Desempenho de longo prazo de IPOs no Brasil: um estudo para o período de 2004 a 2015

O objetivo deste trabalho é avaliar o desempenho de longo prazo das empresas que abrem o capital no Brasil. Os fenômenos de (1) valorização no primeiro dia de negócios pós-IPO (underpricing) seguido de (2) desempenho inferior ao mercado no longo prazo (long-run underperformance) foram amplamente documentados em trabalhos de outros autores. O foco do estudo está em verificar a persistência dessa baixa performance quando alongamos o período de avaliação para 5 anos. Adicionalmente, o estudo pretende entender que fatores são determinantes no desempenho destas ações no longo prazo. O trabalho analisa 128 IPOs ocorridos no período de 2004 a 2012 na Bovespa. Os resultados apontam para evidências estatisticamente significantes de underpricing. Este underpricing foi mais acentuado entre os anos de 2004 a 2008, período precursor da crise financeira do subprime. Quando se analisa a performance de longo prazo os resultados apontam que a carteira de IPOs apresentou performance abaixo do mercado até o 29° mês. Os IPOs lançados no período pré-crise do subprime tiveram performance abaixo do mercado após 3 anos, enquanto que os IPOs lançados no pós-crise tiveram retorno acima do mercado para 3 e 5 anos. Não foi identificada a persistência da baixa performance dos IPOs além do 29° mês. Três variáveis principais mostraram significância na explicação dos retornos de longo prazo: (1) o período de lançamento das ações, (2) o percentual de alocação de investidores estrangeiros, (3) e a reputação do coordenador da oferta. Os IPOs lançados no período pós-crise do subprime observaram melhor performance no longo prazo. Também apresentaram melhor performance os IPOs com maior presença de investidor estrangeiro. Adicionalmente, existe uma relação inversa entre a reputação do coordenador líder da oferta e a performance de longo prazo.

O PAPEL DAS PUBLICAÇÕES E DOS COLPORTORES NA INSERÇÃO DO ADVENTISMO NO BRASIL

Esta pesquisa se constitui em uma investigação para avaliar o papel das publicações, dos colportores e da colportagem na inserção do adventismo no Brasil. Pretende-se identificar os efeitos da invenção da imprensa e o valor da página impressa para o protestantismo, bem como analisar os propósitos missiológicos que marcaram o surgimento do ministério de publicações, da colportagem e dos colportores na nascente Igreja Adventista. O trabalho visa também estabelecer os conceitos da teologia de missão, o processo de amadurecimento e finalmente o avanço missionário dos adventistas no cenário da expansão protestante na segunda metade do século 19, tanto em âmbito mundial como na América do Sul. Além desses objetivos, esta pesquisa apresenta a chegada do protestantismo ao Brasil e se propõe a analisar como a imigração alemã contribuiu para que os adventistas alcançassem seus propósitos missionais, uma vez que as primeiras publicações estavam impressas em língua alemã e chegaram às colônias dessa origem étnico-linguística. Com base nessa proposta de investigação, espera-se demonstrar claramente o papel que as publicações e os colportores tiveram no processo de implantação da Igreja Adventista no Brasil. Para realização deste estudo, utilizou-se o método histórico com coleta de dados através de investigação bibliográfica e documental, sendo a pesquisa definida como qualitativa, básica e exploratória.

A (R)EXISTÊNCIA DAS VOCACIONADAS AO MINISTÉRIO PASTORAL BATISTA: DESCORTINANDO A RELAÇÃO ENTRE AS PASTORAS BATISTAS DE SÃO PAULO E A NÃO FILIAÇÃO NA ORDEM DOS PASTORES BATISTAS DO BRASIL EM SÃO PAULO (OPBB-SP)

O contexto batista é predominantemente marcado por lideranças masculinas, destinando às mulheres apenas lugares e comportamentos socialmente estabelecidos, como a casa, o cuidado, a maternidade, a submissão, entre outras características que enfatizam a hierarquia de gênero. Mesmo diante do desenvolvimento econômico e da ocupação que as mulheres estão conquistando no campo público, a igreja e principalmente as igrejas batistas, permanecem fundadas em alicerces que exaltam o poder masculino em detrimento do lugar que deve ser ocupado pelas mulheres, ou seja, onde elas decidirem atuar. Caso elas decidam atuar num campo predominantemente masculino, terão que lidar com a desconstrução de um pensamento socialmente permeado de dominação masculina e com a árdua construção de um pensamento que vise a igualdade de gênero. O objeto desta pesquisa é o ministério pastoral feminino no contexto batista brasileiro. O texto analisa o discurso das Pastoras Batistas do Estado de São Paulo e o discurso dos líderes da Ordem dos Pastores Batistas de São Paulo (OPBB-SP) a respeito do ministério pastoral feminino e a não filiação de mulheres na OPBB-SP. A importância deste trabalho é a de demostrar as relações de micro poder existentes entre pastores e pastoras e concomitantemente as desigualdades dentro do contexto batista com relação ao ministério pastoral feminino. Essa afirmação se consolida por meio das análises das entrevistas semiestruturadas que realizei na pesquisa de campo, com sete pastoras batistas do Estado de São Paulo, bem como com três líderes da OPPB-SP. Esta é uma pesquisa qualitativa, em que foram analisados documentos oficiais da igreja, como pautas de convenções, atas, sites institucionais, periódicos e documentos não oficiais encontrados em redes sociais, blogs, jornais online, entre outros. Posso afirmar que as pastoras batistas estão se mobilizando para cumprir sua vocação, usando argumentos transcendentes que impedem qualquer pessoa de desafiar ou duvidar de seu chamado pastoral, pois: “O vento sopra onde quer; ouve-se o ruído, mas não sabes de onde vem, nem para onde vai. Assim acontece com aquele(a) que nasceu do Espírito.” (João 3.8).

Diferenciais de mortalidade adulta por nível de escolaridade no Brasil e regiões

The study of mortality by various differentials has been an important tool to guide public health policies, due to better describing the events of deaths in a population. This research aims to seek disparities in mortality according to educational level, sex and adulthood in large Brazilian regions and consequently for Brazil as a whole. A vast literature has shown that people with more education tend to have lower risk of death. Studies on inequalities in mortality by level of education in Brazil are still very specific and has still known very little about Brazil about mortality according to educational level, due to lack of information about the well-filled school in the records of deaths arising from the Mortality Information System (MIS) of the Ministry of Health. This data source has shown improvement in the coverage of sub reports in the last decade, however, it has still perceived negligence in completing the question regarding schooling of death (about 30% of registered deaths in 2010 to Brazil, Given this scenario, this work contributes to the national literature on the behavior of adult mortality differentials having as proposed, using data from the new variable mortality of the 2010 Census (CD 2010), assuming the characteristics of education of the head the household for deaths occurring in the same. It is therefore considered that the probability of mortality is homogeneous within the household. Events of deaths were corrected only for the records come from households where the head possessed levels of schooling and Instruction Elementary Education No Incomplete and Primary Education and Secondary Education Complete Incomplete through the Generations Extinct Adjusted method. With deaths already corrected, probabilities of death were calculated between 15 and 60 years life, as well as tables by sex and level of education to all regions of Brazil. No que se refere às probabilidades de morte por idade, nas idades entre 15 e 60 anos as maiores probabilidades seguem um gradiente, maior probabilidade para os menos escolarizados. Results corroborate the literature, the more educated the population is, the greater the life expectancy. In all Brazilian regions, life expectancy of the female population is greater than that of men at all levels of schooling. With respect to probabilities of death by age between the ages of 15 and 60 years the most likely follow a gradient, most likely to the least educated. At older ages (from 70 years), this behavior has presented another pattern, the lowest level of education has the lowest odds in the regions, North, Northeast, South and Midwest, except in the Southeast region

Educação profissional e tecnológica de turismo no Brasil: análise através da percepção de docentes da rede federal de educação

The increasing pace of technological change and innovation in the labor market are important landmarks that contribute to accelerate the improvement of vocational and technological education. The need to analyze the educational processes is correlated with this dynamic in order to respond to the pedagogical processes and inherent to the labor market needs in evidence. This research theme is centered on targeted education process for tourist activity that is premised on improving the quality of services, taking as analysis parameter technological higher education in the federal education network (IF), covering the design, similarity and the differences in the courses offered, the axis of Tourism, Hospitality and Leisure instituted by the National catalog Technological Colleges and the National Science and Technology Department in Brazil. The research also aims to investigate the design and implementation of these upper and search courses emphasize the importance of training for students. The research is exploratory qualitative from survey data on the websites of the Ministry of Education, was adopted as a research procedure the questionnaire sent to coordinators via institutional email courses, to collect data in order to obtain results about Technological Education Federal Education Network. The survey results show that most courses offered by technological higher education in the federal education network (IF) is the Tourism Management, we noted that this option is the result of the ease in assembling the structure of the courses in relation to others; teachers have this type of education a more practical option for students coming to the conclusion that the courses undergo a fragile process, stating that the formation lies only in the student's interest in obtaining the higher diploma course without concern for quality this academic background, demand for courses is by being fast graduation. Even as a result of the design and development of Political and Pedagogical projects it was found that they are built in the most collegial many of them without the participation of a pedagogue; about the permanence of the student identified a high dropout rate, occurring in some campuses to migration to the traditional higher education, a BA in tourism. Thus, this work aimed to contextualize the technological higher education in tourism, presenting the reality of the current situation, aiming to discuss the phenomenon from the description made by all subjects and the research object, knowledge of which is due to experience the federal education network that was able to bring the essence of the matter.

Análise da atuação do Ministério Público Estadual na assistência materno infantil do Rio Grande do Norte

Maternal and infant mortality have become a serious public health problem in Brazil, especially in northeasternand northern regions.In RioGrande do Norte, the high rates ofdeathsofmothersandbabies haveconcerned not onlythehealthauthorities andjusticeagenciessuch as the prosecution service. In 2011, State Public Ministry (MPE) has developed a proposition which was called “Nascer com Dignidade”, focused on the monitoring ofcare givenin prenatal, childbirth andpost childbirthin the cities. The aim of thisstudy was toinvestigate how the intervention of MPE works in maternal and child care. The method adopted to survey data was the case study by analyzing the skills of the reports which were carried out in four of the eight Public Health Regional Units (URSAP).A total of 26municipalities were chosenand the results showfragilityparticularly inprenatal care which can result in complicationsin childbirthand postpartumlike:incomplete health family teams(in05cities), lack of access orinaccessibility to laboratory tests(16 cities) and lack of the pregnant woman'sattachment to thebirthing place(in26 cities). Based on this reality, MPE has adopted relevant attitudes as filing public civil suits, compliance of Conduct Adjustment Declaration in the municipal management and performing interventions in heath care centers and maternity clinics of the state. Thereforeit is known thatPublic Ministryis of paramount importanceto indicatethe necessaryadjustmentsto addressinfant and maternalmortalityin the state (mean of 65/100,000 and16/100,000respectively) and give the city hall the responsibility for the health care quality provided to their citizens. These factors demand theprinciples ofuniversality and integrality to be performed in order to reduce social inequities.

Vernaculares: a casa de fazenda seridoense do século XIX como exemplo de adaptação ao clima semiárido

The farm’s rural dwellings of creation from the Seridó Potiguar microregion, built in the nineteenth century, became a reference by its vernacular character, i.e. these buildings, besides having recognized relevance to the identity of the region, they are adapted to the conditions of the place in many aspects (economic, cultural, construction, physical, et.) and consist in protective spaces in relation to hostile characteristics of Seridó’s climate. Considering the above premise, the following question arises: What characteristics of the nineteenth century Seridó Potiguar’s cattle farms are crucial for them to be a protective space in relation to the semiarid climate? In order to answer the question, this research aim to identify which particularities of the Seridó’s farmhouses that contribute to adaptability in these buildings to semiarid climate, as protection environments; and contribute to the stock valuation of the architectural heritage concerned. Therefore, procedures were adopted divided into two stages. Were first identified the recurring characteristics in the studied buildings, through typological study performed from existing inventories (DINIZ, 2008; FEIJÓ, 2002; IPHAN, 2012). To define the type it worked up with the concept that merges Durand’s analytical typology that identifies the similarities and differences to classify buildings, having the character of historical survey and architectural documentation, with the definition proposed by Argan (1963) that the type is not defined a priory, but the deduction from a number of illustrative cases which have formal and functional similarity with each other. Then worked up in a sample of five different types with each other, defined by the possibility of access to the interior of the houses, proximity to other copies, good state of conservation and preservation. The contemplated farms were: Pitombeiras, Agenus e Garrotes in Acari’s town, and the municipality of Caicó, Palma and Penedo. The second stage consists of the architectural survey, photographic record, digital three-dimensional modeling (aiming to expand the existing documentation and registration) and thermal monitoring over approximately a representative day in five farmhouses, relating the thermal performance of the houses with their individual characteristics. The selected variables for analysis monitoring are based on the thermal comfort adaptive model (SPAGNOLO and DE DEAR, 2003 apud NEGREIROS, 2010). The characteristics of the houses were analyzed as meeting the passive thermal conditioning strategies recommended by NBR 15220 (ABNT, 2005), for the bioclimatic zone 7 where the municipalities of Caicó and Acari are located. The house’s analysis of the operating temperatures revealed that 90% of the times of day the environments are within the comfort range. The farmhouses, which had a higher degree of compliance with recommended bioclimatic strategies, had the best thermal performance. In environments (usually the kitchen and rooms with low ceiling heights, exposed to west radiation) which still had discomfort hours, the thermal comfort can be reached with air movement approximately 1,0 m/s.

Vernaculares: a casa de fazenda seridoense do século XIX como exemplo de adaptação ao clima semiárido

The farm’s rural dwellings of creation from the Seridó Potiguar microregion, built in the nineteenth century, became a reference by its vernacular character, i.e. these buildings, besides having recognized relevance to the identity of the region, they are adapted to the conditions of the place in many aspects (economic, cultural, construction, physical, et.) and consist in protective spaces in relation to hostile characteristics of Seridó’s climate. Considering the above premise, the following question arises: What characteristics of the nineteenth century Seridó Potiguar’s cattle farms are crucial for them to be a protective space in relation to the semiarid climate? In order to answer the question, this research aim to identify which particularities of the Seridó’s farmhouses that contribute to adaptability in these buildings to semiarid climate, as protection environments; and contribute to the stock valuation of the architectural heritage concerned. Therefore, procedures were adopted divided into two stages. Were first identified the recurring characteristics in the studied buildings, through typological study performed from existing inventories (DINIZ, 2008; FEIJÓ, 2002; IPHAN, 2012). To define the type it worked up with the concept that merges Durand’s analytical typology that identifies the similarities and differences to classify buildings, having the character of historical survey and architectural documentation, with the definition proposed by Argan (1963) that the type is not defined a priory, but the deduction from a number of illustrative cases which have formal and functional similarity with each other. Then worked up in a sample of five different types with each other, defined by the possibility of access to the interior of the houses, proximity to other copies, good state of conservation and preservation. The contemplated farms were: Pitombeiras, Agenus e Garrotes in Acari’s town, and the municipality of Caicó, Palma and Penedo. The second stage consists of the architectural survey, photographic record, digital three-dimensional modeling (aiming to expand the existing documentation and registration) and thermal monitoring over approximately a representative day in five farmhouses, relating the thermal performance of the houses with their individual characteristics. The selected variables for analysis monitoring are based on the thermal comfort adaptive model (SPAGNOLO and DE DEAR, 2003 apud NEGREIROS, 2010). The characteristics of the houses were analyzed as meeting the passive thermal conditioning strategies recommended by NBR 15220 (ABNT, 2005), for the bioclimatic zone 7 where the municipalities of Caicó and Acari are located. The house’s analysis of the operating temperatures revealed that 90% of the times of day the environments are within the comfort range. The farmhouses, which had a higher degree of compliance with recommended bioclimatic strategies, had the best thermal performance. In environments (usually the kitchen and rooms with low ceiling heights, exposed to west radiation) which still had discomfort hours, the thermal comfort can be reached with air movement approximately 1,0 m/s.