999 resultados para Precificação de ativos


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

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Conventional control strategies used in shunt active power filters (SAPF) employs real-time instantaneous harmonic detection schemes which is usually implements with digital filters. This increase the number of current sensors on the filter structure which results in high costs. Furthermore, these detection schemes introduce time delays which can deteriorate the harmonic compensation performance. Differently from the conventional control schemes, this paper proposes a non-standard control strategy which indirectly regulates the phase currents of the power mains. The reference currents of system are generated by the dc-link voltage controller and is based on the active power balance of SAPF system. The reference currents are aligned to the phase angle of the power mains voltage vector which is obtained by using a dq phase locked loop (PLL) system. The current control strategy is implemented by an adaptive pole placement control strategy integrated to a variable structure control scheme (VS-APPC). In the VS-APPC, the internal model principle (IMP) of reference currents is used for achieving the zero steady state tracking error of the power system currents. This forces the phase current of the system mains to be sinusoidal with low harmonics content. Moreover, the current controllers are implemented on the stationary reference frame to avoid transformations to the mains voltage vector reference coordinates. This proposed current control strategy enhance the performance of SAPF with fast transient response and robustness to parametric uncertainties. Experimental results are showing for determining the effectiveness of SAPF proposed control system

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The Methods for compensation of harmonic currents and voltages have been widely used since these methods allow to reduce to acceptable levels the harmonic distortion in the voltages or currents in a power system, and also compensate reactive. The reduction of harmonics and reactive contributes to the reduction of losses in transmission lines and electrical machinery, increasing the power factor, reduce the occurrence of overvoltage and overcurrent. The active power filter is the most efficient method for compensation of harmonic currents and voltages. The active power filter is necessary to use current and voltage controllers loop. Conventionally, the current and voltage control loop of active filter has been done by proportional controllers integrative. This work, investigated the use of a robust adaptive control technique on the shunt active power filter current and voltage control loop to increase robustness and improve the performance of active filter to compensate for harmonics. The proposed control scheme is based on a combination of techniques for adaptive control pole placement and variable structure. The advantages of the proposed method over conventional ones are: lower total harmonic distortion, more flexibility, adaptability and robustness to the system. Moreover, the proposed control scheme improves the performance and improves the transient of active filter. The validation of the proposed technique was verified initially by a simulation program implemented in C++ language and then experimental results were obtained using a prototype three-phase active filter of 1 kVA

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Un conjunto de cambios viene siendo implantado en la Petrobrás procurando que sus unidades de negocios resulten más modernas y competitivas para atender las necesidades del mercado. Dentro de esta perspectiva, un nuevo régimen de trabajo, denominado turno fijo , ha sido implantado en dos activos de producción de la provincia de Rio Grande do Norte. Tal situación originó varios reclamos de los petroleros y, consecuentemente, el interés del SINDIPETRO-RN en obtener una evaluación más precisa de las consecuencias de los mismos. Este estudio, realizado a partir de la demanda sindical de esos trabajadores, ha tenido como objetivo central analizar los efectos del turno fijo sobre la salud mental de los operadores de producción, actualmente lotados en los referidos activos. El estudio ha sido realizado con 39 operadores que representan el 82,9% de la población objeto de este estudio. La muestra ha sido homogénea en cuanto al género, grado de instrucción, edad y tiempo de servicio en la compañía, lo que ha posibilitado un mayor control de las variables y un estudio comparativo entre los dos activos. Para el desarrollo del estudio, se han aplicado los siguientes instrumentos de colecta de datos: una escala de medida probada y validada (QSG-12), un cuestionario abierto, entrevistas individuales y una ficha socio-demográfica. Las respuestas del cuestionario abierto han sido categorizadas mediante la aplicación de análisis de contenido. Los resultados de ese tratamiento y las respuestas del QSG-12 han sido registradas en la forma de banco de datos del SPSS for Windows (Statical Package for social sciense for Windows) para luego procederse con el desarrolllo de los análisis estadísticos. Los principales resultados encontrados en el estudio han sido que la mitad de los participantes de la muestra han presentado resultados de deteriorización de la autoeficacia más elevado que 1,44 (un una escala de 0 a 3) y, en tensión emocional y depresión, el resultado es más elevado que 1,67; la mayoría se da cuenta del aumento de carga de trabajo, revela acentuado sufrimiento con el distanciamiento de la familia, y 58,8% presenta enfermedades psicosomáticas crónicas. La percepción de los operadores sobre el turno fijo e el análisis de éste, conforme el modelo vitamínico de Warr, conducen a la conclusión de que el turno fijo es uno de los factores que está influyendo negativamente en la salud mental de esos trabajadores

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The study aims to analyze the perception of managers on intangible assets as strategic and competitive resources in small hotels in Natal/RN, through the theory of the Resource Based View (RBV). This is a qualitative study of exploratory and descriptive, conducted with managers of the means of hosting small the capital of Rio Grande do Norte through semi-structured interviews, which was applied later, the technique content analysis based on the results of the information obtained in the interviews. Thus, research has shown that managers of small hotels visited (A, B, C) are not sufficient and satisfactory knowledge to set as their unique intangible assets of the company and makes use of them, on an occasional basis, without understanding or in essence understand its true value as a resource that can be used strategically for sustainable competitive advantage in the hotel market in Natal/RN. This means that managers do not know how to create new attributes and use them strategically. And they need to expand their partnerships with stakeholders. Given the importance of the subject of the present research, the information achieved by this analysis may contribute to the provision of information to establish a current situation with regard to the attributed to the knowledge and use of resources (intangible assets) importance as a strategic source and competitive for the internal management of the company by managers and thus, enabling a differential and greater economic profit over time in this segment

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Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

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FUNDAMENTO: A prevalência de dislipidemias vem aumentando em diversas partes do Brasil, porém não é claro ainda quanto de exercício físico é necessário para se obter efeitos benéficos sobre os níveis de lipoproteínas plasmáticas. OBJETIVO: O estudo analisou, em oito cidades do Estado de São Paulo, a associação entre a prática continuada de exercícios físicos ao longo da vida e a ocorrência de dislipidemia na idade adulta. MÉTODOS: Estudo transversal envolvendo 2.720 adultos, de ambos os sexos, residentes em oito cidades do Estado de São Paulo. Por meio de entrevista domiciliar, a presença de dislipidemias foi autorreferida e a prática de exercícios físicos foi analisada na infância (7-10 anos), na adolescência (11-17 anos) e na idade adulta (atividades de lazer). No tratamento estatístico, modelos multivariados foram criados com a regressão logística binária. RESULTADOS: A prevalência de dislipidemia foi de 12,2% (IC95%= 11,1%-13,5%) e não houve diferença entre as cidades (p = 0,443). Mulheres (p = 0,001) e obesos (p = 0,001) apresentaram maior taxa de dislipidemia. Exercício físico atual não se associou com a presença de dislipidemia ([> 180 minutos por semana] p = 0,165), porém, a prática de exercício físico, tanto na infância (p = 0,001) como na adolescência (p = 0,001), foi associada com menor ocorrência da doença. Adultos fisicamente ativos em todos os três momentos da vida apresentaram 65% menos chances de reportar dislipidemia (RC = 0,35 [0,15-0,78]). CONCLUSÃO: A prática continuada de exercícios físicos ao longo da vida foi associada com menor ocorrência de dislipidemia entre adultos do Estado de São Paulo.

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O envelhecimento da população é um fenômeno mundial, do qual o Brasil apresenta um dos mais agudos processos. A prática regular de exercícios por idosos pode melhorar a capacidade física, proporcionar ganho de auto-estima e confiança, contribuindo para diminuição do risco de quedas, comuns em idosos. Este estudo visou comparar o risco de quedas entre idosos sedentários e ativos, verificando como a prática de exercício físico se reflete no desempenho dos sujeitos na escala de Berg. Foram avaliados por esse instrumento 70 idosos, divididos em 2 grupos: sedentários (n=35) e ativos (n=35). Os escores médios na escala de Berg dos grupos sedentário e ativo foram 47,7±5,6 pontos e 53,6±3,7, respectivamente (p<0,0001). A análise dos escores evidenciou que o grupo sedentário apresentou 15,6 vezes mais risco de quedas do que o grupo ativo (p=0,002). O desempenho na escala de Berg foi pior no grupo sedentário do que no ativo, sugerindo que a prática regular de atividades físicas pode interferir nesse desempenho e que os sujeitos ativos têm menor risco de queda.

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OBJETIVO: Comparar o desempenho cognitivo em diferentes níveis de escolaridade de indivíduos adultos e idosos praticantes de atividade física. MÉTODOS: Foram avaliados 122 indivíduos sem comprometimento cognitivo, idade entre 46 a 85 anos e escolaridade entre 1 a 15 anos, praticantes de atividade física há mais de 6 meses no Programa de Atividades Físicas e Recreativas para a Terceira Idade. Foi aplicada uma bateria de testes cognitivos para verificar as seguintes variáveis: memória de curto prazo, linguagem, aprendizagem, taxa de esquecimento e funções executivas. RESULTADOS: O teste de Kruskal-Wallis apontou diferenças entre os grupos, com diferentes níveis de escolaridade, apenas para a memória de curto prazo, sendo que o teste de U Mann Whitney demonstra diferença entre o grupo de menor escolaridade (1-4 anos) com o grupo de maior escolaridade (> 12 anos). CONCLUSÃO: Diante disso, sugere-se que adultos e idosos ativos, em diferentes níveis de escolaridade, apresentam um perfil cognitivo semelhante para os seguintes domínios cognitivos: linguagem, aprendizagem, taxa de esquecimento e funções executivas.

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OBJETIVO: Avaliar o efeito da suplementação de L-carnitina, por 30 dias, sobre a taxa metabólica de repouso (TMR) e oxidação de ácidos graxos livres (AGL), em repouso e exercício. SUJEITOS E MÉTODOS: Vinte e um voluntários ativos (40 a 58 anos) com sobrepeso foram randomizados em dois grupos: suplementado (GS; N = 11; 1,8 g/dia de L-carnitina) e placebo (GP; N = 10; maltodextrina). Foi feita avaliação da ingestão calórica, antropometria, determinação da TMR, VO2máx, quociente respiratório e AGL plasmáticos. RESULTADOS: Não houve diferença significativa na ingestão (-244,66 vs. -126,00 kcal/dia), composição corporal (-0,07 vs. -0,17 kg/m²), TMR (0,06 vs. -0,02 kcal/ dia), quociente respiratório em repouso (3,69 vs. -1,01) e exercício (0,01 vs. -0,01) e VO2máx (0,50 vs. 1,25 mL/kg/min) para o grupo GS em relação ao GP. Houve aumento dos AGL em repouso no GP (0,27), porém sem diferenças no exercício para os grupos. CONCLUSÃO: Não houve efeito da L-carnitina em nenhuma das variáveis analisadas no estudo.

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The main purpose of this study was to analyze the effect of the pedaling cadence (500 × 100 rpm) on the heart rate (HR) and the blood lactate response during incremental and constant workload exercises in active individuals. Nine active male individuals (20.9 ± 2.9 years old; 73.9 ± 6.5 kg; 1.79 ± 0.9 m) were submitted to two incremental tests, and to 6-8 constant workload tests to determine the intensity corresponding to the maximal steady state lactate (MLSSintens) in both cadences. The maximal power (Pmax) attained during the incremental test, and the MLSSintens were significantly lower at 100 rpm (240.9 ± 12.6 W; 148.1 ± 154.W) compared to 50 rpm (263.9 ± 18.6 W; 186.1 ± 21.2 W), respectively. The HRmax did not change between cadences (50 rpm = 191.1 ± 8.8 bpm; 100 rpm = 192.6 ± 9.9 bpm). Regardless the cadence, the HRmax percentage (70, 80, 90, and 100%) determined the same lactate concentrations during the incremental test. However, when the intensity was expressed in Pmax percentage or in absolute power, the lactate and the HR values were always higher at highest cadences. The HR corresponding to MLSSintens was similar between cadences (50 rpm = 162.5 ± 9.1 bpm; 100 rpm = 160.4 ± 9.2 bpm). Based on these results, it can be conclude that regardless the cadence employed (50 × 100 rpm), the use of the HR to individualize the exercise intensity indicates similar blood lactate responses, and this relationship is also kept in the exercise of constant intensity performed at MLSSintens. On the other hand, the use of the Pmax percentages depend on the cadence used, indicating different physiological responses to a same percentage.

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Sickle cell disease (SCD) is a hereditary hemolytic anemia caused by the inheritance of one S hemoglobin gene from each ancestor. Patients with SCD present increased circulating levels of cytokines, including TNF-alpha (TNF-α). Hydroxyurea (HU) is the available therapeutically strategy for treatment; it acts as a source of nitric oxide and benefits patients by increasing the levels of fetal hemoglobin (HbF). Thus, within one research line that aims at finding new drugs, a series of compounds with TNF-α inhibition and nitric oxide donation properties have been synthesized in order to explore possible synergism of actions beneficial in the treatment of the disease. Six compounds were synthesized: five derivatives of organic nitrates and one of sulfonamide. The compounds, (1,3-dioxo-1,3-dihydro-2Hisoindol-2-yl) methyl nitrate (compound I); (1,3-dioxo-1,3-dihydro-2H-isoindol-2-yl) ethyl nitrate (compound II); 3-(1,3-dioxo-1,3-dihydro-2H-isoindol-2-yl) benzyl nitrate (compound III);4-(1,3-dioxo-1,3-dihydro-2H-isoindol-2-yl)-N-hydroxybenzenesulfonamide (compound IV); 4-(1,3-dioxo-1,3-dihydro-2H-isoindol-2-yl) benzyl nitrate (compound V) and 2-[4-(1,3-dioxo-1,3-dihydro-2H-isoindol-2-yl) phenyl]ethyl nitrate (compound VI), were synthesized using linear synthetic methodology, with excellent overall yields. All compounds showed anti-inflammatory and analgesic effects with a reduction in 43%-65% of ear edema in mice and a reduction of 25%-42% of writhing induced by acetic acid. All compounds showed comparable reductions in the leukocyte infiltration capacity and ability to generate nitric oxide. The aryl compounds (III, IV and V) presented less mutagenic activity compared to compounds I, II and VI according to the salmonella mutagenicity assay (Ames test). Compounds IV and VI showed activity in K562 culture cells, with increases in gamma globin gene expression to levels higher than with hydroxyurea suggesting a potential to increase fetal hemoglobin. This data set characterizes new potentially useful drug candidates for the treatment of symptoms of sickle cell anemia.

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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Pós-graduação em Ciências Cartográficas - FCT