920 resultados para Free Cash Flow to Equity


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Este trabalho teve por objetivo estudar a viabilidade econômica da produção consorciada de cacau e banana na região do Perímetro Irrigado Tabuleiro de São Bernardo nos municípios de Magalhães de Almeida e Araioses, estado do Maranhão (MA), tendo em vista a ampla disponibilidade de recursos naturais para o cultivo e a potencialidade de ser uma região de escape das principais doenças que afetam as culturas de cacau e banana. O trabalho verifica a oportunidade de negócio de produção de cacau e banana na região do rio Parnaíba. O estudo utiliza projeções de fluxo de caixa e os desconta para o Valor Presente Líquido (VPL) para aferir a viabilidade econômica do negócio de produção de cacaueiro e bananeira nesta região do Brasil. Foram realizadas pesquisas bibliográficas para analisar as características edafoclimáticas da microrregião, as características fisiológicas do cacaueiro e seu consórcio com a bananeira para o sombreamento temporário necessário durante a fase de crescimento do cacaueiro. Foi sugerido o pacote de alta tecnologia para a produção de cacaueiro, dada a necessidade de irrigação para o seu cultivo. Diferentes produtividades e preços de cacau e banana foram utilizados para analisar a sensibilidade económica deste negócio. Ao projetar um fluxo de caixa, foi possível fazer uma análise sobre o negócio, viabilidade e riscos. Deve-se notar que não há grandes áreas produtoras de cacau na região do rio Parnaíba. Porém, há pequenas áreas de cacau em regiões semiáridas (ou de cerrado). Assim, a produção vegetal carece de comprovação de produção em larga escala para atestar de modo prático algumas das premissas econômico-financeiras adotadas para analisar a viabilidade da produção de cacau e banana no Perímetro Irrigado Tabuleiro de São Bernardo.

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Este estudo objetiva analisar, do ponto de vista da empresa concessionária, as possíveis mudanças na regulamentação das concessões ferroviárias, ao mesmo tempo tenta entender a relação entre a empresa, o governo e a população, e quais seriam beneficiados com as essas alterações. Há uma necessidade real do país de expandir suas linhas para regiões mais afastadas do interior, para promover a integração e gerar um ambiente mais propício para o investimento, assim foram feitas propostas de mudanças na regulação do modelo atual de concessões com o objetivo de proporcionar as bases para que esse cenário possa ser concretizado. Muito se tem discutido sobre a eficácia dessas mudanças, se seriam realmente benéficas para a empresa, e até que ponto o aumento do volume e diminuição de preços consegue gerar valor para ela. Foi utilizado um modelo de fluxo de caixa descontado de uma das malhas da empresa ALL Logística para tentar encontrar o valor dessa malha em três cenários: a situação atual, utilizando as novas regras propostas, e uma situação com concorrência. Os resultados mostraram que a nova proposta de regulamentação, utilizando premissas julgadas como mais plausíveis, diminui o valor da empresa, e pode vir a ser muito custosa para o governo.

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Utilizando dados em Painel sobre mais de 15.000 observações de empresas brasileiras, tanto de capital aberto quanto de capital fechado no período entre 2010 a 2014, o presente estudo examinou a existência de restrição ao crédito e sua relação com investimentos em ativos fixos e o papel desempenhado pelo capital de giro enquanto ferramenta gerencial nas decisões de investimentos em ativos fixos. Para tanto, foram utilizadas duas metodologias-base: o estudo desenvolvido por Almeida e Campello (2007), que inovou ao incluir variáveis que controlam algumas das maiores críticas aos estudos relacionados à restrição ao crédito e o estudo de Ding, Guariglia e Knight (2011) que testou a relação de investimentos em capital de giro com investimentos em ativos fixos. Os resultados encontrados neste trabalho apontam que, de maneira geral, as empresas brasileiras sofrem com restrições ao crédito e também, que as empresas que investem mais em capital de giro demonstram menor sensibilidade do investimento em ativo fixo ao fluxo de caixa, porém, não conseguem traduzir isso em taxas maiores de investimentos.

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The oil production in mature areas can be improved by advanced recovery techniques. In special, steam injection reduces the viscosity of heavy oils, thus improving its flow to surrounding wells. On the other hand, the usually high temperatures and pressures involved in the process may lead to cement cracking, negatively affecting both the mechanical stability and zonal isolation provided by the cement sheath of the well. The addition of plastic materials to the cement is an alternative to prevent this scenario. Composite slurries consisting of Portland cement and a natural biopolymer were studied. Samples containing different contents of biopolymer dispersed in a Portland cement matrix were prepared and evaluated by mechanical and rheological tests in order to assess their behavior according to API (American Petroleum Institute) guidelines. FEM was also applied to map the stress distribution encountered by the cement at bottom bole. The slurries were prepared according to a factorial experiment plan by varying three parameters, i.e., cement age, contents of biopolymer and water-to-cement ratio. The results revealed that the addition of the biopolymer reduced the volume of free water and the setting time of the slurry. In addition, tensile strength, compressive strength and toughness improved by 30% comparing hardened composites to plain Portland slurries. FEM results suggested that the stresses developed at bottomhole may be 10 to 100 times higher than the strength of the cement as evaluated in the lab by unconfined mechanical testing. An alternative approach is proposed to adapt the testing methodology used to evaluate the mechanical behavior of oilwell cement slurries by simulating the confined conditions encountered at bottornhole

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This work deals with the cattle raising activity in Brasil, it´s importance for the stete of Rio Grande do Norte. A conceptual review is done regarding accounting information and considering it as an essencial input for economical and finantial decision making, related to the state cattle rainsing environment. It also aims to expose visions related to the role and the importance of Accounting as system that colects, treats and supplies managerial information. A brief historic of Accounting is done, emphasizing the Accounting Demonstration Structure and its use in the decision making process, as well as the contribution it has node for the cattle raising activity in Brazil. The research´s results show that accounting information is used partially in the finantial decision making process, and it is pointed out that the Inventory was the most relevant tool with 95,% of the cases, followed by the Income and Outlay reports with 85.0%,Production with 82,0% and Cost reports with 80,0%, the Demonstrative of the Cash Flow (DFC) with 82.5%, the Patrimonial Balance (PB) with 22.5%, and the Demonstrative of the Exercise Result (DER) with 20.0% of use. The research concludes that Accounting information is not throughly used in the economic and finantial decision making of the managers of cattle raising in the Rio Grande do Norte State, although, 95% of the sample consider then important. This may imply that there are diffilculties in measurement of the managerial decisions as well as the business whole

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This study has as main objective to verify the effect of the tax and financial incentives granted by the brazilian states, specially in the reduction of ICMS on the investment decision of the entities, which in the last years led to the companies to decide new projects in based on the region that presented the better infrastructure beyond lesser tributary expense. For in such was made an economic valuation of the companies with focus in the beneficiary s optics using an adaptation of the Discounted Cash Flow method to measure the impact of the tax incentives in the value of the companies, this study selected the textile industry segment located in the State of Rio Grande do Norte, Brazil. The results indicated that such incentives created addition in the value of the companies, however the inexistence of incentives would not be enough to a negative decision of investment in the Rio Grande do Norte. The smallest difference between the value with and without incentive observed was 8.9%, and the biggest 31.7%, and the average of value aggregation with the tax incentives represented 18.9%

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The anteroventral third ventricle (AV3V) region is a critical area of the forebrain, acting on fluid and electrolyte balance and maintaining cardiovascular homeostasis. The purpose of this study was to determine the effects of lesions to the anteroventral third ventricle region on cardiovascular responses to intravenous hypertonic saline (HS) infusion, Male Wistar rats were anesthetized with urethane. The femoral artery and jugular vein were cannulated to record mean arterial pressure (MAP) and infuse hypertonic saline (3M NaCl, 0.18 mL/100 g bw, over 1 min), respectively. Renal blood flow (RBF) was recorded by ultrasonic transit-time flow probes. Renal vascular conductance (RVC) was calculated as renal blood flow to mean arterial pressure ratio and expressed as percentage of baseline. After hypertonic saline infusion in sham animals, renal blood flow and renal vascular conductance increased to 137+10% and 125+7% (10 min), and 141 +/- 10% and 133 +/- 10% (60 min), respectively. Increases in mean arterial pressure (20-min peak: 12 +/- 3 mm Hg) were also observed. An acute lesion in the AV3V region (DC, 2 mA 25s) 30 min before infusion abrogated the effects of hypertonic saline. Mean arterial pressure was unchanged and renal blood flow and renal vascular conductance were 107 +/- 7% and 103 +/- 6% (10 min), and 107 +/- 4 and 106 +/- 4% (60 min), respectively. Marked tachycardia was observed immediately after lesion. Responses of chronic sham or lesioned rats were similar to those of acute animals. However, in chronic lesioned rats, hypertonic saline induced sustained hypertension. These results demonstrate that integrity of the AV3V region is essential for the renal vasodilation that follows acute changes in extracellular fluid compartment composition. (C) 2004 Elsevier B.V. All rights reserved.

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This paper describes an interactive environment built entirely upon public domain or free software, intended to be used as the preprocessor of a finite element package for the simulation of three-dimensional electromagnetic problems.

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The photoinduced birefringence is analyzed in a guest-host azobenzene-containing polymer in the temperature range from 20 to 330 K. An anomalous behavior arises in the low-temperature range, suggesting strong influence from the free volume for the chromophores in the polymer. This influence is so strong that quenched samples have a photoinduced signal ca. 5 times greater than the annealed ones at room temperature. An extended free volume model is presented based on two assumptions about thermal fluctuations in the cavities and their size distribution. This model, which is an extension of the model by Mita et al., can explain the main features of the photoinduced birefringence as a function of time, temperature, and initial free volume state. To account for the influence of free volume on the photoorientation, the detailed reorientation model by Sekkat's was used. We show that Sekkat's model leads to an exponential behavior at small orientation regimes, which simplifies the mathematical treatment and allows the mean free volume to be obtained from the data fitting.

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Numerical modeling of the interaction among waves and coastal structures is a challenge due to the many nonlinear phenomena involved, such as, wave propagation, wave transformation with water depth, interaction among incident and reflected waves, run-up / run-down and wave overtopping. Numerical models based on Lagrangian formulation, like SPH (Smoothed Particle Hydrodynamics), allow simulating complex free surface flows. The validation of these numerical models is essential, but comparing numerical results with experimental data is not an easy task. In the present paper, two SPH numerical models, SPHysics LNEC and SPH UNESP, are validated comparing the numerical results of waves interacting with a vertical breakwater, with data obtained in physical model tests made in one of the LNEC's flume. To achieve this validation, the experimental set-up is determined to be compatible with the Characteristics of the numerical models. Therefore, the flume dimensions are exactly the same for numerical and physical model and incident wave characteristics are identical, which allows determining the accuracy of the numerical models, particularly regarding two complex phenomena: wave-breaking and impact loads on the breakwater. It is shown that partial renormalization, i.e. renormalization applied only for particles near the structure, seems to be a promising compromise and an original method that allows simultaneously propagating waves, without diffusion, and modeling accurately the pressure field near the structure.

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The morphologically undivided ventricle of the heart in non-crocodilian reptiles permits the mixing of oxygen-rich blood returning from the lungs and oxygen-poor blood from the systemic circulation. A possible functional significance for this intra-cardiac shunt has been debated for almost a century. Unilateral left vagotomy rendered the single effective pulmonary artery of the South American rattlesnake, Crotalus durissus, unable to adjust the magnitude of blood flow to the lung. The higher constant perfusion of the lung circulation and the incapability of adjusting the right-left shunt in left-denervated snakes persisted over time, providing a unique model for investigation of the long-term consequences of cardiac shunting in a squamate. Oxygen uptake recorded at rest and during spontaneous and forced activity was not affected by removing control of the cardiac shunt. Furthermore, metabolic rate and energetic balance during the post-prandial metabolic increment, plus the food conversion efficiency and growth rate, were all similarly unaffected. These results show that control of cardiac shunting is not associated with a clear functional advantage in adjusting metabolic rate, effectiveness of digestion or growth rates. © 2013. Published by The Company of Biologists Ltd.

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Background: The aim of this study was to evaluate the symptoms of dry mouth and salivary flow in menarche and menopausal women. Methods: Objective and subjective assessment of salivary function were analysed by Xerostomia Inventory and Visual Analogue Scale questionnaire in menopausal and menarche women (control group). Salivary flow was evaluated by a chemical absorption stimulation test. Each subject provided three saliva samples: S1, non-stimulated saliva; S2, saliva initially stimulated with two drops of citric acid 2.5%; and S3, saliva super-stimulated with two drops of citric acid 2.5% every 30 seconds for two minutes. Results: No intergroup association was observed between Xerostomia Inventory and Visual Analogue Scale questionnaire. In both groups, the salivary flow was greatest at S3, followed by S2 and finally S1. Salivary flow was lower in the menopausal group compared to the control group only in S2 and S3. Conclusions: In the menopausal group, the salivary flow showed reduction but without clinical symptoms of dry mouth. It is important to normalize salivary flow to prevent oral abnormalities and maintain oral health. © 2013 Australian Dental Association.

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

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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)