Analysis of the debt structure: a comparative study between brazilian and american companies

O trabalho analisou os endividamentos totais e de longo prazo de empresas brasileiras e americanas, de vários setores da economia, no período de 1999 a 2003. Além do estudo comparativo, testou-se, utilizando mínimos quadrados ordinários (regressões cross-sectional) algumas hipóteses acerca dos determinantes da estrutura de endividamento das empresas, partindo-se de estudos dos principais autores propostos pela literatura para empresas de diferentes países. Adicionalmente, uma análise comparativa entre os setores foi realizada, utilizando-se testes de diferença de médias. Os resultados mostraram que empresas brasileiras e americanas apresentaram, respectivamente, proporção maior e crescente de dívidas de curto e longo prazo no período. No longo prazo, verificou-se, ainda, a superioridade das americanas sobre as brasileiras. Mas, no que se refere ao endividamento total, as brasileiras mostraram-se superiores às americanas. Nas regressões, encontraram-se evidências de que maior proporção de ativos para garantia resultam em maiores níveis de dívida total e longo prazo. Também ficou evidenciado que empresas mais rentáveis e com altas taxas de despesa de depreciação tendem a apresentar menos dívidas, tanto de longo prazo como totais. Finalmente, verificou-se que empresas maiores tendem a ser mais endividadas no total.This paper analyzed total and long term indebtedness of Brazilian and American companies pertaining to various sectors of economy, between 1999-2003. Besides the comparative study, some hypotheses about the determinants of corporate debt maturity structure, based on main authors' studies found in literature for companies from different countries, were tested using ordinary least squares (cross-sectional regressions). Also, a comparative analysis among the sectors was achieved using mean comparison tests. The results showed that Brazilian and American companies presented, respectively, a greater and increasing proportion of short and long term debts during the period. Relating to the long term debt, it was verified the superiority of American companies to the Brazilian ones. But, relating to the total debt, Brazilian companies showed they were higher indebted than the American ones. The regressions indicated that companies with a greater proportion of assets to be given as collateral, obtained greater levels of total and long term debts. There were also evidences that companies with higher profits and higher depreciation expenses tend to show both less long term and total indebtedness. Finally, it was verified that total debt is positively related to a company's size.Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq

Mudanças na rentabilidade da siderurgia brasileira após a privatização: a influência de eventos exógenos

The Brazilian experience with the privatization policy is already long enough to allow an evaluation of its results, at least for the sectors in which privatization began earlier, such as steel industry. Fast and considerable improvement in the financial performance of this industry has been used as evidence that the efficiency goals were achieved. Nevertheless, a qualitative analysis of the privatization impacts in this industry's structure and competition (Pinho & Silveira, 1998) suggests that exogenous events contributed strongly to the steel companies results. This paper intends to evaluate quantitatively the importance ofthese factors on the largest steel privatized companies. Therefore, it will be developed a methodology to analyze the problem, which will be applied on the available information

HIGH INTEREST RATES, CAPITAL SOURCES AND CAPITAL STRUCTURE: THE DEBT OF BRAZILIAN COMPANIES IN THE PERIOD 1997-2006

Several studies have emphasized the necessity of incorporating factors unrelated to the firm characteristics into their capital structure analysis. Rajan and Zingalas (1995) and Booth et al. (2001) argued for the importance of institutional factors which have remained unexplored and Faulkender and Petersen (2006) have looked at the role of access to the public debt market in the determination of the leverage level. This paper evaluates the impact of (1) specific sources of capital with differentiated (subsidized) interest rates and (2) resources denominated in foreign currencies in the leverage of the Brazilian firms in the years 1997 to 2006, period in that several macroeconomic conditions for the development of the business activities in Brazil were far away from the reasonable, allowing to analyze what did the Brazilian companies with their capital structures in an environment of high interest rates. In order to do so we used classic variables of capital structure literature and variables representing institutional factors in a panel data regarding Brazilian firms in industrial sectors traded in BM&FBovespa in the period 1997-2006. The results showed that: i) the specific sources of capital and foreign currency lines have had a significant impact on the level of indebtedness of Brazilian firms; and ii) including access to these specific sources together with classic variables in the models for determining levels of indebtedness contributed to the understanding of the capital structure of the Brazilian firms.Estudos ressaltaram a necessidade de se incorporar à análise das estruturas de capital das empresas fatores que não apenas as suas próprias características. Rajan e Zingales (1995) e Booth et al. (2001) indicaram a importância de incorporar fatores institucionais e Faulkender e Petersen (2006) apontaram a necessidade de se incorporar não apenas fatores relacionados à característica da firma (o lado da demanda), mas também fatores relacionados à fonte dos recursos (o lado da oferta). O presente trabalho analisa a influência do acesso a (1) fontes de recursos com taxas de juros diferenciadas (subsidiadas) e a (2) recursos em moeda estrangeira, que representam fatores institucionais e/ou o lado da oferta de recursos, no endividamento de empresas brasileiras nos anos 1997 a 2006, período em que várias pré condições macroeconômicas para o desenvolvimento das atividades empresariais no Brasil estiveram longe do minimamente razoável, permitindo analisar o que fizeram as empresas brasileiras com suas estruturas de capital em um ambiente de altas taxas de juros. Para tanto, foram utilizadas variáveis clássicas da literatura de estrutura de capital e variáveis representativas de fatores institucionais num painel de dados referente a empresas brasileiras de setores industriais, cujas ações foram negociadas na BM&FBovespa no período 1997-2006. Os resultados demonstraram que: i) as fontes diferenciadas de recursos e as linhas em moeda estrangeira tiveram participação significativa no nível de endividamento de empresas brasileiras; e ii) a inclusão do acesso a estas fontes, juntamente com variáveis comumente utilizadas (tamanho, rentabilidade etc.) nos modelos de análise do nível de endividamento, contribuiu para o entendimento da estrutura de capital de empresas brasileiras

Comparative analysis of the debt maturing structure of the leading companies in the pulp and paper industry

Neste trabalho, analisa-se o prazo de vencimento das dívidas das maiores empresas do Setor Papel & Celulose, comparando as brasileiras com as de outras nacionalidades. Buscando encontrar elementos explicativos para o diferencial entre os prazos das empresas pesquisadas, foram analisados alguns fatores apontados pela literatura como determinantes do prazo de vencimento das dívidas. Os dados para os cálculos foram extraídos das demonstrações financeiras e notas explicativas de 1995, publicadas pelas próprias empresas. Encontrou-se que empresas rentáveis e com maior proporção de ativos que servem como garantia obtêm prazos maiores. Os resultados sugerem, ainda, que há uma relação inversa entre o prazo médio da dívida e um indicador para economia fiscal. Esperava-se uma relação direta entre a longevidade dos ativos e o prazo do passivo, mas encontrou-se o sinal inverso. Também não se obteve apoio para as hipóteses que relacionam o prazo a tamanho e alavancagem. Na comparação entre países, nota-se a superioridade dos prazos das empresas norte-americanas e canadenses em relação aos das brasileiras. O mesmo acontece para as empresas de Nova Zelândia e Cingapura, embora deva haver cautela na análise desses últimos resultados, dado que, para ambos os países, se dispunha de apenas uma observação para análise.En este trabajo se analiza el plazo de vencimiento de las deudas de las mayores empresas del Sector Papel & Celulosa, comparando las empresas brasileñas con las de otras nacionalidades. Con el objetivo de encontrar elementos explicativos para el diferencial entre los plazos de las empresas investigadas, se analizaron algunos factores indicados por la literatura como determinantes del plazo de vencimiento de las deudas. Se obtuvieron los datos para los cálculos de las demostraciones financieras y notas explicativas de 1995, publicadas por las propias empresas. Se encontró que empresas rentables y con mayores proporciones de activos que sirven como garantía obtienen plazos más largos. Los resultados sugieren, además, que hay una relación inversa entre el plazo medio de la deuda y un indicador para economía fiscal. Se esperaba una relación directa entre la longevidad de los activos y el plazo del pasivo, pero se encontró la relación inversa. Tampoco se obtuvo apoyo para las hipótesis que relacionan el plazo a tamaño y apalancamiento. En la comparación entre países, se comprueba la superioridad de los plazos de las empresas americanas y canadienses con relación a los de las empresas brasileñas. Lo mismo ocurre para las empresas de Nueva Zelanda y Singapur, aunque ha de haber cautela en el análisis de esos últimos resultados, puesto que, para los dos países, se disponía solamente de una observación para análisis.This paper analyzes the debt maturity structure of the leading Pulp & Paper companies, comparing the Brazilian ones to those of other countries. With the purpose of finding elements to explain the different maturities among the companies of the sample, it was analyzed some factors that has been pointed out by the literature as determinants of debt maturity structure. Data was obtained from the financial statements of 1995 and their notes published by each company. We find that profitable firms with assets that can be used as collateral have higher debt maturities. The results have also suggested that there is an inverse relation between debt maturity and non-debt tax shields. Besides, we expected that debt maturity was positively related to asset maturity, but it was found the opposite sign. We did also not obtain statistical support for the hypotheses that relates debt maturity to size and leverage. When the countries are compared, we can note the higher debt maturities of American and Canadian companies relating to Brazilian ones. The same happens to the companies from New Zealand and Singapore, although much more attention must be given to these latest results, once both of countries have presented only one observation to be studied

Neutrophil Paralysis in Plasmodium vivax Malaria

Plasmodium vivax is responsible for approximately 60–80% of the malaria cases in the world, and contributes to significant social and economic instability in the developing countries of Latin America and Asia. The pathogenesis of P. vivax malaria is a consequence of host derived inflammatory mediators. Hence, a better understanding of the mechanisms involved in induction of systemic inflammation during P. vivax malaria is critical for the clinical management and prevention of severe disease. The innate immune receptors recognize Plasmodium sp. and initiate a broad spectrum of host defense mechanisms that mediate resistance to infection. However, the innate immune response is the classic “two-edged sword”, and clinical malaria is associated with high levels of circulating pro-inflammatory cytokines. Our findings show that both monocytes and neutrophils are highly activated during malaria. Monocytes produced high levels of IL-1β, IL-6 and TNF-α during acute malaria. On the other hand, neutrophils were a poor source of cytokines, but displayed an enhanced phagocytic activity and superoxide production. Unexpectedly, we noticed an impaired chemotaxis of neutrophils towards an IL-8 (CXCL8) gradient. We proposed that neutrophil paralysis is in part responsible for the enhanced susceptibility to bacterial infection observed in malaria patients

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear un derstanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5–7 vast areas of the tropics remain understudied.8–11 In the American tropics, Amazonia stands out as the world’s most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepre sented in biodiversity databases.13–15 To worsen this situation, human-induced modifications16,17 may elim inate pieces of the Amazon’s biodiversity puzzle before we can use them to understand how ecological com munities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple or ganism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region’s vulnerability to environmental change. 15%–18% of the most ne glected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lostinfo:eu-repo/semantics/publishedVersio

Search for new particles in events with energetic jets and large missing transverse momentum in proton-proton collisions at root s=13 TeV

A search is presented for new particles produced at the LHC in proton-proton collisions at root s = 13 TeV, using events with energetic jets and large missing transverse momentum. The analysis is based on a data sample corresponding to an integrated luminosity of 101 fb(-1), collected in 2017-2018 with the CMS detector. Machine learning techniques are used to define separate categories for events with narrow jets from initial-state radiation and events with large-radius jets consistent with a hadronic decay of a W or Z boson. A statistical combination is made with an earlier search based on a data sample of 36 fb(-1), collected in 2016. No significant excess of events is observed with respect to the standard model background expectation determined from control samples in data. The results are interpreted in terms of limits on the branching fraction of an invisible decay of the Higgs boson, as well as constraints on simplified models of dark matter, on first-generation scalar leptoquarks decaying to quarks and neutrinos, and on models with large extra dimensions. Several of the new limits, specifically for spin-1 dark matter mediators, pseudoscalar mediators, colored mediators, and leptoquarks, are the most restrictive to date.Peer reviewe

Combined searches for the production of supersymmetric top quark partners in proton-proton collisions at root s=13 TeV

A combination of searches for top squark pair production using proton-proton collision data at a center-of-mass energy of 13 TeV at the CERN LHC, corresponding to an integrated luminosity of 137 fb(-1) collected by the CMS experiment, is presented. Signatures with at least 2 jets and large missing transverse momentum are categorized into events with 0, 1, or 2 leptons. New results for regions of parameter space where the kinematical properties of top squark pair production and top quark pair production are very similar are presented. Depending on themodel, the combined result excludes a top squarkmass up to 1325 GeV for amassless neutralino, and a neutralinomass up to 700 GeV for a top squarkmass of 1150 GeV. Top squarks with masses from 145 to 295 GeV, for neutralino masses from 0 to 100 GeV, with a mass difference between the top squark and the neutralino in a window of 30 GeV around the mass of the top quark, are excluded for the first time with CMS data. The results of theses searches are also interpreted in an alternative signal model of dark matter production via a spin-0 mediator in association with a top quark pair. Upper limits are set on the cross section for mediator particle masses of up to 420 GeV

Probing effective field theory operators in the associated production of top quarks with a Z boson in multilepton final states at root s=13 TeV

Peer reviewe