Agency problems and capital expenditure announcements

This article examines the market valuation of announcements of new capital expenditure. Prior research suggests that the firm's growth opportunities and cash flow position condition the market response. This study jointly examines the role of growth and cash flow, and the interaction between them. Using a new data set of Australian firms that avoids problems associated with expectations models, the results are remarkably strong and support a positive association between growth opportunities and the market valuation, in addition to supporting the role of free cash flow. The findings have implications for the relationship between general investment information and stock prices.

Carbon Stocks and Isotopic Composition of the Organic Matter in Soils Covered by Native Vegetation and Pasture in Sorocaba, SP, Brazil

Land cover change constitutes one of main way of alteration of soil organic matter in both quantitative and qualitative terms. The goal of this study was to compare the carbon stock and the isotopic signature of the organic matter in the soil of areas with different land use,covered with forest and grass (pasture). The study area is located at Sorocaba, SP, Brazil. Using un-deformed soil samples, we measured the carbon content and bulk density. The isotopic signature of soil carbon was determined through the analysis of isotopic ratio (12)C/(13)C. The pasture soil stocks 48% less carbon than the soil covered by natural forest. The isotopic signature indicated that 42.2% of organic matter of the soil covered by pasture is originated from grasses. This characterizes a highly degradation of organic matter in the environment, both quantitatively and qualitatively. Hence, some guidelines of recuperation are described in order to restore the soil organic matter, structure and porosity.

Effect of sugarcane harvesting systems on soil carbon stocks in Brazil: an examination of existing data

Agricultural management practices that promote net carbon (C) accumulation in the soil have been considered as an important potential mitigation option to combat global warming. The change in the sugarcane harvesting system, to one which incorporates C into the soil from crop residues, is the focus of this work. The main objective was to assess and discuss the changes in soil organic C stocks caused by the conversion of burnt to unburnt sugarcane harvesting systems in Brazil, when considering the main soils and climates associated with this crop. For this purpose, a dataset was obtained from a literature review of soils under sugarcane in Brazil. Although not necessarily from experimental studies, only paired comparisons were examined, and for each site the dominant soil type, topography and climate were similar. The results show a mean annual C accumulation rate of 1.5 Mg ha-1 year-1 for the surface to 30-cm depth (0.73 and 2.04 Mg ha-1 year-1 for sandy and clay soils, respectively) caused by the conversion from a burnt to an unburnt sugarcane harvesting system. The findings suggest that soil should be included in future studies related to life cycle assessment and C footprint of Brazilian sugarcane ethanol.

Soil carbon stocks under no-tillage mulch-based cropping systems in the Brazilian Cerrado: An on-farm synchronic assessment

No-tillage mulch-based (NTM) cropping systems have been widely adopted by farmers in the Brazilian savanna region (Cerrado biome). We hypothesized that this new type of management should have a profound impact on soil organic carbon (SOC) at regional scale and consequently on climate change mitigation. The objective of this study was thus to quantify the SOC storage potential of NTM in the oxisols of the Cerrado using a synchronic approach that is based on a chronosequence of fields of different years under NTM. The study consisted of three phases: (1) a farm/cropping system survey to identify the main types of NTM systems to be chosen for the chronosequence; (2) a field survey to identify a homogeneous set of situations for the chronosequence and (3) the characterization of the chronosequence to assess the SOC storage potential. The main NTM system practiced by farmers is an annual succession of soybean (Glycine max)or maize (Zea mays) with another cereal crop. This cropping system covers 54% of the total cultivated area in the region. At the regional level, soil organic C concentrations from NTM fields were closely correlated with clay + silt content of the soil (r(2) = 0.64). No significant correlation was observed (r(2) = 0.07), however, between these two variables when we only considered the fields with a clay + silt content in the 500-700 g kg(-1) range. The final chronosequence of NTM fields was therefore based on a subsample of eight fields, within this textural range. The SOC stocks in the 0-30 cm topsoil layer of these selected fields varied between 4.2 and 6.7 kg C m(-2) and increased on average (r(2) = 0.97) with 0.19 kg C m(-2) year(-1). After 12 years of NTM management, SOC stocks were no longer significantly different from the stocks under natural Cerrado vegetation (p < 0.05), whereas a 23-year-old conventionally tilled and cropped field showed SOC stocks that were about 30% below this level. Confirming our hypotheses, this study clearly illustrated the high potential of NTM systems in increasing SOC storage under tropical conditions, and how a synchronic approach may be used to assess efficiently such modification on farmers` fields, identifying and excluding non desirable sources of heterogeneity (management, soils and climate). (C) 2010 Elsevier B.V. All rights reserved.

Soil Organic Carbon Stocks of Rio Grande do Sul, Brazil

Robust and accurate regional estimates of C storage in soils are currently an important research topic because of ongoing debate about human-induced changes in the terrestrial C cycle. Widely available geoprocessing tools were applied to estimate native soil organic C (SOC) stocks of Rio Grande do Sul state in southern Brazil to a depth of 30 cm from previously sampled soil pedons under undisturbed vegetation. The study used a statewide comprehensive soil survey comprising a small-scale soil map, a climate map, and a soil pedon database. Soil organic C stocks under native vegetation were calculated with two different approaches: the Tier 1 method of the Intergovernmental Panel on Climate Change (IPCC) and a refined method based on actual field measurements derived from soil profile data. Highest SOC stocks occurred in Neossolos Quartzarenico hidromorfico (Aquents), Organossolos Tiomorficos (Hemists), Latossolos Brunos (Udox), and Vertissolos Ebanicos (Uderts) soil classes. Before human use of soils, most C was stored in the Latossolos Vermelhos (Udox) and Neossolos Regoliticos (Orthents), which occupy a large area of Rio Grande do Sul. Generally, IPCC default reference SOC stocks compared well with SOC stocks calculated from soil pedons. The total SOC stock of Rio Grande do Sul was estimated at 1510.3 Tg C (5.8 kg C m(-2)) by the IPPC method and 1597.5 +/- 363.9 Tg C (7.4 +/- 1.9 kg C m(-2)) calculated from soil pedons. The SOC digital map and SOC database developed in this study provide crucial background information for state-level contemporary assessment of C stocks and soil C sequestration programs and initiatives.

Marine protected areas for spatially structured exploited stocks

Many harvested marine and terrestrial populations have segments of their range protected in areas free from exploitation. Reasons for areas being protected from harvesting include conservation, tourism, research, protection of breeding grounds, stock recovery, harvest regulation, or habitat that is uneconomical to exploit. In this paper we consider the problem of optimally exploiting a single species local population that is connected by dispersing larvae to an unharvested local population. We define a spatially-explicit population dynamics model and apply dynamic optimization techniques to determine policies for harvesting the exploited patch. We then consider how reservation affects yield and spawning stock abundance when compared to policies that have not recognised the spatial structure of the metapopulation. Comparisons of harvest strategies between an exploited metapopulation with and without a harvest refuge are also made. Results show that in a 2 local population metapopulation with unidirectional larval transfer, the optimal exploitation of the harvested population should be conducted as if it were independent of the reserved population. Numerical examples suggest that relative source populations should be exploited if the objective is to maximise spawning stock abundance within a harvested metapopulation that includes a protected local population. However, this strategy can markedly reduce yield over a sink harvested reserve system and may require strict regulation for conservation goals to be realised. If exchange rates are high, results indicate that spawning stock abundance can be less in a reserve system than in a fully exploited metapopulation. In order to maximise economic gain in the reserve system, results indicate that relative sink populations should be harvested. Depending on transfer levels, loss in harvest through reservation can be minimal, and is likely to be compensated by the potential environmental and economic benefits of the reserve.

Bioeconomic analysis of aquaculture's impact on wild stocks and biodiversity

Anderson theorizes that development of the aquaculture of a species of fish (also captured in an open-access fishery) favours the conservation of its wild stocks, if competitive market conditions prevail. However, this theory is shown to be subject to significant limitations. While this is less so within his model, it is particularly so in an extended one outlined here. The extended model allows for the possibility that aquaculture development can impact negatively on wild stocks thereby shifting the supply curve of the capture fishery, or raise the demand for the fish species subject both to aquaculture and capture. Such development can threaten wild stocks and their biodiversity. While aquaculture development could in principle have no impact on the biodiversity of wild stocks or even raise aquatic biodiversity overall, its impact in the long-term probably will be one of reducing aquatic diversity both in the wild and overall.

Stock splits: Implications for investor trading costs

Stock splits are known to have a negative effect on market quality—while stock prices adjust consistently with the split's scale, the bid/ask spread and market depth do not. Two possible explanations for the relative increase in spread are that (i) splits cause an increase in market maker costs that are passed along to investors or (ii) splits provide a mechanism for market makers to increase excess profits. Using a robust econometric methodology, we find evidence of the latter, which raises questions about the motivation of the splitting practice. We also document that while NASDAQ spreads appear to adjust more fully than those of NYSE/AMEX stocks, NASDAQ spreads are higher in general.

O papel da auditoria no relato financeiro de matérias ambientais: estudo comparativo entre empresas cotadas na Euronext Lisbon e na NYSE Euronext

O objectivo principal da presente dissertação, é determinar o grau de cumprimento e controlo do relato financeiro, em termos de divulgação de matérias ambientais, das empresas cotadas Euronext Lisbon e na Nyse Euronext. Em termos de metodologia, efectuámos uma análise de conteúdo à informação contabilística, publicada pelas empresas-alvo no ano de 2007, utilizando as técnicas univariada, bivariada e multivariada. Por fim, construímos um índice baseado na análise das componentes principais. Depois de analisar quais os factores que mais influenciam o relato financeiro em termos de divulgação de matérias ambientais, chegámos à conclusão que o “Capital Próprio” está negativamente correlacionado com a certificação externa, quer para as empresas cotadas na Euronext Lisbon, quer para as empresas cotadas na Nyse Euronext. Já o factor “Resultado Líquido” está negativamente correlacionado, para as empresas cotadas na Euronext Lisbon, com as divulgações ambientais presentes no relatório de gestão, e positivamente correlacionado, para as empresas cotadas na Nyse Euronext, com a existência de um relatório de sustentabilidade. No que diz respeito ao factor “Volume de Negócios”, este encontra-se directamente relacionado, para as empresas cotadas na Euronext Lisbon, com as divulgações contabilísticas de matérias ambientais. Por seu lado, para as empresas cotadas na Nyse Euronext, as divulgações contabilísticas de matérias ambientais estão directamente relacionadas com o factor “Sector de Actividade”. Em termos de análise multivariada, agrupámos um conjunto de factores, relacionados com o cumprimento e controlo do relato financeiro de matérias ambientais, em quatro dimensões (“Melhoria da Divulgação e Certificação”, “Melhoria da Medição”, Melhoria da Qualidade”, e “Melhoria do Controlo”), com o intuito de compreender qual é considerada como mais importante aquando da construção deste tipo de informações, para cada um dos grupos estudados. Aqui, chegámos à conclusão que, para ambos os grupos, a atenção é mais focada para a “Melhoria da Divulgação e Certificação”. Relativamente ao índice global, construído a partir da análise multivariada efectuada, é unânime para ambos os grupos de empresas que a dimensão “Melhoria do Controlo” é a que se revela menos significante na divulgação de matérias ambientais. Na construção deste índice global, é notório que as empresas cotadas na Nyse Euronext, ainda que não possuam um normativo sobre o relato financeiro de matérias ambientais, obtém uma classificação mais elevada (0,33 versus 0,25), no que diz respeito ao seu controlo e cumprimento do relato financeiro de matérias ambientais, quando comparadas com as empresas cotadas Euronext Lisbon. Com os resultados obtidos, concluímos que as empresas cotadas na Euronext Lisbon têm um menor grau de controlo e cumprimento relativamente às empresas cotadas na Nyse Euronext, no que diz respeito à divulgação de matérias ambientais.

Studies in search of a suitable experimental insect model for xenodiagnosis of hosts with Chagas' disease: 4 - The reflection of parasite stock in the responsiveness of different vector species to chronic infection with different Trypanosoma cruzi stocks

Previous studies (1982,1987) have emphasized the superiority of sylvatic vector species over domestic species as xenodiagnostic agents in testing hosts with acute or chronic infections by T. cruzi "Y" stock. The present study, which is unique in that it contains data on both infectivity rates produced by the same stock in 11 different vector species and also the reaction of the same vector species to seven different parasite stocks, establishes the general validity of linking efficiency of xenodiagnosis to the biotope of its agent. For example, infectivity rates produced by "São Felipe" stock varied from 82.5% to 98.3% in sylvatic vectors but decreased to 42.5% to 71.3% in domestic species. "Colombiana" stock produced in the same sylvatic vectors infectivity rates ranging from 12.5% to 45%. These shrank to 5%-22.5% in domestic bugs. The functional role of the biotope in the vector-parasite interaction has not been eluddated. But since this phenomenon has been observed to be stable and easy to reproduce, it leads us to believe that the results obtained are valid. Data presented also provide increasing evidence that the infectivity rates exhibited by bugs from xenodiagnosis in chronic hosts, are parasite stock specific. For example, infectivity rates produced by "Berenice", "Y", "FL" and "CL" varied in R. neglectus from 26.3% to 75%; in P. megistus from 56.3% to 83.8%; in T. sordida from 28.8% to 58.8% in T. pseudomaculata from 41.3% to 66.3% and in T. rubrovaria from 48.8% to 85%. Data from xenodiagnosis in the same hosts, carrying acute infections by the same parasite stocks, gave the five sylvatic vectors a positive rating of approximately 100%, thus suggesting that the heavy loads of parasites circulating in the acute hosts obscured the characteristic interspecific differences for the parasite stock. Nonetheless these latter were revealed in the same hosts with chronic infections stimulated by very low numbers of the same parasite stocks. Certain observations here described lead us to speculate as to the possibility of further results from other parasite stocks, allowing the association of the infectivity rates produced in bugs by different parasite stocks with the isoenzymic patterns revealed by these stocks.

Gestão de stocks e a sua envolvente – estudo de caso de uma PME da indústria de calçado ortopédico

Dissertação apresentada ao Instituto Superior de Contabilidade para a obtenção do Grau de Mestre em Auditoria Professor orientador: Mestre Manuel Gregório

Radio frequency identification: o futuro da gestão de stocks na grande distribuição

Dissertação apresentada como requisito parcial para obtenção do grau de Mestre em Estatística e Gestão de Informação

Gestão de stocks aplicada a uma instituição de saúde privada

A gestão de stocks tem-se tornado uma ferramenta fundamental na racionalização de custos das empresas permitindo uma maior eficiência operacional. Os modelos de gestão de stocks procuram ajudar a determinar as quantidades a encomendar e quando encomendar, com um custo total de aprovisionamento mínimo. Este trabalho visa o estudo da gestão de stocks, dos modelos existentes e a aplicação de um deles num prestador de saúde, em particular, na área da imagiologia. Neste estudo optou-se por efectuar a classificação ABC dos produtos e posteriormente procurou-se definir o modelo de gestão de stocks que melhor se adeqúe à realidade empresarial em estudo de modo a manter o nível de stock correcto associado a um menor custo. Optou-se pelo modelo de revisão periódica de stocks que permite efectuar a encomenda sempre com o mesmo intervalo de tempo e efectuar ajustes nas quantidades necessárias. Com base nos dados fornecido efectuou-se uma previsão da procura e assim definiram-se as quantidades a encomendar, bem como o stock de segurança necessário. Implementaram-se as quantidades e o stock de segurança e efectuou-se uma avaliação dos resultados obtidos e analisou-se o impacto da gestão de stocks no prestador de saúde.

Gestão de stocks e armazém de matérias-primas

Relatório de Estágio apresentado ao Instituto Politécnico do Porto para obtenção do Grau de Mestre em Logística Orientadores do Instituto: Professor Doutor Luís Barreto e Mestre Jonas Lima Orientador da empresa: Engenheiro Vítor Carvalho