Fixed-mobile integration

Often, fixed-line incumbents also own the largest mobile network. We consider the effect of this joint ownership on market outcomes. Our model predicts that while fixed-to-mobile call prices to the integrated mobile network are more efficient than under separation, those to rival mobile networks are distorted upwards, amplifying any incumbency advantage. As concerns potential remedies, a uniform off-net pricing constraint leads to higher welfare than functional separation and even allows to maintain some of the efficiency gains.

Risk factors for Leishmania chagasi infection in an urban area of Minas Gerais State

In order to understand the determinants of human infection by Leishmania chagasi in an urban area, a cross-sectional population based study was conducted using molecular and serologic methods to identify infection. Participants were interviewed using a pre-coded questionnaire. Two criteria were tested to identify risk factors: Model 1- including all participants positive in hybridization by Leishmania donovani complex probe; Model 2- including all participants positive for hybridization and at least one serologic test. In Model 1, the variables associated with infection were: ownership of birds, time spent outside house between 6:00-10:00 PM and garbage not collected. In Model 2, the variables associated with infection were: family with knowledge of the vector, garbage not collected, garbage not removed or buried, ownership of birds and eroded areas in the neighborhood. The risk factors identified were associated with household conditions, presence of animals and the likelihood of contact with phlebotomine sandflies.

Reactores biológicos de membranas no tratamento de águas residuais. Estudo prévio - mbr compacto

O aumento da população mundial, principalmente em zonas de escassez de água, intensifica o aumento da sua procura para usos domésticos, industriais, e agrícolas. A reutilização de águas residuais pode ser apresentada como um contributo alternativo a esta procura, nomeadamente para fins não potáveis, podendo ser tratadas a níveis de qualidade que permitam a sua utilização adequada neste contexto, sendo uma medida, a longo prazo, competitiva do ponto de vista técnico económico. Neste âmbito, é efectuado um estudo sobre a aplicabilidade de Bioreactores de Membranas, denominados MBR, no tratamento de águas residuais e sua reutilização, sendo efectuado um estudo prévio para um sistema MBR compacto, dimensionado para 50 habitantes equivalentes tendo-se chegado a um tanque com 11 m3 divido em duas zonas, uma de equalização com 3 m3 e um reactor biológico com 8 m3. As membranas seleccionadas foram membranas de ultrafiltração PURON® da KOCH, devido ao seu sistema de limpeza inovador e eficiente, assim como às suas garantias de bom funcionamento. Por último fez-se uma análise com o objectivo de comparar sumariamente em várias vertentes (espaço, funcionalidades, custos, aumento de capacidades, arranque e produção de lamas) um sistema MBR, compacto ou não, com outros sistemas de tratamento. Esta dissertação tem como principais conclusões, que é possível um sistema MBR compacto ser produzido com um custo capital dentro dos limites comerciais, comparativamente a outras soluções compactas onde, no entanto, a solução MBR é sempre mais dispendiosa em termos de Total Cost of Ownership que qualquer outro sistema, apresentando no entanto sempre vantagens em termos da relação qualidade do efluente final e espaço ocupado.

Return Migration, Self-Selection and Entrepreneurship in Mozambique

Does return migration affect entrepreneurship? This question has important implications for the debate on the economic development effects of migration for origin countries. The existing literature has, however, not addressed how the estimation of the impact of return migration on entrepreneurship is affected by double unobservable migrant self-selection, both at the initial outward migration and at the final inward return migration stages. This paper uses a representative household survey conducted in Mozambique in order to address this research question. We exploit variation provided by displacement caused by civil war in Mozambique, as well as social unrest and other shocks in migrant destination countries. The results lend support to negative unobservable self-selection at both and each of the initial and return stages of migration, which results in an under-estimation of the effects of return migration on entrepreneurial outcomes when using a ‘naïve’ estimator not controlling for self-selection. Indeed, ‘naïve’ estimates point to a 13 pp increase in the probability of owning a business when there is a return migrant in the household relative to non-migrants only, whereas excluding the double effect of unobservable self-selection, this effect becomes significantly larger - between 24 pp and 29 pp, depending on the method of estimation and source of variation used.

Burden experienced by families of patients with schizophrenia and its related factors

RESUMO: Objetivo: Este estudo teve como objetivo avaliar a carga dos cuidadores de doentes com Esquizofrenia e avaliar a correlação com determinadas características demográficas dos doentes e dos cuidadores, assim como com o nível de emoção expressa na família. Métodos: Este estudo descritivo-analítico foi realizado em 172 doentes com Esquizofrenia e seus cuidadores primários, que foram selecionados em ambulatório, a partir da consulta externa do Hospital Psiquiátrico em Teerão, no Irão, mediante uma amostra de conveniência. Os cuidadores foram entrevistados utilizando as escalas Zarit Burden Interview e Family Questionnaire, de forma a avaliar a sobrecarga sentida pelos cuidadores e o nível de emoção expressa na família, respectivamente. Os dados foram analisados por meio de testes de Mann-Whitney, Kruskal-Wallis, e Spearman. Resultados: O nível de sobrecarga vivenciada pela maioria dos cuidadores primários foi moderada a grave. A pontuação obtida nas sub-escalas de comentários emocionais, envolvimento excessivo e comentários críticos foram maiores do que o ponto de corte em 51,7% e 64,5% dos cuidadores, respectivamente. Os resultados mostraram que as pontuações obtidas nas duas subescalas do questionário família tinham uma correlação significativa e direta com a carga experimentada pelos cuidadores. O nível de carga experimentada pelos cuidadores foi significativamente diferente entre os grupos de idade e estado civil dos cuidadores, e género, status ocupacional e estado civil dos doentes. O número de membros da família, as condições 5 de alojamento, o tempo gasto pelo cuidador com o paciente diariamente, o nível de renda familiar e a duração da doença afetaram significativamente o nível de carga experimentada pelo cuidador. Conclusão: Com base nos resultados, alguns fatores demográficos dos cuidadores, pacientes e seus familiares afetam significativamente a carga experimentada pelos cuidadores primários. A maioria das famílias dos pacientes têm alto nível de emoção expressa e existe uma significativa associação direta entre as emoções expressas e a carga experimentada.------------ABSTRACT: Aim: This study aimed to assess the burden experienced by the caregiver of patients with Schizophrenia, and evaluate its correlation with some demographic characteristics of patients, their caregivers, and the level of expressed emotion in the family. Methods: This descriptive-analytic study was conducted on 172 schizophrenic patients and their primary caregivers selected from the outpatient clinic of a mental hospital in Tehran, Iran using convenience sampling. Caregivers were evaluated with Zarit Burden Interview and Family Questionnaire to assess the burden experienced by the caregivers and the level of expressed emotion in the family, respectively. Data were analyzed using Mann-Whitney, Kruskal-Wallis, and Spearman’s tests. Results: The level of burden experienced by the majority of primary caregivers was moderate to severe. The scores obtained in the subscales of emotional over-involvement and critical comments were higher than the cutoff point in 51.7% and 64.5% of caregivers respectively. The results showed that the scores obtained in the two subscales of family questionnaire had a significant, direct correlation with the burden experienced by the caregivers. The level of burden experienced by the caregivers was significantly different between the subgroups of age and marital status of the caregivers, and gender, occupational status and marital status of the patients. Number of family members, home ownership status, time spent by the caregiver with the patient daily, level of family income and duration of disorder significantly affected the level of burden experienced by the caregiver. Conclusion: Based on the results, some demographic factors of the primary caregivers, patients and their family significantly affect the burden experienced by the primary caregivers. Most of the families of patients have high expressed emotions and a significant, direct association exists between the expressed emotions and the burden experienced.

PCV Holding: Who’s next? - Planning the Succession

This paper is a case study on a family business – PCV Holding – established in Mozambique. Having survived three generations and experiencing one of the most intense periods of growth, a tough issue emerges which is capable of compromising the future of the business: The Succession -How to transfer the management and ownership to the next generation while ensuring a fair process. Through several meetings with the board members and owners, I had the opportunity to understand the business and the family history which allowed me to study it taking into consideration family business’s subjects.

ENERGÍA EÓLICA Y PAISAJES PROTEGIDOS: CONTROVERSIAS EN EL PARQUE NATURAL DE MONTESINHO

As one of the case studies developed under the international project “Eoliennes et paysage” we could follow the controversial issue of wind power and protected areas in the Montesinho Natural Park, Northeast Portugal, where the local populations demand the setting up of a wind farm in unproductive communal lands, aspiring to benefi t economically from it, while the preservationist claims against wind power within the protected area are sensed by them as an external and illegitimate interference in the communitarian management of a local heritage. Although wind power installation in Montesinho mountains is yet only a virtual possibility (facing hard administrative and technical barriers), this case study contributed to shed light into the kind of negotiations that are being promoted at local and regional levels, and how the present banning of wind power in the region due to conservation restrictions is reactivating ancient antagonisms.

Pedestrian Priority Zones in the Context of Urban Mobility and Valorization of Public Space

The second half of the XX century was marked by a great increase in the number of people living in cities. Urban agglomerations became poles of attraction for migration flows and these phenomena, coupled with growing car-ownership rates, resulted in the fact that modern transport systems are characterized by large number of users and traffic modes. The necessity to organize these complex systems and to provide space for different traffic modes changed the way cities look. Urban areas had to cope with traffic flows, and as a result nowadays typical street pattern consists of a road for motorized vehicles, a cycle lane (in some cases), pavement for pedestrians, parking and a range of crucial signage to facilitate navigation and make mobility more secure. However, this type of street organization may not be desirable in certain areas, more specifically, in the city centers. Downtown areas have always been places where economic, leisure, social and other types of facilities are concentrated, not surprisingly, they often attract large number of people and this frequently results in traffic jams, air and noise pollution, thus creating unpleasant environment. Besides, excessive traffic signage in central locations can harm the image and perception of a place, this relates in particular to historical centers with architectural heritage.

Empirical evidences on voluntary delisting phenomenon

The paper studies what drives firms to voluntary delist from capital markets and what differs in firms’ behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders’ hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.

Who owns the largest firms around the world?

In this research paper we evaluate how corporate control around the world is defined and which variables, related to a firm's characteristics and the countries' infrastructures, influences this. We find that there is a small number of countries where firms are widely held. The role of financial institutions seems to be different in civil and common law-based countries. While they seem to act as a monitor of management in common law-based countries, in civil law countries they act as a monitor of large shareholders. Finally, we find that firm's size is the most important determinant of ultimate owners.

The establishment mode choice of German multinational enterprises in Brazil: A comparative approach

We examine the drivers behind the establishment mode choice of German multinational enterprises (MNEs) in the sectors of Automotive, Chemicals and Mechanical Engineering in Brazil for the years 1993-2013 using a novel sample of primary data obtained directly from German MNEs. Based on prevalent theories found in the literature, we test the most common hypotheses on our sample. Firms with high R&D activities and firms with prior market knowledge in Brazil in from of previous sales offices are more likely to enter Brazil by a Greenfield investment. We also show that it is the specific private ownership of the German so-called hidden champions that drive those specific SMEs to enter Brazil by Greenfield, a sneaking suspicion that has been made before. Finally, we show that the establishment mode choice between Brazil and the USA only deviates to a low extent, with German MNEs preferring to enter Brazil by Greenfield and the USA by M&A. Thereby, we provide valuable insights for future research in this field.

Comparateive analysis: Public and private school management systems

The Portuguese educational system has counted, for many years, with the co-existence of both public and private schools. In fact, the country’s growth and development led, in the past, to an increasing demand for free of charge public education that could only be matched through the creation of “publicly-subsidized and privately owned and managed schools”. Still, the demographic evolution of Portugal recently generated a decrease on the demand for public educational services. This situation has raised doubts about the true contribution of this type of school for the public education system. This paper aims at answering this question by isolating the impact of different property and management schemes on the performance of students, resorting to cross-section data on 9th grade students from 2010. The results corroborate the well known result on the relevance of the family socio-economic background for students’ performance, but do also sustain the existence of a significant positive impact of private ownership and management schemes on the overall performance of students. These results suggest that there might be gains associated with the expansion of such schemes within the public education system.

Basel III new capital requirements, impacts and bank behavior

For some years, researchers could not find a clear effect of capital adequacy on the risk profile of banks, as shareholders could increase the riskiness of the assets (qualitative effect), crowding-out the effect of reduced leverage (volume effect). Some shareholders might have the will to increase the riskiness of the assets, but they may lack the power to do so. Considering only ”powerful” shareholders, definitive conclusions were drawn but with constant ownership profile. In this paper I investigate whether there is a significant change in the type of shareholders in response to regulatory capital shocks and, if so, will the banking system be in the hands of more “desired” shareholders. I find that ownership profile responds to a regulatory shock, changing the risk appetite of the ruling power at the bank. I find more banks and the government in the ownership of undercapitalised banks and much less institutional shareholders and free float. I claim that these new shareholders may not the desired ones, given the objective of the regulatory change, as they are associated with a preference for more leverage. One possible explanation for this crowding-out effect is that regulators are trying to contain idiosyncratic risk (more linked to the riskiness of the assets) with a rule that contains systematic risk (capital adequacy). This has a distorting effect on ownership. Another insight can be drawn from the tests: supervisors should be aware of significant ownership movements that cause the crowding-out.

When not-for-profit try to influence firms

I study the influence of not-for-profit entities in companies, through shareholders proposals in the U.S. largest companies. This paper analyzes the not-for-profit entities involved, the issues addressed by the proposals and the financial characteristics of target companies, as well as market reactions and voting outcomes. Results indicate that not-for-profit entities tend to target companies with higher profitability and value more frequently than general investors. Furthermore, the voting outcome is influenced by insider ownership and types of proposals. Finally, market reactions change with profitability, leverage, ownership structure and types of proposals.

Universal banks and corporate control: Evidence from the global syndicated loan market

We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003-2006 credit boom, but lower spreads during the 2007-2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank- firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests there are costs and benefits from banks’ involvement in firm governance.