Abordagens para a classificação contábil de instrumentos financeiros híbridos e/ou compostos: um estudo de caso com uma companhia aberta brasileira

Instrumentos financeiros híbridos e/ou compostos têm sido tema constante em matéria de regulação contábil. A literatura positiva apresenta uma hipótese que ajuda a compreender o porquê de algumas firmas recorrerem a ditos instrumentos para captar recursos: nível de endividamento no limite de quebra de covenants contratuais. No Brasil, firmas com registro na CVM, que se utilizaram desses instrumentos, classificando-os no patrimônio líquido, tiveram suas ITRs e/ou DFs reapresentadas e/ou republicadas por determinação da CVM. O ponto crítico de toda a discussão reside na distinção entre um item de passivo e um item de patrimônio líquido. Esse tema está disciplinado na IAS 32 (PT CPC n. 39) e presente no Discussion Paper - A review of the conceptual framework for financial reporting, emitido pelo IASB em julho de 2013, que apresenta duas abordagens que podem ser utilizadas, visando a simplificar a distinção entre um item de passivo e de patrimônio líquido: a narrow equity approach - NEA e a strict obligation approach - SOA. A adoção de cada uma dessas abordagens terá um impacto diferente nos níveis de endividamento/alavancagem e no potencial de diluição de participação dos acionistas. Este trabalho tem como objetivo investigar abordagens para a classificação contábil das debêntures mandatoriamente conversíveis em ações, vis-à-vis a IAS 32 (PT CPC n. 39) e o Discussion Paper do IASB (NEA x SOA). A metodologia adotada é um estudo de caso de uma companhia aberta brasileira, que em 2010 emitiu debêntures mandatoriamente conversíveis e efetuou uma classificação desses instrumentos considerada inadequada pelo órgão regulador. Observa-se que a strict obligation approach é a abordagem que impacta menos no nível de endividamento, enquanto a narrow equity approach é a que apresenta maior alavancagem. As evidências sugerem os covenants contratuais como possíveis indutores de tal prática, fato que está em linha com o que a literatura da área documenta como fenômeno esperado. É bem verdade que no caso concreto, houve quebra contínua de covenants contratuais, corroborando a hipótese apresentada por SILVA (2008) de que o baixo custo de violação de covenants contribua para tal situação. Alternativamente, uma possível explicação para a escolha contábil da companhia reside na complexidade da IAS 32 (PT CPC 39) e desconhecimento de suas nuances.

A coordination-based approach to elasticity of floppy and stiff random networks

We study the role of connectivity on the linear and nonlinear elastic behavior of amorphous systems using a two-dimensional random network of harmonic springs as a model system. A natural characterization of these systems arises in terms of the network coordination relative to that of an isostatic network $\delta z$; a floppy network has $\delta z<0$, while a stiff network has $\delta z>0$. Under the influence of an externally applied load we observe that the response of both floppy and rigid network are controlled by the same critical point, corresponding to the onset of rigidity. We use numerical simulations to compute the exponents which characterize the shear modulus, the amplitude of non-affine displacements, and the network stiffening as a function of $\delta z$, derive these theoretically and make predictions for the mechanical response of glasses and fibrous networks.

Controllable electron g-factors in HgMnTe quantum spheres

The electronic structure and Lande electron g-factors of manganese-doped HgTe quantum spheres are investigated, in the framework of the eight-band effective-mass model and the mean-field approximation. It is found that the electronic structure evolves continuously from the zero-gap configuration to an open-gap configuration with decreasing radius. The size dependence of electron g-factors is calculated with different Mn-doped effective concentration, magnetic field, and temperature values, respectively. It is found that the variations of electron g-factors are quite different for small and large quantum spheres, due to the strong exchange-induced interaction and spin-orbit coupling in the narrow-gap DMS nanocrystals. The electron g-factors are zero at a critical point of spherical radius R-c; however, by modulating the nanocrystal size their absolute values can be turned to be even 400 times larger than those in undoped cases. Copyright (c) EPLA, 2008.

Optical constants of cubic GaN/GaAs(001): Experiment and modeling

The optical constants epsilon(E)=epsilon(1)(E)+iepsilon(2)(E) of unintentionally doped cubic GaN grown on GaAs(001) have been measured at 300 K using spectral ellipsometry in the range of 1.5-5.0 eV. The epsilon(E) spectra display a structure, associated with the critical point at E-0 (direct gap) and some contribution mainly coming from the E-1 critical point. The experimental data over the entire measured spectral range (after oxide removal) has been fit using the Holden-Munoz model dielectric function [M. Munoz et al., J. Appl. Phys. 92, 5878 (2002)]. This model is based on the electronic energy-band structure near critical points plus excitonic and band-to-band Coulomb-enhancement effects at E-0, E-0 + Delta(0) and the E-1, E-1 + Delta(1), doublet. In addition to evaluating the energy of the E-0 critical point, the binding energy (R-1) of the two-dimensional exciton related to the E-1 critical point was estimated using the effective mass/k.p theory. The line, shape of the imaginary part of the cubic-GaN dielectric function shows excitonic effects at room temperature not withstanding that the exciton was not resolved. (C) 2003 American Institute of Physics.

CHARACTERIZATION OF PHOTOCONDUCTIVE SEMICONDUCTOR SWITCHES UNDER NONLINEAR MODE CONDITION

A photoconductive semiconductor switch (PCSS) would work in a nonlinear mode under high biased electrical field. The experimental results of nonlinear critical state have shown that both the biased voltage and the laser energy may have working thresholds to turn on the nonlinear modes. The relation between the biased voltage (aid the laser energy is inverse ratio, i.e., higher biased field need lower laser energy for nonlinear mode, and vise versa. At the nonlinear critical point, the output of PCSS is unstable, as both the linear and nonlinear pulse may occur. As the laser energy and biased field increase, the PCSS would work in the nonlinear mode steadily. (C) 2008 Wiley Periodicals, Inc. Microwave Opt Technol Lett 51: 56-59 2009; Published online in Wiley InterScience (www.interscience.wiley.com). DOT 10.1002/mop.24001

High quality hydrogenated amorphous silicon films with significantly improved stability

High quality hydrogenated amorphous silicon (a-Si:H) films have been prepared by a simple "uninterrupted growth/annealing" plasma enhanced chemical vapor deposition (PECVD) technique, combined with a subtle boron-compensated doping. These a-Si:H films possess a high photosensitivity over 10(6), and exhibit no degradation in photoconductivity and a low light-induced defect density after prolonged illumination. The central idea is to control the growth conditions adjacent to the critical point of phase transition from amorphous to crystalline state, and yet to locate the Fermi level close to the midgap. Our results show that the improved stability and photosensitivity of a-Si:H films prepared by this method can be mainly attributed to the formation of a more robust network structure and reduction in the precursors density of light-induced metastable defects.

Higher Moments of Net Proton Multiplicity Distributions at RHIC

200 GeV corresponding to baryon chemical potentials (mu(B)) between 200 and 20 MeV. Our measurements of the products kappa sigma(2) and S sigma, which can be related to theoretical calculations sensitive to baryon number susceptibilities and long-range correlations, are constant as functions of collision centrality. We compare these products with results from lattice QCD and various models without a critical point and study the root s(NN) dependence of kappa sigma(2). From the measurements at the three beam energies, we find no evidence for a critical point in the QCD phase diagram for mu(B) below 200 MeV.

Power law behavior of the isotope yield distributions in the multifragmentation regime of heavy ion reactions

Isotope yield distributions in the multifragmentation regime were studied with high-quality isotope identification, focusing on the intermediate mass fragments (IMFs) produced in semiviolent collisions. The yields were analyzed within the framework of a modified Fisher model. Using the ratio of the mass-dependent symmetry energy coefficient relative to the temperature, a(sym)/T, extracted in previous work and that of the pairing term, a(p)/T, extracted from this work, and assuming that both reflect secondary decay processes, the experimentally observed isotope yields were corrected for these effects. For a given I = N - Z value, the corrected yields of isotopes relative to the yield of C-12 show a power law distribution Y (N, Z)/Y(C-12) similar to A(-tau) in the mass range 1 <= A <= 30, and the distributions are almost identical for the different reactions studied. The observed power law distributions change systematically when I of the isotopes changes and the extracted tau value decreases from 3.9 to 1.0 as I increases from -1 to 3. These observations are well reproduced by a simple deexcitation model, with which the power law distribution of the primary isotopes is determined to be tau(prim) = 2.4 +/- 0.2, suggesting that the disassembling system at the time of the fragment formation is indeed at, or very near, the critical point.

Identified particle production, azimuthal anisotropy, and interferometry measurements in Au plus Au collisions at root s(NN)=9.2 GeV

We present the first measurements of identified hadron production, azimuthal anisotropy, and pion interferometry from Au + Au collisions below the nominal injection energy at the BNL Relativistic Heavy-Ion Collider (RHIC) facility. The data were collected using the large acceptance solenoidal tracker at RHIC (STAR) detector at root s(NN) = 9.2 GeV from a test run of the collider in the year 2008. Midrapidity results on multiplicity density dN/dy in rapidity y, average transverse momentum < p(T)>, particle ratios, elliptic flow, and Hanbury-Brown-Twiss (HBT) radii are consistent with the corresponding results at similar root s(NN) from fixed-target experiments. Directed flow measurements are presented for both midrapidity and forward-rapidity regions. Furthermore the collision centrality dependence of identified particle dN/dy, < p(T)>, and particle ratios are discussed. These results also demonstrate that the capabilities of the STAR detector, although optimized for root s(NN) = 200 GeV, are suitable for the proposed QCD critical-point search and exploration of the QCD phase diagram at RHIC.

A novel approach to isoscaling: The role of the order parameter m = N-f-Z(f)/A(f)

Isoscaling is derived within a recently proposed modified Fisher model where the free energy near the critical point is described by the Landau O(m(6)) theory. In this model m = N-f-Z(f)/A(f) is the order parameter, a consequence of (one of) the symmetries of the nuclear Hamiltonian. Within this framework we show that isoscaling depends mainly on this order parameter through the 'external (conjugate) field' H. The external field is just given by the difference in chemical potentials of the neutrons and protons of the two sources. To distinguish from previously employed isoscaling relationships, this approach is dubbed: m-scaling. We discuss the relationship between this framework and the standard isoscaling formalism and point out some substantial differences in interpretation of experimental results which might result. These should be investigated further both theoretically and experimentally. (C) 2010 Elsevier B.V. All rights reserved.

Pressure effects on the thermodynamics of trans-decahydronaphthalene/polystyrene polymer solutions: Application of the Sanchez-Lacombe lattice fluid theory

The cloud-point temperatures (T-cl's) of trans-decahydronaphthalene(TD)/polystyrene (PS, (M) over bar (w) = 270 000) solutions were determined by light scattering measurements over a range of temperatures (1-16degreesC), pressures (100-900 bar), and compositions (4.2-21.6 vol.-% polymer). The system phase separates upon cooling and T-cl was found to increase with rising pressure for constant composition. In the absence of special effects, this finding indicates positive excess volume for the mixing. Special attention was paid to the demixing temperatures as a function of pressure for different polymer solutions and the plots in the T-phi plane (where phi signifies volume fractions). The cloud-point curves of polymer solutions under different pressures were observed for different compositions, which demonstrated that pressure has a greater effect on the TD/PS solutions when far from the critical point as opposed to near the critical point. The Sanchez-Lacombe lattice fluid theory (SLLFT) was used to calculate the spinodals, the binodals, the Flory-Huggins (FH) interaction parameter, the enthalpy of mixing, and the volume changes of mixing. The calculated results show that modified PS scaling parameters can describe the thermodynamics of the TD/PS system well. Moreover the SLLFT describes the experimental results well.

Limit cycles of a predator-prey model with intratrophic predation

Hill, Joe M., Lloyd, Noel G., Pearson, Jane M., 'Limit cycles of a predator-prey model with intratrophic predation', Journal of Mathematical Analysis and Applications Volume 349, Issue 2, 15 January 2009, Pages 544-555

Polyamorphism in aluminate liquids

McMillan, P. F., Wilson, M., Wilding, M. C. (2003). Polyamorphism in aluminate liquids. Journal of Physics: Condensed Matter, 15 (36), 6105-6121 RAE2008

Ukryty punkt krytyczny w mieszaninach binarnych – badania metodami symulacji Monte – Carlo

Wydział Fizyki

Constructing Universities as Organizations: University Reforms in Poland in the Light of Institutional Theory

This chapter shows that apart from changes at the systemic and institutional levels, successful reform implementation struggles with a gradual change in academic beliefs, attitudes and behaviours. Currently, visions of the university proposed by the Polish academic community and visions of it proposed by Polish reformers and policymakers (within ongoing reforms) are worlds apart. I shall study recent reforms in the context of specific academic self--protective narratives being produced in the last two decades (at the collective level of the academic profession) and in the context of the Ivory Tower university ideals predominant at the individual level (as studied comparatively through a large--scale European survey of the academic profession). Institutions change both swiftly, radically – and slowly, gradually. Research literature on institutional change until recently was focused almost exclusively on the role of radical changes caused by external shocks, leading to radical institutional reconfigurations. And research literature about the gradual, incremental institutional change have been emergent for about a decade and a half now (Mahoney and Thelen 2010; Streeck and Thelen 2005, 2009; Thelen 2003). Polish higher education provides interesting empirical grounds to test institutional theories. Both types of transformations (radical and gradual) may lead to equally permanent changes in the functioning of institutions, equally deep transformations of their fundamental rules, norms and operating procedures. Questions about institutional change are questions about characteristics of institutions undergoing changes. Endogenous institutional change is as important as exogenous change (Mahoney and Thelen 2010: 3). Moments in which there emerge opportunities of performing deep institutional reforms are short (in Poland these moments occurred in 2009-2012), and between them there are long periods of institutional stasis and stability (Pierson 2004: 134-135). The premises of theories of institutional change can be applied systematically to a system of higher education which shows an unprecedented rate of change and which is exposed to broad, fundamental reform programmes. There are many ways to discuss the Kudrycka reforms - and "constructing Polish universities as organizations" (rather than traditional academic "institutions") is one of more promising. In this account, Polish universities are under construction as organizations, and under siege as institutions. They are being rationalized as organizations, following instrumental rather than institutional logics. Polish academics in their views and attitudes are still following an institutional logic, while Polish reforms are following the new (New Public Management-led) instrumental logics. Both are on a collision course about basic values. Reforms and reformees seem to be worlds apart. I am discussing the the two contrasting visions of the university and describing the Kudrycka reforms as the reistitutionalization of the research mission of Polish universities. The core of reforms is a new level of funding and governance - the intermediary one (and no longer the state one), with four new peer-run institutions, with the KEJN, PKA and NCN in the lead. Poland has been beginning to follow the "global rules of the academic game" since 2009. I am also discussing two academic self-protection modes agains reforms: (Polish) "national academic traditions" and "institutional exceptionalism" (of Polish HE). Both discourses prevailed for two decades, none seems socially (and politically) acceptable any more. Old myths do not seem to fit new realities. In this context I am discussing briefly and through large-scale empirical data the low connectedness to the outside world of Polish HE institutions, low influence of the government on HE policies and the low level of academic entrepreneurialism, as seen through the EUROAC/CAP micro-level data. The conclusion is that the Kudrycka reforms are an imporant first step only - Poland is too slow in reforms, and reforms are both underfunded and inconsistent. Poland is still accumulating disadvantages as public funding and university reforms have not reached a critical point. Ever more efforts lead to ever less results, as macro-level data show. Consequently, it may be useful to construct universities as organizations in Poland to a higher degree than elsewhere in Europe, and especially in Western Europe.