820 resultados para Sustainability, Triple Bottom Line, Appraisal, Environmental Benchmarks, Market Value


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The luminescence spectra and extended x-ray-absorption fine-structure (EXAFS) measurements of a series of Eu3+-based organic/inorganic xerogels were reported and related to the local coordination of the lanthanide cations. The hybrid matrix of these organically modified silicates, classed as U(2000) ureasils, is a siliceous network to which short organic chains containing oxyethylene units are covalently grafted by means of urea bridges. The luminescent centers were incorporated as europium triflate, Eu(CF3SO3)3, and europium bromide, EuBr3, with concentrations 200≥n≥20 and n=80, 40, and 30, respectively - where n is the number of ether oxygens in the polymer chains per Eu3+ cation. EXAFS measurements were carried out in some of the U(2000)nEu(CF3SO3)3 xerogels (n=200, 80, 60, and 40). The obtained coordination numbers N ranging from 12.8, n=200, to 9.7, n=40, whereas the average Eu3+ first neighbors distance R is 2.48-2.49 Å. The emission spectra of these multiwavelength phosphors superpose a broad green-blue band to a series of yellow-red narrow 5D0→7F0-4 Eu3+ lines and to the eye the hybrids appeared to be white, even at room temperature. The ability to tune the emission of the xerogels to colors across the chromaticity diagram is achieved by changing the excitation wavelength and the amount of salt incorporated in the hybrid host. The local environment of Eu3+ is described as a continuous distribution of closely similar low-symmetry network sites. The cations are coordinated by the carbonyl groups of the urea moieties, water molecules, and, for U(2000)nEu(CF3SO3)3, by the SO3 end groups of the triflate anions. No spectral evidences have been found for the coordination by the ether oxygens of the polyether chains. A mean radius for the first coordination shell of Eu3+ is calculated on the basis of the emission energy assignments. The results obtained for U(2000)nEu(CF3SO3)3, 2.4 Å for 90 ≥n≥40 and 2.6 and 2.5 Å for n=30 and 20, respectively, are in good agreement with the values calculated from EXAFS measurements. The energy of the intraconfigurational charge-transfer transitions, the redshift of the 5D0→7F0 line, with respect to the value calculated for gaseous Eu3+, and the hypersensitive ratio between the 5D0→7F2 and 5D0→7F1 transitions, point out a rather low covalency nature of the Eu3+ first coordination shell in these xerogels, comparing to the case of analogous polymer electrolytes modified by europium bromide. ©1999 The American Physical Society.

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Study objective was to evaluate economically a Nile tilapia juvenile production, employing different feeding techniques. Tilapia fingerlings of 8g were stocked at 5 fish m-2 stocking in 50 and 150 m2 ponds, during 75 days. Treatments were: inorganic fertilization (P205 and N); organic fertilization (poultry manure) and commercial ration (32% CP). Water quality results were considered adequate for fish rearing. In juvenile production there were significant differences among treatments for individual final weight, medians were: for inorganic fertilization 12.92g (13.35g in 50 m2 and 12.49g in 150 m2); for organic fertilization 30.55g (33.69g in 50 m2 and 27.40g in 150 m2) and for commercial ration 51.23g (52.90g in 50 m2 and 50.15g in 150 m2). Survival rate ranged from 63 to 71%, with no statistic difference. Commercial ration was effective to bigger juvenile production, with a better market value. Costs considered in economic analyses were tilapia fingerlings, fertilizer, ration, labor and installation depreciation. Obtained information showed that juvenile production in 50 m2 ponds is not viable economically and, in 150 m2, production is viable only when commercial ration is used.

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Includes bibliography

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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Com o avanço do desmatamento na Amazônia brasileira, a comunidade científica internacional tem feito grande esforço na busca por formas de aproveitamento da floresta que reconciliem desenvolvimento e conservação. Desde o final da década de 1980, os pesquisadores têm explorado o papel que o extrativismo dos Produtos Florestais Não Madeireiros (PFNM) pode possuir para a economia, o bem-estar e o meio ambiente dos moradores de área de floresta. Esta dissertação explora o papel dos PFNM na vida de comunidades rurais em áreas de fronteiras da atividade madeireira ao longo do Rio Capim, no Estado do Pará. Com o avanço da indústria madeireira sobre novas fronteiras da bacia amazônica, muitas comunidades estão tendo a oportunidade de vender os direitos de exploração de sua madeira. As comunidades consideram vários aspectos para avaliar o valor dos produtos florestais. Além do valor sócio-econômico e ecológico (valor real), há um valor relativo que influencia fortemente a forma como os recursos são explorados. Este valor relativo é baseado em representações que consideram a importância dos produtos florestais e no contexto em que essas representações são construídas. Para explorar essa temática, este trabalho parte do histórico de uma comunidade cabocla enfocando na forma como ela se apropriou e explorou seus recursos florestais. Para as famílias da comunidade, a madeira sempre representou uma herança com valor de troca e uso não conflituoso. A madeira foi o produto que pôde ser gasto ao longo do tempo, pois possuía valor de mercado e suas primeiras explorações não reduziram o acesso a outros produtos florestais. Representada dessa forma, a madeira apareceu como uma possibilidade estratégica para a melhoria das condições de vida das famílias. Foram identificados quatro fatores sócio-econômicos que influenciaram a comunidade a vender a madeira: 1) relações paternalistas entre os compradores da madeira e os caboclos; 2) dificuldades de gestão comum dos recursos; 3) especialização na extração de madeira e dependência de produtos externos e; 4) crescente interesse em ter acesso a produtos provenientes do mercado. Tais fatores influenciaram a comunidade a manter a venda da madeira, mesmo depois de se tornarem evidentes as perdas no consumo de PFNM. Compreender a influência do valor atribuído pelas comunidades aos produtos florestais é fundamental para identificar a verdadeira alternativa que os PFNM podem representar diante das demais opções de uso da terra.

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Objetivo deste trabalho foi identificar a fauna parasitária, em especial os cestóides da ordem Trypanorhyncha, que acometem peixes de valor comercial capturados no litoral amazônico e avaliar os possíveis impactos na produção pesqueira industrial. Foram examinados 328 exemplares de cinco espécies de peixes: Cynoscion acoupa, Macrodon ancylodon, Plagioscion squanosissimus, Centropumus undecimalis, Arius Parkeri. Foi feita a mensuração do seu comprimento total e pesagem dos peixes, na filetagem examinou as regiões corporais, musculatura e serosa. Os blastocistos de Trypanorhyncha encontrados foram removidos e encaminhados para Laboratório Carlos Azevedo. Todas as espécies pesquisadas estavam parasitadas por Trypanorhyncha, totalizando 283 (73,78%) exemplares parasitados. A espécie Callitetrarhynchus gracilis apresentou maior prevalência parasitária. Poecilancistrium aryophyllum foi a que mais parasitou as espécies de peixes estudadas, seguida da Pterobothrium crassicolle e as Pterobothrium heteracanthum e Callitetrarhynchus speciosum, parasitaram Cynoscion acoupa e Arius Parkeri, respectivamente. As regiões da musculatura abdominal e dorso-lateral foram as mais acometidas.

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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Wetland ecology is a relatively new field that developed from an initial interest in a few direct benefits that wetlands provide to society. Consequently, much early scientific work was stimulated by economic returns from specific wetland services, such as production of peat and provision of habitat for economically valuable wildlife (e.g., waterfowl and furbearers). Over time, societal interest in wetlands broadened, and these unique habitats are now valued for many additional services, including some that bear non market value. Common examples include carbon sequestration, flood reduction, water purification, and aesthetics. The increased recognition of the importance of wetlands has generated a diversity of job opportunities in wetland ecology and management. Despite the increased knowledge base and enhanced job market, I am not aware of any institutions that offer specialty degrees in this new discipline. Indeed, relatively few institutions offer specific wetland ecology classes, with Arnold G. van der Valk and a few of his peers at other universities being notable exceptions.

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Máster Oficial en Cultivos Marinos. Trabajo presentado como requisito parcial para la obtención del Título de Máster Oficial en Cultivos Marinos, otorgado por la Universidad de Las Palmas de Gran Canaria (ULPGC), el Instituto Canario de Ciencias Marinas (ICCM), y el Centro Internacional de Altos Estudios Agronómicos Mediterráneos de Zaragoza (CIHEAM)

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In this thesis the impact of R&D expenditures on firm market value and stock returns is examined. This is performed in a sample of European listed firms for the period 2000-2009. I apply different linear and GMM econometric estimations for testing the impact of R&D on market prices and construct country portfolios based on firms’ R&D expenditure to market capitalization ratio for studying the effect of R&D on stock returns. The results confirm that more innovative firms have a better market valuation,investors consider R&D as an asset that produces long-term benefits for corporations. The impact of R&D on firm value differs across countries. It is significantly modulated by the financial and legal environment where firms operate. Other firm and industry characteristics seem to play a determinant role when investors value R&D. First, only larger firms with lower financial leverage that operate in highly innovative sectors decide to disclose their R&D investment. Second, the markets assign a premium to small firms, which operate in hi-tech sectors compared to larger enterprises for low-tech industries. On the other hand, I provide empirical evidence indicating that generally highly R&D-intensive firms may enhance mispricing problems related to firm valuation. As R&D contributes to the estimation of future stock returns, portfolios that comprise high R&D-intensive stocks may earn significant excess returns compared to the less innovative after controlling for size and book-to-market risk. Further, the most innovative firms are generally more risky in terms of stock volatility but not systematically more risky than low-tech firms. Firms that operate in Continental Europe suffer more mispricing compared to Anglo-Saxon peers but the former are less volatile, other things being equal. The sectors where firms operate are determinant even for the impact of R&D on stock returns; this effect is much stronger in hi-tech industries.

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Nella prima parte viene ricostruito il concetto di vincolo espropriativo alla luce dell’elaborazione della giurisprudenza della Corte costituzionale e della Corte EDU, giungendo alla conclusione che rientrano in tale concetto le limitazioni al diritto di proprietà che: - derivano da scelte discrezionali dell’Amministrazione non correlate alle caratteristiche oggettive del bene; - superano la normale tollerabilità nel senso che impediscono al proprietario la prosecuzione dell’uso in essere o incidono sul valore di mercato del bene in modo sproporzionato rispetto alle oggettive caratteristiche del bene e all’interesse pubblico perseguito. Ragione di fondo della teoria dei vincoli è censurare l’eccessiva discrezionalità del potere urbanistico, imponendo una maggiore obiettività e controllabilità delle scelte urbanistiche. Dalla teoria dei vincoli consegue altresì che nell’esercizio del potere urbanistico l’Amministrazione, pur potendo differenziare il territorio, deve perseguire l’obiettivo del riequilibrio economico degli interessi incisi dalle sue determinazioni. L’obbligo della corresponsione dell’indennizzo costituisce la prima forma di perequazione urbanistica. Nel terzo e nel quarto capitolo viene analizzata la giurisprudenza civile e amministrativa in tema di vincoli urbanistici, rilevandone la non corrispondenza rispetto all’elaborazione della Corte costituzionale e l’incongruità dei risultati applicativi. Si evidenzia in particolare la necessità del superamento del criterio basato sulla distinzione zonizzazioni-localizzazioni e di considerare conformative unicamente quelle destinazioni realizzabili ad iniziativa privata che in concreto consentano al proprietario di conseguire un’utilità economica proporzionata al valore di mercato del bene. Nel quinto capitolo viene analizzato il rapporto tra teoria dei vincoli e perequazione urbanistica, individuandosi il discrimine tra i due diversi istituti non solo nel consenso, ma anche nella proporzionalità delle reciproche prestazioni negoziali. Attraverso la perequazione non può essere attribuito al proprietario un’utilità inferiore a quella che gli deriverebbe dall’indennità di esproprio.

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This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assumes that the firm maintains a deterministic financial leverage ratio, which tends to converge quickly to typical steady-state levels over time. From a practical point of view, this characteristic is of particular help, because it allows a continuing value calculation at the end of a short forecast period.

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This paper introduces a new rationale for the existence of “Directors’ and Officers’” (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not maximize long run stock market value. We show that D&O insurance provides a convenient instrument for the initial shareholders of a company to take advantage of differences in beliefs between insiders and outsiders in capital markets. The empirical results support the idea that both the insurance coverage and the premium are higher in the presence of new shareholders and volatile markets. The results prove robust in various empirical model specifications.

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The protection and sustainable management of alpine summer pastures has been stated as a goal in Swiss national law since 1996, and direct payments from the state for summer pasturing have been tied to sustainability criteria since 2000. This reflects the increasing value of the alpine cultural landscape as a public good. However, provision of this public good remains in the hands of local farmers and their local common pool resource (CPR) institutions for managing alpine pastures. These institutions are increasingly struggling to maintain their institutional arrangements, particularly regarding the work needed to maintain the pastures. This paper examines two cases of local CPR institutions for managing alpine pastures in the Swiss Canton of Grisons that manifest different institutional developments in light of changing conditions. The differences in how these institutions reacted to change and the impacts this has had on the provision of the CPR are explained by focusing on relative prices, bargaining power, and ideology as drivers of institutional change that are often neglected within common property research. Key words: summer pasture management, institutional change, bargaining power, ideology