Orientador: Marcílio Vieira Martins Filho / Banca: Zigomar Meneses de Souza / Banca: José Luiz Rodrigues Torres / Banca: Afonso Lopes / Banca: Maria Ignez Espagnoli Geraldo Martins / Resumo: O objetivo geral deste trabalho foi demonstrar o valor econômico das perdas de nutrientes por erosão do solo, no cultivo da cana-de-açúcar. Especificamente, avaliar as perdas de nutrientes por erosão (P, K, Ca e Mg), o custo de reposição de nutrientes e de produção da cana, e os indicadores de análise de investimentos: valor presente líquido, taxa interna de retorno e a relação benefício / custo em dois sistemas de colheita (cana crua e queimada) em Catanduva - SP, em área de 100 ha para cada sistema, formadas e colhidas no mesmo período de (2002 a 2007), com similaridade quanto ao tipo de solo, variedade, topografia e número de cortes. A metodologia baseou-se na equação universal da perda de solos, teoria dos custos de produção e de reposição de nutrientes, e teoria dos indicadores das análises de investimentos. Estimou-se que a área com cana queimada perdeu mais nutrientes em todos os cortes, por isso o maior custo médio de reposição de nutrientes R$ 33,93 ha-1 ano-1, sendo de R$ 21,12 ha-1 ano-1 para a cana crua. O menor custo de produção foi da cana crua em todos os cortes, média de R$ 29,60 t-1, sendo de R$ 32,71 t-1 para a queimada. A cana crua apresentou um lucro médio de R$ 5,70 t-1 (R$ 562,87 ha-1 ano-1) e a queimada de R$ 2,59 t-1 (R$ 217,46 ha-1 ano-1). O retorno econômico da cana crua é superior ao da cana queimada, evidenciado ainda mais por meio dos resultados obtidos pelos dois sistemas de colheita, considerando-se índices de análises de investimentos (VPL, TIR, B/C). Conclui-se que a cana crua apresentou o melhor retorno técnico e econômico em virtude de proporcionar melhor conservação do solo e da água, a qual foi valorada pelo custo de reposição de nutrientes perdidos por erosão / Abstract: The general objective of this work was to demonstrate the economic value of nutrients loss by soil erosion in sugarcane cultivation. Specifically, It was to evaluate the nutrient loss through erosion (P, K, Ca and Mg), the cost of replacing the nutrients and the production of sugar cane, and also the indicators of investment analysis: liquid present value, the internal return tax, and the benefit cost relation in two harvesting systems (raw cane and burnt) in Catanduva, São Paulo state, Brazil. An area of 100 ha was studied for each system, formed and harvested in the same period (2002 and 2007), with similarities in the type of soil, variety, topography, and the number of cuts. The methodology was based on the universal equation of soil loss and the theory of production costs and the replacement of nutrients. It was estimated that an area of burnt sugar cane lost more nutrients in all of the cuts, thus it has the highest average cost of replacing the nutrients, BRR$33.93 ha-1 year-1, compared with BRR$21.12 ha-1 year-1 for raw cane. The lowest production cost was with raw cane in all of the cuts, with an average of BRR$29.60 t-1, compared to BRR$32.71 t-1 for burnt cane. Raw cane presents an average profit of BRR$5.70 t-1 (BRR$562.87 ha-1 year-1) and burnt BRR$2.59 t-1 (BRR$217.46 ha-1 year-1). The economic return on raw cane is higher than that of burnt cane, which is proven from the results obtained from the two systems of harvesting through the analysis of the investment indexes (LPV, IRT, B/C). We can conclude that raw cane presents the best technical and economic return in its ability to better conserve soil and water, which is valued in the cost of nutrient replacement and losses through erosion / Doutor

This thesis examines the immigration to and long-term settlement in post-Soviet Armenia of Armenians from well-established diasporic communities - mostly from Iran, Syria, Lebanon, Iraq, Canada, and the United States. It argues that diverse levels and combinations of anchoring and floating co-exist in the diasporan returnees' return motivations, post-return integration experiences, and identity and belonging (re)conceptualization processes. They are manifested in the returnees' habitual dispositions, imaginative aspirations, and practical considerations, which develop within a particular sociohistorical environment. The study also considers the changes that occur over time in the structural context and in the ways returnees engage with it. It demonstrates that the inclination of returnees toward more rooted or more mobile directions depends, to a large extent, on their diasporic community background, the generation they belong to, and more immediate factors related to their life-cycle stages. Throughout the analysis, the important role of emotions in the return visions and experiences is highlighted. The thesis makes an empirical contribution by studying the largely uncharted case of Armenian diasporic return in the post-Soviet era. At a more theoretical level, it promotes a balanced approach that goes beyond the overemphasis on mobility and the relative neglect of sedentarism that have characterized many works in the fields of diaspora and migration studies over the past few decades. Underlying this balanced path is the goal of recognizing the equal importance of and complex inter-relationship between human agency and objective structures. To this end, the thesis relies on a theoretical framework based primarily on some of Pierre Bourdieu's key conceptual tools, with certain modifications. Thus, the study frames the topic of long-term diasporic return migration within broader social theory. This way, not only does it link diasporic return to paradigms in migration and diaspora studies, but it also views it from a wider angle of social action.

Background and problem: Underpricing has been examined and determined on multiplefinancial markets around the world, but there is no consensus concerning what exactlydrives it. The phenomenon creates possibilities to identify attractive investment strategiesthat may generate abnormal returns. Therefore, we have chosen to study potential driversof underpricing as well as evaluate two investment strategies in an attempt to find asuperior one. Purpose: The purpose of this study is to investigate which of the following investingstrategies “Subscribe and Sell” and “Buy and Hold” that achieves the highest abnormalreturn on the Swedish IPO-market. This will be examined over an investment horizon upto five months, with five different record dates. Furthermore, the study intends toinvestigate which potential variables that drives the underpricing and stock returns onSwedish IPOs. Method: The study applies a quantitative approach in which we, in line with earlierreference studies, practice T-test to examine which of the strategies “Buy and hold” and“Subscribe and Sell” that is the most successful. Multiple regressions will be applied toexplain the initial underpricing as well as the continued stock returns on IPOs. Ourresearch questions are phrased as hypothesis to simplify the implementation of statisticaltests as well as the interpretation of the results. Theories explaining underpricing of IPOshave been approximated as variables to measure their effect on the IPO. Conclusion: The results from the study states the existence of abnormal returns on theSwedish IPO-market between the years 2012 and 2017. Furthermore, the study confirmsthe “Buy and Hold” strategy to be more successful than the “Subscribe and Sell” strategyover an investment horizon of five months. With premises from the results of the multipleregressions, three out of five variables showed significance, which approximated the theories the Bandwagon effect, the Small Firm Effect and Ex-Ante Uncertainty. Keywords: IPO, underpricing, abnormal return / Bakgrund och problem: Underprissättning har länge studerats och fastställts på flertaletfinansiella marknader runtom i världen, men det råder ingen konsensus om vad som exaktligger till grund för den. Fenomenet skapar möjligheten till att identifiera attraktivainvesteringsstrategier, som potentiellt kan generera en abnormal avkastning. Motbakgrund av detta har vi valt att studera potentiella drivare av underprissättning ochfortsatt aktiekursutveckling samt utvärdera två investeringsstrategier i ett försök av atthitta en överlägsen strategi. Syfte: Syftet med studien är att undersöka vilken av investeringsstrategierna “Teckna-Sälj” och “Buy and Hold” som uppnår högst abnormal avkastning på den svenska IPOmarknaden. Detta görs under en investeringshorisont på upp till fem månader, medavstämningsdagar vid fem tillfällen. Vidare ämnar uppsatsen att undersöka vilkapotentiella variabler som driver underprissättning och aktiekursutveckling på svenskabörsnoteringar. Metod: Studien applicerar ett kvantitativt tillvägagångssätt där vi, i linje med tidigarereferensstudier, tillämpar T-test för att undersöka vilken av investeringsstrategierna “Buyand Hold” och “Teckna-Sälj” som är mest överlägsen. Vidare tillämpas även multiplaregressioner för att förklara den initiala underprissättningen samt fortsattaaktiekursutvecklingen på börsnoteringar. Frågeställningarna har formulerats somhypoteser för att förenkla genomförandet av de statistiska testen samt tolkning avresultaten. Teorier som förklarar fenomenet underprissättning har approximerats somvariabler för att mäta deras påverkan på börsnoteringen. Slutsats: Studiens resultat fastställer en existens av abnormal avkastning förbörsnoteringar mellan åren 2012–2017 på den svenska IPO-marknaden. Vidarebekräftas att investeringsstrategin “Buy and Hold” är mer överlägsen “Teckna-Sälj”under en fem månaders investeringshorisont. Med utgångspunkt i resultaten av demultipla regressionerna visade sig tre av de fem variablerna vara signifikanta, vilkauppskattade teorierna bandwagoneffekten, småbolagseffekten samt ex-ante osäkerhet. Nyckelord: IPO, underprissättning, abnormal avkastning

Although several studies have investigated commercial farmers’ risk preferences, there is still lack of information on the risk attitudes and risk preferences of smallholder farmers in South Africa. Risks associated with the adoption of new agricultural technology need to be explored in order to address the transition from homestead food gardening to smallholder irrigated farming. This study seeks to understand risk perception of smallholder irrigation farmers by linking constraints to commercialisation, adoption of new agricultural technologies and risk preferences of smallholder farmers in the Eastern Cape Province of South Africa. The overall objective of this research is to determine risk preference patterns and attitudes that influence the transition from homestead food gardening to irrigated farming of smallholder farming systems in the Eastern Cape province of South Africa. Specifically the study was to pursue the following objectives: (i) describe the demographic and socio-economic characteristics of smallholder farmers; (ii) describe existing farming systems among smallholder farmers in the study area; (iii) analyse the adoption of new agricultural technology by smallholder irrigation farmers; (iv) assess the risk perception of smallholder irrigation farmers and elicit farmers risk preferences, and (v) empirically analyse farmers sources of risk and risk management strategies. The outcome of this will inform policy formulation that have implications for technology adoption, increase smallholders capacity to bear risk and enable government and other role players have a clear understanding of smallholder farmers decisions. A total of 101 respondents were surveyed, consisting of 38 smallholder farmers and 63 homestead food gardeners in the Eastern Cape. Questionnaires were used to record household activities, socio-economic and institutional data as well as household demographics through personal interviews. The ordered probit model was applied due to the ordered nature of the dependent variable. The analysis was used to empirically analyse the determinants of farmers ‘risk preference status. The ordered probit model successfully estimated the significant variables associated with the farmer‘s adoption decisions. These were the farmer‘s age, household size, land size, locational setting, risk attitude, number of livestock (goats and chicken) and asset ownership. Homestead food gardeners were less risk averse that the smallholder farmers. Farmers who reside in the sub-wards Binfield and Battlefield were more likely to take risk than those who reside in Melani. This suggests the presence of local synergies in adoption which raises the question about the extent to which ignoring these influences biases policy conclusions. The negative correlation between land size and adoption implies that smaller farms appear to have greater propensity for adoption of new agricultural technology. This finding is supported by several studies reviewed in the literature that allude to the fact that homestead food gardeners tend to be smaller than smallholder farmers. By means of the Principal Component Analysis (PCA), seven principal components (PCs) that explained 66.13 percent of the variation were extracted. According to the loadings, the factors 1 to 7 can best be described as ‘financial and incentives index’, ‘input-output index’, ‘crop production index’, ‘labour bottleneck index’, ‘lack of production information index’, ‘lack of market opportunity index’, and ‘input availability index’ respectively. In general, price, production and financial risks were perceived as the most important sources of risk. Socio economic factors having a significant effect on the various sources of risk are age, gender, education, location, information access and risk taking ability. The most important traditional risk management strategies used by the surveyed smallholder farmers in Eastern Cape are crop diversification, precautionary savings and participating in social network. The findings are consistent with economic theory which postulates that in the absence of insurance markets, poor farm households tend to be risk averse and are reluctant to participate in farm investment decisions that are uncertain or involve higher risk.

Esse trabalho traz os resultados do retorno salarial de se investir em educação no Brasil e desagregado para cada Estado da Unidade da Federação. Diferentes técnicas econométricas foram estimadas, como Mincer, Mincer Adaptado, Método de Variáveis Instrumentais, Método de Heckman e por fim Metodologia de Hansen (2000) que permite inovar a idéia de não linearidade na equação de rendimento proposta por Jaccob Mincer estimada de forma endógena. A analise empírica foi feita com base nas PNAD´s de 2001 a 2008 com dados em dados cross-section. Os resultados apresentados diferenciam em magnitude de cada método econométrico utilizado em destaque o Método de Hansen que permitiu identificar limiares em que o retorno de se investir em educação muda a partir de certo nível de escolaridade quebrada a hipótese de linearidade. Implicando que a não consideração de tal hipótese pode acabar distorcendo a compreensão da função que a educação em si exerce, por exemplo, na distribuição de renda. / This paper presents the results of the wage return of investing in education in Brazil and the disaggregated for each member of the Office of the Federation. Others Different from econometric were estimated as Mincer, Mincer Adapted, All Variable Instrumental, Method of Heckman and finally Methodology Hansen (2000) to innovation to go from no linearity in the equation the revenue proposed by Mincer Jaccob estimated and endogen. The analysis empiric was based on PNAD´s from 2001 to 2008 data with data in cross-section. The presented results differ in magnitude for each method used econometric highlighted the method of which Hansen identified thresholds at which the return of investing in education change it from a certain point of education to broken hypothesis linearity. Implying that if consideration in such a hypothesis can end up distorting the understanding of the function what education the exercise it, for example, distribution the income.

O objetivo do trabalho foi avaliar os impactos da taxa de natalidade, da idade de acasalamento e da idade de abate na produção por hectare e na taxa de desfrute de sistemas de ciclo completo de bovinos de corte e desenvolver um indicador para determinar a eficiência bioeconômica da atividade. Para avaliar estes impactos, utilizou-se um modelo computacional determinístico que ajusta categorias animais mediante coeficientes técnicos e pressupostos de evolução do rebanho. Com dados do modelo computacional, estimaram-se modelos matemáticos para predição da produção por hectare (PH) e taxa de desfrute (TD) em função da taxa de natalidade (TN), idade de acasalamento (IAC), idade de abate (IAB) e lotação animal (LT). Os conceitos de análise de sensibilidade e princípios da teoria da utilidade marginal da microeconomia foram utilizados para avaliar os impactos marginais ao mudarem-se os indicadores zootécnicos do rebanho em 27 cenários. Pôde-se identificar o cenário de maior impacto para cada indicador e o indicador de maior impacto para cada cenário. O modelo pode também ser utilizado para identificar em que circunstâncias de aumento da lotação animal e modificação nos indicadores zootécnicos ocorre uma redução na produção por hectare. Para auxiliar nas decisões de investimento quando se pretende intensificar a produção, foi desenvolvida uma sistemática para estimar o valor da produção adicional (VPA). Por fim, um indicador de eficiência bioeconômica (IEB) foi desenvolvido utilizando-se o conceito de retorno do capital investido, sendo aplicado em um cenário teórico de referência para o Estado do Rio Grande do Sul. Com este método, sistemas produtivos eficientes são aqueles que apresentam valores superiores a 3. O cenário teórico foi ineficiente com os valores de 2,22 para o IEB e de 1,50, 2,81 e 3,06 para os componentes solo, planta e animal, respectivamente. Foram identificadas alternativas entre as variáveis que tornam a atividade eficiente, além de relações de isoeficiência em diferentes cenários. Sugerem-se a aplicação do indicador em outras atividades agrícolas e a elaboração de estudos de isoeficiência que incorporem aspectos ambientais e de bem-estar social. / This study aimed at assessing the impacts of calving rate, age at mating and age at slaughter on both the production per hectare and the slaughter rate of cow-calf production systems. An indicator was also developed to determine the bio-economical efficiency of this type of production. To assess these impacts, a deterministic computer model was used. The model adjusted animal categories by means of technical coefficients and assumptions about the herd evolution. Mathematical models were developed to predict production per hectare (PH) and slaughter rate (TD) in relation to calving rate (TN), age at mating (IAC), age at slaughter (IAB) and stocking rate (TL). The concepts of sensitivity analysis, along with the principles of microeconomic marginal utility theory, were used to assess the marginal impacts when the production indicators of the herd were changed in 27 scenarios. It was possible to identify the scenario that had the greatest impact for each indicator, as well as the indicator of the greatest impact in each scenario. The model was also employed to identify in which circumstances an increased number of animals and changed production levels caused a reduction in the production per hectare. To assist in the decision-making process related to investments when a higher production is intended, a systematic framework was developed to estimate the value of additional production (VPA). Finally, a bio-economical efficiency indicator (IEB) was developed by using the concept of return on investment, and this was applied to a theoretical reference scenario in Rio Grande do Sul State. With this method, efficient production systems show values that are higher than 3. The theoretical scenario was inefficient, with IEB of 2.22 and 1.50, 2.81, and 3.06 for the soil, plant and animal components, respectively. Alternatives among the variables that make the activity efficient were identified, as well as isoefficiency relationships in different scenarios. It is suggested that this indicator is applied in other agricultural activities. The design of studies of isoefficiency incorporating environmental and social welfare issues is recommended.

A relação entre Variáveis Macroeconômicas e o Retorno de Ações é de alta importância para pesquisas econômicas e financeiras, já que, quando descoberto, um mecanismo de conhecer ou prever o impacto dessas variáveis oportuniza uma melhor performance de investidores no mercado acionário. Nesse sentido, nosso trabalho testa nove variáveis macroeconômicas (Preço de Commodities, Taxa de Desemprego, Inflação, Agregados Monetários, Taxas de juros, Relative Money Market Rate (RMM), Produção Industrial, Hiato do Produto (GAP) e Taxa de juros dos EUA) contra o retorno real do Ibovespa, empregando regressões lineares, como tradicional na literatura, e modelos de mudança de regime markoviana (MSM), para avaliar melhor o impacto e poder de previsão do retorno sob uma economia tão perturbada por planos econômicos e crises financeiras. Além disso, realizamos uma rigorosa avaliação do poder preditivo através de testes dentro e fora da amostra, incluindo avaliações dos coeficientes estimados defasados, critérios de Informação de AIC e BIC, Razões de Erro Quadrático Médio e o Erro Absoluto Médio e testes de encompassing de Diebold e Mariano (1995), de Clark e Mccracken (2001) e de Mccracken (2007), combinados aos novos valores assintóticos de Clark e Mccracken (2001,2004). Os resultados indicam que o Ibovespa possui dois regimes, e que a variável Hiato do Produto se destaca por ser a variável mais significativa e de maior poder de previsão, tanto nos modelos lineares como nos nãolineares. Além dessa, a variável RMM, também se mostrou capacitada para prever o retorno quando estimada no MSM, assim como as variáveis inflação e agregados monetários também apresentaram poder preditivo quando acompanhados da variável GAP. Entretanto, Produção industrial e taxa de juros não tiveram qualquer evidência de capacidade preditiva. Por fim, nos horizontes trimestrais e semestrais, os MSM tiveram dificuldade de encontrar os diferentes regimes, e por isso, não conseguiram se mostrar sistematicamente superiores aos modelos lineares. / The relationship between Macroeconomic Variables and stock returns is of high importance for economic and financial research because, when discovered, a mechanism to know or predict the impact of these variables allows a better performance of investors in the stock market In this sense, our research tests nine macroeconomic variables (Commodities Prices, Unemployment Rate, Inflation, Money Stock, Interest Rate, Relative Money Market Rate (RMM), Industrial Production, Output Gap (GAP) and United States Interest Rate) versus the Ibovespa Real Stock Return, with linear models, as in traditional literature, and with Markov Switching Models, to gauge the impact and the predictive power of the assumption of an economy so troubled by economic plans and financial crises. In addition, we conducted a rigorous predictive ability evaluation by testing in-sample and out-of-sample, including a lagged coefficient estimated evaluation, information criteria of Akaike and Schwarz, Mean-square Error, Absolute Mean Error and encompassing tests of Diebold e Mariano (1995), Clark e Mccracken (2001) and Mccracken (2007) combined with the new asymptotic values of Clark e Mccracken (2001,2004). The results indicated that the Ibovespa has two states and the Output Gap variable stands out for being the most significant variable and with the greatest predictive ability for both linear and nonlinear models. Besides, the RMM variable has also shown to be able to predict the stock return when estimated in the MSM. Furthermore, the inflation and money stock variable also presents predict ability when estimated models is addicted with GAP variable. Industrial production and interest rates had no evidence of predictive ability. Finally, in the quarterly and semiannual horizons, the MSM had difficulty in finding the different regimes, and therefore failed to show themselves consistently higher than the linear models.

OLIVEIRA, Renato Almeida de. Secularização e retorno do religioso: considerações a partir da teoria do estranhamento em Marx. 2017. 135f. – Tese (Doutorado) – Universidade Federal do Ceará, Programa de Pós-Graduação em Filosofia, Fortaleza (CE), 2017. / Submitted by Gustavo Daher (gdaherufc@hotmail.com) on 2017-02-10T12:42:04Z No. of bitstreams: 1 2016_tese_raoliveira.pdf: 863380 bytes, checksum: 4e5a628e766184f200391ac79b00362d (MD5) / Approved for entry into archive by Márcia Araújo (marcia_m_bezerra@yahoo.com.br) on 2017-02-10T15:15:34Z (GMT) No. of bitstreams: 1 2016_tese_raoliveira.pdf: 863380 bytes, checksum: 4e5a628e766184f200391ac79b00362d (MD5) / Made available in DSpace on 2017-02-10T15:15:34Z (GMT). No. of bitstreams: 1 2016_tese_raoliveira.pdf: 863380 bytes, checksum: 4e5a628e766184f200391ac79b00362d (MD5) Previous issue date: 2017 / A presente pesquisa tem por finalidade expor, a partir do universo conceitual marxiano, mais especificamente de sua teoria do estranhamento, os fatores que contribuem para a atenuação da secularização e o consequente retorno do religioso na contemporaneidade. A partir de uma leitura imanente das obras de Marx, que nos possibilitou entender que o fenômeno religioso só pode ser adequadamente compreendido a partir das condições materiais (políticas e econômicas) nas quais os indivíduos estão inseridos, rematamos que dois fatores são determinantes para o reavivamento da religião, a saber: 1) o estranhamento humano no mundo do trabalho e 2) o estranhamento humano na dimensão política, ambos manifestantes da perda de si do homem e da criação de um mundo hostil aos indivíduos. Assim, a sociedade burguesa tem levado a um ressurgimento da religião como expressão de sua decadência humana. Desse modo, o que ocorre na sociedade contemporânea, quando falamos de um retorno do religioso, é um regresso dos sentimentos humanos que outrora foram a base para a origem das religiões e que hodiernamente são o fundamento para o reavivamento do fenômeno religioso. Assim, acreditamos ter inserido Marx no debate contemporâneo acerca da relação entre secularização e religião, sem, contudo, pretender esgotar o tema, fechando-o em uma posição cristalizada tomada como a verdade definitiva. O tema aqui abordado é bastante complexo. O que queremos é contribuir com o debate contemporâneo, inserindo novos elementos que possam nos ajudar a pensar o fenômeno religioso hoje.

Esta tese apresenta um modelo para mensuração probabilística do retorno financeiro gerado pela participação de micro e pequenas empresas em redes de cooperação horizontal (RCH). Esta pesquisa pretende atender uma lacuna técnica informacional da literatura no que tange a modelos para mensuração econômica/financeira dos benefícios gerados pela participação destas empresas em RCH, bem como a identificação do volume e interdependência destes benefícios sobre seu faturamento. Para tanto, por meio de uma revisão sistemática de literatura, foi realizado um levantamento dos benefícios passíveis de mensuração econômica/financeira em função da participação de empresas em RCH. Identificaram-se dois conjuntos de ganhos compostos por três blocos de benefícios, sendo estes desdobrados em sete benefícios estruturados por dezesseis construtos, formando assim a base teórica do modelo. A partir desta base teórica, os itens de mensuração capazes de traduzir os constructos de benefícios foram mapeados. Propôs-se então um ciclo da gestão financeira para empresas participantes de RCH, que se traduziu como base operacional do modelo. Como principal resultado do modelo obtêm-se o valor médio e a distribuição de probabilidade do retorno financeiro dos dois conjuntos de ganhos, por meio de três opções estratégicas de incorporação do retorno à estrutura financeira da empresa. A aplicação do modelo deu-se por meio de um teste piloto numa pequena empresa do setor moveleiro participante de uma RCH. / This thesis presents a model for probabilistic measure of the financial return generated by the participation of micro and small companies in Horizontal Cooperation Networks (HCN). This research aims to answer a technical informational gap observed in the literature regarding models for measuring economic / financial benefits generated by the participation of these companies in HCN, considering the volume and interdependence of these benefits on company revenues. To achieve the objectives, through a systematic review of literature, the benefits subject to economic / financial measures due to the participation of companies in HCN were collected. Two sets of gains, comprised by three benefits blocks, which are compounds by seven benefits structured by sixteen constructs were identified, forming the theoretical basis of the model. From this theoretical basis, the items of measurement capable of translating constructs into benefits were mapped. Then a cycle of financial management for companies participating in HCN was proposed, which was reflected as the operational basis of the model. The main result of the model was the obtainment of the average value and the probability distribution of the financial return – for the two sets of gains, through three strategic options for incorporation of earnings in the company financial structure. The model application was carried out by a pilot test conducted in a small company of the furniture sector that participates in a HCN.

Title: Analysis of the badminton matches in men's and women's singles The goals of essay: Main goal of the essay is to find out differences in first three shots and its most common combinations in single matches of men and women in relation to gaining a point during the rally. Another goal was to find frequency of using backhand and forehand hold in second and third shot. The last goal was to compare the frequency of ending in first, second and third shot between men and women. Methods: Indirect analysis - videoanalysis Results: According to results men and women primarily choose different types of serving. Men most often use short backhand serve, women high forehand serve. For the second shot men choose short shot or lob, women use smash. The third shot is lob in men rally, women choose short shot most often. Generally men uses in the first three shots shots less clears than women do. For both sexes are the most effective shots offensive ones, but men are more successful than women. The most effective direction of return was for men and for women the body of the player, in third shot it was the backhand side too (left middle and left back of the field). Men were more successful with forenhand, women with backhand. The frequenc of endings to third shots shows that women more often end the rally...