Non-durable consumption and real-estate prices in Brazil: panel-data analysis at the state level

Housing is an important component of wealth for a typical household in many countries. The objective of this paper is to investigate the effect of real-estate price variation on welfare, trying to close a gap between the welfare literature in Brazil and that in the U.S., the U.K., and other developed countries. Our first motivation relates to the fact that real estate is probably more important here than elsewhere as a proportion of wealth, which potentially makes the impact of a price change bigger here. Our second motivation relates to the fact that real-estate prices boomed in Brazil in the last five years. Prime real estate in Rio de Janeiro and São Paulo have tripled in value in that period, and a smaller but generalized increase has been observed throughout the country. Third, we have also seen a recent consumption boom in Brazil in the last five years. Indeed, the recent rise of some of the poor to middle-income status is well documented not only for Brazil but for other emerging countries as well. Regarding consumption and real-estate prices in Brazil, one cannot imply causality from correlation, but one can do causal inference with an appropriate structural model and proper inference, or with a proper inference in a reduced-form setup. Our last motivation is related to the complete absence of studies of this kind in Brazil, which makes ours a pioneering study. We assemble a panel-data set for the determinants of non-durable consumption growth by Brazilian states, merging the techniques and ideas in Campbell and Cocco (2007) and in Case, Quigley and Shiller (2005). With appropriate controls, and panel-data methods, we investigate whether house-price variation has a positive effect on non-durable consumption. The results show a non-negligible significant impact of the change in the price of real estate on welfare consumption), although smaller then what Campbell and Cocco have found. Our findings support the view that the channel through which house prices affect consumption is a financial one.

The megalopa and early juvenile stages of Calappa tortugae Rathbun, 1933 (Crustacea, Brachyura) reared in the laboratory from South Carolina neuston samples

Neuston samples collected from the Charleston Bump region off the coast of South Carolina, U.S.A., during the summers of 2002 and 2003 consistently included a decapod species of undetermined identity with a large brachyuran megalopa. Despite their resemblance to some calappids, it was impossible to make a definitive identification based solely on general morphology. Therefore, additional neuston tows were taken on the continental shelf near Charleston, during the summer of 2004 to obtain these living megalopae. These were raised successfully through five juvenile stages at the Southeastern Regional Taxonomic Center (SERTC) laboratory. The morphology of the juveniles provided evidence that they are megalopae of Calappa tortugae Rathbun, 1933. Comparisons with megalopae of Hepatus epheliticus (Linnaeus, 1763), H. pudibundus (Herbst, 1785), Calappa flammea (Herbst, 1794) and Cryptosoma balguerii (Desbonne, 1867) are presented here. This is the first complete description of the megalopa morphology of a member of the genus Calappa Weber, 1795 from the Western Atlantic, and it is helpful for taxonomic, systematic and ecological purposes.

Covenanters of South Carolina Collection - Accession 208 - M92 (118)

The Covenanters of South Carolina Collections consists of a "Sketch of the Covenanters of Rocky Creek, South carolina About 1750 to 1840" by Miss Mary Elder, 1886 as dictated to her by her father Mr. Matthew Elder, Yorkville, SC. Also included is an undated genealogical sketch of William Stinson (Stevenson) (1752-1809) who was a covenanter from Rocky Creek, SC and a "History of Fishing Creek Presbyterian Church by Mrs. Frank Hicklin" that was written ca. 1958. The Fishing Creek Presbyterian Church was organized ca. 1752.

Equal Rights Amendment South Carolina Coalition Records - Accession 693

The Equal Rights Amendment South Carolina Coalition Records consist of pamphlets, membership listings, newsletters, bulletins, interstate correspondence, legislation positions, polls, newspaper clippings, article reprints, general correspondence and various memorabilia to the attempt to obtain South Carolina ratification of the passage of Equal Rights Amendment. The Equal Rights Amendment (ERA) was a proposed amendment to the United States Constitution designed to guarantee equal rights for women.

Equal Rights Amendment South Carolina Coalition Records - Accession 388

The Equal Rights Amendment (ERA) South Carolina Coalition Records date from 1972-1982 and include minutes of meetings, correspondence, magazine articles and newspaper clippings, brochures, pamphlets, flyers, memoranda, and other records relating to the drive for ERA ratification in South Carolina.The ERA was a proposed amendment to the United States Constitution designed to guarantee equal rights for women.

South Carolina Teacher Association History - Accession 240 - M101 (130)

The South Carolina Teacher Association History collection consists of a publication written by David Duncan Wallace titled History of the South Carolina Teachers' Association in 1924. The publication covers the history of the South Carolina Teacher Association from its founding in 1850 to 1924.

South Carolina Home Economics Association Records - Accession 22

This collection is a valuable source on home economics history in South Carolina during the twentieth century. While there is information on the SCHEA from its beginning in 1914 to 1980, the actual records do not start until 1920. An outline of what the South Carolina Home Economics Association was doing from 1914 to 1920, is provided in the “historical file” (see Box 1, folders 1 to 4). The inclusive dates for a particular series may vary and, for most series, the records are incomplete. The collection contains all the records normally created by an organization, including constitutions, correspondence, minutes, reports, handbooks, etc. A wide variety of research topics could be developed from the records, including the SCHEA’s impact on the legislative process in South Carolina (e.g. the passage of the bill for the enrichment of cornmeal and grits in 1943), its cooperation and relationship with relief agencies in the state and its role in improving child health during the 1930s.

South Carolina International Women's Year Conference Records - Accession 101 - M43 (57-58)

The South Carolina International Women's Year Conference Records consist of news releases, membership lists, directives, bibliographies, memorabilia, newspaper clippings, and other records, concerning the SC International Women’s Year Conference held June 10-11, 1977 in Columbia, SC which met to discuss women’s issues.

South Carolina Farmer's Alliance Papers - Accession 43 - M18 (28)

The South Carolina Farmer's Alliance Papers consist of a reminiscence of the Farmer’s Alliance by W.A. James of Bishopville, SC, who was a county business agent for Sumter County. Also included is a two page comment by Dr. John H. Moore of the Winthrop History Department. The Farmers Alliance was an organized agrarian economic movement among farmers that developed and flourished from the 1870s through 1900.

South Carolina Federal Feminist Credit Union Records - Accession 106 - M45 (60)

The South Carolina Federal Feminist Credit Union Records consists of a charter, newspaper clippings, photographs, statements, minutes, correspondence, memoranda and brochures relating to the creation and early history of the Credit Union, the first of its kind in the Southeast and the tenth one established in the nation. The Credit Union dissolved on September 1, 1977.

South Carolina Extension Homemakers Council History and Handbook - Accession 46 - M21 (31)

The South Carolina Extension Homemakers Council History and Handbook collection consists of History of South Carolina Extension Homemakers Council: Fifty Years 1921-1971 by Mrs. W. E. Cochran, 1971 and a 1971-1972 Handbook of South Carolina Extension Homemakers Council.

Pilot Club International South Carolina District Records - Accession 205

The Pilot Club International was a service oriented club for women, however men are now allowed to join. The South Carolina District was founded in the 1930s for “the promotion of social welfare through the performance of civil and beneficial service of the character generally accomplished by civic organizations, rendering aid and assistance to local Pilot Clubs and implementing at the district level the programs and policies of Pilot Club International.” The Pilot Club International South Carolina District Records consist of a certificate of incorporation, minutes, annual reports, correspondence, resolutions and lists of standing rules.

South Carolina International Women's Year Conference Records - Accession 226

The South Carolina International Women's Year Conference Records focuses on the workings of the various committees which organized the (SCIWY) Conference and provided essential information on the planning and execution of the state meeting. The collection consists of correspondence, memoranda, minutes, agenda notes, reports, speeches, financial records, newspaper clippings, press releases, election tally sheets, delegate applications, questionnaires, brochures, photographs, cassette tape recordings and publications pertaining mainly to the (SCIWY) Conference but also to the National Conference.

South Carolina Council on Family Relations Records - Accession 199

The South Carolina Council on Family Relations was organized in 1956 to promote communication among representatives of participating organizations and citizens in order to further their common objective of strengthening family life in South Carolina. The South Carolina Council on Family Relations Records consist of constitutions, brochures, pamphlets, minutes, correspondence, membership lists, and annual reports, documenting the council’s growth, development, and functions.

Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.