Brazilian external sector so far in the 21st century

Although Brazil has traditionally been characterized by a culture of inward-looking policy making, the presence of foreign firms in the Brazilian productive sector has always been significant. The share of foreign-owned firms is one of the highest that can be found among developing countries. This article discusses the main features of the external sector of the Brazilian economy, regarding trade flows, foreign investment, the internationalization of Brazilian entrepreneurial groups and the short-term financial requirements in foreign currencies

Evaluation of respiratory parameters in minimally processed lettuce grown under organic or conventional system

The increased preference for minimally processed vegetables has been attributed to the health benefits associated with fresh produce and the demand for ready-to-eat salads. In this paper, lettuce (Lactuca sativa L.) was evaluated for the effects of different cropping systems on the respiratory properties. Lettuce was packaged in low density polyethylene bags and stored in a refrigerator at 4 ºC. The concentration of carbon dioxide and oxygen inside the package was monitored during the storage at zero, three, six, eight, ten and twelve days by gas chromatography. Dry matter variation was measured gravimetrically up to day fourteen of storage. Values of respiratory rate for conventional lettuce increased from day 1 to 3 and remained low, while respiratory rate of the organic lettuce increased three-fold up to day 8, stabilizing at a high level. Variation in dry matter during storage also resulted from differences between the two cultivation systems. The highest content of dry matter was achieved by organic lettuce.

Fatores determinantes da política de distribuição de dividendos: Evidência empírica para as empresas não financeiras da Euronext Lisbon

Dividends and their distribution decisions, being a component of the compensation of investors are a constant financial worry within companies, thus revealing one of the themes highlighted in the context of the financial literature. Study will address the factors determining the dividend policy practiced by companies listed in the Portuguese stock market. The latter will be 47 non-financial companies listed on the Euronext Lisbon during 2009 until 2011. The two samples that have been investigated include the representative of the majority of non-financial companies listed on Euronext Lisbon and the other financial companies members of the PSI 20. The methodology adopted is one of the ordinary least squares regression and the amount of dividends per share distributed was used in determining the dependent variable. In relation to the independent variables, six explanatory factors were chosen. These include profitability, stability of dividend policy, size, growth, risk and investment opportunities. The conclusion suggests that the most important factors to explain the amount of dividends distributed are profitability and stability of dividend policy. There after, growth and risk factors, as well as factors that explain the amount of dividends distributed are also relevant. The remaining variables obtained were insufficient evidence pointing to a significant effect in explaining the dividend policy of Portuguese companies in the sample. The conclusion also states that differences exist in the importance of the explanatory factors to the amount of dividends distributed between the study samples, given the differentiation of dividend policies, followed by companies from each group analyzed.

Espectador Activo: Comunicação audiovisual institucional num mundo de redes participativas

Once delighted by the moving image advent as a new method of realistically presenting reality, the viewer has been reposition himself towards the audiovisual contents he consumes, as he is given the opportunity to create and share his own perspective of that reality. We are living in a new technological setting, governed mainly by factors of interactivity, digital systems and technological convergence. The research project that we will present in this paper focuses on the subject of participatory media and the way cultural institutions are increasingly facing the inevitability of a profound revision of their traditional parameters of unidirectional communication, given the increasing availability of tools for audiovisual production as well as the diversity of networked communication contexts. The Serralves Foundation with its Museum of Contemporary Art, in Porto, Portugal, was the subject of a fi rst study of an empirical nature: a series of audiovisual objects were developed, in order to generate material for analysis and proposition. In this new stage of the project, our aim is to identify new procedures and practices that may be effectively implemented within the institutional universe. We intend to propose effi cient audiovisual communication contexts, including the maximizing of the relationship between institutions and audiences regarding dimensions that are traditionally outside the institutional radar: identity, narrative and affection. The project is currently in the process of surveying and categorization, with the aim of producing a map of different vocations and positions of the various institutions in regards to the aforementioned issues, which require participatory communication.

Evidência empírica dos factores explicativos dos dividendos distribuídos pelas empresas cotadas na EURONEXT Lisboa

Companies’ decision to pay dividends to its shareholders is a topic that has received increasing attention in business finance. This paper provides an additional contribution to the development of this topic focusing on the analysis of the determinants of dividend policy by issuing companies in the Portuguese capital market. For this purpose, we use a set of financial and economic information specific to each firm to explain its dividend per share. The sample used in the empirical study contains 54 firms and it refers to the 2005-2009 period. Results suggest that net income, dividends per share paid in the previous financial year and return on assets all present a positive and statistically significant effect on dividends per share paid in a given financial year. Moreover, results show that Lintner’s (1956) model appears to be valid in explaining dividend policy by issuing companies in Euronext Lisbon.

Impactos do crescimento da produção de cana-de-açúcar na agricultura dos oito maiores estados produtores

Nesta pesquisa, buscou-se analisar o processo de substituição de culturas, ocorrido nos principais estados produtores de cana-de-açúcar, no período de 2000 a 2010, utilizando o modelo shift-share. Os estados de Alagoas, Goiás, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Paraná, Pernambuco e São Paulo foram considerados na análise. De modo geral, os resultados mostram que a agricultura desses estados foi afetada pela forte expansão da área cultivada com cana-de-açúcar e com soja. Esse crescimento baseou-se, em parte, na substituição de outros produtos, principalmente arroz, feijão e milho, além de café, algodão e laranja. Apesar disso, os ganhos de produtividade contribuíram para reduzir, ou mesmo superar, os efeitos da perda de área dos produtos substituídos. Porém, a agricultura dos estados mais afetados pelo crescimento da participação da cana-de-açúcar e da soja tornou-se menos diversificada e, portanto, mais exposta a eventuais crises no mercado dos produtos em que passou a se basear.

Eleições europeias ou eleições para Marte?

Há países que introduziram o voto obrigatório. É uma hipótese. Outra mais credível seria fazer uma profunda reforma do sistema político europeu e nacional, nomeadamente introduzindo uma quota apreciável de deputados que deveriam ter exclusividade de funções. § Abstract: There are countries that have introduced compulsory voting. It is a hypothesis. Another more credible would make a profound reform of the European and national political system, such as introducing a significant share of deputies should have exclusive functions.

Money laundering and virtual money: the bitcoin example

Money laundering operations faced multiple changes and become more complex, in line with financial innovation. Often, regulation does not follow that innovation, giving opportunity to take advantage of thes e gaps in less lawful activities. The bitcoin is a virtual currency that has grown significantly, both in value and in volume of transactions, in recent years. The dimension of the phenomenon led to an increasing surveillance from the financial supervisors . We search for evidence of the relationship between money laundering and transactions carried out in bitcoins, the most popular virtual currency at the moment. We analyse the official publications relating the two themes, academic research and the notori ety within the international media. The attitudes toward the bitcoin are diverse, but all share concerns about its future impact. Some sparse evidence indicates that bitcoin may be an opportunity for money laundering, however more data is required.

The determinants of international equity investment: Do they differ between institutional and noninstitutional investors?

In this paper we investigate whether the determinants of international equity investment differ between investors with different degrees of sophistication. For this purpose, we analyse and compare the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries (US not included) in the period 2001-2009. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. In particular, noninstitutional investors tend to exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors. The preference for more developed equity markets and the contrarian behaviour are also significantly more pronounced for noninstitutional than for institutional investors. These results support the argument that international equity investment of less sophisticated investors is more affected by information costs and familiarity than that of more sophisticated investors. Moreover, business cycles exert an influence on international equity investment decisions of both institutional and noninstitutional investors.

The determinants of international equity and bond investment

The purpose of this research is fourfold. First, to investigate whether the determinants of international equity investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. Particularly, noninstitutional investors exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors, suggesting that the effect of information costs and familiarity on international equity investment is stronger for less informed, experienced and sophisticated investors. Moreover, the preference for more developed equity markets and the contrarian behaviour are more severe for noninstitutional investors. Hence, the heterogeneity of institutional and noninstitutional investors in international equity investment is not negligible and therefore should be taken into account. Second, to investigate whether the determinants of international bond investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are few significant differences in the determinants of international bond investment between institutional and noninstitutional investors. Particularly, the preference for bonds of more transparent countries and the return chasing behaviour are more pronounced for noninstitutional investors, whereas the preference for bonds with lower risk diversification potential is more pronounced for institutional investors. Hence, not only the results for international bond investment do not allow to support (or reject) the argument that information costs and familiarity are more important for less informed, experienced and sophisticated investors, but also they are contrary to the idea that financial variables, namely return and risk diversification, are more important for more informed, experienced and sophisticated investors. Third, to investigate whether the determinants of international equity investment differ from the determinants of international bond investment. For this purpose, the determinants of both international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that, although the effect of information costs on international equity investment tends to be stronger than on international bond investment, the differences between assets are not usually statistically significant, especially when the influence of financial variables is taken into account. Hence, it is not possible to conclude that international equity investment is much more information intensive than international bond investment, as suggested by Gehrig (1993) and Portes, Rey and Oh (2001), among others. Fourth, to investigate whether the flight to quality phenomenon is also observable in international investment and whether the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors. For this purpose, a two-factor and three-factor ANOVA models, respectively, were applied to the international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries in the period 2001-2009. The results suggest that the flight to quality phenomenon is also observable in international investment, as a change from business cycle of expansion to recession causes investors to significantly decrease the average weight invested in more risky assets (equities) and increase the average weight invested in less risky assets (bonds). The results also show that the variation on the average weight assigned to each type of asset, due to changes in business cycles, is significantly stronger for institutional investors than for noninstitutional investors, thereby suggesting that the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors.

Cristalização de Biomateriais Vitrocerâmicos e Mineralização em Meio Fisiológico Simulado

We propose new theoretical models, which generalize the classical Avrami-Nakamura models. These models are suitable to describe the kinetics of nucleation and growth in transient regime, and/or with overlapping of nucleation and growth. Simulations and predictions were performed for lithium disilicate based on data reported in the literature. One re-examined the limitations of the models currently used to interpret DTA or DSC results, and to extract the relevant kinetic parameters. Glasses and glass-ceramics with molar formulation 0.45SiO2? (0.45-x)MgO?xK2O?0.1(3CaO.P2O5) (0?x?0.090) were prepared, crystallized and studied as potential materials for biomedical applications. Substitution of K+ for Mg2+ were used to prevent devritification on cooling, to adjust the kinetics of crystallization and to modify the in vitro behaviour of resulting biomaterials. The crystallization of the glass frits was studied by DTA, XRD and SEM. Exothermic peaks were detected corresponding to bulk crystallization of whitlockite-type phosphate, Ca9MgK(PO4)7, at approximately 900ºC, and surface crystallization of a predominant forsterite phase (Mg2SiO4) at higher temperatures. XRD also revealed the presence of diopside (CaMgSi2O6 in some samples. The predominant microstructure of the phosphate phase is of the plate-type, seemingly crystallizing by a 2-dimensional growth mechanism. Impedance spectroscopy revealed significant changes in electrical behaviour, associated to crystallization of the phosphate phase. This showed that electrical measurements can be used to study the kinetics of crystallization for cases when DTA or DSC experiments reveal limitations, and to extract estimates of relevant parameters from the dependence of crystallization peak temperature, and its width at half height. In vitro studies of glasses and glass-ceramics in acelular SBF media showed bioactivity and the development of apatite layers The morphology, composition and adhesion of the apatite layer could be changed by substitution of Mg2+ by K+. Apatite layers were deposited on the surface of glass-ceramics of the nominal compositions with x=0 and 0.09, in contact with SBF at 37ºC. The adhesion of the apatite layer was quantified by the scratch test technique, having been related with SBF?s immersion time, with composition and structure of the glass phase, and with the morphology of the crystalline phase of the glass-ceramics. The structure of three glasses (x=0, 0.045 and 0.090) were investigated by MAS-NMR ( 29Si and 31P), showing that the fraction of Q3 structural units increases with the contents of Mg, and that the structure of these glasses includes orthophosphate groups (PO43-) preferentially connected to Ca2+ ions. Mg2+ ions show preference towards the silicate network. Substitution of Mg2+ by K+ allowed one to change the bioactivity. FTIR data revealed octacalcium phosphate precipitation (Ca8H2(PO4)6.5H2O) in the glass without K, while the morphology of the layer acquires the shape of partially superimposed hemispheres, spread over the surface. The glasses with K present a layer of acicular hidroxyapatite, whose crystallinity and needles thickness tend to increase along with K content.

A reorganização do poder local e o impacto da fusão de municípios

Esta dissertação pretende estudar e demonstrar a importância da reorganização territorial ao nível do poder local, analisando em particular a fusão dos municípios de Aveiro e de Ílhavo. O principal objectivo deste trabalho reside em medir as implicações da reorganização territorial por via da fusão de municípios, o que é conseguido através do estudo da evolução histórica das várias reformas administrativas ocorridas em Portugal, com especial ênfase o século XIX devido ao seu enorme ímpeto reformista, bem como da análise de um caso muito específico de dois municípios vizinhos, que partilhando uma mesma realidade espacial e natural (Ria de Aveiro), já foram, em determinada época, um só município. Procurar-se-ão aferir quais os aspectos determinantes na tomada de decisão relativamente a esta temática, bem como avaliar os principais obstáculos e benefícios da sua concretização.

QFD - desdobramento da função qualidade - estruturando a satisfação do cliente

Muito tem se falado sobre a importância para a empresa de focar o cliente e atender às suas necessidades, porém pouco se fez para mostrar como chegar a isso de forma eficiente. Empresas de porte mundial têm usado o Desdobramento da Função Qualidade - QFD (do inglês Quality Function Deployment para atender aos seus clientes, com sucesso em vendas e market share. A aplicação do QFD traz ainda outros benefícios, como redução no tempo e custo de desenvolvimento de produtos, maior eficiência nos processos de benchmarking, trabalho em equipes, desenvolvimento simultâneo e melhora na comunicação interdepartamental. O artigo apresenta uma explicação conceitual do funcionamento do QFD e comentários sobre a implantação do método na empresa.

Linking strategy and the knowledge of the firm

Discovering the ways through which firms develop and maintain competitive advantage is a central research stream in management theory. The objective of this paper is to present a contribution to the discussion of the knowledge of the firm as a source of competitive advantage. The paper states that a firm's success is a consequence of its ability in the continuous development of core competencies that will sustain its competitiveness over time. Core competencies are understood as the sets of knowledge that differentiate a company strategically. The firm must discover, develop, share and update the knowledge that sustains the present and future core competencies. Knowledge management, through processes of knowledge creation and integration, is one way of doing this.

Orientação para o mercado: antecedentes e conseqüências

Esta pesquisa aborda três perguntas: (1) Por que algumas organizações são mais voltadas para o mercado do que outras? (2) Que efeito essa orientação para o mercado tem sobre os funcionários e o desempenho da empresa? (3) O elo entre a orientação para o mercado e o desempenho da empresa depende do contexto ambiental? As conclusões de duas amostras de âmbito nacional sugerem que a orientação para o mercado está relacionada com a ênfase que a alta administração dá à orientação, com a aversão dos principais gestores ao risco, com conflitos e ligações interdepartamentais, com a centralização e com a orientação do sistema de recompensas. Ademais, as conclusões sugerem que a orientação para o mercado está relacionada com o desempenho empresarial (mas não com o market share) geral (subjetivo), com o compromisso dos funcionários com a organização, e com o espírito de classe. Finalmente, a ligação entre a orientação para o mercado e o desempenho parece ser muito forte em quaisquer contextos ambientais caracterizados por diversos graus de turbulência no mercado, intensidade competitiva e turbulência tecnológica.