A utilidade da demonstração de fluxos de caixa na ótica dos Técnicos Oficiais de contas

O tema Fluxos de Caixa tem cada vez mais importância nas empresas e no relato financeiro das mesmas. Com a entrada em vigor do Sistema de Normalização Contabilística em 2010, tornou-se obrigatória a apresentação da Demonstração de Fluxos de Caixa nas Demonstrações Financeiras das empresas que adotem o regime geral. Segundo a Norma Contabilística e de Relato Financeiro 2 – Demonstração de Fluxos de Caixa, nos seus parágrafos 7 e 8, a Demonstração de Fluxos de Caixa “deve relatar os fluxos de caixa durante o período classificados por atividades operacionais, de investimento e de financiamento. A classificação por atividades proporciona informação que permite aos utentes determinar o impacto dessas atividades na posição financeira da entidade e nas quantias de caixa e seus equivalentes”. Possibilita a avaliação das empresas, a deteção de sinais de fragilidade e ajuda a decidir qual o melhor caminho a seguir. O objetivo central deste trabalho consiste em evidenciar a importância e utilidade da Demonstração de Fluxos de Caixa para os profissionais de contabilidade e para os utilizadores da informação financeira, na ótica dos Técnicos Oficiais de Contas, e será alcançado através de um questionário a este grupo de profissionais. Os resultados obtidos permitiram-nos aferir que os Técnicos Oficiais de Contas consideram esta Demonstração Financeira importante e atribuem-lhe a utilidade que efetivamente representa, isto é, consideram-na uma peça indispensável para a gestão de tesouraria como para a gestão operacional, financeira ou de investimentos de qualquer empresa. Contudo, na sua opinião, esta Demonstração é ainda pouco valorizada pelos utilizadores da informação financeira.

Criação de valor em fusões e aquisições horizontais

O aumento verificado nos últimos anos em fusões e aquisições (F&A) resulta da opção dos gestores para fazer face ao aumento da pressão competitiva e ou à necessidade de crescimento rápido. A literatura sobre os efeitos dos processos de F&A é diversificada e as conclusões são contraditórias. Neste trabalho pretendemos verificar se o processo de F&A se traduz na criação de valor para o acionista da empresa adquirente. Como métrica de avaliação utilizamos o método de análise dos fluxos de caixa atualizados ou o Discounted Cash-Flow (DCF). Para o efeito efetuamos um estudo de caso que vai incidir sobre uma empresa seguradora portuguesa – A Lusitania Companhia de Seguros, S.A. – que recentemente adquiriu, por fusão por incorporação, a Real Seguros, S.A. Efetuamos uma análise de natureza quantitativa através dos dados do relatório e contas e encontramos evidência de que o desempenho diminuiu após a transação.

A demonstração dos fluxos de caixa nas instituições particulares de solidariedade social

Dada a atual conjuntura económica internacional, a Economia Social tem vindo a aumentar consideravelmente a sua importância. Desta forma, torna-se importante conhecer o normativo contabilístico que é aplicado em Portugal. No caso concreto das Entidades do Setor Não Lucrativo, surgiu a necessidade de se encontrarem formas mais eficientes de gerir os recursos para dar resposta às necessidades sociais emergentes, e por isso, estas entidades foram, em 2011, enquadradas num novo contexto legal. O sucesso, o crescimento e a sobrevivência de uma entidade dependem da sua capacidade para gerar fluxos de caixa e/ou obter os recursos financeiros necessários ao desenvolvimento da sua atividade. Neste sentido, é a Demonstração de Fluxos de Caixa (DFC) que fornece aos seus utilizadores uma base para avaliar a capacidade da entidade gerar e utilizar os seus fluxos de caixa. Esta dissertação aborda uma área de estudo, ainda pouco investigada, a Economia Social e, em particular, as Instituições Particulares de Solidariedade Social (IPSS), sendo notório que o interesse por esta área tem vindo a acentuar-se nos últimos anos. Assim, fazendo o respetivo enquadramento teórico e normativo, avalia-se a importância da DFC, mais especificamente, a importância do relato dos fluxos nas IPSS. Para a realização desta dissertação, foi feita a análise em profundidade do relato da DFC nas IPSS, recorrendo à metodologia qualitativa, nomeadamente, à investigação descritiva, aos métodos e técnicas de recolha de dados, e, por último, à análise de conteúdo para tratar os dados qualitativos, tais como, as entrevistas. Para tratar alguns dados estatísticos foi utilizado o Microsoft Excel do Microsoft Office. A presente dissertação demonstra que o relato dos fluxos da DFC é extremamente importante, pois proporciona informação financeira que é importante no processo de tomada de decisão e na avaliação do desempenho financeiro das IPSS.

Manipulação de resultados

Dissertação de Mestrado apresentado ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Auditoria, sob orientação de Doutora Alcina de Sena Portugal Dias Esta versão contém as críticas e sugestões de elementos do júri

Nominal and inflation-linked government bonds: An assessment of arbitrage opportunities in UK Gilt Market

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Should Quinta dos Açores expand its retailer network in lisbon?

The primary purpose of this research is to examine the feasibility of expanding Quinta dos Açores retailer network in Lisbon starting from 2015 onwards. A time series model was developed to estimate the company’s future production and sales. A Discounted Cash Flow analysis was also conducted to determine the profitability of this expansion opportunity. Our findings reveal that Quinta dos Açores will face negative results in the first two years of the expansion strategy, but the overall opportunity presents a net positive result of almost three million euros.

Aplicação da teoria das opções reais em análise de projetos estratégicos: um estudo de caso sobre o valor da opção de prosseguir com os investimentos no programa de desenvolvimento de submarinos da Marinha do Brasil

Dissertação de mestrado em Estudos de Gestão

Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

Venture capital meets contract theory: risky claims or formal control?

This paper develops a theory of the joint allocation of formal control and cash-flow rights in venture capital deals. We argue that when the need for investor support calls for very high-powered outside claims, entrepreneurs should optimally retain formal control in order to avoid excessive interference. Hence, we predict that risky claims should be be negatively correlated to control rights, both along the life of a start-up and across deals. This challenges the idea that risky claims should a ways be associated to more formal control, and is in line with contractual terms increasingly used in venture capital, in corporate venturing and in partnership deals between biotech start-ups and large drug companies. The paper provides a theoretical explanation to some puzzling evidence documented in Gompers (1997) and Kaplan and Stromberg (2000), namely the inclusion in venture capital contracts of contingencies that trigger both a reduction in VC control and the conversion! of her preferred stocks into common stocks.

Comparison of recent toll road concession transactions in the United States and France

Recent concessions in France and in the US have resulted in a dramatic difference in the valuation placed on the toll roads; the price paid by the investors in France was twelve times current cash flow whereas investors paid sixty times current cash flow for the U.S. toll roads. In this paper we explore two questions: What accounts for the difference in these multiples, and what are the implications with respect to the public interest. Our analysis illustrates how structural and procedural decisions made by the public owner affect the concession price. Further, the terms of the concession have direct consequences that are enjoyed or borne by the various stakeholders of the toll road.

Investment and financing constraints in China: does working capital management make a difference?

We use a panel of over 120,000 Chinese firms of different ownership types over the period 2000-2007 to analyze the linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and find that, despite severe external financing constraints, those firms with low FKS and high WKS exhibit the highest fixed investment rates. This suggests that good working capital management may help firms to alleviate the effects of financing constraints on fixed investment.

Barcoding human physical activity to assess chronic pain conditions.

BACKGROUND: Modern theories define chronic pain as a multidimensional experience - the result of complex interplay between physiological and psychological factors with significant impact on patients' physical, emotional and social functioning. The development of reliable assessment tools capable of capturing the multidimensional impact of chronic pain has challenged the medical community for decades. A number of validated tools are currently used in clinical practice however they all rely on self-reporting and are therefore inherently subjective. In this study we show that a comprehensive analysis of physical activity (PA) under real life conditions may capture behavioral aspects that may reflect physical and emotional functioning.¦METHODOLOGY: PA was monitored during five consecutive days in 60 chronic pain patients and 15 pain-free healthy subjects. To analyze the various aspects of pain-related activity behaviors we defined the concept of PA 'barcoding'. The main idea was to combine different features of PA (type, intensity, duration) to define various PA states. The temporal sequence of different states was visualized as a 'barcode' which indicated that significant information about daily activity can be contained in the amount and variety of PA states, and in the temporal structure of sequence. This information was quantified using complementary measures such as structural complexity metrics (information and sample entropy, Lempel-Ziv complexity), time spent in PA states, and two composite scores, which integrate all measures. The reliability of these measures to characterize chronic pain conditions was assessed by comparing groups of subjects with clinically different pain intensity.¦CONCLUSION: The defined measures of PA showed good discriminative features. The results suggest that significant information about pain-related functional limitations is captured by the structural complexity of PA barcodes, which decreases when the intensity of pain increases. We conclude that a comprehensive analysis of daily-life PA can provide an objective appraisal of the intensity of pain.

A Cluster Randomised Controlled Trial to Evaluate a Policy of Making Hip Protectors Available to Residents of Nursing Homes

Objectives: to evaluate the effectiveness of a policy of making hip protectors available to residents of nursing homes. Design: a cluster randomised controlled trial of the policy in nursing and residential homes, with the home as the unit of randomisation. Setting: 127 nursing and residential homes in the greater Belfast area of Northern Ireland. Participants: 40 homes in the intervention group (representing 1,366 occupied beds) and 87 homes in the control group (representing 2,751 occupied beds). Interventions: a policy of making hip protectors available free of charge to residents of nursing homes and supporting the implementation process by employing a nurse facilitator to encourage staff in the homes to promote their use, over a 72-week period. Main outcome measures: the rate of hip fractures in intervention and control homes, and the level of adherence to use of hip protectors. Results: there were 85 hip fractures in the intervention homes and 163 in the control homes. The mean fracture rate per 100 residents was 6.22 in the intervention homes and 5.92 in the control homes, giving an adjusted rate ratio for the intervention group compared to the control group of 1.05 (95% CI 0.77, 1.43, P = 0.76). Initial acceptance of the hip protectors was 37.2% (508/1,366) with adherence falling to 19.9% (272/1,366) at 72 weeks.Conclusions: making hip protectors available to residents of nursing and residential homes did not reduce the rate of hip fracture. This research does not support the introduction of a policy of providing hip protectors to residents of nursing homes.

A simple way to decompress the left ventricle during venoarterial bypass

OBJECTIVE: The aim of this investigation was to improve the hemodynamics during venoarterial bypass by remote decompression of the left ventricle (LV). METHODS: Venoarterial bypass was established in 5 bovine experiments (69+/-10 kg) by the transjugular insertion of a self-expanding cannula (smartcanula) with return through a carotid artery. Cardiogenic shock was simulated with ventricular fibrillation induced by an external stimulator. Left ventricular decompression was achieved by switching to transfemoral drainage of the pulmonary artery (PA) with a long self-expanding cannula. RESULTS: Initial pump flow was 4.7+/-0.9 l/min and the aortic pressure accounted for 75+/-21 mmHg. After induction of ventricular fibrillation, the pump flow dropped after 11+/-8 min to 2.5+/-0.1 l/min. Transfemoral decompression increased the pump flow to 5.6+/-0.7 l/min, while the RV pressure decreased from 27+/-9 to 3+/-5 mmHg, the PA pressure decreased from 29+/-7 to 5+/-4 mmHg, the LV pressure decreased from 29+/-6 to 7+/-2 mmHg, and the aortic pressure increased from 31+/-3 to 47+/-11 mmHg. CONCLUSIONS: Remote drainage of the pulmonary artery during venoarterial bypass allows for effective decompression of the left ventricle and provides superior hemodynamics.

The influence of sentinel lymph node tumour burden on additional lymph node involvement and disease-free survival in cutaneous melanoma: a retrospective analysis of 392 cases

Twenty per cent of sentinel lymph node (SLN)-positive melanoma patients have positive non-SLN lymph nodes in completion lymph node dissection (CLND). We investigated SLN tumour load, non-sentinel positivity and disease-free survival (DFS) to assess whether certain patients could be spared CLND. Sentinel lymph node biopsy was performed on 392 patients between 1999 and 2005. Median observation period was 38.8 months. Sentinel lymph node tumour load did not predict non-SLN positivity: 30.8% of patients with SLN macrometastases (> or =2 mm) and 16.4% with micrometastases (< or =2 mm) had non-SLN positivity (P=0.09). Tumour recurrences after positive SLNs were more than twice as frequent for SLN macrometastases (51.3%) than for micrometastases (24.6%) (P=0.005). For patients with SLN micrometastases, the DFS analysis was worse (P=0.003) when comparing those with positive non-SLNs (60% recurrences) to those without (17.6% recurrences). This difference did not translate into significant differences in DFS: patients with SLN micrometastasis, either with (P=0.022) or without additional positive non-SLNs (P<0.0001), fared worse than patients with tumour-free SLNs. The 2-mm cutoff for SLN tumour load accurately predicts differences in DFS. Non-SLN positivity in CLND, however, cannot be predicted. Therefore, contrary to other studies, no recommendations concerning discontinuation of CLND based on SLN tumour load can be deduced.