Debt composition and exchange rate balance sheet effects in Brazil: A firm level analysis

In this paper we study the interaction between macroeconomic environment and firms’ balance sheet effects in Brazil during the 1990’s. We start by assessing the influence of macroeconomic conditions on firms’ debt composition in Brazil. We found that larger firms tend to change debt currency composition more in response to a change in the exchange rate risk than small firms. We then proceed to investigate if and how exchange rate balance sheet effects affected the firms’ investment decisions. We test directly the exchange rate balance sheet effect on investment. Contrary to earlier findings (Bleakley and Cowan, 2002), we found that firms more indebted in foreign currency tend to invest less when there is an exchange rate devaluation. We tried different controls for the competitiveness effect. First, we control directly for the effect of the exchange rate on exports and imported inputs. We then pursue an alternative investigation strategy, inspired by the credit channel literature. According to this perspective, Tobin’s q can provide an adequate control for the competitiveness effect on investment. Our results provide supporting evidence for imperfect capital markets, and for a negative exchange rate balance sheet effect in Brazil. The results concerning the exchange rate balance sheet effect on investment are statistically significant and robust across the different specifications. We tested the results across different periods, classified according to the macroeconomic environment. Our findings suggest that the negative exchange rate balance sheet effect we found in the whole sample is due to the floating exchange rate period. We also found that exchange rate devaluations have important negative impact on both cash flows and sales of indebted firms. Furthermore, the impact of exchange rate variations is asymmetric, and the significant effect detected when no asymmetry is imposed is engendered by exchange rate devaluations.

Cabinet composition and assessment of a multiparty presidential system

This doctoral dissertation provides a detailed analysis of the Brazilian cabinet according to the concepts of a multiparty presidential system. Appointing politicians as ministers is one of the most important coalition-building tools and has been widely used by minority presidents. This dissertation will therefore analyze the high-level Brazilian national bureaucracy between 1995 and 2014. It argues that the ministries – or departments – are not equal, and that allied parties therefore take into account the different characteristics of a ministry when demanding positions as a patronage strategy or for use as other kinds of political assets. After reviewing the literature on the theme, followed by a comparative analysis of the Brazilian, Chilean, Mexican, and Guatemalan cabinets, all the Brazilian ministries will be weighed and ranked on a scale that is able to measure their political importance and attractiveness. This rank takes into account variables such as the budgetary power, the ability to spend money according the ministers’ will, the ability to hire new employees, the ministries’ influence over other governmental agents such as companies, agencies, and so on, the ministers’ tenure in office. Finally, a proxy is provided that seeks to identify the normative power a department may hold. All of these characteristics will then be taken into account in considering the representatives’ opinion, thus helping to ascertain whether the cabinet appointment has been coalescent among the several parties that belong to the president’s coalition.

Seasonal variations in chemical composition and stable isotopes of farmed and wild Brazilian freshwater fish

This study examined variations in the Fulton condition factor, chemical composition, and stable isotopes of carbon and nitrogen in the Brazilian freshwater fish cachara (Pseudoplatystoma fasciatum), comparing farmed and wild fish in different seasons. Values for energy, protein, moisture, and Fulton's condition factor were higher for farmed than for wild fish in the rainy season, indicating better nutritional quality; however, these differences were not observed in the dry season. Likewise, we found significant enhancement of delta(15)N in farmed fish in the rainy season but not in the dry season, whereas enhancement of delta(13)C was observed in both seasons. The combined measurement of delta(13)C and delta(15)N provided traceability under all conditions. Our findings show that stable isotope analysis of C and N can be used to trace cachara origin, and that seasonal variations need to be considered when applying chemical and isotopic authentication of fish and fish products. (C) 2010 Elsevier Ltd. All rights reserved.

Changes in biomass, chemical composition and nutritive value of Spartina alterniflora due to organic pollution in the Itanhaém River Basin (SP, Brazil)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Chemical composition and fumigant effect of essentialoil of Lippia sidoides Cham. and monoterpenes against Tenebrio molitor (L.) (coleoptera: tenebrionidae)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Genetic parameters for body weight, carcass chemical composition and yield in a broiler-layer cross developed for QTL mapping

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Carbohydrate Composition and Water-Stable Aggregation of an Oxisol as Affected by Crop Sequence under No-Till

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Chemical composition and fermentation characteristics of elephant grass silage with biodiesel industry co-products

The objective of this research was to evaluate the effect of three concentrations (3, 6, and 9%) of forage turnip (Raphanus sativus) and physic nut (Jatropha curcas) cakes on dry matter, crude protein, ether extract, neutral detergent fiber, acid detergent fiber, lignin, acid detergent insoluble nitrogen neutral detergent insoluble nitrogen contents, in vitro dry matter digestibility, pH values and concentrations of N-NH3 in elephant grass silages. It was used an entirely randomized design in factorial arrangement [(2x3)+1]. Experimental PVC silos were used and ensiled material was kept for 62 days. The addition of cakes increased the dry matter contents (P<0.05). The fibrous fractions were reduced (P<0.05) with the inclusion of cakes during the grass ensilage and the CP contents increased (P<0.05). The forage turnip cake provided the same pH and N-NH3 values in ideal levels and the physic nut, added to 9%, increased those values (P<0.05). IVDMD was reduced (P<0.05) when the cakes were added. These co-products can be used in small amounts for elephant grass ensilage in order to provide improvement in chemical and fermentation characteristics of the silages. Nevertheless, physic nut cake shows limitations for its use in animal feeding due to the presence of toxic compounds, making necessary studies for their identification and elimination.

Composition and acaricidal activity of the essential oil of Lychnophora ericoides Mart. to Tetranychus urticae Koch (Acari: Tetranychidae).

The essential oil of the leaves and branches obtained by hydrodistillation of Lychnophora ericoides, collected in the Reserve of Furnas - MG, Brazil, was analyzed by CG/EM (Shimadzu QP2010). The major parts of the volatile components identified in the essential oil of leaves were monoterpenes (44.02%) and the sesquiterpene [alpha]-bisabolol (2.05%). The major acaricidal activity of the essential oil from L. ericoides was observed at 48 (14.55 [mu]L/L of air) and 72 h (8.01 [mu]L/L of air) of exposition. The oviposition of T. urticae oviposition was influenced by the essential oil, but the eclosion of eggs was not affected.

Chemical Composition and Antioxidant and Antimycobacterial Activities of Bromelia balansae (Bromeliaceae)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Yield, chemical composition and chlorophyll relative content of Tanzania and Mombaça grasses irrigated and fertilized with nitrogen after corn intercropping

Avaliou-se o efeito da ausência e da aplicação de três doses de nitrogênio (50, 100 e 200 kg ha-1 de N) e quatro épocas de corte no inverno/primavera (julho a outubro) sobre a produtividade de massa seca (PMS), os teores relativos de clorofila (ICF _ índice de clorofila foliar) e os teores de nutrientes digestíveis totais (NDT), proteína bruta (PB), fibra em detergente neutro (FDN), fibra em detergente ácido (FDA) e lignina, bem como suas respectivas correlações nos capins tanzânia e mombaça após o consórcio com milho em um Latossolo Vermelho distroférrico. O delineamento experimental utilizado foi o de blocos casualizados, em parcelas subdivididas, com quatro repetições. As maiores PMS ocorreram com o aumento do fotoperíodo (a partir de agosto), no entanto, as respostas à adubação nitrogenada ao longo dos cortes diferiram entre e dentre os capins. em sistema de integração lavoura-pecuária irrigado sob condições de cerrado, é tecnicamente viável o estabelecimento dos capins tanzânia e mombaça em consórcio com o milho no momento da semeadura ou por ocasião da adubação nitrogenada de cobertura, visto que, mesmo na ausência de adubação nitrogenada, foi produzida quantidade satisfatória de forragem, com PMS média de 2.000 kg ha-1 por corte na época de maior escassez de volumoso para os animais (inverno/primavera). A adubação nitrogenada após a colheita do milho eleva a PMS e melhora a composição bromatológica dos capins, com aumento dos teores relativos de clorofila e PB no inverno/primavera, além de aumento dos teores de NDT e redução dos teores de FDN e FDA até o mês de setembro. O índice de clorofila foliar pode ser utilizado para estimar a PMS e o teor de PB, bem como indicar a necessidade de adubação nitrogenada dos capins tanzânia e mombaça submetidos a corte.

Composition and invertibility for a class of generalized functions in the Colombeau's theory

In this work we define the composite function for a special class of generalized mappings and we study the invertibility for a certain class of generalized functions with real values.

Real-time ultrasound to predict rabbit carcass composition and volume of longissimus dorsi muscle

Real-time ultrasonography (RTU) was used to measure the longissimus dorsi muscle (LM) volume in vivo and to predict the carcass composition of rabbits. For this, 63 New Zealand White × Californian rabbits with 2093±63 g live weight were used. Animals were scanned between the 6th and 7th lumbar vertebrae using an RTU equipment with a 7.5 MHz probe. Measurements of LM volume were obtianed both in vivo and on carcass. Regression equations were used for the prediction of carcass composition and LM volume using the LM volume measured obtained with RTU (LMVU) as independent variable. Carcass meat, bone and total dissectible fat weights represented 780, 164 and 56 g/kg of the reference carcass weight, respectively. Regression equations showed a strong relationship between LMVU and the correspondent volume in carcass. Furthermore, LMVU was also useful in predicting the amounts of carcass tissues. It is possible to predict LM volume in the carcass using the LM volume measured in vivo by RTU. The amount of carcass tissues can be predicted by the LM volume measured in vivo by RTU.