An Econometric Model of a Firm’s Financial Statements

This paper reports the construction and testing of an econometric model designed to represent a firm’s financial statements. More specifically, the paper aims at showing how a firm’s financial statements can be empirically explained by means of a simultaneous equations structural model connecting macro and microeconomic (market) variables with accounting variables. We also present forecasts for the financial statements. The firm to which the model is applied is a monopoly in the Brazilian domestic market for petroleum products and the largest Brazilian firm in operation. The results obtained are consistent with the expectations associated to the structural model. Applications stemming from the study include financial analysis, forecasting and planning, as well as firm valuation.econometric model, accounting, financial statements, Brazilian firm, simultaneous equations

Translation of Financial Statements

This paper has the purpose of surveying and critically analyzing the effects of accounting procedures which are closely related to groups of companies operating multinationally. These are the methods for translation of financial statements, e.g. the Temporal and the Closing- rate Methods, as far as those methods are embodied in accounting standards which have been either recommended or adopted by countries such as the UK and US. We conclude that with regard to changing prices, General Price Level Accounting is the best option. As for exchange rate fluctuations, the Closing Rate Method should be preferred over the Temporal Method, the order being owed to the greater relative importance of foreign operations which are carried out in an independent way, vis- à-vis those which are mere extensions of the parent company's. Costs may also have played a part towards the choice. However, the main conclusion that can be drawn is that convenience of use, for both the accounting profession and report users, seems to have been the determinant factor.financial statements, translation, international accounting, exchange rate

Testing Static Tradeoff against Pecking Order Models of Capital Structure in Brazilian Firms

We test two models with the purpose of finding the best empirical explanation for the capital structure of Brazilian firms. The models tested were developed to represent the Static Tradeoff Theory and the Pecking Order Theory. The sample consists of firms listed in the Sao Paulo (Brazil) stock exchange from 1995 through 2002. By using panel data econometric methods, we aimed at establishing which of the two theories has the best explanatory power for Brazilian firms. The analysis of the outcomes led to the conclusion that the pecking order theory provides the best explanation for the capital structure of those firms.capital structure, pecking order, static tradeoff, Brazilian firms

Els valors olímpics al segle XXI : entre la continuïtat i el canvi

Sembla que els valors olímpics estiguin estretament lligats al segle XX i als seus valors. Encara que els esports van iniciar-se el segle XIX, es pot afirmar que van assumir el seu caràcter popular pràcticament universal el segle XX, especialment durant la segona meitat. En aquesta lliçó, l'autor intenta analitzar els anomenats "valors olímpics" com una forma d'expressió i una possible configuració de l'humanisme i la modernitat occidentals. A la segona part, a partir d'una revisió del que s'ha discutit quant al canvi i/ o la crisis dels valors que guien el món contemporani, intenta examinar fets que podrien indicar una possible reconfiguració dels valors olímpics. Finalment, analitza com els fonaments intel·lectuals propis de l'Olimpisme ens han proveït d'element per a reflexionar sobre la permanència i rellevància dels valors olímpics al segle XXI, dins d'un context de continuïtat i canvis.Olympic values may be narrowly tied to the 20th century and its values. Although sports had their beginning in the 19th century, they may be affirmed to have assumed their virtually universal popular character in the 20th, particularly in the second half. In the lecture, the author attempts to analyze the so-called 'Olympic values' as a form of expression and possible configuration of humanism and western modernity. In the second part, from a review of what has been discussed regarding the change and/or crisis of values that guide the contemporary world, he attempts to examine facts that might indicate a possible reconfiguration of Olympic values. Finally, he analyzes how the intellectual fundamentals of Olympism itself have furnished us elements to think about the permanence and relevance of Olympic values in the 21st century within a context of continuity and change

Market Reaction and Volatility in the Brazilian Stock Market

We perform an event study to investigate stock returns associated to the announcement of equity issues by Brazilian firms between 1992 and 2003 aiming to determine the market reaction before, during, and after the issue announcement. After measuring abnormal returns by OLS, we used ARCH and GARCH models over 70% of the sample. The results show signs of insider information, negative abnormal returns around the announcement, and persistent negative abnormal returns in the long-term after the issue. The results are consistent with the extant empirical literature and show that ARCH/GARCH estimation of abnormal returns is superior to OLS estimation.Brazilian stock market, event study, market reaction, GARCH

Cinema português: que fazer para torná-lo mais competitivo e mais próximo do público

O projecto “Principais tendências no cinema português contemporâneo” nasceu no Departamento de Cinema da ESTC, com o objectivo de desenvolver investigação especializada a partir de um núcleo formado por alunos da Licenciatura em Cinema e do Mestrado em Desenvolvimento de Projecto Cinematográfico, a que se juntaram professores-investigadores membros do CIAC e convidados. O que agora se divulga corresponde a dois anos e meio de trabalho desenvolvido pela equipa de investigação, entre Abril de 2009 e Novembro de 2011. Dada a forma que ele foi adquirindo, preferimos renomeá-lo, para efeitos de divulgação, “Novas & velhas tendências no cinema português contemporâneo”.QUAIS SÃO, hoje, as principais características do desenvolvimento de projectos para cinema em Portugal? O que pensam realizadores cinematográficos, produtores, distribuidores e exibidores sobre o cinema português? Que conclusões tirar das suas opiniões, relatos de experiências e análises da situação contemporânea? Que novas tendências surgiram no cinema português, nos primeiros anos do séc. XXI?Fundação para a Ciência e Tecnologia, Centro de Investigação em Artes e Comunicação, Instituto do Cinema e do Audiovisual, Ministério da Cultura, Escola Superior de Teatro e Cinema

O-MuZero : abstract planning models Induced by Options on the MuZero Algorithm

Training Reinforcement Learning agents that learn both the value function and the envi ronment model can be a very time consuming method, one of the main reasons for that is that these agents learn by actions one step at the time (primitive actions), while humans learn in a more abstract way. In this work we introduce O-MuZero: a method for guiding a Monte-Carlo Tree Search through the use of options (temporally-extended actions). Most related work use options to guide the planning but only acts with primitive actions. Our method, on the other hand, proposes to plan and act with the options used for planning. In order to achieve such result, we modify the Monte-Carlo Tree Search structure, where each node of the tree still represents a state but each edge is an option transition. We ex pect that our method allows the agent to see further into the state space and therefore, have a better quality planning. We show that our method can be combined with state-of-the-art on-line planning algorithms that uses a learned model. We evaluate different variations of our technique on previously established grid-world benchmarks and compare to the MuZero algorithm baseline, which is an algorithm that plans under a learned model and traditionally does not use options. Our method not only helps the agent to learn faster but also yields better results during on-line execution with limited time budgets. We empiri cally show that our method also improves model robustness, which means the ability of the model to play on environments slightly different from the one it trained.Agentes de aprendizado por reforço que aprendem tanto a função de valor quanto o mo delo do ambiente são métodos que podem consumir muito tempo, uma das principais razões para isso é que esses agentes aprendem através de ações com passo de cada vez (ações primitivas), enquanto os humanos aprendem de uma forma mais abstrata. Neste trabalho introduzimos O-MuZero: um método para guiar a busca de árvore Monte-Carlo através do uso de options. A maioria dos trabalhos relacionados utiliza options para guiar o planejamento, mas só joga com ações primitivas, nosso método, por outro lado, se propõe a planejar e jogar com as options usadas no planejamento. Para alcançar esse re sultado, modificamos a estrutura da Árvore de Busca de Monte-Carlo para que cada nodo da árvore ainda represente um estado, mas cada aresta é uma transação de uma option. Esperamos que nosso método permita que o agente veja mais além no espaço do estado e, portanto, faça um planejamento de melhor qualidade. Mostramos que nosso método pode ser combinado com algoritmos de planejamento on-line que jogam com um modelo aprendido. Avaliamos diferentes variações de nossa técnica em benchmarks previamente estabelecidos do ambiente e comparamos com a técnica de base. Nosso método não só ajuda o agente a aprender mais rapidamente, mas também produz melhores resultados durante o jogo. Empiricamente mostramos que o uso de nosso método também melhora a resiliência do modelo, o que significa a capacidade do modelo de jogar em ambientes ligeiramente diferentes daquele em que foi treinado