As zonas de processamento de exportação como instrumento de desenvolvimento e redução das desigualdades regionais

The existence of inequalities among the Brazilian regions is an indeed fact along the country s history. Before this reality the constitutional legislator inserted into the Federal Constitution of 1988, as a purpose of the Federative Republic of Brazil, the reduction of regional inequalities. The development has also been included as a purpose from the State, because there is an straight relation with the reduction of regional inequalities. In both situations is searched the improvement of people s living conditions. . In pursuit of this achievement, the State must implement public policy, and, for this to happen, it needs the ingress of income inside of the public coffers and support of economic agents, therefore the importance of constitucionalization of the economic policy. The 1988 s Constitution adopted a rational capitalism regime consentaneous with current legal and social conceptions, that s why it enabled the State s intervention into economy to correct the so-called market failures or to make the established objectives fulfilled. About this last one, the intervention may happen by induction through the adoption of regulatory Standards of incentive or disincentive of economic activity. Among the possible inductive ways there are the tax assessments that aim to stimulate the economic agents behavior in view of finding that the development doesn t occur with the same intensity in all of the country s regions. Inside this context there are the Export Processing Zones (EPZs) which are special areas with different customs regime by the granting of benefits to the companies that are installed there. The EPZs have been used, by several countries, in order to develop certain regions, and economic indicators show that they promoted economic and social changes in the places where they are installed, especially because, by attracting companies, they provide job creation, industrialization and increased exports. In Brazil, they can contribute decisively to overcome major obstacles or decrease the attraction of economic agents and economic development of the country. In the case of an instrument known to be effective to achieve the goals established by the Constitution, it is duty of the Executive to push for the law that governs this customs regime is effectively applied. If the Executive doesn t fulfill this duty, incurs into unjustifiable omission, correction likely by the Judiciary, whose mission is to prevent acts or omissions contrary to constitutional order

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

O nascimento de uma política pública: das articulações à formulação do PRONERA

This work aims at reconstructing the formulation process of PRONERA (National Program of Education in Agrarian Reform). A public policy that had its first ideas conceived within social movements and afterwards, made possible by diligences of then government. Therefore, the Program was rendered in a partnership among State, social movement, public institutions, and non-governmental organizations. As a goal, we intend to grasp both what motivated the choice for this proposal as a strategy to face educational problems in rural areas and how the actors, entities involved in this enterprise and the social-political context have influenced its formulation and entry in the governmental agenda as Public Policy. Thus, we reconstruct the history and education policy of and in rural areas. Besides, we seek to understand the context of PRONERA's conception, the factors that have influenced its creation and the actors' performances in the process. It is assumed that under the 1988 Constitution, civil society was provided with legal conditions for the active participation in political process and, consequently, in the public policy-making. We conclude, then, that PRONERA was the result of the crossing of three different flows (problems, solutions and policies) advocated by the Kingdon model. As a result, this analytical repertoire was useful to explain PRONERA’s entry in the government agenda, helping to understand how the chances of this social demand increased with an action from the politic community. It allowed its way in the government agenda as well as its becoming a public policy.