An essay on private equity: the history and fundamentals of fundraising in Brazil

O impacto positivo dos investimentos de Private Equity e Venture Capital (PE/VC) na economia e no mercado de capitais está amplamente documentado pela literatura acadêmica internacional. Nos últimos 40 anos, diversos autores têm estudado a influência desta classe de ativos na criação, no desenvolvimento e na transformação de milhares de empresas ao redor do mundo, especialmente nos Estados Unidos. Entretanto, os estudos sobre os determinantes da captação de recursos de PE/VC têm se desenvolvido apenas mais recentemente, e seus resultados estão longe de ser uma unanimidade. No Brasil, a pesquisa sobre a indústria de PE/VC ainda é escassa. Embora a indústria local venha crescendo rapidamente desde 2006, tendo alcançado US$36,1 bilhões em capital comprometido em 2009, ainda não há estudos sobre as variáveis que influenciam na alocação de capital pelos investidores nesta modalidade de investimento no Brazil. Entender esta dinâmica é importante para o equilíbrio e a eficiência de mercado. Baseado no trabalho de Gompers e Lerner (1998) sobre os determinantes da indústria de PE/VC nos Estados Unidos, este trabalho contribui com a literatura de PE/VC ao: (i) revisitar o começo desta indústria no Brasil; e (ii) identificar quais as variáveis influenciam no desenvolvimento da indústria de PE/VC local. Os resultados deste estudo contribuem para o desenvolvimento acadêmico da indústria de PE/VC no Brasil. Além disso, as discussões aqui apresentadas poderão impactar outras áreas de estudo que são permeadas pelo tema, tais como Gestão de Investimentos, Governança Corporativa, Empreendedorismo e Estratégia. Profissionais de mercado também deverão se interessar no trabalho. As discussões sobre a história e os fundamentos da indústria fornecem aos investidores, empreendedores, gestores de investimentos e formuladores de políticas públicas, entre outros, um melhor entendimento sobre como o ecossistema de PE/VC funciona no Brasil.

Ciências do ambiente: conceitos básicos em ecologia e poluição

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Etnografia visual das mangabeiras nas matas do tabuleiro costeiro.

This work is an ethnographic research with collectors women of Mangaba in the village of Ponta Negra in Natal - RN. This Women also known as Mangabeira's women reproduce a practice learned with their ancestors, collecting this fruit in the coastal tablelands forests and latter commercializing it in the local markets. This research uses the methodology of oral history and visual anthropology with presentation of collected images on board. It is intended to emphasize the botanical and environmental aspects of the Mangabeira plant, its ecosystem, territorial, economic and historical aspects of it, also the knowledge of this extractive practice of our immaterial culture.

Entre o cartão-postal e a cidade real: um estudo sobre paisagem e produção imobiliária em Natal/RN

Recent studies concerning the landscape have investigated the most important activities that contribute for its modification and have tried to better understand the society through the marks left by its quotidian. It is understood that singular landscapes constitute the cultural patrimonies of the cities, once they are part of the daily life of the citizens and are present in their social representations. Some contemporary authors defend the preservation of the natural and urban landscape trying, specially, to keep its importance for the local population. Natal is a city where the ambient qualities are well defined and known by the beauty of the area where it is located. Situated just between a river and the sea, the city grew following its geographic characteristics. The Potengi River, the Atlantic Ocean and the vast dunes ecosystem represented natural limits to the urban expansion; at the same time they have favored the development of a landscape pattern marked by the dialectic between the natural elements and the human interventions. However, this relationship changed after the intensification of the high rising development process that took place since the 1960s. The urban legislation tried to preserve the features of the local landscape delimiting Areas for Controlling Building High , destined to protect the scenic value of some parts of the city. On the other hand, the civil construction sector has made constant pressure in sense to abolish or to modify this legal instrument, aiming profits that have increased, in the 1990s, because of the consumption and the qualification of the urban space for tourist activities. It is necessary the raising of new elements to stimulate the quarrel about the landscape preservation, the process of the urban space production and the best way for the legislation implementation. This work tries to raise elements about the subject at local level, in sense to use Natal City experience to contribute for the formulation of indicators to raise the question about the lack of measure for subjective values, for example the cultural and affective value of the landscape. The natural elements inserted in the urban profile, represent strong visual references and supply identity to the town; they are part of the collective imaginary and are detached in the social context of the city. Then, why the preservation of the landscape, that estimates the improvement in the quality of life, is not enough to justify the controlling building high already previewed as part of Natal City Legislation? These questions send us to the approach of the landscape, as a community patrimony, alerting that some of its significant esthetics attributes must be preserved as a legacy for the future generations

Avaliação da qualidade da água do Rio Piranhas-Açu/RN utilizando a comunidade de macroinvertebrados bentônicos

The biomonitoring technique for water quality in water bodies has been incorporated increasingly in management of the natural resources, using mainly indices of its aquatic community characteristics. In Brazil the first efforts to use this technique was restricted to the South and the Midwest region of this country. Located in the northeast region, this study was conducted at Rio Grande do Norte state and had as main objective the assessment of water quality in the Piranhas-Açu river using benthic macroinvertebrates community as biological indicators. Thus, were applied two biotic indices, the BMWP (Biological Monitoring Working Party score system) and the IBF (Family Biotic Index). According the requirements of these indices, two periods of sampling were determined as basic methodology, in dry seasons of 2006 and 2007. The sampling sites were around the municipalities of Açu, Ipanguaçu, Alto do Rodrigues and Pendências. Physical-chemical measurements; a protocol of rapid assessment of diversity of habitats, and determination of the degree of tolerance of each taxon to organic pollution were also performed. The most abundant organisms found in the river were tolerant with the prevalence of Chironomidae (Diptera) and Melanoides tuberculata. This results, together with those ones got in indices application, showed a considerable organic pollution in the four sample places and the reaches were classified as modified to impacted. According to the used indices, this study suggest that this river have significant alteration in the biotic community and water quality on the organic pollution, and this fact, occurs in the reach of the river further downstream, where were expected a good water quality. Considering these results, measures aiming the conservation of this water body are needed regarding as it is inserted into a fragile ecosystem with dry season phenomenon, and the water of this river has extremely importance for the local economy

Caracterização ambiental de bancos areno-lamosos nos campos petrolíferos de Macau e Serra (RN), como subsídio às medidas mitigadoras ao processo erosivo

On Rio Grande do Norte northern coast the process of sediment transport are intensely controlled by wind and sea (waves and currents) action, causing erosion and shoreline morphological instability. Due to the importance of such coastal zone it was realized the multi-spectral mapping and physical-chemical characterization of mudflats and mangroves aiming to support the mitigating actions related to the containment of the erosive process on the oil fields of Macau and Serra installed at the study area. The multi-spectral bands of 2000 and 2008 LANDSAT 5 TM images were submitted on the several digital processing steps and RGB color compositions integrating spectral bands and Principal Components. Such processing methodology was important to the mapping of different units on surface, together with field works. It was possible to make an analogy of the spectral characteristics of wetlands with vegetations areas (mangrove), showing the possibility to make a restoration of this area, contributing with the environmental monitoring of that ecosystem. The maps of several units were integrated in GIS environment at 1:60,000 scale, including the classification of features according to the presence or absence of vegetation cover. Thus, the strategy of methodology established that there are 10.13 km2 at least of sandy-muddy and of these approximately 0.89 km2 with the possibility to be used in a reforestation of typical flora of mangrove. The physical-chemical characterization showed areas with potential to introduce local species of mangrove and they had a pH above neutral with a mean of 8.4. The characteristic particle size is sand in the fine fractions, the high levels of carbonate, organic matter and major and trace element in general are concentrated where the sediment had the less particles size, showing the high correlation that those elements have with smaller particles of sediment. The application of that methodological strategy is relevant to the better understanding of features behavior and physical-chemical data of sediment samples collected on field allow the analysis of efficiency/capability of sandy-muddy to reforestation with local mangrove species for mitigation of the erosive action and coastal processes on the areas occupied by the oil industry

Avaliação ambiental de manguezais adjacentes aos campos petrolíferos de Macau e Serra (RN), como subsídio às medidas mitigadoras ao processo erosivo

Among the various effects caused by the climate change and human intervention, the mangrove ecosystem changes through of the years has been worth mentioning, which hasn t known which are the pros and cons for the adjacent coastal and estuarine environments yet. It happens due to the present dynamism in these areas, besides of the difficult understanding of the processes associated with evolution. This study aimed to environmentally evaluate adjacent mangroves from the Macau and Serra oil fields, located on Rio Grande do Norte northern coast, to support the mitigating actions related to the containment of the erosive process, as well as, according to the principles of the Clean Development Mechanism (CDM), to assess the amount of atmospheric carbon sequestered by the studied ecosystem. An inventory was conducted through mangrouve mapping which has supplied this research, especially regarding to the structural characterization of mangrove areas. To understand the local mangrove behavior in a greater level detail, techniques of remote sensing, GIS and GPS were used to make an analogy between the current and past states of the mangrove studied, allowing to make anticipated projections for the future impacts or changes in that region. This study combined data from multispectral LANDSAT 5 TM, Landsat 7 ETM+ with radar microwave data from SAR RADARSAT-1, which increased the interpretation capacity of the data from optical sensor systems. The interpretations have been supported by the data field, representing a better and innovative methodology for the environmental and taxonomic characterization of mangrove forests considered. The results reveal that mangroves of the Ponta do Tubarão Sustainable Development Reserve are biologically representative areas and providing a variety of benefits, especially for local communities, constituting the priority sites for actions development aimed at conservation. They also have been showing the necessity to make mitigating measures in order to recover degraded areas through reforestation or creating new areas of mangrove, as currently 7.1% of the mangrove forests studied are dead or in an advanced state of decomposition. The amount of atmospheric carbon sequestered proved very significant when analyzed for the whole area, which is able to sequester atmospheric 4,294,458 Ton CO2 per year

Avaliação ecológico-econômica do manguezal de Macau/RN e a importância da aplicação de práticas preservacionistas pela indústria petrolífera local

This work presents the results of a survey in oil-producing region of the Macau City, northern coast of Rio Grande do Norte. All work was performed under the Project for Monitoring Environmental Change and the Influence of Hydrodynamic forcing on Morphology Beach Grass Fields, Serra Potiguar in Macau, with the support of the Laboratory of Geoprocessing, linked to PRH22 - Training Program in Geology Geophysics and Information Technology Oil and Gas - Department of Geology/CCET/UFRN and the Post-Graduation in Science and Engineering Oil/PPGCEP/UFRN. Within the economic-ecological context, this paper assesses the importance of mangrove ecosystem in the region of Macau and its surroundings as well as in the following investigative exploration of potential areas for projects involving reforestation and / or Environmental Restoration. At first it was confirmed the ecological potential of mangrove forests, with primary functions: (i) protection and stabilization of the shoreline, (ii) nursery of marine life, and (iii) source of organic matter to aquatic ecosystems, (iv) refuge of species, among others. In the second phase, using Landsat imagery and techniques of Digital Image Processing (DIP), I came across about 18,000 acres of land that can be worked on environmental projects, being inserted in the rules signed the Kyoto Protocol to the market carbon. The results also revealed a total area of 14,723.75 hectares of activity of shrimp production and salting that can be harnessed for the social, economic and environmental potential of the region, considering that over 60% of this area, ie, 8,800 acres, may be used in the planting of the genus Avicennia considered by the literature that the species best sequesters atmospheric carbon, reaching a mean value of 59.79 tons / ha of mangrove

Projeto, construção e análise de um prototipo vibracional em escala de bancada aplicável ao tratamento de água de produção de petróleo bruto, mediante inovadora operação híbrida de adsorção e auto-flotação

A self-flotator vibrational prototype electromechanical drive for treatment of oil and water emulsion or like emulsion is presented and evaluated. Oil production and refining to obtain derivatives is carried out under arrangements technically referred to as on-shore and off-shore, ie, on the continent and in the sea. In Brazil 80 % of the petroleum production is taken at sea and area of deployment and it cost scale are worrisome. It is associated, oily water production on a large scale, carrier 95% of the potential pollutant of activity whose final destination is the environment medium, terrestrial or maritime. Although diversified set of techniques and water treatment systems are in use or research, we propose an innovative system that operates in a sustainable way without chemical additives, for the good of the ecosystem. Labyrinth adsor-bent is used in metal spirals, and laboratory scale flow. Equipment and process patents are claimed. Treatments were performed at different flow rates and bands often monitored with control systems, some built, other bought for this purpose. Measurements of the levels of oil and grease (OGC) of efluents treaty remained within the range of legal framework under test conditions. Adsorbents were weighed before and after treatment for obtaining oil impregna-tion, the performance goal of vibratory action and treatment as a whole. Treatment technolo-gies in course are referenced, to compare performance, qualitatively and quantitatively. The vibration energy consumption is faced with and without conventional flotation and self-flotation. There are good prospects for the proposed, especially in reducing the residence time, by capillary action system. The impregnation dimensionless parameter was created and confronted with consecrated dimensionless parameters, on the vibrational version, such as Weber number and Froude number in quadratic form, referred to as vibrational criticality. Re-sults suggest limits to the vibration intensity

Estudo comparativo da variação temporal da comunidade fitoplanctônica do açude Cruzeta inserido no bioma caatinga, Rio Grande do Norte

The Cruzeta impoundment, situated in the city of Cruzeta, hinterland of the state of the Rio Grande do Norte state has significant importance to the municipality as it represents the only source of supplying water to the region. It was hypothesized that the regional consequence of the global warming and the warming of surface water could substantially contribute the significant growth of the aquatic macrophytes in the years 2008-2009. The growth of these vegetation believed to be improved the degree of water transparency and as a consequence of the improved growth of phytoplankton species and chlorophyll biomass. At the same time the aquatic macrophyte could interact and compete potentially for the dissolved inorganic nutrients resources and the phytoplankton community. This study presents a comparison of years 2004-2005 when it did not have the expressive presence of the aquatic macrophyte community or restricted to the littoral region. In contrast, the years 2008-2009 showed a significant growth of the aquatic macrophyte in the Cruzeta/RN impoundments. The present study is an attempt to elucidate the significant presence of the aquatic macrophyte, Eichhornia crassipes, Ceratophyllum submersum, Nymphea sp and Pistia sp, and its interference on the ecology of phytoplankton. The samplings had been carried out from September of 2008 to April of 2009 and consistently between 10:00 h and 12:00 h with the aid of Van Dorn bottle and the plankton net of mesh size 20 Qm. The collections were made in three depths ie., surface, mid-column and bottom. The Physical-Chemical parameters such as pH, temperature, electrical conductivity and dissolved oxygen had been analyzed in situ. The samples for analysis of nutrients and chlorophyll were kept under refrigeration for posterior analysis in the laboratory. Phytoplankton samples were preserved in Lugol-iodine and kept for sedimentation for quali-quantitative analysis of phytoplankton. Enumeration of cells, colonies and filaments was done with the aid of Sedgwick-Rafter counting chamber and expressed as numbers/ml. Chlorophyll a was analyzed as a functional component of phytoplankton biomass and extracted with cold 90% acetone. The results indicate that the chlorophyll concentration varied between 5,65-8,08 Qg.L-1 for the dry period and 5,09-6,23 Qg.L-1 for the rainy period and showed considerable reduction when compared to the values to the 2004-2005 study period. The temperature was always presented higher in relation to the 2004-2005 study. Phytoplankton species showed a relative abundance of the Cyanophyceae for both the period of dry and rainy. The predominance species are filamentous Leptolymbya geophila Borzi (Planctolyngbya sp), Anabaena plankctônica Brunnthaler, Oscillatória limosa Ag. and Cylindrospermopsis raciborskii (Wolosz). The concentration of the nutrients such as nitrate and orto-phosfato had always presented higher values during the rainy period and the ammoniacal nitrogen retained moderate values in the dry period and a slight increase in rainy season. The main conclusions are the reduction of the concentration of chlorophyll, diversity of phytoplankton, and the increase in temperature and transparency of the water during the period of the study

Estrutura da população de Microcerotermes exiguus ( Isoptera: Termitidae) e sua partuicipação no consumo de madeira em uma área de caatinga, Nordeste, Brasil

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