Assessing the performance of private equity investments

This study presents an alternative investment projection model to estimate the future values of Private Equity (PE) investments. The performance of PE investments is assessed by analyzing the risk-return relationship relative to simulated Public Market (PM) investments that mimic the cash flow patterns of PE investments. The model allows for a quantified analysis of the underlying inputs that outline the PE performance and risks, and accounts for survivorship bias. These inputs include the fund manager’s decisions regarding the selection, leverage, size, duration and timing of investment and divestments.

Analysis of the economic and financial relations between Latin American and the Caribbean and the BRICS group

This document has been prepared in compliance with Activity III.1.2 of the Work Programme of SELA for the year 2015, entitled “Analysis of the economic and financial relations between Latin America and the Caribbean and the BRICS countries”. The document comprises an introduction, four chapters and a final section with the conclusions and recommendations stemming from the study. Chapter I describes the economic performance of the BRICS countries, their economic relations with Latin America and the Caribbean and the functioning of the development banks of the member countries. Chapter II assesses the financial architecture of Latin America and the Caribbean and explores the needs for financing in the region. Chapter III deals with the regulatory frameworks governing public and private investments in Latin America and the Caribbean and the Bilateral Investment Treaties with the BRICS countries. Finally, Chapter IV describes the main features of the New Development Bank (NDB) and the Contingent Reserve Agreement of the BRICS

Macroeconomic constraints to growth of Brazilian economy diagnosis and some policy proposals

The recent process of accelerated expansion of the Brazilian economy was driven by exports and fixed capital formation. Although the pace of growth was more robust than in the 1990´s, we can still witness the existence of certain macroeconomic constraints to its continuation in the long run such as, for instance, the exchange rate overvaluation in particular since 2005, and in general the modus operandi of monetary policy. Such constraints may jeopardize the sustainability of the current pace of growth. Therefore, we argue that Brazil still lies in a trap made up of high interest and low exchange rates. The elimination of the exchange rate misalignment would bring about a great increase in the rate of interest, which on its turn would impact negatively upon investment and hence upon the sustainability of long run economic growth. We outline a set of policy measures to eliminate such a trap, in particular, the adoption of an implicit target for the exchange rate, capital controls and the abandonment of the present regime of inflation targeting. Recent events seem to go in this direction.

Intervenção judicial nas sociedades limitadas em face da liberdade de iniciativa

The judicial intervention in limited liability company goes through several issues of legislative and hermeneutics origin, based considerably on the small importance given to freedom of economic initiative by the participants in the process of formation and application of the law. In addition, Brazilian law, due to incompleteness, inconsistency or lack of valid grounds, put the judge in a procedural delicate situation. Being forced to judge, the judiciary faces severe uncomfortable interpretive situations, of which derive solutions of dubious constitutionality and affecting, significantly, the dynamics of business activity. In this context, and considering the limited liability company as an expression of free enterprise, corresponding to a lawful association of people in order to undertake economically, in exercise of his freedom of contracting and professional action, intended to be offered safe parameters of constitutionality for judicial intervention in limited liability company in the hypothesis of (i) transfer of corporate shares, (ii) attachment of corporate shares, (iii) dismissal of directors, (iv) appointment of judicial stakeholders, (v) exclusion of shareholders and (vi ) trespass. The hypothetical-deductive approach was adopted, building hypotheses to overcome the gaps and unconstitutionality of the law and subjecting them to tests, reviews, and comparisons with hypothetical facts and case law in order to determine the constitutional validity of the proposed solutions. The procedure aimed to reconcile the historical, comparative, dialectical and scientific methods. The roots of temporal institutes were researched as well as current solutions provided by national and compared law. From problematizations point, addressed by the constitutional interpretation of the law and jurisprudence, responses that bring out the unconstitutionality of certain conceptions were headed

Infrared degrees of freedom of Yang-Mills theory in the Schrodinger representation

We set up a new calculational framework for the Yang-Mills vacuum transition amplitude in the Schrodinger representation. After integrating out hard-mode contributions perturbatively and performing a gauge-invariant gradient expansion of the ensuing soft-mode action, a manageable saddle-point expansion for the vacuum overlap can be formulated. In combination with the squeezed approximation to the vacuum wave functional this allows for an essentially analytical treatment of physical amplitudes. Moreover, it leads to the identification of dominant and gauge-invariant classes of gauge field orbits which play the role of gluonic infrared (IR) degrees of freedom. The latter emerge as a diverse set of saddle-point solutions and are represented by unitary matrix fields. We discuss their scale stability, the associated virial theorem and other general properties including topological quantum numbers and action bounds. We then find important saddle-point solutions (most of them solitons) explicitly and examine their physical impact. While some are related to tunneling solutions of the classical Yang-Mills equation, i.e. to instantons and merons, others appear to play unprecedented roles. A remarkable new class of IR degrees of freedom consists of Faddeev-Niemi type link and knot solutions, potentially related to glueballs.

Right-to-left shunt determination in dog lungs under inhalation anesthesia with rebreathing and non-rebreathing system

OBJETIVO: Comparar a formação de shunt venoso-arterial em pulmões de cães submetidos a anestesia geral inalatória utilizando-se sistemas de anestesia com e sem reinalação, com fração inspirada de oxigênio de 0,4 e 0,9, respectivamente. MÉTODOS: Empregaram-se 20 cães induzidos com tiopental sódico (30mg/kg) e mantidos com sevoflurano (3%) e alocados em dois grupos (n=10); os animais de GI foram ventilados com modalidade controlada em sistema semifechado, sem reinalação, F I O2 = 0,9, e os de GII, com modalidade controlada, sistema semifechado, com reinalação e F I O2 = 0,4. Os atributos analisados durante o experimento foram: freqüência cardíaca, pressão arterial média, shunt pulmonar venoso-arterial, hematócrito, hemoglobina, pressão parcial de oxigênio arterial, pressão parcial de oxigênio no sangue venoso misto, saturação de oxigênio no sangue venoso misto, pressão parcial de dióxido de carbono arterial e pressão de vapor de água nos alvéolos (P VA). RESULTADOS: A P VA foi significativamente maior em GII. A análise estatística dos valores encontrados de shunt mostrou que GI e GII apresentaram diferenças significativas, sendo que os resultados de GI são maiores que os de GII em todos os momentos avaliados. Já a análise de momentos dentro de um mesmo grupo não demonstrou diferenças. CONCLUSÃO: O sistema de anestesia sem reinalação com F I O2 = 0,9 desenvolveu maior grau de shunt pulmonar venoso-arterial que o sistema de anestesia com reinalação e F I O2 = 0,4. A umidificação dos gases em GII contribuiu para diminuir o shunt.

Review of Caribbean economic and social performance in the 1980's and 1990's

Includes bibliography

Low cost technology applied to thermometry of grains

Modern agriculture demands investments in technology that allows the farmers to improve productivity and quality of their products, aiming to establish themselves in a competitive market. However, the high costs of acquiring and maintaining such technology may be an inhibiting factor to its spread and acceptance, mainly to a large number of small grain Brazilian farmers, who need low cost innovative technological solutions, suitable for their financial reality. Starting from this premise, this paper presents the development of a low cost prototype for monitoring the temperature and humidity of grains stored in silos, and the economic implications of cost/benefit ratio of innovative applications of low cost technology in the process of thermometry of grains. The prototype was made of two electronic units, one for acquisition and another one for data reception, as well as software, which offered the farmers more precise information for the control of aeration. The data communication between the electronic units and the software was reliable and both were developed using low cost electronic components and free software tools. The developed system was considered as potentially viable to small grain Brazilian farmers; it can be used in any type of small silos. It provided reduction of costs of installation and maintenance and also offered an easy expansion system; besides the low cost of development when compared to similar products available in the Brazilian market.

ECLAC Development of official statistics in the region. Report of the Economic Commission for Latin America and the Caribbean on the development of official statistics in Latin America and the Caribbean

This document was prepared by the Economic Commission for Latin America and the Caribbean (ECLAC); and offers a description of the main trends in the development of official statistics in Latin America and the Caribbean and the principal challenges in that regard.The first chapter provides an analysis of the state of development of statistical production in the region, based on statistical information for 41 Latin American and Caribbean countries and eight specific areas. The institutional organization of national statistical systems in the region is also described. Chapter II examines the history and current status of mechanisms for regional and subregional coordination and of the Statistical Conference of the Americas of ECLAC. Chapter III describes the main challenges for official statistics in the countries of the region and the strategies that the Statistical Conference of the Americas and ECLAC propose to implement in order to address them.

Alternative measures of potential economic growth in Latin America

Includes bibliography

Theory and practice of industrial policy: evidence from the Latin American experience

Includes bibliography

Is the environmental policies procedures a barrier to development of inland navigation and port management? A case of study in Brazil

The main objective of this article is to discuss the Brazilian environmental legislation and policies towards the development of navigation and port management. The research illustrated some difficulties faced by the country and make suggestions to overcome it. The construction of the environmental legal framework began in the early 1960s and resulted in a very complex system, as a consequence of policies adopted by the country. Nowadays Brazilian environmental policies are developed in democratic and participative way, although with elevated degree of bureaucracy and lack of integration among the several governmental agencies, which makes the approval of environmental certifications demand several years for new port projects or improvements, which delays the economic development of the country. Efforts have been made to simplify the licensing process. As result of this research two flowchart for environmental licenses of ports installation are shown: The first shows the process until 2009 and the second shows the process nowadays. This become an important issue due the fact that inland navigation is one of the less pollutant modes of transportation, and although, the process of environmental certification was simplified, if compare with 2009, it is still complex and time-consuming, delaying the development of the infrastructure. © 2012 Elsevier Ltd.

An econometric analysis of private-sector investment in Brazil

Includes bibliography

Criteria for the efficient coordination of the activities for data collection and the design of instruments for mapping and data collection applicable to countries of the Caribbean

Includes bibliography

An assessment of fiscal and regulatory barriers to deployment of energy efficiency and renewable energy technologies in Guyana

Includes bibliography.