Multicollinearity and financial constraint in investment decisions: a Bayesian generalized ridge regression

This paper addresses the investment decisions considering the presence of financial constraints of 373 large Brazilian firms from 1997 to 2004, using panel data. A Bayesian econometric model was used considering ridge regression for multicollinearity problems among the variables in the model. Prior distributions are assumed for the parameters, classifying the model into random or fixed effects. We used a Bayesian approach to estimate the parameters, considering normal and Student t distributions for the error and assumed that the initial values for the lagged dependent variable are not fixed, but generated by a random process. The recursive predictive density criterion was used for model comparisons. Twenty models were tested and the results indicated that multicollinearity does influence the value of the estimated parameters. Controlling for capital intensity, financial constraints are found to be more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification.

Visiting-economists through Hirschman`s eyes

Since the nineteenth century, Latin America and other poor areas of the world received periodical visits from missions of economic experts. This paper analyzes the picture that Hirschman draws of these money doctors, whose main task was to advise on the economic and financial reforms that were deemed necessary for economic development. Hirschman coins the expression `visiting-economist syndrome` to criticize the work done by these money doctors. I discuss whether Hirschman, as a money doctor himself, was able to acquire immunity from the disease he feared.

Revisiting the interest rate puzzle

This article makes a connection between Lucas` (1978) asset pricing model and the macroeconomic dynamics for some selected countries. Both the relative risk aversion and the impatience for postponing consumption by synthesizing the investor behaviour can help to understand some key macroeconomic issues across countries, such as the savings decision and the real interest rate. I find that the government consumption makes worse the so-called `equity premium-interest rate puzzle`. The first root of the quadratic function for explaining the real interest rate can produce this puzzle, but not the second root. Thus, Mehra and Prescott (1985) identified only one possible solution.

The determinants of default risk in Brazil

We formulated a general unrestricted model of the Brazilian Emerging Markets Bond Index Plus (EMBI+) spreads, a proxy for the country`s default risk. Employing algorithms that perform automated model selection, we found that macroeconomic fundamentals, such as current account deficit ratio to gross domestic product, public deficit ratio to gross domestic product and imports over foreign exchange reserves, can explain a great part of the variation in EMBI+ spreads. There is also robust evidence of systematic contagion from Argentina and Mexico and that the variance of the spread also affects its mean.

The Development of Science Education Research in Brazil and Contributions from the History and Philosophy of Science

Over the last 50 years a new research area, science education research, has arisen and undergone singular development worldwide. In the specific case of Brazil, research in science education first appeared systematically 40 years ago, as a consequence of an overall renovation in the field of science education. This evolution was also related to the political events taking place in the country. We will use the theoretical work of Rene Kaes on the development of groups and institutions as a basis for our discussion of the most important aspects that have helped the area of science education research develop into an institution and kept it operating as such. The growth of this area of research can be divided into three phases: The first was related to its beginning and early configurations; the second consisted of a process of consolidation of this institution; and the third consists of more recent developments, characterised by a multiplicity of research lines and corresponding challenges to be faced. In particular, we will analyse the special contributions to this study gleaned from the field known as the history and philosophy of science.

Spermatophore and Gonopore Morphology of the Southwestern-Atlantic Hermit Crab Pagurus exilis (Benedict, 1892) (Anomura, Paguridae)

Marcelo A. Scelzo, Marina Z. Fantucci, and Fernando L. Mantelatto (2010) Spermatophore and gonopore morphology of the southwestern-Atlantic hermit crab Pagurus exilis (Benedict, 1892) (Anomura, Paguridae). Zoological Studies 49(3): 421-433. The form and function of the spermatophore have been used as a complementary tool in studies of the reproductive biology and systematics of hermit crabs. In this context, we describe the spermatophore and gonopore morphology of Pagurus exilis. The spermatophores were extracted from the distal part of the vas deferens of specimens collected in Argentina and Brazil. The spermatophores were composed of 3 major regions: a main ampulla (with a sperm capsule inside and an accessory ampulla at the base), a stalk, and a pedestal. Each spermatophore had a distinct dorsolateral suture line around the ampulla, where the rupture occurs to release the sperm. The spermatophore total length was 1.5 times the main ampulla length. The main ampulla was oval and slightly flattened. A triangular accessory ampulla extended from the main ampulla base to the pedestal on 1 side, and contained no to several sperm. The stalk is short and flattened, and as wide as the main ampulla. One to 3 spermatophores were found attached to each pedestal, which was almost oblong in shape. The dimensions of the spermatophore and its component parts were directly influenced by the size of the hermit crab. Gonopores of males were covered by long pappose setae, while female gonopores bore a few short cuspidate setae. Specimens from Brazil and Argentina had the same spermatophore morphology, corroborating the previously observed absence of genetic differences between the both populations. The spermatophore morphology of this species has similarities with the broad general pattern of the Paguridae, being most similar to one of the (at least) 3 patterns of spermatophore morphology described for Pa gurus. http://zoolstud.sinica.edu.tw/Journals/49.3/421.pdf

Does Petrolisthes armatus (Anomura, Porcellanidae) form a Species Complex or Are We Dealing with Just One Widely Distributed Species?

Fernando L. Mantelatto, Leonardo G. Pileggi, Ivana Miranda, and Ingo S. Wehrtmann (2011) Does Petrolisthes armatus (Anomura, Porcellanidae) form a species complex or are we dealing with just one widely distributed species? Zoological Studies 50(3): 372-384. Petrolisthes armatus has the widest distribution known among members of the family Porcellanidae and is one of the most ubiquitous and locally abundant intertidal decapods along the Atlantic coast of the Americas. Considering its geographical distribution and morphological plasticity, several authors postulated the existence of a P. armatus species complex. In the present study we used genetic data from the mitochondrial 16S ribosomal gene to determine the genetic variability of P. armatus from selected locations within its eastern tropical Pacific and western Atlantic distributions. Our phylogenic analysis included 49 specimens represented by 26 species of the genus Petrolisthes and 16 specimens from 10 species and 4 related genera. Genetic distances estimated among the analyzed Petrolisthes species ranged from 2.6%-22.0%; varied between 0%-5.7% for 16S. Additionally, the revision of P. armatus specimens from Pacific Costa Rica and Brazilian Waters showed no geographically significant morphological variations among the analyzed specimens. Therefore, our morphological and genetic data do not support the hypothesis of a P. armatus complex within the specimens studied herein from the Americas, but convincingly confirm the monophyly and non-separateness of the members assigned as P. armatus. http://zoolstud.sinica.edu.tw/Journals/50.3/372.pdf

The Australian Universities Teaching Committee project in 'Learning Outcomes and Curriculum Development in Psychology'

The Australian Universities Teaching Committee (AUTC) funds projects intended to improve the quality of teaching and learning in specific disciplinary areas. The project brief for 'Learning Outcomes and Curriculum Development in Psychology' for 2004/2005 was to 'produce an evaluative overview of courses ... with a focus on the specification and assessment of learning outcomes and ... identify strategic directions for universities to enhance teaching and learning'. This project was awarded to a consortium from The University of Queensland, University of Tasmania, and Southern Cross University. The starting point for this project is an analysis of the scientist-practitioner model and its role in curriculum design, a review of current challenges at a conceptual level, and consideration of the implications of recent changes to universities relating to such things as intemationalisation of programs and technological advances. The project will seek to bring together stakeholders from around the country in order to survey the widest possible range of perspectives on the project brief requirements. It is hoped also to establish mechanisms for fiiture scholarly discussion of these issues, including the establishment of an Australian Society for the Teaching of Psychology and an annual conference.

Tonal Modulation and Subjective Time

This work investigated listeners` sense of the temporal expression of tonal modulation. One experiment described the effects on retrospective reproductions of sudden and gradual modulations to close and distant keys. The results showed that modulations elicit time underestimations as an inverse function of interkey distances, with a major impact for sudden modulations. A proposed vectorial model - ""Expected Development Fraction"" (EDF) - describes the development of expectations when an interkey distance is traversed during a certain time interval. This expected development is longer than the perceived duration, leading to underestimation of the time.

Reproductive Biology of the Freshwater Shrimp Atya scabra (Leach, 1815) (Crustacea: Atyidae) in Ilheus, Bahia, Brazil

Alexandre Oliveira Almeida, Emerson Contreira Mossolin, and Joaldo Rocha Luz (2010) Reproductive biology of the freshwater shrimp Atya scabra (Leach, 1815) (Crustacea: Atyidae) in Ilheus, Bahia, Brazil. Zoological Studies 49(2): 243-252. Reproduction and population aspects of the freshwater shrimp Atya scabra in the Santana River, city of Ilheus, state of Bahia, Brazil, were studied from Apr. 2004 to May 2005. During these 14 mo, 3752 individuals were captured, with a sex ratio of 1.01 males for each female. The total number of individuals caught per month ranged 80-532. Males were generally larger than females. The smallest female found (5.40 mm in carapace length and 29.03 mm in total length) was ovigerous, which indicates that only adult individuals were caught. Ovigerous females were found every month, which indicates continuous reproduction and a high index of reproductive activity during the year. The highest reproduction indices were observed in May (94.3%) and Oct. (98.6%) 2004, and Mar. (93.7%) 2005. Fecundity ranged 870-8907 eggs, with a mean of 3811 (+/- 1992.87) eggs per female. The size of the females and their fecundity were positively correlated. The distribution of individuals in length classes by month showed that representatives of smaller classes occurred throughout almost the entire study period. This indicates a constant input of individuals into the population, which corroborates the characterization of the reproductive period as being continuous, and explains the large numbers of ovigerous females found each month. The 2nd abdominal segment is proportionally larger in females than in males, in width, height, and pleural length: these female secondary characteristics are related to an increased incubation area for eggs. http://zoolstud.sinica.edu.tw/Journals/49.2/243.pdf

Education and the historiography of Ibero-American independence: elusive presences, many absences

This contribution analyses recent historiographical tendencies in research in the field of education at the time of the political emancipation of the former Spanish and Portuguese colonies in Latin America. The article briefly presents the complex educational scene in Latin America on the eve of the movements for independence. Due to the revolutionary character of the process of independence, it identifies educational history as one of the most significant absences in the historiography of independence. Notwithstanding, education has certainly been addressed by historians of education, mostly focusing on the colonial or postcolonial period, while largely neglecting the two decades after 1808. This indicates both the divide prevalent between historians of education and historians of independence and the rather nationalistic conceptual frame of existing scholarship.

Beyond Numbers THE IMPACT OF GENDER QUOTAS IN LATIN AMERICA

This article considers the impact of electoral quotas for women. Most studies have either focused on whether particular policies increase the numbers of women elected or assessed the extent to which a greater number of women in the legislature produces more gender-sensitive legislation. However, little attention has been paid to the cultural changes that can result from adopting gender quotas. This article argues that, although increasing the number of women in legislatures may improve the attention to gender issues, broader processes are involved. Latin American women`s activism and alliances have been critical in ensuring the expansion of women`s rights and increasing the number of women elected. Quotas, and the debate surrounding their adoption, have provided an incentive for women`s collective action and fostered the politicization of gender issues. An analysis of the impact of quotas, therefore, must recognize these broader impacts.

ISPRM`S WAY FORWARD

This paper outlines approaches to developing the International Society of Physical and Rehabilitation Medicine (ISPRM) and addresses many current challenges Most importantly, these approaches provide the basis for ISPRM to develop its leadership role within the field of Physical and Rehabilitation Medicine (PRM) and in relation to the World Health Organization (WHO) and the United Nations (UN) system at large. They also address a number of specific critiques of the current situation. A positioning of ISPRM within the world architecture of the UN and WHO systems, as well as the consideration and fostering of respective emerging regional PRM societies, is central to establishing networking connections at different levels of the world society. Yearly congresses, possibly in co-operation with a regional society, based on a defined regional rotation, are suggested. Thus, frustration with the current bidding system for a biennial congress and an intermediate meeting could be overcome. Yearly congresses are also an important step towards increasing the organization`s funding base, and hence the possibility to expand the functions of ISPRM`s central office. ISPRM`s envisioned leadership role in the context of an international web of PRM journals complementing the formally defined official journal of ISPRM, regional societies and so forth, is an inclusive rather than exclusive approach that contributes to the development of PRM journals worldwide. An important prerequisite for the further development of ISPRM is the expansion and bureaucratization of its Central Office, adding professionalism and systematic allocation of resources to the strengths of the voluntary engagement of individual PRM doctors.