Abordagens para a classificação contábil de instrumentos financeiros híbridos e/ou compostos: um estudo de caso com uma companhia aberta brasileira

Instrumentos financeiros híbridos e/ou compostos têm sido tema constante em matéria de regulação contábil. A literatura positiva apresenta uma hipótese que ajuda a compreender o porquê de algumas firmas recorrerem a ditos instrumentos para captar recursos: nível de endividamento no limite de quebra de covenants contratuais. No Brasil, firmas com registro na CVM, que se utilizaram desses instrumentos, classificando-os no patrimônio líquido, tiveram suas ITRs e/ou DFs reapresentadas e/ou republicadas por determinação da CVM. O ponto crítico de toda a discussão reside na distinção entre um item de passivo e um item de patrimônio líquido. Esse tema está disciplinado na IAS 32 (PT CPC n. 39) e presente no Discussion Paper - A review of the conceptual framework for financial reporting, emitido pelo IASB em julho de 2013, que apresenta duas abordagens que podem ser utilizadas, visando a simplificar a distinção entre um item de passivo e de patrimônio líquido: a narrow equity approach - NEA e a strict obligation approach - SOA. A adoção de cada uma dessas abordagens terá um impacto diferente nos níveis de endividamento/alavancagem e no potencial de diluição de participação dos acionistas. Este trabalho tem como objetivo investigar abordagens para a classificação contábil das debêntures mandatoriamente conversíveis em ações, vis-à-vis a IAS 32 (PT CPC n. 39) e o Discussion Paper do IASB (NEA x SOA). A metodologia adotada é um estudo de caso de uma companhia aberta brasileira, que em 2010 emitiu debêntures mandatoriamente conversíveis e efetuou uma classificação desses instrumentos considerada inadequada pelo órgão regulador. Observa-se que a strict obligation approach é a abordagem que impacta menos no nível de endividamento, enquanto a narrow equity approach é a que apresenta maior alavancagem. As evidências sugerem os covenants contratuais como possíveis indutores de tal prática, fato que está em linha com o que a literatura da área documenta como fenômeno esperado. É bem verdade que no caso concreto, houve quebra contínua de covenants contratuais, corroborando a hipótese apresentada por SILVA (2008) de que o baixo custo de violação de covenants contribua para tal situação. Alternativamente, uma possível explicação para a escolha contábil da companhia reside na complexidade da IAS 32 (PT CPC 39) e desconhecimento de suas nuances.

A Matemática do Ensino Básico aplicada na indústria do petróleo referente às atividades de transporte e armazenamento

Esta dissertação tem como objetivo principal apresentar aos professores a matemática que é utilizada em diversas atividades da indústria do petróleo para serem apresentadas em sala de aula como aplicações práticas de diversos conceitos que são ministrados desde o ensino fundamental até o superior. Assim, possui o intuito de desenvolver no aluno a percepção da importância de se aprender matemática, criando um estímulo a mais em seus estudos. O trabalho se refere especificamente ao Terminal Aquaviário da Baía de Guanabara (TABG), pertencente à empresa de petróleo Petrobras Transporte S/A (TRANSPETRO), no qual labora o autor. São apresentados os diversos cálculos utilizados nas variadas atividades do dia a dia do TABG. Por fim, são sugeridas algumas atividades que podem ser aplicadas em sala de aula

O retorno de trabalhadores demitidos de uma empresa pública na década de 1990: contradições, avanços e retrocessos

Essa dissertação de mestrado apresenta um estudo com os trabalhadores demitidos de uma Empresa Pública, na década de 1990, por força da implementação de medidas neoliberais no Brasil. Apesar dos inúmeros impactos gerados a esses trabalhadores, após esta decisão do Estado, a proposta é analisar os impactos objetivos, sofridos pelos trabalhadores, originários da perda repentina de um contrato de trabalho formal e consequentemente, da perda de salários diretos, de salários indiretos, com a ausência de políticas sociais corporativas, e de direitos garantidos enquanto trabalhadores protegidos. As estratégias de sobrevivência adotadas por estes trabalhadores foram as mais variadas, porém, a grande maioria teve o trabalho por conta própria como a principal alternativa de reprodução social, saindo completamente do ramo de produção em que trabalhavam. Insatisfeitos com a demissão, esse grupo de trabalhadores lutou para retornar ao quadro de empregados da Corporação. Após cerca de uma década e meia, os trabalhadores conquistaram o direito de retornar e ser admitido pela Empresa V, uma das que compõem a Corporação, tendo em vista a extinção daquelas a que pertenciam. Com essa decisão, os trabalhadores e suas famílias estavam novamente assegurados pelas políticas corporativas e com novas possibilidades. No entanto, a adequação aos novos requisitos da Empresa V, fez com que alguns indivíduos não atendessem ao novo perfil de trabalhador exigido pela instituição e pelo mercado de trabalho, devido à idade e ao tipo de qualificação. Assim, ao mesmo tempo em que o retorno lhes trouxe novas possibilidades, com o acesso a um salário mensal e políticas empresariais de qualidade, por outro lado, também trouxe grandes desafios para alguns trabalhadores, devido a sua dificuldade de inserção nos processos de trabalho e nas normas da empresa. Conclui-se então, que o retorno à Corporação, após mais de uma década de luta, foi para esse grupo de trabalhadores, um processo contraditório, pois, ao mesmo tempo em que tiveram diversos direitos assegurados, alguns não conseguiram desenvolver suas atividades nos moldes do atual modo de produção.

The Development of Ceylon's fisheries (a symposium)

In July, 1964, it was decided that a Government Fisheries Corporation be set up. At the request of the Directors-designate of this Corporation a series of lectures on the development of Ceylon's fisheries was organised by the Fisheries Research Station, all except two being delivered at a seminar on 15th September, 1964. The speakers were asked to prepare and submit their texts and these are presented in the sequence in which the talks themselves were delivered: 1. Ceylon's fisheries: past and future (A.C.J. Weerekoon) 2. Fisheries by-products (C.St.E. Gunesekara) 3. The role of technology in fisheries development in Ceylon (N.N. De Silva) 4. Seaweeds (M. Durairatnam) 5. Coastal fisheries (T.P. Goonewardente) 6. The trawler fishery (A.S. Mendis) 7. A review of Japan's tuna long-line fishery in the Indian Ocean (K. Sivasubramaniam) 8. Off shore and deep sea fishery for larger scombroids in the Indian Ocean (K. Sivasubramaniam) 9. The development of fresh water fisheries in Ceylon (H.H.A. Indrasena) 10. Brackish-water fish farming in Ceylon (T.G. Pillai) 11. The role of inland waters in relation to the development of Ceylon's fisheries and a note on the pearl oyster fishery (C.H. Fernando) 12. The mechanization of the inshore fisheries and the relationship to fisheries development in Ceylon (E. Kvaran)

Introductory address

At the 21st Annual Sessions of the Ceylon Association for the Advancement of Science held at the University of Ceylon, Colombo, the proceedings on one day, 17th December 1965, of its Section D (Biological Sciences) were devoted to a Symposium on Fish Resources of Ceylon. The introductory address was given by Mr. S. S. H. Silva, the Director of Fisheries and the Chairman of the Ceylon Fisheries Corporation at that time.

Small mesh trawling

Experimental trawling operations for bottom fish were first begun in 1920 and consisted of surveys of the continental shelf around Ceylon and the west and east coasts of India. These preliminary surveys showed that the continental shelf of Ceylon was either very poor in bottom fish or that the ground was so rough that trawling has proved to be economically not sustainable (Malpas, 1926). Although a considerable amount of trawling has been carried out using small-meshed trawls, there is no record of the details of the gear used or any account of the relative efficiency of the different designs of trawls used in the operations. Experimental operations were, therefore, carried out off 80 h.p. boats such as m.f.v. Canadian and North Star, to select the most effective gear for these boats. In more recent times experiments were also conducted to select the most effective trawling gear for the 11-Ton boats of the Ceylon Fisheries Corporation. The results are reported in this publication.

The adaptive variations in catchability of trawls on the Wadge Bank

The author made a trip on the Ceylon Fisheries Corporation trawler m/t "Pesalai" from 18th February, to 4th March, 1970, in order to study, amongst other matters, the "Adaptive Variations in catch ability of Trawls on the Wadge Bank". This was during the period of the north-east monsoon which offers very not favorable conditions for commercial fishing on the Wadge Bank. It was a normal commercial fishing trip and the work of the author was clone in keeping with the schedule of work of the trawler. A trip made to the Wadge Bank on the trawler m/t "Myliddy" in November, 1969, also helped in this study.

The Pearl Banks inspection: April, 1970

The last major pearl fishery in the Gulf of Mannar was held in February-March, 1958, when about 4.5 million oysters were collected from the south-west Cheval Paar by dredging. (Sivalingam 1961). Subsequently, two smaller fisheries, one in 1960 and another in 1961 took place. In these two fisheries one million oysters and four hundred thousand oysters respectively were collected from the Cheval paar by dredging. (De Fonselm 1953). Inspections of the Banks were carried out in 1962, 1963, 1964 and 1965. (Balasuriya 1964 and Silva 1965 and 66). Since then inspections were not possible due to one of two reasons or both the non-availability of operational dredges and a suitable vessel for this type of work.The "Pesalai" a 235-ton stern trawler was made available by the Ceylon Fisheries Corporation management for the 1970 inspection. Two new 6-foot dredges turned out by the Government Factory were also available for this work. However, the survey was limited to 3 days-the period for which the vessel had been released. It was further limited to those areas of the banks over 6 fathoms in depth because of the risk in operating a large vessel in shallower depths.

Investigations on the bottom conditions and the possibilities for marine prawn and fish trawling on the north and east coast of Ceylon

The execution of this survey was decided upon by Swedevelop in agreement with the Sri Lanka Fisheries Corporation and was a part of the investigations and studies for a fishery project at Trincomalee which was carried out by Scandia Consult. The main purpose was to investigate the following aspects: bottom conditions, especially prawn trawling conditions; size of the potential prawn trawling catches; size and quality of the potential fish trawling catches; suitable sizes and types of boats and trawling gear; duration of trawl fishing season.

Bacillus pallidus sp nov., isolated from forest soil

A Gram-positive bacterium, designated strain CW 7(T), was isolated from forest soil in Anhui Province, south-east China. Cells were strictly aerobic, motile with peritrichous flagella and rod-shaped. The strain grew optimally at 30-37 degrees C and pH 7.0-8.0. The major fatty acids of strain CW 7(T) were anteiso-C-15:0, iso-C-15:0 and anteiso-C-17:0. The predominant menaquinone was MK-7. The cell-wall peptidoglycan contained meso-diaminopimelic acid. The G + C content of the genomic DNA was 42.3 mol%. Phylogenetic analysis indicated that strain CW 7(T) belonged to a monophyletic cluster within the genus Bacillus and showed 16S rRNA gene sequence similarities of less than 96.5% to recognized species of the genus Bacillus. The results of the polyphasic taxonomic study, including phenotypic, chemotaxonomic and phylogenetic analyses, showed that strain CW 7(T) represents a novel species of the genus Bacillus, for which the name Bacillus pallidus sp. nov. is proposed. The type strain is CW 7(T) (=KCTC 13200(T)=CCTCC AB 207188(T)=LMG 24451(T)).

Some new bounds on eigenvalues of the Hadamard product and the Fan product of matrices

Let A and B be nonsingular M-matrices. A lower bound on the minimum eigenvalue q(B circle A(-1)) for the Hadamard product of A(-1) and B, and a lower bound on the minimum eigenvalue q(A star B) for the Fan product of A and B are given. In addition, an upper bound on the spectral radius rho(A circle B) of nonnegative matrices A and B is also obtained. These bounds improve several existing results in some cases and the estimating formulas are easier to calculate for they are only depending on the entries of matrices A and B. (C) 2009 Elsevier Inc. All rights reserved.

Analysis of mitochondrial DNA variants in Japanese patients with schizophrenia

To test the hypothesis that mitochondrial DNA (mtDNA) variants contribute to the susceptibility to schizophrenia, we sequenced the entire mtDNAs from 93 Japanese schizophrenic patients. Three non-synonymous homoplasmic variants in subunit six of the ATP s

Genetic diversity study of Caspian brown trout (Salmo trutta caspius Kessler, 1877) population in five rivers in the southern part of Caspian Sea, Iran

For study the genetic diversity of Caspian brown trout population in five rivers in the southern part of Caspian Sea in Iran 182 number generators in the fall and winter of 1390 were collected in Chalus, Sardab Rud, Cheshmeh Kileh, Kargan Rud and Astara rivers. Then about 3-5 g of soft and fresh tissue from the bottom fin fish removed and were fixed in ethanol 96°. Genomic DNA was extracted by using ammonium acetate, then quantity and quality of the extracted DNA were determined by using spectrophotometry and horizontal electrophoresis in 1% agarose gel. The polymerase chain reaction was performed by using 16 SSR primers and sequencing primers (D-Loop) and the quality of PCR products amplified by SSR method were performed by using horizontal electrophoresis in 2% agarose gel. Alleles and their sizes were determined by using vertical electrophoresis in 6% polyacrylamide gel and silver nitrate staining method. Gel images were recorded by gel documentarian, the bands were scored by using Photo- Capt software and statistical analysis was performed by using Gene Alex and Pop Gene software. Also the PCR sequencing products after quality assessment by usinghorizontal electrophoresis in 1.5% agarose gel were purified and sent to South Korea Bioneer Corporation for sequencing. Sequencing was performed by chain termination method and the statistical analysis was performed by using Bio- Edit, Mega, Arlequin and DNA SP software. The SSR method, 5 pairs of primers produced polymorphic bands and the average real and effective number of alleles were calculated 5.60±1.83 and 3.87±1.46 in the Cheshmeh Kileh river and 7.60±1.75 and 5.48±1.32 in the Karganrud river and the mean observed and expected heterozygosity were calculated 0.44 ±0.15 and 0.52 ±0.16 in the Cheshmeh Kileh river and 0.50 ±0.11 and 0.70±0.13 in the Karganrud river. Analysis of Molecular Variance results showed that significant differences in genetic diversity between and within populations and between and within individuals in the studied rivers (P<0.01). The sequencing method identified 35 different haplotype, the highest number of polymorphic position (251) and haplotype (14) were observed in the Chalus river. The highest mean observed number of alleles (2.24±0.48) was calculated in the Sardabrud river, the highest mean observed heterozygosity (1.00±0.03) was calculated in the Chalus river and the highest mean nucleotide diversity (0.13±0.07) was observed in the Sardabrud river and mean haplotype diversity was obtained (1) in three studied rivers. The overall results show that there are no same population of this fish in the studied rivers and Karganrud and Chalus rivers in the SSR and sequencing methods had the highest levels of genetic diversity.

External corporate venture capital investment: Towards a framework for capturing and measuring strategic value

This paper presents the initial results of on-going research in the field of external Corporate Venture Capital (CVC) investments, i.e. equity investments of large corporations in entrepreneurial ventures which originated outside the corporation. The research is motivated by the fact that external CVC plays an increasingly important role within the strategy of corporations. Driven by a general trend towards a more open approach to innovation, companies see particular value in external corporate venturing as a tool to gain, for example, access to complementary technologies and a general window on technology developments. The review of literature in the field of external corporate venturing clearly reveals that theoretical gaps exist in understanding mechanisms for capturing value and measurements of this value. To help close these gaps, the research addresses the underlying question "How do corporations and start-ups capture and measure strategic value through external CVC investments" by using embedded, multiple case studies. Following an initial set of case studies, steps towards the development of a framework for capturing and measuring strategic value from CVC investments are outlined within this paper and the resulting preliminary framework is presented. The paper closes with an outlook on ongoing and future research steps. © 2009 PICMET.

Semiconductor laser with a biconical waveguide

The propagation losses in the fundamental mode of a bicone made of highly reflecting metal or a dielectric of large refraction were approximately estimated using Leontovich's boundary condition. A 400-fold concentration of the energy flux density lias been obtained in a cross section which is much smaller than λ. Here, the losses are 2.5% at λ = 550 nm in an Ag bicone and 12% in a semiconductor bicone with a band gap of ≈1 eV for hv larger than the band gap. The excitation efficiency of a bicone has been estimated. While not too large, it can be increased significantly using the method proposed in the present paper. The application of the optical bicone for the multiplication of a semiconductor-laser frequency is discussed. The results obtained are also of use in scanning near-field optical microscopy and in experiments on focusing laser pulses of ultrahigh power. © 2000 Plenum/Kluwer Publishing Corporation.