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.

Cosmic microwave background theory

A long-standing goal of theorists has been to constrain cosmological parameters that define the structure formation theory from cosmic microwave background (CMB) anisotropy experiments and large-scale structure (LSS) observations. The status and future promise of this enterprise is described. Current band-powers in ℓ-space are consistent with a ΔT flat in frequency and broadly follow inflation-based expectations. That the levels are ∼(10−5)2 provides strong support for the gravitational instability theory, while the Far Infrared Absolute Spectrophotometer (FIRAS) constraints on energy injection rule out cosmic explosions as a dominant source of LSS. Band-powers at ℓ ≳ 100 suggest that the universe could not have re-ionized too early. To get the LSS of Cosmic Background Explorer (COBE)-normalized fluctuations right provides encouraging support that the initial fluctuation spectrum was not far off the scale invariant form that inflation models prefer: e.g., for tilted Λ cold dark matter sequences of fixed 13-Gyr age (with the Hubble constant H0 marginalized), ns = 1.17 ± 0.3 for Differential Microwave Radiometer (DMR) only; 1.15 ± 0.08 for DMR plus the SK95 experiment; 1.00 ± 0.04 for DMR plus all smaller angle experiments; 1.00 ± 0.05 when LSS constraints are included as well. The CMB alone currently gives weak constraints on Λ and moderate constraints on Ωtot, but theoretical forecasts of future long duration balloon and satellite experiments are shown which predict percent-level accuracy among a large fraction of the 10+ parameters characterizing the cosmic structure formation theory, at least if it is an inflation variant.

Plant genetic resources: What can they contribute toward increased crop productivity?

To feed a world population growing by up to 160 people per minute, with >90% of them in developing countries, will require an astonishing increase in food production. Forecasts call for wheat to become the most important cereal in the world, with maize close behind; together, these crops will account for ≈80% of developing countries’ cereal import requirements. Access to a range of genetic diversity is critical to the success of breeding programs. The global effort to assemble, document, and utilize these resources is enormous, and the genetic diversity in the collections is critical to the world’s fight against hunger. The introgression of genes that reduced plant height and increased disease and viral resistance in wheat provided the foundation for the “Green Revolution” and demonstrated the tremendous impact that genetic resources can have on production. Wheat hybrids and synthetics may provide the yield increases needed in the future. A wild relative of maize, Tripsacum, represents an untapped genetic resource for abiotic and biotic stress resistance and for apomixis, a trait that could provide developing world farmers access to hybrid technology. Ownership of genetic resources and genes must be resolved to ensure global access to these critical resources. The application of molecular and genetic engineering technologies enhances the use of genetic resources. The effective and complementary use of all of our technological tools and resources will be required for meeting the challenge posed by the world’s expanding demand for food.

On the forecast accuracy and consistency of exchange rate expectations: The Spanish PwC Survey.

We examine the predictive ability and consistency properties of exchange rate expectations for the dollar/euro using a survey conducted in Spain by PwC among a panel of experts and entrepreneurs. Our results suggest that the PwC panel have some forecasting ability for time horizons from 3 to 9 months, although only for the 3-month ahead expectations we obtain marginal evidence of unbiasedness and efficiency in the forecasts. As for the consistency properties of the exchange rate expectations formation process, we find that survey participants form stabilising expectations in the short-run and destabilising expectations in the long- run and that the expectation formation process is closer to fundamentalists than chartists.

Estimating and forecasting generalized fractional Long memory stochastic volatility models

In recent years fractionally differenced processes have received a great deal of attention due to its flexibility in financial applications with long memory. This paper considers a class of models generated by Gegenbauer polynomials, incorporating the long memory in stochastic volatility (SV) components in order to develop the General Long Memory SV (GLMSV) model. We examine the statistical properties of the new model, suggest using the spectral likelihood estimation for long memory processes, and investigate the finite sample properties via Monte Carlo experiments. We apply the model to three exchange rate return series. Overall, the results of the out-of-sample forecasts show the adequacy of the new GLMSV model.

Otimização não linear aplicada à operação de sistemas com múltiplos reservatórios para abastecimento de água.

O presente estudo considera a aplicação do modelo SISAGUA de simulação matemática e de otimização para a operação de sistemas de reservatórios integrados em sistemas complexos para o abastecimento de água. O SISAGUA utiliza a programação não linear inteira mista (PNLIM) com os objetivos de evitar ou minimizar racionamentos, equilibrar a distribuição dos armazenamentos em sistemas com múltiplos reservatórios e minimizar os custos de operação. A metodologia de otimização foi aplicada para o sistema produtor de água da Região Metropolitana de São Paulo (RMSP), que enfrenta a crise hídrica diante de um cenário de estiagem em 2013-2015, o pior na série histórica dos últimos 85 anos. Trata-se de uma região com 20,4 milhões de habitantes. O sistema é formado por oito sistemas produtores parcialmente integrados e operados pela Sabesp (Companhia de Saneamento do Estado de São Paulo). A RMSP é uma região com alta densidade demográfica, localizada na Bacia Hidrográfica do Alto Tietê e caracterizada pela baixa disponibilidade hídrica per capita. Foi abordada a possibilidade de considerar a evaporação durante as simulações, e a aplicação de uma regra de racionamento contínua nos reservatórios, que transforma a formulação do problema em programação não linear (PNL). A evaporação se mostrou pouco representativa em relação a vazão de atendimento à demanda, com cerca de 1% da vazão. Se por um lado uma vazão desta magnitude pode contribuir em um cenário crítico, por outro essa ordem de grandeza pode ser comparada às incertezas de medições ou previsões de afluências. O teste de sensibilidade das diferentes taxas de racionamento em função do volume armazenado permite analisar o tempo de resposta de cada sistema. A variação do tempo de recuperação, porém, não se mostrou muito significativo.

The Climate-system Historical Forecast Project: do stratosphere-resolving models make better seasonal climate predictions in boreal winter?

Using an international, multi-model suite of historical forecasts from the World Climate Research Programme (WCRP) Climate-system Historical Forecast Project (CHFP), we compare the seasonal prediction skill in boreal wintertime between models that resolve the stratosphere and its dynamics (high-top') and models that do not (low-top'). We evaluate hindcasts that are initialized in November, and examine the model biases in the stratosphere and how they relate to boreal wintertime (December-March) seasonal forecast skill. We are unable to detect more skill in the high-top ensemble-mean than the low-top ensemble-mean in forecasting the wintertime North Atlantic Oscillation, but model performance varies widely. Increasing the ensemble size clearly increases the skill for a given model. We then examine two major processes involving stratosphere-troposphere interactions (the El Niño/Southern Oscillation (ENSO) and the Quasi-Biennial Oscillation (QBO)) and how they relate to predictive skill on intraseasonal to seasonal time-scales, particularly over the North Atlantic and Eurasia regions. High-top models tend to have a more realistic stratospheric response to El Niño and the QBO compared to low-top models. Enhanced conditional wintertime skill over high latitudes and the North Atlantic region during winters with El Niño conditions suggests a possible role for a stratospheric pathway.

Forecasting Elections with High Volatility

This article uses data from the social survey Allbus 1998 to introduce a method of forecasting elections in a context of electoral volatility. The approach models the processes of change in electoral behaviour, exploring patterns in order to model the volatility expressed by voters. The forecast is based on the matrix of transition probabilities, following the logic of Markov chains. The power of the matrix, and the use of the mover-stayer model, is debated for alternative forecasts. As an example of high volatility, the model uses data from the German general election of 1998. The unification of two German states in 1990 caused the incorporation of around 15 million new voters from East Germany who had limited familiarity and no direct experience of the political culture in West Germany. Under these circumstances, voters were expected to show high volatility.

Salud y condiciones de trabajo en trabajadores mayores

Introducción: En los últimos años, la población española ha experimentado un crecimiento acelerado de personas mayores. Las previsiones demográficas a corto-medio plazo describen un importante predominio de trabajadores mayores en el mercado laboral. Objetivos: Identificar las diferencias según dos grupos de edad (<55 años y ≥55 años) en la percepción de las condiciones de trabajo y salud de la población trabajadora española. Metodología: Las diferencias entre los dos grupos de edad se analizaron a partir de indicadores de condiciones de trabajo y de salud pertenecientes a la VII Encuesta Nacional de Condiciones de Trabajo del Instituto de Seguridad e Higiene en el Trabajo (VII_ENCT). El análisis consistió en el cálculo de las prevalencias y la odds ratio cruda-ORc y ajustada por sexo con su correspondiente intervalo del confianza al 95% Resultados: El grupo de trabajadores más jóvenes presentan más riesgo de exposición a seis de los siete indicadores relacionados con las condiciones de trabajo (ruido, vibraciones, carga física, carga mental, autonomía y motivación). No obstante los trabajadores mayores tienen una peor percepción de su estado de salud (ORa= 2,06 [1,75-2,42]) y presentan en mayor medida problemas de salud que si bien les conducen a la visita médica más frecuentemente los relacionan menos con su actividad laboral. Conclusiones: A tenor de los resultados, los trabajadores de 55 años y más refieren tener menos quejas respecto a sus condiciones laborales e incluso se sienten más autónomos y motivados. Es el deterioro físico y mental la principal limitación que encuentran estos trabajadores a la hora de ejercer sus tareas. Sería recomendable establecer políticas de promoción de la salud dentro de las empresas para mejorar los indicadores de salud y promover el envejecimiento activo de la población trabajadora española.

Towards a new design of South American integration? Jean Monnet/Robert Schuman Paper Series, Special Issue January 2013

The design of South American integration is becoming different. This has been quite common in the trajectory of over six decades of initiatives aimed at generating institutional frameworks to facilitate regional integration. However, even when it has become apparent that the previous design is undergoing a new process of change, it would be difficult to predict for how long the one that is beginning to take shape will remain in effect. The experience of recent decades suggests great caution in forecasts that are optimistic about any eventual longevity. Several factors are contributing to this redesign. Some are external to the region while others are endogenous. The combination of these factors will influence the future design of South American integration. If past lessons are correctly capitalized and certain advantage is derived from the leeway provided by a decentralized international system with multiple options, we can anticipate that what will predominate in the region will be multidimensional integration agreements (with political and economic objectives at the same time) and with cross-memberships and commitments. If this were the case, the actual impact on regional governance, social and productive integration and the competitive insertion at a global scale will depend largely on the following factors: the quality and sustainability of the strategy for development and global and regional insertion of each country; the combination of a reasonable degree of flexibility and predictability in the commitments made and their corresponding ground rule, and the density of the network of cross-interests that can be achieved as a result of the respective regional integration agreements, reflected in multiple transnational social and production networks.

Saving the Monopsony: Exclusivity, Innovation and Market Power in the Media Sector. Research Papers in Law, 7/2006

From the Introduction. The Media Sector has experienced a technological revolution in the last 15 years. Digital encoding of television signals made possible a more efficient use of the radiospectrum. Digital terrestrial television (hereinafter, “DTT”) allows now for the reception of a significant number of free-to-air channels.1 Moreover, the use of new transmission platforms (hereinafter,“platforms”), namely cable and direct-to-home satellite (hereinafter, “DTH”) paved the way for the arrival in Europe of pay-TV operators, which finance their activities mainly via subscription fees. This changing technological landscape is subject to further evolution in the near future, as incumbent telecommunications operators become increasingly interested in making available broadcasting content2 as part of their broadband offer and 3G mobile handsets can be used for the reception of TV signals....The present paper seeks to ascertain whether the Commission “regulatory approach” towards the exclusive sale of premium content is a sound one, in particular in view of the constant technological evolution outlined above. The assumptions underlying landmark Commission decisions will be compared with recent developments of the media sector in Italy. In the NewsCorp./Telepiù case, decided in 2003, the Commission imposed very strict conditions to allow the merger giving birth to Sky Italia, on the assumption that the operation created a lasting near-monopsony in the different upstream markets for the acquisition of premium intervened against the media conglomerate Mediaset (which controls, inter alia, the main three private free-to-air channels in Italy) for an alleged abuse of dominant position.17 In fact, and contrary to the forecasts made by the Commission, Mediaset was in a position to acquire the broadcasting rights of the main Italian football teams, thereby excluding the incumbent (and near-monopolist) pay-TV operator, Sky Italia. This may go to show that the reality of the sector is more complex and evolves faster than one may infer from the Commission practice, thus putting into question its stance regarding exclusivity. The experience of the evolution of the Italian media sector will be used as the starting point for the evaluation of alternative regulatory options.

Forecasting migration between the EU, V4 and Eastern Europe. Impact of visa abolition. OSW Report, July 2014

This book is the result of one year of solid work among a multinational research team assembled from seven states (Poland, Czechia, Hungary, Slovakia, Ukraine, Belarus and Moldova). It aims at a detailed analysis of migration patterns and migration forecasts from Ukraine, Belarus and Moldova to the EU/V4. In particular, the nexus between EU visa policy and migration dynamics as well as the impact of economic, political and institutional factors on migration from Eastern Europe have been investigated. The importance of migration policy must be stressed here. Together with demand for the foreign labour force (labour market needs, level of wages, existing work opportunities) and migration networks (including ethnic links), migration policy has a powerful influence on the scale, directions and characteristics of human flows.

The transformation of agriculture in Ukraine: From collective farms to agroholdings. OSW Commentary No. 127, 06.02.2014

In recent years, Ukraine’s agriculture has been consistently improving and has been the only part of the country’s economy to buck the recession. According to preliminary estimates, in 2013 agricultural production increased by 13.7% - in contrast to a 4.7% decline in the industrial sector. According to official statistics, Ukraine’s industrial production was up 40% in the final months of 2013 when compared to the same period of 2012. This translated into an unexpected gain in fourth-quarter GDP growth (+3.7%) and prevented an annual drop in GDP. Crop production, and particularly the production of grain, hit a record high: in 2013, Ukraine produced 63 million tonnes of grain, outperforming its best ever harvest of 2011 (56.7 million tonnes). The value of Ukraine’s agricultural and food exports increased from US$4.3 billion in 2005 to US$17.9 billion in 2012, and currently accounts for a quarter of Ukraine’s total exports. Economic forecasts suggest that in the current marketing year (July 2013 - June 2014) Ukraine will sell more than 30 million tonnes of grain to foreign markets, making it the world’s second biggest grain exporter, after the United States.

The crisis in Iraq and the twists and turns of Turkish Middle East policy. OSW Commentary No. 142, 29.07.2014

The spectacular offensive by Islamic radicals in Iraq this June has led the country to the verge of collapse, and is another scene of the deep crisis in the Middle East, in which Turkey is entangled. The immediate consequence of this is a severe crisis of prestige after the kidnapping by terrorists of Turkish diplomats and Ankara’s inability to resolve the situation; in the long term consequences include escalation of the Kurdish problem, and a further increase in threats to the security of Turkey itself as well as the fundamental principles of its foreign policy. Both Ankara’s options and its political will to actively respond to the crisis are extremely limited. Yet again in recent years, the current crisis, the broader situation in the Middle East, and finally the position of Turkey in the region elude unambiguous assessments and forecasts – these are prevented by the scale and growth of the reappraisals and tensions in the region. The only undoubted fact is that Turkey is strategically and irreversibly entangled in the Middle East’s problems, which are an important factor affecting the transformation of the state which the ruling AKP is implementing; and in the near future, this state of affairs will only deepen.

First steps towards into the unknown. The possibilities prospects of unconventional gas extraction in Ukraine. OSW Commentary No. 106, 2013-04-24

Ukraine’s deposits of unconventional gas (shale gas, tight gas trapped in non-porous sandstone formations, and coal bed methane) may form a significant part of Europe’s gas reserves. Initial exploration and test drilling will be carried out in two major deposits: Yuzivska (Kharkiv and Donetsk Oblasts) and Oleska (Lviv and Ivano-Frankivsk Oblasts), to confirm the volume of the reserves. Shell and Chevron, respectively, won the tenders for the development of these fields in mid 2012. Gas extraction on an industrial scale is expected to commence in late 2018/ early 2019 at the earliest. According to estimates presented in the draft Energy Strategy of Ukraine 2030, annual gas production levels may range between 30 billion m3 and 47 billion m3 towards the end of the next decade. According to optimistic forecasts from IHS CERA, total gas production (from both conventional and unconventional reserves) could reach as much as 73 billion m3. However, this will require multi-billion dollar investments, a significant improvement in the investment climate, and political stability. It is clear at the present initial stage of the unconventional gas extraction project that the private interests of the Ukrainian government elite have played a positive role in initiating unconventional gas extraction projects. Ukraine has had to wait nearly four decades for this opportunity to regain its status of a major gas producer. Gas from unconventional sources may lead not only to Ukraine becoming self-sufficient in terms of energy supplies, but may also result in it beginning to export gas. Furthermore, shale gas deposits in Poland and Ukraine, including on the Black Sea shelf (both traditional natural gas and gas hydrates) form a specific ‘European methane belt’, which could bring about a cardinal change in the geopolitics and geo-economics of Eastern and Central Europe over the next thirty years.