The impact of a managerial overconfident narrative on capital structure decisions

Capital Structure, which consists on the financing mix used by corporations in order to maximize their value, represents one of the most controversial topics on the corporate finance field. Despite the innumerous studies on this topic there is not yet a consensual theory on what is the ideal capital structure a firm should adopt. As a consequence, a stream of research began to apply psychological and social based conventions in order to focus on the aspect that can possible help decode the capital structure puzzle: The cognitive and behavioral biases that influence the decision-making process. This empirical study intends to examine the relationship between the overconfidence bias and the capital structure decisions. The sample comprises UK non-financial firms from 2004 and 2014 and the variables that will proxy for the overconfidence were adapted from Alves et al. (2016). The results provide evidence of a negative relation between overconfidence and debt levels. Similar results were obtained for different specifications on the dependent and independent variables.A Estrutura de Capitais, que consiste na determinação da combinação ótima de financiamento usada pelas empresas de modo a maximizarem o seu valor, representa um dos temas mais controversos na área das Finanças Empresariais. Não obstante os inúmeros estudos acerca deste assunto, não existe ainda uma teoria consensual sobre qual a estrutura de capitais ótima a adotar pelas empresas. Como consequência, uma linha de investigação começou a aplicar conceitos da área da psicologia e das ciências sociais de modo a aproximarem-se dos aspetos que podem ajudar a decifrar o puzzle da estrutura de capitais: Os desvios comportamentais e cognitivos que influenciam o processo da tomada de decisão. Este estudo empírico tenciona examinar a relação existente entre o desvio comportamental do excesso de confiança e as decisões relacionadas com a estrutura de capitais. A amostra estudada consiste em empresas não financeiras do Reino Unido de 2004 a 2014 e a variável que servirá como medida para o excesso de confiança foi adaptada do estudo de Alves et al. (2016). Os resultados evidenciam a existência de uma relação negativa entre o excesso de confiança e os níveis de divida apresentados pelas empresas. Resultados idênticos foram obtidos quando foram testadas diferentes especificações para a variável dependente e as variáveis independentes

Educomunicação e suas áreas de intervenção: Novos paradigmas para o diálogo intercultural

oai:omp.abpeducom.org.br:publicationFormat/1O material aqui divulgado representa, em essência, a contribuição do VII Encontro Brasileiro de Educomunicação ao V Global MIL Week, da UNESCO, ocorrido na ECA/USP, entre 3 e 5 de novembro de 2016. Estamos diante de um conjunto de 104 papers executivos, com uma média de entre 7 e 10 páginas, cada um. Com este rico e abundante material, chegamos ao sétimo e-book publicado pela ABPEducom, em seus seis primeiros anos de existência. A especificidade desta obra é a de trazer as “Áreas de Intervenção” do campo da Educomunicação, colocando-as a serviço de uma meta essencial ao agir educomunicativo: o diálogo intercultural, trabalhado na linha do tema geral do evento internacional: Media and Information Literacy: New Paradigms for Intercultural Dialogue

Medroxyprogesterone acetate or long-acting progesterone in the biostimulation of lambs

The aim of this study was to evaluate the response of prepubertal ewe lambs to exogenous administration of either medroxyprogesterone acetate (MAP) or long-acting progesterone (LAP) together with biostimulation. Two Pool Dorset adult males and 75 mixed-breed prepubertal ewe lambs (average of 179 days-old and 30.0 kg) were used. The females were randomly assigned to three different groups. In the first group the females were submitted to the insertion of intravaginal sponges containing MAP (60 mg) for 12 days and were then biostimulated for eight weeks. In the second group the females were submitted to a single injection of LAP (225 mg) and then to biostimulation for eight weeks. In the last group, the females were only submitted to biostimulation for eight weeks. Animals were considered cyclic when plasma progesterone (P4) concentration exceeded 1.0 ng/mL in at least one of two consecutive blood samples taken within a 7-day interval in three distinct experimental moments. After treatments 93.3% of the females disregarding their group started their cyclicity and most of them (92.0%), continued to be cyclic after 63 days of either MAP or LAP together with biostimulation under both male and female effect. We conclude that prepubertal ewe lambs when submitted to protocols of either MAP or LAP followed by biostimulation result in puberty at the 7 month of age. It can be deducted that some ewe lambs submitted to the administration of either MAP or LAP together with biostimulation promoted a multiplier effect upon the other young females that were then stimulated to start cyclicity.Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES

Characterisation of microbial attack on archaeological bone

As part of an EU funded project to investigate the factors influencing bone preservation in the archaeological record, more than 250 bones from 41 archaeological sites in five countries spanning four climatic regions were studied for diagenetic alteration. Sites were selected to cover a range of environmental conditions and archaeological contexts. Microscopic and physical (mercury intrusion porosimetry) analyses of these bones revealed that the majority (68%) had suffered microbial attack. Furthermore, significant differences were found between animal and human bone in both the state of preservation and the type of microbial attack present. These differences in preservation might result from differences in early taphonomy of the bones. © 2003 Elsevier Science Ltd. All rights reserved