Small firms, growth and financial constraints

This paper analyses the impact of different sources of finance on the growth of firms. Using panel data from Spanish manufacturing firms for the period 2000-2006, we investigate the effects of internal and external finances on firm growth. In particular, we examine three dimensions of these financial sources: a) the performance of the firms’ capital structure in accordance with firm size; b) the effects of internal and external financial sources on growth performance; c) the combined effect of equity, external debt and cash flow on firm growth. We find that low-growth firms are sensitive to cash flow and short-term bank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, equity capital seems to reduce barriers to external finance. Our main conclusion is that during the start-up phase, firms are unable to increase their financial leverage and so their capital structure fails to promote correct investment strategies. However, as their equity capital increases, alternative financial mechanisms, in particular long-term debt, become available, which have a positive impact on firm growth.

Dense Deformation Field Estimation for Atlas Registration using the Active Contour Framework

In this paper, we propose a new paradigm to carry outthe registration task with a dense deformation fieldderived from the optical flow model and the activecontour method. The proposed framework merges differenttasks such as segmentation, regularization, incorporationof prior knowledge and registration into a singleframework. The active contour model is at the core of ourframework even if it is used in a different way than thestandard approaches. Indeed, active contours are awell-known technique for image segmentation. Thistechnique consists in finding the curve which minimizesan energy functional designed to be minimal when thecurve has reached the object contours. That way, we getaccurate and smooth segmentation results. So far, theactive contour model has been used to segment objectslying in images from boundary-based, region-based orshape-based information. Our registration technique willprofit of all these families of active contours todetermine a dense deformation field defined on the wholeimage. A well-suited application of our model is theatlas registration in medical imaging which consists inautomatically delineating anatomical structures. Wepresent results on 2D synthetic images to show theperformances of our non rigid deformation field based ona natural registration term. We also present registrationresults on real 3D medical data with a large spaceoccupying tumor substantially deforming surroundingstructures, which constitutes a high challenging problem.

INVESTIMENTOS HOTELEIROS EM CABO VERDE: O CASO DO RIU HOTELS & RESORTS

O presente trabalho tem como objectivo, o estudo de caso sobre investimento hoteleiro em Cabo Verde, no qual avaliaremos os investimentos com base no método Discount Cash Flow (DCF), bem como a metodologia de opções reais. O estudo centra-se nos investimentos realizados pelo grupo RIU Hotels and Resorts, grande grupo hoteleiro com presença internacional, que tem investido continuadamente com grande sucesso em Cabo Verde. Assim, sendo, para além de uma descrição e enquadramento do sector hoteleiro na Ilha de Sal, este estudo foca-se igualmente na análise dos vários projectos concretizados pelo grupo RIU. Este trabalho está estruturado em cinco capítulos para além de incluir a presente introdução e a conclusão. Os dois métodos de avaliação apresentados neste trabalho são ambos fundamentais para avaliação de investimentos, mas apesar de o método mais tradicional, o DCF ser bem aceite, a abordagem de opções reais é igualmente uma mais-valia na análise de projectos continuados, complexos e bem identificados num determinado sector – neste caso o sector hoteleiro. Na avaliação de sector hoteleiro, o método de DCF isoladamente pode não ser o mais apropriado ao estar algo limitado no tratamento da flexibilidade para modificar as decisões ao longo do tempo. Em investimentos estratégicos, cujo valor depende crucialmente da evolução de variáveis-chave, a metodologia de opções reais permite mais facilmente analisar em que medida a flexibilidade de um projecto pode trazer valor a um cenário-base. Palavras-

A importância da demonstração do fluxo de caixa e o paradigma da utilidade

No contexto mundial, em virtude da complexidade da economia, da expansão e competitividade dos mercados, verifica-se uma crescente necessidade das empresas em buscarem instrumentos que as auxiliem no planeamento e controle de seus recursos para que estes sejam usados de maneira adequada, a fim de salvaguardar a actividade empresarial e alcançar o objectivo almejado pela empresa. O sucesso empresarial demanda cada vez mais o uso de práticas financeiras apropriadas. A realidade aponta para gestores sedentos de informações relevantes que irão auxiliar o seu processo decisório. Assim sendo, o trabalho ora intitulado: A Importância do Fluxo de Caixa, e o paradigma da utilidade foi elaborado através de pesquisa bibliográfica e exploratória sobre o assunto em questão, tendo como base artigos, livros e dissertações. O seu objectivo principal é enfatizar a importância do demonstrativo de Fluxo de Caixa como ferramenta para os gestores obterem eficiência na administração financeira da sua entidade. Para tanto, iniciamos com uma resenha histórica do mapa em estudo. Num segundo momento fazemos um enquadramento teórico onde referimos ao conceito de fluxo de caixa, seus objectivos, as suas normas legais nacionais e internacionais, e a presença da demonstração de fluxo de caixa no mercado Cabo-verdiano antes de 2009. Em seguida temos a metodologia de elaboração do mapa, onde fazemos referências ao aspecto conceptual, aos métodos de elaboração o método directo e indirecto, as vantagens e desvantagens sem deixar de lado o paradigma da utilidade do mapa. Finalizando, apresentamos uma parte prática onde o objectivo é expressar em números tudo o que foi divulgado teoricamente. In the global context, along with the virtue of the economic complexity, from the expansion and the competition of the markets, there is an essential increase of the companies looking forward for instruments that will assist them in planning and control the resources so that these would be used in the most adequate way, in a way to guaranty company’s activity and to accomplish the objectives intended by the company. Company’s success requires more and more the use of appropriated financial practice. The reality demonstrates managers eager for relevant information that will support his/her process of decision. So therefore the work entitled “The Importance of Cash Flow” and its paradigm of utility was elaborated according to the bibliographic and exploratory research about the topic in question, having as support articles, books and dissertations. Its main objective is to emphasize the importance of the Cash Flow Statement as an instrument for the managers to obtain efficiency in the financial management of its corporation. For that, we start with an historical review of the statement in study. Secondly we make a theoretical approach where we reflect on the Cash Flow, its objectives, its national and international official standards and the statement of Cash Flows in Cape Verdean market before 2009. After that, there is the methodology of the design of the statement, where we refer to the conceptual aspects, the direct and indirect methods of design, the advantages and disadvantages without letting out the paradigm of utility of the statement. Finally, we present a practical case illustrating in numbers the whole thing that was presented theoretically.

Earnings management and audit adjustments: An empirical study of IBEX 35 constituents

Doubts about the reliability of a company's qualitative financial disclosure increase market participant expectations from the auditor's report. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings. Empirical research confirms that it could be an efficient device under some circumstancesand recognizes that our estimates of the informativeness of audit reports are unavoidably biased (e.g., because of a client's anticipation of the auditing process). This empirical study supports the significant role of auditors in the financial market, in particular in the prevention of earnings management practice. We focus on earnings misstatements, which auditors correct with anadjustment, using a sample of past and current constituents of the benchmark market index in Spain, IBEX 35, and manually collected audit adjustments reported over the 1997-2004 period (42 companies, 336 annual reports, 75 earnings misstatements). Our findings confirm that companies more often overstate than understate their earnings. An investor may foresee earningsmisreporting, as manipulators have a similar profile (e.g., more leveraged and with lower sales). However, he may receive valuable information from the audit adjustment on the size of earnings misstatement, which can be significantly large (i.e., material in almost all cases). We suggest that the magnitude of an audit adjustment depends, other things constant, on annual revenues and free cash levels. We also examine how the audit adjustment relates to the observed market price, trading volume and stock returns. Our findings are that earnings manipulators have a lower price and larger trading volume compared to their rivals. Their returns are positively associated with the magnitude of earnings misreporting, which is not consistent with the possible pricing of audit information.

Determinantes da Política de Dividendos: caso da Sociedade Cabo-verdiana de Tabacos, S.A.

O presente trabalho, intitulado “Determinantes da política de dividendos: caso da Sociedade Cabo-verdiana de Tabacos S.A.” inscreve-se no âmbito do curso de Licenciatura em Economia e Gestão pela Universidade Jean Piaget de Cabo Verde e visa determinar os fatores que influenciam a política de dividendos adotada pela Sociedade Cabo-verdiana de Tabacos. A problemática da política de dividendos é um tema que teve os seus primórdios nos estudos de Lintner e Modigliani e Miller, desde então tem sido alvo de uma discussão exaustiva na literatura financeira e pelos académicos. Os estudos feitos no âmbito desta temática por diversos autores seguem duas vias de grande importância. Há autores que estudam os fatores que influenciam a política de dividendos adotada pelas empresas, e aqueles que analisam a relação entre a política de dividendos e o preço pela qual as ações são transacionadas na bolsa. O nosso estudo incidiu sobre o primeiro e foi aplicado a um caso de uma empresa industrial. A metodologia adotada foi baseada no modelo de regressão linear múltipla utilizando os mínimos quadrados ordinários. Não foi determinada uma amostra, mas sim uma unidade de análise em que o número de observações correspondeu ao período compreendido entre 2002 e 2012, ou seja, 11 observações. A política de dividendos foi medida pela variável dependente denominada pelo montante de dividendos distribuídos de 2002 a 2012. Ao testar a hipótese de que o resultado líquido seria o único fator que determinaria o montante de dividendos distribuídos pela Sociedade Cabo-verdiana de Tabacos chegou-se as seguintes conclusões: além do resultado líquido, as outras reservas (de investimento, livres e outras) constituídas pela respetiva empresa (RSV_2), a liquidez geral (LG), o crescimento das vendas (CV), o endividamento (ENDIV) apresentam evidências de serem também determinantes na política de dividendos da SCT, S.A., enquanto as reservas legais (RSV_1), o autofinanciamento (AF), o Cash-flow (CF) e os impostos (IMP) não apresentam evidências de serem determinantes da política de dividendos da empresa analisada.

Numerical modeling of the effect of variation of boundary conditions on vadose zone hydraulic properties

An accurate estimation of hydraulic fluxes in the vadose zone is essential for the prediction of water, nutrient and contaminant transport in natural systems. The objective of this study was to simulate the effect of variation of boundary conditions on the estimation of hydraulic properties (i.e. water content, effective unsaturated hydraulic conductivity and hydraulic flux) in a one-dimensional unsaturated flow model domain. Unsaturated one-dimensional vertical water flow was simulated in a pure phase clay loam profile and in clay loam interlayered with silt loam distributed according to the third iteration of the Cantor Bar fractal object Simulations were performed using the numerical model Hydrus 1D. The upper and lower pressure heads were varied around average values of -55 cm for the near-saturation range. This resulted in combinations for the upper and lower constant head boundary conditions, respectively, of -50 and -60 cm, -40 and -70 cm, -30 and -80 cm, -20 and -90 cm, and -10 and -100 cm. For the drier range the average head between the upper and lower boundary conditions was set to -550 cm, resulting in the combinations -500 and -600 cm, -400 and -700 cm, -300 and -800 cm, -200 and -900 cm, and -100 and -1,000 cm, for upper and lower boundary conditions, respectively. There was an increase in water contents, fluxes and hydraulic conductivities with the increase in head difference between boundary conditions. Variation in boundary conditions in the pure phase and interlayered one-dimensional profiles caused significant deviations in fluxes, water contents and hydraulic conductivities compared to the simplest case (a head difference between the upper and lower constant head boundaries of 10 cm in the wetter range and 100 cm in the drier range).

Particle agglomeration study in rf silane plasmas: In situ study by polarization-sensitive laser light scattering

To determine self‐consistently the time evolution of particle size and their number density in situ multi‐angle polarization‐sensitive laser light scattering was used. Cross‐polarization intensities (incident and scattered light intensities with opposite polarization) measured at 135° and ex situ transmission electronic microscopy analysis demonstrate the existence of nonspherical agglomerates during the early phase of agglomeration. Later in the particle time development both techniques reveal spherical particles again. The presence of strong cross‐polarization intensities is accompanied by low‐frequency instabilities detected on the scattered light intensities and plasma emission. It is found that the particle radius and particle number density during the agglomeration phase can be well described by the Brownian free molecule coagulation model. Application of this neutral particle coagulation model is justified by calculation of the particle charge whereby it is shown that particles of a few tens of nanometer can be considered as neutral under our experimental conditions. The measured particle dispersion can be well described by a Brownian free molecule coagulation model including a log‐normal particle size distribution.

Estimate of Groundwater Recharge Based on Water Balance in The Unsaturated Soil Zone

ABSTRACT Groundwater management depends on the knowledge on recharge rates and water fluxes within aquifers. The recharge is one of the water cycle components most difficult to estimate. As a result, despite the chosen method, the estimates are subject to uncertainties that can be identified by means of comparison with other approaches. In this study, groundwater recharge estimates based on the water balance in the unsaturated zone is assessed. Firstly, the approach is evaluated by comparing the results with those of another method. Then, the estimates are used as inputs in a transient groundwater flow model in order to assess how the water table would respond to the obtained recharges rates compared to measured levels. The results suggest a good performance of the adopted approach and, despite some inherent limitations, it has advantages over other methods since the data required are easier to obtain.

Patterns of gravity induced aggregate migration during casting of fluid concretes

In this paper, aggregate migration patterns during fluid concrete castings are studied through experiments, dimensionless approach and numerical modeling. The experimental results obtained on two beams show that gravity induced migration is primarily affecting the coarsest aggregates resulting in a decrease of coarse aggregates volume fraction with the horizontal distance from the pouring point and in a puzzling vertical multi-layer structure. The origin of this multi layer structure is discussed and analyzed with the help of numerical simulations of free surface flow. Our results suggest that it finds its origin in the non Newtonian nature of fresh concrete and that increasing casting rate shall decrease the magnitude of gravity induced particle migration. (C) 2012 Elsevier Ltd. All rights reserved.

A new method to estimate the infilling of alluvial sediment of glacial valleys using a sloping local base level

A new method is used to estimate the volumes of sediments of glacial valleys. This method is based on the concept of sloping local base level and requires only a digital terrain model and the limits of the alluvial valleys as input data. The bedrock surface of the glacial valley is estimated by a progressive excavation of the digital elevation model (DEM) of the filled valley area. This is performed using an iterative routine that replaces the altitude of a point of the DEM by the mean value of its neighbors minus a fixed value. The result is a curved surface, quadratic in 2D. The bedrock surface of the Rhone Valley in Switzerland was estimated by this method using the free digital terrain model Shuttle Radar Topography Mission (SRTM) (~92 m resolution). The results obtained are in good agreement with the previous estimations based on seismic profiles and gravimetric modeling, with the exceptions of some particular locations. The results from the present method and those from the seismic interpretation are slightly different from the results of the gravimetric data. This discrepancy may result from the presence of large buried landslides in the bottom of the Rhone Valley.

Relevancia valorativa del resultado global y sus componentes frente al resultado neto

Este trabajo tiene como objeto verificar si el resultado global presenta mayor relevancia valorativa respecto al resultado tradicional, y si es así cuáles son los componentes del resultado global que explican las diferencias. El estudio muestra que el resultado global es una variable relevante tanto para explicar el valor intrínseco de la empresa como para explicar su rentabilidad. Sin embargo, sólo al explicar la rentabilidad el resultado global y su incremento aumentan la relevancia valorativa del resultado neto y su incremento. De los componentes analizados del resultado global, tan sólo los resultados por diferencias de conversión de la moneda extranjera a la moneda de presentación añaden poder explicativo adicional al del resultado neto, aunque sólo en los modelos de rentabilidad. Ni los resultados por valoración de instrumentos financieros a valor razonable con cambios en patrimonio ni los resultados por coberturas de flujos de efectivo aportan un mayor poder explicativo al del resultado neto.

Análisis del ECPN y del EFE en el sector público

El nuevo Plan General de Contabilidad Pública (Orden EHA/ 1037/2010) de 13 de abril dispone la elaboración de dos nuevos documentos contables: el Estado de cambios en el patrimonio neto y el Estado de flujos de efectivo. En este trabajo se detallan la estructura, función y utilidad de esos documentos en el ámbito del sector público para conseguir una información consistente y comparable entre las diferentes entidades en sintonía con la normativa internacional. Este estudio finaliza con una interpretación de los dos documentos analizados.

Anàlisi econòmica financera del sector de càrnies català

Objectiu: Aquest treball pretén reflectir la situació econòmica i financera de les empreses càrnies catalanes en el període 2007-2011, mitjançant l'anàlisi de dades dels seus estats comptables, per tal de diagnosticar la salut empresarial del sector de càrnies catalanes. L'estudi també realitza una anàlisi descriptiva de les entitats que engloben les càrnies catalanes i la posició que ocupen dintre de les indústries agroalimentàries espanyoles, identificant les diferents variables d'anàlisi a curt termini, a llarg termini i d'anàlisi econòmica; afegint a l'anàlisi convencional informacions patrimonials i de tresoreria procedents l'Estat de canvis en el patrimoni net i l'Estat de fluxos d'efectiu. Disseny/metodologia/enfocament: Fer una anàlisis financera a curt termini, a llarg termini, de resultats i dels dos estats nous: Estat de canvis en el patrimoni net i Estat de fluxos d'efectiu sobre una mostra de 130 empreses catalanes utilitzant l'estadística descriptiva oportuna. Resultats: La principal aportació ha estat el diagnòstic d' una bona salut empresarial d'aquestes empreses càrnies en el període analitzat tot i que a partir de l'any 2011 hi ha un canvi en els indicadors financers utilitzats. Limitacions: Seria convenient estendre la mostra i observar en els exercicis posteriors al 2011 si es verifica el canvi de tendència dels indicadors. Implicacions pràctiques: Permet valorar la projecció que ha fet aquest sector d'activitat a Catalunya en el període analitzat.Implicacions socials: Els resultats de l'estudi permet veure la projecció de futur que té aquest sector amb els canvis oportuns a fer. Originalitat/valor afegit: Per les associacions d'indústries càrnies permet fer una valoració de la salut empresarial de les principals empreses associades i per emprendre els reptes de futur oportuns.

Stochastic inversion of tracer test and electrical geophysical data to estimate hydraulic conductivities.

Quantifying the spatial configuration of hydraulic conductivity (K) in heterogeneous geological environments is essential for accurate predictions of contaminant transport, but is difficult because of the inherent limitations in resolution and coverage associated with traditional hydrological measurements. To address this issue, we consider crosshole and surface-based electrical resistivity geophysical measurements, collected in time during a saline tracer experiment. We use a Bayesian Markov-chain-Monte-Carlo (McMC) methodology to jointly invert the dynamic resistivity data, together with borehole tracer concentration data, to generate multiple posterior realizations of K that are consistent with all available information. We do this within a coupled inversion framework, whereby the geophysical and hydrological forward models are linked through an uncertain relationship between electrical resistivity and concentration. To minimize computational expense, a facies-based subsurface parameterization is developed. The Bayesian-McMC methodology allows us to explore the potential benefits of including the geophysical data into the inverse problem by examining their effect on our ability to identify fast flowpaths in the subsurface, and their impact on hydrological prediction uncertainty. Using a complex, geostatistically generated, two-dimensional numerical example representative of a fluvial environment, we demonstrate that flow model calibration is improved and prediction error is decreased when the electrical resistivity data are included. The worth of the geophysical data is found to be greatest for long spatial correlation lengths of subsurface heterogeneity with respect to wellbore separation, where flow and transport are largely controlled by highly connected flowpaths.