Analysis of the Bovespa Futures and Spot Indexes With High Frequency Data. Chinese Business Review

Data from the World Federation of Exchanges show that Brazil’s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built: ARFIMA, vector autoregressive (VAR), and vector error correction (VEC). Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.

Tanzanian Food Origins and Protected Geographical Indications

As the world`s population is constantly growing, food security will remain on the policy Agenda, particularly in Africa. At the same time, global food systems experience a new wave focusing on local foods and food sovereignty featuring high quality food products of verifiable geographical origin. This article argues that Geographical Indications (GI´s) hold the potential to help transform the Tanzanian agriculture-dependent economy through the tapping of value from unique products, attributing taste and colour to place or regional geography. This study aims to identify the existence and characteristics of food origin products in Tanzania that have potential for GI certification. The hypothesis was that there are origin products in Tanzania whose unique characteristics are linked to the area of production. Geographical indications can be useful policy instruments contributing to food security and sovereignty and quality within an efficient marketing system with the availability of government support, hence the need to identify key candidates for GI certification. Five Tanzanian origin products were selected from 14 candidate agricultural products through a scoping study. Rice from Kyela, Aloe vera, Coffee and Sugar from Kilimanjaro and Cloves from Zanzibar are some of the product cases investigated and provides for in-depth case study, as ´landscape´ products incorporating ´taste of place´. Interviews were conducted to collect quantitative and qualitative data. Data was collected on the production area, product quality perceived by the consumer in terms of taste, flavour, texture, aroma, appearance (colour, size) and perceptions of links between geography related factors (soil, land weather characteristics) and product qualities. A qualitative case study analysis was done for each of the (five) selected Tanzanian origin products investigated with plausible prospects for Tanzania to leapfrog into exports of Geographical Indications products. Framework conditions for producers creating or capturing market value as stewards of cultural and landscape values, environments, and institutional requirements for such creation or capturing to happen, including presence of export opportunities, are discussed. Geographical indication is believed to allow smallholders to create employment and build monetary value, while stewarding local food cultures and natural environments and resources, and increasing the diversity of supply of natural and unique quality products and so contribute to enhanced food security.

Repositioning a Multifamily Asset

Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.

Fixation du prix de vente des exploitations agricoles québécoises: comparaison entre fermes laitières et autres types de production

L’écart croissant entre les valeurs marchande et économique des exploitations agricoles québécoises complexifie le processus de transfert des fermes à la prochaine génération. La capacité de payer limitée des repreneurs et les besoins de retraite des cédants restreignent la marge de manoeuvre nécessaire afin de déterminer un prix de vente de l’entreprise adéquat. La présente étude vise à analyser les déterminants du prix de vente des fermes et montre que dans notre échantillon, le prix est significativement corrélé avec les besoins de retraite nets des cédants et de façon moins significative, avec la valeur économique des fonds propres de l’entreprise. Les considérations financières semblent éclipser les aspects humains et d’importants compromis sont réalisés des deux côtés de la transaction en vue d’assurer la continuité de l’entreprise. L’influence d’intervenants externes à l’entreprise entre également en ligne de compte dans la fixation du prix, ce qui implique que la décision ne découle pas uniquement d’une négociation entre cédants et repreneurs. De façon générale, les fermes laitières semblent confrontées aux mêmes défis que les autres types de production quant à la fixation de leur prix de vente, ce qui suggère que la problématique soit davantage une question de gestion plutôt qu’une question spécifique au secteur. À moins d’un rétrécissement de l’écart entre la valeur marchande des actifs et leurs capacités à générer des revenus, la fixation du prix de vente de plusieurs fermes du Québec risque d’être encore plus contraignante à l’avenir.

Uso del indicador del retorno total del negocio como alternativa para optimizar la inversión en unidades de negocio en condiciones de incertidumbre

En este articulo se hace un análisis sobre la validez de la TBR (Total Bussines return) como medida de rentabilidad de unidades de negocio que pertenecen a un portafolio corporativo. Se establecen cuales son sus debilidades y en que casos es posible aceptarla como medida de rentabilidad asociada con la creación de valor. Se expone, la coincidencia matemática entre la TBR y el WACC (costo promedio ponderado de capital) a partir del descuento de flujos de caja proyectados y entre el CAV (creación adicional de valor) y la diferencia entre el ingreso económico obtenido y el ingreso económico esperado en un periodo determinado. También se evidencia la equivalencia entre el CAV y la variación del valor de las operaciones más la variación del flujo de caja del periodo. Posteriormente se realiza una aplicación para mostrar como puede utilizar la TBR y la teoría moderna de portafolio para que un gerente corporativo pueda controlar la relación rendimiento-riesgo existente entre las distintas unidades de negocio a cargo de su corporación.

A new species of gall midge (Diptera: Cecidomyiidae) feeding on ornamental Cordyline fruticosa(Asparagaceae) in Australia

Larvae of an undescribed gall midge were found feeding on leaves and stems within leaf sheaths and between leaf blades of potted plants of Cordyline fruticosa (Asparagaceae) in a production nursery in Queensland. The following varieties of the host plant were infested: Apple Blossom', Glauca', Kilauea', Negra', Pink Diamond, 'Purple Prince' and Willy's Gold'. The new species, Dasineura cordylineaeKolesik sp. nov., is described and its cytochrome oxidase unit I mitochondrial gene segment is sequenced. The new species is the first known gall midge feeding on a plant species of the genus Cordyline. Orange larvae induce oval shallow swellings on the leaf and stem tissue, which becomes necrotised during the later stage of larval feeding. Necrotic areas remain visible to the end of leaves' lives and decrease the market value of the plants. In the production nursery investigated, the lesions caused by the gall midge provided an entry for a fungal infection by Fusarium sp. inflicting further injury to plants. Larvae of the new species were preyed on by larvae of Gaurax sp. (Diptera: Chloropidae). This is the first worldwide record of Chloropidae preying on Cecidomyiidae.

Valor económico do solo: perspectivas pública e privada

Having in mind that the majority of human beings do not take consciousness how fundamental soil is for their survi - val, nor how men action can lead to soil dilapidation, this works tries to call attention for its real value. Concisely, the main objectives of this paper are: to show clearly the most relevant soil functions; to analyze how soil management can influence positive or negatively soil capacity of production; to present a methodology for private soil assessment , making clear that privates valuate almost exclusively the soil capacity to produce market goods and ser - vices; to stress that many goods and services have global public effects; to emphasize that society ought to recognize soil multifunctionality and must try to impute some value to all those goods and services although some of them have no market value, at present. The paper concludes that: (1) without productive soil life on earth, as we know it, would be impossible; (2) although it is almost impossible to assess the real value of all goods and services produced by the soil, it is of great importance to develop appropriate methodologies to do so, in order to improve cost-benefit analysis helping to take correct decisions regarding the sustainable use of the soil.

Evolução da capacidade preditiva da informação contábil : um estudo a partir dos disclosures das Companhias listadas na BM&FBovespa após a adoção das Normas Internacionais de Contabilidade no Brasil

Dissertação (mestrado)—Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, Programa de Pós-Graduação Multiinstitucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2016.

Heritage assets : procedimentos para o reconhecimento e a mensuração adotados pelos museus

Este artigo teve como objetivo principal efetuar a análise das demonstrações contábeis de museus localizados nos cinco continentes, visando identificar o tratamento contábil relacionado ao reconhecimento e à mensuração dos heritage assets (HAs). Para tanto, aborda as definições de heritage assets, bem como o tratamento contábil discutido na literatura e definido pelas normas aplicáveis aos museus dos países foco deste estudo. Trata-se de uma pesquisa aplicada, qualitativa, descritiva e documental, conduzida a partir da análise do conteúdo dos relatórios anuais, demonstrações contábeis e respectivas notas explicativas de nove museus localizados na Nova Zelândia, Austrália, Reino Unido, África do Sul, Brasil, Canadá, Peru, Argentina e Estados Unidos. A partir da análise dos documentos, verificaram-se práticas heterogêneas, sendo o HA evidenciado em apenas uma parcela dos Balanços Patrimoniais, com destaque para as entidades situadas na Nova Zelândia e na Austrália, as quais apresentam o detalhamento mais completo e robusto. Quanto aos critérios de mensuração adotados pelos museus, o custo histórico é adotado principalmente para o reconhecimento inicial, enquanto outros critérios (valor justo, valor de mercado, custo de reposição e julgamento de profissionais especializados) são utilizados na mensuração subsequente. ______________________________________________________________________________ ABSTRACT

A divulgação de informação do governo societário e o seu efeito no mercado de capitais. Evidência no PSI20 - Euronext Lisbon

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2016

Size anomalies in EU bank stock returns

Mestrado em Finanças

Leaf water potential and sap flow as indicators of water stress in Crimson ‘seedless’ grapevines under different irrigation strategies

Vitis vinifera L. cv. Crimson Seedless is a late season red table grape developed in 1989, with a high market value and increasingly cultivated under protected environments to extend the availability of seedless table grapes into the late fall. The purpose of this work was to evaluate leaf water potential and sap flow as indicators of water stress in Crimson Seedless vines under standard and reduced irrigation strategy, consisting of 70 % of the standard irrigation depth. Additionally, two sub-treatments were applied, consisting of normal irrigation throughout the growing season and a short irrigation induced stress period between veraison and harvest. Leaf water potential measurements coherently signaled crop-available water variations caused by different irrigation treatments, suggesting that this plant-based method can be reliably used to identify water-stress conditions. The use of sap flow density data to establish a ratio based on a reference ‘well irrigated vine’ and less irrigated vines can potentially be used to signal differences in the transpiration rates, which may be suitable for improving irrigation management strategies while preventing undesirable levels of water stress. Although all four irrigation strategies resulted in the production of quality table grapes, significant differences (p ≤ 0.05) were found in both berry weight and sugar content between the standard irrigation and reduced irrigation treatments. Reduced irrigation increased slightly the average berry size as well as sugar content and technical maturity index. The 2-week irrigation stress period had a negative effect on these parameters.

Leaf water potential and sap flow as indicators of water stress in Crimson 'seedless' grapevines under different irrigation strategies

Abstract Vitis vinifera L. cv. Crimson Seedless is a late season red table grape developed in 1989, with a high market value and increasingly cultivated under protected environments to extend the availability of seedless table grapes into the late fall. The purpose of this work was to evaluate leaf water potential and sap flow as indicators of water stress in Crimson Seedless vines under standard and reduced irrigation strategy, consisting of 70 % of the standard irrigation depth. Additionally, two sub-treatments were applied, consisting of normal irrigation throughout the growing season and a short irrigation induced stress period between veraison and harvest. Leaf water potential measurements coherently signaled crop-available water variations caused by different irrigation treatments, suggesting that this plant-based method can be reliably used to identify water-stress conditions. The use of sap flow density data to establish a ratio based on a reference ‘well irrigated vine’ and less irrigated vines can potentially be used to signal differences in the transpiration rates, which may be suitable for improving irrigation management strategies while preventing undesirable levels of water stress. Although all four irrigation strategies resulted in the production of quality table grapes, significant differences (p ≤ 0.05) were found in both berry weight and sugar content between the standard irrigation and reduced irrigation treatments. Reduced irrigation increased slightly the average berry size as well as sugar content and technical maturity index. The 2-week irrigation stress period had a negative effect on these parameters.

Development of benchmarks for operating costs and resources consumption to be used in healthcare building sustainability assessment methods

Since the last decade of the twentieth century, the healthcare industry is paying attention to the environmental impact of their buildings and therefore new regulations, policy goals and Buildings Sustainability Assessment (HBSA) methods are being developed and implemented. At the present, healthcare is one of the most regulated industries and it is also one of the largest consumers of energy per net floor area. To assess the sustainability of healthcare buildings it is necessary to establish a set of benchmarks related with their life-cycle performance. They are both essential to rate the sustainability of a project and to support designers and other stakeholders in the process of designing and operating a sustainable building, by allowing the comparison to be made between a project and the conventional and best market practices. This research is focused on the methodology to set the benchmarks for resources consumption, waste production, operation costs and potential environmental impacts related to the operational phase of healthcare buildings. It aims at contributing to the reduction of the subjectivity found in the definition of the benchmarks used in Building Sustainability Assessment (BSA) methods, and it is applied in the Portuguese context. These benchmarks will be used in the development of a Portuguese HBSA method.

The Appraisal of projects with environmental impacts. Efficiency and Sustainability

It is usually assumed that the appraisal of the impacts experienced by present generations does not entail any difficulty. However, this is not true. Moreover, there is not a widely accepted methodology for taking these impacts into account. Some of the controversial issues are: the appropriate value for the discount rate, the choice of the units for expressing the impacts, physical or monetary units -income, consumption or investment- and the valuation of tangible and intangible goods. When approaching the problem of very long term impacts, there is also the problem of valuing the impacts experienced by future generations, through e.g., the use of an intergenerational discount rate. However, if this were the case, the present generation perspective would prevail, as if all the property rights on the resources were owned by them. Therefore, the sustainability requirement should also be incorporated into the analysis. We will analyze these problems in this article and show some possible solutions.