Incorporating demand-side aspects into regional policy: variations in the importance of private investment decision factors across regions

Most regional programs focus on the supply side of regions, emphasizing the attraction conditions offered, such as infrastructure, labor skills, tax incentives, etc. This study analyzes one aspect of the demand side, that is, how investment decisions of private firms are made by asking the question: ""Do corporations decide the same way on investments in different parts of the territory?"" The paper analyzes the investments of 373 large Brazilian firms during 1996-2004. Based on the investment decisions of these firms, the role of sales, cash-flow, external financing, and working capital is investigated through regression analysis. The regional influence is captured by explanatory variables representing regional and firm characteristics, and by interaction dummies between the region and the main investment determinants. The results indicate significant differences across regions in the importance of investment determinants. This information is important for regional development policy, because different mechanisms should be used in different regions to foster private investments.

Economic Incentives to Conserve Wildlife on Private Lands: Analysis and Policy

Some believe that provision of private property rights in wildlife on private land can provide a powerful economic incentive for nature conservation because it enables property owners to market such wildlife or its attributes. If such marketing is profitable, private landholders will conserve the wildlife concerned and its required habitat. But land is not always most profitably used for exploitation of wildlife, and many economic values of wildlife (such as non-use economic values) cannot be marketed. The mobility of some wildlife (their fugitive nature) adds to the limitations of the private property approach. While some species may be conserved by this approach, it is suboptimal as a single policy approach to nature conservation. Nevertheless, it is being experimented with in the Northern Territory of Australia where landholders have the possibility of harvesting on their properties a quota of eggs and chicks of red-tailed black cockatoos for commercial sale. This scheme is expected to provide an incentive to private landholders to retain hollow trees essential for the nesting of these birds. Aspects of this approach are analysed using this case, and related ones, from Northern Australia. It is noted that the private property rights approach adopted in southern Africa is unlikely to be equally successful everywhere. The long-term survival of some species depends on their ability to use private lands without severe harassment, either for their migration or to supplement their available resources, for example, the Asian elephant in Sri Lanka. Nature conservation on private land is often a useful, if not essential, supplement to conservation on public lands. Community and public incentives for such conservation are outlined.

Alcoholic liver disease: A clinical series in an Australian private practice

Background and Aim: The published literature on alcoholic liver disease (ALD) in Australia lacks a large clinical series out of private practice as distinct from hospital-based hepatology referral units. This series describes the presentation and clinical features of ALD in a consecutive series out of metropolitan private practice in Australia. Methods: A retrospective descriptive study by case-note review found 297 cases of ALD at a Brisbane practice over 20 years. The main outcome measures were: clinical features and stage at presentation, reasons for referral, and the predictive value of aspartate aminotransferase (AST)/alanine aminotransferase (ALT) ratio. Results: Most patients (57.9%) had no symptoms of liver disease and 29 patients (9.8%) had neither symptoms nor signs. Cirrhosis was found in 41% of patients and hepatitis-fibrosis was found in 26% of patients. The male to female (M: F) ratio was 4.7:1. The AST/ALT ratio was not reliably predictive of ALD stage. The average reported daily alcohol intake was 131 g. Females drank less on average and presented a more vigorous clinical picture. Conclusions: This series presents the spectrum of ALD in a metropolitan Australian private practice. Many patients are asymptomatic on presentation. All heavy drinkers should be targeted for early investigation without waiting for volunteered symptoms or abnormal physical signs. The male to female ratio in ALD is higher than hitherto reported. The AST/ALT ratio is not generally applicable in the staging of ALD. The differences from hospital series data suggest the demography and epidemiology of ALD in Australia are incomplete, and further study is warranted. (C) 2001 Blackwell Science Asia Pty Ltd.

Estudo sobre a captação dos fundos de Private Equity e Venture Capital

O estudo tem por objetivo avaliar os fatores que possam explicar a captação de recursos (fundraising) dos fundos de Private Equity e Venture Capital (PE/VC). Em linhas gerais, a proposta é averiguar empiricamente quais são os fatores que impactam na captação de recursos pelos fundos de PE/VC. A amostra foi formada por 25 países e em um espaço temporal de 6 anos (2006-2011). Foram identificados seis fatores: atividade econômica, desenvolvimento do mercado de capitais, governança corporativa, desenvolvimento socioambiental, empreendedorismo e tributação. Assim, construiu-se através de Análise Fatorial seis fatores que foram compostos por 26 variáveis. Por meio de regressão múltipla foram investigadas as relações entre a captação de recursos por parte dos fundos PE/VC e os fatores gerados. Os resultados demonstraram que apesar dos fatores testados serem significativos, a captação dos recursos é fortemente influenciada pelo nível de desenvolvimento do mercado de capitais. Os resultados aqui encontrados se tornam relevantes, pois discutem uma realidade crescente tanto no Brasil quanto no mundo, visto que o mercado de PE/VC solidifica-se como alternativa de captação de recursos.