The role of venture capitalists in the identification and measurement of intangible assets

The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs), we believe that shedding light on how PE/VC organizations deal with intangible assets brings important insights to the intangible assets debate.

Stage level measurement of information and communication technology in organizations

Na moderna Economia do Conhecimento, na Era do Big Data, entender corretamente o uso e a gestão da Tecnologia de Informação e Comunicação (TIC) tendo como base o campo acadêmico de estudos de Sistemas de Informação (SI), torna-se cada vez mais relevante e estratégico para as organizações que pretendem: permanecer em atividade, estar aptas para atender novas demandas (internas e externas) e enfrentar as complexas mudanças na competição de mercado. Esta pesquisa utiliza a teoria dos estágios de crescimento, fundamentada pelos estudos de Richard L. Nolan nos anos 70. A literatura acadêmica relacionada com modelos de estágios de crescimento e o contexto do campo de estudo de SI, fornecem as bases conceituais deste estudo. A pesquisa identifica um modelo com seus construtos relacionados aos estágios de crescimento das iniciativas da TIC/SI organizacional, partindo das variáveis de benchmark de segundo nível de Nolan, e propõe sua operacionalização com a criação e desenvolvimento de uma escala. De caráter exploratório e descritivo, a pesquisa traz contribuição teórica ao paradigma da teoria dos estágios de crescimento, adicionando um novo processo de crescimento em sua estrutura conceitual. Como resultado, é disponibilizado além de um instrumento de escala bilíngue (português e inglês), recomendações e regras para aplicação de um instrumento de pesquisa do tipo survey, na continuidade deste estudo. Como implicação geral desta pesquisa, é esperado que seu uso e aplicação ao mensurar a avaliação do nível de estágio da TIC/SI em organizações, possam auxiliar dois perfis de indivíduos: acadêmicos que estudam essa temática, assim como, profissionais que buscam respostas de suas ações práticas nas organizações onde trabalham.

Color measurement using a smartphone applied to Madeira wines

Computer vision is a field that uses techniques to acquire, process, analyze and understand images from the real world in order to produce numeric or symbolic information in the form of decisions [1]. This project aims to use computer vision to prepare an app to analyze a Madeira Wine and characterize it (identify its variety) by its color. Dry or sweet wines, young or old wines have a specific color. It uses techniques to compare histograms in order to analyze the images taken from a test sample inside a special container designed for this purpose. The color analysis from a wine sample using an image captured by a smartphone can be difficult. Many factors affect the captured image such as, light conditions, the background of the sample container due to the many positions the photo can be taken (different to capture facing a white wall or facing the floor for example). Using new technologies such as 3D printing it was possible to create a prototype that aims to control the effect of those external factors on the captured image. The results for this experiment are good indicators for future works. Although it’s necessary to do more tests, the first tests had a success rate of 80% to 90% of correct results. This report documents the development of this project and all the techniques and steps required to execute the tests.

Long-term facial artery catheter implantation for serial arterial blood sampling and invasive arterial blood pressure measurement in horses

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

Comparison between two methods for cardiac output measurement in propofol-anesthetized dogs: thermodilution and Doppler

ObjectiveTo compare cardiac output (CO) measured by Doppler echocardiography and thermodilution techniques in spontaneously breathing dogs during continuous infusion of propofol. To do so, CO was obtained using the thermodilution method (CO(TD)) and Doppler evaluation of pulmonary flow (CO(DP)) and aortic flow (CO(DA)).Study designProspective cohort study.AnimalsEight adult dogs weighing 8.3 +/- 2.0 kg.MethodsPropofol was used for induction (7.5 +/- 1.9 mg kg-1 IV) followed by a continuous rate infusion at 0.7 mg kg-1 minute-1. The animals were positioned in left lateral recumbency on an echocardiography table that allowed for positioning of the transducer at the 3rd and 5th intercostal spaces of the left hemithorax for Doppler evaluation of pulmonary and aortic valves, respectively. CO(DP) and CO(DA) were calculated from pulmonary and aortic velocity spectra, respectively. A pulmonary artery catheter was inserted via the jugular vein and positioned inside the lumen of the pulmonary artery in order to evaluate CO(TD). The first measurement of CO(TD), CO(DP) and CO(DA) was performed 30 minutes after beginning continuous infusion (T0) and then at 15-minute intervals (T15, T30, T45 and T60). Numeric data were submitted to two-way anova for repeated measurements, Pearson's correlation coefficient and Bland & Altman analysis. Data are presented as mean +/- SD.ResultsAt T0, CO(TD) was lower than CO(DA). CO(DA) was higher than CO(TD) and CO(DP) at T30, T45 and T60. The difference between the CO(TD) and CO(DP), when all data were included, was -0.04 +/- 0.22 L minute-1 and Pearson's correlation coefficient (r) was 0.86. The difference between the CO(TD) and CO(DA) was -0.87 +/- 0.54 L minute-1 and r = 0.69. For CO(TD) and CO(DP), the difference was -0.82 +/- 0.59 L minute-1 and r = 0.61.ConclusionDoppler evaluation of pulmonary flow was a clinically acceptable method for assessing the CO in propofol-anesthetized dogs.

Alternative Intrabladder Manometry Technique for the Indirect Measurement of Intra-abdominal Pressure in Horses

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

Test of a microlysimeter for measurement of soil evaporation

A quantificação da evaporação do solo é requerida em estudos de balanço hídrico de culturas e em aplicações que visam a aumentar a eficiência do uso da água pelos cultivos. O objetivo deste trabalho foi testar um modelo de microlisímetro (ML) para medir a evaporação do solo em condições irrigada e não irrigada. Os MLs foram construídos utilizando tubos de PVC rígido, medindo 100 mm de diâmetro interno, 150 mm de profundidade e 2,5 mm de espessura da parede. Quatro MLs foram assentados sobre a superfície de dois lisímetros de pesagem de alta precisão conduzidos com solo nu, previamente instalados no Iapar, em Londrina-PR. Os lisímetros tinham dimensões de 1,4 m de largura, 1,9 m de comprimento e 1,3 m de profundidade, e estavam sendo conduzidos com e sem irrigação. A evaporação medida nos MLs (E ML) foi comparada com a medida nos lisímetros (E L), durante quatro períodos do ano. As diferenças entre E ML e E L foram mínimas para condições de baixa e elevada demanda atmosférica, e também para condições de solo irrigado ou não irrigado, indicado que o modelo de ML testado neste trabalho é adequado para medir a evaporação do solo.

Measurement systems of soil water matric potential and evaluation of soil moisture under different irrigation depths

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Monitoring ovarian cycles and pregnancy in brown brocket deer (Mazama gouazoubira) by measurement of fecal progesterone metabolites

In the present study, pregnancy and the estrous cycle were monitored in captive brown brocket deer (Mazama gouazoubira) by measuring fecal progestagens with a commercial enzyme immunoassay (EIA), along with behavioral data. Fecal samples were collected twice a week during pregnancy and daily during the estrous cycle and post-partum period. It was possible to distinguish between inter-luteal and luteal phases of the estrous cycle. Behavioral estrus corresponded with low concentrations of fecal progestagens. Samples from two consecutive cycles were available from five hinds, and the mean estrous cycle (n = 10) was 26.9 +/- 1.7 d (mean +/- S.E.M.). However, when two extreme cycles (34 and 37 d) were deleted, the mean estrous cycle was 24.7 +/- 1.2 d. Three animals became pregnant (gestation ranged from 208 to 215 d). After fertile breeding, progestagen concentration in these hinds remained among luteal phase concentrations throughout pregnancy, with the exception of a few peaks. Within 4 d post-partum, two hinds reached interluteal phase values, while one hind maintained luteal concentrations for at least 1 week. (C) 2005 Elsevier B.V. All rights reserved.

Mechanism of anticlastogenicity of Agaricus blazei Murill mushroom organic extracts in wild type CHO (K-1) and repair deficient (xrs5) cells by chromosome aberration and sister chromatid exchange assays

Agaricus blazei Murill is a medicinal mushroom native to Brazil. The present work assessed the clastogenic and anticlastogenic potential of organic extracts (ethanol and chloroform/methanol) from the lineage AB97/11 in chinese hamster CHO-K-1 (wild type) and CHO-xrs5 (repair deficient) cells using the chromosome aberration (CA) and sister chromatid exchange (SCE) assays. In these experimental conditions were observed: (a) anticlastogenic effect at concentrations of 0.06 and 0.09% of the EtOH extract and at the 0.03 and 0.06% concentrations of the C/MetOH extract in CHO-K-1; (b) absence of protector effect on CHO-xrs5 cells; and (c) absence of protector effect in the SCE assay. These results indicate that organic extracts of A. blazei lineage AB97/11 present bio-antimutagenic type protective activity. (C) 2003 Elsevier B.V. B.V. All rights reserved.

Evaluation of the Omron MX3 Plus monitor for blood pressure measurement in adolescents

This study analyzed the accuracy/agreement of the Omron MX3 monitor on 165 adolescents. Blood pressure was measured by the automatic monitor connected in Y with the mercury column (three consecutive and simultaneous measures). The independent measures were analyzed, and the mean differences between systolic and diastolic measures for both methods were calculated and compared with British Hypertension Society (BHS) and Association for the Advancement of Medical Instrumentation (AAMI) criteria. The automatic monitor received the highest degree of BHS recommendations for systolic and diastolic blood pressures according to the BHS. The median (25th and 75th) difference between the observer and the monitor measurements was -2 (-6 and 1) mmHg for systolic and 0 (-3 and1) mmHg for diastolic pressures. The monitor also satisfies the AAMI standard for the studied population. In conclusion, the Omron MX3 Plus monitor can be considered reliable and valid for clinical practice and is in accordance with BHS and AAMI criteria.

Measurement of the relative sweetness of stevia extract, aspartame and cyclamate/saccharin blend as compared to sucrose at different concentrations

Special diets are used to mitigate many human diseases. When these diets require changes in carbohydrate content, then sweetness becomes an important characteristic. The range of low-calorie sweeteners available to the food industry is expanding. It is essential to have an exact knowledge of the relative sweetness of various sweeteners in relation to different sucrose concentrations. The objective of this study was to determine the variation on the relative sweetness of aspartame (APM), stevia [Stevia rebaudiana (Bert.) Bertoni] leaf extract (SrB) and the mixture cyclamate/saccharin - two parts of cyclamate and one part of saccharin - (C/S) with the increase in their concentrations, and in neutral and acid pH in equi-sweet concentration to 10% sucrose, using magnitude estimation. Sweetness equivalence of SrB in relation to sucrose concentrations of 20% or higher and of APM and C/S to sucrose concentrations of 40% or higher could not be determined, because a bitter taste predominated. The potency of all sweeteners decreased as the level of sweetner increased. In equi-sweet concentration of sucrose at 10%, with pH 7.0 and pH 3.0, the potency was practically the same for all sweeteners evaluated.

g-acceleration of gravity: its measurement from the shape of water by using a computerized rotational system

This paper proposes a different experimental setup compared with the traditional ones, in order to determine the acceleration of gravity, which is carried out by using a fluid at a constant rotation. A computerized rotational system-by using a data acquisition system with specific software, a power amplifier and a rotary motion sensor-is employed in order to evaluate the angular velocity and g. An equation to determine g is inferred from fluid mechanics. For this purpose, the fluid's parabolic shape inside a cylindrical receptacle is considered using a rotational movement.

Measurement of oxygen atom diffusion in Nb and Ta by anelastic spectroscopy

Impurity interstitial atoms present in metals with BCC structure can diffuse in the metallic matrix by jumps to energetically equivalent crystallographic sites. Anelastic spectroscopy (internal friction) is based on the measurement of mechanical loss or internal friction as a function of temperature. Due to its selective and nondestructive nature, anelastic spectroscopy is well suited for the study of diffusion of interstitial elements in metals. Internal friction measurements were made using the torsion pendulum technique with oscillation frequency of a few Hz, temperature interval from 300 to 700 K, heating rate of about 1 K/min, and vacuum better than 10-5 mbar. The polycrystalline Nb and Ta samples used were supplied by Aldrich Inc. The results obtained showed thermally activated relaxation structures due to stress-induced ordering of oxygen atoms around the Nb (or Ta) atoms of the metallic matrix. The results were interpreted by three methods and led to activation enthalpy values for the diffusion of oxygen in Nb and Ta of 1.15 eV and 1.10 eV, respectively.