Ativos intangíveis, valor da firma e estrutura de capital no Brasil

Nos últimos anos, a importância dos ativos intangíveis vem crescendo consideravelmente, em função de ser um dos principais determinantes da vantagem competitiva de uma companhia. A implantação da nova lei contábil no Brasil em 2007, com a obrigatoriedade de divulgação do montante de ativos intangíveis em separado pelas companhias de capital aberto, abriu espaço para a realização de novos estudos acerca desse tema. Esse trabalho analisa o impacto dos ativos intangíveis sobre o valor de mercado e endividamento das companhias listadas na BM&FBovespa. Encontramos evidências de que o nível de ativos intangíveis impacta positivamente o valor de mercado e negativamente o grau de endividamento das companhias de capital aberto no Brasil.

Questões socioambientais e o desempenho financeiro nas informações públicas de empresas líderes do setor de mineração

Dada a relevância cada vez maior das questões sociais e ambientais, várias iniciativas vêm sendo cobradas das corporações por parte da sociedade. Frente a essa demanda tem-se uma resposta por parte das corporações, inclusive de entidades financeira, como, por exemplo, a divulgação de relatórios de sustentabilidade e a criação dos investimentos socialmente responsáveis, mais comumente conhecidos como Socially Responsible Investing (na sigla em inglês, SRI). Além disso, cada vez mais questões sociais e ambientais são importantes dimensões de análise para a obtenção de recursos vindos tanto de instituições bilaterais quanto unilaterais. Tais fatos vêm provocando a busca por evidências de associação das questões socioambientais com o desempenho financeiro da empresa. Diante disso, o presente estudo teve como objetivo identificar o nível de integração entre questões socioambientais e o desempenho financeiro nas informações públicas de empresas líderes mundiais do setor de mineração. O setor de mineração foi escolhido como foco dessa pesquisa, principalmente, devido à sua alta importância para a economia mundial e brasileira, e dado o seu alto impacto social e ambiental. Para tanto, fez-se uma análise das três maiores mineradoras globais em valor de mercado, BH Billiton, Vale e Rio Tinto, utilizando-se como base a metodologia proposta por Epstein e Roy (2003), na qual a integração entre questões socioambientais e desempenho financeiro é classificada em quatro níveis. Dentre as informações analisadas, identificou-se que apenas 1% dessas foram classificadas como nível 4, por se tratarem de informações monetizadas sobre os benefícios de investimentos socioambientais. Esse estudo, portanto, concluiu que a integração entre as ações socioambientais e o desempenho financeiro nas informações públicas das empresas analisadas é praticamente inexistente.

Ownership, control and corporate valuation of Brazilian companies

We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation.

Managerial turnover and leverage under a takeover threat

How do shareholders perceive managers who lever up under a takeover threat? Increasing leverage conveys good news if it reflects management's ability to enhance value. It conveys bad news, though, if inefficient managers are more pressured to lever up. This paper demonstrates that negative (positive) updating prevails when takeover costs are small (large). Managers who leve r up to end a takeover threat thus may commit to an increase in the firm's value and yet increase their chances of being replaced by their shareholders. The model predicts that intraindustry leverage is less dispersed when takeover costs are low.

Impacto das classificações de rating no valor das empresas brasileiras

Este trabalho tem como objetivo estudar como os anúncios de alterações nos ratings de crédito afetam o valor de mercado das empresas brasileiras. Isso foi feito considerando as divulgações de rating pelo período de 3 anos para o universo de empresas que compõem o índice Bovespa de ações. A metodologia escolhida foi a de Estudo de Evento, utilizando o Market Model como forma de estimação dos retornos normais das ações para uma janela de estimação de 1 ano. Como resultado verificou-se que as divulgações dos ratings têm influência no preço das ações, sendo esse efeito mais acentuado no caso dos rebaixamentos de rating (downgrades): os investidores tendem a antecipar a divulgação do downgrade já que o preço das ações cai antes dessa data e volta a subir depois dela. Essa conclusão está em linha com a de estudos semelhantes feitos com ações europeias e americanas. Outra conclusão foi a de que separando a amostra de downgrades entre empresas investment grade e non-investment grade o efeito dos anúncios de rating é mais acentuado no segundo grupo.

Hedge accounting com derivativos exóticos e tributação

Esta pesquisa analisou a aplicação da metodologia de hedge accounting na contabilização de derivativos financeiros em conjunto com a operação objeto de proteção. Foi demonstrado o cálculo do valor justo por marcação a mercado, o teste de efetividade do hedge, a documentação e classificação contábil nos modelos de hedge de valor justo e hedge de fluxo de caixa. Foi verificado ainda o impacto da tributação na efetividade da operação de hedge.

Ativos intangíveis: avaliação e mensuração no contexto de private equity e venture capital

Os ativos intangíveis tornaram-se a principal fonte de competitividade para as empresas operantes na Economia do Conhecimento. Entretanto, ativos intangíveis são de difícil mensuração, colocando desafios para investidores e bancos que, expostos a uma maior assimetria de informação, tendem a requerer retornos significativos, para aportar capital em Pequenas e Médias Empresas (PMEs) inovadoras, quando o fazem. O setor de Private Equity e Venture Capital (PE/VC) se desenvolveu concomitantemente à crescente importância dos ativos intangíveis na economia. Trata-se de um importante segmento de intermediação financeira composto por organizações desenhadas para lidar com elevada assimetria de informação. Neste trabalho, dez dessas organizações, atuantes no mercado brasileiro, foram entrevistadas. O objetivo é descrever o processo de seleção de investimentos, os critérios e os indicadores utilizados por tais organizações para identificar e mensurar os ativos intangíveis. O método usualmente adotado por essas organizações para a valoração (valuation) das PMEs inovadoras também é estudado. Resultados sugerem que as organizações de PE/VC utilizam técnicas sofisticadas para avaliar propostas de investimento, com critérios e indicadores específicos para se medir as principais classes de ativos intangíveis de uma empresa. Entretanto, tais ativos não são avaliados individualmente. A informação obtida é utilizada para se compreender a origem dos fluxos de caixa projetados e os principais fatores de risco. Por sua vez, tais elementos são combinados pelo método do fluxo de caixa descontado para se estimar o valor da empresa. Graças à extensa experiência dos gestores de PE/VC com PMEs inovadoras, acredita-se que o estudo das práticas deste segmento traz importantes reflexões para a recente discussão em torno dos ativos intangíveis

The role of venture capitalists in the identification and measurement of intangible assets

The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs), we believe that shedding light on how PE/VC organizations deal with intangible assets brings important insights to the intangible assets debate.

Análise de impacto regulatório no direito ambiental : limites e possibilidades

A regulação ambiental carece de maior transparência. Os órgãos de proteção do meio ambiente, em regra, apenas publicam as versões finais das medidas elaboradas, sem explicitar as justificativas técnicas que as embasaram, as alternativas consideradas e as possíveis contribuições decorrentes de participação social, entre outras questões. Em consequência, tem-se um cenário desfavorável à realização de controle pelos mais diversos atores. Para superá-lo, a análise de impacto regulatório é apresentada como instrumento apto a agregar clareza, objetividade e eficiência ao processo decisório ambiental. A incorporação da ferramenta, no entanto, deve ser realizada com cuidado especial, tendo em vista a existência de três principais peculiaridades do direito do meio ambiente. Primeiro, o setor lida não só com situações de risco, mas também com casos de incerteza, em que a ausência de informação impossibilita o cálculo de probabilidade de ocorrência de possíveis resultados. Em segundo lugar, a regulação ambiental recai sobre bens não transacionados em mercados, o que dificulta a obtenção de seu valor de troca, aspecto relevante para a análise de custo-benefício como tradicionalmente conhecida. Por fim, o meio ambiente apresenta desenho regulatório absolutamente fragmentado, composto por variados órgãos normatizadores, deliberativos e fiscalizadores em todos os níveis da federação, o que eleva o risco de deficiências na formação técnica das autoridades reguladoras.

Obtenção e caracterização de extrato microencapsulado de resíduo agroindustrial de acerola

Acerola (Malpighia emarginata D.C.) is a red fruit widely cultivated in Brazil, especially in the Northeastern region. Its increasing demand is attributed to its high ascorbic acid contents. Besides ascorbic acid, widely known by its health-benefit effects, acerola is rich in anthocyanins, which contribute for the antioxidant power of the fruit. Acerola processing produces a bright-red pomace, usually discarded. The further processing of this pomace, in order to explore its antioxidant compounds, could enhance acerola market value and rentability of its processing. Both ascorbic acid and anthocyanins are highly susceptible to degradation, that can be delayed by microencapsulation, which consists on packing particles (core) in an edible matrix (wall material). This work has been made with the purpose of producing a microencapsulated acerola pomace extract, which could be used by the food industry as a functional ingredient with antioxidant and coloring properties. Antioxidant compounds were recovered by pressing the pomace diluted in a solvent (a citric acid aqueous solution), by using a central composite design, with two variables: citric acid concentration in the solvent (0-2%), and solvent: pomace mass ratio (2:1-6:1). The acerola pomace extract was then microencapsulated by spray drying. A central composite design was adopted, with three variables: inlet temperature of the spray dryer (170o-200oC), wall material: acerola solids mass ratio (2:1-5:1), and degree of maltodextrin replacement by cashew tree gum as wall material (0-100%). The cashew tree gum was used because of its similarity to arabic gum, which is regarded as the wall material by excellence. The following conditions were considered as optimal for extraction of anthocyanins and ascorbic acid: solvent/pomace ratio, 5:1, and no citric acid in the solvent. 82.47% of the anthocyanins were recovered, as well as 83.22% of the ascorbic acid. Anthocyanin and ascorbic acid retentions were favored by lower inlet temperatures, higher wall material: acerola solids mass ratio and higher maltodextrin replacement by cashew tree gum, which was presented as a promising wall material. The more adequate microencapsulation conditions, based not only on retention of antioxidant compounds but also on physical properties of the final powder, were the following: inlet temperature, 185oC; wall material: acerola solids mass ratio, 5:1, and minimum degree of maltodextrin replacement by cashew tree gum, 50%

Escolha de parceiros na adolescência

Mate choice is a component of sexual selection. Trying to understand the patterns of this process, several studies have emphasized the adaptive value of sexual differences and their influence on the assessment of the market value. The pattern for adults presented on the scientific literature, which is based on the preference for certain characteristics, shows that men search a partner who shows high value of fecundity and fertility, thus looking for partners with the ability of being pregnant and nursing their offspring. On the other hand, women look for partners with high socioeconomic status, which is strongly associated with the ability to protect and provide resources for them and their offspring. Surprisingly, there is few works that investigated the mate choice patterns during the beginning of the period of sexual differentiation on the morphological, physiological and behavioral traits. The aim of this study was to investigate mate choice patterns in adolescence in order to describe their preferences and contribute to the understanding of human reproductive behavior. Took part of this research 1,232 students from educational institutions of Natal, Brazil, and visitors to the Scientific, Technological and Cultural Fair UFRN. In the Experimental Study 1, we applied a questionnaire to evaluate the importance of certain characteristics, assessed the degree of romantic involvement and real and ideal partners age preference. In the Experimental Study 2, we did a survey of characteristics considered relevant and evaluate the importance of these characteristics in mate choice. The Experimental Study 3 brought an investigation of mate choice patterns based on self-assessment of adolescents, evaluating ideal partner for a short-term and long-term relationships and actual partner. We found that adolescents are motivated to live romantic experiences. We also observed a preference for partners of similar age to that described for adults. Finally, we found similarities and differences in the preferences for characteristics in real and ideal partners in relation to the adult pattern. In addition, we observed high similarity on the self-assessment and assessment of real and ideal partners. We suggest that in the mate choice, adolescents are similar to young adults in some aspects but not all. Our results show the relevance of the reproductive behavior investigation in this human developmental period and reinforce that further studies should contribute to the understanding of human behavior in terms of ontogenetic development and their evolutionary history.

De baixo para cima: implicações socioespaciais da transferência da feira livre na (re)produção do espaço urbano de Nova Cruz-RN (1991-2010)

The present work is about the reproduction of the urban area of Nova Cruz RN, with the objective of analyzing the social and spatial implications of the relocation of the main street market in the city from 1991 on. Nowadays, the city of Nova Cruz takes over importance in the potiguar social and spatial scenario due to its condition of central city which is practiced for decades in Potiguar Agreste Microregion. Beginning with its formation process connected with traveler‟s hostel which assisted the activity of cattle transportation, further in time by the golden era of cotton production in its territory, it was noticed that its importance in relation with the nearby towns has been happening differently throughout time. From the year 1991 on, the town of Nova Cruz has gone through a territory restructuring of its urban area due to the relocation of the open market from Downtown neighborhood to São Sebastião neighborhood. Such territorial movement resulted in a reformation of the town‟s urban space, promoting in both neighborhoods urban growth and the expansion of commercial activity associated with the migration of the commercial center of the city. The transference of the commercial area has caused these processes through the new uses of the land towards the São Sebastião region, it has also caused a decrease in market value of the downtown area as a result of the breakdown of previous existing business activities, their service contribution and the citizen migration, establishing a space and socioeconomic portrait in the neighborhood. From this context, our analysis seeks to understand the social and spatial impacts occurred in Downtown neighborhood, the way in which the production and reproduction of the urban space in São Sebastião neighborhood and the implications resulted from the actions of the administrative power in restructuring of the urban space of Nova Cruz. In order to do so, a bibliographical research was used to compose our theoretic-conceptual mark, discussing the matter with authors such as Roberto Lobato Corrêa, Ana Fani, Milton Santos, Manuel Castells e Heri Lefvbre, among others, discussing on the subject of urban analysis, the concepts of urban space and the process of reproduction of the urban space. A field research was utilized in our area of study by means of primary data gathering through interviews, questionnaire and photographic register. Secondary data gathering was also obtained by means of bibliographical and documental research related to our study object. By these means, it was sought to contribute to the understanding of the urban space through its production and reproduction based upon the discovery of social and spatial practices

Economic evaluation of nile tilapia juvenile production, feed with commercial ration and with primary production come from organic and inorganic fertilization

Study objective was to evaluate economically a Nile tilapia juvenile production, employing different feeding techniques. Tilapia fingerlings of 8g were stocked at 5 fish m-2 stocking in 50 and 150 m2 ponds, during 75 days. Treatments were: inorganic fertilization (P205 and N); organic fertilization (poultry manure) and commercial ration (32% CP). Water quality results were considered adequate for fish rearing. In juvenile production there were significant differences among treatments for individual final weight, medians were: for inorganic fertilization 12.92g (13.35g in 50 m2 and 12.49g in 150 m2); for organic fertilization 30.55g (33.69g in 50 m2 and 27.40g in 150 m2) and for commercial ration 51.23g (52.90g in 50 m2 and 50.15g in 150 m2). Survival rate ranged from 63 to 71%, with no statistic difference. Commercial ration was effective to bigger juvenile production, with a better market value. Costs considered in economic analyses were tilapia fingerlings, fertilizer, ration, labor and installation depreciation. Obtained information showed that juvenile production in 50 m2 ponds is not viable economically and, in 150 m2, production is viable only when commercial ration is used.

The modernization of bank supervision

Includes bibliography