The effects of state ownership in the internationalization of emerging multinationals

Esta tese é um compendio de três trabalhos de pesquisa que visam analisar o efeito da participação do estado na estrutura de propriedade das Multinacionais de Países Emergentes (EMNEs). A participação do estado como acionista é um fenómeno que pode trazer novas contribuições no âmbito da governança corporativa, administração da empresa e a tomada de decisões estratégicas. Os estudos aqui inclusos permitem identificar, a partir de momentos, diferentes, até que ponto o estado, na posição de proprietário da EMNE, pode impactar a mesma. Os trabalhos vão desde os mecanismos de escolha de firmas nas quais investir ate o impacto no ritmo de internacionalização das empresas, explicando também os mecanismos que o estado usa para ganhar aceso à tomada de decisões por meio de mudanças na governança corporativa

Ownership, control and corporate valuation of Brazilian companies

We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation.

Valuation and performance of firms in complex ownership structures : an application to Korean chaebols

We propose several new metrics to describe the complex ownership structure of business groups, and provide simple formulas and algorithms to compute these metrics. We use these measures to describe in detail the ownership structure of Korean chaebols in the period of 2003 to 2004. In addition, we validate the usefulness of our new metrics by showing empirically that they are important for understanding the valuation and performance of group firms. In particular, we show evidence that firms that are central to the control structure of the chaebol (central firms), firms in cross-shareholdings, and firms that are placed at the bottom of the group (i.e., with lower ultimate ownership) have lower profitability than other group firms. The valuation results suggest that central firms and firms in cross-shareholding loops have lower valuations than other public Chaebol firms. The lower valuation of these firms is not explained by variation in measures of ownership concentration and separation between ownership and control.

Ice as a vehicle for diarrheagenic Escherichia coli

In a recent study of the microbiological quality of commercial ice, 50 Escherichia coli isolates belonging to different serotypes were found. The potential hazard from these isolates was examined by testing their adherence patterns ill HeLa cells and searching for the presence of DNA sequences related to E. coli virulence properties. Twelve potentially diarrheagenic isolates were found and classified as enteroaggregative E. coli (EAEC) based oil their ability to produce aggregative adherence to HeLa cells. The remaining isolates were devoid of the virulence properties searched for. The EAEC isolates belonged to 10 different serotypes, among which O128ab:H35 is often found in diarrheic feces. None of these isolates reacted with a specific EAEC DNA probe or carried any of the known EAEC virulence genes. These data indicate that ice may be all important vehicle for transmission of enteropathogens, especially of the EAEC group. (C) 2003 Elsevier B.V. All rights reserved.

A study of reverse logistics flow management in vehicle battery industries in the midwest of the state of São Paulo (Brazil)

Having the objective of minimizing costs and improving their image in the consumer and export market, car battery industries began to seek environmental alternatives geared towards sustainable development. Reverse logistics flow represents an unprecedented tool for the economic and operational development of company activities, as well as a differential in the search for competitive advantages through environmentally correct practices. The aim of this paper is to describe the reverse logistics chain adopted by automotive battery industries in the midwest of the state of São Paulo, proposing a reverse logistics framework for small manufacturers that creates actions aimed at not harming the environment. (C) 2010 Elsevier Ltd. All rights reserved.

Influence of the type of vehicle and limit of obturation on apical and periapical tissue response in dogs' teeth after root canal filling with mineral trioxide aggregate

The purpose of this study was to investigate the influence of the type of vehicle (distilled water or propyleneglycol) on the response of apical tissues of dogs' teeth after root canal filling with mineral trioxide aggregate (MTA) at two different limits. Forty roots of incisors and premolars of two adult dogs were used. After pulpectomy, the root canals were prepared biomechanically, and the roots had the apical cemental barrier penetrated with a #15 K-file and widened to a #25 K-file. The root canals were assigned to four groups according to the vehicle used for MTA (ProRoot-MTA; Tulsa Dental, Tulsa, OK) preparation and the limit of root canal filling: group 1, filling with MTA/distilled water to the limit of the cemental canal; group 2, overfilling with MTA/distilled water, group 3, filling with MTA/propyleneglycol to the limit of the cemental canal; and group 4, overfilling with MTAlpropyleneglycol. The animals were killed by anesthetic overdose 90 days after endodontic treatment and the anatomic pieces were prepared for histomorphological analysis. The sections were stained with hematoxylin and eosin and Brown and Brenn techniques. The results showed that MTA pastes prepared with either distilled water or propyleneglycol as vehicles had similar biological behavior (p > 0.05); root fillings placed at the cemental canal limit showed better results than the overfillings (p = 0.01), and MTA/propyleneglycol paste was more easily placed into the root canals than MTA/distilled water paste.

Influences of the load centre of gravity on heavy vehicle acceleration

The aim of this paper is to analyse the influence of the load centre of gravity on heavy vehicle acceleration. This analysis is done through a method in which a vehicle centre of gravity map is used. A model for the driving force is presented for bus, truck and tractor-semi trailer combinations. The proposed model takes into consideration the resistance forces (drag, rolling resistance, translation and rotation acceleration, climbing resistance) and the 4 X 2 traction system. The positions of the vehicle centre of gravity as a function of the position of the load centre of gravity are determined. The vehicle acceleration is calculated based on the position of the load centre of gravity. This study analyses the acceleration of one of the Mercedes-Benz do Brasil tractor-semitrailer vehicle. A comparison of the acceleration for different maximum adhesion coefficients and ramps are presented, showing new results. An example showing the variations of the load centre of gravity position with the acceleration time and distance is provided. The load centre of gravity position is important for vehicle safety and the efficiency and economy in the transportation of the load.

Multivalued adaptive neuro-fuzzy controller for robot vehicle - art. no. 1406

Robotic vehicle navigation in unstructured and uncertain environments is still a challenge. This paper presents the implementation of a multivalued neurofuzzy controller for autonomous ground vehicle (AGVs) in indoor environments. The control system consists of a hierarchy of mobile robot using multivalued adaptive neuro-fuzzy inference system behaviors.

Vehicle influence on calcium hydroxide pastes diffusion in human and bovine teeth

The purpose of this study was to compare the pH and calcium ion liberation after use of calcium hydroxide pastes with different paste vehicles in human or bovine teeth. Ninety-two single-rooted human and bovine roots were used. The roots were instrumented and an external cavity preparation was performed. The roots were divided in to human and bovine groups. Each group was subdivided into four subgroups (SB) according to the vehicle:SB1, detergent; SB2, saline; SB3, polyethylenoglycol + camphorated paramonochlorophenol (Calen PMCC) and SB4, polyethylenoglycol + furacyn paramonochlorophenol (FPMC). Specimens were immersed into saline solution at 37 degrees C and after 7 and 14 days pH and calcium ion measurements were made. The results were analyzed by ANOVA and Tukey tests (P < 0.05). There was no statistical difference between bovine and human teeth in the pH analysis (P < 0.05), but bovine teeth provided larger calcium ion liberation than human teeth. Calen PMCC was statistically more effective for pH increase and calcium ion liberation in all analyses, followed by FPMC and saline. Detergent showed the lowest pH alterations and calcium ion liberation. The period of 14 days showed more calcium ionic liberation than the 7-day period.

Low-cost PWM speed controller for an electric mini-baja type vehicle

This paperwork presents a Pulse Width Modulation (PWM) speed controller for an electric mini-baja-type car. A battery-fed 1-kW three-phase induction motor provides the electric vehicle traction. The open-loop speed control is implemented with an equal voltage/frequency ratio, in order to maintain a constant amount of torque on all velocities. The PWM is implemented by a low-cost 8-bit microcontroller provided with optimized ROM charts for distinct speed value implementations, synchronized transition between different charts and reduced odd harmonics generation. This technique was implemented using a single passenger mini-baja vehicle, and the essays have shown that its application resulted on reduced current consumption, besides eliminating mechanical parts. Copyright © 2007 by ABCM.

An investigation into the loss of the Brazilian space programme's launch vehicle VLS-1 V03

There has been a rapid increase in the complexity and integration of many safety-critical systems. In consequence, it is becoming increasingly difficult to identify the causes of incidents and accidents back through the complex interactions that lead to an adverse event. At the same time, there is a growing appreciation of the need to consider a broad range of contextual factors in the aftermath of any mishap. A number of regulators, operators and research teams have responded to these developments by proposing novel techniques to support the analysis of complex, safety-critical incidents. It is important to illustrate these different approaches by applying them to a number of common case studies. The following pages, therefore, show how STAMP and AcciMap might support the Serviço Público Federal investigation into the explosion and fire of the Brazilian launch vehicle VLS-1 VO3. © 2006 Elsevier Ltd. All rights reserved.

Modeling of a MIT for the application of a frequency inverter of the electric vehicle

Nowadays, drives that use a combination of induction motors and frequency inverters are very common, a fact due to the financial practicality and viability in purchasing and operating that system. This system modeling and simulation becomes important when it wants to evaluate the performance, to calculate and correct parameters, and it has a fundamental role in functionality and viability analysis for application of new configurations and technologies. This work is about to elaborate a simple induction motor model based in the torque versus speed characteristic, using the linearization method for application in a specific operation range to be controlled by a frequency inverter. © 2011 Springer-Verlag Berlin Heidelberg.

Nasal administration of liquid crystal precursor mucoadhesive vehicle as an alternative antiretroviral therapy

The purpose of this study was to develop a mucoadhesive stimuli-sensitive drug delivery system for nasal administration of zidovudine (AZT). The system was prepared by formulating a low viscosity precursor of a liquid crystal phase, taking advantage of its lyotropic phase behavior. Flow rheology measurements showed that the formulation composed of PPG-5-CETETH-20, oleic acid and water (55, 30, 15% w/w), denominated P, has Newtonian flow behavior. Polarized light microscopy (PLM) revealed that formulation P is isotropic, whereas its 1:1 (w/w) dilution with artificial nasal mucus (ANM) changed the system to an anisotropic lamellar phase (PD). Oscillatory frequency sweep analysis showed that PD has a high storage modulus (G′) at nasal temperatures. Measurement of the mucoadhesive force against excised porcine nasal mucosa or a mucin disk proved that the transition to the lamellar phase tripled the work of mucoadhesion. Ex vivo permeation studies across porcine nasal mucosa exhibited an 18-fold rise in the permeability of AZT from the formulation. The Weibull mathematical model suggested that the AZT is released by Fickian diffusion mechanisms. Hence, the physicochemical characterization, combined with ex vivo studies, revealed that the PPG-5-CETETH-20, oleic acid, and water formulation could form a mucoadhesive matrix in contact with nasal mucus that promoted nasal absorption of the AZT. For an in vivo assessment, the plasma concentrations of AZT in rats were determined by HPLC method following intravenous and intranasal administration of AZT-loaded P formulation (PA) and AZT solution, respectively, at a dose of 8 mg/kg. The intranasal administration of PA resulted in a fast absorption process (Tmax = 6.7 min). Therefore, a liquid crystal precursor formulation administered by the nasal route might represent a promising novel tool for the systemic delivery of AZT and other antiretroviral drugs. In the present study, the uptake of AZT absorption in the nasal mucosa was demonstrated, providing new foundations for clinical trials in patients with AIDS. © 2012 Elsevier B.V. All rights reserved.

Report of the ECLAC Expert Group meeting on data sharing, data ownership and harmonization of survey datasets

Includes bibliography