Are real options a real option for real-world finance professionals? case study : the application of real options to evaluate investment projects in the latin american oil and gas field services industry

Brasil e outros mercados emergentes continuarão a apresentar muitas oportunidades de investimento nos próximos anos. Profissionais financeiros que gerenciam os processos de orçamento de capital nas empresas terão grandes desafios a enfrentar. Características específicas destes projetos como preços ligados a commodities (por exemplo: petróleo e gás e projetos agrícolas) e as incertezas habituais relacionadas com os mercados emergentes são desafios adicionais. Neste cenário, ferramentas mais sofisticadas de orçamento de capital como Opções Reais, oferece uma teoria mais robusta para lidar com incerteza, flexibilidade gerencial, e os resultados voláteis embutidas nestas oportunidades. A teoria de Opções Reais assume que o envolvimento dos gestores nos projetos gera valor à medida que potencializam os bons resultados ou reduzem as perdas por abandonar projetos com maus resultados. O objetivo principal desta pesquisa foi aplicar a análise de Opções Reais para um projeto de investimento e discutir o processo e os resultados da metodologia. O estudo de caso analisa retroativamente um projeto de investimento na Colômbia e compara os resultados sob o tradicional VPL e Opções Reais. As técnicas de avaliação foram realizadas como se estivessem sendo aplicadas no momento em que o projeto foi aprovado, e depois comparadas com o desempenho real do projeto. O estudo de caso avaliado possui dois tipos de Opções Reais: primeiro, o efeito de uma opção para cancelar um contrato que é analisado a partir da perspectiva do cliente que pode exercer essa opção, e o segundo, a opção de abandonar e adiar a partir da perspectiva da empresa que irá executar a investimento.

Performance of incentive contracts in highway PPP projects in Brazil

Private-Public Partnerships (P.P.P.) is a new contractual model institutionalized in 2004 that could be used to remedy to the infrastructure deficit in Brazil. In a context of a principal and agent relation, the public partner goal is to give incentives to the private partner in the contract so that their interests are aligned. This qualitative research presents the findings of an empirical study examining the performance of incentive PPP contracts in Brazil in the highway sector. The goal is to explain how the contracting parties can align their interests in an environment of asymmetric information. Literature identified the factors that can influence PPP design and efficient incentive contracts. The study assesses the contribution of these factors in the building of PPP contracts by focusing on the case of the first and only PPP signed in the highway sector in Brazil which is the MG-050. The first step is to describe the condition of the highway network and the level of compliance of the private partner with the contract PPP MG-050. The second step is to explain the performance of the private partner and conclude if the interests of both partners were aligned in contractual aspects. On the basis of these findings and the analysis of the contract, the study formulates suggestions to improve the draft of PPP contracts from the perspective of the incentive theory of contracts.

Gender in international economic development projects: how is gender being institutionalized in the Inter-American Development Bank?

O Banco Interamericano de Desenvolvimento, o Banco Mundial, e outras organizações financiam iniciativas para acelerar o desenvolvimento da região da América Latina e Caribe. Antes do final da década de 80, vários projetos e políticas dessas instituições careciam de considerações ligadas à gênero e foram criticadas por essa falta (Flora, 1998). Em 1987, o BID publicou um documento sobre uma nova política operacional sobre mulheres e desenvolvimento e vem desde então buscando institucionalizar gênero e criar indicadores para medir os impactos relacionados à gênero em seus projetos. O objetivo dessa dissertação é explorar o tema de gênero no contexto do desenvolvimento internacional através de uma análise de como o Banco Interamericano de Desenvolvimento inclui gênero em suas operações. Após uma revisão literária sobre a importância de gênero e de bancos de desenvolvimento, essa dissertação irá analisar de que maneira gênero é incluído nas discussões dos projetos do Banco à nível institucional. A pesquisa será feita através de documentação disponível para o público geral, documentos internos e entrevistas em vídeo com pessoal do BID. Após uma análise dos dados coletados, recomendações para ações futuras serão dadas.

Relationship of Coca-Cola Brazil and the communities participant of the social projects: (im) possibilities

Five years ago, Coca-Cola Brasil launched a program named “Coletivo Project”, with the purpose to enjoy an opportunity of increase on the potential consumption power of the low-income pyramid population that lived on the “favelas”. At the same time, it had the objective to offer to them a social and financial impact, which is a trust on the future, the first job for the young adults’ participant of this program and an increase on their family source of revenues, through salaries. This was possible because through Coletivo Project, Coca-Cola identified the assets they have through its value chain, focusing on its competencies, such as retail, merchandising and logistics to apply them on courses to teach the young people of the communities and, as a result, form them to be able to find their new jobs. Internal indicators followed in a monthly basis by Coca-Cola demonstrated that the communities that had the presence of Coletivos, in comparison to those without Coletivos, had social and financial impacts. The social was the fact that the young formed started to have more confidence on their future and felt with a higher self-stem to apply for and obtain their first job. On the financial aspect, they were benefit through the increasing of their revenues and also their families and Coca-Cola had an increase on sales, when compared to a community without a Coletivo Project installed. This dissertation seeks to identify the current relationship between Coca-Cola and the communities, through the Coletivo Project classes performed on the NGOs located at this places, in order to identify opportunities for improvement the benefits and the impacts (financial and social) on the NGOs, communities and all stakeholders of this project. This dissertation examines this relationship, through presence interviews performed on four NGOs selected, and located on four of the twenty communities, that are participants of the Coletivo Project on Rio de Janeiro city. These interviews performed with the students, representatives and educators of these NGOs. The covered period of the interviews ranges from April 2014 to August 2014. This dissertation draws on first-hand qualitative empirical evidence gathered through extensive fieldwork. The main findings among possibilities for improvement by Coca-Cola are: • Implement new courses, beyond those existent at Coca-Cola (Retail, Logistics, etc.). • Increase the content of the employment module of Coletivo classes, focusing on improving educational, cultural, economic, political, social and professional life. • Increase the scale, through the quantity of positions on the Retail Coletivo classes. • Develop cultural and sports events with the communities. • Support the points of sales, participant of the practical classes of the Coletivo Retail, with refrigerators and furniture with the Coca-Cola logo. • Provide coffee breaks and meals during the Coletivo classes, using Coca-Cola beverages and partners for food items, developing the nutrition platform of the company and filling a need of the students. • Perform a research with all stakeholders related to this Project, including those students and mothers that are not participant of the Coletivo, in order to listen to them, understand their needs, and offer solutions to fulfill these gaps. and on the side of the • Perform partnerships with educational institutions to make viable other type of courses, more technical, but that have a relation with the core business of Coca-Cola Brasil, such as marketing. • Implement the Coca-Cola University, already existed at the Company. • Create courses or activities focused on the children. Regarding the impossibilities, the findings are: • Improve the basic sanitation of the communities. • Improve the safety on the communities. • Provide a home to those do not have. • Implement courses that have no relationship with Coca-Cola business and expertise, such as gastronomy. However, Coca-Cola can influence stakeholders on that. The results suggest to executives of Coca-Cola that a deep and a qualitative research on the communities of Brazil, in order to listen young people, educators, mothers, partners that offer jobs, from Coletivo and out of the project, is mandatory, to understand their needs, dreams, complains and offer valuable solutions to all.

Implications of innovation for inclusive growth: a study of Medellín, Colombia's metro system and integral urban projects

Medellín, Colombia continues to attract global recognition for its evolution from a crimesaturated and desegregated city to an award-winning paragon of innovation. Two innovations in particular, the Metro System & the Integral Urban Projects, have fostered and contributed to Medellín’s inclusive growth, as indicated by a corresponding increase in both social and economic capital. Through a mixed methodology analysis of these two experiences, including participant observation, in-depth interviews with different industry leaders, and household surveys, this thesis explores the extent to which inclusive innovation has contributed to inclusive growth in Medellín. The surveys were distributed to three sensitive neighborhoods of Medellín and apply a Synthesized Framework for measuring inclusive growth, one that includes five indicators for social capital and five indicators for economic capital, emphasizing the importance of progression in both dimensions. By drawing on concepts of inclusivity surfacing more frequently in business lexicon and the emergence of a newly branded Medellín, the findings of this thesis indicates that the implementation of innovations in association with a unified city vision practiced by the local government, corporate and non-profit sector has contributed to achieving inclusive growth, and has left civilians hungry for more.

SysPRE: systematized process for requirements engineering in knowledge discovery projects

The domain of Knowledge Discovery (KD) and Data Mining (DM) is of growing importance in a time where more and more data is produced and knowledge is one of the most precious assets. Having explored both the existing underlying theory, the results of the ongoing research in academia and the industry practices in the domain of KD and DM, we have found that this is a domain that still lacks some systematization. We also found that this systematization exists to a greater degree in the Software Engineering and Requirements Engineering domains, probably due to being more mature areas. We believe that it is possible to improve and facilitate the participation of enterprise stakeholders in the requirements engineering for KD projects by systematizing requirements engineering process for such projects. This will, in turn, result in more projects that end successfully, that is, with satisfied stakeholders, including in terms of time and budget constraints. With this in mind and based on all information found in the state-of-the art, we propose SysPRE - Systematized Process for Requirements Engineering in KD projects. We begin by proposing an encompassing generic description of the KD process, where the main focus is on the Requirements Engineering activities. This description is then used as a base for the application of the Design and Engineering Methodology for Organizations (DEMO) so that we can specify a formal ontology for this process. The resulting SysPRE ontology can serve as a base that can be used not only to make enterprises become aware of their own KD process and requirements engineering process in the KD projects, but also to improve such processes in reality, namely in terms of success rate.

Hydrosedimentological dynamic on Água Fria Watershed

Este estudo objetivou estimar a quantidade de sedimento que foi carreada da microbacia do Ribeirão Água Fria (Palmas, TO) entre fevereiro de 1998 e janeiro de 1999. Almejou-se ainda investigar as relações entre a produção de sedimento e alguns fatores antrópicos e ambientais. O método de Colby foi a técnica empregada no estudo. A produção específica de sedimento e o coeficiente de remoção de sedimentos foram parâmetros também investigados neste trabalho. Foi estimada uma quantidade de 138.619 toneladas de sedimento produzido e a produção específica de sedimentos foi estimada como sendo 827 t km-2 ano-1, enquanto que o coeficiente de remoção de sedimentos foi 6,2%. A fração suspensa foi a predominante durante quase todo o período de estudo.

Topographical characteristics and evaluating water quality in watershed management

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

Avaliação da disponibilidade hídrica e da demanda hídrica no trecho do Rio Piranhas-Açu entre os açudes Coremas-mãe D´água e Armando Ribeiro Gonçalves

Piranhas-Açu basin is a Federal watershed with a drainage area of 43.681,5 km2, sited at Brazilian northeast semi arid, with 60% of your area in Paraiba State and 40% in Rio Grande do Norte State. The main river, Piranhas-Açu, has strategic importance for development of these states, because it s an essential source for many socio-economics activities developed along watercourse. The river s reach between Coremas-Mãe D`água Dam and Armando Ribeiro Gonçalves Dam has many irrigation projects, and supply many riverside cities. All this activities practiced in this river s reach consumes high water volumes. Due the importance of this stream and the necessity of an adequate management, this work aims for an impartial and detailed evaluation of real water supply conditions in this river s reach, by the application of hydrological modeling, including the arrangement of main dams in tributaries, and storage reservoir water balance. The rainfall-discharge model s applied in each sub-basins it was selected the model MODHISA- Hydrological Model of Semi Arid, that is a concentrated model with easy application. The simulation produced 50 years of inflows into the reservoirs, for which, were constructed the guaranties curves; and produced 50 years of synthetic discharge data in relevant points on the river and on its affluents; so it was constructed the permanence curves. Confronting the available discharge with the current and futures volumes of raw water captured in this river s reach, it was verified that de demands have high guaranties. This work concluded that the MODHISA Model is suitable to reproduce the hydrologic characteristics of Piranhas-Açu sub-basins, and showing good results

The definition of potential infiltration areas in Guaratingueta watershed, Paraiba do Sul Basin, Southeastern Brazil: an integrated approach using physical and land-use elements

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

Planning and Projects of Secondary Electric Power Distribution Systems

This paper proposes a methodology to achieve integrated planning and projects for secondary distribution circuits. The planning model is formulated as a mixed integer nonlinear programming problem (MINLP). In order to resolve this problem, a tabu search (TS) algorithm is used, with a neighborhood structure developed to explore the physical characteristics of specific geographies included in the planning and expansion of secondary networks, thus obtaining effective solutions as well as low operating costs and investments. The project stage of secondary circuits consists of calculating the mechanical efforts to determine the support structures of the primary and secondary distribution systems and determining the types of structures that should be used in the system according to topological and electrical parameters of the network and, therefore, accurately assessing the costs involved in the construction and/or reform of secondary systems. A constructive heuristic based on information of the electrical and topological conditions between the medium voltage and low voltage systems is used to connect the primary systems and secondary circuits. The results obtained from planning and design simulations of a real secondary system of electric energy distribution are presented.

Lacustrine records of Holocene flood pulse dynamics in the Upper Paraguay River watershed (Pantanal wetlands, Brazil)

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

Some particularities of dam rehabilitation projects

The number of dams, which need rehabilitation, is growing, not only in countries that have a long tradition in dam building and operation but,also in those regions where the infrastructure is still in full development. Though rehabilitation projects generally deal with problems that are common in dam engineering practice there are some peculiarities which are a characteristic of such projects and which must be duly taken into account to avoid unsuccess and/or unnecessary costs. Regular safety inspection is essential to forestall the development of structural, hydrological and operational unsafety. if need of major repair or overall rehabilitation of a dam becomes apparent design oft he rehabilitation project must be preceded by a comprehensive checkup of the structure and appurtenant works, as well as by an evaluation of its hydrological safety inclusive of all relevant environmental aspects. The availability of complete records on the clam's structural behaviour and on meteorological and hydrological data, as well as the knowledge of the materials properties of the existing structure are important for the successful design of a rehabilitation project. To this end the installation of monitoring devices in the existing structure may be necessary to generate representative data. While the criteria to be used in structural design should correspond to current standards, the definition of hydrological design criteria depends on considerations that vary widely from region to region or even from one country to another. Some basic hydrological safety requirements, however, are recommended for general acceptance. Dam rehabilitation projects demand very careful and detailed construction planning because of their dependence on river flow conditions, operational restrictions and, often, on procedures or limitations imposed to avoid harm to the environment. of utmost importance is the timely availability of the financial funds required to complete the project, in order to avoid delays which could result in structural or operational unsafety. Since every dam sooner or later will have to undergo major repair or updating of safety, rehabilitation may evolve to a speciality of dam engineering.

DBMODELING - A database applied to the study of protein targets from genome projects

Genome sequencing efforts are providing us with complete genetic blueprints for hundreds of organisms. We are now faced with assigning, understanding, and modifying the functions of proteins encoded by these genomes. DBMODELING is a relational database of annotated comparative protein structure models and their metabolic pathway characterization, when identified. This procedure was applied to complete genomes such as Mycobacteritum tuberculosis and Xylella fastidiosa. The main interest in the study of metabolic pathways is that some of these pathways are not present in humans, which makes them selective targets for drug design, decreasing the impact of drugs in humans. In the database, there are currently 1116 proteins from two genomes. It can be accessed by any researcher at http://www.biocristalografia.df.ibilce.unesp.br/tools/. This project confirms that homology modeling is a useful tool in structural bioinformatics and that it can be very valuable in annotating genome sequence information, contributing to structural and functional genomics, and analyzing protein-ligand docking.