Aplicação de redes neurais em análise de viabilidade econômica de co-geração de energia elétrica

Pós-graduação em Agronomia (Energia na Agricultura) - FCA

Matemática financeira contextualizada em sistemas de amortização e impostos de renda

Pós-graduação em Matemática em Rede Nacional - IBILCE

Agronomic and chemical characteristics of hybrid corn to ensiling

Our aim was to evaluate agronomic and chemical characteristics of corn hybrids to ensiling. It were evaluated nine corn hybrids (MX 300, RB 9308, 2B655, XB 6012, GNZ 2500, PL6890, PRE 32D10, PRE 22T10 e AG 1051), with three replicates. The higher fresh matter yield were observed in the hybrids PL6890 and PRE 32D10, while the dry matter yield was observed in the hybrid PRE 32D10 (13.43 t ha(-1)). The hybrids PRE 32D10 and PRE 22T10 stood out to present higher percent of leaf in relation to whole plant, while the lower percent of stems was found in the hybrids MX 300, 2B655 and XB 6012, however the higher leaves: stems relation was found in XB 6012 (0.49). There was higher CP content in the hybrid PRE 32D10 (9.10% of DM), while the lower NDF (57.78% of DM) and cellulose content (24.27% of DM) were observed in the hybrid GNZ 2500. The hybrid PL6890 presented higher ADF and lignin contents, the others hybrids had values lower. The lower NDIN content was observed in the hybrid RB 9308, while the lower AIDN content occurred on the hybrid 2B655. The lower buffer capacity was observed in the hybrid 2B655 (0.29). There are some differences on chemical composition among the corn hybrids used in this study, however, it is recommended to use the hybrids MX 300, PL6890 and PRE 32D10 for showing higher dry matter yield, which may reflect in the amortization of silage production costs.

L'analisi della segmentazione

L'analisi della segmentazione, viene utilizzata per identificare sottogruppi omogenei all'interno di una popolazione generale. La segmentazione è particolarmente importante se la concorrenza varia nei diversi sottomercati all'interno di un settore in modo tale che alcuni sono più attraenti di altri. Il lavoro di tesi svolto è stato organizzato in quattro capitoli. Nel primo si parla della strategia e dell'importanza che essa riveste per un'azienda, e si analizzanno le caratteristiche di una strategia di successo. Nel secondo capitolo si trattano tre aspetti vitali di un'azienda : la vision, la mission e gli obiettivi. Nel terzo capitolo si parla del modello che Porter ha sviluppato per fornire un quadro di riferimento per la comprensione della competitività strategica di un'impresa all'interno di un mercato specifico. Si definisce formalmente cosa si intende per teoria dei giochi e si presenta quello che probabilmente è l'esempio più noto di questa teoria : il dilemma del prigioniero - un gioco di cooperazione a somma zero. Nel quarto capitolo si analizza la segmentazione del mercato italiano, si fà l'analisi dell'ambiente esterno e vedremo infatti che un'azienda prima di creare piani di business o di prendere decisioni, deve conoscere l'ambiente su cui opera. Ciò può essere ottenuto attraverso un analisi PESTEL.Il capitolo si conclude con l'analisi di un campione di azende su cui calcoleremo alcuni indici medi di redditività, il Return On Assets (ROA), il Return On common Equity (ROE)e l'Earnings Before Interests Taxes and Amortization (EBITA).

Adaptación de una central térmica de carbón a la Directiva de Emisiones Industriales

El proyecto que se presenta a continuación recoge la adaptación de una Central Térmica de carbón al cumplimiento de la DIRECTIVA 2010/75/UE DEL PARLAMENTO EUROPEO Y DEL CONSEJO de 24 de noviembre de 2010 sobre las emisiones industriales. La Central sobre la que se realiza el proyecto tiene un grupo térmico de carbón suscritico refrigerado por agua, con una potencia a plena carga de 350 MWe y de 190 MWe a mínimo técnico. Genera 1 090 t/h de vapor a 540 °C y 168 kg/cm2 funcionando a plena carga. Actualmente las emisiones de NOx son de 650 mg/m3, (condiciones normales, seco, 6 % O2). El objeto del proyecto es reducir estas emisiones a un valor máximo de 200 mg/m3 en las mismas condiciones. El proyecto analiza detalladamente las condiciones actuales de operación de la instalación en cuanto a combustible utilizado, horas de funcionamiento, condiciones climáticas y producción. Se analiza así mismo, todas las técnicas disponibles en mercado para la reducción del NOx, diferenciando entre medidas primarias (actúan sobre los efectos de formación) y secundarias (limpieza de gases). Las medidas primarias ya están implementadas en la central, por tanto, el proyecto plantea la reducción con medidas secundarias. De las medidas secundarias analizadas se ha seleccionado la instalación de un Reactor de Reducción Selectiva Catalítica (Reactor SCR). Tras un análisis de los diferentes reactores y catalizadores disponibles se ha seleccionado un reactor de configuración High-dust, una disposición de catalizador en 3 capas más 1, cuyos componentes están basados en óxidos metálicos (TiO2, V2O5, WO3) y estructura laminar. Se ha buscado la instalación del reactor para operar a una temperatura inferior a 450 °C. Como agente reductor se ha seleccionado NH3 a una dilución del 24,5 %. El proyecto recoge también el diseño de todo el sistema de almacenamiento, evaporación, dilución e inyección de amoniaco. El resultado del proyecto garantiza una concentración en los gases de salida por la chimenea inferior 180 mg/m3(n) de NOx. La reducción del NOx a los límites establecidos, tienen un coste por MWh neto generado para la central, trabajando 60 % a plena carga y 40 % a mínimo técnico y una amortización de 10 años, de 4,10 €/MWh. ABSTRACT The following project shows the compliance adjustment of a coal-fired power station to the 2010/75/EU Directive of the European Parliament and Council 24th November 2010 on industrial emissions. The project is based on a power station with a subcritical thermal coal unit, cooled with water, with a maximum power of 350 MWe and a technical minimum of 190 MWe. It produces 1 090 t/h of steam at 540 ° C and 168 kg/cm2 operating under full load. Currently, NOx emissions are 650 mg / m3 (normal conditions, dry, 6% O2). The project aims to reduce these emissions to a maximum value of 200 mg / m3 under the same conditions. The project analyses in detail the current operating conditions of the system in terms of fuel used, hours of operation, climatic conditions and production. In addition, it also analyses every available technique of NOx reduction on the market, distinguishing between primary (acting on the effects of formation) and secondary measures (gas cleaning). Primary measures are already implemented in the plant, thus proposing reduction with secondary measures. Among the secondary measures analyzed, it has been selected to install a Selective Catalytic Reduction Reactor (SCR Reactor). Having researched the different reactors and catalysts available, for the reactor has been selected High-dust configuration, an arrangement of catalyst in 3 layers plus 1, whose components are based on metal oxides (TiO2, V2O5, WO3) and laminar structure. The reactor has been sought facility to operate at a temperature below 450 ° C. NH3 diluted to 24,5 % has been selected as reducing agent. The project also includes the design of the entire storage system, evaporation, dilution and ammonia injection. The results of the project ensure a gas concentration in the lower chimney exit below 180 mg / m3(n) NOx. The reduction of NOx to the established limits has a cost per net MWh generated in the plant, working at 60% of full load and at 40% of technical minimum, with an amortization of 10 years, 4,10 € / MWh.

Contribuições ao processo de inserção das PMES no mercado de capitais brasileiro

O crescimento de uma empresa pode ser apoiado com recursos de terceiros provenientes do mercado de crédito ou do mercado de capitais. Credores ou potenciais investidores disponibilizam recursos a partir de um processo de avaliação de indicadores de performance. Para as PMEs que consideram o crescimento, conhecer como os indicadores relevantes se comportam ao longo de um ciclo de crescimento é uma questão estratégica. Fatores como tamanho, lucratividade, oportunidades de crescimento, composição de ativos das empresas, risco inerente aos resultados, têm sido vinculados a determinantes de uma estrutura de capital. Assim sendo, este trabalho busca verificar quais indicadores podem nortear o desempenho empresarial de PMEs ao longo de um ciclo de crescimento. Como contribuição original, este trabalho apresenta um painel com indicadores em diferentes estágios de crescimento que resultam na geração de valor para os proprietários e potenciais investidores do mercado de capitais. A amostra inicial é composta por 1.610 empresas para o período de 2010 a 2014. Entretanto, considerando a disponibilidade de informações, a amostra final é composta por 28 empresas de porte médio/grande, 387 empresas grandes e 138 empresas listadas na BM&FBOVESPA, totalizando 553 empresas. A metodologia adotada envolve a classificação de porte de empresa do BNDES como critério para definir ciclo de crescimento, e testes de estatística descritiva, análise fatorial, análise de correlação, regressão múltipla linear e montagem de painel. Como resultado, verificou-se que as variáveis tamanho, composição de ativos e lucratividade são fatores que explicam o endividamento de curto prazo para o estágio médias/grandes empresas. Ainda, que esses fatores explicam o endividamento de longo prazo para os estágios grandes e empresas listadas na BM&FBOVESPA. Tais resultados estão de acordo com estudos prévios, mas as variáveis relacionadas a volatilidade e crescimento não foram significantes nos modelos para os estágios de empresas. O painel montado a partir das variáveis de composição de ativos e lucratividade indicou que endividamento de curto prazo, endividamento de longo prazo, receita líquida, retorno sobre o patrimônio líquido e lucros antes de juros, impostos, depreciação e amortização (EBITDA) sinalizam empresas, em cada estágio de ciclo de crescimento do estudo, que buscam o crescimento com rentabilidade acima da média e atendem a critérios valorizados pelo investidor do mercado de capitais. Estes indicadores podem sinalizar o desempenho empresarial de PMEs ao longo de um ciclo de crescimento

Profitability analysis of a femtosecond laser system for cataract surgery using a fuzzy logic approach

AIM: To define the financial and management conditions required to introduce a femtosecond laser system for cataract surgery in a clinic using a fuzzy logic approach. METHODS: In the simulation performed in the current study, the costs associated to the acquisition and use of a commercially available femtosecond laser platform for cataract surgery (VICTUS, TECHNOLAS Perfect Vision GmbH, Bausch & Lomb, Munich, Germany) during a period of 5y were considered. A sensitivity analysis was performed considering such costs and the countable amortization of the system during this 5y period. Furthermore, a fuzzy logic analysis was used to obtain an estimation of the money income associated to each femtosecond laser-assisted cataract surgery (G). RESULTS: According to the sensitivity analysis, the femtosecond laser system under evaluation can be profitable if 1400 cataract surgeries are performed per year and if each surgery can be invoiced more than $500. In contrast, the fuzzy logic analysis confirmed that the patient had to pay more per surgery, between $661.8 and $667.4 per surgery, without considering the cost of the intraocular lens (IOL). CONCLUSION: A profitability of femtosecond laser systems for cataract surgery can be obtained after a detailed financial analysis, especially in those centers with large volumes of patients. The cost of the surgery for patients should be adapted to the real flow of patients with the ability of paying a reasonable range of cost.

Amortizacion de la moneda feble boliviana.

Mode of access: Internet.

Energy saving and solar electricity in fan-ventilated greenhouses

Greenhouse cultivation is an energy intensive process therefore it is worthwhile to introduce energy saving measures and alternative energy sources. Here we show that there is scope for energy saving in fan ventilated greenhouses. Measurements of electricity usage as a function of fan speed have been performed for two models of 1.25 m diameter greenhouse fans and compared to theoretical values. Reducing the speed can cut the energy usage per volume of air moved by more than 70%. To minimize the capital cost of low-speed operation, a cooled greenhouse has been built in which the fan speed responds to sunlight such that full speed is reached only around noon. The energy saving is about 40% compared to constant speed operation. Direct operation of fans from solar-photovoltaic modules is also viable as shown from experiments with a fan driven by a brushless DC motor. On comparing the Net Present Value costs of the different systems over a 10 year amortization period (with and without a carbon tax to represent environmental costs) we find that sunlight-controlled system saves money under all assumptions about taxation and discount rates. The solar-powered system, however, is only profitable for very low discount rates, due to the high initial capital costs. Nonetheless this system could be of interest for its reliability in developing countries where mains electricity is intermittent. We recommend that greenhouse fan manufacturers improve the availability of energy-saving designs such as those described here.

Alternative Financing Sources and Their Impact on Profitability

This article explores the advantages and disadvantages of various financing alternatives for the hospitality industry and discusses their potential effect on the profitability of the firm. The author provides background and perspective for developing the appropriate financing arrangement for a specific hospitality enterprise.

Effect of Earnings Volatility on Cost of Debt: The case of Swedish Limited Companies

The paper empirically tests the relationship between earnings volatility and cost of debt with a sample of more than 77,000 Swedish limited companies over the period 2006 to 2013 observing more than 677,000 firm years. As called upon by many researchers recently that there is very limited evidence of the association between earnings volatility and cost of debt this paper contributes greatly to the existing literature of earnings quality and debt contracts, especially on the consequence of earnings quality in the debt market. Earnings volatility is a proxy used for earnings quality while cost of debt is a component of debt contract. After controlling for firms’ profitability, liquidity, solvency, cashflow volatility, accruals volatility, sales volatility, business risk, financial risk and size this paper studies the effect of earnings volatility measured by standard deviation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on Cost of Debt. Overall finding suggests that lenders in Sweden does take earnings volatility into consideration while determining cost of debt for borrowers. But a deeper analysis of various industries suggest earnings volatility is not consistently used by lenders across all the industries. Lenders in Sweden are rather more sensitive to borrowers’ financial risk across all the industries. It may also be stated that larger borrowers tend to secure loans at a lower interest rate, the results are consistent with majority of the industries. Swedish debt market appears to be well prepared for financial crises as the debt crisis seems to have no or little adverse effect borrowers’ cost of capital. This study is the only empirical evidence to study the association between earnings volatility and cost of debt. Prior indirect research suggests earnings volatility has a negative effect on cost debt (i.e. an increase in earnings volatility will increase firm’s cost of debt). Our direct evidence from the Swedish debt market is consistent for some industries including media, real estate activities, transportation & warehousing, and other consumer services.

Baker Viewpoint: Curtailment Mortgages are a Win-Win Economic Policy

What happens if you prepay your standard residential mortgage? This question puzzles most people, and worse yet the answer can be even more confusing. However, a minor policy change that alters how prepayments are applied could benefit mortgage borrowers as well as the overall housing market.

Proposta de uma matriz de decisão em energia hidrelétrica com o uso do método multicritério, para formulação de políticas públicas no estado do Paraná

Brazil is internationally acknowledged for its renewable sources, most notably, hydroelectric power plant projects which correspond to 65% of electricity production supply to the National Interconnected System. The main question behind this research is: what are the weights and the relative importance of the variables which have influence on the decision making process for the expansion of hydroelectric generation projects in Parana? The main objective is to propose a multi-criteria decision procedure, in association with water sources options that take into consideration the weight and relative importance of the alternatives having influence on the decision by enterprises in the generation of electricity in the state of Paraná. As far as the approach to the problem is concerned, this research can be classified as having mixed methodologies, applying Content Analysis, Delphi technique and the Analytic Hierarchy Process. Following Delphi methodology, a group of 21 was selected for data collection, all of those linked to Paranaense hydroelectricity market. And the main result was the construction of a decision tree in which it was possible to identify the importance and relative weight of the elements associated with the four dimensions of energy. In environmental dimension, the highest relative weight was placed on the loading capacity of Parana system; the economic dimension, the amortization of investment; in social dimension, the generation of direct work places and in institutional dimension, the availability of suitable sources of financing. Policy makers and business managers make their decisions based on specific criteria related to the organization segment, market information, economic and political behavior among other indicators that guide them in dealing with the typical tradeoffs of projects in hydropower area. The results obtained in the decision tree show that the economic bias is still the main factor in making investment decisions. However, environmental impacts on the State loading capacity, income generation, providing opportunities for direct as well as indirect jobs. And at an institutional level, the absence of funding sources show that the perception of experts is focused on other issues beyond the logic behind development per se. The order of priority of variables in this study indicates that in the current environment of uncertainty in the Brazilian economy as many variables must be analyzed and compared in order to optimize the scarce resources available to expand local development in relation to Paranaense water matrix.

Abordagens das desigualdades socioeconômicas no Brasil do século XXI

O artigo problematiza o índice de Gini como instrumento de mensuração das desigualdades no Brasil, expondo dimensões fundamentais das desigualdades socioeconômicas quando a renda do trabalho; mercado de trabalho; distribuição funcional da renda; e desigualdades tributárias. A conclusão é que há poucas alterações nas desigualdades socioeconômicas do Brasil quando essa dimensões são consideradas. O mercado de trabalho não se alterou substancialmente em relação à desestruturação vivenciada nas últimas decadas do século XX, agravando as desigualdades socieconômicas intraclasses. A participação dos lucros na fatia da renda nacional aumentou e a desigualdade marcante se revela no financiamento tributário, pois o peso da carga de impostos está sobre os trabalhadores assalariados e os mais pobres, ao mesmo tempo que os recursos públicos são canalizados para os mais ricos por meio do pagamento de juros e amortização da dívida pública. ____________________________________________________________________________________________________ ABSTRACT