Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Two heads may not be better than one : corporate board structure, managerial self-dealing,and common agency

This paper compares the effects on corporate performance and managerial self-dealing in a situation in which the CEO reports to a single Board that is responsible for both monitoring management and establishing performance targets to an alternative in which the CEO reports to two Boards, each responsible for a different task. The equilibrium set of the common agency game induced by the dual board structure is fully characterized. Compared to a single board, a dual board demands less aggressive performance targets from the CEO, but exerts more monitoring. A consequence of the first feature is that the CEO always exerts less effort toward production with a dual board. The effect of a dual board on CEO self-dealing is ambiguous: there are equilibria in which, in spite of the higher monitoring, self-dealing is higher in a dual system. The model indicates that the strategic interdependence generated by the assignment of different tasks to different boards may yield results that are far from the desired ones.

New developmental stages for common marmosets (Callithrix jacchus) using mass and age variables obtained by K-means algorithm and self-organizing maps (SOM)

LEÃO, Adriano de Castro; DÓRIA NETO, Adrião Duarte; SOUSA, Maria Bernardete Cordeiro de. New developmental stages for common marmosets (Callithrix jacchus) using mass and age variables obtained by K-means algorithm and self-organizing maps (SOM). Computers in Biology and Medicine, v. 39, p. 853-859, 2009

Evaluation of different occlusal splints and counselling in the management of myofascial pain dysfunction

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Weekly Self-Scheduling, Forward Contracting, and Offering Strategy for a Producer

Within a weekly market horizon, this paper considers a power producer that sells its energy both in the pool and through weekly forward contracts. The paper provides a methodology that allows the producer to derive the self-scheduling of its production units, to select weekly forward contracts, and to obtain the offering strategy for Monday's pool. The proposed technique is based on stochastic programming and allows the producer to maximize its expected profit while controlling the risk of profit variability. A comprehensive case study is used to illustrate the characteristics of the proposed methodology. Appropriate conclusions are finally drawn.

Self-optimization of dense wireless sensor networks based on simulated annealing

Wireless sensor network (WSN) Is a technology that can be used to monitor and actuate on environments in a non-intrusive way. The main difference from WSN and traditional sensor networks is the low dependability of WSN nodes. In this way, WSN solutions are based on a huge number of cheap tiny nodes that can present faults in hardware, software and wireless communication. The deployment of hundreds of nodes can overcome the low dependability of individual nodes, however this strategy introduces a lot of challenges regarding network management, real-time requirements and self-optimization. In this paper we present a simulated annealing approach that self-optimize large scale WSN. Simulation results indicate that our approach can achieve self-optimization characteristics in a dynamic WSN. © 2012 IEEE.

Network for Cooperation in Integrated Water Resource Management for Sustainable Development in Latin America and the Caribbean No. 43

Editorial remarks.-- Open discussion: Energy efficiency and economic regulation in water supply and sewerage services ; Policies and institutional frameworks for drinking water supply and sanitation.-- News of the network: The goal of food self-sufficiency of the countries of the cooperation council for de Arab States of the Gulf ; Narrowing the gaps in drinking water and sanitation: an opportunity for users ; Water Users'Organizations Act of Peru ; Commission for the Integrated management of the Tárcoles River Basin, Costa Rica ; Water and sanitation Management Unit in Panama.-- Courses: Course "Strategic aspects of irrigation".-- Internet and WWW news

Desenvolvimento de um sistema de gerenciamento de energia (EMS - Energy Management System) para a rede elétrica inteligente (Smart Grid)

Pós-graduação em Engenharia Elétrica - FEIS

Clinical and surgical management of an aggressive cherubism treated with autogenous bone graft and calcitonin

Cherubism is a rare autosomal-dominant inherited syndrome and is usually self-limiting; it starts in early childhood and involutes by puberty. It is a benign fibroosseous disease, characterized by excessive bone degradation of the upper and lower jaws followed by development of fibrous tissue masses. The purpose of this clinical report is to describe a rare and aggressive form of cherubism on an adult female patient that has been treated in our Bioscience Center for Special Health Care Needs-CEBAPE. The patient was firstly submitted to the surgical procedure with partial curettage of the lesion, and the cavity was filled with autogenous cancellous bone and bone marrow grafts. Furthermore, the support treatment used was the administration of salmon calcitonin by nasal spray during the first year after the preconized procedure. At 4-year followup, we confirmed the stomatognathic system improvement and esthetic rehabilitation, which led to a significant increase in the patient's quality of life.

Self-perception and oral health in pregnant adolescents

To evaluate the oral health indicators by determining the experience of dental caries and periodontal disease and identification of self-perceived oral health status of pregnant adolescents and to assess the association between the studied variables. A transversal study, survey type and survey of the oral health status of 127 adolescents, 10-19 years of age, pregnant, accompanied by the Unified Health System of Araçatuba-SP was performed. The self-perceived oral health and socio-demographic data were recorded using an adapted questionnaire. The oral health statuses were analyzed using the DMFT and CPI indices in accordance with the criteria established by the WHO for epidemiological survey. Descriptive statistical analyzes and the Fisher's exact test with a significance level of 5% was performed, as well as a logistic regression analysis to verify the association between the variables. Of the total, 41.0% reported having satisfactory oral health, while 63.0% believed they had problems with their teeth and gums. The DMFT index was 12.51 (SD = 4.21). The percentage of caries-free was 6.3%, and 91.3% had periodontal problems. A statistically significant association was found between the variables: self-perceived oral health and periodontal disease p = 0.0166 and self-reported gum disease and periodontal disease p = 0.0039. Most patients considered their oral health as poor and reported having dental and gum problems, which can also be observed in the clinical examination since the caries experience of the pregnant women examined was considered high and the symptoms of periodontal disease were observed in most of the volunteers.

Behavioural changes and occlusal splints are effective in the management of masticatory myofascial pain: a short-term evaluation

The aim of this research was to test the hypothesis that treatment with intra-oral appliances with different occlusal designs was beneficial in the management of pain of masticatory muscles compared with a control group. A total of 51 patients were analysed according to the Research Diagnostic Criteria for Temporomandibular Disorders (RDC/TMD) to obtain the diagnosis of masticatory myofascial pain (MMP). The sample was then randomly divided into three groups: group I (n = 21) wore a full coverage acrylic stabilisation occlusal splint; group II (n = 16) wore an anterior device nociceptive trigeminal inhibitory (NTI) system; and group III (n = 14) only received counselling for behavioural changes and self-care (the control group). The first two groups also received counselling. Follow-ups were performed after 2 and 6 weeks and 3 months. In these sessions, patients were evaluated by means of a visual analogue scale (VAS) and pressure pain threshold (PPT) of the masticatory muscles. Possible adverse effects were also recorded, such as discomfort while using the appliance and occlusal changes. The results were analysed with KruskalWallis, anova, Tukeys and Friedman tests, with a significance level of 5%. Group I showed improvement in the reported pain at the first follow-up (2 weeks), whereas for groups II and III, this progress was detected only after 6 weeks and 3 months, respectively. The PPT values did not change significantly. It was concluded that behavioural changes are effective in the management of pain in MMP patients. However, the simultaneous use of occlusal devices appears to produce an earlier improvement.

Treatment of malignant gastroduodenal obstruction with a nitinol self-expanding metal stent: An international prospective multicentre registry

Background: Duodenal stenting has become a broadly accepted first line of treatment for patients with advanced malignant gastroduodenal obstruction as these patients are difficult to treat and are poor surgical candidates. Aims: To document duodenal stent performance for palliative management of malignant gastroduodenal obstruction. Methods: Multicentre, single arm, prospective registry documenting peroral endoscopic duodenal stenting procedures in 202 patients. Results: Technical success achieved in 98% (CI. 95%, 99%) of stent placements. Increase of Gastric Outlet Obstruction Score by at least 1 point compared to baseline was achieved in 91% (CI, 86%, 95%) of patients persisting for a median of 184 days (CI, 109, 266). By day 5 (CI, 4,6) after stent placement, 50% of patients experienced a score increase of at least 1 point. Improvement from 14% of patients at baseline tolerating soft solids or low residue/normal diet to 84% at 15 days, 86% at 30 days, 81% at 90 days, 79% at 180 days, and 70% at 270 days. Complications included stent ingrowth and/or overgrowth (12.4%), transient periprocedural symptoms (3%), bleeding (3%), stent migration (1.5%), and perforation (0.5%). Conclusions: Safety and effectiveness of duodenal stenting for palliation of malignant gastroduodenal obstruction was confirmed in the largest international prospective series to date. (C) 2011 Editrice Gastroenterologica Italiana S.r.l. Published by Elsevier Ltd. All rights reserved.

Texture descriptor based on partially self-avoiding deterministic walker on networks

Texture image analysis is an important field of investigation that has attracted the attention from computer vision community in the last decades. In this paper, a novel approach for texture image analysis is proposed by using a combination of graph theory and partially self-avoiding deterministic walks. From the image, we build a regular graph where each vertex represents a pixel and it is connected to neighboring pixels (pixels whose spatial distance is less than a given radius). Transformations on the regular graph are applied to emphasize different image features. To characterize the transformed graphs, partially self-avoiding deterministic walks are performed to compose the feature vector. Experimental results on three databases indicate that the proposed method significantly improves correct classification rate compared to the state-of-the-art, e.g. from 89.37% (original tourist walk) to 94.32% on the Brodatz database, from 84.86% (Gabor filter) to 85.07% on the Vistex database and from 92.60% (original tourist walk) to 98.00% on the plant leaves database. In view of these results, it is expected that this method could provide good results in other applications such as texture synthesis and texture segmentation. (C) 2012 Elsevier Ltd. All rights reserved.

A study for the self similarity smile detection

[EN]This work makes an extensive experimental study of smile detection testing the Local Binary Patterns (LBP) combined with self similarity (LAC) as main descriptors of the image, along with the powerful Support Vector Machines classifier. Results show that error rates can be acceptable and the self similarity approach for the detection of smiles is suitable for real-time interaction, although there is still room for improvement.

Self-Organizing Mechanisms for Task Allocation in a Knowledge-Based Economy

A prevalent claim is that we are in knowledge economy. When we talk about knowledge economy, we generally mean the concept of “Knowledge-based economy” indicating the use of knowledge and technologies to produce economic benefits. Hence knowledge is both tool and raw material (people’s skill) for producing some kind of product or service. In this kind of environment economic organization is undergoing several changes. For example authority relations are less important, legal and ownership-based definitions of the boundaries of the firm are becoming irrelevant and there are only few constraints on the set of coordination mechanisms. Hence what characterises a knowledge economy is the growing importance of human capital in productive processes (Foss, 2005) and the increasing knowledge intensity of jobs (Hodgson, 1999). Economic processes are also highly intertwined with social processes: they are likely to be informal and reciprocal rather than formal and negotiated. Another important point is also the problem of the division of labor: as economic activity becomes mainly intellectual and requires the integration of specific and idiosyncratic skills, the task of dividing the job and assigning it to the most appropriate individuals becomes arduous, a “supervisory problem” (Hogdson, 1999) emerges and traditional hierarchical control may result increasingly ineffective. Not only specificity of know how makes it awkward to monitor the execution of tasks, more importantly, top-down integration of skills may be difficult because ‘the nominal supervisors will not know the best way of doing the job – or even the precise purpose of the specialist job itself – and the worker will know better’ (Hogdson,1999). We, therefore, expect that the organization of the economic activity of specialists should be, at least partially, self-organized. The aim of this thesis is to bridge studies from computer science and in particular from Peer-to-Peer Networks (P2P) to organization theories. We think that the P2P paradigm well fits with organization problems related to all those situation in which a central authority is not possible. We believe that P2P Networks show a number of characteristics similar to firms working in a knowledge-based economy and hence that the methodology used for studying P2P Networks can be applied to organization studies. Three are the main characteristics we think P2P have in common with firms involved in knowledge economy: - Decentralization: in a pure P2P system every peer is an equal participant, there is no central authority governing the actions of the single peers; - Cost of ownership: P2P computing implies shared ownership reducing the cost of owing the systems and the content, and the cost of maintaining them; - Self-Organization: it refers to the process in a system leading to the emergence of global order within the system without the presence of another system dictating this order. These characteristics are present also in the kind of firm that we try to address and that’ why we have shifted the techniques we adopted for studies in computer science (Marcozzi et al., 2005; Hales et al., 2007 [39]) to management science.