Os bancos comerciais sob o efeito da inflação: reflexo nas suas demonstrações contábeis: um estudo de caso

Este trabalho teve por objetivo mensurar os efeitos da variação do poder aquisitivo da moeda nas demonstrações contábeis das instituições bancárias. Através do estudo de caso, a pesquisa foi desenvolvida em um banco comercial público estadual, subdividida em duas fases distintas. Na primeira fase, os objetivos específicos da pesquisa foram analisar as distorções resultantes do cumprimento da disposição legal que veda a correção monetária dos resultados intermediários. Adotou-se o método em vigor incluindo a correção monetária do resultado intermediário, ajustando-o pela variação nominal da ORTN, no segundo semestre de cada ano. Na segunda fase, com a aplicação do método da Correção Integral, através de ajustamento mensal dos elementos patrimoniais, pela variação nominal do Índice Geral de Preços, obteve-se a análise dos resultados comparativamente, com os apresentados pelo Banco em suas demonstrações publicadas. Esta pesquisa se diferencia das demais existentes pela ênfase atribuída à correção monetária dos resultados intermediários, com reflexo na distribuição de dividendos, participações estatutárias, equivalência patrimonial e desempenho semestral de atividade. Outro ponto divergente é no aspecto da evidenciação apresentada pela Demonstração do Resultado Enfoque Gerencial , apurada pelo método da Correção Integral.

The BoP approach and its links to main related research fields: sense-making of the current discussion

A Base-da-Pirâmide (Base ofthePyramid- BoP) é referida na literatura como sendo o segmento sócio-econômico mais baixo em termos de paridade do poder de compra. Esse segmento encontrase geralmente excluído do sistema capitalista global. Esta tese analisa o tema BoP e discute dentro de um contexto sócio-econômico, como essa abordagem se relaciona com outras áreas de pesquisa, assim como a teoria do desenvolvimento internacional e a teoria de negócios internacionais. Estas duas teorias são identificadas como tendo uma relação mais forte com BoP. No que se segue, a abordagem BoP é incorporada nessas duas teorias com o objetivo de tornar este conceito mais claro e abrangente. Seguindo este raciocínio a abordagem BoP vem identificar contribuições no tocante a cada uma dessas abordagens teóricas. O argumento principal da tese é que a abordagem BoP é capaz de ligar essas duas teorias (teoria do desenvolvimento internacional e a teoria de negócios internacionais) em um só modelo teórico, mostrando assim que essas duas abordagens teóricas distintas podem na realidade serem complementares.

The performance of open-end Brazilian fixed income mutual funds for retail clients

From a financial perspective, this dissertation analyzes the Brazilian mutual fund industry performance for an average retail client. The most representative funds for the local population, that are the fixed income open-end ones, will be selected and their performance will be measured aiming to answer if clients of this industry obtained a proper return over their investments in the period between August 2010 and August 2013. A proper return will be understood as the preservation of the purchasing power of the individual´s savings, what is achieved with a positive performance of a mutual fund after discounting taxes, administrative fees and inflation. After obtaining an answer for the previous question, this dissertation will explore a possible alternative solution: Tesouro Direto, that is an example of a financial approach that could foster the disintermediation between savings and investments through electronic channels. New electronic platforms, with a broader scope, could be utilized to increase the efficiency of funding productive investments through better remunerating Brazilian savings. Tesouro Direto may point towards a new paradigm.

Métodos para detecção de outliers em séries de preços do índice de preços ao consumidor

Outliers são observações que parecem ser inconsistentes com as demais. Também chamadas de valores atípicos, extremos ou aberrantes, estas inconsistências podem ser causadas por mudanças de política ou crises econômicas, ondas inesperadas de frio ou calor, erros de medida ou digitação, entre outras. Outliers não são necessariamente valores incorretos, mas, quando provenientes de erros de medida ou digitação, podem distorcer os resultados de uma análise e levar o pesquisador à conclusões equivocadas. O objetivo deste trabalho é estudar e comparar diferentes métodos para detecção de anormalidades em séries de preços do Índice de Preços ao Consumidor (IPC), calculado pelo Instituto Brasileiro de Economia (IBRE) da Fundação Getulio Vargas (FGV). O IPC mede a variação dos preços de um conjunto fixo de bens e serviços componentes de despesas habituais das famílias com nível de renda situado entre 1 e 33 salários mínimos mensais e é usado principalmente como um índice de referência para avaliação do poder de compra do consumidor. Além do método utilizado atualmente no IBRE pelos analistas de preços, os métodos considerados neste estudo são: variações do Método do IBRE, Método do Boxplot, Método do Boxplot SIQR, Método do Boxplot Ajustado, Método de Cercas Resistentes, Método do Quartil, do Quartil Modificado, Método do Desvio Mediano Absoluto e Algoritmo de Tukey. Tais métodos foram aplicados em dados pertencentes aos municípios Rio de Janeiro e São Paulo. Para que se possa analisar o desempenho de cada método, é necessário conhecer os verdadeiros valores extremos antecipadamente. Portanto, neste trabalho, tal análise foi feita assumindo que os preços descartados ou alterados pelos analistas no processo de crítica são os verdadeiros outliers. O Método do IBRE é bastante correlacionado com os preços alterados ou descartados pelos analistas. Sendo assim, a suposição de que os preços alterados ou descartados pelos analistas são os verdadeiros valores extremos pode influenciar os resultados, fazendo com que o mesmo seja favorecido em comparação com os demais métodos. No entanto, desta forma, é possível computar duas medidas através das quais os métodos são avaliados. A primeira é a porcentagem de acerto do método, que informa a proporção de verdadeiros outliers detectados. A segunda é o número de falsos positivos produzidos pelo método, que informa quantos valores precisaram ser sinalizados para um verdadeiro outlier ser detectado. Quanto maior for a proporção de acerto gerada pelo método e menor for a quantidade de falsos positivos produzidos pelo mesmo, melhor é o desempenho do método. Sendo assim, foi possível construir um ranking referente ao desempenho dos métodos, identificando o melhor dentre os analisados. Para o município do Rio de Janeiro, algumas das variações do Método do IBRE apresentaram desempenhos iguais ou superiores ao do método original. Já para o município de São Paulo, o Método do IBRE apresentou o melhor desempenho. Em trabalhos futuros, espera-se testar os métodos em dados obtidos por simulação ou que constituam bases largamente utilizadas na literatura, de forma que a suposição de que os preços descartados ou alterados pelos analistas no processo de crítica são os verdadeiros outliers não interfira nos resultados.

Do acesso clássico à comercialização: especificidades do mercado imobiliário informal na área especial de interesse social de Mãe Luiza, Natal/ RN.

This study presents research regarding affordable housing and their effects on the spatial reconfiguration of Natal/ RN, aiming to identify the specificities of the informality of urban land. This study aims to understand how informal housing market operates housing provision for the population located in popular informal settlements, through buying and selling market and rental market of residential properties irregular / illegal. This understanding will be through the neighborhood of Mãe Luisa, Special Area of Social Interest (SASI), located between neighborhoods with a population of high purchasing power and inserted into the tourist shaft of seaside of town. The characterization of informal housing market in Mãe Luiza, from buyers, sellers and renters, will help to understand how these informal transactions operate on SASI and housing provision for public policy development and implementation of housing programs and land regularization for low-income population, adequate to dynamic and reality of housing of informal areas

Predicao de campo em comunicacao sem fio

Even living in the XXI century are still some difficulties in access to broadband Internet in several Brazilian cities, due to the purchasing power of people and lack of government investment. But even with these difficulties, we seek to encourage the use of wireless technology, which is based on the IEEE 802.11b protocol - also known as Wi-Fi (Wireless Fidelity) Wireless Fidelity Communications, having wide range of commercial applications in the world market, nationally and internationally. In Brazil, this technology is in full operation in major cities and has proved attractive in relation to the access point to multipoint and point-to-point. This paper is a comparative analysis of prediction field, using models based on the prediction of propagation loss. To validate the techniques used here, the Okumura-Hata models, modified Okumura-Hata, Walfisch-Ikegami model, were applied to a wireless computer network, located in the neighborhood of Cajupiranga in the city of Melbourn, in Rio Grande do Norte . They are used for networking wireless 802.11b, using the Mobile Radio to measure signal levels, beyond the heights of the antennas and distances from the transmitter. The performance data versus distance are added to the graphs generated and compared with results obtained through calculations of propagation models

Study of the timber constructive systems that are more commercialized in Brazil

The Brazilian houses in wood are executed with several techniques and species, in function of the areas they are located, therefore, it is treated of regional traditional houses, built practically without modem technological resources. These houses are the ones of the tropical areas, where there is abundance of this material, or the ones of the south region, prevailing the European immigrant's constructive techniques. Nowadays, in the urbanized centers of the country it is observed that this type of house can be found sheltering the most lacking populations, in the slums; or in highly sophisticated residential units which are conceived and executed by specialist professionals for a social class of high purchasing power; or still, those that are marketed by companies of small load, that offer standardized residences, usually acquired by the middle class as second residence, in the field or in the coast. The work has for objective to study the houses of these companies that are consolidated at the market, identifying the constructive system, the product; as well as, its production process, trying to verify which technologies are incorporated to these processes. The analysis that was made allows a larger understanding of the product, wood house, that exists in the market and identification of the technological degree in the productive process of those constructive systems.

O uso do território pelos serviços privados de saúde em Natal/RN

Nowadays we can observe in Natal city, the development of the structure and the health s private service. However, the spatial distribution of these services will be marked by an uneven distribution on the places, what will be in according with the conditions offered by the same in each historical period. Accordingly, the objective of this job is analyze the use of the territory by the health s private service and the dynamics that promotes in Natal city in the technical scientific information period. Thus, seeking to search this goal, realized literature, documentary, empirical, considering the process of development and the spatial distribution of the health s private service in the city. From a topology we can observe that prevails in the city a service s concentration at all levels of complexity in only a few neighborhoods, being Tirol and Petrópolis, which are neighborhoods that have high densities of engineer system, bigger fluidity, and the best level salaries of the city, which present a greater number of these establishments. However, equal this concentration has occurred a dispersion of these services to other neighborhoods, as for example Lagoa Nova which is presenting the same attractiveness in the view of attributes territorial, begins to protect services presenting the same profile like the firsts. However, the city has a significant demand to this kind of service found in these neighborhoods, some events provided the emergency of another type of market of health s private service, that are those created to attend guests with a lower purchasing power, which will have their establishments in the same way selectively distributed in some areas of the city, which will not be the same pursued by the other, showing how selective is the installation of an enterprise guide by the logic of capitalism reproduction. So, the imperative of spatial selectivity presented by the health s private sector exposes an use of the differential territory for these services

Recycling potential of urban solid waste destined for sanitary landfills: the case of Indaiatuba, SP, Brazil

The urban solid waste of the city of Indaiatuba (pop. 175 000), located in the state of São Paulo, was characterized, focusing on the recycling potential. For this purpose, collected waste was subdivided into 27 items, classified by mass and volume. About 90% of this waste was found to be potentially recyclable and only 10% requiring landfilling. The compostable organic matter, in the form of food and garden waste, both with high moisture content (51 and 41%, respectively), represents 54% in mass and 21% in volume. The most common type of plastic in this waste is high density polyethylene, whose estimated disposal is about 5000 kg day(-1). A socio-economic analysis of the waste generation indicates that low-income neighbourhoods discard relatively less packaging and more food waste, shoes and construction debris than middle and high income ones, which may be due to low purchasing power and schooling. Our findings indicate that more aluminium and uncoloured polyethylene terephthalate is discarded in the warmest months of the year, probably due to a greater consumption of canned and bottled drinks.

Actual Brazilian habitations in wood: A technology in development or a question of fashion?

Over the past few years there have significantly been increased the articles that approach the constructions in wood or with structure in wood in the specialized Brazilian magazines. This increase brings up indications that the incorporated values to these habitations are modifying, however it is not so simple to conclude that these issues can be associated to the development of incorporated technologies to the constructive system. The work presents, firstly, a survey performed in these publications that had the objective to verify which the constructive systems in wood is being more executed, under which cultural and technician standards. From that survey it was performed a study of the habitations constructed in mixing system whose structures are timbers and walls in masonry. The aesthetic and cultural questions involved are argued considering mainly that these habitations belong to a social class whose purchasing power increased.

Trade, poverty and complementary policies in Latin America

Includes bibliography

Avaliação do Helicobacter em cães oriundos do Biotério Central da Unesp - Campus de Botucatu

Pós-graduação em Bases Gerais da Cirurgia - FMB

Educação para saúde sob a ótica da televisão digital e sua interatividade

Pós-graduação em Televisão Digital: Informação e Conhecimento - FAAC

Haití: evolución económica durante 2007 y perspectivas para 2008

Incluye Bibliografía

Capital Flows to Latin America and the Caribbean: Recent Developments

For six years, the global economy has been driven by the U.S. Federal Reserve’s policies of easy money. Liquidity has flowed from developed to developing economies, financing infrastructure and corporate investment and allowing consumers to indulge in credit-fuelled retail spending. Thus the effective ending of the Fed’s third round of asset purchases (QE3) at the end of October represents both a watershed and the beginning of a new stage in the world economy. The end of asset-purchases comes at a challenging time for emerging markets, with China’s economy slowing, the Euro zone struggling to avoid a recession and the Japanese economy already in recession. The unwinding of the U.S. monetary stimulus, while the European Central Bank and the Bank of Japan step up their monetary stimulus, has underpinned an appreciation by the U.S. dollar, in which most commodities are priced. An appreciated dollar makes dollar-denominated commodities more expensive to buyers, thereby creating pressure for sellers to lower their prices. Latin American markets ended the third quarter of 2014 under pressure from a stronger U.S. dollar. In this changing external context, there are many signs that a slowdown in Latin American and Caribbean (LAC) financial markets, particularly debt markets, which have been breaking issuance records for the past six years, may slowdown from now on. Commodity prices – including those of oil, base metals and some goods – are in a prolonged slump. The Bloomberg commodity price index, a benchmark of commodity investments, has fallen to a five-year low as China’s economy slows down, and with it the demand for commodities. Investment into the LAC region has decelerated, in large part because of a deceleration of mining investments. Latin American currencies have suffered depreciations, as current account deficits have widening for a number of countries. And LAC companies, having issued record amounts of foreign currency bonds may now struggle to service their debt. In October, credit-rating agency Moody’s downgraded the bonds of Brazil’s Petrobras to tow notches above speculative grade because of the impact of falling oil prices and the weaker real on its debt. Growth prospects look brighter in 2015 relative to 2014, but a strengthening U.S. dollar, uneven global growth and weakness in commodity prices are skewing the risk toward the downside for the 2015 forecasts across the region. The Institute of International Finance expects the strengthening of the dollar to have a divergent impact across the region, however, depending on trade and financial linkages. The Institute of International Finance, Capital Flows to Emerging Markets, October 2, 2014. A stronger dollar lifts U.S. purchasing power, supporting exports, growth and capital inflows in countries with close trade links to the U.S. economy. However, rising dollar financing costs will increase pressure on countries with weak external positions. Given the effects of falling oil prices and a stronger dollar, some companies in the region, having issued record amounts of foreign currency bonds, may now struggle to service their debts. Prospects of Fed rate hikes resulting in tighter global liquidity amid the rapid rise in the corporate external bond stock has indeed raised concerns over some companies. However, there is still a shortage of bonds at a global level and the region still enjoys good economic policy management for the most part, so LAC debt markets may continue to enjoy momentum despite occasional bursts of high volatility – even if not at the record levels of recent years.