Premiação top 5: estudo de um caso de torneio no Brasil

Com a implementação do sistema de metas de inflação no Brasil, o Banco Central desenvolveu uma pesquisa de coleta de expectativas do mercado para a inflação e outras variáveis macroeconômicas, como uma das ferramentas para guiar a política monetária. O ranking Top 5 com as melhores projeções vem sendo publicado desde 2001. Este trabalho analisa a estrutura de premiação do ranking Top 5 como um mecanismo de incentivo para (i) obter projeções atualizadas do mercado e (ii) estimular as instituições participantes da pesquisa a aprimorar suas projeções. A análise baseia-se na literatura desenvolvida na área de torneios e na investigação dos dados disponíveis na pesquisa de expectativas e na premiação Top 5. Encontra-se alguma evidência de heterogeneidade entre os participantes da pesquisa, que pode estar relacionada tanto a características intrínsecas de cada instituição com relação à habilidade quanto ao nível de esforço e estratégia escolhidos.

Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

The certification role of venture capitalists, top underwriters and big-n auditors in ipos

Esta tese avalia o impacto dos principais atores recorrentes durante o processo de IPO, em particular, o venture capitalist, o underwriter, e o auditor, sobre as condições de comercialização das ações da empresa, capturado pelo bid-ask spread, a fração de investidores institucionais que investem na empresa, a dispersão de capital, entre outros. Além disso, este estudo também analisa alguns benefícios que os fundos de Venture Capital (VCs) fornecem às empresas que eles investem. Ele investiga o papel dos VCs em dificultar o gerenciamento de resultados em IPOs e quantifica o papel desempenhado por eles no desempenho operacional das empresas após sua oferta inicial de ações. No primeiro capítulo, os resultados indicam que as empresas inflam seus resultados principalmente nos períodos pré-IPO e do IPO. Quando nós controlamos para os quatro períodos diferentes do IPO, observamos que IPOs de empresas investidas por VCs apresentam significativamente menos gerenciamento de resultados no IPO e em períodos seguintes à orfeta inicial das ações, exatamente quando as empresas tendem a inflar mais seus lucros. Este resultado é robusto a diferentes métodos estatísticos e diferentes metodologias usadas para avaliar o gerenciamento de resultados. Além disso, ao dividir a amostra entre IPOs de empresas investidas e não investidas por VCs, observa-se que ambos os grupos apresentam gerenciamento de resultados. Ambas as subamostras apresentam níveis de gerenciamento de resultados de forma mais intensa em diferentes fases ao redor do IPO. Finalmente, observamos também que top underwriters apresentam menores níveis de gerenciamento de resultados na subamostra das empresas investidas por VCs. No segundo capítulo, verificou-se que a escolha do auditor, dos VCs, e underwriter pode indicar escolhas de longo prazo da empresa. Nós apresentamos evidências que as características do underwriter, auditor, e VC têm um impacto sobre as características das empresas e seu desempenho no mercado. Além disso, estes efeitos são persistentes por quase uma década. As empresas que têm um top underwriter e um auditor big-N no momento do IPO têm características de mercado que permanecem ao longo dos próximos 8 anos. Essas características são representadas por um número maior de analistas seguindo a empresa, uma grande dispersão da propriedade através de investidores institucionais, e maior liquidez através um bid-ask spread menor. Elas também são menos propensas a saírem do mercado, bem como mais propensas à emissão de uma orferta secundária. Finalmente, empresas investidas por VCs são positivamente afetadas, quando consideramos todas as medidas de liquidez de mercado, desde a abertura de capital até quase uma década depois. Tais efeitos não são devido ao viés de sobrevivência. Estes resultados não dependem da bolha dot-com, ou seja, os nossos resultados são qualitativamente similares, uma vez que excluímos o período da bolha de 1999-2000. No último capítulo foi evidenciado que empresas investidas por VCs incorrem em um nível mais elevado de saldo em tesouraria do que as empresas não investidas. Este efeito é persistente por pelo menos 8 anos após o IPO. Mostramos também que empresas investidas por VCs estão associadas a um nível menor de alavancagem e cobertura de juros ao longo dos primeiros oito anos após o IPO. Finalmente, não temos evidências estatisticamente significantes entre VCs e a razão dividendo lucro. Estes resultados também são robustos a diversos métodos estatísticos e diferentes metodologias.

Evolução top-hat hidrodinâmica em campos de velocidades peculiares primordiais

We investigate the cosmology of the vacuum energy decaying into cold dark matter according to thermodynamics description of Alcaniz & Lima. We apply this model to analyze the evolution of primordial density perturbations in the matter that gave rise to the first generation of structures bounded by gravity in the Universe, called Population III Objects. The analysis of the dynamics of those systems will involve the calculation of a differential equation system governing the evolution of perturbations to the case of two coupled fluids (dark matter and baryonic matter), modeled with a Top-Hat profile based in the perturbation of the hydrodynamics equations, an efficient analytical tool to study the properties of dark energy models such as the behavior of the linear growth factor and the linear growth index, physical quantities closely related to the fields of peculiar velocities at any time, for different models of dark energy. The properties and the dynamics of current Universe are analyzed through the exact analytical form of the linear growth factor of density fluctuations, taking into account the influence of several physical cooling mechanisms acting on the density fluctuations of the baryonic component of matter during the evolution of the clouds of matter, studied from the primordial hydrogen recombination. This study is naturally extended to more general models of dark energy with constant equation of state parameter in a flat Universe

Growth of Al2O3 thin film by oxidation of resistively evaporated Al on top of SnO2, and electrical properties of the heterojunction SnO2/Al2O3

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Intracanal dressing and root canal filling materials in tooth replantation: a literature review

The prognosis of tooth replantation is usually related to the need of endodontic treatment, which has a direct relationship with the occurrence of root resorptions. Several studies have been undertaken in an attempt to prevent, delay, or treat these complications, which are the main causes of loss of replanted teeth. This literature review examines research evidence on intracanal dressings and root canal filling materials used in cases of tooth replantation. A comprehensive search was performed in the Medline/Pubmed, Bireme and Scielo full-text electronic journal databases to retrieve English-language articles referring to these topics that had been published between 1964 and 2010. Calcium hydroxide (CH) remains the usually recommended choice as an intracanal medicament in replanted teeth; however, there is evidence to support the initial use of a corticosteroid-antibiotic combination such as Ledermix paste to control potential early resorption, prior to the introduction of CH where the beneficial effect in the treatment of progressive root resorption has been well proven. Regarding root filling materials, CH-containing sealers are a good option because of their biological properties. Accurate diagnosis and adequate treatment plan may constitute very complex tasks, particularly in tooth avulsion because several variables are involved. In addition to the technical knowledge and clinical experience directed toward the quality of treatment, patient education may favorably influence the survival of replanted teeth.

Effect of a calcium hydroxide/chlorhexidine paste as intracanal dressing in human primary teeth with necrotic pulp against Porphyromonas gingivalis and Enterococcus faecalis

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Efficacy of NiTi rotary instruments in removing calcium hydroxide dressing residues from root canal walls

The aim of this study was to evaluate the efficacy of three rotary instrument systems (K3, ProTaper and Twisted File) in removing calcium hydroxide residues from root canal walls. Thirty-four human mandibular incisors were instrumented with the ProTaper System up to the F2 instrument, irrigated with 2.5% NaOCl followed by 17% EDTA, and filled with a calcium hydroxide intracanal dressing. After 7 days, the calcium hydroxide dressing was removed using the following rotary instruments: G1 - NiTi size 25, 0.06 taper, of the K3 System; G2 - NiTi F2, of the ProTaper System; or G3 - NiTi size 25, 0.06 taper, of the Twisted File System. The teeth were longitudinally grooved on the buccal and lingual root surfaces, split along their long axis, and their apical and cervical canal thirds were evaluated by SEM (×1000). The images were scored and the data were statistically analyzed using the Kruskall Wallis test. None of the instruments removed the calcium hydroxide dressing completely, either in the apical or cervical thirds, and no significant differences were observed among the rotary instruments tested (p > 0.05).

Bottom-up and top-down effects in a pre-dispersal seed predation system: are non-predated seeds damaged?

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Independent and interactive effects of a top and an intermediate fish species on the food web structure of a tropical stream

Two fish species, one top predator (Imparfinis mirini) and one intermediate detritivorous species (Hisonotus depressicauda), were experimentally manipulated to evaluate their relative importance in structuring the periphytic community, as well as their effects on the other trophic levels. An enclosure experiment was conducted in the Potreirinho creek, a second order tributary of Paranapanema River, SE Brazil. Five treatments were used: enclosure of the predator species. enclosure of the detritivorous species, enclosure of both together, exclusion of all fish species (closed control cage), and cage open to all fish community, (open control). Through direct and indirect effects, I. mirini, when alone gave rise to a trophic cascade that resulted in a positive effect on algal resources. Through direct effects, H. depressicauda. when alone, reduced the amount of organic matter, resulting in a positive indirect effect on algae. In addition, when the two species were enclosed together, only the effects determined by the detritivorous species were present. The results indicate the important role of the intermediate detritivorous species in the maintenance of the composition and trophic structure of the analyzed community by reducing the effects caused by the top predator.

Homogenous amniotic membrane as a biological dressing for oral mucositis in rats: Histomorphometric analysis

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Search for right-handed W bosons in top quark decay

We present a measurement of the fraction f(+) of right-handed W bosons produced in top quark decays, based on a candidate sample of t (t) over bar events in the lepton+jets decay mode. These data correspond to an integrated luminosity of 230 pb(-1), collected by the D0 detector at the Fermilab Tevatron p (p) over bar Collider at root s=1.96 TeV. We use a constrained fit to reconstruct the kinematics of the t (t) over bar and decay products, which allows for the measurement of the leptonic decay angle theta(*) for each event. By comparing the cos theta(*) distribution from the data with those for the expected background and signal for various values of f(+), we find f(+)=0.00 +/- 0.13(stat)+/- 0.07(syst). This measurement is consistent with the standard model prediction of f(+)=3.6 x 10(-4).