The influence of the tag-along rights in the value of companies: an event study of the effects on the market and service companies

The aim of this work is to check the effect of granting tag-along rights to stockholders by analyzing the behavior of the return of the stock. To do so we carried out event studies for a group of 21 company stocks, divided into service provider companies and others, who granted this right to their stockholders after Law 10,303 was passed in October, 2001. In the test we used two models for estimating abnormal returns: adjusted to the market and adjusted to the risk and market. The results of the tests we carried out based on these models did not capture abnormal returns (surpluses), telling us that the tag-along rights did not affect the pattern of daily returns of the stocks of companies traded on BOVESPA (The Sao Paulo Stock Exchange). We did not expect this result because of the new corporate governance practices adopted by companies in Brazil.

Non-asymptotic confidence bounds for the optimal value of a stochastic program

We discuss a general approach to building non-asymptotic confidence bounds for stochastic optimization problems. Our principal contribution is the observation that a Sample Average Approximation of a problem supplies upper and lower bounds for the optimal value of the problem which are essentially better than the quality of the corresponding optimal solutions. At the same time, such bounds are more reliable than “standard” confidence bounds obtained through the asymptotic approach. We also discuss bounding the optimal value of MinMax Stochastic Optimization and stochastically constrained problems. We conclude with a small simulation study illustrating the numerical behavior of the proposed bounds.

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)

Thermal and mechanical shocks affecting the first flush of production of Lentinula edodes on Eucalyptus saligna logs

O objetivo deste trabalho foi avaliar o efeito do choque térmico e mecânico na produtividade de Lentinula edodes em 140 toras de Eucalyptus saligna, completamente colonizadas pelo fungo, em diferentes tempos de imersão em água e no primeiro fluxo de produção. As toras foram imersas em água resfriada (16ºC) ou à temperatura ambiente (22ºC); os períodos de imersão corresponderam a 6, 10, 14, 18, 22, 26 e 38 horas; o choque mecânico foi acompanhado por três quedas consecutivas da tora, em posição vertical, no chão. A temperatura da água e o tempo de imersão afetaram a produção de L. edodes, resultando em aumentos significativos (2 a 4 vezes) nos tratamentos em que as toras foram submetidas à água resfriada e nos tempos de imersão mais curtos (6 e 10 horas). O choque mecânico não resultou em aumento na produção de basidiomas.

Genetic variability of residual variance of production traits in Nellore beef cattle

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

Cyclodextrin glycosyltransferase from Bacillus licheniformis: Optimization of production and its properties

Cyclodextrin glycosyltransferase (EC 2.4.1.19) is an enzyme that produces cyclodextrins from starch via an intramolecular transglycosylation reaction. An alkalophilic Bacillus strain, isolated from cassava peels, was identified as Bacillus licheniformis. CGTase production by this strain was better when potato starch was used as carbon source, followed by cassava starch and amylopectin. Glucose and amylose, on the other hand, acted as synthesis repressors. When the cultivation was supplemented with sodium ions and had the pH adjusted between 6.0 and 9.0, the microorganism maintained the growth and enzyme production capacity. This data is interesting because it contradicts the concept that alkalophilic microorganisms do not grow in this pH range. After ultrafiltration-centrifugation, one protein of 85.2 kDa with CGTase activity was isolated. This protein was identified in plates with starch and phenolphthalein. Determination of the optimum temperature showed higher activities at 25 degrees C and 55 degrees C, indicating the possible presence of more than one CGTase in the culture filtrate. Km and Vmax values were 1.77 mg/mL and 0.0263 U/mg protein, respectively, using potato starch as substrate.

Value of ultrasonographic contrast in duplex scanning of leg arteries - Comparison with conventional duplex scanning and arteriography

Aim. Duplex scanning has been used in the evaluation of the aorta and proximal arteries of the lower extremities, but has limitations in evaluating the arteries of the leg. The utilization of ultrasonographic contrast (USC) may be helpful in improving the quality of the image in these arteries. The objective of the present study was to verify whether the USC increases the diagnostic accuracy of patency of the leg arteries and if it diminishes the time needed to perform duplex scanning.Methods. Twenty patients with critical ischemia (20 lower extremities) were examined by standard duplex scanning, duplex scanning with contrast and digital subtraction arteriography (DSA). The 3 arteries of the leg were divided into 3 segments, for a total of 9 segments per limb. Each segment was evaluated for patency in order to compare the 3 diagnostic methods. Comparison was made between standard duplex scanning and duplex scanning with contrast in terms of quality of the color-coded Doppler signal and of the spectral curve, and also of the time to perform the exams.Results. Duplex scanning with contrast was similar to arteriography in relation to patency diagnosis (p>0.3) and even superior in some of the segments. Standard duplex scanning was inferior to arteriography and to duplex scanning with contrast (p<0.001). There were improvements of 70% in intensity of the color-coded Doppler signal and 76% in the spectral curve after the utilization of contrast. The time necessary to perform the examinations was 23.7 minutes for standard duplex scanning and 16.9 minutes for duplex scanning with contrast (p<0.001).Conclusion. The use of ultrasonographic contrast increased the accuracy of the diagnosis of patency of leg arteries and diminished the time necessary for the execution of duplex scanning.

Influence of fluid volume variations on the calculated value of the left ventricular mass measured by echocardiogram in patients submitted to hemodialysis

The left ventricular mass (LVM) measurement is of major importance for renal patients, as ventricular hypertrophy is an important prognostic index. The echo-cardiogram of the ventricular mass is larger before than it is after hemodialysis, which can confuse data interpretation. The aim of this work is to study the influence of alterations in fluid volume on the variations in measurements of ventricular mass observed during the course of a hemodialysis. Sixteen patients with chronic renal insufficiency in hemodialysis were evaluated at the Dialysis Unit of the University Hospital-UNESP, Botucatu, São Paulo State. The left ventricular mass was calculated from echocardiograms taken before and after hemodialysis and simultaneous ultra-filtration (12 patients: UF GROUP) and before and after hemodialysis isovolemic phase with sequential ultra-filtration (10 patients: ISO GROUP). Six of these patients were submitted to measurements of left ventricular mass before and after hemodialysis in both isovolemic and simultaneous ultra-filtration procedures. In the UF group, there was significant reduction in the following parameters before and after dialysis: diastolic diameter from 54.0 +/- 6.0 mm to 45.6 +/- 7.6 mm; left ventricular mass from 342 +/- 114 g to 265 +/- 117 g; and its respective index (IMVE) from 214 +/- 68 g/m(2) to 168 +/- 71 g/m(2). The ISO group showed no statistically significant variation. The behavior of the variables of six patients submitted to both observations confirm these results. In conclusion, the variations in echocardiogram measurements of the left ventricular mass relating to hemodialysis appear to be induced by alterations of the volemic condition.

Fermentation and nutritive value of silage and hay made from the aerial part of cassava (Manihot esculenta Crantz)

A mandioca, apesar de ser nativa do Brasil, ainda é sub-utilizada principalmente quando a questão é o aproveitamento da sua parte aérea. Com o objetivo de estudar o potencial da mandioca para alimentação animal, o presente trabalho avaliou as características da parte aérea da planta quando submetida os processos de ensilagem e fenação. Os tratamentos consistiram de: parte aérea ensilada sem emurchecimento (PAS); parte aérea ensilada após 24 horas de emurchecimento (PAE) e parte aérea fenada (PAF). As análises químicas foram realizadas a fim de avaliar os parâmetros que determinam o valor nutritivo da silagem e do feno. O emurchecimento elevou o teor de matéria seca de 25% no material in natura para 27.7%, sem alterar o teor de carboidratos solúveis (33.3 e 35.5% de MS na PAS e PAE respectivamente), bem como o poder tampão (204 mmol kg-1 MS na PAS e 195 mmol kg-1 MS na PAE). Nem o pH (3.57 na silagem in natura e 3.60 na PAE) nem os teores de NIDA (11.32% do nitrogênio total na MS na PAS e 9.99% do nitrogênio total na MS na PAE) diferiram entre as silagens, mas o NIDA foi maior na forragem fenada (15.39%). Contudo, o emurchecimento provocou aumento no nitrogênio amoniacal (de 6.5% do nitrogênio total na MS da PAS para 13.0 do nitrogênio total na MS da PAE). Os teores de ácidos graxos voláteis não sofreram alterações com o emurchecimento. O processo de ensilagem reduziu os teores de ácido cianídrico livre (HCN), sem, contudo, alterar a cianidrina.

Nutritive value of high and low tanin content of sorghum high moisture silage for horses

Foram utilizados oito cavalos castrados sem raça definida em delineamento inteiramente casualizado. O objetivo foi determinar o valor nutritivo das silagens de grãos de sorgo de baixo (SBT) e alto (SAT) teores de tanino na alimentação de equinos. Os tratamentos consistiram de duas dietas-teste compostas pelos grãos de sorgo ensilados (SBT e SAT), substituindo em 30% a MS da dieta-referência, constituída exclusivamente por feno. Os valores de digestibilidade dos nutrientes dos SBT e SAT apresentaram diferenças nos CDMS, CDMO, CDEB, CDPB e CDAmido em que SAT foi inferior (p < 0,05) para todos os parâmetros, em que os valores médios foram de, respectivamente, 79,53, 84,54, 79,36, 76,11 e 100% para SBT e 60,29, 64,47, 59,38, 44,63 e 97,06% para SAT. Concluiu-se que a utilização do SBT é promissora na nutrição de equinos, tornando-se alimento alternativo nas formulações de rações.

Prognostic value of canine frozen-thawed semen parameters on in vitro sperm-oocyte interactions

Combining the data from conventional semen analysis with oocyte penetration assays should improve the assessment of the fertilizing ability of a semen sample. Thus, the objective of the present study was to evaluate the prognostic value of various semen parameters on the in vitro interactions between frozen-thawed canine sperm and homologous oocytes. Ten ejaculates from five stud dogs (two ejaculates/dog) were collected by digital manipulation. Semen samples were evaluated, extended in Tris-egg yolk-glycerol, frozen and stored in liquid nitrogen, and thawed several weeks later. Samples were evaluated for motility and sperm populations by computer-aided semen analysis (CASA), plasma membrane integrity (carboxy-fluorescein diacetate and propidium iodide), and sperm morphology (Bengal Rose). Thawed spermatozoa were also incubated with homologous oocytes for 18 h in an atmosphere of 5% CO2 and 95% air at 38 degrees C and sperm-oocyte interactions were evaluated. Simple linear regression models were calculated, with sperm parameters as independent variables and sperm-oocyte interactions as the dependent variable. There were significant associations between: percentage of oocytes bound to spermatozoa and beat cross frequency (BCF; R-2 = 63%); percentage of oocytes that interacted with spermatozoa and BCF (R-2 = 73%); and number of penetrated spermatozoa and velocity average pathway (VAP; R-2 = 64%) and velocity straight line (VSL; R-2 = 64%). Although plasma membrane integrity and sperm morphology had little prognostic value for in vitro interactions between canine frozen-thawed sperm and homologous oocytes, some motility patterns (evaluated by CASA) were predictive of in vitro sperm-oocyte interactions. (c) 2005 Elsevier B.V. All rights reserved.

On the taxonomic value of the anatomical structure of vegetative organs and inflorescence axis of Abolboda species (Xyridaceae - Poales)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)