RESUMO A pesquisa foca nas fusões bancárias, explorando como podem surgir benefícios não considerados tradicionalmente ao aplicar o método do Fluxo de Caixa Descontado em instituições financeiras. Utilizou-se dados de fontes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Analisaram-se os dados usando o Modelo de Dividendos Descontados e Modelagem Financeira Simples. Projetou-se a Demonstração do Resultado do Exercício e o Balanço Patrimonial dos bancos, ajustados pela taxa de inflação meta do Bacen. Calcularam-se os dividendos projetados para os próximos dez anos, determinou-se o Valor Patrimonial dos bancos individualmente e combinados, simulação que considerou três cenários: pessimista, realista e otimista. Os resultados destacaram variáveis críticas, como crescimento individual e combinado, Retorno sobre o Patrimônio e Taxa de Reinvestimento, mostrando que uma fusão pode gerar valor em todos os cenários analisados. bancárias financeiras Utilizouse Utilizou se Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney Analisaramse Analisaram Simples Projetouse Projetou Calcularamse Calcularam anos determinouse determinou combinados pessimista otimista críticas combinado Reinvestimento analisados (Bacen

The research focuses on bank mergers, exploring how benefits not traditionally considered can arise when applying the Discounted Cash Flow method in financial institutions. Data from sources such as the Central Bank (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 and Infomoney were used. The data were analyzed using the Discounted Dividend Model and Simple Financial Modeling. We projected the Income Statement and Balance Sheet of the banks, adjusted by the Bacen target inflation rate. We calculated the dividends projected for the next ten years, and determined the “Equity Value” of the banks individually and combined, a simulation that considered three scenarios: pessimistic, realistic and optimistic. The results highlighted critical variables, such as individual and combined growth, Return on Equity and Reinvestment Rate, showing that a merger can generate value in all scenarios analyzed. mergers institutions Bacen, , (Bacen) IFData IF IF.Data Brasil Federal Ipeadata B used Modeling rate years Value pessimistic optimistic variables growth Rate (Bacen

La investigación se centra en las fusiones bancarias, explorando cómo pueden surgir beneficios no considerados tradicionalmente al aplicar el método de Flujo de Caja Descontado en entidades financieras. Se utilizaron datos de fuentes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Los datos se analizaron utilizando el modelo de dividendos descontados y el modelo financiero simple. Diseñamos el Estado de Resultados del Año y el Balance General de los bancos, ajustados por la tasa de inflación objetivo del Bacen. Se calcularon los dividendos proyectados para los próximos diez años, se determinó el Valor Patrimonial de los bancos individualmente y en conjunto, simulación que consideró tres escenarios: pesimista, realista y optimista. Los resultados resaltaron variables críticas, como el crecimiento individual y combinado, el retorno sobre el capital y la tasa de reinversión, mostrando que una fusión puede generar valor en todos los escenarios analizados. bancarias financieras Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney simple años conjunto pesimista optimista críticas combinado reinversión analizados (Bacen

There is growing evidence that soil degradation, among other factors, has led to both the decline and constraint of agriculture in southern Africa. Conservation and regenerative agriculture (CA/RA) have been proposed as a grain crop production system that could slow down, halt or even reverse some of these disturbing trends. But the question remains whether it is financially viable. We sought to find an answer to this question by comparing the financial returns of a CA/RA system over a 20-year period to its alternatives, namely conventional tillage (CT) and no-tillage (NT) production systems. The cumulative free cash flow (CFCF) of the average between the realistic and conservative CA/RA scenarios in year 20 is considerably higher than that of the other systems under investigation. The CFCF for CA/RA in year 20 in Mpumalanga is estimated to be ZAR86 million, compared to -ZAR51 million for CT and about ZAR4 million for NT. That is a net difference between ZAR137 million (compared to CT) and ZAR82 million (compared to NT). In the Maluti area, the CFCF for the CA/RA production system is estimated at ZAR26 million, compared to -ZAR66 million for CT and -ZAR19 million for NT. In the North-West production area, the CFCF for the CA/RA production system is estimated at ZAR35 million, compared to -ZAR9 million for CT and about ZAR21 million for NT. The differences between the CFCF of the CA/RA system and the other systems represent the financial opportunity cost of not converting to the CA/RA system. SIGNIFICANCE: • Soil degradation leads to both the decline and constraint of agriculture in southern Africa. • Conservation and regenerative agriculture (CA/RA) have been proposed as a grain crop production system that could slow down, halt or even reverse some of these disturbing trends. • CA/RA are financially more viable in three grain production areas of South Africa. • The cumulative free cash flow (CFCF) CA/RA in year 20 is considerably higher than that of the other systems. • The differences between the CFCF of the CA/RA system and the other systems represent the financial opportunity cost of not converting to the CA/RA system.

The South African mineral resource royalty system, initiated in 2010, employs a hybrid ad valorem approach tied to profitability ratios. This rate is then applied to the total revenue from mineral sales. In this article we explore how the profitability ratio in the mineral resource royalty formulae interacts with the gold tax formula as applied to South African gold mines, devising a strategy for cut-off grade optimization. The study focuses on nine narrow, tabular-reef (Witwatersrand) gold mines. The approach involves a mixed-integer cut-off grade optimizer utilizing Excel Solver, incorporating relevant royalty and income tax formulae. Different mineral resource royalty cost scenarios were examined. Ignoring these costs in the break-even analysis lowers the cut-off grade but slightly boosts profits compared to considering expected costs. The developed optimizer model, recognizing the profitability aspect of the mineral resource royalty and income tax formulae, yielded a 6% lower cut-off grade than the base case. This is significant for increasing mine life. While the profit differences are marginal (0.2% compared to the break-even base case), substantial improvements were noted: a 6% increase in stope tons above cut-off grade, and a 4% rise in total revenue. Enhanced resource utilization (3% extra gold kilograms) reduces necessary development and overall costs, allowing for a reduction in the cut-off grade and ultimately, more profit.

Abstract The taxation systems on corporate profits are grouped into two classes known as integrated and classical, with the latter being more widely recognized in financial literature. Their characteristics impact the firm's value. Using various models to estimate the present value of tax savings, the study describes the systems, sensitizes variables, and quantifies the firm's value through the discounted cash flow model. Subsequently, a descriptive and comparative analysis of tax systems, tax rates, tax savings, cost of capital, and the value of leveraged firm is conducted using the discounted cash flow model. Aggregated financial information from a set of OECD member countries and Latin America is utilized. The results allow for the exposition of common specification errors when directly employing the classical model in company valuation. Additionally, it highlights the existing functional relationships between firm value and tax effects in the different tax systems corresponding to the sample of countries studied.

Resumen Los sistemas de imposición sobre las ganancias empresarias se agrupan en dos clases conocidas bajo la denominación de integrados y clásicos, siendo el último el de mayor difusión en la literatura financiera. Sus características impactan en el valor de la firma. Partiendo de los diferentes modelos para estimar el valor actual de los ahorros fiscales, el trabajo describe los sistemas, sensibiliza variables y cuantifica el valor de la firma mediante el modelo de descuento de flujos de fondos. Seguidamente, se lleva a cabo un análisis descriptivo y comparativo de los sistemas tributarios, alícuotas, ahorro fiscal, costo del capital y valor de la firma apalancada mediante el modelo de descuento de flujo de fondos. Se toma la información financiera agregada de un conjunto de países integrantes de la OCDE y América Latina. Los resultados permiten exponer los errores comunes de especificación al emplear directamente el modelo clásico en la valoración de empresas. Además, expone las relaciones funcionales existentes entre valor de la firma y efecto fiscal en los diferentes sistemas tributarios correspondientes a la muestra de países estudiados.

Abstract The determination of the tax savings´ value and the impact of income tax on the firm valuation is related to the current tax systems. The tax effects imply cash out flow and savings, and, must be analyzed with the tax systems where the firm operates. Modigliani and Miller (1963) and Miller (1977) works suppose a classical system of income tax. The World Trade Organization (OCDE), identify seven tax systems classified into two large groups: integrated and classical. The paper reviews the existing models, particularly the General Model. Next, shows the value equations corresponding to the different tax systems. Through an analysis of cases, the impact on the variables of the tax system in which the firm operates is analyzed, according to the systems classified by the OECD.

Resumen La determinación del valor de los ahorros fiscales y el impacto del impuesto a la renta en la valuación de empresa depende del sistema tributario vigente en el mercado. Los efectos fiscales que implican pagos y ahorros deben analizarse con el sistema tributario donde opera la firma. Los trabajos de Modigliani y Miller (1963) y Miller (1977) suponen un sistema clásico de imposición a la renta. La Organización Mundial del Comercio (OCDE) identifica siete sistemas tributarios clasificados en dos grandes grupos: integrados y clásicos. El trabajo revisa los modelos existentes, particularmente el Modelo General. Seguidamente, expone las ecuaciones de valor correspondientes a los diferentes sistemas tributarios. Mediante un análisis de casos se analiza el impacto en las variables del sistema tributario en el que opera la firma, según los sistemas clasificados por la OCDE.

ABSTRACT This study aimed to analyze the economic viability of the implementation of a mechanized harvesting of broilers where the activity is carried out entirely manually. The viability indicators used were net present value (NPV), net future value (NFV), net uniform value (NUV), discounted payback (DP), and internal rate of return (IRR). Scenario analysis, sensitivity, and Monte Carlo simulation were performed in the present study. The results showed that the initial investment was US$ 1,868,302.76. The average price paid by the slaughterhouse to third-party manual harvesting companies was US$ 18.17 per thousand broilers, which was converted into revenue in the cash flow of the project. The cash flow result was positive at US$ 22,256.14 over the entire study period considering a daily catch of 144 thousand broilers. The results of the economic viability analysis were NPV of US$ 64,786.23, NFV of US$ 333,382.11, NUV of US$ 735.19, DP of 13.82 years, IRR of 0.965 monthly, and modified IRR of 0.933 monthly. These values prove the economic viability of implementing the project considering the market conditions at the time of the study. The analysis of scenarios showed great sensitivity to the exchange rate and the price of fuels. The Monte Carlo simulation highlighted a moderate risk of negative NPV, emphasizing the importance of considering this variable when making decisions. Despite these challenges, the potential benefits of mechanized harvesting, such as increased efficiency and reduced labor costs, make it a promising alternative to manual harvesting, even for small to medium-sized poultry industries. manually , (NPV) NFV, (NFV) NUV, (NUV) DP, (DP) IRR. . (IRR) US 186830276 1 868 302 76 1,868,302.76 thirdparty third party 1817 18 17 18.1 2225614 22 256 14 22,256.1 6478623 64 786 23 64,786.23 33338211 333 382 11 333,382.11 73519 735 19 735.19 1382 13 82 13.8 years 0965 0 965 0.96 monthly 0933 933 0.93 fuels decisions challenges costs mediumsized medium sized industries (NPV (NFV (NUV (DP (IRR 18683027 86 30 7 1,868,302.7 181 18. 222561 2 25 22,256. 647862 6 78 64,786.2 3333821 33 38 333,382.1 7351 73 735.1 138 8 13. 096 96 0.9 093 93 1868302 3 1,868,302. 22256 22,256 64786 64,786. 333382 333,382. 735. 09 9 0. 186830 1,868,302 2225 22,25 6478 64,786 33338 333,382 18683 1,868,30 222 22,2 647 64,78 3333 333,38 1868 1,868,3 22, 64,7 333,3 186 1,868, 64, 333, 1,868 1,86 1,8 1,

Abstract The objective of this article was to measure the cash flow at risk (CFaR) of non-financial companies in the Brazilian capital market and compare it to shareholders’ equity in order to assess the risk of insolvency. Unlike banks and insurance companies, which have strong capital requirements, the current regulation of non-financial institutions in Brazil does not provide for the calculation or maintenance of a minimum shareholders’ equity. This study fills a gap in the literature by relating CFaR to the shareholders’ equity of entities, providing a measure of insolvency risk. Monitoring insolvency risk (i.e., the possibility of negative shareholders’ equity) is critical for any entity, regardless of its industry, market, or size. The results of the CFaR measurement show that companies in different sectors can be exposed to insufficient resources in the event of operational problems. It is hoped that this will help regulators in different sectors to assess minimum capital requirements. CFaR was measured using Ebit and Ebitda (quarterly and annual). The panel consisted of 186 companies listed on the B³ between 2010 and 2022, totaling 4,897 company-quarters. The companies were divided into eight subgroups based on their characteristics. The results showed that non-financial listed companies in the Brazilian market may be undercapitalized, as 18% of the 169 entities that currently have positive shareholders’ equity would become negative at a 1% risk level. CFaRs were also re-estimated during the pandemic and did not show a clear pattern compared to other periods. (CFaR nonfinancial non financial shareholders requirements i.e., ie i e (i.e. entity industry size problems quarterly annual. annual . annual) 18 B 201 2022 4897 4 897 4,89 companyquarters. companyquarters company quarters. quarters company-quarters characteristics undercapitalized 16 1 level reestimated re estimated periods i.e. (i.e 20 202 489 89 4,8 i.e 2 48 8 4,

Resumo O objetivo deste artigo foi mensurar o fluxo de caixa sob risco (CFaR) de companhias não financeiras do mercado de capitais brasileiro e compará-lo ao patrimônio líquido, avaliando o risco de insolvência. Diferentemente de bancos e seguradoras, que possuem fortes exigências de capital, a regulação atual de instituições não financeiras no Brasil não prevê o cálculo nem a manutenção de um patrimônio líquido mínimo. Este estudo preenche uma lacuna da literatura ao relacionar o CFaR com o Patrimônio Líquido das entidades, fornecendo uma medida de risco de insolvência. Monitorar o risco de insolvência (i.e., possibilidade de o patrimônio líquido tornar-se negativo) é vital para qualquer entidade, independentemente do setor de atuação, mercado ou porte. Os resultados da mensuração do CFaR mostram que empresas de diversos setores econômicos podem estar expostas à insuficiência de recursos em caso de problemas operacionais. Espera-se fornecer subsídios a órgãos reguladores de diversos setores, para avaliarem as exigências de capital mínimo. O CFaR foi medido utilizando o Ebit e o Ebitda (trimestrais e anuais). O painel foi composto por 186 empresas listadas na B³, entre 2010-2022, totalizando 4.897 empresas-trimestres. Segregaram-se as empresas em oito subgrupos, baseados em suas características. Como resultado, descobriu-se que as companhias abertas não financeiras do mercado brasileiro podem estar com baixa capitalização, pois 18% das 169 entidades que atualmente possuem patrimônio líquido positivo passariam a tê-lo negativo ao nível de risco de 1%. Também foram reestimados os CFaR durante a pandemia, não apresentando padrão distinto em relação aos demais períodos. (CFaR comparálo compará lo seguradoras mínimo i.e., ie i (i.e. tornarse tornar se entidade atuação porte operacionais Esperase Espera trimestrais anuais. anuais . anuais) 18 B³ B 20102022, 20102022 2010 2022, 2022 2010-2022 4897 4 897 4.89 empresastrimestres. empresastrimestres trimestres. trimestres empresas-trimestres Segregaramse Segregaram subgrupos características resultado descobriuse descobriu capitalização 16 têlo tê 1 1% pandemia períodos i.e. (i.e 2010202 201 202 2010-202 489 89 4.8 i.e 201020 20 2010-20 48 8 4. 20102 2 2010-2 2010-

PURPOSE: This empirical study investigates whether corporate cash holdings impact on firm value and whether this relationship is moderated by managerial ability. With the proliferation of the shareholder value ideology since the 1970s and the growth of corporate cash holdings, investigating how cash holdings are valued by the capital markets is important. There is a dearth in studies that test this firm value-cash holdings nexus and how managerial ability moderates this association DESIGN/METHODOLOGY/APPROACH: We use a panel data research methodology to test the interrelationship of firm value, cash holdings, and management ability. We collect data of non-financial corporations (NFCs) listed on the Johannesburg Stock Exchange (JSE) from the year 2000 to 2020 FINDINGS/RESULTS: The relationship between firm value and cash holdings follows an inverted U-shaped, suggesting that as cash holdings rise, firm value rises as well, up to the ideal cash level. After the optimal level, further increases in cash holdings result in a fall in firm value. Furthermore, this study finds that the effect of cash holdings on the value of firms under highly able managers is greater compared to cash holdings managed by less able managers PRACTICAL IMPLICATIONS: Our results emphasise to firms and shareholders the important effect of managerial expertise on firm value through the efficient use of cash holdings ORIGINALITY/VALUE: This study provides empirical support to the trade-off theory's claim of the existence of ideal cash holdings. We also extend the literature on the upper echelons theory by demonstrating the role of managerial ability on firm value

Resumen En la consecución de las metas corporativas, los profesionales de producción requieren datos actualizados de los desempeños de los pozos petroleros, identificando aquellos que demandan mantenimientos correctivos. Sin embargo, los costos de implementación de sensores físicos restringen el acceso a la información en tiempo real. Alternativamente, los sensores virtuales (SV) se presentan como una opción de bajo costo, que pueden predecir datos de producción, con base en los procedimientos inmersos en una red neuronal artificial (RNA). El presente documento desarrolla un análisis de viabilidad técnico-económico de la implementación de un SV de producción en pozos con sistema de levantamiento por Cavidades Progresivas (PCP) de un campo del Valle Medio del Magdalena colombiano (VMM). Para esto, datos históricos con 15 variables fueron utilizados en el entrenamiento y la validación de diferentes arquitecturas de RNA, por medio de los códigos de la librería Neuralnet del programa de uso libre R. Posteriormente, el documento desarrolla una evaluación del impacto económico que tendría la implementación del SV de flujo en pozos del campo del VMM. Según los resultados, la RNA con capa interna de 23 neuronas y función de activación logística sigmoidal reportó los mejores desempeños de predicción, con errores de predicción de ± 9,6 al 95 % de confianza. Por otra parte, la aplicación de un SV basado en la RNA para los pozos con PCP para el campo del VMM, conllevaría a un beneficio económico favorable, con un valor presente neto de $ 25,6 MMusd, para un flujo de caja de 10 años.

Resumo Os profissionais de produção utilizam dados de desempenho de poços provenientes de sensores físicos para identificar poços que requerem manutenção corretiva para normalizar os fluxos de produção. O anterior corresponde ao apoio à concretização dos objetivos corporativos. No entanto, os custos dos sensores físicos podem restringir o acesso às informações necessárias em tempo real. Para isso, sensores virtuais (SV) surgem como uma alternativa de baixo custo, que podem prever fluxos de produção, com base em dados disponíveis de sensores físicos e em procedimentos embarcados em redes neurais artificiais (RNA). Apresentamos aqui uma análise de viabilidade técnico-econômica da implantação de um SV de produção em poços com sistema de elevação artificial Cavidades Progressivas (PCP) em um campo no Valle Medio del Magdalena da Colômbia (VMM). Para isso, foram utilizados dados de produção com 15 variáveis no treinamento e validação de diferentes arquiteturas de RNA, conforme os códigos da biblioteca Neuralnet do ambiente de software livre R. Da mesma forma, foi realizada uma avaliação do impacto econômico derivado da implementação do VS em poços do campo VMM é divulgado. De acordo com os resultados, a RNA com camada interna de 23 neurônios e funções de ativação logística relatou o melhor desempenho de predição, com erros de ± 9,6 com 95 % de confiança. Por outro lado, a aplicação de um VS baseado no RNA para os poços com PCP do campo VMM levaria a um benefício econômico favorável, com valor presente líquido de $25,5 MMusd, considerando um fluxo de caixa de 10 anos.

Abstract Production professionals utilize well performance data from physical sensors to identify wells that require corrective maintenance to normalize production flows. The foregoing corresponds to support for the completion of corporate goals. However, the costs of physical sensors may restrict access to the required information in real-time. For this, virtual sensors (VS) arise as a low-cost alternative, which can predict production flows, based on data available from physical sensors and on procedures embedded in artificial neural networks (ANN). Herein, we expose a technical-economic feasibility analysis of the implementation of a production VS in wells with a Progressive Cavity (PCP) artificial lift system in a field in the Valle Medio del Magdalena of Colombia (VMM). For this, production data with 15 variables were used in the training and validation of different ANN architectures, according to the codes of the Neuralnet library of the free software environment R. Likewise, an evaluation of the economic impact derived from the implementation of the VS in wells of the VMM field is disclosed. According to the results, the ANN with an inner layer of 23 neurons and logistic activation functions reported the best prediction performance, with errors of ± 9,6 at 95 % confidence. On the other hand, the application of a VS based on the RNA for the wells with PCP of the VMM field would lead to a favorable economic benefit, with a net present value of $25,5 MMusd, considering a 10-year cash flow.

Abstract The purpose of this research is to examine the efficiency of cash flow metrics to forecast the probability of default of companies. Through a logistic regression model, the information of 58 companies with financial distress and 54 healthy companies had been analyzed for a period of 5 years. The results indicate that five of the ten metrics analyzed are efficient predictors of the probability of bankruptcy, with a correct prediction percentage of 87.73% of the cases. Similarly, it was determined that healthy companies and companies with financial difficulties have statistically different flow metrics from each other, so a greater use of cash flow metrics in financial analysis is recommended. The limitation of this study was to conform the sample of companies declared in default as of December 31, 2019. This research contributes to knowledge by demonstrating that cash flow metrics are a reliable tool in forecasting the probability serious financial problems in the context of Mexico.

Resumen El propósito de esta investigación es examinar la eficiencia de métricas de flujo de efectivo para pronosticar la probabilidad de quiebra de las compañías. A través de un modelo de regresión logística, se analizó la información de 58 empresas con problemas financieros graves y 54 empresas sanas por un período de 5 años. Los resultados indican que cinco de las diez métricas analizadas son predictores eficientes de la probabilidad de quiebra, con un porcentaje de predicción correcta del 87.73% de los casos. De igual forma, se determinó que las empresas sanas y con dificultades financieras presentan métricas de flujo estadísticamente diferentes entre sí, por lo que se recomienda un mayor uso de índices de flujo de efectivo en el análisis financiero. La limitante de este estudio fue el conformar la muestra de empresas que se hayan declarado formalmente en quiebra al 31 de diciembre del 2019. Esta investigación aporta al conocimiento al demostrar que las métricas de flujo de efectivo son una herramienta confiable en el pronóstico de la probabilidad de problemas financieros graves en el contexto de México.

Abstract The inclusion of service crops in agricultural rotations has many advantages in terms of resource conservation and sustainability of production systems. Although in Argentina it is a practice in constant increase, in the province of Santa Fe, its implementation is in an exploratory stage. To promote its implementation, the objective of this work is to evaluate, in economic terms, the incorporation of service crops to frequent agricultural rotations in the centre of Santa Fe province. Three agricultural rotations were compared, with a duration of four years each and different degrees of intensification: two frequent in the area under study and one improvement proposal including Vicia sp. as a service crop and rapeseed (Brassica sp.) for commercial purposes. This comparison was made in economic terms, using the present value method (or updated cash flow) and the cost-benefit ratio of each of the rotations. Sequences were also compared in environmental terms, considering nitrogen and phosphorus balance and carbon sequestration. The results show that, although there are costs associated with the implementation, maintenance and drying of service crop to the rotation, the profitability of the sustainable intensive sequence exceeds the frequent rotations analysed. In addition, in terms of carbon capture, it is the best performer. The proposed rotation contributes to generating an economic gain with a positive environmental impact, meeting the need for sustainable production.

Resumen La inclusión de cultivos de servicios en rotaciones agrícolas posee muchas ventajas en términos de conservación de recursos y sostenibilidad de los sistemas productivos. Si bien a nivel país es una práctica en aumento constante, en la provincia de Santa Fe, su implementación, está en una etapa exploratoria. Para fomentar su implementación, el objetivo de este trabajo es evaluar, en términos económicos, la incorporación de cultivos de servicio a rotaciones agrícolas frecuentes del centro de la provincia de Santa Fe. Se compararon tres rotaciones agrícolas, con una duración de cuatro años cada una y diferente grado de intensificación: dos frecuentes en la zona bajo estudio y una propuesta mejoradora con inclusión de Vicia sp. como cultivo de servicio y colza (Brassica sp.) con fines comerciales. Esta comparación se realizó en términos económicos, mediante el método de la actualización de los valores (o flujo de fondos actualizado) y la relación beneficio costo de cada una de las rotaciones. También se compararon las secuencias en términos ambientales, considerando el balance de nitrógeno y fósforo y la captura de carbono. Los resultados muestran que, a pesar de que existen gastos asociados a la implantación, mantenimiento y secado del cultivo de servicio a la rotación, la rentabilidad de la secuencia intensiva sustentable supera a las rotaciones frecuentes analizadas. Además, en términos de captura de carbono, es la de mejor desempeño. La rotación propuesta contribuye a generar una ganancia económica con un impacto ambiental positivo, atendiendo a la necesidad de una producción sostenible.

Abstract Purpose This study employees cash flow rights and the contestability of multiple large shareholders to explore the impact of multiple large shareholders on investment efficiency in Chinese setting. Theoretical framework We introduce Asymmetric Information Theory and Theory of Principal and Agent o support our study. Design/methodology/approach Empirical study (including PSM method, IV method, threshold method and so on) is used in this study. Moreover, this paper selects the non-financial listed companies of A share enlisted in both the Shanghai and the Shenzhen Stock Markets from the period of 2007 to 2016 as the sample. Findings Our findings show a positive correlation between multiple large shareholders and absinvestment among Chinese listed firms. Practical & social implications of research Different from the previous views that multiple large shareholders have positive governance effects, we provide evidence that multiple large shareholders have negative governance effects. And we provide new evidence that controlling shareholders would collude with multiple large shareholders to seek for excess private benefits by enhancing enterprise absinvestment. Originality/value This study contributes to the literature in several important ways. First, it shows a positive correlation between multiple large shareholders and absinvestment, which extends the research of Jiang et al. (2018), which found that multiple large shareholders can profoundly enhance investment efficiency. Second, this paper is the first to introduce a threshold model to study the impact of controlling shareholders on the relation between multiple large shareholders and absinvestent, demonstrating that the positive relation between them is strengthened by promoting the governance effect of controlling shareholders. setting Designmethodologyapproach Design methodology approach including Moreover nonfinancial non financial 200 201 sample firms effects Originalityvalue Originality value ways First al 2018, 2018 , (2018) Second absinvestent 20 (2018 2 (201 (20 (2 (

Abstract An economic feasibility study must consider the uncertainties inherent to a mining project, whose risks must be quantified properly to enable accurate decision-making. Studies previously carried out through the Discounted Cash Flow (DCF) methodology in the project evaluated here - a quarry whose operations are currently interrupted, located in Pernambuco, Brazil, formerly taxed under the presumed profit regime - indicated a positive Net Present Value (NPV) in the deterministic scenario, therefore projecting a profitable project. However, a probabilistic analysis using Monte Carlo simulations indicated only a 49.98% occurrence probability for this NPV. An assessment focused on the company's taxation was never carried out, which is a gap that the present study intends to fill, in addition to evaluating the feasibility of immediate investment in this project. Furthermore, this is a gap in Brazilian literature in general, which does not take into account the taxation system in their economic assessments. In this context, considering scenarios whose taxation was based on real and presumed profit regimes, we reassessed the cash flows of this quarry and performed deterministic and probabilistic economic analyses, and compared the results of both scenarios. The sensitivity analysis indicated that the production rate would be the most impactful variable in the project's NPV, considering the six variables assessed. Hence, it was verified in both deterministic and probabilistic analyses that taxation under real profit, results in a higher economic return with a 56.08% probability of the NPV being positive and with the Internal Rate of Return (IRR) higher than infation (SELIC rate) at 4.81%; the taxation under the presumed profit, on the other hand, obtained respective probabilities of 46.54% and 3.23%. However, with the chances of obtaining some profit (NPV greater than zero) at the order of 50% and a minimal chance of the IRR being greater than the SELIC rate adopted at the time of this study, we would advise against investing in this venture. Moreover, even if the current moment is not the most suitable for investment in this sector, regardless of the production rate assessed in the probabilistic analysis, taxation on the real profit regime presented a greater economic return than taxation on the presumed profit regime., indicating that, for the parameters considered in this study, the first would be the most appropriate choice of tax system for this type of enterprise in Brazil. decisionmaking. decisionmaking decision making. making decision-making DCF (DCF interrupted Pernambuco Brazil scenario However 4998 49 98 49.98 companys company s fill Furthermore general assessments context regimes projects Hence 5608 56 08 56.08 (IRR 4.81% 481 4 81 hand 4654 46 54 46.54 323 3 23 3.23% zero 50 venture Moreover sector regime. 499 9 49.9 560 5 0 56.0 4.81 48 8 465 46.5 32 2 3.23 49. 56. 4.8 46. 3.2 4. 3.

Abstract This paper examines some of the implications of a process of rapprochement between the Kalapalo and the “world of white people,” focusing mainly on the construction of a road connecting the Aiha village (on the right bank of the Culuene River) with the municipality of Querência, Mato Grosso, and the creation of an internet connection point in the same village. Both processes are directly related to the growing flow of money into the village, mainly through social security policies (pensions) and cash transfer programs, and have significantly transformed daily life in the village since mid-2018. We suggest that these elements (money, the road, and the internet) allow the Kalapalo to create and establish new spatiotemporal connections, bringing together territories and previously disconnected people. While this can offer chances to experiment with other ways of life, to a certain extent this movement guarantees the establishment of the notion of “good distance” from the non-indigenous world. world people, people River Querência Grosso pensions (pensions programs mid2018. mid2018 mid 2018. 2018 mid-2018 money, (money connections good distance nonindigenous non indigenous mid201 201 mid-201 mid20 20 mid-20 mid2 2 mid-2 mid-

Resumo Neste texto, serão apresentadas algumas reflexões acerca das implicações de um processo de aproximação dos Kalapalo em relação ao ‘mundo dos brancos’. O foco está principalmente na abertura de uma estrada ligando a aldeia Aiha (localizada na margem direita do rio Culuene) ao município de Querência, Mato Grosso, e na criação de um ponto de conexão com a internet, na mesma aldeia. Ambos os processos estão diretamente relacionados à ampliação do fluxo de dinheiro na aldeia, principalmente por meio das políticas previdenciárias e de transferência de renda, e vêm produzindo significativas transformações no cotidiano do local desde meados de 2018. O argumento central do texto é de que esses elementos – o dinheiro, a estrada e a internet – possibilitam aos Kalapalo a criação de conexões espaço-temporais, aproximando territórios e pessoas antes desconectados. Esse movimento, ao mesmo tempo que amplia as possibilidades de experimentação de outros modos de vida, garante, em alguma medida, a configuração de uma noção de ‘boa distância’ em relação ao mundo não indígena. brancos. brancos . brancos’ localizada Culuene Querência Grosso renda 2018 espaçotemporais, espaçotemporais espaço temporais, temporais espaço-temporais desconectados movimento vida garante medida boa distância indígena 201 20 2

ABSTRACT The objective of this study was to evaluate the potential of improving the economic value of integrated crop-livestock systems (ICLS) compared to conventional systems specialized in monoculture. The experimental area was 16.02 ha, divided into 18 paddocks of 0.89 ha each, organized in a randomized block design, with three replicates and six models of production systems: crop system [corn ( Zea mays ) grain production], livestock system (beef cattle under grazing conditions), and four ICLS, identified as: ICLS-1, corn integrated with Marandu palisadegrass [ Urochloa brizantha (Hoechst. ex A. Rich.) R.D. Webster cv. Marandu (syn. Brachiaria brizantha cv. Marandu] sown simultaneously without herbicide; ICLS-2, corn and Marandu palisadegrass sown simultaneously with herbicide; ICLS-3, corn and Marandu palisadegrass with lagged sowing; and ICLS-4, corn and Marandu palisadegrass sown simultaneously, with herbicide in rows and between-rows of corn. We demonstrated the economic impact analysis combined with the risk optimization and discounted cash flow techniques based on Monte Carlo simulation, considering price and productivity uncertainties. The indicators of added value and return on investment of ICLS had an economic advantage compared with conventional systems. It was also found that ICLS needed a smaller operational area than conventional systems for the economic break-even point. Integrated systems provide lower financial and operational risk levels and greater economic value per hectare compared with conventional systems specialized in monoculture. croplivestock (ICLS monoculture 1602 16 02 16.0 1 089 0 89 0.8 each design production, , production] beef conditions, conditions conditions) as ICLS1, ICLS1 1, ICLS-1 Hoechst. Hoechst (Hoechst A Rich. Rich RD R D R.D cv syn. syn (syn ICLS2, ICLS2 2, 2 ICLS-2 ICLS3, ICLS3 3, 3 ICLS-3 sowing ICLS4, ICLS4 4, 4 ICLS-4 betweenrows between simulation uncertainties breakeven break even point 160 16. 08 8 0. ICLS-