DISPOSITION EFFECT AMONG BRAZILIAN EQUITY FUND MANAGERS

The disposition effect predicts that investors tend to sell winning stocks too soon and ride losing stocks too long. Despite the wide range of research evidence about this issue, the reasons that lead investors to act this way are still subject to much controversy between rational and behavioral explanations. In this article, the main goal was to test two competing behavioral motivations to justify the disposition effect: prospect theory and mean reversion bias. To achieve it, an analysis of monthly transactions for a sample of 51 Brazilian equity funds from 2002 to 2008 was conducted and regression models with qualitative dependent variables were estimated in order to set the probability of a manager to realize a capital gain or loss as a function of the stock return. The results brought evidence that prospect theory seems to guide the decision-making process of the managers, but the hypothesis that the disposition effect is due to mean reversion bias could not be confirmed.

INTERNATIONALIZATION OF STATE-OWNED ENTERPRISES THROUGH FOREIGN DIRECT INVESTMENT

ABSTRACT State-owned enterprises (SOEs) are created to focus on domestic needs, and yet recent evidence points to increasing outward foreign direct investment by SOEs. Existing International Business (IB) theories focus on efficiency-based motives for internationalization; therefore, they do not fully capture SOEs' internalization dynamics, which are driven largely by political factors and social welfare considerations. We integrate public management and IB theories to develop propositions that combine these questions: why SOEs internationalize; what are their motivations; and what are the main managerial outcomes of SOEs' internationalization. Our findings suggest that SOEs display little hesitancy in entering international markets, and that SOE international expansion is not contradictory with the goals of state-ownership if the purpose is to adjust the company to changing institutional environments both in the domestic and international markets. Our propositions about SOE internationalization are based on an in-depth case study of the outward foreign direct investment conducted by Brazil's Petrobras over the past three decades.

Interpreting social enterprises

Institutional and organizational variety is increasingly characterizing advanced economic systems. While traditional economic theories have focused almost exclusively on profit-maximizing (i.e., for-profit) enterprises and on publicly-owned organizations, the increasing relevance of non-profit organizations, and especially of social enterprises, requires scientists to reflect on a new comprehensive economic approach for explaining this organizational variety. This paper examines the main limitations of the orthodox and institutional theories and asserts the need for creating and testing a new theoretical framework, which considers the way in which diverse enterprises pursue their goals, the diverse motivations driving actors and organizations, and the different learning patterns and routines within organizations. The new analytical framework proposed in the paper draws upon recent developments in the theories of the firm, mainly of an evolutionary and behavioral kind. The firm is interpreted as a coordination mechanism of economic activity, and one whose objectives need not coincide with profit maximization. On the other hand, economic agents driven by motivational complexity and intrinsic, non-monetary motivation play a crucial role in forming firm activity over and above purely monetary and financial objectives. The new framework is thought to be particularly suitable to correctly interpret the emergence and role of nontraditional organizational and ownership forms that are not driven by the profit motive (non-profit organizations), mainly recognized in the legal forms of cooperative firms, non-profit organizations and social enterprises. A continuum of organizational forms ranging from profit making activities to public benefit activities, and encompassing mutual benefit organizations as its core constituent, is envisaged and discussed.

BETWEEN DREAMS AND REALITY: Migration of Brazilian women to Switzerland

The general objective of this article was to study the process of illegal migration of Brazilian women to Switzerland and, more specifically, to analyze the motivations for migration, the difficulties found upon arrival, the circumstances that led them to get married and lastly an evaluation of the whole experience. The methodology was based in a qualitative approach. The participants were eight Brazilian women that illegally migrated to Switzerland but now are married with Swiss or European men. They responded to an interview focused in the objectives of the study. The appreciation of the data was realized with Minayo´s Content Analysis. The motivations were related to a bettering of the financial situation. In the difficulties encountered, we can bring out illegality, language and prejudice. Regarding marriage, they married to stay legally in the country. Finally, the evaluation of the experience was negative for most participants.

Formação e trabalho de mestres e doutores em química titulados no Brasil

This article reports questions related to the training and jobs of chemistry graduates from Brazilian universities. It is focussed on academic and career paths and on relations between knowledge and work. The main questions addressed in this study were: what have been the paths since undergraduate education? what were graduates doing before their enrolment in master and doctoral programs? Which were their motivations for this? Where do graduates work now? How do they appraise some aspects of their graduate education? Did the degree enlarge their job opportunities and improve work quality? How much do they earn?

Formação e trabalho de mestres e doutores em bioquímica titulados no brasil

This article reports questions related to the training and jobs of biochemistry graduates from Brazilian universities. It is focussed on academic and career paths and on relations between knowledge and work. The main questions addressed in this study were: what have been the paths since undergraduate education? What were graduates doing before their enrolment in master and doctoral programs? Which were their motivations for this? Where do graduates work now? How do they appraise some aspects of their graduate education? Did the degree enlarge their job opportunities and improve work quality? How much do they earn?

Why publish?

This paper forwards an opinion about authors' and journals' motivations for scientific writing. Personal and institutional motivations are listed and discussed and, in regard to biodiversity sciences, I propose that a nationalistic motivation is also pertinent in a biodiversity-rich country such as Brazil. Curiosity and competitiveness should be combined for better results. Finally I discuss ground-breaking science within a post-modern perspective, and how the mere act of scientific writing might trigger both scientific and social revolutions.

Publish what? A reply to Scarano

Fabio Scarano (2008) shows an attractive picture of the motivations leading to the final goal of the scientific enterprise, i.e. why scientists must publish their findings. Moreover, he proposes that scientists must aim for creativity and originality through question-driven papers, rather than unenlightening descriptive ones. I agree, but I will show that this view, albeit necessary, is incomplete. The most important flaw is that he does not show how that, in order to be creative and original one needs a deep understanding of a domain of knowledge. I will argue that these qualities cannot be reached in a theoretical vacuum. It must be remembered that the scientific enterprise is a complex cognitive process. One can only advance, learn and understand from the springboard of what one already knows. The improvement of established theories or the proposition of new ones can only be possible through a deep analysis, synthesis and integration of accepted scientific knowledge. This is only possible through the scrutiny of the concepts, propositions and predictions of accepted theories. Going deeper into Scarano's ideas, I propose that to further our comprehension of nature and to give a basis for the generation of knowledge, Brazilian ecologists should look for a specific set of question-driven papers. These are what I will call the 'why-question' papers. Only why-question driven papers can provide accounts which advance scientific knowledge and foster explanations of the mechanisms behind ecological processes.

Câmbio, especulação e juros no modelo da Teoria Geral

This short chapter aims to make an adaptation to a small and financially integrated economy of the monetary / financial model presented by J. M. Keynes in his General Theory of Employment, interest and money. So, this has as a goal, particularly, to adapt the chapters 15 and 17 of the General Theory basically concerned to the speculative motivations to define the composition of the assets portfolio.