Efeitos da utilização de hedges cambiais nos resultados de empresas não financeiras: uma abordagem empírica

A realização de negócios em um mundo globalizado implica em aumentar a exposição das empresas não-financeiras a diversos riscos de origem financeira como câmbio, commodities e taxas de juros e que, dependendo da evolução destas variáveis macroeconômicas, podem afetar significativamente os resultados destas empresas. Existem diversas teorias acadêmicas que abordam sobre os benefícios gerados por programas de gestão de riscos em empresas não-financeiras como redução dos custos de financial distress e custos de agência bem como o uso de estratégias de hedge para fins fiscais. Tais iniciativas contribuiriam, em última instância, para a criação de valor para o negócio e poderiam garantir uma melhor previsibilidade dos fluxos de caixa futuros, tornando as empresas menos vulneráveis a condições adversas de mercado. Este trabalho apresenta dois estudos de caso com empresas não-financeiras brasileiras que possuíam exposições em moeda estrangeira e que não foram identificadas operações com derivativos cambiais durante o período de 1999 a 2005 que foi caracterizado pela alta volatilidade da taxa de câmbio. Através de modelos de simulação, algumas estratégias com o uso de derivativos foram propostas para as exposições cambiais identificadas para cada empresa com o objetivo de avaliar os efeitos da utilização destes derivativos cambiais sobre os resultados das empresas no que se refere à agregação de valor para o negócio e redução de volatilidade dos fluxos de caixa esperados. O trabalho não visa recomendar estratégias de hedge para determinada situação de mercado mas apenas demonstra, de forma empírica, quais os resultados seriam obtidos caso certas estratégias fossem adotadas, sabendo-se que inúmeras outras poderiam ser criadas para a mesma situação de mercado. Os resultados sugerem alguns insights sobre a utilização de derivativos por empresas não-financeiras sendo um tema relativamente novo para empresas brasileiras.

A influência de decisões arquitetônicas na eficiência energética do Campus vol. 1/UFRN

Building design is an effective way to achieve HVAC energy consumption reduction. However, this potentiality is often neglected by architects due to the lack of references to support design decisions. This works intends to propose architectural design guidelines for energy efficiency and thermal performance of Campus/UFRN buildings. These guidelines are based on computer simulations results using the software DesignBuilder. The definition of simulation models has begun with envelope variables, partially done after a field study of thirteen buildings at UFRN/Campus. This field study indicated some basic envelope patterns that were applied in simulation models. Occupation variables were identified with temperature and energy consumption monitoring procedures and a verification of illumination and equipment power, both developed at the Campus/UFRN administration building. Three simulation models were proposed according to different design phases and decisions. The first model represents early design decisions, simulating the combination of different types of geometry with three levels of envelope thermal performance. The second model, still as a part of early design phase, analyses thermal changes between circulation halls lateral and central and office rooms, as well as the heat fluxes and monthly temperatures in each circulation hall. The third model analyses the influence of middle-design and detail design decisions on energy consumption and thermal performance. In this model, different solutions of roofs, shading devices, walls and external colors were simulated. The results of all simulation models suggest a high influence of thermal loads due to the incidence of solar radiation on windows and surfaces, which highlights the importance of window shading devices, office room orientation and absorptance of roof and walls surfaces

Estudo do acoplamento do poço injetor nas simulações de injeção cíclica de vapor

Steam injection is a method usually applied to very viscous oils and consists of injecting heat to reduce the viscosity and, therefore, increase the oil mobility, improving the oil production. For designing a steam injection project it is necessary to have a reservoir simulation in order to define the various parameters necessary for an efficient heat reservoir management, and with this, improve the recovery factor of the reservoir. The purpose of this work is to show the influence of the coupled wellbore/reservoir on the thermal simulation of reservoirs under cyclic steam stimulation. In this study, the methodology used in the solution of the problem involved the development of a wellbore model for the integration of steam flow model in injection wellbores, VapMec, and a blackoil reservoir model for the injection of cyclic steam in oil reservoirs. Thus, case studies were developed for shallow and deep reservoirs, whereas the usual configurations of injector well existing in the oil industry, i.e., conventional tubing without packer, conventional tubing with packer and insulated tubing with packer. A comparative study of the injection and production parameters was performed, always considering the same operational conditions, for the two simulation models, non-coupled and a coupled model. It was observed that the results are very similar for the specified well injection rate, whereas significant differences for the specified well pressure. Finally, on the basis of computational experiments, it was concluded that the influence of the coupled wellbore/reservoir in thermal simulations using cyclic steam injection as an enhanced oil recovery method is greater for the specified well pressure, while for the specified well injection rate, the steam flow model for the injector well and the reservoir may be simulated in a non- coupled way

Uma avaliação comparativa de estratégias de arranjos físicos para estaleiros de construção de embarcações metálicas de pequeno porte

The present study aims to analyse, in different levels of demand, what is the best layout strategy to adopt for the small metallic shipbuilding. To achieve this purpose, three simulation models are developed for analyze these production strategies under the positional, cellular and linear layouts. By the use of a simulation tool for compare the scenarios, Chwif and Medina (2010) and Law (2009)´s methodologies were adapted that includes three phases: conception, implementation and analysis. In conception real systems were represented by process mapping according to time, material resources and human resources variables required for each step of the production process. All of this information has been transformed in the cost variable. Data were collected from three different production systems, two located in Natal RN with cellular and positional layouts and one located in Belém-PA with linear layout. In the implementation phase, the conceptual models were converted in computacional models through the tool Rockwell Software Arena ® 13.5 and then validated. In the analysis stage the production of 960 ships in a year vessels were simulated for each layout noting that, for a production of until 80 units positional layout is the most recommended, between 81 and 288 units the cellular layout and more than 289 units the linear layout

Evolução da paisagem do baixo curso do rio de Piranhas-Assu (1988-2024): uso de autômatos celulares em modelo dinâmico espacial para simulação de cenários futuros

The lower course of Piranhas-Assu river, located in the north coast of Rio Grande do Norte, Brazil, arouses a keen interest as a study field, once it concentrates, besides petroleum and gas exploration, activities related to shrimp culture, salt and horticulture, factors that also deserve special attention. Thus, the awareness of the study field environmental stage demands studies from researchers and discernment from society, as a way of understanding the inter-relation between environment and men. Therefore, this work attempts at understanding and studying the dynamics of land use in the lower course of Piranhas-Assu river, through a multitemporal analysis of present and past, accomplishing future projections through simulation models. The work is divided in stages that include the research, analysis, interpretation of results, and the generation of simulation models, to analyze the landscape tendencies, making possible to identify indicators which cause such changes in the lower course of the river. From Geographical Database, the necessary exploratory analyses were accomplished to the following items: land use evolution, natural and environmental vulnerability, multiple geodiversity indexes, and preparation of the data to be used in the simulation model. Later, the construction of the landscape simulation model was conducted. Sequentially, simulations of future sceneries were accomplished through the execution of the model in a specific software environment. Last, the analyses of landscape tendencies in the study field were carried out. The lower course of Piranhas-Assu River didn't show any intense dynamics in landscape changing, once in the period taken into account (from 1988 to 2004) class stability proved to be superior to its transformations. Activities related to agriculture and livestock are the ones that influence, mostly, the landscape dynamics. The production of sea shrimp and petroleum also infers in the landscape, although in smaller proportion. INCRA s public policies excessively determined the dynamics of the landscape in the lower course of Piranhas-Assu River, RN. In respect to its natural vulnerability, the lower course of Piranhas-Assu River, RN, features more vulnerable than stable areas. The landscape simulation, in the first taken period (2004-2009), indicated considerable increases and decreases of antropic activities, if compared to its sequent periods (2009-2014, 2014-2019 and 2019-2024). The simulation, in a wider analysis, showed that the determining factors for the space mobility of antropic activities, in the focused area, are related to the pre-existence of communities with agricultural capability and to the existence of access routes and drainage. Considering the area that features fixed and mobile dunes, located in Porto do Mangue district, we recommend its conversion into a conservation area

A kinetic model of phosphorus metabolism in growing goats

The effect of increasing phosphorus (P) intake on P utilization was investigated in balance experiments using 12 Saanen goats, 4 to 5 mo of age and weighing 20 to 30 kg. The goats were given similar diets with various concentrations of P, and 32P was injected to trace the movement of P in the body. A P metabolism model with four pools was developed to compute P exchanges in the system. The results showed that P absorption, bone resorption, and excretion of urinary P and endogenous and fecal P all play a part in the homeostatic control of P. Endogenous fecal output was positively correlated to P intake (P < .01). Bone resorption of P was not influenced by intake of P, and P recycling from tissues to the blood pool was lesser for low P intake. Endogenous P loss occurred even in animals fed an inadequate P diet, resulting in a negative P balance. The extrapolated minimum endogenous loss in feces was .067 g of P/d. The minimum P intake for maintenance in Saanen goats was calculated to be .61 g of P/ d or .055 g of P/(kg.75·d) at 25 kg BW. Model outputs indicate greater P flow from the blood pool to the gut and vice versa as P intake increased. Intake of P did not significantly affect P flow from bone and soft tissue to blood. The kinetic model and regressions could be used to estimate P requirement and the fate of P in goats and could also be extrapolated to both sheep and cattle.

Desenvolvimento de uma metodologia para elaboração de modelos de predição dos níveis de ruído do campo acústico de usinas hidrelétricas

Pós-graduação em Engenharia Mecânica - FEIS

A vulnerabilidade da ictiofauna à invasão por espécies de peixes: um modelo baseado no indivíduo

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Arcabouço para aprovisionamento de QoS e QoE em redes sem fio heterogêneas WiMAX/Wi-Fi com garantia de equidade entre vazões

Recentemente a sociedade está vivendo em meio a um aglomerado de dispositivos móveis com múltiplas interfaces sem fio que permitem que clientes móveis domésticos e corporativos solucionem problemas rotineiros no menor espaço de tempo e em diversas localizações. Por outro lado, a disponibilidade de diversas tecnologias de acesso sem fio como: Wi-Fi (Wireless Fidelity), WiMAX (Worldwide Interoperability for Microwave Access) e LTE (Long Term Evolution), proporcionam um cenário heterogêneo com diversas oportunidades de conectividade para o usuário de dispositivos com múltiplas interfaces. Alguns dos desafios atuais no contexto da concepção da então denominada NGN (Next Generation Networks) são o desenvolvimento de arcabouços e mecanismos que viabilizem tanto o suporte adequado à Qualidade de Serviço (QoS – Quality of Service) e à Qualidade de Experiência (QoE – Quality of Experience) para aplicações multimídia, quanto a garantia de equidade entre vazões de diferentes aplicações em ambiente heterogêneo. Esta dissertação propõe um arcabouço para o aprovisionamento de QoS e QoE em redes sem fio heterogêneas formada por redes WiMAX e Wi-Fi. Especificamente, nossa solução provê mapeamento estático de QoS entre as classes de serviços WiMAX e categorias de acesso Wi-Fi. Além disso, nossa proposta também combina funcionalidades de equidade entre vazões com a solução de mapeamento, a fim de alcançar um bom compromisso tanto para o operador da rede, quanto para o usuário, através de uma nova metodologia de coleta e calculo de vazão agregada e algoritmo de decisão de handover vertical. A avaliação quantitativa da proposta foi realizada através de modelos de simulação no ns-2 (Network Simulator). Os resultados de desempenho demonstram a eficiência da arquitetura em termos de métricas de QoS (vazão, vazão média e atraso) e QoE (PSRN - Peak Signal to Noise Ratio, SSIM - Structural Similarity Index e VQM - Video Quality Metric).

Produtividade e estimativa de acúmulo da biomassa em soqueira de cana-de-açúcar irrigada por gotejamento subsuperficial com diferentes doses de n-fertilizante

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Influência de parâmetros construtivos e operacionais na vida em fadiga de uniões aparafusadas em tração

Pós-graduação em Engenharia Mecânica - FEG

Modelo dinâmico da coluna lombar humana, com solicitação de esforço postero-anterior: análise com rigidez viscoelástica não linear

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Metodologia para utilização de algoritmos genéticos em modelos de simulação computacional em ambientes de manufatura

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Modelagem dinâmica temporal para a avaliação da disponibilidade hídrica e seus efeitos na sustentabilidade do sistema da sub-bacia do córrego do Boi Branco - SP

Pós-graduação em Agronomia (Irrigação e Drenagem) - FCA