Debt maturity determinants in Brazil: evidence from private and public corporate borrowings

This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial Brazilian companies, from 2009 to 2013. We perform GMM panel analyses using as dependent variables the amount of long-term debt payable in more than one, three, and five years for total debt, BNDES (Brazilian Development Bank) debt and corporate bonds. The results show that the BNDES finances less risky firms, i.e., those that are larger, older, more tangible and more transparent. We also find support for information asymmetry theories, as companies with higher transparency levels have similar leverage levels relative to others but higher proportions of long-term debt in their capital structures. Regarding debt levels, we find that more levered companies are larger, less profitable, more tangible and have fewer growth opportunities. To our knowledge, this is the first paper to address the determinants of long-term debt maturity in Brazil that uses various specifications of long-term debt and that examines different types of debt.

Cherry picking with synthetic controls

The synthetic control (SC) method has been recently proposed as an alternative method to estimate treatment e ects in comparative case studies. Abadie et al. [2010] and Abadie et al. [2015] argue that one of the advantages of the SC method is that it imposes a data-driven process to select the comparison units, providing more transparency and less discretionary power to the researcher. However, an important limitation of the SC method is that it does not provide clear guidance on the choice of predictor variables used to estimate the SC weights. We show that such lack of speci c guidances provides signi cant opportunities for the researcher to search for speci cations with statistically signi cant results, undermining one of the main advantages of the method. Considering six alternative speci cations commonly used in SC applications, we calculate in Monte Carlo simulations the probability of nding a statistically signi cant result at 5% in at least one speci cation. We nd that this probability can be as high as 13% (23% for a 10% signi cance test) when there are 12 pre-intervention periods and decay slowly with the number of pre-intervention periods. With 230 pre-intervention periods, this probability is still around 10% (18% for a 10% signi cance test). We show that the speci cation that uses the average pre-treatment outcome values to estimate the weights performed particularly bad in our simulations. However, the speci cation-searching problem remains relevant even when we do not consider this speci cation. We also show that this speci cation-searching problem is relevant in simulations with real datasets looking at placebo interventions in the Current Population Survey (CPS). In order to mitigate this problem, we propose a criterion to select among SC di erent speci cations based on the prediction error of each speci cations in placebo estimations

Vermiculitas tratadas quimicamente na obtenção de sólidos microporosos como precursores para híbridos inorgânico-orgânicos com aplicações adsortivas

ALVES, Ana paula Melo. Vermiculitas tratadas quimicamente na obtenção de sólidos microporosos como precursores para híbridos inorgânico-orgânicos com aplicações adsortivas. 2009. 124 f. Tese (Doutorado em Quimica) - Centro de Ciências Exatas e da Natureza, Universidade Federal da Paraíba, João Pessoa, PB, 2009.

Síntese e caracterização de NiO-CGO para anodo e eletrólitos sólidos e base de Céria para SOFC

The direct use of natural gas makes the Solid Oxide Fuel Cell (SOFC) potentially more competitive with the current energy conversions technologies. The Intermediate Temperature SOFC (IT-SOFC) offer several advantages over the High Temperature SOFC (HT-SOFC), which includes better thermal compatibility among components, fast start with lower energy consumption, manufacture and operation cost reduction. The CeO2 based materials are alternatives to the Yttria Stabilized Zirconia (YSZ) to application in SOFC, as they have higher ionic conductivity and less ohmic losses comparing to YSZ, and they can operate at lower temperatures (500-800°C). Ceria has been doped with a variety of cations, although, the Gd3+ has the ionic radius closest to the ideal one to form solid solution. These electrolytes based in ceria require special electrodes with a higher performance and chemical and termomechanical compatibility. In this work compounds of gadolinia-doped ceria, Ce1-xGdxO2-δ (x = 0,1; 0,2 and 0,3), used as electrolytes, were synthesized by polymeric precursors method, Pechini, as well as the composite material NiO - Ce0,9Gd0,1O1,95, used as anode, also attained by oxide mixture method, mixturing the powders of the both phases calcinated already. The materials were characterized by X ray diffraction, dilatometry and scanning electronic microscopy. The refinement of the diffraction data indicated that all the Ce1-xGdxO2-δ powders were crystallized in a unique cubic phase with fluorite structure, and the composite synthesized by Pechini method produced smaller crystallite size in comparison with the same material attained by oxide mixture method. All the produced powders had nanometric characteristics. The composite produced by Pechini method has microstructural characteristics that can increase the triple phase boundaries (TPB) in the anode, improving the cell efficiency, as well as reducing the mass transport mechanism effect that provokes anode degradation

Síntese, caracterização e cinética da decomposição térmica dos materiais cerâmicos PrMO3 (M = Ni ou Co)

In this work have been studied the preparation, characterization and kinetic study of decomposition of the polymerizing agent used in the synthesis under non-isothermal condition ceramics PrMO3 of general formula (M = Co and Ni). These materials were obtained starting from the respective metal nitrates, as a cations source, and making use of gelatin as polymerizing agent. The powders were calcined at temperatures of 500°C, 700°C and 900°C and characterized by X-ray Diffraction (XRD), Thermogravimetric Analysis (TG / DTG/ DTA), Infrared Spectroscopy (FTIR), Temperature Programmed Reduction (TPR) and Scanning Electron Microscopy (SEM). The perovskite phase was detected in all the X-rays patterns. In the infrared spectroscopy observed the oxide formation as the calcination temperature increases with the appearance of the band metal - oxygen. The images of SEM revealed uniform distribution for the PrCoO3 and particles agglomerated as consequence of particle size for PrNiO3. From the data of thermal analysis, the kinetics of decomposition of organic matter was employed using the kinetics methods called Model Free Kinetics and Flynn and Wall, in the heating ratios 10, 20 and 30° C.min-1 between room temperature and 700°C. Finally, been obtained the values of activation energy for the region of greatest decomposition of organic matter in samples that were determined by the degree of conversion (α)

Obtenção de óxidos a base de níquel e cobalto para reação de oxidação parcial do metano

Nickel-based catalysts supported on alumina have been widely used in various reactions to obtain synthesis gas or hydrogen. Usually, higher conversion levels are obtained by these catalysts, however, the deactivation by coke formation and sintering of metal particles are still problems to be solved. Several approaches have been employed in order to minimize these problems, among which stands out in recent years the use of additives such as oxides of alkali metals and rare earths. Similarly, the use of methodologies for the synthesis faster, easier, applicable on an industrial scale and to allow control of the microstructural characteristics of these catalysts, can together provide the solution to this problem. In this work, oxides with spinel type structure AB2O4, where A represents divalent cation and B represents trivalent cations are an important class of ceramic materials investigated worldwide in different fields of applications. The nickel cobaltite (NiCo2O4) was oxides of spinel type which has attracted considerable interest due to its applicability in several areas, such as chemical sensors, flat panel displays, optical limiters, electrode materials, pigments, electrocatalysis, electronic ceramics, among others. The catalyst precursor NiCo2O4 was prepared by a new chemical synthesis route using gelatine as directing agent. The polymer resin obtained was calcined at 350°C. The samples were calcined at different temperatures (550, 750 and 950°C) and characterized by X ray diffraction, measurements of specific surface area, temperature programmed reduction and scanning electron microscopy. The materials heat treated at 550 and 750°C were tested in the partial oxidation of methane. The set of techniques revealed, for solid preparations, the presence of the phase of spinel-type structure with the NiCo2O4 NixCo1-xO solid solution. This solid solution was identified by Rietveld refinement at all temperatures of heat treatment. The catalyst precursors calcined at 550 and 750°C showed conversion levels around 25 and 75%, respectively. The reason H2/CO was around 2 to the precursor treated at 750°C, proposed reason for the reaction of partial oxidation of methane, one can conclude that this material can be shown to produce synthesis gas suitable for use in the synthesis Fischer-Tropsch process

Síntese de zeólitas e argilas ácidas pilarizadas a partir de matérias primas naturais

Structural changes in waste for zeolites synthesis are subject of many studies carried out in the synthesis of molecular sieves. These materials are named molecular sieves because they have well defined pore sizes and they have the capacity of select molecules by its size. In this work, it was studied the synthesis processes of two types of molecular sieves: pillared acid clays using as starting material one natural montmorillonite clay and the synthesis of zeolites from a silico-aluminous residue. This residue is a byproduct of the extraction of lithium -spodumene. The preparation of pillared acid clays was performed in two steps: 1° acid treatment of clay samples (time and temperature studies) and 2°pilarization of them with Al13 (Keggin ion). The temperature and acid concentration affect the removal of cations in the structure and porosity of the material obtained. The analysis of X-ray diffraction (XRD) and infrared spectroscopy (IR), showed that increasing the severity of the acid treatment compromises the structural material. Also the pore size distribution is approximately uniform. Despite presenting a structural disorganization, the samples were pillared. As evidenced by XRD increasing the basal spacing, specific area and uniform porosity by adsorption of N2. Regarding the microporous molecular sieves were synthesized zeolites A and NaP1 from a silico-aluminous residue, a byproduct of extracting lithium. The temperature and time of agitation during the synthesis were the most important factors for obtaining zeolite A. The aging of the gel and the highest crystallization time promoted the formation of zeolite NaP1 using a Si / Al ratio = 3.2

Estudo da síntese e propriedade magnética de ferritas de manganês/cobalto dopadas com níquel

For the chemical method of synthesis of co-precipitation were produced ferrite powders manganese-cobalt equal stoichiometric formula Mn (1-x) Co (x) Fe2O4, for 0 < x < 1, first reagent element using as the hydroxide ammonium and second time using sodium hydroxide. The obtained powders were calcined at 400 ° C, 650 ° C, 900 ° C and 1150 ° C in a conventional oven type furnace with an air atmosphere for a period of 240 minutes. Other samples were calcined at a temperature of 900 ° C in a controlled atmosphere of argon, to evaluate the possible influence of the atmosphere on the final results the structure and morphology. The samples were also calcined in a microwave oven at 400 ° C and 650 ° C for a period of 45 minutes possible to evaluate the performance of this type of heat treatment furnace. It was successfully tested the ability of this group include isomorphic ferrite with the inclusion of nickel cations in order to evaluate the occurrence of disorder in the crystalline structures and their changes in magnetic characteristics.To identify the structural, morphological, chemical composition and proportions, as well as their magnetic characteristics were performed characterization tests of X-ray diffraction (XRD), scanning electron microscopy (SEM), transmission electron microscopy (TEM), energy dispersive spectroscopy (EDX), thermogravimetric (TG), vibrating sample magnetometry (MAV) and Mössbauer spectroscopy. These tests revealed the occurrence of distortion in the crystal lattice, changes in magnetic response, occurrence of nanosized particles and superparamagnetism

Estudos hidroquímicos da água produzida de um determinado campo de petróleo da bacia potiguar

Waste generated during the exploration and production of oil, water stands out due to various factors including the volume generated, the salt content, the presence of oil and chemicals and the water associated with oil is called produced water. The chemical composition of water is complex and depends strongly on the field generator, because it was in contact with the geological formation for thousands of years. This work aims to characterize the hydrochemical water produced in different areas of a field located in the Potiguar Basin. We collected 27 samples from 06 zones (400, 600, 400/600, 400/450/500, 350/400, A) the producing field called S and measured 50 required parameter divided between physical and chemical parameters, cations and anions. In hydrochemical characterization was used as tools of reasons ionic calculations, diagrams and they hydrochemical classification diagram Piper and Stiff diagram and also the statistic that helped in the identification of signature patterns for each production area including the area that supplies water injected this field for secondary oil recovery. The ionic balance error was calculated to assess the quality of the results of the analysis that was considered good, because 89% of the samples were below 5% error. Hydrochemical diagrams classified the waters as sodium chloride, with the exception of samples from Area A, from the injection well, which were classified as sodium bicarbonate. Through descriptive analysis and discriminant analysis was possible to obtain a function that differs chemically production areas, this function had a good hit rate of classification was 85%

Parâmetros eletrocardiográficos e valores séricos e urinários de sódio e potássio em cães tratados com furosemida

The serum and urine Na+ and K+ levels and their relationship with electrocardiography characteristics,were studied in 15 male adult mongrel dogs, treated twice-a-day,with 2, 4, 8mg/kg of live weight doses of furosemide and furosemide associated with KCl during 35 days. Urine samples were analyzed weekly in order to determine the Na+ and K+ concentrations and to evaluate the urinary excretion of both cations. Electrocardiography was performed simultaneously, using limb derivations, speed 50mm/sec and calibration of 1 cm corresponding to 1mV. Data showed decreased seric concentrations of Na+ and Ki, increase in Na+ fractional excretion between days 7 and 21 of the treatment, slower heart rate and longer PR, QRS and QT intervals in the ECG. Briefly 2mg/kg furosemide associated with KCl was the most suitable treatment since it induced lesser side effects.

Efeito da calagem superficial em plantio direto na concentração de cátions hidrossolúveis na parte aérea de culturas anuais

A acidez do solo no sistema plantio direto pode ser minimizada com aplicação superficial de calcário. Tal prática é favorecida pela permanência de restos vegetais na superfície do solo, pela liberação de compostos orgânicos hidrossolúveis, que variam de planta para planta. Por isso foi instalado um experimento em Latossolo Vermelho distrófico (V = 41 %) em Botucatu (SP), objetivando avaliar os efeitos da aplicação superficial de calcário dolomítico na concentração de cátions solúveis nos resíduos vegetais das culturas de milheto, feijão e aveia preta em dois anos agrícolas (2002/2003 e 2003/2004). No caso do feijoeiro, o delineamento experimental utilizado foi o de blocos casualizados em esquema de parcelas subdivididas, com quatro repetições. As parcelas foram representadas por cultivares de feijão (Carioca, IAC Carioca Eté, Pérola, IAPAR 81 e Campeão 2), enquanto as subparcelas foram formadas por doses de calcário dolomítico (sem aplicação, 1,8; 3,6 e 5,4 t ha-1). Para o milheto e aveia preta foram consideradas apenas as doses como fator. Foram avaliados os teores de Ca, Mg, K e Mn na parte aérea de todas as culturas, bem como a condutividade elétrica no extrato. Os resultados evidenciaram que os teores de Ca, K e Mg solúveis na parte aérea das culturas anuais avaliadas não foram alterados com a aplicação superficial de doses de calcário dolomítico. As culturas do milheto e feijão apresentaram maior teor de cátions solúveis na parte aérea, quando comparado ao da aveia preta.

Calagem e silicatagem superficiais e a disponibilidade de cátions hidrossolúveis em culturas anuais e braquiária

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

Sementes de feijão submetidas a ciclos e períodos de hidratação-secagem

A técnica de hidratação-secagem pode ocasionar alterações fisiológicas e bioquímicas em sementes de feijão e afetar sua qualidade fisiológica. Sementes do cultivar Carioca foram submetidas a tratamentos de hidratação-secagem por 6, 12 e 24 horas com três ciclos de hidratação, com o objetivo de avaliar os efeitos causados por períodos e ciclos de hidratação-secagem na qualidade fisiológica das sementes. O delineamento experimental utilizado foi inteiramente casualizado, com quatro repetições, analisado estatisticamente em esquema fatorial 3 x 3 com uma testemunha absoluta. Para a primeira contagem da germinação, os tratamentos de períodos combinados com ciclos de hidratação-secagem, apresentaram superioridade em relação ao tratamento testemunha. Na avaliação de grupos de proteínas, as concentrações de globulinas e prolaminas nas sementes submetidas aos tratamentos, foram significativamene superiores a testemunha. Os cátions (Ca, Mg e K) lixiviados para solução de embebição das sementes tiveram comportamento semelhante à condutividade elétrica das mesmas.

Efeito da calagem e sulfato de amônio no algodão: II - Concentração de cátions e ânions na solução do solo e absorção de nutrientes pelas plantas

No sistema de semeadura direta, o calcário tem sido aplicado superficialmente para evitar o revolvimento do solo. Os ânions adicionados via adubação nitrogenada podem aumentar a solubilização de sais de cátions básicos do solo graças à formação de pares iônicos. O objetivo deste trabalho foi estudar a dinâmica dos ânions NO3- e SO4(2-) e dos cátions NH4+, Ca2+, Mg2+ e K+ da solução do solo, bem como a absorção de nutrientes pelo algodoeiro submetido a distintas formas de aplicação de calcário e diferentes doses de sulfato de amônio em cobertura, cultivado com a presença de palha na superfície do solo. Utilizou-se um Latossolo Vermelho distroférrico de textura média que foi acomodado em vasos com 15,71 dm³. Plantas de algodão (Gossypium hirsutum) foram cultivadas por 60 dias nas condições de calagem superficial sobre a palha, calagem incorporada a 0-20 cm de profundidade e ausência de correção do solo, com a aplicação de doses de sulfato de amônio equivalentes a 0, 50, 100 e 150 kg ha-1 de N em cobertura. Cápsulas porosas foram instaladas para amostragem e quantificação de nutrientes da solução do solo. A concentração de SO4(2-) da solução do solo foi incrementada pela adubação nitrogenada, independentemente da forma de aplicação do calcário. A curto prazo, a nitrificação do NH4+ aplicado foi favorecida somente com a calagem incorporada, apesar de o N nítrico da solução do solo ter aumentado no final do cultivo do algodão até mesmo no solo não corrigido. As concentrações de Ca, Mg e K da solução do solo foram incrementadas pela adubação de cobertura. O ânion SO4(2-) apresentou maior afinidade do que o NO3- na formação de pares iônicos com os cátions básicos da solução do solo. A adubação nitrogenada proporcionou maior eficiência na absorção de Ca e Mg pelo algodoeiro na condição de calagem incorporada.

Disponibilidade de nutrientes no solo: decomposição e liberação de compostos orgânicos de resíduos vegetais

O objetivo principal desta revisão foi reunir informações a respeito da ação de compostos orgânicos produzidos por plantas na disponibilidade de nutrientes nos solos, principalmente sobre os cátions Ca, Mg e K e sobre o ânion fosfato. O sistema de cultivo adotado ocasiona mudanças nas propriedades químicas e físicas do solo, especialmente na disponibilidade de nutrientes e condicionamento físico do solo. Tem-se observado o acúmulo de nutrientes nas camadas superficiais do solo no sistema de semeadura direta, pelo não-revolvimento do solo e pela deposição de resíduos de culturas na superfície. Os ácidos orgânicos provenientes de plantas podem interagir com a fase sólida e ocupar os sítios de adsorção de nutrientes, competindo diretamente com eles e aumentando sua disponibilidade no solo. A adição de resíduos vegetais pode promover, antes da humificação, a elevação do pH, por promover complexação de H e Al com compostos do resíduo vegetal, deixando Ca, Mg e K mais livres em solução, o que pode ocasionar aumento na saturação da CTC por estes cátions de reação básica. Também é normal observar o aumento na disponibilidade de P no solo com a adição de resíduos vegetais, tanto pelo P presente no resíduo como por competição de compostos orgânicos dos resíduos pelos sítios de troca no solo. A persistência dos compostos orgânicos também é fator que tem grande interferência nos processos de sorção/dessorção de cátions e ânions, dependendo da atividade microbiana, da disponibilidade metabólica do substrato carbonado e da sorção aos colóides do solo.