Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?

O objetivo deste trabalho é analisar a diferença de rentabilidade entre emissões de títulos de dívida corporativa de empresas brasileiras nos mercados local e externo. Sob a ótica do investidor interessado em comprar esses títulos, busca-se responder se, protegendo-se contra oscilações de fatores como câmbio e juros e controlando pelo prazo de vencimento, seria mais rentável em média adquirir um título local (debênture) ou externo (bond) de um mesmo emissor. Para isso, analisamos 177 emissões de debêntures e 119 emissões de bonds de 31 companhias não financeiras brasileiras no período entre janeiro de 2004 e abril de 2013. Regressões em painel com efeitos fixos para controlar pelas características de cada emissor verificam que, em média, o título do mercado externo paga de 164 a 197 bps a mais que o do mercado local, e que tal diferença é estatisticamente significante. A diferença deve-se à maior oferta e variedade de títulos de dívida corporativa no mercado externo, à existência de uma demanda cativa de investidores institucionais por debêntures no mercado local e à falta de integração entre os mercados. A participação de pessoas físicas no mercado externo também é identificada como fator relevante, assim como o possível maior custo de estruturação de dívida cobrado por bancos de investimento no mercado doméstico. Dentre as hipóteses formuladas para o motivo dessa diferença de rentabilidade não ser arbitrada, destacam-se o desconhecimento dos investidores e obstáculos operacionais, como custos de transação, impossibilidade de operação no mercado internacional e de venda a descoberto no mercado local. Tal fato causa ainda uma supervalorização das debêntures pela atuação dos investidores mais otimistas. A alta sensibilidade dos investidores institucionais locais à volatilidade dos retornos, também aparece como fator relevante.

Análise dos aspectos envolvidos na condução de contratos de terceirização de tecnologia da informação

Terceirização de Serviços de Tecnologia da Informação (TI) é uma prática crescente entre organizações de diversos portes e setores, onde uma relação entre contratante e contratado usualmente regida por contratos. Contratos são dispositivos destinados a regular obrigações e direitos entre as partes. Em função da impossibilidade das partes preverem todas as contingências futuras e também devido à imprecisão da linguagem escrita, contratos são usualmente reconhecidos em Economia como sendo fundamentalmente incompletos. Disso se origina a possibilidade de classificar contratos como predominantemente formais, aqueles cuja estrutura escrita apresenta mecanismos de completude suficiente para conduzir o relacionamento entre as partes, e predominantemente relacionais, aqueles cuja estrutura formal é insuficiente para coordenar o relacionamento, e que demandam mecanismos adicionais de comunicação e interação para que o relacionamento entre as partes ocorra de adequadamente em torno do objeto contratado. Dentre os mecanismos usados em contratos formais para sinalizar às partes os comportamentos desejados, inclui-se a estrutura de incentivos. Pouco se estudou sobre o efeito que a combinação de estruturas de incentivos e mecanismos relacionais tem sobre o andamento dos contratos. Este estudo analisa os efeitos de mecanismos formais de estruturas de incentivos e os mecanismos relacionais sobre o andamento do contrato, usando como contexto o cenário de contratações de serviços de terceirização de Tecnologia da Informação (TI). Como resultados dos três capítulos principais deste estudo, configurados no formato de artigos acadêmicos, são apresentados altos poderes explicativos das interações entre estruturas de incentivos, governança relacional, comportamento do contratado e expectativa de sucesso dos contratos. Da mesma forma, antecedentes e resultantes são analisados e discutidos. Do ponto de vista da contribuição para a prática gerencial, o trabalho como um todo contribui para melhorar decisões de contratação de serviços de TI, formulação de contratos mais efetivos, e apoio na escolha dos mecanismos de contratação mais adequados ao contexto do contratante.

Information asymmetry and transaction costs in a cross-cultural business transaction

The intent of this paper is to provide a practitioners insight into the present and foreseeable future of problem of transaction cost economics related to culture and business etiquette that may increase the of complexity of business communication. We will also explore whether it impacts participant's mindsets regarding opportunistic or passive aggressive behavior. We will study the role of culture, ethics, information asymmetry, and legal systems regarding their importance towards the business contracts and lack of knowledge in local environments. We will make connections to contract theory strategies and objectives and recommend business practices. Furthermore, economic theory explores the role of the impossibility of the perfect contract. Historical and present day operational factors are examined for the determination of forward-looking contract law indications worldwide. This paper is intended provide a practitioners view with a global perspective of a multinational, mid-sized and small corporations giving consideration in a non-partisan and non-nationalistic view, yet examines the individual characteristics of the operational necessities and obligations of any corporation. The study will be general, yet cite specific articles to each argument and give adequate consideration to the intricacies of the global asymmetry of information. This paper defends that corporations of any kind and size should be aware of the risk of international business etiquette and cultural barriers that might jeopardize the savings you could obtain from engaging international suppliers.

Qualidade dos empregos e a carcinicultura marinha nos laboratórios da praia de Barreta/RN

To present research had for objective to study the quality of the employment in the maturation Laboratories and larviculture of the Beach of Barreta/RN, adopting for so much the criteria used by Reinecke(1999) to characterize a quality employment: surrender, benefits non salary, regularity and work reliability and of the wage, contractual status, social protection, work day, intensity of the work, risk of accidents and of occupational diseases, involvement in linked decisions to the section work, possibility for the development of professional qualifications. Of the exam of the data it was verified that the generated employments are considered employments of good quality. However, this result should be analyzed to the light of a context of extreme informality and of precarization of the work. Therefore, the results should be relativized. He/she/you imports to retain that one of the limitations of the study resides in the impossibility of generalizing the data for the whole section of the sea carcinicultura. In spite of that fact, he/she is considered that the objectives of the research were assisted fully and that the characterization of the profile of the employment generated by the section of the shrimpculture it is extremely important for the drawing of public politics gone back to foment this activity.

Violência institucional no âmbito da saúde reprodutiva : a percepção de mulheres usuárias do SUS, na cidade de Natal/RN

Institutional violence ranges from the most widespread lack of access to the poor quality of services provided. It includes abuses committed by virtue of the unequal power between patients and professionals within institutions. The aim of this study was to analyze the perception of women with regard to this type of violence, in the services offered at a reproductive health facility belonging to the National Health System (SUS) in Natal, Brazil. Interdisciplinary perspective is important, in that it provides interaction and complementarity between various disciplines, favoring, in an integrated way, a thematic approach in research activities, teaching and extension, involving professionals, students and researchers in medicine, social services, psychology, nursing, anthropology and physical therapy. A quantitative/qualitative approach was used, involving a sample of 401 women, as part of a transversal observational study. In the qualitative stage, which consisted of participatory observation and semi-structured interviews, we used an intentional sample of 10 individuals. The data were analyzed using logistic regression techniques, correspondence analysis and categorical thematic content analysis, showing that the 2 questions that investigated directly the perception of institutional violence obtained affirmative response frequencies of 28.2% and 31.8%, respectively. In regard to data collected in a field diary related to participatory observation, the main complaints referred to the health providerpatient relation, translated into dissatisfaction with the interpersonal relationship and with the resolution of the specific demand that required care. From content analysis, we classified 4 categories: Access; Information; Health professionalpatient relation; and Respect/dignity. We identified 6 subcategories: Impossibility of choice; Repressed demand; Communication difficulty; Asymmetric interpersonal relations; Privacy/confidentiality; Disrespect. We concluded, therefore, that the data presented show that in the reproductive health care programs, there are indicators of institutional violence. However, it is difficult to approach this phenomenon, mainly because of the power relations involved in the patient-health care provider interaction, resulting from unawareness that determinate situations violate sexual and reproductive rights. This can be explained by sociostructural questions that reveal marked inequalities, ratified by issues related to violation of the rights of National Health System (SUS) patients

Fragmentos da construção histórica do pensamento neo-empirista

O presente trabalho procura identificar as idéias principais na construção histórica do pensamento neo-empirista a partir da visão mecânica do mundo e do método hipotético-dedutivo de Descartes. O método indutivo moderno é apresentado por Bacon e os empiristas ingleses colaboram na questão do pensamento “a posteriori”. No século XIX surge o positivismo que exclui a metafísica e considera a explicação dos fatos apenas como relações de sucessão e similidade. É nesse âmbito que se constroem as bases do método experimental moderno. No início do século XX, se desenvolve a ciência neoempirista cujas principais proposições são (1) a idéia da verificabilidade como forma de conferir a veracidade das teorias a partir da indução e das probabilidades e (2) o crescimento contínuo e acumulativo do conhecimento científico. Popper apresenta a impossibilidade de se obter grandes teorias oriundas da indução e sugere a substituição da indução pela dedução e da verificabilidade pela falseabilidade. Kuhn afirma que o conhecimento científico depende de paradigmas convencionais e Lakatos explica que a ciência não é uma sucessão temporal de períodos normais e revoluções, e sim sua justaposição.

Campo e contracampo : o encontro com o outro no filme Lavoura Arcaica

This dissertation aims to comprehend how we meet with the other at cinema. For this, it receives the doubt, the uncertainty, the way that the human being is unfinished as stance of observation. It takes into consideration the multiples social vectors, historical, subjective, temporal and cultural which constitute these phenomena. The cinema is used as a cognitive resource in order to incorporate the poetic and the imaginary, making possible not forgetting gestures and knowledge that hatch from sounds, colours, remembrances, images, words, social exchanges, cognitive reciprocity that allow us to think about the culture, the society and the communication. For this, it has as theoretical prerequisites ideas of double (myselfthe other) and effective participation (projection-identification) developed by Edgar Morin, as well as the idea of communication as possibility/impossibility of constructions of bonds with the other through the body, our primary media, concepts developed by Harry Pross and Norval Baitello Jr. The chosen film to analysis is Lavoura Arcaica, it is an emblematic movie in the discussion of the human condition and in the relationship between the man and its body, its desires, with its nature/culture ambivalence. About this film are made reflections about the process of activation of the double (myself-the other) in the searching for the other through cinematographically elements of construction, as: montage, direction, screenplay, actors, scenography, costumes and soundtrack. In conclusion, the cinema, when it allows the effective participation and provides t e experiment of the double, becomes a gateway line in the path to development of the alterity

O som do silêncio :a angústia social que encobre o luto : um estudo sobre isolamento e sociabilidade entre enlutados do cemitério Morada da Paz (Natal/RN)

Nowadays, the act of mourning configures as a circumstance of isolation and social anguish due to the impossibility to express the pain by those who suffer the loss of a dear one. At the same time, the symbolic relations established between society and the cemetery contains interpretations about death, pain and fear which confer to the visits a special and individual feature. In this context, this dissertation tries to analyse the formation of a sociability observed among visitors of the Morada da Paz a private cemetery located in Natal/RN as well as the frequency of the visitors to the necropolis. Therefore, the research was accomplished from the observation of the existent relations among these actors whose meetings have procured links based on the experiences´ exchange about pain and bereavement. In this sense, this study tries to analyse, as its principal point, in which way the Morada da Paz space and the relations established there are being appropriate by the visitors in their mourning process, trying to understand what are the role of these bond in the elaboration of the loss for these people

The tof-guard neuromuscular transmission monitor and its use in horses

Quando da utilização de bloqueadores neuromusculares, já foi enfatizado na literatura médica humana, que é de vital imporância a monitoração do bloqueio neuromuscular e que estes agentes nunca devem ser utilizados sem a mesma. O objetivo deste estudo foi o de avaliar o uso do monitor da transmissão neuromuscular TOF-Guard em eqüinos. Para tanto, doze eqüinos foram separados aleatoriamente para receberem como bloqueadores neuromusculares o pancurônio ou o atracúrio. Todos os eqüinos foram pré-medicados com romifidina, induzidos com diazepam e quetamina e mantidos com halotano. Foi administrado o atracúrio ou o pancurônio, seguindo-se a apnéia e início da ventilação mecânica controlada. O tempo entre a administração do relaxante muscular e a obtenção de um bloqueio máximo (T1=0), o retorno do T1 para 25% e da razão do TOF para 0,7 e o tempo do retorno do T1 de 25 para 75% foram mensurados. Concluiu-se que é de grande importância a monitoração do bloqueio neuromuscular quando da utilização de um bloqueador neuromuscular não-despolarizante, uma vez que ela torna o ato anestésico e cirúrgico mais seguro, com a utilização de doses adequadas que inviabilizam a superficialização do bloqueio durante o procedimento cirúrgico. O monitor TOF-Guard mostrou ser uma boa opção para a monitoração do bloqueio neuromuscular em eqüinos.

A mediação como instrumento concretizador do direito fundamental à saúde: uma alternativa à judicialização de conflitos Natal 2013

In Brazil, the 1946 Constitution enshrined the right to health, having it defined as the possession of the best state of health that the individual can achieve. Already the Federal Constitution of 1988 lifted that right to the status of fundamental social right, which transcends the effectiveness and cure of the disease is based on the joint liability of public entities for the provision of a quality service, efficient and prioritize human dignity and comprehensive evaluation of patients. According to the World Health Organization, the definition of health, first characterized as the mere absence of disease, has become recognized as the need to search for preventive mechanisms to ensure the welfare and dignity of the population. Garantista this context, the growing seem lawsuits that deal with the implementation of public policies, especially in the area of the right to health, the omission of which the Government can result in the risk of death. Hence the concern of law professionals about whether or not the intervention of the judiciary in cases that deal with providing material benefits of health care. It claims to break the principle of separation of powers, disobedience to the principle of equality and the impossibility of judicial intervention in the formulation of public policy to try and exclude the liability of public entities. In contrast, the judiciary has repeatedly guardianships granted injunctions or merit determining the supply of materials indicated by the medical benefits that accompany the treatment of patients who resort to a remedy. In this context, mediation, object of study and resolution presented in this work, is presented as an instrument conciliator between the reserve clause and the right to financially possible existential minimum, as it seeks to serve all through rationalization of health services , avoidance of negativistic influence of the pharmaceutical industry, with prioritizing the welfare of the individual and the quality of relationships. This is alternative way to judicialization that in addition to encouraging and developing active citizen participation in public policy formulation also allows the manager to public knowledge of community needs. It is in this sense that affirms and defends the right to health is no longer the mere provision of medical care and prescription drugs, but a dialogue conscious existential minimum to guarantee a dignified life

Impacto do abastecimento irregular de água nos altos índices de dengue

Dengue fever is an infectious disease that causes thousands of deaths each year in Brazil and other tropical countries. This work demonstrates that the irregularity in the supply of water by public water supply systems is a major factor that contributes to the proliferation of breeding sites of the mosquito that transmits dengue, due to the impossibility of removing water storage tanks. 31 points in the water supply network in thirteen districts of Natal, Brazil, were monitored by the installation of pressure gauges type Datalogger. The data about pressure showed deficiency in water supplies in many neighborhoods, forcing residents to accumulate water in tanks at ground level. In addition, It was observed that in neighborhoods with regular water supply, Infestation Index per type of container (ITR) of type A2 (Deposit ground level) was 0.00% and where there were failures in the supply of water , the ITR was high (above 50%). We believe that policies to combat dengue in Brazil should be reassessed so that more resources can be directed to the improvement of water supply systems and supply companies should be blamed for the problem too

Uma análise crítica dos ideários pedagógicos contemporâneos à luz da teoria de A. N. Leontiev

O presente artigo objetiva demonstrar o alcance das pedagogias do aprender a aprender (DUARTE, 2001), uma vez que elas fundamentam as propostas educacionais no âmbito nacional e no internacional, na atualidade; bem como apresentar suas principais premissas, que mantêm sua filiação ao pragmatismo e ao irracionalismo e, no limite, submetem o desenvolvimento humano à ordem do capital. Tais proposições se contrapõem ao objetivo humanizador da educação escolar pressuposto na produção teórica do psicólogo soviético Alexis Leontiev. Como resultados, temos que, dessas produções, é possível extrair subsídios para o enfrentamento do processo de esvaziamento do ensino escolar e do papel do professor engendrado pelas referidas pedagogias. Além disso, pretendese evidenciar a impossibilidade de aproximações entre as produções da psicologia histórico-cultural com outras correntes pedagógicas que estão a serviço da legitimação e do revigoramento da sociedade capitalista.

Sair curado para a vida e para o bem: diagramas, linhas e dispersão de forças no complexus nosoespacial do Hospital de Caridade Juvino Barreto (1909-1927)

This work has as object of study the Hospital de Caridade Juvino Barreto, nosocomial institution located in the city of Natal (RN), between the Praia de Areia Preta and the Monte Petrópolis, focusing on the period from 1909, the year in which the new hospital building was constructed and opened, and 1927, the date of the transfer of administration of the public domain to the newly created Sociedade de Assistência Hospitalar (SAH). We study the conditions of possibility of the emergence of this hospital space in the urban environment of the capital of Rio Grande do Norte, seeking to understand the different tactics and strategies implemented by the historical subjects involved in the formation of this institution nosocomial. Starting from a corpus of documents consisting of medical memories (with Dr. Januário Cicco as privileged observer), information present in newspapers (the Republic and the Christmas Journa l), photo collection and extensive administrative and legal material (Speeches, Exhibitions, Reports, Laws and Resolutions), we analyzed in detail the medical geography of HCJB, relating the discourses of medicine and geography in choosing the spatial location of the hospital as we examine the architecture of the hospital, its inner spat iality, divisions, forms of space control, and, finally, we discuss the medical practices that took place within it, leading us in this regard, from the experiences of clinical hospital chief, Dr. Januário Cicco, especially the discussion on "ethics" in hospital work. The perception of HCJB as medical nosoespaciality always on the move, incorporated under taxonomic principles based on difference and dispersion forces, led us to articulate it theoretically from the conceptual-methodological arsenal of philosopher Michel Foucault, particularly his reflections of genealogical phase, focusing on the phenomenon of power, a position that allows us to enhance our space-hospital construction, invention, product of power relations, which give the unfinished aspect nosocômio, apparent, always at stake, perpetual non-modeling possibility has previously defined array, establishing it at the field of possible, of virtuality, of power: hospital that could have been and that it was not. Indeed, the investigation of various aspects/elements of hospital space Juvino Barreto revealed us new dimensions of hospital space, far more complex than the simple and the current idea of a place to shelter patients: plasticity and fluidity of space, which is not made to circumscribe the limits of empeiria, engraving up to strength relations fought between different subject; its Constitution as a transitional space, Heterotopic, doing live inside modern elements with premoderns (professional doctors working with religious thought, skeptical of positivist medicine living with the religious faith of the nuns of Santana); the impossibility of thinking hospital space of HCJB while homogeneous unit, static, transistoric, making the spatiality, without considering the profound differences, fractures and dislocations that animated his own existence, multiplying their expressions of identity

Evolução da terminoliga princípio contábil baseada na Escola Norte-Americana

This research has as objective of study the evolution of the accountancy princliple terminology which is present in the accounting conceptual framework. The scene of this research will have as target the North American School of Accounting. The choice of the searched terminology is its relevance in the study of the Accounting Theory. To understand the evolution of the accountancy thought, will be boarded: the influence of the Feudal System and the Mercantilism in the European economic conception; the importance of the Industrial Revolution in the beginning of the accounting standards and the influence of England in the formation of the North American School of Accounting. With relation to U.S.A., the development of the economic-financial scene of the American society will be evaluated, focusing the contribution in the search of the construction of an applied theoretical framework to the Accounting. The economic-financial development of U.S.A. provided the sprouting of new users with specific necessities. The necessity of the user for useful information for the decision taking, unchained the process of research directed toward the establishment of an applied Accountancy terminology. In this process, the paper exerted for the responsible accountancy organisms for the accounting standards will be boarded, as well as the professionals associations which had invested in researches, aiming at to elaborate a body of accountancy principles and to adjust the accountancy procedures to the necessities of the users. To reach the research objective, a bibliographical revision in specialized literature will be effected, adopting the historical method, in the period that understands the development of the North American School of Accounting. As result of the research, it can conclude that the evolution process of the terminology which is studied presents a structural logical problem, because the impossibility of the construction of a theoretical framework, having as bases the principle terminology. The impossibility occurred in function of the reach attributed to the term, which made a difficult in its application in the elaboration of the accountancy procedures

Autologous implant of bone marrow mononuclear cells as treatment of induced equine tendinitis

Superficial digital flexor tendonitis is an important cause of lameness in horses and its incidence ranges from 13% to 30%, depending on the horse's activity. This injury can occur in yearlings and compromise its carriers by reinjury or even impossibility to return to athletic life. In spite of the long period required for tendon repair, the scar tissue presents lack of elasticity and stiffness. As current treatment strategies produce only marginal results, there has been great interest in research of therapies that influence the quality or the speed of tendon repair. Stem cell therapy has shown promising results in degenerative diseases and cases of deficient healing processes. This study aims to evaluate the influence of autologous mesenchymal bone marrow stem cells in tendon healing, comparing treated and non-treated tendons. Superficial digital flexor tendonitis lesions were induced by collagenase infiltration in both forelimbs of 6 horses, followed by autologous implant in one of the forelimbs of each animal. The horses were evaluated using clinical, ultrasonographic, histopathologic, and immunohistochemical parameters. Tendon biopsies were performed at Day 48. Results found in the treatment group, such as high inflammatory cells infiltration, extracellular matrix synthesis, reduced amount of necrosis areas, small increase in cellular proliferation (KI-67/MIB-1), and low immunoreactivity to transforming growth factor P I, suggested the acceleration of tendon repair in this group. Further studies should be conducted in order to verify the influence of this treatment on later phases of tendon repair. Overall, after analysis of the results, we can conclude that cellular therapy with the mononuclear fraction of bone marrow has accelerated tendon repair at 48 days after treatment.