Leasing como alternativa de financiamento de empresas em Cabo Verde - Análise prática de efeitos económicos, financeiros e contabilísticos

Criar mecanismos que produzam e dinamizem o alcance de novos produtos financeiros surge como uma condição necessária para estimular o investimento. Além das condições intrínsecas próprias de uma economia o financiamento é quase que a espinha dorsal para favorecer o desenvolvimento e crescimento económicos. Diversificar as fontes de financiamento para que estas se adaptem à realidade económico-financeira das empresas é essencial, pois não só possibilita o crescimento das empresas nacionais, mas também cria um ambiente de negócios propício ao investimento externo. Convicto da relevância, o presente trabalho tem como escopo uma temática que a nível nacional pouco se tem abordado: trata-se locação financeira que na gíria financeira é entendida por leasing - que de forma sintética se traduz num contrato pelo qual uma das partes concede à outra o gozo temporário de uma coisa contra uma retribuição, e que posteriormente pode ser adquirida, num prazo convencionado, mediante pagamento de um preço determinado ou determinável, nos termos do próprio contrato. O enfoque está em estudar a relevância assumida pelo leasing enquanto fonte de financiamento de médio e longo prazo, no contexto cabo-verdiano, comparativamente à outra fonte – empréstimo bancário de médio e longo prazo. O trabalho reveste-se de uma componente teórica e uma prática. Na componente teórica trata-se do tema no geral, abrangendo uma resenha histórica, o enquadramento legal, das sociedades de locação financeira e dos contratos de locação financeira, tratamento contabilístico, as características específicas que se associam ao tema em apreço e igualmente uma breve análise fiscal. A parte prática desenvolve uma análise comparativa do leasing com o empréstimo bancário de médio e longo prazo onde foram retiradas as conclusões chegadas com o estudo. Resumidamente, pode-se que o leasing é certamente uma das melhores opções de financiamento não só para empresas como igualmente para clientes particulares, sendo, uma opção rápida, simples e vantajosa para o cliente bancário, especialmente se o facto de a propriedade do bem não pertencer ao titular do leasing não causar qualquer incómodo. Create mechanisms that produce and streamline the range of new financial products emerges as a necessary condition to stimulate investment. In addition to its own intrinsic conditions of an economy funding is almost the backbone to promote economic development and growth. Diversify the sources of funding for these adapt to the reality of the economic-financial firms is essential because not only enables the growth of domestic companies, but also creates a business environment conducive to foreign investment. Convinced of the relevance, this work is scoped to a theme that nationally there has been little discussed: it is leasing in slang that is understood by financial leasing - which synthetically translates into a contract whereby one party grants to the another the temporary enjoyment of a thing against retribution, and that can later be acquired within the agreed upon payment of a specified or ascertainable under the contract. The focus is on studying the relevance assumed by leasing as a source of financing medium and long term, the Cape Verdean context, compared to other sources - bank loan of medium and long term. The work has a theoretical and a practical component. In the theoretical part it is the theme in general, covering a historical perspective, the legal framework, the leasing companies and financial leasing contracts, accounting treatment, specific characteristics that are associated to the topic at hand and equally a brief fiscal analysis. The practical part develops a comparative analysis of leasing with bank loan of medium and long term which were withdrawn with the conclusions reached with the study. Briefly, it may be that leasing is certainly one of the best financing options not only by companies as also by private customers, being a fast, simple and profitable for the bank customer, especially if the fact that the ownership of the property does not belong the holder of the lease does not cause any discomfort.

An evaluation of the life-cycle effects of minimum pensions on retirement behavior

In this paper we explore the effects of the minimum pension program on welfare andretirement in Spain. This is done with a stylized life-cycle model which provides a convenient analytical characterization of optimal behavior. We use data from the Spanish Social Security to estimate the behavioral parameters of the model and then simulate the changes induced by the minimum pension in aggregate retirement patterns. The impact is substantial: there is threefold increase in retirement at 60 (the age of first entitlement) with respect to the economy without minimum pensions, and total early retirement (before or at 60) is almost 50% larger.

Hypertension. L'enregistrement tensionnel en ambulatoire: indispensable pour diagnostiquer et traiter l'hypertension [Ambulatory blood pressure monitoring: essential for diagnosing and treating hypertension?].

According to recent international guidelines, 24-h ambulatory blood pressure monitoring plays an important role in the diagnostic and therapeutic approach of arterial hypertension. Indications of this technique are multiple, concerning both day- and night-time blood pressures. Blood pressures provided by ambulatory monitoring may be used to stratify cardiovascular risk.

Minimum price variations, time priority and quotes dynamics

We analyze the impact of a minimum price variation (tick) and timepriority on the dynamics of quotes and the trading costs when competitionfor the order flow is dynamic. We find that convergence to competitiveoutcomes can take time and that the speed of convergence is influencedby the tick size, the priority rule and the characteristics of the orderarrival process. We show also that a zero minimum price variation is neveroptimal when competition for the order flow is dynamic. We compare thetrading outcomes with and without time priority. Time priority is shownto guarantee that uncompetitive spreads cannot be sustained over time.However it can sometimes result in higher trading costs. Empiricalimplications are proposed. In particular, we relate the size of thetrading costs to the frequency of new offers and the dynamics of theinside spread to the state of the book.

Pattern of attack of a galling insect reveals an unexpected preference-performance linkage on medium-sized resources

Pattern of attack of a galling insect reveals an unexpected preference-performance linkage on medium-sized resources. The Plant Vigor Hypothesis (PVH) predicts oviposition preference and higher offspring performance on longer and fast-growing shoots, and although several studies have tested its predictions, long-term studies concerning the patterns of host selection by galling species are still lacking. The PVH was tested in this study using Bauhinia brevipes (Fabaceae) as the host of a leaf gall midge, Asphondylia microcapillata (Diptera, Cecidomyiidae) during three consecutive years. Shoots were collected from the same 80 plants between 2001 and 2003 and shoot length, number of healthy and galled leaves, gall number, and mortality factors were recorded. Nearly 600 galls were found on the 5,800 shoots collected. Medium-sized shoots supported from 46 to 70% of all galls, with greater gall survival rate in 2002 and 2003. A decrease in parasitism rate coupled with an increase in gall predation lead to a constant similar gall survivorship rate in all years (x = 22.7%). Although gall abundance varied among years (122 in 2001, 114 in 2002 and 359 in 2003) preference for longer shoots was not observed because the percentage of galled shoots and galled leaves were higher on medium shoot length classes in all years. The observed distribution of gall abundance and galled shoots were always greater than the expected distribution on medium shoot length classes. These findings do not support the PVH, and show that A. microcapillata can maximize the female preference and larval performance on medium-sized shoots of B. brevipes.

A medium-scale open economy model of Australia

We estimate an open economy dynamic stochastic general equilibrium (DSGE)model of Australia with a number of shocks, frictions and rigidities, matching alarge number of observable time series. We find that both foreign and domesticshocks are important drivers of the Australian business cycle.We also find that theinitial impact on inflation of an increase in demand for Australian commoditiesis negative, due to an improvement in the real exchange rate, though there is apersistent positive effect on inflation that dominates at longer horizons.

Toxic effects of essential plant oils in adult Sitophilus oryzae (Linnaeus) (Coleoptera, Curculionidae)

Toxic effects of essential plant oils in adult Sitophilus oryzae (Linnaeus) (Coleoptera, Curculionidae). Stored grains are subject to losses in quality nutritional value and in sanitation from the time they are stored to the time they are consumed. Botanical insecticides may offer an alternative solution for pest control. The objective was to test the insecticidal properties of the essential oils of Cymbopogon citratus (leaf), Zingiber officinale (root) and Mentha sp. (leaf). The efficacy of these oils was tested to control the rice weevil, S. oryzae, using hydrodistillation. Chemical analysis of the essential oils was carried out by gas chromatography. Major components of C. citratus were geranial (48%) and neral (31%), of Z. officinale were α-zingibereno (13%), geranial (16%), neral (10%) and α-farneseno (5%) and of Mentha sp. was menthol (92%). Bioassays were carried out by fumigation and topical application. In topical application assays, the essential oil of C. citratus had greater toxicity (LC50 0.027 µL mL-1) and shorter exposure time than the oils of the other two plants. After 24 h and 48 h, 70% and 100% mortality of S. oryzae occurred, respectively. In fumigation assays, essential oil of Z. officinale had a lower LC50 (1.18 µL cm-2) and 70% mortality after 24 h exposure. Therefore, we recommend the use of essential oils of C. citratus and Z. officinale to control the rice weevil S. oryzae.

Minimum distance estimation of stationary and non-stationary ARFIMA processes

A new parametric minimum distance time-domain estimator for ARFIMA processes is introduced in this paper. The proposed estimator minimizes the sum of squared correlations of residuals obtained after filtering a series through ARFIMA parameters. The estimator iseasy to compute and is consistent and asymptotically normally distributed for fractionallyintegrated (FI) processes with an integration order d strictly greater than -0.75. Therefore, it can be applied to both stationary and non-stationary processes. Deterministic components are also allowed in the DGP. Furthermore, as a by-product, the estimation procedure provides an immediate check on the adequacy of the specified model. This is so because the criterion function, when evaluated at the estimated values, coincides with the Box-Pierce goodness of fit statistic. Empirical applications and Monte-Carlo simulations supporting the analytical results and showing the good performance of the estimator in finite samples are also provided.

Genomewide association study using a high-density single nucleotide polymorphism array and case-control design identifies a novel essential hypertension susceptibility locus in the promoter region of endothelial NO synthase.

Essential hypertension is a multifactorial disorder and is the main risk factor for renal and cardiovascular complications. The research on the genetics of hypertension has been frustrated by the small predictive value of the discovered genetic variants. The HYPERGENES Project investigated associations between genetic variants and essential hypertension pursuing a 2-stage study by recruiting cases and controls from extensively characterized cohorts recruited over many years in different European regions. The discovery phase consisted of 1865 cases and 1750 controls genotyped with 1M Illumina array. Best hits were followed up in a validation panel of 1385 cases and 1246 controls that were genotyped with a custom array of 14 055 markers. We identified a new hypertension susceptibility locus (rs3918226) in the promoter region of the endothelial NO synthase gene (odds ratio: 1.54 [95% CI: 1.37-1.73]; combined P=2.58 · 10(-13)). A meta-analysis, using other in silico/de novo genotyping data for a total of 21 714 subjects, resulted in an overall odds ratio of 1.34 (95% CI: 1.25-1.44; P=1.032 · 10(-14)). The quantitative analysis on a population-based sample revealed an effect size of 1.91 (95% CI: 0.16-3.66) for systolic and 1.40 (95% CI: 0.25-2.55) for diastolic blood pressure. We identified in silico a potential binding site for ETS transcription factors directly next to rs3918226, suggesting a potential modulation of endothelial NO synthase expression. Biological evidence links endothelial NO synthase with hypertension, because it is a critical mediator of cardiovascular homeostasis and blood pressure control via vascular tone regulation. This finding supports the hypothesis that there may be a causal genetic variation at this locus.

Renal tissue oxygenation in essential hypertension and chronic kidney disease.

Animal studies suggest that renal tissue hypoxia plays an important role in the development of renal damage in hypertension and renal diseases, yet human data were scarce due to the lack of noninvasive methods. Over the last decade, blood oxygenation level-dependent magnetic resonance imaging (BOLD-MRI), detecting deoxyhemoglobin in hypoxic renal tissue, has become a powerful tool to assess kidney oxygenation noninvasively in humans. This paper provides an overview of BOLD-MRI studies performed in patients suffering from essential hypertension or chronic kidney disease (CKD). In line with animal studies, acute changes in cortical and medullary oxygenation have been observed after the administration of medication (furosemide, blockers of the renin-angiotensin system) or alterations in sodium intake in these patient groups, underlining the important role of renal sodium handling in kidney oxygenation. In contrast, no BOLD-MRI studies have convincingly demonstrated that renal oxygenation is chronically reduced in essential hypertension or in CKD or chronically altered after long-term medication intake. More studies are required to clarify this discrepancy and to further unravel the role of renal oxygenation in the development and progression of essential hypertension and CKD in humans.

European Council of Legal Medicine (ECLM) accreditation of forensic pathology services in Europe.

Forensic experts play a major role in the legal process as they offer professional expert opinion and evidence within the criminal justice system adjudicating on the innocence or alleged guilt of an accused person. In this respect, medico-legal examination is an essential part of the investigation process, determining in a scientific way the cause(s) and manner of unexpected and/or unnatural death or bringing clinical evidence in case of physical, psychological, or sexual abuse in living people. From a legal perspective, these types of investigation must meet international standards, i.e., it should be independent, effective, and prompt. Ideally, the investigations should be conducted by board-certified experts in forensic medicine, endowed with a solid experience in this field, without any hierarchical relationship with the prosecuting authorities and having access to appropriate facilities in order to provide forensic reports of high quality. In this respect, there is a need for any private or public national or international authority including non-governmental organizations seeking experts qualified in forensic medicine to have at disposal a list of specialists working in accordance with high standards of professional performance within forensic pathology services that have been successfully submitted to an official accreditation/certification process using valid and acceptable criteria. To reach this goal, the National Association of Medical Examiners (NAME) has elaborated an accreditation/certification checklist which should be served as decision-making support to assist inspectors appointed to evaluate applicants. In the same spirit than NAME Accreditation Standards, European Council of Legal Medicine (ECLM) board decided to set up an ad hoc working group with the mission to elaborate an accreditation/certification procedure similar to the NAME's one but taking into account the realities of forensic medicine practices in Europe and restricted to post-mortem investigations. This accreditation process applies to services and not to individual practitioners by emphasizing policies and procedures rather than professional performance. In addition, the standards to be complied with should be considered as the minimum standards needed to get the recognition of performing and reliable forensic pathology service.

Minimum requirements for application of ink dating methods based on solvent analysis in casework

Several ink dating methods based on solvents analysis using gas chromatography/mass spectrometry (GC/MS) were proposed in the last decades. These methods follow the drying of solvents from ballpoint pen inks on paper and seem very promising. However, several questions arose over the last few years among questioned documents examiners regarding the transparency and reproducibility of the proposed techniques. These questions should be carefully studied for accurate and ethical application of this methodology in casework. Inspired by a real investigation involving ink dating, the present paper discusses this particular issue throughout four main topics: aging processes, dating methods, validation procedures and data interpretation. This work presents a wide picture of the ink dating field, warns about potential shortcomings and also proposes some solutions to avoid reporting errors in court.

Aislamiento, identificación, clonación y análisis filogénico de la microalga Prorocentrum minimum (PAVILLARD) J. Schiller 1933 Aislada de la Bahía del Callao - Perú

Las Floraciones Algales Nocivas (FAN) o Mareas Rojas son decoloraciones del agua visible a simple vista debido a la proliferación de uno o más microorganismos planctónicos como las microalgas, estas pueden alcanzar niveles altos y producir efectos adversos a la salud humana, como también, causar daños a otros organismos marinos cercanos a la costa. Por tal motivo, existió el interés de aislar, identificar y hacer un estudio filogenético de la especie Prorocentrum minimum encontrada en la Bahía del Callao- Perú. Se realizaron varias tomas de muestras de agua de mar para su posterior identificación morfológica, se les efectuó la técnica de purificación de la microalga, y a su vez, se adquirió un estándar de Prorocentrum minimum del Instituto Provasoli- Guillard National Center for Culture of Marine Phytoplankton (CCMP), USA. Se realizó la curva de crecimiento para la concentración de la densidad microalgal, posteriormente se efectuó la extracción de ADN y la filogenia molecular a partir de las secuencias de las subunidades del ribosoma LSU rRNA de la especie Prorocentrum minimum. Se identificó P. minimum y P gracile, que fueron especies epibentónicos cercanas por ser más recientes evolutivamente. Para la confirmación de la presencia ausencia de alguna biotoxina marina en el cultivo de Prorocentrun minimum, se estableció un análisis cuantitativo de la dosis respuesta del animal en el bioensayo en ratón. Se logró obtener la purificación de cultivo de Prorocentrum minimum y estandarizar el protocolo de trabajo, se confirmó la filogenia de la especie de microalgas. No se logró obtener la toxina DSP del cultivo de la microalga.