Market timing as a motive for IPOs: evidence from IPOs of Japanese keiretsu firms

This paper examines the relevance of market timing as a motive for initial public offerings (IPOs) by comparing IPOs of firms that are members of Japanese keiretsu industrial groups with IPOs of independent Japanese firms. We argue that Japanese keiretsu-linked IPOs form a favorable sample to find evidence of the market timing motive. Instead, the data provide strong evidence for a restructuring motive and little evidence for market timing. We find that long run returns to keiretsu and independent IPOs are not negative, contrary to U.S. evidence, and are indistinguishable from each other; initial returns to keiretsu-linked IPOs are significantly higher than to independent firms; and a significant number of keiretsu IPO firms adjust their linkages with the group following the IPO, with both increases and decreases.

Mundos pequenos, produção acadêmica e grafos de colaboração: um estudo de caso dos Enanpads

Utilizando a base de dados dos trabalhos publicados nos Enanpads realizados em 2002-04, este artigo focaliza a área de administração da informação para realizar um estudo exploratório sobre a formação de padrões nas estruturas de disseminação do conhecimento acadêmico no Brasil, apoiado nos conceitos oriundos da análise das redes sociais e conjugados com a base proveniente da teoria dos grafos e em recursos computacionais. Procurou-se mapear os fluxos de informações que possibilitam as trocas de conhecimento através das ligações existentes no meio acadêmico. Os resultados indicam a necessidade de ampliar e estreitar os laços entre os autores, notadamente os que possuem algum grau de centralidade local, no intuito de obter o fortalecimento das instituições de ensino, de forma a quebrar as resistências à produção conjunta entre elas, em detrimento do padrão de reprodução endógena detectado.

Essays on economic growth

A fundamental question in development economics is why some economies are rich and others poor. To illustrate the income per capita gap across economies consider that the average gross domestic product (GDP) per capita of the richest 10 percent of economies in the year 2010 was a factor of 40-fold that of the poorest 10 percent of economies. In other words, the average person in a rich economy produces in just over 9 days what the average person in a poor economy produces in an entire year. What are the factors that can explain this difference in standard of living across the world today? With this in view, this dissertation is a conjunction of three essays on the economic growth field which we seek a possible responses to this question. The first essay investigates the existence of resource misallocation in the Brazilian manufacturing sector and measures possible distortions in it. Using a similar method of measurement to the one developed by Hsieh and Klenow (2009) and firm-level data for 1996-2011 we find evidence of misallocation in the manufacturing sector during the observed period. Moreover, our results show that misallocation has been growing since 2005, and it presents a non-smooth dynamic. Significantly, we find that the Brazilian manufacturing sector operates at about 50% of its efficient product. With this, if capital and labor were optimally reallocated between firms and sectors we would obtain an aggregate output growth of approximately 110-180% depending on the mode in which the capital share is measured. We also find that the economic crisis did not have a substantial effect on the total productivity factor or on the sector's misallocation. However, small firms in particular seem to be strongly affected in a global crisis. Furthermore, the effects described would be attenuated if we consider linkages and complementarity effects among sectors. Despite Brazil's well-known high tax burden, there is not evidence that this is the main source of resource misallocation. Moreover, there is a distinct pattern of structural change between the manufacturing sectors in industrialized countries and those in developing countries. Therefore, the second essay demonstrate that this pattern differs because there are some factors that distort the relative prices and also affect the output productivity. For this, we present a multi-sector model of economic growth, where distortions affect the relative prices and the allocation of inputs. This phenomenon imply that change of the production structure or perpetuation of the harmful structures to the growth rate of aggregate output. We also demonstrate that in an environment with majority decision, this distortion can be enhanced and depends on the initial distribution of firms. Furthermore, distortions in relative prices would lead to increases in the degree of misallocation of resources, and that imply that there are distinct patterns of structural changes between economies. Finally, the calibrated results of the framework developed here converge with the structural change observed in the firm-level data of the Brazilian manufacturing sector. Thereafter, using a cross-industry cross-country approach, the third essay investigates the existence of an optimal level of competition to enhance economic growth. With that in mind, we try to show that this optimal level is different from industrialized and under development economies due to the technology frontier distance, the terms of trade, and each economy's idiosyncratic characteristics. Therefore, the difference in competition industry-country level is a channel to explain the output for worker gap between countries. The theoretical and empirical results imply the existence of an inverted-U relationship between competition and growth: starting for an initially low level of competition, higher competition stimulates innovation and output growth; starting from a high initial level of competition, higher competition has a negative effect on innovation and output growth. Given on average industries in industrialized economies present higher competition level. With that if we control for the terms of trade and the industry-country fixed effect, if the industries of the developing economy operated under the same competition levels as of the industrialized ones, there is a potential increase of output of 0.2-1.0% per year. This effect on the output growth rate depends on the competition measurement used.

Eleições municipais e seus efeitos

Pesquisa em foco: Do parties matter? Intra-party linkages and electoral performance in Brazil - 2011. Pesquisadores: Professor George Avelino, Professor Ciro Biderman e Leonardo S. Barone

Políticas públicas e vínculos de negócios entre grandes e pequenas empresas

Pesquisa em foco: Fostering linkages between transnational corporations and small to medium-sized enterprises in Brazil - 2011. Pesquisadores: Delane Botelho e Milber Fernandes Morais Bourguignon

Aspectos da biologia reprodutiva de Eretmochelys imbricata (testudines, cheloniidae) no litoral sul do Rio Grande do Norte, Brasil

Female hawksbill turtles (Eretmochelys imbricata) nesting along the southeastcoastline of Rio Grande do Norte State, Brazil (6º13'40"S, 35º03'05"W) were captured and weighed during the four months from January to April 2007, in the course of the annual egglaying season, which extended from 06 rd November 2006 to 30 rd May 2007. In all, 99 weight measurements were performed. On first contact the females exhibited an average post-oviposition weight of 79.1 kg (range 56.2-98.9 kg, SD = 10.9 kg, n = 44 females). Those individuals which were subsequently recaptured showed a mean weight loss of 1.7 kg (range 0.7-4.5 kg, SD = 1.0 kg, n = 39 sets of measurements on 20 females) in the interval between two consecutive post-ovipositions, separated by a maximum time interval of 17 days. In the cases where the female aborted the nesting process, the pre-oviposition weight was measured. The clutch weight, that is to say, the weight loss between consecutive pre-oviposition and post-oviposition measurements (separated by a maximum time interval of 3 days), was found to be 5.2 kg (range 4.3-6.0 kg, SD = 0.9 kg, n = 6 sets of measurements). This value is significantly higher (t-test, p<0.001) than the loss between two consecutive post-oviposition measurements with the same female. The mean recovery in body weight, that is to say, the average gain in weight between successive post-oviposition and pre-oviposition captures of the same individual (separated by a time interval of 12 to 17 days), was found to be 3.0 kg (range 1.9-4.3 kg, SD = 1.0 kg, n = 4 sets of measurements) Although the small sample size makes it unwise to generalise, the recovery in body weight was found to be always significantly lower (t-test, p<0.005) than the clutch weight. This fact is in agreement with the observed weight loss tendency throughout the breeding season for this species. Considering the clutch weight and the internidal recovery in body weight we found that the total weight loss of the adult hawksbill females after three to five nesting events varied from 10.4% (range 8.7-11.9%, SD = 1.6%, n = 3) to 14.1% (range 11.8-15.4%, SD = 1.3%, n = 6) in relation to their initial pre-oviposition weight. If there were no body weight recovery during the internesting interval we estimate that a female that nests three to five times in the course of the season would lose from 19% to 31% of its initial weight. We emphasise that our clutch weight estimate was performed by weighing the females and not by multiplying the number of eggs in the nest by their average unit weight. In this way, our measurements take into account the loss of liquid during the oviposition. Despite the unequivocal evidence of body weight recovery during the internidal interval, it is not clear if the cause of this process is rehydration or feeding

Evaluation of the Integrity of Horse Hoof Dermal and Epidermal Tissues Collected by Dorsal Transmural Access

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Geração de renda e ocupações na cadeia agroindustrial de castanha de caju no Rio Grande do Norte: o caso do sertão de Apodi

This work is part of the research group studying agribusiness chains, by characterizing agroindustrial chain of cashew nuts in Rio Grande do Norte, with special emphasis on Sertão de Apodi Citizenship Territory, showing their different flows and linkages and analyzes generating jobs and income in the production of this good, from the experience of COOPAPI, using as a methodology for analyzing the input-output matrix. And this is justified by the fact that Brazil is in the context as the world's fifth largest producer of cashew nuts and the production of this product focus in the Northeast, especially the Rio Grande do Norte, which is the second largest producer of region, behind only the state of Ceará, which is the largest producer in the country. Moreover, in recent years the state has increased its insertion in international markets this product, particularly the Mossoró-Assu Territory, which constitutes the largest producer in the state, particularly the municipality of Serra do Mel, which has an arrangement different yield, based on the model of integrated rural development, embodied in family farming. Nevertheless, the Sertão de Apodi Citizenship appear as the fourth among the Citizenship territories of Rio Grande do Norte in the ranking of the production of cashew nuts, but the prevailing model of Cooperatives in the Territory, based on the Solidarity Economy, i,e, different from the old cooperative, which is based on the precepts as patronage, with cooperative owners, favor, etc.., encourages scientific research. In this, after a careful analysis of data from field research, it was noticed that among the links in the chain, the production link is what generates the most jobs, while the processing link commands to generate income, but a portion meaningful occupations and income are generated outside the territory, especially out of state RN, denouncing the gap in supply of some specific demands within the chain

Participação de mulheres na história da Escola Mista no Pará - 1870/1901

This study aims to problematize the history of mixed schools in Pará, from 1870 to 1901, highlighting women participation that helped to build them. The analytical focus of the research fell on the changes and the continuities of the mixed school in Pará. The object of analysis is the Paraense mixed schools, formed by women. The study also brings out arguments that the mixed school was set up in variable forms, concepts, times and spaces, in an overlapping with the inclusion of women in educational universe, either through education, professionalization or teaching in schools of girls and boys. The documentary sources privileged by the study are: the educational law, the newspapers, the government reports and the journals of education, which were examined in a confrontation between what was said and done. The evidential method helped the documentary reading revealed that, in small lines, the linkages built in the search for clues and signs of Paraense mixed schools was assembled with the participation of women, from the perception that historical knowledge is indirect, conjectural. Evidences indicated that the school for both sexes, legally established in the Province of Grão-Pará in 1870, gave the signals of the junction of girls and boys in school, at a time when the presence of women in education was suggested. Mutations related to the educational organization, with the introduction of mixed school in the following decade had a closer relationship with restrictive settings and more effective integration of women in that school. The inaccuracies of the Republican mixed school have revealed, through winding paths, that signal of contradictions between the modern discourse and conservative practices regarding this school, in communion with the expansion of the mixed school throughout the state, including in groups schools, observing the presence of effective women teachers in the regency of such schools and an expansion of students in relation to the equity between the sexes

Conquistas e desafios do processo de trabalho de enfermagem: o caso dos CAPS em Natal/RN

The Brazilian Psychiatric Reform proposes creating linkages / interactions of the mentally ill with civil society , through promoting citizenship and assistance to the mentally ill. The deinstitutionalization of mental health advocates from the guidelines decreased supply of hospital beds and consequently the creation of substitute services for psychosocial care, especially with regard to therapeutic practices emancipatory. From this scenario, the present study aims to investigate the relevance and challenges of the process of nursing work in CAPS III in Natal / RN. It is descriptive research with a qualitative and exploratory. The subjects are employees of the nursing team in CAPS III East of Natal / RN. This service has actions for the psychosocial care of the subjects treated with daily multidisciplinary care by behaving the length of treatment and follow-up activities, industrial and cultural activities. Employ the semi-structured interview as a tool for data collection. The data analysis was done by means of thematic analysis proposed by Bardin. Thus, this sought to bring to the discussion of how this process is consolidated in the daily service. Thus, purposed to contribute to the debate on deinstitutionalization in psychosocial care as a guideline in the process of mental health nursing work in a CAPSIII, Natal / RN

Purification and structural characterisation of (1 -> 3 ; 1 -> 6)-beta-D-glucans (botryosphaerans) from Botryosphaeria rhodina grown on sucrose and fructose as carbon sources: a comparative study

Two botryosphaerans, exopolysaccharides (EPS) secreted by the ascomyceteous fungus Botryosphaeria rhodina, when grown on sucrose and fructose as sole carbon sources, were structurally compared after their isolation from the culture medium. Both EPS were submitted to trypsin digestion, and eluted as a single peak on gel filtration. Total acid hydrolysis yielded only glucose, and data from methylation analysis and Smith degradation indicated that both EPS constituted a main chain of glucopyranosyl beta(1 -> 3) linkages substituted at O-6. The products obtained after partial acid hydrolysis demonstrated side chains consisting of glucosyl- and gentiobiosyl- linked beta(1 -> 6) residues. C-13-NMR spectroscopy studies showed that all glucosidic linkages were of the beta-configuration. The carbon source affected the side chain structures of botryosphaeran but not the main chain makeup. Sucrose produced less branching (21%) than fructose (31%). (c) 2005 Published by Elsevier Ltd.

A lectin from the lichenized Basidiomycete Dictyonema glabratum

A lectin with hemagglutinating activity has been isolated from an aqueous extract of the symbiotic phenotype of Dictyonema glabratum and its cyanobacterial photobiont Scytonema sp. The purified lectin had a pi of 6.8 and its molecular mass was investigated by electrospray ionization mass spectrometry, gel filtration and SDS-PAGE, which indicated its native conformation as a dimer formed by two identical subunits of 16540 Da. The lectin is a glycoprotein with a low degree of glycosylation, containing galactose, xylose, glucose and mannose as neutral monosaccharides, in addition to glucosamine, which could indicate both N- and O-linkages. Amino acid analysis showed the predominance of nonpolar residues such as phenylalanine. Agglutination of human erythrocytes required divalent cations, which is affected by addition of EDTA. The lectin was more stable at 30 degreesC or less for at least 1 h and between pH 5.0 and 7.0. Among the various compounds tested for hemagglutination inhibition, N-acetylgalactosamine was the most active. The potential role of this lectin in recognition of the compatible cyanobacterial photobiont is discussed.

Effect of soybean oil and Tween 80 on the production of botryosphaeran by Botryosphaeria rhodina MAMB-05

The addition of soybean oil and Tween 80 was evaluated with the objective of increasing the production of botryosphaeran, an exopolysaccharide (EPS) of the (1 -> 3 ;1 -> 6)-beta-D-glucan type produced by the fungus Botowsphaeria rhodina MAMB-05. Factorial design and analysis by response surface methodology was developed to select the main factors that would affect and enhance EPS production. The optimized culture conditions were: 40g l(-1) glucose with 10ml l(-1) soybean oil, and 4.5 ml l(-1) Tween 80, during 72h cultivation at 28 degrees C (180 rpm) and initial pH 5.7. The predicted result for botryosphaeran production was 8.22 +/- 1.36 g l(-1), and compared with the experimental value of 7.74 +/- 0.13 g l(-1) . Partial characterization of the botryosphaeran produced under the optimized conditions showed one type of polysaccharide with P-glycosidic linkages containing glucose as monosaccharide. (c) 2007 Elsevier Ltd. All rights reserved.

Structural characterization of Botryosphaeran: a (1 -> 3;1 -> 6)-beta-D-glucan produced by the ascomyceteous fungus, Botryosphaeria sp.

The exopolysaccharide, Botryosphaeran, produced by the ligninolytic, ascomycetcous fungus Botryosphaeria sp., was isolated from the extracellular fluid by precipitation with ethanol, and purified by gel permeation chromatography to yield a carbohydrate-rich fraction (96%) composed mainly of glucose (98%). Infra-red and C-13 NMR spectroscopy showed that all the glucosidic linkages were in the beta-configuration. Data from methylation analysis and Smith degradation indicated that Botryosphaeran was a (1 --> 3)-beta-(D)-glucan with approx 22% side branching at C-6. The products obtained from partial acid hydrolysis demonstrated that the side branches consisted of single (1 --> 6)-beta-linked glucosyl, and (1 --> 6)-beta-linked gentiobiosyl residues.[GRAPHICS](C) 2003 Elsevier Ltd. All rights reserved.