Desempenho de longo prazo de IPOs no Brasil: um estudo para o período de 2004 a 2015

O objetivo deste trabalho é avaliar o desempenho de longo prazo das empresas que abrem o capital no Brasil. Os fenômenos de (1) valorização no primeiro dia de negócios pós-IPO (underpricing) seguido de (2) desempenho inferior ao mercado no longo prazo (long-run underperformance) foram amplamente documentados em trabalhos de outros autores. O foco do estudo está em verificar a persistência dessa baixa performance quando alongamos o período de avaliação para 5 anos. Adicionalmente, o estudo pretende entender que fatores são determinantes no desempenho destas ações no longo prazo. O trabalho analisa 128 IPOs ocorridos no período de 2004 a 2012 na Bovespa. Os resultados apontam para evidências estatisticamente significantes de underpricing. Este underpricing foi mais acentuado entre os anos de 2004 a 2008, período precursor da crise financeira do subprime. Quando se analisa a performance de longo prazo os resultados apontam que a carteira de IPOs apresentou performance abaixo do mercado até o 29° mês. Os IPOs lançados no período pré-crise do subprime tiveram performance abaixo do mercado após 3 anos, enquanto que os IPOs lançados no pós-crise tiveram retorno acima do mercado para 3 e 5 anos. Não foi identificada a persistência da baixa performance dos IPOs além do 29° mês. Três variáveis principais mostraram significância na explicação dos retornos de longo prazo: (1) o período de lançamento das ações, (2) o percentual de alocação de investidores estrangeiros, (3) e a reputação do coordenador da oferta. Os IPOs lançados no período pós-crise do subprime observaram melhor performance no longo prazo. Também apresentaram melhor performance os IPOs com maior presença de investidor estrangeiro. Adicionalmente, existe uma relação inversa entre a reputação do coordenador líder da oferta e a performance de longo prazo.

Proyectos del ejecutivo presentados a la H. Cámara de Diputados.

At head of title: Legislatura ordinaria de 1913.

25 years in Central Reformed Church, Grand Rapids, Michigan.

Cover title.

Crisis in the Armenian church : text of a memorandum to the National Council of the Churches of Christ in the United States of America on the dissident Armenian Church in America /

Mode of access: Internet.

Centroamérica y República Dominicana: Evolución económica en 2015 y perspectivas para 2016. Estudio Económico

En el presente documento se analiza la evolución de las economías de Centroamérica (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua y Panamá) y la República Dominicana (CARD) en 2015, con base en cifras oficiales al cierre del año, y ofrece un análisis de los primeros meses de 2016 y perspectivas para el resto del año. Es un estudio de coyuntura, con información disponible al 30 de junio de 2016. En el documento se ofrece una actualización de la versión publicada en febrero de 2016.

Estrategias de reclutamiento de trabajadores como aproximación a la estructuración del mercado de trabajo del sector de la construcción en el Gran La Plata

La construcción es un sector de actividad central para cualquier sociedad y para el desarrollo de cualquier economía. La hegemonía de un sistema de producción tradicional (Panaia, 1998) se conjuga con un uso intensivo de la fuerza de trabajo, atrayendo y expulsando grandes contingentes de trabajadores según los altibajos del ciclo económico. Las particularidades propias de una organización por proyecto plantean fuertes desafíos a las concepciones clásicas del trabajo industrial que imperaron durante el s.XX. A su vez, en los términos de su conceptualización clásica, el mercado de trabajo no consigue dar cuenta de ciertos fenómenos, propios de una mercancía que no es tal. En la presente tesina nos proponemos conocer las estrategias de reclutamiento de trabajadores del sector de la construcción en el Gran La Plata durante la pos convertibilidad para, a través de ellas, acercarnos a la estructuración del mercado de trabajo de ese sector. Para ello, en primer lugar, recurrimos a información estadística y a aportes bibliográficos específicos para caracterizar al sector y su inserción en la economía nacional. Luego, describimos la producción y la división del trabajo en las obras. Continuamos con una descripción de los agentes y las modalidades locales del reclutamiento en el sector. A partir de la realización de entrevistas semi-estructuradas a diferentes agentes locales de la construcción, identificamos cuatro reclutadores, que se superponen con cuatro modalidades de reclutamiento. Finalmente, analizamos las estrategias de reclutamiento que pudimos relevar en esas entrevistas, reflexionando en torno a tres ejes: el contacto, la selección y la negociación de la remuneración y las condiciones de trabajo. Observamos cómo algunas de las estrategias desplegadas por los actores tienden a reproducir las condiciones que los constriñen, cómo la dialéctica entre el control y el consentimiento ya está presente en el reclutamiento y finalmente presentamos los que creemos que son los lineamientos necesarios para pensar la segmentación y su explicación en el sector

The discretionary role of the line manager in inspiring work engagement and innovative behaviour:a study of social exchange and job resources in the public sector

This thesis is about the discretionary role of the line manager in inspiring the work engagement of staff and their resulting innovative behaviour examined through the lens of Social Exchange Theory (Blau, 1964) and the Job Demands-Resources theory (Bakker, Demerouti, Nachreiner & Schaufeli, 2001). The study is focused on a large British Public Sector organisation undergoing a major organisational shift in the way in which they operate as part of the public sector. It is often claimed that people do not leave organisations; they leave line managers (Kozlowski & Doherty, 1989). Regardless of the knowledge in the literature concerning the importance of the line manager in organisations (Purcell, 2003), the engagement literature in particular is lacking in the consideration of such a fundamental figure in organisational life. Further, the understanding of the black box of managerial discretion and its relationship to employee and organisation related outcomes would benefit from greater exploration (Purcell, 2003; Gerhart, 2005; Scott, et al, 2009). The purpose of this research is to address these gaps with relation to the innovative behaviour of employees in the public sector – an area that is not typically associated with the public sector (Bhatta, 2003; McGuire, Stoner & Mylona, 2008; Hughes, Moore & Kataria, 2011). The study is a CASE Award PhD thesis, requiring academic and practical elements to the research. The study is of one case organisation, focusing on one service characterised by a high level of adoption of Strategic Human Resource Management activities and operating in a rather unique manner for the public sector, having private sector competition for work. The study involved a mixed methods approach to data collection. Preliminary focus groups with 45 participants were conducted, followed by an ethnographic period of five months embedded into the service conducting interviews and observations. This culminated in a quantitative survey delivered within the wider directorate to approximately 500 staff members. The study used aspects of the Grounded Theory (Glaser & Strauss, 1967) approach to analyse the data and developed results that highlight the importance of the line manager in an area characterised by SHRM and organisational change for engaging employees and encouraging innovative behaviour. This survey was completed on behalf of the organisation and the findings of this are presented in appendix 1, in order to keep the focus of the PhD on theory development. Implications for theory and practice are discussed alongside the core finding. Line managers’ discretion surrounding the provision of job resources (in particular trust, autonomy and implementation and interpretation of combined bundles of SHRM policies and procedures) influenced the exchange process by which employees responded with work engagement and innovative behaviour. Limitations to the research are the limitations commonly attributed to cross-sectional data collection methods and those surrounding generalisability of the qualitative findings outside of the contextual factors characterising the service area. Suggestions for future research involve addressing these limitations and further exploration of the discretionary role with regards to extending our understanding of line manager discretion.

A ação da bancada evangélica na Câmara Municipal de Natal/RN: 2005-2008

The Evangelical Church is an institution that presents itself as a group that aims to be a mediator between society, the state and the country itself. However political practice within the churches have been somewhat taken authoritarian, manipulative, intolerant and realize this reality in the analysis of this work. While understanding that the Church as an institution has formed an opinion about what is right and wrong in their communities as a social institution can be seen in contemporary society growing religious occupation of the public sphere and in all segments of Brazilian society the presence of evangelicals. One of the challenges is the discussion of the practices of Christ when the ownership of the mandate legitimized by the vote happens, what real action is the "Christ policy"? What social contributions to retrieve people, places and cities? What is the competence to work towards promoting the other gains in health, employment, security, education? The purpose of this dissertation is to contribute to the questioning of the current logic and prevailing construction of Christian ideals in politics. Develop an investigation by reference to the absence of a study on the activity of the evangelical councilors Christmas during the period 2004 -2008, order to be able assign a value judgment based on information of projects that every evangelical councilor exercised during the 15th Legislature, occasion that the City Council received the highest representation of evangelical councilors in its history.

Temporary contracts and non-protected employment in Argentina, Chile and Perú: incidence and determinants

The diverse kinds of legal temporary contracts and the employment forms that do not comply with legal requirements both facilitate employment adjustment to firms´ requirements and entail labour cost reductions. Their employment incidence depends not only on the economic and labour market evolutions but also on other factors, in particular the historical trajectories followed by labour legislation, state enforcement, and the degree of compliance. To contribute to the understanding of the determinants of the degree of utilization of different employment practices, the study reported in this article explores the use made of the various legal temporary contracts and of precarious employment relationships by private enterprises in three Latin American countries (Argentina, Chile and Peru) during 2003-2012, a period of economic growth, and the explanatory role of diverse factors.

La dimensión mítica de los personajes vanguardistas. Una reflexión en torno a la teoría de Ortega y Gasset

En el realismo de finales del XIX se consolida el desarrollo de los personajes novelescos, pero muy poco tiempo después se produce un giro en la narrativa hacia la abstracción que induce a Ortega y Gasset a reflexionar sobre cuáles son las características que definen un personaje literario. En Meditaciones del Quijote (1914), La deshumanización del arte e Ideas sobre la novela (ambos de 1925) hace un análisis histórico que concluye ofreciendo un diagnóstico de la literatura contemporánea. Muchos de los narradores vanguardistas, formados a su sombra, tienen en cuenta sus escritos y experimentan con sus propuestas. En este proceso el mito juega un papel principal, como sustancia de lo poético y como sustrato cultural de muchos de los protagonistas de la novela experimental de los años 20.

Análisis de gestión energética en el sector minero del Valle de Ubaté

Tesis (Ingeniero Eléctrico). -- Universidad de La Salle. Faculltad de Ingeniería. Programa de Ingeniería Eléctrica, 2014

A TERRRITORIALIDADE DO MIGRANTE NORDESTINO EM ARAUCÁRIA, PARANÁ (BRASIL)

O presente artigo tem a finalidade de discutir a apropriação do espaço e a formação de novos territórios e territorialidades por trabalhadores migrantes brasileiros nordestinos, sobretudo os advindos do Estado da Bahia chamados popularmente de “baianos”; para o município de Araucária (Paraná, Brasil). A presença e estadia destes se tornaram alvo de inúmeras controvérsias e mudanças na espacialidade local. A tentativa de se fazer presente e dominante garante expressivos choques entre culturas numa área. No municipio de Araucária, tais choques mostram duas distintas faces: a primeira retrata o ápice do desenvolvimento econômico; a segunda evoca o enfrentamento cultural entre os moradores locais e os migrantes. Compreender como se dão tais vínculos territoriais bem como verificar as consequências sociais e culturais e analisar sua contribuição no local onde se estabeleceram em virtude de seu trabalho, terão como pressuposto teórico os apontamentos de HAESBAERT (2004; 2008), SACK (1986) e RAFFESTIN (1987). As discussões evidenciadas por tais autores foram aliadas à concepção de espaço de relações, de BOURDIEU (1996), além de outros autores que tratam sobre esta temática, numa tentativa de se estabelecer um parâmetro geral acerca da construção de territorialidades singelas, mas que se fazem presentes no cotidiano de toda uma cidade.

Validade de equipamento eletronico informatizado para analise de movimentos tecnicos do voleibol : um estudo na categoria juvenil

Universidade Estadual de Campinas . Faculdade de Educação Física

Correlation between macular and retinal nerve fibre layer Fourier-domain OCT measurements and visual field loss in chiasmal compression

Purpose The aim of this study was to test the correlation between Fourier-domain (FD) optical coherence tomography (OCT) macular and retinal nerve fibre layer (RNFL) thickness and visual field (VF) loss on standard automated perimetry (SAP) in chiasmal compression. Methods A total of 35 eyes with permanent temporal VF defects and 35 controls underwent SAP and FD-OCT (3D OCT-1000; Topcon Corp.) examinations. Macular thickness measurements were averaged for the central area and for each quadrant and half of that area, whereas RNFL thickness was determined for six sectors around the optic disc. VF loss was estimated in six sectors of the VF and in the central 16 test points in the VF. The correlation between VF loss and OCT measurements was tested with Spearman`s correlation coefficients and with linear regression analysis. Results Macular and RNFL thickness parameters correlated strongly with SAP VF loss. Correlations were generally stronger between VF loss and quadrantic or hemianopic macular thickness than with sectoral RNFL thickness. For the macular parameters, we observed the strongest correlation between macular thickness in the inferonasal quadrant and VF loss in the superior temporal central quadrant (rho=0.78; P<0.001) whereas for the RNFL parameters the strongest correlation was observed between the superonasal optic disc sector and the central temporal VF defect (rho=0.60; P<0.001).

Ensino de léxico e texto descritivo

Dissertação apresentada à Escola Superior de Educação de Lisboa para obtenção de grau de mestre em Didáctica da Língua Portuguesa no 1.º e 2.º Ciclos do Ensino Básico