The effects of state ownership in the internationalization of emerging multinationals

Esta tese é um compendio de três trabalhos de pesquisa que visam analisar o efeito da participação do estado na estrutura de propriedade das Multinacionais de Países Emergentes (EMNEs). A participação do estado como acionista é um fenómeno que pode trazer novas contribuições no âmbito da governança corporativa, administração da empresa e a tomada de decisões estratégicas. Os estudos aqui inclusos permitem identificar, a partir de momentos, diferentes, até que ponto o estado, na posição de proprietário da EMNE, pode impactar a mesma. Os trabalhos vão desde os mecanismos de escolha de firmas nas quais investir ate o impacto no ritmo de internacionalização das empresas, explicando também os mecanismos que o estado usa para ganhar aceso à tomada de decisões por meio de mudanças na governança corporativa

Ownership, control and corporate valuation of Brazilian companies

We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation.

Valuation and performance of firms in complex ownership structures : an application to Korean chaebols

We propose several new metrics to describe the complex ownership structure of business groups, and provide simple formulas and algorithms to compute these metrics. We use these measures to describe in detail the ownership structure of Korean chaebols in the period of 2003 to 2004. In addition, we validate the usefulness of our new metrics by showing empirically that they are important for understanding the valuation and performance of group firms. In particular, we show evidence that firms that are central to the control structure of the chaebol (central firms), firms in cross-shareholdings, and firms that are placed at the bottom of the group (i.e., with lower ultimate ownership) have lower profitability than other group firms. The valuation results suggest that central firms and firms in cross-shareholding loops have lower valuations than other public Chaebol firms. The lower valuation of these firms is not explained by variation in measures of ownership concentration and separation between ownership and control.

NEST REUSE AND COMMUNAL NESTING IN MICROTHURGE-CORUMBAE (HYMENOPTERA, MEGACHILIDAE), WITH SPECIAL REFERENCE TO NEST DEFENSE

Observations on the nesting activities of Microthurge corumbae, carried out at the University Campus of Ribeirao Preto, São Paulo, Brazil, from 1977 to 1981, indicated that 61.9% of nests were re-used by succeeding generations. Re-use by one generation was more frequent than by two generations, and re-use by a third was observed only once. Nests were re-used by one or several females. Single females were more frequently in the first re-use. In these cases nest re-use did not differ essentially from the solitary foundation of a new nest, except for the adoption of a pre-existing nest without excavation. In multifemale nests, analysis of relative age (wing wear), ovarian and spermathecal conditions of associated females and the content of nests at excavation indicated that the social pattern in such colonies is communal. There is some evidence that the associated females are relatives. The chalcidoid wasp Leucospis was the principal nest parasite, and ants of the genus Crematogaster were nest predators. In multifemale nests, the rate of parasitism was significantly lower than in solitary nests, indicating that nest-sharing resulted in improved nest defense. on the other hand. The absence of predation on immatures of the first generation of M. corumbue in multifemale nests suggests that such nests are also more resistant to attack by predators.

Report of the ECLAC Expert Group meeting on data sharing, data ownership and harmonization of survey datasets

Includes bibliography

El efecto de los subsidios, la reglamentación y las diversas formas de propiedad en la calidad y eficacia operativa de los servicios del transporte urbano en América Latina = The impacts of subsidies, regulation, and different forms of ownership on the service quality and operational efficiency of urban bus systems in Latin America

Incluye Bibliografía

Determinants of ownership concentration in the Chilean stock market

Includes bibliography.

Communal suckling in water buffalo (Bubalus bubalis)

Communal nursing (an adult female allowing the offspring of another conspecific female to suckle) is a relatively frequent behavior in water buffalo (Bubalus bubalis). Fourteen lactating water buffalo cows and their nursing calves were observed at a Brazilian dairy after the cows had been milked. The two variables of greatest interest were solicitations of their own mothers and other cows by the calves, and acceptances of their own offspring and non-filial calves by the cows. Correlational analyses suggested three easily discriminable clusters of variables. Calves solicited and succeeded in suckling from their own mothers more often than they did from any other individual cow, but they solicited all other cows slightly more often than they did their own mothers. They were more likely to try to suckle other cows if they were rejected by their own mothers. Cows that had a high probability of accepting their own offspring tended to accept non-filial calves as well. Calves tended to maximize the total number rather than the probability of successful solicitations. Communal suckling was not reciprocal. Communal and filial suckling results from encounters between cows and calves performing under different motivational states. © 1991.

Literacy Research: Issues of Authority, Ownership, and Representation

With the “social turn” of language in the past decade within English studies, ethnographic and teacher research methods increasingly have acquired legitimacy as a means of studying student literacy. And with this legitimacy, graduate students specializing in literacy and composition studies increasingly are being encouraged to use ethnographic and teacher research methods to study student literacy within classrooms. Yet few of the narratives produced from these studies discuss the problems that frequently arise when participant observers enter the classroom. Recently, some researchers have begun to interrogate the extent to which ethnographic and teacher research methods are able to construct and disseminate knowledge in empowering ways (Anderson & Irvine, 1993; Bishop, 1993; Fine, 1994; Fleischer. 1994; McLaren, 1992). While ethnographic and teacher research methods have oftentimes been touted as being more democratic and nonhierarchical than quantitative methods—-which oftentimes erase individuals lived experiences with numbers and statistical formulas—-researchers are just beginning to probe the ways that ethnographic and teacher research models can also be silencing, unreflective, and oppressive. Those who have begun to question the ethics of conducting, writing about, and disseminating knowledge in education have coined the term “critical” research, a rather vague and loose term that proposes a position of reflexivity and self-critique for all research methods, not just ethnography or teacher research. Drawing upon theories of feminist consciousness-raising, liberatory praxis, and community-action research, theories of critical research aim to involve researchers and participants in a highly participatory framework for constructing knowledge, an inquiry that seeks to question, disrupt, or intervene in the conditions under study for some socially transformative end. While critical research methods are always contingent upon the context being studied, in general they are undergirded by principles of non-hierarchical relations, participatory collaboration, problem-posing, dialogic inquiry, and multiple and multi-voiced interpretations. In distinguishing between critical and traditional ethnographic processes, for instance, Peter McLaren says that critical ethnography asks questions such as “[u]nder what conditions and to what ends do we. as educational researchers, enter into relations of cooperation. mutuality, and reciprocity with those who we research?” (p. 78) and “what social effects do you want your evaluations and understandings to have?” (p. 83). In»the same vein, Michelle Fine suggests that critical researchers must move beyond notions of the etic/emic dichotomy of researcher positionality in order to “probe how we are in relation with the contexts we study and with our informants, understanding that we are all multiple in those relations” (p. 72). Researchers in composition and literacy stud¬ies who endorse critical research methods, then, aim to enact some sort of positive transformative change in keeping with the needs and interests of the participants with whom they work.