Remuneração executiva e desempenho: evidências empíricas no mercado de capitais brasileiro

O objetivo desta dissertação é analisar a relação existente entre remuneração executiva e desempenho em companhias brasileiras de capital aberto listadas na BM&FBOVESPA. A linha teórica parte do pressuposto que o contrato de incentivos corrobora com o alinhamento de interesses entre acionistas e executivos e atua como um mecanismo de governança corporativa a fim de direcionar os esforços dos executivos para maximização de valor da companhia. A amostra foi composta pelas 100 companhias mais líquidas listadas em quantidade de negociações de ações na BM&FBOVESPA durante o período 2010-2012, totalizando 296 observações. Os dados foram extraídos dos Formulários de Referência disponibilizados pela CVM e a partir dos softwares Economática® e Thomson Reuters ®. Foram estabelecidas oito hipóteses de pesquisa e estimados modelos de regressão linear múltipla com a técnica de dados em painel desbalanceado, empregando como variável dependente a remuneração total e a remuneração média individual e como regressores variáveis concernentes ao desempenho operacional, valor de mercado, tamanho, estrutura de propriedade, governança corporativa, além de variáveis de controle. Para verificar os fatores que explicam a utilização de stock options, programa de bônus e maior percentual de remuneração variável foram estimados modelos de regressão logit. Os resultados demonstram que, na amostra selecionada, existe relação positiva entre remuneração executiva e valor de mercado. Verificou-se também que os setores de mineração, química, petróleo e gás exercem influência positiva na remuneração executiva. Não obstante, exerce relação inversa com a remuneração total à concentração acionária, o controle acionário público e o fato da companhia pertencer ao nível 2 ou novo mercado conforme classificação da BMF&BOVESPA. O maior valor de mercado influencia na utilização de stock options, assim como no emprego de bônus, sendo que este também é impactado pelo maior desempenho contábil. Foram empregados também testes de robustez com estimações por efeitos aleatórios, regressões com erros-padrão robustos clusterizados, modelos dinâmicos e os resultados foram similares. Conclui-se que a remuneração executiva está relacionada com o valor corporativo gerando riqueza aos acionistas, mas que a ausência de relação com o desempenho operacional sugere falhas no sistema remuneratório que ainda depende de maior transparência e outros mecanismos de governança para alinhar os interesses entre executivos e acionistas.

Comportamento dinâmico da rede eléctrica da ilha de São Vicente em Cabo Verde: estabilidade de tensão

Neste trabalho é efectuado, não só o diagnóstico em regime permanente, mas também o estudo, simulação e análise do comportamento dinâmico da rede eléctrica da ilha de São Vicente em Cabo Verde. Os estudos de estabilidade transitória desempenham um importante papel, tanto no planeamento como na operação dos sistemas de potência. Tais estudos são realizados, em grande parte, através de simulação digital no domínio do tempo, utilizando integração numérica para resolver as equações não-lineares que modelam a dinâmica do sistema e dependem da existência de registos reais de perturbação (ex: osciloperturbografia). O objectivo do trabalho será também verificar a aplicabilidade dos requisitos técnicos que as unidades geradoras devem ter, no que concerne ao controlo de tensão, estabelecidos na futura regulamentação europeia desenvolvida pela ENTSO-E (European Network Transmission System Operator for Electricity). De entre os requisitos analisou-se a capacidade das máquinas existentes suportarem cavas de tensão decorrentes de curto-circuitos trifásicos simétricos, Fault Ride Through, no ponto de ligação à rede. Identificaram-se para o efeito os factores que influenciam a estabilidade desta rede, em regime perturbado nomeadamente: (i) duração do defeito, (ii) caracterização da carga, com e sem a presença do sistema de controlo de tensão (AVR) em unidades de geração síncronas. Na ausência de registos reais sobre o comportamento do sistema, conclui-se que este é sensível à elasticidade das cargas em particular do tipo potência constante, existindo risco de perda de estabilidade, neste caso, para defeitos superiores a 5ms sem AVR. A existência de AVR nesta rede afigura-se como indispensável para garantir estabilidade de tensão sendo contudo necessário proceder a uma correcta parametrização.

Grid Integration of Offshore Wind Farms Using Modular Marx Multilevel Converters

This paper proposes the use of a Modular Marx Multilevel Converter, as a solution for energy integration between an offshore Wind Farm and the power grid network. The Marx modular multilevel converter is based on the Marx generator, and solves two typical problems in this type of multilevel topologies: modularity and dc capacitor voltage balancing. This paper details the strategy for dc capacitor voltage equalization. The dynamic models of the converter and power grid are presented in order to design the converter ac output voltages and the dc capacitor voltage controller. The average current control is presented and used for power flow control, harmonics and reactive power compensation. Simulation results are presented in order to show the effectiveness of the proposed (MC)-C-3 topology.

Gait Analysis of Natural and Artificial Walking Systems

This paper studies periodic gaits of multi-legged locomotion systems based on dynamic models. The purpose is to determine the system performance during walking and the best set of locomotion variables. For that objective the prescribed motion of the robot is completely characterized in terms of several locomotion variables such as gait, duty factor, body height, step length, stroke pitch, foot clearance, legs link lengths, foot-hip offset, body and legs mass and cycle time. In this perspective, we formulate three performance measures of the walking robot namely, the mean absolute energy, the mean power dispersion and the mean power lost in the joint actuators per walking distance. A set of model-based experiments reveals the influence of the locomotion variables in the proposed indices.

Modelling of a wastewater treatment plant using GPS-X

Dissertation to obtain the degree of Master in Chemical and Biochemical Engineering

Analyse des risques d'extinction des populations naturelles

A review of extinction risk analysis and viability methods is presented. The importance of environmental, demographic and genetic uncertainties, as well as the role of catastrophes are successively considered, and different approaches aiming at the integration of these risk factors in predictive population dynamic models are discussed.

The role of biotic interactions in shaping distributions and realised assemblages of species: implications for species distribution modelling.

Predicting which species will occur together in the future, and where, remains one of the greatest challenges in ecology, and requires a sound understanding of how the abiotic and biotic environments interact with dispersal processes and history across scales. Biotic interactions and their dynamics influence species' relationships to climate, and this also has important implications for predicting future distributions of species. It is already well accepted that biotic interactions shape species' spatial distributions at local spatial extents, but the role of these interactions beyond local extents (e.g. 10 km(2) to global extents) are usually dismissed as unimportant. In this review we consolidate evidence for how biotic interactions shape species distributions beyond local extents and review methods for integrating biotic interactions into species distribution modelling tools. Drawing upon evidence from contemporary and palaeoecological studies of individual species ranges, functional groups, and species richness patterns, we show that biotic interactions have clearly left their mark on species distributions and realised assemblages of species across all spatial extents. We demonstrate this with examples from within and across trophic groups. A range of species distribution modelling tools is available to quantify species environmental relationships and predict species occurrence, such as: (i) integrating pairwise dependencies, (ii) using integrative predictors, and (iii) hybridising species distribution models (SDMs) with dynamic models. These methods have typically only been applied to interacting pairs of species at a single time, require a priori ecological knowledge about which species interact, and due to data paucity must assume that biotic interactions are constant in space and time. To better inform the future development of these models across spatial scales, we call for accelerated collection of spatially and temporally explicit species data. Ideally, these data should be sampled to reflect variation in the underlying environment across large spatial extents, and at fine spatial resolution. Simplified ecosystems where there are relatively few interacting species and sometimes a wealth of existing ecosystem monitoring data (e.g. arctic, alpine or island habitats) offer settings where the development of modelling tools that account for biotic interactions may be less difficult than elsewhere.

Parameterized expectations approach; Some practical issues

We discuss some practical issues related to the use of the Parameterized Expectations Approach (PEA) for solving non-linear stochastic dynamic models with rational expectations. This approach has been applied in models of macroeconomics, financial economics, economic growth, contracttheory, etc. It turns out to be a convenient algorithm, especially when there is a large number of state variables and stochastic shocks in the conditional expectations. We discuss some practical issues having to do with the application of the algorithm, and we discuss a Fortran program for implementing the algorithm that is available through the internet.We discuss these issues in a battery of six examples.

A qualitative continuous model of cellular auxin and brassinosteroid signaling and their crosstalk.

Motivation: Hormone pathway interactions are crucial in shaping plant development, such as synergism between the auxin and brassinosteroid pathways in cell elongation. Both hormone pathways have been characterized in detail, revealing several feedback loops. The complexity of this network, combined with a shortage of kinetic data, renders its quantitative analysis virtually impossible at present.Results: As a first step towards overcoming these obstacles, we analyzed the network using a Boolean logic approach to build models of auxin and brassinosteroid signaling, and their interaction. To compare these discrete dynamic models across conditions, we transformed them into qualitative continuous systems, which predict network component states more accurately and can accommodate kinetic data as they become available. To this end, we developed an extension for the SQUAD software, allowing semi-quantitative analysis of network states. Contrasting the developmental output depending on cell type-specific modulators enabled us to identify a most parsimonious model, which explains initially paradoxical mutant phenotypes and revealed a novel physiological feature.

The persistence of return on assets: differences between industries and differences between firms

This study offers a statistical analysis of the persistence of annual profits across a sample of firms from different European Union (EU) countries. To this end, a Bayesian dynamic model has been used which enables the annual behaviour of those profits to be broken down into a permanent structural component on the one hand and a transitory component on the other, while also distinguishing between general effects affecting the industry as a whole to which each firm belongs and specific effects affecting each firm in particular. This break down enables the relative importance of those fundamental components to be evaluated. The data analysed come from a sample of 23,293 firms in EU countries selected from the AMADEUS data-base. The period analysed ran from 1999 to 2007 and 21 sectors were analysed, chosen in such a way that there was a sufficiently large number of firms in each country*sector combination for the industry effects to be estimated accurately enough for meaningful comparisons to be made by sector and country. The analysis has been conducted by sector and by country from a Bayesian perspective, thus making the study more flexible and realistic since the estimates obtained do not depend on asymptotic results. In general terms, the study finds that, although the industry effects are significant, more important are the specific effects. That importance varies depending on the sector or the country in which the firm carries out its activity. The influence of firm effects accounts for more than 90% of total variation and display a significantly lower degree of persistence, with adjustment speeds oscillating around 51.1%. However, this pattern is not homogeneous but depends on the sector and country analysed. Industry effects have a more marginal importance, being significantly more persistent, with adjustment speeds oscillating around 10% with this degree of persistence being more homogeneous at both country and sector levels.

Um paradigma da química medicinal: a flexibilidade dos ligantes e receptores

In general, molecular modeling techniques applied in medicinal chemistry have been static and drug based. However the active site geometry and the intrinsic flexibility of both receptor and ligand are fundamental properties for molecular recognition and drug action. As a consequence, the use of dynamic models to describe the ligand-receptor complex is becoming a more common procedure. In this work we discuss the relevance of considering the receptor structure in medicinal chemistry studies as well as the flexibility of the ligand-receptor complex.

Balancing effluent quality, economic cost and greenhouse gas emissions during the evaluation of (plant-wide) control/operational strategies in WWTPs

The objective of this paper was to show the potential additional insight that result from adding greenhouse gas (GHG) emissions to plant performance evaluation criteria, such as effluent quality (EQI) and operational cost (OCI) indices, when evaluating (plant-wide) control/operational strategies in wastewater treatment plants (WWTPs). The proposed GHG evaluation is based on a set of comprehensive dynamic models that estimate the most significant potential on-site and off-site sources of CO2, CH4 and N2O. The study calculates and discusses the changes in EQI, OCI and the emission of GHGs as a consequence of varying the following four process variables: (i) the set point of aeration control in the activated sludge section; (ii) the removal efficiency of total suspended solids (TSS) in the primary clarifier; (iii) the temperature in the anaerobic digester; and (iv) the control of the flow of anaerobic digester supernatants coming from sludge treatment. Based upon the assumptions built into the model structures, simulation results highlight the potential undesirable effects of increased GHG production when carrying out local energy optimization of the aeration system in the activated sludge section and energy recovery from the AD. Although off-site CO2 emissions may decrease, the effect is counterbalanced by increased N2O emissions, especially since N2O has a 300-fold stronger greenhouse effect than CO2. The reported results emphasize the importance and usefulness of using multiple evaluation criteria to compare and evaluate (plant-wide) control strategies in a WWTP for more informed operational decision making

Advances in modelling of mechatronic systems: the toolset FASIM_C++ for the simulation of vehicle dynamics

The increasing complexity of controller systems, applied in modern passenger cars, requires adequate simulation tools. The toolset FASIM_C++, described in the following, uses complex vehicle models in three-dimensional vehicle dynamics simulation. The structure of the implemented dynamic models and the generation of the equations of motion applying the method of kinematic differentials is explained briefly. After a short introduction in methods of event handling, several vehicle models and applications like controller development, roll-over simulation and real-time-simulation are explained. Finally some simulation results are presented.

Modeling temporal variations of Gracilaria Greville and Hypnea J.V. Lamouroux (Rhodophyta) assemblages on a midlittoral reef platform at Piedade Beach, Pernambuco State, Brazil

The diversity of algal banks composed of species out the genera Gracilaria Greville and Hypnea J.V. Lamouroux have been impacted by commercial exploitation and coastal eutrophication. The present study sought to construct dynamic models based on algal physiology to simulate seasonal variations in the biomasses of Gracilaria and Hypnea an intertidal reef at Piedade Beach in Jaboatão dos Guararapes, Pernambuco State, Brazil. Five 20 × 20 cm plots in a reef pool on a midlittoral reef platform were randomly sampled during April, June, August, October, and December/2009 and in January and March/2010. Water temperature, pH, irradiance, oxygen and salinity levels as well as the concentrations of ammonia, nitrate and phosphate were measured at the sampling site. Forcing functions were employed in the model to represent abiotic factors, and algal decay was simulated with a dispersal function. Algal growth was modeled using a logistic function and was found to be sensitive to temperature and salinity. Maximum absorption rates of ammonia and phosphate were higher in Hypnea than in Gracilaria, indicating that the former takes up nutrients more efficiently at higher concentrations. Gracilaria biomass peaked at approximately 120 g (dry weight m-2) in March/2010 and was significantly lower in August/2009; Hypnea biomasses, on the other hand, did not show any significant variations among the different months, indicating that resource competition may influence the productivity of these algae.

Tariff discrimination on Brazil's soluble coffee: an economic analysis

This article evaluates the impacts of the imposition of tariffs on the Brazilian soluble coffee mainly by European countries as of the 1990s. More particularly, it verifies whether the imposition of discriminatory trade tariffs by the European Union and of non-discriminatory ones by some Eastern European countries reflects on the international demand for this commodity. For this purpose, dynamic models of global demand for Brazilian soluble coffee were estimated for the 1995-2003 period using data from the International Coffee Organization. Findings suggest that existing tariffs significantly account for the reduction of Brazilian share of soluble in the world market.