Sovereign debt with adverse selection : a quantitative approach

We construct a dynamic equilibrium model to quantitatively study sovereign debt with contingent services and country risk spreads such that the benefits of defaulting are tempered by higher interest rates in the future. For a wide range of parameters, the only equilibrium of the model is one in which the sovereign defaults in all states, unless defaulting incurs additional costs. Due to the adverse selection problem, some countries choose to delay default in order to reduce reputation loss. Although equilibria with no default imply in greater welfare levels, they are not sustainable in the highly indebted and volatile countries.

Share bidding auctions, sliding scale royalty rates and the new brazilian regulatory framework for the pre-salt areas

O governo brasileiro recentemente aprovou uma legislação instituindo um novo marco regulatório para as reservas petrolíferas do pré-sal. Segundo as novas regras, estas áreas deverão ser licitadas mediante um leilão de partilha de lucro. Motivado por esta mudança, apresentamos um modelo de leilão de partilha sob afiliação, demonstrando a existência de um equilíbrio monótono em estratégias puras e caracterizando a solução. Alem disso, provamos que este mecanismo gera receita esperada maior ou igual a um leilão de primeiro preço usual. Em seguida, introduzimos no modelo uma função representando taxas de royalties que dependem do valor do objeto. Este instrumento permite uma elevação na receita esperada de ambos os modelos, fazendo com que a diferença entre eles encolha. Finalmente, analisando o novo marco regulatório sob o ponto de vista dos resultados obtidos, concluímos que o antigo modelo de concessão utilizado pelo governo brasileiro é mais adequado e lucrativo.

Desenvolvimento industrial em espaços organizados: uma análise dos fatores de competitividade nos distritos industriais do Estado do Rio de Janeiro

O desenvolvimento industrial no Espaço Organizado (EO) tem se dado através de políticas públicas e iniciativas privadas, atendendo, em alguns casos, aos fatores de competitividade para sua respectiva implementação, outras vezes nem tanto. O principal objetivo desse trabalho foi realizar uma análise dos fatores de competitividade dos distritos industriais do Estado do Rio de Janeiro, contribuindo, dessa forma, através dos resultados apresentados ao final do trabalho, para subsidiar novas políticas públicas e/ou suporte às iniciativas privadas, quando da atração, implantação, retenção e ampliação de indústrias e empresas correlacionadas, nesses espaços. A delimitação da amostra dos Espaços Organizados (EOs) foi definida em função da disponibilidade dos dados e homogeneidade da amostra, no caso, distritos industriais no Estado do Rio de Janeiro. Na execução das etapas do projeto para o cumprimento do seu objetivo principal, foram realizadas etapas intermediárias na seguinte forma: identificação da nomenclatura disponível para os tipos de EOs existentes; elaboração de proposta para a caracterização dos EOs; identificação dos fatores de competitividade dos EOs existentes no Estado do Rio de Janeiro; validação desses fatores de competitividade junto ao grupo entrevistado de representantes do governo, municípios, instituições de fomento e executivos das empresas em operação nas áreas estudadas; mapeamento dos EOs existentes no Estado do Rio de Janeiro e análise dos fatores de competitividade desses espaços, com suas correlações quanto a geração de emprego e atração de empresas. Por fim, após análise dos resultados, a discussão e as considerações finais apontaram tendências que poderão ser aprofundadas em futuros trabalhos de apoio na elaboração das estratégias públicas e/ou privadas que visam melhor aproveitamento e utilização dos EOs destinados ao desenvolvimento industrial.

A influência do estilo de liderança na construção de relações de confiança em uma instituição financeira

A turbulência dos mercados globais, o acirramento da concorrência, a velocidade das mudanças, a complexidade e a incerteza do cenário político, econômico e social trazem incessantes desafios para as organizações, que buscam responder a esses movimentos dinâmicos com a celeridade necessária, a fim de obter vantagem competitiva e assegurar a sustentabilidade dos negócios. Nessa perspectiva, a liderança tem um papel fundamental por ser capaz de mobilizar e orientar a força de trabalho para o cumprimento das metas organizacionais, uma vez que o líder pode influenciar positivamente e inspirar pessoas a dar o melhor de si em benefício da organização. O engajamento, a motivação e a cooperação que propiciam essa entrega pessoal ocorrem a partir da percepção dos liderados a respeito do comportamento do líder exemplar, o que remete à construção de vínculos de confiança. Em função disso, este trabalho teve como objetivo identificar o estilo de liderança prevalecente em uma unidade de uma instituição financeira, bem como avaliar se este estilo propicia a construção de relações de confiança entre líder e liderados. Para tanto, inicialmente foi realizado um levantamento bibliográfico sobre os temas liderança e confiança. Na sequência, foram aplicados os questionários Multifactor Leadership Questionnaire (MLQ) e Behavioral Trust Inventory (BTI) e realizadas entrevistas, a fim de obter os dados para análise. Como resultado da pesquisa concluiu-se que prevalece na unidade estudada um estilo com traços da liderança transformacional e da liderança transacional recompensa contingente. Ficou evidenciado que esse estilo de liderança constrói vínculos de confiança mútua, demonstrando que as ações do líder fomentam o reconhecimento de sua credibilidade e auxiliam na solução de dilemas de gestão, possibilitando a cooperação espontânea para o alcance dos objetivos estratégicos da instituição.

International civil society actors in Genetically Modificied Organisms as a field of struggle: a neo-gramscian study in Brazil and the United Kingdom

Since the international financial and food crisis that started in 2008, strong emphasis has been made on the importance of Genetically Modified Organisms (GMOs) (or “transgenics”) under the claim that they could contribute to increase food productivity at a global level, as the world population is predicted to reach 9.1 billion in the year 2050 and food demand is predicted to increase by as much as 50% by 2030. GMOs are now at the forefront of the debates and struggles of different actors. Within civil society actors, it is possible to observe multiple, and sometime, conflicting roles. The role of international social movements and international NGOs in the GMO field of struggle is increasingly relevant. However, while many of these international civil society actors oppose this type of technological developments (alleging, for instance, environmental, health and even social harms), others have been reportedly cooperating with multinational corporations, retailers, and the biotechnology industry to promote GMOs. In this thesis research, I focus on analysing the role of “international civil society” in the GMO field of struggle by asking: “what are the organizing strategies of international civil society actors, such as NGOs and social movements, in GMO governance as a field of struggle?” To do so, I adopt a neo-Gramscian discourse approach based on the studies of Laclau and Mouffe. This theoretical approach affirms that in a particular hegemonic regime there are contingent alliances and forces that overpass the spheres of the state and the economy, while civil society actors can be seen as a “glue” to the way hegemony functions. Civil society is then the site where hegemony is consented, reproduced, sustained, channelled, but also where counter-hegemonic and emancipatory forces can emerge. Considering the importance of civil society actors in the construction of hegemony, I also discuss some important theories around them. The research combines, on the one hand, 36 in-depth interviews with a range of key civil society actors and scientists representing the GMO field of struggle in Brazil (19) and the UK (17), and, on the other hand, direct observations of two events: Rio+20 in Rio de Janeiro in 2012, and the first March Against Monsanto in London in 2013. A brief overview of the GMO field of struggle, from its beginning and especially focusing in the 1990s when the process of hegemonic formation became clearer, serves as the basis to map who are the main actors in this field, how resource mobilization works, how political opportunities (“historical contingencies”) are discovered and exploited, which are the main discourses (“science” and “sustainability” - articulated by “biodiversity preservation”, “food security” and “ecological agriculture”) articulated among the actors to construct a collective identity in order to attract new potential allies around “GMOs” (“nodal point”), and which are the institutions and international regulations within these processes that enable hegemony to emerge in meaningful and durable hegemonic links. This mapping indicates that that the main strategies applied by the international civil society actors are influenced by two central historical contingencies in the GMO field of struggle: 1) First Multi-stakeholder Historical Contingency; and 2) “Supposed” Hegemony Stability. These two types of historical contingency in the GMO field of struggle encompass deeper hegemonic articulations and, because of that, they induce international civil society actors to rethink the way they articulate and position themselves within the field. Therefore, depending on one of those moments, they will apply one specific strategy of discourse articulation, such as: introducing a new discourse in hegemony articulation to capture the attention of the public and of institutions; endorsing new plural demands; increasing collective visibility; facilitating material articulations; sharing a common enemy identity; or spreading new ideological elements among the actors in the field of struggle.

Análise dos retornos e características da estratégia de risk arbitrage no Brasil

O presente trabalho tem o objetivo de analisar os retornos de um portfólio investido na estratégia de risk arbitrage no Brasil entre 2004 e 2014, determinando se esta estratégia proporciona retornos anormais. De setembro de 2004 a dezembro de 2014, o portfólio de risk arbitrage gerou, depois de deduzidos os custos, um retorno anualizado de 14,40%, enquanto que o ativo livre de risco gerou retornos de 11,60% e o Índice Bovespa gerou 12,62%. Os resultados indicam que, usando-se tanto o CAPM como o modelo de três fatores de Fama e French (1993), a estratégia proporciona retornos anormais. Um segundo objetivo desse estudo é analisar se a distribuição dos retornos dessa estratégia é assimétrica. As evidências apontam para assimetria na distribuição dos retornos. Em função disto, foi utilizada a metodologia de Contingent Claims, que controla o efeito da relação não linear com os retornos de mercado, para analisar se mesmo assim a estratégia oferece retornos anormais. Com essa metodologia, não foram encontrados retornos anormais estatisticamente significativos. Por fim, o último objetivo desse estudo é analisar se o payoff da estratégia de risk arbitrage é análogo ao payoff da venda de uma put. Não foram encontradas evidências de que o payoff seja análogo ao da venda de uma opção de venda.

On paternalistic leadership fit: exploring cross-cultural endorsement, leader-follower fit, and the boundary role of organizational culture

Although cross-cultural leadership research has thrived in international business literature, little attention has been devoted to understanding the effectiveness of non-western theories beyond their original contexts. The purpose of this study is to examine the cross-cultural endorsement of paternalistic leadership, an emerging non-western leadership theory, using data from GLOBE project. Using multigroup confirmatory factor analyses we found measurement equivalence of a scale derived from GLOBE’s data, which enabled us to compare the endorsement of paternalistic leadership dimensions across 10 cultural clusters and 55 societies. Our study revealed that there are significant differences in the importance societies give to each dimension, suggesting that paternalism as leadership style is not universally nor homogeneously endorsed. Furthermore, results suggest that different patterns of endorsement of each of these dimensions give rise to idiosyncratic shades of paternalistic leadership across societies. Implications for theory and future research on international business are discussed.

Provisionamento de processos judiciais e administrativos : análise crítica e propostas de boas práticas

O presente trabalho examina as normas brasileiras relativas ao provisionamento e à divulgação de passivos contingentes com vistas especificamente à sua aplicação para processos judiciais e administrativos, que representam o tipo de passivo contingente que mais impacta o resultado da maior parte das companhias nacionais, de todos os segmentos. O texto das normas, portanto, é confrontado com a realidade prática do mercado e as especificidades inerentes aos processos judiciais e administrativos. Além de contextualizar e explicar o funcionamento das regras aplicáveis, com destaque para o Pronunciamento Técnico nº. 25, do Comitê de Pronunciamentos Contábeis, que se tornou obrigatório para as companhias abertas por meio da Deliberação CVM nº. 594, de 15 de setembro de 2009, é realizada sua análise crítica, identificando omissões que podem dificultar o desempenho das atividades de provisionamento de tais demandas pelos profissionais competentes, fomentando a falta de uniformidade desses registros entre as demonstrações financeiras das companhias, bem como possibilitando o gerenciamento de resultados. Em seguida, são avaliadas e propostas soluções para os problemas identificados, com destaque para o estabelecimento de valores percentuais aos critérios de classificação de risco e a definição de critérios para classificação de risco de perda e mensuração de valores de passivos contingentes, organizadas em forma de diretrizes de boas práticas de provisionamento e de divulgação de passivos contingentes decorrentes de processos judiciais e administrativos.

Analysis of the economic and financial relations between Latin American and the Caribbean and the BRICS group

This document has been prepared in compliance with Activity III.1.2 of the Work Programme of SELA for the year 2015, entitled “Analysis of the economic and financial relations between Latin America and the Caribbean and the BRICS countries”. The document comprises an introduction, four chapters and a final section with the conclusions and recommendations stemming from the study. Chapter I describes the economic performance of the BRICS countries, their economic relations with Latin America and the Caribbean and the functioning of the development banks of the member countries. Chapter II assesses the financial architecture of Latin America and the Caribbean and explores the needs for financing in the region. Chapter III deals with the regulatory frameworks governing public and private investments in Latin America and the Caribbean and the Bilateral Investment Treaties with the BRICS countries. Finally, Chapter IV describes the main features of the New Development Bank (NDB) and the Contingent Reserve Agreement of the BRICS

Uma análise sociodemográfica dos cuidadores formais de idosos institucionalizados no município de Natal/RN, 2012

The aging population and individual have been the subject of a multitude of studies nowadays. This is probably due to the impact of this phenomenon in various sectors of society, like social security, social assistance and public health. The process of aging of the individual imply the demand for specific services, considering the limitations and vulnerabilities of the individual at that stage of life cycle. The growth of the elderly contingent in the last decades raises challenges for policymakers, the family and also for the society at large. In this scenario, long-stay institutions for the elderly (LSIEs) appear as an option to aid and support the elderly and their family, assisting in all or part in the activities of daily living and self-care. Inside these LSIEs we find the professional responsible for the direct care of the elderly, the formal caregiver. In this context, this dissertation presents two main objectives: an analysis of the phenomenon of population aging in a given brazilian municipality Natal / RN, based on the Demographic Censuses of 2000 e 2010; and a social, demographic and economic characterization of the Formal caregiver for the institutionalized elderly in the municipality, evaluating aspects of his quality of life and also analyzing the institutions where they are inserted. Furthermore, we intend to identify demographic, socioeconomic and quality of life factors that are correlated with caregivers quitting the job. The data used in the second part of this work comes from the research project named Long-Stay Institutions for Elderly: abandonment or a family need? . This survey interviewed 92 caregivers in eleven LSIEs in Natal/RN. In the data treatment logistic regressions, cluster analysis and statistical tests were used. The survey revealed that aging in Natal is more pronounced in the older, more traditional districts: Petrópolis, Lagoa Seca and Tirol. It also allowed a broad characterization of the formal caregivers in LSIEs. Most of these professionals are female. The educational level is predominantly complete high school and more. Most caregivers reported being married or in union, or have ever been in a union. Family monthly income is under three times the minimum wage. The mean age is of 37.4 years. The mean time of work as a caregiver was 5.93 years. The associations showed that being woman, not being single, having caregiving training and physical limitations (regarding quality of life) are related to wanting to quit the caregiving job. As for the characterization of the LSIEs, it was found that the philanthropic ones are older and have most (62.5%) of the institutionalized elderly. The institutions managers gave social interaction and affinity with the elderly as the main criteria with which to evaluate and hire caregivers. It is intended with this study to contribute to improving the quality of life of the elderly and their caregiver, providing information on aspects of institutionalization of elderly both in the philanthropic and particular institutions, in Natal/RN; this dissertation may also be used as a starting point for later works

Tramas do impedimento: os sentidos da desistência entre Alfabetizandos da EJA

For young people and adults that have not yet conquered reading and writing, being literate is the most important thing in life , a dream . Scholarly learning for them is like hegemonic knowledge in contemporary literate society. Thus, for them to get into school is to be able to have such knowledge and, through it, feel inserted into this society. However, along this process of learning, they start to drop out, little by little, statistically increasing the number of people who give up on young people and adult education Eja, as well as slowly reducing the contingent of illiteracy in the country. With this reality as a starting point, we question the concrete and symbolic reasons or motives that lead to a dropping out of the literacy classes at Eja. To do so, we have established, as the object of our study, the feelings of giving up among those involved in young people and adult literacy training. To understand such feelings is our purpose in this investigation. The theory of Social Representations (MOSCOVICI, 1978, 2004) was the theoretical-methodological option for subsidizing data search, analyses and interpretation, making us perceive the significance of the object of this study for these individuals. The gathering of such symbolic content involved the use of semi-structured interviews with eleven drop-outs and ten students who had repeated this modality of teaching in public schools in Natal, RN, during the 2006 school year. From the thematic and categorical analyses (BARDIN, 1977), we identified elements that gave support to some themes. Later, these themes led to three categories, suggesting that feelings associated with dropping out were based on the following: learning difficulties because they did not understand the contents; having their lack of knowledge exposed, thus bringing forth feelings of shame, humiliation, and embarrassment for not knowing how to read and write at a mature age; work, tiredness and sickness. The students who manage to remain in school are those who force themselves to live with the feelings of maladaptation and those who develop a sense of adaptation the other way round to the institution, that is, acceptance of institutional failures and omissions

Proposta de integração das redes de comunicação da COSERN como uma solução de contigêncvia em caso de falhas nos enlaces do backbone de automação

T'his dissertation proposes alternative models to allow the interconnectioin of the data communication networks of COSERN Companhia Energética do Rio Grande do Norte. These networks comprise the oorporative data network, based on TCP/IP architecture, and the automation system linking remote electric energy distribution substations to the main Operatin Centre, based on digital radio links and using the IEC 60870-5-101 protoco1s. The envisaged interconnection aims to provide automation data originated from substations with a contingent route to the Operation Center, in moments of failure or maintenance of the digital radio links. Among the presented models, the one chosen for development consists of a computational prototype based on a standard personal computer, working under LINUX operational system and running na application, developesd in C language, wich functions as a Gateway between the protocols of the TCP/IP stack and the IEC 60870-5-101 suite. So, it is described this model analysis, implementation and tests of functionality and performance. During the test phase it was basically verified the delay introduced by the TCP/IP network when transporting automation data, in order to guarantee that it was cionsistent with the time periods present on the automation network. Besides , additional modules are suggested to the prototype, in order to handle other issues such as security and prioriz\ation of the automation system data, whenever they are travesing the TCP/IP network. Finally, a study hás been done aiming to integrate, in more complete way, the two considered networks. It uses IP platform as a solution of convergence to the communication subsystem of na unified network, as the most recente market tendencies for supervisory and other automation systems indicate

Características econômicas do valor de uso e de não uso de parques sobre dunas

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior