Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

The importance of risk assessment in the context of investment project management: a case study

Risk management is an important component of project management. Nevertheless, such process begins with risk assessment and evaluation. In this research project, a detailed analysis of the methodologies used to treat risks in investment projects adopted by the Banco da Amazonia S.A. was made. Investment projects submitted to the FNO (Constitutional Fund for Financing the North) during 2011 and 2012 were considered for that purpose. It was found that the evaluators of this credit institution use multiple indicators for risk assessment which assume a central role in terms of decision-making and contribute for the approval or the rejection of the submitted projects; namely, the proven ability to pay, the financial records of project promotors, several financial restrictions, level of equity, level of financial indebtedness, evidence of the existence of a consumer market, the proven experience of the partners/owners in the business, environmental aspects, etc. Furthermore, the bank has technological systems to support the risk assessment process, an internal communication system and a unique system for the management of operational risk.

Fashion communication: a way to change comsumption behaviour towards ethical fashion

In view of the major social and environmental problems, with which we are faced nowadays, we noticed a certain absence of values in society, where man draws many more resources than nature can replace in the short or medium term. Within the framework of fashion emerges the ethical fashion as a movement in this direction, intending to change this current paradigm. Ethical fashion encompasses different concepts such as fair trade, sustainability, working conditions, raw materials, social responsibility and the protection of animals. This study aims to determine which type of communication are fashion brands using in this context, and if this communication aims at educating the consumer for a more ethical consumer behavior. For this study were selected 44 fashion brands associated with the Ethical Trade Initiative. The method used for the research development was content analysis for which first was made a data collection of the information provided on the websites and social networks of the selected fashion brands. The data was analyzed taking into account the quality and type of information published related to ethical fashion, for which an ordinal scale was created as a way of measuring and comparing results.