A presente pesquisa busca verificar empiricamente o impacto da lei do dividendo obrigatório sobre o investimento das empresas de capital aberto. Para alcançar este objetivo três hipóteses foram criadas. A primeira objetiva testar se o valor marginal do caixa diminui com o pagamento de dividendos acima do mínimo obrigatório, testando assim o pagamento de dividendos no Brasil como proxy para restrição financeira, visto que esta classificação é importante em modelos de investimento. A segunda busca mensurar o impacto do dividendo obrigatório no investimento de empresas brasileiras de capital aberto que distribuem apenas o dividendo mínimo. A última hipótese avalia a influência deste mecanismo legal em uma amostra multi-países. Os resultados obtidos indicam que o dividendo obrigatório impacta direta e indiretamente no investimento das companhias. E, este efeito é ainda maior e mais relevante para as empresas restritas financeiramente. Considerando o contexto nacional, onde as fontes de financiamentos são caras e escassas, esta evidência obtida pela presente pesquisa possui grande relevância para o mercado financeiro. / The present research seeks to empirically verify the impact of the mandatory dividend on publicly traded companies’ investment. To achieve this goal, three hypotheses were created. The first one aims to test if the marginal value of cash decreases with the payment of dividends above the mandatory minimum, thus testing the distribution of dividends in Brazil as proxy for financial constraint, since this classification is important in investment models. The second seeks to measure the impact of the mandatory dividend on the investment of Brazilian publicly traded companies that distributed only the minimum dividend. The last hypothesis evaluates the influence of this legal mechanism on a multicountry sample. The results indicate that the mandatory dividend has a direct and indirect impact on the companies’ investment. And, this effect is even greater and more relevant for financially constrained companies. Considering the national context, where the sources of financing are expensive and scarce, this evidence obtained by the present research has great relevance for the financial market.

O objetivo do presente trabalho foi analisar a trajetória de desaceleração, vivenciada pela economia brasileira, a partir dos anos 1990 até 2013, com o foco nas restrições impostas ao crescimento econômico – do lado da oferta, de demanda e institucionais – e suas implicações fundamentais. Apoiado nas principais interpretações teóricas e também na literatura empírica sobre a insuficiência do crescimento econômico no Brasil, elaborou-se uma investigação teórico-histórico-empírica, a fim de identificar os principais obstáculos existentes, investigando-se o seu papel na determinação da trajetória verificada nas últimas décadas. O procedimento metodológico envolveu três etapas. Na primeira, buscou-se explicitar um aparato teórico-conceitual, a partir de uma resenha literária sobre a temática do crescimento econômico, com ênfase nos fatores que podem restringir o referido processo, de acordo com três abordagens principais: a economia tradicional (ortodoxa), a vertente keynesiana-neoestruturalista e a visão da economia institucional. A segunda etapa realizou uma discussão reflexiva que identificou o contexto do surgimento e a evolução dos obstáculos relevantes ao crescimento sustentado no Brasil. Na terceira etapa, desenvolveu-se uma análise econométrica que se dividiu em duas partes: a primeira utilizou a metodologia para dados em painéis, para inferir as correlações entre algumas variáveis selecionadas e o crescimento econômico em um conjunto de 67 países entre 1990 e 2013, e a segunda realizou uma análise de séries temporais, visando avaliar a relação entre as restrições ao crescimento e a trajetória de baixo dinamismo, verificada a partir dos anos 1990. Os principais resultados da pesquisa sugeriram a existência de uma relação forte e direta entre a presença das restrições – de oferta, de demanda e institucionais – e o desempenho pífio da economia brasileira, que ocorreu em razão da deterioração dos canais fundamentais para o crescimento sustentado: o investimento, a produtividade e o setor externo, justificando o quadro de semiestagnação que caracterizou as últimas décadas. / The objective of this study was to analyze the trend of deceleration experienced by the Brazilian economy, from the years 1990 to 2013 with a focus on restrictions on economic growth - on the supply side, demand and institutional ones - and its fundamental implications. Supported by the main theoretical interpretations and also by the empirical literature on the failure of economic growth in Brazil, we elaborated a theoretical and historical-empirical research to identify the main obstacles, investigating its role in determining the trend observed in recent decades. The methodological procedure involved three steps. At first, we tried to clarify a theoretical and conceptual apparatus, through a literature review on the economic growth, with emphasis on factors that may restrict this process, according to three main approaches: the traditional (Orthodox) economy, the Keynesian-neoestruturalist vision and the institutional economics. The second stage held a reflective discussion which identified the emergence of the context and the evolution of relevant obstacles to the resumption of economic growth in Brazil. In the third stage, we dedicated to an econometric analysis was divided into two parts developed: the first used the methodology for data panels aiming to infer some correlations between selected variables and economic growth in a set of 67 countries between 1990 and 2013 and, the second, we conducted a time series analysis to evaluate the relationship between the constraints to growth and the trajectory of low dynamism observed from the early 1990. The main results of this study suggested the existence of a strong and direct relationship between the presence of restrictions – of the supply and demand side and institutional ones - and the weak performance of the Brazilian economy, which took place due to the deterioration of basic channels for sustained growth: investment, productivity and the external sector, justifying the semi-stagnation framework that characterized the last decades.

abstract: This research is focused on competitive female video gamers. This study focuses on a specific group of competitive female gamers who participate in an all female online community group or clan known as the PMSclan. The purpose of the study is to analyze the highly competitive female video gaming clan members of the PMSclan in order to understand how resistance is displayed in a female centered video gaming community and how that affects the identity of the individual gamers through Shaw's (2001) theory of resistance. This study employs qualitative research design and uses content analysis of publicly available clan doctrines and member blogs through the PMSclan website. Findings indicate that collective acts of resistance lead to individual acts of resistance which can be seen through self-expression, self-determination, and empowerment. These acts of resistance have a positive impact on female gamers with outcomes of strength and power which can be displayed in a typically masculine society. / Dissertation/Thesis / M.S. Recreation and Tourism Studies 2013

This essay studies the design process from a collaborative point of view. A literature study has been carried out with focus on design processes and collaborative design, where important concepts and notions are presented. A practical design process was carried out where the project was to create a station identification for Swedish Channel 9. The process was than retrospectively analyzed and broken down into a time-line describing the whole process from amongst other a collaborative point of view. Collaboration between designers and client is found to be very important for the final design. Constraints are considered important to force creativity and the ability to convey abstract thoughts over long distance channels such as e-mail is found to be important in order to overcome the spatial barrier that exists in many design processes today.

O objetivo do presente trabalho foi analisar a trajetória de desaceleração, vivenciada pela economia brasileira, a partir dos anos 1990 até 2013, com o foco nas restrições impostas ao crescimento econômico – do lado da oferta, de demanda e institucionais – e suas implicações fundamentais. Apoiado nas principais interpretações teóricas e também na literatura empírica sobre a insuficiência do crescimento econômico no Brasil, elaborou-se uma investigação teórico-histórico-empírica, a fim de identificar os principais obstáculos existentes, investigando-se o seu papel na determinação da trajetória verificada nas últimas décadas. O procedimento metodológico envolveu três etapas. Na primeira, buscou-se explicitar um aparato teórico-conceitual, a partir de uma resenha literária sobre a temática do crescimento econômico, com ênfase nos fatores que podem restringir o referido processo, de acordo com três abordagens principais: a economia tradicional (ortodoxa), a vertente keynesiana-neoestruturalista e a visão da economia institucional. A segunda etapa realizou uma discussão reflexiva que identificou o contexto do surgimento e a evolução dos obstáculos relevantes ao crescimento sustentado no Brasil. Na terceira etapa, desenvolveu-se uma análise econométrica que se dividiu em duas partes: a primeira utilizou a metodologia para dados em painéis, para inferir as correlações entre algumas variáveis selecionadas e o crescimento econômico em um conjunto de 67 países entre 1990 e 2013, e a segunda realizou uma análise de séries temporais, visando avaliar a relação entre as restrições ao crescimento e a trajetória de baixo dinamismo, verificada a partir dos anos 1990. Os principais resultados da pesquisa sugeriram a existência de uma relação forte e direta entre a presença das restrições – de oferta, de demanda e institucionais – e o desempenho pífio da economia brasileira, que ocorreu em razão da deterioração dos canais fundamentais para o crescimento sustentado: o investimento, a produtividade e o setor externo, justificando o quadro de semiestagnação que caracterizou as últimas décadas. / The objective of this study was to analyze the trend of deceleration experienced by the Brazilian economy, from the years 1990 to 2013 with a focus on restrictions on economic growth - on the supply side, demand and institutional ones - and its fundamental implications. Supported by the main theoretical interpretations and also by the empirical literature on the failure of economic growth in Brazil, we elaborated a theoretical and historical-empirical research to identify the main obstacles, investigating its role in determining the trend observed in recent decades. The methodological procedure involved three steps. At first, we tried to clarify a theoretical and conceptual apparatus, through a literature review on the economic growth, with emphasis on factors that may restrict this process, according to three main approaches: the traditional (Orthodox) economy, the Keynesian-neoestruturalist vision and the institutional economics. The second stage held a reflective discussion which identified the emergence of the context and the evolution of relevant obstacles to the resumption of economic growth in Brazil. In the third stage, we dedicated to an econometric analysis was divided into two parts developed: the first used the methodology for data panels aiming to infer some correlations between selected variables and economic growth in a set of 67 countries between 1990 and 2013 and, the second, we conducted a time series analysis to evaluate the relationship between the constraints to growth and the trajectory of low dynamism observed from the early 1990. The main results of this study suggested the existence of a strong and direct relationship between the presence of restrictions – of the supply and demand side and institutional ones - and the weak performance of the Brazilian economy, which took place due to the deterioration of basic channels for sustained growth: investment, productivity and the external sector, justifying the semi-stagnation framework that characterized the last decades.

Utilizando informações financeiras de 226 firmas brasileiras nos anos de 2000 até 2015, este estudo buscou investigar se a mispricing (avaliação equivocada do preço das ações) presente no mercado financeiro possui influência nas decisões de investimento dessas firmas. A restrição financeira também foi incorporada ao modelo ao se utilizar os índices KZ, WW e SA na classificação das firmas: financeiramente restrito e financeiramente não restrito. Buscou-se evidenciar como firmas financeiramente restritas e irrestritas ajustam suas fontes de recursos financeiros em resposta à avaliação equivocado dos preços das ações. Estimou-se através do GMM-System um modelo de investimento dinâmico considerando as variáveis de investimento defasado e quadrático, fluxo de caixa, alavancagem, crescimentos das vendas, q de Tobin, e como proxy da mispricing, Accruals discricionárias e Composite Share Issuance. Os principais resultados apontaram que a mispricing atua de maneira positiva no nível de investimento das empresas brasileiras. Elevadas accruals e CSI contribuem para o que o investimento seja impulsionado em virtude da sobrevalorização dos preços das ações e consequente valoração de mercado das firmas. Essa sobrevalorização torna possível a captação de recursos via mercado e a implantação de novos projetos. Os efeitos da mispricing podem inclusive auxiliar na superação de questões de sub-investimentos e propiciar o aumento dos investimentos na economia, atuando como \"relaxador\" das restrições financeiras e incentivando a execução de projetos eficientes. / Through financial information from 226 Brazilian firms between 2000 and 2015, this study investigated whether mispricing in the financial market influences the firm\'s investment decisions. The financial constraint was also incorporated in the study using the KZ, WW and SA indices to classify the firms into two groups: financially and non-financially constraint. It was expected to evidence how financially and non-financially constraint firms adjust their sources of resources in response to stock prices misjudgment. A dynamic investment model was estimated using the GMM-System, considering the lagged and quadratic investment variables, cash flow, leverage, sales growth, Tobin\'s q, and as a proxy for mispricing, discretionary accruals and Composite Share Issuance. The main results pointed out that mispricing acts positively on the level of investments of Brazilian companies. High accruals and CSI would contribute to the investment being boosted by the overvaluation of stock prices and the consequent market value of the firms. This overvaluation would allow the capture of resources via the market and the implementation of new projects. The mispricing effects could also indicate the issues of underinvestment and allow the increase of investments in the economy, presenting a \"relaxing\" effect of financial constraints and encouraging the execution of efficient projects.

O processo de planejamento de empreendimentos residenciais verticais no Brasil tem apresentado deficiências principalmente quanto do confronto das programações que balizam a decisão de investir, da tomada de risco do empreendimento, versus os resultados obtidos a partir do controle de sua implantação. As discrepâncias observadas entre o desempenho esperado na programação e aquelas obtidas nos processos de controle, principalmente quanto a indicadores de prazo e de alocação de recursos mostram a necessidade de se buscar sucessivos aprimoramentos dos processos da programação orientada a prazos. Aspectos como maior consistência no mapeamento de escopo na elaboração do planejamento operacional suportados por redes lógicas, além de uma adequada correlação entre as durações das atividades com as respectivas alocações e nivelamento de recursos merecem ser aprimorados. Uma abordagem para o desenvolvimento de programações operacionais, contemplando recursos para fazer frente aos aspectos acima citado se torna necessária. A ênfase se dá no estreitamento da correlação entre a estimativa das durações das atividades com as respectivas alocações de recursos. O objetivo deste trabalho é propor um método de nivelamento de recursos desenvolvido com o emprego de princípios da Theory of Constraints (TOC). O método de nivelamento consiste de regras heurísticas para programação operacional, complementado por procedimentos para o mapeamento de escopo e de uma biblioteca de redes lógicas elementares para edifícios residenciais verticais. Estes complementos têm por objetivo assegurar um nível mínimo de consistência e adequação do emprego do método de nivelamento ora proposto. Foram desenvolvidos 16 estudos de caso para suportar estes processos complementares, além de 171 testes em 21 redes lógicas para avaliar: os princípios da TOC, calibrar o método, analisar o seu desempenho e demonstrar sua aplicabilidade. Finalmente, concluiu-se que as regras heurísticas que compõem o método proposto nesta Tese são de fácil aplicação, e apresentaram desempenho igual ou superior as melhores regras existentes. / The planning process of construction of vertical housings used in Brazil have shown lacks, mainly when confronting the scheduling guiding the decision-making to invest, concerning the risk of the enterprise, versus the results obtained during the execution control. The discrepancies observed between the expected results regarding scheduling and those observed in the execution control processes, especially those about timeframe and resource allocation indicators, show the necessity to adjust and improve constantly the scheduling processes. Aspects such as greater consistency in defining scope and in the design of operational planning supported by logical networks, along with an appropriate correlation between the duration of activities and the corresponding resource allocation, deserve to be optimized. This study focus on the development of operational scheduling techniques, contemplating resource allocation to deal with those aspects above mentioned. Emphasis is given to the reinforcement of correlation between estimated timeframes for activities and the corresponding resource allocation. The objective of this research work is to propose one method of resource levelling developed using the principles of the Theory of Constraints (TOC). This method consists of a heuristic scheduling process oriented towards operational schedule, complemented by procedures for mapping of scope for the construction of vertical residential buildings and a library of elementary logical networks also oriented towards this type of buildings. The objective of these complements is to guarantee a minimum level of consistency for the simulated implementation model, as well as to insure the adequate use of the levelling resource process proposed here. Sixteen cases studies were developed to support these complementary processes, beyond 171 tests in twenty one logical networks to evaluate the principles of the TOC, to calibrate the method, to analyze its performance and to demonstrate its applicability. Finally, it was concluded that the heuristics rules proposal that compose the method in this Thesis is of easily application, and presented a performance equally or higher than the best existent rules.

Durant cette thèse nous nous sommes intéressés aux réseaux métaboliques et notamment leur modélisation sous forme d'un graphe bipartite dirigé pondéré. Ce dernier permet d'étudier la production d'éléments cibles métaboliques regroupés dans une biomasse à partir de composants provenant du milieu de croissance de l'organisme. Nous nous sommes plus particulièrement penchés sur le rôle des métabolites internes au réseau et la notion d'essentialité de ces derniers pour la production d'une biomasse dont nous avons raffiné la définition dans le cas d'une étude de flux (métabolite essentiel du point de vue de la productibilité du réseau et métabolite essentiel du point de vue de l'efficacité du réseau) puis étendu cette dernière dans le cas d'une étude topologique (métabolite essentiel du point du vue de la persistance du réseau). Nous nous sommes pour cela reposés sur le formalisme d'un part de Flux Balance Analysis et ses dérivés, et d'autre part d'expansion de réseau, afin de définir un métabolite essentiel (ou carrefour), nous permettant de mettre au point un package python (Conquests) cherchant les carrefours dans un réseau métabolite. Nous avons appliqué ce dernier à six réseaux métaboliques dont quatre provenant d'espèces modèles (iJO1360, iAF1260et iJR904 d'E. coli et Synecchocystis) et les deux autres d'espèces plus spécifiques (A. ferrooxidans et T. lutea). Nous avons aussi défini le concept de cluster de métabolites essentiels du point du vue de la persistance du réseau lié aux composants de la biomasse auxquels ils sont nécessaires et que nous avons appliqué sur les six réseaux métaboliques précédents et sur 3600 réseaux dégradés du réseau iJR904de E. coli puis reconstruits selon trois méthodes de gapfilling (Gapfill, Fastgapfill et Meneco) afin de comparer ces dernières. Ces études nous ont permis de mette en avant l'importance de métabolites internes dans la production de composés cibles. / In this thesis we are interested in metabolic networks and, in particular, their modelling with a weighted directed bipartite graph. This representation makes it possible to study the production of target metabolic elements, constituting a biomass, from components coming from the growth medium of the organism. We focused on the role of metabolites inside the network and the notion of essentiality for this elements for the production of a biomass whose definition we have refined in the case of a flow study (metabolite essential for biomass producibility and metabolite essential for biomass efficiency) and extended this notion in the case of a topological study (metabolite essential for biomass sustainability). We rely on the formalism of Flux Balance Analysis and its derivatives, and of network expansion, in order to define an essential metabolite (ME or crossroad), allowing us to develop a python package (Conquests) looking for crossroads in a metabolic network. We applied our concept to six metabolic networks, four of which came from model species (iJO1360, iAF1260 and iJR904 of E. coli and Synecchocystis) and the other two from more specific species (A. ferrooxidans and T. lutea). We have also defined the concept of cluster of ME-sustainability, related to the biomass components to which they are required and which we have applied over the six previous metabolic networks and over 3600 degraded networks of iJR904 of E. coli and reconstructed according to three methods of gapfilling (Gapfill, Fastgapfill and Meneco) to compare the results. These studies have allowed us to highlight the importance of internal metabolites in the production of target compounds.

We allow for heterogeneity in investors' ability to borrow from collateral in a Kiyotaki-Moore style macro model. We calibrate the model to match the quintiles of the distribution of leverage ratios of US non-financial firms. We show that financial amplification of the model with heterogeneous investors can be orders of magnitude higher, because of more pronounced asset price reactions. / Series: Department of Economics Working Paper Series

Magister Artium - MA / Vulnerable children in Southern Africa are not receiving adequate services to support their human development. The child rights-based approach (CRBA) has become the globally accepted norm informing the quality and variety of multidimensional services children require to realise their rights and ensure their optimal human development. Community- Based Organisations (CBOs) are providing services to children in their communities. Unfortunately, relatively few CBOs in Southern Africa have been able to deliver all the multidimensional services required by vulnerable children to realise their right to survival, protection, development and participation. Yet, in the immediate future, existing CBOs could be capacitated as part of a collaborative approach with governments and donor agencies, to scale up services for vulnerable children. In line with the CRBA and the people centred development approach (PCDA), this research describes the factors that enhance or constrain the services for vulnerable children provided by the CBO, Kuyasa Horizon Empowerment (Kuyasa), in Kayamandi, Cape Town, South Africa. The aim of the case study was to identify and describe these key factors which impact on CBOs service delivery, utilising the CRBA as theoretical framework, so as to provide recommendations for future capacity building with Kuyasa in particular and other CBOs in general. Both qualitative and quantitative methods of research were applied throughout the study using a variety of techniques and instruments. Generally the findings indicate that, in terms of the CRBA, the factors which enhance services for vulnerable children provided by Kuyasa, were (1) their approach to empowerment as a point of departure for other practices and principles, (2) the scope and sequencing of their multidimensional services , (3) the practice of assigning responsibility to children to encourage contribution and the (4) principle of mentorship to validate children‟s iii potential and contribution in the absence of biological fathers. The critical constraints were (1) the variety of challenges children encounter in the community, i.e., sexual abuse, early sexual debut and alcohol abuse, (2) the challenges out of school youth encounter in accessing higher education or employment, (3) conflicting interests which hindered consensus in the participation process and (4) managing complex or prescriptive donor relationships. In light of the critical constraints identified, a collaborative and integrated approach is recommended. The constraining factors identified by this case study cannot be addressed by CBOs in isolation. The challenges children, out of school youth, and CBOs encounter can only be mitigated through a collaborative and integrated approach, where the grassroots level services provided by CBOs are combined with interventions offered by government departments and the development community. Some of the success factors and constraints can be extrapolated and used to inform many similar organisations operating in similar contexts. Finally, framing the findings in terms of the CRBA, promotes advocacy and discourse around a shared theoretical framework.