Remuneração executiva e desempenho: evidências empíricas no mercado de capitais brasileiro

O objetivo desta dissertação é analisar a relação existente entre remuneração executiva e desempenho em companhias brasileiras de capital aberto listadas na BM&FBOVESPA. A linha teórica parte do pressuposto que o contrato de incentivos corrobora com o alinhamento de interesses entre acionistas e executivos e atua como um mecanismo de governança corporativa a fim de direcionar os esforços dos executivos para maximização de valor da companhia. A amostra foi composta pelas 100 companhias mais líquidas listadas em quantidade de negociações de ações na BM&FBOVESPA durante o período 2010-2012, totalizando 296 observações. Os dados foram extraídos dos Formulários de Referência disponibilizados pela CVM e a partir dos softwares Economática® e Thomson Reuters ®. Foram estabelecidas oito hipóteses de pesquisa e estimados modelos de regressão linear múltipla com a técnica de dados em painel desbalanceado, empregando como variável dependente a remuneração total e a remuneração média individual e como regressores variáveis concernentes ao desempenho operacional, valor de mercado, tamanho, estrutura de propriedade, governança corporativa, além de variáveis de controle. Para verificar os fatores que explicam a utilização de stock options, programa de bônus e maior percentual de remuneração variável foram estimados modelos de regressão logit. Os resultados demonstram que, na amostra selecionada, existe relação positiva entre remuneração executiva e valor de mercado. Verificou-se também que os setores de mineração, química, petróleo e gás exercem influência positiva na remuneração executiva. Não obstante, exerce relação inversa com a remuneração total à concentração acionária, o controle acionário público e o fato da companhia pertencer ao nível 2 ou novo mercado conforme classificação da BMF&BOVESPA. O maior valor de mercado influencia na utilização de stock options, assim como no emprego de bônus, sendo que este também é impactado pelo maior desempenho contábil. Foram empregados também testes de robustez com estimações por efeitos aleatórios, regressões com erros-padrão robustos clusterizados, modelos dinâmicos e os resultados foram similares. Conclui-se que a remuneração executiva está relacionada com o valor corporativo gerando riqueza aos acionistas, mas que a ausência de relação com o desempenho operacional sugere falhas no sistema remuneratório que ainda depende de maior transparência e outros mecanismos de governança para alinhar os interesses entre executivos e acionistas.

Prevalência de Chlamydia trachomatis em casos de partos pretermo atendidos no Hospital Universitário Cassiano Antonio Moraes, Vitória - ES

Introdução: O parto pretermo (PPT) é um dos principais determinantes da morbimortalidade neonatal, acarretando consequências adversas para saúde. As causas são multifatoriais, sendo a infecção intrauterina a razão mais provável para explicar a maioria destes desfechos. Acredita-se que a infecção por Chlamydia trachomatis (CT) também esteja envolvida no PPT e rotura prematura de membranas (ROPREMA). Objetivo: Determinar a prevalência de CT em parturientes e os possíveis fatores de risco relacionados com os casos de partos prematuros atendidos no Hospital Universitário Cassiano Antonio Moraes. Métodos: Estudo de corte transversal, realizado entre parturientes que apresentaram PPT em um Hospital Universitário em Vitória - ES, entre junho de 2012 e agosto de 2013. As participantes responderam a um questionário contendo dados sóciodemográficos, comportamentais e clínicos. Foi coletada uma amostra de urina para rastreio de CT usando reação em cadeia da polimerase. Resultados: A prevalência de PPT durante o período do estudo foi de 26%. Um total de 378 casos de PPT foram registrados, entre eles 323 mulheres foram testadas para o CT; quarenta e cinco (13,9%) tiveram um resultado positivo, sendo que 31,6% possuiam até 24 anos e as mulheres infectadas pela CT eram mais jovens do que as demais (p = 0,022). Um total de 76,2% eram casadas/em união estável, e CT foi mais frequente entre as solteiras (p = 0,018); 16,7% relataram primeira relação sexual com menos de 14 anos de idade. As causas de PPT foram materno-fetais em 40,9%, ROPREMA em 29,7% e trabalho de parto prematuro em 29,4%. Na análise multivariada, ser casada foi um fator de proteção [OR = 12:48 (IC 95%: 0,24-0,97)]. Nenhuma das demais características foram associadas com a infecção por CT. Conclusões: Este estudo evidencia uma alta prevalência de infecção por CT entre parturientes com PPT. Essa alta prevalência reforça a necessidade da definição de estratégias de rastreamento e assistência durante o pré-natal.

Multi-scale modeling of the mechanical behavior of polymer-based materials

Polymers have become the reference material for high reliability and performance applications. In this work, a multi-scale approach is proposed to investigate the mechanical properties of polymeric based material under strain. To achieve a better understanding of phenomena occurring at the smaller scales, a coupling of a Finite Element Method (FEM) and Molecular Dynamics (MD) modeling in an iterative procedure was employed, enabling the prediction of the macroscopic constitutive response. As the mechanical response can be related to the local microstructure, which in turn depends on the nano-scale structure, the previous described multi-scale method computes the stress-strain relationship at every analysis point of the macro-structure by detailed modeling of the underlying micro- and meso-scale deformation phenomena. The proposed multi-scale approach can enable prediction of properties at the macroscale while taking into consideration phenomena that occur at the mesoscale, thus offering an increased potential accuracy compared to traditional methods.

Radial Distortion Self-Calibration

In cameras with radial distortion, straight lines in space are in general mapped to curves in the image. Although epipolar geometry also gets distorted, there is a set of special epipolar lines that remain straight, namely those that go through the distortion center. By finding these straight epipolar lines in camera pairs we can obtain constraints on the distortion center(s) without any calibration object or plumbline assumptions in the scene. Although this holds for all radial distortion models we conceptually prove this idea using the division distortion model and the radial fundamental matrix which allow for a very simple closed form solution of the distortion center from two views (same distortion) or three views (different distortions). The non-iterative nature of our approach makes it immune to local minima and allows finding the distortion center also for cropped images or those where no good prior exists. Besides this, we give comprehensive relations between different undistortion models and discuss advantages and drawbacks.

LEARNING ENVIRONMENTS IN THE CONTEXT OF A MASTER DEGREE IN ANIMATION AND ILLUSTRATION

This paper aims to describe the processes of teaching illustration and animation, together, in the context of a masters degree program. In Portugal, until very recently, illustration and animation higher education courses, were very scarce and only provided by a few private universities, which offered separated programs - either illustration or animation. The MA in Illustration and Animation (MIA) based in the Instituto Politécnico do Cávado e Ave in Portugal, dared to join these two creative areas in a common learning model and is already starting it’s third edition with encouraging results and will be supported by the first international conference on illustration and animation (CONFIA). This masters program integrates several approaches and techniques (in illustration and animation) and integrates and encourages creative writing and critique writing. This paper describes the iterative process of construction, and implementation of the program as well as the results obtained on the initial years of existence in terms of pedagogic and learning conclusions. In summary, we aim to compare pedagogic models of animation or illustration teaching in higher education opposed to a more contemporary and multidisciplinary model approach that integrates the two - on an earlier stage - and allows them to be developed separately – on the second part of the program. This is based on the differences and specificities of animation (from classic techniques to 3D) and illustration (drawing the illustration) and the intersection area of these two subjects within the program structure focused on the students learning and competencies acquired to use in professional or authorial projects.

Eigenvalue computations in the context of data-sparse approximations of integral operators

In this work, we consider the numerical solution of a large eigenvalue problem resulting from a finite rank discretization of an integral operator. We are interested in computing a few eigenpairs, with an iterative method, so a matrix representation that allows for fast matrix-vector products is required. Hierarchical matrices are appropriate for this setting, and also provide cheap LU decompositions required in the spectral transformation technique. We illustrate the use of freely available software tools to address the problem, in particular SLEPc for the eigensolvers and HLib for the construction of H-matrices. The numerical tests are performed using an astrophysics application. Results show the benefits of the data-sparse representation compared to standard storage schemes, in terms of computational cost as well as memory requirements.

Automated image analysis of lung branching morphogenesis from microscopic images of fetal rat explants

Background: Regulating mechanisms of branching morphogenesis of fetal lung rat explants have been an essential tool for molecular research. This work presents a new methodology to accurately quantify the epithelial, outer contour and peripheral airway buds of lung explants during cellular development from microscopic images. Methods: The outer contour was defined using an adaptive and multi-scale threshold algorithm whose level was automatically calculated based on an entropy maximization criterion. The inner lung epithelial was defined by a clustering procedure that groups small image regions according to the minimum description length principle and local statistical properties. Finally, the number of peripheral buds were counted as the skeleton branched ends from a skeletonized image of the lung inner epithelial. Results: The time for lung branching morphometric analysis was reduced in 98% in contrast to the manual method. Best results were obtained in the first two days of cellular development, with lesser standard deviations. Non-significant differences were found between the automatic and manual results in all culture days. Conclusions: The proposed method introduces a series of advantages related to its intuitive use and accuracy, making the technique suitable to images with different lightning characteristics and allowing a reliable comparison between different researchers.

Predicting the mechanical behavior of amorphous polymeric materials under strain through multi-scale simulation

Polymeric materials have become the reference material for high reliability and performance applications. However, their performance in service conditions is difficult to predict, due in large part to their inherent complex morphology, which leads to non-linear and anisotropic behavior, highly dependent on the thermomechanical environment under which it is processed. In this work, a multiscale approach is proposed to investigate the mechanical properties of polymeric-based material under strain. To achieve a better understanding of phenomena occurring at the smaller scales, the coupling of a finite element method (FEM) and molecular dynamics (MD) modeling, in an iterative procedure, was employed, enabling the prediction of the macroscopic constitutive response. As the mechanical response can be related to the local microstructure, which in turn depends on the nano-scale structure, this multiscale approach computes the stress-strain relationship at every analysis point of the macro-structure by detailed modeling of the underlying micro- and meso-scale deformation phenomena. The proposed multiscale approach can enable prediction of properties at the macroscale while taking into consideration phenomena that occur at the mesoscale, thus offering an increased potential accuracy compared to traditional methods.

Automated image analysis of lung branching morphogenesis

Regulating mechanisms of branchingmorphogenesis of fetal lung rat explants have been an essential tool formolecular research.This work presents a new methodology to accurately quantify the epithelial, outer contour, and peripheral airway buds of lung explants during cellular development frommicroscopic images. Methods.Theouter contour was defined using an adaptive and multiscale threshold algorithm whose level was automatically calculated based on an entropy maximization criterion. The inner lung epithelium was defined by a clustering procedure that groups small image regions according to the minimum description length principle and local statistical properties. Finally, the number of peripheral buds was counted as the skeleton branched ends from a skeletonized image of the lung inner epithelia. Results. The time for lung branching morphometric analysis was reduced in 98% in contrast to themanualmethod. Best results were obtained in the first two days of cellular development, with lesser standard deviations. Nonsignificant differences were found between the automatic and manual results in all culture days. Conclusions. The proposed method introduces a series of advantages related to its intuitive use and accuracy, making the technique suitable to images with different lighting characteristics and allowing a reliable comparison between different researchers.

A relevância do relatório de auditoria para os investidores institucionais, analistas financeiros e analistas de crédito

In the 70s, a new line of research focused on the study of the influence of the audit report on the decision process of investors, financial analysts and credit analysts. Notwithstanding the numerous studies that have been carried out, results have not been consistent. Given the above, and considering the lack, in Portugal, of a research of this nature, it seems urgent to carry out a study that allows the analysis of the use of the audit report, as well as its influence on the decision making process of Portuguese stakeholders. For that purpose, in the light of the positivist research paradigm, a questionnaire was designed, which was administered by mail and on the Survey Monkey platform to a sample of institutional investors, financial analysts and credit analysts. The statistical analysis of the data obtained was undertaken with resource to the Statistical Package for the Social Sciences and SmartPLS 2.0. Corroborating the literature review and the assumptions of the Agency Theory and the Stakeholder Theory, used in the theoretical framework of analysis, empirical evidence has shown that the audit report influences the decision of institutional investors, financial analysts and credit analysts, and that the opinion expressed in that document is the most determinant factor of this influence. In addition to this factor, it was found that the degree of utilization of the audit report, as well as the value ascribed to this document, determine its influence in the decision process of research groups studied. Only in the case of institutional investors, the results did not reveal a correlation between the utility ascribed to the audit report and the influence of this document in their decision making process. In turn, the statistical inference of the model explaining the degree of use of the audit report revealed that it is conditioned by the perceived quality of the information enclosed in the audit report, the utility assigned to the audit report on the decision process, as well as the relevance of the other sources of information used by stakeholders. Therefore, this study allowed proving the importance of the audit report to its users. As a result, we believe to have filled a gap in national literature and to have contributed to the enhancement of international literature. The importance that this document has for the development of any country is, therefore, shown, and it is urgent to maintain rigor in the selection of its staff, in the development of its standards, and especially in the development of audits. Moreover, we also consider that this research may contribute to the improvement of the audit report, insofar as it will help professional bodies to understand the information needs and perceptions of stakeholders.

Theory of reasoned action for continuous improvement capabilities: a behavioral approach

The importance of interaction between Operations Management (OM) and Human Behavior has been recently re-addressed. This paper introduced the Reasoned Action Theory suggested by Froehle and Roth (2004) to analyze Operational Capabilities exploring the suitability of this model in the context of OM. It also seeks to discuss the behavioral aspects of operational capabilities from the perspective of organizational routines. This theory was operationalized using Fishbein and Ajzen (F/A) behavioral model and a multi-case strategy was employed to analyze the Continuous Improvement (CI) capability. The results posit that the model explains partially the CI behavior in an operational context and some contingency variables might influence the general relations among the variables involved in the F/A model. Thus intention might not be the determinant variable of behavior in this context.

Percursos e identidades. A (re)construção da identidade profissional do docente de enfermagem: o olhar dos docentes

RESUMO: Considerando a identidade como um processo dinâmico de interacção social, afastando-nos da ideia de identidades pré-estabelecidas, ancoradas numa visão essencialista e, aproximando-nos de uma identidade profissional que se constrói através de sucessivas interacções, procurámos conhecer a identidade profissional do docente de enfermagem. Convictos de que o estudo da identidade pode oscilar entre um pólo individual e um estrutural, optámos pela dimensão biográfica como eixo estruturante deste trabalho. Efectuaram-se oito biografias a docentes integrados no conceito de perito com uma profissionalidade reflectida. Utilizámos ainda o focus group como método complementar. Constatámos que os actores deste estudo se sentem enfermeiros, embora a sua área de actuação seja a docência. Destacam a integração do ensino de enfermagem no ensino superior como determinante na mudança da sua representação social. Todos estes docentes se incluem nos grupos que apresentam um estatuto da identidade realizado ou outorgado. Das competências que devem estar presentes no docente de enfermagem, salientam-se a comunicação, actualização científica e relação, capazes de promover um ambiente que propicie as aprendizagens significativas, de internacionalização, de investigação, como um modelo de conduta a seguir, que participe na vida da organização e seja capaz de motivar o outro, mas sobretudo que seja um bom enfermeiro. ABSTRACT: Considering identity as a social dynamic integration process, departing from the concept of pre-established identities anchored in an essentialist vision, and approaching a professional identity built trough successive interaction, we aimed to know the professional identity of the nursing teacher. Believing that the identity study may oscillate between an individual and a structural pole, we have chosen the biographic dimension as the structural axis for this assignment. Eight biographies from teachers integrated in the expert with a reflective professional identity have been made. We have also used the focus group as a complementary method. We have seen that the actors of this study feel themselves as nurses although their working area is teaching. They point out the higher teaching of Nursing as a determinant in the change of their social representation. All of these teachers are included in the groups that present an identity status that has been fulfilled or attributed. From the skills that should be present in the nursing teacher, communication, scientific knowledge and relationship are indicated when these are able to provide significant learning, internationalization and research as a behaviour model to be followed regarding the life of the organization and that might incentive others, but above as a way to be a good nurse.

Nutritional status of children of urban low-income communities, Brazil (1986)

During the second half of 1986 the health and nutritional status of 254 children aged up to six years was studied, as well as the socio-economic situation of their parents in two favelas (shantytowns) in Belo Horizonte, Brazil. The nutritional status of the children was characterized by stunting (Z-score: 20.1% < -2) but not by wasting (Z-score: 3.7% < -2). Consideration was also given to how far stunting was caused by high morbidity such as acute respiratory infections (point prevalence: 38.5%), diarrheal diseases (point prevalence: 11.5%) and parasitosis (point prevalence: 70.3%). Furthermore, anemia (point prevalence: 29.7%) appeared as another health problem. The most important determinant of anthropometric indices turned out to be the mother's schooling. From the present data it can be hypothesized that the nutritional status of the children was limited less by the lack of food than by their poor health status.

Learning dependent sources using mixtures of Dirichlet: applications on hyperspectral unmixing

This paper is an elaboration of the DECA algorithm [1] to blindly unmix hyperspectral data. The underlying mixing model is linear, meaning that each pixel is a linear mixture of the endmembers signatures weighted by the correspondent abundance fractions. The proposed method, as DECA, is tailored to highly mixed mixtures in which the geometric based approaches fail to identify the simplex of minimum volume enclosing the observed spectral vectors. We resort then to a statitistical framework, where the abundance fractions are modeled as mixtures of Dirichlet densities, thus enforcing the constraints on abundance fractions imposed by the acquisition process, namely non-negativity and constant sum. With respect to DECA, we introduce two improvements: 1) the number of Dirichlet modes are inferred based on the minimum description length (MDL) principle; 2) The generalized expectation maximization (GEM) algorithm we adopt to infer the model parameters is improved by using alternating minimization and augmented Lagrangian methods to compute the mixing matrix. The effectiveness of the proposed algorithm is illustrated with simulated and read data.

Indoor air quality in primary schools

Clean air is a basic requirement of life. The Indoor Air Quality (IAQ) has been the object of several studies due to an increasing concern within the scientific community on the effects of indoor air quality upon health, especially as people tend to spend more time indoors than outdoors. The quality of air inside homes, offices, schools or other private and public buildings is an essential determinant of healthy life and people’s well-being. People can be exposed to contaminants by inhalation, ingestion and dermal contact. In the past, scientists have paid much attention to the study of exposure to outdoor air contaminants, because they have realised the seriousness of outdoor air pollution problems. However, each indoor microenvironment has unique characteristics, determined by the local outdoor air, specific building characteristics and indoor activities. Indeed, hazardous substances are emitted from buildings, construction materials and indoor equipment or due to human activities indoors.