Multicollinearity and financial constraint in investment decisions: a Bayesian generalized ridge regression

This paper addresses the investment decisions considering the presence of financial constraints of 373 large Brazilian firms from 1997 to 2004, using panel data. A Bayesian econometric model was used considering ridge regression for multicollinearity problems among the variables in the model. Prior distributions are assumed for the parameters, classifying the model into random or fixed effects. We used a Bayesian approach to estimate the parameters, considering normal and Student t distributions for the error and assumed that the initial values for the lagged dependent variable are not fixed, but generated by a random process. The recursive predictive density criterion was used for model comparisons. Twenty models were tested and the results indicated that multicollinearity does influence the value of the estimated parameters. Controlling for capital intensity, financial constraints are found to be more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification.

Structural and electron self-exchange rate variations in isomeric (hexaamine)cobalt(III/II) complexes

The syntheses and characterisation of the new macrocyclic hexaamine trans-(5(S),7(S),12(R),14(R)-tetramethyl)-1,4,8,11-tetraazacyclotetradecane-6,13-diamine (L-6) and its Co-III complex are reported. The X-ray crystal structural analyses of [CoL6]Cl-2(ClO4) [monoclinic, space group C2/c, a = 16.468(3) Angstrom, b = 9.7156(7) Angstrom, c = 15.070(3) Angstrom, beta = 119.431(8)degrees, Z = 4] and the closely related cis-diamino-substituted macrocyclic complex [CoL2](ClO4)(3) . 2H(2)O (L-2 = cis-6,13-dimethyl-1,4,8,11-tetraazacyclotetradecane-6,13-diamine) [orthorhombic, space group Pna2(1), a = 16.8220(8) Angstrom, b = 10.416(2) Angstrom, c = 14.219(3) Angstrom, Z = 4] reveal significant variations in the observed Co-N bond lengths and coordination geometries, which may be attributed to the trans or cis disposition of the pendent primary amines. The Co-III/II self-exchange electron transfer rate constants for these and other closely related hexaamines have been determined, and variations of some 2 orders of magnitude are found between pairs of trans and cis isomeric Co-III complexes.

Enantioselectivity in the Pharmacokinetic Interaction Between Fluvastatin and Lercanidipine in Healthy Volunteers

Hypertension and dyslipidemia are independent risk factors for cardiovascular mortality and are frequently present in the same patient. Fluvastatin (FV), used to reduce cholesterol levels, and lercanidipine (LER), used to control blood pressured are marketed as racemic mixtures. Therapeutic activities are 30-fold higher for (+)-3R,5S-FV and 100- to 200-fold higher for S-LER compared with their respective antipodes. The present study describes the enantioselective pharmacokinetic interaction between LER and FV in healthy volunteers. A crossover randomized study was conducted in 3 phases on 8 volunteers treated with a single oral racemic dose of LER (20 mg) or FV (40 mg) or LER plus FV. Serial blood samples were collected from 0 to 24 hours. Plasma concentrations of the LER and FV enantiomers were determined by liquid chromatography/tandem mass spectrometry, and pharmacokinetic parameters were evaluated using the WinNonlin software. The Wilcoxon and Mann-Whitney tests (P < .05) were used to analyze enantiomer ratios and the pharmacokinetic drug interaction. Data are expressed as medians. In monotherapy, the kinetic disposition of both FV and LER was enantioselective. AUC values were significantly higher for (-)-3S,5R-FV than for (+)-3R,5S-FV (358.20 vs 279.68 ng.h/mL) and for S-LER compared with R-LER (13.90 vs 11.88 ng.h/mL). The pharmacokinetic parameters of FV were not enantioselective when combined with LER (AUC: (-)-3S,5R-FV: 325.21; (+)-3R,5S-FV: 316.44 ng.h/mL). There was a significant reduction in S-LER (8.06 vs 13.90 ng.h/mL) and R-LER (6.76 vs 11.88 ng.h/mL) AUC values when FV was coadministered. In conclusion, the interaction between FV-LER might be clinically relevant because AUC values of (+)-3R,5S-FV were increased when LER was coadministered, and AUC values of the 2 LER enantiomers were reduced when FV was coadministered.

Da administra????o p??blica burocr??tica ?? gerencial

Este artigo analisa os aspectos essenciais da reforma administrativa do Estado que est?? sendo proposta pelo Governo Fernando Henrique Cardoso. Como resposta ?? crise do Estado e ao processo de globaliza????o da economia mundial, essa proposta visa funda?? mentalmente implantar uma administra????o do tipo gerencial no setor p??blico brasileiro, cm contraposi????o a uma administra????o do tipo burocr??tica, atualmente predominante. No texto, faz-se uma an??lise da crise da administra????o p??blica burocr??tica brasileira e s??o definidas as linhas mestras para a implanta????o da administra????o p??blica gerencial, fun?? damental para responder ?? redefini????o das fun????es do Estado. Finalmente, relacionam-sc as a????es realizadas pelo Estado, que podem ser divididas em quatro tipos ??? n??cleo es?? trat??gico, atividades exclusivas de Estado, servi??os sociais competitivos ou n??o exclusi?? vos, e produ????o para o mercado ??? com tr??s tipos de propriedade. Os primeiros dois tipos de a????es est??o relacionados ?? propriedade p??blica estatal; o terceiro tipo de a????o ?? pro?? priedade p??blica n??o-estatal; c o quarto tipo de a????o ?? propriedade privada.

Estágio no Departamento Financeiro do Município de Penafiel

Relatório de estágio para obtenção do grau de mestre em Finanças Empresariais

A actual regulação do crédito ao consumo

"Consumidores somos todos nós como impressivamente se ex­pressou John F. Kennedy em 15 de Março de 1962. E diríamos que "consumidores de credito "somos muitos. É neste contexto que assume especial relevância a recente aprovação, no nosso ordenamento jurídico, de nova normativa reguladora do crédito ao consumo. Por outro lado, será de realçar o comando consti­tucional que prevê a protecção dos consumidores. De facto, prescreve o artigo 60° da Constituição da República Portuguesa que "os consu­midores têm direito à qualidade dos bens e serviços consumidos, à for­mação e à informação, à protecção da saúde, da segurança e dos seus interesses económicos, bem como à reparação dos danos". lmporta, pois, conhecer em rigor as normas que actualmente re­gem o acesso e a regulação dos contratos de crédito ao consumo, num contexto de harmonização comunitária deste instituto jurídico-económico. Será oportuno, sobretudo, compreender de que forma o diploma que actualmente rege a matéria em questão protege de modo mais vin­cado a parte considerada economicamente mais débil.

Simulação da aplicação da metodologia Balanced Scorecard numa PME: O estudo do caso PME-T.H.

Mestrado em Contabilidade

O Sistema de controlo interno nas instituições de Ensino Superior estudo de caso

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Auditoria, sob orientação da Professora Doutora Alcina Portugal Dias

Análise comparativa de valores de imóveis e de métodos de avaliação

Esta dissertação considera a importância da avaliação imobiliária no mercado imobiliário, nas mais diversas situações. Contudo, cinge-se à determinação de um presumível valor de transação para apartamentos, moradias, lojas e terrenos, para venda ou arrendamento. Os mercados imobiliários escolhidos são dois concelhos conhecidos, da autora, por ser mais fácil a perceção dos locais e preços de venda. Foi escolhido o Concelho de Valongo para apartamentos, moradias e terrenos e o Concelho da Maia para lojas. Para determinarmos os valores em estudo adotaram-se os métodos de avaliação imobiliária mais comuns nomeadamente: o Método Comparativo, Método do Rendimento e o Método do Custo. São apresentados os métodos de avaliação mais utilizados, descrevendo-se a aplicação de cada um deles e as suas condições necessárias. Fez-se uma comparação entre cada um o que permitiu concluir sobre os mesmos. A recolha dos imóveis objeto de estudo foi efetuada em Sites de empresas imobiliárias que dispunham de informação necessária ao âmbito do trabalho. Aplicaram-se os métodos a cada caso recolhido e posteriormente fez-se a comparação dos resultados obtidos. Através de tratamento estatístico, utilizaram-se as técnicas de regressão múltipla para análise de relações entre os métodos de avaliação aplicados. Por fim, retiraram-se conclusões sobre a relação existente entre os três métodos de avaliação.

New Strategies on Molecular Biology Applied to Microbial Systematics

Systematics is the study of diversity of the organisms and their relationships comprising classification, nomenclature and identification. The term classification or taxonomy means the arrangement of the organisms in groups (rate) and the nomenclature is the attribution of correct international scientific names to organisms and identification is the inclusion of unknown strains in groups derived from classification. Therefore, classification for a stable nomenclature and a perfect identification are required previously. The beginning of the new bacterial systematics era can be remembered by the introduction and application of new taxonomic concepts and techniques, from the 50’s and 60’s. Important progress were achieved using numerical taxonomy and molecular taxonomy. Molecular taxonomy, brought into effect after the emergence of the Molecular Biology resources, provided knowledge that comprises systematics of bacteria, in which occurs great evolutionary interest, or where is observed the necessity of eliminating any environmental interference. When you study the composition and disposition of nucleotides in certain portions of the genetic material, you study searching their genome, much less susceptible to environmental alterations than proteins, codified based on it. In the molecular taxonomy, you can research both DNA and RNA, and the main techniques that have been used in the systematics comprise the build of restriction maps, DNA-DNA hybridization, DNA-RNA hybridization, sequencing of DNA sequencing of sub-units 16S and 23S of rRNA, RAPD, RFLP, PFGE etc. Techniques such as base sequencing, though they are extremely sensible and greatly precise, are relatively onerous and impracticable to the great majority of the bacterial taxonomy laboratories. Several specialized techniques have been applied to taxonomic studies of microorganisms. In the last years, these have included preliminary electrophoretic analysis of soluble proteins and isoenzymes, and subsequently determination of deoxyribonucleic acid base composition and assessment of base sequence homology by means of DNA-RNA hybrid experiments beside others. These various techniques, as expected, have generally indicated a lack of taxonomic information in microbial systematics. There are numberless techniques and methodologies that make bacteria identification and classification study possible, part of them described here, allowing establish different degrees of subspecific and interspecific similarity through phenetic-genetic polymorphism analysis. However, was pointed out the necessity of using more than one technique for better establish similarity degrees within microorganisms. Obtaining data resulting from application of a sole technique isolatedly may not provide significant information from Bacterial Systematics viewpoint

Uma teoria da justiça libertarista: contribuições de Nozick e Steiner

Dissertação de mestrado em Filosofia Política

Ensaios de Mycologia

Morphologically the fungus reminds one of the Microsporum species of man. The microscopic elements are: the shape of the mycelia within the hairs, size and disposition of spores intercalar and terminal chlamydospores, simple clusters, hyphae, pectinate and denticulate elements. Of the 17 species of Microsporum described up to now, none can be identified with Microsporum circuluscentrum. The microsporum described is of the pure-by human type. (Culture fairly vivacious, almost total absence of spindles.) Microscopically at first sight the culture might be taken for Microsporum fulvum URIBURU 1917 or for M. felineum. These are however from animals. The bean shaped culture on potatoes leaves a place apart for it among Microsporum fungi. The anomalous elements seen in the cultures are also found in other species of Microsporum. Besides the pseudo-perithecia described and interpreted I must mention that the pseudo-nodular organs are not an exception among these fungi, for Microsporum fulvum also shows what writers have described as nodular organs. The spiral elements are also not exclusive features of the trichophytes. Microsporum tardum also shows quite characteristic spiral forms.

Personal Indebtedness, Spatial Effects and Crime

There is a long and detailed history of attempts to understand what causes crime. One of the most prominent strands of this literature has sought to better understand the relationship between economic conditions and crime. Following Becker (1968), the economic argument is that in an attempt to maintain consumption in the face of unemployment, people may resort to sources of illicit income. In a similar manner, we might expect ex–ante, that increases in the level of personal indebtedness would be likely to provide similar incentives to engage in criminality. In this paper we seek to understand the spatial pattern of property and theft crimes using a range of socioeconomic variables, including data on the level of personal indebtedness.

Personal Indebtedness, Spatial Effects and Crime

There is a long and detailed history of attempts to understand what causes crime. One of the most prominent strands of this literature has sought to better understand the relationship between economic conditions and crime. Following Becker (1968), the economic argument is that in an attempt to maintain consumption in the face of unemployment, people may resort to sources of illicit income. In a similar manner, we might expect ex–ante, that increases in the level of personal indebtedness would be likely to provide similar incentives to engage in criminality. In this paper we seek to understand the spatial pattern of property and theft crimes using a range of socioeconomic variables, including data on the level of personal indebtedness.

Two new species in the genus Cucullanus (Nematoda - Cucullanidae) from the australian region

Two new species of Cucullanus are described: C. bourdini n. sp. and C. laurotravassosi n. sp. C. bourdini is a parasite of Pristipomoides filamentosus , Aprion virescens and P. flavipinnis (Lutjanidae) in New Caledonia. The species is closely related to C. amadai, C. bulbosus and C. hians by the disposition of the post-and ad-cloacal papille but differs by the more posterior position of the deirids. C. laurotravassosi n. sp., a parasite of Arius sp. in Australia, is close to C. bagre but can be distinguished by the more posterior position of post-cloacal papillae.