Made available in DSpace on 2015-12-04T11:45:35Z (GMT). No. of bitstreams: 1 Luciana_Aparecida_de_Oliveira.pdf: 548425 bytes, checksum: bdd92c3e82f0548c5b49eb1688cb8c73 (MD5) Previous issue date: 2005-07-18 / Prior studies disclosed that dentists have difficulty in dealing with finance and accounting, and it was possible to realize that there is a long distance between the professional technically capable and the professional that needs, besides technical knowledge, to add management skills to fit to the present labour market, which is highly competitive. Given that, the objective proposed in this study was to identify which financial and accounting matters are considered important by dentists. An exploratory research was performed, and its methodology combined field research, documental and bibliographical. A questionnaire was applied to the dentists, considering accounting and financial matters, and considering data collected in three institutions of higher dental education of S??o Paulo. The questionnaire is constituted by parts comprised of assertions regarding the three different views of the dentists for the financial and accounting contents. The first part comprises the importance given by the dentist to the referred contents, what he uses and how it should be put in practice. The second part discloses about the sample, or in other words, respondents profile. To evaluate the results, it was applied the descriptive statistics with tables of frequency. As a result, it was identified that the dentists recognize that financial and accounting matters are important for their professional performance and, although such matters are studied in some institutions, they declared, in majority, that they have not learned in graduation. Given that, this study may be a base for identifying accounting and financial deficiencies of the dentists, as well as be used to enhance their professional development, giving him the possibility of conducting his career in a better way. / Em estudos anteriores foi constatado que cirurgi??es-dentistas t??m dificuldades para lidar com contabilidade e finan??as, bem como se percebeu que h?? uma dist??ncia entre o profissional tecnicamente capaz e o profissional que necessita, al??m desse conhecimento t??cnico, agregar caracter??sticas de gestor para adequar-se ao mercado de trabalho atual, altamente competitivo. Assim sendo, o objetivo proposto neste estudo foi identificar quais conte??dos de contabilidade e finan??as s??o valorizados pelos cirurgi??es-dentistas na gest??o de sua atividade profissional. Para tanto, foi realizada uma pesquisa explorat??ria, cuja metodologia aplicada combinou pesquisa de campo, documental e bibliogr??fica. Foi aplicado um question??rio a cirurgi??es-dentistas, englobando conte??do de contabilidade e finan??as, com base nos dados levantados em programas de curso de tr??s faculdades de odontologia da Universidade de S??o Paulo. O question??rio constitui-se de blocos compostos por assertivas que dizem respeito a tr??s vis??es diferentes ligadas ?? percep????o dos conte??dos cont??beis e financeiros pelos cirurgi??es-dentistas. O primeiro bloco engloba a import??ncia atribu??da pelo profissional aos referidos conte??dos, o que ele usa e o que deveria ser praticado. O segundo bloco caracteriza a amostra, ou seja, o perfil dos respondentes. Para avaliar os resultados, foi aplicada a estat??stica descritiva com tabelas de freq????ncia. Como resultado, identificou-se que os cirurgi??es-dentistas reconheceram que os conte??dos de contabilidade e finan??as s??o relevantes para seu desempenho profissional e, embora se ensine esses conte??dos em algumas faculdades, declararam, em sua maioria, n??o t??-los aprendido na gradua????o. Assim sendo, este estudo pode ser um balizador na identifica????o das defici??ncias cont??beis e financeiras do cirurgi??o-dentista, bem como pode ser utilizado para aperfei??oar a forma????o desse profissional, possibilitando a ele melhor conduzir sua carreira.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2016-12-12T17:27:40Z No. of bitstreams: 2 Marcos Santos Oliveira.pdf: 970582 bytes, checksum: 6d45d32bff529faa3e4f900f0ff06309 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2016-12-12T17:27:40Z (GMT). No. of bitstreams: 2 Marcos Santos Oliveira.pdf: 970582 bytes, checksum: 6d45d32bff529faa3e4f900f0ff06309 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2016-09-28 / This work has the objective to analyze the efficiency of the credit scoring model in cross-selling action to provide greater profitability aligned with the risk of new product. This study differs from others by using a database of clients who Payroll-linked loan from the conventional modeling of a Credit Scoring offer another product, the credit card that requires a better profile for meeting payments. The study resulted in 3 of profitability and performance scenarios. In Scenario 1 without use of shoring showed profitability of R$ 0.5 million and delinquencies of 16.1%. In the others scenarios with the use of the yields scores exceeded R$ 2.3 million and delinquencies below 9%. Scenarios 2 and 3 with just score Bureau companies. Scenario 4 includes Credit scoring model developed in this work, we showed the best discrimination between good and bad customers and the highest rate of approval, 75% against 64% of the best Bureau. For this, we used data provided by a financial institution. Using SPSS and statistical techniques, the risk analysis Relative, construction of dummies and Spearman correlation analysis, generated the model Logistic Regression Binary, validated with the Kolmogorov-Smirnov test, the ROC curve and others. The model developed credit scoring showed good results as to their power of customer classification. The effectiveness of Logistic Regression as credit performance prediction tool enables the application of the use of credit scoring model by the financial institution provider of data to improve profitability and default of the customer portfolio by credit card coming from the customer base of payroll loan. / Este trabalho tem o objetivo de analisar a efici??ncia do modelo de credit scoring na a????o de cross-selling para proporcionar uma maior rentabilidade alinhada ao risco do novo produto. A realiza????o deste estudo se diferencia dos demais por utilizar uma base de dados com clientes que realizaram empr??stimo Consignado, a partir da modelagem convencional de um Credit Scoring ofertar outro produto, o Cart??o de Cr??dito que exige um melhor perfil para cumprimento dos pagamentos. O estudo resultou em 3 cen??rios de rentabilidade e desempenho. No Cen??rio 1 sem uso do escoramento apresentou rentabilidade de R$ 0,5 milh??es e inadimpl??ncia de 16,1%. Nos demais cen??rios com uso de escores as rentabilidades ultrapassaram R$ 2,3 milh??es e inadimpl??ncias abaixo de 9%. Os Cen??rios 2 e 3 apenas com escore de empresas Bureau. O Cen??rio 4 inclui o modelo Cr??dit Scoring desenvolvido neste trabalho, apresentou a melhor discrimina????o entre clientes bons e maus e a maior taxa de aprova????o, sendo 75% contra 64% do melhor Bureau. Para isso, utilizou-se de dados fornecido por uma institui????o financeira. Utilizando o SPSS e t??cnicas estat??sticas, a an??lise de Risco Relativo, constru????o de dummies e a an??lise de correla????o de Spearman, foi gerado o modelo de Regress??o Log??stica Bin??ria, validado com o teste Kolmogorov-Smirnov, a Curva ROC e outros. O modelo de Credit Scoring desenvolvido apresentou resultados satisfat??rios quanto a seu poder de classifica????o dos clientes. A efic??cia da Regress??o Log??stica, como ferramenta de predi????o de performance de cr??dito, habilita a aplica????o da utiliza????o do modelo Credit Scoring pela institui????o financeira provedora dos dados para melhorar a rentabilidade e a inadimpl??ncia da carteira de clientes com Cart??o de Cr??dito oriundo da carteira de clientes do empr??stimo Consignado.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-08-16T13:55:58Z No. of bitstreams: 2 MARCELO SANTANA DA SILVA.pdf: 579761 bytes, checksum: 31198b1e756da9a787c417c0e54d6c5a (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-08-16T13:55:58Z (GMT). No. of bitstreams: 2 MARCELO SANTANA DA SILVA.pdf: 579761 bytes, checksum: 31198b1e756da9a787c417c0e54d6c5a (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-02-22 / The objective of this study is to analyze the factors that determine the spread of the public issues of debentures indexed to the Broad Consumer Price Index (IPCA) in Brazil. Emissions indexed to the IPCA were choose because they are instruments usually used to capture resources of longer maturity by the issuing companies. The database had 245 series of issues occurred between January 2010 and December 2015. Regressions were estimated by ordinary least squares and weighted least squares methods, and the results presented by the last method were more robust. The rating-spread ratio was confirmed in all regressions and the results indicate that this variable explains, by itself, 58% of the spread variation. Other the rating, the results indicate that the main factors that determine the spread of the issues are: collateral, issuer experience, maturity, amount, prestige of the coordinating bank, tax benefits and economic scenario. Due to the results achieved, other issues related to market efficiency were approached, such as agency conflicts, information asymmetry and adverse selection. The results show that the collaterized issues remunerated the investors with a higher spread than the unsecured ones, and this premium ranged from 35 to 38 basis points. The results were interpreted in the context of agency theory and resemble those found by John, Lynch and Puri (2003) for the US corporate bonds market. Finally, the favorable economic scenario, as measured by the Emerging Market Bond Index - Brazil (EMBI + BR), showed negativelycorrelated with the spread, and these results were interpreted as effects of the information asymmetry and adverse selection present in the local market for debt issuance. / O objetivo deste estudo ?? analisar os fatores que determinam o spread das emiss??es p??blicas de deb??ntures indexadas ao ??ndice de Pre??os ao Consumidor Amplo (IPCA) no Brasil. Utilizou-se as emiss??es indexadas ao IPCA por serem instrumentos usualmente empregados na capta????o de recursos de maturidade mais longa pelas empresas emissoras. A base de dados contou com 245 s??ries de emiss??es realizadas entre janeiro de 2010 e dezembro de 2015. As regress??es foram estimadas pelos m??todos de m??nimos quadrados ordin??rios e m??nimos quadrados ponderados, e os resultados apresentados por este ??ltimo foram mais robustos. A rela????o rating-spread foi confirmada em todas as regress??es e os resultados indicam que essa vari??vel explica, isoladamente, 58% da varia????o do spread. Al??m do rating, os resultados indicam que os principais fatores que determinam o spread das emiss??es s??o: garantias, experi??ncia do emissor, maturidade, volume, prest??gio do banco coordenador, benef??cios fiscais e cen??rio econ??mico. Em raz??o dos resultados alcan??ados, foram abordados temas relacionados ?? efici??ncia de mercado, tais como conflitos de ag??ncia, assimetria de informa????o e sele????o adversa. Os resultados demonstram que, as emiss??es com garantia remuneraram seus investidores com spread maior que as sem garantia, e esse pr??mio variou de 35 a 38 basis points. Os resultados foram interpretados no contexto da teoria da ag??ncia e se assemelham aos encontrados por John, Lynch e Puri (2003) para o mercado norte-americano de corporatebonds. Finalmente, o cen??rio econ??mico favor??vel, medido pelo ??ndice Emerging Market Bond Index - Brazil (EMBI+ BR), demonstrou-senegativamentecorrelacionado com o spread, e esses resultados foram interpretados como efeitos de assimetria de informa????o e sele????o adversa presentes no mercado local de emiss??o de d??vida.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-09-20T14:38:48Z No. of bitstreams: 2 Simone Ferreira e Silva.pdf: 1191981 bytes, checksum: 7ad61f8339d058f729c68691353fd8b7 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-09-20T14:38:48Z (GMT). No. of bitstreams: 2 Simone Ferreira e Silva.pdf: 1191981 bytes, checksum: 7ad61f8339d058f729c68691353fd8b7 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2016-08-30 / The purpose of this research was to analyze the structure of the social network of the scientific production in four publications in the English language in Behavioral Finance in the period of 2011 to 2015. To achieve this purpose, bibliometric and sociometric studies were conducted based on 261 articles from the EBSCOHost data base which contained the expressions: behavior (including variations like behavior, behavioral, behavioural), limits to (of) arbitrage, cognitive biases, overconfidence, optimism, catering, market timing and prospect theory in the titles, key-words or abstracts. Afterwards, it was performed a bibliometric analysis of the most prolific and cited researchers and institutions, the social network they belong to, the indexes of density, the centrality of degree and betweeness, the centralization, closeness and structural holes. The social network analysis indexes made it possible to point Goetzmann as the author of the central positioning in the network, nevertheless there is no researchers elite in Behavioral Finance in periodicals and period studied. As for the institutions, the elite does exist and is made up by actors with relevant position in the network, mainly the Center of Economic Policy Research and The National Buereu of Economic Research. The results of this research may contribute to the development of the scientific production in Behavioral Finance both national and international, and benefit all who direct or indirectly are related to this field, either academic or professional. / Esta pesquisa teve como objetivo analisar a estrutura da rede social formada pela produ????o cient??fica em quatro publica????es em l??ngua inglesa na ??rea de Finan??as Comportamentais no per??odo de 2011 a 2015. Para atingi-lo, foi realizado um estudo bibliom??trico e sociom??trico com 261 artigos da base de dados EBSCOHost que continham as express??es: behavior (incluindo varia????es como behaviour, behavioral, behavioural), limits to (of) arbitrage, cognitive biases, overconfidence, optimism, catering, market timing e prospect theory em seus t??tulos, palavras-chave ou resumos. Posteriormente, procedeu-se ?? an??lise bibliom??trica de pesquisadores e institui????es mais prol??ficos e citados, das redes sociais por eles formadas e dos ??ndices de densidade, centralidade de grau e de intermedia????o, centraliza????o, proximidade e lacunas estruturais. Os ??ndices da an??lise de redes sociais permitiram apontar Goetzmann como autor de posicionamento central na rede, por??m n??o existe uma elite de pesquisadores em Finan??as Comportamentais nos peri??dicos e per??odo delimitado. J?? quanto ??s institui????es, a elite existe e ?? formada por atores com posi????o relevante na rede, principalmente o Centre of Economic Policy Research e a The National Bureau of Economic Research. Os resultados desta pesquisa poder??o contribuir para o desenvolvimento da ??rea da produ????o cient??fica em Finan??as Comportamentais nacional e internacional, al??m de beneficiar todos que, direta ou indiretamente, relacionam-se com esse campo, nos ??mbitos tanto acad??mico quanto profissional.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-11-18T16:34:14Z No. of bitstreams: 2 ANATOLI DIAS ORLOVAS.pdf: 380790 bytes, checksum: ed39ab77e72e71915d8186a36ca1276b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-11-18T16:34:14Z (GMT). No. of bitstreams: 2 ANATOLI DIAS ORLOVAS.pdf: 380790 bytes, checksum: ed39ab77e72e71915d8186a36ca1276b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-03-28 / The objective of this study is to verify if the use of multiples for valuation of companies during their initial public offering is a good predictor of their stock prices. For this study, 71 IPO???s from the Brazilian market that met the selection criteria were analyzed among 117 IPO???s that were approved by the CVM during the period from 2004 to 2014, using the three valuation multiples with higher incidence of recommendations among the analyzed scientific studies surveyed for the elaboration of this work: Price to Book, Price to Earnings and Enterprise Value to EBITDA. This study has compared the multiples of IPOs with the same multiples of companies belonging to the same sector of activity (peers), in two distinct moments: (i) the day of the IPO's and (ii) the day before of the IPO. The analysis was structured in three models: (i) relating the multiple of the IPO to the mean, median and harmonic mean of this same multiple for their peers, (ii) adding dummies related to the year of IPO in the previous model and (iii) adding variables related to size, leverage and return to the previous model. For all models, MQO regressions were performed. As a result, the work found statistical significance to the multiple Price to Earnings when the mean was used in the Model III, showing significance with the use of the difference of returns. Statistical significance was also founded to the multiple Enterprise Value to EBITDA when the mean was used to the Model I, which show the best adjustments demonstrated by R??, although it did not find statistical significance for the Price to Book multiple. / O trabalho a seguir tem por objetivo analisar se a utiliza????o de m??ltiplos para a avalia????o de empresas no momento de sua abertura de capital ?? um bom previsor para o pre??o das a????es destas empresas. Para este trabalho foram analisados 71 IPO???s do mercado brasileiro que atenderam aos crit??rios de sele????o entre os 117 IPO???s que foram aprovadas pela Comiss??o de Valores Mobili??rios ??? CVM, durante o per??odo de 2004 a 2014, utilizando-se dos tr??s m??ltiplos com maior incid??ncia de recomenda????es entre os estudos pesquisados para a elabora????o deste trabalho: Price to Book, Price to Earnings e Enterprise Value to EBITDA. O trabalho comparou os m??ltiplos dos IPO???s com os mesmos m??ltiplos de empresas pertencentes ao mesmo setor de atua????o (peers), em dois momentos distintos: (i) o dia da estreia do IPO na bolsa e (ii) o dia de negocia????es anterior a esta estreia. As an??lises foram estruturadas em 3 modelos, sendo: (i) relacionando o m??ltiplo do IPO com a m??dia, mediana e m??dia harm??nica deste mesmo m??ltiplo para seus peers, (ii) acrescentando dummies referente ao ano da emiss??o do IPO ao modelo anterior e (iii) acrescentando vari??veis relacionadas ao tamanho, alavancagem e endividamento ao modelo anterior. Para todos os modelos, foram realizadas regress??es MQO. Como resultado, o trabalho encontrou signific??ncia estat??stica para os m??ltiplos Price to Earnings quando utilizada a m??dia para o Modelo III, apresentando signific??ncia com a utiliza????o da diferen??a dos retornos. Encontrou tamb??m signific??ncia estat??stica para o m??ltiplo Enterprise Value to EBITDA, quando utilizada a m??dia para o Modelo I, o qual apresentou melhores ajustes demonstrados pelo R??, embora n??o tenha encontrado signific??ncia estat??stica para o m??ltiplo Price to Book.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-12-22T13:29:35Z No. of bitstreams: 2 Leandro Bryk.pdf: 323266 bytes, checksum: ca86c944b34183be48a00081abf127b6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-12-22T13:29:35Z (GMT). No. of bitstreams: 2 Leandro Bryk.pdf: 323266 bytes, checksum: ca86c944b34183be48a00081abf127b6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-08-28 / The aim of this study was to demonstrate the aspects that influence the trajectory of graduates of Master and Doctoral degree into lines of research in Finance. As it was a descriptive study, the data source used was the curricular information available in CNPq Lattes Platform, from Professors and students of these programs. In this study, we proposed to give an overview about the profile and scientific publications of the graduates, in order to identify factors that affect the scientific production, the continuity of the academic formation, the choice of research lines, and the professional career in Universities. We also aimed to infer whether the Professors?? academic factors, with Doctoral or PhD degree titles, the acquisition of a scholarship, the authorship of international publications, or the membership in teaching staff/ or researchers of first class Universities, have positive effects on the trajectory of graduated students. We verified a high academic productivity in the applied sample, through the general Lotka index, and the Price??s Elitism Law. It was possible to deduct the existence of a positive relationship of Professors concerning their students in the following aspects: educational background, the student??s professional career in teaching and academic production. / Neste estudo, buscou-se evidenciar os aspectos que influenciam a trajet??ria dos egressos dos programas de mestrados e doutorados, com linhas de pesquisa focadas em finan??as. Por se tratar de um estudo de cunho descritivo, utilizou-se, como fonte de dados, os curr??culos disponibilizados na plataforma Lattes, dos docentes e discentes dos referidos programas. Como prop??sito, elaborou-se um panorama sobre o perfil e as publica????es cient??ficas dos egressos, a fim de identificar fatores que impactam a produ????o cient??fica, a continuidade da forma????o acad??mica e a carreira profissional em Institui????es de Educa????o Superior ??? IES. Objetivou-se inferir, ainda, se fatores acad??micos dos docentes, como Doutorado ou PhD, obten????o de Bolsa Produtividade, autoria de publica????es internacionais, ou integra????o no quadro de docentes/ou pesquisadores de IES de primeira linha, influenciam, de forma positiva, a trajet??ria dos egressos. Verificou-se uma alta produtividade acad??mica na amostra utilizada, tanto pelo ??ndice de Lotka Generalizado, bem como pela Lei do Elitismo de Price. Foi poss??vel deduzir a exist??ncia de uma rela????o positiva dos docentes sobre seus egressos nos seguintes aspectos: Forma????o Acad??mica, trajet??ria profissional do egresso na doc??ncia e produ????o acad??mica.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2018-01-23T20:12:41Z No. of bitstreams: 2 Adriana_Caetano.pdf: 1859971 bytes, checksum: 798ec0440f1a81854733046a5f60138b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-01-23T20:12:41Z (GMT). No. of bitstreams: 2 Adriana_Caetano.pdf: 1859971 bytes, checksum: 798ec0440f1a81854733046a5f60138b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2015-08-19 / The objective of this study was to develop a performance analysis structure of the Brazilian companies, based on the literature, corroborated by the information disclosed in their financial statements in order to support the private equity investors estimate the value of an entity. To meet the proposed goal it was made a bibliographic research, aiming to identify the relevant elements to valuate a company concerning accounting and financial information. In this sense, it was developed the referred structure. It was conducted a research based on the document analysis technique, attempting to identify in the content of the financial statements of the selected companies the terms presented in the developed performance analysis structure. The research was descriptive and it was applied the qualitative and quantitative approach, to analyze the content of the four companies registered in the BOVESPA MAIS, part of the Clean Energy and Information Technology segments. The proposed goal of this study was reached, as the performance analysis structure was developed based on the literature and, the items of the strucuture had a high level index of presence in the financial statements of the companies analyzed, indicating that is possible to apply such structure in the process of estimating the value of a company. / O objetivo deste estudo foi desenvolver uma estrutura de avalia????o de desempenho de companhias brasileiras, a partir da bibliografia, corroborada com as informa????es divulgadas em suas demonstra????es financeiras, a fim de auxiliar os investidores de private equity em estimar o valor de uma entidade. Para se atingir o objetivo proposto, realizou-se uma pesquisa bibliogr??fica, com a finalidade de identificar os elementos relevantes na avalia????o de uma empresa no que se refere ??s informa????es cont??beis e financeiras e, a partir da??, desenvolveu-se a referida estrutura. Efetuou-se uma pesquisa baseada na t??cnica de an??lise documental, que buscou identificar no conte??do apresentado nas demonstra????es cont??beis das empresas selecionadas os elementos contemplados na estrutura de avalia????o de desempenho desenvolvida. A pesquisa tem car??ter descritivo e usou abordagem quantitativa e qualitativa, para avaliar o conte??do das demonstra????es financeiras das quatro empresas registradas no BOVESPA MAIS, dos segmentos de Energia Renov??vel e Tecnologia da Informa????o. O objetivo proposto neste estudo foi alcan??ado, visto que se desenvolveu uma estrutura de avalia????o de desempenho a partir da bibliografia e os itens contemplados nessa estrutura apresentaram um alto ??ndice de presen??a nas demonstra????es financeiras das empresas analisadas, corroborando a possibilidade da utiliza????o de tal estrutura no processo de estima????o do valor de uma empresa.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2018-02-24T14:18:42Z No. of bitstreams: 2 Edson Aparecido Cagnin.pdf: 1358457 bytes, checksum: f9cdfae6093d106c7cc15fcdc2964007 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-24T14:18:42Z (GMT). No. of bitstreams: 2 Edson Aparecido Cagnin.pdf: 1358457 bytes, checksum: f9cdfae6093d106c7cc15fcdc2964007 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-08-31 / This research studies how internal and external factors impact the management of working capital. We use a sample of 519 publicly-traded companies listed on the S??o Paulo Stock Exchange, considering the period from 2000 to 2015. We find evidence that the external factors, the SELIC base interest rate, and the BNDES System's credit disbursement, impact the companies' working capital level. Our finding comply with previous studies that analyze the internal factors such as, debt level and free cash flow. We find that higher levels of cash flow increase working capital levels, and that companies' debt level does not influence the working capital management. / Esta pesquisa estuda como fatores internos e externos impactam o gerenciamento do capital de giro. Trabalha com uma amostra de 519 companhias de capital aberto listadas na Bolsa de Valores de S??o Paulo, considerando o per??odo de 2000 a 2015. Encontra evid??ncias de que os fatores externos, taxa b??sica de juros SELIC, e desembolso de cr??dito do Sistema BNDES, interferem no n??vel de capital de giro das companhias. Segue estudos anteriores que analisaram os fatores internos, endividamento e fluxo de caixa livre, constatando que n??veis maiores de fluxo de caixa aumentam os n??veis de capital de giro, e que o endividamento das companhias n??o influencia o gerenciamento do capital de giro.

Made available in DSpace on 2014-12-17T14:27:22Z (GMT). No. of bitstreams: 1 LuizFMS_DISSERT.pdf: 1601230 bytes, checksum: 31879264dfcf4bbb6732aceaa21d84e1 (MD5) Previous issue date: 2012-06-27 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / In the Brazilian legal scenario, the study of taxation has traditionally been restricted to positivist analysis, concerned with investigating the formal aspects of the tax legal rule. Despite its relevance to the formation of the national doctrine of tax, such formalist tradition limits the discipline, separating it from reality and the socioeconomic context in which the Tax Law is inserted. Thus, the proposal of the dissertation is to examine the fundamentals and nature of taxation and tax legal rules from the perspective of Law and Economics (Economic Analysis of Law). For this purpose, the work initially reconnects the Tax Law and Science of Finance (or Public Finance) and Fiscal Policy, undertaking not only a legal analysis, but also economic and financial analysis of the theme. The Economics of Public Sector (or Modern Public Finance) will contribute to the research through topics such as market failures and economic theory of taxation, which are essential to an economic approach to Tax Law. The core of the work lies in the application of Law and Economics instruments in the study of taxation, analyzing the effects of tax rules on the economic system. Accordingly, the dissertation examines the fundamental assumptions that make up the Economic Analysis of Law (as the concept of economic efficiency and its relation to equity), relating them to the tax phenomenon. Due to the nature of the Brazilian legal system, any worth investigation or approach, including Law and Economics, could not pass off the Constitution. Thus, the constitutional rules will serve as a limit and a prerequisite for the application of Law and Economics on taxation, particularly the rules related to property rights, freedom, equality and legal certainty. The relationship between taxation and market failures receives prominent role, particularly due to its importance to the Law and Economics, as well as to the role that taxation plays in the correction of these failures. In addition to performing a review of taxation under the approach of Economic Analysis of Law, the research also investigates the reality of Brazilian tax system, applying the concepts developed in relevant cases and issues to the national scene, such as the relationship between taxation and development, the compliance costs of taxation, the tax evasion and the tax enforcement procedure. Given the above, it is intended to lay the groundwork for a general theory of Economic Analysis of Tax Law, contextualizing it with the Brazilian tax system / No cen?rio jur?dico brasileiro, o estudo da tributa??o ? tradicionalmente restrito a uma an?lise positivista, preocupada em investigar os aspectos formais da norma jur?dico-tribut?ria. Em que pese sua relev?ncia para a forma??o da doutrina tribut?ria nacional, tal tradi??o formalista limita a disciplina, dissociando-a da realidade e do contexto socioecon?mico no qual o Direito Tribut?rio est? inserido. Dessa maneira, a proposta da disserta??o ? examinar os fundamentos e a natureza da tributa??o e das normas jur?dico-tribut?rias sob a perspectiva do Direito e Economia (ou An?lise Econ?mica do Direito). Para tanto, inicialmente o trabalho reaproxima o Direito Tribut?rio da Ci?ncia das Finan?as (ou Finan?as P?blicas) e da Pol?tica Fiscal, empreendendo n?o s? uma an?lise jur?dica, mas tamb?m econ?mica e financeira do tema. A Economia do Setor P?blico (ou Finan?as P?blicas Moderna) contribuir? para a pesquisa atrav?s de temas como as falhas de mercado e a teoria econ?mica da tributa??o, centrais para uma abordagem econ?mica do Direito Tribut?rio. O n?cleo do trabalho reside na aplica??o dos instrumentos do Direito e Economia no estudo da tributa??o, analisando os efeitos das normas tribut?rias sobre o sistema econ?mico. Nesse sentido, a disserta??o examina as premissas fundamentais que comp?em a An?lise Econ?mica do Direito (como o conceito de efici?ncia econ?mica e a sua rela??o com a equidade), relacionando-as com o fen?meno tribut?rio. Em virtude da natureza do sistema jur?dico brasileiro, qualquer investiga??o ou abordagem que se preze, inclusive a de Direito e Economia, n?o poderia passar a largo da Constitui??o. Dessa forma, as normas constitucionais funcionar?o como limite e pressuposto para a aplica??o do Direito e Economia ? tributa??o, sobretudo as normas relativas ao direito de propriedade, ? liberdade, ? igualdade e ? seguran?a jur?dica. A rela??o entre a tributa??o e as falhas de mercado recebe papel de destaque, em particular devido ? import?ncia da mat?ria para o Direito e Economia, bem como devido ? fun??o que a tributa??o exerce na corre??o das referidas falhas. Para al?m de realizar um exame da tributa??o sob o enfoque da An?lise Econ?mica do Direito, a pesquisa tamb?m investiga a realidade tribut?ria brasileira, aplicando os conceitos desenvolvidos em casos e problem?ticas relevantes para o cen?rio nacional, tais como a rela??o entre tributa??o e desenvolvimento, os custos de conformidade na tributa??o e a sonega??o fiscal e o processo de execu??o fiscal. Diante do exposto, pretende-se, ent?o, lan?ar as bases para uma teoria geral da An?lise Econ?mica do Direito Tribut?rio, contextualizando-a com o sistema tribut?rio brasileiro

This thesis elaborates financial analysis of company J. P. PLAST, s.r.o. for period 2010 to 2013. Elementary methods of technical analysis, concretely horizontal and vertical analysis of financial statements, ratio indicators analysis and prediction of financial distress of company. Financial analysis is introduces from basic terms and explanation of individual indicators up to practical application of them and their interpretation. It should help to improve financial management, prepare supporting materials for impro-ving to economic situation of company and optimize managerial decision. In the conc-lusion section, there are proposed measures that may improve financial situation of the company. Application of the thesis will certainly be contribution for analysed company J. P. PLAST, s.r.o.