter ou ganhar cota no mercado é fundamental. Como tal, as empresas tentam ao máximo garantir a qualidade e o aspecto visual do produto. Posto isto, foram efetuados vários trabalhos para fazer frente às situações acima apresentadas e fazer com que o produto continue competitivo, para que possa aumentar a sua margem de lucro, mantendo o seu valor no mercado. Os trabalhos efetuados foram: plano de manutenção autónoma, um estudo do efeito da velocidade do misturador no produto final e um balanceamento à linha de aglomeração. Com a aplicação do Plano de Manutenção Autónoma, foi possível eliminar desperdícios, tornar a linha mais organizada e limpa e instruir os operadores a serem mais responsáveis, organizados e críticos ao seu trabalho. Quanto ao estudo do efeito da velocidade do misturador no produto final, os resultados não foram os esperados, dado que com o ensaio industrial efetuado não foi possível melhorar significativamente o aspeto visual do produto. Apesar de não ter sido possível a sua implementação, com o estudo do Balanceamento da linha, junto com os dados recolhidos foi possível obter um conhecimento mais pormenorizado da linha, foi criada uma possibilidade de proteger a linha de possíveis flutuações do mercado e eliminação de desperdício e uma possibilidade de listagem de tarefas estandartizadas e equilibradas, promovendo um menor esforço aos operadores. Em síntese, com a elaboração destes trabalhos, foi possível provocar um impacto positivo na linha, tornando-a mais organizada, reduzindo desperdício, protegendo de flutuações do mercado e aumentando o conhecimento da mesma.

Ratios and indicators that determine return on equity

This study aims to investigate factors that may affect return on equity (ROE). The ROE is a gauge of profit generating efficiency and a strong measure of how well the management of a firm creates value for its shareholders. Firms with higher ROE typically have competitive advantages over their competitors which translates into superior returns for investors. Therefore, seems imperative to study the drivers of ROE, particularly ratios and indicators that may have considerable impact. The analysis is done on a sample of 90 largest non-financial companies which are components of NASDAQ-100 index and also on industry sector samples. The ordinary least squares method is used to find the most impactful drivers of ROE. The extended DuPont model’s components are considered as the primary factors affecting ROE. In addition, other ratios and indicators such as price to earnings, price to book and current are also incorporated. Consequently, the study uses eight ratios that are believed to have impact on ROE. According to our findings, the most relevant ratios that determine ROE are tax burden, interest burden, operating margin, asset turnover and financial leverage (extended DuPont components) regardless of industry sectors.

Evolução da capacidade preditiva da informação contábil : um estudo a partir dos disclosures das Companhias listadas na BM&FBovespa após a adoção das Normas Internacionais de Contabilidade no Brasil

Dissertação (mestrado)—Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, Programa de Pós-Graduação Multiinstitucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2016.

Heritage assets : procedimentos para o reconhecimento e a mensuração adotados pelos museus

Este artigo teve como objetivo principal efetuar a análise das demonstrações contábeis de museus localizados nos cinco continentes, visando identificar o tratamento contábil relacionado ao reconhecimento e à mensuração dos heritage assets (HAs). Para tanto, aborda as definições de heritage assets, bem como o tratamento contábil discutido na literatura e definido pelas normas aplicáveis aos museus dos países foco deste estudo. Trata-se de uma pesquisa aplicada, qualitativa, descritiva e documental, conduzida a partir da análise do conteúdo dos relatórios anuais, demonstrações contábeis e respectivas notas explicativas de nove museus localizados na Nova Zelândia, Austrália, Reino Unido, África do Sul, Brasil, Canadá, Peru, Argentina e Estados Unidos. A partir da análise dos documentos, verificaram-se práticas heterogêneas, sendo o HA evidenciado em apenas uma parcela dos Balanços Patrimoniais, com destaque para as entidades situadas na Nova Zelândia e na Austrália, as quais apresentam o detalhamento mais completo e robusto. Quanto aos critérios de mensuração adotados pelos museus, o custo histórico é adotado principalmente para o reconhecimento inicial, enquanto outros critérios (valor justo, valor de mercado, custo de reposição e julgamento de profissionais especializados) são utilizados na mensuração subsequente. ______________________________________________________________________________ ABSTRACT