Permanent demand excess as business strategy: an analysis of the Brazilian higher-education market

Many Higher Education Institutions (HEIs) establish tuition below the equilibrium price to generate permanent demand excess. This paper first adapts Becker’s (1991) theory to understand why the HEIs price in this way. The fact that students are both consumers and inputs on the education production process gives rise to a market equilibrium where some firms have excess demand and charge high prices, and others charge low prices and have empty seats.Second, the paper analyzes this equilibrium empirically. We estimated the demand for undergraduate courses in Business Administration in the State of São Paulo. The results show that tuition, quality of incoming students and percentage of lecturers holding doctorates degrees are the determining factors of students’ choice. Since the student quality determines the demand for a HEI, it is calculated what the value is for a HEI to get better students; that is the total revenue that each HEI gives up to guarantee excess demand. Regarding the “investment” in selectivity, 39 HEIs in São Paulo give up a combined R$ 5 million (or US$ 3.14 million) in revenue per year per freshman class, which means 7.6% of the revenue coming from a freshman class.

Intraclass reliability of the Alberta Infant Motor Scale in the Brazilian version

This study had as its objective to analyze the intraclass reliability of the Alberta Infant Motor Scale (AIMS), in the Brazilian version, in preterm and term infants. It was a methodological study, conducted from November 2009 to April 2010, with 50 children receiving care in two public institutions in Fortaleza, Ceará, Brazil. Children were grouped according to gestational age as preterm and term, and evaluated by three evaluators in the communication laboratory of a public institution or at home. The intraclass correlation indices for the categories prone, supine, sitting and standing ranged from 0.553 to 0.952; most remained above 0.800, except for the standing category of the third evaluator, in which the index was 0.553. As for the total score and percentile, rates ranged from 0.843 to 0.954. The scale proved to be a reliable instrument for assessing gross motor performance of Brazilian children, particularly in Ceará, regardless of gestational age at birth.

Brazilian soil science: from its inception to the future, and beyond

The present essay is meant to provide some background on the evolution of the soil science community in Brazil, since its inception, to describe its current situation, and to outline a number of opportunities and challenges facing the discipline in decades to come. The origin of Brazilian agronomy dates back to the beginning of the 19th century as a subdiscipline of botany, and its association with chemistry would later establish it as a science. In the middle of the 19th century, agricultural chemistry was born as a result of this association, leading to the establishment of edaphology, a branch of Soil Science. Another branch of Soil Science, known as pedology, was established as an applied and scientific knowledge in Brazil during the middle of the 20th century. During the same period, the Brazilian Soil Science Society (SBCS) was created, merging the knowledge of both branches and gathering all scientists involved. Twenty years after the SBCS foundation, the creation of Graduate Programs made Brazilian Soil Science enter the modern era, generating crucial knowledge to reach the current levels of agricultural productivity. Part of a community composed of 25 Soil Departments, 15 Graduate Programs and a great number of institutions that promote research and technology transfer, Brazilian soil scientists are responsible for developing solutions for sustainable development, by generating, adapting and transferring technology to the benefit of the country. The knowledge produced by SBCS members has been particularly significant for Brazil to achieve the status of most competitive tropical agriculture in the world. In the future decades, Soil Science will still remain topical in discussions regarding environment care and production of food and fibers, in addition, it will be essential and strategic for certain issues, such as water quality, reducing poverty and development of renewable sources of energy.

Institutional landmarks in Brazilian research on soil erosion: a historical overview

The problem of soil erosion in Brazil has been a focus of agricultural scientific research since the 19th century. The aim of this study was to provide a historical overview of the institutional landmarks which gave rise to the first studies in soil erosion and established the foundations of agricultural research in Brazil. The 19th century and beginning of the 20th century saw the founding of a series of institutions in Brazil, such as Botanical Gardens, executive institutions, research institutes, experimental stations, educational institutions of agricultural sciences, as well as the creation and diversification of scientific journals. These entities, each in its own way, served to foster soil erosion research in Brazil. During the Imperial period (1808-1889), discussions focused on soil degradation and conserving the fertility of agricultural land. During the First Republic (1889-1930), with the founding of various educational institutions and consolidation of research on soil degradation conducted by the Agronomic Institute of Campinas in the State of São Paulo, studies focused on soil depletion, identification of the major factors causing soil erosion and the measures necessary to control it. During the New State period (1930-1945), many soil conservation practices were developed and disseminated to combat erosion and field trials were set up, mainly to measure soil and water losses induced by hydric erosion. During the Brazilian New Republic (1945-1964), experiments were conducted throughout Brazil, consolidating soil and water conservation as one of the main areas of Soil Science in Brazil. This was followed by scientific conferences on erosion and the institutionalization of post-graduate studies. During the Military Regime (1964-1985), many research and educational institutions were founded, experimental studies intensified, and coincidently, soil erosion reached alarming levels which led to the development of the no-tillage system.

The scientific production in health and biological sciences of the top 20 Brazilian universities

Brazilian scientific output exhibited a 4-fold increase in the last two decades because of the stability of the investment in research and development activities and of changes in the policies of the main funding agencies. Most of this production is concentrated in public universities and research institutes located in the richest part of the country. Among all areas of knowledge, the most productive are Health and Biological Sciences. During the 1998-2002 period these areas presented heterogeneous growth ranging from 4.5% (Pharmacology) to 191% (Psychiatry), with a median growth rate of 47.2%. In order to identify and rank the 20 most prolific institutions in these areas, searches were made in three databases (DataCAPES, ISI and MEDLINE) which permitted the identification of 109,507 original articles produced by the 592 Graduate Programs in Health and Biological Sciences offered by 118 public universities and research institutes. The 20 most productive centers, ranked according to the total number of ISI-indexed articles published during the 1998-2003 period, produced 78.7% of the papers in these areas and are strongly concentrated in the Southern part of the country, mainly in São Paulo State.

Safety criteria for the acquisition of meat in Brazilian University restaurants

The present study's objective was to analyze the procedures aimed at guaranteeing sanitary conditions when acquiring meat. The study was conducted with university restaurants of the Federal Institutions of Higher Education (IFES) located in the five regions of Brazil. Data were collected using a questionnaire and an evaluation list, which was available online to restaurant professionals. The results showed that restaurants chose one or two types of meat, the most frequent of which were beef and chicken. In restaurants managed by the IFES, the acquisition of raw material occurred by bidding. For vendor selection, the restaurants required product registration with the Inspection Service and requested regulation of the supplier by the Health Surveillance. Monitoring was carried out through a technical visit to the supplier and a review of the past records of the supplier. A higher percentage of restaurants in the Southeast region met appropriate sanitary and hygienic criteria for the receipt of meat, followed by the South, Midwest, Northeast and North. We conclude that restaurants meet most of the safety criteria set in the legislation. However, some weaknesses are evident in the physical and functional structure, the system of transportation of raw material and the records of control measures at the place of reception.

The underestimated role of universities for the Brazilian system of innovation

Conventional wisdom usually underestimates the important role of public research institutes and universities in successful cases of Brazilian economy. History of science and technology institutions shows a long-term process of formation of these institutions and their interactions with industrial firms, agricultural producers or society. This paper investigates historical roots of successful cases of Brazil. First, we present the late onset of National Innovation System (NSI) institutions and waves of institutional formation in Brazil. Second, we describe the history of three selected successful cases, which spans from a low-tech sector (agriculture), a medium-tech sector (steel and special metal alloys), to a high-tech sector (aircraft). These findings present new challenges for present-day developmental policies.

Idées, institutions et intérêts dans le changement de la protection sociale : les politiques de transfert de revenu au Brésil

Cette thèse porte sur l’introduction des politiques de transfert de revenu au Brésil. L’objectif central de la recherche est de comprendre comment ces politiques se sont imposées dans le cadre des réformes de la protection sociale brésilienne pendant les années 1990, notamment à partir de 1995 et comment elles ont engendré un changement paradigmatique de troisième ordre de la politique nationale d’assistance sociale. Nous posons deux hypothèses de recherche : la première est que l’introduction de telles politiques au Brésil fut le résultat du rôle historique des intellectuels engagés dans la défense du revenu minimum en tant qu’alternative au modèle de protection sociale brésilien. Cette défense du revenu minimum fut soutenue par des intellectuels, des communautés épistémiques et par des politiciens qui ont inscrit le débat sur le revenu minimum à l’agenda politique brésilien. La deuxième hypothèse suggère que la convergence d’idées, d’institutions et d’intérêts a favorisé l’adoption de ces politiques. Cette convergence d’idées, d’institutions et d’intérêts repose sur le rôle de plusieurs acteurs tels les intellectuels, le président Cardoso et d’autres politiciens qui se sont mis à la défense du social au Brésil depuis 1999, des institutions parlementaires brésiliennes et des organisations internationales, notamment le FMI, la Banque mondiale et la Banque interaméricaine de développement – BID. Nous proposons l’approche des trois i pour rendre compte de ce changement. L’apprentissage social, les processus de diffusion et de lesson-drawing sont les facteurs à l’origine de la formation de la convergence autour des programmes de transfert de revenu. Nous montrerons que l’expérience brésilienne de programmes de transfert de revenu a non seulement engendré un processus d’apprentissage social renversé auprès de la Banque Mondiale mais qu'elle a aussi eu un effet aussi sur les actions de la BID. Nous suggérons que le changement paradigmatique de la protection sociale brésilienne a été amorcé par le gouvernement Cardoso dans un processus d’essais et d’erreurs. Ce processus, qui est à l’origine des réaménagements du programme « Comunidade Solidária », a permis la création du « Projeto Alvorada » et du « Réseau de protection sociale » en 2001. Les programmes de transfert de revenu reliés à l’éducation et aux soins de santé ont été les plus influents dans la construction du consensus qui s’est établi autour des programmes de transfert de revenu comme alternative à l’ancien modèle de protection sociale puisqu’ils procurent le renforcement du capital social en même temps qu’ils fonctionnent comme facteur structurant de la protection sociale. Ce legs du gouvernement Cardoso a permis au gouvernement de Luis Inácio Lula da Silva de consolider le nouveau paradigme avec la création du programme national Bolsa-Família. Le gouvernement Lula a donc bénéficié de l’héritage historique des deux mandats de Cardoso et, ironiquement, a récolté les fruits de l’apprentissage social. Le phénomène du « lulismo » en est la preuve. Par ailleurs, cette thèse met en question la paternité du programme Bolsa-Família puisqu’elle montre la création de ce programme d'abord comme la consolidation du processus d’apprentissage et puis comme conséquence de la création d’un nouveau paradigme pour la politique d’assistance sociale au Brésil qui a eu lieu pendant les deux mandats de Cardoso.

Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

Interviewing the Brazilian military: reflections on a research experience

My purpose is to present some reflections about my experience in interviewing Brazilian military officers. Despite the specificity of the Brazilian case, I trust that these observations may serve as a comparative reference for the study of military institutions in other contexts.

Estimating Relative Risk Aversion, Risk-Neutral and Real-World Densities using Brazilian Real Currency Options

Building Risk-Neutral Densities (RND) from options data can provide market-implied expectations about the future behavior of a financial variable. And market expectations on financial variables may influence macroeconomic policy decisions. It can be useful also for corporate and financial institutions decision making. This paper uses the Liu et all (2007) approach to estimate the option-implied Risk-neutral densities from the Brazilian Real/US Dollar exchange rate distribution. We then compare the RND with actual exchange rates, on a monthly basis, in order to estimate the relative risk-aversion of investors and also obtain a Real-world density for the exchange rate. We are the first to calculate relative risk-aversion and the option-implied Real World Density for an emerging market currency. Our empirical application uses a sample of Brazilian Real/US Dollar options traded at BM&F-Bovespa from 1999 to 2011. The RND is estimated using a Mixture of Two Log-Normals distribution and then the real-world density is obtained by means of the Liu et al. (2007) parametric risktransformations. The relative risk aversion is calculated for the full sample. Our estimated value of the relative risk aversion parameter is around 2.7, which is in line with other articles that have estimated this parameter for the Brazilian Economy, such as Araújo (2005) and Issler and Piqueira (2000). Our out-of-sample evaluation results showed that the RND has some ability to forecast the Brazilian Real exchange rate. Abe et all (2007) found also mixed results in the out-of-sample analysis of the RND forecast ability for exchange rate options. However, when we incorporate the risk aversion into RND in order to obtain a Real-world density, the out-of-sample performance improves substantially, with satisfactory results in both Kolmogorov and Berkowitz tests. Therefore, we would suggest not using the “pure” RND, but rather taking into account risk aversion in order to forecast the Brazilian Real exchange rate.

Public debt management, monetary policy and financial institutions

Despite the large size of the Brazilian debt market, as well the large diversity of its bonds, the picture that emerges is of a market that has not yet completed its transition from the role it performed during the megainflation years, namely that of providing a liquid asset that provided positive real returns. This unfinished transition is currently placing the market under severe stress, as fears of a possible default from the next administration grow larger. This paper analyzes several aspects pertaining to the management of the domestic public debt. The causes for the extremely large and fast growth ofthe domestic public debt during the seven-year period that President Cardoso are discussed in Section 2. Section 3 computes Value at Risk and Cash Flow at Risk measures for the domestic public debt. The rollover risk is introduced in a mean-variance framework in Section 4. Section 5 discusses a few issues pertaining to the overlap between debt management and monetary policy. Finally, Section 6 wraps up with policy discussion and policy recommendations.

Applying supply chain management models in the banking industry: a brazilian case analysis

The study presents the results and recommendations deriving from the application of two supply chain management analysis models as proposed by the Supply Chain Council (SCOR, version 10.0) and by Lambert (1997, Framework for Supply Chain Management) on the logistics of cash transfers in Brazil. Cash transfers consist of the transportation of notes to and from each node of the complex network formed by the bank branches, ATMs, armored transportation providers, the government custodian, Brazilian Central Bank and financial institutions. Although the logistic to sustain these operations is so wide-ranged (country-size), complex and subject to a lot of financial regulations and security procedures, it has been detected that it was probably not fully integrated. Through the use of a primary and a secondary data research and analysis, using the above mentioned models, the study ends up with propositions to strongly improve the operations efficiency

Technological evaluation of biotechnology capability in Amazon institutions

Includes bibliography

Productivity differences in Brazilian manufacturing firms, by industrial sector: school bullying and academic achievement

Includes bibliography