O desenvolvimento do mercado imobiliário e a abertura de capital desse setor no Brasil

This paper aims to present a study on the development of the real state market in Brazil. The analysis starts from the historical perspective, since the establishment of bases in that market until today's perspective, initial public offering of real state companies. In addition to this analysis, is also intended to discuss the several forms of financing real estate currently available in the Brazilian real estate market. Finally, and perhaps the most important part, analyze the IPO of 15 companies in the industry, held in 2007, notably through comparative graphical analysis, noting the factors that influence stock returns of these companies

Entre palavras e imagens: o acontecimento de 11 de setembro nas revistas Veja e Carta Capital : a arquitetura do imaginário social sobre o terrorismo

Pós-graduação em Educação - IBRC

O capital financeiro acionário e suas implicações no território produtivo do etanol paulista

Pós-graduação em Geografia - IGCE

Evaluation of maturity levels in the management of product development: case studies in the capital goods industry

In recent approaches to the management of product development process (PDP), maturity levels have attracted the attention of practitioners and researchers. The CMMI model contributes to evaluate the maturity levels and improvement of the product development process management. This paper, based on CMMI model, analyzes the practices adopted in two companies of the capital goods industry, which develop and manufacture equipment upon request. It was observed that on account of market conditioning factors and different practices adapted to PDP management, these companies are at different maturity levels. One company is at the initial level of maturity while the other at the most advanced one. It was also noted that the application of CMMI model can provide improvement to PDP management, as well as present guidelines to achieve higher maturity levels, adequate to companies' needs.

The relationship between banking market competition and risk-taking: Do size and capitalization matter?

This paper addresses the effects of bank competition on the risk-taking behaviors of banks in 10 Latin American countries between 2003 and 2008. We conduct our empirical approach in two steps. First, we estimate the Boone indicator, which is a measure of competition. We then regress this measure and other explanatory variables on the banking "stability inefficiency" derived simultaneously from the estimation of a stability stochastic frontier. Unlike previous findings, this paper concludes that competition affects risk-taking behavior in a non-linear way as both high and low competition levels enhance financial stability, while we find the opposite effect for average competition. In addition, bank size and capitalization are essential factors in explaining this relationship. On the one hand, the larger a bank is, the more it benefits from competition. On the other hand, a greater capital ratio is advantageous for banks that operate in collusive markets, while capitalization only enhances the stability of larger banks under high and average competition. These results are of extreme importance when considering bank regulations, especially in light of the recent turmoil in the global financial markets. (C) 2012 Elsevier B.V. All rights reserved.

Problemas de estimação de custo de capital de empresas concessionárias no Brasil: uma aplicação à regulamentação de concessões rodoviárias

Neste trabalho, discute-se a fixação de taxas de retorno de concessões no Brasil, com aplicação específica ao caso da metodologia da Agência Nacional de Transportes Terrestres (ANTT). Mostra-se a inadequação da regulamentação vigente, baseada no conceito de taxa interna de retorno (TIR), e não de custo de oportunidade do capital. A partir de um exemplo com dados referentes ao auge da crise financeira internacional (dezembro de 2008), evidencia-se também a falta de lógica decorrente da utilização de retornos e preços passados na estimação de taxas de retorno, um procedimento comum a toda a área de concessões de serviços públicos no Brasil. Propõe-se uma metodologia alternativa cujos resultados são sensíveis às condições correntes de mercado de capitais, que produz resultados coerentes com a situação então vigente.

A journey through the capital structure of the banking sector: Empirical evidence for Europe from 2008 to 2012

Systemic risk is the protagonist of the recent financial crisis. This thesis proposes a definition and a propagation mechanism for systemic risk. Risk management has a direct linkage with capital management, when addressing the question that the risk handled by a financial institution is compatible with the amount of equity available. This thesis proposes a risk management of liquid market variables, which compose the assets of a bank, based on the statistical tool of PCA. The principal component analysis will define the PCR, or Principal Components of Risk. Such definition of Risk will be adopted to test if the risk represented by PCR is explanatory of the movements of equity and/or debt for the banks included in the in the index Itraxx financial senior: the results of these regressions will be compared with a formal Capital Adequacy test in order to assess the financial soundness of the main financial European institutions.

Three Shades of Embeddedness, State Capitalism as the Informal Economy, Emic Notions of the Anti-Market, and Counterfeit Garments in the Mauritian Export Processing Zone

Purpose This paper furthers the analysis of patterns regulating capitalist accumulation based on a historical anthropology of economic activities revolving around and within the Mauritian Export Processing Zone (EPZ). Design/methodology/approach This paper uses fieldwork in Mauritius to interrogate and critique two important concepts in contemporary social theory – “embeddedness” and “the informal economy.” These are viewed in the wider frame of social anthropology’s engagement with (neoliberal) capitalism. Findings A process-oriented revision of Polanyi’s work on embeddedness and the “double movement” is proposed to help us situate EPZs within ongoing power struggles found throughout the history of capitalism. This helps us to challenge the notion of economic informality as supplied by Hart and others. Social implications Scholars and policymakers have tended to see economic informality as a force from below, able to disrupt the legal-rational nature of capitalism as practiced from on high. Similarly, there is a view that a precapitalist embeddedness, a “human economy,” has many good things to offer. However, this paper shows that the practices of the state and multinational capitalism, in EPZs and elsewhere, exactly match the practices that are envisioned as the cure to the pitfalls of capitalism. Value of the paper Setting aside the formal-informal distinction in favor of a process-oriented analysis of embeddedness allows us better to understand the shifting struggles among the state, capital, and labor.

Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.

Human Capital and Interethnic Marriage Decisions

Despite a longstanding belief that education importantly affects the process of immigrant assimilation, little is known about the relative importance of different mechanisms linking these two processes. This paper explores this issue through an examination of the effects of human capital on one dimension of assimilation, immigrant intermarriage. I argue that there are three primary mechanisms through which human capital affects the probability of intermarriage. First, human capital may make immigrants better able to adapt to the native culture thereby making it easier to share a household with a native. Second, it may raise the likelihood that immigrants leave ethnic enclaves, thereby decreasing the opportunity to meet potential spouses of the same ethnicity. Finally, assortative matching on education in the marriage market suggests that immigrants may be willing to trade similarities in ethnicity for similarities in education when evaluating potential spouses. Using a simple spouse-search model, I first derive an identification strategy for differentiating the cultural adaptability effect from the assortative matching effect, and then I obtain empirical estimates of their relative importance while controlling for the enclave effect. Using U.S. Census data, I find that assortative matching on education is the most important avenue through which human capital affects the probability of intermarriage. Further support for the model is provided by deriving and testing some of its additional implications.

Liquidity Constraint and Child Labor In India: Is Market Really Incapable Of Eradicating It From Wage-Labor Households?

One way to measure the lower steady state equilibrium outcome in human capital development is the incidence of child labor in most of the developing countries. With the help of Indian household level data in an overlapping generation framework, we show that production loans under credit rationing are not optimally extended towards firms because of issues with adverse selection. More stringent rationing in the credit market creates a distortion in the labor market by increasing adult wage rate and the demand for child labor. Lower availability of funds under stringent rationing coupled with increased demand for loans induces the high risk firms to replace adult labor by child labor. A switch of regime from credit rationing to revelation regime can clear such imperfections in the labor market. The equilibrium higher wage rate elevates the household consumption to a significantly higher level than the subsistence under credit rationing and therefore higher level of human capital development is assured leading to no supply of child labor.

Volatilidad del capital y las nuevas concepciones del valor del suelo urbano en las ciudades intermedias

Las lógicas tradicionales que influyen en la fijación del valor del suelo urbano se han visto modificadas, en los últimos tiempos, por las múltiples dinámicas que ocurren en las ciudades intermedias. El crecimiento de la población y la expansión territorial de estas ciudades, y los cambios en las concepciones del sector inmobiliario, las propuestas de los desarrolladores y los componentes perceptivos de la demanda conforman un mercado heterogéneo e imperfecto. A la teoría tradicional de valor del suelo se suman aquellas vinculadas con aspectos hedónicos que otorgan valor simbólico de acuerdo a un entramadocomplejo de aspectos psicosociales y económicos. En la fijación de precios se conjugan la disposición a pagar por parte de los consumidores y la valoración que se hace de las características particulares del inmueble, así como el estatus socioeconómico y las bondades del entorno geográfico-paisajístico en el que se ubica.

Volatilidad del capital y las nuevas concepciones del valor del suelo urbano en las ciudades intermedias

Las lógicas tradicionales que influyen en la fijación del valor del suelo urbano se han visto modificadas, en los últimos tiempos, por las múltiples dinámicas que ocurren en las ciudades intermedias. El crecimiento de la población y la expansión territorial de estas ciudades, y los cambios en las concepciones del sector inmobiliario, las propuestas de los desarrolladores y los componentes perceptivos de la demanda conforman un mercado heterogéneo e imperfecto. A la teoría tradicional de valor del suelo se suman aquellas vinculadas con aspectos hedónicos que otorgan valor simbólico de acuerdo a un entramadocomplejo de aspectos psicosociales y económicos. En la fijación de precios se conjugan la disposición a pagar por parte de los consumidores y la valoración que se hace de las características particulares del inmueble, así como el estatus socioeconómico y las bondades del entorno geográfico-paisajístico en el que se ubica.

Volatilidad del capital y las nuevas concepciones del valor del suelo urbano en las ciudades intermedias

Las lógicas tradicionales que influyen en la fijación del valor del suelo urbano se han visto modificadas, en los últimos tiempos, por las múltiples dinámicas que ocurren en las ciudades intermedias. El crecimiento de la población y la expansión territorial de estas ciudades, y los cambios en las concepciones del sector inmobiliario, las propuestas de los desarrolladores y los componentes perceptivos de la demanda conforman un mercado heterogéneo e imperfecto. A la teoría tradicional de valor del suelo se suman aquellas vinculadas con aspectos hedónicos que otorgan valor simbólico de acuerdo a un entramadocomplejo de aspectos psicosociales y económicos. En la fijación de precios se conjugan la disposición a pagar por parte de los consumidores y la valoración que se hace de las características particulares del inmueble, así como el estatus socioeconómico y las bondades del entorno geográfico-paisajístico en el que se ubica.

Is FTA/EPA effective for a developing country to attract FDI? : simulation analysis based on an extended knowledge-capital model

To prepare an answer to the question of how a developing country can attract FDI, this paper explored the factors and policies that may help bring FDI into a developing country by utilizing an extended version of the knowledge-capital model. With a special focus on the effects of FTAs/EPAs between market countries and developing countries, simulations with the model revealed the following: (1) Although FTA/EPA generally ends to increase FDI to a developing country, the possibility of improving welfare through increased demand for skilled and unskilled labor becomes higher as the size of the country declines; (2) Because the additional implementation of cost-saving policies to reduce firm-type/trade-link specific fixed costs ends to depreciate the price of skilled labor by saving its input, a developing country, which is extremely scarce in skilled labor, is better off avoiding the additional option; (3) If a country hopes to enjoy larger welfare gains with EPA, efforts to increase skilled labor in the country, such as investing in education, may be beneficial.