A hierarquia de preferência do consumidor em decisões de investimento financeiro

A literatura acadêmica sobre o comportamento do investidor financeiro é bastante escassa. A pesquisa sobre o processo de decisão, em geral, aborda tradeoffs na aquisição de produtos e pouco se discute o processo de decisão de investimento. Esta tese pretende contribuir para a redução deste gap ao discutir fatores determinantes para a tomada de decisão do investidor pessoal em produtos financeiros. A decisão de investimento é complexa, envolve, entre outros, o tradeoff entre renunciar o consumo presente pela possibilidade de maior bem estar no futuro. Adicionalmente, em muitas situações, existe possibilidade real de perda dos recursos financeiros investidos. Para investigar os percursos desta decisão foram realizadas entrevistas em profundidade com executivos ligados ao setor de fundos de investimento e ao de distribuição de produtos de investimento dos maiores bancos brasileiros atuantes no segmento de varejo. Os conhecimentos recolhidos e a revisão de literatura efetuada subsidiaram a elaboração do questionário de pesquisa aplicado em plataforma web junto a potenciais investidores. Os atributos rentabilidade, possibilidade de perda (proxy de risco), liquidez, taxa de administração e recomendação do gerente foram identificados como os mais relevantes para a decisão do investidor. Para construção dos estímulos e decomposição da utilidade da decisão foi utilizada a técnica conjoint based choice (CBC) que simula uma decisão real. Os resultados apontaram ser a recomendação do gerente o atributo mais importante para a formação da preferência por uma alternativa de investimento, resultado que, por si só, indica que fatores não racionais exercem influência na decisão. Estudou-se, então, o impacto da aversão ao risco e do estilo cognitivo do investidor. Os resultados denotam que os mais avessos e os mais intuitivos são mais suscetíveis à recomendação do gerente, mas que seus efeitos são independentes entre si. As evidências sugerem que os mais intuitivos utilizam o gerente para alcançar conforto cognitivo na decisão e que os mais avessos para mitigar a sensação de risco associada ao produto. Uma análise de cluster indicou ser possível segmentar a amostra em dois grupos, um mais propenso à recomendação do gerente e outro aos atributos do produto. A recomendação do gerente mostrou ser o atributo mais forte na distinção dos grupos. Os resultados indicam que uma segmentação de mercado baseada na propensão à recomendação do gerente pode ser efetiva para direcionar a construção de uma estratégia de relacionamento que busque incrementar os resultados de longo prazo.

Farm/Household-Level Simulation: Results of Testing Policy and Other Scenarios. Factor Markets Working Document No. 54, June 2013

Among the different production factors, land is the one that most often limits farm development and one of the most studied. The connection between policy and other context variables and land markets is at the core of the policy debate, including the present reform of the Common Agricultural Policy. The proposal of the latter has been published in October 2011 and in Italy it will include the switch of the payment regime from an historical to a regional basis. The authors’ objective is to simulate the impact of the proposed policy reform on the land market, particularly on land values and propensity to transaction. They combine insights and data from a farm household investment model revised and extended in order to simulate the demand curve for land in different policy scenarios and a survey of farmers stated intention carried out in the province of Bologna (Italy) in 2012. Based on these results, the authors calibrate a mathematical programming model of land market exchanges for the province of Bologna and use this model form simulation. The results of the model largely corroborate the results from the survey and both hint at a relevant reaction of the land demand and supply to the shift from the historical to the regionalised payments. As effect, the regionalisation would result in increased rental prices and in a tendency to the re-allocation of land.

Does it matter how much land your neighbour owns? The functioning of land markets in Poland from a social comparison perspective. Factor Markets Working Document No. 59, August 2013

While many factors have been studied in relation to the functioning of land markets, the role of land distribution has received relatively little attention. In this paper, we ask to what extent farmers’ propensity to buy land is related to the difference between them and their neighbours in terms of land ownership. To this end, we employ the concept of relative deprivation. Drawing on micro-level data from the transition period in Poland and using both OLS and instrumental variables strategy, we find that interpersonal comparisons with others in one’s reference group may have motivated a farmer’s behaviour in the land market. In particular, the propensity to purchase land is positively associated with experiencing higher relative deprivation. In addition, this relationship waned over time in a predictable manner: late in the transition period it was weaker than at the beginning of the period.

The Impact of the SFP System on Italian Farmland Prices and Tenure Contracts. Factor Markets Working Document No. 65, August 2013

EDITED VERSION TO BE PUBLISHED SOON. The aim of this paper is to contribute to the estimation of the potential effects of the CAP reform on propensity to transaction, particularly comparing the effect of different new instruments/policy settings with the current policy (CAP health check) used as a baseline. The work is focused on three of new policy instruments within the post 2013 CAP reform proposal: regionalization, greening and capping. The first and second are analysed in more detail. The analysis will be based on a survey of farmers in the Province of Bologna, Emilia Romagna, Italy. The questionnaire focuses on mechanism of access to land and related incentives towards different land use/economic behaviour. The survey includes information about respondent characteristics (farm, farmer, household and payments received) and stated intention about potential changes in land operated under alternative agricultural policy scenarios (particularly the post-2013 reform proposals).

(Table 1) Minor and trace element concentrations in interstitial waters from ODP Leg 166 sites

Concentrations of minor and trace elements (Li, Rb, Sr, Ba, Fe, and Mn) in interstitial water (IW) were found in samples collected during Ocean Drilling Program (ODP) Leg 166 from Sites 1005, 1006, and 1007 on the western flank of the Great Bahama Bank (GBB). Concentrations of Li range from near-seawater values immediately below the sediment/water interface to a maximum of 250 µM deep in Site 1007. Concentrations determined during shore-based studies are substantially lower than the shipboard data presented in the Leg 166 Initial Reports volume (range of 28-439 µM) because of broad-band interferences from high dissolved Sr concentrations in the shipboard analyses. Rubidium concentrations of 1.3-1.7 µM were measured in IW from Site 1006 when salinity was less than 40 psu. A maximum of 2.5 µM is reached downhole at a salinity of 50 psu. Shipboard and shore-based concentrations of Sr2+ are in excellent agreement and vary from 0.15 mM near the sediment water interface to 6.8 mM at depth. The latter represent the highest dissolved Sr2+ concentrations observed to date in sediments cored during the Deep Sea Drilling Project (DSDP) or ODP. Concentrations of Ba2+ span three orders of magnitude (0.1-227µM). Concentrations of Fe (<0.1-14 µM) and Mn (0.1-2 µM) exhibit substantially greater fluctuations than other constituents. The concentrations of minor and trace metals in pore fluids from the GBB transect sites are mediated principally by changes in pore-water properties resulting from early diagenesis of carbonates associated with microbial degradation of organic matter, and by the abundance of detrital materials that serve as a source of these elements. Downcore variations in the abundance of detrital matter reflect differences in carbonate production during various sea-level stands and are more evident at the more proximal Site 1005 than at the more pelagic Site 1006. The more continuous delivery of detrital matter deep in Site 1007 and throughout all of Site 1006 is reflected in a greater propensity to provide trace elements to solution. Concentrations of dissolved Li+ derive principally from (1) release during dissolution of biogenic carbonates and subsequent exclusion during recrystallization and (2) release from partial dissolution of Li-bearing detrital phases, especially ion-exchange reactions with clay minerals. A third but potentially less important source of Li+ is a high-salinity brine hypothesized to exist in Jurassic age (unsampled) sediments underlying those sampled during Leg 166. The source of dissolved Sr2+ is almost exclusively biogenic carbonate, particularly aragonite. Concentrations of dissolved Sr2+ and Ba2+ are mediated by the solubility of their sulfates. Barite and detrital minerals appear to be the more important source of dissolved Ba2+. Concentrations of Fe and Mn2+ in anoxic pore fluids are mediated by the relative insolubility of pyrite and incorporation into diagenetic carbonates. The principal sources of these elements are easily reduced Fe-Mn-rich phases including Fe-rich clays found in lateritic soils and aoelian dust.

Beyond the Bauhaus : Cultural Modernity in Breslau, 1918-1933 /

The Breslau arts scene during the Weimar period was one of the most vibrant in all of Germany, yet it has disappeared from memory and historiography. Breslau was a key center for innovative artistic production during the Weimar Republic; recovery of its history will shed new light on German cultural dynamics in the 1920s. Such a study has art historical significance because of the incredible extent of innovation that occurred in almost every intellectual field, advances that formed the basis for aesthetic modernism internationally and continue to affect the course of visual art and architecture today. Architecture education, just one example in many, is still largely based on a combination of the Bauhaus model from the 1920s and the model developed at the Breslau Academy of Fine and Applied Art. The exploratory attitude encouraged in Weimar era arts endeavors, as opposed to the conformism of academic art, is still a core value promoted in contemporary art and architecture circles. Given the long-lasting influence of Weimar culture on modernism one would expect to find a spate of studies examining every aspect of its cultural production, but this is not the case. Recent scholarship is almost exclusively focused on Berlin and the Dessau Bauhaus. Although both interests are understandable, the creative explosion was not confined to these cities but was part of a larger cultural ethos that extended into many of the smaller regional centers. The Expressionist associations the Blaue Reiter in Munich and Brücke in Dresden are two well-known examples. Equally, innovation was not confined to a few monumental projects like the Stuttgart Weissenhofsiedlung but part of a broader national cultural ethos. The dispersion of modernism occurred partly because of the political history of Germany as a loosely joined confederation of small city states and principalities that had strong individual cultural identities before unification in 1871 but also because of the German propensity to value and take intense pride in the Heimat, understood both as the hometown and the region. Heimatliebe translated into generous support for cultural institutions in outlying cities. Host to a roster of internationally acclaimed artists and architects, major collectors, arts organizations, museums, presses, galleries, and one of the premier German arts academies of the day, Breslau boasted a thriving modern arts scene until 1933 when the Nazis began their assault on so-called "degenerate" art. This book charts the cultural production of Breslau-based artists, architects, art collectors, urban designers, and arts educators, who were especially interesting because they operated in the space between the margins of Weimar-era cultural debates. Rather than accepting the radical position of the German avant-garde or the reactionary position of German conservatives, many Breslauers sought a middle ground. It is the first book in English to address this history and presents the history in a manner unique to any studies currently on the market. 'Beyond the Bauhaus' explores the polyvalent and contradictory nature of cultural production in Breslau in order to expand the cultural and geographic scope of Weimar history; the book asserts a reciprocal dimension to the relationship between regional culture and national culture, between centers like Breslau and the capital Berlin. With major international figures like the painters Otto Mueller and Oskar Moll, architects Hans Scharoun and Adolf Rading, urban planners Max Berg and Ernst May, collectors Ismar Littmann and Max Silberberg, and an art academy that by 1929 was considered the best in Germany, Breslau clearly had significance to narratives of Weimar cultural production. 'Beyond the Bauhaus' contributes the history of German culture during the Weimar Republic. It belongs alongside histories of art, architecture, urban design, exhibition, collecting, and culture; histories of the Bauhaus; histories of arts education more broadly; and German history. The readership would include those interested in German history; German art, architecture, urban design, planning, collecting, and exhibition history; in the avant-garde; the development of arts academies and arts pedagogy; and the history of Breslau and Silesia.

Innovation and internationalization of Latin American services

Innovation and internationalization in services are key drivers of structural transformation, productivity growth and overall economic performance in Latin America. The services sector accounts for two thirds of the region’s GDP and provides over 60% of its employment. These shares are higher than in other developing regions, but still lower than in countries with higher levels of per capita income. The spread of information and communication technologies in Latin America over the past three decades has vastly enhanced both the tradability of services and the sector’s propensity to innovate. Long considered unrelated processes, both internationalization and innovation are today widely recognized as key and complementary sources of firm-level competitiveness and human capital enhancement. The advent of many novel types of business and consumer services is furthermore a key factor in the rising insertion of Latin American firms in regional and global value chains and transnational production networks, which are now the predominant form of organization of international production and trade. This volume explores three different levels of interaction between internationalization and innovation in the services sector in Latin America. Part I analyses the role of services in manufacturing and other sectors’ global value chains from a theoretical perspective, drawing on the experiences of Brazil and Mexico. Part II reviews innovation and internationalization policies and their effects on the performance of the services sector. Part III presents a series of case studies on innovation and internationalization linkages in Brazil, Chile, Costa Rica and Mexico. The book concludes that, in order for Latin American countries and firms to upgrade into services value chains, public and private initiatives must generate a host of regional public goods —enhanced investment climates, supply of skills, greater access to finance, improved protection of intellectual property, better value appropriation, enhanced efforts at standardization and quality certification— to strengthen the links between innovation and internationalization.

Capacidades e performance dos Tribunais de Contas no Brasil

O presente estudo visa à análise da relação entre as capacidades, conforme definidas por Brinkerhoff (2010), e a performance das Cortes de Contas brasileiras. As capacidades no atual estudo se referem à quantidade de funcionários de cada Tribunal de Contas, seu orçamento, percentual de servidores do seu quadro efetivo e cumprimento das normas constitucionais quanto a sua formação. A performance foi medida pelas variáveis: “Produtividade”, ou o número de processos julgados ou apreciados pelos Ministros ou Conselheiros; “Iniciativa”, ou seja, quantidade de fiscalizações in loco realizadas; “Valor das multas e débitos imputados”, entendidas como a propensão a punir das Cortes de Contas; e “Grau de rejeição das contas de governo”, que é definida como a razão do número de pareceres prévios rejeitando as contas de governo pelo total de pareceres emitidos. A atual pesquisa parte do estudo de Melo, Pereira e Figueiredo (2009) - que identifica diversas relações entre a estrutura dos Tribunais de Contas e sua atuação - propondo novas variáveis para uma análise mais ampla e real da performance das Cortes de Contas. As hipóteses do estudo foram testadas por meio de regressão estatística utilizando o método de mínimos quadrados. Os dados foram coletados diretamente dos Tribunais de Contas. Os testes realizados confirmaram que a quantidade de recursos humanos de cada Corte influencia positivamente todas as variáveis de performance referidas anteriormente, e que quanto maior o orçamento de cada Tribunal maior sua produtividade, sua iniciativa e o valor das multas e débitos imputados. O presente estudo também comprovou que quanto maior o percentual de servidores do quadro efetivo da Corte de Contas, maior é sua produtividade, o que corrobora as teorias de Evans (2004). A partir dos dados coletados na pesquisa, foi possível verificar que o percentual médio de servidores efetivos nas Corte de Contas é de 69% enquanto nas Cortes Judiciárias esse percentual é de 89%. Isso mostra que há bastante margem para aumento da produtividade dos órgãos de contas. Conclui-se que quanto mais recursos financeiros e humanos disponíveis, e quanto maior o percentual de servidores concursados, mais os Tribunais de Contas são produtivos, sancionadores e proativos.

The Migration of Doctors and Nurses from South Pacific Island Nations

Little is known of the structure of the international migration of skilled health professionals. Accelerated migration of doctors and nurses from the Pacific island states of Fiji, Samoa and Tonga to the Pacific periphery is part of the globalization of health care. The findings from a recent survey of 251 doctors and nurses from the three island countries are reported here. Key determinants of both present migration status and future migration intentions were analyzed using econometric methods. Nurses' and doctors' propensities to migrate are influenced by both income and non-income factors, including ownership of businesses and houses. Migrants also tend to have more close relatives overseas, to have trained there, and so experienced superior working conditions. Migration propensities vary between countries, and between nurses and doctors within countries. Tongan nurses have a higher propensity to migrate, mainly because of greater relative earnings differentials, but are also more likely to return home. The role of kinship ties, relative income differentials and working conditions is evident in other developing country contexts. Remittances and return migration, alongside business investment, bring some benefits to compensate for the skill drain. National development policies should focus on encouraging return migration, alongside retention and recruitment, but are unlikely to prevent out migration. (C) 2003 Elsevier Ltd. All rights reserved.

Disulfide-linked dimers of human adrenaline synthesizing enzyme PNMT are catalytically active

The crystal structure of human phenylethanolamine N-methyltransferase (hPNMT) reveals a disulfide- linked dimer, despite the presence of reducing agent in the crystallisation conditions. By removing the reducing agent, hPNMT crystals grow more rapidly and at lower protein concentrations. However, it was unclear whether the disulfide bonds are only present in the crystal form or whether these affect enzyme activity. The solution oligomeric state of hPNMT was investigated using biochemical techniques and activity assays. We found that in the absence of reducing agent, hPNMT forms dimers in solution. Furthermore, the solution dimer of hPNMT incorporates disulfide bonds, since this form is sensitive to reducing agent. The C48A and C139A mutants of hPNMT, which are incapable of forming the disulfide bond observed in the crystal structure, have a decreased propensity to form dimer in solution. Those dimers that do form are also sensitive to reducing agent. Further, the C48A/C139A double mutant shows only monomeric behaviour. Both dimeric and monomeric hPNMT, as well as mutants have wildtype enzyme activity. These results show that a variety of disulfides, including those observed in the crystal structure, can form in solution. In addition, disulfide-linked dimers are as active as the monomeric enzyme indicating that the crystal structure of the protein is a valid target for inhibitor design. Crown Copyright (c) 2005 Published by Elsevier B.V. All rights reserved.

The BAR domain proteins: Molding membranes in fission, fusion, and phagy

The Bin1/amphiphysin/Rvs167 (BAR) domain proteins are a ubiquitous protein family. Genes encoding members of this family have not yet been found in the genomes of prokaryotes, but within eukaryotes, BAR domain proteins are found universally from unicellular eukaryotes such as yeast through to plants, insects, and vertebrates. BAR domain proteins share an N-terminal BAR domain with a high propensity to adopt alpha-helical structure and engage in coiled-coil interactions with other proteins. BAR domain proteins are implicated in processes as fundamental and diverse as fission of synaptic vesicles, cell polarity, endocytosis, regulation of the actin cytoskeleton, transcriptional repression, cell-cell fusion, signal transduction, apoptosis, secretory vesicle fusion, excitation-contraction coupling, learning and memory, tissue differentiation, ion flux across membranes, and tumor suppression. What has been lacking is a molecular understanding of the role of the BAR domain protein in each process. The three-dimensional structure of the BAR domain has now been determined and valuable insight has been gained in understanding the interactions of BAR domains with membranes. The cellular roles of BAR domain proteins, characterized over the past decade in cells as distinct as yeasts, neurons, and myocytes, can now be understood in terms of a fundamental molecular function of all BAR domain proteins: to sense membrane curvature, to bind GTPases, and to mold a diversity of cellular membranes.

Genes and gene expression in the brains of human alcoholics

Chronic alcohol misuse by human subjects leads to neuronal loss in regions such as the superior frontal cortex (SFC). Propensity to alcoholism is associated with several genes. γ-Aminobutyric acid (GABA)A receptor expression differs between alcoholics and controls, whereas glutamate receptor differences are muted. We determined whether genotype differentiated the regional presentation of GABAA and glutamate-NMDA (N-methyl-d-aspartate) receptors in SFC. Autopsy tissue was obtained from alcoholics without comorbid disease, alcoholics with liver cirrhosis, and matched controls. ADH1C, DRD2B, EAAT2, and APOE genotypes modulated GABAA-β subunit protein expression in SFC toward a less-effective form of the receptor. Most genotypes did not divide alcoholics and controls on glutamate-NMDA receptor pharmacology, although gender and cirrhosis did. Genotype may affect amino acid transmission locally to influence neuronal vulnerability.

Modelling trickle irrigation: Comparison of analytical and numerical models for estimation of wetting front position with time

Irrigation practices that are profligate in their use of water have come under closer scrutiny by water managers and the public. Trickle irrigation has the propensity to increase water use efficiency but only if the system is designed to meet the soil and plant conditions. Recently we have provided a software tool, WetUp (http://www.clw.csiro.au/products/wetup/), to calculate the wetting patterns from trickle irrigation emitters. WetUp uses an analytical solution to calculate the wetted perimeter for both buried and surface emitters. This analytical solution has a number of assumptions, two of which are that the wetting front is defined by water content at which the hydraulic conductivity (K) is I mm day(-1) and that the flow occurs from a point source. Here we compare the wetting patterns calculated with a 2-dimensional numerical model, HYDRUS2D, for solving the water flow into typical soils with the analytical solution. The results show that the wetting patterns are similar, except when the soil properties result in the assumption of a point source no longer being a good description of the flow regime. Difficulties were also experienced with getting stable solutions with HYDRUS2D for soils with low hydraulic conductivities. (c) 2005 Elsevier Ltd. All rights reserved.

“Samira Doesn’t Live Here Any More” : Somali-Swedes’ mobility as transnational practice

This article explores transnational experiences within a group of Somali- Swedes, particularly how parents’ transnational practices are transferred to their children and how a transnational social space, built on close relationships on a global scale, is constructed. The readiness to relocate between countries and the implications for the children is illuminated. The onward migration to Egypt is highlighted as an example. According to research on Somalis in diaspora, they explain their propensity to move by claiming to be nomads, but this article indicates that it is also about their desire for better opportunities in combination with the cultural and economic marginalisation experienced in the West.

A study of strategic HR issues in an Asian context

Examines five strategic human resource management (HRM) issues using a qualitative methodology. Two of these are related to the central organisational-level constructs of structure and culture. The other three pertain to HR strategy, HR competencies, and HR outsourcing. The study employed the multiple-case design method proposed by Yin, with a view to extending theory in strategic HRM research. Semi-structured interviews were conducted with 35 managers (CEOs, line managers, and HR managers) of nine companies from two major industries in the manufacturing sector – electronic products and machinery/equipment. The research found that top management enlightenment and level of HR competencies together determine the role and status of the HR function in organisations, and that the companies studied pursue four types of HR strategies: informal and not communicated; informal and communicated; formal but not communicated; and formal and communicated. HR strategy was found to affect both vertical and horizontal fits of the HR function. Culture, HR strategy and HR competencies influenced organisational propensity to outsource HR activities.