Anomalous structural relaxations in PVDF rich blends with PMMA in the presence of surface functionalized CNTs

The structural relaxations in PVDF rich blends with PMMA can be quite interesting in understanding the origin of the different molecular relaxations associated with the crystalline and amorphous phases, crystal-amorphous interphase and the segmental motions. In light of our recent findings, we understood that the origin of these molecular relaxations were strongly contingent on the concentration of PMMA in the blend, crystalline morphology and the surface functional moieties on multiwall carbon nanotubes (CNTs). In addition, for the blends with concentration of PMMA >= 25 wt%, the structural relaxations often merge and are dielectrically indistinguishable. In this study, we attempted to determine the critical width in composition where the structural relaxations can be distinctly realized both in the control as well as blends with amine functionalized CNTs (NH2-CNTs). Intriguingly, we observed that in a narrow zone in composition (with PMMA concentration >= 10 wt% and <= 25 wt%), the molecular relaxations can be dielectrically distinguished and they often merge for all other compositions. Furthermore, we attempted to understand how this critical width in composition is related to the crystalline morphology using small angle X-ray scattering and polarizing optical microscopy and the crystal structure using FTIR and Raman spectroscopy. We now understand that although the formation of beta crystals in the blends has no direct correlation with the observed molecular relaxations, the amorphous miscibility and the interphase regions seem to be dictating the origin of different molecular relaxations in the blends. The latter was observed to be strongly contingent on the concentration of PMMA in the blends.

Effect of absolute pressure on flow through a textured hydrophobic microchannel

The potential of textured hydrophobic surfaces to provide substantial drag reduction has been attributed to the presence of air bubbles trapped on the surface cavities. In this paper, we present results on water flow past a textured hydrophobic surface, while systematically varying the absolute pressure close to the surface. Trapped air bubbles on the surface are directly visualized, along with simultaneous pressure drop measurements across the surface in a microchannel configuration. We find that varying the absolute pressure within the channel greatly influences the trapped air bubble behavior, causing a consequent effect on the pressure drop (drag). When the absolute pressure within the channel is maintained below atmospheric pressure, we find that the air bubbles grow in size, merge and eventually detach from the surface. This growth and subsequent merging of the air bubbles leads to a substantial increase in the pressure drop. On the other hand, a pressure above the atmospheric pressure within the channel leads to gradual shrinkage and eventual disappearance of trapped air bubbles. We find that in this case, air bubbles do cause reduction in the pressure drop with the minimum pressure drop (or maximum drag reduction) occurring when the bubbles are flush with the surface. These results show that the trapped air bubble dynamics and the pressure drop across a textured hydrophobic microchannel are very significantly dependent on the absolute pressure within the channel. The results obtained hold important implications toward achieving sustained drag reduction in microfluidic applications.

A Lei 11.638/2007 e a Harmonização de Práticas Contábeis em Empresas Multinacionais: Um Estudo de Caso sobre a Vale

O mundo transforma-se constantemente, assim como tudo o que nele está inserido. A evolução da economia possibilitou uma maior integração do mercado financeiro, tornando o ambiente de negócios único e global. É cada vez mais comum o ingresso de recursos estrangeiros nos mercados de capitais nacionais, bem como fusões e aquisições entre companhias de países distintos e com características próprias. Essas empresas, por sua vez, esforçam-se em adotar normas que atendam aos stakeholders, sem perder a obrigatoriedade de apresentar suas demonstrações contábeis em conformidade com as características do país em que estão sediadas. Com a unificação dos países da Europa em um único bloco econômico, vislumbrou-se a possibilidade de desenvolver normas que pudessem ser compreendidas e interpretadas pelos diversos usuários destas demonstrações contábeis, em qualquer lugar do globo. Assim criadas, as normas de IFRS International Financial Reporting Standards buscaram a redução de diferenças nas metodologias contábeis e na forma com que são divulgadas em cada país, permitindo a comparabilidade e evidenciação das informações ao mercado. O IFRS, atualmente, já é adotado por mais de 100 países no mundo. No Brasil, em 28 de dezembro de 2007, promulgou-se a Lei 11.638 eliminando barreiras regulatórias que impediam a inserção total das empresas brasileiras no processo de convergência contábil internacional e aproximando sua legislação referente às normas contábeis às do mundo globalizado. O objeto do presente estudo é apresentar as principais mudanças decorrentes dessa adoção e seus impactos na contabilidade das empresas brasileiras, tomando como exemplo a empresa Vale, multinacional brasileira com alto volume diário de negociações de suas ações em Bolsa de Valores, grande parte de investidores estrangeiros. Os assuntos controversos, definições e entendimentos que ainda serão deliberados até 2010, evidenciam que não houve tempo hábil para a discussão e preparação das empresas, do fisco, de profissionais do mundo empresarial e acadêmico, dos contadores e auditores, bem como dos órgãos reguladores. Apesar das aparentes dificuldades, o Brasil deu um grande salto na qualidade das informações prestadas e aproxima-se dos grandes investidores globais, capacitando-se para receber recursos que possibilitem o seu crescimento econômico e o seu papel no cenário mundial.

Centralização de capital na saúde e participação do BNDES no contexto da política de desenvolvimento

O trabalho desenvolvido tem por objeto de estudo a participação do BNDES no processo de centralização de capital na área da saúde brasileira. Por meio da análise da política governamental para o setor produtivo da saúde, com enfoque na intervenção do BNDES, bem como do acompanhamento da dinâmica dos subsistemas que compõe o Complexo Econômico-Industrial da Saúde (CEIS), evidenciou-se a tendência às fusões e aquisições na área. O referido processo foi compreendido no contexto do desenvolvimento econômico brasileiro articulado à consolidação do capitalismo contemporâneo. Dessa forma, nos detivemos à discussão dos pressupostos da acumulação capitalista e à correlação estabelecida com o processo de centralização de capital. Sendo realizada articulação com a mercantilização da saúde. Abordamos, ainda, o debate sobre as características da política de desenvolvimento no país e sua articulação com as requisições do modo de produção capitalista. E, ainda apresentadas as principais políticas governamentais atuais que abrangem o CEIS e análise das mesmas. Compreendemos que o complexo da saúde move-se na direção estabelecida pela dinâmica capitalista atual, que pressupõe a financeirização do capital, articulada à formação de monopólios, com participação do Estado, por meio de abertura econômica, de incentivos e aplicação de recursos do fundo público.

What's happening in European supply-chains?

Many multinational companies are supposedly viewing Europe as one region and re-shaping their approach to the supply of products to customers. Several factors are thought to be driving this trend, notably the degree of merger and acquisitions activity; the need for improved financial performance; the pressure to reduce inventories and costs, facilitated by improvements in communication and information technology systems. All of this is in the context of European market and monetary harmonisation. This paper investigates the extent and effect of the amanegement of supply chains on a pan-European baisis by multinational business. A survey was used to examine changes, both made and anticipated. to operational strategies, processes, organisational structures and physical infrastructure across a range of businesses and industry sectors. Cost reducation, driven by the need for profit and shreholder return, was found to be the priority for developments in supply chains.Many businesses reported consolidation of manufacturing and distribution activities whilst retaining discrete country-by-country organisational structures for managing customers and markets.Logistics Service Providers were seen in a traditional role as suppliers of commodity warehousing and transport services and lacked true pan-European capability. Despite the often-vaunted concept of a pan-European business model, individual businesses wwere seen to be negotiating their own path to balancing economies of scale with customers' service needs and expectations.

TWENTIETH CENTURY VARIATIONS ON BORROWED THEMES

Mergers and acquisitions are words that are usually associated with the modern business world. Such joint efforts toward improvement, however, existed long before our time, in the form of musical partnerships. It was not unusual for composers to share in each other's works, borrowing themes and recreating them to generate new meanings; in the process, new masterpieces were often created. My performance project, Twentieth Century Variations on Borrowed Themes, explores the fruits of such labor. The main objective of this project is to demonstrate how certain composers of the twentieth century have taken famous themes and used them to create variations, imbuing their own creative ideas, musical styles and pianistic challenges. This objective was accomplished by performing three recorded public recitals. These programs consisted of early to late twentieth century pieces that are based on borrowed themes, either in theme and variations form, fantasia form, paraphrase form, or transformal variation form. I have selected the pieces based on their artistic merits and technical challenges, thus allowing me to grow as a pianist and artist. In addition, I wanted to choose some pieces that are rarely performed, as I believe the public delights in hearing unfamiliar gems. The first recital consisted of the music of two legendary pianists: Variations on a Theme of Chopin by Rachmaninoff and Goldberg Variations by BachIBusoni. The second program featured Grand Fantasy on Gershwin's Porgy and Bess by Earl Wild, Sonatina No. 6 (Fantasy on Bizet 's "Carmen") by Busoni, and Rhapsody on a Theme by Paganini, op.43 by Rachmaninoff. Some unusual and seldom-performed pieces, as well as a familiar favorite, were spotlighted in the third recital. The pieces performed on this program were John Rea's Twenty-one Transformal Variations on the "Kindersznen " by Robert Schumann (Las Meninas), Muczynski's Desperate Measures (Paganini Variations), Busoni's Elegie No. 3 (Turandot 's room), and Rhapsodie Espagnole by LisztIBuson. These composers artfully breathed new life into the material borrowed from others, and in the process, the "borrowed" themes became undoubtedly and uniquely their own music.

China’s National Security Review: a tit-for-tat response?

China is gradually taking its place as a major regulator, exercising concurrent jurisdiction of the national security review along with the US and EU over high-profile cross-border mergers and acquisitions. The National Security Review (NSR) regulatory regime of foreign acquisitions has attracted significant attention recently with the establishment of China's counterpart to the Committee on Foreign Investment in the United States (CFIUS). Due to the intensified activities of sovereign wealth funds (SWFs) that are closely linked with states, CFIUS's broad discretion to deal with China's SWF-based investment may have a far-reaching impact on China's implementation of the newly enacted NSR regime. It is essential to design a mechanism that allows SWFs to maximise their positive attributes while safeguarding the apolitical integrity of the marketplace. Any disproportionate use of the NSR regime would inevitably bring about more unintended consequences, such as tit-for-tat protectionism. This represents an imminent threat to the tenuous recovery from the recent economic crisis, largely because of the increasingly intertwined and interdependent nature of the global financial markets. It is of utmost significance to evaluate the extent to which the updated legislation strikes a reasonable balance between preserving genuine national security interests and maintaining an open environment for investment.

Generating analysis topology using virtual topology operators

Virtual topology operations have been utilized to generate an analysis topology definition suitable for downstream mesh generation. Detailed descriptions are provided for virtual topology merge and split operations for all topological entities, where virtual decompositions are robustly linked to the underlying geometry. Current virtual topology technology is extended to allow the virtual partitioning of volume cells. A valid description of the topology, including relative orientations, is maintained which enables downstream interrogations to be performed on the analysis topology description, such as determining if a specific meshing strategy can be applied to the virtual volume cells. As the virtual representation is a true non-manifold description of the sub-divided domain the interfaces between cells are recorded automatically. Therefore, the advantages of non-manifold modelling are exploited within the manifold modelling environment of a major commercial CAD system without any adaptation of the underlying CAD model. A hierarchical virtual structure is maintained where virtual entities are merged or partitioned. This has a major benefit over existing solutions as the virtual dependencies here are stored in an open and accessible manner, providing the analyst with the freedom to create, modify and edit the analysis topology in any preferred sequence.

O que o estado português quis conservar: a avaliação e aquisição de documentos de arquivo em Portugal nos séculos XIX e XX

Esta dissertação procura identificar os desígnios que orientaram as decisões do Estado português em relação à aquisição de documentos de arquivo, com o objectivo de verificar se esses desígnios se formalizaram numa política de avaliação e aquisição de documentos de arquivo coerente e sistemática. A análise incidiu no Arquivo Nacional e nos arquivos distritais durante o período cronológico que abrange o século XIX e a primeira metade do século XX. Partindo da discussão teórica presente nos discursos de arquivistas e investigadores, da evolução das práticas no Arquivo Nacional e das incorporações realizadas nos arquivos distritais, esta tese defende que existiu uma visão constitutiva dos arquivos enquanto repositórios documentais da memória da nação. No entanto, esta visão não se concretizou numa política arquivística articulada e estrutural; ABSTRACT:This dissertation aims to identify portuguese state’s goals that guided its intervention on acquisition of archival records. Our purpose is to verify if those goals meant a coherent and systematic appraisal and acquisition policy. Our analysis took as object Portugal’s national and regional archives from nineteenth to twentieth century’s first half. Beginning from theoretical discussion that can be seen on archivists and investigators speeches, National Archive’s practices and acquisitions occurred in regional archives, this thesis sustains that there was a vision on the archives as national memory documental repositories. However, this vision was not translated on an articulated and structured archival policy.

M&A und das Synergieversprechen. Wen interessiert's? Entwicklung eines Ansatzes zur Analyse von Aktienkursreaktionen auf M&A-basierte Finanzkommunikation

Die Arbeit entwickelt einen Ansatz, mit dem Aktienkursreaktionen auf Unternehmensmeldungen untersucht werden können. Die Vorgehensweise entstammt der Forschungsfrage, ob Investoren im Sinne einer Kontrollfunktion des Kapitalmarktes angemessen auf Unternehmensmeldungen reagieren, die auf den Stand einer M&A-Integration hinweisen. Vermutet wird, dass Synergieeffekte vom Management im Vorfeld versprochen werden, um M&A-Transaktionen zu rechtfertigen. Anschließend würdigen bzw. kontrollieren Investoren die Entwicklung der Integration jedoch nicht ausreichend. Dies soll bewiesen werden, indem gezeigt wird, dass Kursreaktionen in Form von bereinigten Tagesrenditen und -volatilitäten, Handelsvolumen und Hoch-Tief-Spannen auf M&A-Meldungen vergleichsweise geringer ausfallen. Um eine Vergleichbarkeit von Unternehmensmeldungen verschiedener Gruppen (M&A, Produkte usw.) herstellen zu können, werden die Handlungsanreize der Meldungen mittels der qualitativen Inhaltsanalyse kategorisiert. Im Rahmen einer exemplarischen Anwendung zeigte sich, dass der Ansatz, dessen Besonderheit in der systematischen Auswahl probater Beobachtungen liegt, nicht für eine praktische Übertragung geeignet ist. Demnach konnte die Vermutung weder verworfen noch bestätigt werden. Theoretisch kann aufgrund der Betrachtung eines einzelnen Ereignistages, an dem neben der zu untersuchenden Meldung keine weiteren Informationen über das Unternehmen veröffentlicht worden sind, ein relativ starker Kausalitätsbezug zwischen Meldung und Reaktion hergestellt werden. Allerdings bestehen immer noch zu viele Störereignisse und Überlagerungseffekte, die eine kritische Validierung der Ergebnisse verhindern.

Expectativas dos stakeholders para as fusões e aquisições: um estudo de caso: aquisição do Finibanco pelo Montepio

Dissertação apresentada ao ISCAP para a obtenção do Grau de Mestre em Auditoria Orientada por: Prof. Doutora Alcina Dias

Eficiência e concentração na indústria bancária

O objectivo deste trabalho é a análise da eficiência produtiva e dos efeitos da concentração sobre os custos bancários, tendo por base a indústria bancária portuguesa. O carácter multiproduto da empresa bancária sugere a necessidade de se adoptar formas multiproduto da função custo (tipo Fourier). Introduzimos variáveis de homogeneidade e de estrutura que permitem o recurso a formas funcionais uniproduto (Cobb-Douglas) à banca. A amostra corresponde a 22 bancos que operavam em Portugal entre 1995-2001, base não consolidada e dados em painel. Para o estudo da ineficiência recorreu-se ao modelo estocástico da curva fronteira (SFA), para as duas especificações. Na análise da concentração, introduziram-se variáveis binárias que pretendem captar os efeitos durante quatro anos após a concentração. Tanto no caso da SFA como no da concentração, os resultados encontrados são sensíveis à especificação funcional adoptada. Concluindo, o processo de concentração bancário parece justificar-se pela possibilidade da diminuição da ineficiência-X.

Criação de valor em fusões e aquisições horizontais

O aumento verificado nos últimos anos em fusões e aquisições (F&A) resulta da opção dos gestores para fazer face ao aumento da pressão competitiva e ou à necessidade de crescimento rápido. A literatura sobre os efeitos dos processos de F&A é diversificada e as conclusões são contraditórias. Neste trabalho pretendemos verificar se o processo de F&A se traduz na criação de valor para o acionista da empresa adquirente. Como métrica de avaliação utilizamos o método de análise dos fluxos de caixa atualizados ou o Discounted Cash-Flow (DCF). Para o efeito efetuamos um estudo de caso que vai incidir sobre uma empresa seguradora portuguesa – A Lusitania Companhia de Seguros, S.A. – que recentemente adquiriu, por fusão por incorporação, a Real Seguros, S.A. Efetuamos uma análise de natureza quantitativa através dos dados do relatório e contas e encontramos evidência de que o desempenho diminuiu após a transação.

L'Oreal acquisition policy: The Body Shop case study

The Work Project I present focuses on the analysis of L’Oréal acquisition policy, trying to outline if the M&A deals it has led over the last 14 years have succeeded in creating value. By replicating the model proposed by Todd Hazelkorn, Marc Zenner and Anil Shivdasani in their paper “Creating Value with Mergers and Acquisitions”, I analyzed the 29 M&A deals that L’Oréal has led worldwide, understanding the common factors able to explain the success of such transactions. Further, I focused on The Body Shop case study, a highly criticized and controversial acquisition that has proved to be profitable and able to create value.

Post-merger innovative performance in the renewable energy sector

Due to global warming and shrinking fossil fuel resources, politics as well as society urge for a reduction of green house gas (GHG) emissions. This leads to a re-orientation towards a renewable energy sector. In this context, innovation and new technologies are key success factors. Moreover, the renewable energy sector has entered a consolidation stage, where corporate investors and mergers and acquisitions (M&A) gain in importance. Although both M&A and innovation in the renewable energy sector are important corporate strategies, the link between those two aspects has not been examined before. The present thesis examines the research question how M&A influence the acquirer’s post-merger innovative performance in the renewable energy sector. Based on a framework of relevant literature, three hypotheses are defined. First, the relation between non-technology oriented M&A and post-merger innovative performance is discussed. Second, the impact of absolute acquired knowledge on postmerger innovativeness is examined. Third, the target-acquirer relatedness is discussed. A panel data set of 117 firms collected over a period of six years has been analyzed via a random effects negative binomial regression model and a time lag of one year. The results support a non-significant, negative impact of non-technology M&A on postmerger innovative performance. The applied model did not support a positive and significant impact of absolute acquired knowledge on post-merger innovative performance. Lastly, the results suggest a reverse relation than postulated by Hypothesis 3. Targets from the same industry significantly and negatively influence the acquirers’ innovativeness.