Capital misallocation and mitigating policies

The purpose of this work is to study the role for government in mitigating capital misallocation. We develop an entrepreneurship model in which heterogeneous producers face collateral constraints on production, but can hedge idiosyncratic shocks. Hedging works as a tool for reallocating resources to states in which they are more productively deployed, and can alleviate the effect of the financial frictions and be a counteracting force to capital misallocation. Government incentives to hedging improve workers’ welfare in steady state through an increase in TFP and wages. The intervention leads to a reduction in the rate of return of entrepreneurs and an increase in wealth dispersion. These two effects cause entrepreneurial welfare to decrease.

Welfare cost of inflation considering adoption decisions and interest-bearing deposits

Attanasio et al. (JPE, 2002) have used microeconomic data on households to provide new estimates of the welfare costs of infiation using Bailey's unidimensional welfare measure as a basis for their calculations. Such a measure does not properly take into consideration lhe fact that the majority of households in their sample (58.7 percent) holds not only bank deposits and currency, but also a second type of interest-bearing assct. This work devises alternative formulas which account for the existence of bank deposits and a sccond interest-bearing asset in the economy, as well as for adoption decisions regarding alternative financiai technologies.

Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Micarande: festa do povo?

Contemporary politics have assumed new configurations both in the way they are carried out and in the content publicized. Nevertheless, some practices are unchanged since antiquity. But the advent of the media and its circumstantial molding of current society have forced politics to make some changes to adapt both to mass media and to the new social practices in liberal democracy. Given that fact, this study tried to demonstrate how power has become personalized in Campina Grande, Paraíba, Brazil, by a politician named Cássio Cunha Lima. Through the communications media and popular manifestations, he has been trying to create a symbiosis between Micarande a Carnival party (not held in the traditional Mardi Gras week) and his own public image, elaborating a process that identifies him with that event. In that way, he hopes to appropriate the festival and project his political image by using the party as na electoral currency in his publicity campaigns

Nas sombras da família coelho: a dinâmica de uma dominação política

As one of the most important cities in the state of Pernambuco, Petrolina is settled in the Pernabucanian backwoods, a place that still holds its own traditions and manners. Petrolina s economy is mainly based on primary activities. It s politics is run by Family groups which preserve themselves and remain in power, using the clientelism, which could be said as a give and get practice. That means that the suffrage is a currency to exchange benefits. The present study analyses facts occurred in the political history of the Coelho s Family, which still dominates the local Politics. They persist as heirs of the old system of Coronelism that is maintaining their power structuring a political machine, which is able to make them unbeatable for over fifty years. Despite of a family internal division, it benefits all of them, directly or indirectly. Based on empirical observation, we set a brief historical of the Coelho s family facts, in order to demonstrate the range of their power through the ancestry, which is to say we ve described the local political labyrinths. Our metodological choices were driven by the comprehensive sociology, through the Weberian ideal types, in order to find the answers for the historical, social and political conformation of the facts, in consonance with the reality. According to that, we ve studied the Coelho s political trajectory from 1968 to 2012, considering the election periods. Commonplace: where a new generation becomes active subjects on a new apprenticeship, moral and intellectual. After all, they are all family heirs

Desenvolvimento nacional, desenvolvimento regional e moeda: notas teóricas à luz da economia política do desenvolvimento

This work analyses the ability of National States and regions have to formulations development strategies. Redeeming the initial development concept as a conflictual process, the hypothesis is that it presents internal and external constraints, as the latter have a higher preponderance, revealed the role played by money. In this case, one can point to as sub-hypothesis that the growth models with external constraint, mainly through the balance of payments, may illustrate the fact that countries are subject to international economic interactions that limit the possibility of bringing acylating strategies well successful in overcoming backwardness. For the specific case of regions, indicates that the external constraint remains an element of embarrassment for regional development, but redeems itself the center-periphery relations in this context to discuss the role of monetary and financial system as an explanation for the disparities regional income. On the domestic front, we highlight the importance of social structures of accumulation as an element of internal cohesion necessary to achieve successful development trajectories. It points also to the importance of the State in the process rescuing some of the main theoretical contributions of the political economy of development, incorporating the concept of globalization on theoretical frameworks presented. This construction where development depends on the actions of external and internal conditions, where money plays a key role as a guideline for reflections on regional development. The attempt was to transplant our considerations on the general development to address the case of regions. Finally, we conclude by greater confidence in the hypothesis and sub-hypotheses of departure, which led to propositions of economic policies

Metodologia de implantação da construção enxuta: estudo de caso em construtora de porte médio

In recent years, the Brazilian construction industry has gone by changes like currency stability, increasing competition, shortage of skilled labor and increasing quality importance required by the customer, who made the sector companies seek solutions through new management practices in order to become more efficient. A alternative to these management practices is known as Lean Construction which is derived from the Toyota System Production. Lean Construction main goals are to reduce parts of activities that do not add value, increase product value by considering customer needs, reduce variability and production cycle time, simplify process by reducing the number of parts or steps, increase the flexibility in the product execution and transparency process, focus the control on overall process, introduce continuous improvement process, maintain a balance between improvements in flows and conversions and seek to learn from practices adopted by competitors. However, the construction industry is characterized by having nomadic activity, which undertakes an unique product with high cost of production and big inertia for behavioral change, making it difficult to implement the philosophy of lean construction in companies. In this sense, the main objective of this study is to develop a methodology for implementation of the principles of Lean Construction. The method of implementing the proposed management system was designed with the aid of 5W2H tool, and the implementation process is divided into three phases. The first one aims to know in a macro way the current operation of construction, identify who is its target audience and what are the products and services offered to the Market. The second phase aims to describe what actions should be taken and which documents are needed to be created or modified; finally, the third step goal consists in how to control and monitor established processes, where through Strategic Planning the company goals would be set along with their respective targets and indicators in order to keep the system working, aiming for continuous improvement with focus on the customer. This methodology was conceived as a case study analyzing a medium size construction with more than 18 years of activity and certified for almost 10 years with ISO9001 and level A in PBQP-H. We also conclude that this implementation process can be used in any developer and / or builder

Efeito da restrição alimentar no desempenho produtivo e econômico de cabritos F1 Boer x Saanen

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

Sociedade da Informação: avanços e retrocessos no acesso e no uso da informação

The Information Society (IS) may be taken as a geopolitical organization which started after the Third Industrial Revolution, having direct impact on the use of information and Information and Communication Technologies (ICT). The expression arose as techno-social paradigm change in the post-industrial society, aiming to use information as currency to the society-in-progress at that time. In Brazil it has become stronger with the Programa Sociedade da Informação no Brasil-Livro Verde, lunched by the Ministerio da Ciência e Tecnologia, in September 2000 without any discussion with the civil society to formulate the main document. Our main goal in this article is to discuss the Information Society in contemporary times, and also the organized and conscious use of information, looking for key-concepts to a better understanding of it, from some topics as digital inclusion-exclusion to the use of digital informational resources.

Assessment of risk factors for low bone mineral density in Brazilian postmenopausal women

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

Are poor responders patients at higher risk for producing aneuploid embryos in vitro?

Purpose To test the hypothesis that aged women with poor ovarian response express an increase on embryo chromosomal alterations when compared to aged women who presented normal response.Methods Couples undergoing intracytoplasmic sperm injection cycles with preimplantation genetic screening, were subdivided into two groups: Poor Responder group (n = 34), patients who produced a parts per thousand currency sign4 oocytes; and Normoresponder group (n = 50), patients who produced a parts per thousand yen5 oocytes. Groups were compared regarding cycles' outcomes and aneuploidy frequency.Results There were no significant differences between and groups regarding the fertilization rate (p = 0.6861), clinical pregnancy (p = 0.9208), implantation (p = 0.6863), miscarriage (p = 0.6788) and the percentage of aneuploid embryos (p = 0.270). Embryo transfer rate was significantly lower on poor responder group (p = 0.0128) and logistic regression confirmed the influence of poor response on the chance of embryo transfer (p = 0.016).Conclusions Aged females responding poorly to gonadotrophins are not at a higher risk for producing aneuploid embryos in vitro.

Population dynamics, sex ratio and size at sex change in a protandric simultaneous hermaphrodite, the spiny shrimp Exhippolysmata oplophoroides

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

A Characterization of L-orthogonal Polynomials from Three Term Recurrence Relations

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

Testing option pricing with the Edgeworth expansion

There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments. (C) 2004 Elsevier B.V. All rights reserved.