Restrição financeira, tangibilidade e capital de giro : como as empresas brasileiras investem

Utilizando dados em Painel sobre mais de 15.000 observações de empresas brasileiras, tanto de capital aberto quanto de capital fechado no período entre 2010 a 2014, o presente estudo examinou a existência de restrição ao crédito e sua relação com investimentos em ativos fixos e o papel desempenhado pelo capital de giro enquanto ferramenta gerencial nas decisões de investimentos em ativos fixos. Para tanto, foram utilizadas duas metodologias-base: o estudo desenvolvido por Almeida e Campello (2007), que inovou ao incluir variáveis que controlam algumas das maiores críticas aos estudos relacionados à restrição ao crédito e o estudo de Ding, Guariglia e Knight (2011) que testou a relação de investimentos em capital de giro com investimentos em ativos fixos. Os resultados encontrados neste trabalho apontam que, de maneira geral, as empresas brasileiras sofrem com restrições ao crédito e também, que as empresas que investem mais em capital de giro demonstram menor sensibilidade do investimento em ativo fixo ao fluxo de caixa, porém, não conseguem traduzir isso em taxas maiores de investimentos.

Construção de modelos de interação in silico e in vitro do inibidor do tipo Kunitz de Adenanthera pavonina L. para as enzimas cisteínicas e serínicas

Serines proteinases inhibitors (PIs) are widely distributed in nature and are able to inhibit both in vitro and in vivo enzymatic activites. Seed PIs in than leguminous are classified in seven families, Bowman-Birk and Kunitz type families that most studied representing an important role in the first line of defense toward insects pests. Some Kunitz type inhibitors possess activities serine and cysteine for proteinases named bifunctional inhibitor, as ApTKI the inhibitor isolate from seed of Adenanthera pavonina. The A. pavonina inhibitor presenting the uncommon property and was used for interaction studies between proteinases serine (trypsin) and cysteine (papain). In order to determinate the in vitro interaction of ApTKI against enzymes inhibitor purification was carried cut by using chromatographic techniques and inhibition assays. The 3D model of the bifunctional inhibitor ApTKI was constructed SWISS-MODEL program by homology modeling using soybean trypsin inhibitor (STI, pdb:1ba7), as template which presented 40% of identity to A. pavonina inhibitor. Model quality was evaluated by PROCHECK program. Moreover in silico analyzes of formed complex between the enzymes and ApTKI was evaluated by HEX 4.5 program. In vitro results confirmed the inhibitory assays, where the inhibitor presented the ability to simultaneously inhibit trypsin and papain. The residues encountered in the inhibitor model of folder structural three-dimensional that make contact to enzymes target coud explain the specificity pattern against serine and cysteine proteinases

Atividade β-D-N-Acetilglucosaminidásica de enzimas imobilizadas extraídas da Artemia franciscana e possíveis aplicações biotecnológicas

A β-D-N-acetilglucosaminidase extracted and partially isolated from crustacean Artemia franciscana by ammonium sulfate precipitation and filtration gel chromatography Bio Gel A 1.5m. the enzyme was immobilized on ferromagnetic Dacron yielding a insoluble active derivative with 5.0 units/mg protein and 10.35% of the soluble enzyme activity. β-D-N-acetilglucosaminidase-ferromagnetic Dacron was easily removed from the reaction mixture by a magnetic field, it was reused for ten times without loss in its activity. The ferromagnetic Dacron was better activated at pH 5.0. The particles visualized at scanning electron microscope (SEM) had presented different sizes, varying between 721nm and 100µm. Infra red confirmed immobilization on support, as showed by primary amino peaks at 1640 and 1560 cm-1 . The immobilize enzyme presented Km of 2.32 ± 0.48 mM and optimum temperature of 50°C. Bought presented the same thermal stable of the soluble enzyme and larger enzymatic activity at pH 5.5. β-D-N-acetilglucosaminidase-Dacron ferromagnético showed sensible for some íons as the silver (AgNO3), with loss of activity. The β-D-N acetilglucosaminidase activity for mercury chloride (HgCl2), whom is one of the most toxic substance joined in nature, it was presented activity already diminished at 0,01mM and lost total activity at 4mM, indicating sensitivity for this type of metal. β-D-N-acetilglucosaminidase-ferromagnetic Dacron showed degradative capacity on heparan sulfate, the enzyme still demonstrated degradative capacity on heparan sulphate, suggesting a possible application to produce fractions of this glycosaminoglycan

Produção de enzimas quitosanolíticas utilizando Paenibacillus ehimensis e Paenibacillus chitinolyticus para obtenção de quitoologossacarídeos

The acquisition of oligosaccharides from chitosan has been the subject of several studies in the pharmaceutical, biochemical, food and medical due to functional properties of these compounds. This study aimed to boost its production of chitooligosaccharides (COS) through the optimization of production and characterization of chitosanolytic enzymes secreted by microorganisms Paenibacillus chitinolyticus and Paenibacillus ehimensis, and evaluating the antioxidant potential of the products obtained. In the process of optimizing the production of chitosanase were employed strategies Fractional Factorial Experimental Design and Central Composite Rotatable Design. The results identified the chitosan, peptone and yeast extract as the components that influenced the production of chitosanase by these microorganisms. With the optimization of the culture media was possible to obtain an increase of approximately 8.1 times (from 0.043 to 0.35 U.mL U.mL-1) and 7.6 times (from 0.08 U.mL-1 to 0.61 U.mL-1) in the enzymatic activity of chitosanase produced by P. chitinolyticus and P. ehimensis respectively. Enzyme complexes showed high stability in temperature ranges between 30º and 55º C and pH between 5.0 and 9.0. Has seen the share of organic solvents, divalent ions and other chemical agents on the activity of these enzymes, demonstrating high stability of these crude complexes and dependence of Mn2+. The COS generated showed the ability of DPPH radical scavenging activity, reaching a maximum rate of scavenging of 61% and 39% when they were produced with enzymes of P. ehimensis and P. chitinolyticus respectively. The use of these enzymes in raw form might facilitate its use for industrial applications

Avaliação da ação bioinseticida de SBTI e vicilina de Erythrina velutina em enzimas digestivas e membrana peritrófica de larvas de Plodia interpunctella (Lepidoptera: Pyralidae)

Plodia interpunctella (Indian meal moth) is a cosmopolitan pest that attacks not only a wide range of stored grain as well other food products. Due to its economic importance several researches have focused in a method with ability to control this pest with few or no damage to the environment. The study of digestive enzymes inhibitors, lectins and chitin-binding proteins, has often been proposed as an alternative to reduce insect damage. In this study we report the major classes of digestive enzymes during larval growth in P. Interpunctella, being those proteinases actives at pH 9.5 and optimum temperature of 50 oC to both larvae of the 3rd instar and pre-pupal stage of development. In vitro and zymogram assays presented the effects of several inhibitors, such as SBTI, TLCK and PMSF to intestinal homogenate of 3rd instar larvae of 62%, 92% and 87% of inhibition and In pre-pupal stage of 87%, 62 % and 55% of inhibition, respectively. Zymograms showed inhibition of two low molecular masses protein bands by TLCK and that in presence of SBTI were retarded. These results are indicative of predominance of digestive serine proteinases in gut homogenate from Plodia interpunctella larvae. This serine proteinase was then used as a target to evaluate the effect of SBTI on larvae in in vivo assay. Effect of SBTI on mortality and larval mass was not observed at until 4% of concentration (w/w) in diets. Chitin, another target to insecticidal proteins, was observed by chemical method. Moreover, optic microscopy confirmed the presence of a peritrophic membrane. Established this target, in vivo effect of EvV, a chitin binding vicilin, evaluated during the larval development of P. interpunctella and was obtained a LD50 of 0,23% and WD50 of 0,27% to this protein. Mechanism of action was proposed through of the in vivo digestibility of EvV methodology. During the passage through the larval digestive tract was observed that EvV was susceptible to digestive enzymes and a reactive fragment, visualized by Western blotting, produced by digestion was recovered after dissociation of the peritrophic membrane. The bound of EvV to peritrophic membrane was confirmed by immunohystochemical assays that showed strong immunofluorescent signal of EvV-FITC binding and peritrophic membrane. These results are a indicative that vicilins could be utilized as potential insecticide to Plodia interpunctella and a control methods using EvV as bioinsecticide should be studied to reduce lost caused by storage insect pests

Estratégia alimentar com ciclos de restrição e realimentação no desempenho produtivo de juvenis de tilápia do Nilo da linhagem GIFT

O objetivo deste estudo foi avaliar a ocorrência de resposta compensatória no desempenho produtivo de juvenis de tilápia do Nilo Oreochromis niloticus, linhagem GIFT, submetidos a diferentes estratégias alimentares. Foram utilizados 135 juvenis de tilápia, distribuídos em nove tanques de polietileno de 100L cada. As estratégias testadas foram: grupo controle (alimentado todo dia), grupo alimentado por cinco dias seguidos de dois dias de restrição de alimento (5A/2R) e grupo alimentado por quatro dias seguidos de três dias de restrição de alimento (4A/3R). Foram avaliados parâmetros físico-químicos da água e de desempenho produtivo. Os resultados foram submetidos à análise de variância, e as médias foram comparadas pelo teste Tukey, a 5% de probabilidade. A qualidade de água, o fator de condição e a conversão alimentar não foram influenciados pela estratégia alimentar. O grupo alimentado com a estratégia 5A/2R apresentou peso final, ganho de peso e taxa de crescimento específico semelhantes ao grupo continuamente alimentado (7,8 e 9,2g; 6,4 e 7,8g e 2,7 e 3,0% dia-1, para peso final, ganho de peso e taxa de crescimento especifico, respectivamente). A estratégia 4A/3R apresentou os piores resultados de desempenho produtivo, e a estratégia 5A/2R pode ser usada na alimentação de juvenis de tilápia do Nilo sem prejuízo ao desempenho produtivo, possibilitando inclusive redução de até 22,5% na quantidade de alimento ofertada.

Crescimento, desenvolvimento gonadal e composição muscular de matrinxãs (Brycon cephalus) submetidos à restrição alimentar e realimentação durante um ano

Neste trabalho, avaliou-se o efeito da restrição de ração alternada com realimentação no crescimento, desenvolvimento gonadal e composição muscular de matrinxãs (Brycon cephalus) adultos, de ambos os sexos, durante um ano (janeiro de 1998 a janeiro de 1999). Foram utilizados 135 peixes, separados em dois grupos: controle, alimentado diariamente até aparente saciação, e experimental, submetido ininterruptamente a ciclos de três dias de alimentação/2 dias de restrição de ração (40% de restrição ao mês). Foram realizadas 7 amostragens, nas quais foram utilizados 8 a 10 peixes por grupo. Após anestesia, os peixes foram pesados e as gônadas foram retiradas para determinação do IGS, sexo e fase do ciclo reprodutivo. Porções dos músculos branco e vermelho foram retiradas para determinação da porcentagem de lipídio total, proteína bruta, matéria seca e umidade. Os resultados mostraram que a estratégia alimentar utilizada não afetou o crescimento, o desenvolvimento gonadal e a composição muscular do matrinxã. A restrição de ração seguida por realimentação parece ter desencadeado mecanismos de ajuste metabólico para melhor utilização do alimento e aporte suficiente de energia para o crescimento, processo de maturação gonadal e composição corporal. É possível estabelecer formas de manejo alimentar mais econômicas para o matrinxã sem que processos fisiológicos importantes sejam afetados.

Efeito do uso de probiótico sobre o desempenho e atividade de enzimas digestivas de frangos de corte

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

Efeitos da restrição alimentar protéica ou energética sobre o crescimento de frangos de corte criados em diferentes temperaturas ambiente

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

Avaliação do crescimento e do custo da alimentação do pacu (Piaractus mesopotamicus Holmberg, 1887) submetido a ciclos alternados de restrição alimentar e realimentação

Avaliaram-se os efeitos da utilização de ciclos alternados de restrição alimentar e realimentação no crescimento do pacu, durante o período de engorda, e a viabilidade desta prática na produção comercial da espécie. Juvenis foram distribuídos em três tanques e submetidos a diferentes manejos alimentares, constituindo os tratamentos: A (alimentado ad libitum), B (restrição alimentar de 4 semanas, realimentado por 9 semanas) e C (6 semanas de restrição alimentar, realimentado por 7 semanas), em um total de 13 semanas por ciclo (4 ciclos experimentais). No final de cada ciclo alimentar, 20 peixes de cada tratamento foram amostrados e os dados biométricos registrados. Os valores obtidos para peso, comprimento total e fator de condição (K) foram submetidos a ANOVA e as médias comparadas pelo teste de Duncan. Os resultados mostraram que o tratamento C é o mais indicado somente para outono/inverno, promovendo maior crescimento, menor custo com ração, baixa conversão alimentar e maior receita líquida parcial. Entretanto, durante as estações mais quentes do ano (primavera/verão) outros programas de alimentação devem ser testados, utilizando-se períodos mais curtos de restrição alimentar. Quando se tratou da produção anual, o tratamento A respondeu melhor em termos de biomassa produzida, apesar do maior gasto com alimentação, visto que, com o aumento da temperatura, o crescimento dos peixes dos demais tratamentos ficou prejudicado.

Crescimento econômico e restrição externa da economia brasileira: uma análise do padrão das exportações em relação ao BRIC e do Sistema de Inovação do Brasil (1980-2012)

This Master s Thesis aims to use the theoretical models of growth with restricted balance of payments, specifically Kaldor (1970) and Thirlwall (1979) models, to analyze the behavior and the pattern of specialization of Brazilian exports and imports in the last years. It is observed that, in some periods, the pattern of specialization has contributed in restricting long-term growth of the Brazilian economy. It has been hypothesized that overall this is due to lack of structural transformation policies. To achieve this goal, it analyzed the performance of Brazilian exports and imports disaggregating them according to their technological content. The basis for comparison was a group of countries to which Brazil is inserted in, the BRIC. In this regard, the work is a comparative analysis by using descriptive statistics. It is concluded that the low rate of GDP growth experienced by Brazil since the 1980s can be explained in part by the decoupling of the Brazilian National Innovation System (NIS) and the Brazilian productive structure. This would be reducing the income elasticity of exports and raising imports, causing a pattern of specialization intensive primary commodities and labor and low-skill labor

Crescimento econômico e restrição externa: evidências empíricas na economia brasileira (1991-2010)

This study aims to investigate the influence of the balance of payments constrained on economic growth in Brazil from 1991 to 2010. With this order, are shown some of the Keynesian balance of payments constrained growth models, inspired by Thirlwall (1979) and Kaldor (1970), which are supported by important points in common, such as adherence to the principle of effective demand. Given that within this theoretical perspective, there is no consensus about the best model to explain the growth rate allowed by the balance of payments constraint, the results are presented by the representative of the empirical literature that addresses the topic, which are necessary for understand the Brazilian case. From the estimation of the income elasticity of imports (0.85) via autoregressive vectors with error correction (VEC), it was calculated five growth rates of income, as predicted by the models of Thirlwall (1979), Thirlwall and Hussain (1982), Moreno-Brid (1998, 2003) and Lourenço et al. (2011) and compared with the actual growth rate. The empirical analysis has shown that: it can not reject the presence of external constraint in the Brazilian economy, there is a strong similarity in growth rates provided by different modeling suggest that growth with external constraint. In addition, when using data in quarterly for the period after 1990 there are no factors that could cause instability in the parameters of the import function (income elasticity and price elasticity of imports) within the period, which indicates that the structural break widely associated with the year 1994 was not confirmed by this study