Morphometric relationships and indirect determination of the length frequency structure of the pirarucu, Arapaima gigas (Cuvier), in Brazilian Amazonia

The pirarucu (giant red fish), Arapaima gigas (Cuvier), (Arapaimidae) is among the diverse fish resources of Amazonia which are threatened by over-exploitation. Little is known about the biology of this species despite its commercial importance. The present paper provides indirect information about the length-frequency structure of the stock which was estimated by sampling its tongue bone in craft shops and weighing fresh manias (processed fish product) in fish markets since these were the only remaining recognizable features of the fish. The length-frequency reconstruction was carried out using a regression analysis calculated by utilizing individuals caught in experimental fishing.

Crescimento da firma, diversificação e internacionalização: um estudo de casos das empresas brasileiras de construção de infraestrutura

Contractors Odebrecht, Camargo Correa and Andrade Gutierrez play an important role in Brazil's economy stressed by the number of jobs they add, capital accumulation and diversification through the acquisition of state firms and assets. Abroad, they rank among the top companies in the industry. Is there a behavioral standard among these firms? How did they grow? Why did they diversify? What triggers them to internationalization and what are the strategies they adopt in the foreign markets? The attempt to shed light on these questions resulted in the observation of patterns inside Brazilian market as they grew and diversified, but such a pattern could not be detected in the internationalization process

Prevalence of Arterial Hypertension Among Seventh-Day Adventists of the Sao Paulo State Capital and Inner Area

Background: Inadequate life habits are known to favor hypertension, and Adventists recommend healthy life habits. Objective: To assess the prevalence of hypertension among Seventh-Day Adventists from the inner Sao Paulo state and Sao Paulo state capital. Methods: This study assessed 264 Adventists (mean age, 41.17 +/- 15.27 years; women, 59.8%) with a high religiosity level assessed by use of the Duke University Religion Index. Blood pressure was measured with a validated automatic device. The significance level adopted was p < 0.05. Results: The total prevalence of hypertension was 22.7% (27.4% in the inner state and 15% in the capital). The Adventists from the capital differed from those of inner state as follows (p < 0.05), respectively: higher education (62% vs 36.6%); employed by a third party (44%) vs self-employed (40.9%); family income (8.39 +/- 6.20 vs 4.59 +/- 4.75 minimum wages); individual income (4.54 +/- 5.34 vs 6.35 +/- 48; couple responsible for family income (35% vs 39.6%); vegetarianism (11% vs 3%); blood pressure (115.38 +/- 16.52/68.74 +/- 8.94 vs 123.66 +/- 19.62/74.88 +/- 11.85 mmHg); white ethnicity (65% vs 81.1%); married (53% vs 68.9%); lower tangible support in the social aspect (15.7 +/- 5.41 vs 16.9 +/- 4.32); and recalling the last time one's blood pressure was measured (65% vs 48.8%). On multivariate analysis, hypertension associated with the following: 1) vegetarianism (OR 0.051; 95% CI: 0.004-0.681); 2) educational level (OR 5.317; 95% CI: 1.674-16.893); 3) recalling the last time one's blood pressure was measured (OR 2.725; 95% CI: 1.275-5.821); 4) being retired (OR 8.846; 95% CI: 1.406-55.668); and 5) being responsible for family income (OR 0.422; 95% CI: 0.189-0.942). Conclusion: The prevalence of hypertension among Adventists was lower as compared with that reported in Brazilian studies, and it was lower in the Sao Paulo state capital as compared with that in the inner Sao Paulo state, possibly because of the better socioeconomic conditions and life habits of the former. (Arq Bras Cardiol 2012; 98(4): 329-337)

Arbitrage-Free Conditions and Hedging Strategies for Markets with Penalty Costs on Short Positions

We consider a discrete-time financial model in a general sample space with penalty costs on short positions. We consider a friction market closely related to the standard one except that withdrawals from the portfolio value proportional to short positions are made. We provide necessary and sufficient conditions for the nonexistence of arbitrages in this situation and for a self-financing strategy to replicate a contingent claim. For the finite-sample space case, this result leads to an explicit and constructive procedure for obtaining perfect hedging strategies.

TITANS OF CAPITALISM IN THE MODERNIZATION OF BRAZILIAN TERRITORY: URBAN AND AWARDS PUBLIC ASSISTANCE DURING THE FIRST REPUBLIC (1889-1930)

In Brazil, the newly created Republic expressed interests of the elite increasingly committed to foreign capital. The Rio de Janeiro saw accumulate vast resources in trade and finance, deriving for industrial applications. The city appears as articulator of Brazilian territory and mediation between it and the international market. In the capital of the Republic, the conservative plan would sweep the old city and inaugurate images copied from Europe and installed in the tropics with civilizing purpose. This materialized with infrastructure financing and loans to entrepreneurs in Europe and North America, awarded public service concessions. The project relied on strong support of mayors (members or representatives of the companies involved in the reforms). This work aims to address the relationship between the mayors of Rio de Janeiro during the First Republic and international capital, focusing on strategies for the production of new spaces in motion the modernization of Brazil and its international image.

Impacts of Trade in Non-timber Forest Products on Cooperation among Caboclo Households of the Brazilian Amazon

Trade in non-timber forest products (NTFPs) has been touted as promoting forest conservation and enhancing the well-being of local residents through increased cash income, which is considered a positive outcome. However, research on cooperation has demonstrated that increased market access and income may strengthen or weaken cooperation. Because cooperation is essential for community resilience in small-scale societies, negative effects on people's well-being can be expected if increased NTFP trade reduces cooperation. To evaluate whether NTFP trade affected cooperation, we used household data (survey and systematic observations) to compare the frequency of cooperation in two communities of Brazilian Amazon Caboclos, one of which engaged in NTFP trade, while the other did not. Cooperation was less frequent in the community trading NTFPs, but neither household cash income nor household participation in NTFP exploitation was associated with cooperative behavior. Decreased frequency most likely derived from indirect effects of NTFP trade, such as less time to fish or socialize, or other outcomes observable only at the community level, such as income inequality, the influx of new residents and consequent population growth. Our results indicate that conservation and development projects based on NTFP trade may negatively impact social and economic well-being of local communities.

Agricultural commodities pricing model applied to the Brazilian sugar market

This article suggests a pricing model for commodities used to produce biofuel. The model is based on the concept that the deterministic component of the Wiener process is not constant and depends on time and exogenous variables. The model, which incorporates theory of storage, the convenience yield and the seasonality of harvests, was applied in the Brazilian sugar market. After predictions were made with the Kalman filter, the model produced results that were statistically more accurate than those returned by the two-factor model available in the literature.

Challenges for Brazilian MNCs' international human resources management

Multinationals from emerging countries such as Brazil now take the path of internationalisation where early movers have already been. However, these companies have to develop new tools to deal with their own challenges, since they come from countries with different historical backgrounds and specificities. This paper explores challenges for Brazilian MNCs in terms of HRM when operating abroad. It presents the results of six cases of Brazilian MNCs through a grounded theory study. Results show these companies had to deal with their former economic turbulence, shortage of qualified workforce to work internationally and the need to develop HRM competencies to operate globally.

Inclusive business and poverty: prospects in the Brazilian context

Inclusive business is a term currently used to explain the organizations that aim to solve social problems with efficiency and financial sustainability by means of market mechanisms. It can be said that inclusive businesses are those targeted at generating employment and income for groups with little or no market mobility, in keeping with the standards of so-called "decent jobs" and in a self-sustaining manner, i.e., generating profit for the enterprises, and establishing relationships with typical business organizations as suppliers of products and services or in the distribution of this type of production. This article discusses the different concepts found in the scientific literature on inclusive businesses. It also analyses data from a survey conducted with the audiences of Social Corporate Responsibility seminars held by FIEMG. This analysis reveals that prospects, risks and idealizations similar to those found in inclusive business theories can also be found among individuals that run social corporate responsibility projects, even if this designation is new for them. The connection between companies and poverty, especially in relation to inclusive businesses, seems full of stumbling blocks and traps in the Brazilian context.

Fatores institucionais e assimetria informacional: influência na estrutura de capital de empresas brasileiras

O objetivo principal deste trabalho é analisar se a presença de importantes fatores institucionais brasileiros, como o acesso a fontes e linhas diferenciadas de financiamento, afeta a significância estatística e econômica da assimetria informacional, principal pressuposto da teoria de pecking order, na determinação da estrutura de capital de empresas brasileiras. Para tanto, foram utilizadas variáveis de controle, variáveis representativas de fatores institucionais e de assimetria informacional num painel de dados referente a empresas brasileiras de setores industriais, cujas ações foram negociadas na Bovespa, no período 1997-2007. Como principais resultados encontra-se que as variáveis tamanho, tangibilidade, rentabilidade e risco são importantes determinantes da estrutura de capital das empresas analisadas, sendo também significativa a participação de linhas diferenciadas no endividamento dessas empresas. Em resposta ao objetivo da pesquisa, verifica-se que a assimetria informacional não perde significância estatística e econômica no modelo proposto, após a inclusão de variáveis representativas de fatores institucionais, o que evidencia a importância da assimetria informacional na determinação da estrutura de capital de empresas brasileiras. O sinal negativo encontrado apoia a teoria de pecking order, na qual essas empresas seriam menos endividadas devido à possibilidade de captarem recursos por meio da emissão de ações. Ressalta-se que as proxies utilizadas para representar o atributo assimetria informacional constituem uma limitação da pesquisa. Em razão disso, sugere-se, para trabalhos futuros, a utilização de outras variáveis, com o propósito de verificar a consistência dos resultados aqui encontrados, bem como a análise da influência da assimetria informacional sobre o custo de capital de empresas brasileiras, com o intuito de verificar se empresas consideradas com menor assimetria informacional conseguem captar recursos a taxas de juros mais atrativas.

Capital Market Implications of Corporate Disclosure: German Evidence

This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD). Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evidence for a capital-costreduction effect of disclosure based on the analysis of investors’ return requirements and market values. Altogether, no evidence is found that the information processing at the German capital market is structurally different from other markets.

Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.

Determinants and Effects of Maturity Mismatches in Emerging Markets: Evidence from Bank Level Data

Despite the extensive work on currency mismatches, research on the determinants and effects of maturity mismatches is scarce. In this paper I show that emerging market maturity mismatches are negatively affected by capital inflows and price volatilities. Furthermore, I find that banks with low maturity mismatches are more profitable during crisis periods but less profitable otherwise. The later result implies that banks face a tradeoff between higher returns and risk, hence channeling short term capital into long term loans is caused by cronyism and implicit guarantees rather than the depth of the financial market. The positive relationship between maturity mismatches and price volatility, on the other hand, shows that the banks of countries with high exchange rate and interest rate volatilities can not, or choose not to hedge themselves. These results follow from a panel regression on a data set I constructed by merging bank level data with aggregate data. This is advantageous over traditional studies which focus only on aggregate data.

Asset Pricing with Heterogeneous Agents, Incomplete Markets and Trading Constraints

The consumption capital asset pricing model is the standard economic model used to capture stock market behavior. However, empirical tests have pointed out to its inability to account quantitatively for the high average rate of return and volatility of stocks over time for plausible parameter values. Recent research has suggested that the consumption of stockholders is more strongly correlated with the performance of the stock market than the consumption of non-stockholders. We model two types of agents, non-stockholders with standard preferences and stock holders with preferences that incorporate elements of the prospect theory developed by Kahneman and Tversky (1979). In addition to consumption, stockholders consider fluctuations in their financial wealth explicitly when making decisions. Data from the Panel Study of Income Dynamics are used to calibrate the labor income processes of the two types of agents. Each agent faces idiosyncratic shocks to his labor income as well as aggregate shocks to the per-share dividend but markets are incomplete and agents cannot hedge consumption risks completely. In addition, consumers face both borrowing and short-sale constraints. Our results show that in equilibrium, agents hold different portfolios. Our model is able to generate a time-varying risk premium of about 5.5% while maintaining a low risk free rate, thus suggesting a plausible explanation for the equity premium puzzle reported by Mehra and Prescott (1985).

Endogenous Growth in the Presence of Informal Credit Markets: A Comparative Analysis Between Credit Rationing and Self-Revelation Regimes

This paper examines whether the presence of informal credit markets reduces the cost of credit rationing in terms of growth. In a dynamic general equilibrium framework, we assume that firms are heterogenous with different degrees of risk and households invest in human capital development. With the help of Indian household level data we show that the informal market reduces the cost of rationing by increasing the growth rate by 0.7 percent. This higher growth rate, in the presence of an informal sector, is due to the ability of the informal market to separate the high risk from the low risk firms thanks to better information. But even after such improvement we do not get the optimum outcome. The findings, based on our second question, suggest that the revelation of firms' type, based on incentive compatible pricing, can lead to almost 2 percent higher growth rate as compared to the credit rationing regime with informal sector.