The Brazilian and the french private equity sectors from 2006 to present: a comparative analysis

Private equity, ou o ato de fundos ou investidores de investir em empresas não cotadas em bolsa pública, assumiu uma importância crescente no mundo financeiro nos últimos anos. De fato, enquanto o surgimento de um setor de private equity (PE) tem sido um grande fenômeno em mercados emergentes desde meados dos anos 2000, a crise financeira mundial enfraqueceu private equity no mundo desenvolvido. Assim, esta pesquisa vai se concentrar em dois países com dinâmicas supostamente muito diferentes em relação a este sector: França e Brasil. O objetivo será o de discernir padrões gerais de comportamento em ambos os sectores de PE durante todo o período compreendido 2006-2013, e tentar determinar em que medida eles são comparáveis. Utilizando a literatura como fonte conceitual para o quadro comparativo a ser desenvolvido, será analisado se as condições do mercado e do ambiente institucional evoluíram durante o período estudado na França e no Brasil, se comparar, e se eles impactaram o nível de atividade de private equity - oferta e demanda de fundos - em ambos os países. Para identificar esses padrões, a pesquisa contará com uma análise de dados exploratória qualitativa, com base em um quadro dos determinantes do setor de PE identificados e retirados da literatura acadêmica. Esta pesquisa trazera sua contribuição para o trabalho acadêmico existente sobre private equity, graças à sua natureza comparativa e para a sua conclusão sobre a relevância dos determinantes acima mencionados sobre a atividade de private equity na França e no Brasil.

Main obstacles in the business environment affecting firm growth: a comparative analysis between Chinese and Brazilian SMEs

Usando dados do Banco Mundial, esta dissertação analisa as semelhanças e diferenças entre os obstáculos enfrentados pelas micro, pequenas e médias empresas (MSME) no Brasil e na China. Realizamos tanto uma análise comparativa entre os dos países como uma análise de clusters para confrontar os dados subjetivos e objetivos recolhidos, de modo a identificar o desempenho das empresas, levando em consideração as características dos países e o ambiente de negócios.

Mhealth entrepreneurship: an exploratory research for a managerial model for mhealth start ups in low and middle income countries

Since some years, mobile technologies in healthcare (mHealth) stand for the transformational force to improve health issues in low- and middle-income countries (LMICs). Although several studies have identified the prevailing issue of inconsistent evidence and new evaluation frameworks have been proposed, few have explored the role of entrepreneurship to create disruptive change in a traditionally conservative sector. I argue that improving the effectiveness of mHealth entrepreneurs might increase the adoption of mHealth solutions. Thus, this study aims at proposing a managerial model for the analysis of mHealth solutions from the entrepreneurial perspective in the context of LMICs. I identified the Khoja–Durrani–Scott (KDS) framework as theoretical basis for the managerial model, due to its explicit focus on the context of LMICs. In the subsequent exploratory research I, first, used semi-structured interviews with five specialists in mHealth, local healthcare systems and investment to identify necessary adaptations to the model. The findings of the interviews proposed that especially the economic theme had to be clarified and an additional entrepreneurial theme was necessary. Additionally, an evaluation questionnaire was proposed. In the second phase, I applied the questionnaire to five start-ups, operating in Brazil and Tanzania, and conducted semi-structured interviews with the entrepreneurs to gain practical insights for the theoretical development. Three of five entrepreneurs perceived that the results correlated with the entrepreneurs' expectations of the strengths and weaknesses of the start-ups. Main shortcomings of the model related to the ambiguity of some questions. In addition to the findings for the model, the results of the scores were analyzed. The analysis suggested that across the participating mHealth start-ups the ‘behavioral and socio-technical’ outcomes were the strongest and the ‘policy’ outcomes were the weakest themes. The managerial model integrates several perspectives, structured around the entrepreneur. In order to validate the model, future research may link the development of a start-up with the evolution of the scores in longitudinal case studies or large-scale tests.

The eager fight for supremacy in the online service industry: a comparative study of M&A activities: case studies of Apple, Google and Microsoft

A indústria de serviços online é caracterizada por um volume alto de Fusões e Aquisições no período de 2005 a 2015. As líderes de mercado, Apple, Google e Microsoft, incorporaram essa forma de crescimento inorgânico em suas estratégias corporativas. Essa tese examina as atividades de Fusões e Aquisições dessas três empresas. Consequentemente, ela tem foco em dois aspectos principais. Primeiro, existe o objetivo de saciar uma escassez na literatura acadêmica, no que se diz respeito ao estabelecimento de uma conexão entre a estratégia corporativa dessas empresas e as decisões tomadas de Fusões e Aquisições. Segundo, há também o objetivo de estimar possíveis futuros desenvolvimentos no setor. Através de uma análise de conteúdo qualitativa das publicações das empresas, relatórios de análise de mercado, e outros conteúdos de terceiros, estudos de caso foram desenvolvidos. Os resultados mostram o processo de posicionamento estratégico por parte da Apple, Google e Microsoft, dentro do mercado de serviços online, entre os anos de 2005 e 2015. As recorrentes fusões e aquisições são analisadas, no que se diz respeito as estratégias corporativas dessas empresas e a responsividade perante as atividades de seus competidores. Os resultados evidenciam atividades agressivas de Fusões e Aquisições em grupos estratégicos em comum entre as três empresas, especialmente no mercado de aparelhos de comunicação móvel e serviços de comunicação.

A comparative study of the credit card market dynamics in Mexico and Brazil

This research analyzes and compares the attractiveness of the Brazilian and Mexican credit card markets from a financial firm’s perspective. The market dynamics in Latin America’s two economic powerhouses are fleshed out with qualitative and quantitative data, using a strategic framework to structure the analysis. Since its adoption by both countries in 1956, credit card usage has experienced many years of double digit growth. However, penetration levels remain low compared with most developed countries. Brazil has a more developed credit card infrastructure, with more potential profit, and issuers might face fewer competitive challenges.  Alternatively, Mexico, is witnessing a more favorable economy, a friendlier business and regulatory environment, combined with fewer financial products that compete with the credit card. Therefore, this paper concludes that Brazil and Mexico both offer market opportunities for credit card companies that can navigate the different technological, demographic, macroeconomic, and regulatory shifts in each country.

A Comparative Study of Mechanical and Tribological Properties of AISI-304 and AISI-316 Submitted to Glow Discharge Nitriding

Mechanical and tribological properties of AISI 304 and AISI 316 stainless steels submitted to glow discharge ion nitriding are reported. The atmosphere was 20:80 - N2:H2 with substrate temperatures ranging from 300 to 500 °C. Treatment at 300 °C produced expanded austenite (γN) in both steels. Increasing the temperature, the phases γ′-Fe4N and ε- Fe2+xN were present and the latter is the major phase for AISI 304. At 500 °C, the CrN phase was also identified in both steels. Hardnesses of about 13-14 GPa at near surface regions were obtained in both steels. Moreover, AISI 316 nitrided at 500 °C has the deepest hard layer. Tribological tests showed that wear can be reduced by up to a factor of six after the nitriding processes, even for a working temperature of 300 °C. The profiles during and after nanoscratch tests did not reveal significant differences after nitriding processes in both steels.

Desenvolvimento de nanocompósito (hidroxiapatita/ poliuretano) pela gelação (gelling) de poli ( álcool vinílico) (PVA) para remoção de metais pesados

Removing microcontaminants from effluents is a challenge today, because of its high cost and low efficiency, especially in the treatment of effluents containing heavy metals. An alternative that has emerged is the use of biodegradable nanocomposites, which exhibit good removal and recovery performances, in addition to its low cost. With this in mind, the present study aimed to develop and characterize a nanocomposite based on hydroxyapatite (HAP), polyurethane (PU) and polyvinyl alcohol (PVA) for removing heavy metals. Thus, the research was conducted in several steps: i)- Physico-chemical and microbiological hospital effluent characterization; ii)- Production of hydroxyapatite by aqueous precipitation technique, and their characterization; iii)- Production of the nanocomposite in which the hydroxyapatite was added to the polyurethane prepolymers and then the polyvinyl alcohol/hydroxyapatite film was produced; iv)- Polyvinyl composite without film PU/HAp was also produced in the proportions of 20 and 40% HAp; v)- The composites was characterized by the techniques of XRD, FTIR, SEM / EDS, BET, Zeta Potential and TGA; vi)- The sisal and coconut fibres were washed and dried for comparative tests of adsorption; vii)- Adsorption tests for evaluating the removal of heavy metals (nickel and cadmium). Initial screening adsorption capacity (HAp; PU/HAp - 20 and 40%; PU / HAp / PVA), kinetic studies of adsorption of Cd (II) by HAp; multifactorial design analysis (factorial design) for identifying the most important variables in the adsorption of Cd (II) by composite PU/HAp. Also comparative analysis of adsorption of Cd and Ni by composite PU/HAp were conducted, as well as comparative tests of adsorption of Cd (coconut fibre) and Ni (sisal fibre). It was possible to verify that the composite PU/HAp 40% showed better effectiveness for the removal of Cd (II) and Ni (II), above 80%, equivalent to the lignocellulosic fibre used and HAp produced. As main conclusion, it can be referred that the composite PU/HAp 40% is an effective adsorvent to wastewater treatment for heavy metal removal, with low cost and high efficiency

Modelagem da transferência de massa na remoção do óleo da água produzida por flotação em coluna com uso de tensoativos de origem vegetal

The treatment of oil produced water and its implications are continually under investigation and several questions are related to this subject. In the Northeast Region Brazil, the onshore reservoirs are, in its majority, mature oil fields with high production of water. As this oil produced water has high levels of oil, it cannot be directly discarded into the environment because it represents a risk for contamination of soil, water, and groundwater, or even may cause harm to living bodies. Currently, polyelectrolytes that promote the coalescence of the oil droplets are used to remove the dispersed oil phase, enhancing the effectiveness of the flotation process. The non-biodegradability and high cost of polyelectrolytes are limiting factors for its application. On this context, it is necessary to develop studies for the search of more environmentally friendly products to apply in the flotation process. In this work it is proposed the modeling of the flotation process, in a glass column, using surfactants derived from vegetal oils to replace the polyelectrolytes, as well as to obtain a model that represents the experimental data. In addition, it was made a comparative study between the models described in the literature and the one developed in this research. The obtained results showed that the developed model presented high correlation coefficients when fitting the experimental data (R2 > 0.98), thus proving its efficiency in modeling the experimental data.

Comparative transcriptome analysis of Paracoccidioides brasiliensis during in vitro adhesion to type I collagen and fibronectin: identification of potential adhesins

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

A comparative study of the non-isothermal degradation of natural rubber from Mangabeira (Hancornia speciosa Gomes) and Seringueira (Hevea brasiliensis)

Due to the increasing search for alternative sources of natural rubber (NR) whose properties are similar to Hevea brasiliesis, several sources have been studied in the past few years. Among them, Mangabeira (Hancornia speciosa Gomes), which is native to Amazon rainforest and other regions of Brazil, has a potential as another viable rubber source. As a continuation of a series of comparative studies between Hancornia and Hevea (clone RRIM 600) these two species by our research team, their thermal behavior was analyzed by thermogravimetry (TG) using Flynn-Wall-Ozawa's approach in order to obtain kinetic parameters (reaction order, pre-exponential factor and activation energy) of the decomposition process. Results indicated that the thermal behavior of NR from Hancornia was comparable to Hevea with some differences observed as follows: reaction order for Hancornia was higher than for Hevea at the beginning of degradation and very close for temperatures over 350 A degrees C; activation energy and pre-exponential factor had the same trend, i.e., increased with increasing degree of conversion remaining almost constant between 20 and 70% and then increasing for higher degrees, although Hevea was slightly more thermally stable than Hancornia. These major influences in the degradation process in the early stage are attributed to differences in non-rubber constituents present in these two species.

Comparative study on the effect of ultrasonic instruments on the root surface in vivo

The present study was designed to investigate the effectiveness of different ultrasonic instruments on the root surface. Fourteen patients with 35 single root teeth designated for extraction were recruited to the present study. Teeth were assigned to four experimental groups: group 1, piezoelectric ultrasonic device; group 2, magnetostrictive ultrasonic device; group 3, hand instrumentation; and group 4, untreated teeth (control). After instrumentation, the teeth were extracted and the presence of residual deposits (roughness and root surfaces characteristics) were analyzed. The results showed that residual deposits were similar in all tested groups: piezoelectric, 8.7%; magnetostrictive, 9.7%; hand instrumentation, 11.1% and control, 76.4%. There were statistically significant differences between control and all the experimental groups (p < 0.0001). With respect to roughness parameters evaluation, R(a) and R(z) of the roots treated with the different instruments showed a similar pattern (p > 0.05), but for R(t) and R(y), a significant difference was observed (p < 0.05) among hand instrumentation and ultrasonic devices. SEM analysis revealed a similar root surface pattern for the ultrasonic devices, but curettes showed many instrumental scratches, deep gouges, and a relatively large amount of dentin was removed. Within the limits of the study, although the instruments produced similar results, root surfaces instrumentated with curettes were rougher and had more root surface tissue removed than with the ultrasonic device.

Effectiveness of gutta-percha and Resilon in filling lateral root canals using the Obtura II System

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