Earnings management and economic crises in the brazilian capital market

The 2008 economic crisis challenged accounting, either demanding recognition and measurement criteria well adjusted to this scenario or even questioning its ability to inform appropriately entities' financial situation before the crisis occurred. So, our purpose was to verify if during economic crises listed companies in the Brazilian capital market tended to adopt earnings management (EM) practices. Our sample consisted in 3,772 firm-years observations, in 13 years - 1997 to 2009. We developed regression models considering discretionary accruals as EM proxy (dependent variable), crisis as a macroeconomic factor (dummy variable of interest), ROA, market-to-book, size, leverage, foreign direct investment (FDI) and sector as control variables. Different for previous EM studies two approaches were used in data panel regression models and multiple crises were observed simultaneously. Statistics tests revealed a significant relation between economic crisis and EM practices concerning listed companies in Brazil in both approaches used.

ORGANIC CARBON CONTENTS AND STOCKS IN PARTICLE SIZE FRACTIONS OF A TYPIC HAPLUDOX FERTILIZED WITH PIG SLURRY AND SOLUBLE FERTILIZER

The use of pig slurry (PS) as fertilizer can affect the soil quality and increase total stocks of soil organic carbon (TOC). However, the effects of PS on TOC amount and forms in the soil are not fully understood, particularly in areas under no-tillage (NT). The purpose of this study was to determine TOC contents and stocks in the particulate (POC) and mineral-associated C fractions (MAC) of an Oxisol after nine years of maize-oat rotation under NT, with annual applications of PS, soluble fertilizer and combined fertilization (pig slurry + soluble fertilizer). The experiment was initiated in 2001 in Campos Novos, Santa Catarina, with the following treatments: PS at rates of 0 (without fertilization - PS0); 25 (PS25); 50 (PS50); 100 (PS100); and 200 m3 ha-1yr-1 (PS200); fertilization with soluble fertilizer (SF); and mixed fertilization (PS + SF). The TOC content was determined in samples of six soil layers to a depth of 40 cm, and the POC and MAC contents in four layers to a depth of 20 cm. From the rate of 50 m3 ha-1yr-1 and upwards, the soil TOC content and stock increased according to the PS rates in the layers to a depth of 10 cm. The POC and MAC contents and stocks were higher in the surface layers, with a clear predominance of the second fraction, but a greater relative amplitude in the contents of the first fraction.

Germination of Caesalpinia leiostachya (benth.) ducke seeds classified by size and shape

Caesalpinia leiostachya (Benth.) Ducke (Caesalpiniaceae) is a Brazilian legumenous tree whose seeds present different sizes and shapes, with dormancy imposed by a waterproof coat. In order to improve that quality of lot, seeds were classified by width in sieves of circular meshes (13, 14, 15, 16 and 17) and manually separated by shape in elongate, round and angular. Masses of 1000 seeds were determined and the thickness of each width and shape seedclass was measured, and coat permeability of the seeds classified by the width was investigated. Seeds were scarified in concentrated sulphuric acid and submitted to the germination test. Both final percentage and speed of germination index were evaluated. The classification of the seeds improved the quality of the lot, and the coat permeability was not affected by seed width. Elongated-flat seeds are of low physiological quality and should be discarded. Masses of 1000 seeds, percentage final and speed of germination increased with the width of the seeds. Both elongated and angular seeds had similar germinative behavior, and round seeds are of greater thickness and of superior physiological quality.

Cooperation, social capital and economic performance

The objective of this paper is to define social capital as social infrastructure and to try to include this variable in an economic growth model. Considering social capital in such a way could have an impact on the productivity of production factors. Firstly, I will discuss how institutional variables can affect growth. Secondly, after analyzing several definitions of social capital, I will point out the benefits and problems of each one and will define social capital as social infrastructure, aiming to introduce this variable into an economic growth model. Finally, I will try to open the way for subsequent empirical studies, both in the area of measuring the stock of social infrastructure as well as those comparing economies, with the idea of showing the impact of social infrastructure on economic growth.

A gerência recente do endividamento público brasileiro

The recente Brazilian public management. We use two frameworks to analyze the recent Brazilian public debt management. The first one encompasses the Brazilian optimal public debt management analysis through the examination of the correlations among the main variables to which the public debt is indexed. The second seeks to address the consequences of recent Brazilian economic policies, such as international reserves accumulation through sterilized interventions by the Central Bank and excessive capitalization of federal financial institutions. Those policies have important, albeit often ignored, fiscal impacts, which became important to determine the current size, maturity and composition of the public debt stock.

Financialization and financial profit

This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.