Evaluation of contagion or interdependence in the financial crises of Asia and Latin America, considering the macroeconomic fundamentals

This article investigates the existence of contagion between countries on the basis of an analysis of returns for stock indices over the period 1994-2003. The economic methodology used is that of multivariate GARCH family volatility models, particularly the DCC models in the form proposed by Engle and Sheppard (2001). The returns were duly corrected for a series of country-specific fundamentals. The relevance of this procedure is highlighted in the literature by the work of Pesaran and Pick (2003). The results obtained in this paper provide evidence favourable to the hypothesis of regional contagion in both Latin America and Asia. As a rule, contagion spread from the Asian crisis to Latin America but not in the opposite direction

Assessing interdependence among countries' fundamentals and its implications for exchange rate misalignment estimates: An empirical exercise based on GVAR

Exchange rates are important macroeconomic prices and changes in these rates a ect economic activity, prices, interest rates, and trade ows. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that the global vector autoregressions model (GVAR) proposed by Pesaran and co-authors can add relevant information to the literature on measuring exchange rate misalignment. Our empirical exercise suggests that the estimate exchange rate misalignment obtained from GVAR can be quite di erent to that using the traditional cointegrated time series techniques, which treat countries as detached entities. The di erences between the two approaches are more pronounced for small and developing countries. Our results also suggest a strong interdependence among eurozone countries, as expected

An essay on private equity: the history and fundamentals of fundraising in Brazil

O impacto positivo dos investimentos de Private Equity e Venture Capital (PE/VC) na economia e no mercado de capitais está amplamente documentado pela literatura acadêmica internacional. Nos últimos 40 anos, diversos autores têm estudado a influência desta classe de ativos na criação, no desenvolvimento e na transformação de milhares de empresas ao redor do mundo, especialmente nos Estados Unidos. Entretanto, os estudos sobre os determinantes da captação de recursos de PE/VC têm se desenvolvido apenas mais recentemente, e seus resultados estão longe de ser uma unanimidade. No Brasil, a pesquisa sobre a indústria de PE/VC ainda é escassa. Embora a indústria local venha crescendo rapidamente desde 2006, tendo alcançado US$36,1 bilhões em capital comprometido em 2009, ainda não há estudos sobre as variáveis que influenciam na alocação de capital pelos investidores nesta modalidade de investimento no Brazil. Entender esta dinâmica é importante para o equilíbrio e a eficiência de mercado. Baseado no trabalho de Gompers e Lerner (1998) sobre os determinantes da indústria de PE/VC nos Estados Unidos, este trabalho contribui com a literatura de PE/VC ao: (i) revisitar o começo desta indústria no Brasil; e (ii) identificar quais as variáveis influenciam no desenvolvimento da indústria de PE/VC local. Os resultados deste estudo contribuem para o desenvolvimento acadêmico da indústria de PE/VC no Brasil. Além disso, as discussões aqui apresentadas poderão impactar outras áreas de estudo que são permeadas pelo tema, tais como Gestão de Investimentos, Governança Corporativa, Empreendedorismo e Estratégia. Profissionais de mercado também deverão se interessar no trabalho. As discussões sobre a história e os fundamentos da indústria fornecem aos investidores, empreendedores, gestores de investimentos e formuladores de políticas públicas, entre outros, um melhor entendimento sobre como o ecossistema de PE/VC funciona no Brasil.

Extended Cahill-Glauber formalism for finite-dimensional spaces: I. Fundamentals

The Cahill-Glauber approach for quantum mechanics on phase space is extended to the finite-dimensional case through the use of discrete coherent states. All properties and features of the continuous formalism are appropriately generalized. The continuum results are promptly recovered as a limiting case. The Jacobi theta functions are shown to have a prominent role in the context.

ANIMAL POPULATION ECOLOGY AND CONTROL FUNDAMENTALS

Expensive, extensive and apparently lethal control measures have been applied against many species of pest vertebrates and invertebrates for decades. In spite of this, few pests have been annihilated, and in many cases the stated goals have become progressively more modest, so that now we speak of saving foliage or a crop, rather than extermination. It is of interest to examine the reasons why animals are so difficult to exterminate, because this matter, of course, has implications for the type of control policy we pursue in the future. Also, it has implications for the problem of evaluating comparatively various resource management strategies. There are many biological mechanisms which could, in principle, enhance the performance of an animal population after control measures have been applied against it. These are of four main types: genetic, physiological, populationa1, and environmental. We are all familiar with the fact that in applying a control measure, we are, from the pest's point of view, applying intense selection pressure in favor of those individuals that may be preadapted to withstand the type of control being used. The well-known book by Brown (1958) documents, for invertebrates, a tremendous number of such cases. Presumably, vertebrates can show the same responses. Not quite so familiar is the evidence that sub-lethal doses of a lethal chemical may have a physiologically stimulating effect on population performance of the few individuals that happen to survive (Kuenen, 1958). With further research, we may find that this phenomenon occurs throughout the animal kingdom. Still less widely recognized is the fact that pest control elicits a populational homeostatic mechanism, as well as genetic and physiological homeostatic mechanisms. Many ecologists, such as Odum and Allee (1950, Slobodkin (1955), Klomp (1962) and the present author (1961, 1963) have pointed out that the curve for generation survival, or the curve for trend index as a function of last generations density is of great importance in population dynamics.