Cyclicality of SME Lending and Government Involvement in Banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Análise do alongamento das carteiras dos fundos de previdência complementar aberta

O objetivo deste estudo é analisar as durações das carteiras de renda fixa dos fundos previdenciários, que são paradoxalmente curtas em relação aos objetivos de longo prazo inerentes à previdência, e os eventuais efeitos dos incentivos de permanência existentes nos planos coletivos instituídos, como o custeio do instituidor e regras de desligamento – vesting – no alongamento dessas carteiras. Como forma de sobrepujar as dificuldades da observação direta dos prazos de alongamento das carteiras dos fundos analisados, foi proposto um índice de alongamento calcado na Análise de Estilo Baseada nos Retornos desenvolvida por SHARPE (1992) empregando-se as componentes principais dos Índices de Duração Constante da Anbima (IDkA) para a avaliação da sensibilidade dos retornos mensais dos fundos analisados às curvas de juros real e nominal. Os resultados obtidos não mostram evidências de que os fundos que recebem recursos exclusivamente de planos instituídos apresentem duração maior do que daqueles que recebem recursos de planos individuais e coletivos averbados. Por outro lado, os fundos classificados como “Previdência Data Alvo” pela Anbima destacam-se por apresentar índices de alongamento maiores frente à média dos fundos classificados como “Previdência Renda Fixa” ou “Previdência Balanceado” e correlação positiva entre seus índices de alongamento e Ano Alvo do fundo, o que sugere que políticas que trabalhem o conjunto de informação dos agentes, investidores e gestores, são capazes de modificar a alocação dos investimentos. Basta informação para melhorar a alocação.

Cyclicality of SME lending and government involvement in banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

The effect of guia exame’s ratings on the brazilian fund industry: an analysis of net-worth flows

This paper infers the impact the publication “Guia Exame” (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds’ net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Why the ‘Rest’ doesn’t need foreign finance

The Rest will be able to catch up and grow faster than the West only if it goes against a “received truth”, namely that capital-rich countries should transfer their capital to capital-poor countries. This intuitive truth is the mantra that the West cites to justify its occupation of the markets of developing countries with its finance and its multinationals. Classical Developmentalism successfully criticized the unequal exchange involved in trade liberalization, but it didn’t succeed in criticizing foreign finance. This task has been recently achieved by New Developmentalism and its developmental macroeconomics, which shows that countries will invest and grow more if they don’t run current account deficits, even when these deficits are financed by foreign direct investment

Contratos de aliança e formas híbridas de contratos de construção

Este trabalho analisa a sistemática de contratações inerentes à atividade de construção civil, inserida num ambiente de liberdade de contratação e levando em consideração a criação de modelos atípicos e, portanto, híbridos. Para tal, faz-se necessária uma gama de subsídios: aplicação de argumentos econômicos; capacidade de operacionalizar objetivamente as demandas oriundas de tais modalidades de contratos, que sempre visa maximizar seus resultados; necessidade de velocidade e economia de tempo nas construções. Há de se destacar que os referidos modelos de contrato são híbridos, sim, mas nem por isso ilícitos, posto que, no direito brasileiro, vigora o princípio de liberdade de contratar, desde que tais contratações estejam assentadas em princípios básicos estabelecidos por lei, quais sejam: objeto lícito, agentes capazes e atendimento à forma prescrita ou não defesa em lei. Esse ambiente de liberdade de contratação propiciou a criação de modelos atípicos e moventes de contratos de construção, que variam e se mesclam entre si sob os mais diversos aspectos, com destaque para: alocação de riscos; forma de remuneração e aplicação de penalidades, o que impacta diretamente na forma, conteúdo e valor do orçamento a ser apresentado. Desse modo, é imperioso que as rédeas desses diversos modelos de contratação estejam direcionadas pelo racional econômico, não só em grandes obras de infraestrutura, mas também em outros empreendimentos, fazendo emergir uma cultura de participação entre os contratantes, de forma a propiciar obras mais rápidas e com um menor custo, que seria de fundamental importância para o desenvolvimento do país.

Private label supply chains: a model for competitiveness?

The search for efficiency in supply chains has usually focused on logistic optimization aspects. Initiatives like the ECR are an example. This research questions the appropriateness of this focus comparing detailed cost structures of fifteen consumer products, covering five different product categories. It compares supply chains of private label products, presumably more efficient due to closer collaboration between chain members, to national brands supply chains. The major source of cost differences lies in other indirect costs incurred by the national brands and not directly assignable to advertising. Results indicate that a complete reconception of the supply chain, exploring different governance structures offers greater opportunities for cost savings than the logistic aspect in isolation. Research was done in the UK in 1995-1997, but results are only now publishable due to confidentiality agreements

Influence of stocking densities in the nursery phase on the growth of Macrobrachium amazonicum reared in net pens

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Net melon resistance to Didymella bryoniae according to grafting and potassium levels

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Use of scrap tire rubber in place of SBS in modified asphalt as an environmentally correct alternative for Brazil

Reusing scrap tires has become a worldwide challenge, especially due to the great difficulty in finding ecologically and economically feasible ways to dispose of them. This has led to the creation of specific programs and legislation for reusing scrap tires. Research has shown that a certain percentage of scrap tire rubber can be added to asphalt compositions, and this has become a worldwide practice. This paper describes the properties of four asphalt compositions modified with scrap tire rubber (STR) prepared in the laboratory. These properties are then compared with those of asphalt modified with styrene butadiene styrene (SBS), a synthetic polymer and one of the most common modifiers, to verify the feasibility of using scrap tire rubber as a substitute for SBS. The scope of this study does not include an analysis of how STR affects end-of-life asphalt. The main findings indicate that STR is a potential substitute of SBS in paving material, and although it does not meet some of the standard specifications when compared with SBS, these issues can be overcome by proper care during storage and transportation. The substitution of SBS by STR also showed the potential for about 10% in expenditure savings. (C) 2012 Elsevier Ltd. All rights reserved.

Influence of voids on the flexural resistance of the NCF/RTM6 composites

A major difficulty to achieve maximum weight savings in the manufacture of composite structural components, is the tendency of these materials have the formation of voids and cracks in the interior and surface components. In aeronautical applications, controlling the volume fraction of fibers, resins and empty the components of composite is very hard. In this work, composites of epoxy matrix RTM6 reinforced with NCF (non crimp fabric carbon) processed by resin transfer molding (RTM) were characterized for porosity (P-ap) and density (rho(ad)). We used a method based on Archimedes' principle (ASTM C830) and the technique of helium pycnometer. The porosity values were compared with those determined by acid digestion (ASTM D3171). The mechanical properties of processed composites was evaluated by testing on the performing flexural and the results were correlated with the porosity value. All techniques tested to determine void content are satisfactory. The differents results can be justified for heterogeneous void distribution on laminate and differences among techniques characteristics. (C) 2011 Published by Elsevier Ltd. Selection and/or peer-review under responsibility of ICM11

Real power losses reduction and loading margin improvement via continuation method

This letter presents an alternative approach for reducing the total real power losses by using a continuation method. Results for two simple test systems and for the IEEE 57-bus system show that this procedure results in larger voltage stability margin. Besides, the reduction of real power losses obtained with this procedure leads to significant money savings and, simultaneously, to voltage profile improvement. Comparison between the solution of an optimal power flow and the proposed method shows that the latter can provide near optimal results and so, it can be a reasonable alternative to power system voltage stability enhancement.

Sistemas distribuídos aplicados à compressão e recuperação de imagens

Digital image processing is a field that demands great processing capacity. As such it becomes relevant to implement software that is based on the distribution of the processing into several nodes divided by computers belonging to the same network. Specifically discussed in this work are distributed algorithms of compression and expansion of images using the discrete cosine transform. The results show that the savings in processing time obtained due to the parallel algorithms in comparison to its sequential equivalents is a function that depends on the resolution of the image and the complexity of the involved calculation; that is efficiency is greater the longer the processing period is in terms of the time involved for the communication between the network points.