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.

A new playing field: retrospective voting and soccer in Brazil

O propósito deste estudo é analisar o possível impacto que um viés emocional possa ter nos julgamentos dos eleitores. Nesse sentido utilizamos o futebol como fonte exógena de um choque. O nosso modelo de efeitos fixos nos leva a concluir que vitórias de equipes no final de semana da eleição estão associadas a maior votação no incumbente indicando que um viés emocional pode influenciar o eleitor.

International civil society actors in Genetically Modificied Organisms as a field of struggle: a neo-gramscian study in Brazil and the United Kingdom

Since the international financial and food crisis that started in 2008, strong emphasis has been made on the importance of Genetically Modified Organisms (GMOs) (or “transgenics”) under the claim that they could contribute to increase food productivity at a global level, as the world population is predicted to reach 9.1 billion in the year 2050 and food demand is predicted to increase by as much as 50% by 2030. GMOs are now at the forefront of the debates and struggles of different actors. Within civil society actors, it is possible to observe multiple, and sometime, conflicting roles. The role of international social movements and international NGOs in the GMO field of struggle is increasingly relevant. However, while many of these international civil society actors oppose this type of technological developments (alleging, for instance, environmental, health and even social harms), others have been reportedly cooperating with multinational corporations, retailers, and the biotechnology industry to promote GMOs. In this thesis research, I focus on analysing the role of “international civil society” in the GMO field of struggle by asking: “what are the organizing strategies of international civil society actors, such as NGOs and social movements, in GMO governance as a field of struggle?” To do so, I adopt a neo-Gramscian discourse approach based on the studies of Laclau and Mouffe. This theoretical approach affirms that in a particular hegemonic regime there are contingent alliances and forces that overpass the spheres of the state and the economy, while civil society actors can be seen as a “glue” to the way hegemony functions. Civil society is then the site where hegemony is consented, reproduced, sustained, channelled, but also where counter-hegemonic and emancipatory forces can emerge. Considering the importance of civil society actors in the construction of hegemony, I also discuss some important theories around them. The research combines, on the one hand, 36 in-depth interviews with a range of key civil society actors and scientists representing the GMO field of struggle in Brazil (19) and the UK (17), and, on the other hand, direct observations of two events: Rio+20 in Rio de Janeiro in 2012, and the first March Against Monsanto in London in 2013. A brief overview of the GMO field of struggle, from its beginning and especially focusing in the 1990s when the process of hegemonic formation became clearer, serves as the basis to map who are the main actors in this field, how resource mobilization works, how political opportunities (“historical contingencies”) are discovered and exploited, which are the main discourses (“science” and “sustainability” - articulated by “biodiversity preservation”, “food security” and “ecological agriculture”) articulated among the actors to construct a collective identity in order to attract new potential allies around “GMOs” (“nodal point”), and which are the institutions and international regulations within these processes that enable hegemony to emerge in meaningful and durable hegemonic links. This mapping indicates that that the main strategies applied by the international civil society actors are influenced by two central historical contingencies in the GMO field of struggle: 1) First Multi-stakeholder Historical Contingency; and 2) “Supposed” Hegemony Stability. These two types of historical contingency in the GMO field of struggle encompass deeper hegemonic articulations and, because of that, they induce international civil society actors to rethink the way they articulate and position themselves within the field. Therefore, depending on one of those moments, they will apply one specific strategy of discourse articulation, such as: introducing a new discourse in hegemony articulation to capture the attention of the public and of institutions; endorsing new plural demands; increasing collective visibility; facilitating material articulations; sharing a common enemy identity; or spreading new ideological elements among the actors in the field of struggle.

Local Field Potentials in the Gustatory Cortex Carry Taste Information

It has been recently shownthat localfield potentials (LFPs)fromthe auditory and visual cortices carry information about sensory stimuli, but whether this is a universal property of sensory cortices remains to be determined. Moreover, little is known about the temporal dynamics of sensory information contained in LFPs following stimulus onset. Here we investigated the time course of the amount of stimulus information in LFPs and spikes from the gustatory cortex of awake rats subjected to tastants and water delivery on the tongue. We found that the phase and amplitude of multiple LFP frequencies carry information about stimuli, which have specific time courses after stimulus delivery. The information carried by LFP phase and amplitude was independent within frequency bands, since the joint information exhibited neither synergy nor redundancy. Tastant information in LFPs was also independent and had a different time course from the information carried by spikes. These findings support the hypothesis that the brain uses different frequency channels to dynamically code for multiple features of a stimulus.

A field study to describe diel, tidal and semilunar rhythms of larval release in an assemblage of tropical rocky shore crabs

Available information on the larval release rhythms of brachyurans is biased to temperate estuarine species and outcomes resulting from some sort of artificial manipulation of ovigerous females. In this study we applied field methods to describe the larval release rhythms of an assemblage of tropical rocky shore crabs. Sampling the broods of ovigerous females of Pachygrapsus transversus at two different shores indicated a spatially consistent semilunar pattern, with larval release maxima around the full and new moon. Yet, synchronism between populations varied considerably, with the pattern obtained at the site exposed to a lower wave action far more apparent. Breeding cohorts at one of the sampled shores apparently belonged to actual age groups composing the ovigerous population. The data suggest that these breeding groups release their larvae in alternate syzygy periods, responding to a lunar cycle instead of the semilunar pattern observed for the whole population. For the description of shorter-term rhythms, temporal series at hour intervals were obtained by sampling the plankton and confinement boxes where ovigerous females were held. Unexpectedly, diurnal release activity prevailed over nocturnal hatching. Yet, only grapsids living higher on the shore exhibited strong preferences over the diel cycle, with P. transversus releasing their larvae during the day and Geograpsus lividus during the night. The pea crab Dissodactylus crinitichelis, the spider crab Epialtus brasiliensis and a suite of xanthoids undertook considerable releasing activity in both periods. Apart from the commensal pea crab D. crinitichelis, all other taxa revealed tide-related rhythms of larval release, with average estimates of the time of maximum hatching always around the time of high tides; usually during the flooding and slack, rather than the ebbing tide. Data obtained for P. transversus females held in confinement boxes indicated that early larval release is mostly due to nocturnal hatching, while zoeal release in diurnal groups took place at the time of high tide. Since nocturnal high tides at the study area occurred late, sometimes close to dusk, early release would allow more time for offshore transport of larvae when the action of potential predators is reduced.

Glyphosate has low toxicity to citrus plants growing in the field

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Assessment of field fertility and several in vitro sperm characteristics following the use of different Angus sires in a timed-AI program with suckled Nelore cows

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Weak phenotypic reversion of ivermectin resistance in a field resistant isolate of Haemonchus contortus by verapamil

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

Accelerated aging and seedling field emergence in soybean

Informações sobre a relação entre resultados de testes de vigor conduzidos em laboratório e da emergência de plântulas em campo são fundamentais para a tomada de decisões pelos produtores de sementes. O presente trabalho teve por objetivo verificar a associação entre os resultados do teste de envelhecimento acelerado e a emergência de plântulas de soja [Glycine max (L.) Merrill] em campo, em diferentes safras agrícolas e épocas de semeadura. Assim, foram efetuadas as seguintes avaliações: determinação do grau de umidade das sementes; testes de germinação, de envelhecimento acelerado e de condutividade elétrica, bem como emergência de plântulas em campo. A estimativa mais precisa do desempenho das plântulas em campo foi verificada numa faixa de valores de envelhecimento acelerado > 90%, estimando emergência em campo superior a 80% (r² = 0,90). O teste de envelhecimento acelerado permitiu avaliar a emergência de plântulas de soja em campo. No entanto, à medida que as condições ambientais do local de semeadura foram desviando-se das mais adequadas, a eficiência decresceu.

Barium uptake by maize plants as affected by sewage sludge in a long-term field study

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

The field resistance of potato cultivars to foliar late blight and its relationship with foliage maturity type and skin type in Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Electrical characterization of poly(amide-imide) for application in organic field effect devices

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

Octenol as Attractant to Nyssomyia neivai (Diptera: Psychodidae: Phlebotominae) in the Field

The kairomone octenol is known as attractive to hematophagous Diptera such as mosquitoes, tsetse flies, and midges. There is little evidence that traps baited with octenol are also effective in attracting phlebotomine sand flies. The present report evaluated octenol in modified Centers for Disease Control and Prevention (CDC) traps in two experiments: 1) modified CDC trap without light and 2) modified CDC trap with light. The traps were baited with octenol at concentrations of 0.5, 27, and 43 mg/h in Rifled() locality, São Paulo, Brazil. Traps without octenol were used as controls. The sand fly Nyssomyia neivai (Pinto) (=Lutzomyia neivai) (Diptera: Psychodidae: Phlebotominae) was the prevalent species (99.9%) in both experiments. The results of the experiments showed that traps baited with octenol at 27 and 43 mg/h caught significantly more N. neivai than control and octenol at 0.5 mg/h with and without light. This is the first report that shows that octenol itself is attractive to N. neivai and associated with light traps significantly increases the catches.

Changing inter-molecular spin-orbital coupling for generating magnetic field effects in phosphorescent organic semiconductors

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Electronic states in quantum rings: electric field and eccentricity effects

The polarization effects of in-plane electric fields and eccentricity on electronic and optical properties of semiconductor quantum rings (QRs) are discussed within the effective-mass approximation. As eccentric rings may appropriately describe real (grown or fabricated) QRs, their energy spectrum is studied. The interplay between applied electric fields and eccentricity is analysed, and their polarization effects are found to compensate for appropriate values of eccentricity and field intensity. The importance of applied fields in tailoring the properties of different nanoscale materials and structures is stressed.