Estrutura populacional do camarão-branco Litopenaeus schmitti nas regiões estuarina e marinha da baixada santista, São Paulo, Brasil

The white-shrimp Litopenaeus schmitti distributes in West Atlantic Ocean, occurring along all Brazilian cost. Population structure in the Baixada Santista region was identified from samples obtained from artisanal and industrial fishery between June of 2005 and May of 2006. A total of 2.912 specimens were collected, being 2.138 females (1.008 in the estuary and 1.130 in the marine region) and 774 males ( 334 in the estuary and 440 in the marine region). Environmental parameters were annotated together the sampling, allowing to identify that water temperature influences directly the catches. Catches variations, length composition of samples by sex and gonadal maturation of females allowed to identify that: (i) estuary is used as a nursery area by individuals with small lengths, most young; (ii) marine region is used by larger individuals ( adults) and the spawning period extend from June to February, mainly between November and January. It was verified that estuarine fishery ( artisanal) focuses immature and in development individuals, with small lengths and, the marine fishery ( industrial) focuses adults during the whole year and, only in the summer, youngling from spawn. The length of first gonadal maturation of females was estimated in 15,8mm. These results and diagnoses must be considered in the management of L. schmitti fishery in Baixada Santista region.

Hierarchical determinants of capital structure

We analyze the influence of time-, firm-, industry- and country-level determinants of capital structure. First, we apply hierarchical linear modeling in order to assess the relative importance of those levels. We find that time and firm levels explain 78% of firm leverage. Second, we include random intercepts and random coefficients in order to analyze the direct and indirect influences of firm/industry/country characteristics on firm leverage. We document several important indirect influences of variables at industry and country-levels on firm determinants of leverage, as well as several structural differences in the financial behavior between firms of developed and emerging countries. (C) 2010 Elsevier B.V. All rights reserved.

Heterogeneity, saving-investment dynamics and capital mobility in Latin America

The purpose of this paper is to analyze the dynamics of national saving-investment relationship in order to determine the degree of capital mobility in 12 Latin American countries. The analytically relevant correlation is the short-term one, defined as that between changes in saving and investment. Of special interest is the speed at which variables return to the long run equilibrium relationship, which is interpreted as being negatively related to the degree of capital mobility. The long run correlation, in turn, captures the coefficient implied by the solvency constraint. We find that heterogeneity and cross-section dependence completely change the estimation of the long run coefficient. Besides we obtain a more precise short run coefficient estimate compared to the existent estimates in the literature. There is evidence of an intermediate degree of capital mobility, and the coefficients are extremely stable over time.

ON THE DIFFERENCES BETWEEN THE MARGINAL PRODUCT OF CAPITAL ACROSS COUNTRIES

We extended the standard neoclassical model of investment for the case of an open economy. Our model shows that risk premium not only creates a wedge between the marginal product of capital across countries but also reduces an economy`s savings rate. A riskier market thus presents a lower income per capita, ceteris paribus. Our empirical analysis, from 1950 to 2003, lends support to the conclusion that both risk and the correction for output price to investment ratio help to explain the differentials.