Public investment and the risk premium for equity

Analysis of the equity premium puzzle has focused on private-sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public-sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other things being equal, increases in public ownership of equity will improve welfare, up to the point where the equity premium is eliminated. Finally, we consider policy implications and the optimal extent of public ownership.

Cortex, cognition and the cell: New insights into the pyramidal neuron and prefrontal function

Arguably the most complex conical functions are seated in human cognition, the how and why of which have been debated for centuries by theologians, philosophers and scientists alike. In his best-selling book, An Astonishing Hypothesis: A Scientific Search for the Soul, Francis Crick refined the view that these qualities are determined solely by cortical cells and circuitry. Put simply, cognition is nothing more, or less, than a biological function. Accepting this to be the case, it should be possible to identify the mechanisms that subserve cognitive processing. Since the pioneering studies of Lorent de No and Hebb, and the more recent studies of Fuster, Miller and Goldman-Rakic, to mention but a few, much attention has been focused on the role of persistent neural activity in cognitive processes. Application of modern technologies and modelling techniques has led to new hypotheses about the mechanisms of persistent activity. Here I focus on how regional variations in the pyramidal cell phenotype may determine the complexity of cortical circuitry and, in turn, influence neural activity. Data obtained from thousands of individually injected pyramidal cells in sensory, motor, association and executive cortex reveal marked differences in the numbers of putative excitatory inputs received by these cells. Pyramidal cells in prefrontal cortex have, on average, up to 23 times more dendritic spines than those in the primary visual area. I propose that without these specializations in the structure of pyramidal cells, and the circuits they form, human cognitive processing would not have evolved to its present state. I also present data from both New World and Old World monkeys that show varying degrees of complexity in the pyramidal cell phenotype in their prefrontal cortices, suggesting that cortical circuitry and, thus, cognitive styles are evolving independently in different species.

Enhanced effector and memory CTL responses generated by incorporation of receptor activator of NF-kappa B(RANK)/RANK ligand costimulatory molecules into dendritic cell immunogens expressing a human tumor-specific antigen

The outcome of dendritic cell (DC) presentation of Ag to T cells via the TCR/MHC synapse is determined by second signaling through CD80/86 and, importantly, by ligation of costimulatory ligands and receptors located at the DC and T cell surfaces. Downstream signaling triggered by costimulatory molecule ligation results in reciprocal DC and T cell activation and survival, which predisposes to enhanced T cell-mediated immune responses. In this study, we used adenoviral vectors to express a model tumor Ag (the E7 oncoprotein of human papillomavirus 16) with or without coexpression of receptor activator of NF-kappaB (RANK)/RANK ligand (RANKL) or CD40/CD40L costimulatory molecules, and used these transgenic DCs to immunize mice for the generation of E7-directed CD8(+) T cell responses. We show that coexpression of RANK/RANKL, but not CD40/CD40L, in E7-expressing DCs augmented E7-specific IFN-gamma-secreting effector and memory T cells and E7-specific CTLs. These responses were also augmented by coexpression of T cell costimulatory molecules (RANKL and CD40L) or DC costimulatory molecules (RANK and CD40) in the E7-expressing DC immunogens. Augmentation of CTL responses correlated with up-regulation of CD80 and CD86 expression in DCs transduced with costimulatory molecules, suggesting a mechanism for enhanced T cell activation/survival. These results have generic implications for improved tumor Ag-expressing DC vaccines, and specific implications for a DC-based vaccine approach for human papillomavirus 16-associated cervical carcinoma.

O Senior Executive Service: especial refer??ncia ao perfil do Top Public Service em Portugal

No contexto de reforma da administra????o p??blica, o objectivo do trabalho pretende dar conta das caracter??sticas dos modelos de direc????o p??blica, em particular dos dirigentes (Senior Executive Service: Top Public Service e Top Management Service), e do seu perfil em face dos novos desafios da administra????o p??blica. O objectivo principal deste trabalho foi caracterizar o sistema de designa????o/ nomea????o para os cargos de dirigente de livre escolha pol??tica, sistema conhecido na literatura como spoil system, com especial refer??ncia ao 1o e 2o n??veis, grupo I, dessas fun????es, no contexto da elite das direc????es-gerais em Portugal.

Brazilian National School of Public Administration

The Brazilian National School of Public Administration (Escola Nacional de Administra????o P??blica ??? ENAP) is a public foundation linked to the Ministry of Planning, Budget and Management. Founded in 1986, its core mission is ???to develop competencies of civil servants in order to enhance government capacity for managing public policies???. To fulfill its mission, a wide program of learning and continued education is offered to public policy managers as well as e-learning and customized courses, in accordance to governmental and institutional strategic objectives. ENAP???s courses are framed according to governmental strategic demands for social inclusion, poverty reduction as well as economic development in order to strengthen the leading South American democracy. The range and diversity of its programs mirrors the challenges of deep changes in the jobs market and the work environment, faced by the current 550,000 federal civil servants and the over 7,000,000 state and municipal civil servants in Brazil, as last counted in 2006.

Improving the public management career: report for the ministry of planning, budgeting e management, federal government of Brazil

This report sets out the findings and recommendations of a review of the Public Management Career (EPPGG) undertaken between 5 and 9 January 2009. The purpose of the review was to clarify EPPGG???s role, functions and profile, and to develop proposals for improving its effectiveness and management, taking account of the context within which such improvements would have to be implemented. Specific objectives were to examine a number of human resources management (HRM) aspects of the career in the light of international practice, including recruitment; initial education; professional development; performance evaluation; deployment; mobility and networking.

A guerrilha esquecida : memórias do Caparaó (1966-67), o primeiro foco guerrilheiro contra a ditadura militar no Brasil

Este estudo tem como objetivo discutir a memória histórica do primeiro foco guerrilheiro no Brasil, organizado pelo Movimento Nacional Revolucionário (MNR), em 1966-1967, com o apoio de Leonel Brizola e de Cuba, na região do Caparaó, divisa dos Estados de Minas Gerais e Espírito Santo. Assim, o estudo se propõe a analisar o pouco conhecido episódio da formação, do idealismo e do desfecho que envolveu a Guerrilha do Caparaó, apresentando as memórias dos guerrilheiros (sendo em sua grande maioria ex-militares), dos agentes da repressão, dos setores conservadores da sociedade e dos habitantes das comunidades do entorno do atual Parque Nacional do Caparaó, demonstrando, assim, as diferentes percepções e representações sobre a referida Guerrilha. Para tanto, será exposto todo o contexto histórico da época em questão. Como metodologia, utilizaremos o conceito de memória, que, em suas ramificações, abrangerá a história oral, além de análises bibliográficas, pesquisas em jornais do período (A Gazeta, O Globo, Jornal do Brasil, A Última Hora, Tribuna da Imprensa, Correio da Manhã, O Estado de São Paulo, Estado de Minas, O Diário da Tarde), em revistas (O Cruzeiro, Opinião e Revista Capixaba) e em documentos da Delegacia de Ordem Política e Social (DOPS) dos Arquivos Públicos dos estados do Espírito Santo e Minas Gerais, e documentos do Serviço Nacional de Informação (SNI), do Arquivo Nacional.

Public opinion and foreign policy in João Goulart's Brazil (1961-1964): Coherence between national and foreign policy perceptions?

Abstract This paper analyses public opinion during the João Goulart government in Brazil (1961-1964), focusing on public perceptions on domestic and foreign policies. We employ a recently declassified public opinion survey conducted on behalf of United States Information Agency (USIA) in urban areas. We found that the Brazilian public opinion was somewhat coherent, supporting redistributive reforms domestically and a neutralist approach in foreign affairs.

O senior executive service (SES): especial referência ao perfil do top public service (TPS) em Portugal

Alguns dos países da OCDE (2002) enfrentam, hoje, problemas relacionados ao emprego público e à sua competitividade (recrutamento, retenção de pessoal, falta crítica de habilidades e competências, etc.). Em nível de recrutamento (OCDE, 2002), os países que já identificaram o problema são o Canadá, a Dinamarca e a Finlândia; a falta crítica de habilidades e de competências foi já identificada por: Itália, Coreia, Noruega, Polónia, Portugal1 , Espanha, Áustria e Alemanha. O desenho e a implementação de estratégias de recursos humanos nas organizações públicas desenrolam-se em ambiente altamente politizado (LACOVIELLO, 1996) e o processo de decisão está sujeito a influências que tomam proporções maiores pelas características particulares que apresentam e pelo conflito essencial que decorre das relações entre políticos e burocratas.

Contradiction between the average age of retirement at the time of death and the average pension time for men and women in public employment in Portugal

The short article attempts to make some very brief reflections on the effects a lack of public policies positively discriminatory in terms of public employment retirement. In particular, the observation of the absurd contradiction between the average age of retirement at the time of death (for men and women) and the average pension time for men and women in public employment in Portugal.

Cognitive intervention protocol for age-related memory impairments

With the number of elderly people increasing tremendously worldwide, comes the need for effective methods to maintain or improve older adults' cognitive performance. Using continuous neurofeedback, through the use of EEG techniques, people can learn how to train and alter their brain electrical activity. A software platform that puts together the proposed rehabilitation methodology has been developed: a digital game protocol that supports neurofeedback training of alpha and theta rhythms, by reading the EEG activity and presenting it back to the subject, interleaved with neurocognitive tasks such as n-Back and Corsi Block-Tapping. This tool will be used as a potential rehabilitative platform for age-related memory impairments.

Determinant factors of the implementation of the balanced scorecard in Portugal: empirical evidence in public and private organizations

In this article we aim to identify and analyze a set of variables that can potentially influence the adoption of the Balanced Scorecard (BSC)in Portugal. Hypotheses were tested using data obtained from a questionnaire sent to 591 publicly-owned organizations (local governments, municipal corporations and hospitals) and 549 privately-owned organizations (large companies and small and medium enterprises) in Portugal, with an overall response rate of 31.3%. The results allow us to conclude that although the majority of respondents claimed to know the BSC, its use in Portugal is still limited and very recent, particularly in the public sector organizations. However, it should be noted that its use has increased in Portugal in recent years. Using as theoretical framework the contingency and institutional theories, we found that decentralization, vertical differentiation and the degree of higher education are associated with the implementation of the BSC.