Workplace diversity and incentive contracts : theory and evidence

This paper presents a simple theory of the provision of incentives in firms in which the principal optimally chooses both compensation contracts and the composition of the work force. Assuming that individuals display group loyalty, a less diverse (more homogeneous) work force will be more cooperative. Simple comparative statics provide some testable implications relating risk, diversity and incentive pay. I also analyze the case in which workers’ characteristics cannot be readily observed ex ante. The theory then predicts that firms are more likely to prevent workers from interacting with each other when workers are expected to have similar characteristics. This shows a surprising effect of diversity in the workplace: more diverse firms will promote more interactions between workers of different types, i.e. they will be less segregated. I test the main predictions of the model using a cross-sectional sample of corporate boards. I use the proportion of women on boards as a measure of diversity. There are three main empirical findings: (1) a significant negative correlation between firm risk and diversity, (2) a significant positive relationship between performance-based compensation and diversity and (3) a significant positive correlation between the number of board meetings (a measure of interactions among directors) and diversity. The evidence is broadly consistent with the implications of the theory.

After the demise of neoliberalism but not of conservatism, a third developmentalism?

Neoliberalism and developmentalism are the two alternative forms of economic and political organization of capitalism. Since the 2008 global financial crisis we see the demise of neoliberalism in rich countries, as state intervention and regulation increased, opening room for a third historical developmentalism (the first was mercantilism, the second, Fordism). Not only because of major market failures, not only because the market is definitely unable to assure financial stability and full employment, an active macroeconomic policy is being required. Modern economies are divided into a competitive and a non-competitive sector; for the coordination of the competitive sector the market is irreplaceable and regulation as well as strategic industrial policy will be pragmatically adopted following the subsidiarity principle, whereas for the non-competitive sector, state coordination and some state ownership are usually more efficient. Besides, the fact that capitalist economies are increasingly diversified and complex is an argument against the two extremes – against statism as well as neoliberalism – in so far that they require market coordination combined with increased regulation. But the third developmentalism probably will not be progressive as was the second, because the social-democratic political parties are disoriented. They won the battle for the welfare state, which neoliberalism was unable to dismantle, but the competition of low wage developing countries and immigration continue to offer arguments to conservative political parties that defend the reduction of the cost of labor contracts or the or precarization of labor.

The impact of corruption on the performance of state-owned companies: case of Petrobras Brasil

As empresas estatais são freqüentemente consideradas como componentes cruciais da economia de um país. Eles são responsáveis pela criação de vários postos de trabalho e proveem serviços essenciais que exigem um grande investimento de capital. Porém, em países com instituições fracas, onde a responsabilidade dos políticos é limitada e a gestão dos recursos financeiros das empresas estatais sofre pouco controle, os funcionários são muitas vezes tentados pela corrupção. Enormes quantidades de fundos públicos são facilmente desviados, e dinheiro que deveria ter sido investido nas despesas de capital, no pagamento de dívida da empresa ou no aumento do retorno para os acionistas, é usado para aumentar a riqueza privada de indivíduos ou para financiar ilegalmente partidos políticos. O desempenho da empresa sofre com essas alienações visto que parte dos lucros da empresa não são reinvestidos na empresa e dado que incentivos dos gestores estão desalinhados com os interesses dos acionistas. Petrobras, a maior empresa da América Latina em termos de ativos e receitas anuais, sofreu em 2014 e 2015 um escândalo de corrupção imenso, cujo impacto económico foi considerável, levando ao enfraquecimento da confiança de muitos investidores no Brasil após o evento. O escândalo expôs um extenso esquema de corrupção através do qual os contratantes foram conspirando para aumentar os preços de contratos de construção, com a aprovação da administração da Petrobras que pediu em troca ganhos pessoais ou fundos para o Partido dos Trabalhadores (PT). A exposição do escândalo na imprensa brasileira teve um grande impacto sobre a credibilidade da Petrobras: as contas da empresa estavam escondendo imensas irregularidades dado que a empresa tinha pago demais para os contratos de construção que não foram precificados no valor do mercado. Ao longo deste estudo, usamos o exemplo da Petrobras para ilustrar como a corrupção dentro empresas estatais prejudica o desempenho da empresa e como ela afeta as várias partes interessadas da empresa.

Framework for analysis and representation of external systems for online reactive-optimisation studies

The paper proposes a framework for the analysis and representation of external systems for online optimisation studies. The basis for this framework is the equivalent OPF (EOPF), an optimisation model obtained by partitioning of the OPF model. The EOPF is mathematically redefined in the paper to accommodate the concept of a buffer zone. The resulting model is more useful for online optimisation, since external information obtained through intercontrol-centre exchange contracts can be used to improve internal control calculation. Numerical results obtained with original studies involving the boundary-matching procedure have provided a conceptual basis for the definition of a buffer zone for optimisation studies with the EOPF. In the proposed framework, the accuracy of the external representation in optimisation studies is evaluated by comparing the controls obtained by an EOPF procedure with those obtained by the reference-optimisation procedure defined in this paper. The framework is then used to evaluate the accuracy of equivalent optimisation studies involving the IEEE 118-bus test system and the Brazilian South Southeast 810-bus system. The results show that the incorporation of a buffer zone improves the external system representation for all optimisation studies performed.

Scaling invariance for the escape of particles from a periodically corrugated waveguide

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Spectroscopic studies of the Eu3+ and Er3+ ions in the fluorozirconate LaZr2F11 matrix

An investigation by optical spectroscopy of the Eu3 + and Er3 + active ions in the crystallized fluorozirconate matrix LaZr2F11 is presented. The D-5(1) --> F-7(0-5) emission lines of Eu3 + are used to extract the F-7(0-5) energy scheme and the observed extinctions permit the deduction of irreducible representations (IRREPS) associated with corresponding sub-levels in the D-2 symmetry. The crystal field analysis was carried out on a 387 x 387 basis set, comprising the F-7, D-5(1,2,3) F-5(1,2), (5)G(1,2,3) and P-3(1,2,3,4,5,6) terms of the Eu-3 (+) 4f(6) configuration. The deviation and rms are 6.8 and 7.9 cm (-1), respectively for 38 levels and ten parameters. The experimental crystal field parameters are in good agreement with the ab-initio ones. Moreover, the relative intensities of the D-5(0) --> F-7(2,3,4) emissions are well reproduced by an 'ab-initio' calculation, except for three lines. The Er3 + ions introduced in LaZr2F11, microcrystals also lie in an unique crystallographic site. A total of 31 energy levels were recorded and the crystal field analysis led to 6.6 and 7.8 cm (-1) for the deviation and rms, respectively, for nine variable parameters taken into account. The experimental CF parameters for Er3 + and Eu3 + are very similar, which seems to show that the host lattice contracts around the smaller Er3 + ion. The informations given by both Eu3 + and Eu3 + optical probes in LaZr2F11 are very consistent with the structure previously determined for the isotypic PrZr2F11 fluoride. (C) 2000 Elsevier B.V. B.V. All rights reserved.

Fabrication and testing of a poly(vinylidene fluoride) (PVDF) microvalve for gas flow control

A microactuator made from poly(vinylidene fluoride) (PVDF), a piezoelectric polymer, was fabricated to control the gas flow rate through a glass micronozzle. The actuator was formed by gluing together two PVDF sheets with opposite polarization directions. The sheets were covered with thin conducting films on one side, that were then used as electrodes to apply an electric field to move the valve. The actuator has a rectangular shape, 3 mm x 6 mm. The device was incorporated with a micronozzle fabricated by a powder blasting technique. Upon applying a DC voltage across the actuator electrodes, one sheet expands while the other contracts, generating an opening motion. A voltage of +300 V DC was used to open the device by moving the actuator 30 mu m, and a voltage of -200 V DC was used to close the device by moving the actuator 20 mu m lower than the relaxed position. Flow measurements were performed in a low-pressure vacuum system, maintaining the microvalve inlet pressure constant at 266 Pa. Tests carried out with the actuator in the open position and with a pressure ratio (inlet pressure divided by outlet pressure) of 0.5, indicated a flow rate of 0.36 sccm. In the closed position, and with a pressure ratio of 0.2, a flow rate of 0.32 sccm was measured.

Development of microvalves for gas flow control in micronozzles using PVDF piezoelectric polymer

This work describes a fabrication and test sequence of microvalves installed on micronozzles. The technique used to fabricate the micronozzles was powder blasting. The microvalves are actuators made from PVDF (polivinylidene fluoride), that is a piezoelectric polymer. The micronozzles have convergent-divergent shape with external diameter of 1mm and throat around 230μm. The polymer have low piezoelectric coefficient, for this reason a bimorph structure with dimensions of 2mm width and 4mm of length was build (two piezoelectric sheets were glued together with opposite polarization). Both sheets are recovered with a conductor thin film used as electrodes. Applying a voltage between the electrodes one sheet expands while the other contracts and this generate a vertical movement to the entire actuator. Appling +300V DC between the electrodes the volume flux rate, for a pressure ratio of 0.5, was 0.36 sccm. Applying -200V DC between the electrodes (that means it closed) the volume flux rate was 0.32 sccm, defining a possible range of flow between 0.32 and 0.36 sccm. The third measurement was performed using AC voltage (200V AC with frequency of 1Hz), where the actuator was oscillating. For pressure ratio of 0.5, the flow rate was 0.62 sccm. © 2008 IOP Publishing Ltd.

Social Panorama of Latin America 1999-2000

Includes bibliography

The international competitiveness of the Costa Rican clothing industry

Includes bibliography

New directions for development banking in the Caribbean: financing to take advantage of unlimited supplies of labour skills and entrepreneurship

Includes bibliography

Flexible labour markets, workers' protection and the security of the wings": a Danish flexicurity solution to the unemployment and social problems in globalized economies"

Includes bibliography

The privatization of public water utilities

Includes bibliography

Health management contracts in Costa Rica from a comparative perspective

Includes bibliography

Economic regulation to supplement bidding for public works contracts

Includes bibliography