Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

The Limits of political compromise: debt ceilings and political competition

We study the desirability of limits on the public debt and of political competition in an economy where political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimal level. Parties cannot commit to future policies, but they can forge a political compromise where each party curbs excessive spending when in office if it expects future governments to do the same. In contrast to the received literature, we find that strict limits on government borrowing can exacerbate political-economy distortions by rendering a political compromise unsustainable. This tends to happen when political competition is limited. Conversely, a tight limit on the public debt fosters a compromise that yields the efficient outcome when political competition is vigorous, saving the economy from immiseration. Our analysis thus suggests a legislative tradeoff between restricting political competition and constraining the ability of governments to issue debt.

Perdas de grãos e distribuição de palha na colheita mecanizada de soja

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

Estudo ergonômico do posto de atividade discente em instituição de ensino superior

This research carried through an ergonomic study of the rank of learning activity of a IES, was applied a questionnaire with ergonomic pointers structuralized in scale to intervalar of semantic differential of 0 the 10, in 290 pupils with ages between 18 and 52 years distributed for 5 courses in 9 classrooms, the sample was of the simple random probabilist type. The used statistical techniques had been the descriptive analysis and the analysis of clusters through statistica software 5,0 considering p £ 0,0500. Involving the following 0 variable: Layout; Colors; Acoustics; Illumination; Temperature; Position; Didactic furniture, and Equipment. The gotten results point to consider that the layout of the rooms, the perception of acoustic comfort, the position of the pupils and the furniture of the searched classrooms had been the condicionantes that had been more distinguished negative how much to the perception of comfort of the user. The the 91,5 NPS varied of 57,9 dB(A) values above of recommended for classrooms in accordance with NBR 10152; NR 15; NR 17; It would carry nº 3214/1978, of the Ministry of the Work and searched literature. The Illumination registered interval of 139 the 966 Lux, values are of the limits of interval recommended for classrooms according to NBR 5413 and NR 17. The thermal temperature registered interval of 24° 25,9ºC; URA 41,6 79.1% and the 0.1 air speed 1,0 m/s, values above of recommended for classrooms according to NBR the 6401 and NR 17. The research still suggests that it would have associations between pains in the body the positions of the pupils and the furniture of the classrooms. The results suggest research especially add for the conditions thermal and acoustics of the classrooms

Genetic associations between flight speed and growth traits in Nellore cattle

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

Análise estatística das emissões de CO e HC produzidas por gases da exaustão veicular oriundos de gasolina, GNV e mistura álcool/gasolina

The vehicles are the main mobile sources of carbon monoxide (CO) and unburned hydrocarbons (HC) released into the atmosphere. In the last years the increment of the fleet of vehicles in the municipal district of Natal-RN it is contributing to the increase of the emissions of those pollutants. The study consisted of a statistical analysis of the emissions of CO and HC of a composed sample for 384 vehicles with mechanization Gasoline/CNG or Alcohol/Gasoline/CNG of the municipal district of Natal-RN. The tests were accomplished in vehicles submitted to Vehicular Safety's Inspection, in the facilities of INSPETRANS, Organism of Vehicular Inspection. An partial gases analyzer allowed to measure, for each vehicle, the levels of CO and HC in two conditions of rotation of the motor (900 and 2500 rpm). The statistical analysis accomplished through the STATISTICA software revealed a sensitive reduction in the efficiency of the converters catalytic after 6 years of use with emission average it is of 0,78% of CO and 156 (ppm) of HC, Which represents approximately 4 (four) times the amount of CO and the double of HC in comparison with the newest vehicles. The result of a Student s t-test, suggests strongly that the average of the emissions of HC (152 ppm), at 900 rpm, is 40% larger than at 2500 rpm, for the motor without load. This result reveals that the efficiency of the catalytic conversion is limited kinetically in low engine speeds. The Study also ends that when comparing the emissions of CO and HC considering the influence of the fuels, it was verified that although the emissions of CO starting from CNG are 62% smaller than arising from the gasoline, there are not significant differences among the emissions of HC originating from of CNG and of the gasoline. In synthesis, the results place the current criteria of vehicular inspection, for exhaust gases, in doubt, leading the creation of emission limits of pollutant more rigorous, because the efficiency of the converters catalytic is sensibly reduced starting from 6 years of use. It is also raised the possibility of modifications in the test conditions adopted by the current norms, specifically in the speed engine, have seen that in the condition without load the largest emission indexes were registered in slow march. That fact that allows to suggest the dismissal of the tests in high speed engine, reducing the time of inspection in half and generating economy of fuel

Performance characteristics of bioassay UV-spectrophotometry and high perfomance liquid chromatographic determination of gatifloxacin in tablets

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Performance characteristics of high performance liquid chromatography, first order derivative UV spectrophotometry and bioassay for fluconazole determination in capsules

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

A Perda Auditiva Induzida pelo Ruído (PAIR) na formação odontológica: conhecimentos e níveis de exposição

The rationalization of work in the Dentistry has been taking the professional to work for ways and systems based in the ergonomics, turning their work efficient and less tiring. Since their academic formation, the dentists surgeons are concerned with the high productivity in clinic and with the final result of the work, neglecting the way as it is executed, which reduce their work capacity and exhibits them to occupational diseases that could be minimized and/or forewarned. This research had as the main objective to investigate the knowledge of the Dentistry academics of Rio Grande do Norte Federal University concerning the Noise-induced Hearing Loss (NIHL), relating them at the noise levels that they are exposed, as well as to the preventive measures taken during the clinical activities. Was observed that 95% of the individuals know that the dentist surgeon is a professional in risk for NIHL. Among the causes of NIHL, the one that obtained the largest frequency citation was the high-speed handpieces, reminded by 92,4% of the academics. Among the students which enumerated protective measures for NIHL, 92% mentioned the use of the ear plugs, although 97% of the researched have told do not use any kind of preventive measure related to the noise. Was also observed that 96% of the academics notice the noise during the clinical attendance, what inconvenience 28,1% of them. Related the noise levels, the high-speed handpieces of the academics presented a medium value of 80,5 dB varying from 72,3 to 88,3 dB. The average of the ambient noise observed at the Integrated Clinic was about 74,8 dB. In spite of the noise levels in this research were observed below the established limits of tolerance by the legislation, they can provoke damages to the Dentistry professionals' health, or that suggests the need of an intervention and use of immediate preventive measures able to generate a healthy atmosphere of work and less risky

Performance of aerodynamic baffles in cylindrical grinding analyzed on the basis of air layer pressure and speed

Over the years, grinding has been considered one of the most important manufacturing processes. Grinding is a high precision process, and the loss of a single workpiece in this stage of the production is unacceptable, fir the value added to the material is very high due to many processes it has already undergone prior to grinding. This study aims to contribute toward the development of an experimental methodology whereby the pressure and speed of the air layer produced by the high rotation of the grinding wheel is evaluated with and without baffles, i.e., in an optimized grinding operation and in a traditional one. Tests were also carried out with steel samples to check the difference in grinding wheel wear with and without the use of baffles.

Influence of the grinding wheel's dive speed on the damage of rectified hardened steels

The world tendency is the increase of the productivity and the production of pieces more and more sophisticated, with high degree of geometric and dimensional tolerances, with good surface finish and low cost. Rectification is responsible for the final finish in the machining process of a material. However, damages generated in this production phase affect all the resources used in the previous processes. Great part of the problems happennig in the rectification process is due to the enormous temperature generated in this activity because of the machining conditions. The dive speed, which is directly related to the productivity, is considered responsible for the damages that occur during rectification, limiting its values to those that do not cause such damages. In this work, through the variation of the dive speed in the process of cylindrical grinding of type ABNT D6 steel, rationalizing the application of two cutting fluids and using a CBN (cubic boron nitrate) abrasive wheel with vitrified blond, the influence of the dive speed on the surface damages of hardened steels was evaluated. The results allowed to say that the dive speed, associated to an efficient cooling and lubrication, didn't provoke thermal damages (including heated zones, cracks and tension stresses) to the material. Residual stresses and the roughness of rectified materials presented a correlation with the machining conditions. The work concluded that it is possible to increase the productivity without provoking damages in the rectified components.

Influence of belt speed, grit sizes and pressure on the sanding of Eucalyptus grandis wood

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

Power performance evaluation of an electric home fan with triac-based automatic speed control system

In order to provide a low cost system of thermal comfort, a common model of home fan, 40 cm diameter size, had its manual four-button control system replaced by an automatic speed control. The new control system has a temperature sensor feeding a microcontroller that, by using an optic coupling, DIAC or TRIAC-based circuit, varies the RMS value of the fan motor input voltage and its speed, according to the room temperature. Over a wide range of velocity, the fan net power and the motor fan input power were measured working under both control system. The temperature of the motor stator and the voltage waveforms were observed too. Measured values analysis showed that the TRIAC-based control system makes the fan motor work at a very low power factor and efficiency values. The worst case is at low velocity range where the higher fan motor stator temperatures were registered. The poor power factor and efficiency and the harmonics signals inserted in the motor input voltage wave by the TRIAC commutation procedure are correlated.

The limits of human development and the use of energy and natural resources

The development of nations is an unquestionable requirement. A lot of challenges concerning health, education and economy are present. A discussion on these development models has occupied the minds of decision makers in recent years. When energy supply and demand is considered, the situation becomes critical and the crucial question is: how to improve the quality of life of developing countries based on available models of development that are related to the life style of developed countries, for which the necessary use and waste of energy are present? How much energy is essential to humanity for not so as to endangering the survival conditions of future generations? the human development index (HDI) establishes the relationship among energy use, economic growth and social growth. Here it can be seen that 75% of the world population has a significant energy consumption potential. This is a strong reason to consider that the sustainable development concepts on energy policies are strategic to the future of the planet. This paper deals with the importance of seeking alternative development models for human development balance, natural resources conservation and environment through rational energy use concepts. (c) 2004 Elsevier Ltd. All rights reserved.

Positive leader characteristics from high-speed video observations

Based on analyses of high-speed video recordings of cloud-to-ground lightning in Brazil and the USA, the characteristics of positive cloud-to-ground (+CG) leaders are presented. The high frame rates permitted the average, 2-dimensional speeds of development along the paths of the channels to be resolved with good accuracy. The values range from 0.3 to 6.0 x 10(5) ms(-1) with a mean of 2.7 x 10(5) ms(-1). Contrary to what is usually assumed, downward +CG leader speeds are similar to downward -CG leader speeds. Our observations also show that the speeds tend to increase by a factor of 1.1 to 6.5 as they approach the ground. The presence of short duration, recoil leaders (RLs) during the development of positive leaders reveal a highly branched structure that is not usually recorded when using conventional photographic and video cameras. The existence of the RLs may help to explain observations of UHF-VHF radiation during the development of +CG flashes.