Practice location of physicians: a discrete choice model approach

Economists and policymakers have long been concerned with increasing the supply of health professionals in rural and remote areas. This work seeks to understand which factors influence physicians’ choice of practice location right after completing residency. Differently from previous papers, we analyse the Brazilian missalocation and assess the particularities of developing countries. We use a discrete choice model approach with a multinomial logit specification. Two rich databases are employed containing the location and wage of formally employed physicians as well as details from their post-graduation. Our main findings are that amenities matter, physicians have a strong tendency to remain in the region they completed residency and salaries are significant in the choice of urban, but not rural, communities. We conjecture this is due to attachments built during training and infrastructure concerns.

Otimização da medida Omega de um portfolio de ações com a utilização de opções do Índice Bovespa

O uso de opções no mercado financeiro tem ganhado relevância devido ao seu payoff não-linear e a possibilidade de alterar o perfil da distribuição de retornos de um portfolio. Existem diversas estratégias que são adequadas para cada cenário que o investidor acredita estar exposto, mas como o conjunto de cenários forma uma distribuição de retornos, devemos utilizar uma medida adequada para trabalhar com este tipo de informação. Assim, foi utilizada a medida Omega, que é uma medida capaz de capturar todos os momentos de uma distribuição, dado um limiar de retornos. Este trabalho se propõe a desenvolver uma metodologia que possibilite otimizar a medida Omega de um portfolio, através do uso de opções sobre o IBOVESPA. Para a geração das distribuições de retornos foi utilizada simulação de Monte Carlo, com jumps e volatilidade estocástica. Finalmente, foram feitas diversas análises sobre os resultados obtidos, afim de comparar a estratégia otimizada com diversas estratégias aleatórias, e também, realizado um backtest para avaliar a eficácia da implementação da estratégia otimizada.

International portfolio diversification: evidence from emerging markets

Taking into account previous research we could assume to be beneficial to diversify investments in emerging economies. We investigate in the paper International Portfolio Diversification: evidence from Emerging Markets if it still holds true, given the assumption of larger world markets integration. Our results suggest a wide spread positive time-varying correlations of emerging and developed markets. However, pair-wise cross-country correlations gave evidence that emerging markets have low integration with developed markets. Consequently, we evaluate out-of-sample performance of a portfolio with emerging equity countries, confirming the initial statement that it has a better a risk-adjusted performance over a purely developed markets portfolio.

Too difficult to manage, too big to ignore: party choice in multiparty presidential systems

In consensual (proportional) highly fragmented multiparty settings, political parties have two historical choices to make or pathways to follow: i) playing a majoritarian role by offering credible candidates to the head of the executive; or ii) playing the median legislator game. Each of those choices will have important consequences not only for the party system but also for the government. The purpose of this paper is to investigate the role played by median legislator parties on coalition management strategies of presidents in a comparative perspective. We analyze in depth the Brazilian case where the Partido do Movimento Democrático Brasileiro (PMDB) has basically functioned as the median legislator party in Congress by avoiding the approval of extreme policies, both on the left and on the right. Based on an expert survey in Latin America, we built an index of Pmdbismo and identified that there is a positive correlation between partisan fragmentation and median legislator parties. In addition, we investigate the effect of having a median legislator party in the governing coalition. We found that it is cheaper and less difficult for the government to manage the coalition having the median legislative party on board.

Entry mode choice and market selection of born globals in developing countries: a multiple-case study of the ecuadorian software sector

O fenômeno "Born global" refere-se a empresas que consideram o mercado global como seu contexto natural e que iniciam seu processo de internacionalização muito cedo após sua criação. As teorias tradicionais como o modelo de Uppsala não conseguem explicar este processo. Portanto, outras teorias têm surgido, como a perspectiva de redes. Existem alguns estudos relacionados a esta área, principalmente realizados em países desenvolvidos com pequenos mercados e economias abertas. No entanto, poucos estudos têm sido feitos em economias em desenvolvimento. Além disso, o número de pesquisas quanto à escolha do modo de entrada e seleção de mercados das empresas “born global” é bastante limitado. Consequentemente, este estudo pretende descrever os principais fatores que influenciam a escolha do modo de entrada e seleção de mercados das empresas, de economias em desenvolvimento, nascidas globais. O foco da pesquisa é a indústria de software e um estudo de casos múltiplo foi realizado com três empresas no Equador. A metodologia incluiu entrevistas com fundadores, bem como a coleta de dados secundários. Com base na evidência empírica, verificou-se que os principais fatores que influenciam a escolha do modo de entrada são as restrições financeiras, as receitas esperadas, a velocidade de internacionalização, mercados nicho e a experiência empresarial anterior dos fundadores. Por outro lado, a seleção de mercado é influenciada por semelhanças de língua e cultura, mercados nicho e relações em rede.

Análise do estado da arte das teorias da internacionalização: uma revisita às teorias aplicadas aos fatores relacionados ao modo de entrada e à localização de empresas que buscam a atuação em mercados estrangeiros

Estudos sobre a internacionalização de empresas avançam em todos os setores com o objetivo de identificar oportunidades de crescimento e aprendizado para os negócios que possuam características globais. O objetivo desse trabalho está na revisitação das teorias de internacionalização para o entendimento da importância dos aspectos de localização e do modo de entrada no movimento pela busca de mercados estrangeiros de forma a assegurar a permanência nos países que apresentam características diferentes da localidade de origem; consiste também na verificação da necessidade de mitigação de problemas referentes aos custos, da definição do modo de entrada e da decisão sobre o portfólio de produtos que farão parte da nova unidade de negócios. A internacionalização de empresas é um processo de entrada em novos mercados fora da região onde surgiram e implica em estudos que não estão somente relacionados à operação comercial, mas que demandam análises mais abrangentes como o aspecto da distância física. Um estudo de caso, que complementa essa pesquisa, apresenta os fatores de localização e a escolha do modo de entrada considerados para a internacionalização da Klabin na Argentina e seus aspectos decisórios com base na estratégia da empresa brasileira na prospecção de oportunidades ao redor do mundo. Características mercadológicas identificadas no cenário econômico da Argentina também foram considerados para a entrada no país. A pesquisa contempla a teoria de Uppsala, OLI, empreendedorismo internacional e autores como Porter, Dunning, Rugman e Ghemawat que suportam e confrontam as decisões sobre a internacionalização da Klabin. Foram realizadas entrevistas com os principais executivos da empresa responsáveis pela definição do modo de entrada no país e pela gestão na Argentina encerrando-se, essa pesquisa, com a apresentação dos resultados sobre as teorias existentes para a implementação da estratégia de internacionalização.

Revisiting modern portfolio theory

This paper revisits Modern Portfolio Theory and derives eleven properties of Efficient Allocations and Portfolios in the presence of leverage. With different degrees of leverage, an Efficient Portfolio is a linear combination of two portfolios that lie in different efficient frontiers - which allows for an attractive reinterpretation of the Separation Theorem. In particular a change in the investor risk-return preferences will leave the allocation between the Minimum Risk and Risk Portfolios completely unaltered - but will change the magnitudes of the tactical risk allocations within the Risk Portfolio. The paper also discusses the role of diversification in an Efficient Portfolio, emphasizing its more tactical, rather than strategic character

análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios

Stomach fullness modulates prey size choice in the frillfin goby, Bathygobius soporator

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

Spatial choice is biased by chemical cues from conspecifics in the speckeled worm eel Myrophis punctatus

A enguia mirongo-mirim Myrophis punctatus vive em agrupamentos de alta densidade populacional e comumente se enterra ou permanece sob o substrato. Esses comportamentos podem levar a marcas químicas no subtrato e podem, portanto, modular o uso do espaço nessa espécie. Neste estudo, testamos a hipótese de que a preferência espacial da enguia mirongo-mirim é influenciada pela presença de odor do animal coespecífico no subtrato. Mostramos que as enguias evitam a área que contém tal odor, indicando que as decisões de ocupação espacial podem ser influenciadas por pistas químicas de coespecíficos. As enguias claramente detectaram o odor de um animal coespecífico e essa percepção poderia ser um indicativo da presença de um coespecífico enterrado no substrato. Visto que elas evitam uma área contendo tal odor, sugerimos que isso poderia ser uma resposta para evitar invadir o território de um animal residente.

Does the Choice of the Halogenated Anesthetic Influence Renal Function during Hemorrhagic Shock and Resuscitation?

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Medical students' personal choice for mode of delivery in Santa Catarina, Brazil: a cross-sectional, quantitative study

Background: The increase in overall rates of cesarean sections (CS) in Brazil causes concern and it appears that multiple factors are involved in this fact. In 2009, undergraduate students in the first and final years of medical school at the University of Santa Catarina answered questionnaires regarding their choice of mode of delivery. The aim of the study was to evaluate whether the education process affects decision-making regarding the waay of childbirth preferred by medical students.Methods: A cross-sectional, quantitative study was conducted based on data obtained from questionnaires applied to medical students. The questions addressed four different scenarios in childbirth, as follows: under an uneventful pregnancy; the mode of delivery for a pregnant woman under their care; the best choice as a healthcare manager and lastly, choosing the birth of their own child. For each circumstance, there was an open question to explain their choice.Results: A total of 189 students answered the questionnaires. For any uneventful pregnancy and for a pregnant woman under their care, 8.46% of the students would opt for CS. As a healthcare manager, only 2.64% of the students would recommend CS. For these three scenarios, the answers of the students in the first year did not differ from those given by students in the sixth year. In the case of the student's own or a partner's pregnancy, 41.4% of those in the sixth year and 16.8% of those in the first year would choose a CS. A positive association was found between being a sixth year student and a personal preference for CS according to logistic regression (OR = 2.91; 95%CI: 1.03-8.30). Pain associated with vaginal delivery was usually the reason for choosing a CS.Conclusions: A higher number of sixth year students preferred a CS for their own pregnancy (or their partner's) compared to first year students. Pain associated with vaginal delivery was the most common reason given for haven chosen a CS. The students' preference for childbirth changed over time during their graduation in favor of cesarean sections. This finding deserves considerable attention when structuring medical education in Obstetrics.

Effect of free-choice feeding on the performance and ileal digestibility of nutrients in broilers

An experiment was conducted to study ileal digestibility of nutrients and to verify the ability of broilers to select feed in order to meet their requirements for protein and energy. The treatments consisted of six diets: R+S: free-choice feeding with rice bran (energy) and soybean meal (protein); C+G: free-choice feeding with corn (energy) and corn gluten meal (protein); R+G: free-choice feeding with rice bran (energy) and corn gluten meal (protein); C+S: free-choice feeding with corn (energy) and soybean meal (protein); R+C+G+S: free-choice feeding with rice bran and corn (energy) and corn gluten meal and soybean meal (protein); and BD: basal diet represented by a complete diet composed of 63% corn and 33% soybean meal. The results indicated that the adjustment to nutritional requirements does not depend only on the ability of birds to select feed. It might also depend on intake and ingredient quality, since some ingredients did not provide a balanced amount of nutrients. The birds were able to fulfill their requirements for maintenance, that is, they consumed the minimum amount of amino acids (g per day) for maximum growth. The free-choice group with corn gluten meal as the protein source had the worst performance, which indicated that this feed is not recommended as a primary source of amino acids for broilers. The C+G diet presented the highest digestibility coefficient of dry matter and crude protein, whereas the C+S diet resulted in the highest digestibility coefficient of ether extract and nitrogen-free extract, indicating that diet digestibility was affected by the type of feed used as energy and protein sources. In general, the high digestibility values indicate that broilers are able to efficiently digest and absorb the supplied feed.

Prey choice by Nesticodes rumpes (Araneae, Theridiidae) on Musca domestica (Diptera, Muscidae) and Dermestes ater (Coleoptera, Dermestidae)

Nesticodes rufipes is widely distributed in tropical and subtropical regions, being strongly associated with humans. However, few behavioral and ecological studies have investigated interspecific interactions between these spiders and insects of medical and veterinary importance. Here, we have investigated prey choice by N. rufipes when two different prey species, Musca domestica and Dermestes ater, were offered simultaneously. We also quantified the capture of these prey types by this predator in a poultry house and analyzed the association between prey-choice with physical characteristics of the prey. Finally, we discuss whether there is an antagonistic intraguild interaction in such a system composed of N. rufipes (top predator), D. ater (predator of larvae of M. domestica and prey of N. rufipes) and M. domestica (N. rufipes' prey). We found that Musca domestica were more abundant than D. ater in N. rufipes webs in the poultry house. Spiders given a choice of adults of M. domestica plus adults of D. ater, and also on adults plus larvae of M. domestica, preyed more on adult flies than on the other prey types. This preference was probably associated with the lesser mass and shorter lengths of adult flies. Our experiments demonstrated that the predation impact of N. rufipes on D. ater is low when compared to M. domestica. This result provides evidence that an antagonistic interaction between these predators does not occur, suggesting that they are in fact acting either synergistically or additively on M. domestica prey.