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The purpose of this work was to evaluate the financial profit in a company in the area of Civil Construction which decided to offer direct financing to its clients, instead of investing its resources in the financial market, in lower risk product. The bibliographic research, as a case study, was applied to a company situated in São José dos Campos, in São Paulo State -- Brazil. In companies, it is necessary to make options, and the investment opportunities presented to the manager in charge are always excluding ones. This being so, it is necessary to analyze all possible opportunities for the application of resources allowing for the expected return of its investments. The study allows for the analysis and detection of the best option for the company to optimize its result, using the option which generates the highest financial-economic return, besides allowing for the measurement of the real gain, through the concept of opportunity cost. The result obtained showed that the direct financing generates an extremely high profit, when compared to that obtained though financial applications. The decision for financing was considered a low risk one, since the mortgage of real states represents a real warranty and in case there is default, the company recovers the property, besides not having to return the amount already received. [ABSTRACT FROM AUTHOR]

This work evaluated the economic viability of a Pinus elliottii plantation submitted to thinning, in small farms (marginal lands). The following economic criteria of project analysis were applied: Net Present Value (NPV), Benefit-Cost ratio (BCR), Internal Return of Rate (IRR), Mininum Attractive Rate of Return (MARR), Return on Investment (ROIA) and Payback Period. The discount rate applied was 6.5% per year. The indicators showed the economic viability of the Pinus plantation, under the conditions established in the analysis. [ABSTRACT FROM AUTHOR]

This study evaluated and compared the impacts of adopting dynamic and static strategies in agricultural futures contracts, negotiated at BM&FBovespa, on the risk and return of a diversified portfolio, between 1994 and 2007. Using the Portfolio Theory , the presence of dynamic positions in commodity futures was verified in optimal portfolios for the period 2001-2007 and for three sample periods. However, the frontier moves were not statistically significant. The Guepardo and Sparta funds, characterized by dynamic management of the agricultural derivatives, also presented high participation on optimal portfolios. Moreover, they allowed the portfolio to achieve return levels that the original portfolio would not be able to achieve. Nevertheless, once again, the frontier expansions were not statistically significant. [ABSTRACT FROM AUTHOR]

Four decades after its advent, the capital assets pricing model proposed by Nobel Prize laureate William Sharpe and by John Lintner, known as CAPM, remains the most widely used model in estimating firms' cost of capital and valuing portfolios. This is due to the model's predictive power for risk and risk-return ratios. The purpose of this article is to show that CAPM has empirical flaws associated with theoretical simplifications and difficulties implementing valid tests for the model. The article concludes that the limitations of CAPM are challenges to be explained by alternative models. [ABSTRACT FROM AUTHOR]