Country factors and the dynamic modeling of capital structure : an empirical study of latin american firms

Desenvolvemos modelos de ajuste parcial e de duration para testar a relevância de fatores específicos de países na determinação da estrutura de capital de empresas listadas nas bolsas de valores brasileira, chilena e mexicana. Utilizamos dados em painel, em um período que se estende do quarto trimestre de 1996 ao segundo trimestre de 2010, abrangendo 4403 observações relacionadas a 139 empresas diferentes. Os resultados obtidos sugerem que a dinâmica da estrutura de capital varia por país e que idiossincrasias locais são determinantes-chave dos níveis de alavancagem das empresas. Não detectamos comportamento explicado pela Teoria de Trade Off entre as empresas brasileiras, chilenas e mexicanas, o que indica que teorias alternativas possam comandar os processos de decisão de financiamento dos gestores latino americanos.

Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

Teamwork in academia: an empirical study

The Bologna Process introduced some changes in the curriculum of higher education institutions (HEIs) and defined that academic learning should consider the needs of the labour market. HEIs and employers agree that personal skills are the most important set of competence of graduates (Pavlin, Akkuyunlu, Kovacic, & Svetlik, 2009). The goals of this work were to explore how the work experienced by teams of students in HEIs might help them improve their personal skills, namely empirically explore the perception of teamwork and personality into two groups of students. The study was based on the theoretical model of Team Evolution and Maturation (TEAM, Fransen, 2012). The sample consisted of 99 students of the 3rd year of the degree (1st cycle) in Computer Science (49 students) and the 2nd year of the Bachelor's Degree (1st cycle) in Psychology (50 students), from the University of Madeira, Portugal. Areas of personality and team collaboration were evaluated with a Pre- and Post-test. Findings show that the perception of the teamwork collaboration of students in Computer Science and Psychology majors seems to be influenced by their scientific area, by gender, by the selection method of the time-organiser, the self-perceived personality of the time-organiser, the self perceived personality of the non-time-organiser, and the size of the team. It is expected that this data will contribute to further theoretical and practical reflection on the teamwork among college students and their performance in the labour market.

Brazil: an empirical study on fiscal policy transmission

Includes bibliography

The bias in reversing the Box-Cox transformation in time series forecasting: An empirical study based on neural networks

The Box-Cox transformation is a technique mostly utilized to turn the probabilistic distribution of a time series data into approximately normal. And this helps statistical and neural models to perform more accurate forecastings. However, it introduces a bias when the reversion of the transformation is conducted with the predicted data. The statistical methods to perform a bias-free reversion require, necessarily, the assumption of Gaussianity of the transformed data distribution, which is a rare event in real-world time series. So, the aim of this study was to provide an effective method of removing the bias when the reversion of the Box-Cox transformation is executed. Thus, the developed method is based on a focused time lagged feedforward neural network, which does not require any assumption about the transformed data distribution. Therefore, to evaluate the performance of the proposed method, numerical simulations were conducted and the Mean Absolute Percentage Error, the Theil Inequality Index and the Signal-to-Noise ratio of 20-step-ahead forecasts of 40 time series were compared, and the results obtained indicate that the proposed reversion method is valid and justifies new studies. (C) 2014 Elsevier B.V. All rights reserved.

An Empirical Study of Fault Localization for End-User Programmers

End users develop more software than any other group of programmers, using software authoring devices such as e-mail filtering editors, by-demonstration macro builders, and spreadsheet environments. Despite this, there has been little research on finding ways to help these programmers with the dependability of their software. We have been addressing this problem in several ways, one of which includes supporting end-user debugging activities through fault localization techniques. This paper presents the results of an empirical study conducted in an end-user programming environment to examine the impact of two separate factors in fault localization techniques that affect technique effectiveness. Our results shed new insights into fault localization techniques for end-user programmers and the factors that affect them, with significant implications for the evaluation of those techniques.

Farm tourism: a cross-country empirical study in Germany and Italy

PROBLEM In the last few years farm tourism or agritourism as it is also referred to has enjoyed increasing success because of its generally acknowledged role as a promoter of economic and social development of rural areas. As a consequence, a plethora of studies have been dedicated to this tourist sector, focusing on a variety of issues. Nevertheless, despite the difficulties of many farmers to orient their business towards potential customers, the contribution of the marketing literature has been moderate. PURPOSE This dissertation builds upon studies which advocate the necessity of farm tourism to innovate itself according to the increasingly demanding needs of customers. Henceforth, the purpose of this dissertation is to critically evaluate the level of professionalism reached in the farm tourism market within a marketing approach. METHODOLOGY This dissertation is a cross-country perspective incorporating the marketing of farm tourism studied in Germany and Italy. Hence, the marketing channels of this tourist sector are examined both from the supply and the demand side by means of five exploratory studies. The data collection has been conducted in the timeframe of 2006 to 2009 in manifold ways (online survey, catalogues of industry associations, face-to-face interviews, etc.) according to the purpose of the research of each study project. The data have been analyzed using multivariate statistical analysis. FINDINGS A comprehensive literature review provides the state of the art of the main differences and similarities of farm tourism in the two countries of study. The main findings contained in the empirical chapters provide insights on many aspects of agritourism including how the expectations of farm operators and customers differ, which development scenarios of farm tourism are more likely to meet individuals’ needs, how new technologies can impact the demand for farm tourism, etc. ORIGINALITY/VALUE The value of this study is in the investigation of the process by which farmers’ participation in the development of this sector intersects with consumer consumption patterns. Focusing on this process should allow farm operators and others including related businesses to more efficiently allocate resources.