The new Brazilian bankruptcy law and its impacts on the credit market

No início de 2005, uma nova Lei de Falências foi aprovada pelo Congresso Nacional, entrando em meados de junho do mesmo ano. A nova legislação ampliou o grau de proteção ao credor em muitos aspectos. Este artigo busca investigar algumas das consequências empíricas dessa nova lei sobre o mercado de crédito, utilizado dados de firmas argentinas, brasileiras, chilenas e mexicanas para estimar dois modelos para dados em painel: o primeiro com tendências específicas para cada firma e o outro com tendência macro comum às firmas de um mesmo país. A estimação dos dois modelos produziu resultados similares. Foram encontrados impactos significativos sobre a oferta de crédito, o custo da dívida e a oferta de crédito segurado, não-segurado e de longo prazo. Não foram encontrados impactos sobre o total de dívida de curto prazo.

Gestão intercultural: a experiência de executivos brasileiros no México

O presente trabalho tem por objetivo levantar quais as dificuldades que os executivos brasileiros, caracterizados por um estilo gerencial brasileiro, enfrentam ao fazer negócios e trabalhar no México. Escolhemos Brasil e México por dois motivos: o primeiro é que atualmente estes dois países representam as duas maiores economias da América Latina, sendo responsáveis por mais de 60% do PIB da região. O segundo é nosso interesse pessoal, devido nossa própria experiência de trabalho, iniciada em 2002 (e que continua acontecendo até o presente momento) quando começamos a interagir com o México no nosso trabalho cotidiano dentro de uma empresa privada. Para alcançar o nosso objetivo primeiramente definimos o que é cultura, cultura nacional, e como ela afeta o estilo gerencial. Estudamos na bibliografia os estilos gerenciais brasileiro e mexicano, e utilizamos o modelo de comparação de estilos gerenciais de Hofstede para identificar as diferenças entre eles, pois acreditamos que as dificuldades se relacionam com as diferenças entre os dois estilos. Posteriormente, fizemos uma pesquisa de campo, entrevistando de forma semi-estruturada sete executivos brasileiros que trabalharam no México para confirmar as diferenças nos estilos gerenciais e levantar quais foram as dificuldades que eles tiveram por conta das mesmas. Finalmente, apresentamos essas diferenças e concluímos que, ainda que os estilos gerenciais de ambos os países sejam próximos – e isso se reflete nos rankings que ambos ocupam nas quatro dimensões de Hofstede – as diferenças trazem sim dificuldades que precisam ser levadas em conta para facilitar a adaptação e o sucesso nos desafios profissionais que os executivos brasileiros venham a empreender no México.

Effects on school enrollment and performance of a conditional transfers program in Mexico

We study the effects of a conditional transfers program on school enrollment and performance in Mexico. We provide a theoretical framework for analyzing the dynamic educational decision and process inc1uding the endogeneity and uncertainty of performance (passing grades) and the effect of a conditional cash transfer program for children enrolled at school. Careful identification of the program impact on this model is studied. This framework is used to study the Mexican social program Progresa in which a randomized experiment has been implemented and allows us to identify the effect of the conditional cash transfer program on enrollment and performance at school. Using the mIes of the conditional program, we can explain the different incentive effects provided. We also derive the formal identifying assumptions needed to provide consistent estimates of the average treatment effects on enrollment and performance at school. We estimate empirically these effects and find that Progresa had always a positive impact on school continuation whereas for performance it had a positive impact at primary school but a negative one at secondary school, a possible consequence of disincentives due to the program termination after the third year of secondary school.

A comparative study of the credit card market dynamics in Mexico and Brazil

This research analyzes and compares the attractiveness of the Brazilian and Mexican credit card markets from a financial firm’s perspective. The market dynamics in Latin America’s two economic powerhouses are fleshed out with qualitative and quantitative data, using a strategic framework to structure the analysis. Since its adoption by both countries in 1956, credit card usage has experienced many years of double digit growth. However, penetration levels remain low compared with most developed countries. Brazil has a more developed credit card infrastructure, with more potential profit, and issuers might face fewer competitive challenges.  Alternatively, Mexico, is witnessing a more favorable economy, a friendlier business and regulatory environment, combined with fewer financial products that compete with the credit card. Therefore, this paper concludes that Brazil and Mexico both offer market opportunities for credit card companies that can navigate the different technological, demographic, macroeconomic, and regulatory shifts in each country.

Cabinet composition and assessment of a multiparty presidential system

This doctoral dissertation provides a detailed analysis of the Brazilian cabinet according to the concepts of a multiparty presidential system. Appointing politicians as ministers is one of the most important coalition-building tools and has been widely used by minority presidents. This dissertation will therefore analyze the high-level Brazilian national bureaucracy between 1995 and 2014. It argues that the ministries – or departments – are not equal, and that allied parties therefore take into account the different characteristics of a ministry when demanding positions as a patronage strategy or for use as other kinds of political assets. After reviewing the literature on the theme, followed by a comparative analysis of the Brazilian, Chilean, Mexican, and Guatemalan cabinets, all the Brazilian ministries will be weighed and ranked on a scale that is able to measure their political importance and attractiveness. This rank takes into account variables such as the budgetary power, the ability to spend money according the ministers’ will, the ability to hire new employees, the ministries’ influence over other governmental agents such as companies, agencies, and so on, the ministers’ tenure in office. Finally, a proxy is provided that seeks to identify the normative power a department may hold. All of these characteristics will then be taken into account in considering the representatives’ opinion, thus helping to ascertain whether the cabinet appointment has been coalescent among the several parties that belong to the president’s coalition.