Optimal IV estimation of systems with stochastic regressors and var disturbances with applications to dynamic systems

This paper considers the general problem of Feasible Generalized Least Squares Instrumental Variables (FG LS IV) estimation using optimal instruments. First we summarize the sufficient conditions for the FG LS IV estimator to be asymptotic ally equivalent to an optimal G LS IV estimator. Then we specialize to stationary dynamic systems with stationary VAR errors, and use the sufficient conditions to derive new moment conditions for these models. These moment conditions produce useful IVs from the lagged endogenous variables, despite the correlation between errors and endogenous variables. This use of the information contained in the lagged endogenous variables expands the class of IV estimators under consideration and there by potentially improves both asymptotic and small-sample efficiency of the optimal IV estimator in the class. Some Monte Carlo experiments compare the new methods with those of Hatanaka [1976]. For the DG P used in the Monte Carlo experiments, asymptotic efficiency is strictly improved by the new IVs, and experimental small-sample efficiency is improved as well.

Aspecto cultural do pragmatismo chinês no empreendimento

Existem evidências de que os elementos do pragmatismo chinês refletem diretamente no sucesso dos empreendimentos de Pequenas e Médias Empresas (PMEs) da China. O pragmatismo chinês envolve quatro principais elementos: Adaptabilidade, Senso de realidade, Meta e Inovação. O objetivo do artigo é discutir a influência dos elementos do pragmatismo chinês sobre o sucesso dos empreendimentos chineses no Brasil, analisando empiricamente seu conceito e aplicações, comparada aos elementos do pragmatismo ocidental. Para isso, utiliza-se o método exploratório. A partir de entrevistas realizadas com uma amostra de empreendedores chineses que possuem PMEs em São Paulo, Brasil, conclui-se que, independente do tamanho da loja, do tipo de negócio e da experiência no ramo, todos os empreendedores chineses de PMEs estabelecidos no Brasilutilizam características do pragmatismo chinês como algo essencial para conduzir e obter sucesso em seus negócios.

Information asymmetry and transaction costs in a cross-cultural business transaction

The intent of this paper is to provide a practitioners insight into the present and foreseeable future of problem of transaction cost economics related to culture and business etiquette that may increase the of complexity of business communication. We will also explore whether it impacts participant's mindsets regarding opportunistic or passive aggressive behavior. We will study the role of culture, ethics, information asymmetry, and legal systems regarding their importance towards the business contracts and lack of knowledge in local environments. We will make connections to contract theory strategies and objectives and recommend business practices. Furthermore, economic theory explores the role of the impossibility of the perfect contract. Historical and present day operational factors are examined for the determination of forward-looking contract law indications worldwide. This paper is intended provide a practitioners view with a global perspective of a multinational, mid-sized and small corporations giving consideration in a non-partisan and non-nationalistic view, yet examines the individual characteristics of the operational necessities and obligations of any corporation. The study will be general, yet cite specific articles to each argument and give adequate consideration to the intricacies of the global asymmetry of information. This paper defends that corporations of any kind and size should be aware of the risk of international business etiquette and cultural barriers that might jeopardize the savings you could obtain from engaging international suppliers.

Fostering innovation and entrepreneurship in Brazil through private equity and venture capital public policies

It is well documented the positive impact of the Private Equity and Venture Capital (PE/VC) industry on the creation and development of highly successful innovative companies in a few countries, mainly in the United States. PE/VC firms provide not only capital to startups and small and medium enterprises (SMEs) that usually have financing gap, especially in emerging markets, but also strategic resources that enable these enterprises to commercialize innovation. As consequence, government incentive and nurture of local PE/VC industries would be expected in emerging economies due to innovation‟s importance to economic growth. This paper aims to identify if the Brazilian government has supported local PE/VC industry throughout the years in order to foster favorable conditions to creating and developing successful innovative businesses. It also analyzes Brazil‟s main public policies towards PE/VC and if they encompass all the three stages of its cycle – fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. All firms answered a webbased questionnaire that collected quantitative data regarding their investment vehicles, portfolio companies, investments and exits. I compared the data obtained from the survey with the main local governmental PE/VC support programs. First, I confirmed the hypothesis that the Brazilian government has been using the PE/VC industry as a public policy towards entrepreneurship and innovation. Second, I identified that although PE/VC public policies in Brazil are mostly concentrated in fundraising phase, they have been able to positively impact the whole cycle. Third, it became clear that the Brazilian government became more concerned about Seed and Venture Capital (VC) Early stages due to their importance to the entire PE/VC value chain. As consequence, I conclude that those public policies have been very important to build a dynamic and strong local PE/VC industry, whose committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with postgraduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, PE/VCbacked companies represented one third of the Initial Public Offerings (IPOs) that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).

Microcrédito e empoderamento de mulheres de baixa renda: uma análise do projeto “elas”

O microcrédito tem sido uma ferramenta de combate à pobreza no mundo todo nas últimas décadas. A ampliação do acesso ao crédito àqueles que não podem recorrer ao sistema financeiro tradicional tem se constituído como uma via democrática de fomento à inclusão social através da geração de trabalho e renda. Os empréstimos realizados têm demonstrado efeitos benéficos sobre a comunidades de baixa renda, especialmente em relação às mulheres, pelo desencadeamento de um processo de empoderamento com efeitos em sua capacidade de auferir renda, melhorar sua autoestima e ampliar sua participação em espaços de tomada de decisão. No Brasil, as mulheres são a maioria dos tomadores de microcrédito e a justificativa para isso perpassa pelas dificuldades relativas ao mercado formal, a necessidade de complementação da renda familiar, o desejo de maior emancipação frente aos companheiros e a busca pela realização num pequeno empreendimento próprio. Em Fortaleza (CE), o Banco Palmas criou um projeto de empoderamento de gênero, focado em beneficiárias do Programa Bolsa Família, a partir da concessão de microcrédito. A presente dissertação teve como objetivo analisar as dimensões do processo de empoderamento alcançadas pelas mulheres participantes deste projeto, intitulado como projeto “ELAS”. A hipótese inicial era a de que a nova capacidade economicamente produtiva das entrevistadas modificaria sua realidade, colocando-as em um novo patamar frente a si mesmas e às suas famílias, proporcionando maior autonomia em suas decisões de consumo e independência financeira frente a seus maridos, além do aumento de seu bem-estar. Nesse caso, o microcrédito serviria como um fomentador do empoderamento individual feminino, hipótese comprovada neste estudo. Entretanto, notou-se que não houve um rompimento das relações de gênero no âmbito das famílias, fator perceptível principalmente pela não redistribuição das tarefas domiciliares, com impactos restritivos no empoderamento social dessas mulheres através da não participação em instâncias coletivas de tomada de decisão.