BRISA’S takeover offer

This project is composed by a Case Study regarding Tagus’ takeover offer for Brisa. The case study describes each player involved in the operation: the target company – Brisa, the acquirers – José de Mello and Arcus; as well as the circumstances surrounding the takeover, with a description of the takeover itself and the conflict between the acquirers and Abertis. Associated to the case, there is a group of six question and their respective answers, regarding the motive of the takeover, the price per share, what should be the positions of Brisa’s shareholders regarding the takeover and the reason Brisa’s share price declined after the success of the operation.

Shares Certificate - Gladstone Mines and Reduction Company

A shares certificate for Gladstone Mines and Reduction Company in the amount of 200 shares. The certificate is dated 13 March 1925 and is signed by the secretary F.J. Carr and the president Charles Stoddart. The price is one dollar per share and it is made out to W.H. Cowan.

O efeito dos gastos em pesquisa e desenvolvimento nas ações das empresas petrolíferas

Este trabalho tem objetivo de identificar a relação dos gastos em P&D com os preços das ações das empresas petrolíferas integradas negociadas na NYSE. O retorno do investimento em pesquisa e desenvolvimento ocorre quando o resultado da pesquisa é aplicado aos processos produtivos, gerando assim eficiência operacional, diminuição de custos e novos produtos. Este fato pode ser considerado um canal que influencia o valor da ação. Considerando que o P&D é um investimento de longo prazo, o P&D contemporâneo, suas defasagens e o acumulado anual foram analisados. Os resultados apontaram uma relação positiva entre os gastos em P&D e o valor das ações. Em relação às defasagens, foi identificado que o valor das ações é melhor explicado quando as defasagens do P&D são utilizadas. Além disso, a relação positiva tornou-se estatisticamente significante quando os gastos de cinco anos acumulados foram utilizados. Isto confirma o caráter de longo prazo deste tipo de gasto.

Detecting patterns of the spinoff decision of companies and accessing the determination of the abnormal returns

This paper examines value created through spinoffs over a period from 2002-2010. The net debt to average share price ratio and the debt to asset ratio of a company impacts the decision for this restructuring process statistically significant. The announcement of a spinoff yields abnormal returns (AR) for the stockholders of the parent. The relative size of the spin and the financial leverage correlated with the AR positively, whereas the net debt per share and the return on asset negatively. Therefore, no direct wealth transfer from the debt holders of a company to the equity holders can be derived from these results.

Avaliação de pastagens tropicais em sistemas de produção de ovinos de corte no nordeste brasileiro

He aim of this study was to evaluate the structural characters, herbage accumulation, nutritive value and performance of sheep in different tropical pastures. The treatments were two cultivars and two of the genera Panicum Brachiaria pastures under intermittent stocking and variable stocking rate, in the rainy season. We evaluated the masses and the components of herbage pre grazing in two layers, and after grazing. Chemical analyzes were made of the stems and leaf blades pre grazing in two layers. We used 48 male sheep and whole for the assessment of individual weight gain and area, and anestrous females to adjust the stocking rate. In the cv. Massai showed the highest herbage mass, leaf blades and dead material, and the largest volume density and leaf blade: stem pre grazing. There was no difference among cultivars for the percentage of leaf blade (PLB) in both strata, but the higher the PLB was higher than the bottom. The highest percentage of dead material (PDM) was observed in cvs. Massai and Marandu in the two strata. In cvs. Massai and Piatã were observed lower levels of crude protein in stem and leaf. In stratum 0-25 cm lower nutritional value was observed in the stem in the leaf blades did not grant the nutritional value among the strata. Herbage mass, leaf blade, PLB and proportion of stem in the residue of the Massai pastures were higher than cv. Aruana. There was no difference for efficiencies in harvest leaf and stem between the cultivars. The cv. Massai got the higher accumulation of leaf per cycle per day. Animals kept in grass swards Aruana had the highest average daily gain. The higher stocking rates and earnings per area were observed in grass swards and Marandu Massai. The cultivars are suitable for sheep meat production in the rainy season

Pricing and spread components at the Lima Stock Exchange

This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases.

Análise calorimétrica de cervejas produzidas utilizando cevada como adjunto de malte

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Asset Pricing with Heterogeneous Agents, Incomplete Markets and Trading Constraints

The consumption capital asset pricing model is the standard economic model used to capture stock market behavior. However, empirical tests have pointed out to its inability to account quantitatively for the high average rate of return and volatility of stocks over time for plausible parameter values. Recent research has suggested that the consumption of stockholders is more strongly correlated with the performance of the stock market than the consumption of non-stockholders. We model two types of agents, non-stockholders with standard preferences and stock holders with preferences that incorporate elements of the prospect theory developed by Kahneman and Tversky (1979). In addition to consumption, stockholders consider fluctuations in their financial wealth explicitly when making decisions. Data from the Panel Study of Income Dynamics are used to calibrate the labor income processes of the two types of agents. Each agent faces idiosyncratic shocks to his labor income as well as aggregate shocks to the per-share dividend but markets are incomplete and agents cannot hedge consumption risks completely. In addition, consumers face both borrowing and short-sale constraints. Our results show that in equilibrium, agents hold different portfolios. Our model is able to generate a time-varying risk premium of about 5.5% while maintaining a low risk free rate, thus suggesting a plausible explanation for the equity premium puzzle reported by Mehra and Prescott (1985).

A promoção dos bons hábitos alimentares nos alunos do 1.º e do 2.º ciclo do ensino básico

Relatório de estágio apresentado para a obtenção do grau de mestre em Ensino do 1º e do 2º ciclo do ensino básico

A promoção dos bons hábitos alimentares nos alunos do 1.º e do 2.º ciclo do ensino básico

Relatório de estágio apresentado para a obtenção do grau de mestre em Ensino do 1º e do 2º ciclo do ensino básico

The NASCAR phenomenon: Auto racing sponsorships and shareholder wealth

This study presents the first analysis of the impact of NASCAR sponsorship announcements on the stock prices of sponsoring firms. The primary finding of the study-that NASCAR sponsorship announcements were accompanied by the largest increases in shareholder wealth ever recorded in the marketing literature in response to a voluntary marketing program-represents a striking and unambiguous stock market endorsement of the sponsorships. Indeed, the 24 sponsors analyzed in this study experienced mean increases in shareholder wealth of over $300 million dollars, net of all of the costs associated with the sponsorships. A multiple regression analysis of firm-specific stock price changes and select corporate and sponsorship attributes indicates that NASCAR sponsorships with more successful racing teams, corporate (as opposed to product or divisional) sponsorships, and sponsorships with direct ties to the consumer automotive industry are all positively correlated with perceived sponsorship success, while corporate cash flow per share (a well-known proxy for agency conflicts within the firm) is negatively related with shareholder approval.

Assessing the value relevance of accounting data after the introduction of IFRS in Europe

Since 2005, European-listed companies have been required to prepare their consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). We examine whether value relevance increased following the introduction of IFRS, using a sample of 3,721 companies listed on five European stock exchanges: Frankfurt, Madrid, Paris, London, and Milan. We find mixed evidence of an increase in value relevance. However, the influence of earnings on share price increased following the introduction of IFRS in Germany, France, and the United Kingdom, while the influence of book value of equity decreased (except for the United Kingdom). © 2010 Blackwell Publishing Ltd.

Can we predict dividend cuts?

I examine the predictability of dividend cuts based on the time interval between dividend announcement dates using a large dataset of US firms from 1971 to 2014. The longer the time interval between dividend announcements, the larger the probability of a cut in the dividend per share, consistent with the view that firms delay the release of bad news.

Akcje wielogłosowe w spółce publicznej

Występowanie akcji wielogłosowych w spółkach publicznych nie zawsze jest postrzegane jako zjawisko pozytywne. Niektóre regulacje zachodnioeuropejskie wyłączyły dopuszczalność wprowadzania akcji wielogłosowych albo doprowadziły do ich ograniczenia. Polski ustawodawca przyjął rozwiązanie, zgodnie z którym w spółce akcyjnej (niepublicznej) maksymalny pułap uprzywilejowania głosowego wynosi dwa głosy na jedną akcję. W odniesieniu jednak do spółki publicznej posłużono się niefortunnym sformułowaniem „uprzywilejowanie co do głosu nie dotyczy spółki publicznej”. W doktrynie napotkać można różnice w poglądach, co do obecnie obowiązujących przepisów regulujących tytułową problematykę. Wskazuje się, że przepis art. 351 § 2 zdanie drugie Kodeksu spółek handlowych może być rozumiany niejednolicie. Występowanie wielogłosowych akcji w spółkach publicznych wiąże się między innymi ze zmianą stanu prawnego, ale także, ze stanem faktycznym polegającym na uzyskaniu przez spółkę niepubliczną (prywatną) statusu spółki publicznej. Publikacja obejmuje teoretyczno-prawne rozważania związane z akcjami wielogłosowymi w spółkach publicznych. Celem artykułu jest przybliżenie tytułowej problematyki, począwszy od zagadnienia akcji wielogłosowych ustanowionych na gruncie nieobowiązującego już stanu prawnego, a zakończywszy na upublicznieniu spółki i wynikających z tego konsekwencjach w odniesieniu do akcji uprzywilejowanych co do głosu.

Implementação da contabilidade analítica no Instituto Politécnico de Beja

A opção por uma gestão eficiente e eficaz é a resposta a dar à crescente racionalização de recursos que tem vindo a ser imposta às entidades públicas portuguesas e à qual não escapam as instituições que integram o sector do ensino superior. Assim sendo, estas entidades devem desenvolver e ao mesmo tempo, adoptar mecanismos que lhes permitam gerir recursos, quer os colocados à sua disposição, quer os gerados internamente, tendo em vista a sua optimização. Actualmente a prática da Contabilidade Analítica nas Instituições assume, cada vez mais, um papel dominante na análise e controlo dos custos, mas também dos proveitos e resultados por actividade. O objectivo da implementação deste Projecto, além de ser um desafio pessoal e Institucional, é uma obrigação legislativa, à qual pretendemos responder ao colocarmos em prática a Contabilidade Analítica, inserida no Plano Oficial de Contabilidade para o Sector Público - Sector da Educação, aprovado pela Portaria nº 794/2000, de 20 de Setembro. ABSTRACT: The choice of an efficient and effective management is the answer to the increasing rationalization of resources that have been imposed on portuguese public entities and of which the institutions from the higher education sector do not escape. Therefore, these entities must develop, and at the same time, adopt mechanisms that allow them to manage resources, both those placed at their disposal, and those that are internally generated, with an aim of optimization. Currently the practice of management accounting in the institutions assumes an increasingly a dominant role in the analysis and control of costs, but also in the income and earnings per activity. The purpose of implementing this project, besides being a personal and institutional challenge, is a legislative requirement that must be dealt with, by putting into practice the Management Accounting, inserted in the Official Accounting Plan for the Public Sector- Education Sector, approved by the Ordinance Nº 794/2000 of September 20.