O objetivo desta tese foi o estudo da variabilidade temporal, crescimento e produção do zooplâncton metazoário, com ênfase sobre estágios imaturos de copépodes, na região costeira de Ubatuba (SP, Brasil). Para tal, a comunidade zooplanctônica foi estudada durante as estações de verão e inverno em regime de dias alternados, para os anos de 2009 a 2011, através de coletas realizadas com redes de malha de 20 e 100 m. Índices ecológicos como densidade, diversidade e equitabilidade foram calculados. Os estágios imaturos de copépodes foram submetidos a experimentos de coortes artificiais em quatro classes de tamanho (50-80, 80-100, 100-150 e 150-200 m) para a determinação das taxas de crescimento de 14 táxons em diferentes estágios de desenvolvimento. A biomassa foi estimada através de equações de regressão comprimento-peso para o posterior cálculo da produção secundária. A incidência e possíveis efeitos de um protista alveolado parasita (Ellobiopsis sp.) sobre o crescimento de copépodes hospedeiros, com ênfase sobre a família Paracalanidae, também foi avaliada. A comunidade de copépodes esteve representada por 66 espécies e caracterizada por valores relativamente altos de diversidade e equitabilidade em relação aos demais trabalhos na plataforma interna da região sudeste do país. Os copépodes foram o grupo dominante, sendo que estágios naupliares foram os mais comuns para a rede de 20 m, enquanto que copepoditos juvenis dominaram para a rede de 100 m. A densidade do zooplâncton foi altamente variável, sendo os maiores valores registrados para o inverno de 2011 para a malha de 20 m (33.160 ± 23.136 org. m-3) e os menores para o inverno de 2009 para a malha de 100 m (5.393 ± 2.264 org. m-3). As famílias dominantes de copépodes foram Oithonidae, Oncaeidae, Paracalanidae e Acartiidae, sendo a primeira dominante também em termos de biomassa. Os estágios juvenis dos copépodes representaram uma biomassa entre 1,06 a 3,47 mg C m-3 para o inverno de 2010 e verão de 2009 respectivamente. Taxas de crescimento foram obtidas para sete táxons de Calanoida (0,41 ± 0,21 d-1), cinco de Cyclopoida (0,27 ± 0,17 d-1) e dois de Harpacticoida (0,31 ± 0,16 d-1). Os valores de crescimento foram semelhantes entre as diferentes classes de tamanho e as estações do ano, mas foram substancialmente diferentes entre as ordens, sendo geralmente maiores para os Calanoida. A produção média estimada para os estágios imaturos dos táxons dominantes de copépodes foi igual a 0,45 mg C m-3, valor conservativo por não contemplar as espécies de menor densidade e frequência. O crescimento de copépodes da família Paracalanidae, principalmente Parvocalanus crassirostris, foi afetado pelo protista parasita Ellobiopsis sp., uma vez que as fêmeas adultas infectadas foram significativamente menores do que as normais. Cerca de 5% das fêmeas da espécie estiveram infectadas pelo parasita, que provavelmente afeta o crescimento somático e reprodutivo de P. crassirostris, com efeitos ainda desconhecidos em termos de biomassa e produção. As taxas calculadas de crescimento e a produção são semelhantes às de outros trabalhos em regiões tropicais. A abordagem experimental através de coortes artificiais forneceu os primeiros resultados sobre o crescimento de estágios juvenis de copépodes para uma região subtropical do Atlântico Sul Ocidental e demonstrou que a concentração da clorofila-a não foi um fator limitante. Este é um dos poucos trabalhos a disponibilizar dados de crescimento, biomassa e produção de tais estágios em ecossistemas marinhos tropicais e que padroniza o método de coortes artificiais para obtenção do crescimento / This thesis aimed to evaluate the temporal variability of the metazoan zooplankton density, growth, and production, with emphasis on copepod immature stages in the coastal area of Ubatuba (São Paulo, Brazil). The zooplankton community was studied during summer and winter from 2009 to 2011, by means of sampling with 20 and 100 m mesh-sized nets. Ecological indexes such as density, diversity and evenness were calculated. Growth rates for 14 taxa of copepod juvenile stages were determined by the artificial cohort method, in four size classes and different developmental stages (50-80, 80-100, 100-150 and 150-200 m). Biomass was estimated by the use of length-weight regressions followed by secondary production estimates. The incidence and possible effects of the alveolate parasite Ellobiopsis sp. on the growth of the copepod hosts was also investigated, with emphasis on the Paracalanidae family. The copepod assemblage was represented by 66 species and displayed relatively high diversity and evenness, in comparison to other studies in the inner shelf of the Brazilian southeastern coast. Copepod was the dominant group; nauplii in the 20 m net, and juvenile copepodids in the 100 m net. The zooplankton density was highly variable: the highest densities occurred during winter 2011 in the 20 m samples (33,160 ± 23,136 org. m-3) and the lowest for the winter 2009 in the 100 m samples (5,393 ± 2,264 org. m-3). The dominant copepod families were Oithonidae, Oncaeidae, Paracalanidae and Acartiidae, the former being the main taxa in terms of biomass as well. Juvenile copepod biomass varied between 1.06 and 3.47 mg C m-3 in the winter 2010 and summer 2009, respectively. Growth rates were recorded for seven Calanoida (0.41 ± 0.21 d-1), five Cyclopoida (0.27 ± 0.17 d-1) and two Harpacticoida (0.31 ± 0.16 d-1) taxa. Growth values were similar between the different size classes, seasons and years, but were substantially different between copepod orders (higher rates for the Calanoida). The mean production for all immature copepod stages was 0.45 mg C m-3, a conservative value, since rare species were not accounted for. The growth of the Paracalanidae copepod Parvocalanus crassirostris, was affected by the parasite protist Ellobiopsis sp., since infected adult females were significantly smaller than normal individuals. About 5% of adult females were infected by the parasite, which probably reduced somatic and reproductive growth of P. crassirostris, with potential consequences for biomass accumulation and, consequently, production. Growth and production rates were similar to those found in other studies carried out in tropical regions. The artificial cohort method has been applied here for the first time on the tropical and subtropical Southwest Atlantic, where clorophyl-a concentration was not considered a limiting factor for growth rates. This is one of the few studies providing data on growth, biomass and production for copepod juvenile stages in tropical marine ecosystems and standardizing the artificial cohort method to measure the growth rates

Growth rates, δ18O and δ13C of five stalagmites from the west coasts of North and South Islands, New Zealand, provide records of millennial-scale climate variability over the last ~75 kyr. Thirty-five uranium-series ages were used to provide the chronology. δ18O of stalagmite calcite was influenced by changes in moisture source region, temperature and both δ18O and δ13C primarily display a negative relationship with rainfall. To assist interpretation of climatic signals δ18O profiles were adjusted for the ice-volume effect. Changes in these proxies reflect changes in the strength of the circumpolar westerly circulation and the frequency of southwesterly flow across New Zealand. MIS 4 was a period of wet and cool climate lasting from 67.7 to 61.3 kyr B.P., expressed in the stalagmites by an interval of strongly negative isotope ratios and increased growth rate. This contrasts with less negative δ18O and δ13C, and slow growth, interpreted as dry and cold climate, during much of MIS 2. This difference between MIS 2 and MIS 4 provides an explanation for why glacial moraines in the Southern Alps of MIS 4 age lie beyond those deposited during the last glacial maximum (MIS 2). Heinrich events, with the exception of H0 (the Younger Dryas), are interpreted from high-resolution South Island stalagmite HW05-3, from Hollywood Cave, West Coast, as times of wetter and cooler climate. Minima in δ18O and δ13C (wet periods) occurred at 67.7-61.0, 56-55, 50.5-47.5, 40-39, 30.5-29, 25.5-24.3 and 16.1-15. kyr B.P. matching Heinrich events H6-H1 (including H5a) respectively. This demonstrates a robust teleconnection between events in the North Atlantic and New Zealand climate. Minima in δ18O also occurred at similar times in less well-dated North Island stalagmite RK05-3 from Ruakuri Cave, Waitomo. Speleothems from low-latitudes have revealed that Heinrich events forced southerly displacement of the Intertropical Convergence Zone. This caused steepening of the temperature gradient across mid-southern latitudes, increased westerly circulation and resulted in wet conditions on the west coast of both islands. Immediately following H1 in the HW05-3 stable isotope profiles is another excursion to more negative isotopic values, suggesting wet and cold climate, lasting from 14.6 to 13.0 kyr B.P. Such a climate on the West Coast at this time has been previously suggested from glacier advance (e.g. Waiho Loop moraine) and decreased abundance of tall trees on the landscape. This event occurred too early to be a response to H0, but is synchronous with a return to cool climate in Antarctica. Thus West Coast climate appears to have been sensitive to changes in Antarctica as well as the North Atlantic. Isotopic minima (wet and cool climate) in South Island stalagmite GT05-5, which formed during the Holocene, first occurred 4.6 kyr B.P. This began a series of four oscillations in isotope ratios, the last terminating when the stalagmite was collected (2006). Onset of these oscillations is associated with initiation of ice advance in the Southern Alps, and beginning of the Neoglacial. The last oscillation displays enriched isotope ratios lasting from 1.2 to 0.8 kyr B.P. succeeded by depleted ratios lasting until 0.15 kyr B.P., mirroring the Medieval Climate Optimum and Little Ice Age, respectively, of European palaeoclimate records.

This project describes various aspects of the breeding ecology and behaviour of the brown falcon Falco berigora, a common but poorly study Australian raptor. In particular it examines (a) the main influences on reproductive success; (b) tests predictions of theories proposed to explain the evolution and maintenance of sexual size dimorphism (RSD; females the larger sex) in raptors; and (c) investigates sex allocation patterns in the light of current sex ratio and parental investment theory. The study was conducted between July 1999 and June 2002 approximately 35 km southwest of Melbourne, at the Western Treatment Plant (WTP), Werribee (38°0’S 144°34’E) and surrounds, a total area of approximately 150 km2.¶ · In all plumage and bare part colouration of 160 free-flying falcons was described. The majority of variation in these characters could be attributed to distinct age and/or sex differences as opposed to previously described colour ‘morphs’.¶ · Nestling chronology and development is described and formulae based on wing length derived for determining nestling age. An accurate field-based test for determining nestling sex at banding age is also presented.¶ · Strong sex role differentiation was apparent during breeding; typical of falcons females performed most parental duties whilst males predominantly hunted for their brood and partner. Based on observations of marked individuals, both sexes of brown falcons aggressively defended mutual territories throughout the year, with just 10% of each sex changing territories during the entire study period. Males performed territorial displays more frequently than females, the latter rarely displaying alone.¶ · The diet of the population as a whole was very broad, but within pairs both sexes predominantly specialised on either lagomorphs, small ground prey (e.g. house mice Mus musculus), small birds, large birds or reptiles, according to availability.¶ · Reproductive parameters such as clutch size and the duration of parental care were constant across all years, however marked annual differences in brood size and the proportion of pairs breeding were evident.¶ · Age was an important influence upon reproductive success and survival, with immature birds inferior to adults in both areas. However, interannual differences were by far the most influential factor on breeding success and female survival. Heavy rain downpours were implicated as the main determinant of reproductive success and adult female mortality in a population largely devoid of predation or human interference.¶ · Female-female competition for territorial vacancies was intense; larger adult females were more likely to be recruited and once breeding fledged more offspring. In contrast, male recruitment and breeding success was unrelated to either body size or condition indices, although smaller immature males were more likely to survive to the next breeding season. This directional selection is consistent only with the predictions of the intrasexual competition hypothesis.¶ · Despite marked RSD (males c. 75% of female body mass), throughout the nestling phase female nestlings did not require greater quantities of food than their male siblings. However, female parents fed their last-hatched sons but not daughters, resulting in the complete mortality of all last-hatched female offspring in focal nests. Given last-hatched nestlings suffered markedly reduced growth rates and female, but not male, body size is important in determining recruitment patterns, the biased allocation amongst last-hatched offspring is likely to reflect differing benefits associated with investing in small members of each sex, consistent with broad-scale Trivers-Willard effects. Recruitment patterns support this, with surviving last-hatched females, in contrast to males, unable to gain recruitment into the breeding population upon their return to the study site.¶ Thus selection appears to act at the nestling, immature and adult stages to maintain RSD in the focal population. Larger females were favoured in the nestling phase, at recruitment and once breeding had greater reproductive success. In contrast, selection favoured a reduction or maintenance of immature male size as smaller birds had a greater chance of survival in the year following recruitment than their larger counterparts; thereafter male size was unimportant. Together, this directional selection favouring increased female competitive ability is consistent only with the predictions of the intrasexual competition hypothesis, which appears the most probable in explaining the maintenance and perhaps evolution of RSD in raptors.

O objetivo desta tese foi o estudo da variabilidade temporal, crescimento e produção do zooplâncton metazoário, com ênfase sobre estágios imaturos de copépodes, na região costeira de Ubatuba (SP, Brasil). Para tal, a comunidade zooplanctônica foi estudada durante as estações de verão e inverno em regime de dias alternados, para os anos de 2009 a 2011, através de coletas realizadas com redes de malha de 20 e 100 m. Índices ecológicos como densidade, diversidade e equitabilidade foram calculados. Os estágios imaturos de copépodes foram submetidos a experimentos de coortes artificiais em quatro classes de tamanho (50-80, 80-100, 100-150 e 150-200 m) para a determinação das taxas de crescimento de 14 táxons em diferentes estágios de desenvolvimento. A biomassa foi estimada através de equações de regressão comprimento-peso para o posterior cálculo da produção secundária. A incidência e possíveis efeitos de um protista alveolado parasita (Ellobiopsis sp.) sobre o crescimento de copépodes hospedeiros, com ênfase sobre a família Paracalanidae, também foi avaliada. A comunidade de copépodes esteve representada por 66 espécies e caracterizada por valores relativamente altos de diversidade e equitabilidade em relação aos demais trabalhos na plataforma interna da região sudeste do país. Os copépodes foram o grupo dominante, sendo que estágios naupliares foram os mais comuns para a rede de 20 m, enquanto que copepoditos juvenis dominaram para a rede de 100 m. A densidade do zooplâncton foi altamente variável, sendo os maiores valores registrados para o inverno de 2011 para a malha de 20 m (33.160 ± 23.136 org. m-3) e os menores para o inverno de 2009 para a malha de 100 m (5.393 ± 2.264 org. m-3). As famílias dominantes de copépodes foram Oithonidae, Oncaeidae, Paracalanidae e Acartiidae, sendo a primeira dominante também em termos de biomassa. Os estágios juvenis dos copépodes representaram uma biomassa entre 1,06 a 3,47 mg C m-3 para o inverno de 2010 e verão de 2009 respectivamente. Taxas de crescimento foram obtidas para sete táxons de Calanoida (0,41 ± 0,21 d-1), cinco de Cyclopoida (0,27 ± 0,17 d-1) e dois de Harpacticoida (0,31 ± 0,16 d-1). Os valores de crescimento foram semelhantes entre as diferentes classes de tamanho e as estações do ano, mas foram substancialmente diferentes entre as ordens, sendo geralmente maiores para os Calanoida. A produção média estimada para os estágios imaturos dos táxons dominantes de copépodes foi igual a 0,45 mg C m-3, valor conservativo por não contemplar as espécies de menor densidade e frequência. O crescimento de copépodes da família Paracalanidae, principalmente Parvocalanus crassirostris, foi afetado pelo protista parasita Ellobiopsis sp., uma vez que as fêmeas adultas infectadas foram significativamente menores do que as normais. Cerca de 5% das fêmeas da espécie estiveram infectadas pelo parasita, que provavelmente afeta o crescimento somático e reprodutivo de P. crassirostris, com efeitos ainda desconhecidos em termos de biomassa e produção. As taxas calculadas de crescimento e a produção são semelhantes às de outros trabalhos em regiões tropicais. A abordagem experimental através de coortes artificiais forneceu os primeiros resultados sobre o crescimento de estágios juvenis de copépodes para uma região subtropical do Atlântico Sul Ocidental e demonstrou que a concentração da clorofila-a não foi um fator limitante. Este é um dos poucos trabalhos a disponibilizar dados de crescimento, biomassa e produção de tais estágios em ecossistemas marinhos tropicais e que padroniza o método de coortes artificiais para obtenção do crescimento / This thesis aimed to evaluate the temporal variability of the metazoan zooplankton density, growth, and production, with emphasis on copepod immature stages in the coastal area of Ubatuba (São Paulo, Brazil). The zooplankton community was studied during summer and winter from 2009 to 2011, by means of sampling with 20 and 100 m mesh-sized nets. Ecological indexes such as density, diversity and evenness were calculated. Growth rates for 14 taxa of copepod juvenile stages were determined by the artificial cohort method, in four size classes and different developmental stages (50-80, 80-100, 100-150 and 150-200 m). Biomass was estimated by the use of length-weight regressions followed by secondary production estimates. The incidence and possible effects of the alveolate parasite Ellobiopsis sp. on the growth of the copepod hosts was also investigated, with emphasis on the Paracalanidae family. The copepod assemblage was represented by 66 species and displayed relatively high diversity and evenness, in comparison to other studies in the inner shelf of the Brazilian southeastern coast. Copepod was the dominant group; nauplii in the 20 m net, and juvenile copepodids in the 100 m net. The zooplankton density was highly variable: the highest densities occurred during winter 2011 in the 20 m samples (33,160 ± 23,136 org. m-3) and the lowest for the winter 2009 in the 100 m samples (5,393 ± 2,264 org. m-3). The dominant copepod families were Oithonidae, Oncaeidae, Paracalanidae and Acartiidae, the former being the main taxa in terms of biomass as well. Juvenile copepod biomass varied between 1.06 and 3.47 mg C m-3 in the winter 2010 and summer 2009, respectively. Growth rates were recorded for seven Calanoida (0.41 ± 0.21 d-1), five Cyclopoida (0.27 ± 0.17 d-1) and two Harpacticoida (0.31 ± 0.16 d-1) taxa. Growth values were similar between the different size classes, seasons and years, but were substantially different between copepod orders (higher rates for the Calanoida). The mean production for all immature copepod stages was 0.45 mg C m-3, a conservative value, since rare species were not accounted for. The growth of the Paracalanidae copepod Parvocalanus crassirostris, was affected by the parasite protist Ellobiopsis sp., since infected adult females were significantly smaller than normal individuals. About 5% of adult females were infected by the parasite, which probably reduced somatic and reproductive growth of P. crassirostris, with potential consequences for biomass accumulation and, consequently, production. Growth and production rates were similar to those found in other studies carried out in tropical regions. The artificial cohort method has been applied here for the first time on the tropical and subtropical Southwest Atlantic, where clorophyl-a concentration was not considered a limiting factor for growth rates. This is one of the few studies providing data on growth, biomass and production for copepod juvenile stages in tropical marine ecosystems and standardizing the artificial cohort method to measure the growth rates

The high latitude thickets of Acropora cervicornis off Broward County flourish despite the presence of natural and anthropogenic impacts. These populations provided a unique study area in contrast to disease-stricken populations of the Florida Keys. This study used time-sequenced photographs to examine how A. cervicornis was affected by tissue loss attributed to white-band disease during 2007–2008. Variables monitored included healthy colony skeletal extension rates, diseased colony skeletal extension rates, and tissue loss. The transmissibility of the three white-band syndromes found in the Scooter and Oakland thickets was examined through tissue grafting experiments. Skeletal extension rates of healthy and diseased colonies were generally not significantly different. Mean skeletal extension for A. cervicornis colonies in Broward County was observed to be 9.6 cm/y (SD=3.95, Range: 1.02–19.9). Mean linear tissue loss from disease signs was 2.6 mm/d (SD=4.3, Range: 0.023–16.8). Although the majority of active disease lesions caused severe tissue loss upon contact with healthy branches, in 25% of the cases there was no tissue loss. Disease signs were also observed in 10% of the control grafting trials. A. cervicornis thickets in Broward County were growing at rates similar to those observed in this species elsewhere in Florida, but faster than other areas of the Western Atlantic. Tissue loss rate from disease lesions was lower than reported elsewhere. White-band disease and/or other tissue loss syndromes are always present in Broward County, but the low prevalence of affected colonies, inconsistent transmission of a presumptive agent that causes the disease signs, and optimum branch skeletal extension seems to limit effects on the thickets. Results of this research are significant as the current protected status of acroporid corals no longer allows manipulative research such as coral grafting for transmissibility of potential disease pathogens.

[pt] A busca por modelos de avaliação cada vez mais precisos tem sido uma preocupação permanente no âmbito das finanças corporativas. No entanto, para que estes modelos gerem bons resultados, é preciso que estimativas do comportamento futuro de contas como receitas, custos, despesas e investimentos estejam bem avaliadas. Dentro deste contexto se insere a importância da previsão das taxas de crescimento. Elas dependem de diversos fatores, externos e internos à empresa e que são, muitas vezes, de extrema complexidade. Na tentativa de tornar esta estimativa mais objetiva, o presente trabalho procura avaliar a hipótese de que índices de mercado bastante utilizados pelos analistas financeiros, como preço de mercado da ação-lucro, preço de mercado da ação-valor patrimonial por ação e preço de mercado da ação - vendas, são capazes de fornecer indícios sobre o comportamento futuro das contas receita bruta, EBITDA e lucro operacional de empresas listadas na Bolsa de Valores de São Paulo (BOVESPA) durante o período 1994-2003. Através do teste estatístico não- paramétrico de Wilcoxon, o estudo fornece indícios de que a variável preço de mercado da ação - valor patrimonial por ação possui valores maiores para empresas de baixo crescimento e menores para empresas de médio e alto crescimento. Para as variáveis preço-lucro e preço-vendas não se observam diferenças significativas de valor entre os grupos de baixo, médio ou alto crescimento. / [en] The search for more accurate evaluation models has been a permanent activity within the field of corporative finances. A successful model must forecast, with a high degree of confidence and accuracy, the future behavior of incomes, costs, expenditures and investments. Companies´ growth rates are also important; they depend on several internal and external factors and their evaluation can be a very complex task. Our work evaluates critically some valuation ratios used by financial analysts like: price-to-earnings, market-to-book and price-to-sales ratios, in order to obtain useful information about the following itens future behavior: Gross Revenue, EBITDA and Operating Profit of companies listed at São Paulo Stock Exchange (BOVESPA) during the period 1994-2003. The Wilcoxon´s nonparametric test suggests: an inverse relationship between the market- to-book index to the registered companies growth rate and no noticeable relationship between price-to-earnings ratios and price-to-sales ratios to the same companies´ growth rate.

The purpose of the work described in this thesis was to explore the use of fractional crystallization as a technology that can be used to separate medium-curie waste from the Hanford Site tank farms into a high-curie waste stream, which can be sent to a Waste Treatment and Immobilization Plant (WTP), and a low-curie waste stream, which can be sent to Bulk Vitrification. The successful semi-batch crystallization of sodium salts from two single shell tank simulant solutions (SST Early Feed, SST Late Feed) demonstrated that the recovered crystalline product met the purity requirement for exclusion of cesium, sodium recovery in the crystalline product and the requirement on the sulfate-to-sodium molar ratio in the stream to be diverted to the WTP. The experimental apparatus, procedures and results obtained in this thesis on scaled-down experiments of SST Early and Late Feed simulated solutions were adapted and reproduced under hot-cell with actual wastes by our partners at Hanford. To prepare the application of the pretreatment process to pilot scale process, several varation to the feed solutions were investigated including the presence of carboxylates and amines organics compounds and solids particles. Results of the study showed that 4 organics species presented complications to the process (NTA, HEDTA, EDTA and sodium citrate) while the other species (Formate, acetate, glycolate and IDA) and solids particles did not in the conditions of the stored wastes. In this thesis, the kinetics of the crystalline species formed at the condition of the early feed certification run (66 °C and 25 g/h evaporation) were determined along with the effect of the operating temperature and evaporation rate on these kinetics. On one hand, the study of evaporation rate values ranging from 25g/h to 75g/h showed that an increase in evaporation rate increased the specific nucleation while decreasing the specific growth rate. On the other hand, experiments on operating temperature ranging from 35 °C to 75 °C displayed that the nucleation rate of all species increased with temperature at the exception of sodium carbonate monohydrate and burkeite crystals, and that the growth rate of all species increased with temperature at the exception of sodium nitrate. Furthermore, sulfate based crystals such as trisodium fluoride sulfate were only roduced at 45 °C and 75 °C. A simple steady state MSMPR population balance model was developed expressing the total population density function as the sum of the specific population density functions. The specific semi-batch crystallization kinetics were implemented in this model.

The diploma thesis deals with the development of the market for protein crops. The literature research deals one hand with the distribution and morphology of legumes, and on second hand with the structure and chemical composition of seeds of selected species (pea, soybean and lupine). The literature research also covers the production of protein concentrates and their commercialization. The practical part is mainly engaged in the analysis of market developments of selected species of legumes in the Czech Republic, especially during the years 2000 - 2015, in comparison with the market development of the individual European states (Germany, Austria, Poland, Slovakia and France). The outcome of this diploma thesis is the ordination of statistical data available in clear graphical and tabular outputs, it does not miss time series evaluation of development of individual crops in both the Czech Republic and other selected countries.

[pt] A recente internacionalização da economia, o processo de integração dos mercados e a perspectiva de obtenção de condições competitivas via maior escala suscitaram a reestruturação produtiva e fomentaram a maior concentração econômica por meio de contínuas fusões e aquisições de empresas. Esta situação insere o estudo acerca das taxas de crescimento de indicadores contábeis das companhias entre os temas mais relevantes no âmbito das finanças corporativas. As variáveis contábeis utilizadas neste trabalho foram as taxas de crescimento anuais da receita bruta, do EBITDA e do lucro operacional de empresas listadas na Bolsa de Valores de São Paulo (BOVESPA) durante o período 1994-2002. A conclusão acerca da variabilidade e da não-persistência destas taxas de crescimento constitui-se obstáculo aos exercícios de previsão no mercado brasileiro. Simulações adicionais foram realizadas visando auferir o efeito do porte e dos múltiplos de transação das respectivas ações destas empresas sobre as taxas de crescimento. Visando maior detalhamento sobre a forte resistência à persistência de taxas anuais consecutivas superiores à mediana do mercado durante os oito anos de análise, foram aplicados testes econométricos essenciais ao modelo ARIMA (Box e Jenkins), constatando a não correlação e a não correlação parcial das taxas de crescimento anuais das empresas para todas as variáveis analisadas, caracterizando um processo clássico de white noise e fornecendo indícios para um comportamento típico de random walk ou random walk with drift. / [en] The recent economy internationalization, the market integration process and the perspective of obtaining differentiated conditions through scale led to production restructuring and fomented a higher economic concentration by means of continuous mergers and acquisitions of companies. This scenario inserts the study of the variability and persistence of growth rates of accounting indicators of companies among the most relevant subjects of corporate finance. The accounting variables selected in this work were the annual growth rates of the gross revenue, of the EBITDA and of the operating profit of companies listed at São Paulo Stock Exchange (BOVESPA) during the period 1994-2002. The observed variability and the non persistence of the growth rates represents a relevant obstacle to forecasting exercises in the Brazilian market. Additional simulations were performed, in order to test the effect of the firms` size and of the transaction multiples of their respective stocks ont growth rates. Looking for a deeper understanding of the strong resistance to the persistence of consecutive annual rates above market median values along the eight years period of analysis, econometric tests essential to ARIMA model (Box and Jenkins) were applied, and the resuts portrayed the non correlation and non-partial correlation between the annual growth rates for all variables, characterizing a classical white noise process, signaling a typical random walk or a random walk with drift behavior.

No description available.