A coupling cutting stock-lot sizing problem in the paper industry

An important production programming problem arises in paper industries coupling multiple machine scheduling with cutting stocks. Concerning machine scheduling: how can the production of the quantity of large rolls of paper of different types be determined. These rolls are cut to meet demand of items. Scheduling that minimizes setups and production costs may produce rolls which may increase waste in the cutting process. On the other hand, the best number of rolls in the point of view of minimizing waste may lead to high setup costs. In this paper, coupled modeling and heuristic methods are proposed. Computational experiments are presented.

Algorithms for two-dimensional cutting stock and strip packing problems using dynamic programming and column generation

We investigate several two-dimensional guillotine cutting stock problems and their variants in which orthogonal rotations are allowed. We first present two dynamic programming based algorithms for the Rectangular Knapsack (RK) problem and its variants in which the patterns must be staged. The first algorithm solves the recurrence formula proposed by Beasley; the second algorithm - for staged patterns - also uses a recurrence formula. We show that if the items are not so small compared to the dimensions of the bin, then these algorithms require polynomial time. Using these algorithms we solved all instances of the RK problem found at the OR-LIBRARY, including one for which no optimal solution was known. We also consider the Two-dimensional Cutting Stock problem. We present a column generation based algorithm for this problem that uses the first algorithm above mentioned to generate the columns. We propose two strategies to tackle the residual instances. We also investigate a variant of this problem where the bins have different sizes. At last, we study the Two-dimensional Strip Packing problem. We also present a column generation based algorithm for this problem that uses the second algorithm above mentioned where staged patterns are imposed. In this case we solve instances for two-, three- and four-staged patterns. We report on some computational experiments with the various algorithms we propose in this paper. The results indicate that these algorithms seem to be suitable for solving real-world instances. We give a detailed description (a pseudo-code) of all the algorithms presented here, so that the reader may easily implement these algorithms. (c) 2007 Elsevier B.V. All rights reserved.

Energy Efficiency through Thermal Energy Storage : Possibilities for the Swedish Building Stock

The need for heating and cooling in buildings constitutes a considerable part of the total energy use in a country and reducing this need is of outmost importance in order to reach national and international goals for reducing energy use and emissions. One important way of reaching these goals is to increase the proportion of renewable energy used for heating and cooling of buildings. Perhaps the largest obstacle with this is the often occurring mismatch between the availability of renewable energy and the need for heating or cooling, hindering this energy to be used directly. This is one of the problems that can be solved by using thermal energy storage (TES) in order to save the heat or cold from when it is available to when it is needed. This thesis is focusing on the combination of TES techniques and buildings to achieve increased energy efficiency for heating and cooling. Various techniques used for TES as well as the combination of TES in buildings have been investigated and summarized through an extensive literature review. A survey of the Swedish building stock was also performed in order to define building types common in Sweden. Within the scope of this thesis, the survey resulted in the selection of three building types, two single family houses and one office building, out of which the two residential buildings were used in a simulation case study of passive TES with increased thermal mass (both sensible and latent). The second case study presented in the thesis is an evaluation of an existing seasonal borehole storage of solar heat for a residential community. In this case, real measurement data was used in the evaluation and in comparisons with earlier evaluations. The literature reviews showed that using TES opens up potential for reduced energy demand and reduced peak heating and cooling loads as well as possibilities for an increased share of renewable energy to cover the energy demand. By using passive storage through increased thermal mass of a building it is also possible to reduce variations in the indoor temperature and especially reduce excess temperatures during warm periods, which could result in avoiding active cooling in a building that would otherwise need it. The analysis of the combination of TES and building types confirmed that TES has a significant potential for increased energy efficiency in buildings but also highlighted the fact that there is still much research required before some of the technologies can become commercially available. In the simulation case study it was concluded that only a small reduction in heating demand is possible with increased thermal mass, but that the time with indoor temperatures above 24 °C can be reduced by up to 20%. The case study of the borehole storage system showed that although the storage system worked as planned, heat losses in the rest of the system as well as some problems with the system operation resulted in a lower solar fraction than projected. The work presented within this thesis has shown that TES is already used successfully for many building applications (e.g. domestic hot water stores and water tanks for storing solar heat) but that there still is much potential in further use of TES. There are, however, barriers such as a need for more research for some storage technologies as well as storage materials, especially phase change material storage and thermochemical storage.

Energy Efficiency through Thermal Energy Storage - Evaluation of the Possibilities for the Swedish Building Stock, Phase 1

As a first step in assessing the potential of thermal energy storage in Swedish buildings, the current situation of the Swedish building stock and different storage methods are discussed in this paper. Overall, many buildings are from the 1960’s or earlier having a relatively high energy demand, creating opportunities for large energy savings. The major means of heating are electricity for detached houses and district heating for multi dwelling houses and premises. Cooling needs are relatively low but steadily increasing, emphasizing the need to consider energy storage for both heat and cold. The thermal mass of a building is important for passive storage of thermal energy but this has not been considered much when constructing buildings in Sweden. Instead, common ways of storing thermal energy in Swedish buildings today is in water storage tanks or in the ground using boreholes, while latent thermal energy storage is still very uncommon.

Stock Markets and Household Wealth: Can a Stock Market Crash Cause a Recession in The U.S. Economy?

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds that stock market wealth effects are small, but important to consider, especially if markets are overpriced; this claim is corroborated by evidence from simulation of 'alternative scenarios' and the historical experiences of 1987 and 2001.

Essays in corporate risk management

This research investigates the factors that lead Latin American non-financial firms to manage risks using derivatives. The main focus is on currency risk management. With this purpose, this thesis is divided into an introduction and two main chapters, which have been written as stand-alone papers. The first paper describes the results of a survey on derivatives usage and risk management responded by the CFOs of 74 Brazilian non-financial firms listed at the São Paulo Stock Exchange (BOVESPA), and the main evidence found is: i) larger firms are more likely to use financial derivatives; ii) foreign exchange risk is the most managed with derivatives; iii) Brazilian managers are more concerned with legal and institutional aspects in using derivatives, such as the taxation and accounting treatment of these instruments, than with issues related to implementing and maintaining a risk management program using derivatives. The second paper studies the determinants of risk management with derivatives in four Latin American countries (Argentina, Brazil, Chile and Mexico). I investigate not only the decision of whether to use financial derivatives or not, but also the magnitude of risk management, measured by the notional value of outstanding derivatives contracts. This is the first study, to the best of my knowledge, to use derivatives holdings information in emerging markets. The use of a multi-country setting allows the analysis of institutional and economic factors, such as foreign currency indebtedness, the high volatility of exchange rates, the instability of political and institutional framework and the development of financial markets, which are issues of second-order importance in developed markets. The main contribution of the second paper is on the understanding of the relationship among currency derivatives usage, foreign debt and the sensitivity of operational earnings to currency fluctuations in Latin American countries. Unlikely previous findings for US firms, my evidence shows that derivatives held by Latin American firms are capable of producing cash flows comparable to financial expenses and investments, showing that derivatives are key instruments in their risk management strategies. It is also the first work to show strong and robust evidence that firms that benefit from local currency devaluation (e.g. exporters) have a natural currency hedge for foreign debt that allows them to bear higher levels of debt in foreign currency. This implies that firms under this revenue-cost structure require lower levels of hedging with derivatives. The findings also provide evidence that large firms are more likely to use derivatives, but the magnitude of derivatives holdings seems to be unrelated to the size of the firm, consistent with findings for US firms.

Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Indexing stock portfolios in Brazil: tracking the IBOVESPA and the FGV 100

Indexing is a passive investment strategy in which the investor weights bis portfolio to match the performance of a broad-based indexo Since severaI studies showed that indexed portfolios have consistently outperformed active management strategies over the last decades, an increasing number of investors has become interested in indexing portfolios IateIy. Brazilian financiaI institutions do not offer indexed portfolios to their clients at this point in time. In this work we propose the use of indexed portfolios to track the performance oftwo ofthe most important Brazilian stock indexes: the mOVESPA and the FGVIOO. We test the tracking performance of our modeI by a historical simulation. We applied several statistical tests to the data to verify how many stocks should be used to controI the portfolio tracking error within user specified bounds.

Characterization and evaluation of the impact of feed management on the effluents of Nile tilapia (Oreochromis niloticus) culture

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

Characterization of a plankton community in a fish farm

Aim: The objective of this study was to analyze the composition of phytoplankton and zooplankton communities related to the dynamics of a fish farm; Methods: Samples were collected every other day, within a period of twenty consecutive days, during the dry and rainy seasons. Two samples were collected upstream from the fish pond (reservoir); the other four samples were collected in the fish farm area; Results: Rotifera and Chlorophyceae species were found in high densities at almost all sampling sites during both seasons under analysis. The higher phytoplankton species richness from site P3 to P6 was influenced by the management employed within the fish farm. The zooplankton community showed low values of density, species richness and equitability during the dry season; Conclusions: The continuous water flow and the addition of fertilizers (organic and inorganic) in the fish ponds had an influence on the plankton community, leading to a reduction in water quality and Cyanobacteria dominance.

Influence of management on plankton community of fishponds during the dry and rainy seasons

Aim: The present investigation aims at evaluating attention to the occurrence and abundance of planktonic communities in fishponds and their relationships to the management employed; Methods: Seven fishponds (V1-V7) fertilized with different treatments were analyzed by monthly sampling, taken between July and December/07, during both dry and rainy seasons; Results: Euglenophyceae and Chlorophyceae were most representative during the studied period. In the fishpond with organic fertilizer Cyanobacteria was more than 65 and 90% of total phytoplankton abundance in September and August, mainly represented by Microcystis sp. (14,595 and 22,500 ind.L-1, respectively). An inverse relationship occurred between Copepoda and Cladocera, and Copepoda and Rotifera were present in all fishponds during the both seasons. Diversity (H') and species richness was low and equitability indices generally showed the highest values for zooplankton. The lowest values were observed for phytoplankton during the rainy season; Conclusions: The use of organic fertilizer and the random emptying of the fishponds affected directly and species diversity and richness, with dominance of Cyanobacteria emphasizing the need to adopt a management technique to increase fishponds productivity and consequently, fish production.

Aquaculture Research and Development as an Entry-Point and Contributor to Natural Resources and Coastal Management

Recent, fervent international dialogue concerning the existence and magnitude of impacts associated with aquaculture has had both positive and negative outcomes. Aquaculture stakeholders have become sensitized to requirements for improved environmental management of aquaculture. on the other hand, in some cases aquaculture development has been negatively affected by some of the unwarranted and unproved allegations to the detriment of the stakeholders most in need of aquaculture development (i.e., resource users, particularly the poor, who are dependent on natural resources). These resource users are targeted by, and directly influence biodiversity and conservation agendas; hence the need to understand how to gain their active participation. This discussion focuses on examples of how aquaculture research and development can be a useful tool or strategy for resource management initiatives and provide tangible positive including increased stakeholder participation and cooperation, offering alternatives to resource extraction and use in otherwise difficult or intransigent resource management conflicts.

Estrutura populacional e aspectos reprodutivos do Octopus insularis Cephalopodas: Octopodidae: implicações para o manejo da pesca de polvo no município de Rio de Fogo-RN

In northeastern Brazil, Octopus insularis is the most commercially important cephalopod species and its capture has been performed for several years by the lobster fishermen in the region. In order to obtain information about the reproductive biology, 1108 specimens were collected between November 2009 and September 2011 in the landings and fish markets of Rio do Fogo (RN). For each specimen the mantle length (CM) and total fresh weight (PT) were recorded. Gonads of 264 males and 295 females were examined macroscopically and histologically to assess sexual maturation and determine reproductive indices. Four reproductive stages were determined for males (immature, maturing, mature and post-mature) and females (immature, early maturing, late maturing and mature). The average of eggs recorded in the female s gonads was 93.820 and 39 was the average of spermatophores found in male Needham s complex. Spermathecae with sperm were found in females with 69 mm CM (immature). Males and females become sexually mature at 64.41 and 98.50 mm of CM, respectively. The weight at sexual maturity was 270 g for males and 630 g for females. The values of the size and weight at sexual maturity found in this study show that males mature at smaller sizes than females. For both sexes the maturation peaks occurred in February and November 2010 and also in September 2011. The periods of maximum reproductive activity lasted about 3 months and it seems to occur every 7 10 months. Only one spent female (stage V) was found and the number of mature females was low. Presumably, mature females migrate to deep waters with complex habitat to protect the offspring, indicating that fishery by snorkeling with maximum depth of 15 meters is not reaches this part of the stock. Finally, it is noticeable the importance of the establishment of management strategies for the exploitation of O. insularis different of the ones used for O. vulgaris, once the species have distinct biological features

Identification of hybrids between Neotropical fish Leporinus macrocephalus and Leporinus elongatus by PCR-RFLP and multiplex-PCR: Tools for genetic monitoring in aquaculture

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

Genetics of neotropical fish: from chromosomes to populations

The Neotropical freshwater fish fauna is very rich-according to the most recent catalogue 71 families and 4,475 species have been described. However, only a small amount of general information is available on the composition of Neotropical marine fishes. In Brazil, 1,298 marine species have been recorded. General analysis of available cytogenetic and population genetic data clearly indicates research has been mainly concentrated on freshwater fishes. Thus, today, cytogenetic information is available for 475 species of Characiformes, 318 species of Siluriformes, 48 species of Gymnotiformes, 199 freshwater species that do not belong to the superorder Ostariophysi, and only 109 species of marine fishes. For the species studied, only about 6% have sex chromosomes and about 5% have supernumerary or B chromosomes. A review of the cytogenetic studies shows that these data have provided valuable information about the relationships between fish groups, the occurrence of cryptic species and species complexes, the mechanism of sex determination and sex chromosome evolution, the distribution of nucleolus organizer regions, the existence supernumerary chromosomes, and the relationship between polyploidy and evolution. In relation to populations in Neotropical marine waters, the studies have shown the presence of cryptic species, which has important implications for fishery management. Different levels of genetic structuring can be found among Neotropical freshwater migratory fish species. This raises important implications for fish population genetic diversity and consequently its sustainable utilization in inland fisheries and aquaculture, specifically for conservation of ichthyo-diversity and survival.