A indÃstria tÃxtil brasileira sentiu os efeitos causados pelas mudanÃas ocorridas nas trÃs Ãltimas dÃcadas, como a inserÃÃo de novos insumos e consequentemente novos produtos, bem como a abertura comercial e o Plano Real. Com isso, a indÃstria tÃxtil do Brasil vem perdendo participaÃÃo na economia do paÃs assim como no mercado mundial. Este comportamento tambÃm vem sendo verificado na indÃstria tÃxtil do CearÃ, onde as pesquisas conjunturais indicaram uma perda acima da mÃdia nacional. Diante desse contexto, este estudo tem a finalidade de investigar a competitividade da indÃstria tÃxtil brasileira e cearense. Para avaliar a competitividade do setor tÃxtil cearense, utilizou-se a teoria das Cinco ForÃas, de Michael Porter, com a construÃÃo de Ãndices em comparaÃÃo com os principais estados que compÃem o setor tÃxtil brasileiro. Para analisar a competitividade da indÃstria tÃxtil brasileira, foram mensurados os lucros do setor atravÃs de metodologia estatÃstica de dados em painel. Para esse trabalho foram utilizados os dados da Pesquisa Anual Industrial realizada pelo IBGE e os dados do Aliceweb. Os resultados indicaram que a indÃstria tÃxtil cearense apresenta elevada produtividade por trabalhador e um dos menores custos de produÃÃo. Mas o setor no estado indicou fragilidade no fornecimento de insumos pelo mercado externo e pouca diversidade de produtos. Quanto à indÃstria tÃxtil brasileira, percebeu-se que os lucros apresentam uma relaÃÃo positiva com relaÃÃo aos custos com matÃria-prima e salÃrio, e inversa com relaÃÃo Ãs despesas com encargos sociais. No Ãmbito macroeconÃmico, mostrou-se que o mercado externo influencia o setor tÃxtil em menor magnitude que os custos industriais. / Brazilian textile industry felt the effects caused by the changes occurred in the last three decades, like the insertion of new inputs and consequently new products, as well as the commercial opening and Real Plan. In this way Brazilâs textile industry has been losing share in the economy on the country and also in the world market. This performance has also been observed in the textile industry of CearÃ, where the conjunctural researches indicated a loss above the national average. In this context, this study aims to investigate the competitiveness of textile industry of Brazil and CearÃ. It was used the PorterÂs five forces theory, with the construction of indexes compared with the main states comprising Brazilian textile sector to evaluate the competitiveness of the textile sector of CearÃ. Profits were measured through statistical methodology in a panel data, to analyse the competitiveness of Brazilian textile industry. In the development of this work, it was used data from the Annual Industrial Survey conducted by IBGE and Alicewebâs data. The results indicated that the textile industry of Cearà showed elevated productivity per worker and one of the lowest production costs. But the industry in this state showed fragility in the supply of inputs by foreign market and little product diversity. As for Brazilian textile industry, we realized that the profits are positively related to the cost of raw material and wages and inverse expenses with social charges. In the macroeconomic extent, the results showed that the foreign market has less influence on the textile sector than the industrial costs.

Thesis (M.S. in P.S. & E)--School of Chemical Engineering, Georgia Institute of Technology, 2004. Directed by Howard (Jeff) Empie. / Includes bibliographical references (leaves 80-82).

This dissertation consists of two essays dealing with two selected aspects of the investment decision process faced by individuals and corporations. In the first essay, I develop a model of a multiple-stage patent race between two rival firms to study the impact of technological competition on value and return dynamics of Research and Development (R&D) ventures. The model describes a firm's capital budgeting decision process in the presence of technical uncertainty, market uncertainty and preemption. I characterize the equilibrium of the race and derive optimal investment strategies. Analysis of the equilibrium firm value shows that the premium accruing to the technology "leader" is larger than the loss accruing to the technology "lagger" and that the marginal effect of success/failure is increasing in the uncertainty of cash flows. Risk premia demanded by an ownership claim to competing R&D ventures (i) increase when a rival pulls ahead in the race and (ii) are lower when rivals are "closer" to each other in the development process. Compared to the case where rival firms merge, R&D competition reduces the industry value and lowers the expected completion time for a project. The erosion in value, due to preemption, is higher when firms are "neck-and-neck" and in early stages of development. Numerical simulations show that, in later stages of development, risk premia demanded by the perfectly collusive market are generally lower than risk premia demanded by a portfolio of competing firms. The opposite is true in early stages of development, which suggests that R&D competition may actually lower the cost of early stage financing. In the second essay, I solve a portfolio allocation problem for an individual who can select between two risky assets and a riskless asset in the presence of capital gains taxes. I treat capital gains taxes as a form of endogenous transaction costs. Using this analogy, I characterize the trading strategy for the two assets, and study the effect of taxes on optimal portfolio diversification. The optimal strategy contains a "no trade" region and a dynamic tax-timing option. I find that the diversification costs due to capital gains taxes are substantial and the value of the tax deferral option is decreasing in the correlation among assets and in the volatility of the risky assets. By comparing the solution of the multiple asset portfolio problem to the one of an investor who can trade only in a mutual fund I am able to measure the value of the flexibility option of the multi-asset case as well as the cost of mutual fund turnover. Finally, I show that imposing a wash-sale constraint generates discontinuous portfolio rebalancing strategies.

This dissertation consists of two essays dealing with two selected aspects of the investment decision process faced by individuals and corporations. In the first essay, I develop a model of a multiple-stage patent race between two rival firms to study the impact of technological competition on value and return dynamics of Research and Development (R&D) ventures. The model describes a firm's capital budgeting decision process in the presence of technical uncertainty, market uncertainty and preemption. I characterize the equilibrium of the race and derive optimal investment strategies. Analysis of the equilibrium firm value shows that the premium accruing to the technology "leader" is larger than the loss accruing to the technology "lagger" and that the marginal effect of success/failure is increasing in the uncertainty of cash flows. Risk premia demanded by an ownership claim to competing R&D ventures (i) increase when a rival pulls ahead in the race and (ii) are lower when rivals are "closer" to each other in the development process. Compared to the case where rival firms merge, R&D competition reduces the industry value and lowers the expected completion time for a project. The erosion in value, due to preemption, is higher when firms are "neck-and-neck" and in early stages of development. Numerical simulations show that, in later stages of development, risk premia demanded by the perfectly collusive market are generally lower than risk premia demanded by a portfolio of competing firms. The opposite is true in early stages of development, which suggests that R&D competition may actually lower the cost of early stage financing. In the second essay, I solve a portfolio allocation problem for an individual who can select between two risky assets and a riskless asset in the presence of capital gains taxes. I treat capital gains taxes as a form of endogenous transaction costs. Using this analogy, I characterize the trading strategy for the two assets, and study the effect of taxes on optimal portfolio diversification. The optimal strategy contains a "no trade" region and a dynamic tax-timing option. I find that the diversification costs due to capital gains taxes are substantial and the value of the tax deferral option is decreasing in the correlation among assets and in the volatility of the risky assets. By comparing the solution of the multiple asset portfolio problem to the one of an investor who can trade only in a mutual fund I am able to measure the value of the flexibility option of the multi-asset case as well as the cost of mutual fund turnover. Finally, I show that imposing a wash-sale constraint generates discontinuous portfolio rebalancing strategies. / Business, Sauder School of / Finance, Division of / Graduate

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