Estrutura populacional e análise de variabilidade genética em rebanhos ovinos brasileiros

Pós-graduação em Ciência e Tecnologia Animal - FEIS

Fatores institucionais e assimetria informacional: influência na estrutura de capital de empresas brasileiras

O objetivo principal deste trabalho é analisar se a presença de importantes fatores institucionais brasileiros, como o acesso a fontes e linhas diferenciadas de financiamento, afeta a significância estatística e econômica da assimetria informacional, principal pressuposto da teoria de pecking order, na determinação da estrutura de capital de empresas brasileiras. Para tanto, foram utilizadas variáveis de controle, variáveis representativas de fatores institucionais e de assimetria informacional num painel de dados referente a empresas brasileiras de setores industriais, cujas ações foram negociadas na Bovespa, no período 1997-2007. Como principais resultados encontra-se que as variáveis tamanho, tangibilidade, rentabilidade e risco são importantes determinantes da estrutura de capital das empresas analisadas, sendo também significativa a participação de linhas diferenciadas no endividamento dessas empresas. Em resposta ao objetivo da pesquisa, verifica-se que a assimetria informacional não perde significância estatística e econômica no modelo proposto, após a inclusão de variáveis representativas de fatores institucionais, o que evidencia a importância da assimetria informacional na determinação da estrutura de capital de empresas brasileiras. O sinal negativo encontrado apoia a teoria de pecking order, na qual essas empresas seriam menos endividadas devido à possibilidade de captarem recursos por meio da emissão de ações. Ressalta-se que as proxies utilizadas para representar o atributo assimetria informacional constituem uma limitação da pesquisa. Em razão disso, sugere-se, para trabalhos futuros, a utilização de outras variáveis, com o propósito de verificar a consistência dos resultados aqui encontrados, bem como a análise da influência da assimetria informacional sobre o custo de capital de empresas brasileiras, com o intuito de verificar se empresas consideradas com menor assimetria informacional conseguem captar recursos a taxas de juros mais atrativas.

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital.

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

Implementação da infra-estrutura e protocolo de comunicação para tratamento e disponibilização de dados do projeto ePoste

The study consists in the structure elaboration and the ePoste project communicationprotocol, which is a system of monitoring by wireless communication with the aim tosensor and act with one or many public lighting points, and also the treatment of data todetect the activity in the sensors located on the posts. Previously the communication withsensors were made in locus and when data collect was necessary or the performance inthe devices, the operator had to move until the net place. Accordingly, the purpose has theconcern to increase the system dynamic, achieving the possible integrations with the systemsalready available to the lighting management. The same technology of communicationbetween the sensors are considerate, using the ZigBee protocol running on the meshnet, the communication with this net is made be internet through a gateway by GPRS,device with two basics functionalities, which bypass for data and the firmware update inthe sensor. This functionality test of data management is being tested; integrate way withlocal net of sensors and the internet data server operates. The protocol developed, besidesincorporating the ZigBee, that it is formation of framework in lower level, where definesbeginning, size and errors check, as well as the communication of sensor with the concentrator,which it is encapsulated in ZigBee; also the protocol of upper level, where thatit is the names, it was developed a platform of service to meet GET and POST requestsbeneath HTTP protocol, this service is implemented in the data server, which availablethe communication with the clients systems, in case, lighting management systems.

Desenvolvimento de material BaCexPr1-xO3 (0 ≤ X ≤ 1) com estrutura perovskita para oxidação catalítica do CO a CO2 em reator de leito fixo

Barium Cerate (BaCeO3) is perovskite type structure of ABO3, wherein A and B are metal cations. These materials, or doped, have been studied by having characteristics that make them promising for the application in fuel cells solid oxide, hydrogen and oxygen permeation, as catalysts, etc .. However, as the ceramic materials mixed conductivity have been produced by different synthesis methods, some conditions directly influence the final properties, one of the most important doping Site B, which may have direct influence on the crystallite size, which in turn directly influences their catalytic activity. In this study, perovskite-type (BaCexO3) had cerium gradually replaced by praseodymium to obtain ternary type materials BaCexPr1-xO3 and BaPrO3 binaries. These materials were synthesized by EDTA/Citrate complexing method and the material characterized via XRD, SEM and BET for the identification of their structure, morphology and surface area. Moreover were performed on all materials, catalytic test in a fixed bed reactor for the identification of that person responsible for complete conversion of CO to CO2 at low operating temperature, which step can be used as the subsequent production of synthesis gas (CO + H2) from methane oxidation. In the present work the crystalline phase having the orthorhombic structure was obtained for all compositions, with a morphology consisting of agglomerated particles being more pronounced with increasing praseodymium in the crystal structure. The average crystal size was between 100 nm and 142,2 nm. The surface areas were 2,62 m²g-1 for the BaCeO3 composition, 3,03 m²g-1 to BaCe0,5Pr0,5O3 composition and 2,37 m²g-1 to BaPrO3 composition. Regarding the catalytic tests, we can conclude that the optimal flow reactor operation was 50 ml / min and the composition regarding the maximum rate of conversion to the lowest temperature was BaCeO3 to 400° C. Meanwhile, there was found that the partially replaced by praseodymium, cerium, there was a decrease in the catalytic activity of the material.

Materiais zeolíticos de estrutura MWW: síntese e caracterização

In this paper a synthesis parameters study was conducted in order to optimize the obteinment of MCM-22 (MWW structure) and increase its accessibility, getting higher external surface and generating mesopores. Syntheses with Si / Al = 15 and Si / Al = 50 ratios were performed under static conditions at different temperatures and with seeds induction, which resulted in MCM-22 pure and crystalline (Si / Al ratio = 15) after 3 days and Si / Al = 50 after 11 days. The reduction of hexamethyleneimine content (HMI) was studied in the stirring synthesis and a HMI reduction of 47% was possible through the mother liquor reuse, in addition, a specific area of 481 m² / g has been obtained in the fourth synthesis day. Regarding the increase of accessibility of the MCM-22 zeolite skeins of MCM-22 plates with about 2 μm were obtained, through the use of dissolved silica, addition of seeds, increased temperature and synthesis time of 2 days. A significant value of specific area was found for this material, around 500 m² / g. Also with respect to the increase of MCM-22 accessibility, treatment with oxalic acid concentration of 0.5 mol / L and silanization of proto-zeolitic units resulted in the mesopores formation . Furthermore, silanization still favored reduction of 70 % in crystal size and a specific area of 566 m² / g.

Influência da interação dipolar nas fases magnéticas de nanopartículas esféricas com estrutura núcleo@camada

Bi-magnetic core@shell nanoparticle has attracted attention several researchers because great applicability that they offer. The possibility of combining different functionalities of magnetic materials make them a key piece in many areas as in data processing permanent magnets and biomagnetics sistems. These nanoparticles are controlled by intrinsic properties of the core and shell materials as well as the interactions between them, besides size and geometry effects. Thus, it was developed in this thesis a theoretical study about dipolar interaction contribution between materials different magnetic properties in bi-magnetic core@shell nanoparticles conventional spherical geometry. The materials were analyzed CoFe2O4, MnFe2O4 e CoFe2 in various combinations and sizes. The results show that the impact of the core dipole field in the shell cause reverse magnetization early its, before of the core, in nanoparticle of CoFe2O4(22nm)@CoFe2(2nm), thereby causing a decrease coercivity field of 65% in comparection with simple nanoparticle of CoFe2O4 (HC=13.6 KOe) of same diameter. The large core anisotropy in conventional nanoparticle makes it the a stable dipolar field source in the shell, that varies length scale of the order of the core radius. Furthermore, the impact of dipolar field is greatly enhanced by the geometrical constraints and by magnetics properties of both core@shell materials. In systems with core coated with a thin shell of thickness less than the exchange length, the interaction interface can hold reversal the shell occurring an uniform magnetization reversal, however this effect only is relevant on systems where the dipole field effects is weak compared with the exchange interaction.

Influência da interação dipolar nas fases magnéticas de nanopartículas esféricas com estrutura núcleo@camada

Bi-magnetic core@shell nanoparticle has attracted attention several researchers because great applicability that they offer. The possibility of combining different functionalities of magnetic materials make them a key piece in many areas as in data processing permanent magnets and biomagnetics sistems. These nanoparticles are controlled by intrinsic properties of the core and shell materials as well as the interactions between them, besides size and geometry effects. Thus, it was developed in this thesis a theoretical study about dipolar interaction contribution between materials different magnetic properties in bi-magnetic core@shell nanoparticles conventional spherical geometry. The materials were analyzed CoFe2O4, MnFe2O4 e CoFe2 in various combinations and sizes. The results show that the impact of the core dipole field in the shell cause reverse magnetization early its, before of the core, in nanoparticle of CoFe2O4(22nm)@CoFe2(2nm), thereby causing a decrease coercivity field of 65% in comparection with simple nanoparticle of CoFe2O4 (HC=13.6 KOe) of same diameter. The large core anisotropy in conventional nanoparticle makes it the a stable dipolar field source in the shell, that varies length scale of the order of the core radius. Furthermore, the impact of dipolar field is greatly enhanced by the geometrical constraints and by magnetics properties of both core@shell materials. In systems with core coated with a thin shell of thickness less than the exchange length, the interaction interface can hold reversal the shell occurring an uniform magnetization reversal, however this effect only is relevant on systems where the dipole field effects is weak compared with the exchange interaction.

Padrões de diversidade α (alfa) e β (beta) zooplanctônica em lagos tropicais: a importância da estrutura do habitat e da identidade das espécies

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Padrões de diversidade α (alfa) e β (beta) zooplanctônica em lagos tropicais: a importância da estrutura do habitat e da identidade das espécies

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts