Modelo de otimização da gestão de risco em empresas não financeiras

Esta pesquisa apresenta o desenvolvimento de um modelo de otimização da gestão de riscos, através da identificação de uma estratégia de hedge que maximiza a esperança dos lucros. O modelo fundamenta-se na premissa de que fatores de riscos, além de afetar os resultados das empresas, podem, também, estar correlacionados com as oportunidades futuras de investimento. O modelo proposto incorpora os custos advindos de um endividamento adicional bem como os benefícios da disponibilidade de recursos internos. O trabalho está desenvolvido da seguinte forma: (1) discussão dos aspectos teóricos relacionados ao tema de gestão de riscos no contexto da teoria de finanças; (2) apresentação da metodologia adotada para o desenvolvimento do modelo; (3) derivação dos passos fundamentais que orientaram o modelo matemático, destacando as especificações das variáveis relevantes e os mecanismos de simulação e (4) apresentação dos principais resultados do modelo de hedge ótimo, dentre os quais se destacam: aumento da esperança dos lucros, redução da incerteza em relação aos investimentos, maior estabilidade do nível ótimo de investimento e de endividamento e menor flutuação dos resultados da empresa, decorrente da redução do nível de risco financeiro.This research presents an optimization model for risk management, through the development of a hedge strategy that maximizes the expected profit of a company. The model is based on the premise that a risk factor, besides affecting the results of the company, can also be correlated with future investment opportunities. The model incorporates the costs of an additional debt as well as the benefits of the availability of internal resources. The work is structured in the following way: (1) discussion of the theoretical aspects related to the theme of risk management in the context of the financial theory; (2) presentation of the methodology adopted for the development of the model; (3) derivation of the fundamental steps that guided the mathematical model, detaching the specifications of the important variables and the simulation mechanisms and (4) discussion of the main results of the hedge model, among which we highlight: increase in profit expectations, reduced uncertainty in relation to the investments, larger stability of investment and debt levels and smaller fluctuation of company results, due to lower financial risk levels

Minority environmental activism in Britain: From brixton to the lake district

Historically, the British environmental movement has been devoid of minority participation, but this is changing very slowly, with the emergence of ethnic minority environmental groups and multiracial environmental alliances. These groups have argued that ethnic minorities have little or no access to public funds earmarked for countryside and wildlife preservation issues. They argue that white environmental organizations do not pay attention to the needs of inner-city minority residents and minority access to the countryside. Increased access, community improvement and beautification projects, environmental education, youth training, community garden projects, and issues of environmental racism are all foci of ethnic minority environmental movements. While some white environmentalists have been supportive of them, others have been uncomfortable with them or even hostile to their existence.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/43549/1/11133_2004_Article_BF00990102.pd

Enzyme-linked immunosorbent assay for detection of antibodies to murine hepatitis virus

An enzyme-linked immunosorbent assay was developed for the detection of antibodies to murine hepatitis virus. A high prevalence of antibody to murine hepatitis virus was found by the enzyme-linked immunosorbent assay in colonies with a low prevalence of complement-fixing antibodies. Murine hepatitis virus strain A59 was found to be broadly reactive as an enzyme-linked immunosorbent assay antigen.</jats:p

Why and How UK Firms Hedge

"This paper attempts to differentiate among the theories of hedging by using disclosures in the annual reports of 400 UK companies and data collected via a survey. I find, unlike many previous US studies, strong evidence linking the decision to hedge and the expected costs of financial distress. The tests show that this is mainly because my definition of hedging includes all hedgers and not just derivative users. However, when the tests employ the same hedging definition as previous US studies, financial distress cost factors still appear to be more important for this sample than samples of US firms. Therefore, a secondary explanation for the strong financial distress results might be due to differences in the bankruptcy codes in the two countries, which result in higher expected costs of financial distress for UK firms. The paper also examines the determinants of the choice of hedging method distinguishing between non-derivative and derivatives hedging. My evidence shows that larger firms, firms with more cash, firms with a greater probability of financial distress, firms with exports or imports and firms with more short-term debt are more likely to hedge with derivatives. Thus, differences in opportunities, in incentives for reducing risk and in the types of financial price exposure play an important role in how firms hedge their risks." Copyright Blackwell Publishers Ltd, 2006.