Are sustainable companies less risky and more profitable?

The purpose of this study was to determine whether there were significant differences in accounting indicators when comparing sustainable enterprises to other similar companies that are not considered as sustainable. The Corporate Sustainability Index of BM (São Paulo Stock, Commodities and Futures Exchange) was the criterion selected to break down the samples into sustainable and non-sustainable enterprises. The accounting indicators were separated into two kinds: risk (dividend payout, percentage growth of assets, financial leverage, current liquidity, asset size, variability of earnings, and accounting beta) and return (ROA, ROE, asset turnover, and net margin). We individually analyzed the companies in the energy sector, followed by those in the banking sector, as well as the entire ISE portfolio as of 2008/2009, including all the sectors. Mann-Whitney tests were performed in order to verify the difference of the means between the groups (ISE and non-ISE). The results, considering the method chosen and the time span covered by the study, indicate that there are no differences between sustainable companies and the others, when they are assessed by the accounting indicators used here.

Ensaio sobre as virtudes do capital de risco corporativo para projetos de alta tecnologia no setor agrícola: a trajetória inovadora da Alellyx Applied Genomics e da CanaVialis

O objetivo neste artigo é investigar a trajetória de duas empresas startups brasileiras dedicadas a pesquisa e desenvolvimento (P&D) no setor de biotecnologia: a Alellyx e a CanaVialis. São dois casos de spin-offs acadêmicos e de bioemprendimentos germinados na esfera do Projeto Genoma, da Fundação de Amparo à Pesquisa do Estado de São Paulo (Fapesp), maturadas na Votorantim Novos Negócios (VNN), área de novos negócios de um dos maiores grupos industriais brasileiros que atua no segmento de commodities, o Grupo Votorantim S/A, e depois vendidas para a Monsanto. Neste estudo, tentou-se compreender a racionalidade e as virtudes das ações de investimentos corporativos e das políticas públicas destinadas à biotecnologia focada em genômica aplicada para a agricultura no Brasil. A metodologia utilizada é a de estudo de caso, mais especificamente de análise dos dois casos de empresas comentados acima. Os resultados demonstraram que, apesar de o principal objetivo do grupo econômico ser a célere valorização do capital investido e seu retorno financeiro, a afiliação corporativa dessas empresas estimulou a aceleração de um conjunto de capacitações para a gestão empresarial da Alellyx e da CanaVialis, que foram críticas para o amadurecimento do negócio. Evidenciou-se, ainda, que foi fundamental o significativo aporte de recursos por meio dos mecanismos de apoio do sistema nacional à inovação.

Ambiente institucional e compra de terras por estrangeiros em países em desenvolvimento

De acordo com o Banco Mundial, desde o final dos anos 2000 o movimento de aquisição de terras por estrangeiros tem se acentuado nos países em desenvolvimento, impulsionado pelo boom dos preços das commodities. Em termos teóricos, a abordagem da Nova Economia Institucional (NEI) argumenta que as instituições são importantes para as estratégias dos agentes econômicos e seu desempenho. Neste estudo, apoiado na NEI, pretende-se responder como as instituições presentes em países periféricos refletem o processo de aquisições de terras por investidores estrangeiros. Para esse objetivo, foram utilizados dados secundários de organizações internacionais, como Food and Agriculture Organization, Banco Mundial, Conferência das Nações Unidas sobre Comércio e Desenvolvimento, Fundo Monetário Internacional, Organização para a Cooperação Econômica e Desenvolvimento Econômico, Wall Street Journal e agências nacionais. A hipótese principal é que a força ou a fraqueza presente no ambiente institucional em países em desenvolvimento tem influência relevante no nível de Investimento Estrangeiro Direto (IED). Para testar a hipótese, adota-se como metodologia a análise estatística, na qual se verifica a relação entre o nível de IED nos países receptores (variável dependente) contra variáveis independentes: liberdade de investimento, direitos de propriedade e nível de corrupção. Espera-se?que os pa?ses com?ambientes institucionais independentes: liberdade de investimento, direitos de propriedade e nível de corrupção. Espera-se que os países com ambientes institucionais fracos, ou menos seguros, tendam a receber menores investimentos em compra de terras e arrendamentos do que outros países que têm estrutura institucional que garanta os direitos de propriedade.

The neuronal adhesion protein D2 in differentiating aggregates of brain cells.

The D2-protein is a high molecular weight protein involved in interneuronal adhesion. The concentration of D2-protein was measured both in aggregates of fetal rat telencephalic cells cultured in a chemically defined medium and in developing forebrain. Both the concentration of the D2-protein and the degree of sialylation were changed in the cultures in parallel with the corresponding values obtained from postnatal forebrain. In the cultures the highest specific concentration of D2-protein was observed after 12 days in culture. This value was 2.7 times higher than the average value of adult rat forebrain. Antibodies to D2-protein have previously been shown to inhibit fasciculation of neuritic fibers extending from cultured explants of sympathetic ganglia. We investigated the effect of such antibodies on the differentiation of aggregating telencephalic cells. By adding surplus antibodies to the cultures from day 11 to day 16 we were able to decrease the specific concentration of D2-protein on the neurons by 53% measured at day 19. The decrease was not compensated fully even after further 10 days in the culture. Although the concentration of D2-protein was decreased during the period of synaptogenesis no change was found in the specific concentration of a marker of mature synapses, the D3-protein. Thus, in this culture system synaptogenesis could proceed to an unimpaired extent in the presence of a decreased concentration of a putatively involved adhesion molecule. However, the specific concentration of two markers of myelination, 2',3'-cyclic nucleotide 3'-phosphodiesterase and myelin basic protein, were both increased, suggesting an antibody-induced stimulation of myelination in the cultured aggregates.

Added prognostic value of myocardial blood flow quantitation in rubidium-82 positron emission tomography imaging

Les maladies cardiovasculaires restent la cause de mortalité la plus élevée dans le monde occidental. Il s'agit d'un processus long et complexe, dont l'infarctus du myocarde et la mort cardiaque ne sont que la fin d'un spectrum. La perfusion myocardique joue un rôle central dans l'évolution de la maladie et survient chronologiquement en amont de la dysfonction diastolique et systolique, ainsi que de l'infarctus du myocarde. Une meilleure compréhension de la Physiopathologie sous-jacente est cruciale dans le diagnostique et la prise en charge du patient. Dans ce sens, ce travail tente d'évaluer l'apport de l'évaluation de la perfusion myocardique évaluée par la tomographic à émission de positron (PET/CT) quant à la prédiction d'événements cardiovasculaires. De plus, l'apport de l'évaluation quantitative par rapport à l'évaluation qualitative a été démontré dans ce travail. Nous avons utilisé un radiotraceur unique au regard de ses caractéristiques. En effet, Le Rubidium-82 est un traceur qui ne nécessite pas d'un cyclotron pour sa fabrication, dès lors qu'il est produit par un générateur, rendant ainsi sa disponibilité un atout et un avantage potentiel lors de futurs implémentations à plus grande échelle. Ce travail démontre la supériorité de l'analyse de perfusion myocardique quantitative par rapport à l'analyse traditionnelle qualitative, ce qui n'était pas encore confirmé avec le Rubidium-82. Les résultats montrent une démarcation significative entre les différentes valeurs de perfusion quantitative/absolue, permettant de distinguer différentes populations plus ou moins à risque en terme de prédiction d'événements cardiaques futurs. Il est intéressant de noter que dans un modèle combinant l'analyse qualitative et quantitative proposé dans ce travail, l'inclusion des résultats les plus ischémiques obtenus par l'analyse qualitative avec les résultats de perfusion les plus bas en terme de flux myocardique absolu (analyse quantitative) démarque une population à très bas risque d'événements cardiovasculaires majeurs, une prédiction pouvant être observée surplus de 1'000 jours. Ces résultats forment un ajout significatif quant à l'évaluation de la perfusion myocardique par la médecine nucléaire, notamment par ce model intégratif proposé, lequel permet une prédiction précise et contributive dans le cadre de futurs événements cardiovasculaires majeurs.

Anàlisi del sistema productiu i comercial del vi de la Tarraconensis a partir de la combinació de metodologies

Des del segon quart del s. I aC i, especialment, durant el regnat d’August, es va desenvolupar a l’antiga província Tarraconensis un sistema productiu centrat en l’explotació agrària vitivinícola amb una finalitat clarament comercial. La majoria d’assentament vitivinícoles es troben emplaçats al litoral català, associats de vegades a figlinae que fabricaven les àmfores per al transport i comerç de l’excedent vinícola. No obstant, a l’àrea del Vallès Occidental i del Baix Llobregat es troben una sèrie de vil•les vinculades a la producció de vi i a la fabricació d’àmfores que han proporcionat restes molt significatives sobre la contribució d’aquesta zona a l’expansió econòmica de la província. La caracterització arqueològica i arqueomètrica d’un gran nombre d’àmfores procedents de diversos tallers ceràmics situats al Vallès Occidental i al Baix Llobregat, utilitzant diverses tècniques d’anàlisi química, mineralògica i petrogràfica, ha portat a establir quins tipus d’àmfores es van fabricar a cada taller i de quina manera. S’han identificat alguns dels processos tecnològics de la cadena operativa: la selecció i processat de les matèries primeres per conformar la pasta procedents, generalment, de l’àrea on es troba cada centre de producció, el modelatge, l’assecat i la cocció de les peces. En alguns dels casos analitzats, s’ha identificat quins tipus de contenidors van ser importants a l’establiment i la seva provinença. La integració d’aquests resultats en la base de dades analítica que disposa l’ERAAUB ha permès avaluar el grau d’estandardització dels processos tecnològics en aquesta àrea. La contrastació final amb les dades històriques i arqueològiques contribueix al coneixement arqueològic de les àmfores vinàries de la Tarraconensis i, a través d’elles, al coneixement de les societats que les van fabricar, comercialitzar i utilitzar.

Generation of cardiomyocytes from new human embrionic stem cell lines derived from poor-quanlity blastocysts

Human embryonic stem (hES) cells represent a potential source for cell replacement therapy of many degenerative diseases. Most frequently, hES cell lines are derived from surplus embryos from assisted reproduction cycles, independent of their quality or morphology. Here, we show that hES cell lines can be obtained from poor-quality blastocysts with the same efficiency as that obtained from good- or intermediate-quality blastocysts. Furthermore, we show that the self-renewal, pluripotency, and differentiation ability of hES cell lines derived from either source are comparable. Finally, we present a simple and reproducible embryoid body-based protocol for the differentiation of hES cells into functional cardiomyocytes. The five new hES cell lines derived here should widen the spectrum of available resources for investigating the biology of hES cells and advancing toward efficient strategies of regenerative medicine.

A Case Study of China’s Commercial Pork Value Chain, August 2005

In China, with the cost of improved technology rising, surplus labor shrinking, and demand for food quality and safety increasing, it will be just a matter of time before the country’s hog production sector will be commercialized like that of developed countries. However, even if China’s cost of production converges to international levels, as shown in this case study, China may continue to retain some competitive advantage because of the labor-intensive nature of the marketing services involved in hog processing and meat distribution. The supply of variety meats offers the most promising market opportunity for foreign suppliers in China. The market may open further if the tariff rate for variety meats is reduced from 20% and harmonized with the pork muscle meat rate of 12%, and if the value-added tax of 13% is applied equally to both imported and domestic products. The fast-growing Western-style family restaurant and higher-end dining sector is another market opportunity for high-quality imported pork.

Optimal public rationing and price response

We study optimal public rationing of an indivisible good and private sector price responses. Consumers differ in their wealth and costs of provisions. Due to a limited budget, some consumers must be rationed. Public rationing determines the characteristics of consumers who seek supply from the private sector, where a firm sets prices based on consumers' cost information and in response to the rationing rule. We consider two information regimes. In the first, the public supplier rations consumers according to their wealth information. In equilibrium, the public supplier must ration both rich and poor consumers. Supplying all poor consumers would leave only rich consumers in the private market, and the firm would react by setting a high price. Rationing some poor consumers is optimal, and implements price reduction in the private market. In the second information regime, the public supplier rations consumers according to consumers' wealth and cost information. In equilibrium, consumers are allocated the good if and only if their costs are below a threshold. Wealth information is not used. Rationing based on cost results in higher equilibrium total consumer surplus than rationing based on wealth. [Authors]

Prédiction des durées de séjour en réadaptation en fonction du status fonctionnel

Objectif : En Suisse, la réadaptation est financée en partie par l'assureur qui fixe préalablement à l'admission un nombre de jours (durée garantie) qu'il s'engage à rembourser. Lorsqu'une durée garantie est trop courte, une demande de prolongation est nécessaire, induisant des démarches administratives. Les objectifs de cette étude étaient a) d'étudier le lien entre durées garanties et caractéristiques du patient ; b) d'estimer les coûts liés aux demandes de prolongation ; c) d'évaluer l'impact de l'introduction d'un modèle d'attribution de durée garantie basé sur l'état fonctionnel du patient.¦Méthodes : Les corrélations entre état fonctionnel, durée effective et durée garantie ont été testées sur 208 séjours représentatifs. Des durées garanties fictives ont été calculées à partir de la médiane de durée de séjour de 2 335 patients, groupés selon leur niveau fonctionnel (score des activités de base de la vie quotidienne (BAVQ) 0-1 vs 2-4 vs 5-6), puis comparées aux durées de séjour effectives et garanties.¦Résultats : L'état fonctionnel du patient n'est pas corrélé à la durée garantie, et 69 % des séjours nécessitent au moins une demande de prolongation, représentant 2,6 équivalents temps plein en temps administratif projeté sur le canton. L'application du modèle proposé réduirait de 28 % les demandes de prolongation, et n'augmenterait que marginalement la proportion de jours garantis en surplus (11,2 % contre 6,5 % actuellement).¦Conclusion : L'utilisation systématique d'un modèle d'attribution de durées garanties basées sur l'état fonctionnel du patient permettrait de réduire sensiblement les coûts administratifs liés aux demandes de prolongation, sans entraîner de risque accru d'une augmentation de la durée de séjour.

The emergence of biofuels and the co-movement between crude oil and agricultural prices

Biofuels are becoming an alternative to non-renewable energy sources but we know little about the economic mechanisms influencing their prices. This paper studies the interrelationships between the spot prices of oil and those of agricultural commodities used as biofuel feedstocks. Using daily data since 1988, we identify a co-movement after 2005 that does not appear for other food-related commodities and is not due to general economic variables. We also find traces of the co-movement in the prices of a large biofuel stock. The results amount to the first systematic piece of empirical evidence linking spot oil and agricultural markets via the emergence of biofuels.

Economies of Feedlot Scale, Biosecurity, Investment, and Endemic Livestock Disease, September 2006

Infectious livestock disease creates externalities for proximate animal production enterprises. The distribution of production scale within a region should influence and be influenced by these disease externalities. Taking the distribution of the unit costs of stocking an animal as primitive, we show that an increase in the variance of these unit costs reduces consumer surplus. The effect on producer surplus, total surplus, and animal concentration across feedlots depends on the demand elasticity. A subsidy to smaller herds can reduce social welfare and immiserize the farm sector by increasing the extent of disease. While Nash behavior involves excessive stocking, disease effects can be such that aggregate output declines relative to first-best. Disease externalities can induce more adoption of a cost-reducing technology by larger herds so that animals become more concentrated across herds. For strategic reasons, excess overall adoption of the innovation may occur. Larger herds are also more likely to adopt biosecurity innovations, explaining why larger herds may be less diseased in equilibrium.

Business Cycles, Unemployment Insurance, and the Calibration of Matching Models

This paper points out an empirical puzzle that arises when an RBC economy with a job matching function is used to model unemployment. The standard model can generate sufficiently large cyclical fluctuations in unemployment, or a sufficiently small response of unemployment to labor market policies, but it cannot do both. Variable search and separation, finite UI benefit duration, efficiency wages, and capital all fail to resolve this puzzle. However, both sticky wages and match-specific productivity shocks help the model reproduce the stylized facts: both make the firm's flow of surplus more procyclical, thus making hiring more procyclical too.

An Analysis of the Link between Ethanol, Energy, and Crop Markets, November 2006

This study analyzes the impact of price shocks in three input and output markets critical to ethanol: gasoline, corn, and sugar. We investigate the impact of these shocks on ethanol and related agricultural markets in the United States and Brazil. We find that the composition of a country’s vehicle fleet determines the direction of the response of ethanol consumption to changes in the gasoline price. We also find that a change in feedstock costs affects the profitability of ethanol producers and the domestic ethanol price. In Brazil, where two commodities compete for sugarcane, changes in the sugar market affect the competing ethanol market.

Análise de Crédito e Avaliação de Riscos em Instituições Bancárias

É indubitável que o sistema financeiro é parte integrante de qualquer sociedade. Através da sua função de intermediação, as instituições financeiras recebem recursos dos agentes superavitários e emprestam aos agentes deficitários mediante promessa de pagamento futuro. Num banco, que tem intermediação financeira como sua principal actividade, o crédito consiste em disponibilizar ao cliente recursos em valores sob a forma de financiamento e ou empréstimo mediante uma promessa de pagamento numa data acordada entre as partes. A discussão e implementação dos acordos de BASILEIA, nomeadamente o Basileia II, veio dar uma nova forma a esse relacionamento sector bancário/clientes determinando as regras no que respeita a concessão de crédito e gestão de risco, estabelecendo os limites de crédito associado ao grau de risco das operações. Surge então, por parte das instituições uma maior preocupação em gerir o crédito e os riscos inerentes a cada operação, apostando em ferramentas e metodologias adequadas ao processo creditício. As instituições bancárias passam a criar departamentos de risco, colocando a gestão de crédito e de risco nas mãos de profissionais especializados, agindo sob regras e padrões internacionais uniformizados. There is no doubt that the financial system is an integral part of any society. Through their intermediary role, financial institutions receive funds from surplus agents and lend to deficit agents, with promises of future payment. Banks, with their primary activity being the financial intermediation, the credit is provided to customers in the form of funding or loans and a promise of payment on a date agreed between the parties. The discussion and implementation of the Basel Accord, Basel II in particular, has given a new form to that relationship banking/customer, setting out the rules regarding the granting of credit and risk management, establishing credit limits associated with the degree of risk of operations. Banking institutions got more and more concerned with credit and risk management, in all of their operations, using tools and methodologies that are designed to meet the needs of crediting processes. Banking institutions are creating departments of risk, putting the management of credit risk in the hands of trained professionals, acting under internationally uniform rules and standards