Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina

The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some private information is transferable, like balance sheet data. Private information generated in relationships is not. To capture the closeness of bank relationships, we resort to the concentration of bank credit and the number of credit lines in a bank. We also consider public information available in the Central de Deudores. The cost of credit is measured using overdrafts, the most expensive line of credit, at the bank that charges the highest rate for overdrafts. We find that the cost of credit is smaller for a firm with a close relationship to the marginal bank. Firms with large assets, a high sales/assets ratio, and a low debt/assets ratio pay a lower interest rate at the margin. A good credit history (no debt arrears and no bounced checks) and collateral also reduce the marginal interest rate. The availability of credit is measured by unused credit lines as a proportion of total liabilities with the main bank. The availability of credit depends positively on a close relationship with the main bank. Large assets, a high return over assets, a high sales/assets ratio, a low debt/assets ratio, a good credit history, and collateral lead to higher credit availability. Our measure of unused credit lines is less ambiguous than traditional measures like leverage, which may indicate financial distress rather than availability of credit.

High-growth SMEs and the availability of private equity and venture capital in Brazil

This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and mediumsized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures.

Wrong-way risk in stock swaps : measuring counterparty credit risk and CVA

Uma forma interessante para uma companhia que pretende assumir uma posição comprada em suas próprias ações ou lançar futuramente um programa de recompra de ações, mas sem precisar dispor de caixa ou ter que contratar um empréstimo, ou então se protegendo de uma eventual alta no preço das ações, é através da contratação de um swap de ações. Neste swap, a companhia fica ativa na variação de sua própria ação enquanto paga uma taxa de juros pré ou pós-fixada. Contudo, este tipo de swap apresenta risco wrong-way, ou seja, existe uma dependência positiva entre a ação subjacente do swap e a probabilidade de default da companhia, o que precisa ser considerado por um banco ao precificar este tipo de swap. Neste trabalho propomos um modelo para incorporar a dependência entre probabilidades de default e a exposição à contraparte no cálculo do CVA para este tipo de swap. Utilizamos um processo de Cox para modelar o instante de ocorrência de default, dado que a intensidade estocástica de default segue um modelo do tipo CIR, e assumindo que o fator aleatório presente na ação subjacente e que o fator aleatório presente na intensidade de default são dados conjuntamente por uma distribuição normal padrão bivariada. Analisamos o impacto no CVA da incorporação do riscowrong-way para este tipo de swap com diferentes contrapartes, e para diferentes prazos de vencimento e níveis de correlação.

BlueFriends: measuring, analyzing and preventing social exclusion between elementary school students

Social exclusion is a relatively recent term, whose creation is attributed to René Lenoir(Lenoir, 1974). Its concept covers a remarkably wide range of social and economic problems, and can be triggered for various reasons: mentally and physically handicapped, abused children, delinquents, multi-problem households, asocial people, and other social “misfits” (Silver, 1995, pp. 63; Foucault, 1992). With an increasingly multi-cultural population, cultural and social inequalities rapidly ascend, bringing with them the need for educational restructuring. We are living in an evermore diverse world, and children need to be educated to be receptive to the different types of people around them, especially considering social and cultural aspects. It is with these goals that inclusive education has seen an increased trend in today’s academic environment, reminding us that even though children may be taught under the same roof, discriminatory practices might still happen. There are, however, a number of developed tools to assess the various dimensions of social networks. These are mostly based on questionnaires and interviews, which tend to be fastidious and don’t allow for longitudinal, large scale measurement. This thesis introduces BlueFriends, a Bluetooth-based measurement tool for social inclusion/exclusion on elementary school classes. The main goals behind the development of this tool were a) understanding how exclusion manifests in students’ behaviors, and b) motivating pro-social behaviors on children through the use of a persuasive technology. BlueFriends is a distributed application, comprised by an application running on several smartphones, a web-hosted database and a computer providing a visual representation of the data collected on a TV screen, attempting to influence children behaviors. The application makes use of the Bluetooth device present on each phone to continuously sample the RSSI (Received Signal Strength Indication) from other phones, storing the data locally on each phone. All of the stored data is collected, processed and then inserted into the database at the end of each day. At the beginning of each recess, children are reminded of how their behaviors affect others with the help of a visual display, which consists of interactions between dogs. This display illustrates every child’s best friends, as well as which colleagues they don’t interact with as much. Several tips encouraging social interaction and inclusiveness are displayed, inspiring children to change their behaviors towards the colleagues they spend less time with. This thesis documents the process of designing, deploying and analyzing the results of two field studies. On the first study, we assess how the current developed tools are inferior to our measuring tool by deploying a measurement only study, aimed at perceiving how much information can be obtained by the BlueFriends application and attempting to understand how exclusion manifests itself in the school environment. On the second study, we pile on the previous to try and motivate pro-social behaviors on students, with the use of visual cues and recommendations. Ultimately, we confirm that our measurement tool’s results were satisfying towards measuring and changing children’s behaviors, and conclude with our thoughts on possible future work, suggesting a number of possible extensions and improvements.

Desempenho térmico de coberturas: Um estudo comparativo entre as telhas de material reciclado, de fibra e betume, fibrocimento e cerâmica

This study aims to compare the thermal performance of tiles made from recycled material (waste packaging cardboard with aluminized film) with the tiles of fiber and bitumen, fiber cement and red ceramic with the aim of verifying the suitability of tile to be used in hot and humid climate of low latitude. The samples were selected according to the availability from Natal - RN market, as they are sold to the consumers. The methodology was based on studies that used experimental apparatus composed of thermal chambers heated by banks of incandescent bulbs, to analyze the thermal performance of materials. The tiles in the study were submitted to analysis of thermal performance, thermophysical properties and absorptance, using chambers of thermal performance, measuring the thermophysical properties and portable spectrometer, respectively. Comparative analysis of thermal performance between two samples of the recycled material with dimple sizes and different amounts of aluminum were made, in order to verify, if these characteristics had some interference on the thermal performance of them; the results showed no significant performance differences between the samples. The data obtained in chambers of thermal performance and confirmed by statistical analysis, showed, that the tile of recycled material have similar thermal performance to the tile of fiber cement. In addition to these tests was carried out the automatic monitoring of a building covered with tiles of recycled material, to verify its thermal performance in a real situation. The results showed that recycled shingles must be used with technical criteria similar to those used for fiber cement tiles, with regard to the heat gain into the building. Within these criteria should be taken into account local characteristics, especially in regions with hot and humid climate, and its use must be associated, according to the literature, to elements of thermal insulation and use of passive techniques such as vented attics, ceilings and right foot higher

Cadmium availability and accumulation by lettuce and rice

Among the toxic elements, Cd has received considerable attention in view of its association with a number of human health problems. The objectives of this study were to evaluate the Cd availability and accumulation in soil, transfer rate and toxicity in lettuce and rice plants grown in a Cd-contaminated Typic Hapludox. Two simultaneous greenhouse experiments with lettuce and rice test plants were conducted in a randomized complete block design with four replications. The treatments consisted of four Cd rates (CdCl2), 0.0; 1.3; 3.0 and 6.0 mg kg(-1), based on the guidelines recommended by the Environmental Agency of the State of São Paulo, Brazil (Cetesb). Higher Cd rates increased extractable Cd (using Mehlich-3, Mehlich-1 and DTPA chemical extractants) and decreased lettuce and rice dry matter yields. However, no visual toxicity symptoms were observed in plants. Mehlich-1, Mehlich-3 and DTPA extractants were effective in predicting soil Cd availability as well as the Cd concentration and accumulation in plant parts. Cadmium concentration in rice remained below the threshold for human consumption established by Brazilian legislation. on the other hand, lettuce Cd concentration in edible parts exceeded the acceptable limit.

Availability of soil water under tillage systems, mulch management and citrus rootstocks

The increased availability of soil water is important for the management of non-irrigated orange orchards. The objective of this study was to evaluate the availability of soil water in a Haplorthox (Rhodic Ferralsol) under different tillage systems used for orchard plantation, mulch management and rootstocks in a "Pera" orange orchard in northwest Parana, Brazil. An experiment in a split-split-plot design was established in 2002, in an area cultivated with Brachiaria brizantha grass in which three tillage systems (no tillage, conventional tillage and strip-tillage) were used for orchard plantation. This grass was mowed twice a year between the rows, representing two mulch managements in the split plots (no mulching and mulching in the plant rows). The split-split-plots were represented by two rootstocks ("Rangpur" lime and "Cleopatra" mandarin). The soil water content in the plant rows was evaluated in the 0-20 cm layer in 2007 and at 0-20 and 20-40 cm in 2008-2009. The effect of soil tillage systems prior to implantation of orange orchards on soil water availability was less pronounced than mulching and the rootstocks. The soil water availability was lower when "Pera" orange trees were grafted on "Cleopatra" mandarin than on "Rangpur" lime rootstocks. Mulching had a positive influence on soil water availability in the sandy surface layer (020 cm) and sandy clay loam subsurface (20-40 cm) of the soil in the spring. The production of B. brizantha between the rows and residue disposal in the plant rows as mulch increased water availability to the "Pera" orange trees.

PCJ River Basins' Water Availability Caused by Water Diversion Scenarios to Supply Metropolitan Areas of So Paulo

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Organic compounds from plant extracts and their effect on soil phosphorus availability

O objetivo deste trabalho foi avaliar o efeito de compostos orgânicos de extratos de plantas de seis espécies e da fertilização fosfatada na disponibilidade de fósforo no solo. Tubos de 30 cm de altura e 5 cm de diâmetro foram preenchidos com Latossolo Vermelho-Amarelo. Cada tubo constituiu uma parcela, em delineamento completamente casualizado, em arranjo fatorial 7x2, com quatro repetições. Extratos líquidos de aveia-preta (Avena strigosa), nabo forrageiro (Raphanus sativus), milho (Zea mays), milheto (Pennisetum glaucum), soja (Glycine max), sorgo forrageiro (Sorghum bicolor) e água (testemunha) foram aplicados em cada parcela, com ou sem fertilização com fosfato solúvel. Após sete dias de incubação, amostras de solo foram coletadas em várias profundidades, e foram analisadas as formas lábil, moderadamente lábil e não lábil de fósforo no solo. Houve acúmulo de fósforo inorgânico nas frações lábil e moderadamente lábil do solo, como conseqüência da adição dos extratos de plantas, principalmente na camada superficial (0-5 cm). O nabo forrageiro, com maior concentração de ácido málico e maior conteúdo de P no tecido do que outras espécies, foi o mais eficiente em incrementar a disponibilidade de P no solo.

Extraction methods and availability of phosphorus for soybean in soils from Parana State, Brazil

In studies on the evaluation of methodologies for the analysis of soil, phosphorus (P) has been the single most studied aspect, due to the complexity of this dynamic element in soil. However, these studies have been limited regarding soil conditions in Paranaa. The present study aimed to evaluate the efficiency of the Mehlich-1, Mehlich-3 and ion exchange resin methods in the evaluation of available P for soybean (Glycine max) in the soils of Paranaa State. Twelve soil samples collected from the upper 0-20 cm were planted with soybean for a period of 42 days in the greenhouse. The ability to extract soil P followed the order of decreasing average amount of extracted P: Mehlich-3 > resin > Mehlich-1. The correlation coefficients between the content of P extracted by Mehlich-1, Mehlich-3 and resin and the amount of P accumulated in the plants were 0.86, 0.90 and 0.93, respectively. Mehlich-1, Mehlich-3 and resin showed similar efficiency in the evaluation of P availability to plants and, under conditions of natural fertility and in soils that had received no application of poorly natural reactive phosphates, can be used to quantify the concentrations of P in the soils of Parana State.

Use of lithium niobate detector for measuring X-ray intensity in mammographic range

A detector system that can measure X-ray intensity in the mammographic range of 22 to 36 kVp (equivalent photon energies ofthe beam between 11 and 15 keV) is presented. It consists of a lithium mobate detector and a high-sensitivity current-to-voltage converter.

Viscosity measuring cell using ultrasonic wave mode conversion

This work presents a cell to measure dynamic viscosity of liquids using ultrasonic wave mode conversion from longitudinal to shear wave. The strategy used to obtain the viscosity is based on the measurement of the complex reflection coefficient of shear waves at a solid-liquid interface. Viscosity measurements of automotive oils (SAE90 and SAE140) were obtained in the frequency range from 1 to 10 MHz. These results are compared with the Maxwell model with two relaxation times, showing the dependency of viscosity with frequency. Several parameters affecting viscosity measurements, including the solid material properties, liquid viscosity, and operating frequency are discussed.

EVALUATION of HEAVY METAL AVAILABILITY IN CONTAMINATED SEDIMENTS FROM THE ILHA SOLTEIRA HYDROELECTRIC DAM on THE PARANA RIVER AT ILHA SOLTEIRA, SP, BRAZIL

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

PZT FOR MEASURING ENERGY FLUENCE RATE of X-RAY USED IN SUPERFICIAL CANCER THERAPY

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