O insider trading no direito brasileiro

O insider trading é ilícito de elevado potencial danoso, pois impacta não só as pessoas diretamente relacionadas com a operação realizada com a informação privilegiada, mas também o mercado de capitais como um todo, afetando a confiança dos investidores. É importante, portanto, a repressão severa do ilícito nas esferas administrativa, civil e penal, destacando-se o papel regulador da Comissão de Valores Mobiliários, enquanto representante da intervenção do poder estatal no âmbito do mercado de capitais. Não obstante, para a responsabilização pelo ilícito do insider trading, deve-se exigir um conjunto probatório robusto, ainda que apenas indiciário. A utilização de uma espécie de muralha segregadora, se minimiza situações de conflito de interesses ao evitar o acesso amplo a informações relevantes não divulgadas ao mercado, não é, por si só, capaz de excluir responsabilidade por eventual insider trading. Importante ter cuidado com construções teóricas, como a da “mente corporativa”, capazes de esvaziar de utilidade barreiras como uma Chinese Wall. Impossível transpor a teoria do domínio do fato à apuração de ilícitos de insider trading.

Capital structure in Brazil : review of studies during the period of 1988-2003

A systematic review was made of studies regarding the capital structure in Brazil during the period of 1988-2003. The recurring themes relate to the static tradeoff and pecking order in various moments of the economy, the fiscal benefits of indebtedness and interest on privately-owned capital, and the inefficacies of the stock market. The Brazilian companies enjoy little leverage as compared to other emerging markets. BNDES is responsible for 5% of the gross formation of fixed capital. The funding of resources occurs at opportune moments, and the financing decision may precede that of investment. Efficacy of the judiciary system and company transparency positively affect access to credit.

Analysts’ recommendations in Brazil: do they add value?

This paper examines the value of analysts’ recommendations in Brazilian Stock Market. We studied a sample of 294 weeks of recommendations make public by the best seller newspaper in Brazil with six different investment strategies and time horizons. The main conclusion is that it is possible to beat the Brazilian market indexes Ibovespa and IBrX following the analysts’ stock recommendations. The best strategies are buying only the recommended stocks, buying the recommended stocks whose target and market prices difference is bigger than 25% and lesser or equal than 50%. The performance of the six strategies is analyzed through the use of bootstrap and Monte Carlo techniques.

Ecommerce as internationalization strategy: an exploratory study based on premium fashion brazilian brands: case study of farfetch

As stated by Hoffmann and Coste-Manière (2012) “The web is a mass medium that contrast completely with the traditional codes of exclusivity associated with the luxury industry, and has long been simply rejected by the luxury industry for being an illegitimate distribution channel.” Meanwhile this market presents an incomparable pace of growth and is gradually changing the existing retailing business model and companies must be aware of this change and capable to adapt to it. The internet and cross-border sales already changed the competition throughout retailing and it will increase even more, so companies must be ready to face it. Internet has shown its great opportunity for all markets, although luxury/premium market is not yet taking the proper advantage of its potential, but the necessity to be an omnichannel business strategy is growing. This paper presents an exploratory research based on a case study of how premium fashion Brazilian brands are using Farfetch, e-commerce, as an entry market strategy and how this affects them. The research question of this study is: How is Farfetch helping on the internationalization of Brazilian premium fashion brands?, and in order to answer it was conducted an in-depth interview with the Brazilian head of business development of Farfetch, apart an extensive secondary data research. As expected the study found a list of trade-offs of using an e-commerce, luxury specialized, with a marketplace approach to the brands willing to internationalize. As stated by Altagamma and McKinsey (2015) study “[...] luxury brands have no choice but to embrace the digital era and become truly omnichannel. This will require them a radical rethinking of both their customer experience of their consumer engagement strategy.” Looking either from the Farfetch point of view, trying to understand why they offer this opportunity to the brands, or also from the brand side if this is a manageable approach. This study presents a contribution for both sides, trying to give tools to the brands on understanding the internationalization reasons and approach, as well as explaining Farfetch business model, and the advantages it can bring to them, at the same time of a general market trend analysis for Farfecth.

Avaliação microeconômica do comportamento de investidores frente às alterações de condições de mercado : os determinantes da não racionalidade dos investidores no mercado de fundos brasileiros

Neste trabalho buscamos identificar os principais determinantes da demanda por fundos de investimento no Brasil através do modelo Logit, que é bastante utilizado na teoria das organizações industriais. Sempre que possível realizamos “links” com os principais conceitos de finanças comportamentais. Assim, conseguimos aclarar as principais variáveis que impactam as variações de “market-share” na indústria de fundos de investimento. Concluímos que os principais indicadores observados pelos investidores no momento de tomada de decisão são o CDI, a inflação, a taxa real de juros, a variação do dólar e da bolsa de valores, por outro lado a rentabilidade acumulada dos últimos três meses é fator decisivo para que o investidor aplique ou resgate um fundo de investimento. Variáveis de risco e de retorno esperado que imaginávamos ter forte impacto, não se mostraram significativas para as variações de “share”.

Análise operacional e econômica do processamento de madeira de Eucalitpo com Hypro em região montanhosa

O processo constante de avaliação técnica e econômica dos sistemas de colheita de madeira é intrínseco às empresas florestais, devido ao fato de corresponder a uma fase de suma importância que despende elevado investimento financeiro. No experimento deste trabalho, estudaram-se o rendimento operacional e custos operacionais e de produção do processador florestal Hypro. A análise técnica englobou estudos de tempos e movimentos pelo método de tempo contínuo. O rendimento operacional foi determinado através do volume, em metros cúbicos de madeira processada. A análise econômica incorporou os parâmetros do custo operacional, custo de processamento da madeira e rendimento energético. A análise dos dados evidenciou que o rendimento operacional por hora efetiva de trabalho foi de 38 árvores e, em metros cúbicos sem casca por hora efetiva de trabalho, de 11,68 m³ h-1, com custo de processamento de madeira sem casca de US$ 6.85 por metro cúbico.

Influência do relevo na produtividade e custos do harvester

Among the several variables that influence timber harvesting is the slope, which influences the productivity of forest machines. In this experiment the harvester was evaluated technically and economically while cutting and processing eucalyptus activity on different slope classes. The technical analysis included a study of time and movements by the method of continuous time; productivity was determined by the volume in cubic meters of wood processing. The economic analysis included the parameters of operational cost, production cost and energy consumption. The analysis of the data showed that productivity decreased according to the increase of the percent slope inclination, resulting in an effective work hour productivity increase from 18.72 to 39.71 m(3)sc, with a mean of operating cost of US$ 78.78 per work hour.

Avaliação técnica e econômica do corte de eucalipto com feller-buncher em diferentes condições operacionais

This study aimed to technically and economically evaluate the Feller-buncher in different conditions of harvest in eucalypt forests of second cut. The technical analysis included a study of time and movements by the method of continuous time, and operational performance was determined by volume in cubic meters of harvested wood. The economic analysis included the parameters of operational cost, harvest cost and energy consumption. The analysis of the data showed that the composition of main line harvesting and the arrangement of bundles of trees influenced operational performance. The average operational cost was US$ 86.26 per hour of actual work, which resulted in an average cost of forest harvesting of US$ 1.09 m(-3).

A formação pós-graduada em ensino de ciências naturais e matemática de docentes do IFRN: implicações na atuação docente

This research part of the educational context of the Federal Rio Grande do Norte, through the resumption of legal frameworks that characterize it as an institution belonging to the Federal Network of Professional Education and Technology Brazilian, with a focus on continued education policies for the servers who work there specifically teachers, especially those who have their work in the Teaching of Natural Science and Mathematics. To do this the cut in an agreement between the IFRN and UFRN PPGECNM through the professional master's degree Teaching of Natural Sciences and Mathematics. This agreement as we have research collaborators 08 master teachers who graduated in the period 2004 to 2010, so we undertook a qualitative and quantitative research aimed to conduct the study in general terms of description and analysis of the impacts caused by the formation of masters IFRN in PPGECNM UFRN, taking into account the production of the same academic (dissertation), his performance in the context of the institution and the historical, social, economic and political aspects involved, and also meet the guidelines of the project at the Observatory in 2008 - MEC / CAPES / BSD-P. We used the theoretical options methodological elements of Comprehensive Interview and multireferentiality, our data collection instrument was the main interview, we also performed the analysis of dissertations by lecturers and teachers featured, from the specific descriptors used in catalogs USP / IFUSP (1992, 1996) and UNICAMP / FE / CEDOC (1998) and by other researchers. In analyzing and understanding the speech of the interviewees were able to identify the implications of teacher education in the school context, the motivation to seek the Master; how was the construction of the object of study of the educational product and its use in teaching practice and intervention, the question of the role of master teachers in the school environment to the post master taking into account changes in professional performance and influence in the working groups, how does the use of research and investigation in the classroom after training and between training and educational quality in the context of IFRN. In reading and analysis of the dissertations were able to identify the main focus and under-explored thematic focus as well as the theoretical methodological references. At the end of the research developed a product that could be used for technical analysis studies and assessment in quantitative terms the results achieved by the master teachers IFRN through his training in PPGECNM UFRN

Pessoas com deficiência no mercado de trabalho: considerações sobre políticas públicas nos Estados Unidos, União Europeia e Brasil

Atualmente, discussões a respeito da construção de uma sociedade inclusiva, ou seja, responsiva às diferenças, têm ocorrido em diversos países. de acordo com os princípios da inclusão social, a participação das pessoas com deficiência na sociedade depende de profundas transformações, cabendo à sociedade prover os suportes necessários para que esses indivíduos tenham acesso a todos os recursos disponíveis no meio social e, além disso, ao convívio de maneira não-segregada. Uma questão importante, nesse sentido, é a elaboração de políticas públicas no âmbito do trabalho voltadas para pessoas com deficiência. Embora o acesso ao trabalho seja considerado um dos principais direitos civis dos indivíduos, as pessoas com deficiência ainda encontram diversas barreiras para ingressar no mercado profissional. Partindo dessas afirmações, este artigo teve como objetivo discutir alguns dos principais aspectos das políticas de emprego adotadas nos Estados Unidos, na União Europeia e no Brasil para favorecer a inserção desses indivíduos no mercado de trabalho. Para tanto, três documentos legais, sendo um Nacional, um procedente dos Estados Unidos e outro, da União Europeia, foram analisados quanto aos itens: a) ano de publicação do documento; b) objetivos; c) definição de deficiência; e d) estratégias de inserção da pessoa com deficiência no mercado de trabalho. A partir das considerações realizadas, pode-se dizer que existem avanços e divergências nas políticas de emprego e que estas estão relacionadas às particularidades de cada um dos contextos; no entanto, existe uma preocupação comum em garantir à pessoa com deficiência o ingresso na atividade profissional.

Expressão Imuno-histoquímica de COX-2, EMMPRIN, HIF-1α e GLUT-1 no tecido gengival normal e inflamado

The aim of this study was determine whether an association exists in the gum tissue between the expression of markers of tissue hypoxia (HIF-1α and GLUT-1) with a marker of inflammatory activity (COX-2) and a marker of collagen degradation (EMMPRIN). Was performed immunohistochemistry with antibodies specific for these markers on 60 samples of gingival tissue divided into two groups: gums (n = 26) and gingivitis (n = 34) and expression was analyzed in the epithelial tissue and connective tissue . The reactivity epithelial for COX-2 was observed in only two cases as the HIF-1α, GLUT-1 and EMMPRIN was strongly expressed in the epithelial basal layer and the immunostaining was gradually decreased as the cells away from this layer, and negative in the region suprabasal in most specimens. In connective tissue, and HIF-1α EMMPRIN were strongly positive for most cases analyzed as GLUT-1 was negative in most cases. Immunostaining for COX-2 showed an association with gingival inflammatory infiltrate. The expression of EMMPRIN, HIF-1α and GLUT-1 in normal gums confirms the physiological role of these markers, however there was no association with tissue inflammation. Given the findings we can conclude that the inflammatory changes installed in frames of chronic gingivitis may not be sufficient to activate the factors of hypoxia to levels that can be quantified by immunohistochemical analysis, in addition, the findings are not conclusive in relationship to involvement of EMMPRIN in the secretion of MMPs to degrade collagen in the frames of gingivitis. We suggest the use of technical analysis and quantification of RNA of EMMPRIN and MMPs in order to determine whether collagen degradation observed in gingivitis suffers or not, significant influence of EMMPRIN for secretion and activation of MMPs