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

Learning from Text: Examining Teacher Thinking and Practice in AP Environmental Science

Thesis (Ph.D.)--University of Washington, 2016-08

Dissecting the role of Profilin-1 in microglial cell function: the impact on ROS production

Microglial cells are the resident immune cells of central nervous system (CNS) and the major players in neuroinflammation. These cells are also responsible for surveilling the neuronal microenvironment, and upon injury to the CNS they change their morphology and molecular profile and become activated. Activated status is associated with microglia proliferation, migration to injury foci, increased phagocytic capacity, production and release of reactive oxygen species (ROS), cytokines (pro- or anti-inflammatory) and reactive nitrogen species. Microglia activation is crucial for tissue repair in the healthy brain. However, their chronic activation or deregulation might contribute for the pathophysiology of neurodegenerative diseases. A better understanding of the mechanisms underlying microglial cell activation is important for defining targets and develop appropriate therapeutic strategies to control the chronic activation of microglia. It has been observed an increase in profilin (Pfn) mRNA in microglial cells in the rat hippocampus after unilateral ablation of its major extrinsic input, the entorhinal cortex. This observation suggested that Pfn might be involved in microglia activation. Pfn1 is an actin binding protein that controls assembly and disassembly of actin filaments and is important for several cellular processes, including, motility, cell proliferation and survival. Here, we studied the role of Pfn1 in microglial cell function. For that, we used primary cortical microglial cell cultures and microglial cell lines in which we knocked down Pfn1 expression and assessed the activation status of microglia, based on classical activation markers, such as: phagocytosis, glutamate release, reactive oxygen species (ROS), pro- and anti-inflammatory cytokines. We demonstrated that Pfn1 (i) is more active in hypoxia-challenged microglia, (ii) modulates microglia pro- and anti-inflammatory signatures and (iii) plays a critical role in ROS generation in microglia. Altogether, we conclude that Pfn1 is a key protein for microglia homeostasis, playing an essential role in their activation, regardless the polarization into a pro or anti-inflammatory signature.

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios

Characterization of the glial scar tissue in a murine model of spinal cord compression, with focus on hyaluronan

Spinal cord injury (SCI) is a devastating neurological disorder that affects thousands of people each year. Although in recent decades significant progress has been made in relation to understanding the molecular and cellular events underlying the nervous damage, spinal cord injury is still a highly disabling condition for which there is no curative therapy. People affected by spinal cord injuries manifested dysfunction or loss, temporary or permanent, of motor, sensory and / or autonomic functions depending on the spinal lesion damaged. Currently, the incidence rate of this type of injury is approximately 15-40 cases per million people worldwide. At the origin of these lesions are: road accidents, falls, interpersonal violence and the practice of sports. In this work we placed the hypothesis that HA is one of the component of the scar tissue formed after a compressive SCI, that it is likely synthetised by the perilesional glial cells and that it might support the permeation of the glial scar during the late phase of SCI. Nowadays, much focus is drawn on the recovery of CNS function, made impossible after SCI due to the high content of sulfated proteoglycans in the extracellular matrix. Counterbalancing the ratio between these proteoglycans and hyaluronic acid could be one of the experimental therapy to re-permeate the glial scar tissue formed after SCI, making possible axonal regrowth and functional recovery. Therefore, we established a model of spinal cord compression in mice and studied the glial scar tissue, particularly through the characterization of the expression of enzymes related to the metabolism of HA and the subsequent concentration thereof at different distances of the lesion epicenter. Our results show that the lesion induced in mice shows results similar to those produced in human lesions, in terms of histologic similarities and behavioral results. but these animals demonstrate an impressive spontaneous reorganization mechanism of the spinal cord tissue that occurs after injury and allows for partial recovery of the functions of the CNS. As regards the study of the glial scar, changes were recorded at the level of mRNA expression of enzymes metabolizing HA i.e., after injury there was a decreased expression of HA synthases 1-2 (HAS 1-2) and an increase of the expression HAS3 synthase mRNA, as well as the enzymes responsible for the HA catabolism, HYAL 1-2. But the amount of HA measured through the ELISA test was found unchanged after injury, it is not possible to explain this fact only with the change of expression of enzymes. At two weeks and in response to SCI, we found synthesized HA by reactive astrocytes and probably by others like microglial cells as it was advanced by the HA/GFAP+ and HA/IBA1+ cells co-location.

O paciente com trissomia 21

A Síndrome de Down, também conhecida como Trissomia 21, representa a anomalia cromossómica mais comum da espécie humana. Caracteriza-se por um conjunto clássico de sinais e sintomas que afetam o desenvolvimento neuromotor e cognitivo. O diagnóstico da Síndrome de Down baseia-se numa série de sinais e sintomas, sendo a sua confirmação estabelecida através do estudo cromossómico. Nem toda a população afetada apresenta as mesmas características, sendo necessário uma identificação do cariótipo para um diagnóstico definitivo. Embora apresentando diferentes graus de severidade assim como inicio de manifestação dos primeiros sintomas em diferentes alturas, toda a população com SD apresenta morfismo característico da face e do sistema esquelético, alterações do SNC e início precoce da doença de Alzheimer. As características dento-maxilo-faciais afetam o normal funcionamento do sistema estomatognático. A maioria possui um padrão braquifacial com um desenvolvimento mandibular no sentido anti-horário e manifesta má-oclusão sob uma vasta etiologia. Consequentemente ocorrem alterações a nível da estética, postura, mastigação, respiração e fonação. Apresentam inclusive um controlo de placa ineficaz e pobre higienização oral, sendo os procedimentos de prevenção importantes. A Ortodontia tem um papel de relevo no tratamento das má-oclusões que contribuem para as limitações do paciente. Ressalte-se a importância da sensibilização dos familiares para a necessidade de higienização bucal destes pacientes, bem como o conhecimento pelo médico dentista acerca das principais manifestações bucais que acometem os pacientes portadores, para que o tratamento adequado seja oferecido e a qualidade de vida desses indivíduos preservada.

Ativos de conhecimento e inovação em um serviço hospitalar de cirurgia cardiovascular

Na literatura acadêmica sobre inovação em serviços o tema da aprendizagem se destaca como um processo capaz de alavancar capacidades dinâmicas da empresa a curto, médio e longo prazo através da criação e transmissão do conhecimento. Os resultados desse processo podem impactar positivamente o desempenho da organização e melhorar seu posicionamento entre os concorrentes. Com objetivo de contribuir para o debate nesta área, este trabalho tem como objetivo principal identificar evidências empíricas sobre ativos de conhecimento capazes de sustentar a inovação e impulsionar a vantagem competitiva do Serviço de Cirurgia Cardiovascular (SCC) do Hospital de Clínicas de Porto Alegre (HCPA). Vantagem competitiva é tratada neste trabalho como a capacidade de se distinguir de outros serviços de atendimento médico na área, identificando o que confere vantagem na disputa por investimentos públicos em inovações e tecnologias. Assim, a ideia central deste artigo é evidenciar a capacidade operacional/funcional que distingue o SCC dos outros serviços em termos de ativos de conhecimento gerados. Neste sentido, foram realizadas entrevistas semiestruturadas com o médico responsável pelo SCC e análise documental de aspectos relevantes em relação ao processo de aprendizagem e produção de conhecimento no SCC utilizando as seguintes fontes: (a) publicações da equipe presentes no currículo Lattes; (b) linhas de pesquisas em que o SCC atua, apresentadas nos sites do HPCA e do Programa de Pós Graduação em Cardiologia e Cirurgia Cardiovascular da Faculdade de Medicina da Universidade Federal do Rio Grande do Sul; e (c) redes de conhecimento médico especializado onde estão inseridos, que estão discriminadas no site da Rede Nacional de Terapia Celular. Os ativos do conhecimento foram classificados pela taxonomia proposta por Li and Tsai (2009). A dinâmica de circulação dos ativos de conhecimento observados neste estudo de caso foi analisada através do modelo teórico de Gallouj (2002) para inovações em serviços de saúde intensivos na produção de conhecimento. Os resultados obtidos demonstraram dois aspectos essenciais no processo de aprendizagem do serviço de saúde investigado: (a) o incremento cumulativo das capacidades tecnológicas únicas do SCC, as quais sustentam sua diferenciação no setor de forma única; e (b) inovação de procedimentos cirúrgicos de alta complexidade diretamente relacionados com sua capacidade dinâmica para responder rapidamente à volatilidade ambiental onde o SCC está inserido. Tais dados se caracterizam como relevantes para compreender de que forma um serviço desta natureza pode gerenciar seu conhecimento, aumentando seu impacto nas estratégias de vantagem competitiva sustentável.

Do Univariado ao Multivariado : A Escala de Elementos Tangíveis, suas Relações com Outras Escalas e Mais Além

Análise da qualidade e da satisfação dos doentes com apoio domiciliário, no âmbito do Projecto de Humanização dos Cuidados Paliativos em Contexto Domiciliário (Projecto SDH.MD/P.I.01.13; subsidiado pela Fundação Calouste Gulbenkian). Utilizou-se o Questionário SERVQUAL Modificado. O Questionário SERVQUAL Modificado é constituído por três blocos: Bloco 1 - Escala de Percepções, Bloco 2 - Escala de Preferências e por um conjunto de questões relativas a Dados do Doente e a Dados do Cuidador- Bloco 3. Referir-nos-emos nesta Parte 5.3 essencialmente à análise e a resultados respeitantes ao Bloco 1 da Escala de Percepções e respectivos itens, bem como suas relações com alguns itens do Bloco 3. […].

Prevalencia, factores asociados y tratamiento de la crisis hipertensiva de los pacientes hipertensos atendidos en el servicio de emergencia del Hospital Vicente Corral Moscoso, Cuenca 2007

Mediante estudio descriptivo-transversal realizado en la emergencia del Hospital Vicente Corral Moscoso; se estableció la relación existente con los factores de riesgo: antecedentes de diagnostico de hipertensión arterial, diabetes, sobrepeso, supresión de tratamiento y tabaquismo en 136 pacientes. El análisis estadístico fue univariado y bivariado. Determinamos la significancia de los factores asociados a través del chi cuadrado e intervalos de confianza. Resultados: La prevalencia de la crisis hipertensiva fue 1,35, de esta la urgencia corresponde al 71,4y la emergencia al 28,6. La prevalencia de sobrepeso fue de 52,9y la de obesidad un 11. El 58,8se presentó en mujeres y 41,2en hombres, la edad media fue de 60,93 años. El 15,4manifiesta tener antecedente de diabetes. El 39,7fueron fumadores. El 75tiene diagnóstico de HTA, el 62,7suspende el tratamiento antihipertensivo. El órgano blanco mas afectado fue el SNC con el 84,6. El fármaco mas utilizado en la emergencia y la urgencia fue el captopril en un 56,4y 92,8respectivamente. Factor asociado de riesgo para la crisis hipertensiva fue el desconocimiento del diagnóstico de HTA (O.R 3,28 I.C 1,4-7,4). Conclusión: la prevalencia de crisis hipertensiva es similar a la observada en otros estudios similares y se determinó que el no tener un diagnóstico de HTA es un factor de riesgo para desencadenar crisis hipertensiva de tipo emergencia

O empreendedorismo e a inovação como fatores de sucesso nas pequenas e médias empresas

Mestrado em Gestão e Empreendedorismo

O relato de resultado integral ("Comprehensive Income"): uma revisão da literatura

O presente trabalho tem como objetivo apresentar uma revisão da literatura sobre o relato do resultado integral, quer na vertente das normas que o regulam, quer ao nível da investigação empírica realizada sobre o mesmo. Embora a apresentação do resultado integral esteja vertida nas normas de contabilidade americanas, desde a década de 90 do século XX, a mesma apenas surge nas normas de contabilidade portuguesas em 2010, com a entrada em vigor do Sistema de Normalização Contabilística (SNC). O SNC prevê a apresentação do resultado integral na demonstração de alterações no capital próprio, formato esse que, atualmente, já não é permitido nas normas do Financial Accounting Standards Board e do International Accounting Standards Board. A revisão de literatura efetuada permite identificar, como oportunidade de investigação futura, a análise aos componentes do “outro resultado integral” das empresas que adotam o SNC, no sentido de aferir até que ponto será pertinente a Comissão de Normalização Contabilística repensar a apresentação do resultado integral para estas empresas.

Gestão do conhecimento e do capital intelectual - Estudo sobre a divulgação do capital intelectual em empresas portuguesas

Mestrado em Gestão e Empreendedorismo