Constitucionalização do processo: a busca pela celeridade e seus reflexos na garantia dos direitos fundamentais

Pós-graduação em Direito - FCHS

Essays in Media and Finance

This Ph.D. thesis consists in three research papers focused on the relationship between media industry and the financial sector. The importance of a correct understanding what is the effect of media on financial markets is becoming increasingly important as long as fully informed markets hypothesis has been challenged. Therefore, if financial markets do not have access to complete information, the importance of information professionals, the media, follows. On the other side, another challenge for economic and finance scholar is to understand how financial features are able to influence media and to condition information disclosure. The main aim of this Ph.D. dissertation is to contribute to a better comprehension for both the phenomena. The first paper analyzes the effects of owning equity shares in a newspaper- publishing firm. The main findings show how for a firm being part of the ownership structure of a media firm ends to receive more and better coverage. This confirms the view in which owning a media outlet is a source of conflicts of interest. The second paper focuses on the effect of media-delivered information on financial markets. In the framework of IPO in the U.S. market, we found empirical evidence of a significant effect of the media role in the IPO pricing. Specifically, increasing the quantity and the quality of the coverage increases the first-day returns (i.e. the underpricing). Finally the third paper tries to summarize what has been done in studying the relationship between media and financial industries, putting together contributes from economic, business, and financial scholars. The main finding of this dissertation is therefore to have underlined the importance and the effectiveness of the relationship between media industry and the financial sector, contributing to the stream of research that investigates about the media role and media effectiveness in the financial and business sectors.

Target Price Accuracy

This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown) 12-month stock price. Furthermore, we determine factors that explain this accuracy. Target price accuracy is negatively related to analyst-specific optimism and stock-specific risk (measured by volatility and price-to-book ratio). However, target price accuracy is positively related to the level of detail of each report, company size and the reputation of the investment bank. The potential conflicts of interests between an analyst and a covered company do not bias forecast accuracy.

Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

Hypothalamic Wnt signalling and its role in energy balance regulation

Acknowledgements The authors wish to thank the British Society for Neuroendocrinology (BSN) for generous support in providing a research visit grant to GH. This article was written during the research visit to the Centre of Neuroendocrinology, University of Dunedin. We thank Dr Rebecca Dumbell for proof reading the manuscript. The authors of the manuscript have no conflicts of interest to declare

Sexual conflict promotes speciation in insects

Speciation rates among extant lineages of organisms vary extensively, but our understanding of the causes of this variation and, therefore, the processes of speciation is still remarkably incomplete. Both theoretical and empirical studies have indicated that sexual selection is important in speciation, but earlier discussions have focused almost exclusively on the potential role of female mate choice. Recent findings of postmating reproductive conflicts of interest between the sexes suggest a quite different route to speciation. Such conflicts may lead to perpetual antagonistic coevolution between males and females and may thus generate rapid evolutionary divergence of traits involved in reproduction. Here, we assess this hypothesis by contrasting pairs of related groups of insect species differing in the opportunity for postmating sexual conflict. Groups where females mate with many males exhibited speciation rates four times as high as in related groups where females mate only once. Our results not only highlight the general importance of postmating sexual selection in speciation, but also support the recent suggestion that sexual conflict is a key engine of speciation.

In-House Risk

Over the last thirty years or so, as the number of in-house counsel rose and their role increased in scope and prominence, increased attention has been given the various challenges these lawyers face under the ABA Model Rules of Professional Conduct, from figuring out who is the client the in-house lawyer represents, to navigating conflicts of interest, maintaining independence, and engaging in a multijurisdictional practice of law. Less attention, to date, has been given to business risk assessment, perhaps in part because that function appears to be part of in-house counsel’s role as a business person rather than as a lawyer. Overlooking the role of in-house counsel in assessing risk, however, is a risky proposition, because risk assessment constitutes for some in-house counsel a significant aspect of their role, a role that in turn informs and shapes how in-house counsel perform other more overtly legal tasks. For example, wearing her hat as General Counsel, a lawyer for the entity-client may opine and explain issues of compliance with the law. Wearing her hat as the Chief Legal Officer, however, the same lawyer may now be called upon as a member of business management to participate in the decision whether to comply with the law. After outlining some of the traditional challenges faced by in-house counsel under the Rules, this short essay explores risk assessment by in-house counsel and its impact on their role and function under the Rules. It argues that the key to in-house lawyers’ successful navigation of multiple roles, and, in particular, to their effective assessment of business risk is keen awareness of the various hats they are called upon to wear. Navigating these various roles may not be easy for lawyers, whose training and habits of mind often teach them to zoom in on legal risks to the exclusion of business risks. Indeed, law schools continue to teach law students “to think like a lawyer” and law firms, the historical breeding grounds for in-house counsel positions, in a world of increased specialization master the narrower contemplation of legal questions. Yet the present and future of in-house counsel practice demand of its practitioners the careful and gradual coming to terms, buildup and mastery of business risk analysis skills, alongside the cultivation of traditional legal risk analysis tools.

La política editorial antifraude de las revistas científicas españolas e iberoamericanas del JCR en Ciencias Sociales

El proceso de publicación de un artículo debe basarse en la credibilidad, la verdad y la autenticidad. La inclusión de normas éticas en la política editorial científica se concibe como una medida preventiva y disuasoria de conductas inapropiadas. Dada la escasez de estudios sobre ética y publicación científica en Ciencias Sociales y, en particular, en España e Iberoamérica, esta investigación analiza la política editorial antifraude de las revistas españolas y latinoamericanas indexadas en el JCR en Ciencias Sociales (2014). Para cumplir nuestro objetivo, se utilizaron como muestra objeto de estudio 104 revistas y en las instrucciones a autores se examinaron una serie de principios de actuación ética: 1) Derechos de las personas que participan en la investigación; 2) Protección del bienestar de los animales objeto de experimentación; 3) Conflicto de interés; 4) Envío y publicación de manuscritos. Nuestros resultados apuntan que el carácter inédito de la investigación, así como la prohibición del envío simultáneo de los trabajos a otras revistas son los temas que aparecen con más frecuencia. Pese al intento de sociedades de edición científica como ICMJE y COPE por estandarizar los asuntos que afectan al fraude en la ciencia, su incidencia es exigua en las publicaciones objeto de estudio. Dada la dispersión normativa analizada, se retoma la necesidad detectada por otros autores de desarrollar un código ético uniforme para las disciplinas de Ciencias Sociales.

Three essays on dual-class stock structure

Dual-class stock structure is characterized by the separation of voting rights and cash flow rights. The departure from a common "one share-one vote" configuration creates ideal conditions for conflicts of interest and agency problems between controlling insiders (the holders of voting rights) and remaining shareholders. The owners of voting rights have the opportunity to extract private benefits and act in their personal interest; as a result, dual-class firms are often perceived to have low transparency and high information asymmetry. This dissertation investigates the quality of information and the information environment of firms with two classes of stock. The first essay examines the quality of information by studying accruals in dual-class firms in comparison to firms with only one class of stock. The results suggest that the quality of accruals is better in dual-class firms than in single-class firms. In addition, the difference in the quality of accruals between firms that abolish their dual-class share structure by unification and singe-class firms disappears in the post-unification period. The second essay investigates the earnings informativeness of dual-class firms by examining the explanatory power of earnings for returns. The results indicate that the earnings informativeness is lower for dual-class firms as compared to single-class firms. Earnings informativeness improves in firms that unify their shares. The third essay compares the level of information asymmetry between dual-class firms and single-class firms. It is documented that the information environment for dual-class firms is worse than for single-class firms. Also, the finding suggests that the difference in information environment between dual-class firms and single-class firms disappears after dual-class stock unification.

A ribeira da discórdia: terras, homens e relações de poder na territorialização do Assu colonial (1680-1720)

The internalization process of the Portuguese possession in Northern Captaincies - after the Dutch eviction and the development of activities related to livestock in the backlands (Sertão) – expanded the Portuguese territory in America. This process resulted in the advancement of Portuguese conquest over the region and conflicts involving agents of colonization and indigenous groups who inhabited that space, as well as conflicts of interest of captaincy’s major social groups and the defense policies of the Portuguese territory possession. Among the rivers which run through Rio Grande captaincy’s territory, the Açu was the one that aroused conquerors and colonizers of the back lands interest, making that spatiality an area where interest and power exercises converged and generated discord. This research aims to analyze the territorial process of Assu backlands, from the pioneers, conquerors and colonizers action over the space studied, during the event known as the War of the Barbarians in Assu, conflict that ensured the integration of the area the territory and the wishes of the Portuguese crown. Thus, it will be taken as objects of study social phenomena that characterized Assu’s riverside - at the turn of the 17th to the 18th century, in a cutout that extends from 1680 to 1720 - as an area of conflicts of interest, noticeable for analysis from period documents such as records of land grants concessions, correspondence between colonial and kingdom authorities, documents from the exercise of administration of Portuguese America and legislation.

A ribeira da discórdia: terras, homens e relações de poder na territorialização do Assu colonial (1680-1720)

The internalization process of the Portuguese possession in Northern Captaincies - after the Dutch eviction and the development of activities related to livestock in the backlands (Sertão) – expanded the Portuguese territory in America. This process resulted in the advancement of Portuguese conquest over the region and conflicts involving agents of colonization and indigenous groups who inhabited that space, as well as conflicts of interest of captaincy’s major social groups and the defense policies of the Portuguese territory possession. Among the rivers which run through Rio Grande captaincy’s territory, the Açu was the one that aroused conquerors and colonizers of the back lands interest, making that spatiality an area where interest and power exercises converged and generated discord. This research aims to analyze the territorial process of Assu backlands, from the pioneers, conquerors and colonizers action over the space studied, during the event known as the War of the Barbarians in Assu, conflict that ensured the integration of the area the territory and the wishes of the Portuguese crown. Thus, it will be taken as objects of study social phenomena that characterized Assu’s riverside - at the turn of the 17th to the 18th century, in a cutout that extends from 1680 to 1720 - as an area of conflicts of interest, noticeable for analysis from period documents such as records of land grants concessions, correspondence between colonial and kingdom authorities, documents from the exercise of administration of Portuguese America and legislation.

Orexigenic Gene Expression in Late Gestation Ovine Foetal Hypothalamus is Sensitive to Maternal Undernutrition and Realimentation

Acknowledgements Research was funded by the Scottish Government's Rural and Environment Science and Analytical Services Division (RESAS), including the Strategic Partnership for Animal Science Excellence (SPASE). The authors have no conflicts of interest to declare.

Orexigenic Gene Expression in Late Gestation Ovine Foetal Hypothalamus is Sensitive to Maternal Undernutrition and Realimentation

Acknowledgements Research was funded by the Scottish Government's Rural and Environment Science and Analytical Services Division (RESAS), including the Strategic Partnership for Animal Science Excellence (SPASE). The authors have no conflicts of interest to declare.

Breads Fortified with Freeze-Dried Vegetables : Quality and Nutritional Attributes. Part II: Breads Not Containing Oil as an Ingredient

Acknowledgments: Funds for the study were provided by the Scottish Government's Rural and Environment Science and Analytical Services Division and conducted as part of the Scottish Government Strategic Research programme (Diet and Health Theme of the Food Land & People Programme). The authors are grateful to Phillip Morrice, Vivian Buchan, and Donna Henderson for helping with the nutritional analysis of the breads. The authors declare no conflicts of interest.

Orexigenic Gene Expression in Late Gestation Ovine Foetal Hypothalamus is Sensitive to Maternal Undernutrition and Realimentation

Acknowledgements Research was funded by the Scottish Government's Rural and Environment Science and Analytical Services Division (RESAS), including the Strategic Partnership for Animal Science Excellence (SPASE). The authors have no conflicts of interest to declare.