The Brazilian and the french private equity sectors from 2006 to present: a comparative analysis

Private equity, ou o ato de fundos ou investidores de investir em empresas não cotadas em bolsa pública, assumiu uma importância crescente no mundo financeiro nos últimos anos. De fato, enquanto o surgimento de um setor de private equity (PE) tem sido um grande fenômeno em mercados emergentes desde meados dos anos 2000, a crise financeira mundial enfraqueceu private equity no mundo desenvolvido. Assim, esta pesquisa vai se concentrar em dois países com dinâmicas supostamente muito diferentes em relação a este sector: França e Brasil. O objetivo será o de discernir padrões gerais de comportamento em ambos os sectores de PE durante todo o período compreendido 2006-2013, e tentar determinar em que medida eles são comparáveis. Utilizando a literatura como fonte conceitual para o quadro comparativo a ser desenvolvido, será analisado se as condições do mercado e do ambiente institucional evoluíram durante o período estudado na França e no Brasil, se comparar, e se eles impactaram o nível de atividade de private equity - oferta e demanda de fundos - em ambos os países. Para identificar esses padrões, a pesquisa contará com uma análise de dados exploratória qualitativa, com base em um quadro dos determinantes do setor de PE identificados e retirados da literatura acadêmica. Esta pesquisa trazera sua contribuição para o trabalho acadêmico existente sobre private equity, graças à sua natureza comparativa e para a sua conclusão sobre a relevância dos determinantes acima mencionados sobre a atividade de private equity na França e no Brasil.

Do brazilian states engage in the fiscal war of ports? An empiric study of tax competition and an analysis of a natural experiment: the brazilian senate resolution 13/2012

O fim do ano de 2014 marcou o segundo aniversário da Resolução 13/2012 (R13) do Senado brasileiro. Grosso modo, R13 constituiu-se de um normativo do Senado cujo objetivo era o de por um fim na Guerra Fiscal dos Portos (FWP), uma competição fiscal entre os estados que se dá através da concessão de benefícios fiscais sobre operações interestaduais com mercadorias importadas de modo a atrair empresas importadoras para o território do estado concedente. R13 diminuiu o nível da tributação sobre tais operações, esperando com isso diminuir os lucros auferidos e a propensão das firmas de aceitarem tais regimes especiais de incentivação fiscal. Nada obstante, R13 gerou uma grande discussão sobre se os benefícios da atração de investimentos para um estado em particular superariam ou não os custos que esse estado incorreria em renunciar receitas tributárias em razão concessão desses benefícios fiscais. O objetivo do presente trabalho é o de dar uma contribuição a essa discussão, testando se um comportamento de interação estratégica entre estados, tal como aquele que supostamente ocorre no contexto da FWP, de fato emerge dos dados de importação coletados de janeiro de 2010 a maio de 2015, e, também, testando se a R13 de fato afetou tal comportamento de interação estratégica. Utiliza-se aqui um modelo de econometria espacial, no qual se especifica uma matriz de pesos que agrega o nível de importação das jurisdições concorrentes, organizando os dados em um painel de efeitos fixos. Os resultados sugerem que existe um comportamento de interação estratégica entre os estados e que a R13 de fato impactou tal comportamento.

Nesting architecture and population structure of the fungus-growing ant Cyphomyrmex transversus (Formicidae: Myrmicinae: Attini) in the Brazilian coastal zone of Ilheus, Bahia

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Determinantes locais da decomposição foliar e de raízes finais em um ecossistema semiárido do nordeste brasileiro

The decomposition process exercises an extensive control over the carbon cycle, affecting its availability and nutrient cycling in terrestrial ecosystems. The understanding of leaf decomposition patterns above the soil and fine roots decomposition below the soil is necessary and essential to identify and quantify more accurately the flow of energy and matter in forest systems. There is still a lack of studies and a large gap in the knowledge about what environmental variables act as local determinants over decomposition drivers. The knowledge about the decomposition process is still immature for Brazilian semiarid region. The aim of this study was to analyze the decomposition process (on leaves and fine roots) of a mixture of three native species for 12 months in a semiarid ecosystem in Northeast Brazil. We also examined whether the rate of decomposition can be explained by local environmental factors, specifically plant species richness, plant density and biomass, soil macro-arthropods species richness and abundance, amount of litterfall and fine root stock. Thirty sampling points were randomly distributed within an area of 2000 m x 500 m. To determine the decomposition rate, the litterbag technique was used and the data analysis were made with multiple regressions. There was a high degradation of dead organic matter along the experiment. Above ground plant biomass was the only environmental local factor significantly related to leaf decomposition. The density of vegetation and litter production were positively and negatively related to decay rates of fine roots, respectively. The results suggest that Caatinga spatial heterogeneity may exert strong influences over the decomposition process, taking into account the action of environmental factors related to organic matter exposure of and the consequent action of solar radiation as the decomposition process main controller in this region

Diversity of phytoseiid mites (Acari: Mesostigmata: Phytoseiidae) in the Atlantic Forest of São Paulo

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Cryptic lineages and Pleistocene population expansion in a Brazilian Cerrado frog

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Interaction between breeding habitat and elevation affects prevalence but not infection intensity of Batrachochytrium dendrobatidis in Brazilian anuran assemblages

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Habitat use and home range of brown-nosed coati, Nasua nasua (Carnivora: Procyonidae) in the Brazilian Cerrado biome

The brown-nosed coati (Nasua nasua) is a carnivorous species found in all the Brazilian biomes, some of which are endangered areas. The aim of this work was to determine the habitat use and selection, home range and core area of N. nasua in the Cerrado biome, central region of Tocantins, Brazil. The study was carried out in an area of approximately 20 000ha from May 2000 to July 2002. A total of seven box traps were placed in the area for 13 months, three of 11 captured animals were followed and monitored by radio-tracking during 13 months. The monitoring was conducted once a day, three times a week using a car and walking through the study area (radio-tracking and visual contact). The results demonstrate that these three males used more frequently the gallery forest formation, followed by cerrado and wetlands. The use of gallery forest by these animals indicated an habitat selection (Proportion test, z=12.98, p< 0.01). Besides, adult males used the gallery forest more frequently (Fisher's exact test, p<0.01) and wetlands less frequently (Fisher's exact test, p<0.01) than juvenile males, without significant differences between animal ages for cerrado percentage of habitat use. Besides, results also showed a gallery forest selection by adult (Proportion test z= 13.62, p<0.01) and juvenile (Proportion test z=2.68, p<0.01) males, and a wetland selection by the juvenile male (Proportion test z=3.90, p<0.01). The home ranges varied from 2.20 to 7.55km2 for the Minimum Convex Polygon 100% (MCP 100%) and from 4.38 to 13.32km2 for the Harmonic Mean 95% (HM 95%). The smallest home range overlap occurred between the adult males (Nm1 and Nm3), and the greatest between the juvenile Njm2 and the adult Nm1. The average of the core area (HM 75%) for the three monitored animals represented 21.29% of the home range calculated with HM 95%. No overlap between core areas was observed for adult males, but, it was an overlap between the core area of the juvenile male and its band with that of the two adult males. The present study provides new data on core area size and frequency habitat use by adult and juvenile males of N. nasua in the Brazilian Cerrado, that may support conservation efforts. Rev. Biol. Trop. 58 (3): 1069-1077. Epub 2010 September 01.

Activity, movement and secretive behavior of a threatened arboreal folivore, the thin-spined porcupine, in the Atlantic forest of southern Bahia, Brazil

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

Phenology of Caryocar brasiliense in the Brazilian cerrado region

The objective was to study the phenology of Caryocar brasiliense Camb. (Caryocaraceae), a type of fruit of the Brazilian cerrado, in three areas (cerrado, pasture and in the campus of the Federal University of Minas Gerais) of the municipality of Montes Claros, State of Minas Gerais, Brazil, during 3 years. The plants of C brasiliense presented linear growth with about 50 cm of height and 35 cm of crown width per year. Soils with loamy texture, dystrophic, rich in aluminum and with low pH favor the production of this species. C. brasiliense produced higher quantity of flowers in the middle third, followed by the apical and basal parts of the crown, while the fruit production was higher in the basal third, followed by the middle and apical parts of the canopy of this species. C brasiliense bloomed during the dry period and produced fruits in the rainy season. Its fruits presented about 6, 8 and 6 cm of width, length and height, respectively, and 160 g of gross weight. The extrativism without control has strong impact on the propagation of C brasiliense because only about 7.96 and 10.65% of plants up to 1.0 m height and 59.58 and 44.73% higher than 3.0 m (reproductive phase) was observed in the cerrado and pasture, respectively. This indicates that fruit collectors, practically, remove all fruits of this tree and thus they reduce, considerably, the propagation of C. brasiliense in the cerrado areas of Brazil. (c) 2006 Elsevier B.V. All rights reserved.

The relationship between pasture degradation and soil properties in the Brazilian amazon: a case study

Pasture degradation is one of the greatest problems related to land use in the Amazon region, forcing farmers to open new forest areas. Many studies have identified the causes and the factors involved in this degradation process, in an attempt to reverse the situation. The purpose of this study was to examine the relationship between pasture degradation and some soil properties, to try to identify the most significant soil features in the degradation process. A cattle raising farm in the eastern Amazon region, with pastures of different ages and degrees of degradation, was used as the site for this study: a primary forest area, PN; three Guinea grass (Panicum maximum Jacq.) pastures in an increasingly degraded sequence-P1, P2 and P3; one Gamba grass (Andropogon gayanus Kunth) pasture following an extremely degraded Guinea grass pasture, P4. Aboveground phytomass data showed differences between the pastures, reflecting initially observed degradation levels. Grass biomass decreased sharply from P1 to P2 and disappeared at P3. Pasture recovery with Gamba grass at P4 was very successful, with grass biomass higher than P1 and weed biomass smaller than P2 and P3. Root biomass also decreased with pasture degradation. Soil bulk density increased with pasture decrease at the topsoil layer. Results from the soil chemical analysis showed that there were no signs of decrease in organic carbon and total nitrogen after the forest was transformed into pasture. In all pastures, degraded or not, the soil pH, the sum of bases and the saturation degree were higher than in the forest soil. The extractable phosphorus content, lower in forest soil, remained quite stable in pasture soils, but it could become a limiting factor for the maintenance of Guinea grass. Results indicated that pasture degradation does not seem to be directly related to the modification of the chemical features of soils. (C) 2004 Elsevier B.V. All rights reserved.

Can native vegetation recover after slash pine cultivation in the Brazilian Savanna?

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Mercury emissions from forest burning in southern Amazon

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

Mating system parameters at hierarchical levels of fruits, individuals and populations in the Brazilian insect-pollinated tropical tree, Tabebuia roseo-alba (Bignoniaceae)

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

Pulmonary infection in two sympatric lizards, Mabuya arajara (Scincidae) and Anolis brasiliensis (Polychrotidae) from a cloud forest in Chapada do Araripe, Ceará, Northeastern Brazil

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