Are real options a real option for real-world finance professionals? case study : the application of real options to evaluate investment projects in the latin american oil and gas field services industry

Brasil e outros mercados emergentes continuarão a apresentar muitas oportunidades de investimento nos próximos anos. Profissionais financeiros que gerenciam os processos de orçamento de capital nas empresas terão grandes desafios a enfrentar. Características específicas destes projetos como preços ligados a commodities (por exemplo: petróleo e gás e projetos agrícolas) e as incertezas habituais relacionadas com os mercados emergentes são desafios adicionais. Neste cenário, ferramentas mais sofisticadas de orçamento de capital como Opções Reais, oferece uma teoria mais robusta para lidar com incerteza, flexibilidade gerencial, e os resultados voláteis embutidas nestas oportunidades. A teoria de Opções Reais assume que o envolvimento dos gestores nos projetos gera valor à medida que potencializam os bons resultados ou reduzem as perdas por abandonar projetos com maus resultados. O objetivo principal desta pesquisa foi aplicar a análise de Opções Reais para um projeto de investimento e discutir o processo e os resultados da metodologia. O estudo de caso analisa retroativamente um projeto de investimento na Colômbia e compara os resultados sob o tradicional VPL e Opções Reais. As técnicas de avaliação foram realizadas como se estivessem sendo aplicadas no momento em que o projeto foi aprovado, e depois comparadas com o desempenho real do projeto. O estudo de caso avaliado possui dois tipos de Opções Reais: primeiro, o efeito de uma opção para cancelar um contrato que é analisado a partir da perspectiva do cliente que pode exercer essa opção, e o segundo, a opção de abandonar e adiar a partir da perspectiva da empresa que irá executar a investimento.

Disputing the application of laws: the constitutionality of the Brazilian Statute against domestic violence in the courts

This study aimed to map the key positions regarding the constitutionality of the Maria da Penha Law (Law 11.340/2006) in the Brazilian judicial system. The law, the result of political struggles by the Brazilian feminist movement, has been the subject of discussions in the public sphere and actions aimed at consolidating its constitutionality before the Federal Supreme Court. We examined and discussed the arguments used in the Courts, intending to show that the creation of law is not limited to the legislative moment, but rather that its social meaning is also constituted through disputes within the Judiciary.

Is there a price puzzle in Brazil? an application of bias- corrected bootstrap

Using data from the United States, Japan, Germany , United Kingdom and France, Sims (1992) found that positive innovations to shortterm interest rates led to sharp, persistent increases in the price leveI. The result was confirmed by other authors and, as a consequence of its non-expectable nature, was given the name "price puzzle" by Eichenbaum (1992). In this paper I investigate the existence of a price puzzle in Brazil using the same type of estimation and benchmark identification scheme employed by Christiano et aI. (2000). In a methodological improvement over these studies, I qualify the results with the construction of bias-corrected bootstrap confidence intervals. Even though the data does show the existence of a statistically significant price puzzle in Brazil, it lasts for .only one quarter and is quantitatively immaterial.

Application of multivariable control using artificial neural networks in a debutanizer distillation column

LOPES, Jose Soares Batista et al. Application of multivariable control using artificial neural networks in a debutanizer distillation column.In: INTERNATIONAL CONGRESS OF MECHANICAL ENGINEERING - COBEM, 19, 5-9 nov. 2007, Brasilia. Anais... Brasilia, 2007

An electroanalytical application of 2-aminothiazole-modified silica gel after adsorption and separation of Hg(II) from heavy metals in aqueous solution

2-Aminothiazole covalently attached to a silica gel surface was prepared in order to obtain an adsorbent for Hg(II) ions having the following characteristics: good sorption capacity, chemical stability under conditions of use, and, especially, high selectivity. The accumulation voltammetry of mercury(II) was investigated at a carbon paste electrode chemically modified with silica gel functionalized with 2-aminothiazole (SIAMT-CPE). The repetitive cyclic voltammogram of mercury(II) solution in the potential range -0.2 to + 0.6 V versus Ag/AgCl (0.02 mol L-1 KNO3; V = 20 mV s(-1)) show two peaks one at about 0.1 V and other at 0.205 V. The anodic wave peak at 0.205 V is well defined and does not change during the cycles and it was therefore further investigated for analytical purposes using differential pulse anodic stripping voltammetry in differents supporting electrolytes. The mercury response was evaluated with respect to pH, electrode composition, preconcentration time, mercury concentration, cleaning solution, possible interferences and other variables. The precision for six determinations (n = 6) of 0.02 and 0.20 mg L-1 Hg(II) was 4.1 and 3.5% (relative standard deviation), respectively. The detection limit was estimated as 0.10 mu g L-1 mercury(II) by means of 3:1 current-to-noise ratio in connection with the optimization of the various parameters involved and using the highest-possible analyser sensitivity. (c) 2006 Elsevier Ltd. All rights reserved.

Application of fuzzy logic for the evaluation of livestock slaughtering

A lógica fuzzy admite infinitos valores lógicos intermediários entre o falso e o verdadeiro. Com esse princípio, foi elaborado neste trabalho um sistema baseado em regras fuzzy, que indicam o índice de massa corporal de animais ruminantes com objetivo de obter o melhor momento para o abate. O sistema fuzzy desenvolvido teve como entradas as variáveis massa e altura, e a saída um novo índice de massa corporal, denominado Índice de Massa Corporal Fuzzy (IMC Fuzzy), que poderá servir como um sistema de detecção do momento de abate de bovinos, comparando-os entre si através das variáveis linguísticas )Muito BaixaM, ,BaixaB, ,MédiaM, ,AltaA e Muito AltaM. Para a demonstração e aplicação da utilização deste sistema fuzzy, foi feita uma análise de 147 vacas da raça Nelore, determinando os valores do IMC Fuzzy para cada animal e indicando a situação de massa corpórea de todo o rebanho. A validação realizada do sistema foi baseado em uma análise estatística, utilizando o coeficiente de correlação de Pearson 0,923, representando alta correlação positiva e indicando que o método proposto está adequado. Desta forma, o presente método possibilita a avaliação do rebanho, comparando cada animal do rebanho com seus pares do grupo, fornecendo desta forma um método quantitativo de tomada de decisão para o pecuarista. Também é possível concluir que o presente trabalho estabeleceu um método computacional baseado na lógica fuzzy capaz de imitar parte do raciocínio humano e interpretar o índice de massa corporal de qualquer tipo de espécie bovina e em qualquer região do País.

Development and silk production by silkworm larvae after topical application of methoprene

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

Development and application of a Saccharomyces cerevisiae-expressed nucleocapsid protein-based enzyme-linked immunosorbent assay for detection of antibodies against infectious bronchitis virus

A Saccharomyces cerevisiae-expressed nucleocapsid (N) polypeptide of the M41 strain of infectious bronchitis virus (IBV) was used as antigen in a recombinant yeast-expressed N protein-based enzyme-linked immunosorbent assay (Y-N-ELISA). The Y-N-ELISA was rapid, sensitive, and specific for detecting chicken serum antibodies to IBV, and it compared favorably with a commercial ELISA.

Chemical attributes of a degraded soil after application of water treatment sludges

Mining is an activity that tends to degrade the environment. The restoration of mining areas, aims to accelerate and improve the succession process according to its future use. The objective of this work was to rehabilitate a soil degraded by tin mining activities in the Amazon Basin (Jamari National Forest, State of Rondonia) with the application of water treatment sludge (WTS), and verify the effect of Sludge on Values of pH (CaCl2 0.01 mol L-1), organic matter, P, Ca, Mg, K, H+Al, and soil micronutrient contents when Cultivated with native plants, legumes, and grass species. A factorial (3 x 5) experimental design was used to optimize the rehabilitation of these areas including three N rates (100, 200, and 300 mg N ka(-1) soil supplied by WTS), five plant species (grasses, legumes, and native plants), and two controls (degraded soil with no fertilizer and degraded soil fertilized with mineral fertilizers), with four replications. WTS increased pH values. The chemical products used to treat the water contributed, in greater extension, to increase soil Ca and Fe contents. The use of WTS as fertilizer proved viable, since it contains nutrients for plants; however, nitrogen Should not be used as a criterion to define the rate of Sludge application, because it is present at small amounts in the WTS.

Application of chemometric methods in the evaluation of chemical and spectroscopic data on organic matter from Oxisols in sewage sludge applications

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

Application of X-ray technique in nondestructive evaluation of eucalypt wood

X-rays were initially used for the inspection of special-purpose wood pieces for quantitative evaluation properties of different species. X-ray densitometry has had its use expanded ill dendroclimatology of Picea engelmannii trees. Subsequent laboratories developed applications of X-ray densitometry for environmental, wood science and technology, and related areas. This paper describes the basic methodology of X-ray densitometry applied to the eucalypt wood analysis, as well its presenting the results of applications in three areas: (i) evaluation of wood biodegradation by white rot fungi, (ii) detection of sapwood and heartwood, and (iii) determination of the effect of management oil wood properties. The wood decayed by white rot fungi was detected by X-ray densitometry with it decreasing wood density due to the biodegradation of cell wall components. The sapwood and heartwood of eucalypts were separated in response to the attenuation of X-rays, reflected by the wood anatomical structure and chemical composition. Also, Ill eucalypt trees after the application of irrigation and i characteristic wood density profiles were detected. Ill addition, the significant potential of X-ray densitometry for eucalypt wood research and analysis is discussed.

Application of plant growth regulators at pre-harvest for fruit development of 'PÊRA' oranges

O trabalho objetivou avaliar os efeitos de auxinas e giberelinas, combinados e aplicados em pré-colheita no desenvolvimento e na taxa de queda natural de frutos de laranjeira 'Pêra'. Foram utilizadas árvores de laranjeira (Citrus sinensis Osbeck) cultivar Pêra com 5 anos de idade. Os tratamentos foram: GA3 + 2,4-D 12,5mg L-1 de cada; GA3 + 2,4-D 25mg L-1; GA3 + 2,4-D 37,5mg L-1; GA3 + NAA 12,5mg L-1; GA3 + NAA 25mg L-1; GA3 + NAA 37,5mg L-1; NAA + 2,4-D 12,5mg L-1; NAA + 2,4-D 25mg L-1; NAA + 2,4-D 37,5mg L-1 e testemunha (água). Durante todo o período experimental foram realizadas três aplicações a intervalos de 45 dias. As variáveis avaliadas foram: Taxa de queda natural dos frutos (%), comprimento (mm), diâmetro (mm) e massa fresca dos frutos (g). Nenhum dos tratamentos proporcionaram alterações no desenvolvimento final dos frutos, mas reduziram a taxa de queda natural em comparação com a testemunha em até 78,05%, inibindo a abscisão dos frutos em até três meses.

Cotton root and shoot growth as affected by application of mepiquat chloride to cotton seeds

Estudou-se o efeito do tratamento de sementes de algodão com cloreto de mepiquat sobre o crescimento inicial de raízes e parte aérea. O experimento, realizado em casa de vegetação, utilizou vasos de PVC adaptados com uma parede frontal de vidro e os tratamentos foram constituídos por cinco doses do cloreto de mepiquat (CM) do ingrediente ativo (i.a.): 0, 3, 6, 9 e 12 g kg-1 de sementes, pulverizado sobre as sementes, e a cultivar FM 993. Massa de matéria seca da parte aérea (folhas, pecíolos e haste), massa de matéria seca da raiz, área foliar, relação parte aérea:raiz, relação área foliar:crescimento radicular, o comprimento da parte aérea foram avaliados aos 21 dias após a semeadura. Crescimento radicular foi avaliado a cada três dias até os 18 dias. O CM aplicado às sementes do algodão promove redução da altura da planta e da área foliar, sem, contudo, afetar produção de massa de matéria seca da parte aérea e raiz, relação parte aérea:raiz, relação área foliar:crescimento radicular e comprimento total de raízes do algodoeiro. Assim, no presente experimento não foi observado efeito negativo do CM aplicado às sementes do algodoeiro na absorção de água pela planta.

APPLICATION of THE HAZARD ANALYSIS and CRITICAL CONTROL POINT (HACCP) SYSTEM on THE MUSHROOM PROCESSING LINE FOR FRESH CONSUMPTION

The Hazard Analysis and Critical Control Point (HACCP) is a preventive system that intends to guarantee the safety and harmlessness of food. It improves the quality of products as it eliminates possible defects during the process, and saves costs by practically eliminating final product inspection. This work describes the typical hazards encountered on the mushroom processing line for fresh consumption. Throughout the process, only the reception stage of mushrooms has been considered a critical control point (CCP). The main hazards at this stage were: the presence of unauthorised phytosanitary products; larger doses of such products than those permitted; the presence of pathogenic bacteria or thermo-stable enterotoxins. Putting into practice such knowledge would provide any industry that processes mushrooms for fresh consumption with a self-control HACCP-based system for its own productions.

Response of wheat to foliar application of zinc

Wheat is grown in Brazil, mostly in no-till, a system in which the zinc can become potentially deficient, due to excessive application of acidity corrective and phosphate fertilizers in surface and, or at shallow depths. This study aimed to evaluate the effect of foliar application of zinc in agronomic characteristics and yield of wheat. The experimental design was randomized blocks with five replications. Treatments consisted of four doses of zinc (0, 54, 108 and 216g ha(-1) Zn), divided into two foliar applications, the first at tillering (18 days after plant emergence) and the second at the boot stage (65 days after emergence). Foliar application of zinc increased the number of fertile tillers and yield of wheat, however, have little effect on the agronomic characteristics of no-tilled crop with high nutrient content in soil.