A note on Brazilian financial regulation and governance

The question posed by Theme 4 of this workshop is indeed a very broad one and would demand a thorough research on the topics involved. I am afraid I did not have the proper time to think it over and I would not be able to provide a wide ranging answer to this question. Thus, I will be selective and I will present the following issues that need to be addressed to support Brazilian development: i) competition among banks; ii) high rate of interest on liquidity; iii) approval by the Congress of a Complementary Law to regulate the financial sector as required by the 1988 Brazilian Constitution; iv) exploitation of workers through the governance of the Job Time Guarantee Fund (FGTS) and iv) state-owned versus government owned enterprises.

The revenge of the market on the rentiers why neo-liberal reports of the end of history turned out to be premature

Starting from the perspective of heterodox Keynesian-Minskyian-Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current financial crisis. These include excess liquidity, income polarisation, conflicts between financial and productive capital, lack of intelligent regulation, asymmetric information, principal-agent dilemmas and bounded rationalities. However, the paper then proceeds to argue that perhaps more than ever the ‘macroeconomics’ that led to this crisis only makes analytical sense if examined within the framework of the political settlements and distributional outcomes in which it had operated. Taking the perspective of critical social theories the paper concludes that, ultimately, the current financial crisis is the outcome of something much more systemic, namely an attempt to use neo-liberalism (or, in US terms, neo-conservatism) as a new technology of power to help transform capitalism into a rentiers’ delight. And in particular, into a system without much ‘compulsion’ on big business; i.e., one that imposes only minimal pressures on big agents to engage in competitive struggles in the real economy (while inflicting exactly the opposite fate on workers and small firms). A key component in the effectiveness of this new technology of power was its ability to transform the state into a major facilitator of the ever-increasing rent-seeking practices of oligopolistic capital. The architects of this experiment include some capitalist groups (in particular rentiers from the financial sector as well as capitalists from the ‘mature’ and most polluting industries of the preceding techno-economic paradigm), some political groups, as well as intellectual networks with their allies – including most economists and the ‘new’ left. Although rentiers did succeed in their attempt to get rid of practically all fetters on their greed, in the end the crisis materialised when ‘markets’ took their inevitable revenge on the rentiers by calling their (blatant) bluff.

Contagion in financial networks: a network theory and agent-based approaches to modeling the spread of risk in financial systems

Esta dissertação estuda a propagação de crises sobre o sistema financeiro. Mais especi- ficamente, busca-se desenvolver modelos que permitam simular como um determinado choque econômico atinge determinados agentes do sistema financeiro e apartir dele se propagam, transformando-se em um problema sistêmico. A dissertação é dividida em dois capítulos,além da introdução. O primeiro capítulo desenvolve um modelo de propa- gação de crises em fundos de investimento baseado em ciência das redes.Combinando dois modelos de propagação em redes financeiras, um simulando a propagação de perdas em redes bipartites de ativos e agentes financeiros e o outro simulando a propagação de perdas em uma rede de investimentos diretos em quotas de outros agentes, desenvolve-se um algoritmo para simular a propagação de perdas através de ambos os mecanismos e utiliza-se este algoritmo para simular uma crise no mercado brasileiro de fundos de investimento. No capítulo 2,desenvolve-se um modelo de simulação baseado em agentes, com agentes financeiros, para simular propagação de um choque que afeta o mercado de operações compromissadas.Criamos também um mercado artificial composto por bancos, hedge funds e fundos de curto prazo e simulamos a propagação de um choque de liquidez sobre um ativo de risco securitizando utilizado para colateralizar operações compromissadas dos bancos.

Flexible information acquisition and optimal Tobin tax in tractable dynamic global games

My dissertation focuses on dynamic aspects of coordination processes such as reversibility of early actions, option to delay decisions, and learning of the environment from the observation of other people’s actions. This study proposes the use of tractable dynamic global games where players privately and passively learn about their actions’ true payoffs and are able to adjust early investment decisions to the arrival of new information to investigate the consequences of the presence of liquidity shocks to the performance of a Tobin tax as a policy intended to foster coordination success (chapter 1), and the adequacy of the use of a Tobin tax in order to reduce an economy’s vulnerability to sudden stops (chapter 2). Then, it analyzes players’ incentive to acquire costly information in a sequential decision setting (chapter 3). In chapter 1, a continuum of foreign agents decide whether to enter or not in an investment project. A fraction λ of them are hit by liquidity restrictions in a second period and are forced to withdraw early investment or precluded from investing in the interim period, depending on the actions they chose in the first period. Players not affected by the liquidity shock are able to revise early decisions. Coordination success is increasing in the aggregate investment and decreasing in the aggregate volume of capital exit. Without liquidity shocks, aggregate investment is (in a pivotal contingency) invariant to frictions like a tax on short term capitals. In this case, a Tobin tax always increases success incidence. In the presence of liquidity shocks, this invariance result no longer holds in equilibrium. A Tobin tax becomes harmful to aggregate investment, which may reduces success incidence if the economy does not benefit enough from avoiding capital reversals. It is shown that the Tobin tax that maximizes the ex-ante probability of successfully coordinated investment is decreasing in the liquidity shock. Chapter 2 studies the effects of a Tobin tax in the same setting of the global game model proposed in chapter 1, with the exception that the liquidity shock is considered stochastic, i.e, there is also aggregate uncertainty about the extension of the liquidity restrictions. It identifies conditions under which, in the unique equilibrium of the model with low probability of liquidity shocks but large dry-ups, a Tobin tax is welfare improving, helping agents to coordinate on the good outcome. The model provides a rationale for a Tobin tax on economies that are prone to sudden stops. The optimal Tobin tax tends to be larger when capital reversals are more harmful and when the fraction of agents hit by liquidity shocks is smaller. Chapter 3 focuses on information acquisition in a sequential decision game with payoff complementar- ity and information externality. When information is cheap relatively to players’ incentive to coordinate actions, only the first player chooses to process information; the second player learns about the true payoff distribution from the observation of the first player’s decision and follows her action. Miscoordination requires that both players privately precess information, which tends to happen when it is expensive and the prior knowledge about the distribution of the payoffs has a large variance.

Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Influência do número de refundições da liga Ni-Cr-Mo-Ti sobre as propriedades de próteses metalocerâmicas

A frequently encountered difficulty in oral prosthetics is associated with the loss of metallic alloys during the melting stage of the production of metal-ceramic replacement systems. Remelting such materials could impar their use in oral rehabilitation due to loss in esthetics, as well as in the chemical, physical, electrochemical and mechanical properties. Nowadays, the Ni-Cr-Mo-Ti alloy is widely used in metal-ceramic systems. Manufacturers state that this material can be remelted without significant alterations in its behavior, however little has been established as to the changes in the performance of this alloy after successive remelting, which is common practice in oral prosthetics. Therefore, the objective of this study was to evaluate possible changes in the esthetics and associated properties of metalceramic samples consisting of Ni-Cr-Mo-Ti and dental porcelain. Three to five remelting steps were carried out. The results revealed that Ni-Cr-Mo-Ti can be safely used even after three remelting steps. Further remelting significantly affect the characteristics of the alloys and should not be recommended for the manufacture of metal-ceramic systems

Composição nutricional e avaliação de rótulo de rações secas para cães comercializadas em Jaboticabal-SP

Avaliaram-se 49 marcas de rações para cães adultos e filhotes comercializadas em Jaboticabal-SP. Os alimentos foram divididos em três segmentos: econômico, standard e super-premium. Nessa ordem, as rações para cães adultos apresentaram, em média, 16,9%, 20,9% e 27,8% de proteína, 9,7%, 10,5% e 15% de gordura, 6,4%, 2,9% e 1,1% de fibra e 1,9%, 1,9% e 1,4% de Ca. Para filhotes, os produtos standard e super-premium apresentaram, respectivamente, 26,1% e 31,0% de proteína, 10,8% e 15,2% de gordura, 2,6% e 2,4% de fibra, 2,1% e 1,7% de Ca e 1,6% e 1,3% de P. A porcentagem de rações cujos teores nutricionais declarados no rótulo não estavam de acordo com os encontrados nas análises de laboratório foi, para os produtos super-premium para filhotes, 80,0% para o Ca e 60,0% para a gordura; para os produtos standard para filhotes, 28,6% para proteína e 57,2% para o cálcio; para os produtos econômicos para cães adultos, 44,0% para a fibra e 33,0% para a proteína; para os produtos standard para cães adultos de 33,0% para a gordura e 50,0% para o Ca; e para os produtos super-premium para cães adultos, 50,0% para o cálcio e 33,0% para a gordura. Foram encontradas inadequações nutricionais em produtos, como teores insuficientes de proteína e altas concentrações de fibra, cálcio e fósforo.

Avanços metodológicos na seleção do sexo de espermatozóides bovinos para utilização no melhoramento genético e na produção animal

O mercado demanda, desde final da década de 20, uma tecnologia para a sexagem de espermatozóides que possa ser inserida na indústria de produção de sêmen congelado e que tenha as seguintes características: a) não altere a viabilidade espermática; b) seja compatível com a congelação do espermatozóide sexado; c) permita a sexagem de espermatozóides previamente congelados e descongelados; d) permita a produção de várias doses de sêmen sexado congelado por dia, com custo compatível ao mercado. A importância dessa tecnologia para maximizar a produção animal a um custo baixo tem sido um desafio da pesquisa a vários anos. A possibilidade de produzir, em escala comercial, doses de sêmen enriquecidas com espermatozóides X ou Y aumentará os benefícios do uso da inseminação artificial no seu papel de maximizar o progresso genético entre gerações de acordo com os requerimentos de cada programa de melhoramento animal. Diferentes rotas tecnológicas são percorridas na tentativa de selecionar-se o sexo em mamíferos, tanto nas espécies de interesse zootécnico quanto em espécies ameaçadas de extinção, animais de companhia. Neste sentido, existem duas alternativas: a separação de espermatozóides portadores do cromossomo X, daqueles portadores do cromossomo Y; ou a sexagem de embriões pré-implantados. A viabilidade da sexagem de espermatozóides em bovinos é esperada por muitos anos e os desenvolvimentos recentes tornaram essa tecnologia de aplicação commercial. Entretanto, muitas limitações ainda existem, principalmente, referente à taxa de gestação em condições de campo. Isso restringe a utilização dessa tecnologia no melhoramento genético e produção animal. Nessa palestra abordaremos os potenciais sistemas de criação e produção que poderão beneficiar-se com a sexagem de espermatozóides, quando essas limitações forem solucionadas.

Riscos ocupacionais e acidentes de trabalho em um serviço de atendimento móvel de urgência do Rio Grande do Norte

Exploratory, descriptive and quantitative study with prospective data, performed in the Mobile Emergency Care Service in the metropolitan region of Natal/RN, in order to identify the knowledge of the multidisciplinary team about the rules of standard precautions and worker safety, to identify occupational hazards peculiar to the activities of this service; characterize work-related accidents (WRA) and know the procedures adopted after each WRA. The population consisted of 162 professionals and data were collected between the months of November and December 2010. As for personal and professional characteristics, of the 162 professional, 12,96% were physicians; 6,79%, nurses; 33,95%, nursing technicians, 46,29%, conductors; 74,70% were male; 43,21% were between 31 and 40 years old; 69,33% lived in Natal/RN, 50,00% had completed high school; 58,64% were married; 69,75% had children, 46,91% were between 1 and 4 years of training; 61,73% had improvement courses; 59,25% had 3 to 4 years of service; 54,32%, with 1-4 years experience in emergency; 44,44% received 1-2 minimum wages; 78,40% received insalubrity premium; 67,28% worked in Basic Support Unit (BSU); 83,95% had journey on SAMU Metropolitano of 31-40 hours per week; 52,47% had other employments. As for knowledge of rules of standard precautions, safety and occupational hazards, 99,38% knew what it was WRA; 62,96% gave incomplete answers; 74,07% knew the rules of prevent WRA; 46,67% acquired this knowledge in lectures; 53,09% knew Personal Protective Equipment (PPE); 71,60% gave incorrect answers about the importance of standard precautions; 45,06% never received an educational intervention on this issue; 89,51% said that educational interventions in the prevention of WRA are very important; 90,12% pointed out this as a very important issue in the workplace; 27,00% suggested guidance on the topic in the workplace; regarding the physical hazards, 34,57% considered noise as the most important; about chemical hazards, 78,40% chose the gases and smoke; for biological hazards, 48,77% reported contact with the blood; for mechanical hazards, 80,86% said that were transport accidents; about ergonomic risks, 40,12% say it is the tension/stress in the care of critically ill, psychiatric and aggressive patients; and there was an average of 4,5 to the feeling of safety in the workplace. Regarding the data on the WRAs occurred, 31,48% experienced at least one accident event; 72,55% did not notify it; 60,98% answered that there was no routine for notification; 56,86% were performing patient transportation; 49,02% were hurt in the Basic Support Unit/Rescue Unit (BSU/RH); 60,78% occurred during the day; 96,08% of professionals were in normal work schedule (24 hours on duty); 31,37% had contusion; 58.82% had damage to members/pelvic girdle; 43,14% had traffic accidents. About the evolution of the WRA, 62,75% did not have to take time away from work; 76,47% had no sequelae; 88,24% did not require rehabilitation; no professional had a change of occupation. And by means of univariate logistic regression, showed that the nurses and male sex were risk factors for the occurrence of WRA. We conclude that there were gaps in the knowledge of staff regarding WRA, emphasizing the need for continuing education in biosafety in the service.

Desempenho de um veículo flex em bancada dinamométrica de chassi

Flex-fuel vehicles are equipped with Otto Cycle internal combustion engines and have the capability of functioning with more than one type of fuel, mixed at the same tank and burned in the combustion chamber simultaneously. This sort of motorization is a world pattern due to the scarcity of petroleum, the trade of several types of fuels, technology advances and the restriction imposed to gas emissions to the atmosphere. In Brazil, the Flexfuel vehicles are a reality, specially the ones using fuel with 20 to 25% anhydrous alcohol mixed with gasoline and those that use natural gas or original liquid fuel (gasoline or hydrated ethanol). The Brazilian model Fiat Siena, the object of this present scientific investigation, is equipped with a unique electronic central capable of managing the liquid or gaseous fuels. The purpose of this research was to perform a comparative analysis in terms of performance (in terms of both potency and consumption) of a tetra-fuel vehicle - using a chassis dynamometer, operating with different fuels: common gasoline, premium gasoline, Podium gasoline, ethanol or natural gas. It became necessary to develop a bench of tests and trials procedures, as well as to know the functioning of the electronic management of the vehicle under analysis. The experiments were performed at the automotive laboratory in CTGAS-ER (Center of Gas Technologies and Renewable energies) at the light of Brazilian standard ABNT, NBR 7024: Light on-road vehicles - measurement of fuel consumption. The essay results on specific fuel consumption using common gasoline, premium gasoline and Podium gasoline have shown similar results, both for urban and road driving cycles

Maximum inhibitory dilution of mouthwashes containing chlorhexidine and polyhexamethylene biguanide against salivary Staphylococcus aureus

Objective: The aim of the present study was to determine the in vitro maximum inhibitory dilution (MID) of two chlorhexidine-based oral mouthwashes (CHX): Noplak (R), Periogard (R), and one polyhexamethylene biguanide-based mouthwash (PHMB): Sanifill Premium (R) against 28 field Staphylococcus aureus strains using the agar dilution method. Materials and Methods: For each product, decimal dilutions ranging from 1/10 to 1/655,360 were prepared in distilled water and added to Mueller Hinton Agar culture medium. After homogenization, the culture medium was poured onto Petri dishes. Strains were inoculated using a Steers multipoint inoculator and dishes were incubated at 37 degrees C for 24hours. For reading, MID was considered as the maximum dilution of the mouthwash still capable of inhibiting microbial growth. Results: Sanifill Premium (R) inhibited the growth of all strains at 1/40 dilution and of 1 strain at 1/80 dilution. Noplak (R) inhibited the growth of 23 strains at 1/640 dilution and of all 28 strains at 1/320 dilution. Periogard (R) showed inhibited growth of 7 strains at 1/640 dilution and of all 28 strains at 1/320 dilution. Data were submitted to Kruskal-Wallis statistical test, showing significant differences between the mouthwashes evaluated (p<0.05). No significant difference was found between Noplak (R) and Periogard (R) (p>0.05). Sanifill Premium (R) was the least effective (p<0.05). Conclusion: It was concluded that CHX-based mouthwashes present better antimicrobial activity against S. Aureus than the PHMB-based mouthwash.

Isolation and characterization of latent and active polyphenoloxidase in BRS Clara (CNPUV 154-147 x Centennial seedless) and BRS Morena (Marroo seedless x Centennial seedless) seedless table grapes

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Efeitos de probióticos sobre a digestibilidade, escore fecal e características hematológicas em cães

Avaliaram-se os efeitos da suplementação de dois tipos de probióticos para cães filhotes, que receberam dois tipos de dieta - de alta e de baixa qualidade -, sobre a digestibilidade dos nutrientes, escore fecal e parâmetros sanguíneos. Foram utilizados 18 animais, distribuídos em três tratamentos. No tratamento 1, controle, os cães receberam somente a ração; no tratamento 2, ração com probiótico 1 (Bifidobacterium) e, no tratamento 3, ração com probiótico 2 (Lactobacillus). O experimento foi dividido em duas fases. Verificaram-se que os valores médios do coeficiente de metabolizabilidade da energia bruta (CMEB) na fase 1, caracterizada pela troca da dieta Super Premium para a dieta Standard, apresentaram resultados significativos (P<0,05), sendo os melhores resultados obtidos nos animais que receberam o probiótico 2. Não houve diferenças significativas (P>0,05) para o escore fecal e para as análises hematológicas.