Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.

Human mobility patterns at the smallest scales

We present a study on human mobility at small spatial scales. Differently from large scale mobility, recently studied through dollar-bill tracking and mobile phone data sets within one big country or continent, we report Brownian features of human mobility at smaller scales. In particular, the scaling exponents found at the smallest scales is typically close to one-half, differently from the larger values for the exponent characterizing mobility at larger scales. We carefully analyze 12-month data of the Eduroam database within the Portuguese university of Minho. A full procedure is introduced with the aim of properly characterizing the human mobility within the network of access points composing the wireless system of the university. In particular, measures of flux are introduced for estimating a distance between access points. This distance is typically non-Euclidean, since the spatial constraints at such small scales distort the continuum space on which human mobility occurs. Since two different ex- ponents are found depending on the scale human motion takes place, we raise the question at which scale the transition from Brownian to non-Brownian motion takes place. In this context, we discuss how the numerical approach can be extended to larger scales, using the full Eduroam in Europe and in Asia, for uncovering the transi- tion between both dynamical regimes.

Radio mobility in the digital era: interactivity, participation and content share possibilities in Iberian broadcasters

In the context of the scientific research into radio, recent years have encouraged many theories about the meaning of a post-radio (Oliveira & Portela, 2011), thus enlisting several parameters regarding the inclusion of contemporary radio in the digital and online environments. This digital migration has led to the development of mobile applications for radio, broadening the communicative potential of audiences (Aguado, Feijoo & Martínez, 2013), as well as promoting convergence of interactive content among listeners-users. Aware of this opportunity, the main broadcasters in Spain and Portugal have broadened their radiophonic scope to the mobile platform, especially geared towards smartphones through the development of mobile applications, commonly known as apps (Cerezo, 2010). As a symbol of a culture in permanent changing, smartphones not only provide greater easiness in terms of access and interaction, but also afford larger opportunities for disseminating content among audiences, a phenomenon that some studies have labelled as user distributed content (Villi, 2012). This article presents an exploratory analysis of the current policies of the main Spanish and Portuguese radio broadcasters regarding mobile applications, evaluating the different levels of interaction and participation in these platforms. This observation led to the conclusion, among other findings, that the mobile platform represents a supplementary channel for traditional FM radio, rather than a new medium with its own language and expression.

Trans-cultural aspects of social anxiety disorder and related conditions: a Brazilian case series and a review of international clinical studies

Cross-cultural studies have much to teach clinicians and researchers alike about psychopathology in general and about social anxiety disorder (SAD) in particular. Unfortunately, little is known about the degree and the mechanisms through which cultural environment may influence clinical manifestations of SAD. OBJECTIVE: Our objective was to identify culture-related clinical patterns in SAD and related disorders. METHODS: We described socio-demographic and clinical characteristics of a sample of 62 adult outpatients with SAD seen at a university clinic for anxiety and depressive disorders in Rio de Janeiro, Brazil, and compared them with those reported in clinical samples from North America, Europe, Asia and Oceania identified through a systematic review in Medline, PsychINFO, and LILACS. RESULTS: Our comparison of trans-cultural features of SAD lends partial support to Heimberg's (1997) contention that the majority of socio-demographic features and symptoms of this disorder are relatively independent of geographic and cultural differences. CONCLUSION: Patients with SAD were almost universally characterized by: 1) a predominance of males in clinical samples; 2) early onset of the disorder; 3) high educational attainment; and 4) great frequency of comorbidities.

Brazilian norms for the International Affective Picture System (IAPS): comparison of the affective ratings for new stimuli between Brazilian and North-American subjects

OBJECTIVE: The study presents the Brazilian norms for 240 new stimuli from International Affective Picture System (IAPS), a database of affective images widely used in research, compared to the North-American normative ratings. METHODS: The participants were 448 Brazilian university students from several courses (269 women and 179 men) with mean age of 24.2 (SD = 7.8), that evaluated the IAPS pictures in the valence, arousal and dominance dimensions by the Self-Assessment Manikin (SAM) scales. Data were compared across the populations by Pearson linear correlation and Student's t-tests. RESULTS: Correlations were highly significant for all dimensions; however, Brazilians' averages for arousal were higher than North-Americans'. CONCLUSIONS: The results show stability in relation to the first part of the Brazilian standardization and they are also consistent with the North-American standards, despite minor differences relating to interpretation of the arousal dimension, demonstrating that IAPS is a reliable instrument for experimental studies in the Brazilian population.

As mulheres na mobilidade acadêmica internacional: uma caracterização das pesquisadoras brasileiras na Universidade do Minho

A ciência tem avançado no debate sobre as relações de gênero, todavia ainda repousa sobre desníveis entre homens e mulheres, o que os conduz a escolhas e motivações distintas no âmbito da sua carreira acadêmica e científica. Com as exigências da internacionalização da educação, novos desafios se impõem para as mulheres, sobretudo, em relação à sua inserção no contexto das estratégias políticas adotadas para atender à dinâmica global da educação. Dentre estas estratégias, encontra-se a mobilidade acadêmica internacional, cujo objetivo é estimular o envio de estudantes e pesquisadores para centros de pesquisa no estrangeiro. O sistema brasileiro de Ciência e Tecnologia vem alargando investimentos neste setor, com a distribuição de bolsas de pesquisa para os diversos graus. Mas qual a representação feminina neste cenário e quais os significados que atribuem a esta prática da mobilidade? A partir de um inquérito realizado com 52 mulheres brasileiras em mobilidade acadêmica na Universidade do Minho, inscritas em cursos de pós-graduação, este estudo objetivou traçar um perfil destas estudantes e pesquisadoras, abordando as suas características pessoais, sociais, culturais e acadêmicas, além das principais motivações subjetivas que definem a escolha por este tipo de mobilidade.

O acesso enquanto direito humano: relato da Conferência Federation of International Human Rights Museums

Centro em Rede de Investigação em Antropologia UID/ANT/04038/2013

Mobilidade social, identidade e valores: o regresso de emigrantes no Minho

Dissertação de mestrado em Sociologia (área de especialização em Políticas Comunitárias e Cooperação Territorial)

China and India’s Maritime Geostrategies:: Implications for International Maritime Security and Scenarios for 2030

Dissertação de Mestrado em Estratégia

Movilidad social en barrios de Córdoba: Villa La Tela y áreas colindantes. Social Mobility in Neighborhoods of Cordoba: Villa La Tela and Adjacent Areas.

Esta investigación propone aproximarse al conocimiento y comprensión de los diversos mecanismos de movilidad social en Villa La Tela barrios adyacentes (ciudad de Córdoba). Si bien las poblaciones objetivo poseen diferentes niveles de vida, este proyecto no se propone la comparación entre ambos sectores urbanos, sino la identificación de diversos patrones de movilidad social vigentes. Se intenta también aproximarse indirectamente al esquema de estratificación social vigente en la ciudad de Córdoba. El equipo se propone avanzar en la definición de una estrategia metodológica que permita comprender de una manera integral los diversos mecanismos de movilidad social. Se propone articular una triangulación de métodos cuantitativos y cualitativos que aproveche las fortalezas de cada enfoque para efectuar una mirada multidisciplinaria de las condiciones de vida de la población en estudio. Se intenta también aprovechar la inserción que ya tienen algunos de los investigadores del equipo en los barrios, a fin de aportar conocimientos útiles a las organizaciones que realizan actividades de intervención social. El trabajo se propone en tres fases constituidas por tres instancias que no necesariamente se corresponden con tiempos cronológicos: análisis de información secundaria (censos de población, relevamientos de organismos gubernamentales y civiles) y de resultados de investigaciones previas; en otra fase se generará un espacio recreativo en la comunidad que permita identificar las percepciones subjetivas de los actores locales en relación a las condiciones de vida y la experiencia de movilidad social (etnodrama, etnografía fotográfica); finalmente se realizará una fase de trabajo de encuestas y entrevistas en profundidad a partir de los insumos producidos en las dos fases antes mencionadas. Se tomará para ello, como unidad de análisis socio-económica a los hogares, considerados como el espacio físico y social desde el cual se diseñan e implementan las estrategias familiares de vida de sus miembros. Se considera que el proyecto puede transferir los resultados -parciales y finales- alcanzados a las instituciones intervinientes en los barrios considerados. Esta transferencia constituye una actividad de extensión concreta, dado que las intervenciones en marcha están destinadas a mejorar las condiciones de vida de la población en términos materiales y culturales. La acción sinérgica entre las diversas instituciones que intervienen o investigan sobre estas comunidades es un compromiso, ya que de ello depende la calidad del impacto en las propias comunidades. En este sentido, la descripción de las experiencias intergeneracionales de movilidad social de los hogares y su significación subjetiva, puede considerarse de interés tanto para las instituciones como para la comunidad misma. De esta manera se espera devolver a las comunidades lo que éstas le ofrezcan al equipo de investigación, como flujo de intercambio recíproco de conocimiento y desarrollo humano. Desde el punto de vista metodológico, el equipo espera realizar una evaluación de los distintos abordajes cuantitativos y cualitativos a escala microsocial, a fin de realizar propuestas válidas para nuevas investigaciones en ámbitos locales. This research proposes to approach the knowledge and understanding of the various mechanisms of social mobility in adjacent neighborhoods of Villa La Tela (Cordoba, Argentina). Although the target populations have different levels of life, this project does not intend to compare urban areas, but the identification of different patterns of social mobility nowadays. Indirect approach is also intended to outline the existing social stratification in Cordoba city. We plan to define a methodological approach based on triangulation of quantitative and qualitative methods, exploiting the strengths of each approach to make a multidisciplinary vision of the population living conditions. Project proposes phases consisting of three instances, that do not necessarily correspond with chronological time: 1) secondary data analysis (population censuses, surveys of government agencies and civilian organizations) and previous research results; 2) promotion of a recreation space in the community to identify the subjective perceptions of local actors in relation to living conditions and experience of social mobility; 3) finally there will be a phase of survey work and deep interviews from inputs produced in the two phases mentioned above. Households will be taken as socio-economic unit, also considered as social and physical space where family strategies of life are designed and implemented by its members. We considere this project can transfer the obtained results to the institutions involved in the concerned districts. This transfer is a specific outreach activity, since the interventions in place are aimed to improving the living conditions of population in material and cultural terms.

Regímenes Internacionales y Derechos Humanos. La incidencia del sistema interamericano de protección en la legislación y jurisprudencia argentinas. International Regimes and Human Rights. The incidence of inter-American system in Argentine law and jurisprudence.

El nuevo escenario internacional produce lo que se ha dado en caracterizar como la globalización del derecho, especialmente en el ámbito de los derechos humanos. En este contexto se analiza la incidencia del Sistema Interamericano de protección de los Derechos Humanos con especial énfasis en el derecho de la información, desde la optica del derecho interno. Nos preguntamos acerca de cómo se presenta la tensión entre la lógica estatal con su rasgo de afirmación en la soberanía y monopolio en la creación de la jurisdicción doméstica, con la doctrina del derecho internacional de los derechos humanos, que consecuentemente conduce hacia una globalización jurídica de estos temas. Esto refleja un debilitamiento en el monopolio de creación y aplicación del derecho por parte de los Estados. A partir de este dato del escenario internacional buscamos determinar la incidencia de los informes de la Comisión Interamericana de Derechos Humanos y los pronunciamientos de la Corte Interamericana en materia de derecho de la información y su influencia en la jurisprudencia y creación de legislación en nuestro país. The new internacional scenario produces wtah has come to be characterized as the globalization of law, especially in the field of the human rights. In this context we analyze the impact of the Inter-American system of human Rights, whit particular emphasis on media law in domestic law

Applicability of Two International Risk Scores in Cardiac Surgery in a Reference Center in Brazil

Background:The applicability of international risk scores in heart surgery (HS) is not well defined in centers outside of North America and Europe.Objective:To evaluate the capacity of the Parsonnet Bernstein 2000 (BP) and EuroSCORE (ES) in predicting in-hospital mortality (IHM) in patients undergoing HS at a reference hospital in Brazil and to identify risk predictors (RP).Methods:Retrospective cohort study of 1,065 patients, with 60.3% patients underwent coronary artery bypass grafting (CABG), 32.7%, valve surgery and 7.0%, CABG combined with valve surgery. Additive and logistic scores models, the area under the ROC (Receiver Operating Characteristic) curve (AUC) and the standardized mortality ratio (SMR) were calculated. Multivariate logistic regression was performed to identify the RP.Results:Overall mortality was 7.8%. The baseline characteristics of the patients were significantly different in relation to BP and ES. AUCs of the logistic and additive BP were 0.72 (95% CI, from 0.66 to 0.78 p = 0.74), and of ES they were 0.73 (95% CI; 0.67 to 0.79 p = 0.80). The calculation of the SMR in BP was 1.59 (95% CI; 1.27 to 1.99) and in ES, 1.43 (95% CI; 1.14 to 1.79). Seven RP of IHM were identified: age, serum creatinine > 2.26 mg/dL, active endocarditis, systolic pulmonary arterial pressure > 60 mmHg, one or more previous HS, CABG combined with valve surgery and diabetes mellitus.Conclusion:Local scores, based on the real situation of local populations, must be developed for better assessment of risk in cardiac surgery.

Analysis of the European Union's performance as an international mediator in the South Caucasus with respect to peace building in the region : ENP and conflict resolution in the South Caucasus

Magdeburg, Univ., Fak. für Geistes-, Sozial- und Erziehungswiss., Diss., 2009

International trade, technical change and the demand for skills : how important is trade in quality differential products?

Magdeburg, Univ., Fak. für Wirtschaftswiss., Diss., 2012