Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Desempenho dos bancos, regula����o e a crise financeira internacional

Disserta����o de Mestrado, Ci��ncias Econ��micas e Empresariais, 16 Dezembro de 2015, Universidade dos A��ores.

Fatores determinantes da maturidade e composi����o da d��vida das empresas portuguesas cotadas

Mestrado em Contabilidade e an��lise financeira

O investimento em ativos florestais : o caso norte-americano e o desenvolvimento desta classe de ativos no Brasil

Este trabalho explora a solu����o do problema de sub-investimento em novos plantios florestais no Brasil, por meio de empresas especializadas na gest��o de ativos florestais. Com a redu����o dos novos plantios e a crescente demanda por produtos da ind��stria de base florestal, a oferta de madeira no pa��s deve tornar-se insuficiente para atender a demanda no mercado interno. Programas governamentais de subs��dio de cr��dito e programas privados de fomento florestal visam atrair novos participantes para o neg��cio das florestas plantadas, por��m, essas iniciativas s��o insuficientes. Este trabalho explora a alternativa de organizar-se o investimento e a gest��o dos ativos florestais por meio de empresas especializadas nesta fun����o econ��mica. No caso dos EUA, vem crescendo a participa����o dos ativos florestais administrados por empresas organizadas na forma de TIMOs ou Timber REITs, que adquirem grandes ��reas de florestas com os recursos de investidores institucionais. Estes investidores s��o atra��dos pelo hist��rico de retorno desses investimentos e seu potencial para diversifica����o de carteiras. No Brasil, esses ve��culos devem ser adequados ��s necessidades do setor florestal brasileiro, caracterizado pela concentra����o da propriedade das florestas plantadas nas m��os de grandes empresas integradas, cuja grande parte da produ����o de madeira �� destinada ao consumo pr��prio. Neste trabalho procurou-se sugerir a securitiza����o de receb��veis florestais como alternativa para a cria����o desses ve��culos de investimento no Brasil. Esta alternativa poderia atender os interesses das empresas de base florestal, dos investidores institucionais, fundos de private equity e outros. S��o estudados casos desta opera����o na Europa e EUA. Para as empresas integradas, a securitiza����o e a gest��o independente das florestas permitiram a libera����o de recursos para investimento em seus core businesses e contribu��ram para a redu����o do custo de capital.

Risco e aloca����o de ativos : uma aplica����o emp��rica ao caso brasileiro

Este trabalho explora com cuidado o lado espec��fico da implementa����o de um modelo de aloca����o de ativos em que o risco �� tratado de maneira integrada, n��o somente atrav��s do desvio padr��o do portf��lio, mas tamb��m considerando outras m��tricas de risco como, por exemplo, o Expected Shortfall. Al��m disso, utilizamos algumas t��cnicas de como trabalhar com as vari��veis de modo a extrair do mercado os chamados ���invariantes de mercado���, fen��menos que se repetem e podem ser modelados como vari��veis aleat��rias independentes e identicamente distribu��das. Utilizamos as distribui����es emp��ricas dos invariantes, juntamente com o m��todo de C��pulas para gerar um conjunto de cen��rios multivariados simulados de pre��os. Esses cen��rios s��o independentes de distribui����o, portanto s��o n��o param��tricos. Atrav��s dos mesmos, avaliamos a distribui����o de retornos simulados de um portf��lio atrav��s de um ��ndice de satisfa����o que �� baseado em uma fun����o de utilidade quadr��tica e utiliza o Expected Shortfall como m��trica de risco. O ��ndice de satisfa����o incorpora o trade-off do investidor entre risco e retorno. Finalmente, escolhemos como aloca����o ��tima aquela que maximiza o ��ndice de satisfa����o ajustado a um par��metro de avers��o ao risco. Perseguindo esses passos, �� poss��vel obter um portf��lio no qual a aloca����o em cada ativo, ou classe de ativos, reflete o pr��mio esperado ao risco incorrido.

Utilizando estimadores entr��picos generalizados na estima����o de modelos de apre��amento de ativos

Este trabalho analisa as propriedades de uma nova medida de m�� especifica����o de modelos de apre��amento, que est�� relacionada com o tamanho do ajuste multiplicativo necess��rio para que o modelo seja corretamente especificado. A partir disso, caracterizamos o par��metro que minimiza a medida a partir de um programa dual, de solu����o mais simples. Os estimadores naturais para esse par��metro pertencem �� classe de Generalized Empirical Likelihood. Derivamos as propriedades assint��ticas deste estimador sob a hip��tese de m�� especifica����o. A metodologia �� empregada para estudar como se comportam em amostras finitas as estimativas de avers��o relativa ao risco em uma economia de desastres quando os estimadores est��o associados a nossa medida de m�� especifica����o. Nas simula����es vemos que em m��dia a avers��o ao risco �� superestimada, mesmo quando ocorre um n��mero significativo de desastres.

T��cnica de controle adaptativo robusto aplicada a filtros ativos de pot��ncia e paralelo

The Methods for compensation of harmonic currents and voltages have been widely used since these methods allow to reduce to acceptable levels the harmonic distortion in the voltages or currents in a power system, and also compensate reactive. The reduction of harmonics and reactive contributes to the reduction of losses in transmission lines and electrical machinery, increasing the power factor, reduce the occurrence of overvoltage and overcurrent. The active power filter is the most efficient method for compensation of harmonic currents and voltages. The active power filter is necessary to use current and voltage controllers loop. Conventionally, the current and voltage control loop of active filter has been done by proportional controllers integrative. This work, investigated the use of a robust adaptive control technique on the shunt active power filter current and voltage control loop to increase robustness and improve the performance of active filter to compensate for harmonics. The proposed control scheme is based on a combination of techniques for adaptive control pole placement and variable structure. The advantages of the proposed method over conventional ones are: lower total harmonic distortion, more flexibility, adaptability and robustness to the system. Moreover, the proposed control scheme improves the performance and improves the transient of active filter. The validation of the proposed technique was verified initially by a simulation program implemented in C++ language and then experimental results were obtained using a prototype three-phase active filter of 1 kVA

Sistemas din��micos com amortecedores ativos controlados por atuadores piezel��tricos

Coordena����o de Aperfei��oamento de Pessoal de N��vel Superior (CAPES)

Estudos toxicol��gicos de princ��pios ativos utilizando como modelo Atta sexdens rubropilosa (Hymenoptera, formicidae)

Funda����o de Amparo �� Pesquisa do Estado de S��o Paulo (FAPESP)

Redu����o de custo na manuten����o de ativos no Ambiente Industrial

P��s-gradua����o em Engenharia de Produ����o - FEG

An��lise de diversidade e express��o de retrotransposons ativos em esp��cies de Coffea

Funda����o de Amparo �� Pesquisa do Estado de S��o Paulo (FAPESP)

An��lise de diversidade e express��o de retrotransposons ativos em esp��cies de Coffea

Funda����o de Amparo �� Pesquisa do Estado de S��o Paulo (FAPESP)

Organiza����o e gest��o da manuten����o dos ativos f��sicos do projeto Sonaref

Esta disserta����o desenvolveu-se no ��mbito da Organiza����o e Gest��o da Manuten����o dos Ativos F��sicos no Projeto Sonaref, que compreende a constru����o da nova Refinaria do Lobito na prov��ncia de Benguela em Angola, com um or��amento de 6,4 mil milh��es de d��lares, propriedade da Sociedade Nacional de Combust��veis de Angola (Sonangol), dona da obra, em parceria com a multinacional Americana KBR (Kellogg, Brown & Root) respons��vel pelo desenho do projeto e fiscaliza����o da sua execu����o, e a Odebrecht Angola que executa as obras de infraestruturas de apoio necess��rias �� instala����o da nova Refinaria do Lobito, na qual a gest��o dos equipamentos �� respons��vel pela manuten����o de todos os equipamentos do projeto. Possui um efetivo de 170 colaboradores (158 Nacionais e 12 Expatriados), controla uma frota de 141 equipamentos pesados, de 20 marcas diferentes (incluindo grupos geradores, torres de ilumina����o e máquinas de soldadura), e 47 equipamentos ligeiros. Durante o per��odo de 2013 a 2014 teve um valor de aquisi����o de equipamentos or��amentado em 20,667,361.42USD, atingindo um valor residual t��cnico de 67% e contabil��stico de 74%, perfazendo um total de 274,557 horas trabalhadas, tendo atingindo uma m��dia anual de disponibilidade de 86%, e um r��cio de equipamentos parados de 7%. A atividade manuten����o est�� focada em dois grandes tipos de interven����es - preventiva, e corretiva/curativa - tendo esta ��ltima como causas principais, acidentes ocorridos e avarias (mec��nica, el��trica ou outra). Por��m, existem v��rias dificuldades, tais como a falta de um software de manuten����o, problemas relacionados com a qualidade da execu����o das interven����es de manuten����o devido �� falta de t��cnicos especializados, num mercado com pouca disponibilidade de recursos, seja humanos com forma����o t��cnica adequada, seja na oferta de pe��as de reserva, o que obriga a recorrer a pa��ses terceiros, o que implica um tempo acrescido de espera. Constatou-se a necessidade de implementa����o de um software de gest��o da manuten����o e um processo de forma����o t��cnica especializada.