A IMPORTÂNCIA DA INFORMAÇÃO FINANCEIRA NAS EMPRESAS PORTUGUESAS: O JUSTO VALOR DO ATIVO FIXO TANGÍVEL

RESUMO Motivação: A União Europeia preconizou, através do Regulamento 1606/2002, a obrigatoriedade da adoção das normas do IASB nas contas consolidadas de todas as empresas cotadas em bolsas europeias, a partir de 1 de Janeiro de 2005. A transição para as IAS/IFRS em 2005 na Europa proporciona uma oportunidade única para estudar forças e fatores explicativos das práticas contabilísticas, particularmente na adoção do justo valor. O modo de mensuração tradicionalmente adotado pelas empresas europeias, no relato financeiro, é o custo histórico, enquanto as normas do IASB apresentam-se mais próximas do critério do justo valor. Objetivo do estudo: O presente estudo investiga a importância da informação financeira para investidor, nomeadamente o justo valor nas empresas portuguesas cotadas em bolsa de valores, no que concerne aos ativos fixos tangíveis. Assumindo que as escolhas contabilísticas são influenciadas por um conjunto de variáveis e que as empresas ponderam e reconhecem a importância da informação financeira, procurou-se neste estudo identificar se a informação sobre o valor do ativo fixo tangível, endividamento, o resultado líquido e o ganho de revalorização está incorporado no preço das ações. Metodologia: O presente estudo empírico baseia-se em empresas cotadas portuguesas, incluídas na Bolsa de Valores de Lisboa, tendo sido analisado o período de 1995 a 2014. Para o efeito, utilizamos a base de dados Thomson Worldscope Database. Para identificar se a informação financeira está incorporada no preço das ações, utilizamos o modelo de avaliação de Ohlson (1995). Resultados / Contribuições: No geral, os resultados obtidos vão de encontro às nossas expectativas. Eles indicam que, tanto antes da adoção das IFRS, como após a adoção das IFRS, a informação representada no valor das ações pelas empresas, é influenciada, de modo significativo, pelo valor dos ativos, o nível de endividamento e o resultado líquido. Palavras-chave: Ativo Fixo Tangível, Justo Valor, IFRS, Portuga

Magnetocaloric Functional Properties Of Sm 0.6sr 0.4mno 3 Manganite Due To Advanced Nanostructured Morphology

The magnetocaloric effect (MCE) is the key concept to produce new, advanced, freon-like free, low cost and environmental friendly magnetic refrigerators. Among several potential materials, Sm0.6Sr0.4MnO3 manganite presents one of the highest MCE value in comparison to all other known manganites; however, its studied was only concentrated on the bulk material. To overcame this lack of the information nanoparticles and nanotubes of that highlighted manganite were successfully produced by using a sol-gel modified method. High resolution transmission electron microscopy revealed nanoparticle and nanotube diameters of 45 nm and 200 nm, respectively; and, in addition, this technique also showed that the wall of the nanotube is formed by the nanoparticles with 25 nm of diameter. The magnetocaloric potentials, ΔSM versus T curves, of the nanostructures were obtained and they are broader than the their bulk counterpart. This increases the useful temperature range of a magnetic refrigerator. But also an undesired M-shape profile for the nanotube sample was observed, due to the rising of a superparamagnetic behavior. These results also evidenced the existence of a nanoparticle size threshold below which the advantage to make the transition wider is no longer valid. © 2015 Elsevier B.V. All rights reserved.172202

Safety of hospital discharge before return of bowel function after elective colorectal surgery

© 2020 BJS Society Ltd Published by John Wiley & Sons LtdBackground: Ileus is common after colorectal surgery and is associated with an increased risk of postoperative complications. Identifying features of normal bowel recovery and the appropriateness for hospital discharge is challenging. This study explored the safety of hospital discharge before the return of bowel function. Methods: A prospective, multicentre cohort study was undertaken across an international collaborative network. Adult patients undergoing elective colorectal resection between January and April 2018 were included. The main outcome of interest was readmission to hospital within 30 days of surgery. The impact of discharge timing according to the return of bowel function was explored using multivariable regression analysis. Other outcomes were postoperative complications within 30 days of surgery, measured using the Clavien–Dindo classification system. Results: A total of 3288 patients were included in the analysis, of whom 301 (9·2 per cent) were discharged before the return of bowel function. The median duration of hospital stay for patients discharged before and after return of bowel function was 5 (i.q.r. 4–7) and 7 (6–8) days respectively (P < 0·001). There were no significant differences in rates of readmission between these groups (6·6 versus 8·0 per cent; P = 0·499), and this remained the case after multivariable adjustment for baseline differences (odds ratio 0·90, 95 per cent c.i. 0·55 to 1·46; P = 0·659). Rates of postoperative complications were also similar in those discharged before versus after return of bowel function (minor: 34·7 versus 39·5 per cent; major 3·3 versus 3·4 per cent; P = 0·110). Conclusion: Discharge before return of bowel function after elective colorectal surgery appears to be safe in appropriately selected patients