Submitted by Victor Hugo Souza Braga (victorbraga@gmail.com) on 2015-01-04T03:54:27Z No. of bitstreams: 1 DissMRVic_final.pdf: 1682009 bytes, checksum: eef058269001fcec1a092a2a2468994b (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-01-08T18:38:33Z (GMT) No. of bitstreams: 1 DissMRVic_final.pdf: 1682009 bytes, checksum: eef058269001fcec1a092a2a2468994b (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-01-16T17:15:49Z (GMT) No. of bitstreams: 1 DissMRVic_final.pdf: 1682009 bytes, checksum: eef058269001fcec1a092a2a2468994b (MD5) / Made available in DSpace on 2015-01-16T17:16:31Z (GMT). No. of bitstreams: 1 DissMRVic_final.pdf: 1682009 bytes, checksum: eef058269001fcec1a092a2a2468994b (MD5) Previous issue date: 2014-11-28 / Seguindo a tendência mundial de um melhor gerenciamento de riscos, o regulador do mercado de seguros brasileiro, após a implementação dos demais riscos, está em fase avançada de desenvolvimento de seu modelo para aferir o risco de mercado das seguradoras. Uma vez que as discussões cessem, as empresas serão forçadas a usar um modelo que, hoje, apresenta muitas falhas, gerando uma demanda de capital adicional de seus acionistas que pode levar algumas delas ao estado de insolvência. O principal objetivo deste estudo é analisar a adequação do modelo e subsidiar a discussão a fim de aperfeiçoar o modelo final, com análises comparativas com outros modelos no país e no mundo, estudo de cenários e visões do mercado. De modo geral, as análises feitas revelam problemas sérios no modelo, como necessidade de aporte de capital em empresas extremamente lucrativas e insuficiência de garantia de segurança pelo uso puro dos fatores de choque em detrimento a uma análise estocástica. Finalmente, são sugeridas algumas soluções para minimizar o efeito da inadequação do modelo e ainda algumas sugestões para melhoria do mesmo, de forma que os acionistas não sejam prejudicados, o regulador consiga administrar adequadamente os riscos e a sociedade seja beneficiada pela solidez das companhias em quem confiou seus riscos. / Following the global trend toward a better risk management, the regulator of the Brazilian insurance industry, after the implementation of other risks, is in an advanced stage of development of their model to measure the market risk of insurance companies. Once the discussions cease, the companies will be forced to use a model that has many flaws, creating a demand for additional capital from its shareholders which can lead to some of them becoming insolvent. The main objective of this study is to analyze the adequacy of the model and support the discussion in order to refine its final version, through comparative analyzes with other local models as well as foreign models, scenario-testing and shared experience. Overall, the analyzes revealed serious problems in the model, such as the need for capital injection in highly profitable companies and insufficient safety due the sole use of shock factors rather than a stochastic analysis. Finally, some solutions are suggested to minimize the effect of the inadequacy of the model and also some suggestions for improving it, so that shareholders are not prejudiced, the regulator can adequately manage the risks and society can be improved from the soundness of the companies in whom it entrusted its risks.

Made available in DSpace on 2010-04-20T20:08:16Z (GMT). No. of bitstreams: 0 Previous issue date: 1995-07-31T00:00:00Z / The aspect concerning to liquidity and solvency evaluation of business enterprises has raised in recent years as a meaningful question of financial analysis, favored by an economic environment of high turbulence, competition, inflation, and accounting and tax rules that change frequently. A meaningful number of financial ratios has been suggested by academic researchers since those classic liquidity ratios arised of balance sheet until those performance measures based on flow statements - income statement and statement of changes in financial position. One of them, the cash flow statement has been built for internal purposes by many corporations, especially those that used to keep sofisticated instruments of operational control. But just a few years ago some countries - such United States, United Kingdom, Canada and New Zealand - began to employ this statement for external disclosure purposes. On opposite of that tendency, legal requirements in Brazil do not motivate another report different of sources and applications of net working capital. Maybe cash flow statement might provide more relevant data about liquidity and solvency to users, and easier information to understand, whose cannot be found elsewhere in financial reports. lt seems to be the case of financial institutions: just in recent period the Banco Central do Brasil (an institution with the function of Federal Reserve in USA) has required a statement on cash basis to that entities. Evidences showed in this research pointed out cash flow statement provides more relevant and understandable information that another whose shows the changes in net working capital. So, it seems to be coherent move the funds concept from net working capital to cash and near cash itens for external purposes. Another aspect, it must be clear that data obtained of income statement - such net profit or net lose - and of cash flow statement - distributed among three fundamental activities of business enterprises - is different and fill distinct goals: lucrativity and liquidity, in respective. In right, there is a tendency on retirement of statement of changes in net working capital in defense of cash flow statement. Many relations might be obtained of cash flow statement, especially those related to cash flow provided (or used) by operations. They are built in a similar way of conventional measures, so they have the same limitations when used alone or to a short period. Like return on investment ratio, there is possibility of manipulations - provided by revenues antecipations or/and payments made after they are due - related some of basic activities of entity. The cash recovery rate means a complex measure of evaluation of liquidity level, both to individual investment projects and to whole business. This ratio has incorporated some improvements introduced by researchers. The index is based on supositions which demands stronger evidence of its validity. The adoption of this ratio in its original format described by IJIRI provides a reasonable approximation to cash from operations/net assets ratio. Another aspect, the approach employed by FLEURIET to derive operational cash flow, on the same way, seems as a aproximated measure to the numerator of cash return ratios. The whole model aids financial analists in liquidity and solvency evaluation of business, and also in identifying their financial structures used and/or caracteristic of the segment focused on, as soon as their relative tendences noted. So that, this model may be employed as a additional instrument to cash flow statement - not ignoring possible differences in understanding the cash and near cash itens concept of funds. The sequence of results on this research demonstrated the meaningfulness and usefulness of short run operational performance measures evaluation, especially cash recovery rate (IJIRI) and operational cash flow/net assets (FLEURIET). The behavior of these ratios through the years helps users in measuring relative payment ability of corporation - its liquidity - in both operational and whole dimensions. These ratios mean, in essence, approximations to cash provided from operations/net or operational assets ratio, whose numerator represents the main activity showed in cash flow statement. At first, the approximation level among those three ratios tends to decrease whatever there would be a higher level of detailed and quality of information disclosed in financial reports. Therefore, higher level of agregation of these reports might lead distortions on those ratios. There is a need for new researches in this way, especially using greater samples and employing analitical data as a way to forecast tendences on business segments. Researches might adopt sofisticated statistical models also. This study just provided technical basis to support new researches. / Trata de uma análise da liquidez e solvência empresarial, na busca de um indicador mais adequado para avaliação do desempenho operacional de curto prazo. Introduz a demonstração de fluxos de caixa, ressalta a importância do item caixa gerado das atividades operacionais, e desenvolve os quocientes taxa de recuperação de caixa e caixa das operações/ativos brutos com base nas metodologias descritas por ljiri e Fleuriet, respectivamente. Apura os índices para uma amostra de companhias de capital nacional industrial, e compara tendências de medidas operacionais diversas.

SABOIA, Iratan Bezerra de. Cronus e kairós: reflexões sobre temporalidade laboral e solvência social. 2007. 200 f. Dissertação (Mestrado em Psicologia) – Universidade Federal do Ceará, Departamento de Psicologia, Programa de Pós-Graduação em Psicologia, Fortaleza-CE, 2007. / Submitted by moises gomes (celtinha_malvado@hotmail.com) on 2012-01-17T13:39:31Z No. of bitstreams: 1 2007_dis_IBDSabóia.PDF: 1043074 bytes, checksum: 8fd29bd29e21f31586a7d05060db2190 (MD5) / Approved for entry into archive by Maria Josineide Góis(josineide@ufc.br) on 2012-03-08T11:57:52Z (GMT) No. of bitstreams: 1 2007_dis_IBDSabóia.PDF: 1043074 bytes, checksum: 8fd29bd29e21f31586a7d05060db2190 (MD5) / Made available in DSpace on 2012-03-08T11:57:52Z (GMT). No. of bitstreams: 1 2007_dis_IBDSabóia.PDF: 1043074 bytes, checksum: 8fd29bd29e21f31586a7d05060db2190 (MD5) Previous issue date: 2007 / In this paper, we analyzed the time as a privilege category of subject and society study; aiming to analyze its action as a social solvent when presents itself in the new configurations between time and work in contemporaneity, we performed a theoretical analysis of time category and its new ways of presenting itself in work contemporaneity. Thereunto, we delimitated a few study fields where temporality inserted itself as category, as of Philosophy, Physics, Biology and Sociology, we studied the work Time, the free Time and the leisure Time. Based on these studies, we delimitated a few Psychology study fields of temporality, so we can finally focus in the temporality issue for Psychoanalysis. Once the subjective temporality was delimitated, we could search for the interface between it and the world, finding a temporality marked by social mediation. In this context, we verified the time acting with the work, forming one of the categories which works as social glue. Analyzing the new configurations admitted by the labor temporality, after the work has become predominant social category, we verified that it can lose its society wide glue characteristic and present itself as a social solvent in a few social groups, fortifying other groups’ attachments, helping, thereby, in time ghettos formation related to work. / Neste trabalho analisamos o tempo como categoria privilegiada de estudo do sujeito e da sociedade; objetivando analisar sua ação como solvente social quando se apresenta nas novas configurações entre tempo e trabalho na contemporaneidade, empregamos uma análise teórica da categoria tempo e as novas formas que se apresenta na contemporaneidade laboral. Para isso, delimitamos alguns campos de estudo onde a temporalidade se inseriu, transitando pela Filosofia, Física, Biologia e Sociologia, partindo destes estudamos o Tempo do trabalho, o Tempo liberado e o Tempo do Ócio. Com base nesses estudos, delimitamos alguns campos de estudo da temporalidade por parte da Psicologia para finalmente nos determos na questão da temporalidade para a Psicanálise. Uma vez delimitada a temporalidade subjetiva, pudemos buscar a interface entre esta e o mundo, encontrando uma temporalidade marcada pela mediação social. É neste contexto que verificamos o tempo agindo em conjunto com o trabalho, formando uma das categorias que funcionam como cola social. Analisando as novas configurações que a temporalidade laboral assumiu, após o trabalho se tornar categoria social predominante, verificamos que ele pode perder sua característica de cola ampla da sociedade e se apresentar como um solvente social em alguns grupamentos sociais e fortificando os laços em outros, auxiliando assim na formação de guetos temporais ligados ao trabalho.

Made available in DSpace on 2016-04-25T18:39:47Z (GMT). No. of bitstreams: 1 Victor Hugo Cesar Bagnati.pdf: 1219433 bytes, checksum: b1d30c6fdd4234bf373df016384348e4 (MD5) Previous issue date: 2012-05-17 / The purpose of this paper is to analyze the changes in IFRS4 as proposed by IASB and to make a contribution in the discussions about the challenges for implementing it in Brazil. An insurance company is a financial entity, picking up, in advance, resources from the public against future guarantee. On the other side, similar risks affecting banks also threatens insurance companies. Due to the role of banking activities in the economy, operational and solvency rules were established for financial entities based on enterprise risk management approach, there are the rules of Basel I and II. Similar requirements guided the insurance market, the so called Solvency I and II. At the same time, international organizations have been up-dating the accounting principles and the financial reports to the new dynamic and new financial instruments, so in 2008, the IASB published the consolidated standards, IFRS, including rules for insurance contracts accounting. Actions already taken and forthcoming are implemented in world scale, no more solely in one country, is the globalization of accounting principles. The implementation of IRFS4 has also other advantages as to facilitate the comparison of financial situation between Brazilian companies and also to other markets. The Brazilian Commissioner SUSEP, had been following the international practice, introducing them, gradually, in the Brazilian Insurance Market. According the opinions of specialist in these matters, recently interviewed, and as result of the interpretation of their comments, the new rules will, no doubt, will impact in company reporting both from the qualitative and quantitative points of view. About the qualitative side, are strong expectations that future financial reports, prepared under new accounting rules allows the users of the information to clearly understand the type of risks underwrites by the entities. While, from the quantitative side, valuation of assets and liabilities, based on concepts of fair value and present value of future cash flows, will impact in the calculation of the net worth, and consequently in the solvency of the entity. If the new accounting rules for insurance contracts issued by SUSEP, following most of the CPC11, demonstrates the difficulties to implement some concepts, as an example, the reporting of reinsurance operations, surely, the phase II of IFRS4 will bring to the market more troubles. On the other side, according the same experts, to achieve satisfactory results it will be necessary that, both actuaries and accountants, working hard together, in order to understand and apply the accounting rules in a correct way / O presente trabalho tem por objetivos analisar a proposta do IASB de alteração do pronunciamento IFRS4 e contribuir para a discussão dos principais desafios para a sua aplicação no Brasil. Uma entidade seguradora é uma instituição financeira, captando recursos dos clientes em troca de uma garantia futura, de modo que, essas entidades estão sujeitas a riscos semelhantes aos que ameaçam os bancos. Devido à importância da atividade bancária na economia foram estabelecidas normas operacionais e de solvência para essas entidades, com foco na gestão de riscos (ERM), são as chamadas regras Basiléia I e II. As seguradoras são alcançadas por regras similares: Solvência I e II. Em paralelo, os órgãos contábeis internacionais foram adaptando os princípios e as demonstrações à nova dinâmica do mercado e aos novos instrumentos financeiros, assim sendo, em 2008, o IASB publica o texto consolidado das IFRS, com regras para contabilização dos contratos de seguros, dentre outros itens. Todas as ações realizadas e as que estão por vir o são em escala mundial, já não mais são exclusivamente de um país ou realizadas de forma isolada: é a globalização da informação contábil. É claro que a adoção pelo Brasil das regras IFRS, facilitará a comparação da situação patrimonial e dos resultados não só entre as entidades locais, como também com outros mercados seguradores. No mercado segurador brasileiro, a Superintendência de Seguros Privados vem acompanhando as normas internacionais, incorporando-as, gradualmente, às práticas locais. Como é evidenciado através da pesquisa realizada, e com mais clareza, pela leitura e interpretação das entrevistas com especialistas nesta matéria, as novas regras terão, sem dúvida, impacto significativo nas demonstrações contábeis tanto do ponto de vista qualitativo quanto do ponto de vista quantitativo. No que diz respeito a qualidade, a expectativa é que as futuras demonstrações contábeis sejam mais esclarecedoras para os usuários dessa informação, no que diz respeito a divulgação dos riscos assumidos pelas entidades. Pelo lado quantitativo, a avaliação dos ativos financeiros e dos passivos da operação, com base no valor justo e o valor presente dos fluxos futuros, impactarão no patrimônio líquido das entidades e consequentemente na determinação da sua solvência. Se a norma contábil da Superintendência, que adota grande parte do pronunciamento CPC nº 11, sobre contratos de seguros, cujo cumprimento é exigido a partir de 2011, mostrou as dificuldades da aplicação de alguns conceitos, como por exemplo, o da apresentação da operação de resseguro, imagina-se que a futura norma, provavelmente bem próxima ao IFRS4 (fase II) vai trazer maiores dificuldades. Entretanto, em opinião dos especialistas que participaram das entrevistas, para alcançar resultados satisfatórios, será necessário que atuários e contadores se preparem de forma coordenada, no intuito de poder interpreta-las e aplica-las corretamente