The Mexican film industry and its participation in the global value chain

Includes bibliography

Oxidative stability of soybean oil added to Lentinus edodes and Agaricus blazei mushrooms extracts in an accelerated storage test

Purpose: The purpose of this paper is to evaluate the oxidative stability of soybean oil added by Lentinus edodes and Agaricus blezei extracts in accelerated storage test. Design/methodology/approach: The following treatments were subjected to accelerated storage test in an oven at 60°C for 15 days: Control (soybean oil without antioxidants), TBHQ (soybean oil + 100 mg/kg of TBHQ), BHT (soybean oil + 100 mg/kg of BHT), L. edodes (soybean oil + 3,500 mg/kg of L. edodes extract) and A. blazei (soybean oil + 3,500 mg/kg of A. blazei extract). The samples were taken every three days and analyzed for peroxide values and conjugated dienes. Findings: At the end of 15 days, the treatments TBHQ, A. blazei, L. edodes, Control and BHT showed 6.47, 8.81, 41.53, 71.28 and 78.40 meq/kg, respectively, for peroxide values and 0.37, 0.40, 0.67, 1.07 and 1.00 per cent, respectively, for conjugated dienes. Originality/value: The research indicates that mushrooms may be a promising source of natural antioxidants. Therefore, natural extracts of mushrooms can be applied to vegetable oils as a way to reduce the degradation caused by lipid oxidation. © Emerald Group Publishing Limited.

Istmo Centroamericano: la regulación de la distribución de energía eléctrica en los países con empresas privadas. Los casos de El Salvador, Guatemala, Nicaragua y Panamá

Incluye Bibliografía

Information access law and disclosing of information by joint-stock companies in Brazil: open data and Extensible Business Reporting Language (XBRL) standard

The strategic management of information plays a fundamental role in the organizational management process since the decision-making process depend on the need for survival in a highly competitive market. Companies are constantly concerned about information transparency and good practices of corporate governance (CG) which, in turn, directs relations between the controlling power of the company and investors. In this context, this article presents the relationship between the disclosing of information of joint-stock companies by means of using XBRL, the open data model adopted by the Brazilian government, a model that boosted the publication of Information Access Law (Lei de Acesso à Informação), nº 12,527 of 18 November 2011. Information access should be permeated by a mediation policy in order to subsidize the knowledge construction and decision-making of investors. The XBRL is the main model for the publishing of financial information. The use of XBRL by means of new semantic standard created for Linked Data, strengthens the information dissemination, as well as creates analysis mechanisms and cross-referencing of data with different open databases available on the Internet, providing added value to the data/information accessed by civil society.

Procedimentos para análise de lucratividade de produtos no setor de autopeças metálicas

In a globalized world, organizations face an increasingly dynamic, innovative and competitive environment, so that this condition requires continuous adaptation to market developments. Intense competition requires organizations to further improve their performance, making productive efficiency a key factor for survival. A methodology that has added value to the product through a reconfiguration of the production method is the implementation of a management philosophy called Lean Six Sigma. The main objective of this work is, in the light of the Lean Six Sigma philosophy, intervene in a critical-collaborative way to develop procedures for analyzing the profitability of products in a company specializing in steel processing. To achieve this goal, were applied the method of action-research to intervene in a group of professionals for the study of the profitability of products in a auto parts industry. The interaction of practical and theoretical knowledge provided by the action-research allowed the business program was enhanced. The procedures proposed in this study were able to identify the current profitability of the product, the main causes of inefficiency and productive for solutions to reduce production inefficiencies, when the productive systems planned and actual production system were compared. The results indicate that current profitability of -3%, while the parameter provided during budget was 10%. Thus, it is concluded that the low profitability of the products may compromise the company's financial results and affect their competitiveness in the market. To address this problem, the Lean Six Sigma presents itself as a versatile and high applicability philosophy, providing relevant results for characterization and troubleshooting. It was also observed that the evidence presented in this paper can be adapted to other companies in the metal auto parts segment to identify and recover the profitability of products

Crescimento e desenvolvimento econômico de Cingapura após a independência

This paper analyzes the growth and development of Singapore after its independence. For this, we made a historical analysis of the country, attributing importance in their geographic, economic, demographic, cultural and social. Singapore does not have a representative agricultural sector; its economy is based on manufacturing and the financial sector. The development of such activities was through strong planning policies and stringent regulatory institutions. Singapore economy has evolved from a trading post to a major financial center worldwide. Shows high rates of GDP per capita, which is $ 50,000 in 2011. This country has the world's busiest port for container handling. Thus, industries are based on activities with high added value and attraction of foreign companies was due to the stability of the country, which helped the growth of it

Implantação do sistema kanban para elementos de fixação em maquinas de movimentação de terra

Always seeking the maximum profit under the reduced production time and lower number of failures, companies are increasingly evolving and going after continuous improvement in order to remain competitive in the market. Thus, increasingly there is investment in the management system Lean manufacturing. Lean system is very important, because through it, the maximum value is added in the final product. Being measured by the efficiency and reducing failures to zero. In the studied company, Lean manufacturing system came into effect through the kanban system for purchasing, control and distribution of bulk material used in the assembly of the final product, which are earth-moving machines. It is very important to check the great change made in the company with the implementation of kanban. All inventory management becomes visual, elements are arranged in an organized manner, with addresses in structures, calculated in special boxes and finally, assemblers have the guarantee of an item supply, with the distribution cars located on their assembly area. This study participates effectively assuring the supply. Avoiding any failure on the lack of material, non-compliance of delivery times to the customer and maintenance of over-stock or obsolete inventory, in which case both cause financial loss to the company

Multicollinearity and financial constraint in investment decisions: a bayesian generalized ridge regression

This paper addresses the investment decisions considering the presence of financial constraints of 373 large Brazilian firms from 1997 to 2004, using panel data. A Bayesian econometric model was used considering ridge regression for multicollinearity problems among the variables in the model. Prior distributions are assumed for the parameters, classifying the model into random or fixed effects. We used a Bayesian approach to estimate the parameters, considering normal and Student t distributions for the error and assumed that the initial values for the lagged dependent variable are not fixed, but generated by a random process. The recursive predictive density criterion was used for model comparisons. Twenty models were tested and the results indicated that multicollinearity does influence the value of the estimated parameters. Controlling for capital intensity, financial constraints are found to be more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification.

Evaluation of preservative effectiveness of liquid crystalline systems with retinyl palmitate by the challenge test and D-value

The objective of this work was to evaluate the preservative effectiveness of liquid crystalline systems containing retynil palmitate (RP) by the challenge test (CT) and D-value. A system was developed containing water, silicon glycol copolymer, and polyether functional siloxane with 1% RP added. The analyses were carried out by methods in the U.S. Pharmacopeia (USP 31, 2008) using the microorganisms Escherichia coli, Staphylococcus aureus,Pseudomonas aeruginosa, Candida albicans, and Aspergillus niger. The CT showed that after 7 days, all microorganisms were eliminated except A. niger, which maintained viability for at least 28 days after inoculation. Moreover, the microorganisms E. coli, P. aeruginosa, S. aureus, C. albicans and A. niger presented different growth behaviors, evidenced by differences among the D-values calculated. It was concluded that the CT and D-value were efficient methods for evaluation of the preservative property of these formulations.

Impact of the Level of Disclosure of Financial Information on the Pricing of Shares in the Context of Adverse Selection: an experimental research

Managers know more about the performance of the organization than investors, which makes the disclosure of information a possible strategy for competitive differentiation, minimizing adverse selection. This paper's main goal is to analyze whether or not an entity's level of diclosure may affect the risk perception of individuals and the process of evaluating their shares. The survey was carried out in an experimental study with 456 subjects. In a stock market simulation, we investigated the pricing of the stocks of two companies with different levels of information disclosure at four separate stages. The results showed that, when other variables are constant, the level of disclosure of an entity can affect the expectations of individuals and the process of evaluating their shares. A higher level of disclosure by an entity affected the value of its share and the other company's.

Effect of incorporation of amaranth on the physical properties and nutritional value of cheese bread

At the present celiac disease has no known cure, and its only treatment is a strict lifelong adherence to a gluten-free diet. Cheese bread is a traditional Brazilian product and a safe option for celiacs. However, like other gluten-free breads, it has inherent low levels of fibers and minerals. The objective of this study was to evaluate the effect of incorporation of whole amaranth flour on the physical properties and nutritional value of cheese bread. Amaranth flour was incorporated at 10, 15, and 20% proportions in different formulations. The increasing amaranth levels darkened the product, reduced specific volume, and increased compression force. Ten percent amaranth-content cheese breads exhibited slight differences in physical properties compared with the controls. These results demonstrated the possibility of incorporating 10% of whole amaranth flour in the formulation of cheese bread resulting in a product with higher dietary fiber and iron contents and the same level of acceptance as that of the conventional formulation. The aim of this approach is to increase the availability of gluten-free bakery products with added nutritional value contributing to increase the variety of the diet of celiac patients.

An assessment of the business value of traceability practices in the italian fishery processing industry

Traceability is often perceived by food industry executives as an additional cost of doing business, one to be avoided if possible. However, a traceability system can in fact comply the regulatory requirements, increase food safety and recall performance, improving marketing performances and, as well as, improving supply chain management. Thus, traceability affects business performances of firms in terms of costs and benefits determined by traceability practices. Costs and benefits affect factors such as, firms’ characteristics, level of traceability and ,lastly, costs and benefits perceived prior to traceability implementation. This thesis was undertaken to understand how these factors are linked to affect the outcome of costs and benefits. Analysis of the results of a plant level survey of the Italian ichthyic processing industry revealed that processors generally adopt various level of traceability while government support appears to increase the level of traceability and the expectations and actual costs and benefits. None of the firms’ characteristics, with the exception of government support, influences costs and level of traceability. Only size of firms and level of QMS certifications are linked with benefits while precision of traceability increases benefits without affecting costs. Finally, traceability practices appear due to the request from “external“ stakeholders such as government, authority and customers rather than “internal” factors (e.g. improving the firm management) while the traceability system does not provide any added value from the market in terms of price premium or market share increase.

The impact of R&D in firm value across Europe

In this thesis the impact of R&D expenditures on firm market value and stock returns is examined. This is performed in a sample of European listed firms for the period 2000-2009. I apply different linear and GMM econometric estimations for testing the impact of R&D on market prices and construct country portfolios based on firms’ R&D expenditure to market capitalization ratio for studying the effect of R&D on stock returns. The results confirm that more innovative firms have a better market valuation,investors consider R&D as an asset that produces long-term benefits for corporations. The impact of R&D on firm value differs across countries. It is significantly modulated by the financial and legal environment where firms operate. Other firm and industry characteristics seem to play a determinant role when investors value R&D. First, only larger firms with lower financial leverage that operate in highly innovative sectors decide to disclose their R&D investment. Second, the markets assign a premium to small firms, which operate in hi-tech sectors compared to larger enterprises for low-tech industries. On the other hand, I provide empirical evidence indicating that generally highly R&D-intensive firms may enhance mispricing problems related to firm valuation. As R&D contributes to the estimation of future stock returns, portfolios that comprise high R&D-intensive stocks may earn significant excess returns compared to the less innovative after controlling for size and book-to-market risk. Further, the most innovative firms are generally more risky in terms of stock volatility but not systematically more risky than low-tech firms. Firms that operate in Continental Europe suffer more mispricing compared to Anglo-Saxon peers but the former are less volatile, other things being equal. The sectors where firms operate are determinant even for the impact of R&D on stock returns; this effect is much stronger in hi-tech industries.

Flexibility and firm value: the role of inventories

In the present thesis I study the contribution to firm value of inventories management from a risk management perspective. I find a significant contribution of inventories to the value of risk management especially through the operating flexibility channel. In contrast, I do not find evidence supporting the view of inventories a reserve of liquidity. Inventories substitute, albeit not perfectly, derivatives or cash holdings. The substitution between hedging with derivatives and inventory is moderated by the correlation between cash flow and the underlying asset in the derivative contract. Hedge ratios increase with the effectiveness of derivatives. The decision to hedge with cash holdings or inventories is strongly influenced by the degree of complementarity between production factors and by cash flow volatility. In addition, I provide a risk management based explanation of the secular substitution between inventories and cash holdings documented, among others, in Bates et al. (2009), Journal of Finance. In a sample of U.S. firms between 1980 and 2006, I empirically confirm the negative relation between inventories and cash and provide evidence on the poor performance of investment cash flow sensitivities as a measure of financial constraints also in the case of inventories investment. This result can be explained by firms' scarce reliance on inventories as a reserve of liquidity. Finally, as an extension of my study, I contrast with empirical data the theoretical predictions of a model on the integrated management of inventories, trade credit and cash holdings.