O efeito da diversificação no valor das empresas: um estudo do caso brasileiro

Nesta dissertação, mostramos evidências de que a diversificação e o valor das empresas aparentam ser negativamente correlacionados. Esta relação é observada para diferentes métricas de diversificação e se mantém mesmo quando controlamos o efeito de outras variáveis conhecidas por influenciar o valor das empresas. Nossa análise não conseguiu comprovar de forma robusta se o efeito negativo causado pela diversificação diminui na medida em que esta se dá em segmentos mais relacionados. No entanto há indícios de que esta hipótese seja de fato verdadeira Um resultado interessante observado foi que assim como empresas especializadas, as empresas altamente diversificadas também possuem uma alta percepção de valor. Mostramos que a relação entre valor e diversificação possui o perfil de uma curva côncava com um ponto de mínimo justamente no nível de diversificação intermediário. Por fim, observamos que o efeito da diversificação no valor das empresas nos anos de 2008 e 2007 passou a ser positivo. O que nos sugere que em tempos de crise econômica, a percepção do valor de empresas mais diversificadas aumenta de forma significativa.

São José do Rio Pardo e sua revolta republicana

A tese analisa a revolta republicana que ocorreu em São José do Rio Pardo em agosto de 1889. Para isso, estudamos a formação econômica e política da localidade. No aspecto econômico, identificamos a cidade com a região de produção cafeeira e, no político, os grupos que comandavam São José do rio Pardo. Analisamos a sociedade riopardense e os grupos que a compunham para compreender as relações entre eles e o desenvolver da revolta. Discutimos as fontes e as várias versões da revolta, bem como sua repercussão em São Paulo.

Análise dos riscos sistemáticos e idiossincráticos, representados pelo CAPM, para portfólios de diferentes setores em condições econômicas distintas

Esse estudo busca analisar os impactos causados pelo Ciclo Monetário, o Ciclo Econômico, o Nível da Indústria e a Condição do Mercado de Ações nas variáveis do CAPM para portfólios de ações de diferentes setores da indústria no Brasil. O banco de dados utilizado compreende séries temporais mensais, do retorno de ações de 17 setores da economia, no período de Janeiro de 2008 à Dezembro de 2014. Foi observado que existem relações estatisticamente relevantes entre variáveis macroeconômicas e o excesso de retorno dos portfólios de ações analisados. Além disso, foi possível notar que essas relações tem efeitos distintos sobre os riscos sistemáticos e idiossincráticos dos portfólios. A maior parte dos resultados obtidos não se mostraram estatisticamente relevantes, o que sugere que existem outras variáveis explicativas que se relacionam com as variáveis dependentes de forma mais robusta, assim como já apontado pela literatura existente, no caso do Brasil. No entanto, foi possível observar que há efeitos indiretos das variáveis macroeconômicas sobre o retorno dos ativos através do canal de retorno do mercado.

Influência das principais commodities agropecuárias e de variáveis macroeconômicas sobre os preços da terra agrícola no Brasil

Este trabalho tem como proposta investigar como o preço de terras de uso rural no Brasil é afetado pelos preços e exportações das principais commodities agropecuárias, bem como por variáveis macroeconômicas, como taxa básica de juros, taxa de câmbio, taxa de inflação e disponibilidade de crédito agrícola. Para tal foram consideradas as produções agrícola de algodão, café, cana-de-açúcar (e seus principais produtos açúcar e etanol), milho e soja, a produção pecuária de carne bovina e a produção industrial de celulose de fibra curta com foco em sua principal matéria prima, os plantios reflorestados de eucalipto. Em linha com estudos anteriores, foi encontrada evidência empírica de que o preço da terra possui cointegração com algumas das variáveis agrícolas, pecuárias e florestais citadas, em especial em estados com maior vocação agropecuária e/ou para silvicultura. Quanto às variáveis macroeconômicas, apenas a taxa básica de juros apresentou cointegração com o preço de terras para todos os estados avaliados, taxa de câmbio e disponibilidade de crédito rural não aparecem como variáveis estatisticamente significantes. Conclui-se que, para estados com notável participação na balança comercial brasileira de produtos agrossilvipastoris, é possível obter um modelo de equilibro de longo prazo entre o preço da terra de uso rural e as variáveis destacadas acima, de modo que investidores do setor possam utilizá-lo como ferramenta de projeção no auxílio da tomada de decisão além de avaliar potenciais impactos no valor de seus ativos A inovação do presente estudo está em testar as hipóteses de cointegração para cada um dos estados da federação.

A era negra do Vale: café, escravos e senhores em Piraí

O presente trabalho analisa cinco inventários dos maiores produtores de café no município de Piraí, no Vale do Paraíba, entre os anos de 1839 e 1848, totalizando quase dois mil escravos. A partir de uma perspectiva de historia econômica pretende-se mostrar que a produção cafeeira permitia o acúmulo de capital e seu reinvestimento na expansão da monocultura. O estudo dos cativeiros também busca evidenciar que os cativos, africanos em sua maioria, eram agentes na formação de suas famílias, mantendo um espaço de sociabilidade baseado na memória e na construção de uma nova identidade afro-brasileira.

A confiança interorganizacional nas compras

This research is part of the field of organizational studies, focusing on organizational purchase behavior and, specifically, trust interorganizational at the purchases. This topic is current and relevant by addressing the development of good relations between buyer-supplier that increases the exchange of information, increases the length of relationship, reduces the hierarchical controls and improves performance. Furthermore, although there is a vast literature on trust, the scientific work that deal specifically at the trust interorganizational still need further research to synthesize and validate the variables that generate this phenomenon. In this sense, this investigation is to explain the antecedents of trust interorganizational by the relationship between the variable operational performance, organizational characteristics, shared values and interpersonal relationships on purchases by manufacturing industries, in order to develop a robust literature, most consensual, that includes the current sociological and economic, considering the effect of interpersonal relationships in this phenomenon. This proposal is configured in a new vision of the antecedents of interorganizational trust, described as significant quantitative from models Morgan and Hunt (1994), Doney and Cannon (1997), Zhao and Cavusgil (2006) and Nyaga, Whipple, Lynch (2011), as well as qualitative analysis of Tacconi et al. (2011). With regard to methodological aspects, the study assumes the form of a descriptive, survey type, and causal trace theoretical and empirical. As for his nature, the investigation, explicative character, has developed a quantitative approach with the use of exploratory factor analysis and structural equation modeling SEM, with the use of IBM software SPSS Amos 18.0, using the method of maximum verisimilitude, and supported by technical bootstraping. The unit of analysis was the buyer-supplier relationship, in which the object under investigation was the supplier organization in view of the purchasing company. 237 valid questionnaires were collected among key informants, using a simple random sampling developed in manufacturing industries (SIC 10-33), located in the city of Natal and in the region of Natal. The first results of descriptive analysis demonstrate the phenomenon of interorganizational trust, in which purchasing firms believe, feel secure about the supplier. This demonstration showed high levels of intensity, predominantly among the vendors that supply the company with materials that are used directly in the production process. The exploratory and confirmatory factor analysis, performed on each variable alone, generated a set of observable and unobservable variables more consistent, giving rise to a model, that needed to be further specified. This again specify model consists of trajectories was positive, with a good fit, with a composite reliability and variance extracted satisfactory, and demonstrates convergent and discriminant validity, in which the factor loadings are significant and strong explanatory power. Given the findings that reinforce the model again specify data, suggesting a high probability that this model may be more suited for the study population, the results support the explanation that interorganizational trust depends on purchases directly from interpersonal relationships, sharing value and operating performance and indirectly of personal relationships, social networks, organizational characteristics, physical and relational aspect of performance. It is concluded that this trust can be explained by a set of interactions between these three determinants, where the focus is on interpersonal relationships, with the largest path coefficient for the factor under study

Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Avaliação espectrofotométrica do manchamento de resinas odontológicas contendo nanopartículas

Composite resins have been subjected to structural modifications aiming at improved optical and mechanical properties. The present study consisted in an in vitro evaluation of the staining behavior of two nanohybrid resins (NH1 and NH2), a nanoparticulated resin (NP) and a microhybrid resin (MH). Samples of these materials were prepared and immersed in commonly ingested drinks, i.e., coffee, red wine and acai berry for periods of time varying from 1 to 60 days. Cylindrical samples of each resin were shaped using a metallic die and polymerized during 30 s both on the bottom and top of its disk. All samples were polished and immersed in the staining solutions. After 24 hours, three samples of each resin immersed in each solution were removed and placed in a spectrofotome ter for analysis. To that end, the samples were previously diluted in HCl at 50%. Tukey tests were carried out in the statistical analysis of the results. The results revealed that there was a clear difference in the staining behavior of each material. The nanoparticulated resin did not show better color stability compared to the microhybrid resin. Moreover, all resins stained with time. The degree of staining decreased in the sequence nanoparticulated, microhybrid, nanohybrid MH2 and MH1. Wine was the most aggressive drink followed by coffee and acai berry. SEM and image analysis revealed significant porosity on the surface of MH resin and relatively large pores on a NP sample. The NH2 resin was characterized by homogeneous dispersion of particles and limited porosity. Finally, the NH1 resin depicted the lowest porosity level. The results revealed that staining is likely related to the concentration of inorganic pa rticles and surface porosity

Estudo da potencialidade da incorporação de resíduo de granito e da queima da casca do café em cerâmica vermelha

The industrial production of ornamental rocks and the burning of coffee husk generate waste that is discarded into the environment. However, with the study of the incorporation of these residues in ceramic products, may be found an alternative to reducing environmental impacts and detrimental effects on human health caused by its indiscriminate disposal of waste in nature. Thus, this work aimed to study the addition of ashes of the coffee husk and granite residue in matrix of red ceramic. The raw materials were dry milled and sieved to mesh 100. To characterize the raw materials were carried out analyzes of X-ray diffraction (XRD), X-ray fluorescence (XRF), particle size analysis (PSA), differential thermal analysis (DTA) and thermogravimetric analysis (TG). Six formulations were prepared where the clay content was kept constant (70%wt) and ashes contents and granite residue varied from 10, 15, 20 and 30%. Dilatometrics analyzes were performed at four selected formulations, containing them: 100% clay (A100); 70% clay and 30% ashes (A70C30); 70% clay and 30% granite residue (A70G30); and 70% clay, 15% granite residue and 15% ashes (A70G15C15). The samples were prepared by uniaxial compaction with pressure of 25 MPa, and fired at temperatures of 800°C, 850ºC, 900ºC, 950ºC, 1000ºC and 1100°C. Assays were performed to determine the linear shrinkage of burning (LSB), water absorption (WA), apparent porosity (AP), density (D) and tensile bending. Also were performed analyzes of X-ray diffraction (XRD) and scanning electron microscopy (SEM) of the samples fired. The formulations incorporating granite residue and/or ashes reached the required limits of water absorption according to NBR 15270-1 and NBR 15310 and tensile bending according to classical literature (SANTOS, 1989) necessary for the production of tiles and ceramic block for masonry sealing

Adição de subprodutos da cinza da casca de café (coffea canephora) em massa cerâmica para porcelanato

To produce porcelain tiles fluxing agents are used in order to obtain a liquid phase during firing. This liquid phase fills the pores decreasing porosity, water absorption and contributes to material densification. In the porcelain tiles industry, feldspar is the main flux material used, with quantities ranging between 35 and 50%. Studies focus on the discovery of materials with flux characteristics that can reduce the consumption of feldspar by porcelain tiles industry. In this context, the coffee husk ashes, a residue obtained when coffee husks are burned to produce heat for the dryers during the processing of the green fruit, have as main chemical constituents potassium, calcium and magnesium, giving them characteristics of fluxing material. Brazil is the largest coffee producer in the world and is responsible for over 30% of the world s production. In this work a physical treatment of coffee husk ash was carried out in order to eliminate the organic matter and, after this, two by-products were obtained: residual wastes R1 and R2. Both residues were added separately as single fluxes and also in association with feldspar in mixtures with raw materials collected in a porcelain industry located in Dias d Ávila-Ba. The addition of these residues aimed to contribute to the reduction of the consumption of feldspar in the production of porcelain tiles. Specimens were produced with dimensions of 60 mm x 20 mm x 6 mm in an uniaxial die with compacting pressure of 45 MPa. The samples were heated to a temperature of 1200 °C, for 8 minutes. Tests were performed to characterize the raw materials by XRF, XRD, particle size analysis, DTA and TGA and, additionally, the results of the physical properties of water absorption, apparent porosity, linear shrinkage, density, dilatometry, flexural strength and SEM of sintered body were analyzed. Additions of less than 8% of the residue R1 contributed to the decrease of porosity, but the mechanical strength of the samples was not satisfactory. Additions of 5% the R2 residue contributed significantly to decrease the water absorption and apparent porosity, and also to increase the mechanical strength. Samples with addition of feldspar associated with the R2 residue, in proportions of 6.7% of R2 and 6.7% of feldspar, led to results of water absorption of 0.12% and mechanical strength of 46 MPa, having parameters normalized to the manufacture of porcelain stoneware tiles

Estudo comparativo do desempenho de controladores robustos aplicados a um sistema de tanques acoplados.

Currently the uncertain system has attracted much academic community from the standpoint of scientific research and also practical applications. A series of mathematical approaches emerge in order to troubleshoot the uncertainties of real physical systems. In this context, the work presented here focuses on the application of control theory in a nonlinear dynamical system with parametric variations in order and robustness. We used as the practical application of this work, a system of tanks Quanser associates, in a configuration, whose mathematical model is represented by a second order system with input and output (SISO). The control system is performed by PID controllers, designed by various techniques, aiming to achieve robust performance and stability when subjected to parameter variations. Other controllers are designed with the intention of comparing the performance and robust stability of such systems. The results are obtained and compared from simulations in Matlab-simulink.

Impacto da estratégia saúde da família com equipe de saúde bucal sobre indicadores de saúde bucal: análise em municípios do nordeste com mais de 100 mil habitantes

This study examined in municipalities of Northeast of Brazil with more than one hundred thousand people who incorporation of Oral Health Teams (OHT) into the Family Health Strategy (FHE) the possible impact on oral health indicators. Sought to answer whether implementation OHT brought the best indicators of health problems and coverage, compared to areas without coverage by the FHE through a community trial in parallel, quasi-randomized. In each of the municipalities surveyed were 20 census tracts, 10 were located in areas covered by oral health teams in the ESF and 10 industries in areas not covered. The final sample consisted of 59.221 individuals. We compared oral health indicators related to health problems, access to services and coverage of oral health actions. The analysis strategy was based on the calculation of prevalence ratios and confidence intervals, adjusted for confounding factors through Poisson regression with robust variance. It also has measured the association between an indicator of social inequality for comparison between areas. The best results are associated with indicators of access and coverage of oral health actions at the expense of the indicators of health problems, suggesting a possible maintenance of a traditional model of practice yet. The results also suggest a possible effect of a specific policy in the area of primary care on inequality in access. From the discussions presented throughout this work, we can see that the impact analysis of public policy, obtained by comparing areas with and without the intervention, not only captures the effect on the target population, but other dimensions of organization service and therefore should be understood as one of the analytical possibilities related to the management

Períodos de interferência de Commelina benghalensis na cultura do café recém-plantada

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Brachiaria decumbens supresses the initial growth of Coffea arabica

Brachiaria decumbens vem se tornando uma das plantas daninhas mais freqüentes na infestação de cafezais em formação, pois além de sua elevada agressividade e dificuldade de controle, está ocorrendo expansão das áreas cafeeiras para locais anteriormente ocupados por pastagens. Objetivou-se neste trabalho avaliar os efeitos desta planta daninha, em densidades crescentes, sobre o desenvolvimento inicial de mudas de café (Coffea arabica L. cv. Catuaí Amarelo). O experimento foi conduzido em condições semi-controladas, sem limitação de água. Uma muda de café foi transplantada em caixa de amianto com capacidade para 70 L, preenchida com terra coletada da camada arável de um Latossolo Vermelho. Os tratamentos constaram de diferentes densidades de transplante de capim-braquiária, a saber: 0, 4, 8, 12, 16, 20, 24, 36, 48 e 60 plantas m-2. O ensaio foi conduzido por um período experimental de 120 dias após o plantio (DAP). Todas as características analisadas foram afetadas negativamente pela interferência da planta daninha, mas as que se mostraram mais sensíveis a essa interferência foram à área foliar e a biomassa seca das folhas. Houve redução de 41,8% na área foliar do cafeeiro quando conviveu com o capim-braquiária a partir da densidade de 8 plantas m-2, chegando a 68,7% na densidade de 60 plantas m-2. Também a partir da densidade de 8 plantas m-2, a redução na biomassa seca das folhas em relação à testemunha foi de 41,4% e na densidade de 60 plantas m-2 chegou a 72,8%. Brachiaria decumbens, a partir da densidade de 8 plantas m-2, interfere negativamente sobre as mudas de café até os 120 DAP.

ELOY DE SOUZA: UMA INTERPRETAÇÃO SOBRE O NORDESTE E OS DILEMAS DAS SECAS

The thought of Eloy de Souza is studied (1873-1959), that left a significant intellectual production in the journalistic, cultural and politicial scope on the Northeast and the dilemmas of the droughts. Through the method of content analysis, his journalistic and literary speech is investigated, looking at to understand the elaboration and/ or reiteration of categories, of representations and of values; it is verified how was conceived the constitution of the political thought and which is it´s principal slopes; the parliamentary speech, present in his interventions is analyzed in plenary session, participation in commissions and in his projects, particularly in the thematic area of the droughts. It is verified that his work is built in a political and ideological perspective inserting the bourgeoisie landowner's interests and Northeastern commercial and of it´s political strata, inside the historical block of agro-industry power that has as irradiation focus the area of the coffee represented politically by the oligarchies person from São Paulo and Minas Gerais. In that sense, two crucial categories emerge: the droughts and the country, as the Northeastern and Brazilian man's synthesis, with their resistance capacity and adaptation, and their creative effort in an adverse enviroment, that Eloy de Souza started to insert in his political speech. However, the vision that he passes of the "country suffer", expresses a certain idealization of a lifestyle that corresponds to a traditional dominance, that he want´s to be reproduced. Although it looked for the solution for the drought through the modernization of the economy by the adoption of advanced methods as the irrigation, his concern went back to the conservation of the economical and cultural political hegemony of that elite. Thus, his inquietude with the process of integration of the subordinate sections, justifies his consensual speech, harmonic as organic intellectual of the agrarian-commercial bourgeoisie of the Brazilian Northeast