High-growth SMEs and the availability of private equity and venture capital in Brazil

This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and mediumsized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures.

Winning in Brazil: how institutional voids affect the entry decision making process of foreign venture capital firms coming to Brazil

The master thesis for the achievement of the academic status master of science in international management (MPGI) will aim to solve the research question of how institutional voids affect the entry decision-making process of foreign venture capital firms coming to Brazil. This is a timely matter since in the past years there has been a sudden eruption of foreign VC involvement in Brazil. Based on the actionable framework by Khanna and Palpeu (2010) we conducted quantitative as well as qualitative research with two sets of interview partners in a two-phase analysis. We interviewed experts from VC firms, foreign VC firms based in Brazil and perspective VC firms that are looking to come to Brazil. We started with the former, derived lessons learned and analyzed how they affect the latter in reaching a decision. As we expected we found that depending on the industry that ventures are in, institutional voids can either pose an opportunity or a threat and hence attract or push away potential VC firms entering Brazil. Opportunities exist especially when exploiting institutional voids, for example through ventures in the marketplace efficiency. Threats are posed by investments in for instance hard infrastructure, where the economic, political and judicial systems as well as corruption and bureaucracy play demanding roles.

International civil society actors in Genetically Modificied Organisms as a field of struggle: a neo-gramscian study in Brazil and the United Kingdom

Since the international financial and food crisis that started in 2008, strong emphasis has been made on the importance of Genetically Modified Organisms (GMOs) (or “transgenics”) under the claim that they could contribute to increase food productivity at a global level, as the world population is predicted to reach 9.1 billion in the year 2050 and food demand is predicted to increase by as much as 50% by 2030. GMOs are now at the forefront of the debates and struggles of different actors. Within civil society actors, it is possible to observe multiple, and sometime, conflicting roles. The role of international social movements and international NGOs in the GMO field of struggle is increasingly relevant. However, while many of these international civil society actors oppose this type of technological developments (alleging, for instance, environmental, health and even social harms), others have been reportedly cooperating with multinational corporations, retailers, and the biotechnology industry to promote GMOs. In this thesis research, I focus on analysing the role of “international civil society” in the GMO field of struggle by asking: “what are the organizing strategies of international civil society actors, such as NGOs and social movements, in GMO governance as a field of struggle?” To do so, I adopt a neo-Gramscian discourse approach based on the studies of Laclau and Mouffe. This theoretical approach affirms that in a particular hegemonic regime there are contingent alliances and forces that overpass the spheres of the state and the economy, while civil society actors can be seen as a “glue” to the way hegemony functions. Civil society is then the site where hegemony is consented, reproduced, sustained, channelled, but also where counter-hegemonic and emancipatory forces can emerge. Considering the importance of civil society actors in the construction of hegemony, I also discuss some important theories around them. The research combines, on the one hand, 36 in-depth interviews with a range of key civil society actors and scientists representing the GMO field of struggle in Brazil (19) and the UK (17), and, on the other hand, direct observations of two events: Rio+20 in Rio de Janeiro in 2012, and the first March Against Monsanto in London in 2013. A brief overview of the GMO field of struggle, from its beginning and especially focusing in the 1990s when the process of hegemonic formation became clearer, serves as the basis to map who are the main actors in this field, how resource mobilization works, how political opportunities (“historical contingencies”) are discovered and exploited, which are the main discourses (“science” and “sustainability” - articulated by “biodiversity preservation”, “food security” and “ecological agriculture”) articulated among the actors to construct a collective identity in order to attract new potential allies around “GMOs” (“nodal point”), and which are the institutions and international regulations within these processes that enable hegemony to emerge in meaningful and durable hegemonic links. This mapping indicates that that the main strategies applied by the international civil society actors are influenced by two central historical contingencies in the GMO field of struggle: 1) First Multi-stakeholder Historical Contingency; and 2) “Supposed” Hegemony Stability. These two types of historical contingency in the GMO field of struggle encompass deeper hegemonic articulations and, because of that, they induce international civil society actors to rethink the way they articulate and position themselves within the field. Therefore, depending on one of those moments, they will apply one specific strategy of discourse articulation, such as: introducing a new discourse in hegemony articulation to capture the attention of the public and of institutions; endorsing new plural demands; increasing collective visibility; facilitating material articulations; sharing a common enemy identity; or spreading new ideological elements among the actors in the field of struggle.

Coptotermes gestroi (Isoptera: Rhinotermitidae) in Brazil: possible origins inferred by mitochondrial cytochrome oxidase II gene sequences

The Asian subterranean termite, Coptotermes gestroi, originally from northeast India through Burma, Thailand, Malaysia, and the Indonesian archipelago, is a major termite pest introduced in several countries around the world, including Brazil. We sequenced the mitochondrial COII gene from individuals representing 23 populations. Phylogenetic analysis of COII gene sequences from this and other studies resulted in two main groups: (1) populations of Cleveland (USA) and four populations of Malaysia and (2) populations of Brazil, four populations of Malaysia, and one population from each of Thailand, Puerto Rico, and Key West (USA). Three new localities are reported here, considerably enlarging the distribution of C. gestroi in Brazil: Campo Grande (state of Mato Grosso do Sul), Itajai (state of Santa Catarina), and Porto Alegre (state of Rio Grande do Sul).

Prevalence of DEA 1 canine blood group system in dogs (Canis familiaris, Linnaeus, 1758) reared in Brazil

Os cães possuem cinco grupos sangüíneos bem estabelecidos, compostos por sete determinantes antigênicos eritrocitários, os quais são denominados de dog erythrocyte antigen (DEA). O grupo DEA 1 (subgrupos 1.1, 1.2 e 1.3) tem sido considerado o mais importante no que se refere às transfusões de sangue. Isto ocorre porque esse grupo possui um alto potencial para estimulação antigênica e, dessa forma, pode estimular a produção de anticorpos se um receptor DEA 1 negativo receber uma transfusão de sangue DEA 1 positivo, levando a uma reação transfusional hemolítica em uma segunda transfusão com hemácias do tipo DEA 1. A freqüência de aparecimento do grupo DEA 1 é bem conhecida em outros países, porém, até então, não havia informações disponíveis sobre o referido grupo no Brasil. No presente estudo, objetivou-se avaliar a prevalência do grupo sangüíneo DEA 1 (subgrupos 1.1 e 1.2) em cães criados no Brasil. Para tanto, 150 cães de raças, sexos e idades diferentes, triados junto ao Hospital Veterinário da FCAV/UNESP, Campus de Jaboticabal, foram submetidos a tipagem sangüínea para o grupo DEA 1 (subgrupos 1.1 e 1.2) canino, utilizando-se reagentes adquiridos comercialmente junto ao Laboratório de Imunoematologia e Sorologia da Universidade de Michigan (EUA). Os resultados obtidos neste ensaio revelaram que a prevalência geral para o grupo DEA 1 é de 91,3%, consideradas as condições e características da população estudada, compreendendo 51,3% de cães do tipo DEA 1.1, 40% de cães do tipo DEA 1.2, e os 8,7% restantes sendo negativos para o referido grupo. A partir das prevalências encontradas, calculou-se que a probabilidade de um cão DEA 1 negativo receber sangue DEA 1.1, em uma primeira transfusão feita ao acaso, é de aproximadamente 4,5%. Sendo assim, este índice reflete um risco potencial para a sensibilização de um receptor DEA 1 negativo, o que deflagraria a produção de anticorpos. Posteriormente, se este mesmo paciente recebesse uma segunda transfusão de sangue, feita ao acaso, a probabilidade de receber hemácias do tipo DEA 1.1 seria de aproximadamente 2,3%, o que representaria o risco potencial de ocorrência de uma reação transfusional hemolítica aguda. Por outro lado, a probabilidade de este cão receber sangue do tipo DEA 1.2 seria cerca de 1,8%, o que levaria a uma reação transfusional menos grave, porém potencialmente prejudicial. No presente estudo, observou-se que o risco potencial para uma reação transfusional é mínimo, quando se trata de um cão mestiço.

Bayesian analysis of random regression models using B-splines to model test-day milk yield of Holstein cattle in Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Genetic parameters for milk yield analyzed by test-day models in Murrah buffaloes in Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Virulence genes and plasmid profiles in Rhodococcus equi isolates from domestic pigs and wild boars (Sus scrofa) in Brazil

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

A snapshot of management practices and nutritional recommendations used by feedlot nutritionists in Brazil

Feedlot consulting nutritionists were invited to participate in a survey of feedlot nutritional and management practices in Brazil. Thirty-one nutritionists completed the survey on a Web site that was designed for collection of survey data. The survey consisted of 94 questions that included general information (n = 10); commodity information (n = 12); and questions about the use of coproducts (n = 5), roughage source and levels (n = 5), finishing diet adaptation methods (n = 7), supplements and micronutrients (n = 8), feed mixers (n = 6), feeding management (n = 3), cattle management and type of cattle fed (n = 16), formulation practices (n = 17), information resources used for nutritional recommendations (n = 2), and 2 additional questions. One final question addressed the primary challenges associated with applying nutritional recommendations in practice. The number of animals serviced yearly by each nutritionist averaged 121,682 (minimum = 2,000; maximum = 1,500,000; mode = 120,000; total = 3,163,750). Twenty-two respondents (71%) worked with feedlots that feed less than 5,000 animals/yr. Labor, along with availability and precision of equipment, seemed to be the main challenges for the nutritionists surveyed. Most of the nutritionists surveyed used TDN as the primary energy unit for formulation. More than 50% of the clients serviced by the 31 nutritionists did not manage feed bunks to control the quantity of feed offered per pen, and 36.6% fed cattle more than 4 times daily. The NRC (1996) and Journal of Animal Science were the most used sources of information by these nutritionists. Overall, general practices and nutritional recommendations provided by the 31 nutritionists surveyed were fairly consistent. Present data should aid in development of new research, future National Research Council models, and recommendations for Brazilian feeding systems in which Bos indicus cattle predominate.

Contributions and perspectives of chicken genomics in Brazil: from biological model to export commodity

Chicken is one of the most important sources of animal protein for human consumption, and breeding programmes have been responsible for constant improvements in production efficiency and product quality. Furthermore, chicken has largely contributed to fundamental discoveries in biology for the last 100 years. In this article we review recent developments in poultry genomics and their contribution to adding functional information to the already existing structural genomics, including the availability of the complete genome sequence, a comprehensive collection of mRNA sequences ( ESTs), microarray platforms, and their use to complement QTL mapping strategies in the identification of genes that underlie complex traits. Efforts of the Brazilian Poultry Genomics Programme in this area resulted in generation of a resource population, which was used for identification of Quantitative Trait Loci ( QTL) regions, generation of ESTs and candidate gene studies that contributed to furthering our understanding of the complex biological processes involved in growth and muscular development in chicken.

Evaluation of development traits of beef buffalo in Brazil using multivariate analysis

The buffalo population in Brazil increased about 12.9% between 1998 and 2003, to 2.8 million head, evidencing the importance of this species for the country. The objective this work was evaluation of animal growth using multivariate analysis. The data were from 2,944 water buffalo from 10 herds raised in pasture conditions in Brazil. Principal components and genetic distances were estimated using proc PRINCOMP and proc CANDISC in SAS (SAS Inst. Inc. Cary, NC, USA). Variables analyzed were birth weight (BW), age at weaning (AW), weaning weight (WT), weight adjusted to 205 d (W205), total gain between BW and WT (TG), daily gain between BW and WT (DG), weight adjusted to 365 d (W365), total gain between WT and W365 (TG3), daily gain between WT and W365 (TGD3), weight adjusted to 550 d (W550) and weight adjusted to 730 d (W730). Means and standard deviations for each variable were 39.4 +/- 3.2 kg, 225.6 +/- 38.8 d, 209.4 +/- 39.4 kg, 195.4 +/- 30.2 kg, 157.4 +/- 32.0 kg, 0.77 +/- 0.16 kg/d, 282.0 +/- 43.5 kg, 73.9 +/- 33.9 kg, 0.53 +/- 0.21 kg/d, 406.8 +/- 67.9 kg, and 468.2 +/- 70.6 kg, respectively. The eigenvalues to four first principal components were 5.29, 2.54, 1.66, 1.01, and justify 48%, 23%, 15% and 9%, respectively, with a total cumulative 95%. We created an index using the first principal component which is Y. 0.0552 BW + 0.0438 AW + 0.3142 WT + 0.3549 W205 + 0.3426 TG + 0.3426 DG + 0.4070 W365- 0.1531 TG3 - 0.2059 TGD3 - 0.3833 W550 - 0.3966 W730. This index accounted for 48% the variation in the correlation matrix. This principal component emphasizes early growth of the animal. Estimates the pair-wise squared distances between herds, D2(i vertical bar j)= ((x) over bar (i)-(x) over bar (j))' cov(-1)((x) over bar (i)-(x) over bar (j)), using with basis the average of weight of animals, showed the largest distance between herds eight (Murrah: DF) and seven (Murrah: Amazon) and the closest distance between herds one (Mediterranean - RS) and five (Jafarabadi - SP).

Meat quality of swine supplemented with ractopamine under commercial conditions in Brazil

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

Effects of environmental factors, age and genotype on sperm production and semen quality in Bos indicus and Bos taurus AI bulls in Brazil

The effects of ambient temperature and humidity, month, age and genotype on sperm production and semen quality in AI bulls in Brazil were evaluated. Data from two consecutive years were analyzed separately. Seven Bos indicus and 11 Bos taurus bulls from one artificial insemination (AI) center were evaluated in Year 1 and 24 B. indicus and 16 B. taurus bulls from three AI centers were evaluated in Year 2. Ambient temperature and humidity did not significantly affect sperm production and semen quality, probably because there was little variation in these variables. Month accounted for less than 2% of the variation in sperm production and semen quality. Increased bull age was associated with decreased sperm motility (P < 0.10) and increased minor sperm defects (P < 0.001) in Year 1. B. indicus bulls had greater (P < 0.005) sperm concentration than B. taurus bulls in both years (1.7 x 10(9)/ml versus 1.2 x 10(9)/ml in Year 1 and 1.6 x 10(9)/ml versus 1.2 x 10(9)/ml in Year 2, respectively). Ejaculate volume was not significantly affected by genotype in Year 1 (6.6 ml versus 6.9 ml in B. indicus and B. taurus bulls, respectively), but B. indicus bulls had greater (P < 0.05) total (11.4 x 10(9) versus 8.2 x 10(9)) and viable (6.7 x 10(9) versus 4.9 x 10(9)) numbers of spermatozoa in the ejaculate than B. taurus bulls. In Year 2, B. taurus bulls had greater (P < 0.05) ejaculate volume than B. indicus bulls (8.2 ml versus 6.7 ml, respectively) and total and viable number of spermatozoa in the ejaculate were not significantly different between genotypes (10.3 x 10(9) versus 9.1 x 10(9) and 6.1 x 10(9) versus 5.4 x 10(9) in B. indicus and B. taurus bulls, respectively). Sperm motility was not significantly affected by genotype (mean, 59%). In Year 1, B. indicus bulls tended (P < 0.10) to have more major sperm defects and had more (P < 0.05) total sperm defects than B. taurus bulls (11.8% versus 8.7% and 13.6% versus 10.0%, respectively). In Year 2, B. indicus bulls tended (P < 0.10) to have more total sperm defects than B. taurus bulls (16.2% versus 13.3%, respectively). In conclusion, neither ambient temperature and humidity nor month (season) significantly affected sperm production and semen quality. B. indicus bulls had significantly greater sperm concentration and B. taurus bulls had significantly fewer morphologically defective spermatozoa. (C) 2002 Elsevier B.V. B.V. All rights reserved.

Detection of turkey astrovirus in young poults affected with poult enteritis complex in Brazil

Reverse transcription polymerase chain reaction (RT-PCR) of turkey astrovirus (TAstV) capsid and polymerase genes was applied to the bursa of Fabricius (BF), thymus (TH), spleen (SP) and cloacal swabs (CS) of young poults with "Poult enteritis complex" (PEC). The histological lesions included atrophy, lymphoid depletion, cellular infiltration and necrosis of the BF, TH and SP, respectively. The RT-PCR reactions were positive for the polymerase gene of TAstV-2 in all 100 CSs, 7 out of 10 of BFs and 10 out of 20 THs and SPs, respectively. Five out of 10 THs and SPs samples, considered to be negative by RT-PCR, were positive when specific primers designed for the TAstV-2 capsid gene were applied. This is the first description of turkey astrovirus infection presenting PEC in Latin America.

Hair coat characteristics and sweating rate of Braford cows in Brazil

This paper deals with the effects of hair coat characteristics on the sweating rate of Brazilian Braford cows and estimation of heritabilities and genetic correlations of these traits. Data (n=1607) on hair length, coat thickness, hair diameter, number of hairs per unit area, coat reflectance and sweating rate were recorded from heifers and cows of a commercial herd managed on range under extensive system. The data were analyzed considering the following effects on the model for hair coat traits: classes of sires and contemporary groups; linear effects of month and genotype; linear and quadratic effects of age. The effect of sire was important (P<0.05) for all hair coat traits, except for number of hairs; contemporary groups affected (P<0.05) all hair coat traits; the effect of sampling month was important (P<0.05) for hair length and reflectance; genotype affected (P<0.05) hair length, diameter and coat reflectance; the quadratic effect of age was important (P<0.05) only for coat reflectance. Two models were used to analyze the sweating rate. The first model considered the following fixed effects: classes of contemporary groups and sires; linear effect of genotype, coat thickness, hair length, hair diameter, number of hairs, coat reflectance; linear and quadratic effects of time of day, age, air temperature, partial vapour pressure and radiant heat load. The second model used for the sweating rate considered the same fixed effects for the first model, except that the hair coat characteristics were adjusted for important effects used in the models to analyze hair coat traits. All meteorological factors and contemporary groups were important (P<0.05) on variation of sweating rate in both models. The Restricted Maximum. Likelihood (REML) method was used to estimate variance and covariance components under the sire model. Results included heritability estimates in narrow (h(2)) and broad (H) sense for single-trait analyzes: hair thickness (h(2)=0.16; H-2=0.26); hair length (h(2)=0.18; H-2=0.39); number of hairs (h(2)=0.08 +/- 0.07; H-2=0.08 +/- 0.07); hair diameter (h(2)=0.12 +/- 0.07; H-2=0.12 +/- 0.07); coat reflectance (h(2)=0.30; H-2=0.42); and sweating rate (h(2)=0.10 +/- 0.07; H-2=0.10 +/- 0.07). In general, the genetic correlations between the adaptive traits were favorable as for the direction to select for adaptation in tropical environment; however, they presented high standard errors. The results of this study imply that hair coat characteristics and sweating ability are important for the adaptability to heat stress and they must be better studied and further considered for selection for genetic progress of adaptation in tropical environment. (C) 2007 Elsevier B.V All rights reserved.