Bank transactions tax: pathway to the single tax ideal: a modern tax technology, the Brazilian experience with a bank transactions tax (1993-2007)

Lançado por Marcos Cintra nos EUA, é mais uma contribuição ao debate envolvendo os impostos e a ideia do Imposto Único.

The corporate financial effects of corporate social responsibility, as executed by, and impacted upon, Prime Bank Limited, Bangladesh

Corporate Social Responsibility (CSR) is being implemented in the corporate world at an ever increasing rate, benefitting societies around the world. Several theories have been proposed that contend that the corporations who are implementing CSR programs also benefit financially, making the relationship a symbiotic one. This paper analyzes the financial health of Prime Bank Limited, Bangladesh, (PBL) over a period of a decade in order to determine if PBL has indeed benefited financially from implementing its CSR program. The analysis focuses on examining PBL’s internal and external financial indicators over an extended period of time to determine what the net effect, if any, that the CSR program has had on them. This analysis concludes that the evidence does not support the claim of a causal relationship between CSR spending and positive effects upon PBL, as measured by PBL’s financial indicators.

Bank networks and firm credit: an agent based model approach

Starting from the idea that economic systems fall into complexity theory, where its many agents interact with each other without a central control and that these interactions are able to change the future behavior of the agents and the entire system, similar to a chaotic system we increase the model of Russo et al. (2014) to carry out three experiments focusing on the interaction between Banks and Firms in an artificial economy. The first experiment is relative to Relationship Banking where, according to the literature, the interaction over time between Banks and Firms are able to produce mutual benefits, mainly due to reduction of the information asymmetry between them. The following experiment is related to information heterogeneity in the credit market, where the larger the bank, the higher their visibility in the credit market, increasing the number of consult for new loans. Finally, the third experiment is about the effects on the credit market of the heterogeneity of prices that Firms faces in the goods market.

The historic religious buildings of Ribeira Grande: implementation of christian models in the early colonies, 15th till 17th century, on the example of Cape Verde Islands

Rui Carita

High performance green buildings

This work aims to study and analyze strategies and measures to improve energy performance in residential and service buildings, in order to minimize energy losses and energy consumption. Due to the high energy dependence of European Union (EU), including Portugal and Slovenia, and high percentage of energy consumption in the building sector, there was a need to adopt strategies at European level with ambitious goals. This came to force EU - Member States to take measures to achieve the proposed targets for energy consumption reduction. To this end, EU - Member States have adapted the laws to their needs and formed specialized agencies and qualified experts on energy certification, which somehow evaluate buildings according to their performance. In this study, the external characteristics of the building in order to meet its thermal needs and from there to survey the existing and possible constructive solutions to be used at the envelope will be examined, in order to increase comfort and reduce the need of use technical means of air conditioning. The possibility of passive heating and ventilation systems also will be discussed. These techniques are developed in parallel with the deployment and design of the building. In this manner, to reduce the energy consumption, various techniques and technologies exploit natural resources. Thus, appear the more sustainable and efficient buildings, so-called Green Buildings have been appeared. The study ends with the identification of measures used in several buildings, proving the economic return in the medium to long term, as well as the satisfaction of their users.

The trajectory of social housing policy in Brazil: From the National Housing Bank to the Ministry of the Cities

This paper discusses social housing policy in Brazil since the 1990s by analyzing government programs’ institutional arrangements, their sources of revenues and the formatting of related financial systems. The conclusion suggests that all these arrangements have not constituted a comprehensive housing policy with the clear aim of serving to enhance housing conditions in the country. Housing ‘policies’ since the 1990s – as proposed by Fernando Collor de Mello, Itamar Franco, Fernando Henrique Cardoso and ´ Luis Inacio Lula da Silva’s governments (in the latter case, despite much progress towards subsidized investment programs) – have sought to consolidate financial instruments in line with global markets, restructuring the way private interests operate within the system, a necessary however incomplete course of action. Different from rhetoric, this has resulted in failure as the more fundamental social results for the poor have not yet been achieved.

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

The correlation between thermal comfort in buildings and fashion products

This article is about thermal comfort in the wearable product. The research correlates fashion and architecture, in so far as it elects the brise soleil - an architectural element capable of regulating temperature and ventilation inside buildings - as a study referential, in trying to transpose and adapt its mechanisms to the wearable apparel.

PCM thermal insulation in buildings

This paper presents the results of a numerical and experimental study of phase change material (PCM) filled walls and roofs under real operational conditions to achieve passive thermal comfort. The numerical part of the study was based on a one-dimensional model for the phase change problem controlled by pure conduction. Real radiation data was used to determine the external face temperature. The numerical treatment was based upon using finite difference approximations and the ADI scheme. The results obtained were compared with field measurements. The experimental set-up consisted of a small room with movable roof and side wall. The roof was constructed in the traditional way but with the phase change material enclosed. Thermocouples were distributed across the cross section of the roof. Another roof, identical but without the PCM, was also used during comparative tests. The movable wall was also constructed as is done traditionally but with the PCM enclosed. Again, thermocouples were distributed across the wall thickness to enable measurement of the local temperatures. Another wall, identical but without the PCM, was also used during comparative tests. The PCM used in the numerical and experimental tests was composed of a mixture of two commercial grades of glycol in order to obtain the required fusion temperature range. Comparison between the simulation results and the experiments indicated good agreement. Field tests also indicated that the PCM used was adequate and that the concept was effective in maintaining the indoor temperature very close to the established comfort limits. Further economical analysis indicated that the concept could effectively help in reducing the electric energy consumption and improving the energy demand pattern. © 1997 by John Wiley & Sons, Ltd.

Semi-automatic modeling of buildings from digital surface models

Semi-automatic building detection and extraction is a topic of growing interest due to its potential application in such areas as cadastral information systems, cartographic revision, and GIS. One of the existing strategies for building extraction is to use a digital surface model (DSM) represented by a cloud of known points on a visible surface, and comprising features such as trees or buildings. Conventional surface modeling using stereo-matching techniques has its drawbacks, the most obvious being the effect of building height on perspective, shadows, and occlusions. The laser scanner, a recently developed technological tool, can collect accurate DSMs with high spatial frequency. This paper presents a methodology for semi-automatic modeling of buildings which combines a region-growing algorithm with line-detection methods applied over the DSM.

International bank lending: water flowing uphill?

Includes bibliography

Bank lending to emerging markets: crossing the border

Includes bibliography

The dynamics of specialist development banking: the case of the agriculture development bank of Trinidad and Tobago

Includes bibliography

The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean

Incluye Bibliografía