Efetividade dos instrumentos de políticas públicas nos gastos privados de P&D no Brasil

Esse trabalho teve como objetivo contribuir para o debate sobre a importância das políticas de incentivo à inovação no Brasil. Os resultados esperados do uso que as empresas fizeram dos diferentes tipos de instrumentos sobre os gastos em pesquisa e desenvolvimento (P&D) foram avaliados pelo método de diferenças em diferenças. O método permitiu obter as diferenças de gastos entre empresas beneficiárias de instrumentos e as não-beneficiárias em três períodos consecutivos: 2005 em relação à 2003; 2008 em relação à 2005 e de 2011 em relação à 2008. Ao fazer isso, foi possível identificar se tais diferenças foram positivas e significativas, podendo ser atribuídas às influências dos instrumentos. Os instrumentos utilizados foram: incentivos fiscais, Lei de Informática, financiamentos em parcerias, financiamentos sem parcerias e subvenção. E a utilização dos mesmos pelas empresas teve maior relevância no âmbito de diversos programas de apoio à inovação vigentes no país a partir da retomada das políticas industriais e tecnológicas, nos anos 2000. O estudo concluiu que os efeitos positivos e significativos são limitados à determinados grupos tecnológicos e à poucos instrumentos, em geral, de caráter fiscal. Além disso, esses efeitos positivos surgem em apenas um período, sendo que para cada grupo tecnológico foram efetuadas estimativas para três períodos. Também não houve evidências de que os instrumentos financeiros exerçam efeitos significativos sobre as decisões de gastos em pesquisa e desenvolvimento, apesar da maior ênfase dada aos mesmos no período estudado. Os resultados sugerem fraca influência dos mecanismos de apoio à P&D no Brasil sobre o aumento dos gastos privados, apesar dos avanços recentes.

Políticas de financiamento de I&D em Portugal [R&D financing policies in Portugal]

Baseado no relatório para a disciplina de “Avaliação de Ciência e Tecnologia” da responsabilidade do Prof. João Crespo (FCT-UNL) do Programa Doutoral em Avaliação de Tecnologia em 2012

Financing of research, development, and innovation in the U.S.S.R. /

Mode of access: Internet.

Towards an algorithmic skeleton framework for programming the Intel R Xeon PhiTM processor

The Intel R Xeon PhiTM is the first processor based on Intel’s MIC (Many Integrated Cores) architecture. It is a co-processor specially tailored for data-parallel computations, whose basic architectural design is similar to the ones of GPUs (Graphics Processing Units), leveraging the use of many integrated low computational cores to perform parallel computations. The main novelty of the MIC architecture, relatively to GPUs, is its compatibility with the Intel x86 architecture. This enables the use of many of the tools commonly available for the parallel programming of x86-based architectures, which may lead to a smaller learning curve. However, programming the Xeon Phi still entails aspects intrinsic to accelerator-based computing, in general, and to the MIC architecture, in particular. In this thesis we advocate the use of algorithmic skeletons for programming the Xeon Phi. Algorithmic skeletons abstract the complexity inherent to parallel programming, hiding details such as resource management, parallel decomposition, inter-execution flow communication, thus removing these concerns from the programmer’s mind. In this context, the goal of the thesis is to lay the foundations for the development of a simple but powerful and efficient skeleton framework for the programming of the Xeon Phi processor. For this purpose we build upon Marrow, an existing framework for the orchestration of OpenCLTM computations in multi-GPU and CPU environments. We extend Marrow to execute both OpenCL and C++ parallel computations on the Xeon Phi. We evaluate the newly developed framework, several well-known benchmarks, like Saxpy and N-Body, will be used to compare, not only its performance to the existing framework when executing on the co-processor, but also to assess the performance on the Xeon Phi versus a multi-GPU environment.

Amazon Fund: financing deforestation avoidance

The Amazon Fund, created in 2008 by the Brazilian Federal Government, is managed by Banco Nacional de Desenvolvimento Econômico e Social (BNDES). It is a pioneering initiative to fundraise and manage financial resources to cut back deforestation and support sustainable development for 30 million inhabitants in the Amazon Biome. The Amazon Fund has already received more than R$ 1.7 billion in grants (about USD 787 million). This essay analyzes the Amazon Fund's governance and management with focus on its operation and from its stakeholders' perspectives. A combination of research methods includes: documental research, in-depth interviews, and speech analysis. The study offers a comparative analysis of strengths and weaknesses related to its governance. Furthermore, it proposes ways to improve its management towards greater effectiveness. The essay also includes an assessment of the government of Norway, a major donor to the fund. The governments of Norway and Germany, in partnership with Brazil, reveal how important it is to experiment with new means of international cooperation to successfully reduce greenhouse gas emissions through rainforest preservation.

Tax incentives and direct support for R&D: What do firms use and why?

This paper studies whether firms' use of R&D subsidies and R&D tax incentives is correlated to two sources of underinvestment in R&D, financing constraints and appropriability. We find that financially constrained SMEs are less likely to use R&D tax credits and more likely to obtain subsidies. SMEs using legal methods to protect their intellectual property are more likely to use tax incentives. Results are ambiguous for large firms. For both having previous experience in R&D increases the likelihood of using tax incentives, while it reduces the likelihood of using exclusively subsidies, suggesting that the latter induce entry into R&D. Results imply that direct funding and tax credits do not have the same ability to address each source of R&D underinvestment, and that on average subsidies may be better suited than tax credits at least for SMEs. From a policy perspective these tools may be complements rather than substitutes.

Enhancement of R&D project management system

Stora Enso has research centres in Finland, Sweden and Germany. The research centres use PIMS as a research project invoicing and monitoring system. Possible reorganization and new financing model for R&D functions have been considered and the project management system should be developed to support the new operation model. The objective of this thesis is to find a model for R&D project management, and to present the project management system of Stora Enso, and to discuss if the current system could be developed to respond to the new needs or should it be replaced with another system. The theoretical part of the study describes challenges in R&D project management, and presents different project characteristics, and methods for managing R&D project portfolio. It is also described how the project management system can support project monitoring and controlling, and how inter-project learning can be enhanced. The empirical part of the study presents the current project management system of Stora Enso and how the system should be developed to support Stora Enso’s R&D functions better. In conclusion, it is stated that there is no relevant reason to replace PIMS with another system, because PIMS can be developed to support R&D project management better with a hybrid system. It is also suggested that the new financing model should not be implemented before more comprehensive analysis of its effects is conducted.

Capital Structure and Firm Growth: R&D Intensive Companies

The purpose of this study is to examine and explain firm`s growth impact on capital structure decision-making in research and development intensive companies. Many studies claim that R&D has a pivotal impact on capital structure decisions, but corporate finance theories have often failed to explain these observed patterns. As sales growth is an important concept and objective for R&D firms, it is logical to assume that it plays a vital role in capital structure decisions. This study applies nomothetic research approach. The theoretical part employs a formal conceptual analysis in order to develop the propositions that are tested with empirical data. The empirical part consists of the analysis of three companies; the data is obtained from the annual reports over the period 2003 – 2008. The companies operate in IT- or ICT-industry and are publicly listed. The method for analyzing the case data is based on the financial indicators, which are obtained from the financials of the case companies. These economic indicators describe the capital structure and the financial decision-making of the firms. The method relates to the quantitative studies. Yet, this study extends the analysis beyond the indicators. Specifically, this study addresses the question of what is behind the economic indicators, therefore combining aspects of quantitative and qualitative analysis. The firms examined in this study seem to prefer internal finance during growth. However, external finance seems to be a catalyst for sales growth. Firms strongly prefer equity financing. In growth, the use of equity per capital either increases or stays in a constant level. Over the period 2003 – 2008, the firms were often associated to equity related transactions and short-term debt. Short-term debt was used as a substitute of long-term debt and equity. The case firms also adjusted their capital structure – these adjustments were carried out with short-term debt or equity. The case data also provides implications for the growth signal theory that was developed in this study. Based on the econometric indicators, arguments can be made that equity investors are `attracted` to growing R&D firms. This is because growth helps investors perceive the true type of firm. The findings of this study are best explained by the trade-off theory and the pecking order theory. These corporate finance theories are considered as mainstream. Little support can be found to the implications of the signaling theory and market timing theory.

Lease Financing in India",

Several related articles have appeared ix: journals and dailies, covering mainly the advantages and disadvantages of leasing. Some have focussed on the leasing scenario in India while others projected the prospects of leasing. However, there are some research articles worth mentioning. An exploratory study done by R. Narayana Swamy expresses -the views of leasing companies, on lease accounting issues in India. It deals only with several aspects of accounting regulation, accounting standard setting, accounting proposals and implications and economic consequences of the proposals for leasing companies and for lessees and users of financial statamnts. Another article dealing with the growth and performance of leasing industry by Rita Vasanls gives just a peripheral view of the performance of leasing companies. Hence an indepth study is attempted to analyse the leasing industry in India, in all its manifestations

Expenditures, investment and financing for sustainable development in Brazil

Includes bibliography

Self-financing water supply and sanitation services

Includes bibliography

Seminario Ahorro y Financiamiento": resumen y conclusiones = Saving and Financing Seminar: summary and conclusions"

El seminario analizó cuatro estudios sobre ahorro y tres sobre asignación de recursos financieros, preparados por expertos de distintos países latinoamericanos.