Ensaios sobre os efeitos da internacionalização na estrutura de capital e estrutura de propriedade de multinacionais latino-americanas

Esta tese analisa três lacunas que ainda não foram discutidas na literatura. As lacunas dizem respeito aos efeitos da internacionalização na estrutura de capital e de propriedade de empresas multinacionais. Para tanto, três ensaios sobre os efeitos da internacionalização foram elaborados. O primeiro analisou os efeitos dos modos de entrada sobre o endividamento; o segundo os efeitos da internacionalização nas formas de endividamento e o terceiro os efeitos da internacionalização na estrutura de propriedade. A partir de dados de empresas multinacionais e domésticas de capital aberto latino-americanas de 2007 a 2011, foram montados painéis de dados com variáveis de teste e controle para cada ensaio. Os resultados do primeiro ensaio apontam que os modos de entrada são relevantes para determinar o nível de endividamento das multinacionais e complementam os resultados de trabalhos baseados na hipótese upstream-downstream. Evidenciou-se também que empresas com modos de entrada patrimoniais tendem a ser mais endividadas no longo prazo e total que empresas com modos de entrada não-patrimoniais, reforçando explicações dadas pela teoria do static trade-off; e menos endividadas no curto prazo, reforçando as explicações das teorias da agência e pecking order. Os resultados do segundo ensaio apontam que o grau de internacionalização: (i) aumenta o nível de endividamento da quase totalidade das dívidas providas por agentes financeiros (bancos), conforme a hipótese upstream-downstream e diminuem as dívidas providas por agentes não-financeiros (trade-credit), conforme teoria da restrição financeira; (ii) não produz efeitos sobre a maturidade das dívidas (iii) diferente do que esperava, não aumenta endividamento via banco nacional de desenvolvimento (empréstimos incentivados), (iv) foi relevante para alterar a composição do endividamento das multinacionais se comparada às empresas domésticas e (v) a forma de entrada na internacionalização não afeta a composição de endividamento. No terceiro ensaio o principal resultado encontrado foi que as empresas mais internacionalizadas e com modo de entrada patrimonial têm menores níveis de concentração de propriedade. Outro importante resultado do terceiro ensaio foi de que há uma simultaneidade ainda não explorada em estudos anteriores na determinação do nível de internacionalização e da concentração de propriedade. Ambos os resultados do terceiro ensaio estão amparados pela Visão Baseada em Recursos contrapondo a visão tradicional da teoria da agência.

Capital structure in Brazil : review of studies during the period of 1988-2003

A systematic review was made of studies regarding the capital structure in Brazil during the period of 1988-2003. The recurring themes relate to the static tradeoff and pecking order in various moments of the economy, the fiscal benefits of indebtedness and interest on privately-owned capital, and the inefficacies of the stock market. The Brazilian companies enjoy little leverage as compared to other emerging markets. BNDES is responsible for 5% of the gross formation of fixed capital. The funding of resources occurs at opportune moments, and the financing decision may precede that of investment. Efficacy of the judiciary system and company transparency positively affect access to credit.

Spin-1 duality in D dimensions

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Thermal photon production in Au plus Au collisions: Viscous corrections in two different hydrodynamic formalisms

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

Superfluid and antiferromagnetic phases in ultracold fermionic quantum gases

In this thesis several models are treated, which are relevant for ultracold fermionic quantum gases loaded onto optical lattices. In particular, imbalanced superfluid Fermi mixtures, which are considered as the best way to realize Fulde-Ferrell-Larkin-Ovchinnikov (FFLO) states experimentally, and antiferromagnetic states, whose experimental realization is one of the next major goals, are examined analytically and numerically with the use of appropriate versions of the Hubbard model.rnrnThe usual Bardeen-Cooper-Schrieffer (BCS) superconductor is known to break down in a magnetic field with a strength exceeding the size of the superfluid gap. A spatially inhomogeneous spin-imbalanced superconductor with a complex order parameter known as FFLO-state is predicted to occur in translationally invariant systems. Since in ultracold quantum gases the experimental setups have a limited size and a trapping potential, we analyze the realistic situation of a non-translationally invariant finite sized Hubbard model for this purpose. We first argue analytically, why the order parameter should be real in a system with continuous coordinates, and map our statements onto the Hubbard model with discrete coordinates defined on a lattice. The relevant Hubbard model is then treated numerically within mean field theory. We show that the numerical results agree with our analytically derived statements and we simulate various experimentally relevant systems in this thesis.rnrnAnalogous calculations are presented for the situation at repulsive interaction strength where the N'eel state is expected to be realized experimentally in the near future. We map our analytical results obtained for the attractive model onto corresponding results for the repulsive model. We obtain a spatially invariant unit vector defining the direction of the order parameter as a consequence of the trapping potential, which is affirmed by our mean field numerical results for the repulsive case. Furthermore, we observe domain wall formation, antiferromagnetically induced density shifts, and we show the relevant role of spin-imbalance for antiferromagnetic states.rnrnSince the first step for understanding the physics of the examined models was the application of a mean field approximation, we analyze the effect of including the second order terms of the weak coupling perturbation expansion for the repulsive model. We show that our results survive the influence of quantum fluctuations and show that the renormalization factors for order parameters and critical temperatures lead to a weaker influence of the fluctuations on the results in finite sized systems than on the results in the thermodynamical limit. Furthermore, in the context of second order theory we address the question whether results obtained in the dynamical mean field theory (DMFT), which is meanwhile a frequently used method for describing trapped systems, survive the effect of the non-local Feynman diagrams neglected in DMFT.

Tough love for sinners in the eurozone banking union. CEPS Commentary, 1 July 2013

The ministers of finance and the economy of the eurozone have now agreed on the main features of a new ESM instrument for the direct recapitalisation of euro area banks (Eurogroup, 2013) and on a framework for the recovery and resolution of credit institutions (Council of the European Union, 2013). However, as Stefano Micossi explains in this Commentary, the text that has come out of the frantic late-night negotiations in the Ecofin Council seems to leave unwelcome uncertainty as to the real scope of the new rules in the different national jurisdictions, while the lack of depositor preference in the bail-in pecking order may result in destabilisation. The proposed system appears not only highly intrusive but it also places a considerable burden of aid to the failing institution on the member state, raising doubts about its ability to “break the vicious circle between banks and sovereigns”.

Exact eigenvalue correspondences between laminated plate theories via membrane vibration

Based on Reddy's third-order theory, the first-order theory and the classical theory, exact explicit eigenvalues are found for compression buckling, thermal buckling and vibration of laminated plates via analogy with membrane vibration, These results apply to symmetrically laminated composite plates with transversely isotropic laminae and simply supported polygonal edges, Comprehensive consideration of a Winkler-Pasternak elastic foundation, a hydrostatic inplane force, an initial temperature increment and rotary inertias is incorporated. Bridged by the vibrating membrane, exact correspondences are readily established between any pairs of buckling and vibration eigenvalues associated with different theories. Positive definiteness of the critical hydrostatic pressure at buckling, the thermobukling temperature increment and, in the range of either tension loading or compression loading prior to occurrence of buckling, the natural vibration frequency is proved. (C) 2000 Elsevier Science Ltd. All rights reserved.

Determinantes do desempenho empresarial : o caso dos Açores

Dissertação de Mestrado, Ciências Económicas e Empresariais, 19 de Julho de 2016, Universidade dos Açores.

Capital structure and dividends : evidence from Portugal (2003-2014)

Mestrado em Finanças

Determinantes da estrutura de capital das empresas hoteleiras portuguesas: uma análise de dados em painel

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2016

Energy identities in water wave theory for free-surface boundary condition with higher-order derivatives

A modified form of Green's integral theorem is employed to derive the energy identity in any water wave diffraction problem in a single-layer fluid for free-surface boundary condition with higher-order derivatives. For a two-layer fluid with free-surface boundary condition involving higher-order derivatives, two forms of energy identities involving transmission and reflection coefficients for any wave diffraction problem are also derived here by the same method. Based on this modified Green's theorem, hydrodynamic relations such as the energy-conservation principle and modified Haskind–Hanaoka relation are derived for radiation and diffraction problems in a single as well as two-layer fluid.

On higher order shear deformation theory of laminated composite panels

In this paper we examine the suitability of higher order shear deformation theory based on cubic inplane displacements and parabolic normal displacements, for stress analysis of laminated composite plates including the interlaminar stresses. An exact solution of a symmetrical four layered infinite strip under static loading has been worked out and the results obtained by the present theory are compared with the exact solution. The present theory provides very good estimates of the deflections, and the inplane stresses and strains. Nevertheless, direct estimates of strains and stresses do not display the required interlaminar stress continuity and strain discontinuity across the interlaminar surface. On the other hand, ‘statically equivalent stresses and strains’ do display the required interlaminar stress continuity and strain discontinuity and agree very closely with the exact solution.

GINZBURG-LANDAU LIKE THEORY OF HIGH TEMPERATURE SUPERCONDUCTIVITY IN THE CUPRATES: EMERGENT d-WAVE ORDER

High temperature superconductivity in the cuprates remains one of the most widely investigated, constantly surprising and poorly understood phenomena in physics. Here, we describe briefly a new phenomenological theory inspired by the celebrated description of superconductivity due to Ginzburg and Landau and believed to describe its essence. This posits a free energy functional for the superconductor in terms of a complex order parameter characterizing it. We propose that there is, for superconducting cuprates, a similar functional of the complex, in plane, nearest neighbor spin singlet bond (or Cooper) pair amplitude psi(ij). Further, we suggest that a crucial part of it is a (short range) positive interaction between nearest neighbor bond pairs, of strength J'. Such an interaction leads to nonzero long wavelength phase stiffness or superconductive long range order, with the observed d-wave symmetry, below a temperature T-c similar to zJ' where z is the number of nearest neighbors; d-wave superconductivity is thus an emergent, collective consequence. Using the functional, we calculate a large range of properties, e. g., the pseudogap transition temperature T* as a function of hole doping x, the transition curve T-c(x), the superfluid stiffness rho(s)(x, T), the specific heat (without and with a magnetic field) due to the fluctuating pair degrees of freedom and the zero temperature vortex structure. We find remarkable agreement with experiment. We also calculate the self-energy of electrons hopping on the square cuprate lattice and coupled to electrons of nearly opposite momenta via inevitable long wavelength Cooper pair fluctuations formed of these electrons. The ensuing results for electron spectral density are successfully compared with recent experimental results for angle resolved photo emission spectroscopy (ARPES), and comprehensively explain strange features such as temperature dependent Fermi arcs above T-c and the ``bending'' of the superconducting gap below T-c.

Determination of alpha(s)(M-tau(2)) from improved fixed order perturbation theory

We revisit the extraction of alpha(s)(M-tau(2)) from the QCD perturbative corrections to the hadronic tau branching ratio, using an improved fixed-order perturbation theory based on the explicit summation of all renormalization-group accessible logarithms, proposed some time ago in the literature. In this approach, the powers of the coupling in the expansion of the QCD Adler function are multiplied by a set of functions D-n, which depend themselves on the coupling and can be written in a closed form by iteratively solving a sequence of differential equations. We find that the new expansion has an improved behavior in the complex energy plane compared to that of the standard fixed-order perturbation theory (FOPT), and is similar but not identical to the contour-improved perturbation theory (CIPT). With five terms in the perturbative expansion we obtain in the (MS) over bar scheme alpha(s)(M-tau(2)) = 0.338 +/- 0.010, using as input a precise value for the perturbative contribution to the hadronic width of the tau lepton reported recently in the literature.

Expansions of tau hadronic spectral function moments in a nonpower QCD perturbation theory with tamed large order behavior

The moments of the hadronic spectral functions are of interest for the extraction of the strong coupling alpha(s) and other QCD parameters from the hadronic decays of the tau lepton. Motivated by the recent analyses of a large class of moments in the standard fixed-order and contour-improved perturbation theories, we consider the perturbative behavior of these moments in the framework of a QCD nonpower perturbation theory, defined by the technique of series acceleration by conformal mappings, which simultaneously implements renormalization-group summation and has a tame large-order behavior. Two recently proposed models of the Adler function are employed to generate the higher-order coefficients of the perturbation series and to predict the exact values of the moments, required for testing the properties of the perturbative expansions. We show that the contour-improved nonpower perturbation theories and the renormalization-group-summed nonpower perturbation theories have very good convergence properties for a large class of moments of the so-called ``reference model,'' including moments that are poorly described by the standard expansions. The results provide additional support for the plausibility of the description of the Adler function in terms of a small number of dominant renormalons.