Brazilian equity risk premium analysis: A macroeconomic approach

Double Degree Masters in Economics Program from Insper and NOVA School of Business and Economics

Young adult Brazilian beauty consumers perception of Lancôme and the effectiveness of social media relationhips with local celebrities on their purchase intention

The aim of this research is to evaluate if a premium beauty brand, in this case, Lancôme, can influence positively the purchase intention from Brazilian young adults, between 18 and 29 years old, consumers of beauty products, by initiating a relationship with a local celebrity or “it” girl on social media. This hypothesis has not been tested, and this research is a first attempt of evaluating it. Additionally, the consumer behavior, brand preferences and social media activeness of this age segment in Brazil are further studied as important insights for beauty brands to conquer these consumers. Results did not confirm the positive influence of local celebrities on this age segment’s purchase intention but several suggestions are made for future research to revisit this topic. Furthermore, there is a significant brand love for M.A.C., an international Lancôme competitor, amongst this target, as well as a probable price sensitivity facing premium beauty brands.

Postcolonial entanglements of Power, Race, Class and Privilege in Child and Youth Care Work Within a Brazilian Favela

This research assesses the various aspects of Child and Youth Care (CYC) work and how relationships between child or youth and care provider are limited and constricted within greater political, social and historical contexts. Specifically, this research takes place internationally in Rio de Janeiro, Brazil within a favela (slum) and unveils the entangled and complex relationship that I, not only as an ethnographer, but also as a CYC worker had with the many young people that I encountered. It will address a variety of theories that demonstrate the potentials of reproducing oppressive relationships, and argue that it is imperative for CYC workers to critically reflect on the greater contexts in which their work is situated in order to gain forces with those young people whom they are attempting to serve.

Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. the conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. the inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Certification of community-based forest enterprises (CFEs): limits of the Brazilian experiences

The Brazilian Amazon is one of the world’s largest tropical forests. It supplies more than 80 % of Brazil’s timber production and makes this nation the second largest producer of tropical wood. The forestry sector is of major importance in terms of economic production and employment creation. However, the Brazilian Amazon is also known for its high deforestation rate and for its rather unsustainably managed timber resources, a fact which puts in the balance the long-term future of the forestry sector in the region. Since the mid- 1990s, with strong support from World Wildlife Fund (WWF), the number of tropical forests certified by the Forest Stewardship Council (FSC) has significantly increased. This is especially true for projects sponsored by large scale companies. The number of community- based forest management projects has also increased. Certification of community-based forest enterprises (CFEs) was initially a goal for the sponsors and community members. Certification is viewed as a way to reach alternative timber markets. In Brazil, the state of Acre has the highest concentration of CFEs certified by FSC. Most of them have been implemented with the support of environmental NGOs and public funds. Environmental NGOs strongly defend the advantages of certification for communities; however, in reality, this option is not that advantageous. Despite all the efforts, the number of participants in each project remains low. Why is this occurring? In this paper, we analyze the underlying motives of a few individual’s participation in CFEs certification projects. We aim to present and discuss some factors that shape the success of CFEs and their later certification. The results are based on surveys conducted in two certified CFEs in the state of Acre.

Biochar improves fertility of a clay soil in the Brazilian Savannah: short term effects and impact on rice yield

The objective of this study was to report single season effects of wood biochar (char) application coupled with N fertilization on soil chemical properties, aerobic rice growth and grain yield in a clayey Rhodic Ferralsol in the Brazilian Savannah. Char application effected an increase in soil pH, K, Ca, Mg, CEC, Mn and nitrate while decreasing Al content and potential acidity of soils. No distinct effect of char application on grain yield of aerobic rice was observed. We believe that soil properties impacted by char application were inconsequential for rice yields because neither water, low pH, nor the availability of K or P were limiting factors for rice production. Rate of char above 16 Mg ha^(−1) reduced leaf area index and total shoot dry matter by 72 days after sowing. The number of panicles infected by rice blast decreased with increasing char rate. Increased dry matter beyond the remobilization capacity of the crop, and high number of panicles infected by rice blast were the likely cause of the lower grain yield observed when more than 60 kg N ha^(−1) was applied. The optimal rate of N was 46 kg ha^(−1) and resulted in a rice grain yield above 3 Mg ha^(−1).

Agricultural Production and Yield Estimation: Two distinctive aspects of Brazilian Agriculture and a perspective on world food problems

Brazil has been increasing its importance in agricultural markets. The reasons are well known to be the relative abundance of land, the increasing technology used in crops, and the development of the agribusiness sector which allow for a fast response to price stimuli. The elasticity of acreage response to increases in expected return is estimated for Soybeans in a dynamic (long term) error correction model. Regarding yield patterns, a large variation in the yearly rates of growth in yield is observed, climate being probably the main source of this variation which result in ‘good’ and ‘bad’ years. In South America, special attention should be given to the El Niño and La Niña phenomena, both said to have important effects on rainfalls patterns and consequently in yield. The influence on El Niño and La Niña in historical data is examined and some ways of estimating the impact of climate on yield of Soybean and Corn markets are proposed. Possible implications of climate change may apply.

The Brazilian Zero Hunger social program implications in achieving sustainable development

This article aims to analyse the progress taken by Brazil towards the accomplishment of a sustainable development, mainly highlighting the success of the Zero Hunger social programme in achieving the elimination of starvation. As one of the essential pillars to the sustainable development, the State’s social performance demands actions directed to the elimination of extreme poverty and hunger, establishing a basis for equitable growth. It is necessary to clarify the juridical and constitutional framework of Brazil, aiming to emphasise the Zero Hunger importance in achieving the Brazilian Republic’s goals and reaching an international pattern on sustainable development. Also, it will be stressed that the international order influences Brazilian domestic law and is one of the main aspects for the Zero Hunger program development.

Familiar characteristics and received familiar support among Brazilian adolescents with and without pregnancy experience

The present paper aimed to investigate how adolescents with pregnancy experience evaluate received support from their families in comparison with an adolescent group without pregnancy experience. 452 low income adolescents, both sex, aged 14 to 19 years old answered to a questionnaire. The results revealed that more girls (64.2 %) than boys (35.8 %) declared pregnancy experience, ?2 (2, n = 2617) = 48.32, p < .001. Moreover, it was observed that the group with pregnancy experience, in comparison with other group, revealed more perception on the family relationships safety, t (408) = -3.0, p < .01; mutual respect among family members in their homes, t (392) = -2.3, p < .05; and received stronger general support from their family, t (397) = -1,3, p < .05. These results are discussed.

Key Issues on the Brazilian Foreign Policy (Coyuntura)

El artículo trata sobre diferentes visiones de la política exterior brasilera. Primero introduce las principales directivas de la política exterior: desarrollo económico y social, así como delimitación limítrofe con los países de América del Sur. La segunda establece la situación de las relaciones de Brasil luego de la guerra fría, con algunos países y regiones en el mundo: Estados Unidos, Unión Europea, América Latina, China, África, India y otras regiones. Finalmente se refiere a los intereses nacionales brasileros en las Naciones Unidas en campos como energía, medio ambiente y defensa.

Simulating SOC changes in 11 land use change chronosequences from the Brazilian Amazon with RothC and Century models

Land use and land cover changes in the Brazilian Amazon have major implications for regional and global carbon (C) cycling. Cattle pasture represents the largest single use (about 70%) of this once-forested land in most of the region. The main objective of this study was to evaluate the accuracy of the RothC and Century models at estimating soil organic C (SOC) changes under forest-to-pasture conditions in the Brazilian Amazon. We used data from 11 site-specific 'forest to pasture' chronosequences with the Century Ecosystem Model (Century 4.0) and the Rothamsted C Model (RothC 26.3). The models predicted that forest clearance and conversion to well managed pasture would cause an initial decline in soil C stocks (0-20 cm depth), followed in the majority of cases by a slow rise to levels exceeding those under native forest. One exception to this pattern was a chronosequence in Suia-Missu, which is under degraded pasture. In three other chronosequences the recovery of soil C under pasture appeared to be only to about the same level as under the previous forest. Statistical tests were applied to determine levels of agreement between simulated SOC stocks and observed stocks for all the sites within the 11 chronosequences. The models also provided reasonable estimates (coefficient of correlation = 0.8) of the microbial biomass C in the 0-10 cm soil layer for three chronosequences, when compared with available measured data. The Century model adequately predicted the magnitude and the overall trend in delta C-13 for the six chronosequences where measured 813 C data were available. This study gave independent tests of model performance, as no adjustments were made to the models to generate outputs. Our results suggest that modelling techniques can be successfully used for monitoring soil C stocks and changes, allowing both the identification of current patterns in the soil and the projection of future conditions. Results were used and discussed not only to evaluate soil C dynamics but also to indicate soil C sequestration opportunities for the Brazilian Amazon region. Moreover, modelling studies in these 'forest to pasture' systems have important applications, for example, the calculation of CO, emissions from land use change in national greenhouse gas inventories. (0 2007 Elsevier B.V. All rights reserved.

Predicted soil organic carbon stocks and changes in the Brazilian Amazon between 2000 and 2030

Currently we have little understanding of the impacts of land use change on soil C stocks in the Brazilian Amazon. Such information is needed to determine impacts'6n the global C cycle and the sustainability of agricultural systems that are replacing native forest. The aim of this study was to predict soil carbon stocks and changes in the Brazilian Amazon during the period between 2000 and 2030, using the GEFSOC soil carbon (C) modelling system. In order to do so, we devised current and future land use scenarios for the Brazilian Amazon, taking into account: (i) deforestation, rates from the past three decades, (ii) census data on land use from 1940 to 2000, including the expansion and intensification of agriculture in the region, (iii) available information on management practices, primarily related to well managed pasture versus degraded pasture and conventional systems versus no-tillage systems for soybean (Glycine max) and (iv) FAO predictions on agricultural land use and land use changes for the years 2015 and 2030. The land use scenarios were integrated with spatially explicit soils data (SOTER database), climate, potential natural vegetation and land management units using the recently developed GEFSOC soil C modelling system. Results are presented in map, table and graph form for the entire Brazilian Amazon for the current situation (1990 and 2000) and the future (2015 and 2030). Results include soil organic C (SOC) stocks and SOC stock change rates estimated by three methods: (i) the Century ecosystem model, (ii) the Rothamsted C model and (iii) the intergovernmental panel on climate change (IPCC) method for assessing soil C at regional scale. In addition, we show estimated values of above and belowground biomass for native vegetation, pasture and soybean. The results on regional SOC stocks compare reasonably well with those based on mapping approaches. The GEFSOC system provided a means of efficiently handling complex interactions among biotic-edapho-climatic conditions (> 363,000 combinations) in a very large area (similar to 500 Mha) such as the Brazilian Amazon. All of the methods used showed a decline in SOC stock for the period studied; Century and RothC simulated values for 2030 being about 7% lower than those in 1990. Values from Century and RothC (30,430 and 25,000 Tg for the 0-20 cm layer for the Brazilian Amazon region were higher than those obtained from the IPCC system (23,400 Tg in the 0-30 cm layer). Finally; our results can help understand the major biogeochemical cycles that influence soil fertility and help devise management strategies that enhance the sustainability of these areas and thus slow further deforestation. (C) 2007 Elsevier B.V. All rights reserved.