IMPACTOS DO PROCESSO DE CONVERGÊNCIA ÀS NORMAS INTERNACIONAIS DE CONTABILIDADE: UMA ANÁLISE DA POLÍTICA DE DIVIDENDOS

The dividend policy can be seen as the way in which the company allocates its profits between dividends paid to shareholders and amounts held in the company over time, representing an important decision in the field of corporate finance, relating to the company investment and funding policy. This study aimed to test the influence of corporate (and accounting) legislation as a driver of the value formation on the dividends distributed by Brazilian companies traded at BM&FBovespa. Thus, information on 147 public companies listed on the BM&FBovespa was used, observed over 10 years (2003-2013), which were analyzed descriptively and through regressions with panel data. The results support the hypothesis of research indicating a stability in the payment of dividends, but also suggest that changes regarding the convergence of Brazilian accounting standards to international process - in special the prohibition of retained profits by listed companies, introduced by law 11.638/07 - may have an impact on the dividend policy of Brazilian companies through the statistically significant increase in dividend yield in the years following the adoption of the Law.A política de dividendos compreende a maneira pela qual a empresa destina seus lucros entre dividendos pagos aos acionistas e valores retidos na empresa ao longo do tempo, representando uma importante decisão no campo das finanças corporativas e relacionando-se com a política de investimento e financiamento da empresa. Este estudo tem como objetivo testar a influência da legislação societária (e contábil) como determinante da formação do valor distribuído na política de dividendos das empresas brasileiras negociadas na BM&FBovespa. Para tanto, utilizam-se informações relativas a 147 companhias abertas listadas na BM&FBovespa, observadas ao longo de dez anos (2003-2013), analisadas descritivamente e por meio de regressão com dados em painel. Os resultados corroboram as pesquisas que indicam uma constância no pagamento de dividendos, mas também sugerem que as mudanças ocorridas em função do processo de convergência das normas contábeis brasileiras às internacionais – em especial a proibição de retenção de lucros na conta de lucros acumulados pelas companhias abertas, inserida pela Lei nº 11.638/07 – podem ter gerado impacto sobre a política de dividendos das companhias abertas brasileiras, por meio do aumento estatisticamente significativo do índice de dividend yield nos anos que seguiram a aprovação da referida lei

ANALYSIS OF THE SCIENTIFIC PRODUCTION OF THE ANPCONT CONGRESS: A STUDY BIBLIOMETRIC OF THE PROCESS OF CONVERGENCE TOWARDS INTERNATIONAL ACCOUNTING STANDARDS

A produção científica em Contabilidade vem evoluindo significativamente e essa expansão trouxe a necessidade de técnicas e métodos de pesquisa que permitam acompanhar e avaliar a qualidade da produção acadêmica. Nesse contexto, está inserida a bibliometria. Os estudos em Contabilidade têm como fonte de divulgação os eventos científicos. O presente estudo tem por objetivo analisar os trabalhos que fizeram parte dos anais dos Congressos ANPCONT nos anos de 2009 e 2010, os quais tiveram como foco o processo de convergência dos padrões internacionais de contabilidade. Por meio de um estudo bibliométrico, analisou-se 142 artigos apresentados nas duas edições do evento, segundo as seguintes categorias de análise: número, sexo, titulação, vínculo institucional e UF dos pesquisadores, área temática dos artigos e, ainda, os autores mais produtivos. Trata-se de uma pesquisa dedutiva, descritiva, documental e com abordagem quantitativa. Os resultados evidenciam que 59,15% do total da pesquisa continham três ou quatro autores e que a média de autores por artigo foi de 2,69 e 2,92 em 2009 e 2010, respectivamente. Também se destaca a predominância do sexo masculino nas publicações, bem como o predomínio de doutores na elaboração dos mesmos. Em relação ao vínculo institucional, observou-se que a Fupecape/ES e a FEA/USP concentraram em torno de 30% da produção. Concluiu-se que houve indícios da formação de grupos de pesquisa na maioria dos trabalhos, bem como a preponderância da produção relacionada a programas de pós-graduação stricto sensu. Denotou-se, ainda, que as instituições localizadas no Centro-Sul do país dominam a pesquisa no âmbito desse estudo.The scientific literature on accounting has evolved significantly. With this expansion has come the need for research techniques and methods that can be used to monitor and assess the quality of that academic production. Bibliometrics has a role to play in this context. Studies in Accounting are disseminated at scientific events. This study aims to analyze the papers included the annals of ANPCONT Congress’s held in 2009 and 2010, which focused on the convergence of international accounting standards. One hundred and forty-two (142) papers presented in the two editions of the event were subjected to bibliometric analysis according to the following analytical categories: number, genre, title, institutional affiliation and the researcher’s state of origin within Brazil, thematic area of the articles and the most productive authors. This is a documentary-based deductive, descriptive, research that adopts a quantitative approach. The results show that 59.15% of the total survey contained three or four authors and the average number of authors per article was 2.69 and 2.92 in 2009 and 2010, respectively. Regarding the elaboration of the papers, the predominance of males holding doctoral degrees papers is also highlighted by the study. In relation to institutional affiliation, it was observed that the Fupecape/ES and FEA/USP concentrated around 30% of the production. It was concluded that there was evidence of the formation of research groups in most of the studies, as well as the preponderance of production related to sensu stricto post-graduate programs. It was also noted that institutions located in the center-south of the country dominate the research in this field

Optimasi Portofolio Resiko Menggunakan Model Markowitz MVO Dikaitkan dengan Keterbatasan Manusia dalam Memprediksi Masa Depan dalam Perspektif Al-Qur`an

Risk portfolio on modern finance has become increasingly technical, requiring the use of sophisticated mathematical tools in both research and practice. Since companies cannot insure themselves completely against risk, as human incompetence in predicting the future precisely that written in Al-Quran surah Luqman verse 34, they have to manage it to yield an optimal portfolio. The objective here is to minimize the variance among all portfolios, or alternatively, to maximize expected return among all portfolios that has at least a certain expected return. Furthermore, this study focuses on optimizing risk portfolio so called Markowitz MVO (Mean-Variance Optimization). Some theoretical frameworks for analysis are arithmetic mean, geometric mean, variance, covariance, linear programming, and quadratic programming. Moreover, finding a minimum variance portfolio produces a convex quadratic programming, that is minimizing the objective function ðð¥with constraintsð ð 𥠥 ðandð´ð¥ = ð. The outcome of this research is the solution of optimal risk portofolio in some investments that could be finished smoothly using MATLAB R2007b software together with its graphic analysis

Differential cross section measurements for the production of a W boson in association with jets in proton–proton collisions at √s = 7 TeV

Measurements are reported of differential cross sections for the production of a W boson, which decays into a muon and a neutrino, in association with jets, as a function of several variables, including the transverse momenta (pT) and pseudorapidities of the four leading jets, the scalar sum of jet transverse momenta (HT), and the difference in azimuthal angle between the directions of each jet and the muon. The data sample of pp collisions at a centre-of-mass energy of 7 TeV was collected with the CMS detector at the LHC and corresponds to an integrated luminosity of 5.0 fb[superscript −1]. The measured cross sections are compared to predictions from Monte Carlo generators, MadGraph + pythia and sherpa, and to next-to-leading-order calculations from BlackHat + sherpa. The differential cross sections are found to be in agreement with the predictions, apart from the pT distributions of the leading jets at high pT values, the distributions of the HT at high-HT and low jet multiplicity, and the distribution of the difference in azimuthal angle between the leading jet and the muon at low values.United States. Dept. of EnergyNational Science Foundation (U.S.)Alfred P. Sloan Foundatio

Penilaian Kinerja Keuangan Koperasi di Kabupaten Pelalawan

This paper describe development and financial performance of cooperative in District Pelalawan among 2007 - 2008. Studies on primary and secondary cooperative in 12 sub-districts. Method in this stady use performance measuring of productivity, efficiency, growth, liquidity, and solvability of cooperative. Productivity of cooperative in Pelalawan was highly but efficiency still low. Profit and income were highly, even liquidity of cooperative very high, and solvability was good

Juxtaposing BTE and ATE – on the role of the European insurance industry in funding civil litigation

One of the ways in which legal services are financed, and indeed shaped, is through private insurance arrangement. Two contrasting types of legal expenses insurance contracts (LEI) seem to dominate in Europe: before the event (BTE) and after the event (ATE) legal expenses insurance. Notwithstanding institutional differences between different legal systems, BTE and ATE insurance arrangements may be instrumental if government policy is geared towards strengthening a market-oriented system of financing access to justice for individuals and business. At the same time, emphasizing the role of a private industry as a keeper of the gates to justice raises issues of accountability and transparency, not readily reconcilable with demands of competition. Moreover, multiple actors (clients, lawyers, courts, insurers) are involved, causing behavioural dynamics which are not easily predicted or influenced. Against this background, this paper looks into BTE and ATE arrangements by analysing the particularities of BTE and ATE arrangements currently available in some European jurisdictions and by painting a picture of their respective markets and legal contexts. This allows for some reflection on the performance of BTE and ATE providers as both financiers and keepers. Two issues emerge from the analysis that are worthy of some further reflection. Firstly, there is the problematic long-term sustainability of some ATE products. Secondly, the challenges faced by policymakers that would like to nudge consumers into voluntarily taking out BTE LEI

Impacts of the Tropical Pacific/Indian Oceans on the Seasonal Cycle of the West African Monsoon

The current consensus is that drought has developed in the Sahel during the second half of the twentieth century as a result of remote effects of oceanic anomalies amplified by local land–atmosphere interactions. This paper focuses on the impacts of oceanic anomalies upon West African climate and specifically aims to identify those from SST anomalies in the Pacific/Indian Oceans during spring and summer seasons, when they were significant. Idealized sensitivity experiments are performed with four atmospheric general circulation models (AGCMs). The prescribed SST patterns used in the AGCMs are based on the leading mode of covariability between SST anomalies over the Pacific/Indian Oceans and summer rainfall over West Africa. The results show that such oceanic anomalies in the Pacific/Indian Ocean lead to a northward shift of an anomalous dry belt from the Gulf of Guinea to the Sahel as the season advances. In the Sahel, the magnitude of rainfall anomalies is comparable to that obtained by other authors using SST anomalies confined to the proximity of the Atlantic Ocean. The mechanism connecting the Pacific/Indian SST anomalies with West African rainfall has a strong seasonal cycle. In spring (May and June), anomalous subsidence develops over both the Maritime Continent and the equatorial Atlantic in response to the enhanced equatorial heating. Precipitation increases over continental West Africa in association with stronger zonal convergence of moisture. In addition, precipitation decreases over the Gulf of Guinea. During the monsoon peak (July and August), the SST anomalies move westward over the equatorial Pacific and the two regions where subsidence occurred earlier in the seasons merge over West Africa. The monsoon weakens and rainfall decreases over the Sahel, especially in August.Peer reviewe

Search for stop and higgsino production using diphoton Higgs boson decays

Results are presented of a search for a "natural" supersymmetry scenario with gauge mediated symmetry breaking. It is assumed that only the supersymmetric partners of the top-quark (stop) and the Higgs boson (higgsino) are accessible. Events are examined in which there are two photons forming a Higgs boson candidate, and at least two b-quark jets. In 19.7 inverse femtobarns of proton-proton collision data at sqrt(s) = 8 TeV, recorded in the CMS experiment, no evidence of a signal is found and lower limits at the 95% confidence level are set, excluding the stop mass below 360 to 410 GeV, depending on the higgsino mass

Outcomes from elective colorectal cancer surgery during the SARS-CoV-2 pandemic

This study aimed to describe the change in surgical practice and the impact of SARS-CoV-2 on mortality after surgical resection of colorectal cancer during the initial phases of the SARS-CoV-2 pandemic