The Brazilian real estate securitization market: determinants of pricing

Analisamos os determinantes de precificação de Certificados de Recebíveis Imobiliários (CRIs) com relação ao ativo objeto e níveis de garantias, controlando por variáveis de tamanho, prazo e rating. Verifica-se um prêmio médio adicional em CRIs de 1,0 p.p. quando comparados com debêntures de prazos semelhantes e de mesmo rating. A justificativa desse prêmio é analisada em duas frentes: (a) apesar de CRI seguir relativa padronização, encontramos que o papel pode representar diferentes níveis de risco e ativos-objeto; e (b) essa falta de padronização leva a níveis de precificação diferenciados por suas características específicas de riscos. Os diferentes níveis de risco são percebidos pelas diversas garantias utilizadas sendo que 41% das emissões possuem garantias pessoais de originadores (aval ou fiança). Conclui-se que existe, em geral, uma diferença de retornos positiva (o spread médio na emissão dos CRIs indexados à inflação foi de 321 bps superior à curva de juros de mercado), sendo mais preponderante a depender do segmento (prêmio para os segmentos residencial e loteamentos) e mitigado pelo nível de garantias oferecido. É possível verificar um prêmio médio de 1,4 p.p. para os segmentos residencial e de loteamentos. Algumas características das emissões foram analisadas como controle (tamanho, prazo e, por fim, das notas e origem da agência avaliadora de rating). Os CRIs de maior volume e maior prazo apresentam spreads menores. Quanto ao rating, os CRIs apresentam efeitos diversos a depender do segmento. Para CRIs residenciais, o efeito é positivo (redução de spread) caso a emissão seja avaliada por alguma agência de rating, enquanto que para os CRIs comerciais, o efeito é negativo. O efeito pode ser positivo para os CRIs comerciais (redução de spread) em caso de avaliação por agência de rating internacional ou possuir notas de rating superiores à nota ‘A’.

Determinantes da remuneração do spread de certificados de recebíveis do agronegócio no mercado brasileiro

O objetivo deste trabalho é avaliar os fatores que afetam a determinação dos spreads nas operações de Certificado de Recebível do Agronegócio (CRA). Foram selecionadas na amostra todas as emissões registradas na ANBIMA entre os anos de 2012 e maio de 2016. Verificou-se que a remuneração desse título é influenciada principalmente pela presença de reforço de crédito/garantias, pelo setor originador dos recebíveis e pela companhia securitizadora. Em uma segunda análise mais detalhada e acrescentando as variáveis uma a uma de forma a testar a aderência do modelo, encontraram-se evidências de que o tamanho da emissão e o percentual de subordinação são importantes variáveis de controle na determinação do spread. Ao incluirmos a variável rating, esta passa a ser relevante e da mesma forma acontece com a garantia, demonstrando que o percentual de subordinação reduz o spread do título, mas quando se acrescenta garantia, ele deixa de ser significativo. O sinal da variável garantia é positivo e demonstra que se há a necessidade de incluir garantias na emissão, é porque provavelmente é essencial para que a emissão ocorra. Por fim, a variável securitizadora mostrou-se relevante, indicando que o investidor leva em consideração a qualidade da mesma para a precificação do título.

A vela adaptada no Clube Naval do Funchal

O presente documento é um relatório da atividade profissional realizada no Clube Naval do Funchal (CNF) e insere-se no âmbito do mestrado em Atividade Física e Desporto, realizado enquanto aluno da Universidade da Madeira, focado sobre o desempenho, ações, funções e demais iniciativas levadas a cabo nos últimos cinco anos no CNF, tendo como tema principal a “Vela Adaptada” (VA) no CNF. Esta análise e reflexão crítica ao trabalho desenvolvido serão suportadas através das experiências e vivências próprias. A vela adaptada é um desporto recente na cena nacional e regional. Nos dias de hoje, a responsabilidade humana e social de cada um de nós determina que tenhamos o dever ético e moral de criar condições de inclusão às pessoas portadoras de deficiência, possibilitando e facilitando a superação de barreiras sociais que estão enraizadas em todos nós, bem como ajudando à mitigação dos constrangimentos no seu dia a dia. Por essa via, melhoramos a sua qualidade de vida e conferimos-lhes maior autonomia, sendo a atividade física adaptada uma das formas possíveis. Este desporto adaptado tem crescido nos últimos anos, fruto do surgimento de meios tecnológicos apropriados, digam-se embarcações que oferecem todas as garantias de sucesso no ensino aprendizagem desta variante da vela. Desta forma, a inclusão social e o desenvolvimento da vela adaptada oferecem e possibilitam a realização de atividades físicas de forma mais corrente, normal e, acima de tudo, segura. Este trabalho é um exemplo do papel social e inclusivo feito através da implementação de um desporto náutico, neste caso da vela adaptada, como forma de minimizar as assimetrias existentes neste âmbito social.

Os efeitos do reconhecimento da diversidade sexual como um direito humano pelo sistema interamericano de proteção

La diversidad sexual emerge en las Américas como una de las cuestiones más importantes en relación con la protección y promoción de los derechos humanos. A partir de la democratización de la mayor parte de los Estados Sudamericanos en los años 80, se ha iniciado una discusión acerca de la ampliación del concepto de igualdad con el fin de introducir el derecho a la diferencia como otra expresión de la dignidad de la persona humana, cuyos estudios fueron encabezado de lo que se llamaba La hermenéutica de la Diversidad. En este escenario, el Derecho Internacional de los Derechos Humanos aparece como el principal responsable por el proceso de reconocimiento de la diversidad sexual como un derecho humano, lo que permite la asignación de temas tales como la sexualidad y el género en la agenda de los principales órganos regionales de protección de derechos humanos, así como en la agenda de algunos Estados, que por su promoción de políticas de diversidad han llegado a ser considerados empresarios normativos en relación con el libre ejercicio de la sexualidad humana. En este sentido, se pretende con esta tesis analizar el proceso de reconocimiento de la diversidad sexual como un derecho humano en el marco del sistema interamericano de protección, comprobando el potencial normativo de Argentina, Brasil y Uruguay con respecto a la adopción de normas internas promoción de la diversidad sexual. También tenemos la intención de analizar la norma internacional llamada Convención Interamericana contra todas las formas de discriminación e intolerancia como el primer tratado producido por el sistema interamericano para la protección de la sexualidad como un derecho digno de protección. La investigación ha demostrado que después de la posición adoptada por la Comisión y la Corte Interamericana respecto al ejercicio de la sexualidad, países como Argentina, Brasil y Uruguay promovieron un progreso significativo en el campo de las libertades individuales y en el campo de las políticas públicas de asignación de la sexualidad como un derecho que necesita de una protección efectiva del Estado

A OAB no processo de transformação da sociedade brasileira: a seccional potiguar como espaço de redemocratização (1979-1988)

The period known as the Military Dictatorship (1964-1985) was a period of history marked by Brazil's control of state power by the Armed Forces together, this started with the Civil-Military Coup of April 1964. Was characterized as a time where political freedoms of expression and were placed in check by authoritarian and repressive measures taken by the military governments. The sectional potiguar of the Ordem dos Advogados do Brasil (OAB / RN), and the Federal Council of the institution, supported the establishment of this scam, but from the 1970s undertook measures that sought to corroborate the struggles around democracy the country, which has consolidated its image as a defender of democratic order. With the title inspired by the XII Meeting of OAB in October 1988, the research aims to analyze the participation of OAB / RN and its members within the Brazilian democratization. This analysis begins in 1979 with the participation of the entity in discussions Amnesty Policy to the promulgation of the 1988 Constitution, since the Constitution is the beginning of a full rule of law. We seek to understand the object as a space for democratization, combining the concepts of History, Memory and Politics. In the analyzes are guided theoretically by Jacques Le Goff, Pierre Nora, Maurice Halbwachs, Pierre Bourdieu and Hannah Arendt. Be rebuilt the period of democratic rule in the land potiguares birthing shares of OAB / RN, particularly in the following events: Amnesty Policy 1979, the mobilizations around the campaign of "Direct Now" and the 1988 Constitution We make use of legislation. minutes, papers and interviews built on Oral History.

Políticas públicas de economia solidária: uma avaliação do PCPR II na microrregião de Angicos do Rio Grande do Norte

The Solidarity Economy is considered in this work as a development option. Talk about it is to think in the workforce as a producer of material wealth and, above all , subjective , therefore it is necessary to take into account that these relations coexist different types of practices that encompass emotions , lifestyles , etc. This research has as an object of study evaluating the effectiveness of public policy for Solidarity Economy, microrregion Angicos / RN, demonstrating how the Solidarity Economy has encouraged the development not only as a driving force for economic growth, but as the expansion capabilities and freedoms. The Solidarity Economy has several definitions, and despite having its origin in the cooperative movement, is a concept under construction. Focused on the discussion of public policy, is now understood as a proposal for employability, either as a generator of employment and income, reflecting its polymorphism. Theories and concepts developed by Amartya Sen is an important analytical tool for understanding the Solidarity Economy as a development strategy. When speaking of instrumental freedoms, Senniana theory contributes to reflection on how participants socioeconomic actions are becoming active agents of change i n their own freedoms. The analysis was based on the discussion of development beyond economic bias, using the lines of the vari ous local stakeholders with PCPR II, p hase 2, for microrregion Angicos / RN, comprising: public managers, technical advisors and beneficiaries of the program rural poverty alleviation. Besides the discussion of the economic organization of the RN and its spatial distribution, the survey brings the result that the Solidarity Economy in microrregion Angicos / RN contributed to the dev elopment as freedom, proving the effectiveness of public policy by allowing an improvement in the quality of life, enabling efetivations, even without major proportions.

Sobre o problema da mentira na filosofia prática de Kant

The research examines the problem lie in the thought of Immanuel Kant. This field of law, of the history of political morality, we seek to investigate the Kantian rejection of falsehood and unconditional obligation to be truthful. Defends the thesis of the exception to lie and not be objectionable in two cases, namely: the torture and before the murderer. Thus, it is demonstrated that it is possible the exception to lie under the law, politics and history, considering the perspective of harmony of external freedoms and the idea of moral progress. In this sense, it is argued that the source of law is established to guarantee the external freedoms. From the point of view of morality, reaffirmed the absoluteness is that for Kant the duty of veracity, but it points to the possibility of a practical rule that allows the lie based on human dignity, weighting values as political equality, respect for rational agents, as well as the principle of humanity which teaches always treat the other as an end in itself.

Regime jurídico dos incentivos fiscais: uma análise à luz da ordem econômica

This scientific investigation begins with the recognition of the authorization granted by the Constitutional Legislator to the State for, relativizing its neutrality towards the private sector, intervene in the behavior of economic agents, through different means, including fiscal incentives and tax increases in order to achieve the objectives and directives of the Federal Constitution, as well as achieve the rights and guarantees also described in the Federal Constitution. Demonstrates, however, that this intervention in the private sector has the power to generate both salutary reflections as perverse and divorced goals from what was established by the Federal Constitution and Multilateral Agreements and this is the basis that justifies the relevance of the study: because of the urgency to provide a thorough analysis of the phenomenon of state intervention in the Economic Order, given the importance of its impacts, both for citizens' lives, as well as for the maintenance of the State established as it is nowadays. From this premise, this research examines the issue of tax policies adopted in the country, focusing on tax incentives, comparing its use with the principles of the Economic Order and the General Agreement on Tariffs and Trade - GATT analyzing whether these have been respected or if Brazil adopted unjustified protectionist measures. From this context, this research approximated different branches of the law, developed through literature review in areas such as constitutional law, economic law, tax law, financial law and law and economics. This study verifies the motivations and objectives that underlie the adopted justifications for the use of tax incentives, as well as its results, seeking to empirically answer if its use is reasonable and consistent with the terms enshrined in the Federal Constitution of 1988 and GATT. The answer to this research question will be sought through doctrinal analysis, jurisprudence and hard cases. Thus, the study begins with the historical evolution of extrafiscality, analyzes the principles that should guide the behavior of economic agents. Subsequently analyzes the legal regime of tax incentives and the results achieved by hard cases in which the tax policies with extrafiscal nature were adopted in order to demonstrate the positive and negative consequences arising from the adoption of this type of benefit

A economia solidária sob a perspectiva do desenvolvimento endógeno: o caso da cooperativa de coleta seletiva e reciclagem amigos do planeta - Lauro de Freitas/BA (2004/2013)

In recent decades, the collective leadership of the Solidary Economical Enterprises (ESS) that are active in providing collection and recycling services, has been presented as a proposal for the organization of urban space with the creation of new enterprises and solidarity production chains. Are activities that have gained a new stimulus to the creation of the National Secretariat of Solidarity Economy and the National Policy on Solid Waste that assigned a leading role in these social actors. These experiences contribute to building a participatory development path, resembling with the pluralistic perspective of development of the Indian economist Amartya Sen, that goes beyond the simplistic design of the increased income, focusing on the process of expanding freedoms that people enjoy. The aim of this work is to situate the perspective of endogenous development with the Collection Services segment and Material Recycling in the field of Solidarity Economy, through the analysis of the experience of the Cooperative of Selective Collection and Recycling Friends of the planet, located in the municipality of Lauro to Freitas - BA, from 2004 to 2013. for this the following procedures were adopted: analysis of the main contributions of the international literature on the phenomenon of pluriactivity; review of national literature that analyzes the emergence and evolution of the projects of solidarity economy in Brazil; bibliographical and documentary research; and socio-economic evaluation of the EES. The guiding problem of this work, understandably, is: what is the meaning of endogenous perspective with the Materials Collection and Recycling Services segment in the field of Solidarity Economy? It starts with the hypothesis that the development of these practices requires an environment that removes the main sources of deprivation involving the conditions of existence of these enterprises. The results show that not enough development to be built with the participation of social actors, but there are minimally necessary conditions for such experiences can take hold in order to achieve their goals. Thus, not only is it a strictly economic issue, but requires political actions for a process of social transformation.

Vínculo empregatício: interpretação judicial do direito fundamental à relação de emprego protegida e seus efeitos

The Federal Constitution, in Article 1, sections III and IV, lifted the work as the foundation of the Federative Republic of Brazil, including work as a social guarantee in Article 6, listing in its Article 7 minimal guarantees role with respect to social rights of workers. Although elevated to constitutional rights, these social rights of workers have in the judicial interpretation of the characteristic elements of the employment relationship, sometimes a mismatch with the legal and constitutional order, when, in deciding not ponder such elements, causing damage economic and social benefits to all workers, thus affecting the very constitutional basis of worker protection, there is therefore situations in which there must be part of unavailability of rights by the employee. Therefore, identifying the characteristic elements of employment, means allow immediate legal finding about possible illegality perpetrated by the employer, precisely because the sentence recognizes be merely declaratory noting, therefore, the elements that make up the juridical system normative in order to establish the characterization of employment in step with the effective observance and guarantee of social rights and therefore the employer's performance limiter as pertains to hiring and employee dismissal. This point is it's main element of this work, which is fundamental for the exegesis of the theme to limit the autonomy of the will. There is no denying, therefore, the need to extend the effects of these guarantees in the employment contract. In this context, therefore, jumping the guarantees of employees, embodied in particular in the Consolidation of Labor Laws, and especially in the Federal Constitution and international protection instruments to ensure the fundamental right to secure employment relationship, where technological advancement, social and economic, reflect directly, such as the parassubordinação, and claiming more and more systematic resolutions, especially when evidence gaps' values, which elevate the debate about the need for increased use of precedents of order to support the judgments, often beset with aspects of unconstitutionality, all in compliance with the integration of standards, seeking legal enforcement of this bond and providing legal certainty, there emerged, so the essence of the theme: discuss to what extent the distortion of employment limits the effectiveness of social rights and what its legal effects, since the constitutional standard for social guarantees protects equally worker admission.

A responsabilidade civil extracontratual do estado na prestação de serviços públicos de saúde

This study aims to examine the Brazilian legal model for the non-contractual liability of the state in providing public health services, from the perspective of threedimensional theory of law. Up based on bibliographical and documentary research, with emphasis on legislation, doctrine and Brazilian jurisprudence, the following conclusions were reached. The right to health is typified in the Constitution as a social fundamental right, and understands the pretension to obtain from the State, the supply of goods or the provision of services that reduce the risk of disease and other health problems; or promote, protect and recover the physical and mental well-being. Once violated the fundamental right to health, provides the managed, among other fundamental guarantees, the non-contractual liability of the state. The provision of public services by the state can be made directly through the Direct or Indirect Public Administration, or by recourse to private entities. In any case, the provision of public health services is entirely subordinate to the principles of administrative law and should be fully funded by tax revenues. As the provision of public health services is part of the administrative activity of the State, there is no way to exclude the application of the guarantee of non-contractual liability of the state in the face of the damage suffered by administered as users of these services. Therefore, it applies the theory of administrative risk, even in the event of harmful and illegal state failure.

O crucifixo nos tribunais: a neutralidade religiosa e o uso dos espaços públicos

This thesis aims to analyze the cross exhibition in sessions halls and audiences of the judiciary, considered the religious freedom and the limitations arising from the idea of State neutrality. It is known that the 1988 Constitution protects freedom of expression of thought, conscience and religion, in its various aspects, proclaiming, on the other hand, the neutrality of the state, to reinforce these same freedoms. Thus, the aim is to avoid confusion between state and religion, admitted, however, collaboration of public interest, in respect of attitude to the beliefs and individual choices of citizens. In modern societies, the dualism between the civil power and religion has to do with laicity and a broader phenomenon that took the name of secularism, meaning the loss of space of religion in societies or even decreased idea religious belonging. It is based on this finding that the work develops with reference to concepts such as civil society and rule of law relevant to an accurate understanding of the problem. The methodology consists of bibliographic and documentary research through books and thesis, in addition to the legislation and some precedents related to the topic in question, looking to investigate whether, even though the predominantly Catholic Brazilian people and recognized the strong influence that Christian values exercise on the public authorities, it is possible to sustain the symbolic differentiation state, a republic that is said secular and democratic and which has as one of the fundamental objectives to promote the good of all, without any form of discrimination. Starting from the idea that the presence in buildings and public institutions, symbols and Catholic imagery, like the crucifix, has some difficulty in reconciling the guarantee of religious freedom and the principle of laicity, the idea is to exactly propose a solution who can respect pluralism and diversity in a context where Catholicism remains a strong presence.

Entre as tramas da indústria da moda: argumentos sobre o trabalho escravo contemporâneo na sociedade de consumo

Even after its abolition, the slave labor still exists in the world. In a new socio-historic context, the shackles and slave quarters have been left behind, nowadays the workers are tempted, subjected to degrading conditions and have their rights retrenched. The contemporary slave labor has been emerging as subject of research in the Organizational Studies since the early 2000s, calling attention to many gaps to be filled about the way organizations all around the world use this practice. Contemporary slave labor is found in many and various economic activities, since coal to textile industries or even stores. In this dissertation, we have incorporated the consumption dimension to the field of Organizational Studies, discussing the modern slavery, aiming to understand the consumers’ point of view about this topic, that is, we have researched the consumers’ interpretations concerning the slave labor in the fashion industry. Our objective is to analyze consumer’s argumentative construction in the decision of buying or not products made by industries from the fashion field that were denounced because of slave labor usage. We have adopted fashion industry as research focus because it obscures the reflection of the consumers that feel like in a new world while shopping, a world of beauty and fantasy, seeking their own satisfaction. Furthermore, the Brazilian fashion industry is one of the biggest of the world (ABIT, 2015), with a huge symbolic strength in the country. We have realized a qualitative research using semi-structured interviews with 35 consumers to identify their arguments according to the criteria defined by Liakopoulos (2002): data, propositions, guarantees, supports and refutations. The data are the statements used by the interviewees categorically, that is, those which are clear in the interviews. The propositions are what qualifies and justifies the used data. The guarantees are related to the nature of the data, they are what gives the sense to the data and are introduced implicitly in the interviewee speech. The supports are universal premises introduced in order to legitimate the arguments. The refutations, when present, counter the used arguments. As results, we’ve found consumers who developed arguments pro-consumption and anti-consumption and who have defended ideas about the responsibility of different actors for the existence of this practice and for the fight against it. From these two categories: (1) pro-consumption – consume despite the complaints and (2) anti-consumption – don’t consume, because of the accusations; we have identified the following argumentative lines: skepticism, faultfinding and moral engagement. By the end, we have presented the interviewees’ argumentative construction and the obtained results.

O tratamento dos créditos laborais no Direito Insolvencial

O presente estudo configura-se como uma proposta de análise das diversificadas consequências jurídicas que a declaração de insolvência de uma empresa pode produzir na esfera jurídica dos trabalhadores ao seu serviço. Inicia-se o trabalho com um enquadramento factual e jurídico do conceito de insolvência, que significa a incapacidade de cumprimento das obrigações, associada a critérios de “cash flow”, que não deverá ser confundido com os conceitos de insolvabilidade e incumprimento. Segue-se a apresentação das repercussões da insolvência da empresa nos contratos de trabalho de que é titular. Para o efeito, e tendo presente que esses efeitos jurídicos variarão em função do destino dado à empresa insolvente, procede-se ao estudo separado dessas mesmas consequências jurídicas na hipótese de manutenção e recuperação da empresa pelo próprio devedor, no caso de encerramento definitivo da empresa,- e ainda na eventualidade de esta recuperação ser levada a cabo por um terceiro,- a quem a empresa tenha sido transmitida no âmbito do processo de insolvência (saneamento por transmissão). Posteriormente, pensando sobretudo na hipótese da extinção do contrato de trabalho, procede-se à caracterização pormenorizada da tutela jurídica conferida aos créditos dos trabalhadores. Tutela esta que, em primeira linha, se concretiza na atribuição de privilégios creditórios aos créditos laborais que lhes confere uma preferência de pagamento no confronto com outros créditos em concurso. Dentro das garantias dos créditos laborais, apreciaremos a garantia proporcionada pelo Fundo de Garantia Salarial, distinguindo-o do FCT e do FGCT, o qual antecipa e paga, parte ou a totalidade, dos créditos que o trabalhador não consiga cobrar do empregador insolvente, visando acautelar eficazmente a função alimentar desempenhada pelo salário, ao disponibilizar em tempo útil as importâncias em dívida para que o trabalhador possa satisfazer as suas necessidades pessoais e, eventualmente, as do seu agregado familiar. Por último analisaremos os efeitos dos acordos de recuperação celebrados no âmbito do PER e do SIREVE, bem como do plano de pagamentos, nos créditos laborais.

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts