O impacto da orientação empreendedora na performance das empresas brasileiras: evidências de um estudo híbrido

The subject entrepreneurship has been gaining strength within the area of strategy, as the entrepreneurial activity represents one of the gears of economic growth and a political social and economic response of the entrepreneur¿s capital. Nevertheless, there are not many studies that investigated if entrepreneurial orientation influences firm performance in Brazil. The objective of the research is to understand and conclude on the relationship between entrepreneurial orientation and firm performance. To achieve this objective, qualitative research through in-depth interviews with 14 managers was followed by quantitative research through data collection involving 104 managers in a heterogeneous sample of 104 companies. The research used the model of Lumpkin; Dess (1996) for entrepreneurial orientation in five dimensions (autonomy, innovativeness, risk taking, proactiveness and competitive aggressiveness), to which two more dimensions were added: strategic alliances and market orientation ¿ that emerged during the qualitative phase of the study. As a result a generic model was obtained ¿ composed of one variable (proactiveness) which positively impacts the firm performance. Proactiveness was also the key factor that positively impacted the firm performance for the service sector and small businesses. For the commercial sector, the model was composed by three dimensions (innovativeness, risk taking and market orientation). While the industry / construction sectors showed no linear relationship between entrepreneurial orientation and firm performance. Competitive aggressiveness is the key factor that impacts positively on firm performance for big companies, whereas for mediumsized companies it is the market orientation which relates positively to firm performance. Finally, there are no significant differences depending on the sector in which the firm operates or its size.

Hybrid Auctions II: Experimental Evidence

In this paper we report the results of an experiment designed to examine the properties of a hybrid auction - a Dutch-Vickrey auction, that combines a sealed bid …rst-price auction with a sealed bid second-price auction. This auction mechanism shares some important features with that used in the sale of the companies constituted through the partial division of the Telebras System - the government-owned Telecom holding in Brazil. We designed an experiment where individuals participate in a sequence of independent …rst-price auctions followed by a sequence of hybrid auctions. Several conclusions emerged from this experimental study. First, ex-post e¢ciency was achieved overwhelmingly by the hybrid auctions. Secondly, although overbidding (with respect to the risk-neutral Bayesian Nash equilibrium) was a regular feature of participants’ bidding behavior in the …rst-price auctions — as it is commonly reported in most experimental studies of …rst-price auctions, it was less frequent in the hybrid auctions. By calibrating the results to allow for risk-averse behavior we were able to account for a signi…cant part of the overbidding. Finally, we compared the revenue generated by the hybrid auction with that generated by a standard …rst-price sealed bid auction and the results were ambiguous.

Tomada de risco: um estudo sobre acidentes de trabalho

O desenvolvimento deste estudo objetivou examinar a relação existente entre propensão ao risco e acidentes do trabalho. Também foi examinado o papel representado pelas variáveis sexo e locus de controle, além de se proceder à construção de um instrumento para medir especificamente tomada de risco no ambiente de trabalho. O trabalho de campo utilizou um total de oitenta operários, semi-especializados (acidentados e não acidentados, de ambos os sexos), de forma a verificar as hipóteses de relação entre propensão de risco, locus de controle e sexo entre si e sua influência sobre a ocorrência ou não de acidentes de trabalho. O tratamento dos dados coletados revelou não haver ligação significativa entre as variáveis citadas e os acidentes de trabalho, bem como entre as variáveis entre si. Foram levantadas hipóteses a respeito de influências de características da amostra nos resultados. O instrumento construído mostrou-se útil para investigações desta natureza.

Atribuição de causalidade e eventos acidentais e a tomada de risco

Esta pesquisa teve por objetivo avaliar possíveis relações existentes entre Atribuição de causalidade e Tomada de Risco com relação a eventos acidentes, assim como a influência de algumas variáveis sobre o processo de Tomada de Decisão em situações de risco de acidentes. Para isto foram construídos 4 instrumentos e aplicados a 59 sujeitos operários não especializados de uma indústria de conservas de pescado no Rio de Janeiro. Dentre a mostra, 30 sujeitos são do sexo feminino e 29 do sexo masculino. As variáveis consideradas foram: sexo dos sujeitos, vitimação, consequência da Tomada de Risco, situação sob julgamento e local de trabalho dos sujeitos. Os instrumentos - aplicados a cada sujeito - em número de 4, sendo que dois deles versam sobre situações no trânsito e dois sobre situações no trabalho. Os resultad08 revelaram uma influência significativa de fatores sócio-culturais e psicológicos no processo de Tomada de Decisão diante de eventos acidentais, baseados na vivência de grupos de trabalho com relação a acidentes. Os resultados mostraram que os grupos se estruturam cognitivamente no sentido de tender a padronizar a forma explicativa dos acidentes com base na realidade vivida pelo grupo.

Brazilian equity mutual funds: A general outlook based on performance

This dissertation main goal is to overview the Brazilian equity mutual funds returns. We find that active management is not effective for Ibovespa index, since Ibovespa active funds do not outperform the Ibovespa referenced funds. However, for IBrX index, active management do outperform the passive strategy. We found that Sustainable funds returns do not outperform the market, Endowment funds show poor performance, which could indicate strong regulation imposition over endowment funds portfolios. The size of a fund shows positive correlation to mean average returns and alphas. A fund’s lifetime is positively correlated to returns and to alphas, which could be related to more risk-taking by younger managers in order to pursue higher expected returns and, consequently, bigger inflows. Younger funds tend to have lower performance probably because, in taking more risks, they do not perform as expected. In addition, we find that the decreasing trend of the alpha evolution along the time is a sign of the industry decreasing returns of scale, which entails that managers have more difficulties to beat the market portfolio. Top 10s rankings show that funds appear more than once on the top 10s, which shows persistence of funds’ performance. Finally, concerning the deciles and quartiles rankings, the frequency of appearances changes among performance measures. There are measures which, when compared to others, strongly change the top and bottom for the decile and quartile members.

Essays in applied microeconomics

Esta tese é composta de três artigos. No primeiro artigo, ``Risk Taking in Tournaments", é considerado um torneio dinâmico no qual jogadores escolhem como alocar seu tempo em atividades que envolvem risco. No segundo artigo, ``Unitização de Jazidas de Petróleo: Uma Aplicação do Modelo de Green e Porter" é analisado a factibilidade de se haver um acordo de cooperação em um ambiente de common-pool com incerteza nos custos das empresas. No terceiro artigo, ``Oilfield Unitization Under Dual Fiscal Regime: The Regulator Role over the Bargaining", por sua vez, é estudado a unitização quando existem dois regimes fiscais distintos, como os jogadores se beneficiam disso e o papel do regulador no regime de partilha.

Evaluation of the elevated T-maze as an animal model of anxiety in the mouse

The elevated T-maze has been developed as an animal model of anxiety to generate both conditioned and unconditioned fears in the same rat. This study explores a version of the elevated T-maze fit for mice. Inhibitory (passive) avoidance-conditioned fear-is measured by recording the latency to leave the enclosed arm during three consecutive trials. One-way escape-unconditioned fear-is measured by recording the time to withdraw from open arms. The results showed that mice do not appear to acquire inhibitory avoidance in the standard T-maze, since their latencies to leave enclosed arm did not increase along trials. Nevertheless, the open arms seemed to be aversive for mice, because the latency to leave the enclosed arm after the first trial was lower in a T-maze with the three enclosed arms than in the standard elevated T-maze, In agreement, the exposure of mice to an elevated T-maze without shield, that reduces the perception of openness, increased significantly the latencies to leave the enclosed arm, However, the absence of the shield also increased the time taken to leave the open arms when compared to that recorded in standard T-maze. Systematic observation of behavioral items in the enclosed arm has shown that risk assessment behavior decreases along trials while freezing increases. In the open arms, freezing did not appear to influence the high latency to leave this compartment, since mice spend only about 8% of their time exhibiting this behavior, These results suggest that mice acquire inhibitory avoidance of the open arms by decreasing and increasing time in risk assessment and freezing, respectively, along three consecutive trials, However, one-way escape could not be characterized. Therefore, there are important differences between mice (present results) and rats (previously reported results) in the performance of behavioral tasks in the elevated T-maze. (C) 1999 Elsevier B.V.

Repeated predictable or unpredictable stress: effects on cocaine-induced locomotion and cyclic AMP-dependent protein kinase activity

Stressful experiences appear to have a strong influence on susceptibility to drug taking behavior. Cross-sensitization between stress and drug-induced locomotor response has been found. Locomotor response to novelty or cocaine (10 mg/kg, i.p.), cyclic AMP-dependent protein kinase (PKA) activity in the nucleus accumbens and basal corticosterone levels were evaluated in male adult rats exposed to acute and chronic predictable or unpredictable stress. Rats exposed to a 14-day predictable stress showed increased locomotor response to novelty and to cocaine, whereas rats exposed to chronic unpredictable stress demonstrated increased cyclic AMP-dependent PKA activity in the nucleus accumbens. Both predictable and unpredictable stress increased basal corticosterone plasma levels. These experiments demonstrated that stress-induced early cocaine sensitization depends on the stress regime and is apparently dissociated from stress-induced changes in cyclic AMP-dependent PKA activity and corticosterone levels. (C) 2002 Elsevier B.V. B.V. All rights reserved.

Social defeat stress in rats: escalation of cocaine and speedball binge self-administration, but not heroin

Exposure to intermittent episodes of social defeat stress can increase drug seeking and leads to intense drug taking in rats.This study investigated the consequences of repeated, intermittent social defeat stress on patterns of drug self-administration in rats with access to heroin, cocaine, or a heroin-cocaine combination (speedball).Male Long-Evans rats were either handled (controls) or subjected to 25-min social defeat stress episodes on days 1, 4, 7, and 10 during confrontations with an aggressive resident. Ten days following the last defeat, rats were assessed for locomotor cross-sensitization in response to heroin or cocaine. Animals were then prepared with intrajugular catheters for drug self-administration. Separate groups of controls and defeated rats were examined for self-administration of heroin (experiment 1), a heroin-cocaine combination (experiment 2), or cocaine (experiment 3). Drug self-administration patterns were evaluated using fixed or progressive ratio schedules of reinforcement during limited access sessions or a 24-h unlimited access binge.Rats with a history of intermittent social defeat stress showed sensitized locomotor behavior when challenged with heroin or cocaine relative to controls. During the 24-h binge session, defeated rats escalated cocaine-taking behavior (ca. 110 mg/kg vs. 66 mg/kg in controls), persisted in self-administering cocaine or the heroin-cocaine mixture for more hours, and showed a tendency for increased heroin-cocaine intake, but no effects on heroin taking.A history of social defeat stress seems to preferentially promote escalated intake of cocaine but not heroin, unless a heroin-cocaine combination is available.

Prevention of social stress-escalated cocaine self-administration by CRF-R1 antagonist in the rat VTA

Intermittent exposure to social defeat stress can induce long-term neural plasticity that may influence escalated cocaine-taking behavior. Stressful encounters can lead to activation of dopamine neurons in the ventral tegmental area (VTA), which are modulated by corticotropin releasing factor (CRF) neurons.The study aims to prevent the effects of intermittently scheduled, brief social defeat stress on subsequent intravenous (IV) cocaine self-administration by pretreatment with a CRF receptor subtype 1 (CRF-R1) antagonist.Long-Evans rats were submitted to four intermittent social defeat experiences separated by 72 h over 10 days. Two experiments examined systemic or intra-VTA antagonism of CRF-R1 subtype during stress on the later expression of locomotor sensitization and cocaine self-administration during fixed (0.75 mg/kg/infusion) and progressive ratio schedules of reinforcement (0.3 mg/kg/infusion), including a continuous 24-h "binge" (0.3 mg/kg/infusion).Pretreatment with a CRF-R1 antagonist, CP 154,526, (20 mg/kg i.p.) prior to each social defeat episode prevented the development of stress-induced locomotor sensitization to a cocaine challenge and prevented escalated cocaine self-administration during a 24-h "binge". In addition, pretreatment with a CRF-R1 antagonist (0.3 mu g/0.5 mu l/side) into the VTA prior to each social defeat episode prevented stress-induced locomotor sensitization to a cocaine challenge and prevented escalated cocaine self-administration during a 24-h "binge".The current results suggest that CRF-R1 subtype in the VTA is critically involved in the development of stress-induced locomotor sensitization which may contribute to escalated cocaine self-administration during continuous access in a 24-h "binge".

Capital flows to Latin America: first quarter 2005

Includes bibliography

Alcoolismo estudo epidemiológico no município de Araraquara(SP)

Pós-graduação em Alimentos e Nutrição - FCFAR

Perfil epidemiológico e prevalência de doenças sexualmente transmissíveis em escolares da área urbana no município de Porto Velho - Rondônia

As doenças sexualmente transmissíveis (DST) estão entre os problemas de saúde pública mais comuns em todo o mundo, principalmente entre os adolescentes, pois eles são mais vulneráveis em relação à sexualidade, tanto em países industrializados como nos em desenvolvimento. Este estudo tem por objetivo investigar a prevalência de doenças sexualmente transmissíveis em escolares da rede pública municipal de ensino da área urbana do município de Porto Velho, Estado de Rondônia. Foram investigados 122 alunos da Escola Municipal de Ensino Fundamental Marechal Joaquim Vicente Rondon, na faixa etária de 11 a 19 anos, através de questionário de autopreenchimento e coleta de amostras de sangue, secreção uretral e vaginal. O método sorológico ELISA (Ensaio imunoenzimático) e a bacterioscopia pelo método de Gram foram os testes utilizados para detecção e identificação de DST. 84,4% dos estudantes responderam saber o que é uma DST, 82,8% informaram que usavam preservativo durante as relações sexuais para prevenir DST, 11,5% não utilizavam o preservativo e 5,7% afirmaram que selecionavam seus parceiros sexuais. Foram examinadas 83 amostras de soro pelo teste ELISA e 41 esfregaços corados pelo método de Gram. A prevalência encontrada para Chlamydia foi de 65,3% no sexo feminino e 34,6% no sexo masculino. Os agentes biopatogênicos encontrados com mais freqüência foram Gardnerella vaginalis, Candida albicans e Trichomonas vaginalis.

Comportamento sexual entre universitários da área da saúde: um estudo transversal

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

O setor de venture capital, as startups e o empreendedorismo em Israel, nos anos recentes

Some of the factors that help to explain the Israeli success case on promoting high-tech start-ups backed by venture capital funds can be found in the risk-taking culture of the country, the vast technological know-how associated with the huge military development, the high offer of human intellectual capital due to the immigration processes, and finally also the FDI inflows, mainly from the United States. Even though, these factors would not have the same effects in the economy unless the right structures were founded by the public-private sectors partnerships for the high-tech industry development and the adaptation of the investment industry surpasses two of the deepest global financial crisis: the dot-com bubble in the 2000’s and the subprime in 2008