The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

Growth rate of a terra firme rain forest in Brazilian Amazonia over an eight-year period in response to logging

This paper deals with growth rates of trees > 5cm dbh over an eight-year period from 257 species at the Tapajós National Forest. The discussion is centred on the behaviour of the forest after logging. Permanent sample plots were established in 1981 and measured at the first time. The area was logged in 1982. Measurements after logging occurred in 1983, 1987 and 1989. Considering all species together, diameter increment was similar for both intensities of logging until five years after logging. Light-demanding species showed significantly higher growth rates than shade-tolerant species in the logged forest, with greater increment in the heavier treatment intensity. Commercial species also had higher growth rates in the heavier logged area, although those were significantly different only in the period from one to five years after logging. In the undisturbed forest, growth rates increased with increasing dbh size. At species level, growth rate varied between and within treatments, as well as between trees within species, depending mainly on degree of canopy opening. The logging favoured the growth of commercial species, chiefly the light-demanders. Therefore, if the same growth conditions continue being given, for example by silvicultural treatments, to those species of commercial interest, the forest would reach a stock available for harvesting around year 30 after logging. However, the high variation in increment rates indicates that an eight-year period is not sufficient to allow predictions on cutting cycles or polycyclic management systems for the study forest.

Outcrossing rate of Couratari multiflora (J.Smith) Eyma (Lecythidaceae), a low-density tropical tree species from a central Amazonian rainforest

A multilocus mixed-mating model was used to evaluate the mating system of a population of Couratari multiflora, an emergent tree species found in low densities (1 individual/10 ha) in lowland forests of central Amazonia. We surveyed and observed phenologically 41 trees in an area of 400 ha. From these, only four mother trees were analyzed here because few of them set fruits, which also suffered high predation. No difference was observed between the population multilocus outcrossing rate (t mp = 0.953 ± 0.040) and the average single locus rate (t sp = 0.968 ± 0.132). The four mother trees were highly outcrossed (t m ~ 1). Two out of five loci showed departures from the Hardy-Weinberg Equilibrium (HWE) expectations, and the same results occurred with the mixed-mating model. Besides the low number of trees analyzed, the proportion of loci in HWE suggests random mating in the population. However, the pollen pool was heterogeneous among families, probably due to both the small sample number and the flowering of trees at different times of the flowering season. Reproductive phenology of the population and the results presented here suggest, at least for part of the population, a long-distance pollen movement, around 1,000 m.

Un modelo contable para la evaluación económico-financiera en escenarios futuros de la empresa agropecuaria. An accounting model for the economic and financial evaluation of future scenarios in farm enterprises.

El problema: En todo momento y sobre todo cuando estamos en presencia de escenarios económicos turbulentos resulta imprescindible utilizar herramientas que permitan realizar análisis de sensitividad sobre las distintas situaciones que podrían plantearse. La elaboración de modelos matemáticos deterministas desde las aplicaciones realizadas por Richard Mattessich han constituido un instrumento idóneo para el caso de empresas comerciales o industriales. Los modelos informáticos utilizados para las empresas agropecuarias han abordado fundamentalmente la temática relacionada con la producción, no así las otras variables económicas y financieras. Por lo tanto, entendemos que se hace necesario trabajar con modelos agropecuarios que comprendan todas las variables económicas y financieras, de manera de observar otro tipo de cuestiones, tales como: el modo de financiarse, los costos financieros, necesidades de capital de trabajo. Hipótesis: Es posible, a través de la utilización de la información contable en sentido prospectivo, interpretar adecuadamente los escenarios futuros de las organizaciones agropecuarias, cuantificando los impactos que generan tanto las estrategias y políticas aplicables, como las distorsiones del contexto. Objetivo general: determinar la incidencia de las decisiones internas y las que provengan del funcionamiento del sistema económico, a través de la información contable prospectiva. Objetivos específicos: a. Describir los impactos que se producen en la estructura patrimonial, financiera y en los resultados, como consecuencia de los cambios en las estrategias y políticas de la empresa agropecuaria, así como los efectos macroeconómicos en la estructura de la empresa que pudieran estar conmoviendo la gestión económico-financiera. b. Identificar mecanismos y proponer criterios para la elaboración de modelos que permitan visualizar los impactos en los escenarios futuros y las adecuaciones necesarias en la estructura que permitan soportar las modificaciones. Metodología: será un estudio a nivel teórico, donde una vez identificadas las variables y planteados los modelos, se propondrán distintas situaciones y se testearán las respuestas. Resultados esperados: lograr un avance en la evaluación económico-financiera prospectiva de empresas agropecuarias y constituir un avance para futuras investigaciones. Importancia del proyecto: La producción agropecuaria es vital tanto para el desarrollo económico de Argentina, como en particular para la provincia de Córdoba. Elaborar herramientas que eficientizen la administración de este tipo de empresas, redundará en beneficio colectivo. Pertinencia: El producto verificable será la construcción de un modelo distinto a los actuales, tanto en su desarrollo, objetivo al que está destinado y sencillez de su aplicación, posibilitando la inserción del productor en el proceso de planificación, reduciendo el riesgo en la toma de decisiones. Esperando generar un avance sobre los modelos preexistente.

The financial sustainability of passive house construction in Ireland.

In Ireland the average energy cost for a household in 2006 was estimated to be €1,767, an increase of 4% on 2005 figures. With the state o f the current economic climate, home owners are beginning to realise the potential of energy efficient construction methods. The Passive House Standard offers a cost efficient and sustainable construction solution compared to the Traditional Irish construction methods. This report focuses on the Cost comparison between Passive House construction and traditional construction methods. The report also focuses on barriers that are slowing market penetration of the Passive House standard in the Irish Market. It also identifies potential energy savings that passive house occupants would benefit from. The report also highlights professional opinions on the future development o f the Passive House Standard in Ireland. The conclusions of this report are that the Passive House Standard is a more financially suitable construction solution compared to that o f a traditional dwelling complying with the Irish Building Regulations. The report also concludes that the Passive House Standard won’t be introduced as an Irish Building Regulation in the future but that it will have a big impact on future building regulations. The hypothesis o f this report is supported by data obtained from a literature review, qualitative data analysis and a case study. The report recommends that in order for the Passive House Standard to penetrate further into the Irish construction market, various barriers must be rectified. Local manufactures must start producing suitable components that suit the Passive House specification. The Building Energy Rating system must be altered in order for the Passive House to achieve its potential BER rating.

Effects of both ecdysone and the acclimation to low temperature, on growth and metabolic rate of juvenile freshwater crayfish Cherax quadricarinatus (Decapoda, Parastacidae)

Growth, metabolic rate, and energy reserves of Cherax quadricarinatus (von Martens, 1868) juveniles were evaluated in crayfish acclimated for 16 weeks to either 25ºC (temperature near optimum) or 20ºC (marginal for the species). Additionally, the modulating effect of ecdsyone on acclimation was studied. After 12 weeks of exposure, weight gain of both experimental groups acclimated to 25ºC (control: C25, and ecdysone treated: E25) was significantly higher than that of those groups acclimated to 20ºC (C20 and E20). A total compensation in metabolic rate was seen after acclimation from 25ºC to 20ºC; for both the control group and the group treated with ecdysone. A Q10value significantly higher was only observed in the group acclimated to 20ºC and treated with ecdysone. A reduction of glycogen reserves in both hepatopancreas and muscle, as well as a lower protein content in muscle, was seen in both groups acclimated to 20ºC. Correspondingly, glycemia was always higher in these groups. Increased lipid levels were seen in the hepatopancreas of animals acclimated to 20ºC, while a higher lipid level was also observed in muscle at 20ºC, but only in ecdysone-treated crayfish.

A foundation model for marxian theories of the breakdown of capitalism

Marx and the writers that followed him have produced a number of theories of the breakdown of capitalism. The majority of these theories were based on the historical tendencies: the rise in the composition of capital and the share of capital and the fall in the rate of profit. However these theories were never modeled with main stream rigour. This paper presents a constant wage model, with capital, labour and land as factors of production, which reproduces the historical tendencies and so can be used as a foundation for the various theories. The use of Chaplygins theorem in the proof of the main result also gives the paper a technical interest.

A marxian model of the breakdown of capitalism

This paper sets out a Marxian model that is based on the one by Stephen Marglin with one sector and continuous substitution. It is extended by adding technical progress and land as a factor of production. It is then shown that capital accumulation causes the preconditions for the breakdown of capitalism to emerge; that is, it causes the organic composition of capital to rise, the rate of profit to fall and the rate of exploitation to rise. A compressed history of the idea of the breakdown of capitalism is then set out and an explanation is given as to how the model relates to this and how it may serve as the basis for further research.

On the growth rate of minor-closed classes of graphs

"Vegeu el resum a l'inici del document del fitxer adjunt."

Inverted Haavelmo Effects in a General Equilibrium Analysis of the Impact of Implementing the Scottish Variable Rate of Income Tax.

The Scottish Parliament has the authority to make a balanced-budget expansion or contraction in public expenditure, funded by corresponding local changes in the basic rate of income tax of up to 3p in the pound. This fiscal adjustment is known as the Scottish Variable Rate of income tax, though it has never, as yet, been used. In this paper we attempt to identify the impact on aggregate economic activity in Scotland of implementing these devolved fiscal powers. This is achieved through theoretical analysis and simulation using a Computable General Equilibrium (CGE) model for Scotland. This analysis generalises the conventional Keynesian model so that negative balanced-budget multipliers values are possible, reflecting a regional “inverted Haavelmo effect”. Key parameters determining the aggregate economic impact are the extent to which the Scottish Government create local amenities valuable to the Scottish population and the extent to which this is incorporated into local wage bargaining.

Factors Affecting the Financial Success of Motion Pictures: What is the Role of Star Power?

In the mid-1940s, American film industry was on its way up to its golden era as studios started mass-producing iconic feature films. The escalating increase in popularity of Hollywood stars was actively suggested for its direct links to box office success by academics. Using data collected in 2007, this paper carries out an empirical investigation on how different factors, including star power, affect the revenue of ‘home-run’ movies in Hollywood. Due to the subjective nature of star power, two different approaches were used: (1) number of nominations and wins of Academy Awards by the key players, and (2) average lifetime gross revenue of films involving the key players preceding the sample year. It is found that number of Academy awards nominations and wins was not statistically significant in generating box office revenue, whereas star power based on the second approach was statistically significant. Other significant factors were critics’ reviews, screen coverage and top distributor, while number of Academy awards, MPAA-rating, seasonality, being a sequel and popular genre were not statistically significant.

Estimated Financial Impact of Trypanosoma vivax on the Brazilian Pantanal and Bolivian Lowlands

The financial impact of the first outbreak of Trypanosoma vivax in the Brazilian Pantanal wetland is estimated. Results are extended to include outbreaks in the Bolivian lowlands providing a notion of the potential influence of the disease and an analytical basis. More than 11 million head of cattle, valued at more than US$3 billion are found in the Brazilian Pantanal and Bolivian lowlands. The total estimated cost of the 1995 outbreak of T. vivax is the sum of the present values of mortality, abortion, and productivity losses and treatment costs, or about 4% of total brood cow value on affected ranches. Had the outbreak gone untreated, the estimated losses would have exceeded 17% of total brood cow value.

Acidic ribosomal proteins and histone H3 from Leishmania present a high rate of divergence

Another additional peculiarity in Leishmania will be discussed about of the amino acid divergence rate of three structural proteins: acidic ribosomal P1 and P2b proteins, and histone H3 by using multiple sequence alignment and dendrograms. These structural proteins present a high rate of divergence regarding to their homologous protein in Trypanosoma cruzi. At this regard, L. (V.) peruviana P1 and T. cruzi P1 showed 57.4% of divergence rate. Likewise, L. (V.) braziliensis histone H3 and acidic ribosomal P2 protein exhibited 31.8% and 41.7% respectively of rate of divergence in comparison with their homologous in T. cruzi.