Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Mercado de trabalho e estrutura sócio-ocupacional: estudo comparativo entre as regiões metropolitanas de Fortaleza, Recife e Salvador 2001-2008

The economic transformations in the world, the end of World War II, listing significant changes in production structures and labor market in the world. Initially developed countries realize these changes and subsequently developing countries. The changes in production patterns, especially with the crisis of Fordism, peripheral countries further accentuated the problems in the workplace. Flexible accumulation, in turn, was responsible for significant changes in the labor market at the periphery of global capitalism. This restructuring process, in Brazil, begun from the end of the 1980s and early 1990s, being more accentuated the impacts on the labor market in the poorest regions of the country, particularly the Northeast. In that sense, this thesis aims to evaluate the job market in the metropolitan areas of Fortaleza, Recife and Salvador in light of the transformation process in the production structures and labor market and its influences in the 2000s. The time frame are the years 2001-2008. Data are from the National Household Sample Survey - PNAD and were drawn from the study proposal developed by the Centre of the Metropolis. The study shows that the labor market of the three metropolitan areas continues to be affected by the restructuring process of the late twentieth century. It found high rates of unprotected busy at work is more precarious conditions of employment for non-whites, women, adolescents / young and old. We also highlight the high percentage of employed persons earning income up 1.00 minimum wage, and a large number of persons employed in the tertiary and tertiary non-specialist. With the picture observed in the three metropolitan areas you can see the major problems in the labor market that proliferate, especially in the metropolitan context of the Northeast, with characteristics similar to those observed in the literature that investigated the labor market in 1990

Outorga onerosa do direito de construir e dinâmica do mercado imobiliário formal: planejamento e descaminhos na expansão urbana de Parnamirim RN (2008-2010)

The `Outorga Onerosa do Direito de Construir - OODC` (Public Concession of Building Rights), instrument instituted by The City Statute in 2001, has as main objective the recovery of urban property, seeking for a fair distribution the urbanization benefits. The possibility of usage of the OODC instrument is linked to the maximum utilization coefficient, determined to specific areas in accordance to existing infrastructure conditions, further taking into account the formal real estate market, expansion axis and crowding. Being an instrument which establishes values to be paid for a better use of land, it maintains a narrow relation to the real estate, incentivizing or discouraging the crowding in specific areas. The present study investigates the relationship between the criteria for the making of the Public Concession of Building Rights instrument and the dynamics of the formal real estate market. It takes as empiric universe Parnamirim (RN), part of the Natal Metropolitan Area (RN), focusing on the application of the OODC in the period of 2008-2010. It seeks to better understand the necessary basis for the formulation of the instrument, about how it works and its relation to the formal real estate market. It aims to depict the formal real estate market by presenting the production of urban space in Parnamirim in terms of intensity and nature of the real estate, furthermore identifying the licensed properties through the application of the municipality instrument. For the conclusion, it is discussed the criteria for the formation of OODC, its relationship to the dynamics of the formal real estate market and its influencing possibilities in the processes of usage and occupation of land in the context of urban planning

Do lixo à solidariedade : avanços e perspectivas na busca de uma nova realidade

The dissertating study about the solidarity economy has the objective to analyze the four unions responsible for the selective municipal garbage collection in Natal. It aims at verifying the consolidation of these unions as solidarity economic undertakings, revealing which progresses they have made, as well as the social and economic insertion of the garbage collectors and their process of conquering citizenship. The referred four unions had been founded and are constituted, in their majority, by collectors coming from the Cidade Nova lixão (big garbage). As it was closed in August 2004, they decided to make a union in order to collecting garbage. As what concerns the methodic and theoretic proceedings, our research has been developed with a critical perspective and a qualitative approach without discarding and quantitative one. The central analytical categories of this paper are: association, work, social exclusion and citizenship. Our research has had three articulated axis which aim was to apprehend the subject, disclosing it. The exposition of the investigative results is subdivided in four chapters. The first one approaches the main aspects of the crisis of the capital and its reflexes in the world of work. Here we deal with the question the structural unemployment coming as a result of the present economic model, the mains changes verified in the Brazilian work market, as well as levels of unemployment affecting the work market in Natal s metropolitan region. The second chapter treats of the origin, concept and revival in Brazil concerning the tradition of thought and cooperative economic organization, which has recovered the central elements of the associative thought and is nowadays studied in Latin America under the name of solidarity economy. The third chapter deals with embodiment of the collectors unions, its history, appearing and development of each union. The fourth chapter presents the relative dimensions of the analysis categories supported in the reports of institutional actors as well as the perception collectors have about the recyclable stuffs, the way they face the daily life and so on, what brings about the contradictions present in their reality. The final comments sum up the main trends and particularities of the unions researched under the light of the solidarity economy and disclose the real perspectives of social and economic insertion of these collectors and the process they follow to conquest social recognition

Efetivação da garantia de defesa no estado constitucional de direito: colisão entre o poder punitivo e garantia de defesa

The domination of the violence for the Rule of law awakened a tension between the practice of the punitive power and the right to counsel. However, throughout the recent history of the Criminal law, this shock of forces has been determined for the punitive power. In this perspective, the present work intends to submit the guarantee of defense to a critical judgment, in search to conciliate its content to the Constitutional State of Right. For in such a way, it will be necessary to recognize the disequilibrium of the situation, but without considering the superiority of any of these elements. The State in such a way must fulfill the function to punish the culprits as to acquit the innocents. Despite the law is far from obtaining a harmonious speech, it is necessary that the defense guarantee coexists the punitive power as part of an only public interest, which is, to make criminal justice. In such a way, the existence of a sustainable balance between the punitive power and the guarantee of defense depend on the minimum interference of Criminal law and, also, of the judicial position in the concrete case. The present work faces, therefore, the moment of crisis of the Criminal law, consolidated with the advent of a new way of thinking according to the procedural guarantees, that will demand the overcoming of the old concepts. The Constitutional State of Right not only constitutes an efectiveness of the regime of the right to counsel, but in a similar way it searchs to accomplish the right of action and criminal justice as a whole. Knowing that the philosophy of the language raises doubts on the certainty, the truth and the judgement, it is imposed to understand that the defense guarantee is no more about a simple idea, but, in the crooked ways of the communication, we intend to find what the judge s function is when he faces this new reality

Mariana , Pai contra mãe e O caso da vara : escravidão e chão histórico em Machado de Assis

Machado de Assis understood his time and brought his perception of Brazilian society in the 19th century, with its multiple aspects economy, politics, culture, amongst others - to the texts he wrote. Through the tensions lived in his novels and short stories, Machado displays Brazilian social reality and the changes it had been undergoing. Mariana and Pai contra mãe show the crisis of the slavery system, the relation of dependency, the treatment given to the captives and the lack of coherence of a country that intended to adopt Liberalism as an ideology, but which kept on living under the shadow of slavery and its consequences. A country where the priorities were given to the landlords, owners of slaves, in protection of their interests. O caso da vara tells about how the crias da casa little black girls who lived in the household and learned how to make spool embroidery were treated. What were the punishments for desobedience and how they were levelled out, how should be the behaviour of a child who lived as a social outcast. Thus, this paper aims at playing a game of mirrors between History and fiction. Not only to play it, but to analyze how Machado deals with the reflections of 19th century Brazil on his short stories

Palavras da maldição: O Ceará de José Alcides Pinto entre símbolos e alegorias.

This work treats about the speeches that produced the crisis of symbols of Ceará, researching on matters and ways of expression of space between 1950s and 1970s. Therefore, we search discursive practices that since the end of nineteenth century built the identity of Ceará and in the middle of twentieth century produced the crisis of modes of seeing and telling the space in front of enunciations of the national modernization, especially with the emergence of politics by SUDENE to the Northeast, the progressive actions by Catholic Church, the defense of tradition by regional literature of union of Ceará Clã. The contradictions between the glorification and fear the modernization of Brazil produced on the space speeches that his identity would be fractured, that the old symbols of drought, cangaço, mysticism and colonels declined. Among analyzed speeches, we centered the analysis of Trilogia da Maldição formed of novels O Dragão, of 1964, Os Verdes Abutres da Colina and João Pinto de Maria: a biografia de um louco by José Alcides Pinto. In this novel, the enunciation of the crisis of symbologies about the space produced another aesthetic, the allegory, which, mixed with the mystical and melancholy, in search of ways to restore the language of the old themes Ceará, drop of Ceará the same stigma of anti-modern space, where the images of delay changed icons of a fractured identity in front of the modern streams, where the word was transformed in the dimension precarious and redeemer of the tradition, of old, of nature, of the plenitude of senses. In Jose Alcides, the colonel returns as the origin of the lost space, the drought is the revolt of God against the devil place, the apocalypse, the end imminent threat to the village, signs that fantastic, however, are in dialogue with the settings space and time in which they were produced

Mudanças na relação entre estado e mercado na produção de habitação de interesse social em Parnamirim-RN

The formulation of public policies, particularly those relating to social housing – SH -, follow a dialectical process of construction, which are involved in the figures of the State and tha Market.The combination of the State and Market remains in constant tension and struggle for power, which provides beyond products (policies, programs and projects), periods of crises and disruptions that can give rise to new institutional arrangements. It is possible to verify a change in the relationship between the State and the Market in the formulation of public policies of SH financing, justified by the context of the Brazilian economy growth, especially after 2003, year that began the first Lula Federal Government , and through the international financial crisis (in 2008). Thus, the State and the Real Estate Market has been undergoing a process of redefinition of their interrelations, articulating new arrangements, new scales of action and new logics of financial valorization of urban space. This peculiarity demanded the rapid thinning of speech and the proposals in the reformulation of housing policies, with the primary result within the pre-existing Growth Acceleration Program – PAC -, the release of My House , My Life – PMCMV -, established by Law 1.977 of the year 2009. Given the above, this research has as study object the relationship between financing public policies of SH, promoted by the State, and behavior of Formal Housing Market. It is believed that the established roles for each agent in the new housing finance model introduced with the PMCMV, have been adapted according to the needs of each location to make this a workable policy. It remains to identify the nature of these adaptations, in other words, what has changed in the performance of each agent involved in this process. Knowing that private capital remains where there is more chance of profit, we tend to believe that most of the adjustments were made on scale of State action. The recommendation of easing urban legislation taken by PMCMV points to how the State has been making these changes in activity to implement the production of social housing by this program. We conclude that in the change for PMCMV, the direct relationship for construction and housing projects financing began to be made between the Caixa Econômica Federal bank and the builders. The city was liberated from the direct interlocutor role between all actors involved in the production of SH and could concentrate on negotiating with the parties, focused on the effectiveness of SH public policies proposed by PMCMV. This ability and willingness for dialogue and negotiation of municipal government (represented by their managers), undoubtedly, represents a key factor for rapprochement between State and Real Estate Market in the City of Parnamirim.

Outorga onerosa do direito de construir e dinâmica do mercado imobiliário formal: planejamento e descaminhos na expansão urbana de Parnamirim RN (2008-2010)

The `Outorga Onerosa do Direito de Construir - OODC` (Public Concession of Building Rights), instrument instituted by The City Statute in 2001, has as main objective the recovery of urban property, seeking for a fair distribution the urbanization benefits. The possibility of usage of the OODC instrument is linked to the maximum utilization coefficient, determined to specific areas in accordance to existing infrastructure conditions, further taking into account the formal real estate market, expansion axis and crowding. Being an instrument which establishes values to be paid for a better use of land, it maintains a narrow relation to the real estate, incentivizing or discouraging the crowding in specific areas. The present study investigates the relationship between the criteria for the making of the Public Concession of Building Rights instrument and the dynamics of the formal real estate market. It takes as empiric universe Parnamirim (RN), part of the Natal Metropolitan Area (RN), focusing on the application of the OODC in the period of 2008-2010. It seeks to better understand the necessary basis for the formulation of the instrument, about how it works and its relation to the formal real estate market. It aims to depict the formal real estate market by presenting the production of urban space in Parnamirim in terms of intensity and nature of the real estate, furthermore identifying the licensed properties through the application of the municipality instrument. For the conclusion, it is discussed the criteria for the formation of OODC, its relationship to the dynamics of the formal real estate market and its influencing possibilities in the processes of usage and occupation of land in the context of urban planning

Perfil Socioeconômico dos Camelôs do shopping Popular

The phenomenon of the informality has been common in the quarrels that involve Sciences Social and Human. First for not corresponding to a temporary and isolated phenomenon, and on the other hand for dealing with a presente situation in the majority of the Brazilian urban centers. In Cuiabá municipality, the alternative commerce appears as a social answer to the problems caused for the economic crisis of the country and seems to be deep-rooted to the urban landscape. This assignment angles was the street peddlers, in special that ones who develop their in a specific location on lowered of Cuiabá. Researches pretending to fill a blank of information about this subject involve theoritical and empirical levels. The theory searched to raise in a generalized manner given pertinent the informality and the pratical level through field research searched to analyze excellent aspects on the economic and occupational situation of a composed sample for two hundred and theree workers who develope the pratical one of the informal commerce in Shopping Popular in Cuiaba/MT. The analysis of gotten data alllowed to appreciate some excellent aspects with regard to the activity os the peddler, as: origni, formation, income, perspectives with regard to activity among others. In las analysis it still alllowed to verify the factors that condition the permanence these workers in this type of informal activity

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Centros históricos e desenvolvimento urbano: um estudo comparativo entre os programas Monumenta no Brasil e Polis em Portugal

Both the end of the twentieth century and the beginning of the twenty-first century have been characterized as a period of major political, economic, social and cultural transformations. Two of the major consequences of the political-economical crisis of the end of last century are the restructuring of capitalist production, and the consolidation of neoliberalism as a worldwide phenomenon. This new world political-economical scenario has influenced, in a dialectic way, the contemporary urban development. In that sense, "new" spatial processes and new paradigms in both urban management and urban planning have gained shape. In this context of urban transformations, the central areas of western cities, also known as historic centers, are being increasingly (re)valued. Since the Second World War, the historic centers urban areas which have great infrastructure and symbolic relevance had been undergoing a process of evasion of population and activities, undeniably linked to the neglect of government authorities. However, in recent decades, the question of historic centers rehabilitation has acquired a growing interest, academically and in political agendas. The object of this dissertation is to focus on how the government of each Brazil and Portugal has dealt with the issue of historic center rehabilitation through programs of urban rehabilitation

Ecologia do fitoplâncton impactado por cultivo de tilápia do Nilo, oreochromis niloticus, em tanques-rede no açude Ministro João Alves, Parelhas, Rio Grande do Norte

The dams are limnic ecosystems of great importance for its multiple uses, among them, water supply for the public and to culture of artisanal fish are most relevant. The aim of the present study is to evaluate the physical-chemical characteristics and the phytoplankton community in two chosen sites (Point 1 littoral zone of point source; Point 2 pelagic zone of non-point source) of the Minister João Alves dam, which is also known as Boqueirão de Parelhas/RN. This represents the spatial distribution of the phytoplankton species in order to understand any possible alterations of the water quality and the phytoplankton composition in relation to the water quality originating from the impact of the tilapia, Oreochromis niloticus, culture. The study period also encompasses temporal variations exhibited in two seasons of an annual cycle, one during the dry season (Oct, Nov and Dec of 2008 and Jan of 2009), and the other rainy season (Mar, Apr, May and June of 2008) to extend the observation. The physicalchemical parameters, such as pH, temperature, electrical conductivity, concentration of dissolved oxygen were measured in situ and the values of the inorganic nutrients (nitrate, ammonium and orto-phosfato) and chlorophyll in the laboratory. The quali-quantitative analyses of the phytoplankton had been carried through sedimentation technique and the enumeration of the random of 400 cells, colonies and filaments counted using Sedgwick-Rafter counting chamber. The results of pH varied widely from the acidic to alkaline range with the minimum of 5.8 (± 0.8) and the maximum of 9.2 (± 0.7-0.8), at point 1 and 2. The dissolved oxygen content was higher in the rainy period than that in the dry period. The maximum electrical conductivity was of 1409 μScm-1 in point 1 and 431 minim of μScm-1, in point 2. There was a considerable alteration in the levels of inorganic nutrients such as nitrate-nitrogen, ammoniacal nitrogen and orthophosphate during the two cycles of study period. Phytoplankton assemblages presented a picture of alternate dominance among species Cyanobacteria, Bacillariophyceae and Chlorophyceae. The trophic state index diagnosed to the category of mesotrophic, which is based on the values of chlorophyll, total phosphorus and Secchi-disc measurements. The wind driven turbulence of the water column and the fresh inflow of water (flushing and dilution) during rainy season acted as constraint and did-not allow an exaggerated growth of the species of cyanobacteria. On the basis of the present we conclude that the culture of tilapias in cage-culture fails to produce pollution load that could compromise the quality of the water of the dam, probably be due to small dimension of the culture in relation to the size, volume of the water and the reservoir capacity support its own environment

Estudo comparativo da variação temporal da comunidade fitoplanctônica do açude Cruzeta inserido no bioma caatinga, Rio Grande do Norte

The Cruzeta impoundment, situated in the city of Cruzeta, hinterland of the state of the Rio Grande do Norte state has significant importance to the municipality as it represents the only source of supplying water to the region. It was hypothesized that the regional consequence of the global warming and the warming of surface water could substantially contribute the significant growth of the aquatic macrophytes in the years 2008-2009. The growth of these vegetation believed to be improved the degree of water transparency and as a consequence of the improved growth of phytoplankton species and chlorophyll biomass. At the same time the aquatic macrophyte could interact and compete potentially for the dissolved inorganic nutrients resources and the phytoplankton community. This study presents a comparison of years 2004-2005 when it did not have the expressive presence of the aquatic macrophyte community or restricted to the littoral region. In contrast, the years 2008-2009 showed a significant growth of the aquatic macrophyte in the Cruzeta/RN impoundments. The present study is an attempt to elucidate the significant presence of the aquatic macrophyte, Eichhornia crassipes, Ceratophyllum submersum, Nymphea sp and Pistia sp, and its interference on the ecology of phytoplankton. The samplings had been carried out from September of 2008 to April of 2009 and consistently between 10:00 h and 12:00 h with the aid of Van Dorn bottle and the plankton net of mesh size 20 Qm. The collections were made in three depths ie., surface, mid-column and bottom. The Physical-Chemical parameters such as pH, temperature, electrical conductivity and dissolved oxygen had been analyzed in situ. The samples for analysis of nutrients and chlorophyll were kept under refrigeration for posterior analysis in the laboratory. Phytoplankton samples were preserved in Lugol-iodine and kept for sedimentation for quali-quantitative analysis of phytoplankton. Enumeration of cells, colonies and filaments was done with the aid of Sedgwick-Rafter counting chamber and expressed as numbers/ml. Chlorophyll a was analyzed as a functional component of phytoplankton biomass and extracted with cold 90% acetone. The results indicate that the chlorophyll concentration varied between 5,65-8,08 Qg.L-1 for the dry period and 5,09-6,23 Qg.L-1 for the rainy period and showed considerable reduction when compared to the values to the 2004-2005 study period. The temperature was always presented higher in relation to the 2004-2005 study. Phytoplankton species showed a relative abundance of the Cyanophyceae for both the period of dry and rainy. The predominance species are filamentous Leptolymbya geophila Borzi (Planctolyngbya sp), Anabaena plankctônica Brunnthaler, Oscillatória limosa Ag. and Cylindrospermopsis raciborskii (Wolosz). The concentration of the nutrients such as nitrate and orto-phosfato had always presented higher values during the rainy period and the ammoniacal nitrogen retained moderate values in the dry period and a slight increase in rainy season. The main conclusions are the reduction of the concentration of chlorophyll, diversity of phytoplankton, and the increase in temperature and transparency of the water during the period of the study