February 2000: Advisory Board; Archives and Special Collections

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March 2004: Film Festival Honors Brown v. Board of Education

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Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

The relationship between board of director's nationality diversity and financial performance

Companies are moving to a more international structure; going into new markets and having an increased competition in all fronts. Therefore, the practices that lead companies to a more efficient and competitive position are praised. The management of the workforce comes as one of the main concerns of companies, aiming at performance enhancing and at creating better environments that both attract and maintain the professional talents. In an increasingly international environment, companies tend to look for the specialists and best professionals, regardless of their nationality. This new structure with several different nationalities working together poses new challenges for companies. Understanding if and how a more diverse has a relationship with financial performance is the starting point for better managing this new corporate structure.

Two heads may not be better than one : corporate board structure, managerial self-dealing,and common agency

This paper compares the effects on corporate performance and managerial self-dealing in a situation in which the CEO reports to a single Board that is responsible for both monitoring management and establishing performance targets to an alternative in which the CEO reports to two Boards, each responsible for a different task. The equilibrium set of the common agency game induced by the dual board structure is fully characterized. Compared to a single board, a dual board demands less aggressive performance targets from the CEO, but exerts more monitoring. A consequence of the first feature is that the CEO always exerts less effort toward production with a dual board. The effect of a dual board on CEO self-dealing is ambiguous: there are equilibria in which, in spite of the higher monitoring, self-dealing is higher in a dual system. The model indicates that the strategic interdependence generated by the assignment of different tasks to different boards may yield results that are far from the desired ones.

The possibility of primordial black hole direct detection

This thesis explores the possibility of directly detecting blackbody emission from Primordial Black Holes (PBHs). A PBH might form when a cosmological density uctuation with wavenumber k, that was once stretched to scales much larger than the Hubble radius during ination, reenters inside the Hubble radius at some later epoch. By modeling these uctuations with a running{tilt power{law spectrum (n(k) = n0 + a1(k)n1 + a2(k)n2 + a3(k)n3; n0 = 0:951; n1 = ????0:055; n2 and n3 unknown) each pair (n2,n3) gives a di erent n(k) curve with a maximum value (n+) located at some instant (t+). The (n+,t+) parameter space [(1:20,10????23 s) to (2:00,109 s)] has t+ = 10????23 s{109 s and n+ = 1:20{2:00 in order to encompass the formation of PBHs in the mass range 1015 g{1010M (from the ones exploding at present to the most massive known). It was evenly sampled: n+ every 0.02; t+ every order of magnitude. We thus have 41 33 = 1353 di erent cases. However, 820 of these ( 61%) are excluded (because they would provide a PBH population large enough to close the Universe) and we are left with 533 cases for further study. Although only sub{stellar PBHs ( 1M ) are hot enough to be detected at large distances we studied PBHs with 1015 g{1010M and determined how many might have formed and still exist in the Universe. Thus, for each of the 533 (n+,t+) pairs we determined the fraction of the Universe going into PBHs at each epoch ( ), the PBH density parameter (PBH), the PBH number density (nPBH), the total number of PBHs in the Universe (N), and the distance to the nearest one (d). As a rst result, 14% of these (72 cases) give, at least, one PBH within the observable Universe, one{third being sub{stellar and the remaining evenly spliting into stellar, intermediate mass and supermassive. Secondly, we found that the nearest stellar mass PBH might be at 32 pc, while the nearest intermediate mass and supermassive PBHs might be 100 and 1000 times farther, respectively. Finally, for 6% of the cases (four in 72) we might have substellar mass PBHs within 1 pc. One of these cases implies a population of 105 PBHs, with a mass of 1018 g(similar to Halley's comet), within the Oort cloud, which means that the nearest PBH might be as close as 103 AU. Such a PBH could be directly detected with a probability of 10????21 (cf. 10????32 for low{energy neutrinos). We speculate in this possibility.

Use of glass transition temperature for stabilization of board's cracks of Eucalyptus grandis

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

Validade e reprodutibilidade do Wii Balance Board para avaliação do equilíbrio vertical estático: um novo método de avaliação.

The Wii Balance Board (WBB) began to be investigated as a low-cost alternative for assessing static balance in vertical posture. However, studies employed methodological procedures that did not eliminate result variability between the tests and equipment used. Objective: Determine the validity and reproducibility of the WBB as an instrument for assessing static balance in the vertical position, using simultaneous data analysis and superimposed equipment. Methods: This is an accuracy study of 29 healthy young individuals of both sexes aged 18 to 30 years. Subjects were assessed 24h apart (test-retest), using unipodal and bipodal support tests, with eyes closed and open. To that end the WBB was placed on top of a force platform (FP) and data (postural sway) were collected simultaneously on both devices. Validity and reproducibility were analyzed using the interclass correlation coefficient (ICC). Finally, Bland-Altman analysis was applied to assess agreement. Results: The sample was composed of 23 women and 6 men, with mean age of 24.2±6.3 years, 60.7±6.3 kg and 1.64±4.2 m. The validity of the WBB compared to the FP was excellent for all 4 tasks proposed (ICC = 0.93 0.98). The reproducibility analyzed by test-retest was excellent for the bipodal support tasks (ICC = 0.93-0.98) and only moderate for the unipodal support tests (ICC = 0.46 0.70). Graphic analysis exhibited good agreement between the devices, since most of the measures were within the limits of agreement. Conclusion: this study proved the validity and reproducibility of the Wii Balance Board as an instrument for assessing static balance in vertical posture, using simultaneous analysis with superimposed equipment. Thus, the WBB has been increasingly used by physical therapists and other health professionals in their clinical practice, as both a rehabilitation and assessment tool

Kinetics of interface state-limited hole injection in alpha-naphthylphenylbiphenyl diamine (alpha-NPD) thin layers

Injection-limited operation is identified in thin-film, alpha-NPD-based diodes. A detailed model for the impedance of the injection process is provided which considers the kinetics of filling/releasing of interface states as the key factor behind the injection mechanism. The injection model is able to simultaneously account for the steady-state, current-voltage (J-V) characteristics and impedance response. and is based on the sequential injection of holes mediated by energetically distributed surface states at the metal-organic interface. The model takes into account the vacuum level offset caused by the interface dipole, along with the partial shift of the interface level distribution with bias voltage. This approach connects the low-frequency (similar to 1 Hz) capacitance spectra, which exhibits a transition between positive to negative values, to the change in the occupancy of interface states with voltage. Simulations based on the model allow to derive the density of interface states effectively intervening in the carrier injection (similar to 5 x 10(12) cm(-2)), which exhibit a Gaussian-like distribution. A kinetically determined hole barrier is calculated at levels located similar to 0.4 eV below the contact work function. (C) 2008 Elsevier B.V. All rights reserved.

Photoinduced hole-transfer in semiconducting polymer/low-bandgap cyanine dye blends: evidence for unit charge separation quantum yield

Power-conversion efficiencies of organic heterojunction solar cells can be increased by using semiconducting donor-acceptor materials with complementary absorption spectra extending to the near-infrared region. Here, we used continuous wave fluorescence and absorption, as well as nanosecond transient absorption spectroscopy to study the initial charge transfer step for blends of a donor poly(p-phenylenevinylene) derivative and low-band gap cyanine dyes serving as electron acceptors. Electron transfer is the dominant relaxation process after photoexcitation of the donor. Hole transfer after cyanine photoexcitation occurs with an efficiency close to unity up to dye concentrations of similar to 30 wt%. Cyanines present an efficient self-quenching mechanism of their fluorescence, and for higher dye loadings in the blend, or pure cyanine films, this process effectively reduces the hole transfer. Comparison between dye emission in an inert polystyrene matrix and the donor matrix allowed us to separate the influence of self-quenching and charge transfer mechanisms. Favorable photovoltaic bilayer performance, including high open-circuit voltages of similar to 1 V confirmed the results from optical experiments. The characteristics of solar cells using different dyes also highlighted the need for balanced adjustment of the energy levels and their offsets at the heterojunction when using low-bandgap materials, and accentuated important effects of interface interactions and solid-state packing on charge generation and transport.

Towards coherent optical control of a single hole spin: Rabi rotation of a trion conditional on the spin state of the hole

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Schwarzschild generalized black hole horizon and the embedding space

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Circuit board accident - organizational dimension hidden by prescribed safety

This study analyzes an accident in which two maintenance workers suffered severe burns while replacing a circuit breaker panel in a steel mill, following model of analysis and prevention of accidents (MAPA) developed with the objective of enlarging the perimeter of interventions and contributing to deconstruction of blame attribution practices. The study was based on materials produced by a health service team in an in-depth analysis of the accident. The analysis shows that decisions related to system modernization were taken without considering their implications in maintenance scheduling and creating conflicts of priorities and of interests between production and safety; and also reveals that the lack of a systemic perspective in safety management was its principal failure. To explain the accident as merely non-fulfillment of idealized formal safety rules feeds practices of blame attribution supported by alibi norms and inhibits possible prevention. In contrast, accident analyses undertaken in worker health surveillance services show potential to reveal origins of these events incubated in the history of the system ignored in practices guided by the traditional paradigm.

Quantum toy model for black-hole backreaction

We propose a simple quantum field theoretical toy model for black-hole evaporation and study the backreaction of Hawking radiation onto the classical background. It turns out that the horizon is also pushed back in this situation (i.e., the interior region shrinks) though this backreaction is not caused by energy conservation but by momentum balance. The effective heat capacity and induced entropy variation can have both signs-depending on the parameters of the model.