Estrutura de capital e estratégia em mercados competitivos: uma análise empírica da relação

An extensive body of research has identified several determinants of capital structure. Several characteristics of the companies have been listed as factors influencing capital structure, eg, size, growth opportunities, profitability, tax shields and proportion of fixed assets. Some studies have examined the use of the financial structure as a strategic variable in competitive products market. However, there is little empirical evidence about effect of these conditions on the capital structure. The purpose of this research was to investigate the interaction between capital structure and competitive strategy in the market of goods and supplies. For this, it estimated a simultaneous equation model and the use of the methods of ordinary least squares (OLS), minimum tables in two stages (2SLS) and the generalized method of moments (GMM). The evidence found in this study confirm the influence of capital structure on competitive strategy in product markets and supplies and vice versa. This study also presents a contribution from a methodological point of view, given the novelty of the application of estimation methods 2SLS and GMM, to test the determinants of capital structure in the Brazilian market. The results are robust even from different operational definitions and econometric specifications.Um extenso corpo de pesquisa tem identificado diversos determinantes da estrutura de capital. Várias características das empresas têm sido relacionadas como fatores que influenciam a estrutura de capital como, por exemplo, tamanho, oportunidades de crescimento, lucratividade, escudos fiscais e proporção de ativos fixos. Alguns estudos analisaram o uso da estrutura financeira como uma variável estratégica em mercado de produtos competitivos. No entanto, há poucas evidências empíricas sobre o efeito destas condições na estrutura de capital. O objetivo desta investigação foi verificar a interação entre a estrutura de capital e a estratégia competitiva em mercado de produtos e insumos. Para isso, foi estimado um modelo de equação simultânea e a utilização dos métodos dos mínimos quadrados ordinários (OLS), mínimos quadros em dois estágios (2SLS) e o método dos momentos generalizados (GMM). As evidências encontradas neste estudo confirmam a influência da estrutura de capital sobre a estratégia competitiva em mercados de produtos e insumos e vice-versa. Este estudo apresenta, também, uma contribuição do ponto de vista metodológico, visto o ineditismo da aplicação dos métodos de estimação 2SLS e GMM, para testar os determinantes da estrutura de capital no mercado brasileiro. Os resultados são robustos a partir de diferentes definições operacionais e especificações econométricas.

Modelo de controle estratégico de custos: um estudo de caso em uma empresa do segmento de segurança

There is evidence showing that a better competitive performance can be achieved through an alignment between management control and strategy in each company. Understanding the relationship between them could contribute to improve the organizational effectiveness. This paper discusses a research model that shows the links between a company’s strategy and its cost-related management control. This model is applied to a service company in the security industry trough a case study. Thus it is possible to identify the relationship between strategy and cost management control as well as some gaps. The filling of these gaps would offer an opportunity to increase the company’s organizational effectiveness. Key words: cost, strategy, control, case study.O alinhamento entre os controles de gestão e a estratégia, em cada organização, apresenta evidência de oferecer um melhor desempenho competitivo. Entender o processo de relacionamento entre estes controles e a estratégia pode ser uma importante contribuição prestada às empresas na elevação de sua efetividade organizacional. Neste artigo, é apresentado um modelo de pesquisa que permite evidenciar os vínculos entre os controles de gestão relacionados com custos e a estratégia praticada da organização. O modelo é aplicado em uma empresa de serviços, no setor de segurança privada, através de um estudo de caso. A partir deste, foi possível evidenciar o suporte oferecido pelos controles de custo à estratégia praticada da organização, bem como lacunas existentes, que, se atendidas, oferecem oportunidade de aumentar a eficácia estratégica. Palavras-chave: custos, estratégia, controle, estudo de caso

Modelo de controle estratégico de custos: um estudo de caso em uma empresa do segmento de segurança

There is evidence showing that a better competitive performance can be achieved through an alignment between management control and strategy in each company. Understanding the relationship between them could contribute to improve the organizational effectiveness. This paper discusses a research model that shows the links between a company’s strategy and its cost-related management control. This model is applied to a service company in the security industry trough a case study. Thus it is possible to identify the relationship between strategy and cost management control as well as some gaps. The filling of these gaps would offer an opportunity to increase the company’s organizational effectiveness. Key words: cost, strategy, control, case study.O alinhamento entre os controles de gestão e a estratégia, em cada organização, apresenta evidência de oferecer um melhor desempenho competitivo. Entender o processo de relacionamento entre estes controles e a estratégia pode ser uma importante contribuição prestada às empresas na elevação de sua efetividade organizacional. Neste artigo, é apresentado um modelo de pesquisa que permite evidenciar os vínculos entre os controles de gestão relacionados com custos e a estratégia praticada da organização. O modelo é aplicado em uma empresa de serviços, no setor de segurança privada, através de um estudo de caso. A partir deste, foi possível evidenciar o suporte oferecido pelos controles de custo à estratégia praticada da organização, bem como lacunas existentes, que, se atendidas, oferecem oportunidade de aumentar a eficácia estratégica. Palavras-chave: custos, estratégia, controle, estudo de caso

M-theory dark matter

The phenomenological implications of the eleven dimensional limit of $M$-theory (strongly coupled $E_8\times E_8$) are investigated. In particular we calculate the supersymmetric particle spectrum subject to constraints of correct electroweak symmetry breaking and the requirement that the lightest supersymmetric particle provides the dark matter of the universe. We also calculate direct detection event rates of the lightest neutralino relevant for non-baryonic dark matter experiments. The modulation effect, due to Earth's annual motion is also calculated.Comment: LaTeX file, 30 pages including 12 figures;v2 typos fixed and references adde

Neutralino Dark Matter in Minimal Supergravity: Direct Detection vs. Collider Searches

We calculate expected event rates for direct detection of relic neutralinos as a function of parameter space of the minimal supergravity model. Numerical results are presented for the specific case of a $^{73}$Ge detector. We find significant detection rates ($R> 0.01$ events/kg/day) in regions of parameter space most favored by constraints from $B\to X_s\gamma$ and the cosmological relic density of neutralinos. The detection rates are especially large in regions of large $\tan\beta$, where many conventional signals for supersymmetry at collider experiments are difficult to detect. If the parameter $\tan\beta$ is large, then there is a significant probability that the first direct evidence for supersymmetry could come from direct detection experiments, rather than from collider searches for sparticles.Comment: 25 page REVTEX file including 9 PS figure

Generation of Human Antigen-Specific Monoclonal IgM Antibodies Using Vaccinated “Human Immune System” Mice

Passive transfer of antibodies not only provides immediate short-term protection against disease, but also can be exploited as a therapeutic tool. However, the 'humanization' of murine monoclonal antibodies (mAbs) is a time-consuming and expensive process that has the inherent drawback of potentially altering antigenic specificity and/or affinity. The immortalization of human B cells represents an alternative for obtaining human mAbs, but relies on the availability of biological samples from vaccinated individuals or convalescent patients. In this work we describe a novel approach to generate fully human mAbs by combining a humanized mouse model with a new B cell immortalization technique. After transplantation with CD34+CD38⁻ human hematopoietic progenitor cells, BALB/c Rag2⁻/⁻IL-2Rγc⁻/⁻ mice acquire a human immune system and harbor B cells with a diverse IgM repertoire. "Human Immune System" mice were then immunized with two commercial vaccine antigens, tetanus toxoid and hepatitis B surface antigen. Sorted human CD19+CD27+ B cells were retrovirally transduced with the human B cell lymphoma (BCL)-6 and BCL-XL genes, and subsequently cultured in the presence of CD40-ligand and IL-21. This procedure allows generating stable B cell receptor-positive B cells that secrete immunoglobulins. We recovered stable B cell clones that produced IgM specific for tetanus toxoid and the hepatitis B surface antigen, respectively. This work provides the proof-of-concept for the usefulness of this novel method based on the immunization of humanized mice for the rapid generation of human mAbs against a wide range of antigen

Prevalence of dementia subtypes in a developing country: a clinicopathological study

OBJECTIVES: To assess the distribution of dementia subtypes in Brazil using a population-based clinicopathological study. METHOD: Brains from deceased individuals aged ≥50 years old were collected after the next of kin signed an informed consent form and provided information through standardized questionnaires. Post-mortem clinical diagnoses were established in consensus meetings, and only cases with moderate or severe dementia or without cognitive impairment were included in the analysis. Immunohistochemical neuropathological examinations were performed following the universally accepted guidelines. A diagnosis of Alzheimer's disease was made when there were at least both a moderate density of neuritic plaques (Consortium to Establish a Register for Alzheimer's disease B or C) and Braak stage III for neurofibrillary tangle distribution. For the diagnosis of vascular dementia, at least three zones or strategic areas had to be affected by infarcts, lacunae, or microinfarcts. RESULTS: From 1,291 subjects, 113 cases were classified as having moderate or severe dementia, and 972 cases were free of cognitive impairment. The neuropathological diagnoses of the dementia sub-group were Alzheimer's disease (35.4%), vascular dementia (21.2%), Alzheimer's disease plus vascular dementia (13.3%), and other causes of dementia (30.1%). Small-vessel disease, which alone was not considered sufficient for a vascular dementia diagnosis, was present in 38.9% of all of the dementia cases and in 16.8% of the group without cognitive impairment (odds ratio = 2.91; 95% confidence interval, 1.53-5.51), adjusted for age, sex, and education. CONCLUSIONS: The relatively high frequencies of vascular dementia and small-vessel disease in the dementia sub-group constitute relevant findings for public health initiatives because control of vascular risk factors could decrease the prevalence of dementia in developing countries

Clinical outcomes of EUS-guided drainage of debris-containing pancreatic pseudocysts: a large multicenter study

Background and study aims Data on clinical outcomes of endoscopic drainage of debris-free pseudocysts (PDF) versus pseudocysts containing solid debris (PSD) are very limited. The aims of this study were to compare treatment outcomes between patients with PDF vs. PSD undergoing endoscopic ultrasound (EUS)-guided drainage via transmural stents. Patients and methods Retrospective review of 142 consecutive patients with pseudocysts who underwent EUS-guided transmural drainage (TM) from 2008 to 2014 at 15 academic centers in the United States. Main outcome measures included TM technical success, treatment outcomes (symptomatic and radiologic resolution), need for endoscopic re-intervention at follow-up, and adverse events (AEs). Results TM was performed in 90 patients with PDF and 52 with PSD. Technical success: PDF 87 (96.7 %) vs. PSD 51 (98.1 %). There was no difference in the rates for endoscopic re-intervention (5.5 % in PDF vs. 11.5 % in PSD; P = 0.33) or AEs (12.2 % in PDF vs. 19.2 % in PSD; P = 0.33). Median long-term follow-up after stent removal was 297 days (interquartile range [IQR]: 59 - 424 days) for PDF and 326 days (IQR: 180 - 448 days) for PSD (P = 0.88). There was a higher rate of short-term radiologic resolution of PDF (45; 66.2 %) vs. PSD (21; 51.2 %) (OR = 0.30; 95 % CI: 0.13 - 0.72; P = 0.009). There was no difference in long-term symptomatic resolution (PDF: 70.4 % vs. PSD: 66.7 %; P = 0.72) or radiologic resolution (PDF: 68.9 % vs. PSD: 78.6 %; P = 0.72) Conclusions There was no difference in need for endoscopic re-intervention, AEs or long-term treatment outcomes in patients with PDF vs. PSD undergoing EUS-guided drainage with transmural stents. Based on these results, the presence of solid debris in pancreatic fluid collections does not appear to be associated with a poorer outcome

Search for direct production of charginos and neutralinos in events with three leptons and missing transverse momentum in √s = 7 TeV pp collisions with the ATLAS detector

A search for the direct production of charginos and neutralinos in final states with three electrons or muons and missing transverse momentum is presented. The analysis is based on 4.7 fb−1 of proton–proton collision data delivered by the Large Hadron Collider and recorded with the ATLAS detector. Observations are consistent with Standard Model expectations in three signal regions that are either depleted or enriched in Z-boson decays. Upper limits at 95% confidence level are set in R-parity conserving phenomenological minimal supersymmetric models and in simplified models, significantly extending previous results