The long-run performance of IPOs: the case of the Stock Exchange of Mauritius

This study examines the long-run performance of initial public offerings on the Stock Exchange of Mauritius (SEM). The results show that the 3-year equally weighted cumulative adjusted returns average −16.5%. The magnitude of this underperformance is consistent with most reported studies in different developed and emerging markets. Based on multivariate regression models, firms with small issues and higher ex ante financial strength seem on average to experience greater long-run underperformance, supporting the divergence of opinion and overreaction hypotheses. On the other hand, Mauritian firms do not on average time their offerings to lower cost of capital and as such, there seems to be limited support for the windows of opportunity hypothesis.

Therapist characteristics and their effect on training outcomes: what counts?

Background: Evidence exists for a relationship between individual characteristics and both job and training performance; however relationships may not be generalizable. Little is known about the impact of therapist characteristics on performance in postgraduate therapist training programmes. Aims: The aim of this study was to investigate associations between the grades of trainee Low-Intensity and High-Intensity cognitive behavioural therapists and individual characteristics. Method: Trainee Low-Intensity (n=81) and High-Intensity (n=59) therapists completed measures of personality and cognitive ability; demographic and course grade data for participants were collected. Results: Degree classification emerged as the only variable to be significantly associated with performance across assessments and courses. Higher undergraduate degree classifications were associated with superior academic and clinical performance. Agreeableness was the only dimension of personality to be associated (positively) with clinical skill. Age was weakly and negatively associated with performance. Conclusions: Relationships between individual characteristics and training outcomes are complex and may be context specific. These results could have important implications for the selection and development of therapists for Low or High-Intensity cognitive behavioural therapy (CBT) training.

The financial and environmental performance of firms exposed to the EU Emissions Trading Scheme

This thesis is an empirical-based study of the European Union’s Emissions Trading Scheme (EU ETS) and its implications in terms of corporate environmental and financial performance. The novelty of this study includes the extended scope of the data coverage, as most previous studies have examined only the power sector. The use of verified emissions data of ETS-regulated firms as the environmental compliance measure and as the potential differentiating criteria that concern the valuation of EU ETS-exposed firms in the stock market is also an original aspect of this study. The study begins in Chapter 2 by introducing the background information on the emission trading system (ETS), which focuses on (i) the adoption of ETS as an environmental management instrument and (ii) the adoption of ETS by the European Union as one of its central climate policies. Chapter 3 surveys four databases that provide carbon emissions data in order to determine the most suitable source of the data to be used in the later empirical chapters. The first empirical chapter, which is also Chapter 4 of this thesis, investigates the determinants of the emissions compliance performance of the EU ETS-exposed firms through constructing the best possible performance ratio from verified emissions data and self-configuring models for a panel regression analysis. Chapter 5 examines the impacts on the EU ETS-exposed firms in terms of their equity valuation with customised portfolios and multi-factor market models. The research design takes into account the emissions allowance (EUA) price as an additional factor, as it has the most direct association with the EU ETS to control for the exposure. The final empirical Chapter 6 takes the investigation one step further, by specifically testing the degree of ETS exposure facing different sectors with sector-based portfolios and an extended multi-factor market model. The findings from the emissions performance ratio analysis show that the business model of firms significantly influences emissions compliance, as the capital intensity has a positive association with the increasing emissions-to-emissions cap ratio. Furthermore, different sectors show different degrees of sensitivity towards the determining factors. The production factor influences the performance ratio of the Utilities sector, but not the Energy or Materials sectors. The results show that the capital intensity has a more profound influence on the utilities sector than on the materials sector. With regard to the financial performance impact, ETS-exposed firms as aggregate portfolios experienced a substantial underperformance during the 2001–2004 period, but not in the operating period of 2005–2011. The results of the sector-based portfolios show again the differentiating effect of the EU ETS on sectors, as one sector is priced indifferently against its benchmark, three sectors see a constant underperformance, and three sectors have altered outcomes.

What Bronx Community College Students Can Do!

The dominant discourse in faculty spaces with respect to student performance too often focuses on what community college students, in need of developmental courses, can’t do. Deeply inspired by the work of Robert Glaser, Lev Vygotsky, bell hooks, and Bagele Chilisa we (Monique Guishard, and four intermediate psychology students) have collaborated using student podcasts to theorize back to deficit, damaged centered theories of student underperformance.

How initial vocational education and training (IVET) teachers in Sweden perceive their prospects of being able to prepare upper secondary school pupils for a future occupation

Vocational teachers in Swedish upper secondary schools are a heterogeneous category of teachers, connected to different types of trade. These teachers represent a broad set of trade skills varying in content and character. In their teacher role, they continue to wear the clothes, speak the language, share the culture and remain mentally in their former professions. Still, it is central that they keep up this contact to be able to school the pupils into the environment of the trade in question, but also to help them to understand what skills a profession demands. However, the individual teacher also has to distance himself from the negative elements in the culture of the profession: patterns and habits that, for various reasons, have to be broken or changed. This paper draws attention to the ways in which a group of vocational teachers, who were participants in a project that aimed to train unauthorized vocational teachers, expressed their ambitions to prepare the pupils for a future professional career. When collecting information, we used the degree dissertations they produced and discussed in seminars, and informal dialogues. The result shows that it is important that the instruction location resembles a real working site as far as possible. These places are more or less realistic copies of a garage, a restaurant kitchen, a hairdressing salon, and so on, in order to give the pupils a realistic setting for instruction. However, the fact that these simulated workplaces lack the necessary support functions that exist in a company creates problems, problems which make a lot of extra work for the teachers. Vocational teachers also have to instruct the pupil in the experienced practitioner’s professional skills and working situation, but the pupil herself/himself must learn the job by doing it in practice. Some vocational upper secondary programs lack relevant course literature and the businesses give little support. This also makes extra work for the teachers. Moreover, the distance between the vocational programs and the trainee jobs was experienced as being difficult to overcome. One reason seems to be differences between businesses and differing preconditions between small and big companies’ abilities to take care of these pupils. The upper secondary school vocational programs also play a role in cementing existing gender roles, as well as perpetuating class-related patterns on the labour market.

How initial vocational education and training (IVET) teachers in Sweden perceive their prospects of being able to prepare upper secondary school pupils for a future occupation

Vocational teachers in Swedish upper secondary schools are a heterogeneous category of teachers, connected to different types of trade. These teachers represent a broad set of trade skills varying in content and character. In their teacher role, they continue to wear the clothes, speak the language, share the culture and remain mentally in their former professions. Still, it is central that they keep up this contact to be able to school the pupils into the environment of the trade in question, but also to help them to understand what skills a profession demands. However, the individual teacher also has to distance himself from the negative elements in the culture of the profession: patterns and habits that, for various reasons, have to be broken or changed. This paper draws attention to the ways in which a group of vocational teachers, who were participants in a project that aimed to train unauthorized vocational teachers, expressed their ambitions to prepare the pupils for a future professional career. When collecting information, we used the degree dissertations they produced and discussed in seminars, and informal dialogues. The result shows that it is important that the instruction location resembles a real working site as far as possible. These places are more or less realistic copies of a garage, a restaurant kitchen, a hairdressing salon, and so on, in order to give the pupils a realistic setting for instruction. However, the fact that these simulated workplaces lack the necessary support functions that exist in a company creates problems, problems which make a lot of extra work for the teachers. Vocational teachers also have to instruct the pupil in the experienced practitioner’s professional skills and working situation, but the pupil herself/himself must learn the job by doing it in practice. Some vocational upper secondary programs lack relevant course literature and the businesses give little support. This also makes extra work for the teachers. Moreover, the distance between the vocational programs and the trainee jobs was experienced as being difficult to overcome. One reason seems to be differences between businesses and differing preconditions between small and big companies’ abilities to take care of these pupils. The upper secondary school vocational programs also play a role in cementing existing gender roles, as well as perpetuating class-related patterns on the labour market.

O processo de composição narrativa no encontro terapêutico : (des)construindo autorias

Essa pesquisa procurou investigar o processo de composição narrativa pela dupla estagiário-terapeuta/paciente, em uma situação de psicoterapia psicanalítica, a partir do contexto de uma prática supervisionada de estágio em Psicologia Clínica. Participaram da pesquisa duas acadêmicas de Psicologia que realizaram o estágio em um abrigo municipal. O trabalho clínico desenvolvido pelas estagiárias foi acompanhado pela supervisão acadêmica, cuja responsável na época era a pesquisadora. Também participaram dessa pesquisa três meninas de seis, nove e dez anos de idade, acolhidas temporariamente na instituição e em acompanhamento psicoterapêutico pelas estagiárias. Os atendimentos foram realizados uma vez por semana, individualmente, na própria instituição. As estagiárias relataram cada entrevista preliminar realizada com as crianças sob a forma escrita de entrevista dialogada, cujo objetivo é a memorização do desenvolvimento da entrevista. Essa memorização associada às reflexões acerca do estágio produzidas no espaço de supervisão acadêmica formaram as fontes dos dados. Para atingir o objetivo dessa pesquisa, três estudos foram realizados e, em cada um deles, três casos, constituídos por diferentes duplas terapêuticas, foram analisados. Os resultados dos três estudos demonstram, inicialmente, que o discurso elaborado pelas duplas terapêuticas, em cada entrevista preliminar isoladamente, estrutura-se narrativamente porque esse discurso apresenta os dois princípios da narrativa, que são a sucessão e a transformação, como propõe Tzvetan Todorov. A análise conjunta dessas entrevistas denota, entretanto, que as narrativas constituídas nesse processo não podem ser reduzidas a uma lógica de sucessão linear como formula esse autor. A seqüência narrativa é regida pela lógica de causalidade semântica, que é de natureza polifônica, como propõe Paul Ricoeur. As intervenções das estagiárias sob a forma de construções, conforme conceito estabelecido por Freud, mesmo que guiadas pelo princípio da associação livre, são demarcadas, em sua maioria, pela repetição de uma versão já conhecida da história da vida de seu paciente, geralmente àquela que versa sobre o motivo do abrigamento. Assim, essas intervenções, cujo efeito possível seria que o paciente pudesse desconstruir os sentidos dados a priori, reconstruindo novas versões para os acontecimentos de sua vida e, com isso, ocupasse o lugar de autor de sua história, acabam insistindo no trauma. Dessa forma, fica explicitado um dos paradoxos do processo de formação da escuta clínica: o estagiário, ao procurar abrir os sentidos para o seu paciente, construindo junto com ele uma versão possível para a sua história, acaba, muitas vezes, fechando o sentido, construindo uma única versão para os eventos narrados pelo paciente.

O desempenho de longo prazo dos IPOs no Brasil

Desde 2004, o movimento de abertura de capital das empresas brasileiras intensificou-se de forma atípica, sendo que o auge ocorreu em 2007, quando 64 companhias estrearam na bolsa de valores. Por meio da metodologia do buy-and-hold e pautado pela análise de regressão múltipla, o escopo deste trabalho é avaliar o desempenho de longo prazo das ofertas iniciais de ações (IPOs) ocorridos no país entre 2004 e 2007, quando 106 empresas foram listadas no mercado acionário nacional. Para tanto, busca-se verificar a existência de retorno médio anormal num horizonte de 60 meses de negociação, e ainda analisar o impacto de alguns fatores para tal desempenho, como a magnitude do underpricing, o volume da emissão e a busca por liquidez, o tipo de oferta ao mercado (primária e/ou secundária), o perfil do investidor, e o nível de Governança Corporativa na listagem em bolsa. Os principais resultados obtidos mostram que os 78 IPOs selecionados para a amostra final apresentaram rentabilidade média de -4,57% durante os cinco anos de negociação desde a estreia, enquanto o índice Bovespa acumulou retorno médio de 35,31%, o que significa uma underperformance de -39,88%. E a análise dos fatores determinantes apontou que apenas a participação dos investidores estrangeiros é estatisticamente significante para os retornos anormais dos IPOs. Diante dos resultados obtidos, serão abordados os principais aspectos que possam justificar tal dinâmica e ainda sugestões para novos estudos complementares.

Estágio Supervisionado na formação de professores em serviço dos anos iniciais do ensino fundamental

This report aims to present the results of research on the possibilities and limits of Supervised Traineeship in a the course of Training of Teachers in Service of the early years of primary education conducted through an agreement between the Federal University of Piauí and the Teresina city council (PI) UFPI/PMT, offers subsidies to teaching practices that address the reality of students who live, work and/or studying in school located in rural areas. The research is based on a theoretical and methodological approach that places the object of study in the critical perspective and using procedures such as: literature (bibliographical research), documentary analysis, semi-structured interview and photographic record. We researched 10 (ten) teachers of the course promoted by UFPI graduating in 2006 and who develop teaching activities in schools located in rural areas in the city of Teresina-PI, 02 (two) teachers who are trainee supervisor of UFPI and the coordinator of the course. The analysis evidenced that the object, historically, educational policies have changed, but did not break the traditional patterns of teacher education, enough, especially in the curricular proposals in light of the changes required by the information and global society. We also note that in the supervised training, the process of critical reflection on teaching practice was made possible, in part, and raised the reconstruction of specific knowledge to make teaching in order to conduct the teaching-learning process articulating different realities of primary teaching and facing situations due to conservative practices in relation to education in rural areas. It contributed, therefore, this curricular component to resize, in part, the pedagogical action of the teachers graduated. The study also drives the research toward to similar studies in the perspective of overcoming the current model of teacher training that does not correspond to the demands of society in change and to the crisis of capital, with immeasurable consequences in the workplace. The contemporary claims for a University to form professionals capable of directing the destiny of society, where teacher training is a social and political demands on which is co-responsible

Análise da contribuição de estagiários remunerados na força de trabalho em enfermagem

The present study analyses non obligatory and remunerated traineeships in nursing, as a contribution to work process in health and learning of students at nursing technician courses. It objectives to examine the contribution of medium level nursing students on scholarships at a teaching hospital s work force, at Natal/RN. It s a quantitative/qualitative, that uses descriptive statistics and analysis fulfilled with categories that emerged from research, through a dialog between the studied authors in the theoretical reference of nowadays work process, work force, non obligatory and remunerated traineeships, and night shifts. The collaborators of this research were 105 (73,43%) nursing technicians, medium level students on scholarships that fulfill remunerated traineeships at the hospital. The feminine gender was a major part of the collaborators, with 90 (85,70%), in which medium age was 29,71 years, 62 (59,00%) single, 57 (54,30%) don t have kids, 100 (95,23%) students on scholarships with complete medium level, 78,10% with professional experience before their insertion at the remunerated traineeships, 73 (69,50%) referred to enjoy the area, reason for the nursing technician course choice. About the technician course conclusion, 83 (79,00%) affirmed that happened between 2005 and 2008, and about traineeships time in the institution, 38 (36,20%) have between one and six months. About learning, 74 (70,50%) referred to learn with the nursing technicians and all fulfilled specialized courses, or grade up to bond with the school and be able to be trainees. These courses were considered low quality ones, what justifies the number of 54 (51,40%) students with scholarships that said their performance in studies is good and 75 (71,40%) are able to join it with the traineeships without problems. About remuneration as scholarship, 71 (67,60%) referred that helped to keep up with the studies, because this amount has specially this purpose, paying studies. About nonobligatory traineeships, the ABEn-RN affirmed that there s no following process to this traineeship mode, as long as there was never this concern, because obrigatory traineeships demand a lot of the efforts in the meetings. And COREN-RN doesn t supervise this way of contract. The present research observed that there is, in fact, a contribution of medium level nursing students on scholarships work force on the researched institution. Resigned to work circumstances established by the institution, representing the lack of human resources, materials, work conditions, and work insertion in night shifts, it s possible to affirm that the situation is irregular about the students on scholarships, besides the determinant risk factor to their lives and health. In addition to it, the students on scholarships, in order to maintain the quality of trainee in the institution, are obligated to fulfill courses to grade up, or specialized courses in nursing technician, at schools referred as bad quality ones

O ambiente virtual na formação inicial de professores de alemão como apoio para o ensino e a aprendizagem da língua e a reflexão sobre ações docentes

Estudiosos dos campos da Educação, da Linguística Aplicada e da Formação de Professores de Línguas insistem hoje na grande importância da inclusão de Tecnologias de Informação e Comunicação (TICs) na formação inicial, bem como na necessidade de promover o desenvolvimento do pensamento crítico-reflexivo dos futuros professores. Tomando como pressupostos teóricos estudos acerca das características da sociedade de informação, dos ambientes virtuais e da formação de professores, este trabalho tem como objetivo discutir possibilidades oferecidas pela plataforma Moodle de aprendizagem na formação inicial de professores de alemão. Para tanto, apresentaremos diferentes formas de uso de ambientes virtuais e de ferramentas neles disponíveis, que demonstraram ser de grande valor no processo de formação de licenciandos, tanto em língua alemã, quanto durante suas práticas iniciais. As experiências apontam para um valor inestimável de ambientes virtuais no acompanhamento de licenciandos no processo de aprendizagem da língua e nas primeiras experiências com a docência.

A temática ambiental e as diferentes compreensões dos professores de física em formação inicial

Procuramos identificar as concepções dos licenciandos de física em relação à temática ambiental, bem como analisamos as propostas por eles elaboradas e os obstáculos que se lhes apresentam quando decidem tratar alguns aspectos da problemática ambiental em suas atividades de ensino. Os dados foram coletados a partir do desenvolvimento de algumas atividades na disciplina de Prática de Ensino oferecida a alunos concluintes de um curso de Licenciatura em Física de uma universidade pública no estado de São Paulo. Os dados evidenciam que as concepções que os licenciandos elaboram sobre a temática ambiental podem tornar-se obstáculos para a incorporação desses aspectos em suas propostas de ensino. da mesma forma, não há, por parte dos licenciandos, uma compreensão mais ampla quanto ao significado da temática ambiental, quanto às implicações do movimento ambientalista para as práticas culturais e pedagógicas e possibilidades de exploração de temas ambientais associados a propostas de ensino de física.

O trabalho de orientação dos estágios frente aos diferentes cenários educacionais

This paper discussed the professor's role in teacher education during the trainee activities. Several scenarios were identified in the literature and the potential improvement that tutorial actions could have was highlighted. Three main dimensions of tutorial actions were proposed: education is to advise for life, to advise is to support the student to perceive alternative processes, attitudes and perceptions and to advise is to develop the student towards his or her learning process. It is proposed that the professor exercise educational tutoring and not only specific tutoring, these last ones usually focused on the classroom only.

Epistemologia da prática e da prática docente: um estudo dos seus fundamentos com vistas à proposição de abordagens críticas

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A municipalização do Ensino Fundamental no município de Junqueirópolis/SP: o olhar dos profissionais do magistério sobre o processo

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)