Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Monopoly power and trade protection: cross- industry evidence

This paper investigates the impact of industry concentration on trade policy. Annual panel-databases of Brazilian industries for the years 1988 through 1994 were used. The regressions reported here are robust to openness indicator. concentration index, control variables and sample size, and suggest that the higher the concentration of a given industry the higher its leveI of trade protection. In the period of study the country experienced a major trade liberalization, but the results in the paper show that the reduction in protection was smaller in more concentrated sectors. Assuming that concentration is ;1 gCl()d proX\' for mOllopoh' po\\'er as it reduces the free-rider problem in coordinating a lobby the results in this paper indicates that interest groups with control over specific markets in fact are able to obtain policy advantages that reduce (international) competition.

Agenda power in Brazil's Câmara dos Deputados , 1989 to 1999

This paper examines the structure of agenda power in the Brazilian Câmara dos Deputados (Chamber of Deputies). Our main question concerns when consistent agenda control by a single majority coalition, as opposed to agenda control by shifting majorities, has emerged in the post-1988 Câmara. Consistent agenda control emerges routinely in parliamentary regimes: the government commands a majority in the assembly; the legislative agenda is negotiated among the governing parties, typically with each able to “veto” the placement of bills on the agenda. However, the Câmara faces an external executive, the president, with substantial formal powers to set its agenda. Consistent agenda control thus can emerge only if the president chooses to ally with a majority coalition in the assembly. If the president always chose to form such an alliance—a presidentially-led agenda cartel—then one would expect some consistently parliamentary patterns in Brazil: the appointment of legislative party leaders to the cabinet; the use of statutes rather than decrees to achieve policy goals; the avoidance of bills that would pass and split the governing coalition. We find that only the Cardoso presidency displays consistent evidence of such a presidentiallyled agenda cartel. In this sense, our argument differs from that of Figueiredo and Limongi (1999; 2000), who argue that presidents have consistently pursued a parliamentary mode of governance in Brazil. Yet it also differs from those who argue that presidents have consistently pursued a shifting-coalitions strategy. Our results suggest that presidents make a strategic choice, with much hinging on that choice.

The autonomic control and functional significance of the changes in heart rate associated with air breathing in the jeju, Hoplerythrinus unitaeniatus

The jeju is a teleost fish with bimodal respiration that utilizes a modified swim bladder as an air-breathing organ (ABO). Like all air-breathing fish studied to date, jeju exhibit pronounced changes in heart rate (f(H)) during air-breathing events, and it is believed that these may facilitate oxygen uptake (M-O2) from the ABO. The current study employed power spectral analysis (PSA) of f(H) patterns, coupled with instantaneous respirometry, to investigate the autonomic control of these phenomena and their functional significance for the efficacy of air breathing. The jeju obtained less than 5% of total M-O2 (M-tO2) from air breathing in normoxia at 26 degrees C, and PSA of beat-to-beat variability in fH revealed a pattern similar to that of unimodal water-breathing fish. In deep aquatic hypoxia (water P-O2=1 kPa) the jeju increased the frequency of air breathing (f(AB)) tenfold and maintained M-tO2 unchanged from normoxia. This was associated with a significant increase in heart rate variability (HRV), each air breath (AB) being preceded by a brief bradycardia and then followed by a brief tachycardia. These f(H) changes are qualitatively similar to those associated with breathing in unimodal air-breathing vertebrates. Within 20 heartbeats after the AB, however, a beat-to-beat variability in f(H) typical of water-breathing fish was re-established. Pharmacological blockade revealed that both adrenergic and cholinergic tone increased simultaneously prior to each AB, and then decreased after it. However, modulation of inhibitory cholinergic tone was responsible for the major proportion of HRV, including the precise beat-to-beat modulation of f(H) around each AB. Pharmacological blockade of all variations in f(H) associated with air breathing in deep hypoxia did not, however, have a significant effect upon f(AB) or the regulation of M-tO2. Thus, the functional significance of the profound HRV during air breathing remains a mystery.

Uma proposta de regulador nebuloso para geradores eólicos de indução

This work presents a proposal for a voltage and frequency control system for a wind power induction generator. It has been developed na experimental structure composes basically by a three phase induction machine, a three phase capacitor and a reactive static Power compensator controlled by histeresys. lt has been developed control algorithms using conventional methods (Pl control) and linguistic methods (using concepts of logic and fuzzy control), to compare their performances in the variable speed generator system. The control loop was projected using the ADJDA PCL 818 model board into a Pentium 200 MHz compu ter. The induction generator mathematical model was studied throught Park transformation. It has been realized simulations in the Pspice@ software, to verify the system characteristics in transient and steady-state situations. The real time control program was developed in C language, possibilish verify the algorithm performance in the 2,2kW didatic experimental system

Técnica de controle adaptativo robusto aplicada a filtros ativos de potência e paralelo

The Methods for compensation of harmonic currents and voltages have been widely used since these methods allow to reduce to acceptable levels the harmonic distortion in the voltages or currents in a power system, and also compensate reactive. The reduction of harmonics and reactive contributes to the reduction of losses in transmission lines and electrical machinery, increasing the power factor, reduce the occurrence of overvoltage and overcurrent. The active power filter is the most efficient method for compensation of harmonic currents and voltages. The active power filter is necessary to use current and voltage controllers loop. Conventionally, the current and voltage control loop of active filter has been done by proportional controllers integrative. This work, investigated the use of a robust adaptive control technique on the shunt active power filter current and voltage control loop to increase robustness and improve the performance of active filter to compensate for harmonics. The proposed control scheme is based on a combination of techniques for adaptive control pole placement and variable structure. The advantages of the proposed method over conventional ones are: lower total harmonic distortion, more flexibility, adaptability and robustness to the system. Moreover, the proposed control scheme improves the performance and improves the transient of active filter. The validation of the proposed technique was verified initially by a simulation program implemented in C++ language and then experimental results were obtained using a prototype three-phase active filter of 1 kVA

Inhibition of peroxidase activity and scavenging of reactive oxygen species by astilbin isolated from Dimorphandra mollis (Fabaceae, Caesalpinioideae)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Filmes nanométricos de FeN e ALN crescidos por sputtering e aplicações do efeito peltier

This study will show the capability of the reactive/nonreactive sputtering (dc/rf) technique at low power for the growth of nanometric thin films from magnetic materials (FeN) and widegap semiconductors (AlN), as well as the technological application of the Peltier effect using commercial modules of bismuth telluride (Bi2Te3). Of great technological interest to the high-density magnetic recording industry, the FeN system represents one of the most important magnetic achievements; however, diversity of the phases formed makes it difficult to control its magnetic properties during production of devices. We investigated the variation in these properties using ferromagnetic resonance, MOKE and atomic force microscopy (AFM), as a function of nitrogen concentration in the reactive gas mixture. Aluminum nitride, a component of widegap semiconductors and of considerable interest to the electronic and optoelectronic industry, was grown on nanometric thin film for the first time, with good structural quality by non-reactive rf sputtering of a pure AlN target at low power (≈ 50W). Another finding in this study is that a long deposition time for this material may lead to film contamination by materials adsorbed into deposition chamber walls. Energy-dispersive X-ray (EDX) analysis shows that the presence of magnetic contaminants from previous depositions results in grown AlN semiconductor films exhibiting magnetoresistance with high resistivity. The Peltier effect applied to commercially available compact refrigeration cells, which are efficient for cooling small volumes, was used to manufacture a technologically innovative refrigerated mini wine cooler, for which a patent was duly registered

Um método eficiente para resolução do problema de Despacho Ótimo de Reativos com controle discreto do TAP dos transformadores

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

Framework for analysis and representation of external systems for online reactive-optimisation studies

The paper proposes a framework for the analysis and representation of external systems for online optimisation studies. The basis for this framework is the equivalent OPF (EOPF), an optimisation model obtained by partitioning of the OPF model. The EOPF is mathematically redefined in the paper to accommodate the concept of a buffer zone. The resulting model is more useful for online optimisation, since external information obtained through intercontrol-centre exchange contracts can be used to improve internal control calculation. Numerical results obtained with original studies involving the boundary-matching procedure have provided a conceptual basis for the definition of a buffer zone for optimisation studies with the EOPF. In the proposed framework, the accuracy of the external representation in optimisation studies is evaluated by comparing the controls obtained by an EOPF procedure with those obtained by the reference-optimisation procedure defined in this paper. The framework is then used to evaluate the accuracy of equivalent optimisation studies involving the IEEE 118-bus test system and the Brazilian South Southeast 810-bus system. The results show that the incorporation of a buffer zone improves the external system representation for all optimisation studies performed.

A novel single-phase ZCS-PWM high-power-factor boost rectifier

This paper presents a novel single-phase high-power-factor (HPF) pulsewidth-modulated (PWM) boost rectifier featuring soft commutation of the active switches at zero current (ZC), It incorporates the most desirable properties of conventional PWM and soft-switching resonant techniques.The input current shaping is achieved with average current mode control and continuous inductor current mode.This new PWM converter provides ZC turn on and turn off of the active switches, and it is suitable for high-power applications employing insulated gate bipolar transistors (IGBT's),The principle of operation, the theoretical analysis, a design example, and experimental results from a laboratory prototype rated at 1600 W with 400-Vdc output voltage are presented. The measured efficiency and the power factor were 96.2% and 0.99%, respectively, with an input current total harmonic distortion (THD) equal to 3.94%, for an input voltage with THD equal to 3.8%, at rated load.

Novel high-power-factor ZCS-PWM preregulators

This paper introduces novel zero-current-switching (ZCS) pulsewidth-modulated (PWM) preregulators based on a new soft-commutation cell, suitable for insulated gate bipolar transistor applications. The active switches in these proposed rectifiers turn on in zero current and turn off in zero current-zero voltage. In addition, the diodes turn on in zero voltage and their reverse-recovery effects over the active switches are negligible. Moreover, based on the proposed cell, an entire family of de-to-de ZCS-PWM converters can be generated, providing conditions to obtain naturally isolated converters, for example, derived buck-boost, Sepic. and Zeta converters. The novel ac-to-dc ZCS-PWM boost and Zeta preregulators are presented in order to verify the operation of this soft-commutation cell, In order to minimize the harmonic contents of the input current, increasing the ac power factor, the average-current-mode control is used, obtaining preregulators with ac power factor near unity and high efficiency at wide load range. The principle of operation, theoretical analysis, design example, and experimental results from test units for the novel preregulators are presented. The new boost preregulator was designed to nominal values of 1.6 kW output power, 220 V(rms) input voltage, 400 V(dc) output voltage, and operating at 20 kHz. The measured efficiency and power factor of the new ZCS-PWM boost preregulator were 96.7% and 0,99, respectively, with an input current total harmonic distortion (THD) equal to 3.42% for an input voltage with THD equal to 1.61%, at rated load, the new ZCS-PWM Zeta preregulator was designed to voltage step-down operation, and the experimental results were obtained from a laboratory prototype rated at 500 W, 220 V(rm), input voltage, 110 V(dc) output voltage, and operating at 50 kHz. The measured efficiency of the new ZCS-PWM Zeta preregulator is approximately 96.9% and the input power factor is 0.98, with an input current THD equal to 19.07% while the input voltage THD is equal to 1.96%, at rated load.

A geometric interpretation for transmission real losses minimization through the optimal power flow and its influence on voltage collapse

This work presents an approach for geometric solution of an optimal power flow (OPF) problem for a two bus system (a slack and a PV busses). Additionally, the geometric relationship between the losses minimization and the increase of the reactive margin and, therefore, the maximum loading point, is shown. The algebraic equations for the calculation of the Lagrange multipliers and for the minimum losses value are obtained. These equations are used to validate the results obtained using an OPF program. (C) 2002 Elsevier B.V. B.V. All rights reserved.

High power factor dimmable electronic ballast for multiple tubular fluorescent lamps

This paper presents a dimmable electronic ballast designed for multiple fluorescent lamps applications. A ZCS-PWM Boost rectifier and a classical resonant Full-Bridge inverter compose this new electronic ballast, providing conditions for the obtaining of high input power-factor, and soft-switching processes for all semiconductor devices employed in the structure. The instantaneous average input current control technique is employed in the Boost rectifier. Concerning the Full-Bridge inverter, it is controlled by the imposition of phase-shift in the current processed through the sets of resonant filters + lamps, according to an adaptation in a specially designed control IC, called IR2159. Experimental results are presented in order to validate the analyses developed in this paper.

Sensitivity analysis by neural networks applied to power systems transient stability

This work presents a procedure for transient stability analysis and preventive control of electric power systems, which is formulated by a multilayer feedforward neural network. The neural network training is realized by using the back-propagation algorithm with fuzzy controller and adaptation of the inclination and translation parameters of the nonlinear function. These procedures provide a faster convergence and more precise results, if compared to the traditional back-propagation algorithm. The adaptation of the training rate is effectuated by using the information of the global error and global error variation. After finishing the training, the neural network is capable of estimating the security margin and the sensitivity analysis. Considering this information, it is possible to develop a method for the realization of the security correction (preventive control) for levels considered appropriate to the system, based on generation reallocation and load shedding. An application for a multimachine power system is presented to illustrate the proposed methodology. (c) 2006 Elsevier B.V. All rights reserved.