Governança corporativa na gestão de caixa agrega valor às multinacionais?

Este trabalho procura entender se a adoção de melhores práticas de governança corporativa relacionadas à gestão de caixa agrega valor às empresas multinacionais; e definir quais são as práticas mais efetivas. A amostra utilizada foi um conjunto de 206 empresas multinacionais, de 32 países, que responderam uma ampla pesquisa a respeito de suas práticas de gestão de caixa relacionadas à governança corporativa em 2010. O estudo revelou que algumas práticas associadas à governança de gestão de caixa agregam de fato valor. Entre elas, temos que (i) empresas que possuem políticas de concentração de caixa (cash pooling) possuem um menor custo de dívida e um menor ciclo de conversão de caixa; (ii) empresas com In-House Bank possuem uma maior rentabilidade; e (iii) empresas com processos automatizados de pagamentos, recebimentos e reconciliação possuem uma melhor margem operacional. Por outro lado, os dados não conseguiram mostrar resultados significantes para importantes práticas relacionadas à: visibilidade de caixa; intercompany netting; e à utilização de Centro de Serviços Compartilhados.

Essays on banking theory and history of financial arrangements

Esta tese contém dois capítulos, cada um lidando com a teoria e a história dos bancos e arranjos financeiros. No capítulo 1, busca-se extender uma economia Diamond-Dybvig com monitoramento imperfeito dos saques antecipados e realizar uma comparação do bem estar social em cada uma das alocações possíveis, como proposto em Presscott and Weinberg(2003). Esse monitoramento imperfeito é implementado a partir da comunicação indireta ( através de um meio de pagamento) entre os agentes e a máquina de depósitos e saques que é um agregado do setor produtivo e financeiro. A extensão consiste em estudar alocações onde uma fração dos agentes pode explorar o monitoramento imperfeito e fraudar a alocação contratada ao consumirem mais cedo além do limite, usando múltiplos meios de pagamento. Com a punição limitada no período de consumo tardio, essa nova alocação pode ser chamada de uma alocação separadora em contraste com as alocações agregadoras onde o agente com habilidade de fraudar é bloqueado por um meio de pagamento imune a fraude, mas custoso, ou por receber consumo futuro suficiente para tornar a fraude desinteressante. A comparação de bem estar na gama de parâmetros escolhida mostra que as alocações separadoras são ótimas para as economias com menor dotação e as agregadoras para as de nível intermediário e as ricas. O capítulo termina com um possível contexto histórico para o modelo, o qual se conecta com a narrativa histórica encontrada no capítulo 2. No capítulo 2 são exploradas as propriedade quantitativas de um sistema de previsão antecedente para crises financeiras, com as váriaveis sendo escolhidas a partir de um arcabouço de ``boom and bust'' descrito mais detalhadamente no apêndice 1. As principais variáveis são: o crescimento real nos preços de imóveis e ações, o diferencial entre os juros dos títulos governamentais de 10 anos e a taxa de 3 meses no mercado inter-bancário e o crescimento nos ativos totais do setor bancário. Essas variáveis produzem uma taxa mais elevada de sinais corretos para as crises bancárias recentes (1984-2008) do que os sistemas de indicadores antecedentes comparáveis. Levar em conta um risco de base crescente ( devido à tendência de acumulação de distorções no sistema de preços relativos em expansões anteriores) também provê informação e eleva o número de sinais corretos em países que não passaram por uma expansão creditícia e nos preços de ativos tão vigorosa.

Signaling in political budget cycles: How far are you willing to go?

This paper analyzes how heterogeneity in two dimensions, competency and character, a¤ects political budget cycles. Competency is the e¢ciency in running the government. Character is the degree of opportunism. In this expanded space, previous results in the literature on the separating nature of the signaling equilibrium hold if heterogeneity in opportunism is low. With high heterogeneity in opportunism, no separating equilibrium exists. Rather, the equilibrium is partially pooling: only extreme types can be distinguished.

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

Ensaios em gestão de risco e regulação bancária

Esta tese é constituída por três ensaios. O primeiro ensaio analisa a informação pública disponível sobre o risco das carteiras de crédito dos bancos brasileiros, sendo dividido em dois capítulos. O primeiro analisa a limitação da informação pública disponibilizada pelos bancos e pelo Banco Central, quando comparada a informação gerencial disponível internamente pelos bancos. Concluiu-se que existe espaço para o aumento da transparência na divulgação das informações, fato que vem ocorrendo gradativamente no Brasil através de novas normas relacionadas ao Pilar 3 de Basileia II e à divulgação de informações mais detalhas pelo Bacen, como, por exemplo, aquelas do “Top50” . A segunda parte do primeiro ensaio mostra a discrepância entre o índice de inadimplência contábil (NPL) e a probabilidade de inadimplência (PD) e também discute a relação entre provisão e perda esperada. Através da utilização de matrizes de migração e de uma simulação baseada na sobreposição de safras de carteira de crédito de grandes bancos, concluiu-se que o índice de inadimplência subestima a PD e que a provisão constituída pelos bancos é menor que a perda esperada do SFN. O segundo ensaio relaciona a gestão de risco à discriminação de preço. Foi desenvolvido um modelo que consiste em um duopólio de Cournot em um mercado de crédito de varejo, em que os bancos podem realizar discriminação de terceiro grau. Neste modelo, os potenciais tomadores de crédito podem ser de dois tipos, de baixo ou de alto risco, sendo que tomadores de baixo risco possuem demanda mais elástica. Segundo o modelo, se o custo para observar o tipo do cliente for alto, a estratégia dos bancos será não discriminar (pooling equilibrium). Mas, se este custo for suficientemente baixo, será ótimo para os bancos cobrarem taxas diferentes para cada grupo. É argumentado que o Acordo de Basileia II funcionou como um choque exógeno que deslocou o equilíbrio para uma situação com maior discriminação. O terceiro ensaio é divido em dois capítulos. O primeiro discute a aplicação dos conceitos de probabilidade subjetiva e incerteza Knigthiana a modelos de VaR e a importância da avaliação do “risco de modelo”, que compreende os riscos de estimação, especificação e identificação. O ensaio propõe que a metodologia dos “quatro elementos” de risco operacional (dados internos, externos, ambiente de negócios e cenários) seja estendida à mensuração de outros riscos (risco de mercado e risco de crédito). A segunda parte deste último ensaio trata da aplicação do elemento análise de cenários para a mensuração da volatilidade condicional nas datas de divulgação econômica relevante, especificamente nos dias de reuniões do Copom.

Limited liability and non-responsiveness in moral hazard and adverse selection problems

This work analyses the optimal menu of contracts offered by a risk neutral principal to a risk averse agent under moral hazard, adverse selection and limited liability. There are two output levels, whose probability of occurrence are given by agent’s private information choice of effort. The agent’s cost of effort is also private information. First, we show that without assumptions on the cost function, it is not possible to guarantee that the optimal contract menu is simple, when the agent is strictly risk averse. Then, we provide sufficient conditions over the cost function under which it is optimal to offer a single contract, independently of agent’s risk aversion. Our full-pooling cases are caused by non-responsiveness, which is induced by the high cost of enforcing higher effort levels. Also, we show that limited liability generates non-responsiveness.

Single-embryo transfer reduces clinical pregnancy rates and live births in fresh IVF and Intracytoplasmic Sperm Injection (ICSI) cycles: a meta-analysis

Background: It has become an accepted procedure to transfer more than one embryo to the patient to achieve acceptable ongoing pregnancy rates. However, transfers of more than a single embryo increase the probability of establishing a multiple gestation. Single-embryo transfer can minimize twin pregnancies but may also lower live birth rates. This meta-analysis aimed to compare current data on single-embryo versus double-embryo transfer in fresh IVF/ICSI cycles with respect to implantation, ongoing pregnancy and live birth rates.Methods: Search strategies included on-line surveys of databases from 1995 to 2008. Data management and analysis were conducted using the Stats Direct statistical software. The fixed-effect model was used for odds ratio (OR). Fixed-effect effectiveness was evaluated by the Mantel Haenszel method. Seven trials fulfilled the inclusion criteria.Results: When pooling results under the fixed-effect model, the implantation rate was not significantly different between double-embryo transfer (34.5%) and single-embryo transfer group (34.7%) (P = 0.96; OR = 0.99, 95% CI 0.78, 1.25). on the other hand, double-embryo transfer produced a statistically significantly higher ongoing clinical pregnancy rate (44.5%) than single-embryo transfer (28.3%) (P < 0.0001; OR: 2.06, 95% CI = 1.64,2.60). At the same time, pooling results presented a significantly higher live birth rate when double-embryo transfer (42.5%) (P < 0.001; OR: 1.87, 95% CI = 1.44,2.42) was compared with single-embryo transfer (28.4%).Conclusion: Meta-analysis with 95% confidence showed that, despite similar implantation rates, fresh double-embryo transfer had a 1.64 to 2.60 times greater ongoing pregnancy rate and 1.44 to 2.42 times greater live birth rate than single-embryo transfer in a population suitable for ART treatment.

Analysis of rain quality data from the South African interior

Rain acidity may be ascribed to emissions from power station stacks, as well as emissions from other industry, biomass burning, maritime influences, agricultural influences, etc. Rain quality data are available for 30 sites in the South African interior, some from as early as 1985 for up to 14 rainfall seasons, while others only have relatively short records. The article examines trends over time in the raw and volume weighted concentrations of the parameters measured, separately for each of the sites for which sufficient data are available. The main thrust, however, is to examine the inter-relationship structure between the concentrations within each rain event (unweighted data), separately for each site, and to examine whether these inter-relationships have changed over time. The rain events at individual sites can be characterized by approximately eight combinations of rainfall parameters (or rain composition signatures), and these are common to all sites. Some sites will have more events from one signature than another, but there appear to be no signatures unique to a single site. Analysis via factor and cluster analysis, with a correspondence analysis of the results, also aid interpretation of the patterns. This spatio-temporal analysis, performed by pooling all rain event data, irrespective of site or time period, results in nine combinations of rainfall parameters being sufficient to characterize the rain events. The sites and rainfall seasons show patterns in these combinations of parameters, with some combinations appearing more frequently during certain rainfall seasons. In particular, the presence of the combination of low acetate and formate with high magnesium appears to be increasing in the later rainfall seasons, as does this combination together with calcium, sodium, chloride, potassium and fluoride. As expected, sites close together exhibit similar signatures. Copyright © 2002 John Wiley & Sons, Ltd.

The temporal resolution of epibiont assemblages: Are they ecological snapshots or overexposures?

The effects of time averaging on the fossil record of soft-substrate marine faunas have been investigated in great detail, but the temporal resolution of epibiont assemblages has been inferred only from limited-duration deployment experiments. Individually dated shells provide insight into the temporal resolution of epibiont assemblages and the taphonomic history of their hosts over decades to centuries. Epibiont abundance and richness were evaluated for 86 dated valves of the rhynchonelliform brachiopod Bouchardia rosea collected from the inner shelf. Maximum abundance occurred on shells less than 400 yr old, and maximum diversity was attained within a century. Taphonomic evidence does not support models of live-host colonization, net accumulation, or erasure of epibionts over time. Encrustation appears to have occurred during a brief interval between host death and burial, with no evidence of significant recolonization of exhumed shells. Epibiont assemblages of individually dated shells preserve ecological snapshots, despite host-shell time averaging, and may record long-term ecological changes or anthropogenic environmental changes. Unless the ages of individual shells are directly estimated, however, pooling shells of different ages artificially reduces the temporal resolution of their encrusting assemblages to that of their hosts, an artifact of analytical time averaging. © 2006 by The University of Chicago. All rights reserved.

The millennium development goals: a Latin American and Caribbean perspective

Includes bibliography

A study on the capacity of statistical offices of the Caribbean to produce Environment, Social, Economic and Gender Statistics

Statistical organizations of the Caribbean countries continue to face serious challenges posed by the increased demand for more relevant, accurate and timely statistical data. Tangible progress has been made in delivering key products in the area of economic statistics. The central banks of the subregion have assisted greatly in this respect. However, even in this branch of statistics there are still several glaring gaps. The situation is even worse in other areas of statistics including social and environmental statistics. Even though all countries of the subregion have committed to the Millennium Development Goals (MDGs) as well as to other internationally agreed development goals serious challenges remain with respect to the compilation of the agreed indicators to assist in assessing progress towards the goals. It is acknowledged that appreciable assistance has been provided by the various donor agencies to develop statistical competence. This assistance has translated into the many gains that have been made. However, the national statistical organizations require much more help if they are to reach the plateau of self reliance in the production of the necessary statistical services. The governments of the subregion have also committed to invest more in statistical development and in promoting a statistics culture in the Caribbean. The training institutions of the subregion have also started to address this urgent need by broadening and deepening their teaching curricula. Funding support is urgently required to develop the appropriate cadre of statistical professionals to deliver the required outputs. However, this training must be continuous and must be sustained over an appropriate period since the current turnover of trained staff is high. This programme of training will need to be intensive for a period of at least five years after which it may be reduced. The modalities of training will also have to be more focused and in addition to formal training at educational institutions there is much room for on-the-job training, group training at the national level and much more south-south capacity building. There is also an urgent need to strengthen cooperation and collaboration among the donor community in the delivery of assistance for statistical development. Several development agencies with very good intentions are currently operating in the Caribbean. There is a danger however, that efforts can be duplicated if agencies do not collaborate adequately. Development agencies therefore need to consult with each other much more and share there development agenda more freely if duplication is to be averted. Moreover, the pooling of resources can surely maximize the benefits to the countries of the subregion.

An assessment of the economic impact of climate change on the Agriculture Sector in Guyana

Climate change is anticipated to have potentially disastrous impacts on the economic viability of the agricultural sector, insomuch as traditional agricultural practices render the agricultural sector climate-dependent. Increased temperatures and increased intensity, timing and occurrence of hydro events are expected to challenge plant and animal viability. Under such circumstances, vector control is expected to become more difficult, which may further prejudice the prosperity of plant, livestock and fisheries growth. The impact is expected to be on the quality of agricultural produce and thereby, indirectly, on human health outcomes. The key threat mechanisms are debilitated plant vitality and increased propagation of pests, as drought periods increase the breeding of vectors through water pooling and soil erosion associated with the increased intensity of hydro events. In addition, climate change is likely to affect crop productivity in specific geographical areas through its impact on growing seasons and crop patterns, to the extent that crop varieties cannot adapt.

Fidelidade composicional de assembléias de braquiópodes (Rhynconelliformea) na plataforma e talude continental: implicações paleontológicas e geológicas

This paper deals with the Compositional Fidelity of the brachiopods assemblages, dominated by Bouchardia rosea, on the outer shelf and continental slope along São Paulo State. Samples were obtained during the Revizee-Score-Sul-Benthos program. The sampled stations are in sites as depth as 90 to 600 meters, along the outer continental shelf, the shelf break and the top of continental slope. The fidelity estimates were obtained directly from the comparisons between living biota and dead shells, from the same collecting stations. Data come from 66 sampling stations, and the vast majority of the Bouchardia rosea individuals collected (n=2393) were dead (n = 2342, 97.9%). Only 51 individuals were collected alive. When pooling the data from all collecting stations the dead/live frequency is of 2,1% only. The occurrences of Bouchardia rosea shells in siliciclastic bottoms are reduced and living individuals were not found on this type of bottom, at least during the sampling program. These results suggest low compositional fidelity (live-dead) or high compositional mismatch, pointing to a recent decrease in this specie population. The low compositional fidelity of the Bouchardia rosea assemblages in outer shelf sites may be due to changes in seawater temperature, nutrient availability and population history. All these issues must be investigated in the near future

The relationship between obesity, low back pain, and lumbar disc degeneration when genetics and the environment are considered: a systematic review of twin studies

BACKGROUND CONTEXT: The relationships between obesity and low back pain (LBP) and lumbar disc degeneration (LDD) remain unclear. It is possible that familial factors, including genetics and early environment, affect these relationships.PURPOSE: To investigate the relationship between obesity-related measures (eg, weight, body mass index [BMI]) and LBP and LDD using twin studies, where the effect of genetics and early environment can be controlled.STUDY DESIGN: A systematic review with meta-analysis.METHODS: MEDLINE, CINAHL, Scopus, Web of Science, and EMBASE databases were searched from the earliest records to August 2014. All cross-sectional and longitudinal observational twin studies identified by the search strategy were considered for inclusion. Two investigators independently assessed the eligibility, conducted the quality assessment, and extracted the data. Metaanalyses (fixed or random effects, as appropriate) were used to pool studies'estimates of association.RESULTS: In total, 11 articles met the inclusion criteria. Five studies were included in the LBP analysis and seven in the LDD analysis. For the LBP analysis, pooling of the five studies showed that the risk of having LBP for individuals with the highest levels of BMI or weight was almost twice that of people with a lower BMI (odds ratio [OR] 1.8; 95% confidence interval [CI] 1.6-2.0; I-2 = 0%). A dose-response relationship was also identified. When genetics and the effects of a shared early environment were adjusted for using a within-pair twin case-control analysis, pooling of three studies showed a reduced but statistically positive association between obesity and prevalence of LBP (OR 1.5; 95% CI 1.1-2.1; I-2 = 0%). However, the association was further diminished and not significant (OR 1.4; 95% CI 0.8-2.3; I-2 = 0%) when pooling included two studies on monozygotic twin pairs only. Seven studies met the inclusion criteria for LDD. When familial factors were not controlled for, body weight was positively associated with LDD in all five cross-sectional studies. Only two cross-sectional studies investigated the relationship between obesity-related measures and LDD accounting for familial factors, and the results were conflicting. One longitudinal study in LBP and three longitudinal studies in LDD found no increase in risk in obese individuals, whether or not familial factors were controlled for.CONCLUSIONS: Findings from this review suggest that genetics and early environment are possible mechanisms underlying the relationship between obesity and LBP; however, a direct causal link between these conditions appears to be weak. Further longitudinal studies using the twin design are needed to better understand the complex mechanisms underlying the associations between obesity, LBP, and LDD.