Avaliação de projetos de mineração utilizando a teoria das opções reais em tempo discreto : um estudo de caso em mineração de ferro

Estudo da teoria das opções reais que incorpora à avaliação de projetos de investimentos, as opções de crescimento e as flexibilidades gerenciais que surgem devido às incertezas existentes no ambiente no qual as empresas operam. Aborda os métodos tradicionais de avaliação de investimentos baseados no fluxo de caixa descontado (FCD), destaca as suas vantagens e limitações; a teoria das opções reais mostrando suas vantagens em relação aos métodos tradicionais; e um estudo de caso. Tem como objetivo principal apresentar que a teoria das opções reais é viável e complementar aos métodos tradicionais de avaliação de investimentos na indústria de mineração de ferro, com a abordagem da avaliação em tempo discreto. Este método permite especificar o problema de análise e resolvê-lo com o uso de programa de software de análise de decisão disponível no mercado de forma mais simples e mais intuitivo que os métodos tradicionais de avaliação de opções reais e permite maior flexibilidade na modelagem do problema de avaliação. A modelagem das opções reais do projeto baseia-se no uso de árvore de decisão binomial para modelar o processo estocástico. A avaliação é realizada em quatro passos de acordo com a metodologia proposta por Copeland e Antikarov (2001) e Brandão e Dyer (2005): modelagem do ativo básico, ou seja, cálculo do valor presente líquido sem flexibilidade; criação do modelo binomial utilizando o software computacional para modelar o ativo básico, computando as probabilidades neutras a risco; modelagem das opções reais no projeto; e resolução da árvore binomial, ou seja, análise das opções reais. Os resultados apresentados demonstram que é possível implementar a abordagem da avaliação de opções reais em projetos de investimentos na indústria de mineração de ferro.

Arte-educação: um desafio de muitas faces

Esta dissertação resultou do desenvolvimento de algumas reflexões sobre a Arte-Educação no ensino regular, e visa trazer contribuições ao debate sobre as dificuldades encontradas na sua prática. Uma abordagem histórica é apresentada, com o objetivo de enriquecer os caminhos para o esclarecimento das questões de fundo que permeiam as discussões do momento atual. O trabalho se baseia no pressuposto de que a arte é uma linguagem, como o são, o falar e o escrever, e como tal deve ser considerada no âmbito escolar, levando em conta suas especificidades. Como linguagem livre e criadora, a matéria da arte e primordialmente a vivência do ser humano; seus pensamentos, sua emoção, sua imaginação e sua capacidade simbólica, que se revelam através dos meios físicos disponíveis, que o arte-educador adequará à sua prática. E neste sentido que algumas questões metodológicas são discutidas a partir de situações objetivas, referentes principalmente ao ensino público. Procurou-se mostrar, ainda, que estar sensível ao infinito universo da criação artística é fundamental à formação do arte-educador para que, através de sua atuação junto aos alunos contribua para a democratização das práticas expressivas criadoras nos meios educacionais.

Inequality of opportunity in daycare and preschool services in Brazil

In this paper we measure inequality of opportunity in daycare and preschool services in Brazil. For this purpose, we construct an opportunity index that modifies the human opportunity index proposed in the literature and used in Barros et al. (2009) to measure inequality in basic opportunities in Latin America and the Caribbean. Specifically, we construct an opportunity measure that includes not only attendance but also parental choice not to enroll children in daycare or preschool, using data from a supplementary questionnaire included in the 2006 version of Pesquisa Nacional por Amostra de Domicílios (PNAD). The results show that there are large differences between our opportunity index and the human opportunity index for children aged 0-3 years old and considerably smaller differences for children aged 4-6 years old, which suggests that preschool may be closer to a basic opportunity than daycare.

Optimal provision of implicit and explicit incentives in asset management contracts

This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend" on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results.

Operational functions for innovative startups in France

Nessa tese, é buscado um maior entendimento sobre a importância das funções operacionais nas startups francesas. Uma grande flexibilidade das tarefas a ser coberta e uma gestão horizontal caracterizam as startups. Desse jeito, não é muito comum para as empresas recentemente criadas como as startups ter uma politica clara de recursos humanos. Na verdade, cada participante na start-up pode ser levado a pensar de forma diferente em termos de vendas desenvolvimento de negócios, comercialização, marketing, tecnologia ou desenvolvimento de produto. Essa tese não vai explorar cada uma dessas tarefas. Mas vai procurar para identifcar a percepção sobre a alocação ótima de recursos para cada função chave da nova empresa. Qualquer seja o setor de mercado em consideração ou o estágio de amadurecimento da startup, funções chaves que são percebidas como sendo a base para start-ups bem sucedidas são pesquisa & desenvolvimento e comercialização. Funções de liderança não são tão importantes. Somente a startup focada na tecnologia tem uma "função de chefe executivo" com maior importância do que as startups médias. Além disso, empreendedores em série, bem sucedidos ou não, focam predominantemente aspectos relacionados ao marketing e à captação de recursos em detrimento de aspectos ligados à gestão do negócio. No final, os empresários, muitas vezes tem um preconceito ao respeito da sua formação acadêmica porque ele sobrestimam funções que eles pensam poder fazer em comparação das funções que eles são capazes de fazer. Nessa tese, intent-se demonstrar a relação entre as funções ocupadas por um sócio e as ações que ele possui na startup. Essa relação depende do número de sócios (conhecido como acionistas), o tipo de sócios (acionistas principais ou acionistas segundarias) e o impacto na administração corporativa a respeito da distribuição do capital próprio.

Bacterial translocation in rats nonfunctioning diverted distal colon

To investigate whether the alterations of the diverted colon segment mucosa, evidenced in fecal colitis, would be able to alter Bacterial Translocation (BT). Methods: Sixty-two Wistar male rats ranging from 220 to 320 grams of weight, were divided in two groups: A (Colostomy) and B (Control), with 31 animals each one. In group A, all animals underwent end colostomy, one stoma, in ascending colon; and in the 70th POD was injected in five rats, by rectal route – diverted segment - 2ml of a 0.9% saline solution in animals (A1 subgroup); in eight it was inoculated, by rectal route, 2ml of a solution containing Escherichia coli ATCC 25922 (American Type Culture Collection), in a concentration of 108 Colony Forming Unit for milliliters (CFU/ml) - A2 Subgroup; in ten animals the same solution of E. coli was inoculated, in a concentration of 1011 CFU/ml (A3 Subgroup); and in eight it was collected part of the mucus found in the diverted distal colonic segment for neutral sugars and total proteins dosage (A4 subgroup). The animals from the group B underwent the same procedures of group A, but with differences in the colostomy confection. In rats from subgroups A1, A2, A3, B1, B2, and B3 2ml of blood were aspirated from the heart, and fragments from mesenteric lymphatic nodule, liver, spleen, lung and kidney taken for microbiological analysis, after their death. This analysis consisted of evidencing the presence of E. coli ATCC 25922 CFU. Mann-Whitney and ANOVA Tests were applied as analytic techniques for association of variables. Results: The occurrence of BT was evidenced only in those animals in which inoculated concentration of E. coli ATCC 25922, reached levels of 1011CFU/ml, i.e. in Subgroups A3 and B3, although, being significantly greater (80%) in those animals without colostomy (subgroup B3) when compared to the ones with colostomy (20%) from the subgroup A3 (P <0.05). Lung, liver and mesenteric lymphatic nodules were the tissues with larger percentile of bacterial recovery, so much in subgroup A3, as in B3. Blood culture was considered positive in 60% of the animals from subgroup B3 and in 10% of those from subgroup A3 (p <0.05). There was greater concentration of neutral sugars, in subgroup A4 - mean 27.3mg/ml -, than in subgroup B4 - mean 8.4mg/ml - (P <0.05). Conclusion: The modifications in the architecture of intestinal mucosa in colitis following fecal diversion can cause alterations in the intestinal barrier, but it does not necessarily lead to an increased frequency of BT

Avaliação da qualidade da água do Rio Piranhas-Açu/RN utilizando a comunidade de macroinvertebrados bentônicos

The biomonitoring technique for water quality in water bodies has been incorporated increasingly in management of the natural resources, using mainly indices of its aquatic community characteristics. In Brazil the first efforts to use this technique was restricted to the South and the Midwest region of this country. Located in the northeast region, this study was conducted at Rio Grande do Norte state and had as main objective the assessment of water quality in the Piranhas-Açu river using benthic macroinvertebrates community as biological indicators. Thus, were applied two biotic indices, the BMWP (Biological Monitoring Working Party score system) and the IBF (Family Biotic Index). According the requirements of these indices, two periods of sampling were determined as basic methodology, in dry seasons of 2006 and 2007. The sampling sites were around the municipalities of Açu, Ipanguaçu, Alto do Rodrigues and Pendências. Physical-chemical measurements; a protocol of rapid assessment of diversity of habitats, and determination of the degree of tolerance of each taxon to organic pollution were also performed. The most abundant organisms found in the river were tolerant with the prevalence of Chironomidae (Diptera) and Melanoides tuberculata. This results, together with those ones got in indices application, showed a considerable organic pollution in the four sample places and the reaches were classified as modified to impacted. According to the used indices, this study suggest that this river have significant alteration in the biotic community and water quality on the organic pollution, and this fact, occurs in the reach of the river further downstream, where were expected a good water quality. Considering these results, measures aiming the conservation of this water body are needed regarding as it is inserted into a fragile ecosystem with dry season phenomenon, and the water of this river has extremely importance for the local economy

Síntese enzimática de ésteres de açúcar: surfactantes e polímeros como novos materiais ambientalmente seguros

Sugar esters are substances which possess surfactant, antifungical and bactericidal actions and can be obtained through two renewable sources of raw materials: sugars and vegetable oils. Their excellent biodegradability, allied to lhe fact that they are non toxic, insipid, inodorous, biocompatible, no-ionic, digestible and because they can resist to adverse conditions of temperature, pH and salinity, explain lhe crescent use of these substances in several sections of lhe industry. The objective of this thesis was to synthesize and characterize surfactants and polymers containing sugar branched in their structures, through enzymatic transesterification of vinyl esters and sugars, using alkaline protease from Bacillus subtilis as catalyst, in organic medium (DMF).Three types of sugars were used: L-arabinose, D-glucose and sucrose and two types of vinyl esters: vinyl laurate and vinyl adipate. Aiming to reach high conversions from substrates to products for a possible future large scale industrial production, a serie of variables was optimized, through Design of Experiments (DOE), using Response Surface Methodology (RSM).The investigated variables were: (1) enzyme concentration; (2) molar reason of substrates; (3) water/solvent rale; (4) temperature and (5) time. We obtained six distinct sugar esters: 5-0-lauroyl L-arabinose, 6-0-lauroyl D-glucose, 1'-O-lauroyl sucrose, 5-0-vinyladipoyl L-arabinose, 6-0-vinyladipoyl D-glucose and 1 '-O-vinyladipoyl sucrose, being lhe last three polymerizable. The progress of lhe reaction was monitored by HPLC analysis, through lhe decrease of sugar concentration in comparison to lhe blank. Qualitative analysis by TLC confirmed lhe formation of lhe products. In lhe purification step, two methodologies were adopted: (1) chromatographic column and (2) extraction with hot acetone. The acylation position and lhe chemical structure were determined by 13C-RMN. The polymerization of lhe three vinyl sugar esters was possible, through chemical catalysis, using H2O2 and K2S2O8 as initiators, at 60°C, for 24 hours. IR spectra of lhe monomers and respective polymers were compared revealing lhe disappearance of lhe vinyl group in lhe polymer spectra. The molar weights of lhe polymers were determined by GPC and presented lhe following results: poly (5-0-vinyladipoyl L-arabinose): Mw = 7.2 X 104; PD = 2.48; poly (6-0-vinyladipoyl D-glucose): Mw = 2.7 X 103; PD = 1.75 and poly (1'-O-vinyladipoyl sucrose): Mw = 4.2 X 104; PD = 6.57. The six sugar esters were submitted to superficial tension tests for determination of the critical micelle concentrations (CMC), which varied from 122 to 167 ppm. Finally, a study of applicability of these sugar esters, as lubricants for completion fluids of petroleum wells was' accomplished through comparative analysis of lhe efficiency of these sugar esters, in relation to three commercial lubricants. The products synthesized in this thesis presented equivalent or superior action to lhe tested commercial products

Direct determination of Cu, Cd, Ni and Pb in aquatic humic substances by graphite furnace atomic absorption spectrometry

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

In situ differentiation of labile/inert metal species in Brazilian tropical rivers by means of a time-controlled batch-procedure based on TEPHA resin

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

Reparação de feridas cutâneas de roedores da espécie Calomys callosus, tratadas com hidrocarboneto alifático: aspectos morfométricos, morfológicos e histológicos

O efeito cicatrizante do hidrocarboneto alifático foi pesquisado através da aplicação diária em feridas cutâneas, cirurgicamente provocadas, em roedores da espécie Calomys callosus. As feridas dos animais foram analisadas sob os aspectos macroscópicos e histológicos transcorridos 3, 7, 14 e 21 dias de tratamento e comparado com o uso de solução fisiológica a 0,9%. O hidrocarboneto alifático antecipou a cicatrização ao diminuir a umidade, aumentar a formação do tecido de granulação e a neovascularização, conduzindo à reepitelização.

Efeito da calagem e sulfato de amônio no algodão: II - Concentração de cátions e ânions na solução do solo e absorção de nutrientes pelas plantas

No sistema de semeadura direta, o calcário tem sido aplicado superficialmente para evitar o revolvimento do solo. Os ânions adicionados via adubação nitrogenada podem aumentar a solubilização de sais de cátions básicos do solo graças à formação de pares iônicos. O objetivo deste trabalho foi estudar a dinâmica dos ânions NO3- e SO4(2-) e dos cátions NH4+, Ca2+, Mg2+ e K+ da solução do solo, bem como a absorção de nutrientes pelo algodoeiro submetido a distintas formas de aplicação de calcário e diferentes doses de sulfato de amônio em cobertura, cultivado com a presença de palha na superfície do solo. Utilizou-se um Latossolo Vermelho distroférrico de textura média que foi acomodado em vasos com 15,71 dm³. Plantas de algodão (Gossypium hirsutum) foram cultivadas por 60 dias nas condições de calagem superficial sobre a palha, calagem incorporada a 0-20 cm de profundidade e ausência de correção do solo, com a aplicação de doses de sulfato de amônio equivalentes a 0, 50, 100 e 150 kg ha-1 de N em cobertura. Cápsulas porosas foram instaladas para amostragem e quantificação de nutrientes da solução do solo. A concentração de SO4(2-) da solução do solo foi incrementada pela adubação nitrogenada, independentemente da forma de aplicação do calcário. A curto prazo, a nitrificação do NH4+ aplicado foi favorecida somente com a calagem incorporada, apesar de o N nítrico da solução do solo ter aumentado no final do cultivo do algodão até mesmo no solo não corrigido. As concentrações de Ca, Mg e K da solução do solo foram incrementadas pela adubação de cobertura. O ânion SO4(2-) apresentou maior afinidade do que o NO3- na formação de pares iônicos com os cátions básicos da solução do solo. A adubação nitrogenada proporcionou maior eficiência na absorção de Ca e Mg pelo algodoeiro na condição de calagem incorporada.

Obtenção e caracterização de extrato microencapsulado de resíduo agroindustrial de acerola

Acerola (Malpighia emarginata D.C.) is a red fruit widely cultivated in Brazil, especially in the Northeastern region. Its increasing demand is attributed to its high ascorbic acid contents. Besides ascorbic acid, widely known by its health-benefit effects, acerola is rich in anthocyanins, which contribute for the antioxidant power of the fruit. Acerola processing produces a bright-red pomace, usually discarded. The further processing of this pomace, in order to explore its antioxidant compounds, could enhance acerola market value and rentability of its processing. Both ascorbic acid and anthocyanins are highly susceptible to degradation, that can be delayed by microencapsulation, which consists on packing particles (core) in an edible matrix (wall material). This work has been made with the purpose of producing a microencapsulated acerola pomace extract, which could be used by the food industry as a functional ingredient with antioxidant and coloring properties. Antioxidant compounds were recovered by pressing the pomace diluted in a solvent (a citric acid aqueous solution), by using a central composite design, with two variables: citric acid concentration in the solvent (0-2%), and solvent: pomace mass ratio (2:1-6:1). The acerola pomace extract was then microencapsulated by spray drying. A central composite design was adopted, with three variables: inlet temperature of the spray dryer (170o-200oC), wall material: acerola solids mass ratio (2:1-5:1), and degree of maltodextrin replacement by cashew tree gum as wall material (0-100%). The cashew tree gum was used because of its similarity to arabic gum, which is regarded as the wall material by excellence. The following conditions were considered as optimal for extraction of anthocyanins and ascorbic acid: solvent/pomace ratio, 5:1, and no citric acid in the solvent. 82.47% of the anthocyanins were recovered, as well as 83.22% of the ascorbic acid. Anthocyanin and ascorbic acid retentions were favored by lower inlet temperatures, higher wall material: acerola solids mass ratio and higher maltodextrin replacement by cashew tree gum, which was presented as a promising wall material. The more adequate microencapsulation conditions, based not only on retention of antioxidant compounds but also on physical properties of the final powder, were the following: inlet temperature, 185oC; wall material: acerola solids mass ratio, 5:1, and minimum degree of maltodextrin replacement by cashew tree gum, 50%

Extração do óleo essencial de Cymbopogom winterianus J. com CO2 pressurizado

The extraction with pressurized fluids has become an attractive process for the extraction of essential oils, mainly due the specific characteristics of the fluids near the critical region. This work presents results of the extraction process of the essential oil of Cymbopogon winterianus J. with CO2 under high pressures. The effect of the following variables was evaluated: solvent flow rate (from 0.37 to 1.5 g CO2/min), pressure (66.7 and 75 bar) and temperature (8, 10, 15, 20 and 25 ºC) on the extraction kinetics and the total yield of the process, as well as in the solubility and composition of the C. winterianus essential oil. The experimental apparatus consisted of an extractor of fixed bed and the dynamic method was adopted for the calculation of the oil solubility. Extractions were also accomplished by conventional techniques (steam and organic solvent extraction). The determination and identification of extract composition were done by gas chromatography coupled with a mass spectrometer (GC-MS). The extract composition varied in function of the studied operational conditions and also related to the used extraction method. The main components obtained in the CO2 extraction were elemol, geraniol, citronellol and citronellal. For the steam extraction were the citronellal, citronellol and geraniol and for the organic solvent extraction were the azulene and the hexadecane. The most yield values (2.76%) and oil solubility (2.49x10-2 g oil/ g CO2) were obtained through the CO2 extraction in the operational conditions of T = 10°C, P = 66.7 bar and solvent flow rate 0.85 g CO2/min

Controle feedback de nível baseado em sensor de imagem aplicado ao equipamento misturador-decantador à inversão de fases (MDIF®)

The treatment of wastewaters contaminated with oil is of great practical interest and it is fundamental in environmental issues. A relevant process, which has been studied on continuous treatment of contaminated water with oil, is the equipment denominated MDIF® (a mixer-settler based on phase inversion). An important variable during the operation of MDIF® is the water-solvent interface level in the separation section. The control of this level is essential both to avoid the dragging of the solvent during the water removal and improve the extraction efficiency of the oil by the solvent. The measurement of oil-water interface level (in line) is still a hard task. There are few sensors able to measure oil-water interface level in a reliable way. In the case of lab scale systems, there are no interface sensors with compatible dimensions. The objective of this work was to implement a level control system to the organic solvent/water interface level on the equipment MDIF®. The detection of the interface level is based on the acquisition and treatment of images obtained dynamically through a standard camera (webcam). The control strategy was developed to operate in feedback mode, where the level measure obtained by image detection is compared to the desired level and an action is taken on a control valve according to an implemented PID law. A control and data acquisition program was developed in Fortran to accomplish the following tasks: image acquisition; water-solvent interface identification; to perform decisions and send control signals; and to record data in files. Some experimental runs in open-loop were carried out using the MDIF® and random pulse disturbances were applied on the input variable (water outlet flow). The responses of interface level permitted the process identification by transfer models. From these models, the parameters for a PID controller were tuned by direct synthesis and tests in closed-loop were performed. Preliminary results for the feedback loop demonstrated that the sensor and the control strategy developed in this work were suitable for the control of organic solvent-water interface level