Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. the conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. the inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Teaching ethics to employees of a state public utilities company in a developing country: A case study

Cette étude de cas est issue d’un module final de formation pour les employés du service public d’une agence de l’eau. Nous explorons les résultats de plusieurs stratégies utilisées pour souligner le besoin de changement dans les comportements individuels et institutionnels en vue d’améliorer les services aux clients. En particulier, nous explorons certaines manières d’ouvrir la discussion sur les pratiques de corruption de manière non-triviale sans offenser les sensibilités ou provoquer l’indifférence. Comme point de départ, il est demandé aux participants de relever les problèmes institutionnels qu’ils caractérisent comme éthiques, même si d’autres problèmes appartiennent à d’autres catégories identifiées plus tard. Pour éviter une approche purement théorique des devoirs et obligations envers les clients, ils sont dérivés de la mission de l’agence telle que définit par la loi qui l’a créée.

Certification of community-based forest enterprises (CFEs): limits of the Brazilian experiences

The Brazilian Amazon is one of the world’s largest tropical forests. It supplies more than 80 % of Brazil’s timber production and makes this nation the second largest producer of tropical wood. The forestry sector is of major importance in terms of economic production and employment creation. However, the Brazilian Amazon is also known for its high deforestation rate and for its rather unsustainably managed timber resources, a fact which puts in the balance the long-term future of the forestry sector in the region. Since the mid- 1990s, with strong support from World Wildlife Fund (WWF), the number of tropical forests certified by the Forest Stewardship Council (FSC) has significantly increased. This is especially true for projects sponsored by large scale companies. The number of community- based forest management projects has also increased. Certification of community-based forest enterprises (CFEs) was initially a goal for the sponsors and community members. Certification is viewed as a way to reach alternative timber markets. In Brazil, the state of Acre has the highest concentration of CFEs certified by FSC. Most of them have been implemented with the support of environmental NGOs and public funds. Environmental NGOs strongly defend the advantages of certification for communities; however, in reality, this option is not that advantageous. Despite all the efforts, the number of participants in each project remains low. Why is this occurring? In this paper, we analyze the underlying motives of a few individual’s participation in CFEs certification projects. We aim to present and discuss some factors that shape the success of CFEs and their later certification. The results are based on surveys conducted in two certified CFEs in the state of Acre.

House Building and Personal Finance-A Study of Salaried Employees in Kerala

School of Management Studies,Cochin University of Science and Technology

A study on the Effect of Psychological Empowerment on Job Satisfaction and Job Related Stress Among the Bank Employees

The present research is carried out to understand how psychological empowerment, job satisfaction and job related stress are related.In banking sector, employees are less satisfied and less motivated than employees in other lines of work (Kelley, 1990; Bajpai, Naval and Deepak, 2004). The banking industry also suffers from high employee turnover rate (Branham, 2005; Nelson, 2007) and high level of stress (Chen and Lien, 2008). There are no adequate studies linking psychological empowerment and job satisfaction, stress, turnover etc. among employees of banking sector. Lack of psychological empowerment could be a reason for these problems faced by banking sector. Further majority of studies in psychological empowerment are carried out in manufacturing sector and studies in service sector are concentrated on hotel industry and hospitals. Empowerment takes different forms in different contexts (Zimmerman, 1995). In the light of above discussion, the present research is directed to explore the dimensions of psychological empowerment of employees in banking sector and to find out whether high psychological empowerment can increase job satisfaction and reduce job related stress among employees in banking sector

A study on the Effect of Psychological Empowerment on Job Satisfaction and Job Related Stress Among the Bank Employees

This study focuses on psychological empowerment of employees in banking sector because of the reasons stated below: Firstly, very little research has been conducted in understanding empowerment as a psychological construct. Majority of the studies have been conducted on the various empowerment practices in the organizations. Secondly, there is no empirical evidence that the empowerment practice will create a subjective feeling of empowerment within the individual. Employee empowerment will be effective only if the employees actually experience the empowerment. Even if the organizations have the empowerment practices like providing power and open communication it is not necessary that the employee is empowered. Empowerment describes only the condition of work environment. It does not describe employees’ response to these conditions. These responses form the basis for psychological empowerment

Biochar improves fertility of a clay soil in the Brazilian Savannah: short term effects and impact on rice yield

The objective of this study was to report single season effects of wood biochar (char) application coupled with N fertilization on soil chemical properties, aerobic rice growth and grain yield in a clayey Rhodic Ferralsol in the Brazilian Savannah. Char application effected an increase in soil pH, K, Ca, Mg, CEC, Mn and nitrate while decreasing Al content and potential acidity of soils. No distinct effect of char application on grain yield of aerobic rice was observed. We believe that soil properties impacted by char application were inconsequential for rice yields because neither water, low pH, nor the availability of K or P were limiting factors for rice production. Rate of char above 16 Mg ha^(−1) reduced leaf area index and total shoot dry matter by 72 days after sowing. The number of panicles infected by rice blast decreased with increasing char rate. Increased dry matter beyond the remobilization capacity of the crop, and high number of panicles infected by rice blast were the likely cause of the lower grain yield observed when more than 60 kg N ha^(−1) was applied. The optimal rate of N was 46 kg ha^(−1) and resulted in a rice grain yield above 3 Mg ha^(−1).

Agricultural Production and Yield Estimation: Two distinctive aspects of Brazilian Agriculture and a perspective on world food problems

Brazil has been increasing its importance in agricultural markets. The reasons are well known to be the relative abundance of land, the increasing technology used in crops, and the development of the agribusiness sector which allow for a fast response to price stimuli. The elasticity of acreage response to increases in expected return is estimated for Soybeans in a dynamic (long term) error correction model. Regarding yield patterns, a large variation in the yearly rates of growth in yield is observed, climate being probably the main source of this variation which result in ‘good’ and ‘bad’ years. In South America, special attention should be given to the El Niño and La Niña phenomena, both said to have important effects on rainfalls patterns and consequently in yield. The influence on El Niño and La Niña in historical data is examined and some ways of estimating the impact of climate on yield of Soybean and Corn markets are proposed. Possible implications of climate change may apply.

The Brazilian Zero Hunger social program implications in achieving sustainable development

This article aims to analyse the progress taken by Brazil towards the accomplishment of a sustainable development, mainly highlighting the success of the Zero Hunger social programme in achieving the elimination of starvation. As one of the essential pillars to the sustainable development, the State’s social performance demands actions directed to the elimination of extreme poverty and hunger, establishing a basis for equitable growth. It is necessary to clarify the juridical and constitutional framework of Brazil, aiming to emphasise the Zero Hunger importance in achieving the Brazilian Republic’s goals and reaching an international pattern on sustainable development. Also, it will be stressed that the international order influences Brazilian domestic law and is one of the main aspects for the Zero Hunger program development.

Innovation, Creativity, and Positive Psychological Capital: Examining the Relationships in Adolescents, Employees and Entrepreneurs

Innovation ist für das Überleben von Firmen und die Entwicklung von Ländern wesentlich, weil sie entscheidend für einen erhöhten Marktanteil und wettbewerbsfähigen Vorsprung ist (Baer & Frese, 2003; Dodgson, Gann & Salter; George & Zhou, 2011; Kleysen & Street, 2001). Gleichzeitig steht Innovation in engem Zusammenhang mit Erkenntnisfortschritten (West & Altink, 1996). Konzepte, die mit Innovation zu tun haben, beinhalten innovatives Verhalten und Kreativität. Kreativität ist die Produktion von neuen und nützlichen Ideen (Amabile, 1998), und Innovation ist die Umsetzung dieser neuen und nützlichen Ideen (Amabile, 1998; West, 2002). Diese Dissertation besteht aus fünf Abhandlungen, die sich mit den beiden Bereichen des Managements und der positiven Psychologie beschäftigen. Im Einzelnen verbindet die Dissertation Forschungen aus dem Bereich der positiven Psychologie mit Forschungen der Innovation, wie auch der pädagogischen Psychologie, um Antworten auf Forschungsfragen zu finden, die sich damit beschäftigen, was es ist, das die Kreativität von Mitarbeitern, Unternehmern und Jugendlichen und ihr positives psychologisches Kapital steigert (PsyCap). Luthans und seine Kollegen (2007, S.3) definieren das psychologische Kapital oder PsyCap als „den positiven psychologischen Entwicklungszustand einer Einzelperson, welcher wie folgt beschrieben wird: (1) Selbstvertrauen haben (Selbstwirksamkeit), um sich Herausforderungen zu stellen und den notwendigen Aufwand aufzubringen; (2) Eine positive Attribution (Optimismus) in Bezug auf gegenwärtigen und zukünftigen Erfolg; (3) Ziele anstreben und, wenn notwendig, die Wege zu den Zielen ändern, um Erfolg zu erreichen (Hoffnung); (4) Im Falle von Problemen und Missgeschicken standhalten und wieder zurückkommen (Widerstandsfähigkeit), um Erfolg zu erreichen.“

Analysis of the employee’s labor agreement suspension in Colombia and some legislation references

Considering that the employment contract suspension responds to labor stability,one of the most important principles of labor law is important to study it because itsprincipal purpose is to maintain the link between de employer and the employeedespite the presence of adversity or other situations that would break up the relationshipin other fields. However, at the occurrence of any of the grounds of suspensionmay be presented some questions or voids that it will try to be answer in this paper.Consequently we shall refer first to the definition, purpose and characteristics of thesuspension. Subsequently, will be analyzed in detail every single ground of contractsuspension in Colombia. Then, will be studied the effects of the suspension andwe will refer to the resumption of work, and conclude with the comparative analysisof the figure in some Hispanic countries (Mexico, Paraguay and Spain).

Familiar characteristics and received familiar support among Brazilian adolescents with and without pregnancy experience

The present paper aimed to investigate how adolescents with pregnancy experience evaluate received support from their families in comparison with an adolescent group without pregnancy experience. 452 low income adolescents, both sex, aged 14 to 19 years old answered to a questionnaire. The results revealed that more girls (64.2 %) than boys (35.8 %) declared pregnancy experience, ?2 (2, n = 2617) = 48.32, p < .001. Moreover, it was observed that the group with pregnancy experience, in comparison with other group, revealed more perception on the family relationships safety, t (408) = -3.0, p < .01; mutual respect among family members in their homes, t (392) = -2.3, p < .05; and received stronger general support from their family, t (397) = -1,3, p < .05. These results are discussed.

Prevalencia del ausentismo en una entidad de salud de Floridablanca (Colombia) en el año 2014 y los factores laborales y satisfacción asociados

Introducción: El ausentismo es considerado una problemática de interés en el entorno laboral, debido a sus consecuencias en el ámbito personal, productivo, competitivo, organizacional y social. Objetivo: Determinar la prevalencia del ausentismo laboral en una institución de salud de Floridablanca (Colombia) en el año 2014 y los factores laborales y de satisfacción asociados. Métodos: Estudio descriptivo de corte transversal, se realizó un muestreo por conveniencia, se aplicó una encuesta auto-administrada que evaluaba factores personales, laborales, satisfacción laboral y ausentismo en 169 trabajadores de una entidad de salud de segundo nivel de Floridablanca (Colombia). Se calculó la prevalencia del ausentismo y el promedio de días de duración; también, se realizó un análisis bivariado mediante la prueba de Chi2 y la prueba de T de Student para identificar asociaciones. Resultados: Se encontró una prevalencia de ausentismo laboral en los trabajadores del área asistencial de 15.7%, con una duración promedio de 5 días; asimismo, las principales alteraciones de salud que ocasionaron ausentismo fueron las enfermedades respiratorias, virosis y enfermedades gastrointestinales (15%, 20% y 15%, respectivamente). Se encontraron asociaciones estadísticamente significativas entre el área de desempeño, el estrato económico y el nivel académico con el ausentismo laboral; sin embargo, no se encontró asociación con la satisfacción laboral. Conclusiones: A pesar de que los hallazgos del presente estudio deben ser interpretados con precaución debido al tipo de muestreo, éstos permiten identificar las posibles asociaciones con el ausentismo laboral en trabajadores de entidades de salud; además, se sugiere evaluar el ausentismo con las variables inmersas en la satisfacción laboral.