Brazilian equity mutual funds: A general outlook based on performance

This dissertation main goal is to overview the Brazilian equity mutual funds returns. We find that active management is not effective for Ibovespa index, since Ibovespa active funds do not outperform the Ibovespa referenced funds. However, for IBrX index, active management do outperform the passive strategy. We found that Sustainable funds returns do not outperform the market, Endowment funds show poor performance, which could indicate strong regulation imposition over endowment funds portfolios. The size of a fund shows positive correlation to mean average returns and alphas. A fund’s lifetime is positively correlated to returns and to alphas, which could be related to more risk-taking by younger managers in order to pursue higher expected returns and, consequently, bigger inflows. Younger funds tend to have lower performance probably because, in taking more risks, they do not perform as expected. In addition, we find that the decreasing trend of the alpha evolution along the time is a sign of the industry decreasing returns of scale, which entails that managers have more difficulties to beat the market portfolio. Top 10s rankings show that funds appear more than once on the top 10s, which shows persistence of funds’ performance. Finally, concerning the deciles and quartiles rankings, the frequency of appearances changes among performance measures. There are measures which, when compared to others, strongly change the top and bottom for the decile and quartile members.

Teoria da despesa pública: uma leitura ético-constitucional em busca do possível da reserva

Brazilian law passes through a crisis of effectiveness commonly attributed to the extravagance of fundamental rights and public shortage. However, public finances are not dogmatically structured to solve the conflicts around the limitations of public spending. There are ethical conditioning factors, like morality, proportionality and impartiality, however, these principles act separately, while the problem of public shortage is holistic. Also, the subjectivity of politics discretionary in the definition of public spending, which is supported in an indeterminate concept of public interest, needs material orientation about the destination of public funds, making it vulnerable to ideological manipulation, resulting in real process of catching rights. Not even the judicial activism (such as influx of constitutionalism) is shown legally appropriate. The Reserve of Possible, also presents basic ethical failure. Understanding the formation of public shortage is therefore essential for understanding the crisis of effectiveness of state responsibilities, given the significant expansion of the state duty of protection, which does not find legal technique of defense of the established interests. The premise of argument, then, part of the possibility of deducting minimal model ethical of desire to spend (public interest) according to objective parameters of the normative system. Public spending has always been treated disdainfully by the Brazilian doctrine, according to the legal character accessory assigned to the monetary cost. Nonetheless, it is the meeting point between economics and law, or is in the marrow of the problem of public shortage. Expensive Subjects to modernity, as the effectiveness of fundamental rights, pass necessarily an ethical legal system of public spending. From the ethical principles deducted from the planning, only the democratic principle guides the public spending through the approval of public spending in the complex budget process. In other words, there is an ethical distancing of economic reality in relation to state responsibilities. From the dogmatic belief of insufficiency, public spending is evaluated ethically, according to the foundations of modern constitutionalism, in search of possible of the financial reserve, certain that the ethics of public economy is a sine qua non condition for legal ethics.

Male Homosexuality in Brazilian Indexing Languages: Some Ethical Questions

Studies on ethics in information organization have deeply contributed to the recognition of the social dimension of Information Science. The subject approach to information is linked to an ethical dimension because one of its major concerns is related to its reliability and usefulness in a specific discursive community or knowledge domain. In this direction, we propose, through an exploratory research design with qualitative and inductive characteristics, to identify the specific terminology that Brazilian indexing languages allow for terms relating to male homosexuality. We also analyzed the terms assigned to papers published in the Journal of Homosexuality, Sexualities and Journal of Gay & Lesbian Mental Health between the years 2005 to 2009. From this analysis of terms and the Brazilian indexing languages, we see (1) the Brazilian context, (2) imprecision in the terminology, (3) indications of prejudices disseminated by political correctness, (4) biased representation of the subject matter, (5) and the presence of figures of speech.

Analysis of the ethical aspects of professional confidentiality in dental practice

From the point of view of deontological ethics, privacy is a moral right that patients are entitled to and it is bound to professional confidentiality. Otherwise, the information given by patients to health professionals would not be reliable and a trustable relationship could not be established. The aim of the present study was to assess, by means of questionnaires with open and closed questions, the awareness and attitudes of 100 dentists working in the city of Andradina, São Paulo State, Brazil, with respect to professional confidentiality in dental practice. Most dentists (91.43%) reported to have instructed their assistants on professional confidentiality. However, 44.29% of the interviewees showed to act contradictorily as reported talking about the clinical cases of their patients to their friends or spouses. The great majority of professionals (98.57%) believed that it is important to have classes on Ethics and Bioethics during graduation and, when asked about their knowledge of the penalties imposed for breach of professional confidentiality, only 48.57% of them declared to be aware of it. Only 28.57% of the interviewees affirmed to have exclusive access to the files; 67.14% reported that that files were also accessed by their secretary; 1.43% answered that their spouses also had access, and 2.86% did not answer. From the results of the present survey, it could be observed that, although dentists affirmed to be aware of professional confidentiality, their attitudes did not adhere to ethical and legal requirements. This stand of health professionals has contributed to violate professional ethics and the law itself, bringing problems both to the professional and to the patient.

Macroeconomic stability and investment allocation of domestic pension funds in emerging economies: the case of Chile

Includes bibliography

Pension funds and the financing productive investment: an analysis based on Brazil's recent experience

Includes bibliography

Ubiquity of virtual disguisers and potential impact on ethical behavior

The widespread availability of wirelessly connected portable computers, smartphones and other mobile devices, and the pervasive presence of computer services in our everyday environment, has brought the prediction of Mark Weiser of future ubiquitous computer systems closer to reality. Some of these - ever-present, anywhere, anytime - ubiquitous computer services mean easier and pleasant lifestyles for many people, but the generalized availability of some classes of these softwares and computer services, known as virtual disguisers and Virtual Robots, can pose new ethical problems in a world of explosive growth of social networking sites. The objective of the present article is to investigate some of these problems, from an interdisciplinary philosophical perspective. Special emphasis shall be given to the potential impact on human conduct caused by disguisers and Virtual Robots. © 2011 IEEE.

Social investment funds in Latin America

Includes bibliography

Heterogeneous demand and market segmentation: the Argentine pension funds system

Includes bibliography

Pension funds, the financing of transition costs and financial markets development: lessons from the Chilean privatization reform

Includes bibliography

Road maintenance, funds and fund management

This edition of the Bulletin deals with road maintenance, funds and fund management. Among other things, it emphasizes, the need to manage road funds in accordance with clear performance rules which seek to minimize maintenance costs and ensure that the road network is maintained in an appropriate condition.