The sources of spinoff equity gains: takeover premiums or operating gains

Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit.

Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

Do insurance defrauders want to be punished?

We analyze a Principal-Agent model of an insurer who faces an adverse selection problem. He is unable to observe if his client has a high risk or a low risk of having an accident. At the underwriting of the contract, the insurer requests the client to declare his risk. After that, the former can costly audit the truthfulness of this announcement. If the audit confirms a false declaration, the insurer is legally allowed to punish the defrauder. We characterize the efRcient contracts when this punishment is bounded from above by a legal restriction. Then, we do some comparative statics on the efRcient contracts and on the agent's utility. The most important result of this paper concerns the legal limit to a defrauder's punishment. We prove that there exists a uni que value of this legal limit that maximizes the expected utility of a high risk type. Facing this particular value of the legal limit to a defrauder's punishment, the insurer will effectively audit a low risk reporto We also show that this particular value increases with the probability of facing a high risk policyholder. Therefore, when this probability is sufRciently high, the nullity of the contract is not enough. From the point of view of a potential defrauder, the law should allow harder sanctions. This is an striking result because the nullity of the contract is a common sanction for this kind of fraud in the USA and in some European countries.

Impacto das classificações de rating no valor das empresas brasileiras

Este trabalho tem como objetivo estudar como os anúncios de alterações nos ratings de crédito afetam o valor de mercado das empresas brasileiras. Isso foi feito considerando as divulgações de rating pelo período de 3 anos para o universo de empresas que compõem o índice Bovespa de ações. A metodologia escolhida foi a de Estudo de Evento, utilizando o Market Model como forma de estimação dos retornos normais das ações para uma janela de estimação de 1 ano. Como resultado verificou-se que as divulgações dos ratings têm influência no preço das ações, sendo esse efeito mais acentuado no caso dos rebaixamentos de rating (downgrades): os investidores tendem a antecipar a divulgação do downgrade já que o preço das ações cai antes dessa data e volta a subir depois dela. Essa conclusão está em linha com a de estudos semelhantes feitos com ações europeias e americanas. Outra conclusão foi a de que separando a amostra de downgrades entre empresas investment grade e non-investment grade o efeito dos anúncios de rating é mais acentuado no segundo grupo.

O livro didático de história: um caleidoscópio de escolhas e usos no cotidiano escolar (Ceará, 2007 2009)

In the first decade of the XXI century, it is possible to assert that school textbook is part of the material culture of most public Brazilian schools by means of National School Textbook Program (PNLD). This research aimed at identifying and analyzing textbooks choice in Ceara, relating it to the uses of such tool within school daily life. The setting for the study was four public schools, two of them placed in Fortaleza, and the other in Quixada. It evaluated the uses of textbooks in the 6th grade. As part of methodology, public managers were interviewed, teachers answered surveys, and a direct observation during History classes in 2008 school year was carried out. The observation was over after round chats with students in the class, in which each one designed draws and sentences concerning to the textbook. Furthermore, the study was based on MEC official documents that regulate the textbook choice process with National textbook Program announcement (PNDL/2008) and PNDL/2008 Textbook Guide, in addition to History textbooks schools used. Roger Chartier‟s concept of appropriation was an analysis category, as well as Michael de Certeau s strategy and tatics‟, and Dominique Julia‟s concept of school culture . The study recognizes textbook in the perspective of Alain Choppin and Egil Borre Johnsen, since it is a complex cultural object. For this reason, the study designs an analogy with a kaleidoscope that sends different images depending on who uses it, within a set of colorful lines, since textbook comprehends nowadays different sources and languages, as it offers countless possibilities of use in teaching History. The study concludes that only the main text of each chapter is really worked in daily class practice. Therefore, although theoretical and graphic changes in textbook production, the textbook is underused, which is central to a later rethought of teachers instruction, since, depending on the conception of teaching and learning, textbook potentialities will be used to improve the development of knowledge in History.

Um estudo sobre o momentum angular total de estrelas com planetas

Since Michel Mayor and his student Didier Queloz s pioneer announcement, in 1995, of the existence of a planet orbiting the star 51 Peg, up to present date, 695 extrasolar planets orbiting stars of spectral type F, G, K and M have been discovered. A study on the behavior of the total angular momentum of the planetary systems known up to present date becomes relevant when we know that about 98% of the angular momentum of the solar system is associated with the planets, although they represent only 0.15 percent of the mass of the whole system. In this dissertation we study the behavior of stellar angular momentum, orbital angular momentum and total angular momentum in a sample of 282 stars harboring planets, including 40 multiple systems. We observed that planetary systems containing more than one known planet have both higher orbital angular momentum and total angular momentum compared to those who have only one planet. This analysis shows that multiplanet systems tend to have higher momenta, suggesting that the planets in such systems that contribute to the greater portion momenta have been found. Thus, planetary systems with lower values for the momenta represent the best candidates to the discovery of new planets

Empreendedorismo social e protagonismo juvenil: a estratégia socioeducativa do projeto Oasis de intervivência universitária

This dissertation aims to analyze the strategy of socio Intervivência University Project OASIS training of community development from the perspective of social entrepreneurship. This project was part of the context of a sort of university extension, called Intervivência University, which emerged in 2008 through the announcement MCT / CNPq / CT-Agribusiness / MDA - No. 23/2008 - Intervivência University Program. With the analysis of the OASIS project sought to identify a strategy socio, which was used elements of popular education and aimed to develop young people within the social entrepreneurship that made contributions to such has taken actions in their communities seeking range of social gains. For this, the methodological aspect, it was used in the research, a qualitative approach, case study, content analysis, semi-structured interviews and non-participant observation. In the theoretical aspect was addressed in the affairs of: social entrepreneurship, with emphasis on the concept, their differentiations of business entrepreneurship and social responsibility, and characterizing the social entrepreneur, popular education, as for the development of social entrepreneurship is the need for a new way of thinking and seeing reality for the people, and youth leadership, given the importance in the context of social action, to have young people seeking a better life for their communities. Addressed the theory were drawn categories (capital, empowerment and youth participation) and subcategories of analysis (value, attitude, behavior, trust, cooperation, civic participation) used in this work. Given the information and analysis of interviews and observations could be perceived that the strategy promoted socio Project OASIS changes, or the reaffirmation of values, resulting in new attitudes and, consequently, new behaviors in the students interviewed. Has been identified in them the development of trust and cooperation. In the aspect of civic awakening was observed in some of them only. In relation to juvenile activity was perceived to develop actions aimed at social benefits for all respondents. Thus, the OASIS Project Intervivência University made contributions to the young participants in the research aspect of social entrepreneurship, influencing them in developing activities in the social sphere in which cities are embedded

Stability regions around the components of the triple system 2001 SN263

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Projeto Rived: um estudo de caso de uma equipe de matemática

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Discurso publicitário de Veja: o sincretismo da mulher contemporânea

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Eça de Queirós e a Gazeta de Notícias (suplemento literário -1892)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Jorge Amado e a consciência discursível em A morte e a morte de Quincas Berro D'água

Pós-graduação em Letras - FCLAS

Cuidados paliativos em oncologia pediátrica: perpectivas maternas

Pós-graduação em Enfermagem (mestrado profissional) - FMB

Conflitos por múltiplos usos da água no reservatório da UHE de Tucuruí

Os conflitos por múltiplos usos da água, no reservatório da UHE Tucuruí, surgem com o anúncio da construção da mega hidrelétrica na região, e os conflitos socioambientais subseqüentes. Aliada a elevação do nível de percepção social em relação aos problemas ambientais cresce também a busca por eficientes processos de gestão e gerenciamento de recursos hídricos. Este estudo objetiva analisar e tipificar os conflitos por múltiplos usos da água no reservatório da UHE Tucuruí, utilizando-se como ferramenta de apoio à decisão o software de modelagem qualitativa NVivo 8, e dessa forma verificar as melhores alternativas a serem adotadas para a conciliação dos usos múltiplos no reservatório. As tipificações realizadas basearam-se na análise dos conflitos, seus componentes, elementos e aspectos, tipo, natureza e origem. Sendo assim, identificaram-se três principais tipos de conflitos no reservatório da UHE Tucuruí: conflitos entre distintos grupos de usuários da água, conflitos por obras hidráulicas e conflitos decorrentes de poluição ambiental. Para este estudo adotou - se uma abordagem qualitativa, através do método de mapeamento cognitivo. Este tipo de mapeamento possibilitou a construção de um modelo cognitivo para a gestão dos conflitos no reservatório de Tucuruí. Sendo assim, o software NVivo 8 possibilitou, além da análise dos dados obtidos nas entrevistas e no levantamento bibliográfico, a construção do modelo gráfico de apoio à gestão de conflitos por múltiplos usos da água. Verificou-se que uma das formas de solução dos conflitos é através da análise destes, em vistas de se investigar os mecanismos adequados para sua resolução, e posterior proposição de medidas estruturais e/ou nãoestruturais para a gestão de recursos hídricos. As principais ações para a solução dos conflitos estão enquadradas nos métodos de resolução institucional de longo prazo. O modelo pode funcionar como suporte ao planejamento e tomada de decisão, tendo em vista os problemas ambientais, a participação dos usuários da água no sistema hídrico, as políticas públicas, e também a gestão integrada dos recursos hídricos. Concluiu- se, então, que a exploração dos recursos hídricos deve proporcionar os múltiplos usos da água em atendimento aos princípios da sustentabilidade ambiental, inseridos num processo de gestão dos conflitos por múltiplos usos da água e gerenciamento integrado dos recursos hídricos.

Transeuntes sobre ruínas: figurações alegóricas da casa familiar, no limiar de um certo exílio

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)