An Exorbitant Privilege in the First Age of International Financial Integration

The exorbitant privilege literature analyzes the positive differential returns on net foreign assets enjoyed by the United States in the last quarter of the twentieth century as the issuer of the global reserve currency. In the first age of international financial integration (1870-1914), the global reserve currency of the period was the British pound sterling. Whether the United Kingdom enjoyed a similar privilege is analyzed with a new dataset, encompassing microdata on railroad and government financial securities. The use of microdata avoids the flaws that have plagued the US studies, particularly the use of incompatible aggregate variables. New measures of Britain’s net external position provide estimates on capital gains and dividend yields. As the issuer of the global reserve currency, Britain received average revenues of 13.4% of GDP from its international investment position. The country satisfied the necessary condition for the existence of an exorbitant privilege. Nonetheless, Britain’s case is slightly different from the American one. British external assets received higher returns than were paid on external liabilities for each class, but British invested mostly in securities with low profile of risk. The low return on its net external position meant that, for most of the time, Britain would not receive positive revenues from the rest of the world if it were a net debtor country, but this pattern changed after 1900. The finding supports the claim that, at least partially, exorbitant privilege is a general characteristic of the issuer of the global reserve currency and not unique to the late twentieth century US.

From privatisation to nationalisation: Repsol-YPF, 1999–2012

In April 2012 Argentinean Government nationalized 51% of Repsol shares in YPF. Expropiation of YPF is a new step in a broad list of protectionist and interventionist decisions, such as the nationalization of Aerolíneas Argentinas, nationalization of private pension plans, or the amendments of the Central Bank regulations to make the use of reserves more flexible. Institutions set the rules of the game for citizens and companies, allowing incentives and creating expectations. Nationalization of the above mentioned Argentinean companies has created legal uncertainty bringing a relevant increase in the risk premium as a result. Privatization of YPF and its later nationalization, together with the company shareholder composition, and resulting international disputes will be addressed in this article.

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

El principio de igualdad y no discriminación en relación con la pensión de viudedad y el «matrimonio gitano»

El punto de partida de nuestro estudio se sitúa en el polémico y discutido asunto resuelto por la sentencia del Tribunal Europeo de Derechos Humanos de 8 de diciembre de 2009, Caso Muñoz Díaz c. España, donde se condena al Estado español por denegar la pensión de viudedad a una ciudadana casada exclusivamente por el rito matrimonial gitano. Al hilo de esta resolución analizaremos, entre otras cuestiones, las diversas formas matrimoniales a las que nuestro legislador otorga efectos civiles, la incidencia de dichas disposiciones en el principio de igualdad y no discriminación consagrado en el artículo 14 de la Constitución y en el artículo 14 del Convenio Europeo de Derechos Humanos, y la posible vulneración de dicho principio en el marco de las prestaciones sociales reguladas en la Ley General de la Seguridad Social, recientemente reformada.

Estudo da adição do resíduo proveniente da extração de minério de ferro em argilas do Rio Grande do Norte

The mining industry is responsible for the generation of waste from their natural process of extraction. The mining impacts in urban areas are of special importance due to the high urban occupation, which are exacerbated due to the proximity of the mined areas and populated areas. Some solutions to wastedisposal have the potential to significantly reduce the environmental risks and liabilities, but represent higher costs in the stages of deployment and operation. The addition of mining waste as raw material in the development of commercial products reduces the environmental impacts, transforming the waste into a positive element in the generation of employment and income. This thesis studies the incorporation of waste iron ore in two clays, one from the ceramic industry of the City of Natal and the other from the ceramic industry of the Seridó Region, both in the State of Rio Grande do Norte, Brazil. Percentages of iron ore waste of 5%, 10% , 15%, 20%, 25% and 30% were used in the tested ceramic matrix. The two clays and the iron ore waste used as part of this investigation were characterized by X-ray diffraction tests, X-ray fluorescence tests, differential thermal analysis, thermogravimetric analysis and dilatometric analysis. The samples were sintered under temperatures of 850 °C, 950 °C and 1050°C at a heating rate of 5 °C/min with isotherms of two hours. The following tests were performed with the samples: linear shrinkage, water absorption, apparent porosity, apparent density, mass loss in fire and bending resistance in order to obtain their physical and mechanical properties. An amount of 5% of waste iron ore in the matrix clay at a temperature of 850 0C resulted in na increase of about 65% in the tensile strength of the clay samples from the Natal ceramic industry. A linear shrinkage of only 0.12% was observed for the samples, which indicates that the physical properties of the final product were not influenced by the addition of the waste

Equity Research - Cork Supply Portugal

Mestrado em Finanças

Design and synthesis of novel quinolones directed to the Plasmodium falciparum bc1 protein complex

Tese de Doutoramento, Química, Especialização em Química Orgânica, Faculdade de Ciências e Tecnologia, Universidade do Algarve, 2016

Passivo ambiental: estudo de caso

Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Contabilidade e Finanças

Pertencer à terra : resistência de saberes e diversidade da vida pelos Kaiowá-Guarani

Tese (doutorado)—Universidade de Brasília, Centro de Desenvolvimento Sustentável, Programa de Pós-Graduação em Desenvolvimento Sustentável, 2016.

Design gráfico da pluma de contaminação por compostos orgânicos voláteiss utilizando software CAD na investigação de passivo ambiental em um posto revendedor de combustíveis em Natal/RN

Among the potentially polluting economic activities that compromise the quality of groundwater are the gas stations. The city of Natal has about 120 gas stations, of which only has an environmental license for operation. Discontinuities in the offices were notified by the Public Ministry of Rio Grande do Norte to carry out the environmental adaptations, among which is the investigation of environmental liabilities. The preliminary and confirmatory stages of this investigation consisted in the evaluation of soil gas surveys with two confirmatory chemical analysis of BTEX, PAH and TPH. To get a good evaluation and interpretation of results obtained in the field, it became necessary three-dimensional representation of them. We used a CAD software to graph the equipment installed in a retail service station fuel in Natal, as well as the plumes of contamination by volatile organic compounds. The tool was concluded that contamination is not located in the current system of underground storage of fuel development, but reflects the historical past in which tanks were removed not tight gasoline and diesel

Uma análise da influência do viés de otimismo no julgamento de probabilidades de ativos e passivos contingentes

Tese (doutorado)—Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, Programa Multi-Institucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2016.

Investigação e gerenciamento de áreas contaminadas por postos revendedores de combustíveis em Natal

Activities that have fuel subterranean storage system are considered potentially polluting fuels by CONAMA Resolution 273, due to the possibility of leak, outpouring and overflow of fuel into the ground. Being even more worrying when contaminate groundwater for public supply, as the case of Natal City. For this reason, the Public Ministry/RN, in partnership with UFRN, developed the project environmental suitability of Gas stations in Natal, of which 36% showed evidence of contamination. This paper describes the four stages of the management of contaminated areas: preliminary assessment of environmental liabilities, detailed confirmatory investigation of the contamination, risk analysis to human health (RBCA), as well as the remediation plan of degraded areas. Therefore it is presented a case study. For the area investigated has been proposed a mathematical method to estimate the volume of LNAPL by a free CAD software (ScketchUp) and compare it with the partition method for grid area. Were also performed 3D graphics designs of feathers contamination. Research results showed that passive benzene contamination in groundwater was 2791.77 μg/L, when the maximum allowed by CONAMA Resolution 420 is 5 μg/L which is the potability standards. The individual and cumulative risks were calculated from 4.4 x10-3, both above the limits of 1.0 x10-5 or by RBCA 1.0 x10-6 by the Public Ministry/RN. Corrective action points that remediation of dissolved phase benzene is expected to reach a concentration of 25 μg/L, based on carcinogenic risk for ingestion of groundwater by residents residential, diverging legislation. According to the proposed model, the volume of LNAPL using the ScketchUp was 17.59 m3, while by the grid partitioning method was 14.02 m3. Because of the low recovery, the expected removal of LNAPL is 11 years, if the multiphase extraction system installed in the enterprise is not optimized

Decentralized Clearing in Financial Networks

We consider a situation in which agents have mutual claims on each other, summarized in a liability matrix. Agents' assets might be insufficient to satisfy their liabilities leading to defaults. In case of default, bankruptcy rules are used to specify the way agents are going to be rationed. A clearing payment matrix is a payment matrix consistent with the prevailing bankruptcy rules that satisfies limited liability and priority of creditors. Since clearing payment matrices and the corresponding values of equity are not uniquely determined, we provide bounds on the possible levels equity can take. Unlike the existing literature, which studies centralized clearing procedures, we introduce a large class of decentralized clearing processes. We show the convergence of any such process in finitely many iterations to the least clearing payment matrix. When the unit of account is sufficiently small, all decentralized clearing processes lead essentially to the same value of equity as a centralized clearing procedure. As a policy implication, it is not necessary to collect and process all the sensitive data of all the agents simultaneously and run a centralized clearing procedure.

Inter-industry analysis and monetary policy evaluations in the Korean flow of funds accounts

This study mainly aims to provide an inter-industry analysis through the subdivision of various industries in flow of funds (FOF) accounts. Combined with the Financial Statement Analysis data from 2004 and 2005, the Korean FOF accounts are reconstructed to form "from-whom-to-whom" basis FOF tables, which are composed of 115 institutional sectors and correspond to tables and techniques of input–output (I–O) analysis. First, power of dispersion indices are obtained by applying the I–O analysis method. Most service and IT industries, construction, and light industries in manufacturing are included in the first quadrant group, whereas heavy and chemical industries are placed in the fourth quadrant since their power indices in the asset-oriented system are comparatively smaller than those of other institutional sectors. Second, investments and savings, which are induced by the central bank, are calculated for monetary policy evaluations. Industries are bifurcated into two groups to compare their features. The first group refers to industries whose power of dispersion in the asset-oriented system is greater than 1, whereas the second group indicates that their index is less than 1. We found that the net induced investments (NII)–total liabilities ratios of the first group show levels half those of the second group since the former's induced savings are obviously greater than the latter.

Corporate identity manifested through historical references

Purpose – The purpose of this paper is to focus on how firms draw on historical references in corporate marketing. The paper seeks to analyze the logic behind such efforts from a corporate identity perspective and to propose potential risks and/or benefits of doing so. The paper aims to inspire the understanding of how references to history are used in marketing and the outcome of such use. Design/methodology/approach – The paper mainly draws on literature relating to corporate marketing and the use of history in organizations. Combining these theories, and pointing at empirical examples, the paper clarifies why references to history can be important mani-festations of corporate identity. The paper comes up with propositions concerning what consequences the reference to history in corporate marketing can have for firms’ marketing strategies and business development. Findings – The paper outlines a connection among corporate identity, organizational identity, and image through corporate communications. It suggests that among the range of corporate characteristics, historical references can be particular valuable for corporate communications thanks to the reliability age can provide (as opposed to liabilities of newness). Still, elaborations suggest that the planned use of historical references has both pros and cons in terms of business development. Originality/value – Despite the notion that history, as an inevitable and distinctive firm feature, can play an important role in corporate marketing, research on the topic is quite scarce. This paper offers some remedy to this gap by elaborating on the internal and external rationales for applying historical references and how these can be explained in connections between corporate identity and history.