Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro

Este artigo tem como objetivo investigar se as aquisições realizadas por empresas brasileiras fora do País nos últimos 15 anos têm aumentado o desempenho financeiro dessas empresas. Além disso, é realizada uma análise empírica dos fatores determinantes desse sucesso, com base nas teorias institucional, sociocultural e de aprendizagem organizacional. Os resultados indicam que, de fato, as investidas cross border de companhias do Brasil melhoram o desempenho, que é positivamente impactado quando a distância cultural entre os países da adquirida e da adquirente é baixa ou média e quando o ambiente institucional no qual a empresa-alvo se encontra é desenvolvido. Já a relação entre as experiências anteriores das brasileiras em fusões ou aquisições internacionais e o desempenho de uma nova aquisição fora do País segue o formato de U invertido, enfatizando a relevância de se considerar a experiência com fusões e aquisições da empresa compradora além das características institucionais dos seus países-alvo.

CROSS-COUNTRY STUDY ON THE DETERMINANTS OF BANK FINANCIAL DISTRESS

ABSTRACTBank failures affect owners, employees, and customers, possibly causing large-scale economic distress. Thus, banks must evaluate operational risks and develop early warning systems. This study investigates bank failures in the Organization for Economic Co-operation and Development, the North America Free Trade Area (NAFTA), the Association of Southeast Asian Nations, the European Union, newly industrialized countries, the G20, and the G8. We use financial ratios to analyze and explore the appropriateness of prediction models. Results show that capital ratios, interest income compared to interest expenses, non-interest income compared to non-interest expenses, return on equity, and provisions for loan losses have significantly negative correlations with bank failure. However, loan ratios, non-performing loans, and fixed assets all have significantly positive correlations with bank failure. In addition, the accuracy of the logistic model for banks from NAFTA countries provides the best prediction accuracy regarding bank failure.

Predictors of Successful Weight Control: Cross-Cultural Moderators of Treatment Outcomes

Given the heterogeneity of effect sizes within the population for any treatment, identifying moderators of outcomes is critical [1]. In weight management programs, there is a high individual variability in terms of weight loss and an overall modest success [2]. Some people will adopt and sustain attitudes and behaviors associated with weight loss, while others won’t [3]. To predict weight loss outcome just from the subject’s baseline information would be very valuable [4,5]. It would allow to: - Better match between treatments and individuals - Identify the participants with less probability of success (or potential dropouts) in a given treatment and direct them to alternative therapies - Target limited resources to those most likely to succeed - Increase cost-effectiveness and improve success rates of the programs Few studies have been dedicated to describe baseline predictors of treatment success. The Healthy Weight for Life (USA) study is one of the few. Its findings are now being cross-validated in Portuguese samples. This paper describes these cross-cultural comparisons.

Sistema de gestão e controlo da atribuição de endereçamento de rede

Com a evolução tecnológica, a informática assumiu um papel fulcral na nossa vida actual tanto numa vertente doméstica como para as mais variadíssimas organizações. As redes IP estão disseminadas por todo o lado, escritórios, habitações, estabelecimentos de ensino, espaços comerciais, com as mais diversas topologias e dimensões, que como qualquer recurso devem ser bem geridas. O presente projecto insere-se neste contexto, pretendendo criar um sistema para dar apoio no controlo e gestão de endereçamento IP dados por um servidor DHCP. A problemática central que este projecto pretende tratar é a detecção da configuração forçada de endereços IP por parte dos utilizadores, notificando tais situações aos administradores de rede. O sistema é constituído por vários componentes como Linux, MySQL, ISC DHCP, SNMP, PHP, APACHE e irá interagir com equipamentos de rede que possuam tabelas de endereços para que a informação, nestas encontradas, seja comparada com a informação dos endereços fornecidos pelo servidor DHCP. O sistema dá suporte a uma página web que pretende auxiliar algumas configurações e fornecer informações estatísticas sobre a rede.

Cross-cultural differences in children's concepts of health and illness

INTRODUCTION: In spite of general agreement that cross-cultural research is needed in the health area, most existing investigations of children's development of health and illness-related concepts have involved samples from developed countries. The study examined the development of the concepts of health and illness as a function of subject's age, socio-economic status (SES), gender and grade level in a Brazilian sample of 96 elementary and junior high school students. METHODS: Subjects were interviewed individually and their ideas of health and illness were assessed through open-ended questions. Participants' answers were transcribed verbatim and subjected to content analysis. RESULTS: Chi-square analyses revealed significant age, school grade and SES-related differences in participants' concepts of health and illness. DISCUSSION AND CONCLUSION: The themes employed by subjects to define both health and illness were broadly consistent with those found by previous research. The study showed a predictable relationship between subject's age and school grade level and increasingly more highly differentiated and multidimensional concepts of health and illness. This investigation suggests that, for the most part, cross-cultural similarities in children's concepts of health and illness may be more striking than the differences.

The risk-return trade-off in Europe: A temporal and cross-sectional analysis

This paper analyzes the risk-return trade-off in European equities considering both temporal and cross-sectional dimensions. In our analysis, we introduce not only the market portfolio but also 15 industry portfolios comprising the entire market. Several bivariate GARCH models are estimated to obtain the covariance matrix between excess market returns and the industrial portfolios and the existence of a risk-return trade-off is analyzed through a cross-sectional approach using the information in all portfolios. It is obtained evidence for a positive and significant risk-return trade-off in the European market. This conclusion is robust for different GARCH specifications and is even more evident after controlling for the main financial crisis during the sample period.

Porto: cidade amiga das pessoas idosas. Um estudo centrado na perspectiva de idosos das freguesias de S. Nicolau e Sé

Uma cidade amiga das pessoas idosas é um meio urbano onde são proporcionadas condições de saúde, segurança e participação que permitem às pessoas mais velhas envelhecerem activamente e viverem com dignidade. A nossa investigação, de natureza qualitativa e exploratória, teve como objectivo verificar se a cidade do Porto possui características de uma cidade amiga das pessoas idosas, na perspectiva de idosos residentes neste meio urbano. Para tal, realizamos dois focus groups com idosos habitantes nas Freguesias de S. Nicolau e Sé, seleccionados a partir de uma amostragem por conveniência, tendo sido utilizado um guião de entrevista constituído pelas categorias: espaços exteriores e edifícios; transportes; habitação; respeito e inclusão social; participação social; participação cívica e emprego; comunicação e informação; apoio comunitário e serviços de saúde. No nosso estudo, foi possível constatar que os participantes, apesar de se manifestarem genericamente satisfeitos com a sua vida na cidade do Porto e identificarem algumas características desse meio urbano que podem ser consideradas como amigas das pessoas idosas, descreveram um vasto conjunto de condições da cidade que limitam o seu quotidiano. Neste sentido, relativamente aos espaços exteriores, para além de os caracterizarem como inseguros quanto ao crime, reconheceram essencialmente limitações à sua mobilidade e segurança física, tais como os declives acentuados e as irregularidades do terreno de certos passeios, o curto período de tempo proporcionado para que sejam atravessadas algumas passadeiras e o aglomerar de lixo e estacionamento de veículos em locais destinados a peões. Adicionalmente, os participantes manifestaram-se insatisfeitos com o número de autocarros e paragens disponíveis na sua freguesia e identificaram nas habitações existentes na cidade do Porto um elevado nível de degradação estrutural e uma falta generalizada de condições de conforto, acessibilidade e protecção face a condições atmosféricas. Em oposição, foi possível verificar que a maior parte dos participantes se sente respeitado e incluído nas actividades e eventos realizados na sua comunidade. Da mesma forma, mostraram-se satisfeitos com a variedade de actividades em que têm oportunidade de participar, incluindo actividades de voluntariado e trabalho não remunerado. Aspectos característicos de uma cidade amiga do idoso, tais como a aglomeração geográfica dos edifícios públicos e lojas e a existência de serviços de apoio comunitário foram também identificados.

Protection of wind energy systems against the indirect effects of lightning

This paper is concerned with the protection of wind energy systems against the indirect effects of lightning. As wind energy is gaining increasing importance throughout the world, lightning damages involving wind energy systems have come to be regarded with more attention. Nevertheless, there are still very few studies in Portugal regarding lightning protection of wind energy systems using models of the Electro-Magnetic Transients Program (EMTP). Hence, a new case study is presented in this paper, based on a wind turbine with an interconnecting transformer, considering that lightning strikes the soil near the tower at a distance such that galvanic coupling occurs through the grounding electrode. Computer simulations obtained by using EMTP-RV are presented and conclusions are duly drawn. (C) 2011 Elsevier Ltd. All rights reserved.

The use and relevance of gonad protection shields in children during hips radiography

Considering that ionizing radiation effects are cumulative and the gonads are particularly sensitive to these effects, and also the clinical importance of pelvic radiographs in children, the excess of radiation exposure to the gonads must be avoided. The purpose of this study is to demonstrate the relevance of the correct use of gonad protection shields and to evaluate their use on the hip radiographs performed in a reference clinical institution, through the retrospective analysis of pelvic radiographic images performed in children. According the image quality assessment, 20 (40%) patients were unprotected and gonads shields were incorrectly placed in 24 (80%) patients.

Caracterização da função pulmonar de bombeiros da Região Norte de Portugal

Os Bombeiros estão expostos frequentemente a vários poluentes prejudicando gravemente a sua saúde respiratória. Foi realizado um estudo observacional e transversal, com o objectivo de caracterizar a função pulmonar dos bombeiros da região norte de Portugal. A amostra foi constituída por 44 Bombeiros de Valongo e Rebordosa. Todos os participantes preencheram um questionário, executaram espirometrias e mediram o monóxido de carbono. Verificou-se uma elevada prevalência de hábitos tabágicos, bem como da carga tabágica. A percentagem de alterações espirométricas foi de 38,6% e a utilização de protecção respiratória revelou-se praticamente inexistente nos incêndios florestais.

Radiographers and radiation protection: education, training and CPD

The increasing use of ionizing radiation for medical purposes emphasizes the concern about safety and justification of using ionizing radiation. This is linked with the use of new and high-dose X-ray technology (particularly CT). According to the UNSCEAR 2010 Report the total number of diagnostic medical examinations (both medical and dental) is estimated to have risen from 2.4 billion (period 1991–1996) to 3.6 billion (period 1997– 2008) - a marked increase in collective doses. An appropriate use of technology aiming diagnostic or therapy and respecting the ALARA principle is a mandatory requisite to safely perform any radiological procedure. Radiation protection is thus, a concern of all specialists in the radiology field ( radiologists, radiographers, medical physicists, among other professional groups). The importance of education and training of these professionals in reducing patients’ doses while maintaining the desired level of quality in medical exposures, as well as precise therapeutic treatments is well recognized. Education, training and continuing professional development (CPD) constitute a triad pointing towards the radiographers’ development of competences in the radiation protection field. This presentation excludes the radiographer role and competences in the fields of ultrasonography and MRI.

A Sensorless PMDC Motor Speed Controller with a Logical Overcurrent Protection

A method to control the speed or the torque of a permanent-magnet direct current motor is presented. The rotor speed and the external torque estimation are simultaneously provided by appropriate observers. The sensorless control scheme is based on current measurement and switching states of power devices. The observer’s performances are dependent on the accurate machine parameters knowledge. Sliding mode control approach was adopted for drive control, providing the suitable switching states to the chopper power devices. Despite the predictable chattering, a convenient first order switching function was considered enough to define the sliding surface and to correspond with the desired control specifications and drive performance. The experimental implementation was supported on a single dsPIC and the controller includes a logic overcurrent protection.

Results of radiation protection programmes on mammography

In this paper, we present the results of mammography quality control tests related to the work with Portuguese mammography equipment, either in conventional or in digital mammography computed radiography, showing the main differences in the tested equipments. Quality control in mammography is a very special area of quality control in radiology, which demands relatively high knowledge on physics. Digital imaging is changing the standards of the radiographic imaging. Regarding mammography, this is yet a controversial issue owing to some limitations of the digital detectors, like the resolution for instance. A complete set of results regarding radiation protection of the patients submitted to mammography diagnosis is presented. A discussion of the quality image parameters and its interpretation in conventional and digital mammography is presented. In conclusion, we present a sample of results that can be considered as characteristics of mammography equipment in Portugal.

Protection against oxidative stress through SUA7/TFIIB regulation in Saccharomyces cerevisiae

The general transcription factor TFIIB, encoded by SUA7 in Saccharomyces cerevisiae, is required for transcription activation but apparently of a specific subset of genes, for example, linked with mitochondrial activity and hence with oxidative environments. Therefore, studying SUA7/TFIIB as a potential target of oxidative stress is fundamental. We found that controlled SUA7 expression under oxidative conditions occurs at transcriptional and mRNA stability levels. Both regulatory events are associated with the transcription activator Yap1 in distinct ways: Yap1 affects SUA7 transcription up regulation in exponentially growing cells facing oxidative signals; the absence of this activator per se contributes to increase SUA7 mRNA stability. However, unlike SUA7 mRNA, TFIIB abundance is not altered on oxidative signals. The biological impact of this preferential regulation of SUA7 mRNA pool is revealed by the partial suppression of cellular oxidative sensitivity by SUA7 overexpression, and supported by the insights on the existence of a novel RNA-binding factor, acting as an oxidative sensor, which regulates mRNA stability. Taken together the results point out a primarily cellular commitment to guarantee SUA7 mRNA levels under oxidative environments.