Um estudo sobre a relação entre ações preferenciais e valor de mercado das empresas brasileiras de capital aberto

O mercado de capitais brasileiro se caracteriza pela alta concentração de poder nas mãos de poucos acionistas controladores. No Brasil, a existência de ações preferenciais sem direito a voto enseja o surgimento de conflito de agência entre acionistas controladores e acionistas minoritários, agravado pelo fato de que o controle pode ser exercido com uma participação relativamente pequena sobre o total de ações emitidas pelas companhias. A concentração de propriedade permitiria a possibilidade de expropriação dos direitos dos minoritários. Diversos estudos empíricos vêm sendo realizados ao longo dos últimos anos com o objetivo de avaliar a influência da estrutura de propriedade das ações sobre o valor de mercado das companhias. Nesse contexto, o presente trabalho pretende trazer novas contribuições, com ênfase na participação de ações preferenciais na estrutura de propriedade. Neste trabalho, usando uma amostra de empresas de capital aberto negociadas na BM&FBOVESPA, a partir de teste de diferença de médias, rejeita-se a hipótese de igualdade de valor entre empresas que só possuem ações ON em sua estrutura de propriedade, em relação às que possuem ambos os tipos, ON e PN. Em continuidade, usando modelos de regressão linear, encontra-se relação negativa estatisticamente significativa entre valor de mercado das empresas e variável utilizada para caracterizar a estrutura de propriedade, especificamente, a diferença entre o percentual de participação dos acionistas não controladores no total de ações PN e o percentual de participação dos acionistas controladores no total de ações PN.

Fatores Condicionantes do Valor de Mercado das Empresas Negociadas na BM&FBOVESPA

Um dos temas mais estudados na área de finanças corporativas é a determinação de fatores que influenciem o valor de mercado das companhias. Outro tema, também bastante comum, é a relação entre proprietários e agentes. Ambas as questões se entrelaçam porque, em tese, agentes podem orientar suas decisões em benefício próprio, contrariando os interesses dos proprietários, o que, em última análise, impactaria negativamente no valor das empresas. No Brasil, face às características próprias de controle e propriedade das companhias, o conflito de interesses passa a englobar também as relações entre controladores e minoritários. Uma rápida análise da literatura existente irá constatar que são muitas as variáveis consideradas. A tentativa de tratá-las num único modelo esbarra nas correlações muito elevadas que as referidas variáveis possuem entre si. Este estudo pretendeu lançar um novo olhar sobre o problema, utilizando Análise Fatorial para contornar estas dificuldades. Partindo de uma amostra com 114 empresas, foi possível identificar dois fatores aos quais se relacionam as nove variáveis consideradas no trabalho. Os fatores, nomeados Negociabilidade e Governança Corporativa, respondem por mais de 2/3 da variabilidade dos dados. As coordenadas dos fatores, divididas em altas e baixas, combinadas em pares, permitiu a caracterização de quatro quadrantes, pelos quais as empresas se distribuem. Através da utilização de teste não paramétrico de diferenças de médias, foi possível rejeitar a hipótese nula de igualdade do valor médio de mercado das empresas entre os quatro quadrantes. Os resultados encontrados são explicados pelos valores assumidos pelas variáveis para as empresas de cada quadrante.

Los grupos de empresas en los sectores y subsectores cotizados: la banca y cajas de ahorro

El sector Bancario y de Caja de Ahorros está compuesto por diversas entidades, y la mayoría son entidades cotizadas, pero mucha de estas entidades forman entre si grupos financieros o también denominados conglomerados financieros. Un conglomerado financiero existe cuando un grupo de compañías controladas por la misma entidad, las actividades de las entidades que lo forman se encuentran en el área financiera, pero hay al menos dos actividades distintas dentro el entrono financiero. Una vez que hemos delimitado el tipo de grupo empresarial que tenemos, pasamos a realizar un análisis fundamental, elemento que permite determinar el valor de la empresa. Usamos ratio tales como el ratio PER (Price Earning Ratio), el BPA (Beneficio Por Accion) o el Precio/Cash-Flow que nos permite emitir un valor de cotización. En España, encontramos 3 principales grupos financieros, estos son el BBVA, el Santander y CaixaBank, los cuales tienen valores de cotización distintos, mostrándonos que el BBVA, por cotización, es el mejor grupo financiero español. Mientras que si hubiésemos hecho un análisis contable, diríamos que el mejor sería el grupo Santander. Lo cual nos lleva a hacer una apreciación general, no tiene porque basarte solo en la información contable, sino que hay que tener también en cuenta elementos externos que puedan afectarnos. Trabajo realizado en Castellano.

How much does the fishery at Apo Island benefit from spillover of adult fish from the adjacent marine reserve?

The contribution of the no-take marine reserve at Apo Island, Philippines, to local fishery yield through “spillover” (net export of adult fish) was estimated. Spatial patterns of fishing effort, yield, and catch rates around Apo Island were documented daily in 2003−2004. Catch rates were higher near the reserve (by a factor of 1.1 to 2.0), but fishing effort was often lowest there. Higher catch rates near the reserve were more likely due to spillover than to low fishing intensity. Lower fishing effort near the reserve may have been due to 1) weather patterns, 2) traditional importance of other fishing grounds, 3) high variability in catch rates, 4) lower market value of target species, and 5) social pressures. The yield taken near the reserve was only 10% of the total yield, but the actual spillover contribution was probably much less than this. This study is one of the few to estimate the spillover contribution to overall yield and to document the responses of fishermen to spil

O princípio da reparação integral à atividade negocial

Neste trabalho estuda-se a aplicação do princípio da reparação integral do dano causado às atividades negociais. Como a teoria da responsabilidade civil está calcada na doutrina liberal clássica, a reparação do dano, muitas vezes, não recebe, por parte da doutrina e da jurisprudência, tratamento adequado às características e vicissitudes do mercado. O objetivo principal é tratar de uma das vertentes que o Direito exerce no seu papel de corretor das chamadas falhas de mercado. Analisam-se os preceitos jurídicos da responsabilidade civil em relação a essas falhas de mercado e a implicação que isto tem na solução de questões jurídicas envolvendo a atividade negocial.

Gear modifications for fishing octopus, Octopus vulgaris, on live-bottom and adjacent flat bottom habitats in coastal waters off North Carolina

The Common Octopus, Octopus vulgaris, is an r-selected mollusk found off the coast of North Carolina that interests commercial fishermen because of its market value and the cost-effectiveness of unbaited pots that can catch it. This study sought to: 1) determine those gear and environmental factors that influenced catch rates of octopi, and 2) evaluate the feasibility of small-scale commercial operations for this species. Pots were fished from August 2010 through September 2011 set in strings over hard and sandy bottom in waters from 18 to 30 m deep in Onslow Bay, N.C. Three pot types were fished in each string; octopus pots with- and without lids, and conch pots. Proportional catch was modeled as a function of gear design and environmental factors (location, soak time, bottom type, and sea surface water temperature) using binomially distributed generalized linear models (GLM’s); parsimony of each GLM was assessed with Akaike Information Criteria (AIC). A total of 229 octopi were caught throughout the study. Pots with lids, pots without lids, and conch pots caught an average of 0.15, 0.17, and 0.11 octopi, respectively, with high variability in catch rates for each pot type. The GLM that best fit the data described proportional catch as a function of sea surface temperature, soak time, and station; greatest proportional catches occurred over short soak times, warmest temperatures, and less well known reef areas. Due to operating expenses (fuel, crew time, and maintenance), low catch rates of octopi, and high gear loss, a directed fishery for this species is not economically feasible at the catch rates found in this study. The model fitting to determine factors most influential on catch rates should help fishermen determine seasons and gear soak times that are likely to maximize catch rates. Potting for octopi may be commercially practical as a supplemental activity when targeting demersal fish species that are found in similar habitats and depth ranges in coastal waters off North Carolina.

Ecological and economic consequences of hypoxia: Topic 2 Report for the Integrated Assessment on Hypoxia in the Gulf of Mexico

In this report we have attempted to evaluate the ecological and economic consequences of hypoxia in the northern Gulf of Mexico. Although our initial approach was to rely on published accounts, we quickly realized that the body of published literature deahng with hypoxia was limited, and we would have to conduct our own exploratory analysis of existing Gulf data, or rely on published accounts from other systems to infer possible or potential effects of hypoxia. For the economic analysis, we developed a conceptual model of how hypoxia-related impacts could affect fisheries. Our model included both supply and demand components. The supply model had two components: (1) a physical production function for fish or shrimp, and (2) the cost of fishing. If hypoxia causes the cost of a unit of fishing effort to change, then this will result in a shift in supply. The demand model considered how hypoxia might affect the quality of landed fish or shrimp. In particular, the market value per pound is lower for small shrimp than for large shrimp. Given the limitations of the ecological assessment, the shallow continental shelf area affected by hypoxia does show signs of hypoxia-related stress. While current ecological conditions are a response to a variety of stressors, the effects of hypoxia are most obvious in the benthos that experience mortality, elimination of larger long-lived species, and a shifting of productivity to nonhypoxic periods (energy pulsing). What is not known is whether hypoxia leads to higher productivity during productive periods, or simply to a reduction of productivity during oxygen-stressed periods. The economic assessment based on fisheries data, however, failed to detect effects attributable to hypoxia. Overall, fisheries landings statistics for at least the last few decades have been relatively constant. The failure to identify clear hypoxic effects in the fisheries statistics does not necessarily mean that they are absent. There are several possibilities: (1) hypoxic effects are small relative to the overall variability in the data sets evaluated; (2) the data and the power of the analyses are not adequate; and (3) currently there are no hypoxic effects on fisheries. Lack of identified hypoxic effects in available fisheries data does not imply that effects would not occur should conditions worsen. Experience with other hypoxic zones around the globe shows that both ecological and fisheries effects become progressively more severe as hypoxia increases. Several large systems around the globe have suffered serious ecological and economic consequences from seasonal summertime hypoxia; most notable are the Kattegat and Black Sea. The consequences range from localized loss of catch and recruitment failure to complete system-wide loss of fishery species. If experiences in other systems are applicable to the Gulf of Mexico, then in the face of worsening hypoxic conditions, at some point fisheries and other species will decline, perhaps precipitously.

Impact of hatchery releases on the recreational fishery for Pacific threadfin (Polydactylus sexfilis) in Hawaii

The Pacific threadfin (Polydactylus sexfilis) is considered one of the premier Hawaiian food fishes but even with catch limits, seasonal closures, and size limits, catches have declined dramatically since the 1960s. It was identified as the top candidate species for stock enhancement in Hawaii, based on the decline in stocks, high market value, and importance of the fishery. In the stock enhancement program for Pacific threadfin, over 430,000 fingerlings of various sizes were implanted with coded wire tags and released in nursery habitats along the windward coast of Oahu between 1993 and 1998. Because few Pacific threadfin were present in creel surveys conducted between 1994 and 1998, Oahu fishermen were offered a $10 reward for each threadfin that was caught (for both hatchery-reared and wild fish). A total of 1882 Pacific threadfin were recovered from the reward program between March 1998 and May 1999, including 163 hatchery-reared fish, an overall contribution of 8.7% to the fishery. Hatchery-reared fish accounted for as high as 71% of returns in the release areas. Hatchery-reared fish were recovered on average 11.5 km (SD=9.8 km) from the release site, although some had moved as far away as 42 km. Average age for recovered hatchery-reared fish was 495 days; the oldest was 1021 days. Cultured Pacific threadfin juveniles survived and recruited successfully to the recreational fishery, accounting for 10% of fishermen’s catches on the windward side of Oahu. Recruitment to the fishery was highest for the 1997 release year; few juveniles from earlier releases were observed. Presence of a few large, fully developed females in the recreational fishery suggested that hatchery-reared fish can survive, grow, and reproductively contribute to the population. Implementation of an enhancement program that is focused on juveniles and perhaps large females, as part of an integrated fishery management strategy, could speed the recovery of this fish population.

On acid sulfate soils of the coastal aquaculture ponds of Bangladesh

With the stimulus of the very high international market value of penaeid shrimp, new pond areas for shrimp farming are rapidly being added in Bangladesh. Unfortunately, this expansion is occurring with the loss of some natural mangrove forests and with soils and sediments that are far from ideal for aquaculture. In this study, two representative shrimp farming areas were surveyed and pH, in profile depth, was recorded. It was found that the shrimp farming areas of the Chakaria Sundarban are more acidic than those of the Khulna-Satkhira region due to the acid sulfate soils.

Report of Catch Assessment Survey of Lake Albert – Albert Nile conducted in July 2012

A Catch Assessment Surveys (CAS) with the overall objective of generating information on the fish production and commercial value of the fisheries of Lake Albert and Albert Nile system was implemented by the National Fisheries Resources Research Institute (NAFIRRI) in collaboration with the Department of Fisheries Resources (DFR), Local Government staff (FOs) and BMU members at selected landing sites on Lake Albert (12 landing sites) and Albert Nile (26 landing sites) in July 2012. A total 622 and 313 boat days on Lake Albert and Albert Nile respectively were sampled for a period of 9 days. Results indicate an annual landing of 151,600 and 5,900 tonnes (t) of fish with an estimated beach value of 122.5 and 14 Billion (UShs) from Lake Albert and Albert Nile respectively. Over 80% of the catch from Lake Albert comprised the small pelagic species; Neobola bredoi (Muziri) and Brycinus nurse (Ragoogi) followed by Nile perch (6%). However, due to low market value of the small fishes and the high prices attached to Nile perch for industrial processing and export market, the contribution of the latter to beach value rose to 34% of the total. The contribution of the light fishery based on small pelagic species (B. nurse and N. bredoi) are insignificant on Albert Nile. Even if the small pelagic species may be present in the river system, a light fishery based on these two is yet to be developed. Proportionally, Albert Nile still remain a multispecies fishery with over 20 fish species harvested commercially. Interestingly, the Albert Nile fishery still remains primitive with simple crafts and gears (mainly dugout canoes, traps, and gillnets). This could suggest that the more developed the system becomes the higher the level of transformation in its fisheries leading to simplification, characterized by reduction in multispecies nature and dominance of few species. Illegal gears especially undersized gillnet of mesh size less than 4 inches were the most dominant in the Lake Albert and Albert Nile fisheries. They captured large quantities of immature fish particularly when used to target Nile perch, Bagrus, Nile tilapia, and large Barbus spp. Their impact when used to target the smaller species (Ragoogi, Angara & Ngasia) is yet to be evaluated. A specific study to analyze selectivity and impacts of these nets is a recommended. However, the dominance of 1.5” mesh sizes especially on Albert Nile to target Angara, Ngassia and Barbus, is definitely destructive to their fisheries and should be checked forthwith. In addition, there is an emerging fishing method locally referred to as “Salsio or Luzira” whereby fishers stay on the lake from 3 days up to 2 weeks without returning to the landing site. They carry with them food and salt for processing the catches on the lake, and in the case of Albert Nile on make shift shelters on islands and in the game park. They normally use gillnets of 3-3½ inch mesh size and caught mainly Nile perch & Bagrus (Pethi & Munama). On return they land several tons of fish. Most of these Catches are not captured in the estimates presented in our analyses since we target daily fishing boats. The possible impacts of this fishing method should be studied and appropriate action recommended.

New evidences on the distribution of predatory pelagic sharks in the tuna grounds of the Indian Ocean

Since the commencement of the exploitation of oceanic tuna resources of the Indian Ocean seventeen years ago, the hooked rates for the tuna species have declined in many areas of the Ocean but there are no evidences of such a trend in the case of the sharks. As a result, the percentage composition of sharks in the longline catches and the percentage of the tuna catch damaged by sharks show an increase. Hence there is an urgent need for innovation of the existing longline gear in order to increase the fishing efficiency for hooking the tuna species with a corresponding reduction in its efficiency for hooking sharks. At the beginning of this fishery, hooked sharks were discarded at sea, at a later stage the liver and fins were taken and the carcass discarded and presently the sharks are also brought along with the tuna catch. Though the shark meat has a very low market value it is brought in order to cover up for the declining tuna catches. Thus it has become very necessary to increase the demand for shark meat by developing products or by-products utilizing shark meat and ensuring the successful continuity of the tuna longline fishery. The pattern of distribution of shark species in the time grounds of the Pacific, Indian and Atlantic Oceans and also the predation of hooked tunas by sharks were discussed earlier (Sivasubranianiam 1963, 1964 and 1966). Some contribution to these studies is made in this paper based on new data become available.

Status and prospects of mackerel and tuna fishery in Bangladesh

Present status and future prospects of mackerel and tuna fisheries in Bangladesh were assessed during July 2003-June 2004. The work concentrated on the fishing gears, length of fishes, total landings and market price of the catch and highlighted the prospects of the fishery in Bangladesh. Four commercially important species of mackerels and tuna viz. Scomberomorus guttatus, Scomberomorus commerson, Rastrelliger kanagurta, and Euthynnus affinis were included in the study. About 95% of mackerels and tuna were caught by drift gill nets and the rest were caught by long lines (4%) and marine set-bag-net (1%). Average monthly total landing of mackerels and tunas was about 264 t, of which 147 t landed in Cox's Bazar and 117 t in Chittagong sites. Total catches of the four species in Cox's Bazar and Chittagong sites were found to be 956 and 762 t, respectively. The poor landing was observed during January-February and the peak landing was in November and July. Gross market value of the annual landing of mackerels and tunas (1,718 t) was found to be 1,392 latch taka. Nevertheless, the mackerel and tuna fisheries in Bangladesh are increasingly contributing to the marine fish production of the country and have very good potential for further expansion for both domestic and export market.

The develop of 622Mbits/s free space laser communication system

622Mbits/s free space laser communication system is developed. IT's communication rate is 622Mbits/s. The whole system include three parts which are signal in and out circuit laser driver and receive circuit and optical antenna The communication principle is introduced The experiment result shows that the transmission of data and image are satisfied with demands of design. It have a definite market value.

Valuing ecosystem services from wetlands restoration in the Mississippi Alluvial Valley

This study assesses the value of restoring forested wetlands via the U.S. government's Wetlands Reserve Program (WRP) in the Mississippi Alluvial Valley by quantifying and monetizing ecosystem services. The three focal services are greenhouse gas (GHG) mitigation, nitrogen mitigation, and waterfowl recreation. Site- and region-level measurements of these ecosystem services are combined with process models to quantify their production on agricultural land, which serves as the baseline, and on restored wetlands. We adjust and transform these measures into per-hectare, valuation-ready units and monetize them with prices from emerging ecosystem markets and the environmental economics literature. By valuing three of the many ecosystem services produced, we generate lower bound estimates for the total ecosystem value of the wetlands restoration. Social welfare value is found to be between $1435 and $1486/ha/year, with GHG mitigation valued in the range of $171 to $222, nitrogen mitigation at $1248, and waterfowl recreation at $16. Limited to existing markets, the estimate for annual market value is merely $70/ha, but when fully accounting for potential markets, this estimate rises to $1035/ha. The estimated social value surpasses the public expenditure or social cost of wetlands restoration in only 1 year, indicating that the return on public investment is very attractive for the WRP. Moreover, the potential market value is substantially greater than landowner opportunity costs, showing that payments to private landowners to restore wetlands could also be profitable for individual landowners. © 2009 Elsevier B.V.

The role of economics in ecosystem based management: The case of the EU Marine Strategy Framework Directive, First lessons learnt and way forward

The EU Marine Strategy Framework Directive (MSFD) sets out a plan of action relating to marine environmental policy and in particular to achieving ‘good environmental status’ (GES) in European marine waters by 2020. Article 8.1 (c) of the Directive calls for ‘an economic and social analysis of the use of those waters and of the cost of degradation of the marine environment’. The MSFD is ‘informed’ by the Ecosystem Approach to management, with GES interpreted in terms of ecosystem functioning and services provision. Implementation of the Ecosystem Approach is expected to be by adaptive management policy and practice. The initial socio-economic assessment was made by maritime EU Member States between 2011 and 2012, with future updates to be made on a regular basis. For the majority of Member States, this assessment has led to an exercise combining an analysis of maritime activities both at national and coastal zone scales, and an analysis of the non-market value of marine waters. In this paper we examine the approaches taken in more detail, outline the main challenges facing the Member States in assessing the economic value of achieving GES as outlined in the Directive and make recommendations for the theoretically sound and practically useful completion of the required follow-up economic assessments specified in the MSFD.