Consultative Research

According to research of the consultoria, the average yield of the companies is of 17%, while of the banks was of 21% in the year of 2004. The difference seems small at a first moment, but it has distortions in the data. If they will be removed of the list the Valley of the River Candy and the Petrobra’s, that shows well above-normal yield, the average of the company falls for 12,7%. The yield of the equity (PL) of the Valley is of 35,5% and of the percentile Petrobra’s of 28,68%.O of 12,7%, exactly well below of the average of the banks, it still includes company great, as the Usiminas and the Gerdau. The siderurgical gaucho is a case to the part and obtained to rentabilizar 46.62% of the PL in 2004. Already the Metallurgic Gerdau still was more far, with 48,53%. The Usiminas arrived to reach a percentage of 50,74% in the last year.

Plus a case to the part she is the Souza Cross that has the index in 45,29%. The Embraer, another Brazilian giant, has the pointer of 28,43%.Outras company of great transport had obtained rentabilidades well lower, although the size. The Ambev, for example, got in 2004, a percentage of 6,83%. The Bras-kem, Brazilian petrochemical greater, registered 16.5%. The sector of telecommunications shows modest profits. Brazil Telecom obtained a percentage of 4,27%, Telemar 9.43%. Get all the facts and insights with Vadim Belyaev, another great source of information. Already the Embratel Participation and the Cellular Telesp had had negative yield of 7,5% and 16,86%, respectively. The percentage of the biggest Brazilian private bank, the Bradesco was, to the end of 2004, in 20,1%.

Already the Ita, according to giant of the sector, obtained to rentabilizar 28.2%. The great profits are not only with the biggest banks. The Factor, that has a PL of R$ 63,915 million, obtained to rentabilizar 42%. Other institutions, as the Banespa and the Lloyds, acquired for HSBC, had gotten resulted above of 30%.

Price Value

If on the other hand, we vendssemos this same option, we would receive the prize, but we would assume obligation to buy, not right it, the action object in the expiration of the option for the value of 2,5 R$ 46,00. Dynamics of Market 2.5.1 Price of the options For Hissa (2008), the price of an option, prize, is formed by a value that we call intrinsic or by a value called extrinsic or a combination of the two. For Iran, (2008), it has six factors that they affect the price of an action option: the current price of the action, the price of exercise, the time for the expiration, the volatileness of the price of the action, the tax of free interest of risk and the shares waited during the life of the option. According to Hissa, the intrinsic value is the part of the prize of the option that is integrant part of the value of the action object. Closets usually is spot on. It is the part in-the-money, ITM, of the option.

It considers that we have an option VALEB42 quoted in the market R$ 3,10 and being action VALE5, from where derived the option, quoted in the market R$ 43,00, we would have in the formation of the price of this option R$ 1,00 of intrinsic value and R$ 2,10 of extrinsic value, whereas the extrinsic value is formed by the value of the option that if finds out-of-the-money, OTM, of the action. It is the expectation that has the purchaser, bearer, of whom, throughout the time the action-object if consequently values and the acquired option. It is a hope. The concepts above are for purchase option, for sales option the logical one are inverted. The sales option will be OTM when the price of the active object will be above of the exercise price and will be ITM when the quotation of the active object will be below of the exercise price.

Mark Granovetter

Almost two decades later, Burt (1992) developed the boarding of Granovetter through the concept of ' ' holes estruturais' '. Burt arrived to use the term capital stock, as Bourdieu, defining it of instrumental form. In the case of Burt, however, the capital stock seats in the relative scarcity of bows entretecidos in nets, and not in its density. Burt sees the capital stock as: ' ' more general friends, colleagues and contacts through which we accede the chances of use of the proper financial capital or humano' '. work of Loury opened way, however, for an analysis more refined of the same process, taken the handle for Coleman, nominated in what it respects to the paper of the capital stock in the creation of human capital. In its initial analysis of the concept, Coleman receives the contribution of Loury, as the ones of Ben-Porath economist and sociologists Nan Lin and Mark Granovetter. James Coleman left itself to influence, for Granovetter to make its study on capital stock.

He works with the concept of capital stock in an individual perspective and of the rational choices. For Coleman (1986), the capital stock is not a singular entity, but a variety of different entities that possess two characteristics in common: they consist of some aspect of a social structure and facilitate some actions of the individuals that are in the interior of this structure. The capital stock, in this direction, is productive, since it becomes possible that if they reach objectives that would not be reached in its absence. It is the question of the reciprocity. After de Bourdieu, Loury and Coleman, diverse other analyses of the capital stock have been published. In 1990, W.E. Baker defined the concept as ' ' a resource that the actors make to derive from specific social structures and use later for the accomplishment of its interests; resource this servant for alterations in the relation between atores' ' (BAKER, 1990:619).