777 resultados para Net cash flow


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Este estudo procura investigar possíveis associações entre as experiências de flow e os fenómenos de mentoria e liderança. Procura-se identificar as características e benefícios de experiências de flow e de relações de mentoria e liderança, percebidos pelos colaboradores de quatro empresas de Injeção de Plásticos da Marinha Grande. Identificam-se as funções de mentoria, os estilos de liderança transacional, transformacional e servidora e os componentes de flow entre estes colaboradores. Para a medição dos estilos de liderança foram utilizados os instrumentos desenvolvidos por Avolio e Bass (2004) e Dennis (2004). Para as funções das relações de mentoria, definidas por Ragins e Kram (2007), o instrumento desenvolvido por Noe (1988). Para os componentes observados em experiências de flow, o instrumento desenvolvido por Jackson e Ecklund (2002). Apoiado nos instrumentos referidos foi aplicado um questionário na recolha dos dados para este estudo. Foram encontradas influências moderadas e fortes entre os estilos de liderança, as funções de mentoria e os componentes de uma experiência de flow.

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El propósito de esta Tesis es presentar una propuesta de estructura del Area de Cash Management en el Banco. En la actualidad, las empresas están enfocadas en la gestión de tesorería que abarca la administración y óptimo control de los flujos que ingresan y salen de las cuentas de la empresa, permitiendo una correcta planificación financiera y un eficiente manejo de los procesos dentro de su cadena de valor. Este enfoque ha creado una serie de necesidades que deben ser satisfechas por las instituciones financieras quienes deben crear instrumentos que faciliten las gestiones de las empresas, desarrollando productos y servicios más novedosos y complejos. El cash Management es una herramienta electrónica que brinda a las empresas una solución personalizada, económica, adaptable y fácil de implementar. El objetivo es facilitar el trabajo del cliente quien puede administrarla directamente y en línea, bajo medidas de seguridad y validaciones requeridas. Para ello la El Banco debe contar con una herramienta tecnológica que brinde esta solución y sobre todo debe contar con una estructura compuesta por un equipo de personas especializadas en el desarrollo y venta de los productos de cash management así como en el servicio a los clientes.

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En la presente tesis los propósitos principales son la adecuada conceptualización y presentación del manejo de flujos materiales; nueva tendencia que ha generado expectativas en el exterior principalmente en industrias europeas y de Norte América. Además se busca dentro del presente trabajo analizar las connotaciones y oportunidades de la aplicación del manejo de flujos materiales en una empresa especifica de nuestro país, “PROSISA” Productos sintéticos S.A., considerando también las incidencias que esto podría tener en la industria general de Plásticos. Con el prenombrado análisis también se busca identificar las perspectivas que la empresa de sintéticos pueda tener al aplicar el manejo de flujos materiales dentro de su proceso productivo principalmente con los desperdicios y posibles soluciones para optimizar los recursos empleados.

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A comparison of the models of Vitti et al. (2000, J. Anim. Sci. 78, 2706-2712) and Fernandez (1995c, Livest. Prod. Sci. 41, 255-261) was carried out using two data sets on growing pigs as input. The two models compared were based on similar basic principles, although their aims and calculations differed. The Vitti model employs the rate:state formalism and describes phosphorus (P) flow between four pools representing P content in gut, blood, bone and soft tissue in growing goats. The Fernandez model describes flow and fractional recirculation between P pools in gut, blood and bone in growing pigs. The results from both models showed similar trends for P absorption from gut to blood and net retention in bone with increasing P intake, with the exception of the 65 kg results from Date Set 2 calculated using the FernAndez model. Endogenous loss from blood back to gut increased faster with increasing P intake in the FernAndez than in the Vitti model for Data Set 1. However, for Data Set 2, endogenous loss increased with increasing P intake using the Vitti model, but decreased when calculated using the FernAndez model. Incorporation of P into bone was not influenced by intake in the FernAndez model, while in the Vitti model there was an increasing trend. The FernAndez model produced a pattern of decreasing resorption in bone with increasing P intake, with one of the data sets, which was not observed when using the Vitti model. The pigs maintained their P homeostasis in blood by regulation of P excretion in urine. (c) 2005 Elsevier Ltd. All rights reserved.

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We investigated whether oxidation alters the self-aggregation of low density lipoprotein (LDL) and the inhibition of such aggregation by albumin. Incubation with copper for different durations produced mildly, moderately, and highly oxidised LDL (having, respectively, ca. 60, 300 and 160 nmol lipid hydroperoxides/mg protein, and electrophoretic mobilities 1.2, 2.6 and 4.4 times that of native LDL). The rate of flow-induced aggregation was the same for native, mildly oxidised and moderately oxidised LDL, but decreased for highly oxidised LDL. The inhibitory effect of albumin (40 mg/ml) on aggregation was reduced by mild oxidation and further reduced by moderate or severe oxidation. The net result of the two effects was that in the presence of albumin, moderately oxidised LDL had the highest rate of aggregation and native the lowest. The reduction in the anti-aggregatory effect of albumin provides a new mechanism by which LDL oxidation might enhance net aggregation in vivo. (C) 2003 Elsevier B.V. All rights reserved.

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A direct method is presented for determining the uncertainty in reservoir pressure, flow, and net present value (NPV) using the time-dependent, one phase, two- or three-dimensional equations of flow through a porous medium. The uncertainty in the solution is modelled as a probability distribution function and is computed from given statistical data for input parameters such as permeability. The method generates an expansion for the mean of the pressure about a deterministic solution to the system equations using a perturbation to the mean of the input parameters. Hierarchical equations that define approximations to the mean solution at each point and to the field covariance of the pressure are developed and solved numerically. The procedure is then used to find the statistics of the flow and the risked value of the field, defined by the NPV, for a given development scenario. This method involves only one (albeit complicated) solution of the equations and contrasts with the more usual Monte-Carlo approach where many such solutions are required. The procedure is applied easily to other physical systems modelled by linear or nonlinear partial differential equations with uncertain data.

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An alteration of species composition in temperate forests – both managed and natural - is one of the expected effects of environmental change. Present forest tree species ranges will be altered by changing environmental conditions. By a combination of continuous and destructive sampling, we compared biomass stocks and annual NPP in naturally regenerated stands of Norway spruce and European beech. We purposely selected a site where future environmental conditions are predicted to favour beech over presently dominant spruce. We found no difference in overall productivity, but biomass allocation differed significantly between the two species. Beech allocated more assimilates to stem and roots than spruce. There was no significant difference between the species in NPP of the fast turnover biomass pool comprising foliage and fine roots. Maximum height growth occurred about a month earlier than in spruce, potentially changing the timing of carbon (C) flow into the soil pools. We show that the replacement of spruce by beech will result in changes in forest biomass allocation and in alterations of belowground C cycle. Such changes will affect forest ecosystem function by modifying the magnitude and timing of certain C fluxes, but also by potentially changing the species composition of forest biota dependent on them.

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This paper investigates the importance of ow of funds as an implicit incentive in the asset management industry. We build a two-period bi- nomial moral hazard model to explain the trade-o¤s between ow, per- formance and fees where e¤ort depends on the combination of implicit ( ow of funds) and explicit (performance fee) incentives. Two cases are considered. With full commitment, the investor s relevant trade-o¤ is to give up expected return in the second period vis-à-vis to induce e¤ort in the rst period. The more concerned the investor is with today s pay- o¤, the more willing he will be to give up expected return in the second period by penalizing negative excess return in the rst period. Without full commitment, the investor learns some symmetric and imperfect infor- mation about the ability of the manager to obtain positive excess return. In this case, observed returns reveal ability as well as e¤ort choices. We show that powerful implicit incentives may explain the ow-performance relationship with a numerical solution. Besides, risk aversion explains the complementarity between performance fee and ow of funds.

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This paper infers the impact the publication Guia Exame (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

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This paper introduces cash transfers targeting the poor in an incomplete markets model with heterogeneous agents facing idiosyncratic risk. These transfers change the degree of insurance in the economy and affect precautionary motives asymmetrically, leading the poorest households to decrease savings proportionally more than their richer counterparts. In a model economy calibrated to Brazil, once the cash transfer program is adopted, wealth inequality and social welfare increase, poverty decreases, while employment and income inequality remain about the same. Imperfect access to financial markets is important for these results, whereas whether the program is funded with lump sum or distortive taxes is not.

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Essa dissertação investiga como as empresas brasileiras ajustaram o nível de cash holdings durante o período da crise 2008-2009 em que o crédito de curto prazo é escasso. Utilizamos um modelo dinâmico de caixa para avaliar os principais determinantes da velocidade de ajuste do nível de cash holdings em direção ao nível ótimo, principalmente em períodos de crise quando há um aumento dos custos de ajustes em decorrência da dificuldade de acesso ao crédito bancário. Encontramos evidências empíricas que: a) o comportamento dinâmico de caixa é significativo e os custos de ajustes das empresas brasileiras são altos, impedindo o ajuste imediato para o nível ideal de caixa; b) a baixa velocidade de ajuste da estrutura de caixa é decorrente da pouca disponibilidade de crédito e do alto custo da dívida bancária; c) durante a crise, o capital de giro está positivamente relacionado ao nível de cash holdings, mas como esse recurso é escasso, há retração no capital de giro líquido; d) A falta de linha de crédito bancário que financie o crescimento das empresas, estimula a utilização da dívida de longo prazo para reter caixa e implica em uma relação negativa entre investimentos e cash holdings.

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Trata da área de influência de lojas de atacado cash e carry, traçamdo uma analogia com a área de influência do varejo de supermercados. Tenta ainda encontrar uma relação entre o valor da compra e a distância percorrida pelo cliente, buscando subsídios no lote econômico de compra