Estrutura de propriedade e teoria da agência: um estudo de empresas brasileiras e seus diferentes tipos de controladores

A estrutura de propriedade anglo-saxônica, e o seu clássico problema de agência, com conflitos entre gestores e acionistas, caracterizados por propriedades pulverizadas, apesar de ser predominante na literatura, não constituí a regra, mas sim a exceção. O Brasil, diferentemente dos Estados Unidos e da Inglaterra, possuí uma estrutura de propriedade concentrada, onde é forte a presença de acionistas majoritários. Nesse caso, o conflito verificado não é entre gestores e acionistas (conflito agente X principal), mas sim entre acionistas majoritários e acionistas minoritários (conflito principal X principal). No mercado de capitais brasileiro, há duas classes de ações, as ordinárias (com direito a voto), e as preferências (sem direito a voto), o que viola a regra existente em muitos países, como nos Estados Unidos, de uma ação, um voto. Sendo assim, em muitos casos, ocorre uma combinação de muito poder com pouca alocação de recursos próprios na empresa. Diante disso, o presente estudo teve como objetivo estimar a magnitude dos direitos de votos, de fluxo de caixa, e do excesso de votos dos acionistas majoritários (das ações ordinárias) das empresas listadas no índice Bovespa – Ibovespa para os anos de 2009 e 2010 (carteira teórica do terceiro quadrimestre dos respectivos anos), separando-as por setor de atuação e por tipo de acionista majoritário. Para este estudo foi analisada uma amostra de 121 empresas, utilizando a metodologia quanto aos fins (descritiva e explicativa), e quanto aos meios (bibliográfica e documental). A coleta de dados foi feita no sistema Economática e nos IAN’s da CVM. Como resultados a pesquisa corroborou as hipóteses da literatura existente de que a estrutura de capital das empresas brasileiras de capital aberto é concentrada, principalmente no capital acionário (média de 51,95% e mediana de 51,20% em 2009, e 47,16% e 51,70% em 2010), e ocorrendo em vários casos uma distância considerável entre o poder de voto e o poder do fluxo de caixa dos acionistas majoritários (média de 1,10 em 2009 e mediana de 1,24, e 1,07 e 0,98 em 2010). Com isso, também se verifica que o conflito principal X principal é o predominante no Brasil.

The effects of commodity dependence on the brazilian economy: a test of the dutch disease hypothesis

A doença holandesa tornou-se amplamente conhecida na década de 1960, quando a descoberta repentina de reservatórios de gás natural em território holandês, na região do mar do norte, transformou o país em uma economia rica em recursos. A desagradável consequência que proveio da recém-adquirida abundância de commodities foi o declínio da próspera indústria holandesa, que perdeu sua competitividade devido à valorização do florim holandês, como consequência do aumento do influxo de capital estrangeiro no país. Desde então este fenômeno tem sido observado em diversos países que possuem abundância de commodities. O objetivo desta tese é aplicar o modelo da doença holandesa ao Brasil, já que a maior economia da América latina poderá também ter de encarar a ameaça de se tornar prisioneira da “armadilha das commodities”, devido à sua abundância de recursos naturais. O autor revisa a bibliografia básica abordando o tema geral da doença holandesa e dá enfoque a estudos realizados anteriormente no Brasil. Além disso, os quatro maiores sintomas que caracterizam a doença holandesa são testados: (1) valorização das taxas de câmbio do real, (2) declínio do setor industrial, (3) crescimento do setor de serviços, e (4) aumento dos salários. Todos estes sintomas foram observados e podem ser comprovados através das abordagens de cointegração ou de correlação, com exceção do sintoma número dois. Ainda que estes resultados sejam significativos, há muito outros fatores determinantes que influenciam o desenvolvimento dos sintomas examinados, motivo pelo qual futuros estudos serão necessários para se obtiver conclusões definitivas sobre como o Brasil é afetado pela doença holandesa.

Neighborhood information exchange and voter participation : an experimental study

We study the effect of social embeddedness on voter turnout by investigating the role of information about other voters’ decisions. We do so in a participation game, where some voters (‘receivers’) are told about some other voters’ (‘senders’) turnout decision at a first stage of the game. Cases are distinguished where the voters support the same or different candidates or where they are uncertain about each other’s preferences. Our experimental results show that such information matters. Participation is much higher when information is exchanged than when it is not. Senders strategically try to use their first mover position and some receivers respond to this.

A Theory of voter experimentation in repeated elections

Nesse artigo, eu desenvolvo e analiso um modelo de dois perí odos em que dois polí ticos competem pela preferência de um eleitor representativo, que sabe quão benevolente é um dos polí ticos mas é imperfeitamente informado sobre quão benevolente é o segundo polí tico. O polí tico conhecido é interpretado como um incumbente de longo prazo, ao passo que o polí tico desconhecido é interpretado como um desa fiante menos conhecido. É estabelecido que o mecanismo de provisão de incentivos inerente às elei cões - que surge através da possibilidade de não reeleger um incumbente - e considerações acerca de aquisi cão de informa cão por parte do eleitor se combinam de modo a determinar que em qualquer equilí brio desse jogo o eleitor escolhe o polí tico desconhecido no per íodo inicial do modelo - uma a cão à qual me refi ro como experimenta cão -, fornecendo assim uma racionaliza cão para a não reelei cão de incumbentes longevos. Especifi camente, eu mostro que a decisão do eleitor quanto a quem eleger no per odo inicial se reduz à compara cão entre os benefí cios informacionais de escolher o polí tico desconhecido e as perdas econômicas de fazê-lo. Os primeiros, que capturam as considera cões relacionadas à aquisi cão de informa cão, são mostrados serem sempre positivos, ao passo que as últimas, que capturam o incentivo à boa performance, são sempre não-negativas, implicando que é sempre ótimo para o eleitor escolher o polí tico desconhecido no per íodo inicial.

Homogeneous middles vs. heterogeneous tails, and the end of the ‘Inverted-U’: the share of the rich is what it’s all about

This paper examines the current global scene of distributional disparities within-nations. There are six main conclusions. First, about 80 per cent of the world’s population now live in regions whose median country has a Gini not far from 40. Second, as outliers are now only located among middle-income and rich countries, the ‘upwards’ side of the ‘Inverted-U’ between inequality and income per capita has evaporated (and with it the statistical support there was for the hypothesis that posits that, for whatever reason, ‘things have to get worse before they can get better’). Third, among middle-income countries Latin America and mineral-rich Southern Africa are uniquely unequal, while Eastern Europe follows a distributional path similar to the Nordic countries. Fourth, among rich countries there is a large (and growing) distributional diversity. Fifth, within a global trend of rising inequality, there are two opposite forces at work. One is ‘centrifugal’, and leads to an increased diversity in the shares appropriated by the top 10 and bottom 40 per cent. The other is ‘centripetal’, and leads to a growing uniformity in the income-share appropriated by deciles 5 to 9. Therefore, half of the world’s population (the middle and upper-middle classes) have acquired strong ‘property rights’ over half of their respective national incomes; the other half, however, is increasingly up for grabs between the very rich and the poor. And sixth, Globalisation is thus creating a distributional scenario in which what really matters is the income-share of the rich — because the rest ‘follows’ (middle classes able to defend their shares, and workers with ever more precarious jobs in ever more ‘flexible’ labour markets). Therefore, anybody attempting to understand the within-nations disparity of inequality should always be reminded of this basic distributional fact following the example of Clinton’s campaign strategist: by sticking a note on their notice-boards saying “It’s the share of the rich, stupid”.

Serotonergic neurons in the median raphe nucleus regulate inhibitory avoidance but not escape behavior in the rat elevated T-maze test of anxiety

Rationale: A wealth of evidence supports the involvement of the serotonergic neurons of the median raphe nucleus (MRN) in anxiety. However, it is presently unclear whether serotonergic pathways arising from this nucleus play distinguishing regulatory roles in defensive behaviors that have been associated with specific subtypes of anxiety disorders. Objectives: To evaluate the role of the MRN serotonergic neurons in the regulation of two defensive behaviors, inhibitory avoidance and escape, which have been related, respectively, to generalized anxiety and panic disorders. Methods: Male Wistar rats were submitted to the elevated T-maze test of anxiety after intra-MRN administration of drugs that either non-selectively or selectively change the activity of the serotonergic neurons. Results: Intra-MRN injection of FG 7142 (0.04 and 0.08 nmol) and kainic acid (0.03 and 0.06 nmol), drugs that non-selectively stimulate the MRN serotonergic neurons, facilitated inhibitory avoidance acquisition, but impaired escape performance. Microinjection of muscimol (0.11 and 0.22 nmol), a compound that non-selectively inhibits the activity of the MRN serotonergic neurons, impaired inhibitory avoidance and facilitated escape performance. Both kainic acid and muscimol also changed rat locomotion in the open-field test. Intra-MRN injection of 8-OH-DPAT (0.6-15 nmol) and WAY-100635 (0.18-0.74 nmol), respectively an agonist and an antagonist of somatodendritic 5-HT1A receptors located on serotonergic neurons of the MRN, only affected inhibitory avoidance-while the former inhibited the acquisition of this behavior, the latter facilitated it. Conclusion: MRN serotonergic neurons seem to be selectively involved in the regulation of inhibitory avoidance in the elevated T-maze. This result supports the proposal that 5-HT pathways departing from this nucleus play an important role in anxiety processing, with implications for pathologies such as generalized anxiety disorder.

Involvement of median raphe nucleus 5-HT1A receptors in the regulation of generalized anxiety-related defensive behaviours in rats

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

5-HT1A receptors in the dorsal hippocampus mediate the anxiogenic effect induced by the stimulation of 5-HT neurons in the median raphe nucleus

We evaluated the involvement of dorsal hippocampus (DH) 5-HT1A receptors in the mediation of the behavioral effects caused by the pharmacological manipulation of 5-HT neurons in the median raphe nucleus (MRN). To this end, we used the rat elevated T-maze test of anxiety. The results showed that intra-DH injection of the 5-HT1A/7 agonist 8-OH-DPAT facilitated inhibitory avoidance, an anxiogenic effect, without affecting escape. Microinjection of the 5-HT1A antagonist WAY-100635 was ineffective. In the elevated T-maze, inhibitory avoidance and escape have been related to generalized anxiety and panic disorders, respectively. Intra-MRN administration of the excitatory aminoacid kainic acid, which non-selectively stimulates 5-HT neurons in this brain area facilitated inhibitory avoidance and impaired escape performance, but also affected locomotion. Intra-MRN injection of WAY-100635, which has a disinhibitory effect on the activity of 5-HT neurons in this midbrain area, only facilitated inhibitory avoidance. Preadministration of WAY-100635 into the DH blocked the behavioral effect of intra-MRN injection of WAY-100635, but not of kainic acid. These results indicate that DH 5-HT1A receptors mediate the anxiogenic effect induced by the selective stimulation of 5-HT neurons in the MRN. (c) 2007 Elsevier B.V. and ECNP. All rights reserved.

Social separation and diazepam withdrawal increase anxiety in the elevated plus-maze and serotonin turnover in the median raphe and hippocampus

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

Effect of estradiol benzoate microinjection into the median raphe nucleus on contextual conditioning

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

Blockade of 5-HT2 receptors in the periaqueductal grey matter (PAG) abolishes the anxiolytic-like effect of 5-HT1A receptor antagonism in the median raphe nucleus in mice

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

A branch-and-price approach to p-median location problems

This paper describes a branch-and-price algorithm for the p-median location problem. The objective is to locate p facilities (medians) such as the sum of the distances from each demand point to its nearest facility is minimized. The traditional column generation process is compared with a stabilized approach that combines the column generation and Lagrangean/surrogate relaxation. The Lagrangean/surrogate multiplier modifies; the reduced cost criterion, providing the selection of new productive columns at the search tree. Computational experiments are conducted considering especially difficult instances to the traditional column generation and also with some large-scale instances. (C) 2004 Elsevier Ltd. All rights reserved.

Analysis of the Coupled Stretching-Bending Problem of Stiffened Plates by a BEM Formulation Based on Reissner's Hypothesis

In this work, the plate bending formulation of the boundary element method - BEM, based on the Reissner's hypothesis, is extended to the analysis of plates reinforced by beams taking into account the membrane effects. The formulation is derived by assuming a zoned body where each sub-region defines a beam or a slab and all of them are represented by a chosen reference surface. Equilibrium and compatibility conditions are automatically imposed by the integral equations, which treat this composed structure as a single body. In order to reduce the number of degrees of freedom, the problem values defined on the interfaces are written in terms of their values on the beam axis. Initially are derived separated equations for the bending and stretching problems, but in the final system of equations the two problems are coupled and can not be treated separately. Finally are presented some numerical examples whose analytical results are known to show the accuracy of the proposed model.

Early nephrology consultation can have an impact on outcome of acute kidney injury patients

Background. Patients who develop acute kidney injury (AKI) in the intensive care unit (ICU) have extremely high rates of mortality and morbidity. The objectives of this study were to compare clinical and laboratory characteristics of AKI patients evaluated and not evaluated by nephrologists in ICU and generate the hypothesis of the relationship between timing of nephrology consultation and outcome.Methods. We explored associations among presence and timing of nephrology consultation with ICU stay and in-ICU mortality in 148 ICU patients with AKI at a Brazilian teaching hospital from July 2008 to May 2010. Multivariable logistic regression was used to adjust confounding and selection bias.Results. AKI incidence was 30% and 52% of these AKI patients were evaluated by nephrologists. At multivariable analysis, AKI patients evaluated by nephrologists showed higher Acute Tubular Necrosis-Index Specific Score and creatinine level, more dialysis indications, lower urine output and longer ICU stay. The mortality rate was similar to AKI patients who were not evaluated. Nephrology consultation was delayed (>= 48 h) in 62.3% (median time to consultation, 4.7 days). Lower serum creatinine levels (P - 0.009) and higher urine output (P = 0.002) were associated with delayed consultation. Delayed consultation was associated with increased ICU mortality (65.4 versus 88.2%, P < 0.001).Conclusions. In AKI, patients evaluated by nephrologists seem to be more seriously ill than those not evaluated and present similar mortality rate. The delayed nephrology consultation can be associated with increased ICU mortality.