Como os gestores brasileiros tomam suas decisões de custo de capital?

Although there are theories of capital structure and cost of capital since the 1950s, researches show that there is no unanimity about practical application by managers in several countries. This study, therefore, has the objective of presenting how Brazilian managers define the cost of capital of their companies. Unlike other studies, this work presents clarification not only about the methods and variables that make up the cost of capital, but it also deals with criteria related to time and sources of data collection, as well as the local customization values for emerging markets, taking developed countries as benchmarking. The survey is conducted with 40 public companies. Among the results, we note that companies: (a) internally calculate their cost of capital through WACC, (b) consider their current capital structure, (c) use historical interest rates of debt, (d) use nominal tax rates, (e) use financial current and long term liabilities to determine the total value of debts (f) use CAPM model for cost of equity, with benchmarking of historical data from other markets, adjusted to Brazil.Keywords: survey, cost of capital, WACC tropicalizing, emerging markets.Apesar de as teorias sobre estrutura e custo de capital existirem desde a década de 1950, pesquisas comprovam que não há unanimidade quanto à sua aplicação prática pelos gestores em vários países. Este estudo tem, portanto, o objetivo de apresentar como os gestores brasileiros definem o custo de capital de suas companhias. Diferentemente de outras pesquisas, este trabalho apresenta esclarecimentos não apenas sobre os métodos e variáveis que compõem o custo de capital, mas também aborda critérios relacionados ao prazo e fontes de obtenção dos dados, bem como sobre a tropicalização dos valores para mercados emergentes, tendo como referência benchmarkings de países desenvolvidos. A pesquisa é realizada com 40 empresas de capital aberto. Entre os resultados apresentados, nota-se que as empresas: (a) calculam internamente seu custo de capital por meio do WACC, (b) consideram sua estrutura de capital corrente, (c) usam taxas de juros históricas das dívidas, (d) usam alíquotas nominais de impostos, (e) usam passivos onerosos de curto e longo prazos para determinar o valor total das dívidas e (f) usam o modelo do CAPM para custo de capital próprio, com benchmarking de dados históricos de outros mercados, ajustados ao Brasil.Palavras-chave: survey, custo de capital, tropicalização do WACC, mercados emergentes

Como os gestores brasileiros tomam suas decisões de custo de capital?

Although there are theories of capital structure and cost of capital since the 1950s, researches show that there is no unanimity about practical application by managers in several countries. This study, therefore, has the objective of presenting how Brazilian managers define the cost of capital of their companies. Unlike other studies, this work presents clarification not only about the methods and variables that make up the cost of capital, but it also deals with criteria related to time and sources of data collection, as well as the local customization values for emerging markets, taking developed countries as benchmarking. The survey is conducted with 40 public companies. Among the results, we note that companies: (a) internally calculate their cost of capital through WACC, (b) consider their current capital structure, (c) use historical interest rates of debt, (d) use nominal tax rates, (e) use financial current and long term liabilities to determine the total value of debts (f) use CAPM model for cost of equity, with benchmarking of historical data from other markets, adjusted to Brazil.Keywords: survey, cost of capital, WACC tropicalizing, emerging markets.Apesar de as teorias sobre estrutura e custo de capital existirem desde a década de 1950, pesquisas comprovam que não há unanimidade quanto à sua aplicação prática pelos gestores em vários países. Este estudo tem, portanto, o objetivo de apresentar como os gestores brasileiros definem o custo de capital de suas companhias. Diferentemente de outras pesquisas, este trabalho apresenta esclarecimentos não apenas sobre os métodos e variáveis que compõem o custo de capital, mas também aborda critérios relacionados ao prazo e fontes de obtenção dos dados, bem como sobre a tropicalização dos valores para mercados emergentes, tendo como referência benchmarkings de países desenvolvidos. A pesquisa é realizada com 40 empresas de capital aberto. Entre os resultados apresentados, nota-se que as empresas: (a) calculam internamente seu custo de capital por meio do WACC, (b) consideram sua estrutura de capital corrente, (c) usam taxas de juros históricas das dívidas, (d) usam alíquotas nominais de impostos, (e) usam passivos onerosos de curto e longo prazos para determinar o valor total das dívidas e (f) usam o modelo do CAPM para custo de capital próprio, com benchmarking de dados históricos de outros mercados, ajustados ao Brasil.Palavras-chave: survey, custo de capital, tropicalização do WACC, mercados emergentes

Actividad biológica de la Guazuma ulmifolia Lamark.- revisión sistemática

ABSTRACT The Guazuma ulmifolia Lamark (Malvaceae) is a non-endemic plant, popularly known as mutamba. Its leaves and roots are used in home remedies against dysentery and diarrhea, in the treatment of prostate, as a uterine stimulant and other diseases. Due to the characteristics presented and the growing interest in this species, a systematic review was carried out on the possible pharmacological and toxicological effects of Guazuma ulmifolia Lamark. As active compounds, the articles cited the presence of flavonoids, saponins, alkaloids, tannins, phenolic compounds and steroids in different parts of the plant and extracted with different solvents. Regarding the experimental studies, no articles were found with clinical test, and only 4 in vivo studies. About the pharmacological effects we can mention activity against leishmaniasis, hypoglycemic, anti-inflammatory, anticholinesterase, anti-obesity, antiseptic, cicatrizant and anthelmintic. The registered toxicological tests were directed against lineages of cancer cells, proving effective, however, there is a need for studies to attest the safety of G. ulmifolia use by the population. Therefore, it is imperative to carry out further studies to ensure the use of this plant, to know doses and form of indication, as well as clinical studies in order to guarantee a correct therapy. Keywords: Guazuma ulmifolia, toxicity, medicinal plants.    RESUMO A Guazuma ulmifolia Lamark (Malvaceae) é uma planta não endêmica, popularmente conhecida por mutamba. Suas folhas e raízes são empregadas em remédios caseiros contra disenteria e diarreias, no tratamento de próstata, como estimulante uterino e outras enfermidades. Em virtude das características apresentadas e o crescente interesse por esta espécie, tanto para fins medicinais como alimentício, realizou-se uma revisão sistemática sobre os possíveis efeitos farmacológicos e toxicológicos da Guazuma ulmifolia Lamark. Como compostos ativos, os artigos citaram a presença de flavonoides, saponinas, alcaloides, taninos, compostos fenólicos e esteróides em diferentes partes da planta e extraídos com diferentes solventes. Quanto aos estudos experimentais, não foram encontrados artigos com teste clínico e, apenas 4 estudos com testes in vivo. Dos efeitos farmacológicos encontrados, pode-se citar atividade contra leishmaniose, hipoglicemiante, antiinflamatório, anticolinesterásico, antiobesidade, antisséptico, cicatrizante e anti-helmíntico. Os testes toxicológicos registrados foram direcionados contra linhagens de células cancerígenas mostrando-se efetivo, porém, há necessidade de estudos para atestar a segurança de uso de G. ulmifolia pela população. Logo, apesar de utilizada, é imperativa a realização de mais estudos para assegurar o uso desta planta pela população e conhecer doses e forma de indicação, além de estudos clínicos que garantam uma correta terapêutica. Palavras-chave: Guazuma ulmifolia, toxicidade, plantas medicinais.RESUMEN La Guazuma ulmifolia Lamark (Malvaceae) es una planta no endémica, popularmente conocida por mutamba. Sus hojas y raíces son empleadas en remedios caseros contra disentería y diarreas, en el tratamiento de próstata, como estimulante uterino y otras enfermedades. En virtud de las características presentadas y el creciente interés por esta especie, tanto para fines medicinales como alimenticios, se realizó una revisión sistemática sobre los posibles efectos farmacológicos y toxicológicos de la Guazuma ulmifolia Lamark. Como compuestos activos, los artículos citaron la presencia de flavonoides, saponinas, alcaloides, taninos, compuestos fenólicos y esteroides en diferentes partes de la planta y extraídos con diferentes solventes. En cuanto a los estudios experimentales, no se encontraron artículos con prueba clínica y, sólo 4 estudios con pruebas in vivo. De los efectos farmacológicos encontrados, se puede citar actividad contra leishmaniasis, hipoglicemiante, antiinflamatorio, anticolinesterásico, antiobesidad, antiséptico, cicatrizante y antihelmíntico. Las pruebas toxicológicas registradas se dirigieron contra los linajes de las células cancerígenas que se mostraron efectivos, pero hay necesidad de estudios para certificar la seguridad de uso de G. ulmifolia por la población. Por lo tanto, a pesar de ser utilizada, es imperativa la realización de más estudios para asegurar el uso de esta planta por la población y conocer dosis y forma de indicación, además de estudios clínicos que garanticen una correcta terapéutica. Descriptores: Guazuma ulmifolia, toxicidad, plantas medicinales

Pré-tratamento de resíduos agro-industriais e novas perspectivas na produção de bioprodutos

Visando contribuir para a melhoria das condições ambientais pela eliminação dos resíduos agrícolas/agroindustriais, bem como proporcionar a formação de uma linha de pesquisa com propósito de captar e disseminar informações técnicas e tecnológicas agregando maior valor nestes subprodutos ou resíduos é que o presente trabalho foi realizado. Deste modo, o sabugo de milho in natura foi submetido a dois diferentes processos de prétratamento para a extração das hemiceluloses, como etapa inicial de aplicação integral do resíduo, onde posteriormente estudos e aplicação do complexo celulose-lignina resultante seriam realizados. Dentro deste contexto, o objetivo deste trabalho foi determinar a eficiência de extração de frações de hemiceluloses de sabugo de milho por processos alcalinos (0,75 a 1,25 mol/L em 42,5ºC/180 min), e processos de autohidrólise (165 a 185ºC, razão líquida de 10:1p/p por 40 min). Este procedimento indicou o potencial de pré-tratamentos, em especial dos licores hemicelulosicos obtidos, como parte de um processo que conduza à utilização de materiais lignocelulósicos em diferentes processos biotecnológicos

Goat farm variability affects milk Fourier-transform infrared spectra used for predicting coagulation properties

Peer-ReviewedDriven by the large amount of goat milk destined for cheese production, and to pioneer the goat cheese industry, the objective of this study was to assess the effect of farm in predicting goat milk-coagulation and curd-firmness traits via Fourier-transform infrared spectroscopy. Spectra from 452 Sarda goats belonging to 14 farms in central and southeast Sardinia (Italy) were collected. A Bayesian linear regression model was used, estimating all spectral wavelengths' effects simultaneously. Three traditional milk-coagulation properties [rennet coagulation time (min), time to curd firmness of 20 mm (min), and curd firmness 30 min after rennet addition (mm)] and 3 curd-firmness measures modeled over time [rennet coagulation time estimated according to curd firmness change over time (RCTeq), instant curd-firming rate constant, and asymptotical curd firmness] were considered. A stratified cross validation (SCV) was assigned, evaluating each farm separately (validation set; VAL) and keeping the remaining farms to train (calibration set) the statistical model. Moreover, a SCV, where 20% of the goats randomly taken (10 replicates per farm) from the VAL farm entered the calibration set, was also considered (SCV80). To assess model performance, coefficient of determination (R2VAL) and the root mean squared error of validation were recorded. The R2VAL varied between 0.14 and 0.45 (instant curd-firming rate constant and RCTeq, respectively), albeit the standard deviation was approximating half of the mean for all the traits. Although average results of the 2 SCV procedures were similar, in SCV80, the maximum R2VAL increased at about 15% across traits, with the highest observed for time to curd firmness of 20 mm (20%) and the lowest for RCTeq (6%). Further investigation evidenced important variability among farms, with R2VAL for some of them being close to 0. Our work outlined the importance of considering the effect of farm when developing Fourier-transform infrared spectroscopy prediction equations for coagulation and curd-firmness traits in goats.Università degli Studi di Sassar

PENGARUH MEKANISME GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN DENGAN MANAJEMEN LABA SEBAGAI VARIABEL MEDIASI (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2014)

Penelitian ini bertujuan untuk mengetahui pengaruh langsung antara mekanisme Good Corporate Governance (GCG) dan Corporate Social Responsibility (CSR) terhadap kinerja keuangan maupun melalui manajemen laba sebagai variabel mediasi. Data yang digunakan dalam penelitian ini merupakan data sekunder yang melibatkan 102 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) untuk periode 2014. Data yang digunakan dalam penelitian ini dianalisis menggunakan Partial Least Square (PLS) dan dilakukan dengan bantuan software WarpPLS 5.0. Hasil penelitian menunjukkan mekanisme GCG berpengaruh positif terhadap kinerja keuangan begitu juga dengan CSR terhadap kinerja keuangan. Mekanisme GCG berpengaruh negatif terhadap manajemen laba sedangkan CSR berpengaruh positif terhadap manajemen laba. Manajemen laba berpengaruh negatif terhadap kinerja keuangan. Manajemen laba juga terbukti mampu memediasi pengaruh mekanisme GCG terhadap kinerja keuangan dengan bentuk mediasi sebagian sedangkan dalam memediasi pengaruh CSR terhadap kinerja keuangan, manajemen laba terbukti dapat menjadi mediasi penuh

The Fourteenth Data Release of the Sloan Digital Sky Survey: First Spectroscopic Data from the extended Baryon Oscillation Spectroscopic Survey and from the second phase of the Apache Point Observatory Galactic Evolution Experiment

The fourth generation of the Sloan Digital Sky Survey (SDSS-IV) has been in operation since July 2014. This paper describes the second data release from this phase, and the fourteenth from SDSS overall (making this, Data Release Fourteen or DR14). This release makes public data taken by SDSS-IV in its first two years of operation (July 2014-2016). Like all previous SDSS releases, DR14 is cumulative, including the most recent reductions and calibrations of all data taken by SDSS since the first phase began operations in 2000. New in DR14 is the first public release of data from the extended Baryon Oscillation Spectroscopic Survey (eBOSS); the first data from the second phase of the Apache Point Observatory (APO) Galactic Evolution Experiment (APOGEE-2), including stellar parameter estimates from an innovative data driven machine learning algorithm known as "The Cannon"; and almost twice as many data cubes from the Mapping Nearby Galaxies at APO (MaNGA) survey as were in the previous release (N = 2812 in total). This paper describes the location and format of the publicly available data from SDSS-IV surveys. We provide references to the important technical papers describing how these data have been taken (both targeting and observation details) and processed for scientific use. The SDSS website (www.sdss.org) has been updated for this release, and provides links to data downloads, as well as tutorials and examples of data use. SDSS-IV is planning to continue to collect astronomical data until 2020, and will be followed by SDSS-V.Comment: SDSS-IV collaboration alphabetical author data release paper. DR14 happened on 31st July 2017. 19 pages, 5 figures. Accepted by ApJS on 28th Nov 2017 (this is the "post-print" and "post-proofs" version; minor corrections only from v1, and most of errors found in proofs corrected

Identification of genomic regions associated with feed efficiency in Nelore cattle

Abstract\ud \ud Background\ud Feed efficiency is jointly determined by productivity and feed requirements, both of which are economically relevant traits in beef cattle production systems. The objective of this study was to identify genes/QTLs associated with components of feed efficiency in Nelore cattle using Illumina BovineHD BeadChip (770 k SNP) genotypes from 593 Nelore steers. The traits analyzed included: average daily gain (ADG), dry matter intake (DMI), feed-conversion ratio (FCR), feed efficiency (FE), residual feed intake (RFI), maintenance efficiency (ME), efficiency of gain (EG), partial efficiency of growth (PEG) and relative growth rate (RGR). The Bayes B analysis was completed with Gensel software parameterized to fit fewer markers than animals. Genomic windows containing all the SNP loci in each 1 Mb that accounted for more than 1.0% of genetic variance were considered as QTL region. Candidate genes within windows that explained more than 1% of genetic variance were selected by putative function based on DAVID and Gene Ontology.\ud \ud \ud Results\ud Thirty-six QTL (1-Mb SNP window) were identified on chromosomes 1, 2, 3, 5, 6, 7, 8, 9, 10, 12, 14, 15, 16, 18, 19, 20, 21, 22, 24, 25 and 26 (UMD 3.1). The amount of genetic variance explained by individual QTL windows for feed efficiency traits ranged from 0.5% to 9.07%. Some of these QTL minimally overlapped with previously reported feed efficiency QTL for Bos taurus. The QTL regions described in this study harbor genes with biological functions related to metabolic processes, lipid and protein metabolism, generation of energy and growth. Among the positional candidate genes selected for feed efficiency are: HRH4, ALDH7A1, APOA2, LIN7C, CXADR, ADAM12 and MAP7.\ud \ud \ud \ud Conclusions\ud Some genomic regions and some positional candidate genes reported in this study have not been previously reported for feed efficiency traits in Bos indicus. Comparison with published results indicates that different QTLs and genes may be involved in the control of feed efficiency traits in this Nelore cattle population, as compared to Bos taurus cattle.CNPqCAPE

Genomic structure and marker-derived gene networks for growth and meat quality traits of Brazilian Nelore beef cattle

Abstract\ud \ud Background\ud Nelore is the major beef cattle breed in Brazil with more than 130 million heads. Genome-wide association studies (GWAS) are often used to associate markers and genomic regions to growth and meat quality traits that can be used to assist selection programs. An alternative methodology to traditional GWAS that involves the construction of gene network interactions, derived from results of several GWAS is the AWM (Association Weight Matrices)/PCIT (Partial Correlation and Information Theory). With the aim of evaluating the genetic architecture of Brazilian Nelore cattle, we used high-density SNP genotyping data (~770,000 SNP) from 780 Nelore animals comprising 34 half-sibling families derived from highly disseminated and unrelated sires from across Brazil. The AWM/PCIT methodology was employed to evaluate the genes that participate in a series of eight phenotypes related to growth and meat quality obtained from this Nelore sample.\ud \ud \ud Results\ud Our results indicate a lack of structuring between the individuals studied since principal component analyses were not able to differentiate families by its sires or by its ancestral lineages. The application of the AWM/PCIT methodology revealed a trio of transcription factors (comprising VDR, LHX9 and ZEB1) which in combination connected 66 genes through 359 edges and whose biological functions were inspected, some revealing to participate in biological growth processes in literature searches.\ud \ud \ud Conclusions\ud The diversity of the Nelore sample studied is not high enough to differentiate among families neither by sires nor by using the available ancestral lineage information. The gene networks constructed from the AWM/PCIT methodology were a useful alternative in characterizing genes and gene networks that were allegedly influential in growth and meat quality traits in Nelore cattle.This study was conducted with funding from EMBRAPA (Macroprograma1,\ud 01/2005) and FAPESP (process number 2012/23638-8). GBM, LLC, LCAR and\ud MMA were granted CNPq fellowships. We thank Sean McWilliam, Marina R. S.\ud Fortes, Edilson Guimaraes, Robson Rodrigues Santiago, Roselito F. da Silva,\ud Fernando F. Cardoso, Flavia Aline Bressani, Wilson Malago Jr., Avelardo U. C.\ud Ferreira, Michel E. B. Yamaguishi and Fabio D. Vieira for the help and\ud technical assistance. The authors would like to acknowledge the\ud collaborative efforts among EMBRAPA, University of Sao Paulo and CSIRO