Effects of the real plan of the Brazilian banking system

The aim of this paper is to assess the progress of the banking sector before and shortly after the Real Plan. We began by assessing the drop in the inflation revenues (negative real interest rates paid by the excess of demand deposits over total reserve requirements) as a result of the change in inflation from 40% a month for the pre-Real Plan period to a monthly average of 3.65% (IGP-DI), between July 1994 and May 1995. Then, using the financial statement data of a group of 90 banks, we attempt to estimate the net losses due to the inflation drop analyzing the profitability and other parameters of the banking industry. The calculations are made separately for private, state and federal banks. A later analysis on performance using information given to CVM (Securities Exchange Commission) by the six major private banks in the country is also discussed herein.

Insights on corporate sustainability and share value: an event study for Brazilian market

Em meio ao crescente volume de publicações sobre sustentabilidade e finanças, diversas pesquisas internacionais e brasileiras têm abordado a relação entre empresas classificadas como sustentáveis e o retorno de suas ações. Nesta mesma linha, este trabalho utilizou o método de estudos de eventos para verificar se entre 2005 e 2013 houve retornos anormais quando as empresas entraram e saíram do Índice de Sustentabilidade Empresarial (ISE). Além de contemplar um período mais atualizado do que seus precedentes, este estudo difere-se dos demais ao analisar o as observações individualmente e ao buscar estabelecer uma relação dos retornos anormais acumulados com as variáveis governança corporativa, tamanho, rentabilidade e alavancagem. Os resultados mostraram que embora não haja evidências conclusivas quando os casos são tomados individualmente, em conjunto eles indicam que a inclusão e a exclusão do ISE geram retornos anormais significativos, positivos e negativos respectivamente, em linha com a teoria dos stakeholders. Quanto às variáveis de controle, nenhuma apresentou relação com os retornos anormais acumulados.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

Analyzing the CEMS intrapreneurial level using the GET2 test

This thesis is mainly focused on the intrapreneurial level of CEMS students around the world. Organizations are seeking to hire people with an entrepreneurial personality. This means that companies are looking for someone with similar psychological traits as entrepreneurs who are capable of influence positively in firm’s innovation. Therefore, the research question is “What is the CEMS intrapreneurial level?” The contribution of this thesis is to check whether CEMS students have high intrapreneurship level or not. In order to find out, the General measure Enterprising Tendency (GET) test was sent to these students. The main finding is that CEMS students have score which can located them in the Medium range, meaning they have an average level of intrapreneurship. Thus, it is possible to raise awareness on the intrapreneurial potential that they can achieve. Furthermore, this thesis hopes to grow a concern on this topic so that universities give more emphasis on it.

Is what you say what you do? Analyzing and comparing the effect of buyer-supplier relationship in the Brazilian and Chinese supplier selection criteria

Choosing properly and efficiently a supplier has been challenging practitioners and academics since 1960’s. Since then, countless studies had been performed and relevant changes in the business scenario were considered such as global sourcing, quality-orientation, just-in-time practices. It is almost consensus that quality should be the selection driver, however, some polemical findings questioned this general agreement. Therefore, one of the objectives of the study was to identify the supplier selection criteria and bring this discussion back again. Moreover, Dickson (1966) suggested existing business relationship as selection criterion, then it was reviewed the importance of business relationship for the company and noted a set of potential negative effects that could rise from it. By considering these side effects of relationship, this research aimed to investigate how the relationship could influence the supplier selection and how its harmful effects could affect the selection process. The impact of this phenomenon was investigated cross-nationally. The research strategy adopted was a controlled experiment via vignette combined with discrete choice analysis. The data collections were performed in China and Brazil. By examining the results, it could be drawn five major findings. First, when purchasers were asked to declare their supplier selection priorities, quality was stated as the most important independently of country and relationship. This result was consistent with diverse studies since 60’s. However, when purchasers were exposed to a multi-criteria trade-off situation, their actual selection priorities deviate from what they had declared. In the actual decision-making without influence of buyer-supplier relationship, Brazilian purchasers focused on price and Chinese buyers prioritized delivery then price. This observation reinforced some controversial prior studies of Verma & Pullman (1998) and Hirakubo & Kublin (1998). Second, through the introduction of the buyer-supplier relationship (operationalized via relational capital) in the supplier selection process, this research extended the existing studies and found that Brazilian buyers still focused on price. The relationship became just another criterion for supplier selection such as quality and delivery. However, from the Chinese sample, the results suggested that quality was totally discarded and the decision was majorly made through price and relationship. The third finding suggested that relational capital could legitimate the quality and sustainability of the supplier and replaces these selection criteria and made the decisional task less complex. Additionally, with the relational capital, the decision-makings were associated to few biases such as availability cognition, commitment, confirmatory and perceived biases. By analyzing the purchasers’ behavior, relational capital inducted buyers of both countries to relax in their purchasing requirements (quality, delivery and sustainability) leading to potential negative effects. In the Brazilian sample, the phenomenon of willing to pay a higher price for a lower quality offer demonstrated to be a potential counterproductive and suboptimal decision. Finally, the last finding was associated to the cultural effect on the buyers’ decisions. From the outcome, it is possible to observe that if a purchaser’s cultural background is more relation-oriented, the more he will tend to use relational capital as a decision heuristic, thus, the purchaser will be more susceptible to the potential relationship’s side effects

BlueFriends: measuring, analyzing and preventing social exclusion between elementary school students

Social exclusion is a relatively recent term, whose creation is attributed to René Lenoir(Lenoir, 1974). Its concept covers a remarkably wide range of social and economic problems, and can be triggered for various reasons: mentally and physically handicapped, abused children, delinquents, multi-problem households, asocial people, and other social “misfits” (Silver, 1995, pp. 63; Foucault, 1992). With an increasingly multi-cultural population, cultural and social inequalities rapidly ascend, bringing with them the need for educational restructuring. We are living in an evermore diverse world, and children need to be educated to be receptive to the different types of people around them, especially considering social and cultural aspects. It is with these goals that inclusive education has seen an increased trend in today’s academic environment, reminding us that even though children may be taught under the same roof, discriminatory practices might still happen. There are, however, a number of developed tools to assess the various dimensions of social networks. These are mostly based on questionnaires and interviews, which tend to be fastidious and don’t allow for longitudinal, large scale measurement. This thesis introduces BlueFriends, a Bluetooth-based measurement tool for social inclusion/exclusion on elementary school classes. The main goals behind the development of this tool were a) understanding how exclusion manifests in students’ behaviors, and b) motivating pro-social behaviors on children through the use of a persuasive technology. BlueFriends is a distributed application, comprised by an application running on several smartphones, a web-hosted database and a computer providing a visual representation of the data collected on a TV screen, attempting to influence children behaviors. The application makes use of the Bluetooth device present on each phone to continuously sample the RSSI (Received Signal Strength Indication) from other phones, storing the data locally on each phone. All of the stored data is collected, processed and then inserted into the database at the end of each day. At the beginning of each recess, children are reminded of how their behaviors affect others with the help of a visual display, which consists of interactions between dogs. This display illustrates every child’s best friends, as well as which colleagues they don’t interact with as much. Several tips encouraging social interaction and inclusiveness are displayed, inspiring children to change their behaviors towards the colleagues they spend less time with. This thesis documents the process of designing, deploying and analyzing the results of two field studies. On the first study, we assess how the current developed tools are inferior to our measuring tool by deploying a measurement only study, aimed at perceiving how much information can be obtained by the BlueFriends application and attempting to understand how exclusion manifests itself in the school environment. On the second study, we pile on the previous to try and motivate pro-social behaviors on students, with the use of visual cues and recommendations. Ultimately, we confirm that our measurement tool’s results were satisfying towards measuring and changing children’s behaviors, and conclude with our thoughts on possible future work, suggesting a number of possible extensions and improvements.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Análise da gestão da cadeia de suprimentos de um supermercado varejista através da utilização do modelo SCOR

In the last decade the complexity of the environment in which organizations are embedded increased dramatically, having on one side the increasingly demanding consumers in regard to the quality and value of the product and the other companies with the need to reduce operating costs in order to achieve greater profitability, without this there is a downturn in growth or market share powers. In this context the necessity of effectively structuring actions relating to the line with the operational work processes so that business objectives are achieved organizational strategic planning, ensuring the competitiveness of the organization. This study aims to analyze how you have made the management of the supply chain in a grocery retailer in the light of guidelines of Supply Chain Management by using the SCOR model. For realization of this study a survey was needed, classified according to their goals, exploratory and descriptive as to its procedure, document, field and case study. Thus, the processing of data will be qualitative merit, using the thematic categorical analysis of Bardin (1977). Thus, to obtain data interviews together the operational and strategic management of a company that was named Supermarket Omega were performed. After analyzing the information obtained is perceived that there is an effort of the organization enhance its management of the supply chain. However, there is a lack of alignment between the various areas that compose it. About their work processes, we stress that the focus of the company is still very directed on sailing than profitability, although it is undergoing a transformation in its organizational culture However, records the existence of many improvement projects in developing. Thus, it can be noticed that there is some consistency between the assumptions of the SCOR model and applied within the supply chain Omega Supermarket, although a greater effort to better align with the model still needs to be studied

Modelo de classificação para pequenas empresas supermercadistas quanto ao uso de técnicas de prevenção de perdas: um estudo de caso

The objective of this work is to draw attention to the importance of use of techniques of loss prevention in small retail organization, analyzing and creating a classification model related to the use of these in companies. This work identifies the fragilities and virtues of companies and classifies them relating the use of techniques of loss prevention. The used methodology is based in a revision of the available literature on measurements and techniques of loss prevention, analyzing the processes that techniques needed to be adopted to reduce losses, approaching the "pillars" of loss prevention, the cycle life of products in retail and cycles of continues improvement in business. Based on the objectives of this work and on the light of researched techniques, was defined the case study, developed from a questionnaire application and the researcher's observation on a net of 16 small supermarkets. From those studies a model of classification of companies was created. The practical implications of this work are useful to point mistakes in retail administration that can become losses, reducing the profitability of companies or even making them impracticable. The academic contribution of this study is a proposal of an unpublished model of classification for small supermarkets based on the use of techniques of loss prevention. As a result of the research, 14 companies were classified as Companies with Minimum Use of Loss Prevention Techniques - CMULPT, and 02 companies were classified as Companies with Deficient Use of Loss Prevention Techniques - CDULPT. The result of the research concludes that on average the group was classified as being Companies with Minimum Use of Techniques of Prevention of Losses EUMTPP, and that the companies should adopt a program of loss prevention focusing in the identification and quantification of losses and in a implantation of a culture of loss prevention

A oficina como método de desenvolvimento de projeto do produto aplicado à atividade jangadeira de Ponta Negra Natal-RN

The jangadas (brazilian fishing rafts) are rudimentary artisanal vessels intrinsic to the Northeast of Brazil. The fishery with jangadas is highly representative in the State of Rio Grande do Norte, and source of income for many families in addition to being a strong cultural icon. Is still alive despite the difficulties, bringing the history and customs of the fishermen and their people. However, is in process of extinction due to factors such as the low profitability of the activity, tourism and urbanization. From the understanding of activity involving their context and circumstances, based on identified problems regarding the conditions of use of jangadas as the unpredictability, the risk of accidents, poor working conditions, hygiene and housing, this dissertation aims to: analyzing the design of the jangada on the beach of Ponta Negra and its relationship with the activity in relation to health, safety, productivity and environment, and from such assessments, together with the results achieved during the workshops of the project, proposing a cart to move the raft, adapted to the local fisherman activity studied. To perform analysis of jangadeira activity, we used a methodology based on ergonomic work analysis - AET (WISNER, 1987; GUÈRIN, 2001; VIDAL, 2008, SALDANHA, 2004 and Carvalho, 2005). For data collection were used observational and interaction methods as a conversational action, verbalizations, photographs and video. It is emphasized that the search for solutions appropriate to the jangadeira activity was possible through the collaboration of several people, not just an informational level and understanding during the work activity, but effectively contributing to the making decisions

Análise econômica da produção do Maracujazeiro amarelo em sistemas orgânico e convencional

This work was carried out in the city of Maringa, located in the Northwest region of Parana, with the aim of analyzing economically the yellow passion fruit crop (Passiflora edulis Sims. f. flavicarpa Deg.), comparing organic and conventional production systems. To estimate technical coefficients, planting and production costs, and profitability indicators of culture, the data were surveyed from technicians of the region and based in experimental work, carried out at the Experimental Farm of lguaterm from the Maringa State University, in the period of june/2002 to july/2004. The total production costs of the culture in two agricultural years reached a value 12.94% higher for the conventional system, and in this same period the medium index of profitability was 21.39% higher for the organic system. The organic production system was economically feasible and provided a larger index of profitability.

GPS Satellite Kinematic Relative Positioning: Analyzing and Improving the Functional Mathematical Model Using Wavelets

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Custos e viabilidade econômica da produção de lambari-do-rabo amarelo em Monte Castelo/SP: um estudo de caso

The aim of this study was to analyze the cost of production and economic viability of production of Lambari in Monte Castelo/SP, with the primary market for the live-bait for sport fishing of carnivorous fish. To calculate the operating cost structure was used the model proposed by the Instituto de Economia Agricola from São Paulo/Brazil. In analyzing the economic viability of investment, we determined the Internal Rate of Return (IRR) and Pay Back Period. It was noted that the inputs represented approximately 74.0% of the EOC (Effective Operating Cost). In the rentability analysis (short term), there was an operating profit of R$ 3,133.45 for a cycle, with a profitability of 18.65% for four months of production, a cost price of R$ 13.02 kg(-1). For viability of the activity (long term), the results were attractive to recovery capital from the 3(rd) year (Pay Back), with an IRR of 25.68% and 89.0% return on the producer in 5 years (BCR - benefit cost ratio). The study of costs and economic viability analysis reinforce the importance of rational management in the productive system and the importance of planning and managing the profitability of the activity.

Analyzing glycerol-mediated protein oligomerization by electrospray ionization mass spectrometry

Glycerol is widely used as protein stabilizer, in both local and commercial preparations, so it has become necessary to develop methods for mass spectrometric analysis of protein preparations in the presence of glycerol. However, this stabilizing agent may cause signal suppression when present in high concentrations, and is also known to induce protein supercharging even at low concentrations. This work reports the,use of electrospray ionization (ESI) mass spectrometry to characterize glycerol-mediated protein oligomerization. this phenomenon seems to involve the formation of strong non-covalent interactions between protein and glycerol involving close contact between the monomers, leading to formation of protein oligomers adducted with glycerol molecules under the characteristic analytical conditions of the ESI interface. At high orders of oligomerization a lower number of glycerol molecules is required to maintain the high oligomeric states than for the dimers and trimers, and it is possible that for the higher oligomers the monomers become so close to one another that non-covalent bonds between the side chains of the amino acid residues in the proteins may be established. Copyright (C) 2005 John Wiley & Sons, Ltd.

Report on ticks collected in the Southeast and Mid-West regions of Brazil: analyzing the potential transmission of tick-borne pathogens to man

Foram coletados espécimes de carrapatos em 1993, 1996, 1997, e 1998, principalmente de animais selvagens e domésticos, nas Regiões Sudeste e Centro-oeste do Brasil. Nove espécies de Amblyommidae foram identificadas: Anocentor Nitens, Amblyomma cajennense, Amblyomma ovale, Amblyomma fulvum, Amblyomma striatum, Amblyomma rotundatum, Boophilus microplus, Boophilus annulatus e Rhipicephalus sanguineus. Analisou-se o potencial destas nove espécies de carrapatos como transmissores de patógenos para o homem. Um Flaviviridade Flavivirus foi isolado de espécimes de Amblyomma cajennense coletados de um capivara doente (Hydrochaeris hydrochaeris). Amblyomma cajennense é o transmissor principal da Rickettsia rickettsii (=R. rickettsi), o agente causador da febre maculosa no Brasil. Os mamíferos selvagens, principalmente capivaras e veados infestados por carrapatos vivem em próximo contato com gado, cavalos e cachorros, com quem compartilham os mesmos carrapatos, oferecendo risco de transmissão destas zoonoses silvestres aos animais domésticos e ao homem.