Importância da normalização contabilística na análise económica e financeira da empresa

O presente trabalho tem como objectivo demonstrar a importância da normalização contabilística para a análise da informação financeira, tendo em conta o meio envolvente em que, hoje, as empresas encontram-se inseridas. As mudanças que ocorreram na economia global levou a que as empresas passassem a adoptar novas formas de elaborar o reporte financeiro como forma de acompanhar essa evolução. A harmonização contabilística, surge neste contexto, como forma de reduzir as diferenças existentes no relato financeiro dos vários países. Nesse sentido o trabalho abordará as várias iniciativas que tem sido feitas em favor da harmonização/normalização contabilística e a sua relevância no contexto internacional e nacional bem como o caso de Cabo Verde, que recentemente aderiu ao processo da normalização. O caso prático baseia-se na transposição das demonstrações financeiras para o novo normativo em vigor e também na análise destas. A metodologia utilizada no trabalho baseia-se na revisão bibliográfica em livros, revistas, pela consulta de sites na Internet e legislação. The purpose of this paper is to demonstrate the importance of the accounting standard for the analysis of financial information, taking into account the environment in which, today, the companies are incorporated. The changes that occurred in the global economy have led companies to introduce new ways of preparing the financial reporting as a way to monitor these developments. The accounting harmonization, it is in this context as a way of reducing the differences existing in the financial reporting of the several countries. In this sense the work will address a variety of initiatives that have been made in favor of harmonization / normalization accounting and its relevance in the international and national context as well as the case of Cape Verde, who recently joined the process of standardization. The practical case is based in on the translation of financial statements for the new rules enforced and also in their analysis. The follows methodology used in the process is based on the literature review in books, magazines, by consulting Web sites and legislation

Aplicação da Teoria dos Constrangimentos ao Sector de Transporte Público Colectivo – O Caso Da Transcor-Sv, S.A. –

Com a necessidade de adaptação às crescentes mudanças no mundo dos negócios, ao longo dos últimos anos a contabilidade de gestão tem sido criticada, pois os métodos de custeio tradicionalmente utilizados, não estão acompanhando estas mudanças, incapacitando a utilização destes como instrumentos de gestão eficazes. Na busca de ferramentas de gestão para auxiliar na tomada de decisão, foi desenvolvida a Teoria dos Constrangimentos (TOC) ou das Restrições, uma ferramenta de gestão cuja premissa é a identificação de constrangimentos que limitem a capacidade da empresa no alcance da sua meta. Muito se tem escrito sobre a aplicação desta teoria em empresas industriais, uma vez que, nessas organizações a existência de constrangimentos está mais presente. Tendo como objectivo verificar a viabilidade de aplicação desta teoria na actividade de prestação de serviços, o presente trabalho refere-se ao estudo de caso numa empresa de prestação de serviço de transporte público colectivo de passageiros TRANSCOR-SV,S.A., localizada na ilha de São Vicente. Para tal, identificámos factores considerados constrangimentos nos sistemas de transporte colectivo, através da aplicação de um questionário. Com estes factores em mãos, aplicámos a metodologia baseada no Processo de Raciocínio (PR) da OC. With the need of adaption to the growing changes happening in the business world, throughout the last few years, management accounting has been much criticized for the methods of costing used are not following such changes, turning the use of these meth-ods powerless to help provide an effective management in companies. In the search for creating useful tools to help guarantee effectiveness in decision making in companies, the Constraint Theory, or Restriction Theory, was created as a management tool in which the fundamental objective is to identify constraints that limit the capacity of a company to reach its goals successfully. Much has been written about the application of this theory in corporate industries, once in such business the existence of constraints is very present. With the aim of verifying the viability of its use in service rendered in collective public transport, this work is characterized by the case study of one such company in São Vicente. Initially, some factors that can be seen as constraints were identified in the public transport service, through the use of a questionnaire. With the results, follows the employ of the Thinking Process methodology in the analysis based in the Theory of Constraint.

Primetime for antiangiogenic therapy.

PURPOSE OF REVIEW: To review the current experience with angiogenesis inhibitors in the treatment of gliomas. RECENT FINDINGS: Antiangiogenic therapy has recently reached the clinic with the approval of bevacizumab for recurrent glioblastomas. A number of promising antiangiogenic and vasculature-modifying agents are under investigation for newly diagnosed and recurrent malignant gliomas. A recurrence under ongoing or after antiangiogenic therapy is often characterized by a more aggressive and, in particular, invasive phenotype. SUMMARY: Despite impressively high radiological response rates in patients with recurrent malignant glioma, the duration of response is usually short-lived, and the observed effect to a large extent may be due to normalization of the disrupted blood-brain barrier and less due to a direct antitumor effect. Overall survival remains poor. Induction of invasive phenotypes and escape with proangiogenic alternative pathways are contributing to resistance. Investigation of combination regimes targeting several pathways will determine the possibilities to overcome the resistance to antiangiogenic therapy in malignant gliomas. This article summarizes the results of recent clinical trials in this field, points towards mechanisms of resistance arising under angiogenesis inhibition and discusses the challenges for the future.

Signal search analysis server.

Signal search analysis is a general method to discover and characterize sequence motifs that are positionally correlated with a functional site (e.g. a transcription or translation start site). The method has played an instrumental role in the analysis of eukaryotic promoter elements. The signal search analysis server provides access to four different computer programs as well as to a large number of precompiled functional site collections. The programs offered allow: (i) the identification of non-random sequence regions under evolutionary constraint; (ii) the detection of consensus sequence-based motifs that are over- or under-represented at a particular distance from a functional site; (iii) the analysis of the positional distribution of a consensus sequence- or weight matrix-based sequence motif around a functional site; and (iv) the optimization of a weight matrix description of a locally over-represented sequence motif. These programs can be accessed at: http://www.isrec.isb-sib.ch/ssa/.

The Hippo Transducer YAP1 Transforms Activated Satellite Cells and Is a Potent Effector of Embryonal Rhabdomyosarcoma Formation.

The role of the Hippo pathway effector YAP1 in soft tissue sarcomas is poorly defined. Here we report that YAP1 activity is elevated in human embryonal rhabdomyosarcoma (ERMS). In mice, sustained YAP1 hyperactivity in activated, but not quiescent, satellite cells induces ERMS with high penetrance and short latency. Via its transcriptional program with TEAD1, YAP1 directly regulates several major hallmarks of ERMS. YAP1-TEAD1 upregulate pro-proliferative and oncogenic genes and maintain the ERMS differentiation block by interfering with MYOD1 and MEF2 pro-differentiation activities. Normalization of YAP1 expression reduces tumor burden in human ERMS xenografts and allows YAP1-driven ERMS to differentiate in situ. Collectively, our results identify YAP1 as a potent ERMS oncogenic driver and a promising target for differentiation therapy.

Portfolio delegation under short-selling constraints

In this paper we study delegated portfolio management when themanager's ability to short-sell is restricted. Contrary to previousresults, we show that under moral hazard, linear performance-adjustedcontracts do provide portfolio managers with incentives to gatherinformation. The risk-averse manager's optimal effort is an increasingfunction of her share in the portfolio's return. This result affectsthe risk-averse investor's optimal contract decision. The first best,purely risk-sharing contract is proved to be suboptimal. Usingnumerical methods we show that the manager's share in the portfolioreturn is higher than the rst best share. Additionally, this deviationis shown to be: (i) increasing in the manager's risk aversion and (ii)larger for tighter short-selling restrictions. When the constraint isrelaxed the optimal contract converges towards the first best risksharing contract.

Recursive contracts

We obtain a recursive formulation for a general class of contractingproblems involving incentive constraints. Under these constraints,the corresponding maximization (sup) problems fails to have arecursive solution. Our approach consists of studying the Lagrangian.We show that, under standard assumptions, the solution to theLagrangian is characterized by a recursive saddle point (infsup)functional equation, analogous to Bellman's equation. Our approachapplies to a large class of contractual problems. As examples, westudy the optimal policy in a model with intertemporal participationconstraints (which arise in models of default) and intertemporalcompetitive constraints (which arise in Ramsey equilibria).

Financing constraints, irreversibility and investment dynamics

We develop a model of an industry with many heterogeneous firms that face both financingconstraints and irreversibility constraints. The financing constraint implies that firmscannot borrow unless the debt is secured by collateral; the irreversibility constraint thatthey can only sell their fixed capital by selling their business. We use this model to examinethe cyclical behavior of aggregate fixed investment, variable capital investment, and outputin the presence of persistent idiosyncratic and aggregate shocks. Our model yields threemain results. First, the effect of the irreversibility constraint on fixed capital investmentis reinforced by the financing constraint. Second, the effect of the financing constraint onvariable capital investment is reinforced by the irreversibility constraint. Finally, the interactionbetween the two constraints is key for explaining why input inventories and materialdeliveries of US manufacturing firms are so volatile and procyclical, and also why they arehighly asymmetrical over the business cycle.

Locating emergency services with different priorities: The priority queuing covering location problem

Previous covering models for emergency service consider all the calls to be of the sameimportance and impose the same waiting time constraints independently of the service's priority.This type of constraint is clearly inappropriate in many contexts. For example, in urban medicalemergency services, calls that involve danger to human life deserve higher priority over calls formore routine incidents. A realistic model in such a context should allow prioritizing the calls forservice.In this paper a covering model which considers different priority levels is formulated andsolved. The model heritages its formulation from previous research on Maximum CoverageModels and incorporates results from Queuing Theory, in particular Priority Queuing. Theadditional complexity incorporated in the model justifies the use of a heuristic procedure.

Evolution at Two Levels in Fire Ants: The Relationship between Patterns of Gene Expression and Protein Sequence Evolution.

Variation in protein sequence and gene expression each contribute to phenotypic diversity, and may be subject to similar selective pressures. Eusocial insects are particularly useful for investigating the evolutionary link between protein sequence and condition-dependent patterns of gene expression because gene expression plays a central role in determining differences between eusocial insect sexes and castes. We investigated the relationship between protein coding sequence evolution and gene expression patterns in the fire ants Solenopsis invicta, S. richteri, and their hybrids to gain greater insight into how selection jointly operates on gene expression and coding sequence. We found that genes with high expression variability within castes and sexes were frequently differentially expressed between castes and sexes, as well as between species and hybrids. These results indicate that genes showing high variation in expression in one context also tend to show high variation in expression in other contexts. Our analyses further revealed that variation in both intra- and interspecific gene expression was positively associated with rate of protein sequence evolution in Solenopsis. This suggests that selective constraints on a gene operate both at the level of protein sequence and at the level of gene expression regulation. Overall, our study provides one of the strongest demonstrations that selective constraints mediate both protein sequence evolution and gene expression variability across different biological contexts and timescales.

PPARβ/δ governs Wnt signaling and bone turnover.

Peroxisome proliferator-activated receptors (PPARs) act as metabolic sensors and central regulators of fat and glucose homeostasis. Furthermore, PPARγ has been implicated as major catabolic regulator of bone mass in mice and humans. However, a potential involvement of other PPAR subtypes in the regulation of bone homeostasis has remained elusive. Here we report a previously unrecognized role of PPARβ/δ as a key regulator of bone turnover and the crosstalk between osteoblasts and osteoclasts. In contrast to activation of PPARγ, activation of PPARβ/δ amplified Wnt-dependent and β-catenin-dependent signaling and gene expression in osteoblasts, resulting in increased expression of osteoprotegerin (OPG) and attenuation of osteoblast-mediated osteoclastogenesis. Accordingly, PPARβ/δ-deficient mice had lower Wnt signaling activity, lower serum concentrations of OPG, higher numbers of osteoclasts and osteopenia. Pharmacological activation of PPARβ/δ in a mouse model of postmenopausal osteoporosis led to normalization of the altered ratio of tumor necrosis factor superfamily, member 11 (RANKL, also called TNFSF11) to OPG, a rebalancing of bone turnover and the restoration of normal bone density. Our findings identify PPARβ/δ as a promising target for an alternative approach in the treatment of osteoporosis and related diseases.

Corporate finance and the monetary transmission mechanism

This paper analyzes the transmission mechanisms of monetarypolicy in a general equilibrium model of securities marketsand banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric information about banks' net worth adds a cost to outside equity capital, which limits the extent to which banks can relax their capital constraint. In this context monetarypolicy does not affect bank lending through changes in bank liquidity. Rather, it has the effect of changing theaggregate composition of financing by firms. The model also produces multiple equilibria, one of which displays all the features of a "credit crunch". Thus, monetary policy can also have large effects when it induces a shift from one equilibrium to the other.

Specificity revisited: The role of cross-investments

Previous analysis has shown that traders may opt for specific technologies with nojoint productivity advantage as a way to commit themselves to trading jointly, butonly when long-term contracting is infeasible. This paper proves that speciÞcity canalso be optimal (by relaxing the budget-balance constraint) in settings with long-termcontracting. Traders will opt for specificity when one trader makes a cross-investmentand either (1) this cross-investment has a direct externality on the other trader, (2) bothparties invest, or (3) private information is present. The specificity (e.g. from non-salvageable investments, specific assets and technologies, narrow business strategies,and exclusivity restrictions) is equally effective regardless of which trader's alternativetrade payoff is reduced. Specificity supports long-term contracts in a broad rangeof settings - both with and without renegotiation. The theory also offers a novelperspective on franchising and vertical integration.

Dynamic adverse selection and debt

This paper argues that the strategic use of debt favours the revelationof information in dynamic adverse selection problems. Our argument is basedon the idea that debt is a credible commitment to end long term relationships.Consequently, debt encourages a privately informed party to disclose itsinformation at early stages of a relationship. We illustrate our pointwith the financing decision of a monopolist selling a good to a buyerwhose valuation is private information. A high level of (renegotiable)debt, by increasing the scope for liquidation, may induce the highvaluation buyer to buy early at a high price and thus increase themonopolist's expected payoff. By affecting the buyer's strategy, it mayreduce the probability of excessive liquidation. We investigate theconsequences of good durability and we examine the way debt mayalleviate the ratchet effect.

O Dualismo Cultural: os Luso-Caboverdianos entre a Escola a Família e a Comunidade (Estudo de Caso)

A tese que ora findamos visa a obtenção do grau de doutora em Educação, na Especialidade de Desenvolvimento Curricular, pelo Departamento do Currículo e Tecnologia Educativa, do Instituto de Educação e Psicologia, da Universidade do Minho. Intitulado o dualismo cultural: os luso-caboverdianos entre a escola, a família e a comunidade, o presente estudo centra-se numa abordagem crítica da escolaridade básica obrigatória, no qual procurámos compreender e explicar as condições de realização deste nível de ensino pelos jovens de ascendência caboverdiana, nascidos em Portugal, na qualidade de sujeitos biculturais em consequência da simbiose das culturas caboverdeana e portuguesa. Isto para concluirmos se na oferta do serviço educativo e de formação estão acautelados os seus direitos de cidadania e de participação na sociedade em que se encontram inseridos e a que pertencem de facto. Nesta investigação foi fundamental analisar a oferta de educação básica, entender as representações de alunos lusocaboverdeanos acerca da sua identidade cultural e das suas percepções sobre a formação académica que recebem; reconhecer representações e percepções de professores acerca da realidade educativa portuguesa, o enquadramento da multiculturalidade e a docência em turmas com alunos luso-caboverdianos, e compreender as percepções de pais e encarregados da educação caboverdeanos acerca da realidade educativa portuguesa e do enquadramento dos seus filhos na escola, para perceber se o insucesso educativo dos luso-caboverdeanos está relacionado com a condição de aluno “culturalmente diferente” ou se tem a sua origem na escola e no currículo da escolaridade obrigatória e, assim, contribuir com subsídios teóricos e práticos para o aprofundamento da problemática da multiculturalidade em Portugal, com vista à sua potenciação e normalização no sistema educativo. Estando perante uma sociedade de formação multicultural reafirmada com a colonização, justifica-se, em Portugal, a preocupação com a temática da diversidade cultural nas políticas educativas, resultante da consciencialização da manifestação da diversidade cultural no contexto escolar, podendo a sua omissão constituir num factor de insucesso educativo. Por isso, integramos nesta investigação matérias como: uma conceptualização do multiculturalismo com vista a questionar e clarificar os conceitos e as perspectivas inerentes a este fenómeno. Uma tentativa de desocultar para perceber o conteúdo simbólico e os porquês das políticas de integração das minorias etnicoculturais que, ao que parece, nos tempos que correm, por quase toda a parte, se converteram numa prioridade absoluta e inadiável. Estabelecemos uma ponte entre a génese do campo curricular e a construção de um currículo multi e/ou intercultural, merecendo devida atenção as tendências que dominam as discussões e a produção científica actuais nestes domínios. Problematizámos o currículo e identidade na escolaridade obrigatória nas dimensões inserção sociocultural, promoção da igualdade de sucesso educativo e inclusão dos sujeitos e o currículo e a educação para o exercício da cidadania numa escola que se quer plural. Neste último debatemos o conteúdo político da educação para a cidadania, as políticas educativas e curriculares e a escolaridade básica obrigatória como uma proposta que continua em aberto, por isso, passível de adequação às necessidades de uma educação da e para a diversidade. Procurámos fazer uma análise das políticas de integração socioeducativa da diversidade cultural, com destaque para o quadro legal que regula a integração das minorias étnicas na escola básica portuguesa, com particular incidência sobre as crianças pertencentes à comunidade caboverdeana nascidas em território português, procurando concluir acerca da existência, ou não, de posições e opções de políticas educativas concretas face à necessidade de dar prosseguimento à educação multicultural neste contexto. Tratou-se de uma investigação qualitativa holística, que permitiu desenvolver compreensões profundas dos fenómenos a partir das evidências reunidas, do estudo das representações dos sujeitos sobre quem recaem os resultados da investigação, mas também de sujeitos que, assim como o meio envolvente, estabelecem uma relação indirecta com os mesmos resultados. Circunscrito a um estudo de caso, a reflexão e a partilha de conhecimento e informações possibilitou desenvolver uma compreensão sobre a problemática estudada. Dos resultados obtidos, destacámos aqui que, em Portugal, apesar da absorvência da diversidade cultural nas política educativa, não se concretizou, ainda, uma proposta que, na prática, crie a reciprocidade entre as questões etnicoculturais e o sucesso e/ou insucesso educativos das minorias em educação com ganhos decisivos no combate ao insucesso e ao abandono escolar. Continua-se a desenvolver uma educação igualitarista monocultural pela via da homogeneização curricular, assente na noção de que povos e grupos podem estar em condições de igualdade se reunidos numa cultura comum. Aparentemente sob pilares democráticos, esta educação multicultural segue a concepção liberal associando essencialismo, universalismo e igualitarismo, resultando num propósito civilizacional excludente das minorias etnicoculturais. As conclusões chegadas permitem-nos defender a dessacralização do currículo nacional comum e uniforme e a defesa de uma proposta curricular baseada numa cultura científica global e necessária, de acordo com as faixas etárias e níveis de ensino, com campos de integração obrigatória de conteúdos territorializados alicerçados no interculturalismo como estratégia promotora da interacção crítica e solidária entre diferentes sujeitos e grupos culturais, permissiva da construção de identidades próprias e da confissão da diferença cultural, associada ao intraculturalismo como uma via permeabilizadora da educação democrática como garante da cidadania plena a todos os indivíduos, como condição fundamental para o estabelecimento das condições de igualdade e de garantia de sucesso em educação.