The role of bond covenants and short-term debt: evidence from Brazil

Esta dissertação tem como objetivo analisar a relação entre covenants e alavancagem financeira no curto e longo prazo com oportunidades de crescimento. A partir de uma amostra de 159 debêntures, encontramos evidência de que: 1) Covenants e dívida de curto-prazo podem ser considerados substitutos na atenuação do conflito de agência, uma vez que apresentaram relação negativa e significante e; 2) A relação negativa existente entre dívida de curto prazo e oportunidades de crescimento pode ser reduzida através da utilização de covenants.

Do options contain information about excess bond returns ?

There is strong empirical evidence that risk premia in long-term interest rates are time-varying. These risk premia critically depend on interest rate volatility, yet existing research has not examined the im- pact of time-varying volatility on excess returns for long-term bonds. To address this issue, we incorporate interest rate option prices, which are very sensitive to interest rate volatility, into a dynamic model for the term structure of interest rates. We estimate three-factor affine term structure models using both swap rates and interest rate cap prices. When we incorporate option prices, the model better captures interest rate volatility and is better able to predict excess returns for long-term swaps over short-term swaps, both in- and out-of-sample. Our results indicate that interest rate options contain valuable infor- mation about risk premia and interest rate dynamics that cannot be extracted from interest rates alone.

Por que James Bond, o engenheiro, desistiu do Brasil

Após oito anos e meio, James Arthur Bond, de 48 anos, a contragosto, foi levado de volta às origens. A crise tirou-o do Rio de Janeiro, terra que escolheu para viver com a família, forçando-o a buscar estabilidade em solo britânico.

Social impact bond feasibility study APAC Portugal: enhancing ex-offenders’ lives

Este estudo é uma análise à eficácia de um Social Impact Bond como como instrumento financeiro no modelo de intervenção da APAC Portugal. O objetivo é o de melhorar a vida de ex-criminosos e reduzir os índices de reincidência de modo a apoiar a sua reinserção na sociedade após a libertação. Enquanto os custos de funcionamento de um estabelecimento prisional forem suportados pelo sector público, como é de lei, o modelo inovador de intervenção terá de encontrar um meio alternativo de financiamento. Sendo assim, testámos a rentabilidade de um Social Impact Bond através de um bem estruturado modelo Excel que simula o mecanismo de investimento, tendo os resultados demonstrado que um Social Impact Bond pode, de facto, financiar o modelo de intervenção da APAC Portugal de forma eficaz.

The Pair-Bond Formation and Its Role in the Stimulation of Reproductive Function in Female Common Marmosets (Callithrix jacchus)

SILVA, H.P.A.; SOUSA, M.B.C. The pair-bond formation and its role in the stimulation of reproductive function in female common marmosets (collithrix Jacchus). International Journal of Primatology, v, 18, n.3, p.387-400, 1997.

The position effect of structural Eucalyptus round timber on the flexural modulus of elasticity

A madeira roliça possui grande emprego nas construções civis, desempenhando a função de vigas, colunas, fundações, postes para distribuição de energia elétrica, entre outras, apresentando a vantagem de não ser processada, como é o caso da madeira serrada. O projeto envolvendo elementos roliços requer, além de outras variáveis estruturais, o conhecimento do módulo de elasticidade. No Brasil, os documentos normativos que tratam da determinação das propriedades de rigidez e resistência para peças roliças de madeira estão em vigência há mais de vinte anos sem revisão técnica. A madeira roliça, por geralmente possuir eixo com curvatura não nula, pode apresentar, segundo a posição da peça no ensaio de flexão, valores diferentes do módulo de elasticidade. Este trabalho tem como objetivo analisara influência da posição de peças roliças de madeira de Eucalyptus grandis na determinação do módulo de elasticidade na flexão. O ensaio de flexão utilizado é o de três pontos, sendo cada peça avaliada em duas posições distintas, definidas mediante o giro da seção transversal em torno do eixo. Os resultados encontrados indicam a necessidade do ensaio de flexão em, pelo menos, duas posições distintas da peça.

Flexural behavior of Sisal/Castor oil-Based Polyurethane and Sisal/Phenolic Composites

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

SURFACE MODIFICATION of SUGARCANE BAGASSE CELLULOSE and ITS EFFECT on MECHANICAL and WATER ABSORPTION PROPERTIES of SUGARCANE BAGASSE CELLULOSE HDPE COMPOSITES

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Flexural Test on Recycled Polystyrene

In socio-environmental scenario increased the nature resources concern beyond products and subproducts reuse. Recycling is the approach for a material or energy reintroducing in productive system. This method allows the reduction of garbage volume dumped in environment, saving energy and decreasing the requirement of natural resources use. In general, the ending of expanded polystyrene is deposited sanitary landfills or garbage dumps without control that take large volume and spreads easily by aeolian action, with consequently environmental pollution, however, the recycling avoids their misuse and the obtainment from petroleum is reduced. This work recycled expanded polystyrene via merger and/or dissolution by solvents for the production of integrated circuits boards. The obtained material was characterized in flexural mode according to ASTM D 790 and results were compared with phenolite, traditionally used. Specimens fractures were observed by electronic microscopy scanning in order to establish patterns. Expanded Polyestirene recycled as well as phenolite were also thermo analyzed by TGA and DSC. The method using dissolution produced very brittle materials. The method using merger showed no voids formation nor increased the brittleness of the material. The recycled polystyrene presented a strength value significantly lower than that for the phenolite. (C) 2011 Published by Elsevier Ltd. Selection and peer-review under responsibility of ICM11

Influence of voids on the flexural resistance of the NCF/RTM6 composites

A major difficulty to achieve maximum weight savings in the manufacture of composite structural components, is the tendency of these materials have the formation of voids and cracks in the interior and surface components. In aeronautical applications, controlling the volume fraction of fibers, resins and empty the components of composite is very hard. In this work, composites of epoxy matrix RTM6 reinforced with NCF (non crimp fabric carbon) processed by resin transfer molding (RTM) were characterized for porosity (P-ap) and density (rho(ad)). We used a method based on Archimedes' principle (ASTM C830) and the technique of helium pycnometer. The porosity values were compared with those determined by acid digestion (ASTM D3171). The mechanical properties of processed composites was evaluated by testing on the performing flexural and the results were correlated with the porosity value. All techniques tested to determine void content are satisfactory. The differents results can be justified for heterogeneous void distribution on laminate and differences among techniques characteristics. (C) 2011 Published by Elsevier Ltd. Selection and/or peer-review under responsibility of ICM11

Flexural strength of acrylic resins polymerized by different cycles

Despite the large number of studies addressing the effect of microwave polymerization on the properties of acrylic resin, this method has received limited clinical acceptance. This study evaluated the influence of microwave polymerization on the flexural strength of a denture base resin. A conventional heat-polymerized (Classico), a microwave-polymerized (Onda-Cryl) and a autopolymerizing acrylic (Jet) resins were used. Five groups were established, according to polymerization cycles: A, B and C (Onda-Cryl, short cycle - 500W/3 min, long - 90W/13 min + 500W/90 see, and manufacturing microwave cycle - 320W/3 min + OW/3 min + 720W/3 min); T(Classico, water bath cycle - 74 degrees C/9h) and Q (Jet, press chamber cycle - 50 degrees C/15 min at 2 bar). Ten specimens (65 x 10 x 3.3 mm) were prepared for each cycle. The flexural strength of the five groups was measured using a three-point bending test at a cross-head speed of 5 mm/min. Flexural strength values were analyzed by one-way ANOVA and the Tukey's test was performed to identify the groups that were significantly different at 5% level. The microwave-polymerized groups showed the highest means (p<0.05) for flexural strength (MPa) (A = 106.97 +/- 5.31; B = 107.57 +/- 3.99; C = 109.63 +/- 5.19), and there were no significant differences among them. The heat-polymerized group (T) showed the lowest flexural strength means (84.40 +/- 1.68), and differ significantly from all groups. The specimens of a microwavable denture base resin could be polymerized by different microwave cycles without risk of decreasing the flexural strength.

Effect of monomer treatment and polymerisation methods on the bond strength of resin teeth to denture base material

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

Effect of methyl methacrylate monomer on bond strength of denture base resin to acrylic teeth

Bond failures at the acrylic teeth and denture base resin interface are still a common clinical problem in prosthodontics. The effect of methyl methacrylate (MMA) monomer on the bond strength of three types of denture base resins (Acron MC, Lucitone 550 and QC-20) to two types of acrylic teeth (Biotone and Trilux) was evaluated. Twenty specimens were produced for each denture base resin/acrylic tooth combination and were randomly divided into control (acrylic teeth received no surface treatment) and experimental groups (MMA was applied to the surface of the acrylic teeth for 180 s) and were submitted to shear tests (1 mm/mm). Data (MPa) were analyzed using three-way ANOVA/Student's test (alpha = 0.05). MMA increased the bond strength of Lucitone denture base resins and decreased the bond strength of QC-20. No difference was detected for the bond strength of Acron MC base resin after treatment with MMA. (C) 2008 Elsevier Ltd. All rights reserved.

Effect of disinfection and storage on the flexural strength of ocular prosthetic acrylic resins

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