Contribuições ao processo de inserção das PMES no mercado de capitais brasileiro

O crescimento de uma empresa pode ser apoiado com recursos de terceiros provenientes do mercado de crédito ou do mercado de capitais. Credores ou potenciais investidores disponibilizam recursos a partir de um processo de avaliação de indicadores de performance. Para as PMEs que consideram o crescimento, conhecer como os indicadores relevantes se comportam ao longo de um ciclo de crescimento é uma questão estratégica. Fatores como tamanho, lucratividade, oportunidades de crescimento, composição de ativos das empresas, risco inerente aos resultados, têm sido vinculados a determinantes de uma estrutura de capital. Assim sendo, este trabalho busca verificar quais indicadores podem nortear o desempenho empresarial de PMEs ao longo de um ciclo de crescimento. Como contribuição original, este trabalho apresenta um painel com indicadores em diferentes estágios de crescimento que resultam na geração de valor para os proprietários e potenciais investidores do mercado de capitais. A amostra inicial é composta por 1.610 empresas para o período de 2010 a 2014. Entretanto, considerando a disponibilidade de informações, a amostra final é composta por 28 empresas de porte médio/grande, 387 empresas grandes e 138 empresas listadas na BM&FBOVESPA, totalizando 553 empresas. A metodologia adotada envolve a classificação de porte de empresa do BNDES como critério para definir ciclo de crescimento, e testes de estatística descritiva, análise fatorial, análise de correlação, regressão múltipla linear e montagem de painel. Como resultado, verificou-se que as variáveis tamanho, composição de ativos e lucratividade são fatores que explicam o endividamento de curto prazo para o estágio médias/grandes empresas. Ainda, que esses fatores explicam o endividamento de longo prazo para os estágios grandes e empresas listadas na BM&FBOVESPA. Tais resultados estão de acordo com estudos prévios, mas as variáveis relacionadas a volatilidade e crescimento não foram significantes nos modelos para os estágios de empresas. O painel montado a partir das variáveis de composição de ativos e lucratividade indicou que endividamento de curto prazo, endividamento de longo prazo, receita líquida, retorno sobre o patrimônio líquido e lucros antes de juros, impostos, depreciação e amortização (EBITDA) sinalizam empresas, em cada estágio de ciclo de crescimento do estudo, que buscam o crescimento com rentabilidade acima da média e atendem a critérios valorizados pelo investidor do mercado de capitais. Estes indicadores podem sinalizar o desempenho empresarial de PMEs ao longo de um ciclo de crescimento

Intercluster filaments of galaxies programme: Pilot study survey and results

We present results from a pilot study of a new wide-field, multicolour (BVR) CCD imaging project, designed to examine galaxy evolution along large-scale filaments that connect clusters of galaxies at intermediate redshifts (0.07 < z < 0.20). Our pilot data set is based on 0.56 deg(2) of observations targeted on Abell 1079 and Abell 1084 using the Wide Field Imager on the Anglo-Australian Telescope. We describe our data reduction pipeline and show that our photometric error is 0.04 mag. By selecting galaxies that lie on the colour-magnitude relation of the two clusters we verify the existence of a low-density (similar to3-4 Mpc(-2)) filament population, conjoining them at a distance of > 3r(Abell) from either cluster. By applying a simple field correction, we characterize this filament population by examining their colour distribution on a (V-R)-(B-V) plane. We confirm the galaxian filament detection at a 7.5 sigma level using a cut at M-V = -18 and we discuss their broad properties.

Pulling out threads from the cosmic tapestry: Defining filaments of galaxies

Filaments of galaxies are the dominant feature of modern large-scale redshift surveys. They can account for up to perhaps half of the baryonic mass budget of the Universe and their distribution and abundance can help constrain cosmological models. However, there remains no single, definitive way in which to detect, describe, and define what filaments are and their extent. This work examines a number of physically motivated, as well as statistical, methods that can be used to define filaments and examines their relative merits.

Calibrating photometric redshifts of luminous red galaxies

We discuss the construction of a photometric redshift catalogue of luminous red galaxies (LRGs) from the Sloan Digital Sky Survey (SDSS), emphasizing the principal steps necessary for constructing such a catalogue: (i) photometrically selecting the sample, (ii) measuring photometric redshifts and their error distributions, and (iii) estimating the true redshift distribution. We compare two photometric redshift algorithms for these data and find that they give comparable results. Calibrating against the SDSS and SDSS-2dF (Two Degree Field) spectroscopic surveys, we find that the photometric redshift accuracy is sigma similar to 0.03 for redshifts less than 0.55 and worsens at higher redshift (similar to 0.06 for z < 0.7). These errors are caused by photometric scatter, as well as systematic errors in the templates, filter curves and photometric zero-points. We also parametrize the photometric redshift error distribution with a sum of Gaussians and use this model to deconvolve the errors from the measured photometric redshift distribution to estimate the true redshift distribution. We pay special attention to the stability of this deconvolution, regularizing the method with a prior on the smoothness of the true redshift distribution. The methods that we develop are applicable to general photometric redshift surveys.

A new algorithm for the detection of intercluster galaxy filaments using galaxy orientation alignments

We present a new algorithm for detecting intercluster galaxy filaments based upon the assumption that the orientations of constituent galaxies along such filaments are non-isotropic. We apply the algorithm to the 2dF Galaxy Redshift Survey catalogue and find that it readily detects many straight filaments between close cluster pairs. At large intercluster separations (> 15 h(-1) Mpc), we find that the detection efficiency falls quickly, as it also does with more complex filament morphologies. We explore the underlying assumptions and suggest that it is only in the case of close cluster pairs that we can expect galaxy orientations to be significantly correlated with filament direction.

The 2dF-SDSS LRG and QSO (2SLAQ) luminous red galaxy survey

We present a spectroscopic survey of almost 15 000 candidate intermediate-redshift luminous red galaxies (LRGs) brighter than i = 19.8, observed with 2dF on the Anglo-Australian Telescope. The targets were selected photometrically from the Sloan Digital Sky Survey (SDSS) and lie along two narrow equatorial strips covering 180 deg(2). Reliable redshifts were obtained for 92 per cent of the targets and the selection is very efficient: over 90 per cent have 0.45 < z < 0.8. More than 80 per cent of the similar to 11 000 red galaxies have pure absorption-line spectra consistent with a passively evolving old stellar population. The redshift, photometric and spatial distributions of the LRGs are described. The 2SLAQ data will be released publicly from mid-2006, providing a powerful resource for observational cosmology and the study of galaxy evolution.

The effect of local galaxy surface density on star formation for HI selected galaxies

We present the result of investigations into two theories to explain the star formation rate (SFR)-density relationship. For regions of high galaxy density, either there are fewer star-forming galaxies or galaxies capable of forming stars are present but some physical process is suppressing their star formation. We use H I Parkes All-Sky Survey's (HIPASS) HI detected galaxies and infrared and radio fluxes to investigate SFRs and efficiencies with respect to local surface density. For nearby (vel < 10 000 km s(-1)) H I galaxies, we find a strong correlation between H I mass and SFR. The number of H I galaxies decreases with increasing local surface density. For H I galaxies (1000 < vel < 6000 km s(-1)), there is no significant change in the SFR or the efficiency of star formation with respect to local surface density. We conclude that the SFR-density relation is due to a decrease in the number of H I star-forming galaxies in regions of high galaxy density and not to the suppression of star formation.

Quantitative analysis of solid-state processes studied with isothermal microcalorimetry

Quantitative analysis of solid-state processes from isothermal microcalorimetric data is straightforward if data for the total process have been recorded and problematic (in the more likely case) when they have not. Data are usually plotted as a function of fraction reacted (α); for calorimetric data, this requires knowledge of the total heat change (Q) upon completion of the process. Determination of Q is difficult in cases where the process is fast (initial data missing) or slow (final data missing). Here we introduce several mathematical methods that allow the direct calculation of Q by selection of data points when only partial data are present, based on analysis with the Pérez-Maqueda model. All methods in addition allow direct determination of the reaction mechanism descriptors m and n and from this the rate constant, k. The validity of the methods is tested with the use of simulated calorimetric data, and we introduce a graphical method for generating solid-state power-time data. The methods are then applied to the crystallization of indomethacin from a glass. All methods correctly recovered the total reaction enthalpy (16.6 J) and suggested that the crystallization followed an Avrami model. The rate constants for crystallization were determined to be 3.98 × 10-6, 4.13 × 10-6, and 3.98 × 10 -6 s-1 with methods 1, 2, and 3, respectively. © 2010 American Chemical Society.