Disclosure da utilização de derivativos por companhias abertas não-financeiras brasileiras

A pesquisa avaliou o grau de disclosure da utilização de derivativos, por companhias abertas não-financeiras brasileiras. Dez "dimensões" dessa utilização foram analisadas, à luz principalmente do que dispõe a regulamentação americana sobre a matéria. Os resultados mostram que, em comparação com o que esta exige, o grau de disclosure da utilização de derivativos pelas empresas brasileiras deixa muito a desejar; nesse mister, as empresas com participação de capital estrangeiro não apresentam práticas de disclosure superiores às empresas simplesmente domésticas.

Responsabilidade socioambiental: a divulgação de relatórios na América Latina

Este trabalho tem o objetivo de analisar comparativamente as informações socioambientais divulgadas pelas companhias latino-americanas nos seus relatórios. Foi efetuada uma análise de conteúdo das informações socioambientais divulgadas por uma amostra de 226 organizações, no período de 2004 a 2009, segregadas por país, empresa, setor e ano. Foram utilizadas as diretrizes voluntárias da Global Reporting Initiative como escopo para analisar o conteúdo dos relatórios anuais, relatórios de sustentabilidade e Formulários 20F, disponibilizados pelas organizações, nos seus websites ou nas bolsas de valores em que negociam suas ações. A maioria das companhias de capital aberto na região não disponibiliza informações socioambientais nos seus relatórios anuais ou em relatórios específicos sobre o tema. No âmbito das multinacionais que operam na América Latina e que foram selecionadas para este estudo, percebeu-se maior concentração dessas na Argentina, Chile e Peru e foram as companhias que mais divulgaram informações socioambientais nos relatórios analisados nesses países. Entre os países latino-americanos, verificou-se que o nível de aderência às diretrizes voluntárias de divulgação de informações socioambientais é baixo, mas as companhias estabelecidas no Brasil são as que têm maior e melhor nível de aderência a tais diretrizes. O referencial teórico indicou as várias influências históricas que contribuíram para esse resultado, como a organização e adesão do setor empresarial à questão socioambiental, além do apoio de ONGs que se especializaram em difundir o tema. O Instituto Ethos de Empresas e Responsabilidade Social, além de outras entidades, como IBASE e GIFE, exerceram e exercem importante papel na difusão e profissionalização das ações socioambientais das companhias brasileiras. Nos demais países, o assunto ainda é incipiente, apesar de haver várias instituições locais voltadas para a participação empresarial na elaboração e divulgação de relatórios voltados para o tema, o assunto começou a ser amplamente divulgado há poucos anos. As companhias que compuseram a amostra deste trabalho estão entre as de maior porte dos seus respectivos países. No caso do Brasil e do México, a indústria local tem sua maneira própria de elaborar ações socioambientais, bem como, divulgá-las em relatórios específicos. Quanto à evolução e forma de divulgação de informações socioambientais, tem-se o relatório anual como o principal canal utilizado pelas companhias para destacar tais informações, seguido do relatório de sustentabilidade, divulgado como parte do relatório anual, ou como uma publicação específica.

Test score disclosure and school performance

In this paper we test whether the disclosure of test scores has direct impacts on student performance, school composition and school inputs. We take advantage of the discontinuity on the disclosure rules of The National Secondary Education Examination (ENEM) run in Brazil by the Ministry of Education: In 2006 it was established that the 2005 mean score results would be disclosed for schools with ten or more students who took the exam in the previous year. We use a regression discontinuity design to estimate the e ects of test disclosure. Our results indicate that private schools that had their average scores released in 2005 outperformed those that did not by 0.2-0.6 in 2007. We did not nd same results for public schools. Moreover, we did not nd evidence that treated schools adjusted their inputs or that there was major changes in the students composition of treated schools. These ndings allow us to interpret that the main mechanism driving the di erences in performance was the increased levels of students', teachers' and principals' e ort exerted by those in schools that had scores publicized.

Political budget cycles in a fiscal federation : the effect of partisan voluntary transfers

This article first presents an econometric study suggesting that intergovernmental transfers to Brazilian municipalities are strongly partisan motivated. In light of that stylized fact, it develops an extension to Rogoff (1990)’s model to analyze the effect of partisan motivated transfers into sub-national electoral and fiscal equilibria. The main finding is that important partisan transfers may undo the positive selection aspect of political budget cycles. Indeed, partisan transfers may, on one hand, eliminate the political budget cycle, solving a moral hazard problem, but, on the other hand, they may retain an incompetent incumbent in office, bringing about an adverse selection problem.

Knowledge disclosure as a weapon in technological change battles: straight shot or backfire?

This work aims at evaluating how effective is knowledge disclosure in attenuating institutional negative reactions caused by uncertainties brought by firms’ new strategies that respond to novel technologies. The empirical setting is from an era of technological ferment, the period of the introduction of the voice over internet protocol (VoIP) in the USA in the early 2000’s. This technology led to the convergence of the wireline telecommu- nications and cable television industries. The Institutional Brokers’ Estimate System (also known as the I/B/E/S system) was used to capture reactions of securities analysts, a revealed important source of institutional pressure on firms’ strategies. For assessing knowledge disclosure, a coding technique and a established content analysis framework were used to quantitatively measure the non-numerical and unstructured data of transcripts of business events occurred at that time. Eventually, several binary response models were tested in order to assess the effect of knowledge disclosure on the probability of institutional positive reactions. The findings are that the odds of favorable institutional reactions increase when a specific kind of knowledge is disclosed. It can be concluded that knowledge disclosure can be considered as a weapon in technological changes situations, attenuating adverse institutional reactions to the companies’ strategies in environments of technological changes.

Coffee voluntary standards systems a study of the states of Minas Gerais and São Paulo

In order to adapt to new markets, the coffee supply chain has gone through numerous changes during the last years, which led to the creation of the voluntary standard systems. Adopting a Voluntary Standard System (VSS) consists of becoming a member of a certifier or verifier, in which an independent third party sets specific criteria to ensure a product complies with standards. Yet, the segment is still relatively new and raises some doubts about the economic and financial advantages of investing in sustainability-related certification. This study analyzes the perception of coffee producers about VSS – whether it brings economic benefits. The literature review covers various VSS in the coffee sector, the brief history of the commodity in Brazil, as well as the description of the supply chain. Certified and non-certified producers in the States of Sao Paulo and Minas Gerais, answered questionnaires to indicate the perceived advantages of certification. The results show that, despite some added value that certification can bestow, the quality is what really matter, since it allows producers to sell the product at higher prices and to gain advantage over competitors.

Voluntary intake of dry matter and performance of Nellore cows and their Nellore and crossbred Simental x Nellore calves

This study aimed to investigate the influence of calf genetic group on the performance of Nellore lactating cows. The variables studied included milk ingestion, pasture intake, calf weight gain and cow body weight. A total of 13 Nellore calves and 8 crossbred Simental x Nellore calves were used, all born from Nellore mothers. During the experimental period of 210 days, calves were weighted at birth and at 30-day intervals, whereas cows were weighed every 14 days. Milk intake was estimated using the weigh-suckle-weigh method. Pasture intake was determined 6, 12, and 24 weeks after birth by using chromic oxide as an external marker and indigestible acid detergent fiber as an internal marker. Average weight of crossbred calves was 10.1 kg and their milk intake was 0.42 kg higher than in purebred calves. There was no difference, however, in pasture intake between genetic groups. In Nellore cows, body weight and pasture consumption (9.2 kg of DM/cow/day) were not influenced by calf heterosis.

Voluntary intake of dry matter and performance of Nellore cows and their Nellore and crossbred Simental × Nellore calves

This study aimed to investigate the influence of calf genetic group on the performance of Nellore lactating cows. The variables studied included milk ingestion, pasture intake, calf weight gain and cow body weight. A total of 13 Nellore calves and 8 crossbred Simental × Nellore calves were used, all born from Nellore mothers. During the experimental period of 210 days, calves were weighted at birth and at 30-day intervals, whereas cows were weighed every 14 days. Milk intake was estimated using the weigh-suckle-weigh method. Pasture intake was determined 6, 12, and 24 weeks after birth by using chromic oxide as an external marker and indigestible acid detergent fiber as an internal marker. Average weight of crossbred calves was 10.1 kg and their milk intake was 0.42 kg higher than in purebred calves. There was no difference, however, in pasture intake between genetic groups. In Nellore cows, body weight and pasture consumption (9.2 kg of DM/cow/day) were not influenced by calf heterosis.

ACUTE EFFECT of STATIC STRETCHING on RATE of FORCE DEVELOPMENT and MAXIMAL VOLUNTARY CONTRACTION IN OLDER WOMEN

Gurjao, ALD, Goncalves, R, de Moura, RF, and Gobbi, S. Acute effect of static stretching on rate of force development and maximal voluntary contraction in older women. J Strength Cond Res 23(7): 2149-2154, 2009-The purpose of this study was to investigate, in older women, the acute effect of static stretching (SS) on both muscle activation and force output. Twenty-three older women (64.6 +/- 7.1 yr) participated in the study. The maximal voluntary contraction (MVC), rate of force development (RFD) (50, 100, 150, and 200 ms relative to onset of muscular contraction), and peak RFD (PRFD) (the steepest slope of the curve during the first 200 ms) were tested under 2 randomly separate conditions: SS and control (C). Electromyographic (EMG) activity of the vastus medialis (VM), vastus lateralis (VL), and biceps femoris (BF) muscles also was assessed. The MVC was significantly lower (p < 0.05) in the 3 trials of SS when compared with the C condition (control: 925.0 +/- 50.9 N; trial 1 : 854.3 +/- 55.3 N; trial 2 : 863.1 +/- 52.2 N; and trial 3 : 877.5 +/- 49.9 N). PRFD showed a significant decrease only for the first 2 trials of SS when compared with the C condition (control: 2672.3 +/- 259.1 N/s; trial 1 : 2296.6 +/- 300.7 N/s; and trial 2 : 2197.9 +/- 246.3 N/s). However, no difference was found for RFD (50, 100, 150, and 200 ms relative to onset of muscular contraction). The EMG activity for VM, VL, and BF was not significantly different between the C and SS conditions. In conclusion, the older women's capacity to produce muscular force decreased after their performance of SS exercises. The mechanisms responsible for this effect do not appear to be related to muscle activation. Thus, if flexibility is to be trained, it is recommended that SS does not occur just before the performance of activities that require high levels of muscular force.

Voluntary intake of Tanzania grass (Panicum maximum) under rotational grazing by lactating cows

The study was conducted at Nucleo de Pesquisas Zootecnicas Nordeste of the Instituto de Zootecnia, Ribeirao Preto, SP, in a rotational grazing area of Tanzania grass (Panicum maximum), to estimate the dry matter intake by lactanting cows. The estimation of dry matter intake was calculated from the feces production estimated using extrusa Chromium-mordent and the in vitro digestibility of diet. The three treatments were crossbreed cows fed 3 kg.day(-1) of concentrate, crossbred cows without concentrate suplementation and pure Gir cows also without concentrate supplementation. The milk production was 11.98, 6.53 and 5.46 kg per cow per day, the grass intake was 8.26 +/- 5.66, 11.01 +/- 5.37 and 9.55 +/- 2.31 kg of dry matter per day or 2.15%, 2.37% and 2.34% of live weight for the three experimental groups respectively. The milk production was higher (P<0.01) for cows fed with concentrate. No difference was found for dry matter intake.