Technology Switch Option and the Market Value of the Firm: A Model and an Empirical Test

A correct assessment of the innovation activities is critical to firm performance. To this purpose, some authors have analyzed the relationship between innovation and firm's market value within a framework based on the real options theory. However, in these papers there is not an explicit modeling of the 'real options'. Our model of market value formally includes a technology switch option, which allows the firm to exchange one technology with another when it achieves a major innovation. The model also accounts for the stochastic nature of the innovation. We test the model on a panel of publicly traded British firms operating in different manufacturing industries. The results provide support to the claim that the stock market recognizes and evaluates a technology switch option.A correct assessment of the innovation activities is critical to firm performance. To this purpose, some authors have analyzed the relationship between innovation and firm's market value within a framework based on the real options theory. However, in these papers there is not an explicit modeling of the 'real options'. Our model of market value formally includes a technology switch option, which allows the firm to exchange one technology with another when it achieves a major innovation. The model also accounts for the stochastic nature of the innovation. We test the model on a panel of publicly traded British firms operating in different manufacturing industries. The results provide support to the claim that the stock market recognizes and evaluates a technology switch option.Non-Refereed Working Papers / of national relevance onl

Binary upscaling on complex heterogeneities: The role of geometry and connectivity

The equivalent conductivity (Keq) of a binary medium is known to vary with the proportion of the two phases, but it also depends on the geometry and topology of the inclusions. In this paper, we analyze the role of connectivity and shape of the connected components through a correlation study between Keq and two topological and geometrical indicators: the Euler number and the Solidity indicator. We show that a local measure such as the Euler number is weakly correlated to Keq and therefore it is not suitable to quantify the influence of connectivity on the global flux; on the contrary the Solidity indicator, related to the convex hull of the connected components, presents a direct correlation with Keq. This result suggests that, in order to estimate Keq properly, one may consider the convex hull of each connected component as the area of influence of its spatial distribution on flow and make a correction of the proportion of the hydrofacies according to that. As a direct application of these principles, we propose a new method for the estimation of Keq using simple image analysis operations. In particular, we introduce a direct measure of the connected fraction and a non-parametric correction of the hydrofacies proportion to compensate for the influence of the connected components shape on flow. This model, tested on a large ensemble of isotropic media, provides a good Keq approximation even on complex heterogeneities without the need for calibration

Privatization and R&D Performance: An Empirical Analysis Based on Tobin's q

In this paper, we analyze the impact of privatization on the firms' R&D performance. We expect that, in the early period after privatization, path dependencies still negatively affect the efficiency of R&D operations. We test our hypothesis using a Tobin's q measure and estimating a hedonic model, already adopted by several scholars to assess the impact of innovation related assets on the firm's market value (Griliches, 1981). We estimate the regression model on an original panel data of 40 firms, including 20 firms privatized through public share offering in different countries of Western Europe over the period 1982-1997 that were matched at the country and industry level with 20 publicly held firms. Our results show that stock markets evaluate R&D investments of newly privatized companies less than R&D investments of industry-matched companies.In this paper, we analyze the impact of privatization on the firms' R&D performance. We expect that, in the early period after privatization, path dependencies still negatively affect the efficiency of R&D operations. We test our hypothesis using a Tobin's q measure and estimating a hedonic model, already adopted by several scholars to assess the impact of innovation related assets on the firm's market value (Griliches, 1981). We estimate the regression model on an original panel data of 40 firms, including 20 firms privatized through public share offering in different countries of Western Europe over the period 1982-1997 that were matched at the country and industry level with 20 publicly held firms. Our results show that stock markets evaluate R&D investments of newly privatized companies less than R&D investments of industry-matched companies.Refereed Working Papers / of international relevanc

Orientação e inspeção buco-dentária nas escolas primárias do estado de São Paulo (1911-1917)

O propósito deste artigo é analisar as prescrições para inspeção buco-dentária adotadas oficialmente nas escolas primárias paulistas. Investigam-se publicações oficiais que auxiliam a ler as orientações dadas para a inspeção, manejo e cuidado com dentes e bocas das crianças dentro do espaço escolar. São exploradas a relação estabelecida entre a dentição, o adiantamento escolar e a civilização, assim como a conduta adotada nos casos de mau estado dentário. Como conclusões são destacadas a fecundidade de problematizar os sentidos atribuídos às práticas de inspeção e de exames físicos e as aproximações feitas entre a escola e os discursos científicos elaborados a respeito dela

Utilização da técnica de "spray chilling" para obtenção de micropartículas lipídicas sólidas como carreadoras de oleoresina de gengibre

Orientadores: Miriam Dupas Hubinger, Izabela Dutra AlvimTese (doutorado) - Universidade Estadual de Campinas, Faculdade de Engenharia de AlimentosResumo: As especiarias de alto valor agregado, como a oleoresina de gengibre, podem ser carreadas em uma matriz sólida para facilitar o manuseio, evitar a evaporação prematura dos voláteis ou para fornecer proteção para compostos específicos. Entre os diferentes processos utilizados para carrear ativos, a encapsulação é uma técnica promissora. A microencapsulação por "spray chilling" utiliza lipídios como carreadores para a formação de partículas sólidas e pode ser considerada uma alternativa interessante aos métodos convencionais. Em vista disso, o objetivo deste trabalho foi produzir micropartículas lipídicas sólidas, por "spray chilling", para carrear oleoresina de gengibre, estudando as características das micropartículas, aplicação em um meio simulando um alimento para verificar a liberação dos compostos e por fim, avaliar a estabilidade da partícula e dos compostos da oleoresina de gengibre em diferentes temperaturas. O desenvolvimento experimental foi iniciado com o estudo de misturas de lipídios com a oleoresina, sendo constatada a afinidade e melhor homogeneização com os seguintes ácidos graxos livres: palmítico, esteárico e oleico. A gordura de palma pode ser adicionada em até 15% (m/m) na mistura lipídica com oleoresina (10% m/m), desde que um ácido graxo esteja presente. Assim, a próxima etapa foi a formação e caracterização das micropartículas lipídicas sólidas, utilizando ácido palmítico (90; 85; 75% m/m) como carreador sólido majoritário e diferentes lipídios insaturados (ácido oleico e gordura de palma ¿ 0; 5; 15% m/m), mantendo fixa a concentração de oleoresina de gengibre (10% m/m). Os resultados mostraram que a incorporação de ácido oleico ou gordura de palma alteraram o comportamento térmico das micropartículas, diminuíram o índice de cristalização em 8%, consequentemente houve menor retenção de voláteis com valores variando de 75% a 37,5%. Na etapa de liberação e estocagem, partículas compostas por ácido esteárico (65-90% m/m), ácido oleico (0 e 15% m/m) e duas concentrações de oleoresina de gengibre (10 e 20% m/m) foram estudadas. No estudo de liberação, as partículas foram caracterizadas e adicionadas em uma emulsão. Todas as micropartículas apresentaram até 75% de liberação dos compostos voláteis e até 92% dos compostos de pungência, após a adição na emulsão modelo, no dia zero. Tanto a oleoresina liberada das micropartículas quanto a oleoresina livre garantiram para o óleo da emulsão proteção contra a oxidação após o armazenamento a 10, 25 e 40°C durante 28 dias. Isso significa que o processo de microencapsulação não afetou as propriedades antioxidantes da oleoresina. Por fim, a estocagem das micropartículas, em diferentes temperaturas durante 84 dias, mostrou que a 40°C as partículas com ácido oleico apresentaram degradação do composto de pungência 6-gingerol... ...Observação: O resumo, na íntegra, poderá ser visualizado no texto completo da tese digitalAbstract: Value-added spices, such as ginger oleoresin, can be carried in a solid matrix in order to facilitate handling, prevent premature evaporation of volatiles or to provide protection against the external environment. Among the different processes used for carrier the active, encapsulation is a promising technique. Microencapsulation by spray chilling employs lipids as carriers for the formation of solid particles, and can be considered as an interesting alternative to conventional methods. The objective of this work was to produce solid lipid microparticles, by spray chilling, to carry ginger oleoresin by studying the characteristics of the microparticles and their application in an emulsion to verify the compounds release and finally to evaluate the particles stability and ginger oleoresin compounds at different temperatures. The experimental development was initiated with the study of lipid mixtures with the oleoresin, verifying the affinity and better homogenization with the free fatty acids: palmitic, stearic and oleic. Palm fat can be added until 15% (w/w) in the lipid mixture with ginger oleoresin (10% w/w), on condition that a fatty acid is present. Thus, the next step was the formation and characterization of the solid lipid microparticles using palmitic acid (90; 85; 75% w/w) as the major solid carrier and the addition of different unsaturated lipids (oleic acid and palm fat ¿ 0; 5; 15% w/w), maintaining the concentration of ginger oleoresin fixed (10% w/w). The results showed that the addition of oleic acid or palm fat altered the thermal behavior of the microparticles, decreasing the crystallization index by 8%. Consequently there was less retention of volatiles with values ranging from 75% to 37.5%. In release and stability study, particles composed of stearic acid (65-90% w/w), oleic acid (0 and 15% w/w) and two concentrations of ginger oleoresin (10 and 20% w/w) were analyzed. In release study, the particles were characterized and added in an emulsion. All microparticle samples showed up to 75% release of the volatile compounds and up to 92% of the pungent compounds after incorporation in the model emulsion, day zero. The oleoresin released from the microparticles and free oleoresin ensured the emulsion oil oxidation protection after storage at 10, 25 and 40°C for 28 days. This means that the microencapsulation process did not affect the antioxidant properties of oleoresin. Finally, the storage of the microparticles at different temperature during 84 days, showed that the particles with oleic acid leads to the degradation of 6-gingerol, at 40°C... ...Note: The complete abstract is available with the full electronic documentDoutoradoEngenharia de AlimentosDoutora em Engenharia de Alimentos140281/2013-4CNP

Higiene para as escolas primárias: a produção escrita de Antonio Ferreira de Almeida Júnior (1922-1939)

In intervention projects developed during the first decades of the 20th century in São Paulo, health and education were raised to pillars on which laid a program to regenerate society. This article includes its discussions in this scenario and discusses the knowledge of hygiene proposed for primary schools based on the written production of Antonio Ferreira de Almeida Júnior (1892-1971). Professor, physician, and education administrator, he not only defended and recommended programs aimed at teaching hygiene, but he also held positions that guaranteed him the condition of an agent that could propose and disseminate these precepts. As a chronological cutout, the years between 1922 and 1939 were considered. During this period, this professor wrote and published texts of different kind in which he addressed the importance of hygiene content in schools. Almeida Júnior’s bibliographical production was analyzed in parallel with his professional performance, which allowed us to understand his participation in medical-educational debates, which, quite punctually, defended a political project whose motto was “to clean up the population through school”. Thus, it appears that, in his writings on education, Almeida Júnior nuanced representations of childhood nature, formulated from the idea of brain plasticity, into his conceptions about the purposes of primary school and the change in teacher education based on absorbing new programs and more active teaching methods.Nos projetos de intervenção elaborados, em São Paulo, durante as primeiras décadas do século XX, a saúde e a educação foram alçadas a pilares sobre os quais repousava um programa para regenerar a sociedade. Este artigo insere suas discussões nesse cenário e problematiza os saberes sobre higiene propostos para as escolas primárias a partir dos textos de Antonio Ferreira de Almeida Júnior (1892-1971). Professor, médico e administrador da educação, ele não somente defendeu e recomendou programas voltados para o ensino de higiene, como também ocupou cargos que lhe garantiram a condição de agente propositor e divulgador desses preceitos. Como recorte cronológico, consideram-se os anos entre 1922 e 1939, período em que o professor escreveu e publicou textos de naturezas diferentes nos quais abordou a importância dos conteúdos de higiene nas escolas. A produção bibliográfica de Almeida Júnior foi analisada em paralelo à sua atuação profissional, o que permitiu compreender a participação do professor nos debates médico-educacionais, os quais, de modo bastante pontual, defendiam um projeto político que tinha como lema “sanear a população pela escola”. Com isso, constata-se que, em seus escritos sobre educação, Almeida Júnior matizou representações da natureza infantil, formuladas a partir da ideia de plasticidade cerebral, às suas concepções acerca das finalidades da escola primária e da modificação na formação de professores a partir da incorporação de novos programas e de métodos de ensino mais ativos