The impact of family control on firm's return

Family firm is a field of growing interest. The aim of this article is to understand whether CEOs identity impacts family firm’s stock returns. From a sample of Portuguese and Spanish family firms findings show that who manages the firms result in significantly different risk exposure. Moreover, we find that the abnormal return found by Fahlenbrach (2009) to founder-controlled firms disappear when we use valueweighted portfolios and include two new factors: market aggregate illiquidity and debt intensity to the four-factor Carhart model. Finally, our results explain why the majority of family firm is controlled by its founder.

PHYLOViZ: phylogenetic inference and data visualization for sequence based typing methods

Background: With the decrease of DNA sequencing costs, sequence-based typing methods are rapidly becoming the gold standard for epidemiological surveillance. These methods provide reproducible and comparable results needed for a global scale bacterial population analysis, while retaining their usefulness for local epidemiological surveys. Online databases that collect the generated allelic profiles and associated epidemiological data are available but this wealth of data remains underused and are frequently poorly annotated since no user-friendly tool exists to analyze and explore it. Results: PHYLOViZ is platform independent Java software that allows the integrated analysis of sequence-based typing methods, including SNP data generated from whole genome sequence approaches, and associated epidemiological data. goeBURST and its Minimum Spanning Tree expansion are used for visualizing the possible evolutionary relationships between isolates. The results can be displayed as an annotated graph overlaying the query results of any other epidemiological data available. Conclusions: PHYLOViZ is a user-friendly software that allows the combined analysis of multiple data sources for microbial epidemiological and population studies. It is freely available at http://www.phyloviz.net.

Soleus activity in post-stroke subjects: movement sequence from standing to sitting

O documento em anexo encontra-se na versão post-print (versão corrigida pelo editor).

Leptonic mixing, family symmetries, and neutrino phenomenology

Tribimaximal leptonic mixing is a mass-independent mixing scheme consistent with the present solar and atmospheric neutrino data. By conveniently decomposing the effective neutrino mass matrix associated to it, we derive generic predictions in terms of the parameters governing the neutrino masses. We extend this phenomenological analysis to other mass-independent mixing schemes which are related to the tribimaximal form by a unitary transformation. We classify models that produce tribimaximal leptonic mixing through the group structure of their family symmetries in order to point out that there is often a direct connection between the group structure and the phenomenological analysis. The type of seesaw mechanism responsible for neutrino masses plays a role here, as it restricts the choices of family representations and affects the viability of leptogenesis. We also present a recipe to generalize a given tribimaximal model to an associated model with a different mass-independent mixing scheme, which preserves the connection between the group structure and phenomenology as in the original model. This procedure is explicitly illustrated by constructing toy models with the transpose tribimaximal, bimaximal, golden ratio, and hexagonal leptonic mixing patterns.

Geometric picture of generalized-CP and Higgs-family transformations in the two-Higgs-doublet model

In the two-Higgs-doublet model (THDM), generalized-CP transformations (phi(i) -> X-ij phi(*)(j) where X is unitary) and unitary Higgs-family transformations (phi(i) -> U-ij phi(j)) have recently been examined in a series of papers. In terms of gauge-invariant bilinear functions of the Higgs fields phi(i), the Higgs-family transformations and the generalized-CP transformations possess a simple geometric description. Namely, these transformations correspond in the space of scalar-field bilinears to proper and improper rotations, respectively. In this formalism, recent results relating generalized CP transformations with Higgs-family transformations have a clear geometric interpretation. We will review what is known regarding THDM symmetries, as well as derive new results concerning those symmetries, namely how they can be interpreted geometrically as applications of several CP transformations.

Family and non-family businesses on internal factors of entrepreneurship

Small firms are a major player in development. Thus, entrepreneurship is frequently attached to these rms and it must be present in daily management of factors such as planning and cooperation. We intend to analyze these factors, comparing familiar and non-familiar businesses. This study was conducted in a Portuguese region in the north of Portugal - Vale do Sousa . The results allow us to conclude that even with some managerial di erences it was not possible to identify distinct patterns between them. The main goal of this paper is to open research lines on important issues to distinguish familiar from non-familiar businesses.

Entrepreneurship Strategies in Family and Non-family Businesses

The goal of the present paper is to analyse the classic entrepreneurship strategies (Innovation, Risk and Proactivity) in small and medium-sized businesses. However as presented in the title, the study will go further by comparing the results of those strategies in familiar and nonfamiliar businesses. This study was carried on in construction and industry sectors, in the region of Vale do Sousa, in the north of Portugal. In order to classify businesses as familiar or non-familiar types two criterion were adopted: (1) Management Control, (2) Family Employability. On the opposite to some studies that present a larger percentage of familiar businesses in national and European entrepreneurial fabric, the criterion used leaded to a larger number of non-familiar businesses (53%). The results showed that in general SMEs in this region are not following entrepreneurship strategies. Analysing the entire sample without a separation of businesses by nature (familiar/non-familiar) only proactivity showed to be more present in the managerial decisions. There is a lack of innovation and risk culture. Comparing the groups only on proactivity tests was possible to verify some differences. It was concluded that non-familiar businesses are more proactive than familiar ones. Between those groups there are no statistical differences on the means of the variables innovation and risk. At the same time some tests were conducted to test the differences on the variable entrepreneurship. The results were similar to innovation and risk strategies: There are no significant differences on entrepreneurship between these groups of businesses.

When Corporate Governance crosses the firm borders: family firms in local productive systems

The family involvement in firms is observable is most economies around the world, although there are significant differences among these countries, not only regarding its predominance in these economies, but also in what refers to the levels of involvement of the family in business. This research aims at understanding the family-based firms’ management when compared to non family based, with particular regards to the forms of corporate governance. This analysis is based on case studies and on secondary data found in the literature to support the findings from the empirical research. The data was collected via face to face in-depth interviews with entrepreneurs from the furniture and the events organisation industries (where the family is predominantly present in the furniture but not on the events organisation industry) and with industry and regional business associations. The case studies used in this research allowed the comparison between the Portuguese firms when the family plays an important role in business and those in which the family is absent. It has been found that there are important differences in businesses in countries/industries/local productive systems in which the family is seen as a dominant institution in the society (where businesses are based on strong ties; there is a harmonious relationship between the family members; and the family is accepted locally and dominates the firm organization) and on situations in which the family plays a more marginal role in the society. In fact, the family brings special characteristics to the business, in terms of management, corporate governance, inter and intra firm relationships and succession. Our findings confirm other empirical studies’ results found in the literature. Thus, this article provides a discussion on the factors that play a role in the form of corporate governance structure in family firms highlighting the pros and cons of organising the firm around the family.

Versão em português da Family Environment Scale: aplicação e validação

OBJETIVO: Traduzir a Escala do Ambiente Familiar (Family Environment Scale) para a língua portuguesa e aplicar o instrumento para sua validação. MÉTODOS: A tradução foi aplicada a membros de famílias brasileiras, visando avaliação da consistência interna e a concordância entre membros da mesma família. Foram selecionados 154 voluntários não sujeitos a qualquer intervenção para lidar com problemas familiares, residentes na cidade de São Paulo, em 2003. As pontuações médias nas dez subescalas do instrumento foram comparadas entre homens e mulheres e entre membros da mesma família. Avaliou-se a consistência interna pelo alfa de Cronbach. RESULTADOS: A pontuação máxima possível era nove em cada subescala (bom funcionamento familiar), exceto em relação a conflito e controle. Na maioria das subescalas, a pontuação média da amostra estudada esteve entre 5,1 e 7,6 (homens) e entre 5,4 e 7,7 (mulheres). Nas subescalas conflito e controle as médias variaram entre 1,8 e 4,6 (homens) e entre 1,6 e 4,6 (mulheres), sendo semelhantes às relatadas em estudos internacionais, exceto maior pontuação nas subescalas coesão e organização, e menor na subescala conflito. Não houve diferença estatisticamente significativa entre as pontuações atingidas por homens e mulheres. A confiabilidade da escala avaliada pelo alfa de Cronbach variou entre 0,61 e 0,78 para as dez subescalas. CONCLUSÕES: Fatores culturais podem ter influenciado os resultados obtidos em algumas subescalas. A versão em português da Escala do Ambiente Familiar apresentou razoável consistência interna que permite sua utilização para avaliar alterações no ambiente ou funcionamento familiar, e após intervenções terapêuticas.

Besnoitia besnoiti protein disulfide isomerase (BbPDI): molecular characterization, expression and in silico modelling

Besnoitia besnoiti is an apicomplexan parasite responsible for bovine besnoitiosis, a disease with a high prevalence in tropical and subtropical regions and re-emerging in Europe. Despite the great economical losses associated with besnoitiosis, this disease has been underestimated and poorly studied, and neither an effective therapy nor an efficacious vaccine is available. Protein disulfide isomerase (PDI) is an essential enzyme for the acquisition of the correct three-dimensional structure of proteins. Current evidence suggests that in Neosporacaninum and Toxoplasmagondii, which are closely related to B. besnoiti, PDI play an important role in host cell invasion, is a relevant target for the host immune response, and represents a promising drug target and/or vaccine candidate. In this work, we present the nucleotide sequence of the B. besnoiti PDI gene. BbPDI belongs to the thioredoxin-like superfamily (cluster 00388) and is included in the PDI_a family (cluster defined cd02961) and the PDI_a_PDI_a'_c subfamily (cd02995). A 3D theoretical model was built by comparative homology using Swiss-Model server, using as a template the crystallographic deduced model of Tapasin-ERp57 (PDB code 3F8U chain C). Analysis of the phylogenetic tree for PDI within the phylum apicomplexa reinforces the close relationship among B. besnoiti, N. caninum and T. gondii. When subjected to a PDI-assay based on the polymerisation of reduced insulin, recombinant BbPDI expressed in E. coli exhibited enzymatic activity, which was inhibited by bacitracin. Antiserum directed against recombinant BbPDI reacted with PDI in Western blots and by immunofluorescence with B. besnoiti tachyzoites and bradyzoites.

Characterization of a polyubiquitin gene in T. thermophila and of ubiquitin gene expression during sexual reproduction and under stress conditions

A 5-unit polyubiquitin gene, TTU3, was isolated from a T. thermophila genomic library and sequenced. This gene presents an extra triplet coding for Phe, a AGAGA motif and a putative HSE element in its 5'-non-coding region. The ubiquitin gene expression in this ciliate was investigated by Northern blot hybridization in conjugating cells or cells under stress conditions. Exponentially growing cells express two ubiquitin mRNAs of 0.75 and 1.8 kb and a new species of 1.4 kb is induced under hyperthermic stress. During sexual reproduction of the cells (conjugation) the 1.8-kb mRNA is still transcribed whereas the steady-state population of the 0.75 mRNA transcripts is strongly diminished. Southern blot analysis suggests that ubiquitin in T. thermophila constitutes a large family of about ten members.

The complete sequence of a 9000 bp fragment of the right arm of Saccharomyces cerevisiae chromosome VII contains four previously unknown open reading frames

We report the sequence of a 9000 bp fragment from the right arm of Saccharomyces cerevisiae chromosome VII. Analysis of the sequence revealed four complete previously unknown open reading frames, which were named G7587, G7589, G7591 and G7594 following standard rules for provisional nomenclature. Outstanding features of some of these proteins were the homology of the putative protein coded by G7589 with proteins involved in transcription regulation and the transmembrane domains predicted in the putative protein coded by G7591.

Oral health in the family health strategy: a change of practices or semantics diversionism

OBJECTIVE:To evaluate public health dentistry practices of two different family health models. METHODS: Qualitative study conducted with data obtained from focus groups consisting of 58 dentists working in the Family Health Strategy for at least three years between August-October, 2006. The Paideia Family Health Approach was used in the city of Campinas and the Oral Health Initiative as part of the Family Health Strategy was implemented in the city of Curitiba, Southeastern and Southern Brazil, respectively. Data was analyzed using the hermeneutic-dialectic method. Analysis indicators were employed to indicate backwardness, stagnation or progress in oral health practices effective from the implementation of the strategies referred. The indicators used were: work process; interdisciplinary approach; territorialization; capacity building of human resources; health promotion practices; and responsiveness to users' demands. RESULTS: There was progress in user access to services, humanization of health care, patient welcoming and patient-provider relationship. The results related to health promotion practices, territorialization, interdisciplinary approach and resource capacity building indicated a need for technical and operational enhancements in both cities. CONCLUSIONS: Both models have brought about important advances in terms of increased access to services and humanization of health care. Universal access to oral health at all levels of complexity was not achieved in both cities studied. Local health managers and oral health program coordinators must bring more weight to bear in the arena that defines public policy priorities.

Payment for performance in the Family Health Programme: lessons from the UK Quality and Outcomes Framework

OBJECTIVE: Payment for performance financial incentive schemes reward doctors based on the quality and the outcomes of their treatment. In Brazil, the Ministry of Health is looking to scale up its use in public hospitals and some municipalities are developing payment for performance schemes even for the Family Health Programme. In this article the Quality and Outcomes Framework used in the UK since 2004 is discussed, as well as its experience to elaborate some important lessons that Brazilian municipalities should consider before embarking on payment for performance scheme in primary care settings.

Extração e caracterização de extratos de Jatropha gossypiifolia L.: avaliação da sua atividade antimicrobiana e antioxidante

Trabalho Final de Mestrado para obtenção do grau de mestre em Engenharia Química e Biológica