Estimativa do custo médio ponderado de capital em produtos agrícolas

Pós-graduação em Agronomia (Energia na Agricultura) - FCA

Aquisição de serviços de TI como um processo de qualidade no fornecimento de software - estudo de caso de terceirização em medicina transfusional

Face às dimensões continentais do país, as organizações situadas em regiões carentes de fornecedores de desenvolvimento de sistemas de software especializado estão distribuindo suas operações de Information Technology Outsourcing (ITO), para outras regiões. Como consequência, a redução de custos e a melhoria da contratação de serviços em Tecnologia da Informação (TI) têm sido os dois grandes focos da atualidade, incentivando à noção de parceiros múltiplos em operações recíprocas e engajados tanto em relacionamentos formais quanto informais como a terceirização. Os serviços terceirizados são diversificados e entre eles está o desenvolvimento e manutenção de software através de contratos, realizados por organizações situadas em regiões onde existe demanda de software com características específicas. Sabe-se que a terceirização de Software e Serviços Correlatos (S&SC), que inclui as atividades de contratação e gestão do processo de aquisição é uma tarefa complexa e necessária para as organizações, principalmente no que diz respeito às condições envolvidas na contratação. Nesses casos, o exercício da governança tem sido um importante instrumento para, com a terceirização de TI, promover a gestão adequada do risco e o retorno do investimento. Sendo assim, o processo de compra ou venda de um produto de software nesse ambiente é uma atividade que envolve um grande número de conceitos subjetivos, referentes principalmente a características dos produtos. Torna-se maior o desafio quando se trata de software de prateleira modificável (Modified Off-The-Shelf - MOTS) que sofrem modificações e adições de requisitos a cada novo cliente. Neste contexto, buscando adequar as exigências do mercado com as necessidades de métodos e diretrizes para melhoria dos processos de aquisição e fornecimento de software, este trabalho procura explorar as principais características acerca do contrato, do controle de qualidade, e os resultados dos relacionamentos adotados na implementação de projetos de terceirização desenvolvidos á distância. São apresentados os resultados obtidos de um estudo de caso conduzido em uma empresa pública de Medicina Transfusional situada no norte do Brasil que adotou este processo. Por fim, este texto apresenta uma discussão sobre os diferenciais e limitações deste trabalho, e apresenta direcionamentos para investigações futuras neste campo de estudo.

Utilização do modelo da barganha de Nash na seleção de carteiras

This paper discussed the model of Nash bargaining (NASH, 1950, 1953), which its arbitration function is invariant for the linear transformations. A more robust model was proposed with respect to the incommensurable effect. The result obtained by the optimization process was not influenced by the units or the amplitude values of these measures. The risk and the return is measured in portfolios of assets and defined a risk metric, return and a method to handle the risk and return. For this, we made a review on the main characteristics of Brazilian industry funds and their evolution over the past years, in addition to treating on the risk in the financial market, the importance of portfolio selection and the Markowitz Model. Are made closing remarks, an analysis of the results, some suggests, concerns and how such concerns can be improved and / or explored in future studies

The Real Importance of Pre-Existing Comorbidities on Long-Term Mortality after Acute Kidney Injury

Background: The causes of death on long-term mortality after acute kidney injury (AKI) have not been well studied. The purpose of the study was to evaluate the role of comorbidities and the causes of death on the long-term mortality after AKI. Methodology/Principal Findings: We retrospectively studied 507 patients who experienced AKI in 2005-2006 and were discharged free from dialysis. In June 2008 (median: 21 months after AKI), we found that 193 (38%) patients had died. This mortality is much higher than the mortality of the population of Sao Paulo City, even after adjustment for age. A multiple survival analysis was performed using Cox proportional hazards regression model and showed that death was associated with Khan's index indicating high risk [adjusted hazard ratio 2.54 (1.38-4.66)], chronic liver disease [1.93 (1.15-3.22)], admission to non-surgical ward [1.85 (1.30-2.61)] and a second AKI episode during the same hospitalization [1.74 (1.12-2.71)]. The AKI severity evaluated either by the worst stage reached during AKI (P=0.20) or by the need for dialysis (P=0.12) was not associated with death. The causes of death were identified by a death certificate in 85% of the non-survivors. Among those who died from circulatory system diseases (the main cause of death), 59% had already suffered from hypertension, 34% from diabetes, 47% from heart failure, 38% from coronary disease, and 66% had a glomerular filtration rate <60 previous to the AKI episode. Among those who died from neoplasms, 79% already had the disease previously. Conclusions: Among AKI survivors who were discharged free from dialysis the increased long-term mortality was associated with their pre-existing chronic conditions and not with the severity of the AKI episode. These findings suggest that these survivors should have a medical follow-up after hospital discharge and that all efforts should be made to control their comorbidities.

Implementing fisher Black's simple discounting rule

We propose a simple implementation of Black’s (1988) elegant rule for discounting uncertain future cash flows. Black’s rule avoids the thorny problem of estimating an appropriate risk-adjusted discount rate. Instead, the rule calls for discounting conditional mean cash flows at appropriate riskless interest rates. Our contribution in this article is to describe and illustrate a method of estimating the conditional mean cash flows called for in Black’s rule. The method is quite flexible with respect to the types of information available concerning the distributions of future cash flows. We argue that this approach to computing present values offers a theoretically sound and generally feasible addition to the toolbox of financial managers.

Racial differences in heart failure with preserved ejection fraction in the ambulatory heart failure population

Racial differences in heart failure with preserved ejection fraction (HFpEF) have rarely been studied in an ambulatory, financially "equal access" cohort, although the majority of such patients are treated as outpatients. ^ Retrospective data was collected from 2,526 patients (2,240 Whites, 286 African American) with HFpEF treated at 153 VA clinics, as part of the VA External Peer Review Program (EPRP) between October 2000 and September 2002. Kaplan Meier curves (stratified by race) were created for time to first heart failure (HF) hospitalization, all cause hospitalization and death and Cox proportional multivariate regression models were constructed to evaluate the effect of race on these outcomes. ^ African American patients were younger (67.7 ± 11.3 vs. 71.2 ± 9.8 years; p < 0.001), had lower prevalence of atrial fibrillation (24.5 % vs. 37%; p <0.001), chronic obstructive pulmonary disease (23.4 % vs. 36.9%, p <0.001), but had higher blood pressure (systolic blood pressure > 120 mm Hg 77.6% vs. 67.8%; p < 0.01), glomerular filtration rate (67.9 ± 31.0 vs. 61.6 ± 22.6 mL/min/1.73 m2; p < 0.001), anemia (56.6% vs. 41.7%; p <0.001) as compared to whites. African Americans were found to have higher risk adjusted rate of HF hospitalization (HR 1.52, 95% CI 1.1 - 2.11; p = 0.01), with no difference in risk-adjusted all cause hospitalization (p = 0.80) and death (p= 0.21). ^ In a financially "equal access" setting of the VA, among ambulatory patients with HFpEF, African Americans have similar rates of mortality and all cause hospitalization but have an increased risk of HF hospitalizations compared to whites.^

Molecular epidemiological studies on genetic predispositions to squamous cell carcinoma of the head and neck

Two molecular epidemiological studies were conducted to examine associations between genetic variation and risk of squamous cell carcinoma of the head and neck (SCCHN). In the first study, we hypothesized that genetic variation in p53 response elements (REs) may play roles in the etiology of SCCHN. We selected and genotyped five polymorphic p53 REs as well as a most frequently studied p53 codon 72 (Arg72Pro, rs1042522) polymorphism in 1,100 non-Hispanic White SCCHN patients and 1,122 age-and sex-matched cancer-free controls recruited at The University of Texas M. D. Anderson Cancer Center. In multivariate logistic regression analysis with adjustment for age, sex, smoking and drinking status, marital status and education level, we observed that the EOMES rs3806624 CC genotype had a significant effect of protection against SCCHN risk (adjusted odds ratio= 0.79, 95% confidence interval =0.64–0.98), compared with the -838TT+CT genotypes. Moreover, a significantly increased risk associated with the combined genotypes of p53 codon 72CC and EOMES -838TT+CT was observed, especially in the subgroup of non-oropharyneal cancer patients. The values of false-positive report probability were also calculated for significant findings. In the second study, we assessed the association between SCCHN risk and four potential regulatory single nucleotide polymorphisms (SNPs) of DEC1 (deleted in esophageal cancer 1) gene, a candidate tumor suppressor gene for esophageal cancer. After adjustment for age, sex, and smoking and drinking status, the variant -606CC (i.e., -249CC) homozygotes had a significantly reduced SCCHN risk (adjusted odds ratio = 0.71, 95% confidence interval = 0.52–0.99), compared with the -606TT homozygotes. Stratification analyses showed that a reduced risk associated with the -606CC genotype was more pronounced in subgroups of non-smokers, non-drinkers, younger subjects (defined as ≤ 57 years), carriers of TP53 Arg/Arg (rs1042522) genotype, patients with oropharyngeal cancer or late-stage SCCHN. Further in silico analysis revealed that the -249 T-to-C change led to a gain of a transcription factor binding site. Additional functional analysis showed that the -249T-to-C change significantly enhanced transcriptional activity of the DEC1 promoter and the DNA-protein binding activity. We conclude that the DEC1 promoter -249 T>C (rs2012775) polymorphism is functional, modulating susceptibility to SCCHN among non-Hispanic Whites. Additional large-scale, preferably population-based studies are needed to validate our findings.^

Annual league tables of mortality in neonatal intensive care units: longitudinal study

Objective: To assess whether crude league tables of mortality and league tables of risk adjusted mortality accurately reflect the performance of hospitals.

Estratégias de comercialização e investimento, com ênfase em energias renováveis, suportadas por modelos de otimização especializados para avaliação estocástica de risco x retorno.

A comercialização de energia elétrica de fontes renováveis, ordinariamente, constitui-se uma atividade em que as operações são estruturadas sob condições de incerteza, por exemplo, em relação ao preço \"spot\" no mercado de curto prazo e a geração de energia dos empreendimentos. Deriva desse fato a busca dos agentes pela formulação de estratégias e utilização de ferramentais para auxiliá-los em suas tomadas de decisão, visando não somente o retorno financeiro, mas também à mitigação dos riscos envolvidos. Análises de investimentos em fontes renováveis compartilham de desafios similares. Na literatura, o estudo da tomada de decisão considerada ótima sob condições de incerteza se dá por meio da aplicação de técnicas de programação estocástica, que viabiliza a modelagem de problemas com variáveis randômicas e a obtenção de soluções racionais, de interesse para o investidor. Esses modelos permitem a incorporação de métricas de risco, como por exemplo, o Conditional Value-at-Risk, a fim de se obter soluções ótimas que ponderem a expectativa de resultado financeiro e o risco associado da operação, onde a aversão ao risco do agente torna-se um condicionante fundamental. O objetivo principal da Tese - sob a ótica dos agentes geradores, consumidores e comercializadores - é: (i) desenvolver e implementar modelos de otimização em programação linear estocástica com métrica CVaR associada, customizados para cada um desses agentes; e (ii) aplicá-los na análise estratégica de operações como forma de apresentar alternativas factíveis à gestão das atividades desses agentes e contribuir com a proposição de um instrumento conceitualmente robusto e amigável ao usuário, para utilização por parte das empresas. Nesse contexto, como antes frisado, dá-se ênfase na análise do risco financeiro dessas operações por meio da aplicação do CVaR e com base na aversão ao risco do agente. Considera-se as fontes renováveis hídrica e eólica como opções de ativos de geração, de forma a estudar o efeito de complementaridade entre fontes distintas e entre sites distintos da mesma fonte, avaliando-se os rebatimentos nas operações.

Drivers of Agricultural Physical Capital Development: Theoretical Framework and Hypotheses. Factor Markets Working Paper No. 18, February 2012

This paper aims to identify drivers of physical capital adjustments in agriculture. It begins with a review of some of the most important theories and modelling approaches regarding firms’ adjustments of physical capital, ranging from output-based models to more recent approaches that consider irreversibility and uncertainty. Thereafter, it is suggested that determinants of physical capital adjustments in agriculture can be divided into three main groups, namely drivers related to: i) expected (risk-adjusted) profit, ii) expected societal benefits and costs and iii) expected private nonpecuniary benefits and costs. The discussion that follows focuses on the determinants belonging to the first group and covers aspects related to product market conditions, technological conditions, financial conditions and the role of firm structure and organization. Furthermore, the role of subjective beliefs is emphasized. The main part of this paper is concerned with the demand side of the physical capital market and one section also briefly discusses some aspects related to supply of farm assets.

Returns from investing in Australian equity superannuation funds, 1991-1999

In this analysis of investment manager performance, two questions are addressed. First, do managers that actively trade stocks create value for investors? Second, can the multifactor model of Gruber capture the cross-section of average fund returns for the Australian setting? The answers from this study are as follows: as an industry, investment managers destroyed value for superannuation investors for the period 1991 through 1999, under-performing passive portfolio returns by 2.80-4.00 per cent per annum on a risk-unadjusted basis and 0.50-0.93 per cent per annum on a risk-adjusted basis. Evidence is provided in support of the four-factor model of Gruber; however, the model fails to capture the impact of investment style for the Australian setting. The findings suggest that Australian superannuation investors would transform their retirement savings into retirement income more efficiently through the use of passive alternatives to the stock selection problem.

Achieving better in-hospital and after-hospital care of patients with acute cardiac disease

In patients hospitalised with acute coronary syndromes (ACS) and congestive heart failure (CHF), evidence suggests opportunities for improving in-hospital and after hospital care, patient self-care, and hospital-community integration. A multidisciplinary quality improvement program was designed and instigated in Brisbane in October 2000 involving 250 clinicians at three teaching hospitals, 1080 general practitioners (GPs) from five Divisions of General Practice, 1594 patients with ACS and 904 patients with CHF. Quality improvement interventions were implemented over 17 months after a 6-month baseline period and included: clinical decision support (clinical practice guidelines, reminders, checklists, clinical pathways); educational interventions (seminars, academic detailing); regular performance feedback; patient self-management strategies; and hospital-community integration (discharge referral summaries; community pharmacist liaison; patient prompts to attend GPs). Using a before-after study design to assess program impact, significantly more program patients compared with historical controls received: ACS: Angiotensin-converting enzyme (ACE) inhibitors and lipid-lowering agents at discharge, aspirin and beta-blockers at 3 months after discharge, inpatient cardiac counselling, and referral to outpatient cardiac rehabilitation. CHF. Assessment for reversible precipitants, use of prophylaxis for deep-venous thrombosis, beta-blockers at discharge, ACE inhibitors at 6 months after discharge, imaging of left ventricular function, and optimal management of blood pressure levels. Risk-adjusted mortality rates at 6 and 12 months decreased, respectively, from 9.8% to 7.4% (P=0.06) and from 13.4% to 10.1% (P= 0.06) for patients with ACS and from 22.8% to 15.2% (P < 0.001) and from 32.8% to 22.4% (P= 0.005) for patients with CHF. Quality improvement programs that feature multifaceted interventions across the continuum of care can change clinical culture, optimise care and improve clinical outcomes.

Are diagnosis specific outcome indicators based on administrative data useful in assessing quality of hospital care?

Background: Hospital performance reports based on administrative data should distinguish differences in quality of care between hospitals from case mix related variation and random error effects. A study was undertaken to determine which of 12 diagnosis-outcome indicators measured across all hospitals in one state had significant risk adjusted systematic ( or special cause) variation (SV) suggesting differences in quality of care. For those that did, we determined whether SV persists within hospital peer groups, whether indicator results correlate at the individual hospital level, and how many adverse outcomes would be avoided if all hospitals achieved indicator values equal to the best performing 20% of hospitals. Methods: All patients admitted during a 12 month period to 180 acute care hospitals in Queensland, Australia with heart failure (n = 5745), acute myocardial infarction ( AMI) ( n = 3427), or stroke ( n = 2955) were entered into the study. Outcomes comprised in-hospital deaths, long hospital stays, and 30 day readmissions. Regression models produced standardised, risk adjusted diagnosis specific outcome event ratios for each hospital. Systematic and random variation in ratio distributions for each indicator were then apportioned using hierarchical statistical models. Results: Only five of 12 (42%) diagnosis-outcome indicators showed significant SV across all hospitals ( long stays and same diagnosis readmissions for heart failure; in-hospital deaths and same diagnosis readmissions for AMI; and in-hospital deaths for stroke). Significant SV was only seen for two indicators within hospital peer groups ( same diagnosis readmissions for heart failure in tertiary hospitals and inhospital mortality for AMI in community hospitals). Only two pairs of indicators showed significant correlation. If all hospitals emulated the best performers, at least 20% of AMI and stroke deaths, heart failure long stays, and heart failure and AMI readmissions could be avoided. Conclusions: Diagnosis-outcome indicators based on administrative data require validation as markers of significant risk adjusted SV. Validated indicators allow quantification of realisable outcome benefits if all hospitals achieved best performer levels. The overall level of quality of care within single institutions cannot be inferred from the results of one or a few indicators.

Do socially responsible fund managers really invest differently?

To date, research into socially responsible investment (SRI), and in particular the socially responsible investment funds industry, has focused on whether investing in SRI assets has any differential impact on investor returns. Prior findings generally suggest that, on a risk-adjusted basis, there is no difference in performance between SRI and conventional funds. This result has led to questions about whether SRI funds are really any different from conventional funds. This paper examines whether the portfolio allocation across industry sectors and the stock-picking ability of SRI managers are different when compared to conventional fund managers. The study finds that SRI funds exhibit different industry betas consistent with different portfolio positions, but that these differences vary from year to year. It is also found that there is little difference in stock-picking ability between the two groups of fund managers.

CARTEIRAS DE INVESTIMENTOS UMA APLICAÇÃO A PARTIR DO MODELO ELTON-GRUBER

Atualmente, nota-se uma intensa movimentação de capitais financeiros, seja por conta de fusões e incorporações de empresas, seja pela expansão natural do próprio capitalismo, levando então as organizações a buscarem alternativas de financiamento com menores custos, isso quando consideradas as taxas de juros praticadas por instituições financeiras. Concomitantemente a isso, autoridades monetárias, circunstancialmente buscam a redução das taxas de juros que norteiam a economia, no intuito de se atrair novos investimentos produtivos e ainda preservar aqueles existentes. De maneira até paradoxal, a redução das taxas de juros promulgada por autoridades, não exibe a mesma proporção de redução daquelas praticadas pelo mercado. Este aspecto leva os indivíduos, sejam eles gestores de investimentos ou não, a buscarem alternativas de investimentos que proporcionem ganhos monetários superiores àqueles que são fundamentados nas taxas estabelecidas pelas autoridades monetárias. Conciliando a busca de recursos por organizações e a busca por maiores ganhos monetários por parte dos investidores, o mercado de capitais se torna uma alternativa relevante. De modo a conseguir os melhores resultados nesse ambiente, há necessidade de se utilizar modelos e outros instrumentos que propiciem a melhor relação entre risco e retorno, haja vista que todo investidor emite ao menos alguma aversão ao risco. Vários são os instrumentos disponíveis para realizar essas relações, entretanto, muitos deles não acessíveis ao investidor na condição de pessoa física. E mediante esse aspecto, o modelo desenvolvido por Edwin Elton e Martin Gruber surge como alternativa a qualquer investidor, seja por suas características construtivas, seja por sua operacionalidade.