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.

Gender in international economic development projects: how is gender being institutionalized in the Inter-American Development Bank?

O Banco Interamericano de Desenvolvimento, o Banco Mundial, e outras organizações financiam iniciativas para acelerar o desenvolvimento da região da América Latina e Caribe. Antes do final da década de 80, vários projetos e políticas dessas instituições careciam de considerações ligadas à gênero e foram criticadas por essa falta (Flora, 1998). Em 1987, o BID publicou um documento sobre uma nova política operacional sobre mulheres e desenvolvimento e vem desde então buscando institucionalizar gênero e criar indicadores para medir os impactos relacionados à gênero em seus projetos. O objetivo dessa dissertação é explorar o tema de gênero no contexto do desenvolvimento internacional através de uma análise de como o Banco Interamericano de Desenvolvimento inclui gênero em suas operações. Após uma revisão literária sobre a importância de gênero e de bancos de desenvolvimento, essa dissertação irá analisar de que maneira gênero é incluído nas discussões dos projetos do Banco à nível institucional. A pesquisa será feita através de documentação disponível para o público geral, documentos internos e entrevistas em vídeo com pessoal do BID. Após uma análise dos dados coletados, recomendações para ações futuras serão dadas.

Free- and peptide-based dietary arginine supplementation for the South American fish pacu (Piaractus mesopotamicus)

Arginine was hypothesized to be a model compound in the present study on molecular forms of indispensable amino acid (IAA) dietary supplementation. Juvenile South American pacu (Piaractus mesopotamicus) were fed diets containing arginine in a protein base (casein-wheat gluten or casein-gelatin), or the casein-wheat gluten base supplemented with dipeptide or free arginine at two levels (5 and 10 g kg(-1)). Growth and protein efficiency ratios were significantly affected by diets, but not by arginine molecular form. Three free dispensable amino acids (DAA) and four IAA in plasma were affected by diet, but plasma arginine concentrations did not differ. Plasma urea concentrations, being very low in the pacu, and hepatic arginase activities, were not affected by diet (P = 0.10-0.11), but together with plasma ornithine, mirrored the growth data. Molecular form of arginine supplementation, free or dipeptide, significantly changed several free IAA (Phe, Leu, Ile, His) and urea, with a higher mean plasma concentration in dipeptide fed fish. The dietary treatments, or molecular form of the arginine supplementation, did not change proximate composition, except that calcium levels decreased with higher dietary arginine supplementation level. The present study indicates that dipeptides can provide IAA to pacu, and that arginine supplemented in this form is utilized as efficiently as in free form.

Biology and fertility life table of the South American fruit fly Anastrepha fraterculus on grape

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Venous tone and cardiac function in the South American rattlesnake Crotalus durissus: mean circulatory filling pressure during adrenergic stimulation in anaesthetised and fully recovered animals

The effects of adrenergic stimulation on mean circulatory filling pressure (MCFP), central venous pressure (P-CV) and stroke volume (Vs), as well as the effects of altered MCFP through changes of blood volume were investigated in rattlesnakes (Crotalus durissus). MCFP is an estimate of the upstream pressure driving blood towards the heart and is determined by blood volume and the activity of the smooth muscle cells in the veins (venous tone). MCFP can be determined as the plateau in P-CV during a total occlusion of blood flow from the heart.Vs decreased significantly when MCFP was lowered by reducing blood volume in anaesthetised snakes, whereas increased MCFP through infusion of blood (up to 3 ml kg(-1)) only led to a small rise in Vs. Thus, it seems that end-diastolic volume is not affected by an elevated MCFP in rattlesnakes. To investigate adrenergic regulation on venous tone, adrenaline as well as phenylephrine and isoproterenol (alpha- and beta-adrenergic agonists, respectively) were infused as bolus injections (2 and 10 mu g kg(-1)). Adrenaline and phenylephrine caused large increases in MCFP and P-CV, whereas isoproterenol decreased both parameters. This was also the case in fully recovered snakes. Therefore, adrenaline affects venous tone through both alpha- and beta-adrenergic receptors, but the alpha-adrenergic receptor dominates at the dosages used in the present study. Injection of the nitric oxide donor SNP caused a significant decrease in P-CV and MCFP. Thus, nitric oxide seems to affect venous tone.

The adrenergic regulation of the cardiovascular system in the South American rattlesnake, Crotalus durissus

The present study investigates adrenergic regulation of the systemic and pulmonary circulations of the anaesthetised South American rattlesnake, Crotalus durissus. Haemodynamic measurements were made following bolus injections of adrenaline and adrenergic antagonists administered through a systemic arterial catheter. Adrenaline caused a marked systemic vasoconstriction that was abolished by phentolamine, indicating this response was mediated through alpha-adrenergic receptors. Injection of phentolamine gave rise to a pronounced vasodilatation (systemic conductance (G(sys)) more than doubled), while injection of propranolol caused a systemic vasoconstriction, pointing to a potent alpha-adrenergic, and a weaker beta-adrenergic tone in the systemic vasculature of Crotalus. Overall, the pulmonary vasculature was far less responsive to adrenergic stimulation than the systemic circulation. Adrenaline caused a small but non-significant pulmonary vasodilatation and there was tendency of reducing this dilatation after either phentolamine or propranolol. Injection of phentolamine increased pulmonary conductance (G(pul)), while injection of propranolol produced a small pulmonary constriction, indicating that alpha-adrenergic and beta-adrenergic receptors contribute to a basal regulation of the pulmonary vasculature. Our results suggest adrenergic regulation of the systemic vasculature, rather than the pultrionary, may be an important factor in the development of intracardiac shunts. (c) 2007 Elsevier B.V. All rights reserved.

Thermochronology of the South American platform in the state of São Paulo, Brazil, through apatite fission tracks

The fission-track method (FTM) in apatite was applied to 45 samples collected in the Serra da Mantiqueira (Mantiqueira mountain range), the Serra do Mar (Mar mountain range), regions next to these mountain ranges and the coastal region between Ubatuba and Santos in the State of São Paulo, Brazil, to study the thermochronology of the South American Platform in southeast Brazil and its influence on Santos and Campos basins. The data presented in this work complement the previously presented data on the same region (Tello Saenz et al., 2003. J. S. Am. Earth Sci. 15, 765-774) with 31 new samples analyzed. The weighted mean of the corrected ages from high Mantiqueira (around 1000 m), (121 +/- 6) Ma, coincides with the South Atlantic opening. The fact that its thermal history starts at a relatively low temperature (similar to 80 degrees C) suggests that the age of similar to 120 Ma would be the formation age of Serra da Mantiqueira due to a rapid pulse, in which tracks had no time to be retained at the closure temperature, that is similar to 120 degrees C. The Serra do Mar presents a more complicated thermal history, with several reactivations indicated by the changes in the slope of its cooling curve. The thermal histories obtained in the regions next to these mountain ranges are compatible with the results mentioned above. The Santos Basin has unconformities that agree with changes in the slope thermal histories of the studied region. (c) 2005 Elsevier Ltd. All rights reserved.

Entre fronteiras: a escrita imigrante de Julia Alvarez em How the García girls lost their Accents

This master s thesis aims at investigating the way in which diasporic subjects in the novel How the García Girls Lost their Accents (1992) cope with the clash of two cultures the Caribbean one, from the Dominican Republic, and the North-American one, from the U.S., as well as the implications of such negotiations in the lives of immigrants, once it apparently depicts the plight of those who are torn between mother-lands and mother-tongues (IYER, 1993, 46). At the same time, the implications of such negotiations in the lives of immigrants are relevant issues in the writing of Julia Alvarez. For this, there is the analysis of the uses of family memories as one of the main strategies immigrant writers possess to recall their identities. Moreover, this thesis will also consider the language issue for the construction of the immigrant identity insofar as bilingualism is a key factor in the negotiation the García girls must effect between their Caribbean and their American halves in order to understand where they stand in the contemporary world. In order to build a theoretical framework that supports this master s thesis, we list the works of Homi K. Bhabha (1990, 1996, 2003, 2005), Stuart Hall (2001, 2003), Julia Kristeva (1994), Salman Rushdie (1990, 1994), Sonia Torres (2001, 2003) among other contributions that were crucial to the completion of this academic research

Adaptação do índice de alimentação saudável ao guia alimentar da população brasileira

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Structural and Ultrastructural Aspects of Folliculogenesis in Didelphis albiventris, the South-American Opossum

The ovarian histology, the structural and the ultrastructural characteristics of the folliculogenesis in Didelphis albiventris were described in detail. Recent studies suggest that methatherian mammals have unusual reproductive cycle but there are few informations regarding the marsupials reproductive life. Despite of the opossum folliculogenesis pattern resembles methatherian and eutherian pattern in many aspects, the analysis shows some peculiar features of the oocyte structure and ultrastructure that make available new data on the reproductive biology of marsupials.

Natural history of the South American water snake Helicops leopardinus (Colubridae : Hydropsini) in the pantanal, Central Brazil

The South American water snake Helicops leopardinus is very abundant in the Pantanal wetlands of Central Brazil. We studied the biology of this species based on specimens collected by local workers in the Paraguay River. Females attained greater body lengths and had larger heads than males, but the latter had longer tails. Helicops leopardinus fed on a wide variety of fishes (70% of the total prey items) and frogs, with fishes of the order Gymnotiformes (33.34%) and frogs of the family Hylidae (23.34%) representing the most common prey items. There was relatively lows diet overlap between the sexes and between juveniles and adults. Mean litter size was 6.6 and ranged from 4-11. The reproductive cycle was seasonal, with birth occurring late in the wet season (simultaneous with the flooding of the Paraguay River), facilitating dispersal of young snakes by floating vegetation. Floating vegetation may be a critical habitat for H. leopardinus, and management plans for their maintenance need to be developed.

Reproductive pattern of the South American endemic shrimp Artemesia longinaris (Decapoda : Penaeoidea), off São Paulo State, Brazil

Sexual maturity, temporal reproductive pattern, and recruitment of juveniles were examined for the penaeoid shrimp Artemesia longinaris sampled for five and a half years in a tropical locality off the coast of São Paulo (23 degrees S), Brazil. Monthly samples were taken from January 1998 to June 2003 at depths between 5 and 45 m. Ovarian maturity was used to examine breeding in adult females. Recruitment was defined as the percentage of juveniles of the total number of individuals in each month and season. A total of 10 288 females and 5 551 males were collected. Estimated sizes (carapace length) at the onset of sexual maturity were 11.0 mm and 13.4 mm for males and females, respectively. Over the five and a half years, females with ripe gonads were found in every season, with the highest percentages in summer (January-March). Juvenile shrimps occur-red year-round. These results suggest a continuous reproduction of A. longinaris with temperature acting as an environmental stimulus for the duration of the ovary development cycle. These data and the hypothesis of the intrusion of the South Atlantic Central Water mass, which lowered water temperature and raised plankton production, suggest that the end of spring and the beginning of summer were the principal reproductive months. The classical paradigm of continuous reproduction at lower latitudes, with increased seasonality of breeding period at higher latitudes seems to apply to this species.

Breeding season of the hermit crab petrochirus diogenes (anomura : diogenidae) in the north coast of São Paulo state, Brazil

Petrochirus diogenes, one of the largest hermit crabs in the western Atlantic, was studied in the north coast of the State of São Paulo, Brazil, to determine its breeding season through the analysis of gonad development at a macroscopic level. The analysis of 999 crabs collected from 1995 to 1999, based on four categories of gonad development, showed that males present gonads in the advanced stage during all seasons, and although females present developed ovaries all year as well, the peak incidence is in the summer. The peak of recruitment occurs in the winter.

Growth and reproductive dynamics of the South American red shrimp, Pleoticus muelleri (Crustacea: Solenoceridae), from the southeastern coast of Brazil

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