Análise dos determinantes da estrutura de capital de projetos imobiliários

O trabalho em questão busca analisar quais são os fatores que determinam o grau de alavancagem de empreendimentos imobiliários. A principal hipótese é que fatores específicos das características do projeto, mensurados através de variáveis binárias, afetam sua estrutura de capitais, além das variáveis clássicas rentabilidade e tamanho. A hipótese de que o padrão do empreendimento afeta o nível de endividamento também foi testada. De uma amostra de 1.442 projetos imobiliários do período de 2004 a 2013, obtiveram-se resultados empíricos de que as variáveis independentes, mencionadas acima, são fatores que determinam o grau de alavancagem de projetos imobiliários. Tais informações sobre estes determinantes podem ser observadas por investidores e credores antes da tomada de decisão de prover recursos para um determinado empreendimento.

Determinantes da estrutura de capital das empresas de agronegócio brasileiras

Este trabalho visa a identificar a forma de captação de recursos das empresas de agronegócio brasileiras e os fatores que a definem, influenciando a composição de sua estrutura de capital. Para isso, com base em uma amostra de 56 empresas, no período de 2005 a 2014, foram coletados os dados financeiros das mesmas, sendo usados para compor as variáveis de índice de endividamento e contribuição para a formação da estrutura de capital. Com isso, procedeu-se a análise dos dados em painel, por meio dos modelos de efeitos fixos e efeitos aleatórios. Os resultados indicaram como essas companhias tendem a se financiar, verificaram a presença de relação entre os determinantes selecionados com o endividamento e mostraram como se dá esse efeito. Com base nos resultados, constata-se que as empresas do agronegócio dependem expressivamente do capital de terceiros, sendo o financiamento de longo prazo bastante próximo ao de curto prazo. Com as regressões, conclui-se que os fatores lucratividade, tamanho, tangibilidade, liquidez, crescimento, tipo de capital e controle acionário exercem algum tipo de influência sobre o endividamento, contribuindo, portanto, com a formação da estrutura de capital das empresas de agronegócio brasileiras.

Estrutura molecular aldose e cetose

Curso de Tecnologia Sucroalcooleira. Disciplina Tecnologia de Produção de Açúcar. Ilustração. Dimensão: 1431x735. Tamanho: 92Kb.

Estrutura molecular da frutose, glicose e sacarose

Curso de Tecnologia Sucroalcooleira. Disciplina Tecnologia de Produção de Açúcar. Ilustração. Dimensão: 1575x1522. Tamanho: 172Kb.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Estrutura da população de Coleodactylus natalensis Freire, 1999 (Squamata: Sphaerodactylidae) no Parque Estadual Dunas de Natal, Rio Grande do Norte, Brasil

Coleodactylus natalensis Freire, 1999, an endemic species of Atlantic Forest fragments around the Natal municipality, Rio Grande do Norte State, Brazil, has as type locality the Parque Estadual Dunas de Natal (05º48 S to 05º53 S and 35º09 W to 35º12 W), one of the largest restinga (herb and shrub association on sand dunes along the Brazilian coastline) associate fragment, surrounded by urban zone, placed on setentrional Atlantic Forest limits. We made estimates on populational density, spatial distribution, habitat and microhabitat preferences and feeding ecological aspects like sazonal and sexual variations on diet, prey electivities and niche breadth. We randomly sampled ninety-six 50m2 quadrants in each of the four habitats identified in the study area. Were collected 49 specimens and their stomach contents were analyzed; prey items found were correlated with leaf-litter invertebrates from habitat samples. We found a 98,5 ± 75,5 individuals/ha density, in grouped distribution pattern on densest habitats and random distribution on others habitats. This species lives mostly on leaf-litter in forest habitats, in higher humidity points, with lower temperatures, deeper leaf litter and lower sea level elevations than the randomly chosen points in the study area. Isopoda and Aranae were the most important prey categories in numeric, frequency and volumetric terms. Niche breadth has an intermediate value and was variable in sexual and in habitat terms. There was no correlation between morfometric measures and prey size on diet. The C. natalensis population studied seems to be diet opportunist, although selects larger prey items. The Parque Estadual das Dunas do Natal has several indications of anthropic pressure from the surrounding urban area that may affects the local C. natalensis population. Thus, the fragility of this species calls for urgent conservation efforts

Estrutura populacional e aspectos reprodutivos do Octopus insularis Cephalopodas: Octopodidae: implicações para o manejo da pesca de polvo no município de Rio de Fogo-RN

In northeastern Brazil, Octopus insularis is the most commercially important cephalopod species and its capture has been performed for several years by the lobster fishermen in the region. In order to obtain information about the reproductive biology, 1108 specimens were collected between November 2009 and September 2011 in the landings and fish markets of Rio do Fogo (RN). For each specimen the mantle length (CM) and total fresh weight (PT) were recorded. Gonads of 264 males and 295 females were examined macroscopically and histologically to assess sexual maturation and determine reproductive indices. Four reproductive stages were determined for males (immature, maturing, mature and post-mature) and females (immature, early maturing, late maturing and mature). The average of eggs recorded in the female s gonads was 93.820 and 39 was the average of spermatophores found in male Needham s complex. Spermathecae with sperm were found in females with 69 mm CM (immature). Males and females become sexually mature at 64.41 and 98.50 mm of CM, respectively. The weight at sexual maturity was 270 g for males and 630 g for females. The values of the size and weight at sexual maturity found in this study show that males mature at smaller sizes than females. For both sexes the maturation peaks occurred in February and November 2010 and also in September 2011. The periods of maximum reproductive activity lasted about 3 months and it seems to occur every 7 10 months. Only one spent female (stage V) was found and the number of mature females was low. Presumably, mature females migrate to deep waters with complex habitat to protect the offspring, indicating that fishery by snorkeling with maximum depth of 15 meters is not reaches this part of the stock. Finally, it is noticeable the importance of the establishment of management strategies for the exploitation of O. insularis different of the ones used for O. vulgaris, once the species have distinct biological features

Algoritmo SOM com estrutura hierárquica e dinâmica aplicado a compressão de imagens

ln this work the implementation of the SOM (Self Organizing Maps) algorithm or Kohonen neural network is presented in the form of hierarchical structures, applied to the compression of images. The main objective of this approach is to develop an Hierarchical SOM algorithm with static structure and another one with dynamic structure to generate codebooks (books of codes) in the process of the image Vector Quantization (VQ), reducing the time of processing and obtaining a good rate of compression of images with a minimum degradation of the quality in relation to the original image. Both self-organizing neural networks developed here, were denominated HSOM, for static case, and DHSOM, for the dynamic case. ln the first form, the hierarchical structure is previously defined and in the later this structure grows in an automatic way in agreement with heuristic rules that explore the data of the training group without use of external parameters. For the network, the heuristic mIes determine the dynamics of growth, the pruning of ramifications criteria, the flexibility and the size of children maps. The LBO (Linde-Buzo-Oray) algorithm or K-means, one ofthe more used algorithms to develop codebook for Vector Quantization, was used together with the algorithm of Kohonen in its basic form, that is, not hierarchical, as a reference to compare the performance of the algorithms here proposed. A performance analysis between the two hierarchical structures is also accomplished in this work. The efficiency of the proposed processing is verified by the reduction in the complexity computational compared to the traditional algorithms, as well as, through the quantitative analysis of the images reconstructed in function of the parameters: (PSNR) peak signal-to-noise ratio and (MSE) medium squared error

Melhoramento e estrutura populacional em bubalinos da raça Mediterrâneo no Brasil

O objetivo deste trabalho foi avaliar a estrutura populacional e os progressos genéticos, fenotípicos e ambientais de características de desenvolvimento ponderal, em bubalinos da raça Mediterrâneo. Foram utilizadas informações dos pesos ajustados aos 205, 365 e 550 dias de idade, de 6.243 bubalinos nascidos no período de 1974 a 2003, provenientes de quatro fazendas. As estimativas dos coeficientes de herdabilidade foram altas para os pesos ajustados nas três idades. Os rebanhos apresentaram ganho genético positivo quanto a essas três características, porém, aquém do possível, provavelmente em razão da seleção baseada somente no fenótipo, realizada pelos produtores. Para aumento nos ganhos genéticos, são necessários a redução do intervalo de geração, o aumento do tamanho efetivo, o uso de reprodutores avaliados com base nos valores genéticos preditos pelo BLUP e o controle dos acasalamentos de animais aparentados.

Estrutura foliar de Loudetiopsis chrysothrix (Nees) Conert e Tristachya leiostachya Nees (Poaceae)

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

Diversidade genética e tamanho efetivo de duas populações de Myracrodruon urundeuva Fr. All., sob conservação ex situ

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Anatomia e ultra-estrutura do pulvino primário de Pterodon pubescens Benth. (Fabaceae - Faboideae)

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

Regimes de frustração ótima em enovelamento de proteínas com modelos baseado em estrutura

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

Efeitos do canto de anúncio e do tamanho corporal no espaçamento entre machos em agregações de Dendropsophus nanus (Anura, Hylidae)

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