International private equity funds strategies in the Brazilian market

The Private Equity Market in Brazil has flourished in the last two decades, and international Funds have been entering the market since then. The activity of these enterprises and how they deal with institutional voids that are present in the brazilian market and the all spheres of distances they have with Brazil are investigated in this research. What are the main challenges for those players in the local market and how private equity functions in Brazil? The first chapter reviews all the literature that concerns private equity in their home countries, such as the United States and Spain (Europe) and Brazil. It also discourses about the concept of private equity in all its different senses, the routine of investees and how is the relationship between Private Equity Fund and Investee. In addition to that, the due diligence process is also explained as well as the private equity sector in Brazil and its regulation. Moreover, the distance between countries and how it affects business is presented followed by the concepts of institutional voids. For the inquiry proposed interviews were conducted in order to capture the perspective of International Private Equity Funds on the Brazilian market. Advent International, The Carlyle Group and Mercapital replied to the inquiries and provided the tools so a picture of the sector was developed. This sector has a range of challenges and opportunities and requires the International Fund to establish a local branch in order to really succeed in the market. The results of this project pointed out to the challenges the market presents and how International Private Funds are coming about it. There are definitely gaps that need to be fulfilled however the industry is going in the right direction. Revenues may change its nature in the next couple of years, however from the Private Equity Fund perspective Brazil has been a worthwhile investment. Nonetheless, it is important to question the vision also of the investee and institutional investor so one can have the entire picture of the sector.

MCDA: análise de decisão multicritério como ferramenta de avaliação de instalações portuárias: o caso dos terminais de contêineres brasileiros

Este trabalho busca avaliar, com suporte da metodologia MCDA - análise de decisão multicritério, os terminais de contêineres brasileiros quanto a suas potencialidades como vetores de crescimento sustentado da economia, no médio e longo prazo, para priorização de investimentos públicos e privados. O trabalho se consubstancia em um levantamento bibliográfico do tema decisório, que lhe serve de base, seguido de um estudo do tema portuário, a fim de levantar os fatores que tornam viável o florescimento e desenvolvimento de um sítio portuário, além de buscar tendências do setor de contêineres no Brasil. Após estas etapas, foi desenvolvido uma modelagem para o problema de avaliação dos terminais, com ajuda do software Expert Choice. Os resultados obtidos apontam para uma alteração sensível de paradigma no panorama portuário nacional em um cenário futuro. Portos que hoje se localizam na parte superior da lista de movimentação de contêineres, à frente nas estatísticas, podem não ter para onde se expandir, enquanto outros, que se encontram menos pujantes, podem florescer nas próximas décadas, devido às características de cada sítio portuário. As mais relevantes foram selecionadas como critérios do modelo desenvolvido, são eles: águas abrigadas, retroáreas, acessos terrestres e marítimos, equacionamento de questões ambientais, localização estratégica, vocação regional, extensão de cais e áreas de expansão. Entre as conclusões deste estudo, pode-se citar: 1 - O Porto de Santos, tradicional líder do ranking nacional em movimentação de contêineres, deve se manter entre os primeiros, graças à sua proximidade com o principal centro econômico e industrial nacional, a região da grande São Paulo, embora esteja com sua capacidade perto do limite operacional, conta com áreas de expansão, como o projeto Barnabé-Bagres. 2 - Outro porto que se destacou na classificação final foi o de Itaguaí, já hoje com movimentação crescente e enorme potencial de crescimento na área de contêineres. Possui excelente condição de águas abrigadas, boa localização estratégica, entre Rio de Janeiro e São Paulo, dois pólos econômicos fortes, com influência decisiva no cenário nacional, e que dispõe de consistente plano de expansão, especialmente relacionado ao aumento de contêineres.

Social-analytics firms churn out world cup visuals

Three weeks into the world's most famous football tournament, you'd be forgiven for thinking those charts, maps and infographics you've been seeing everywhere were some kind of symptom of your World Cup fever. They are actually the result of a strategy shift by marketing teams in the social-media-measurement space, which have been investing more heavily in designers and content that can show off their products in a visual way.

Processos digitais na prefeitura de Santos

O presente trabalho foi realizado com o intuito de identificar e acompanhar os principais desafios que a Prefeitura Municipal de Santos, por intermédio de sua Secretaria de Gestão, encontrou na implantação de seu programa de digitalização de processos administrativos. Realizaram-se entrevistas em campo com quatro visitas à cidade de Santos para verificar a formulação e aplicação concreta do programa, pesquisa de material legal, especialmente do Decreto e da Portaria Municipal que criaram efetivamente a obrigação para que todos os servidores do Município elaborem determinados processos administrativos de maneira unicamente digital. Ainda, outra base de pesquisa foi a comparação da experiência com as de outros entes, poderes e órgãos públicos brasileiros que já adotaram os processos administrativos eletrônicos. A metodologia utilizada para realizar o trabalho deu-se por meio de visitas in loco e entrevistas com os gestores responsáveis e, também, com os usuários do sistema, visando coletar informações a respeito do programa – inclusive seu histórico referente à fase de formulação –, bem como perceber as impressões e expectativas dos servidores. Devido à relevância e atualidade do tema, analisou-se se o programa poderia ser considerado uma política pública, o que resultou numa conclusão positiva, com desdobramentos potenciais para a discussão da implantação e modernização de processos no âmbito da administração pública. Buscou-se, por fim, contribuir com o município para a construção de uma metodologia de avaliação mediante a utilização de indicadores, por meio dos quais torna-se possível medir a eficiência e o impacto da nova sistemática.

Winning in Brazil: how institutional voids affect the entry decision making process of foreign venture capital firms coming to Brazil

The master thesis for the achievement of the academic status master of science in international management (MPGI) will aim to solve the research question of how institutional voids affect the entry decision-making process of foreign venture capital firms coming to Brazil. This is a timely matter since in the past years there has been a sudden eruption of foreign VC involvement in Brazil. Based on the actionable framework by Khanna and Palpeu (2010) we conducted quantitative as well as qualitative research with two sets of interview partners in a two-phase analysis. We interviewed experts from VC firms, foreign VC firms based in Brazil and perspective VC firms that are looking to come to Brazil. We started with the former, derived lessons learned and analyzed how they affect the latter in reaching a decision. As we expected we found that depending on the industry that ventures are in, institutional voids can either pose an opportunity or a threat and hence attract or push away potential VC firms entering Brazil. Opportunities exist especially when exploiting institutional voids, for example through ventures in the marketplace efficiency. Threats are posed by investments in for instance hard infrastructure, where the economic, political and judicial systems as well as corruption and bureaucracy play demanding roles.

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.

Limnology of Macrobrachium amazonicum grow-out ponds subject to high inflow of nutrient-rich water and different stocking and harvest management

We evaluated the water characteristics and particle sedimentation in Macrobrachium amazonicum (Heller 1862) grow-out ponds supplied with a high inflow of nutrient-rich water. Prawns were subject to different stocking and harvesting strategies: upper-graded juveniles, lower-graded juveniles, non-graded juveniles + selective harvesting and traditional farming (non-grading juveniles and total harvest only). Dissolved oxygen, afternoon N-ammonia and N-nitrate and soluble orthophosphate were lower in the ponds in comparison with inflow water through the rearing cycle. Ponds stocked with the upper population fraction of graded prawns showed higher turbidity, total suspended solids and total Kjeldahl nitrogen than the remaining treatments. An increase in the chemical oxygen demand:biochemical oxygen demand ratio from inlet (4.9) to pond (7.1-8.0) waters indicated a non-readily biodegradable fraction enhancement in ponds. The sedimentation mean rate ranged from 0.08 to 0.16 mm day(-1) and sediment contained >80% of organic matter. The major factors affecting pond ecosystem dynamic were the organic load (due to primary production and feed addition) and bioturbation caused by stocking larger animals. Data suggest that M. amazonicum grow-out in ponds subjected to a high inflow of nutrient-rich water produce changes in the water properties, huge accumulation of organic sediment at the pond bottom and non-readily biodegradable material in the water column. However, the water quality remains suitable for aquaculture purposes. Therefore, nutrient-rich waters, when available, may represent a source of unpaid nutrients, which may be incorporated into economically valued biomass if managed properly.

Estudo epidemiológico das parasitoses oculares na população de escolares da cidade de Natal-RN, Brasil

The objective of this study is to estimate the prevalence of Ocular Toxocariasis, Diffuse Unilateral Subacute Neuroretinitis (DUSN), Toxoplasma gondii infection and Ocular Toxoplasmosis in a student population in Natal-RN/Brazil and relate it to demographic, epidemiologic and socio-economic risk factors. The incidence of DUSN was observed in patients at the Federal University of Rio Grande do Norte Ophthalmology Service and the Prontoclinica de Olhos Ophthalmology clinic in Natal. In cases where a worm was found in the subretinal space, the result of treatment with photocoagulation using Green Laser (Eye Light ALCON) was evaluated in relation to final visual result. The sample was randomly selected among the schools of the four districts of Natal, according to the type of institution (public or private), its level (elementary or secondary), and study period (morning, afternoon or evening). The school population was studied from March to May, 2001. Initially, the students answered a questionnaire to evaluate demographic, epidemiologic and socio-economic risk factors. Afterwards, the following procedures were carried out: blood samples were taken for Toxoplasmosis (IgG, IgM) serology, hemogram, ophthalmological examination, consisting of clinical history, measurement of visual acuity, refraction under cycloplegia, biomicroscopy of the anterior segment and annexa, funduscopy and examination of extrinsic motility. The prevalence of Toxocariasis was 0.2% or 2 per one thousand students. The sample was insufficient to estimate the prevalence of DUSN. Seventy patients with DUSN diagnosis were examined from January, 2001 to January, 2003. A live worm was found in the subretinal space of all four patients in the acute phase, and these were treated with laser photocoagulation. After follow-up (average = 11.5 months), visual acuity improved in three eyes and remained unaltered in one eye. Worms were found in 22 of the 66 patients in the chronic phase, and these also were treated with laser photocoagulation. After a follow-up period of 13.1 months, on average, visual acuity improved in two of the patients, remained unchanged in 19 and worsened in one. The comparison of visual result before and after treatment was not statistically significant (p = 0.302). The diagnosis of DUSN in the acute phase, followed by prompt localization and destruction of the worm by photocoagulation, can improve the patient s vision. However, destruction of the worm by laser photocoagulation in eyes with DUSN in the chronic phase does not improve visual acuity. Seroprevalence for IgG was 46% (Confidence Interval CI 95%-42.9-49.2%) and for IgM it was 1.4% (CI 95% = 0.8-2.4%). The prevalence of ocular lesion was 1.15% (CI 95% = 0.6 - 2.0%). Socio-economic conditions were determinants in the prevalence of Systemic and Ocular Toxoplasmosis in the bivaried analysis and confirmed in the multivaried analysis (mother s scholarity illiterate/ OR = 2.9 and p < 0.001). The T. gondii infection prevalence, although high, was less than that found in studies performed in the South and Southeast of Brazil and that of Ocular Toxoplasmosis was completely discrepant, varying from 5 to 17 times less. Although important epidemiological variables such as owning a cat, drinking unfiltered water, and coming into contact with rivers or lakes showed an association in the preliminary analysis, they lost their influence when included in the logistic model. Future studies are scheduled to begin in March, 2004, in collaboration with other Brazilian and American universities in an attempt to discover the reason for these findings, as well as identifying the different strains of Toxoplasma gondii, and studying the sources of water utilized by the population of Natal Brazil

Effect of intensification on grow out of the Amazon River prawn, Macrobrachium amazonicum

The effects of intensification on growth, survival, productivity, population structure, and distribution of harvested biomass in individual size classes of Macrobrachium amazonicum in semi-intensive culture were evaluated. Postlarvae (0.01 g) were stocked in 12 ponds at densities of 10, 20, 40, and 80/m(2) (three replicates per treatment) and raised for 5.5 mo. Average individual weight significantly decreased and productivity significantly increased as stocking density increased (P < 0.001), while survival was not affected (P > 0.05). Prawn mean weight at harvest ranged from 3.6 (80/m(2)) to 7.0 g (10/m(2)). Average survival ranged from 65.5% (40/m(2)) to 72.8% (20/m(2)), while productivity ranged from 508 (10/m(2)) to 2051 kg/ha (80/m(2)). Harvested biomass showed a clear bimodal distribution in individual size classes indicating the occurrence of heterogeneous growth, which may affect management and market strategies. Harvested biomass of prawns weighing more than 7 g (the best market size) increases for stocking densities up to 40/m(2) and stabilizes between 40 and 80/m(2). Growth reduction was associated with a decreasing frequency and average weight of green claw 1 and green claw 2 male morphotypes and adult females as density increased. Thus, the distribution of male morphotypes and sexually mature females are affected by density-dependent factors. Results suggest that prawn density plays an important role on M. amazonicum grow-out phase, as has been demonstrated for other species of the genus Macrobrachium. M. amazonicum tolerates grow-out intensification and may be raised in both semi-intensive and intensive systems stocked at very high densities yielding high productivity.

Direitos da personalidade: uma análise acerca da concretização da tutela constitucional

It dares to ensure that the Constitution of the Republic strengthened the rights of personality. No longer considering the denial of protection to intangible rights, against the imperative command coming from the art. 5 ° of our highest law, relevant to items V and X. Overlooking these emerge with precision, those rights of personality. Innocuous have been isolated attempts of the opposition to this constitutional protection. Deny it, or rather to restrict it, as it has done insignificant part of the doctrine and isolated judgmental pronouncements, no longer prove appropriate. Today, more than before, there is pointed out that if the human being has personal rights acquired from the design, adding to this other identity elements that allow the projection of a particular social personality. Such rights, it is worth mentioning, there are bases on the principle of human dignity that is considered general provision for the protection of personality. Based on the demonstration of this fact, after climbing into the general theory of personal rights and demonstrate the legal protection that has been present in his favor, it is hoped will, general objective, to show the effectiveness of this constitutional protection. At that point, will be reserved for special to the procedural tools that it has made a decisive contribution to the realization and effectiveness of the rights of the personality, a reality that must be imposed for the benefit of the dignity of the human person, presented here as basic foundation of the Democratic State of Law. The brazilian legal system provides the normative basis needed to provide an adequate protection to personality, from the general clause of the protection of the personality. For the achievement of its effectiveness, however, is an important update methodological and cultural of the Right as well as an effective deployment of public policies and private ensuring a better quality of life for citizens

Estudos biológicos de cochonilhas do gênero Planococcus (Hemiptera: Pseudococcidae) em diferentes hospedeiros

This work was carried out to study the development of populations of the genus Planococcus in different plant species, aiming at the verification of host specificity. The mealybugs Planococcus minor were obtained from cocoa plants (Theobroma cacao L.) and coffee crop (Coffea canephora L.), and Planococcus citri from citrus seedlings (Citrus sinensis L. Osbeck). Single eggs were transferred to Petri dishes containing leaf discs of cocoa (T. cacao cultivar Catongo), coffee (Coffea arabica L. cultivar Mundo Novo) and citrus (C. sinensis cultivar Pera Rio). They were maintained on a water-agar slide at 1%, with the abaxial surface turned upwards. The dishes were sealed with a PVC plastic film and kept in climatized chambers regulated at 25 [plus or minus] 1[degrees] C, 70 [plus or minus] 10% RH and 12 hours of photophase. For the mealybugs coming from cocoa plants, the citrus substrate prolonged the nymphal development of the males (26.0 days). In the nymphal period of females and males coming from coffee plants, the coffee substrate allowed a shorter duration of that period (19.2 and 21.3 days, respectively) and, in addition to having providing a longer longevity to the females (59.1 days). The highest rates of mortality were obtained when they were reared on the cocoa substrate, regardless of the host plant from which they were originally collected, and when kept on citrus, for insects collected on coffee plants. P. citri and P. minor have higher preference for coffee substrate regardless of the original host, thus showing partial host specificity.

Ser professor de português: o que dizem os discursos reguladores, os alunos e os professores no contexto da formação inicial (UMINHO/Portugal e UFRN/Brasil)

The constitution of being a teacher of Portuguese occurs in a dynamic process involving various factors, such as the requirements of regulatory documents, the context of teacher formation, and the configuration of current society, per se. This study is aimed at reflecting on the initial formation of teachers of Portuguese and on official documents that face this formation, raising the following questions: (1) what does it mean to be a Portuguese teacher? (2) what is the vision of the subjects (teachers and students) involved with the formation of teaching the Portuguese Language? (3) how do these individuals deal with official documents? and (4) how do these subjects discourses relate? To understand the context of the formative processes and the knowledge inherent in them, first we take the studies of Garcia (1999) and Tardif (2002) as a theoretical framework, and to understand and interpret the utterances of the interviewees, we were grounded in the writing of Bakhtin (2003), for whom the object of the Humanities, the sciences of man, is the text, since man is, by nature, an expressive being. We situate this study in the framework of qualitative research. It is a multiple case study that focuses on two contexts: formation of teachers of Portuguese at the University of Minho, Portugal, and the Federal University of Rio Grande do Norte, Brazil. The data that make up the research corpus come from documents elaborated by the Ministries of Education of Portugal and Brazil and were adopted by the two teacher formation institutions cited, from individual interviews involving eight trainer teachers (four from each university), and from two group-interviews (one in each institution), done with students in training. Our analysis is divided into three stages: first, document analysis; second, analysis of the discourse of the teachers in both contexts studied; and, third, analysis of the speech of the students in training. It is noteworthy that our purpose in this research was not to come out with a definition like being a teacher of Portuguese is X, but we are interested, above all, in discussing the issues surrounding initial formation, seeking different points of view, and hearing voices coming from different social positions for better understanding our object of study. Our analysis reveals that the initial formation of teachers of Portuguese, both in Portugal and Brazil, occurs in a complex way, under the influence of various factors, including: (a) difficulties in having the individuals involved adapt to the demands of regulatory agencies; (b) students and teachers adequacy to the organizational model of the post-secondary institution; (c) teachers difficulties to deal with the learning problems of students who have limited schooling basis and come from distinct socioeconomic realities; (d) a search for the establishment of methodologies for teaching and learning the Portuguese Language more adequate to reality; and (e) a search for a definition of professional knowledge needed for the teaching practice