Operações off-balance sheet e instrumentos híbridos: utilização pelas empresas que compõe o IBrX-100 e sua relação com o rating e a internacionalização das empresas brasileiras

Esta dissertação busca identificar a utilização de operações off-balance e instrumentos híbridos pelas empresas brasileiras. Seu objetivo é, além da utilização, verificar se o índice de transnacionalidade e o rating de crédito influenciam na decisão de utilizar ou não tais operações e instrumentos. Para isso, foram observadas as demonstrações financeiras e ratings das empresas participantes do índice IBrX-100 no período dos últimos três anos (2009, 2010 e 2011). Já para considerar o efeito da utilização das operações e instrumentos em razão do quão internacionalizadas são as empresas, este trabalho utiliza como critério a participação das empresas no ranking das transnacionais brasileiras no mesmo período acima citado. A análise revela que as empresas brasileiras mais internacionalizadas são mais sofisticadas que as menos internacionalizas e consequentemente se utilizam mais de instrumentos híbridos e operações off-balance. Ainda nesta linha, quando se divide as empresas por quartil, se chega ao resultado esperado que quanto mais internacionalizada a empresa, mais ela se utiliza destas operações e instrumentos. Além disso, também conclui que o rating influencia na utilização destes instrumentos e operações; quanto pior, mais a empresa se utiliza. Isso ocorre quando a métrica é o rating nacional, e não foram encontradas fortes evidências em relação ao rating estrangeiro.

Os fatores de sucesso que impactam o desdobramento de metas à luz do balance scorecard: uma aplicação de técnicas de convergência de opiniões

O conceito Balanced Scorecard (BSC) facilita a visualização da estratégia para liderança das organizações. No entanto, percebe-se, na prática, que é pouco explorado no tocante ao desdobramento das metas. Nesse contexto, a presente dissertação tem como objetivo identificar os fatores críticos de sucesso, à luz do conceito de BSC, que impactam o desdobramento de metas. Inicialmente, pretende-se verificar se o processo é realizado em todos os níveis das organizações, procurando identificar e compreender as principais dificuldades e lacunas. Para tanto, utiliza-se a aplicação de técnicas de convergência de opiniões, com base na metodologia Delphi, concentrando-se na percepção de profissionais especialistas e consultores no Brasil, que possuem experiência marcante na implementação e gestão de soluções BSC. A pesquisa revela que uma das principais dificuldades e lacunas, no que se refere ao desdobramento de metas, constitui-se em fazê-lo atingir a totalidade dos níveis nas organizações. A principal causa está no desalinhamento da estratégia, sendo que, ao mesmo tempo em que há um considerável esforço e dedicação por parte da força de trabalho, a estratégia apresenta, ainda, determinada falta de foco, fato que a compromete bem como ao resultado almejado.

Central bank balance sheet concerns and credible optimal escape from the Liquidity trap

I show that when a central bank is financially independent from the treasury and has balance sheet concerns, an increase in the size or a change in the composition of the central bank's balance sheet (quantitative easing) can serve as a commitment device in a liquidity trap scenario. In particular, when the short-term interest rate is up against the zero lower bound, an open market operation by the central bank that involves purchases of long-term bonds can help mitigate the deation and a large negative output gap under a discretionary equilibrium. This is because such an open market operation provides an incentive to the central bank to keep interest rates low in future in order to avoid losses in its balance sheet.

Temporal causality between the exchange rate and the trade balance : the case of Brazil

The paper assesses the impact of intemational relative prices and domestic expenditure variables on Brazil' s foreign trade performance in the first half of the 1990s. It has been argued that the appreciation of the Real since 1994 has had a detrimental impact of the country's trade balance. However, using temporal precedence analysis, our results do not indicate that the trade balance is strongly affected by intemational rei ative prices, such as the exchange rate. Instead, domestic expenditure variables appear to be more powerful determinant of the country' s trade performance in recent years. Granger and error correction causality techniques are used to determine temporal precedence between the trade balance and the exchange rate in the period under examination. Our findings shed light on the debate over the sustainability of recent exchange rate-anchored macroeconomic stabilisation programmes, which is a topic that has encouraged a lot of debate among academics and practitioners.

Balance of payment crises and capital flows : the role of liquidity

A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries.

Balance of payments dominance: its implications for macroeconomic policy

This paper defines “balance of payments dominance” as a macroeconomic regime in which the short-term macroeconomic dynamics is essentially determined by external shocks, positive or negative. It argues that this is the predominant regime in emerging and developing countries. Trade shocks play an important role but the major procyclical shocks are associated with boom-bust cycles in external financing. Policy challenges are associated not only with the management of such shocks but also with the need to enhance the space for countercyclical macroeconomic policies, as boom-bust cycles tend to pressure macroeconomic policies to behave in a procyclical way. Under these conditions, the best bet is to design policies to reduce external vulnerabilities through a mix of administered exchange rate policies, very active foreign exchange reserve management, reduced reliance on external borrowing, and macroprudential regulations, including those directly affecting capital flows. Countercyclical fiscal policy can also play a role but face strong economic and political economy challenges.

Balance of payments dominance : its implocations for macroeconomic policy

This paper defines “balance of payments dominance” as a macroeconomic regime in which the short-term macroeconomic dynamics is essentially determined by external shocks, positive or negative. It argues that this is the predominant regime in emerging and developing countries. Trade shocks play an important role but the major procyclical shocks are associated with boom-bust cycles in external financing. Policy challenges are associated not only with the management of such shocks but also with the need to enhance the space for countercyclical macroeconomic policies, as boom-bust cycles tend to pressure macroeconomic policies to behave in a procyclical way. Under these conditions, the best bet is to design policies to reduce external vulnerabilities through a mix of administered exchange rate flexibility, very active foreign exchange reserve management, reduced reliance on external borrowing, and macroprudential regulations, including those directly affecting capital flows. Countercyclical fiscal policy can also play a role but face strong economic and political economy challenges.

Balance-bot

Research on inverted pendulum has gained momentum over the last decade on a number of robotic laboratories over the world; due to its unstable proprieties is a good example for control engineers to verify a control theory. To verify that the pendulum can balance we can make some simulations using a closed-loop controller method such as the linear quadratic regulator or the proportional–integral–derivative method. Also the idea of robotic teleoperation is gaining ground. Controlling a robot at a distance and doing that precisely. However, designing the tool to takes the best benefit of the human skills while keeping the error minimal is interesting, and due to the fact that the inverted pendulum is an unstable system it makes a compelling test case for exploring dynamic teleoperation. Therefore this thesis focuses on the construction of a two-wheel inverted pendulum robot, which sensor we can use to do that, how they must be integrated in the system and how we can use a human to control an inverted pendulum. The inverted pendulum robot developed employs technology like sensors, actuators and controllers. This Master thesis starts by presenting an introduction to inverted pendulums and some information about related areas such as control theory. It continues by describing related work in this area. Then we describe the mathematical model of a two-wheel inverted pendulum and a simulation made in Matlab. We also focus in the construction of this type of robot and its working theory. Because this is a mobile robot we address the theme of the teleoperation and finally this thesis finishes with a general conclusion and ideas of future work.

Avaliação dos efeitos da reeducação postural global (rpg) em pacientes com espondilite anquilosante

The Ankylosing Spondylitis (AS) is a chronic inflammatory disease that primarily affects the axial skeleton, leading to limitation of spine mobility and functional disability. Physical therapy, especially exercise, is an important part in your treatment. The Global Postural Reeducation(GPR),a method that uses stretching based on evaluation of muscular chains, with significant interference in postural changes may be a complementary alternative for the treatment of this disease. The aim was to evaluate the effects of Global Postural Reeducation (GPR) in patients with Ankylosing Spondylitis (AS) and compare GPR with group conventional segmental self-stretching and breathing exercises. This is a controlled interventional study of 38 patients divided into 2 groups: a GPR group (n = 22) and a control group (n = 16). Both groups were treated over four months. With the GPR group patients, positions that stretched the shortened muscle chains were used. With the control group patients, conventional segmental self-stretching and breathing exercises were performed. The variables analyzed were: pain intensity, morning stiffness, spine mobility, chest expansion, functional capacity (Health Assessment Questionnaire - Spondyloarthropathies - HAQ-S), quality of life (Medical Outcome Study Short Form 36 Healthy Survey-SF-36), and disease activity (Bath Ankylosing Spondylitis Disease Activity Index - BASDAI). Statistical analysis was used with a significance level of p < 0.05. There was a statistically significant difference for all the parameters analyzed between pre and post-treatment in both groups. In the inter-group comparison the GPR group showed a statistically significant improvement in morning stiffness (p = 0.01), spine mobility parameters, except finger-floor distance (p = 0.11), in chest expansion (p = 0.02), and in the physical aspect component of the SF-36 (p = 0.00).Finally, we observed that this sample of patients with AS ,treatment with RPG 60 seems to have a better response in some clinical measures, than the conventional self stretching performed in groups. Further studies are needed to further evaluate this therapeutic alternative in the EA

Validation of the Deardorff model for estimating energy balance components for a sugarcane crop

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Water balance in goats subjected to feed restriction

The effect of feed restriction on water balance and nutrient utilization was investigated in individually penned Boer x Saanen kids. Twenty-two male Boer x Saanen kids with an initial average live weight (LW) of 15 kg were used. Seven kids were slaughtered at the beginning of the experiment (reference animals) and the remainders were allocated to one of the three treatments (0, 30 and 60% restriction) and therefore there were five kids per treatment. The feed intake for the 0% restriction treatment animals determined the intake for the animals in the 30 and 60% restriction treatment. When the animals in the 0% restriction treatment group reached 25 kg LW, the animals in the 30 and 60% restriction treatment groups were also slaughtered. There was a negative relationship between DMI and water intake. The digestibility coefficients for DM, OM, carbohydrates, ash, ether extract, energy, NDF, ADF and lignin did not differ between treatments, whereas the digestibility coefficient for CP was different between treatment groups. The highest metabolic water production was in animals in the 0% restriction treatment group. No significant differences were observed in the composition of gastro-intestinal tract contents of the goats in the different treatments. Lower water retention was found in the animals in the 60% restriction treatment group. The study showed that feed restriction affected water intake, CP digestibility and water retention in the body of the kid goats. This experiment demonstrated that DM:water intake ratio changed when severe feed restriction was applied (60% restriction) and water was freely available. It shows a different pattern of behaviour of penned goats, particularly if feed intake is restricted and perhaps caution is needed to extrapolate results from nutritional and physiological trials in pens to goats at pasture. (c) 2005 Elsevier BX All rights reserved.

Energy balance for biodiesel production by the castor bean crop (Ricinus communis L.)

The castor bean crop (Ricinus communis L.) has acquired prestige due to industries interest in the oil quality and recently for new sources of energy demand. The experiment that served as basis for the data used in this study was conducted at the Lageado Experimental Farm, in Botucatu - SP, 2008. This study aimed to avaluate the crop viability through energy balance and energy efficiency since the implantation until biodiesel production using parameters of consumption in operational management for installation and maintenance of culture harvest and oil production. The soil management operations, sow and harvest consumed the total of 266.20 MJ ha(-1), gathering with the fertilizers, pesticides, fuels, lubricants, labor, seed and industrial processing totaled 56,808 MJ ha(-1) of energy inputs. The energy production was 72,814.00 MJ ha(-1). The industry still lacks studies thal would contribution data collection and more specific energy coefficients. The castor beans cultivation was considered efficient allowing again of 15983.44 MJ ha(-1) equivalent to about 415 liters of diesel oil.

Radiation balance at the surface in the city of So Paulo, Brazil: diurnal and seasonal variations

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Phosphorus and potassium balance in soil under crop rotation and fertilization

The use of crop rotation and manure application can provide sustainability for an agricultural production system by improving soil quality and increasing nutrient use efficiency. This study aimed to evaluate the effect of mineral, organic and mineral+organic fertilization on grain yield and on soil phosphorus and potassium balance, in two crop systems under no-till, with and without rotation of cover crops. The experiment was carried out from 2006 to 2008 on a clayey Rhodic Hapludox in Marechal Candido Rondon, Parana State, Brazil. The cropping sequence in the rotation system involving cover crops was black oat + hairy vetch + forage turnip/corn/pigeon pea/wheat/mucuna + brachiaria + sunn hemp, and in the succession system was wheat/corn/wheat/soybean. Organic and mineral+organic fertilizations consisted of the application of solely manure and manure combined with mineral fertilizer, respectively. Soil P and K balances were calculated after the second year of the experiment, up to a depth of 0.40 m. First year corn yields were higher in the crop succession system accompanied by mineral fertilization. In the second year, wheat and soybean yield did not vary between crop systems and nutrient sources, demonstrating the residual effect of crop rotation and manure use. Crop rotation with cover crops resulted in an increase in soil K levels by promoting the recycling of this nutrient in the soil. In both crop systems, the application of mineral and organic fertilizers - either in isolation or in combination - resulted in a negative soil P and K balance in the short term. This represents a threat to the sustainability of the agricultural production system in the long term, due to the depletion of soil nutrient reserves.

Correlação entre padrão postural em jovens praticantes do atletismo

O estudo objetivou observar o alinhamento corporal de jovens atletas praticantes de atletismo e analisar a associação de tais padrões dentro e entre os grupos de provas desta modalidade. Participaram 63 atletas de ambos os sexos e o protocolo de coleta para análise postural baseou-se na observação e registro fotográfico com marcações nos principais acidentes ósseos visando à verificação do alinhamento dessas estruturas. Os segmentos considerados para análise foram: tronco, pelve, joelho e tornozelo. Foi utilizado para análise dos dados o teste de Goodman para contrastes entre e dentro de proporções binomiais. Os resultados mostraram que saltadores (58,33%) e arremessadores/lançadores (50,00%) apresentam o tronco em posição mais equilibrada que atletas de resistência (5,56%). Na região do quadril, arremessadores/lançadores apresentaram predomínio de pelve com rotação esquerda (66,67%), enquanto nos saltadores foi observada elevada frequência de anteversão pélvica (58,33%). A observação do joelho revelou altas taxas de normalidade e recurvatum em fundistas, valgo nos arremessadores/lançadores (50,00%) e varo para os demais grupos. Para a articulação do tornozelo, nota-se que, exceto os saltadores, os grupos apresentaram predominância de valgismo. Conclui-se que, para atender às características particulares de cada prova, níveis distintos de postura são estabelecidos.