Impacto de uma melhor governança corporativa e uma maior escolaridade do conselho de administração e da diretoria executiva no d-beta das empresas

O desenvolvimento do mercado financeiro e, principalmente, a abertura para o capital externo impulsionaram o desenvolvimento das boas práticas de governança corporativa. Um de seus benefícios é reduzir o custo de captação da empresa e, consequentemente, gerar maior valor para a companhia. Com o novo cenário, o conselho de administração tem um papel fundamental na atividade de governança corporativa, supervisionando a diretoria executiva. O presente trabalho investiga se a adoção de melhores práticas de governança corporativa diminui o risco das empresas. Adicionalmente, analisa se um grau de escolaridade mais alto entre membros do conselho de administração e da diretoria executiva impacta no risco. Para atingir o objetivo, adotou-se o método dos mínimos quadrados para regredir o risco, variável dependente, contra as variáveis independentes nível de governança corporativa e grau de escolaridade. Para o cálculo do risco, utilizaremos a metodologia apresentada por Estrada (2007), o downside beta, ou seja, risco que considera apenas os retornos negativos. Os resultados do estudo sugeriram que um nível de governança corporativa mais alto está presente nas empresas que apresentam um maior risco visto pelo mercado, indicando que as empresas que necessitam de captação, isto é, empresas mais alavancadas, são as empresas que necessitam de um nível de governança corporativa mais alto. Constatou-se, também, que empresas com nível de escolaridade mais alto entre membros do conselho de administração e da diretoria executiva apresentam maiores riscos, pois as empresas que necessitam de pessoas com maior grau de escolaridade são empresas que querem se desenvolver e, portanto, mais arriscadas.

The Brazilian real state market in 2012: robust growth or speculative bubble?

A forte alta dos imóveis no Brasil nos últimos anos iniciou um debate sobre a possível existência de uma bolha especulativa. Dada a recente crise do crédito nos Estados Unidos, é factível questionar se a situação atual no Brasil pode ser comparada à crise americana. Considerando argumentos quantitativos e fundamentais, examina-se o contexto imobiliário brasileiro e questiona-se a sustentabilidade em um futuro próximo. Primeiramente, analisou-se a taxa de aluguel e o nível de acesso aos imóveis e também utilizou-se um modelo do custo real para ver se o mercado está em equilíbrio o não. Depois examinou-se alguns fatores fundamentais que afetam o preço dos imóveis – oferta e demanda, crédito e regulação, fatores culturais – para encontrar evidências que justificam o aumento dos preços dos imóveis. A partir dessas observações tentou-se chegar a uma conclusão sobre a evolução dos preços no mercado imobiliário brasileiro. Enquanto os dados sugerem que os preços dos imóveis estão supervalorizados em comparação ao preço dos aluguéis, há evidências de uma legítima demanda por novos imóveis na emergente classe média brasileira. Um risco maior pode estar no mercado de crédito, altamente alavancado em relação ao consumidor brasileiro. No entanto, não se encontrou evidências que sugerem mais do que uma temporária estabilização ou correção no preço dos imóveis.

A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro

No contexto do Capital Asset Pricing Model (CAPM), este trabalho investiga a significância da alavancagem financeira na construção do risco sistemático. Testamos com dados brasileiros o procedimento de desalavancagem e realavancagem do beta comumente realizado por analistas financeiros para a construção do custo de capital próprio de empresas não negociadas em bolsa de valores. Os resultados apontam que a inclusão do tax shield na fórmula de desalavancagem/realavancagem e a utilização de valores de mercado produzem resultados mais robustos, ao passo que as divisões por setores possuem pouca capacidade como segmentadores de classe de risco sistemático.

Implementação de um sistema Collaborative Planning, Forecasting, and Replenishment em uma grande rede de fast food por meio de um prestador de serviços logísticos

A gestão colaborativa é, atualmente, um elemento-chave no contexto da gestão da cadeia de suprimentos. Neste artigo, o tema é abordado mediante a análise de um caso real, em que uma grande rede mundial de fast-food e seu prestador de serviço logístico (PSL) trabalharam conjuntamente no Brasil em um projeto-piloto para a implementação de um collaborative planning, forecasting, and replenishment (CPFR). O trabalho faz uso de uma metodologia de pesquisa-ação e apresenta as principais variáveis que influenciaram o projeto, abordando os processos necessários para a implementação e os pontos que favorecem o CPFR. Com base no caso estudado, o trabalho apresenta um conjunto de propostas sobre o papel dos agentes da cadeia em projetos dessa natureza. A gestão da cadeia de suprimentos por intermédio da coordenação direta de um PSL também permite demonstrar as possibilidades e dificuldades desse sistema, contribuindo com a visão colaborativa na cadeia de suprimentos a partir da relação entre seus agentes.

Do private sectors deficits matter?

Includes bibliography

The employment situation in Latin America and the Caribbean: Labour productivity and distribution issues

Although the economies of Latin America and the Caribbean grew more slowly in 2011 than in 2010, there were some improvements on the employment front. Workers benefited from the region’s satisfactory economic performance in an increasingly complex international setting. The unemployment rate fell from 7.3% in 2010 to 6.7% in 2011 thanks to a halfpercentage- point gain in the urban employment rate. Both rates are at levels that have not been seen for a long time. The proportion of formal jobs with social benefits rose as well, and underemployment declined. The average wage and the minimum wage both increased in real terms, albeit only moderately. Economic performance and the employment situation varied widely among the subregions. The unemployment rate dropped by 0.6 percentage points in South America but 0.4 percentage points in the countries of the northern part of Latin America. In the countries of the Caribbean, the employment rate was up by 0.2 percentage points. The data show that substantial labour market gaps and serious labour-market insertion issues remain. This is especially the case for women and young people, for whom unemployment rates and other labour indicators are still unfavourable. The second part of this report looks at whether the fruits of economic growth and rising productivity have been distributed equitably between workers and companies. Between 2002 and 2008 (the most recent expansionary economic cycle), wages as a percentage of GDP fell in 13 of the 21 countries of the region for which data are available and rose in just 8. This points to redistribution that is unfavourable to workers, which is worrying in a region which already has the most unequal distribution of income in the world. Underlying this trend is the fact that, worldwide, wages have grown less than productivity. Beyond the ethical dimension of this issue, it jeopardizes the social and economic sustainability of growth. For example, one of the root causes of the recent financial crisis was that households in the United States responded to declining wage income by borrowing more to pay for consumption and housing. This turned out to be unsustainable in the long run. Over time, it undermines the labour market’s contribution to the efficient allocation of resources and its distributive function, too, with negative consequences for democratic governance. Among the triggers of this distributive worsening most often cited in the global debate are market deregulation and its impact on financial globalization, technological change that favours capital over labour, and the weakening of labour institutions. What is needed here is a public policy effort to help keep wage increases from lagging behind increases in productivity. Some countries of the region, especially in South America, saw promising developments during the second half of the 2000s in the form of a positive trend reversal in wages as a percentage of GDP. One example is Brazil, where a minimum wage policy tailored to the dynamics of the domestic market is considered to be one of the factors behind an upturn in the wage share of GDP. The region needs to grow more and better. Productivity must grow at a steady pace, to serve as the basis for sustained improvements in the well-being of the populace and to narrow the gap between the economies of Latin America and the Caribbean and the more advanced economies. And inequality must be decreased; this could be achieved by closing the productivity gap between upgraded companies and the many firms whose productivity is low. As set out in this report, the region made some progress between 2002 and 2010, with labour productivity rising at the rate of 1.5% a year. But this progress falls short of that seen in other regions such as Sub-Saharan Africa (2.1%) and, above all, East Asia (8.3%, not counting Japan and the Republic of Korea). Moreover, in many of the countries of the region these gains have not been distributed equitably. Therein lies a dual challenge that must be addressed: continue to increase productivity while enhancing the mechanisms for distributing gains in a way that will encourage investment and boost worker and household income. The Economic Commission for Latin America and the Caribbean (ECLAC) and the International Labour Organization (ILO) estimate that the pace of economic growth in the region will be slightly slower in 2012 than in 2011, in a global economic scenario marked by the cooling of several of the main economic engines and a high degree of uncertainty concerning, above all, prospects for the euro zone. The region is expected to continue to hold up well to this worsening scenario, thanks to policies that leveraged more favourable conditions in the past. This will be felt in the labour markets, as well, so expectations are that unemployment will edge down by as much as two tenths of a decimal point.

Tramas de subjetivação: analítica da fabricação do PARFOR-Pedagogia-Campus de Bragança/UFPA

O modelo de formação de professores brasileiro refere-se à democratização do país e as mudanças sociais alavancadas na década de 1980, tendo como marco legal a Constituição de 1988 e as reformas educacionais e curriculares que a sucederam. Este trabalho constitui-se em uma análise arqueogenealógica foucaultiana das práticas discursivas arquitetadas sobre o curso de Pedagogia do Plano Nacional de Formação de Professores da Educação Básica (PARFOR) do Campus Universitário de Bragança – Universidade Federal do Pará (UFPA). Partimos do estudo arqueológico das emergências históricas da formação de professores para localizarmos e darmos visibilidade a arena da formação docente como contingência contemporânea advinda de forças capilares que objetivam e, ao mesmo tempo, subjetivam o professor em formação. Sustentamo-nos na hipótese de que habitam, nesse jogo de saber-poder, tramas de subjetivação corporificadas no currículo sob em práticas de governamentalização. Tais tramas, por sua vez, culminam na produção de documentos dentre os quais alguns foram escolhidos para compor a análise crítica desse trabalho. Desse modo, objetivamos problematizar a formação enquanto fabricação do aluno PARFOR-Pedagogia, com ênfase no currículo elaborado pelo Campus de Bragança/UFPA visando percebê-lo em sua articulação com determinadas urgências de formação e regulação de professores. A pesquisa teve como fonte documentos que instalam a política de formação de professores no país, encarando-os como monumentos com efeitos na objetivação e subjetivação dos sujeitos, e formação de professores como prática histórica e dispositivo estratégico de governamentalidade. Organizando-se os documentos em subarquivos, a análise foi conduzida pela problematização – arqueológica e genealógica de Michel Foucault, articulada aos dispositivos de Gilles Deleuze e às práticas históricas de Paul Veyne. Fincado como ação afirmativa e conectado ao rol das políticas educacionais contemporâneas, o PARFOR apesar de ter impulsionado a formação em serviço, os sujeitos que dele fazem parte são objetivados ainda por prescrições curriculares destacadamente disciplinares e generalistas, descritas paradoxalmente no Projeto Pedagógico do Curso de Pedagogia e nos Planos de Curso como estratégia interdisciplinar de formação de professores. Concomitante a isso, os sujeitos são subjetivados por um devir minoritário em função do modelo estrutural que a política foi arquitetada, exercendo seu poder por práticas de resistência. De acordo com as práticas analisadas nesse estudo, o PARFOR-Pedagogia do Campus de Bragança/UFPA é fabricado por tramas históricas de subjetivação, as quais se sustentam tanto na govenamentalidade quanto em estratégias biopolíticas acionadas por dispositivos curriculares que forjam e ao mesmo tempo são forjados pelos jogos de saber-poder-resistência.

Uso da terra e clima urbano e suas influências sobre a população de Euglossini na cidade de Parnaíba, PI, Brasil

Pós-graduação em Geografia - IGCE

Prospecção de genes na microbiota do rúmen bovino com propriedades degradadoras da biomassa vegetal

Pós-graduação em Microbiologia Agropecuária - FCAV

O profissional da informação na elaboração de políticas públicas: uma análise do Plano Nacional do Livro e da Leitura (PNLL)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Wildlife Master Volunteers: A Multi-County Approach to Resolving Human-Wildlife Conflicts

The Wildlife Master (WM) Program in Colorado was modeled after the highly successful Master Gardener volunteer program. In 10 highly populated suburban counties with large rural areas surrounding the Denver Metro Area, Colorado State University (CSU) Cooperative Extension Natural Resources agents train, supervise and manage these volunteers in the identification, referral, and resolution of wildlife damage issues. High quality, research-based training is provided by university faculty and other professionals in public health, animal damage control, wildlife management and animal behavior. Inquiries are responded to mainly via telephone. Calls by concerned residents are forwarded to WMs who provide general information about human-wildlife conflicts and possible ways to resolve complaints. Each volunteer serves a minimum of 14 days on phone duty annually, calling in from a remote location to a voice mail system from which phone messages can be conveniently retrieved. Response time per call is generally less than 24 hours. During 2004, more than 2,000 phone calls, e-mail messages and walk-in requests for assistance were fielded by 100 cooperative extension WMs. Calls fielded by volunteers in one county increased five-fold during the past five years, from 100 calls to over 500 calls annually. Valued at the rate of approximately $18.00 per volunteer hour, the leveraged value of each WM was about $450 in 2005, based on 25 hours of service and training. The estimated value of the program to Colorado in 2004 was over $45,000 of in-kind service, or about one full-time equivalent faculty member. This paper describes components of Colorado’s WM Program, with guides to the set-up of similar programs in other states.

O profissional da informação na elaboração de políticas públicas: uma análise do Plano Nacional do Livro e da Leitura (PNLL)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Costrutti ed Applicazioni di Programmazione Generica in Linguaggi Object-Oriented

Generic programming is likely to become a new challenge for a critical mass of developers. Therefore, it is crucial to refine the support for generic programming in mainstream Object-Oriented languages — both at the design and at the implementation level — as well as to suggest novel ways to exploit the additional degree of expressiveness made available by genericity. This study is meant to provide a contribution towards bringing Java genericity to a more mature stage with respect to mainstream programming practice, by increasing the effectiveness of its implementation, and by revealing its full expressive power in real world scenario. With respect to the current research setting, the main contribution of the thesis is twofold. First, we propose a revised implementation for Java generics that greatly increases the expressiveness of the Java platform by adding reification support for generic types. Secondly, we show how Java genericity can be leveraged in a real world case-study in the context of the multi-paradigm language integration. Several approaches have been proposed in order to overcome the lack of reification of generic types in the Java programming language. Existing approaches tackle the problem of reification of generic types by defining new translation techniques which would allow for a runtime representation of generics and wildcards. Unfortunately most approaches suffer from several problems: heterogeneous translations are known to be problematic when considering reification of generic methods and wildcards. On the other hand, more sophisticated techniques requiring changes in the Java runtime, supports reified generics through a true language extension (where clauses) so that backward compatibility is compromised. In this thesis we develop a sophisticated type-passing technique for addressing the problem of reification of generic types in the Java programming language; this approach — first pioneered by the so called EGO translator — is here turned into a full-blown solution which reifies generic types inside the Java Virtual Machine (JVM) itself, thus overcoming both performance penalties and compatibility issues of the original EGO translator. Java-Prolog integration Integrating Object-Oriented and declarative programming has been the subject of several researches and corresponding technologies. Such proposals come in two flavours, either attempting at joining the two paradigms, or simply providing an interface library for accessing Prolog declarative features from a mainstream Object-Oriented languages such as Java. Both solutions have however drawbacks: in the case of hybrid languages featuring both Object-Oriented and logic traits, such resulting language is typically too complex, thus making mainstream application development an harder task; in the case of library-based integration approaches there is no true language integration, and some “boilerplate code” has to be implemented to fix the paradigm mismatch. In this thesis we develop a framework called PatJ which promotes seamless exploitation of Prolog programming in Java. A sophisticated usage of generics/wildcards allows to define a precise mapping between Object-Oriented and declarative features. PatJ defines a hierarchy of classes where the bidirectional semantics of Prolog terms is modelled directly at the level of the Java generic type-system.

Vibrational spectroscopic and electrochemical investigations of multi-centered heme proteins in biomimetic membrane architectures

Membrane proteins play a major role in every living cell. They are the key factors in the cell’s metabolism and in other functions, for example in cell-cell interaction, signal transduction, and transport of ions and nutrients. Cytochrome c oxidase (CcO), as one of the membrane proteins of the respiratory chain, plays a significant role in the energy transformation of higher organisms. CcO is a multi centered heme protein, utilizing redox energy to actively transport protons across the mitochondrial membrane. One aim of this dissertation is to investigate single steps in the mechanism of the ion transfer process coupled to electron transfer, which are not fully understood. The protein-tethered bilayer lipid membrane is a general approach to immobilize membrane proteins in an oriented fashion on a planar electrode embedded in a biomimetic membrane. This system enables the combination of electrochemical techniques with surface enhanced resonance Raman (SERRS), surface enhanced reflection absorption infrared (SEIRAS), and surface plasmon spectroscopy to study protein mediated electron and ion transport processes. The orientation of the enzymes within the surface confined architecture can be controlled by specific site-mutations, i.e. the insertion of a poly-histidine tag to different subunits of the enzyme. CcO can, thus, be oriented uniformly with its natural electron pathway entry pointing either towards or away from the electrode surface. The first orientation allows an ultra-fast direct electron transfer(ET) into the protein, not provided by conventional systems, which can be leveraged to study intrinsic charge transfer processes. The second orientation permits to study the interaction with its natural electron donor cytochrome c. Electrochemical and SERR measurements show conclusively that the redox site structure and the activity of the surface confined enzyme are preserved. Therefore, this biomimetic system offers a unique platform to study the kinetics of the ET processes in order to clarify mechanistic properties of the enzyme. Highly sensitive and ultra fast electrochemical techniques allow the separation of ET steps between all four redox centres including the determination of ET rates. Furthermore, proton transfer coupled to ET could be directly measured and discriminated from other ion transfer processes, revealing novel mechanistic information of the proton transfer mechanism of cytochrome c oxidase. In order to study the kinetics of the ET inside the protein, including the catalytic center, time resolved SEIRAS and SERRS measurements were performed to gain more insight into the structural and coordination changes of the heme environment. The electrical behaviour of tethered membrane systems and membrane intrinsic proteins as well as related charge transfer processes were simulated by solving the respective sets of differential equations, utilizing a software package called SPICE. This helps to understand charge transfer processes across membranes and to develop models that can help to elucidate mechanisms of complex enzymatic processes.

The twofold role of Cloud Computing in Digital Forensics: target of investigations and helping hand to evidence analysis

This PhD thesis discusses the impact of Cloud Computing infrastructures on Digital Forensics in the twofold role of target of investigations and as a helping hand to investigators. The Cloud offers a cheap and almost limitless computing power and storage space for data which can be leveraged to commit either new or old crimes and host related traces. Conversely, the Cloud can help forensic examiners to find clues better and earlier than traditional analysis applications, thanks to its dramatically improved evidence processing capabilities. In both cases, a new arsenal of software tools needs to be made available. The development of this novel weaponry and its technical and legal implications from the point of view of repeatability of technical assessments is discussed throughout the following pages and constitutes the unprecedented contribution of this work