The development of the private equity industry since the 2008 financial crisis

The private equity industry was experiencing a phenomenal boom at the turn of the century but collapsed abruptly in 2008 with the onset of the financial crisis. Considered one of the worst crises since the Great Depression of the 1930s, it had sent ripples around the world threatening the collapse of financial institutions and provoking a liquidity crunch followed by a huge downturn in economic activity and recession. Furthermore, the physiognomy of the financial landscape had considerably altered with banks retracting from the lending space, accompanied by a hardening of financial regulation that sought to better contain systemic risk. Given the new set of changes and challenges that had arisen from this period of financial turmoil, private equity found itself having to question current practices and methods of operation in order to adjust to the harsh realities of a new post-apocalyptic world. Consequently, this paper goes on to explore how the private equity business, management and operation model has evolved since the credit crunch with a specific focus on mature markets such as the United States and Europe. More specifically, this paper will aim to gather insights on the development of the industry since the crisis in Western Europe through a case study approach using as a base interviews with professionals working in the industry and those external to the sector but who have/have had considerable interaction with PE players from 2007 to the present.

Boundary decisions of the firm: make, buy, cooperate

Firms are not atomistic hierarchies only linked with one another at arm’s-length distance in markets. Instead, a myriad of long-lived, highly cooperative relationships between suppliers and customers are pervasively found in the B2B world. And it is within those enmeshed relationships and networks that the co-evolution of capabilities and business specialisms is brought about and developed. If that is the actual ‘topography’ of the business landscape, then the coordination of economic activities in general, and the boundary decisions of each and every firm in particular, are unlikely to be reduced to a (dual) choice between ‘making’ or ‘buying’. Inter-firm cooperation is in itself a third governance structure, in alternative to the hierarchical and the market modes of coordination. And, what is also equally important to note, it is through the make-or-buy-or-cooperate decisions that the (embedded) firm is able to change its nature and scope, redefine its (fuzzy) boundaries, and thus adapt to an ever-changing business setting.

Mineralogy of the clay fraction of Alfisols in two slope curvatures: III - spatial variability

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

Mineralogy of the clay fraction of alfisols in two slope curvatures: IV - spatial correlation with physical properties

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

A comparison of the wood anatomy of 11 species from two cerrado habitats (cerrado s.s. and adjacent gallery forest)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Evaluation of the Cartographic Communication Performance of a Route Guidance and Navigation System

This study evaluates the influence of different cartographic representations of in-car navigation systems on visual demand, subjective preference, and navigational error. It takes into account the type and complexity of the representation, maneuvering complexity, road layout, and driver gender. A group of 28 drivers (14 male and 14 female) participated in this experiment which was performed in a low-cost driving simulator. The tests were performed on a limited number of instances for each type of representation, and their purpose was to carry out a preliminary assessment and provide future avenues for further studies. Data collected for the visual demand study were analyzed using non-parametric statistical analyses. Results confirmed previous research that showed that different levels of design complexity significantly influence visual demand. Non-grid-like road networks, for example, influence significantly visual demand and navigational error. An analysis of simple maneuvers on a grid-like road network showed that static and blinking arrows did not present significant differences. From the set of representations analyzed to assess visual demand, both arrows were equally efficient. From a gender perspective, women seem to took at the display more than men, but this factor was not significant. With respect to subjective preferences, drivers prefer representations with mimetic landmarks when they perform straight-ahead tasks. For maneuvering tasks, landmarks in a perspective model created higher visual demands.

Comparison of the Polar S810i monitor and the ECG for the analysis of heart rate variability in the time and frequency domains

The aim of the present study was to compare heart rate variability (HRV) at rest and during exercise using a temporal series obtained with the Polar S810i monitor and a signal from a LYNX® signal conditioner (BIO EMG 1000 model) with a channel configured for the acquisition of ECG signals. Fifteen healthy subjects aged 20.9 ± 1.4 years were analyzed. The subjects remained at rest for 20 min and performed exercise for another 20 min with the workload selected to achieve 60% of submaximal heart rate. RR series were obtained for each individual with a Polar S810i instrument and with an ECG analyzed with a biological signal conditioner. The HRV indices (rMSSD, pNN50, LFnu, HFnu, and LF/HF) were calculated after signal processing and analysis. The unpaired Student t-test and intraclass correlation coefficient were used for data analysis. No statistically significant differences were observed when comparing the values analyzed by means of the two devices for HRV at rest and during exercise. The intraclass correlation coefficient demonstrated satisfactory correlation between the values obtained by the devices at rest (pNN50 = 0.994; rMSSD = 0.995; LFnu = 0.978; HFnu = 0.978; LF/HF = 0.982) and during exercise (pNN50 = 0.869; rMSSD = 0.929; LFnu = 0.973; HFnu = 0.973; LF/HF = 0.942). The calculation of HRV values by means of temporal series obtained from the Polar S810i instrument appears to be as reliable as those obtained by processing the ECG signal captured with a signal conditioner.

The contribution of 700,000 ORF sequence tags to the definition of the human transcriptome

open reading frame expressed sequences tags (ORESTES) differ from conventional ESTs by providing sequence data from the central protein coding portion of transcripts. We generated a total of 696,745 ORESTES sequences from 24 human tissues and used a subset of the data that correspond to a set of 15,095 full-length mRNAs as a means of assessing the efficiency of the strategy and its potential contribution to the definition of the human transcriptome. We estimate that ORESTES sampled over 80% of all highly and moderately expressed, and between 40% and 50% of rarely expressed, human genes. In our most thoroughly sequenced tissue, the breast, the 130,000 ORESTES generated are derived from transcripts from an estimated 70% of all genes expressed in that tissue, with an equally efficient representation of both highly and poorly expressed genes. In this respect, we find that the capacity of the ORESTES strategy both for gene discovery and shotgun transcript sequence generation significantly exceeds that of conventional ESTs. The distribution of ORESTES is such that many human transcripts are now represented by a scaffold of partial sequences distributed along the length of each gene product. The experimental joining of the scaffold components, by reverse transcription-PCR, represents a direct route to transcript finishing that may represent a useful alternative to full-length cDNA cloning.

Analysis of the Electrical Characteristics of an Alternative Solution for the Brazilian-Amazon Transmission System

This article analyzes the electrical parameters of a 3-phase transmission line using a 280-m-high steel tower that has been proposed for the Amazon transmission system in Brazil. The height of the line conductors and the distance between them are intrinsically related to the longitudinal and transverse parameters of the line. Hence, an accurate study is carried out in order to show the electrical variations between a transmission line using the new technology and a conventional 3-phase 440-kV line, considering a wide range of frequencies and variable soil resistivity. First, a brief review of the fundamental theory of line parameters is presented. In addition, by using a digital line model, simulations are carried out in the time domain to analyze possible and critical over-voltage transients on the proposed line representation.

Mechanics of the maxillary central incisor. Influence of the periodontal ligament represented by beam elements

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

Repercussions of castration and vasectomy on the ductal system of the rat ventral prostate

Diseases. such as cancer and benign prostatic hyperplasia, are related to disruption of the mechanism regulating the balance between cell proliferation and apoptosis in prostatic cells. Since castration and vasectomy might alter that balance, this study evaluates the cell proliferation, apoptosis and height of the secretory epithelium of the ventral-prostate ductal system post-castration and vasectomy. Immunohistochemical (PCNA and Ki67), cytochemical (Fuelgen reaction) and morphometric investigation have been carried out. Cell proliferation indices decreased significantly in both regions of the ventral-prostate ductal system after castration compared to the sham-operated group. The apoptotic index increased significantly after 48 h, declining 7 days post-castration. The cell proliferation indices did not differ after 48 h significantly; however, they increased 7 days post-vasectomy in both regions. The apoptotic index did not differ significantly in either time post-vasectomy. Castration caused an imbalance in favor of apoptosis, whereas vasectomy caused an imbalance in favor of cell proliferation. (c) 2005 International Federation for Cell Biology. Published by Elsevier Ltd. All rights reserved.

Strand Analysis, a free online program for the computational identification of the best RNA interference (RNAi) targets based on Gibbs free energy

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

Diet of the maned wolf (Chrysocyon brachyurus) and its role in seed dispersal on a cattle ranch in Brazil

The maned wolf Chrysocyon brachyurus is the largest canid inhabiting South America. Its geographic distribution includes the open fields of Brazil's central area, which is currently undergoing agricultural expansion. The diet of the maned wolf and its seasonal variation was determined on a dairy cattle ranch (Sao Luis farm, 566 ha) in the State of Minas Gerais, Brazil. From January to December faeces of the maned wolf were collected monthly (n = 150 scats; 397 food item occurrences). Twenty-nine taxa were identified from scats, 18 of animal origin (46% or 183 occurrences) and 11 of plants (54% or 214 occurrences). The fruits of Solanum lycocarpum were the dominant food item in our study (29%). Mammals contributed 13%, arthropods 12%, birds 11% and reptiles 2% of the food items. Arthropods and fruits were prevalent in the rainy season and mammals in the dry season. As expected for a heavily fanned region, frugivory results were at the lower end of the diversity scale (9-33 species) and included four old garden species. No previous study of the diet of maned wolf has registered as many species of Solanaceae as this one. Although dietary richness was lower, the main food items (wolf fruit, armadillos, rodents, birds) were the same as study sites in 'cerrado' and upland meadows. In this region, the open habitats occupied by the maned wolf were previously covered by Atlantic forest, suggesting that landscape modification such as cattle ranching has opened new frontiers for distribution expansion of the maned wolf. The impact of loss of dietary richness and the increase in Solanaceae on the survival of the maned wolf need to be evaluated.

Adaptation of the reservoir fish assemblage index (RFAI) for assessing the Barra Bonita Reservoir (São Paulo, Brazil)

In order to evaluate the environmental condition of the Barra Bonita Reservoir, we adapted the Index of Biotic Integrity (IBI). We chose 24 sampling sites in which three types of habitats were sampled: the mouths of tributaries, the central reservoir and the lateral reservoir. Fish were caught in two seasons (dry and rainy) using 10 gillnet gangs, with meshes ranging from 3 to 12 cm between opposite knots, and funnel traps. Abiotic and biotic variables were measured. Due to the artificial nature of the reservoir, the term biotic integrity was considered inappropriate and the term RFAI (Reservoir Fish Assemblage Index) was adopted. Twelve metrics from sixteen possibles were selected using the Pearson correlation coefficient. The reference conditions were set up based on the criteria of the best condition observed. For each metric, a score of 1, 3 or 5 was assigned as it strongly departs (1), slightly departs (3) or approaches (5) the reference condition. The index value is the sum of the metrics partial scores and ranges from 12 to 60. To evaluate the importance of the unit of measurement of the metric, the index was calculated in fish number (RFAI(N)) and in weight (RFAI(w)). The correlation between RFAIN and RFAIw was very high (r = 0.90, n = 46) indicating that the unit of measurement does not influence the final result of the index. Most of the sampling sites were classified in the 'reasonable' RFAI category. Only the central sites were classified as 'poor'. To validate the RFAI, another index, the Habitat Quality Index (HQI), was built starting from the physiochemical and habitat variables collected. The correlation of the RFAI with the HQI was highly significant (RFAIN, r = 0.37; RFAI(w), r = 0.47; n = 46), indicating that they respond in the same way to environmental degradation. The HQI metrics which most affect RFAI were depth, surrounding landscape and macrophyte presence/absence. Copyright C) 2007 John Wiley & Sons, Ltd.

Comparing three indices of catch per unit effort using Bayesian geostatistics

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)