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.

SysPRE: systematized process for requirements engineering in knowledge discovery projects

The domain of Knowledge Discovery (KD) and Data Mining (DM) is of growing importance in a time where more and more data is produced and knowledge is one of the most precious assets. Having explored both the existing underlying theory, the results of the ongoing research in academia and the industry practices in the domain of KD and DM, we have found that this is a domain that still lacks some systematization. We also found that this systematization exists to a greater degree in the Software Engineering and Requirements Engineering domains, probably due to being more mature areas. We believe that it is possible to improve and facilitate the participation of enterprise stakeholders in the requirements engineering for KD projects by systematizing requirements engineering process for such projects. This will, in turn, result in more projects that end successfully, that is, with satisfied stakeholders, including in terms of time and budget constraints. With this in mind and based on all information found in the state-of-the art, we propose SysPRE - Systematized Process for Requirements Engineering in KD projects. We begin by proposing an encompassing generic description of the KD process, where the main focus is on the Requirements Engineering activities. This description is then used as a base for the application of the Design and Engineering Methodology for Organizations (DEMO) so that we can specify a formal ontology for this process. The resulting SysPRE ontology can serve as a base that can be used not only to make enterprises become aware of their own KD process and requirements engineering process in the KD projects, but also to improve such processes in reality, namely in terms of success rate.

Applying DEMO to model and automate a process in a workflow system: a case study in a city hall

Organizations are Complex systems. A conceptual model of the enterprise is needed that is: coherent the distinguished aspect models constitute a logical and truly integral comprehensive all relevant issues are covered consistent the aspect models are free from contradictions or irregularities concise no superfluous matters are contained in it essential it shows only the essence of the enterprise, i.e., the model abstracts from all realization and implementation issues. The world is in great need for transparency about the operation of all the systems we daily work with, ranging from the domestic appliances to the big societal institutions. In this context the field of enterprise ontology has emerged with the aim to create models that help to understand the essence of the construction and operation of complete systems; more specifically, of enterprises. Enterprise ontology arises in the way to look through the distracting and confusing appearance of an enterprise right into its deep kernel. This, from the perspective of the system designer gives him the tools needed to design a successful system in a way that’s reflects the desires and needs of the workers of the enterprise. This project’s context is the use of DEMO (Design and Engineering Methodology for Organizations) for (re)designing or (re)engineering of an enterprise, namely a process of the construction department of a city hall, the lack of a well-founded theory about the construction and operation of this processes that was the motivation behind this work. The purpose of studying applying the DEMO theory and method was to optimize the process, automating it as much as possible, while reducing paper and time spent between tasks and provide a better service to the citizens.

DFT study of the water-assisted tautomerization process between hydrated oxide, MO(H2O)(+), and dihydroxide, M(OH)(2)(+) cations (M = V, Nb and Ta)

Density functional theory (DFT) calculations point out that the participation of water can effectively lower the barrier height for the isomerization process between hydrated oxide cation, MO(H2O)(+), and dihydroxide cation, M(OH)(2)(+), (M = V, Nb and Ta). The catalytic effect is achieved by a water-assisted mechanism in which water acts as proton donor and acceptor, via a transition structure corresponding to a six-membered ring. In the case of vanadium atom, the presence of two water molecules has been taken into account and the tautomerization becomes nearly barrierless, decreasing both the stability of the transition structures relative to intermediates and the depths of wells associated with the intermediates. (C) 2003 Elsevier B.V. All rights reserved.

Investigation on Surface Finishing of Components Ground with Lapping Kinematics: Lapgrinding Process

Over the last three decades, researchers have responded to the demands of industry to manufacture mechanical components with geometrical tolerance, dimensional tolerance, and surface finishing in nanometer levels. The new lapgrinding process developed in Brazil utilizes lapping kinematics and a flat grinding wheel dressed with a single-point diamond dresser in agreement with overlap factor (U(d)) theory. In the present work, the influences of different U(d) values on dressing (U(d) = 1, 3 e 5) and grain size of the grinding wheel made of silicon carbide (SiC = 800, 600 e 300 mesh) are analyzed on surface finishing of stainless steel AISI 420 flat workpieces submitted to the lapgrinding process. The best results, obtained after 10 minutes of machining, were: average surface roughness (Ra) 1.92 nm; 1.19 mu m flatness deviation of 25.4 mm diameter workpieces and mirrored surface finishing. Given the surface quality achieved, the lapgrinding process can be included among the ultra-precision finishing processes and, depending on the application, the steps of lapping followed by polishing can be replaced by the proposed abrasive process.

Design of concrete platforms offshore using the three-layer shell theory

The concrete offshore platforms, which are subjected a several loading combinations and, thus, requires an analysis more generic possible, can be designed using the concepts adopted to shell elements, but the resistance must be verify in particular cross-sections to shear forces. This work about design of shell elements will be make using the three-layer shell theory. The elements are subject to combined loading of membrane and plate, totalizing eight components of internal forces, which are three membrane forces, three moments (two out-of-plane bending moments and one in-plane, or torsion, moment) and two shear forces. The design method adopted, utilizing the iterative process proposed by Lourenco & Figueiras (1993) obtained from equations of equilibrium developed by Gupta (1896) , will be compared to results of experimentally tested shell elements found in the literature using the program DIANA.

Robust fault diagnosis in power distribution systems based on fuzzy ARTMAP neural network-aided evidence theory

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

Reactive Control for Transmission Overload Relief Based on Sensitivity Analysis and Cooperative Game Theory

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

GT4CCI: uma abordagem baseada em grounded theory para a identificação de interesses transversais em documentos de requisitos

When crosscutting concerns identification is performed from the beginning of development, on the activities involved in requirements engineering, there are many gains in terms of quality, cost and efficiency throughout the lifecycle of software development. This early identification supports the evolution of requirements, detects possible flaws in the requirements specification, improves traceability among requirements, provides better software modularity and prevents possible rework. However, despite these several advantages, the crosscutting concerns identification over requirements engineering faces several difficulties such as the lack of systematization and tools that support it. Furthermore, it is difficult to justify why some concerns are identified as crosscutting or not, since this identification is, most often, made without any methodology that systematizes and bases it. In this context, this paper proposes an approach based on Grounded Theory, called GT4CCI, for systematizing and basing the process of identifying crosscutting concerns in the initial stages of the software development process in the requirements document. Grounded Theory is a renowned methodology for qualitative analysis of data. Through the use of GT4CCI it is possible to better understand, track and document concerns, adding gains in terms of quality, reliability and modularity of the entire lifecycle of software

Family visitors and companions of hospitalized elderly and adults: analysis of the experience from the perspective of the nursing working process

Trata-se de estudo qualitativo, utilizando-se como referencial metodológico a Grounded Theory e como referencial teórico o Processo de Trabalho em Enfermagem, para compreender o papel assumido pelo enfermeiro perante as normas e rotinas hospitalares, relativas aos familiares visitantes e acompanhantes de adultos e idosos internados em um Hospital Universitário. A análise dos dados permitiu a identificação do tema: definindo-se a modalidade de apoio familiar durante a hospitalização, que reúne duas categorias principais: tornando-se familiar visitante e tornando-se familiar acompanhante. Por meio da análise, pôde-se aprofundar a compreensão do quanto as regras estabelecidas, com o objetivo de disciplinar e tornar eficiente o trabalho desenvolvido no hospital, podem explicitar o desprovimento de autonomia no processo de trabalho, para modificar as relações nesse contexto e o quanto a apropriação do familiar como parte da equipe de saúde, está distante de ser pensada no concreto das instituições.

Renormalized coordinate approach to the thermalization process

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The aggregation process in tetraethoxysilane-derived sonogels as an analogy to the critical phenomenon

The structural evolution in silica sols prepared from tetraethoxysilane (TEOS) sonohydrolysis was studied 'in situ' using small-angle x-ray scattering (SAXS). The structure of the gelling system can be reasonably well described by a correlation function given by gamma(r) similar to (1/R(2))(1/r) exp(- r/xi), where xi is the structure correlation length and R is a chain persistence length, as an analogy to the Ornstein-Zernike theory in describing critical phenomenon. This approach is also expected for the scattering from some linear and branched molecules as polydisperse coils of linear chains and random f-functional branched polycondensates. The characteristic length. grows following an approximate power law with time t as xi similar to t(1) (with the exponent quite close to 1) while R remains undetermined but with a constant value, except at the beginning of the process in which the growth of. is slower and R increases by only about 15% with respect to the value of the initial sol. The structural evolution with time is compatible with an aggregation process by a phase separation by coarsening. The mechanism of growth seems to be faster than those typically observed for pure diffusion controlled cluster-cluster aggregation. This suggests that physical forces (hydrothermal forces) could be actuating together with diffusion in the gelling process of this system. The data apparently do not support a spinodal decomposition mechanism, at least when starting from the initial stable acid sol studied here.

Multivariate analysis of stable isotope data in the traceability process for birds

A análise isotópica tem se mostrado uma ferramenta de suma importância ao processo de rastreabilidade, no entanto, existem divergências nas análises estatísticas dos resultados, uma vez que os dados são dependentes e advindos de vários elementos químicos tais como Carbono, Hidrogênio, Oxigênio, Nitrogênio e Enxofre (CHON'S). Com o intuito de estabelecer a análise propícia para os dados de rastreabilidade em aves pela técnica de isótopos estáveis e avaliar a necessidade da análise conjunta das variáveis, foram usados dados de carbono-13 e de nitrogênio-15 de ovos (albúmen + gema) de poedeiras e músculo peitoral de frangos de corte, os quais foram submetidos à análise estatística univariada (Anova e complementada pelo teste de Tukey) e multivariada (Manova e Discriminante). Os dados foram analisados no software Minitab 16, e os resultados, consolidados na teoria, confirmam a necessidade de análise multivariada, mostrando também que a análise discriminante esclarece as dúvidas apresentadas nos resultados de outros métodos de análise comparados nesta pesquisa.

Non-Hermitian multichannel theory of ultracold collisions modified by intense light fields tuned to the red of the trapping transition

We develop a systematic scheme to treat binary collisions between ultracold atoms in the presence of a strong laser field, tuned to the red of the trapping transition. We assume that the Rabi frequency is much less than the spacing between adjacent bound-state resonances, In this approach we neglect fine and hyperfine structures, but consider fully the three-dimensional aspects of the scattering process, up to the partial d wave. We apply the scheme to calculate the S matrix elements up to the second order in the ratio between the Rabi frequency and the laser detuning, We also obtain, fur this simplified multichannel model, the asymmetric line shapes of photoassociation spectroscopy, and the modification of the scattering length due to the light field at low, but finite, entrance kinetic energy. We emphasize that the present calculations can be generalized to treat more realistic models, and suggest how to carry out a thorough numerical comparison to this semianalytic theory. [S1050-2947(98)04902-6].

Product development process: Using real options for assessments and to support the decision-making at decision gates

Enterprises need continuous product development activities to remain competitive in the marketplace. Their product development process (PDP) must manage stakeholders' needs - technical, financial, legal, and environmental aspects, customer requirements, Corporate strategy, etc. -, being a multidisciplinary and strategic issue. An approach to use real option to support the decision-making process at PDP phases in taken. The real option valuation method is often presented as an alternative to the conventional net present value (NPV) approach. It is based on the same principals of financial options: the right to buy or sell financial values (mostly stocks) at a predetermined price, with no obligation to do so. In PDP, a multi-period approach that takes into account the flexibility of, for instance, being able to postpone prototyping and design decisions, waiting for more information about technologies, customer acceptance, funding, etc. In the present article, the state of the art of real options theory is prospected and a model to use the real options in PDP is proposed, so that financial aspects can be properly considered at each project phase of the product development. Conclusion is that such model can provide more robustness to the decisions processes within PDP.