O simbólico como estratégia para a alteração comportamental: o caso Águas do Porto

Dissertação de mestrado em Ciências da Comunicação (área de especialização em Publicidade e Relações Públicas)

A lei de Mitscherlich aplicada a experimentos de adubação com vinhaça

The author studies, with the aid of Mitscherlich's law, two experiments of sugar cane fertilization with vinasse. The first one, carried out in Piracicaba, State of S. Paulo, by ARRUDA, gave the following yields. No vinasse 47.0 tons/ha. 76.0 tons/ha. 250 c.m./ha. of vinasse 75.0 do. 112.0 do. 500 do. 90.0 do. 112.0 do. 1000 do. 98.0 do. 107.0 do. Data without NPK were appropriate for the fitting of the law, the equation of which was found to be: y = 100.8 [1 - 10 -0.00132 (x + 206) ], where y is measured in metric tons/hectare, and x in cubic meters/hectare. The optimum amount of vinasse to be used is given by the formula x* = 117.2 + 1 log w u , ______ ____ 0.00132 250 t being u the response to the standard dressing of 250 cubic meters/hectare of vinasse, w the price per ton of sugar cane, and t the price per cubic meter for the transportation of vinasse. In Pernambuco, a 3(4) NPK vinasse experiment gave the following mean yields: No vinasse 41.0 tons/hectare 250 cm./ha. of vinasse 108.3 do. 500 do. 134.3 do. The equation obtained was now y = 150.7 [1 - 10 -000165 (x + 84)], being the most profitable level of vinasse x* = 115.2 + 1 log w u , _______ ____ 0.00165 250 t One should notice the close agreement of the coefficients c (0.00132 in S. Paulo and 0.00165 in Pernambuco). Given the prices of Cr$ 20.00 per cubic meter for the transportation of vinasse (in trucks) and Cr$ 250.00 per ton of sugar cane (uncut, in the fields) the most profitable dressings are: 236 c.m./ha. of vinasse in S. Paulo, and 434 c.m./ha. in Pernambuco.

O problema técnico-econômico da adubação

The authors discuss from the economic point of view the use of a few functions intended to represent the yield y corresponding to a level xof the nutrient. They point out that under conditions of scarce capital what is actually most important is not to obtain the highest profit per hectare but the highest return per cruzeiro spent, so that we should maximize the function z = _R - C_ = _R_ - 1 , C C where R is the gross income and C the cost of production (fixed plus variable, both per hectare). Being C = M + rx, with r the unit price of the nutrient and Af the fixed cost of the crop, wo are led to the equation (M + rx)R' - rR = 0. With R = k + sx + tx², this gives a solution Xo = - Mt - √ M²t² - r t(Ms - Kr)- _____________________ rt on the other hand, with R = PyA [1 - 10-c(x + b)], x0 will be the root of equation (M + rx)cL 10 + r 10c(x + b) = 0 (12). Another solution, pointed out by PESEK and HEADY, is to maximize the function z = sx + tx² _________ m + rx where the numerator is the additional income due to the nutrient, and m is the fixed cost of fertilization. This leads to a solution x+ = - mt - √m²t² - mrst (13) _________________ rt However, we must have x+< _r_-_s_ I if we want to satisfy t _dy_ > r. dx This condition is satisfied only if we have m < _(s__-__r)² (14), - 4 t a restriction apparently not perceived by PESEK and HEADY. A similar reasoning using Mitscherlich's law leads to equation (mcL 10 + r) + cr(L 10)x - r 10cx = 0 (15), with a similar restriction. As an example, data of VIEGAS referring to fertilization of corn (maize) gave the equation y - 1534 + 22.99 x - 0. 1069 x², with x in kg/ha of the cereal. With the prices of Cr$ 5.00 per kilo of maize, Cr$ 26.00 per kilo of P2O3,. and M = Cr$ 5,000.00, we obtain x0 = 61 kg/ha of P(2)0(5). A similar reasoning using Mitscherlich's law leads to x0 = 53 kg/ha. Now, if we take in account only the fixed cost of fertilization m = Cr$ 600.00 per hectare, we obtain from (13) x+ = 51 kg/ha of P2O5, while (14) gives x+ - 41 kg/ha. Note that if m = Cr$ 5,000.00, we obtain by formula (13) x+ = 88 kg/ha of P2O5, a solution which is not valid, since condition (14) is not satisfied.

El Derecho norteamericano como impulsor de la responsabilidad civil del fabricante por productos defectuosos

Investigación elaborada a partir de una estancia en la Columbia Law School of New York, Estados Unidos, entre los meses de septiembre y noviembre del 2006. El Derecho comunitario europeo y español regulan la reparación de los daños causados por el uso o la proximidad de un producto defectuoso mediante gracias al impulso ideológico ejercido por la jurisprudencia norteamericana. El principio de responsabilidad objetiva rector de la directiva europea es fruto de un transfondo operado en los Estados Unidos en los años sesenta, coincidiendo con la revolución tecnològica y el inicio de la producción y del consumo masivos. Tales fenómenos suscitaron la búsqueda de mecanismos jurídicos aptos para canalizar la reparación de los daños inherentes a las actividades industriales tecnológicamente avanzadas. Su principal efecto fue la preocupación por una más justa distribución social de los llamados “costes del progreso”, preocupación que, jurídicamente, desembocó en la solución de la responsabilidad aun sin culpa del fabricante por los daños derivados de su producción industrial. El mérito de tal solución corresponde a determinados teóricos norteamericanos de la responsabilidad empresarial, quienes, inspirándose en ideas formuladas a inicios del siglo XX por los especialistas en Derecho laboral, concluyeron que es la empresa productora quien está en mejor situación de soportar el coste del accidente industrial: al imponerse al fabricante una responsabildad desvinculada de su eventual culpa en la causación del accidente, repercutirá en el precio de sus productos el coste del seguro de responsabilidad civil que se verá abocado a contratar para hacer frente a su responsabilidad objetiva o por riesgo, de manera que el coste de los accidentes acabará siendo soportado por el público consumidor al pagar el sobreprecio de los productos que adquiere. Las repercusiones de tal construcción han sido tanto normativas como judiciales.

Three essays on bankruptcy risk

Abstract Market prices of corporate bond spreads and of credit default swap (CDS) rates do not match each other. In this paper, we argue that the liquidity premium, the cheapest-to-deliver (CTD) option and actual market segmentation explain the pricing differences. Using the European transaction data from Reuters and Bloomberg, we estimate the liquidity premium that is time- varying and firm-specific. We show that when time-dependent liquidity premiums are considered, corporate bond spreads and CDS rates behave in a much closer way than previous studies have shown. We find that high equity volatility drives pricing differences that can be explained by the CTD option.

Cost-effectiveness analysis in Chagas' disease vectors control interventions

After a large scale field trial performed in central Brazil envisaging the control of Chagas' disease vectors in an endemic area colonized by Triatoma infestans and T. sordida the cost-effectiveness analysis for each insecticide/formulation was performed. It considered the operational costs and the prices of insecticides and formulations, related to the activity and persistence of each one. The end point was considered to be less than 90% of domicilliary unitis (house + annexes) free of infestation. The results showed good cost-effectiveness for a slow-release emulsifiable suspension (SRES) based on PVA and containing malathion as active ingredient, as well as for the pyrethroids tested in this assay-cyfluthrin, cypermethrin, deltamethrin and permethrin.

Irish Land Bonds: 1891-1938

This paper introduces a new database on Irish land bonds listed on the Dublin Stock Exchange from 1891 to 1938: it outlines the nature of these bonds and presents data on their size, liquidity and market returns. These government-guaranteed bonds arose during a period when the possibility of Irish secession from the United Kingdom appeared ever more likely, and were used to finance the transfer of land ownership from landlords to tenants in Ireland (North & South). Movements in the prices of these bonds can help to understand how financial markets responded to events in the early economic and political history of the Irish Free State, including Irish partition, Independence, Civil War and de facto default. Understanding these issues has contemporary relevance for regions in Spain (Catalonia, Euskadi), Great Britain (Scotland) and Belgium (Flanders).

Organizational form and business performance

This project deals with the generation of profitability and the distribution of its benefits. Inspired by Davis (1947, 1955), we define profitability as the ratio of revenue to cost. Profitability is not as popular a measure of business financial performance as profit, the difference between revenue and cost. Regardless of its popularity, however, profitability is surely a useful financial performance measure. Our primary objective in this project is to identify the factors that generate change in profitability. One set of factors, which we refer to as sources, consists of changes in quantities and prices of outputs and inputs. Individual quantity changes aggregate to the overall impact of quantity change on profitability change, which we call productivity change. Individual price changes aggregate to the overall impact of price change on profitability change, which we call price recovery change. In this framework profitability change consists exclusively of productivity change and price recovery change. A second set of factors, which we refer to as drivers, consists of phenomena such as technical change, change in the efficiency of resource allocation, and the impact of economies of scale. The ability of management to harness these factors drives productivity change, which is one component of profitability change. Thus the term sources refers to quantities and prices of individual outputs and inputs, whose changes influence productivity change or price recovery change, either of which influences profitability change. The term drivers refers to phenomena related to technology and management that influence productivity change (but not price recovery change), and hence profitability change.

Livestock Revenue Insurance, November 2000

This study outlines several possible structures for livestock revenue insurance. The policies take the form of an exotic option—an Asian basket option. The actuarially fair premiums for these policies are equal to the prices of the options they represent. Due to the complexity of pricing Asian basket options, we have combined two techniques for pricing options to reach the actuarially fair premiums. Projected premiums, producer welfare, and program efficiency are evaluated for the insurance products and existing market tools. Using efficiency ratios and certainty equivalent returns, we compare the insurance policies to strategies involving existing futures and options.

Análise Comparativa da Rentabilidade de algumas Culturas de Regadio na Ilha de Santiago

A informação sobre a formação do custo de produção, a produtividade e conhecimento dos elementos que formam o custo de produção, são fundamentais para a tomada de decisão dos agricultores na adopção de técnicas para a realização das suas actividades agrícolas. Com este trabalho pretende-se analisar a produção, o custo de produção e os níveis de rentabilidade das culturas de tomate, repolho e cenoura comparativamente às duas tecnologias de rega utilizadas, nas condições do cultivo do agricultor da Ilha de Santiago. Para isso foi concebido uma ficha de inquérito, na qual foi registadas todas as informações técnicas e económicas junto dos agricultores referente às culturas mencionadas, à medida que vem se efectuando visitas as suas explorações agrícolas. Os resultados demonstram que produzir cenoura no sistema gota-gota garantam maior produtividade em relação ao sistema tradicional. O mesmo não se pode dizer em relação ao tomate e repolho. Em relação ao custo de produção comparativamente às tecnologias de rega a analise estatística não acusou diferenças significativas. Os resultados demonstram ainda que a produção das citadas culturas em ambas tecnologias é rentável e com a economia de água na ordem dos 50% quando as mesmas são praticadas no sistema gota-gota. Entretanto, concluiu-se que o rendimento do agricultor é determinado pelo nível de produção e pela época de produção, pois no período quente o preço de produtos em causa é mais elevado e consequentemente o produtor arrecada maior receita.

Utilização do target costing na determinação do preço de venda: O caso da Alvo, s.a.

Com a crescente competitividade no mundo empresarial, os preços dos produtos passaram a exercer um papel fundamental na expansão e sobrevivência das empresas. Consequentemente, hoje em dia é o mercado que determina o preço de venda de um produto, devendo a empresa produzir ao menor custo possível para garantir o retorno financeiro desejado. O objectivo do trabalho é verificar se os procedimentos de Target Costing podem ser aplicados nas Pequenas e Médias Empresas industriais, em São Vicente, cuja actividade também se destina à produção de produtos alimentícios. Como produto teste foi selecionado o produto A, confecçionado pela empresa Alvo, SA. Para atingirmos os objectivos foram utilizadas várias técnicas e métodos de pesquisa, tais como: levantamento bibliográfico, entrevista, conversas informais, questionário, levantamento de dados nos documentos financeiros da empresa ALVO, SA. Para entendermos e aplicarmos o processo de Target Costing recorreu-se à literatura do mesmo. Foi aplicado um questionário para ver a percepção dos clientes da empresa objecto de estudo, quanto ao preço que considerariam ideal pagar por cada quilograma do produto A adquirida. A entrevista realizada com o director geral da ALVO, SA acompanhada com os dados obtidos do departamento de contabilidade serviram como um meio de conhecer a empresa e o seu funcionamento, realçando informações sobre a fixação do preço venda dos seus produtos, a gestão de custos, entre outros. Antes de testar, através de um caso prático, a aplicação do Target Costing, verificou-se, primeiramente, sua aplicação em termos teóricos, testando os seus princípios e premissas para o produto A, na Empresa ALVO, SA. Como resultado constactou-se que os procedimentos de Target Costing podem ser aplicados, tanto na teoria como na prática, nas Pequenas e Médias Empresas industriais, em São Vicente, cuja actividade se destina a produção do produto A. With the increasing competition in the business world, the prices of products have come to play a key role in the expansion and survival of businesses. Consequently, today the selling price of a product is determined by the market so companies should produce at the lowest possible cost to ensure the desired financial return. The purpose of this paper work is to verify if the Target Costing’s procedure can be applied in small and medium business enterprises in São Vicente, whose activity is production of food. For that, product A was selected for tests. In order to achieve these objectives, some techniques and research methods like bibliographic analysis, interviews, informal conversations, questionnaires and analysis of the financial documents of ALVO, SA that is the subject of this case study, were utilized. With the intention of understanding and applying the Target Costing process we also resorted to a detailed reading of related bibliography. A questionnaire was applied in order to know the customers’ opinions about the ideal price for each kilogram of product A. The interview with the managing director of ALVO, SA, combined with the data obtained in the accounting department, was also used as a way to know the company, and it ’s functioning, highlight ing items such as: selling price format ion, cost management, among other aspects. Before testing, through a practical case study, the use of the Target Costing, the theoretical application was firstly verified by testing its principles and assumptions. Secondly, the application of the Target Costing’s process was shown step by step concerning product A at ALVO SA company. As a result we came to the conclusion that procedures used with Target Costing can be applied, in theory and in practice, in small or medium-sized industrial enterprises, in São Vicente, where product A is being manufactured.

A house price index defined in the potential outcomes framework

Current methods for constructing house price indices are based on comparisons of sale prices of residential properties sold two or more times and on regression of the sale prices on the attributes of the properties and of their locations. The two methods have well recognised deficiencies, selection bias and model assumptions, respectively. We introduce a new method based on propensity score matching. The average house prices for two periods are compared by selecting pairs of properties, one sold in each period, that are as similar on a set of available attributes (covariates) as is feasible to arrange. The uncertainty associated with such matching is addressed by multiple imputation, framing the problem as involving missing values. The method is applied to aregister of transactions ofresidential properties in New Zealand and compared with the established alternatives.

Endogenous policy leads to inefficient risk sharing

We analyze risk sharing and fiscal spending in a two-region model withcomplete markets. Fiscal policy determines tax rates for each state ofnature. When fiscal policy is decentralized, it can be used to affect prices of securities. To manipulate prices to their beneffit, regionschoose pro-cyclical fiscal spending. This leads to incomplete risk sharing,despite the existence of complete markets and the absence of aggregaterisk. When a fiscal union centralizes fiscal policy, securities pricescan no longer be manipulated and complete risk sharing ensues. If regionsare homogeneous, median income residents of both regions prefer the fiscalunion. If they are heterogeneous, the median resident of the rich regionprefers the decentralized setting.

Keeping up with the Joneses: An international asset pricing model

We derive an international asset pricing model that assumes local investorshave preferences of the type "keeping up with the Joneses." In aninternational setting investors compare their current wealth with that oftheir peers who live in the same country. In the process of inferring thecountry's average wealth, investors incorporate information from the domesticmarket portfolio. In equilibrium, this gives rise to a multifactor CAPMwhere, together with the world market price of risk, there existscountry-speciffic prices of risk associated with deviations from thecountry's average wealth level. The model performs signifficantly better, interms of explaining cross-section of returns, than the international CAPM.Moreover, the results are robust, both for conditional and unconditionaltests, to the inclusion of currency risk, macroeconomic sources of risk andthe Fama and French HML factor.