The role of the BNDES in the Brazilian development financing: contributions from the paper “towards a legal theory of finance” of Katharina Pistor

This paper aims to verify the main contributions and adjustments that the paper “Towards a Legal Theory of Finance” from Katharina Pistor may bring to the role of the Brazilian National Bank for Economic and Social Development (BNDES) in the Brazilian development financing. In order to do so, I work with two questions in this paper: (i) such theory presents elements which allow analyzing the role of the BNDES and from there, if it is required, adjustments can be made in the governance of the BNDES? and (ii) there are academics and scholars that, together with the theory, also contribute with the improvement of the BNDES role in the development of Brazil?

The effects of credit risk transfer on bank monitoring and firm financing

This paper examines the efects of the transfer of credit risk associated with bank loans. We are interested in (a) whether the transfer of credit risk has any impact on the intensity with which banks monitor their borrowers and (b) whether credit risk transfer infuences the amount of financing that is provided to firms in an economy. Our model first develops conditions under which bank finance is available to firrms, mainly in the spirit of Holmstrom/Tirole (1997). We then introduce projects with uncorrelated pay-offs and argue that one possible economic rationale for credit risk transfer is diversi¯cation. We analyze whether and how within this scenario the transfer of the credit risk of loans changes a bank's incentives to monitor its debtors. Finally we investigate whether and what kind of impact this may have on the amount of ¯nancing available to firms in an economy. Our results indicate that the monitoring incentives are being eroded indeed and that credit risk transfer can increase the overall amount of obtainable funds in an economy.

The Brazilian venture capital industry and its strategic role in closing the financing gap of SMEs

This discussion paper is a contribution of the Brazilian Government to the 2006 Annual Conference of the OECD High-level Conference on "Better Financing for Entrepreneurship and SMEs" to be held in Brasilia, Brazil on 27-30 March 2006. It has been prepared by The Center for Studies in Private Equity and Venture Capital of EAESP-Fundação Getúlio Vargas under the auspices of ABDI – Agência Brasileira para o Desenvolvimento Industrial – an agency of the Ministry of Industrial Development and Foreign Trade, in cooperation with ABVCAP – The Brazilian Association of Private Equity and Venture Capital

Legal enforcement, collateral and heterogeneity of project financing contracts

This paper employs mechanism design to study the effects of imperfect legal enforcement on optimal scale of projects, borrowing interest rates and the probability of default. The analysis departs from an environment that combines asymmetric information about cash flows and limited commitment by borrowers. Incentive for repayment comes from the possibility of liquidation of projects by a court, but courts are costly and may fail to liquidate. The value of liquidated assets can be used as collateral: it is transferred to the lender when courts liquidate. Examples reveal that costly use of courts may be optimal, which contrasts with results from most limited commitment models, where punishments are just threats, never applied in optimal arrangements. I show that when voluntary liquidation is allowed, both asymmetric information and uncertainty about courts are necessary conditions for legal punishments ever to be applied. Numerical solutions for several parametric specifications are presented, allowing for heterogeneity on initial wealth and variability of project returns. In all such solutions, wealthier individuals borrow with lower interest rates and run higher scale enterprises, which is consistent with stylized facts. The reliability of courts has a consistently positive effect on the scale of projects. However its effect on interest rates is subtler and depends essentially on the degree of curvature of the production function. Numerical results also show that the possibility of collateral seizing allows comovements of the interest rates and the probability of repayment.

Evaluation of thyroxine (T4) and progesterone-17-alpha-OH circadian rhythm in swine females (Sus scrofa domestica - Linnaeus, 1758)

No presente trabalho foram utilizadas quatro fêmeas suínas, adultas, mestiças, não-gestantes e sem sinais clínicos de estro, criadas e mantidas sob condições industriais de criação. Objetivou-se avaliar a ocorrência de ritmicidade biológica circadiana para tiroxina e 17-alfa -OH progesterona. Os ensaios para dosagens hormonais foram executados utilizando-se a técnica de radioimunoensaio (RIE) em fase sólida e para isso foi empregado conjunto de reagentes comerciais (COAT-A-COUNT R). As análises séricas de tiroxina mostraram valores mais elevados ao redor das 15 horas, decrescendo a partir dai até atingir níveis menores no intervalo da zero às 4 horas. Quanto a 17-alfa -OH progesterona, observaram-se níveis mais elevados por volta das 3 horas, decrescendo gradativamente ao longo do dia, até atingir menor concentração no intervalo das 12 às 15 horas.

Occurrence of Mycobacterium spp. and other pathogens in lymph nodes of slaughtered swine and wild boars (Sus scrofa)

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

Percepção dos coordenadores de saúde bucal e cirurgiões-dentistas do serviço público sobre o Sistema Único de Saúde (SUS)

O profissional de saúde é um ponto-chave para a implementação do Sistema Único de Saúde (SUS). À medida que exerce sua função, o sistema passa do aspecto teórico-conceitual para a prática da atenção. Objetivou-se neste estudo verificar o nível de conhecimento sobre o Sistema Único de Saúde (SUS) dos coordenadores de saúde bucal e cirurgiões-dentistas do serviço público dos 40 municípios da região noroeste do Estado de São Paulo. Utilizou-se um questionário estruturado, autoaplicável, composto de questões referentes aos princípios doutrinários e organizativos do SUS, controle social, financiamento, formação de recursos humanos, atenção e assistência em saúde. Dos entrevistados, 77 (89,5%) não sabiam quem era o responsável pelo planejamento e execução da assistência, 53 (61,6%) não tinham conhecimento de equidade, 46 (53,5%) de fundo de saúde e 45 (52,3%) de controle social. Conclui-se que existe deficiência no conhecimento de determinados assuntos, havendo necessidade de promoção de cursos a respeito da filosofia do SUS.

Occurrence of Hymenoptera on Sus scrofa carcasses during summer and winter seasons in southeastern Brazil

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