The risk-incentive trade-off in competitive search

Usando a abordagem de competitive search, modelo um mercado de trabalho com trabalhadores heterogêneos no qual há um problema de risco moral na relação entre firmas e trabalhadores. Nesse contexto, consigo prever como contratos reagem a mudanças nos parâmetros do mercado (em particular, o risco de produção), assim como a variação da probabilidade dos trabalhadores serem contratados. Minha contribuição principal é ver que, no nível individual, existe uma relação negativa entre risco e incentivos, mas efeitos de equilíbrio geral implicam que essa relação pode ser positiva no nível agregado. Esse resultado ajuda a esclarecer resultados empíricos contraditórios sobre a relação entre risco e incentivos.

Do firms always want to learn from corporate venture capital investments?

In this paper, the learning intentions and outcomes for corporate venture capital are questioned. Through qualitative research in the oil and gas sector, we identified a desire to control the direction and pace of innovation as the main driver for this type of investments. A new model and framework for CVC are presented. Contrary to the traditional model of CVC, which features a dyadic relation between corporate investor and venture entrepreneur, our model shows that CVC investments create a more complex conjoint of relations between multiple stakeholders. These relations challenge the neo-Schumpeterian model of competition. Using the grounded theory approach, we created a theoretical framework explaining and predicting outcomes of corporate venture capital other than learning. At firm level, our framework conceptualizes CVC programs as dynamic capabilities, and suggests a competitive advantage for the corporate investor through its ability to faster and better integrate the new technology. At market level, we proposed that CVC investments positively affect the pace of innovation in the market through an increased speed of acceptance of technologies supported by corporate investors.

The importance of firms' strategic resources and capabilities in crisis situations

The general idea of this research is to analyze overall firm performance before and after the global financial crisis of 2008. The main question is: What kind of strategies did companies adopt that led to positive business performance after the crisis? Are there any particular competitive advantages that bring better performance in the case of an economic downturn? This research focuses on competitive advantage gained by resource-based view attributes of a product (quality, durability and prestige) and dynamic capabilities (strategic flexibility in product development and technological innovation ability). The economic crisis setting provides a proper background to analyze the competitive advantage strategies in a dynamic, low-probability environment to determine which are most worth adopting in the business world. I employ an OLS regression analysis in order to measure the business performance of 136 Brazilian firms across four years – 2002, 2005, 2008 and 2012. The findings indicate that even though all of the strategic resources and capabilities positively influence firm performance in expansionary periods, only the superior product characteristics are pertinent in surviving an economic downturn.

The benefits and pitfalls of participating in a corporate inversion: a case study of two companies on two different paths

Even though the term corporate inversion has been heard globally for decades, it has only become more prevalent in the United States during the past two years. This case study examines two United States companies that recently had very high profile and public corporate inversion experiences. Complicated tax laws and high tax rales have long eroded the ability of United States companies to remain competitive on a global scale. During the past two years, tax reform has been elevated to the Presidential and Congressional levei. Because these reform efforts have stalled, however, and in the constant search for ways to become more competitive and profitable, United States dorniciled companies have begun to more aggressively explore corporate inversion. This case study of Walgreens Alliance Boots and Mylan N.V., is undertaken because while the reasons to pursue a corporate inversion for both companies were very similar and done during the same time period, the internai process and final outcome were dramatically different. The other dynamic studied is the role both internai and externai politics had on these two cornpanies and how they influenced the decisions made by the executives. Lastly, the Obama Administration continues to threaten so called "corporate America" to remain in the country through regulatory pressure, but this has not stopped companies frorn pursing corporate inversions. Legislatively, attempts at corporate tax reform, another way to encourage Untied States companies to remain, have also failed. I will not try to determine i f a corporate inversion is the right path for a company to take. I am examining how the rise o f the practice o f corporate inversions has been elevated in boardroorns, on Wall Street, in Congress and at the White House during the past two years.

Optimal Mirrleesian taxation in non-competitive labor markets

We study optimal labor income taxation in non-competitive labor markets. Firms offer screening contracts to workers who have private information about their productivity. A planner endowed with a Paretian social welfare function tries to induce allocations that maximize its objective. We provide necessary and sufficient conditions for implementation of constrained efficient allocations using tax schedules. All allocations that are implementable by a tax schedule display negative marginal tax rates for almost all workers. Not all allocations that are implementable in a competitive setting are implementable in this noncompetitive environment.

Effects of capital structure on markups and competitive performance : evidence from Portugal

Este estudo avalia os efeitos da estrutura de capital nas margens de lucro e no desempenho competitivo. Aplica teorias relativas à contra ciclicidade das margens de lucro, e aos resultados do mercado do produto de Chevalier e Scharfstein (1996), a dados portugueses, seguindo a metodologia de Campello (2001). Utilizando dados de painel de empresas pertencentes à indústria transformadora Portuguesa, a análise fornece evidencia para a contra-ciclicidade de margens de lucro e de um efeito conjunto de dívida e recessão económica nas margens de lucro. Tendo por base o recenseamento de empresas Portuguesas, a análise não fornece evidência de uma relação significativa entre a estrutura de capital e o desempenho competitivo.

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.

Estudo e implementação de algoritmos inteligentes para detecção e classificação de falhas na medição de gás natural

This master dissertation presents the study and implementation of inteligent algorithms to monitor the measurement of sensors involved in natural gas custody transfer processes. To create these algoritmhs Artificial Neural Networks are investigated because they have some particular properties, such as: learning, adaptation, prediction. A neural predictor is developed to reproduce the sensor output dynamic behavior, in such a way that its output is compared to the real sensor output. A recurrent neural network is used for this purpose, because of its ability to deal with dynamic information. The real sensor output and the estimated predictor output work as the basis for the creation of possible sensor fault detection and diagnosis strategies. Two competitive neural network architectures are investigated and their capabilities are used to classify different kinds of faults. The prediction algorithm and the fault detection classification strategies, as well as the obtained results, are presented

Prevention of Salmonella infection by contact using intestinal flora of adult birds and/or a mixture of organic acids

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

The Effect of Serial Culture and Storage on the Protective Potential of a Competitive Exclusion Preparation

Cultura de fezes (Método de Exclusão Competitiva - EC) utilizada para prevenir a colonização cecal de aves por Salmonella enterica serovar Enteritidis (SE) foi submetida a cultivos seriados para evitar a presença de patógenos e, após o tratamento mais adequado, foi armazenada em temperatura de refrigeração antes do seu uso por até 63 dias. Os resultados mostraram que o cultivo repetido por 14 vezes não prejudica a ação protetora da cultura (CE), a qual continua inibindo a colonização cecal por SE. O produto submetido a 12 cultivos e armazenado durante 28 dias em temperatura de refrigeração também continua eficaz.

The status of soil phosphate fractions and the ability of fungi to dissolve hardly soluble phosphates

Brazilian soils predominantly consist of iron and aluminum oxides and have a low phosphorus content. The present study was carried out in order to assess the status of phosphate fractions in pasture, forest and agricultural soils and the ability of soil fungi to solubilize iron and aluminum phosphates. The abundance of P fractions in the soils studied occurred in the following order: Fe-P > reductant-soluble Fe-P > occluded Fe-P > occluded Al-P > Al-P > Ca-P. of the 481 fungi isolated, 33 showed the ability to solubilize the inorganic phosphates in culture. of these, 14 were considered to be high or very high solubilizers based on a solubilization capacity > 1000 mu g PO43- ml(-1). Isolate F-111 was the only one that dissolved all the insoluble phosphates used. Nine isolates solubilized both Al-P and Ca-P, and four other isolates only solubilized Ca-P. The highest number of isolates with high solubilization capacity were detected in pasture soil, followed by tropical rain forest and forest patch soils. Pasture soil presented both the largest contents of insoluble phosphates and the largest number of fungal isolates with phosphate-solubilizing ability. The range and size of P fractions influenced the number of fungi and their ability to solubilize hardly soluble phosphates. (c) 2004 Elsevier B.V. All rights reserved.

Gestão do Conhecimento baseado na análise de GAP de competências: Um estudo de caso do DETRAN-RN

The Knowledge Management in organizations is a continuous process of learning that is given by the integration of data, information and the ability of people to use this information. The Management Skills is concerned to understand the powers of officials in the face of organizational skills (teams) and professionals (or tasks positions) want. Joints are located in the greater context of the economy of organizatio s and have the same assumption: that the possession of scarce resources, valuable and difficult to imitate gives the organization a competitive advantage. In this sense, this thesis proposes a model of knowledge management based on analysis of GAP of powers, namely the gap between the skills needed to reach the expected performance and skills already available in the organization, officials and trainees of Coordination of Registration of conductors of DETRAN-RN. Using the method of survey research could make an analysis of academic skills, techniques and emotional individual and a team of officials and trainees, identifying levels of GAP's competence in that sector of the organization and suggest a plan for training , A level of expertise for each sector of coordination, and propose a model for Knowledge Management to help the management of GAP's identified

Competitividade na pequena produção agroindustrial: estudo na agroindústria da castanha de caju

This paper looks into the cashew nut industrial process as a factor in adding value to it and involves its productions, industrialization and marketing. Its competitiveness fundamentally depends in its ability to surpass technological and non technological difficulties that contributes to increase costs and diminishes attributes to better qualities which means values to the market. The methodology applied in this paper was application of a questionnaire with a Likert model scale with closed questions and constituted by variables that composed nominated groups: exporting obstacles, market strategy, competitive advantages, broken nuts index, productive potential and social-economic profile of members of the Cooperative. A descriptive analysis was the method employed for the data analysis. After identifying some of the quantitative gains in the industrial process of the cashew nuts, recommendations are presented to COOPERCAJU to promote courses to improve the members productivity as well as technical assistance, in order to get more efficacy in the cashew nuts industrial processing