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Venda de Ativos Operacionais e Assimetria de Informação: Estudo Comparativo entre o Regime Jurídico do Contrato de Trespasse e da Recuperação Judicial

Borges, Jéssica Macieira
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Outros
Português
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Primeiramente, o presente trabalho se presta a demonstrar a relevância da recuperação judicial de empresas no que diz respeito à maximização de valor dos bens, considerados em conjunto (valor de going concern), quando mantidos operacionais, conforme teoria do common pool assets. Posteriormente, será verificado como deve ser a estruturação do regime legal da venda de ativos de forma a maximizar valor dos bens alienados, juntamente com uma comparação entre os regimes jurídicos do contrato de trespasse, regulado pelo Código Civil de 2002, e da recuperação judicial, estabelecido na Lei 11.101/05, especificamente no que diz respeito à venda de unidades produtivas isoladas. A diferenciação dos institutos do trespasse e da recuperação judicial será feita principalmente com base em características relacionadas à sucessão do passivo do estabelecimento comercial (ou unidade produtiva) no momento de sua alienação a terceiros, e como a assimetria de informação pode influenciar na maximização do valor, no momento da venda dos bens, em cada um dos regimes. In first place, this paper looks forward to demonstrate the relevance of the judicial reorganization of companies with respect to the increase of value of the assets...

Avaliação de empresas com foco na apuração dos haveres do sócio retirante, em face da jurisprudência dos tribunais pátrios : uma abordagem multidisciplinar

Santos, Alexandre Alberto Werlang dos
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
Português
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Este estudo visa demonstrar o modelo de avaliação de empresa adotado pelo Judiciário Brasileiro, para fins de apuração dos haveres do sócio retirante, modelo este que reflita o entendimento majoritário da jurisprudência Brasileira. O sócio retirante ou dissidente é aquele que se retira da sociedade por vontade própria, por exclusão dos demais sócios, por morte, por falência do sócio, ou em decorrência da penhora judicial das quotas sociais do sócio. Avaliar uma empresa é uma tarefa difícil, eis que as empresas representam um conjunto de ativos e passivos; sendo que existem inúmeros ativos e passivos intangíveis de difícil mensuração. A lei brasileira dispõe que os haveres do sócio retirante serão apurados por um balanço especial para esse fim. Esse balanço é denominado de balanço de determinação. O balanço de determinação equivale a um balanço patrimonial, nos moldes da contabilidade tradicional, que será apurado na data da resolução da sociedade em relação ao sócio retirante. O balanço de determinação equivale a um balanço patrimonial, nos moldes da contabilidade tradicional, que será apurado na data da resolução da sociedade em relação ao sócio retirante. Segundo a jurisprudência dos Tribunais pátrios...

The fair value of forestry assets : analysis of precious woods and green resources

Macedo, Diogo Vasconcelos Cabral Bravo de
Fonte: Universidade Católica Portuguesa Publicador: Universidade Católica Portuguesa
Tipo: Dissertação de Mestrado
Publicado em 16/09/2012 Português
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The purpose of this dissertation is to explore the Fair Value concept in the context of biological assets, more precisely forestry assets. In order to evaluate how Fair Value has been employed in the forestry assets field, I first approach the Fair Value in general terms in the Literature Review, and the Fair Value in the specific context of biological assets (IAS 41). Further, I develop an analysis of two standing timber companies, namely Precious Woods and Green Resources. This analysis encompasses both the methodologies undertaken by each company to value its forestry assets and the impacts on the Financial Statements of changes in fair value of biological assets performed by each company in each year under analysis. Based on the results obtained, both Precious Woods and Green Resources use the Income approach to value its forestry assets and these assets have an overall heavy weight on the financial statements of both companies. Besides, throughout the study one can notice that slight shifts in judgement concerning one or more variables relevant for the DCF model to measure forestry assets can have significant impacts on Financial Statements. Moreover, one can conclude that there is room for improvement not only in the disclosures but also in the accuracy and reliability of financial information reported in the Annual Reports of Precious Woods and Green Resources.

Exploring the Relationship Between Developmental Assets and Food Security in Adolescents From a Low-Income Community

Shtasel-Gottlieb, Zoe
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
Português
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Purpose: To explore the association between developmental assets (characteristics, experiences, and relationships that shape healthy development) and food insecurity among adolescents from a low-income, urban community. Methods: This mixed methods study occurred in two phases. In Phase 1, using a census approach, 2350 6-12th graders from the public school district completed an anonymous survey that included the Development Assets Profile (DAP), youth self-report form of the Core Food Security Module, and demographic questions. Logistic and multinomial regression analyses determined independent associations between developmental assets and food security adjusting for demographics. In Phase 2, 20 adult key informant interviews and four semi-structured student focus groups were performed to explain findings from Phase 1. Results: On average, DAP scores were consistent with national norms. Food insecurity was prevalent; 14.9% reported low food security and 8.6% very low food security (VLFS). Logistic regression revealed that higher DAP was associated with lower odds of food insecurity (OR=.96, 95% CI=.95-.97); family assets drove this association (OR=.93, 95% CI=.91-.95). In multinomial regression modeling, these associations persisted and...

Impacto e divulgação da redução ao valor recuperável de ativos em instituições financeiras; Impact and disclosure of impairment of assets in financial institutions

Camilo, Anelise Cunha; Pereira, Ednei Morais; Freire, Fátima Souza Freire
Fonte: Osni Hoss; brasil; UFG Publicador: Osni Hoss; brasil; UFG
Tipo: Artigo de Revista Científica
Português
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Revista CAP Accounting and Management, Goiânia, v. 6, n. 6, jan./dez., 2012.; The accounting convergence brings a lot of changes in procedures established by Law 6.404 of 1976 that has endured for many years in the Brazilian Accounting System. The accounting convergence began in 2007 through Law 11.638. It is a recent process that brings significant changes, including the impairment of assets, a procedure considered relevant, since it evaluates the assets thoroughly, considering internal and external factors to the entities, and keeps the assets with likely recovery values. It is still unclear the impacts that the impairment could cause to the stakeholders. The banks that have numerous assets may suffer significant losses, which may result in a reduction of assets and profits, interfering in the decisions of the accounting information’s users. Thus, the objective of this research was to verify the impact of the rule relating to the recoverable value of assets, both in financial terms and in the disclosure of Financial Institutions. The material used for analysis was the annual Financial Statements of fifteen banks for the period of 2008 to 2010. The data was evaluated in two ways: by applying a checklist of disclosure requirements of impairment and by calculating the weighted percentage for the accounting impact of the impairment loss...

Comprehensive Wealth, Intangible Capital, and Development

Ferreira, Susana; Hamilton, Kirk
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Existing wealth estimates show that in most countries intangible capital is the largest share of total wealth. Intangible capital is calculated as the difference between total wealth and tangible (produced and natural) capital. This paper uses new estimates of total wealth, natural capital, and physical capital for a panel of countries to shed light on the constituents of the intangible capital residual. In a development-accounting framework, the authors show that factors of production are very successful in explaining the variation in output per worker when they use intangible capital instead of human capital as a factor of production. This suggests that intangible capital captures a broad range of assets typically included in the total factor productivity residual. Human capital is an important factor, both in statistical and economic terms, in regressions decomposing intangible capital.

Pension Funds and Capital Market Development : How Much Bang for the Buck?

Raddatz, Claudio; Schmukler, Sergio L.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors that tend to hold a large amount of bank deposits, government paper, and short-term assets; buy and hold assets in their portfolios without actively trading them; hold similar portfolios at the asset-class level; simultaneously buy and sell similar assets; and follow momentum strategies when trading. Although pension funds may have contributed to the development of certain primary markets, these patterns do not seem fully consistent with the initial expectations that pension funds would be a dynamic force driving the overall development of capital markets. The results do not appear to be explained by regulatory restrictions. Instead, asset illiquidity and manger incentives might be behind the patterns illustrated in this paper.

Drivers of Sustainable Rural Growth and Poverty Reduction in Central America : Honduras Case Study, Volume 1. Executive Summary and Main Text

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This regional study encompasses three Central American countries: Nicaragua, Guatemala, and Honduras. The focus of this report is Honduras. The objective of the study is to understand how broad-based economic growth can be stimulated and sustained in rural Central America. The study identifies "drivers" of sustainable rural growth and poverty reduction. Drivers are defined as the assets and combinations of assets needed by different types of households in different geographical areas, to take advantage of economic opportunities, and improve their well-being over time. The study examines the relative contributions of these assets, and seeks to identify the combinations of productive, social, and location-specific assets that matter most to raise incomes, and take advantage of prospects for poverty-reducing growth. It adopts an asset-based conceptual approach, where assets are defined to include natural, physical, financial, human, social, political, institutional, and location-specific assets, and, focuses on how households deploy their assets within the context of policies...

Drivers of Sustainable Rural Growth and Poverty Reduction in Central America : Honduras Case Study, Volume 2. Background Papers and Technical Appendices

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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26.899038%
This regional study encompasses three Central American countries: Nicaragua, Guatemala, and Honduras. The focus of this report is Honduras. The objective of the study is to understand how broad-based economic growth can be stimulated and sustained in rural Central America. The study identifies "drivers" of sustainable rural growth and poverty reduction. Drivers are defined as the assets and combinations of assets needed by different types of households in different geographical areas, to take advantage of economic opportunities, and improve their well-being over time. The study examines the relative contributions of these assets, and seeks to identify the combinations of productive, social, and location-specific assets that matter most to raise incomes, and take advantage of prospects for poverty-reducing growth. It adopts an asset-based conceptual approach, where assets are defined to include natural, physical, financial, human, social, political, institutional, and location-specific assets, and, focuses on how households deploy their assets within the context of policies...

The Insurance Industry in Mauritius

Vittas, Dimitri
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The insurance industry is relatively well developed. It makes extensive use of reinsurance facilities and is free from the pervasive premium, product, investment, and reinsurance controls that have bedeviled the insurance markets of so many developing countries around the world. Total premiums amounted in 2001 to 4.1 percent of GDP, while insurance company assets were equivalent to 18 percent of GDP. Life insurance, which has been favored by generous tax incentives and has also benefited from the growth of pension business and housing finance, represents 61 percent of total premiums. Nonlife business is also well organized. Large industrial and commercial risks are reinsured with top international companies, while motor insurance, which is the largest class of business with 45 percent of total nonlife premiums, does not suffer from high loss ratios or unduly long delays in settlement. Investment limits are generally sound and, with some small but important exceptions, effectively nonbinding. There is no minimum requirement for investment in government securities. Investment in overseas assets is limited to 25 percent of total assets...

After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies

Hoff, Karla; Stiglitz, Joseph E.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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With the collapse of communism in Eastern Europe and the Soviet Union in 1989-91, many economic reformers supported "Big Bang" privatization-the rapid transfer of state-owned enterprises to private individuals. It was hoped that Big Bang privatization would create the conditions for a demand-led evolution of legal institutions. But there was no theory to explain how this process of institutional evolution, including a legal framework for the protection of investors, would occur and, in fact, it has not yet occurred in Russia, in other former Soviet Union countries, in the Czech Republic, and elsewhere. A central reason for that, according to many scholars, is the weakness of the political demand for the rule of law. To shed light on this puzzle, the authors consider a model where the conditions for the emergence of the rule of law might be interpreted as highly favorable. Individuals with control rights over privatized assets can collectively bring about the rule of law simply by voting for it. These individuals are concerned with the wealth they can obtain from the privatized assets...

The Use of Asset Management Companies in the Resolution of Banking Crises

Klingebiel, Daniela
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
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Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking systems assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives...

Modelling Information Assets for Security Risk Assessment in Industrial Settings

NAI FOVINO IGOR; MASERA MARCELO
Fonte: Ecole Superieure et d'Application des Transmissions Publicador: Ecole Superieure et d'Application des Transmissions
Tipo: Contributions to Conferences Formato: Printed
Português
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Industry has begun in the last years to take into consideration the use of Public Information Infrastructures (including the Internet) for remotely monitoring, managing and maintaining their technical systems. Concurrently, technical and business information systems are getting interconnected both through private and public networks. As a result, industry is exposed to internal and external cyber-threats, and the security assessment of the ICT infrastructures assumes a predominant relevance. However, underlying every useful security methodology there is a system description which decomposes the system in term of services, component, relationships and assets. In this paper, we focus our attention on a particular type of system asset to which, to our knowledge, the usual security assessment methodologies do not pay sufficient attention, the information asset. Such an asset, in fact, represents the core of every ICT infrastructure (commands sent to components are information assets, data stored into databases are information assets, data flowing through the network are information assets); therefore we believe that its proper description and analysis is key for assuring reliable results for security assessments. Starting from some classical definitions of information and knowledge...

Using an Asset-Based Approach to Identify Drivers of Sustainable Rural Growth and Poverty Reduction in Central America: A Conceptual Framework

Siegel, Paul B.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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The asset-based approach considers links between households' productive, social, and locational assets; the policy, institutional, and risk context; household behavior as expressed in livelihood strategies; and well-being outcomes. For sustainable poverty reducing growth, it is critical to examine household asset portfolios and understand how assets interact with the context to influence the selection of livelihood strategies, which in turn determine well-being. Policy reforms can change the context and income-generating potential of assets. Investments can add new assets or increase the efficiency of existing household assets, and also improve households' risk management capacity to protect assets. After all is said and done, a household's asset portfolio will determine whether growth and poverty reduction can be achieved and sustained over time. The asset-based framework is amendable to different analytical techniques. Siegel suggests combining quantitative and qualitative spatial and household level analyses (and linked spatial and household level analyses) to deepen understanding of the complex relationships between assets, context, livelihood strategies, and well-being outcomes.

Economic Opportunities for Indigenous Peoples in Latin America : Conference Edition

Patrinos, Harry Anthony; Skoufias, Emmanuel
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Economic & Sector Work :: Other Education Study; Economic & Sector Work
Português
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Indigenous peoples make up less than 5 percent of the world's population, yet comprise 15 percent of the world's poor. The indigenous population of Latin America is estimated at 28 million. Despite significant changes in poverty overall, the proportion of indigenous peoples in the region living in poverty - at almost 80 percent - did not change much from the early 1990s to the early 2000s. Economic Opportunities for Indigenous Peoples in Latin America moves beyond earlier work which focused primarily on human development, and looks at the distribution and returns to income generating assets - physical and human capital, public assets and social capital - and the affect these have on income generation strategies. Low income and low assets are mutually reinforcing. Low education levels translate into low income, resulting in poor health and reduced schooling of future generations. Low assets not only reduce the ability to generate income, they also hinder the capacity to insure against shocks, thus increasing vulnerability. This is especially true when coupled with missing credit and insurance markets. There are significant complementarities across assets...

Drivers of Sustainable Rural Growth and Poverty Reduction in Central America : Guatemala Case Study, Volume 1. Executive Summary and Main Text

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Rural Study; Economic & Sector Work
Português
Relevância na Pesquisa
26.876697%
This regional study encompasses three Central American countries: Nicaragua, Guatemala and Honduras. The focus of this report is Guatemala. The study is motivated by several factors: First is the recognition that sub-national regions are becoming increasingly heterogeneous, and economically differentiated as part of ongoing processes of development and diversification, with some areas advancing, and others being left behind. Second is the acceptance that one rural strategy does not fit all; design of an appropriately tailored rural strategy requires understanding the assets, markets, and institutions that frame household opportunities and livelihood strategies. Third, rural heterogeneity requires identification of sufficiently homogeneous areas and household types to facilitate policy formulation, investment strategies, and project design. Fourth, there is a need to bridge the gap between conceptual strategies, and their timely implementation in order to obtain tangible and sustainable results. To this end...

Drivers of Sustainable Rural Growth and Poverty Reduction in Central America : Nicaragua Case Study, Volume 2. Background Papers and Technical Appendices

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Rural Study; Economic & Sector Work
Português
Relevância na Pesquisa
26.899038%
This regional study encompasses three Central American countries: Nicaragua, Guatemala, and Honduras. The focus of this report is Nicaragua. The objective of the study is to understand how broad-based economic growth can be stimulated, and sustained in rural Central America. The study identifies "drivers" of sustainable rural growth and poverty reduction, where drivers are defined as the assets and combinations of assets needed by different types of households in different geographical areas to take advantage of economic opportunities, and improve their well-being over time. The study examines the relative contributions of these assets, and identifies the combinations of productive, social, and location-specific assets that matter most to raise incomes, and take advantage of prospects for poverty-reducing growth. The study's focus on assets is appropriate given historically stark inequalities in the distribution of productive assets among households in the region. Such inequalities are likely to constrain how the poor share in the benefits of growth...

Drivers of Sustainable Rural Growth and Poverty Reduction in Central America : Nicaragua Case Study, Volume 1. Executive Summary and Main Text

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Economic & Sector Work :: Other Rural Study; Economic & Sector Work
Português
Relevância na Pesquisa
26.917717%
This regional study encompasses three Central American countries: Nicaragua, Guatemala, and Honduras. The focus of this report is Nicaragua. The objective of the study is to understand how broad-based economic growth can be stimulated, and sustained in rural Central America. The study identifies "drivers" of sustainable rural growth and poverty reduction, where drivers are defined as the assets and combinations of assets needed by different types of households in different geographical areas to take advantage of economic opportunities, and improve their well-being over time. The study examines the relative contributions of these assets, and identifies the combinations of productive, social, and location-specific assets that matter most to raise incomes, and take advantage of prospects for poverty-reducing growth. The study's focus on assets is appropriate given historically stark inequalities in the distribution of productive assets among households in the region. Such inequalities are likely to constrain how the poor share in the benefits of growth...

Solving the collective-risk social dilemma with risky assets in well-mixed and structured populations

Chen, Xiaojie; Zhang, Yanling; Huang, Ting-Zhu; Perc, Matjaz
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 13/11/2014 Português
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26.876697%
In the collective-risk social dilemma, players lose their personal endowments if contributions to the common pool are too small. This fact alone, however, does not always deter selfish individuals from defecting. The temptations to free-ride on the prosocial efforts of others are strong because we are hardwired to maximize our own fitness regardless of the consequences this might have for the public good. Here we show that the addition of risky assets to the personal endowments, both of which are lost if the collective target is not reached, can contribute to solving the collective-risk social dilemma. In infinite well-mixed populations risky assets introduce new stable and unstable mixed steady states, whereby the stable mixed steady state converges to full cooperation as either the risk of collective failure or the amount of risky assets increases. Similarly, in finite well-mixed populations the introduction of risky assets enforces configurations where cooperative behavior thrives. In structured populations cooperation is promoted as well, but the distribution of assets amongst the groups is crucial. Surprisingly, we find that the completely rational allocation of assets only to the most successful groups is not optimal, and this regardless of whether the risk of collective failure is high or low. Instead...

Legislative exclusions or exemptions of property from the insolvent estate

Evans,RG
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2011 Português
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SUMMARY The general policy in South African insolvency law is that assets must be recovered and included in the insolvent estate, and that this action must be to the advantage of the creditors of the insolvent estate. But there are several exceptions to this rule and an asset that is the subject of such an exception may be excluded from the insolvent estate. The Insolvency Act, however, does not expressly distinguish between excluded and exempt assets, thereby resulting in problem areas in the field of exemption law in insolvency in South Africa. It may be argued that the fundamental difference between excluded and exempt assets is that excluded assets should never form part of an insolvent estate and should be beyond the reach of the creditors of the insolvent estate, while exempt assets initially form part of the insolvent estate, but in certain circumstances may be exempted from the estate for the benefit of the insolvent debtor, thereby allowing the debtor to use such excluded or exempt assets to start afresh before or after rehabilitation. Modern society, sociopolitical developments and human rights requirements have necessitated a broadening of the classes of assets that should be excluded or exempted from insolvent estates. This article considers assets excluded from the insolvent estates of individual debtors by legislation other than the Insolvency Act. It must...