Regulatory reform in the brazilian railway sector and concession valuation: a preliminary assessment

Trabalho apresentado na 4th Conference on the Regulation of Infrastructures

Regulatory reform in the brazilian railway sector and its potential effects

Trabalho apresentado no Law and Society Annual Conference, 2015

Regulatory reform in the brazilian railway sector: a preliminary assesment

Escola de Direito do Rio de Janeiro da Fundação Getulio Vargas

Estudo de caso: uma reflexão sobre as estruturas internas da Secretaria de Estado de Saúde do Rio de Janeiro para acompanhamento e controle de contratos firmados com a iniciativa privada para gestão de unidades de saúde

Este estudo objetiva comparar as estruturas internas da Secretaria de Estado de Saúde do Rio de Janeiro (SES/RJ) organizadas para a execução do acompanhamento e controle de contratos de gestão firmados com parceiros privados para prestação de serviços de saúde no estado. As modalidades de contratação abordadas foram: “Gestão Compartilhada”, contratação entre a SES/RJ e empresa privada com base na Lei Nº 8.666 de 21 de junho de 1993 e “Gestão por Organização Social de Saúde (OSS)”, contratação entre a SES/RJ e OSS com base na Lei Nº 6.043 de 19 de setembro de 2011. Visando o cumprimento do marco legal no que tange ao controle dos contratos de gestão, a SES/RJ reformulou estruturas internas, instituindo novas instâncias de acompanhamento de contratos. A premência na implantação dos novos mecanismos de gestão assistencial para atendimento às necessidades de saúde da população fluminense prejudicou a avaliação e possível mensuração de custos de transação. Não obstante os contratos de gestão produzam o bem público maior, qual seja a oferta de serviços de saúde de qualidade à população fluminense, há que se considerar que a eficiência é um princípio expresso na Emenda Constitucional nº 19 de 1998 e deve ser perseguida pela Administração Pública. À luz da Teoria de Custos de Transação, a hipótese deste trabalho é que o Poder Público pode incorrer em perdas desconhecidas com a estrutura de governança de contratos com OSS, se custos de transação não forem mensurados. Para avaliar a pertinência da suposição, é proposta comparação com a estrutura de governança de contratos de Gestão Compartilhada.

Turnaround de empresas com problemas de compliance - o caso Siemens

It is very relevant, for academic or for society purposes as a whole the subject "corruption", a recurring problem that plagues companies and Governments in various parts of the world. Many recent cases draw attention to this topic, but one in particular, the case of corruption of the company Siemens AG, that resulted in the payment of the largest fines in the history on your model, based on the terms of the FCPA since it became law in 1977. This event caters specifically to the objective of this work which is to make an analysis based on agency theory and the codes of good practices of corporate governance on how large companies revising their corporate management systems and practices aiming at the recovery of its institutional image after significant impact on the company, such as the corruption scandal in which Siemens was involved. For this study, we opted for qualitative research as a methodological path contemplating the single case study. In the process of data collection were used data obtained through documentary research about the corruption scandal on public collection available in the internet. Open conversations were made with 3 compliance Department officials of Siemens for the purposes of understanding the case with. At the end of this work, it was observed in the Siemens turnaround process a correlation between what was proposed by the Agency Theory about internal control Systems based on what was accomplished by the company when promoted an extensive restructuring of the Department of compliance and corporate governance system, the improvement of internal controls, as well as the creation of detection tools , control, analysis and prevention of fraud, which were used to minimize the effects generated by the conflict of interest covered by the theory of Agency. KEY WORDS: Corporate Governance; Compliance; Corruption; Turnaround, Agency Theory

Analysis of the economic and financial relations between Latin American and the Caribbean and the BRICS group

This document has been prepared in compliance with Activity III.1.2 of the Work Programme of SELA for the year 2015, entitled “Analysis of the economic and financial relations between Latin America and the Caribbean and the BRICS countries”. The document comprises an introduction, four chapters and a final section with the conclusions and recommendations stemming from the study. Chapter I describes the economic performance of the BRICS countries, their economic relations with Latin America and the Caribbean and the functioning of the development banks of the member countries. Chapter II assesses the financial architecture of Latin America and the Caribbean and explores the needs for financing in the region. Chapter III deals with the regulatory frameworks governing public and private investments in Latin America and the Caribbean and the Bilateral Investment Treaties with the BRICS countries. Finally, Chapter IV describes the main features of the New Development Bank (NDB) and the Contingent Reserve Agreement of the BRICS

Inserção de fornecedores locais como fonte de desempenhos em custos de transação e legitimidade: estudo de caso na cadeia produtiva do petróleo e gás do Rio Grande do Norte

The inclusion of local suppliers in production chains has considerable impact on its performance, but most notably in its main actors. The results of this process may be of different kinds and can be analyzed from economic or institutional approaches. This study aimed to verify the existence of different performances of Petrobras due to the inclusion of local suppliers in the oil and gas production chain in the state of Rio Grande do Norte, from the viewpoints of transaction costs and the Institutional Theory. In order to this, were made the characterization of the PROMINP, the description of its actions and results, the mapping of its institutional context of reference, and identification of results obtained by Petrobras in terms of transaction costs and legitimacy. The theoretical framework is based on authors dealing with industrial concentration, as like Marshall, Krugman, Porter and Schmitz, from the sociological perspective of neoinstitucional theory, as like DiMaggio and Powell and Scott and Meyer, and transaction costs, as like Williamson. This is a qualitative research, with data collection done by consulting secondary fonts and semi-structured interviews with nineteen actors of three groups, namely: actors involved in actions of the program, representatives of enterprises and representative of Petrobras. To analyze the content was used the Suchman s model (1995) for categories associated with strategies of legitimation and fourteen variables associated with the three variables assets specificity, bounded rationality and opportunism (Williamson, 1995, 1989) in the case of transaction costs. The results indicate that PROMINP has achieved its objectives by encouraging the increased participation of local companies in the oil and gas production chain, reflecting in the economic development of the state. The Redepetro/RN, fostered and built upon the interaction of the participants, is presented as a solution of continuity to the participation of enterprises in the chain, after the closure of the actions of the program. PROMINP demands responses to coercive, legislative and regulatory pressures of the organizational field, whose institutional context of reference is wide. From the point of view of legitimacy, through strategies to gain cognitive legitimacy and maintaining pragmatic legitimacy, Petrobras can manipulate the environment, ensuring the compliance of the constituents to their technical and institutional demands. Enterprises, in turn, respond to the demands through compliance with technical demands, mainly through the certification of processes, and cultural changes. There aren t clear gains related to the transaction costs, however, gains in legitimacy can be seen as a cumulative capital that can serve as a competitive differential that generates economic gains. In terms of theoretical findings, it was found that, due to its explanatory power for actions that are difficult to explain only in economic terms, Institutional Theory may be used as theoretical support concurrent with other theories. TCE model has limitations in explaining the program actions. In the case, it s emphasized that Petrobras doesn t seek only economic efficiency, but has in its mission the commitment to social development.

Biomassa e desenvolvimento sustentável e sócio regional no Brasil: uma análise à luz da Constituição Federal de 1988

It is verified worldwide an increasing concern with the protection of natural resources in the planet, a fact that became relevant in Brazil since the promulgation of the Constitution of 1988, based on the viewpoint of sustainable development, which seeks to promote economic activities in the country according to the need for conservation and preservation of natural resources for the use of present and future generations. In addition, we seek to reduce the differences that occur in our society by determining as a fundamental objective to be persecuted by the Federative Republic of Brazil the reduction of social and regional inequalities. A value that should also be observed in the context of economic activities developed here, since it is a general principle of financial and economic order of the country. Therefore, considering the exhaustion of world s reserves of fossil fuels, as well as the impacts on the environment, especially for the large emission of greenhouse effect gases, the debate about the need to change the global energy matrix increases while alternative energy sources appears as a bet to fulfill the contemporary aspirations for sustainability, and Brazil emerges in a very favorable position, because it has the essential natural conditions to allow this sector s full development. In this perspective, the work has the scope to analyze how the production of alternative energy sources may act in the search for concretization of constitutional values, to promote sustainable development for present and future generations, and to reduce regional and social inequalities in an attempt to improve the quality of life of the population. It will also be observed the current regulatory framework of alternative energy sources in the national laws to verify the existence of legal and institutional security, which is necessary to guarantee the full development of the sector in the country. And to investigate the expected results, it will be observed through the concrete evaluation of specific practices adopted in the industry, analyzing their actual compliance with the constitutional provisions under analysis, based on the examination of the possibility of using renewable biomass sources for biofuel production, promoting development to the country, indicating the opening lines about how this important sector can act to solve the energy challenge today

Avaliação de desempenho em mercados reguladores de transporte urbano por ônibus :proposição de um modelo aplicável ao caso de Natal

Increased competition in the market of urban transport, characteristic of the Brazilian cities from years 90, has required actions of the managing agencies to ensure the universality of service, enhancing efficiency and consumer welfare. It grows in the Brazilian municipalities, the need to adopt a systematic performance evaluation in terms of management system of indicators and targets appropriate to the regulatory context, which has the purpose of evaluating the accomplishment and compliance by dealers, of the services granted during the contract period, marked by increasingly long periods. The introduction of an index operational performance in permission contracts/concession in urban buses is intended to establish a regulatory performance, giving the contract a pro-competitive feature and to allow the managing agency the systematic and continuous monitoring of the performance of the delegated service to avoid major deviations from desired performance. A performance assessment model of public transportation companies by bus, and applicable to the case of Natal is proposed. Sought to add the particularities found in the transport system in order to assess the performance of enterprises, contribute to improving the service quality to the population and enable decision-makers a detailed knowledge of the behavior of the licensees

Myocardial dysfunction with increased ventricular compliance in volume overload hypertrophy

The aim this study was to evaluate systolic and diastolic function in volume overload induced myocardial hypertrophy in rats.Volume overload myocardial hypertrophy was induced in thirteen male Wistar rats by creating infrarenal arteriovenous fistula (AVF). The results were compared with a SHAM operated group (n = 11). Eight weeks after surgery, tail-cuff blood pressure was recorded, then rats were sacrificed for isolated heart studies using Langendorffs preparation.AVF rats presented increased left and right ventricular weights, compared to controls. The increased normalized ventricular volume (V0/LVW, 0.141 +/- 0.035 mL/g vs. 0.267 +/- 0.071 mL/g, P < 0.001) in the AVF group indicated chamber dilation. Myocardial hydroxyproline concentration remained unchanged. There was a significant decrease in +dP/dt (3318 +/- 352 mm Hg s(-1) vs. 2769 +/- 399 mm Hg s(-1); P=0,002), end-systolic pressure-volume relation (246 +/- 56 mm Hg mL(-1) vs. 114 +/- 63 mm Hg mL(-1);, P < 0,001), and -dP/dt (1746 +/- 240 min Hg s(-1) vs. 1361 +/- 217 mm Hg s(-1), P < 0.001) in the AVF group, which presented increased ventricular compliance (Delta V-25: SHAM=0.172 +/- 0.05 mL vs. AVF=0.321 +/- 0.072 mL, P < 0.001) with preserved myocardial passive stiffness (Strain(25): SHAM=13.5 +/- 3.0% vs. AVF=12.3 +/- 1.9%, P > 0.05).We conclude that volume-overload induced hypertrophy causes myocardial systolic and diastolic dysfunction with increased ventricular compliance. These haemodynamic features help to explain the long-term compensatory phase of chronic volume overload before transition to overt congestive heart failure. (c) 2006 European Society of Cardiology. Published by Elsevier B.V. All rights reserved.

Expression of cell cycle regulatory proteins in epithelial components of dental follicles

Dental follicle is a component of tooth germs, which remain adjacent to the crown of unerupted or impacted teeth. Under the influence of pathologic changes, however, dental follicles that possess reduced epithelium can proliferate into stratified squamous epithelium as far as originate dental cysts. In order to clarify the role of apoptosis and cellular proliferation herein, expression of p53 and PCNA was examined in epithelial components of dental follicles associated with impacted third molars by means of immunohistochemistry. A total of 40 cases was included in this study being 22 cases with reduced epithelium and 18 cases with stratified epithelium. Expression of p53 expression was weak or not detected in dental follicles with reduced and stratified squamous epithelium. By contrast, PCNA positive cells were evidenced in basal and supra basal layers of the stratified squamous epithelium and in reduced epithelium of dental follicles, but without any significant statistically differences between them (P > 0.05). In conclusion, these data suggest that dental follicles possess proliferative activity as depicted by PCNA-positive nuclei in some epithelial cells. However, the biological behavior of dental follicles during the late stage of dental eruptive process may not be associated with deregulation of death and/or cell proliferation.

International Recommendations for Training Future Toxicologic Pathologists Participating in Regulatory-Type, Nonclinical Toxicity Studies

The International Federation of Societies of Toxicologic Pathologists (IFSTP) proposes a common global framework for training future toxicologic pathologists who will support regulatory-type nonclinical toxicology studies. Trainees optimally should undertake a scientific curriculum of at least 5 years at an accredited institution leading to a clinical degree (veterinary medicine or medicine). Trainees should then obtain 4 or more years of intensive pathology practice during a residency and/or on-the-job "apprenticeship," at least 2 years of which must be focused on regulatory-type toxicologic pathology topics. Possession of a recognized pathology qualification (i.e., certification) is highly recommended. A non-clinical pathway (e.g., a graduate degree in medical biology or pathology) may be possible if medically trained pathologists are scarce, but this option is not optimal. Regular, lifelong continuing education (peer review of nonclinical studies, professional meetings, reading, short courses) will be necessary to maintain and enhance one's understanding of current toxicologic pathology knowledge, skills, and tools. This framework should provide a rigorous yet flexible way to reliably train future toxicologic pathologists to generate, interpret, integrate, and communicate data in regulatory-type, nonclinical toxicology studies. (J Toxicol Pathol 2010; 23: 171-181)