Divulgação de informação sobre Activos Intangíveis, Concentrações de Actividades Empresariais e Goodwill: evidência empírica nas empresas cotadas na Bolsa de Valores Portuguesa.

This paper analyzes the level of disclosure of Intangible Assets, Business Combinations and Goodwill in the consolidated financial statements and its explanatory factors. We have analyzed the annual reports of companies listed on Euronext Lisbon for the year 2010 and have created a Disclosure Index which allows to measure the level of disclosure for each company in this area, based on the existing accounting standards. In order to identify the association between the level of disclosure and its determinants, we have tested several hypotheses which explain the degree of disclosure. The results evidences, company’s size, industry, leverage and audit firms belonging to Big 4as explanatory factors. Only the size presentsa positive association with disclosure index, confirming the hypothesis which establishes that the level of disclosure about Intangible Assets, Business Combinations and Goodwill is greater in larger companies. The remaining explanatory variables presenta negative association with disclosure level.

Geoquímica de radionuclídeos naturais e biomonitoramento em área de mineração de carvão no sul do Brasil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Estrutura de capital e a rendibilidade das 100 maiores empresas dos Açores

Dissertação de Mestrado, Ciências Económicas e Empresariais, 8 de Janeiro de 2015, Universidade dos Açores.

Os determinantes do crédito comercial: um estudo sobre as empresas industriais portuguesas

O presente trabalho procura testar empiricamente algumas teorias sobre os motivos pelos quais as empresas concedem e recebem crédito comercial. Para este efeito usa- se um painel de 11040 empresas portuguesas, das quais 360 são grandes empresas e 10680 são PME, para o período compreendido entre 2003 e 2009. Apesar da relevância do crédito comercial como fonte de financiamento empresarial, o tema está longe de se considerar esgotado, sobretudo porque não existe uma teoria geral sobre este assunto. Assim, o nosso trabalho procura contribuir para a literatura que estuda os determinantes para a concessão e recebimento de crédito comercial. Adicionalmente, e porque esta temática não têm sido muito estudada em Portugal, pretendemos analisar o papel do crédito comercial como fonte de financiamento das empresas portuguesas. No presente trabalho conclui-se que as grandes empresas (com maior acesso ao mercado de crédito) servem como intermediários financeiros para os seus clientes com menor acesso ao financiamento. Para além disso, observou-se que as empresas fornecedoras utilizam o crédito comercial como um meio legal de discriminação de preços. Por fim, as empresas financeiramente constrangidas, principalmente em momentos de crise financeira, recorrem ao crédito comercial como fonte alternativa de financiamento, corroborando a hipótese de substituição entre o crédito comercial e o crédito bancário.

Dimensionamento de obras de dissipação de energia em drenagem de vias de comunicação

Dissertação de Natureza Científica para obtenção do grau de Mestre em Engenharia Civil na Área de Especialização de Hidráulica

Ética e responsabilidade social das empresas cotadas da EURONEXT Lisboa (2008-2012)

Mestrado em Contabilidade

Stackelberg leadership with demand uncertainty in a differentiated duopoly

On a symmetric differentiated Stackelberg duopoly model in which there is asymmetric demand information owned by leading and follower firms, we show that the leading firm does not necessarily have advantage over the following one. The reason for this is that the second mover can adjust its output level after observing the realized demand, while the first mover chooses its output level only with the knowledge of demand distribution.

Mercados bolsistas

O intenso intercâmbio entre os países, resultante do processo de globalização, veio acrescer importância ao mercado de capitais. Os países em desenvolvimento procuram abrir as suas economias para receber investimentos externos. Quanto maior for o grau de desenvolvimento de uma economia mais ativo será o seu mercado de capitais. No entanto, tem-se verificado uma tendência de substituição de enfoque económico, que antes era mais dirigido ao planeamento empresarial para metas mais ligadas ao meio ambiente. O mercado de capitais é um sistema de distribuição de valores mobiliários cujo objectivo é proporcionar liquidez a títulos emitidos pelas empresas, com a finalidade de viabilizar o processo de capitalização desses papéis. O mercado de capitais é composto pelas bolsas de valores, sociedades corretoras e outras instituições financeiras que têm autorização da Comissão de Valores dos Mercados Mobiliários (CMVM). O mercado bolsista insere-se no mercado de capitais. Nesses mercados, é importante conseguir conjuntamente a maximização dos recursos (retornos) e minimização dos custos (riscos). O principal objectivo das bolsas de valores é promover um ambiente de negociação dos títulos e dos valores mobiliários das empresas. Muitos investidores têm a sua própria maneira de investir, consoante o perfil que cada um tem. Além do perfil dos investidores, é também pertinente analisar a questão do risco. Vaughan (1997) observa que, nos dias atuais, a questão da administração do risco está presente na vida de todos. Este trabalho tem o propósito de demonstrar a necessidade da utilização de ferramentas para a seleção de ativos e para a mensuração do risco e do retorno de aplicações de recursos financeiros nesses activos de mercados de capitais, por qualquer tipo de investidor, mais especificamente na compra de ações e montagem de uma carteira de investimento. Para isso usou-se o método de Elton e Gruber, analisou-se as rentabilidades, os riscos e os índices de desempenho de Treynor e Sharpe. Testes estatísticos para os retornos das ações foram executados visando analisar a aleatoriedade dos dados. Este trabalho conclui que pode haver vantagens na utilização do método de Elton e Gruber para os investidores propensos a utilzar ações de empresas socialmente responsáveis.

Avaliação do desempenho de carteiras de fundos verdes em diferentes estados de mercado

Dissertação de mestrado em Finanças

Variation of the ichthyofauna along the Goioerê River: an important tributary of the Piquiri-Paraná basin

The construction of reservoirs is considered an important source of impacts on the fish fauna, severely altering the structure of the assemblage. This paper aimed to describe the structure of the fish assemblage of the Goioerê River, determining its longitudinal distribution and patterns of species dominance. The evaluation of its longitudinal variation in the diversity and abundance of the fish assemblage was conducted in July and October 2004 and January and May 2005. The collections were carried out near the headwaters (Gurucaia), middle stretch (Olaria), just above the falls (Paiquerê) and downstream (Foz). Forty-four species were captured. The Gurucaia fish assemblages differed significantly from Olaria, Paiquerê and Foz. The Olaria assemblages differed significantly from the Foz. Gurucaia showed the lowest diversity and abundance of species. Astyanax aff paranae Eigenmann,1914 (78% of the total) was found to be dominant at this site. Almost the same species richness was found at Olaria and Paiquerê, although Olaria had the greatest abundance of individuals. Astyanax aff paranae, Cyphocharax modestus (Fernández-Yépez, 1948) and Astyanax altiparanae Garutti & Britski, 2000 were the top three dominants and comprised over 71% of the total number of fish caught. At Paiquerê, Astyanax altiparanae, Hypostomus aff ancistroides (Ihering, 1911) and Loricariichthys platymetopon Isbrücker & Nijssen, 1979 composed 58% of the catches. Thirty-one species were recorded at Foz, which presented the greatest richness. The most abundant species were Apareiodon affinis (Steindachner, 1879), Galeocharax knerii (Steindachner, 1879) and A.altiparanae, which contributed to 50% of the total catches in this environment.These results record the fish biodiversity and how the community is longitudinally structured in the Goioerê River, and also demonstrate how this type of evaluation is important to understanding the fish community patterns and finding solutions to problems related to the conservation and management of the basin.

Decomposing differences in total factor productivity across firm size

This paper investigates the extent to which the gap in total factor productivity between small and large firms is due to differences in the endowment of factors determining productivity and to the returns associated with these factors. We place particular emphasis on the contribution of differences in the propensity to innovate and in the use of skilled labor across firms of different size. Empirical evidence from a representative sample of Spanish manufacturing firms corroborates that both differences in endowments and returns to innovation and skilled labor significantly contribute to the productivity gap between small and large firms. In addition, it is observed that the contribution of innovation to this gap is caused only by differences in quantity, while differences in returns have no effect; in the case of human capital, however, most of the effect can be attributed to increasing differences in returns between small and large firms.

Mutation screening of the glutamate cysteine ligase modifier (GCLM) gene in patients with schizophrenia.

BACKGROUND: Experimental evidences show that glutathione and its rate-limiting synthesizing enzyme, the glutamate-cysteine ligase (GCL), are involved in the pathogenesis of schizophrenia. Furthermore, genetic association has been previously reported between two single nucleotide polymorphisms lying in noncoding regions of glutamate cysteine ligase modifier (GCLM) gene, which specifies for the modifier subunit of GCL and schizophrenia. OBJECTIVE: We wanted to investigate the presence of GCLM true functional mutations, likely in linkage disequilibrium with the previously identified single nucleotide polymorphism alleles, in the same set of cases that allowed the detection of the original association signal. METHODS: We screened all the coding regions of GCLM and their intronic flanking vicinities in 353 patients with schizophrenia by direct DNA sequencing. RESULTS: Ten sequence variations were identified, five of which were not previously described. None of these DNA changes was within the GCLM coding sequence and in-silico analysis failed to indicate functional impairment induced by these variations. Furthermore, screening of normal controls and downstream statistical analyses revealed no significant relationship of any of these DNA variants with schizophrenia. CONCLUSION: It is unlikely that functional mutations in the GCLM gene could play a major role in genetic predisposition to schizophrenia and further studies will be required to assess its etiological function in the disease.

A Theory of Wage Setting Behavior

Concerns for fairness, workers' morale and reciprocity infuence firms' wage setting policy. In this paper we formalize a theory of wage setting behavior in a simple and tractable model that explicitly considers these behavioral aspects. A worker is assumed to have reference-dependent preferences and displays loss aversion when evaluating the fairness of a wage contract. The theory establishes a wage-effort relationship that captures the worker's reference-dependent reciprocity, which in turn in uences the firm's optimal wage policy. The paper makes two key contributions: it identifies loss aversion as an explanation for a worker's asymmetric reciprocity; and it provides realistic and generalized microfoundation for downward wage rigidity. We further illustrate the implications of our theory for both wage setting and hiring behavior. Downward wage rigidity generates several implications for the outcome of the initial employment contract. The worker's reference wage, his extent of negative reciprocity and the firms expectations are key drivers of the propositions derived.

Fission yeast: in shape to divide.

How are cell morphogenesis and cell cycle coordinated? The fission yeast is a rod-shaped unicellular organism widely used to study how a cell self-organizes in space and time. Here, we discuss recent advances in understanding how the cell acquires and maintains its regular rod shape and uses it to control cell division. The cellular body plan is established by microtubules, which mark antipodal growth zones and medial division. In turn, cellular dimensions are defined by the small GTPase Cdc42 and downstream regulators of vesicle trafficking. Yeast cells then repetitively use their simple rod shape to orchestrate the position and timing of cell division.

The determinants of YIc's R&D activity

This paper examines the determinants of young innovative companies’ (YICs) R&D activities taking into account the autoregressive nature of innovation. Using a large longitudinal dataset comprising Spanish manufacturing firms over the period 1990-2008, we find that previous R&D experience is a fundamental determinant for mature and young firms, albeit to a smaller extent in the case of the YICs, suggesting that their innovation behaviour is less persistent and more erratic. Moreover, our results suggest that firm and market characteristics play a distinct role in boosting the innovation activity of firms of different age. In particular, while market concentration and the degree of product diversification are found to be important in boosting R&D activities in the sub-sample of mature firms only, YICs’ spending on R&D appears to be more sensitive to demand-pull variables, suggesting the presence of credit constraints. These results have been obtained using a recently proposed dynamic type-2 tobit estimator, which accounts for individual effects and efficiently handles the initial conditions problem.