Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Bone marrow necrosis related to paracoccidioidomycosis: the first eight cases identified at autopsy

To report the first eight bone marrow necrosis (BMN) cases related to paracoccidioidomycosis (PCM) from patient autopsies with well-documented bone marrow (BM) histology and cytology.A retrospective evaluation was performed on BM specimens from eight autopsied patients from Botucatu University Hospital with PCM-related BMN. Relevant BMN literature was searched and analysed.All eight patients had acute PCM. Six had histological only (biopsies) and two cytological only (smears) specimens. Five biopsy specimens revealed severe and one mild coagulation patterned necrotic areas. Five had osteonecrosis. The cytological specimens also showed typical BMN patterns. Paracoccidioides brasiliensis yeast forms were visible within necrotic areas in all cases.

Níveis de proteína bruta e de aminoácidos sulfurados totais sobre o desempenho, a qualidade dos ovos e a excreção de nitrogênio de poedeiras de ovos marrons

O experimento foi conduzido com o objetivo de maximizar a produção e a qualidade dos ovos e minimizar a excreção de nitrogênio nas excretas de poedeiras no final do primeiro ciclo de produção, por meio do fornecimento de aporte adequado de proteína bruta (PB) e aminoácidos sulfurados totais (AAST) na dieta. Foram utilizadas 432 poedeiras Isa Brown, com 52 semanas de idade, distribuídas em delineamento inteiramente casualizado, em esquema fatorial 3 x 3 (PB e AAST) e nove tratamentos (14 e 0,57; 14 e 0,64; 14 e 0,71; 15,5 e 0,57; 15,5 e 0,64; 15,5 e 0,71; 17 e 0,57; 17 e 0,64; 17 e 0,71 % de PB e AAST, respectivamente), com seis repetições de oito aves cada. A duração do experimento foi de 140 dias. Foram avaliadas as características de desempenho, qualidade dos ovos e excreção de nitrogênio nas excretas. A única característica de desempenho influenciada pelos tratamentos foi o peso dos ovos, que apresentou os maiores valores para as combinações de 15,5 e 0,71; 17 e 0,71; 15,5 e 0,64; 14 e 0,71 e 17 e 0,64% de PB e AAST, respectivamente. Não foram observadas diferenças significativas para consumo de ração, porcentagem de postura e de ovos quebrados, massa de ovos, conversão alimentar por dúzia e por massa de ovos e mortalidade. Para os parâmetros de qualidade dos ovos, foram observadas diferenças significativas apenas para as porcentagens de gema e de albúmem. A excreção de nitrogênio foi maior nas aves alimentadas com as rações contendo 17% de PB. Pode-se sugerir que a ração contendo 14% de PB e 0,57% de AAST pode ser utilizada, sem prejuízos no desempenho e na qualidade dos ovos, e ainda contribui para a redução da excreção de nitrogênio no ambiente e do custo da ração.

Cytogenetic analysis of five Hypostomus species (Siluriformes, Loricariidae)

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

Population structure, distribution and abundance patterns of the patagonian smoothhound Musmlus schmitti springer, 1939 (Chondrichthyes,Elasmobranchii, Triakidae) in the rio de la plata and inner continental shelf, SW Atlantic ocean (34 degrees-30'-39 degrees-30's)

A total number of 4824 Mustelus schmitti was sampled. Females ranged from 25 to 93 em in spring and from 28 to 90 cm in summer. Males ranged from 34 to 82 and from 28 to 77 cm, respectively. Length composition of the population showed significant differences between spring and summer being females larger than males. Total length distribution did not show significant differences between cruises. Males density varied significantly between cruises while for the females no significant variation was observed. In the spring cruise, both sexes occurred at depths lower than 50 in. Females occurred in the whole area with adult occurrence only above 35 degrees 30'S. Mature males occurred throughout the area, immature males occurring in two trawls in Samborombon Bay. The summer cruise showed a discontinuous distribution of the species along the study area resulting in spatial segregation in two groups with immature females predominating in both of them.

Ultrasonographic and ecobiometric findings in the eyes of adult goats

Conhecer o aspecto e as dimensões de olhos de cabras facilita o uso da ultrassonografia na avaliação de doenças oculares. O objetivo do presente trabalho foi o de avaliar os achados ultrassonográficos e ecobiométricos em olhos de cabras adultas. Ultrassonogramas nos modos A e B foram realizados em 30 caprinos adultos (60 olhos) (n=15 fêmeas intactas e n=15 machos castrados). O exame ultrassonográfico foi realizado após a instilação de colírio anestésico. Gel a base de água foi utilizado sobre o transdutor de 20 MHz posicionado-o de forma longitudinasobre a córneal, até que imagens no modo B estivessem de acordo com os ecos gerados pelo modo A. Utilizou-se análise estatística para se comparar os achados ecobiométricos entre os sexos (p<0,05). As médias com seus respectivos desvios padrões das estruturas oculares em machos e fêmeas foram, respectivamente, 3,46±0,55, 3,33±0,46mm (profundidade da câmara anterior); 8,60±0,34, 8,65±0,39mm (espessura da lente); 11,34±0,61, 11,39±0,66mm (profundidade da câmara vítrea) e 23,43±0,92, 23,39±0.86mm (comprimento axial do bulbo ocular). Não foi observada diferença significativa entre os olhos direito e esquerdo, assim como entre machos e fêmeas (p>0,05). O aspecto ultrassonográfico de olhos de cabras se assemelha com o de outras espécies domésticas e silvestres.

Increased Levels of NOTCH1, NF-kappa B, and Other Interconnected Transcription Factors Characterize Primitive Sets of Hematopoietic Stem Cells

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