CEO overconfidence and the impact on M&A activity

What drives mergers and acquisitions decisions? Can an overconfidence bias affect decisions within the management team? This study complements recent work developed within the behavioral finance analyses of Mergers & Acquisitions and proposes the use of new variable to measure overconfidence. Using a sample of 8,895 takeover transactions completed by 993 CEOs in the United States – between 1992 and 2008 – it can be noticed that overconfident CEOs have 22% higher odds of engaging in corporate takeovers than rational CEOs.

How does foreign capital participation affect brazilian companies' performance?: investigation of foreign direct investment's impact on host country

In this dissertation, we investigate the effect of foreign capital participations in Brazilians companies’ performance. To carry out this analysis, we constructed two sets of model based on EBITDA margin and return on equity. Panel data analysis is used to examine the relationship between foreign capital ownership and Brazilian firms’ performance. We construct a cross-section time-series sample of companies listed on the BOVESPA index from 2006 to 2010. Empirical results led us to validate two hypotheses. First, foreign capital participations improve companies’ performance up to a certain level of participation. Then, joint controlled or strategic partnership between a Brazilian company and a foreign investor provide high operating performance.

The Olympic impact on hosting candidate countries

In this paper, we analyze the impact of hosting the Summer Olympics on macroeconomic aggregates such as GDP, consumption, government consumption and investments per capita. The data is in panel structure and includes the period of ten years before and ten years after the event containing the Olympic Summer Games between 1960 and 1996. The sample countries comprise only candidates to host the games. This sampling strategy allows us to estimate the average treatment effect consistently, because it is assumed that these countries are comparable to each other, including those that ultimately hosted the games. The impact of hosting the Olympic games is measured by Fixed Effect and First Difference regressions. Moreover, we do a structural break test developed by Andrews (1993) to identify if hosting the Olympic Games creates anticipation effects for demand changes that stimulate current GDP, consumption, government consumption and investments. The results indicate a positive effect of the Summer Olympics in all variables of interest. However, the distribution in time and anticipation of these effects is unclear in the tests, changing significantly depending on the model and the significance level used.

The impact on the stationary state income of a pay-as-you-go system of social security

A model of overlapping generations in continuous time is composed. IndividuaIs pass through two distinct time periods during their life times. During the first period, they work, save and have a death probability equal to zero. During the second, from the periods T after birth, their probability of death changes to p and then they retire. Capital stock and the stationary state in come are calculated for two situations: in the first, people live from their accumulated capital after retirementj in the second, they live from a state transfer payment through income taxo To simplify matters, in this preliminary version, it is supposed that there is no population growth and that the instantaneous elasticity substitution of consumption is unitary.

Powerful CEOs and their impact on corporate performance

We argue in this paper that executives can only impact firm outcomes if they have influence over crucial decisions. Based on this idea we develop and test a hypothesis about how CEOs’ power to influence decisions will affect firm performance: since managers’ opinions may differ, firms whose CEOs have more decision-making power should experience more variability in firm performance. Thus performance depends on the interaction between executive characteristics and organizational variables. By focusing on this interaction we are able to use firm-level characteristics to test predictions that are related to unobservable managerial characteristics. Using such firmlevel characteristics of the Executive Office we develop a proxy for the CEO’s power to influence decisions and provide evidence consistent with our hypothesis. Firm performance (measured by Tobin’s Q, stock returns and ROA) is significantly more variable for firms with greater values of our proxy for CEO influence power. The results are robust across various tests designed to detect differences in variability.

Main problems with the taxation of civil society organizations in Brazil: certifications and impact on payroll

The objective of this paper is to identify and analyze the main problems in the taxation—regarding both taxes themselves and compliance costs of taxation—of civil society organizations in Brazil. This study is qualitative descriptive research. A multiple case study with 26 organizations was performed. The results show that the problems mainly affect organizations with lower revenue and that do not work in the areas of education, health or social care. The main problems involve the taxation of the payroll and the difficulties related to obtaining and maintaining certifications. The study concludes with suggestions for the improvement of the regulatory framework.

Deregulation and The 2007-2008 Housing/Debt Crisis Analysis of the Housing/Debt Crisis of 2007-2008 and its impact on the Financial Strength and Vulnerability of the United States and Global Economy

One looming question has persisted in the minds of economists the world over in the aftermath of the 2007-2008 American Housing and Debt Crisis: How did it begin and who is responsible for making this happen? Another two-part question is: What measures were implemented to help end the crisis and what changes are being implemented to ensure that it will never happen again? Many speculate that the major contributing factor was the repeal of the Glass-Steagall Act in 1999 that prompted a virtual feeding frenzy among the banking community when new calls from Capitol Hill encouraged home ownership in America as well as the secondary mortgage market which skyrocketed thereafter. The Glass-Steagall Act will be among many of the topics explored in this paper along with the events leading up to the 2007-2008 housing/debt crisis as well as the aftermath.

Genetic and environmental effects on sexual precocity traits in Nellore cattle

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The Impact on Geographic Location Accuracy due to Different Satellite Orbit Ephemerides

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Early nephrology consultation can have an impact on outcome of acute kidney injury patients

Background. Patients who develop acute kidney injury (AKI) in the intensive care unit (ICU) have extremely high rates of mortality and morbidity. The objectives of this study were to compare clinical and laboratory characteristics of AKI patients evaluated and not evaluated by nephrologists in ICU and generate the hypothesis of the relationship between timing of nephrology consultation and outcome.Methods. We explored associations among presence and timing of nephrology consultation with ICU stay and in-ICU mortality in 148 ICU patients with AKI at a Brazilian teaching hospital from July 2008 to May 2010. Multivariable logistic regression was used to adjust confounding and selection bias.Results. AKI incidence was 30% and 52% of these AKI patients were evaluated by nephrologists. At multivariable analysis, AKI patients evaluated by nephrologists showed higher Acute Tubular Necrosis-Index Specific Score and creatinine level, more dialysis indications, lower urine output and longer ICU stay. The mortality rate was similar to AKI patients who were not evaluated. Nephrology consultation was delayed (>= 48 h) in 62.3% (median time to consultation, 4.7 days). Lower serum creatinine levels (P - 0.009) and higher urine output (P = 0.002) were associated with delayed consultation. Delayed consultation was associated with increased ICU mortality (65.4 versus 88.2%, P < 0.001).Conclusions. In AKI, patients evaluated by nephrologists seem to be more seriously ill than those not evaluated and present similar mortality rate. The delayed nephrology consultation can be associated with increased ICU mortality.

Effects of neonatal castration and androgenization on sexual dimorphism in bone, leptin and corticosterone secretion

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Ballast water: a review of the impact on the world public health

Since the nineteenth century ships have been using ballast water (BW) for safety, stability, propulsion and maneuverability, as well as to redress loss of fuel weight and water consumption, and to maintain structural stress at acceptable levels. Ballast water has been spreading many non-native species around the globe, but little is known about the extent and potential significance of ship-mediated transfer of microorganisms. The global movements of ballast water by ships create a long-distance dispersal mechanism for human pathogens that may be important in the worldwide distribution of microorganisms, as well as for the epidemiology of waterborne diseases. Only a few studies have been carried out on this subject, most of them involving ballast water containing crustacean larvae and phytoplankton. Specialized microbiological studies on these waters are necessary to avoid a repeat of what happened in 1991, when epidemic cholera was reported in Peru and rapidly spread through Latin America and Mexico. In July of 1992, Vibrio cholerae was found in the USA and the Food and Drug Administration (FDA) determined that it came from ballast water of ships whose last port of call was in South America. In Brazil, just a few studies about the subject have been performed. An exploratory study by the Brazilian National Health Surveillance Agency (Agencia Nacional de Vigilancia Sanitaria - ANVISA) found in ballast water different microorganisms, such as fecal coliforms, Escherichia coli, Enterococcus faecalis, Clostridium perfringens, coliphages, Vibrio cholerae O1 and Vibrio cholerae non-O1. Until now, Brazil has been focusing only on organisms transported to its territory from other countries by ballast water, to avoid their establishment and dissemination in Brazilian areas. Studies that can assess the probability that water ballast carries pathogenic microorganisms are extremely important, as is the examination of ships that arrive in the country. Treatment of the human infections caused by BW exists but none is completely safe and efficient.

Depression in patients with Parkinson's disease: Impact on functioning

Depression is a frequently observed neuropsychiatric phenomenon in Parkinson's disease (PD) and it has been lately considered as a manifestation of such disease. The aim of the study was to investigate the relationship between depression and clinical aspects of PD and to assess the impact of the co-occurrence of such condition on the burden imposed by PD. Fifty Outpatients diagnosed with idiopathic PD according to the London Brain Bank criteria were examined. PD was evaluated using Hoehn & Yahr staging (H&Y), United Parkinson's Disease Rating Scale (UPDRS) and Schwab & England (S&E) functional capacity evaluation. A semi-structured clinical interview was used. The diagnosis of PD was made by neurologist experts on movement disorders, and the diagnosis of depression was trade by a psychiatrist, according to the ICD-10 diagnostic criteria. Depressive symptoms were additionally measured using the Montgomery-Asberg Depression Scale. The analysis of quantitative data was performed using descriptive statistics, Univariate linear regression, T-Student Test and ANOVA. Seventeen (34%) patients were diagnosed as clinically depressed and, when compared to the non-depressed ones, presented the following results: H&Y: 3.2 vs. 2.8; UPDRS total: 75.7 vs. 65.3; S&E: 53.5% vs. 65.8% and PD duration: 114.4 months vs. 125.8 months. Depressed patients showed more advanced staging (H&Y), a more severe global clinical condition (UPDRS) and also a greater decrease in their functional capacity (S&E). These data reinforce the hypothesis that depression is associated to poorer functioning in patients with PD. (C) 2008 Elsevier B.V All rights reserved.

Effects of neuromuscular electrical stimulation, laser therapy and LED therapy on the masticatory system and the impact on sleep variables in cerebral palsy patients: a randomized, five arms clinical trial

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)