Desempenho de longo prazo de IPOs no Brasil: um estudo para o período de 2004 a 2015

O objetivo deste trabalho é avaliar o desempenho de longo prazo das empresas que abrem o capital no Brasil. Os fenômenos de (1) valorização no primeiro dia de negócios pós-IPO (underpricing) seguido de (2) desempenho inferior ao mercado no longo prazo (long-run underperformance) foram amplamente documentados em trabalhos de outros autores. O foco do estudo está em verificar a persistência dessa baixa performance quando alongamos o período de avaliação para 5 anos. Adicionalmente, o estudo pretende entender que fatores são determinantes no desempenho destas ações no longo prazo. O trabalho analisa 128 IPOs ocorridos no período de 2004 a 2012 na Bovespa. Os resultados apontam para evidências estatisticamente significantes de underpricing. Este underpricing foi mais acentuado entre os anos de 2004 a 2008, período precursor da crise financeira do subprime. Quando se analisa a performance de longo prazo os resultados apontam que a carteira de IPOs apresentou performance abaixo do mercado até o 29° mês. Os IPOs lançados no período pré-crise do subprime tiveram performance abaixo do mercado após 3 anos, enquanto que os IPOs lançados no pós-crise tiveram retorno acima do mercado para 3 e 5 anos. Não foi identificada a persistência da baixa performance dos IPOs além do 29° mês. Três variáveis principais mostraram significância na explicação dos retornos de longo prazo: (1) o período de lançamento das ações, (2) o percentual de alocação de investidores estrangeiros, (3) e a reputação do coordenador da oferta. Os IPOs lançados no período pós-crise do subprime observaram melhor performance no longo prazo. Também apresentaram melhor performance os IPOs com maior presença de investidor estrangeiro. Adicionalmente, existe uma relação inversa entre a reputação do coordenador líder da oferta e a performance de longo prazo.

FUSÕES E AQUISIÇÕES: UMA EXPERIÊNCIA DE INTEGRAÇÃO COM SUCESSO

Esta dissertação apresenta um estudo exploratório que tem como objetivo analisar o caso de uma experiência de integração com sucesso de uma fusão de duas empresas com estruturas organizacionais diferentes, tomando como referência a experiência internacional diante da escassez de estudos sistemáticos sobre a integração de fusões e aquisições no Brasil. O estudo se propõe a investigar como foi processada a integração entre as duas empresas buscando analisar os fatores que ocasionaram o sucesso dessa fusão. A metodologia adotada consiste na pesquisa bibliográfica e documental com observação participativa. Os dados foram obtidos por meio de documentos públicos sobre a empresa, que serviram de apoio à pesquisa realizada. Para objeto de pesquisa foi selecionada a empresa SmithKline Beecham, por ser uma empresa global com fabricas no Brasil. Os resultados obtidos apontaram que a integração da empresa foi feita com sucesso, significando que os objetivos estratégicos e de sinergias da fusão, representados por resultados financeiros, de mercado, pesquisa, desenvolvimento e lançamento de novos produtos foram alcançados. A empresa combinada, depois de terminado o processo de integração, apresentava resultados superiores do que quando as duas atuavam separadamente, comprovando que os mecanismos utilizados na integração das duas empresas funcionaram com eficácia. Entretanto, recomendamos que outros estudos como este sejam organizados na busca de novos aspectos que possam servir de suporte às decisões dos empresários quanto à adoção da abordagem estratégica das fusões e aquisições.(AU)

A COMUNICAÇÃO MERCADOLÓGICA NA OFERTA DE MICROCRÉDITO: UM ESTUDO DE CASO DO BANCO ITAÚ NA PERIFERIA DE SÃO PAULO.

Por um lado, o mundo do Século XXI com ferramentas que possibilitam cada vez mais estarmos conectados e dependentes das tecnologias de comunicação, em que a internet prevalece como meio principal para as pessoas se relacionarem, interagirem, consumirem, se divertirem e se informarem. Do outro lado, quase que uma ilha à parte dessa tendência tecnológica, um espaço em que a comunicação oral, a confiança, o valor da palavra, o conhecer o vizinho do bairro e a comunidade são o que prevalece. Trata-se de mais um fenômeno decorrente do crescimento da Classe C no Brasil, posterior ao lançamento do Plano Real, por Fernando Henrique Cardoso no governo do ex-presidente Itamar Franco, e da implantação de medidas sociais nos anos seguintes, durante o governo de Luiz Inácio Lula da Silva. O segmento que representa 54% da população brasileira e desperta a atenção das empresas como uma nova frente de geração de riquezas e negócios. Por meio de pesquisa bibliográfica e análise documental para análise de conteúdo, este estudo de caso único investigará como o Banco Itaú se comunica com esse público para oferecer o microcrédito na periferia da cidade de São Paulo. Num mundo em que se pensa quanto mais rápidas e sensoriais serão as tecnologias de informação no futuro, o bom e velho bate-papo pode levar a conhecimentos importantes quando queremos nos comunicar com as camadas populares da população.

A articulação das ações de propaganda, relações públicas e assessoria de imprensa para uma comunicação mercadológica integrada: análise da integração das ações de relações públicas, assessoria de imprensa e propaganda nos lançamentos de produtos dirigidos às mulheres

O objetivo principal desta dissertação é analisar a comunicação integrada e as especificidades das ferramentas da comunicação mercadológica, mais especificamente as formas de integração entre as ações de relações públicas, assessoria de imprensa e propaganda, para o lançamento de produtos dirigidos às mulheres. Trata-se de uma pesquisa qualitativa e descritiva, que empregou as técnicas de pesquisas bibliográficas e documentais. A partir deste estudo, verificou-se que a possibilidade de integração dessas ferramentas de comunicação mercadológica está uma intrinsecamente relacionada a um objetivo mercadológico e a uma verba de comunicação determinados em um plano estratégico de marketing e que a integração poderá ocorrer a partir da visão articuladora do gestor de comunicação da empresa.(AU)

Evolução espaço-temporal da ocupação urbana sobre áreas naturais no município de Natal-RN

In this work the landscape morphodynamics was used to check the strength and importance of the changes carried out by man on the environment over time, in Natal-RN municipality. The occupation of partially preserved natural areas was analyzed, but environmentally fragile, such as riparian forests, vegetation on the banks of waterways, which play regulatory role of the water flow, and the dunes, which guarantee the rapid recharge of aquifers. The impacts of urban sprawl in Natal Southern and West zones Were identified and characterized, through a detailed mapping in the period between 1969 and 2013 the main Permanent Preservation Areas - PPA (banks of rivers and lagoons, and dunes remaining) and their temporal changes. For this were used aerial photographs and satellite imagery, altimetry data, and pre-existing information, which allowed the creation of a spatial database, and evolution of maps of impervious areas, evolution of the use and occupation and Digital Terrain Model (DTM) from contour lines with contour interval of 1 meter. Based on this study presents a diagnosis of the environmental situation and the state of conservation of natural areas, over the last 44 years, compared to human pressures. In general, it was found that the urban settlement has advanced about 60% of studied natural areas. This advance was growing by the year 2006, when there was a slowdown in the process, except for the Environmental Protection Zone (EPZ) 03, where the river Pitimbú and your PPA, which experienced a more significant loss area. The urban occupation affected the natural drainage and contributed to the contamination of groundwater Natal, due to increased sealed area, the release of liquid and solid waste, as well as the removal of riparian vegetation. Changed irreversibly the natural landscape, and reduced the quality and quantity of water resources necessary for the population. Thus, it is necessary to stimulate the adoption of use and protection of PPA planning measures, to the preservation of the San Valley Region inserted into the EPZ 01, and integrate more remaining dunes, in good condition, this EPZ, due to the importance of those remaining on the environment and the maintenance of quality of life. It is suggested, also, protection of catchment areas, such as PPA ponds and Pitimbú River. Finally, it is expected that this study can assist the managers in making decisions in urban and environmental planning of the municipality

Caracterização de água de lavagem de filtros em estações de tratamento de água de filtração direta

The water supply and treatment is considered as a great benefit considering that, if done efficiently, provides public health. However, considering the WTP (Water Treatment Plant) is an industry, with its inputs and waste generation, they must be constantly evaluated and monitored to verify the best and most appropriate way to process and dispose their waste, minimizing therefore the potential impacts to the environment. By volume, the most significant waste is the rapid filter backwash water. It is very common the disposal of this waste without treatment in water sources, which are used, for the most part, as a water supply source of a downstream population. This study evaluated quantitative and qualitative parameters in filter backwash water in three WTP - Itaitinga, Maranguape and Pacatuba, located in Ceará State, northeast of Brazil. It was found that the Maranguape WTP, in terms of treatment capacity, is the larger. The Itaitinga WTP is the one that consumes more water during filters washing. The Pacatuba WTP exhibited higher concentration of total suspended and settleable solids, COD and aluminum in the filters backwash water. It is noteworthy that the settleable solids and total suspended solids in all three WTP are above the effluent discharge standard recommended by Resolution 154/2002 of SEMACE (State Superintendent of Environment of Ceará). It was concluded that the filter backwash water from the study WTP exceeded the allowed values for legislation to be disposed directly into surface water bodies. It is suggested as an alternative to treat and recycle the filter backwashing water the construction of sludge settling ponds.

Aplicação do planejamento de experimentos no processo de desenvolvimento de produtos: pesquisa em uma sorveteria artesanal

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES

Mudanças na relação entre estado e mercado na produção de habitação de interesse social em Parnamirim-RN

The formulation of public policies, particularly those relating to social housing – SH -, follow a dialectical process of construction, which are involved in the figures of the State and tha Market.The combination of the State and Market remains in constant tension and struggle for power, which provides beyond products (policies, programs and projects), periods of crises and disruptions that can give rise to new institutional arrangements. It is possible to verify a change in the relationship between the State and the Market in the formulation of public policies of SH financing, justified by the context of the Brazilian economy growth, especially after 2003, year that began the first Lula Federal Government , and through the international financial crisis (in 2008). Thus, the State and the Real Estate Market has been undergoing a process of redefinition of their interrelations, articulating new arrangements, new scales of action and new logics of financial valorization of urban space. This peculiarity demanded the rapid thinning of speech and the proposals in the reformulation of housing policies, with the primary result within the pre-existing Growth Acceleration Program – PAC -, the release of My House , My Life – PMCMV -, established by Law 1.977 of the year 2009. Given the above, this research has as study object the relationship between financing public policies of SH, promoted by the State, and behavior of Formal Housing Market. It is believed that the established roles for each agent in the new housing finance model introduced with the PMCMV, have been adapted according to the needs of each location to make this a workable policy. It remains to identify the nature of these adaptations, in other words, what has changed in the performance of each agent involved in this process. Knowing that private capital remains where there is more chance of profit, we tend to believe that most of the adjustments were made on scale of State action. The recommendation of easing urban legislation taken by PMCMV points to how the State has been making these changes in activity to implement the production of social housing by this program. We conclude that in the change for PMCMV, the direct relationship for construction and housing projects financing began to be made between the Caixa Econômica Federal bank and the builders. The city was liberated from the direct interlocutor role between all actors involved in the production of SH and could concentrate on negotiating with the parties, focused on the effectiveness of SH public policies proposed by PMCMV. This ability and willingness for dialogue and negotiation of municipal government (represented by their managers), undoubtedly, represents a key factor for rapprochement between State and Real Estate Market in the City of Parnamirim.

Abordagem da ergonomia para avaliação do treinamento simulado das equipes de resposta à emergência em lançamentos de veículos aeroespaciais

This dissertation introduces a study that aims to analyze the simulated training of emergency teams and proposes recommendations for the current training system in order to improve the collective skills and resilience of these teams when facing possible critical situations, triggered by possible accident occurrences during aerospace vehicle launching operations in the Barreira do Inferno Launch Center in Parnamirim / RN. This is a field, exploratory, descriptive, explanatory, and a case study with a qualitative approach. Therefore, we adopted the ergonomics approach, using the situated method of ergonomic work analysis (AET), combining observational and interactive methods. The relevance of this research is characterized by the contributions to minimize the human and material hazzards resulting from possible accidents in these operations, the scientific contribution of the AET for simulated emergency training analysis in the launching operations of aerospace vehicles - which are complex and involve risk of accidents - and consequently, the scientific contribution to the current process of recovering the Brazilian Space Program. The survey results point to problems of various kinds in the current simulated training system which compromise the safety of the operations. These problems are grouped into four categories: technological, organizational, team training and from the activity itself, regarding more specifically communication and cooperation (among the team members and these ones with other sectors involved in the launching operation) and regarding the coordination of actions. We propose: a) a new training model, from the creation and application of scenarios based on postulated abnormalities, which could simulate real critical situations, in order to train and improve the skills of the emergency response teams especially in terms of communication, coordination and cooperation; b) restructuring and reorganizing the current training system, based on the formal establishment of a managing staff, on the clear division of responsibilities, on the standardization of processes, on the production of management indicators, on the continuous monitoring, on the feedback from trainees about the quality of the training and on the continuing and frequent training of emergency teams.

Gestão de resíduos sólidos domiciliares na cidade de Chibuto, província de Gaza Moçambique

This study analyzes the process of generation and management of solid waste in the Municipality of the City of Chibuto-Mozambique, drawing on the different approaches towards allocation and the socio-environmental implications resulting from this process and waste spatial distribution. To answer these objectives a questionnaire was administered to 367 households distributed in 14 neighborhoods of the city to elicit information on how solid waste is treated and what could be its impact on public health of the residents. From this perspective, the questionnaire gasp information from immigrant residents regarding both their origin, and socio economic condition. Apart from the questionnaire, semi-structured interviews were conducted to staff working on the Sanitation Sector, Urbanization Sector of the Chibuto Municipality, including the Health Service, and Women and Social Affairs. In addition to these data collection methods, for further discussion on the subject, the researcher draw a theoretical framework grounded through literature review, as well as systematic observation of the phenomenon. Research findings revealed that the solid waste collection services provided by the Chibuto Municipality do not follow the procedures laid down in the Regulation on Solid Waste Management, which advocates environmentally safe, sustainable, and complete management of waste. First, the services use open dumps for waste management. Secondly, waste collection does not cover all citizens living in the neighborhoods governed by the municipality, due to financial, technical, and organizational reasons. More importantly, the study found that due to this failure, more than 90% of households surveyed continue to use the traditional methods on waste management which include burning, or the burial techniques. On the other hand, some citizens throw waste on the streets, a method that threatens public health because it increases cases of diseases related to sanitation problems such as (diarrhea and malaria), especially in suburban and peripheral urban areas. Concerning with the above mentioned problems which constitute a real threat to the public health, some ways are proposed for more sustainable and spatially appropriate solid waste management through recycling, waste sorting, composting, reuse, and reduction of solid waste generation.

Otimização do controle do diagrama de radiação de radares de varredura para rastreio de foguetes usando o método GAMMC para o Caso Planar (GAMMC-P)

Launching centers are designed for scientific and commercial activities with aerospace vehicles. Rockets Tracking Systems (RTS) are part of the infrastructure of these centers and they are responsible for collecting and processing the data trajectory of vehicles. Generally, Parabolic Reflector Radars (PRRs) are used in RTS. However, it is possible to use radars with antenna arrays, or Phased Arrays (PAs), so called Phased Arrays Radars (PARs). Thus, the excitation signal of each radiating element of the array can be adjusted to perform electronic control of the radiation pattern in order to improve functionality and maintenance of the system. Therefore, in the implementation and reuse projects of PARs, modeling is subject to various combinations of excitation signals, producing a complex optimization problem due to the large number of available solutions. In this case, it is possible to use offline optimization methods, such as Genetic Algorithms (GAs), to calculate the problem solutions, which are stored for online applications. Hence, the Genetic Algorithm with Maximum-Minimum Crossover (GAMMC) optimization method was used to develop the GAMMC-P algorithm that optimizes the modeling step of radiation pattern control from planar PAs. Compared with a conventional crossover GA, the GAMMC has a different approach from the conventional one, because it performs the crossover of the fittest individuals with the least fit individuals in order to enhance the genetic diversity. Thus, the GAMMC prevents premature convergence, increases population fitness and reduces the processing time. Therefore, the GAMMC-P uses a reconfigurable algorithm with multiple objectives, different coding and genetic operator MMC. The test results show that GAMMC-P reached the proposed requirements for different operating conditions of a planar RAV.

O emprego do imalt como solução interpretativo-composicional em 3 obras autorais para violão

The task of expression undertaken by the performer falls largely on the right hand of guitarist. Aware of this fact, past and present masters have left their contributions to the development of right hand technique. It is clear, with rare exceptions, that educational and interpretative proposals, so far, have addressed the attack on the strings from the flexion of the fingers. This work, however, presents a technical resource called imalt, including in the attack action, the extension movement. Some techniques used in specific circumstances, such as the dedillo, the alzapúa, the tremulo and the rasgueado also use extension movements in the attack. They are put in perspective with the imalt providing a panoramic view of their individual characteristics. The use of imalt in the traditional guitar repertoire is exemplified in Villa Lobos, Ponce and Brouwer. Three pieces were composed for this work: Shravana, Alegoria and Vandana. Compositional techniques such as melodic contour applying and ostinato have been reviewed and used in the preparation of these compositions. A detailed record of compositional trajectory is presented. Therefore, the Model for the Compositional Process Accompaniment according Silva (2007) is used. Some events that have left the imalt in evidence are reported, as the launch and distribution of the Compact Disc (CD) Imalt, publishing scores and interviews. Finally is presented concluding comments, pointing possibilities opened up by this work.

Biologia reprodutiva de Mimus gilvus (Aves: Mimidae) em área de restinga no nordeste do Brasil

The thrush beach, Mimus gilvus (Aves: Mimidae) is a passerine widely distributed in Central and South America. In Brazil occurs mainly in the areas of the resting and vegetation near the beach. In southeastern Brazil this species has disappeared, mainly due to urbanization. Many attributes of their reproductive biology are unknown, especially in relation to reproductive success. During the years 2010-2011, 2011-2012 and 2014-2015 were made visits to the area of restinga forest in Centro de Lançamento da Barreira do Inferno (CLBI), located between the cities of Natal and Parnamirim-RN (5 ° 54'S 35 ° 10'W ) where they were made systematic searches to trying describe reproductive biology of the characteristics of M. gilvus, estimate their reproductive success using the Mayfield method, and identify the main factors that influence their reproductive success in environment the resting. For this, forty fifth active nests monitored were used. Only during the breeding season of 2011-2012 and 2014-2015 were made systematic visits to the study area. The reproductive period ranged August to March. Clutch size ranged from two, three and six eggs (n = 22). Broods of two eggs were more common, with an average of eggs laid per nest of 2 ± 0,51 (n = 20 nests). The incubation period was approximately 13 ± 1,9 days (n = 11 nests). The period of stay of the nestlings was approximately 11 ± 1,6 days (n = 9 nests). With approximately 11 days old the nestlings were able to leave the nest. The apparent success was 37,8% and the success estimated by Mayfield method was 26,6%. Predation was the main cause of loss of nests in the study area. The daily survival rates (TDS) were obtained from 0,9593 incubation and 0,9313 for nestling period respectively. Survival estimates for each period was 0,5827 for incubation and 0,4571 for nestling period. The cumulative average rainfall for each month influenced negatively the hatching rates of M. gilvus nests. In addition, the number hatch eggs among the most rainy season (rainy season) and the period of lowest rainfall (dry season) were different. The number of lost nests of M. gilvus was lower in scrubs than cactus, which may account for the largest number of nests of this species found in scrubs. Survival rates in nestling period were lower compared with the incubation period. The fact that the survival rates nests of M. gilvus be lower in the nestling period compared to the incubation period may result from increased activity of adults during this phase of the nest, which in turn would increase predation rates. M. gilvus seems to avoid the rainy season during their reproduction, concentrated most of their nests in periods of low rainfall.

Operacionalização do processo de treino no futebol feminino:situações de bola parada no meio campo ofensivo

Relatório de Estágio apresentado para a obtenção do grau de Mestre em Desporto com especialização em Treino Desportivo – Futebol

Análise sequencial de criação de situações de finalização no basquetebol

Relatório de Estágio apresentado para a obtenção do grau de Mestre em Desporto com especialização em Treino Desportivo