Paying for long-term performance: restructuring bankers’ pay for risk regulation

The purpose of this paper is to propose hybrid capital securities as a new approach to compensation for senior bank executives and risk-takers instead of cash or equity-based compensation currently adopted by the industry. The global financial turmoil indicated that misaligned pay-for-performance compensation arrangements encouraged management short-termism and rewarded excessive risk-taking behaviour in Anglo-Saxon system. Rather than regulating specific instruments and processes, we believe that it is much more efficient to overhaul the compensation scheme to align it with risk management and governance. This empirical paper investigates the European hybrid market by employing data from the Merrill Lynch Global Index System from 2000 to 2010. Our paper contributes to both literature and practices by designing a structured scheme to tie the executive’s interests to long-term performance of the bank, the goal of regulators and the economy at large which consequently reduce the probability of future bank failures.

Finding a Life on the Edge: Two decades after mountaineer Bill Holland was lost in a fall, his daughter revisits his days on Mayflower Hill

Two decades after mountaineer Bill Holland ’72 was lost in a fall, his daughter retraces his steps on Mayflower Hill.

O processo de criação do programa Universidade para Todos - PROUNI

From the end of the 80s, the Brazilian higher education experience strong growth, coming from the private sector, which would intensify further in the late 90th Higher education has become a lucrative business. With a drop in the number of students entering and strong competition, the number of idle places in private institutions of higher education reached 49.5% in 2004. That same year, by Measure, was the University for All Program (PROUNI) program, to include high school students from public higher education, offering scholarships to those students in private HEIs. In exchange, the IES gain tax exemption. The objective of this research is to investigate the game of interest occurred in the formulation of this program and identify the model and the political game and has led to the creation of PROUNI, analyzing the process occurred since the wording of a bill, the issue of Measure Law and that the legitimacy PROUNI, with the most important changes made initial model. Since the first draft of the Law to the final Act, the PROUNI was disfigured in its main points, as the percentage of stock for paying students, the process of selection of stock and bond of the IES program. Throughout the process of creating the program, it is quite clear the performance of the institutions representing the private higher education. As reference for the analysis was based on Rational Choice Theory of Political Science. The basic argument of the methods based on rational choice is the maximization of the benefit will be the main motivation of individuals, but they can give that your goals can be achieved more effectively through institutional action and thereby discover that their conduct is shaped by institutions. Thus, individuals rationally choose to get to a certain extent constrained to join in certain institutions, whether voluntarily or not. The PROUNI was submitted by government and public policy covered by the mystical aura of the discourse of social justice and economic development, as in higher education includes a stratum of people who would not have access to the university, due to restrictions in the supply network public higher education. However, the greatest benefit from the program are the private HEIs, which through a difficult time in a scenario marked by high competition and idleness of nearly half of the vacancies offered. The PROUNI became a program that prioritizes access and not the residence of the student to higher education. More serious than a supporting program for students Fellows is a program supporting the institutions of private education

Heat Exchange from the Toucan Bill Reveals a Controllable Vascular Thermal Radiator

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

La nueva ley de seguridad agrícola y de inversión rural de los Estados Unidos (Farm Bill). Un análisis de sus implicancias comerciales

Incluye Bibliografía

Wilsonismo e mudanca: analise da abordagem wilsoniana na politica externa das administracoes Bill Clinton e George W. Bush

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

BILL E. KUNKLE INTERDISCIPLINARY BEEF SYMPOSIUM: Temperament and acclimation to human handling influence growth, health, and reproductive responses in Bos taurus and Bos indicus cattle

Temperament in cattle is defined as the fear-related behavioral responses when exposed to human handling. Our group evaluates cattle temperament using 1) chute score on a 1 to 5 scale that increases according to excitable behavior during restraint in a squeeze chute, 2) exit velocity (speed of an animal exiting the squeeze chute), 3) exit score (dividing cattle according to exit velocity into quintiles using a 1 to 5 scale where 1 = cattle in the slowest quintile and 5 = cattle in the fastest quintile), and 4) temperament score (average of chute and exit scores). Subsequently, cattle are assigned a temperament type of adequate temperament (ADQ; temperament score <= 3) or excitable temperament (EXC; temperament score > 3). To assess the impacts of temperament on various beef production systems, our group associated these evaluation criteria with productive, reproductive, and health characteristics of Bos taurus and Bos indicus-influenced cattle. As expected, EXC cattle had greater plasma cortisol vs. ADQ cattle during handling, independent of breed type (B. indicus x B. taurus, P < 0.01; B. taurus, P < 0.01; B. indicus, P = 0.04) or age (cows, P < 0.01; heifers or steers, P < 0.01). In regards to reproduction, EXC females had reduced annual pregnancy rates vs. ADQ cohorts across breed types (B. taurus, P = 0.03; B. indicus, P = 0.05). Moreover, B. taurus EXC cows also had decreased calving rate (P = 0.04), weaning rate (P = 0.09), and kilograms of calf weaned/cow exposed to breeding (P = 0.08) vs. ADQ cohorts. In regards to feedlot cattle, B. indicus EXC steers had reduced ADG (P = 0.02) and G:F (P = 0.03) during a 109-d finishing period compared with ADQ cohorts. Bos taurus EXC cattle had reduced weaning BW (P = 0.04), greater acute-phase protein response on feedlot entry (P <= 0.05), impaired feedlot receiving ADG (P = 0.05), and reduced carcass weight (P = 0.07) vs. ADQ cohorts. Acclimating B. indicus x B. taurus or B. taurus heifers to human handling improved temperament (P <= 0.02), reduced plasma cortisol (P < 0.01), and hastened puberty attainment (P <= 0.02). However, no benefits were observed when mature cows or feeder cattle were acclimated to human handling. In conclusion, temperament impacts productive, reproductive, and health characteristics of beef cattle independent of breed type. Hence, strategies to improve herd temperament are imperative for optimal production efficiency of beef operations based on B. taurus and B. indicus-influenced cattle.

Geração de energia renovável em residências: aplicação de tecnologias existentes

Due to the high value of the bill that the Brazilian has been paying, one of the most expensive in the world, is becoming increasingly attractive the option for renewable energy in form of distributed micro and minigeneration. In other words, the renewable energy sources are becoming attractive not only because of environmental concerns, but also due to economic issues. This has become even more relevant and concrete after approval of rules by National Agency of Electric Energy (ANEEL) on 4/17/2012 (Normative Resolution n ° 482/2012 of 04/17/2012) aimed at reducing barriers to installation of small distributed generation, including microgeneration, with up to 100 kW of power, and minigeneration, 100 kW to 1 MW. The Normative Resolution n ° 482/2012 creates the Energy Clearing System, which allows consumers to install small generators in its consumer unit and exchange energy with the local distributor. The rule applies to generators that use renewable sources of energy (hydro, solar, biomass, wind and cogeneration qualified). In this context, this paper presents a technical and economic analysis of installing a residential microgenerating plant composed of photovoltaic cells, solar panels and small wind turbines