Efeitos da utilização de hedges cambiais nos resultados de empresas não financeiras: uma abordagem empírica

A realização de negócios em um mundo globalizado implica em aumentar a exposição das empresas não-financeiras a diversos riscos de origem financeira como câmbio, commodities e taxas de juros e que, dependendo da evolução destas variáveis macroeconômicas, podem afetar significativamente os resultados destas empresas. Existem diversas teorias acadêmicas que abordam sobre os benefícios gerados por programas de gestão de riscos em empresas não-financeiras como redução dos custos de financial distress e custos de agência bem como o uso de estratégias de hedge para fins fiscais. Tais iniciativas contribuiriam, em última instância, para a criação de valor para o negócio e poderiam garantir uma melhor previsibilidade dos fluxos de caixa futuros, tornando as empresas menos vulneráveis a condições adversas de mercado. Este trabalho apresenta dois estudos de caso com empresas não-financeiras brasileiras que possuíam exposições em moeda estrangeira e que não foram identificadas operações com derivativos cambiais durante o período de 1999 a 2005 que foi caracterizado pela alta volatilidade da taxa de câmbio. Através de modelos de simulação, algumas estratégias com o uso de derivativos foram propostas para as exposições cambiais identificadas para cada empresa com o objetivo de avaliar os efeitos da utilização destes derivativos cambiais sobre os resultados das empresas no que se refere à agregação de valor para o negócio e redução de volatilidade dos fluxos de caixa esperados. O trabalho não visa recomendar estratégias de hedge para determinada situação de mercado mas apenas demonstra, de forma empírica, quais os resultados seriam obtidos caso certas estratégias fossem adotadas, sabendo-se que inúmeras outras poderiam ser criadas para a mesma situação de mercado. Os resultados sugerem alguns insights sobre a utilização de derivativos por empresas não-financeiras sendo um tema relativamente novo para empresas brasileiras.

Brazilian exchange rate complexity: Financial crisis effects

With the financial market globalization, foreign investments became vital for the economies, mainly in emerging countries. In the last decades, Brazilian exchange rates appeared as a good indicator to measure either investors' confidence or risk aversion. Here, some events of global or national financial crisis are analyzed, trying to understand how they influenced the "dollar-real" rate evolution. The theoretical tool to be used is the Lopez-Mancini-Calbet (LMC) complexity measure that, applied to real exchange rate data, has shown good fitness between critical events and measured patterns. (C) 2011 Elsevier B.V. All rights reserved.

Farm Credit System analysis of March 31, 1991 financial results and condition.

Cover title.

Railroad passenger service costs and financial results.

Mode of access: Internet.

Japan's financial liberalization : effects on the United States /

"February 16, 1989."

The physician as a business man, or, How to obtain the best financial results in the practice of medicine /

Mode of access: Internet.

Liquidity effects and FFA returns in the international shipping derivatives market

The study examines the impact of liquidity risk on freight derivatives returns. The Amihud liquidity ratio and bid–ask spreads are utilized to assess the existence of liquidity risk in the freight derivatives market. Other macroeconomic variables are used to control for market risk. Results indicate that liquidity risk is priced and both liquidity measures have a significant role in determining freight derivatives returns. Consistent with expectations, both liquidity measures are found to have positive and significant effects on the returns of freight derivatives. The results have important implications for modeling freight derivatives, and consequently, for trading and risk management purposes.

A actual conjuntura económico-financeira e os mercados de futuros sobre o petróleo

Mestrado em Contabilidade e Análise Financeira

Financial disruption as a cost of sovereign default

This dissertation analyses quantitatively the costs of sovereign default for the economy, in a model where banks with long positions in government debt play a central role in the financial intermediation for private sector's investments and face financial frictions that limit their leverage ability. Calibration tries to resemble some features of the Eurozone, where discussions about bailout schemes and default risk have been central issues. Results show that the model captures one important cost of default pointed out by empirical and theoretical literature on debt crises, namely the fall in investment that follows haircut episodes, what can be explained by a worsening in banks' balance sheet conditions that limits credit for the private sector and raises their funding costs. The cost in terms of output decrease is though not significant enough to justify the existence of debt markets and the government incentives for debt repayment. Assuming that the government is able to alleviate its constrained budget by imposing a restructuring on debt repayment profile that allows it to cut taxes, our model generates an important difference for output path comparing lump-sum taxes and distortionary. For our calibration, quantitative results show that in terms of output and utility, it is possible that the effect on the labour supply response generated by tax cuts dominates investment drop caused by credit crunch on financial markets. We however abstract from default costs associated to the breaking of existing contracts, external sanctions and risk spillovers between countries, that might also be relevant in addition to financial disruption effects. Besides, there exist considerable trade-offs for short and long run path of economic variables related to government and banks' behaviour.

Transient current effects on poly(o-methoxyaniline) films irradiated by pulsed electron beam

Fast transient current decay was recorded on POMA samples during current pulses (in the order of milliseconds) provided by a low energy electron beam under an applied field. The characteristic time decay depends on the electron beam energy and on the bias polarity. The results were explained taking into account the effect of space charge, the intrinsic conductivity of the non-irradiated region of the sample and the radiation-induced conductivity of the thin irradiated region. Fitting parameters may provide the value of both intrinsic and radiation-induced conductivities and the average electron range.

Assessing the replacement of lead in solders: effects on resource use and human health

Human health and environmental concerns are not usually considered at the same time. Tin-lead solders are still widely used in several countries, including Brazil, by manufacturers of electronic assemblies. One of the options to reduce or eliminate lead from the manufacturing environment is its replacement with lead-free alloys. This paper applies emergy synthesis and the DALY indicator (Disability Adjusted Life Years) to assess the impact of manufacturing soft solder using tin, lead and other metals on the environment and on human health. The results are presented together with the company's financial results and the results calculated from the Brazilian statistical value of life. The calculation of emergy per unit showed that more resources are used to produce one ton of lead-free solders than to produce one ton of tin-lead solders, with and without the use of consumer waste recovered through a reverse logistics system. The assessment of air emissions during solder production shows that the benefits of the lead-free solution are limited to the stages of manufacturing and assembling. The tin-lead solder appears as the best option in terms of resource use efficiency and with respect to emissions into the atmosphere when the mining stage is included. A discussion on the influence of the system's boundaries on the decision-making process for materials substitution is presented. (C) 2012 Elsevier Ltd. All rights reserved.

Effects of information technology on financial services systems : hearing before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, second session, September 12, 1984.

Mode of access: Internet.

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE

ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.

Financiamento bancário e o desempenho das empresas em portugal: qual a relação?

Dissertação de mestrado em Economia Monetária, Bancária e Financeira