The value of local partners in Brazil: the effects of ownership clusters and business group membership on firm value in emerging markets

Este estudo analisa como a classe de acionistas afeta o valor das empresas brasileiras listadas na bolsa de valores no ponto de vista da governança corporativa. O trabalho examina a interação entre o valor das empresas e cinco tipos de concentrações acionárias comumente presente em mercados emergentes: famílias, agentes públicos, investidores estrangeiros, executivos e investidores financeiros nacionais. A análise empírica demonstra que o mix e a concentração de participação acionária afeta significativamente o valor das empresas. Utilizando uma compilação única de dados em painel de 2004 a 2008, a presente pesquisa também desenvolve hipóteses sobre o efeito da participação em grupos econômicos para o valor das empresas. A investigação encontra evidências de que, apesar de sua importância para o desenvolvimento de empresas brasileiras, o capital familiar, instituições públicas, e investidores estrangeiros estão cedendo lugar a monitores mais especializados e menos concentrados, como executivos e instituições financeiras nacionais. Estes resultados indicam que a governança corporativa no Brasil pode estar alcançando níveis de maturidade mais elevados. Adicionalmente, apesar de não haver indicação da existência de correlação entre a participação em grupos econômicos e o valor das empresas, os resultados indicam que a presença de um tipo específico de acionista em uma empresa do grupo facilita investimentos futuros desta classe de acionista em outras empresas do mesmo grupo, sinalizando que os interesses acionários são provavelmente perpetuados dentro de uma mesma rede de empresas. Finalmente, a pesquisa demonstra que enquanto o capital familiar prefere investir em empresas com ativa mobilidade do capital, investidores internacionais e instituições públicas procuram investimentos em equity com menor mobilidade de capital, o que lhes garante mais transparência com relação ao uso dos recursos e fundos das empresas.

Report on Expert Group Workshop on macroeconometric modelling in the Caribbean: new challenges and new directions

.--I. Background and justification.--II. Critical issues in macroeconometric modelling in the Caribbean.--III. Critical issues in macroeconometric modelling in the Caribbean.--IV. Economic modelling to determine the impacts of climate change in the Caribbean.--V. Wrap up

Report on expert group meeting on macroeconomic modelling in the Caribbean: new challenges and new directions

The purpose of the expert group meeting was to bring together modelling practitioners to share experiences and to reflect on how to overcome new and old challenges to model building in the Caribbean. As part of the rationale for such a meeting, it was argued that since a major objective of policymaking in the Caribbean was to create the conditions for growth with equity while reducing vulnerability to economic and environmental shocks, model builders must develop strategies to properly address those questions in a unified way. It was further suggested that those goals, though straightforward, required a concentrated technical effort to clarify and update understanding of the workings of Caribbean economies. The emphasis on addressing issues of growth, equity and vulnerability was urgent because Caribbean economies were at a crossroads, with major challenges to the foundations and premises on which the economies had been built.

Report on expert group workshop on macroeconomic modelling in the Caribbean: new challenges and new directions.

The purpose of the expert group meeting was to bring together modelling practitioners to share experiences and to reflect on how to overcome new and old challenges to model building in the Caribbean. As part of the rationale for such a meeting, it was argued that since a major objective of policymaking in the Caribbean was to create the conditions for growth with equity while reducing vulnerability to economic and environmental shocks, model builders must develop strategies to properly address those questions in a unified way. It was further suggested that those goals, though straightforward, required a concentrated technical effort to clarify and update understanding of the workings of Caribbean economies. The emphasis on addressing issues of growth, equity and vulnerability was urgent because Caribbean economies were at a crossroads, with major challenges to the foundations and premises on which the economies had been built.

Immunodetection of Helicobacter sp. and the associated expression of ABO blood group antigens in the gastric mucosa of captive and free-living New World primates in the Amazon region

The histo-blood group ABH antigens were first described in humans. These antigens are only present on erythrocytes from great apes and humans, while in more primitive animals they are found in tissues and body fluids. The ABH antigens are mainly distributed in tissues exposed to the external environment and potentially serve as ligands for pathogens or inhibitors of tissue connections. The objective of this paper was two-fold: (i) to determine the presence of Helicobacter sp. in the gastric mucosa of 16 captive and 24 free-living New World monkeys and (ii) to evaluate the presence of histopathological alterations related to bacterial infection and the associated expression of ABH antigens in the tissue. Stomach tissues from 13 species of monkey were assessed using haematoxylin-eosin and modified Gram staining (Hucker) methods. An immunohistochemical analysis of the tissue revealed the presence of infectious bacteria that were characteristic of the genus Helicobacter sp. The results demonstrate that various species of monkey might be naturally infected with the Helicobacter sp. and that there is an increased susceptibility to infection. This study serves as a comparative analysis of infection between human and non-human primates and indicates the presence of a new species of Helicobacter.

DIGESTIBLE ENERGY OF UNPEELED CASSAVA ROOT MEAL AND ITS EFFECT ON GROWTH PERFORMANCE AND CARCASS TRAITS IN RABBITS

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

CARBON MARKET AND INSTITUTIONS: OPPORTUNITIES IN THE SEARCH OF A NEW MODEL FOR DEVELOPMENT

Seeking alternatives for the economic system to face the several crises it has gone through lately (electrical power, cultural, financing and technological) brought about a new market involving the Kyoto Protocol signatory countries: the carbon market. The present article aims at assessing the carbon market institutional issue in Brazil by identifying the risks and opportunities inherent to the institutional agent characteristics and to that market rules. The research methodology was bibliographic and based on the analysis of the Securities and Exchange Commission of Brazil (Comissao de Valores Mobiliarios and Bolsa Mercantil de Valores) contents. Its theoretical basis rests on concepts of the institution and the new institutional economy. The results show that in spite of the risks and institutional problems it involves, the carbon market is promising due to the opportunities create by new technologies and energies developed to achieve and sustain the capitalist system new cycle, addressed to produce a clean development.

Creative process in globally distributed teams: a study of new product development in Volvo

With the business environments no longer confined to geographical borders, the new wave of digital technologies has given organizations an enormous opportunity to bring together their distributed workforce and develop the ability to work together despite being apart (Prasad & Akhilesh, 2002). resupposing creativity to be a social process, the way that this phenomenon occurs when the configuration of the team is substantially modified will be questioned. Very little is known about the impact of interpersonal relationships in the creativity (Kurtzberg & Amabile, 2001). In order to analyse the ways in which the creative process may be developed, we ought to be taken into consideration the fact that participants are dealing with a quite an atypical situation. Firstly, in these cases socialization takes place amongst individuals belonging to a geographically dispersed workplace, where interpersonal relationships are mediated by the computer, and where trust must be developed among persons who have never met one another. Participants not only have multiple addresses and locations, but above all different nationalities, and different cultures, attitudes, thoughts, and working patterns, and languages. Therefore, the central research question of this thesis is as follows: “How does the creative process unfold in globally distributed teams?” With a qualitative approach, we used the case study of the Business Unit of Volvo 3P, an arm of Volvo Group. Throughout this research, we interviewed seven teams engaged in the development of a new product in the chassis and cab areas, for the brands Volvo and Renault Trucks, teams that were geographically distributed in Brazil, Sweden, France and India. Our research suggests that corporate values, alongside with intrinsic motivation and task which lay down the necessary foundations for the development of the creative process in GDT.

An Input-Process-Output Approach to Interorganizational Teams: The Influence of Work Group Diversity, Trust and Shared Leadership on Communication Network and Team Outputs.

The market’s challenges bring firms to collaborate with other organizations in order to create Joint Ventures, Alliances and Consortia that are defined as “Interorganizational Networks” (IONs) (Provan, Fish and Sydow; 2007). Some of these IONs are managed through a shared partecipant governance (Provan and Kenis, 2008): a team composed by entrepreneurs and/or directors of each firm of an ION. The research is focused on these kind of management teams and it is based on an input-process-output model: some input variables (work group’s diversity, intra-team's friendship network density) have a direct influence on the process (team identification, shared leadership, interorganizational trust, team trust and intra-team's communication network density), which influence some team outputs, individual innovation behaviors and team effectiveness (team performance, work group satisfaction and ION affective commitment). Data was collected on a sample of 101 entrepreneurs grouped in 28 ION’s government teams and the research hypotheses are tested trough the path analysis and the multilevel models. As expected trust in team and shared leadership are positively and directly related to team effectiveness while team identification and interorganizational trust are indirectly related to the team outputs. The friendship network density among the team’s members has got positive effects on the trust in team and on the communication network density, and also, through the communication network density it improves the level of the teammates ION affective commitment. The shared leadership and its effects on the team effectiveness are fostered from higher level of team identification and weakened from higher level of work group diversity, specifically gender diversity. Finally, the communication network density and shared leadership at the individual level are related to the frequency of individual innovative behaviors. The dissertation’s results give a wider and more precise indication about the management of interfirm network through “shared” form of governance.

The nitrodibenzofuran chromophore: a new caging group for ultra-efficient photolysis in living cells

Photochemical uncaging of bio-active molecules was introduced in 1977, but since then, there has been no substantial improvement in the properties of generic caging chromophores. We have developed a new chromophore, nitrodibenzofuran (NDBF) for ultra-efficient uncaging of second messengers inside cells. Photolysis of a NDBF derivative of EGTA (caged calcium) is about 16-160 times more efficient than photolysis of the most widely used caged compounds (the quantum yield of photolysis is 0.7 and the extinction coefficient is 18,400 M(-1) cm(-1)). Ultraviolet (UV)-laser photolysis of NDBF-EGTA:Ca(2+) rapidly released Ca(2+) (rate of 20,000 s(-1)) and initiated contraction of skinned guinea pig cardiac muscle. NDBF-EGTA has a two-photon cross-section of approximately 0.6 GM and two-photon photolysis induced localized Ca(2+)-induced Ca(2+) release from the sarcoplasmic recticulum of intact cardiac myocytes. Thus, the NDBF chromophore has great promise as a generic and photochemically efficient protecting group for both one- and two-photon uncaging in living cells.

When conditioned responses "fire back": bidirectional cross-activation creates learning opportunities in synesthesia

In grapheme-color synesthesia, the letter "c" printed in black may be experienced as red, but typically the color red does not trigger the experience of the letter "c." Therefore, at the level of subjective experience, cross-activation is usually unidirectional. However, recent evidence from digit-color synesthesia suggests that at an implicit level bidirectional cross-activation can occur. Here we demonstrate that this finding is not restricted to this specific type of synesthesia. We introduce a new method that enables the investigation of bidirectionality in other types of synesthesia. We found that a group of grapheme-color synesthetes, but not a control group, showed a startle in response to a color-inducing grapheme after a startle response was conditioned to the specific corresponding color. These results implicate that when the startle response was associated with the real color an association between shock and the grapheme was also established. By this mechanism (i.e. implicit cross-activation) the conditioned response to the real color generalized to the synesthetic color. We suggest that parietal brain areas are responsible for this neural backfiring.

Opportunities in Materials Processing: Metal Casting

Revitalizing manufacturing in the US is a hot topic, and the $1B National Network for Manufacturing Innovation (NNMI) has three new centers focused on metal casting. For structural applications, magnesium casting, structural die-cast alloys, austempered ductile and compacted graphite cast iron, and high strength steel promise dramatic weight reduction and improved performance. Recent experiments and modeling at UAB focus on the development of such new materials and processing routes. A study of the rare earth content in an aerospace magnesium alloy is presented.