The equity premium and the risk free rate: A cross country, cross maturity examination

This paper examines the relationship between the equity premium and the risk free rate at three different maturities using post 1973 data fora panel of 7 OECD countries. We show the existence of subsample instabilities,of some cross country differences and of inconsistencies with the expectations theory of the term structure. We perform simulations using a standard consumptionbased CAPM model and demonstrate that the basic features of Mehra and Prescott's(1985) puzzle remain, regardless of the time period, the investment maturity and the country considered. Modifications of the basic setup are also considered.

Terrestrial arthropods from tree canopies in the Pantanal of Mato Grosso, Brazil

Terrestrial arthropods from tree canopies in the Pantanal of Mato Grosso, Brazil. This study represents a contribution to the knowledge of the diversity of arthropods associated to the canopy of Vochysia divergens Pohl (Vochysiaceae). Three trees individuals were sampled during two seasonal periods in this region: a) by spraying one tree canopy during high water (February); b) by fogging two tree canopies during low water (September/October). The 15,744 arthropods (183.2±38.9 individuals/m²) obtained from all three trees (86 m²) represented 20 taxonomic orders, 87.1% were Insecta, and 12.9% Arachnida. The dominant groups were Hymenoptera (48.5%; 88.9 individuals/m²), mostly Formicidae (44.5%; 81.4 individuals/m²), followed by Coleoptera (14.0%; 25.5 individuals/m²) and Araneae (10.2%; 19.5 individuals/m²), together representing 62.5% of the total catch. Fourteen (70%) of all orders occurred on three trees. Dermaptera, Isoptera, Neuroptera, Odonata, Plecoptera and Trichoptera were collected from only one tree. Of the total, 2,197 adult Coleoptera collected (25.5±11.3 individuals/m²), 99% were assigned to 32 families and 256 morphospecies. Nitidulidae (17.9% of the total catch; 4.6 individuals/m²), Anobiidae (16.7%; 4.3 individuals/m²), Curculionidae (13.2%; 3.4 individuals/m²) and Meloidae (11.4%; 2.9 individuals/m²) dominated. The communitiy of adult Coleoptera on V. divergens indicated a dominance of herbivores (37.8% of the total catch, 127 spp.) and predators (35.2%, 82 spp.), followed by saprophages (16.2%, 32 spp.) and fungivores (10.8%, 15 spp.). The influence of the flood pulse on the community of arboreal arthropods in V. divergens is indicated by the seasonal variation in evaluated groups, causing changes in their structure and composition.

The flower-visiting social wasps (Hymenoptera, Vespidae, Polistinae) in two areas of Rio Grande do Sul State, southern Brazil

The flower-visiting social wasps (Hymenoptera, Vespidae, Polistinae) in two areas of Rio Grande do Sul State, southern Brazil. The structure of flower-visiting social wasps' assemblages in the CPCN Pró-Mata of São Francisco de Paula and in the Green Belt of Santa Cruz do Sul, Rio Grande do Sul, are characterized. A total of 879 polistine wasps were collected, of which 475 (11 spp.) in the CPCN and 404 (21 spp.) in the Green Belt, from September 1997 to April 2001 and from September 2001 to April 2004, respectively. Foraging social wasps were observed on flowers of 36 species of angiosperms (20 families) in the Green Belt, and on flowers of 54 species of angiosperms (21 families) in the CPCN. Asteraceae was the most visited plant family on both studied localities. A list of pant species visited by the polistines is provided.

Seasonality and temporal structuration of Alticini community (Coleoptera, Chrysomelidae, Galerucinae) in the Araucaria Forest of Parana, Brazil

Seasonality was studied for Alticini trapped with malaise over a period of two years in the Vila Velha State Park, Parana, Brazil. Coleoptera, Chrysomelidae and Alticini showed seasonal distribution, with the highest abundance during spring and summer months. The abundance peaks of these groups were not synchronized. Of all environmental variables tested, photoperiod had the larger effect on the distributional patterns of Coleoptera, Chrysomelidae and Alticini. Also, Chrysomelidae and Alticini probably are related to the quality and availability of host-plants. When richness was high there was a greater similarity among seasons of different years. However, when richness was not pronounced, seasons showed more similarity within the same year than between years. The Alticini community was seasonally structured and a possible mechanism underlying this pattern is asymmetric competition. Nevertheless, it is necessary to account for indirect interactions (plant-enemy mediated) to better understand how Alticini community is structured.

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages ofeconomic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

Nest distribution and nesting habits of Xylocopa ordinaria Smith (Hymenoptera, Apidae) in a restinga area in the northern Rio de Janeiro State, Brazil

This paper aims to study the distribution of natural nests of Xylocopa ordinaria and characterize its nesting habits in the restinga of Grussai/Iquipari (RJ), supporting future studies on the pollinators management in the northern Rio de Janeiro state. The data obtained from Aug/2003 to Dec/2004, in an area of 11.6ha, were related to the nest distribution, substrate identification and dimensions, emergence, sex ratio, nest structure (n= 23 nests) and pollen content analysis of provisioning masses and feces. X. ordinaria nests were abundant and presented a clustered distribution. These bees do not present taxonomical affinity for nesting substrates, but preferences for wood availability and characteristics, being Pera glabrata the main substrate. X. ordinaria is a multivoltine species that tolerates co-specifics in their nests. These bees were generalist on their nectar and pollen consumption, but presented floral constancy while provisioning brood cells. These behaviors, activity along the year, flights throughout the day, and legitimate visits to flowers indicate the importance of X. ordinaria on the pollination of plants in the restinga.

Corporate finance and the monetary transmission mechanism

This paper analyzes the transmission mechanisms of monetarypolicy in a general equilibrium model of securities marketsand banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric information about banks' net worth adds a cost to outside equity capital, which limits the extent to which banks can relax their capital constraint. In this context monetarypolicy does not affect bank lending through changes in bank liquidity. Rather, it has the effect of changing theaggregate composition of financing by firms. The model also produces multiple equilibria, one of which displays all the features of a "credit crunch". Thus, monetary policy can also have large effects when it induces a shift from one equilibrium to the other.

Diversity of Pentatomoidea (Hemiptera) in riparian forests of southern Brazil: taller forests, more bugs

Riparian forests are important features of any ecosystem, especially on grassland and savannah vegetation types. However, riparian forests in southernmost Brazil have received much less attention than elsewhere. This is the first quantitative study of pentatomoid (Hemiptera) diversity in the Pampa biome, surveying riparian forests of brooks and rivers in the environs of the municipality of Bagé, Rio Grande do Sul state, southern Brazil. The aim was two-fold: taxonomic characterization of the fauna and a primary ecological study of bug diversity. Sweeping net and beating tray were used to sample trees and shrubs on the border of sampling sites; sampling was carried out during three consecutive days, from March 28th to 30th 2006. Overall 154 individuals of 32 species of Pentatomoidea were captured, almost all species are new records for the local fauna. Taller forest canopy sites had higher abundance overall and higher species richness than shorter forest canopy sites. Of the 32 species, 11 were singletons and four were doubletons. There were no differences for pentatomoid species composition between the two environments differing in vegetation structure. Association to the Pampa biome of the most abundant species found are discussed. Although based on a rapid assessment protocol of faunal inventories, our results add important bioecological information to the pentatomoid fauna of the Pampa biome, especially associated to riparian forests.

Spatio-temporal dynamics of Alticini (Coleoptera, Chrysomelidae) in a fragment of Araucaria Forest in the state of Parana, Brazil

Alticini fauna from five areas, two with different types of management (Borda and Araucaria) and three with different levels of conservation (Fase 1, Fase 2 and Fase 3), in the Araucaria Forest of the Parana was captured with malaise traps. The material was collected weekly, from September/1999 to August/2001, in the Parque Estadual of Vila Velha, Ponta Grossa. 1,891 individuals of 106 Alticini species were collected with only seven species common to all areas. Despite the proximity between sampling areas, the number of species shared between pairs of areas was low, not reaching 40%, with the Araucaria and Fase 1 areas being the most similar. The community structure of the areas Fase 1 and Fase 2 were most related. Fase 1, in initial stage of succession, showed the largert variation in the abundance and richness from one year to another.

Finance versus costs for teaching hospitals in Spain

In this paper we analyse the observed systematic differences incosts for teaching hospitals (THhenceforth) in Spain. Concernhas been voiced regarding the existence of a bias in thefinancing of TH s has been raised once prospective budgets arein the arena for hospital finance, and claims for adjusting totake into account the legitimate extra costs of teaching onhospital expenditure are well grounded. We focus on theestimation of the impact of teaching status on average cost. Weused a version of a multiproduct hospital cost function takinginto account some relevant factors from which to derive theobserved differences. We assume that the relationship betweenthe explanatory and the dependent variables follows a flexibleform for each of the explanatory variables. We also model theunderlying covariance structure of the data. We assumed twoqualitatively different sources of variation: random effects andserial correlation. Random variation refers to both general levelvariation (through the random intercept) and the variationspecifically related to teaching status. We postulate that theimpact of the random effects is predominant over the impact ofthe serial correlation effects. The model is estimated byrestricted maximum likelihood. Our results show that costs are 9%higher (15% in the case of median costs) in teaching than innon-teaching hospitals. That is, teaching status legitimatelyexplains no more than half of the observed difference in actualcosts. The impact on costs of the teaching factor depends on thenumber of residents, with an increase of 51.11% per resident forhospitals with fewer than 204 residents (third quartile of thenumber of residents) and 41.84% for hospitals with more than 204residents. In addition, the estimated dispersion is higher amongteaching hospitals. As a result, due to the considerable observedheterogeneity, results should be interpreted with caution. From apolicy making point of view, we conclude that since a higherrelative burden for medical training is under public hospitalcommand, an explicit adjustment to the extra costs that theteaching factor imposes on hospital finance is needed, beforehospital competition for inpatient services takes place.

Job creation under liquidity constraints: The Spanish case

This paper shows that liquidity constraints restrict jobcreation even when labor markets are flexible. In a dynamicmodel of labor demand, I show that in an environment of imperfect capital and imperfect labor markets, firms usetemporary contracts to relax financial constraints. Evidence for the predictions of the model is presented using Spanish data from the CBBE (Central de Balances del Banco de España - Balance Sheet data from the Bank of Spain). It is shown that firms substitute temporary laborfor permanent one and use less debt as their financial position improves. In particular, it is rejected that Spanish firms operate in an environment of free capital markets and of no labor adjustment costs. The labor reform of 1984, which created temporary contracts, implied to some extent a relaxation of liquidity constraints.Accordingly, firms used these contracts more extensivelyand used less debt; however, as capital markets continueto be imperfect, permanent job creation continues to beslow. Consequently, relaxation of liquidity constraints should also be part of a job creation strategy.

Nest structure and occurrence of three species of Azteca (Hymenoptera, Formicidae) in Cecropia pachystachya (Urticaceae) in non-floodable and floodable pantanal areas

Thirty Cecropia pachystachya trees were examined in non-floodable and floodable areas to investigate the association between C. pachystachya and Azteca ants in the Pantanal of Mato Grosso do Sul, Brazil. The species Azteca ovaticeps, Azteca isthmica, and Azteca alfari were found nesting inside domatia of C. pachystachya. A. ovaticeps was the most frequent species in the trees in the floodable area, while A. isthmica and A. alfari, in the non-floodable area. A. ovaticeps and A. isthmica maintained more entrance/exit holes in comparison to A. alfari. All Azteca species maintained entrance/exit holes in the closest domatia to the apical area of the branch, due to proximity to Müllerian and pearl bodies, suggesting that these species of Azteca were influenced by their environment during evolution and became specialized. All internodal septa of each examined branch were perforated by ants, indicating the branches were inhabited by a single colony.

Market structure and hospital efficiency: Evaluating potential effects of deregulation in a national health service

In this article we examine the potential effect of market structureon hospital technical efficiency as a measure of performance controlled byownership and regulation. This study is relevant to provide an evaluationof the potential effects of recommended and initiated deregulation policiesin order to promote market reforms in the context of a European NationalHealth Service. Our goal was reached through three main empirical stages.Firstly, using patient origin data from hospitals in the region of Cataloniain 1990, we estimated geographic hospital markets through the Elzinga--Hogartyapproach, based on patient flows. Then we measured the market level ofconcentration using the Herfindahl--Hirschman index. Secondly, technicaland scale efficiency scores for each hospital was obtained specifying aData Envelopment Analysis. According to the data nearly two--thirds of thehospitals operate under the production frontier with an average efficiencyscore of 0.841. Finally, the determinants of the efficiency scores wereinvestigated using a censored regression model. Special attention waspaid to test the hypothesis that there is an efficiency improvement in morecompetitive markets. The results suggest that the number of competitors inthe market contributes positively to technical efficiency and there is someevidence that the differences in efficiency scores are attributed toseveral environmental factors such as ownership, market structure andregulation effects.

Conglomeration with bankruptcy costs: Separate or joint financing?

The paper analyzes the determinants of the optimal scope of incorporation in the presenceof bankruptcy costs. Bankruptcy costs alone generate a non-trivial tradeoff between thebenefit of coinsurance and the cost of risk contamination associated to joint financing corporate projects through debt. This tradeoff is characterized for projects with binary returns,depending on the distributional characteristics of returns (mean, variability, skewness, heterogeneity, correlation, and number of projects), the bankruptcy recovery rate, and the taxrate advantage of debt relative to equity. Our testable predictions are broadly consistentwith existing empirical evidence on conglomerate mergers, spin-offs, project finance, andsecuritization.

Euglossine bee communities in small forest fragments of the Atlantic Forest, Rio de Janeiro state, southeastern Brazil (Hymenoptera, Apidae)

Euglossine bee communities in small forest fragments of the Atlantic Forest, Rio de Janeiro state, southeastern Brazil (Hymenoptera, Apidae). Euglossine bees are important pollinators in forests and agricultural areas. Although the structure of their communities is critically affected by anthropogenic disturbances, little is known about these bees in small forest fragments. The objectives of this study were to analyze the composition, abundance, and diversity of euglossine bee species in nine small fragments of different phytophysiognomies of the Atlantic Forest in southeastern Brazil, and to identify the environmental variables that may be related to the species composition of these communities. Males were sampled quarterly from May 2007 to May 2009 with aromatic traps containing methyl cinnamate, vanillin, eucalyptol, benzyl acetate, and methyl salicylate. A total of 1558 males, belonging to 10 species and three genera of Euglossina were collected. The richness ranged from five to seven species per fragment. Euglossa cordata, E. securigera, Eulaema nigrita e E. cingulata were common to all fragments studied. The diversity differed significantly among areas, ranging from H' = 1.04 to H' = 1.65. The precipitation, phytophysiognomy, and altitude had the highest relative importance over the species composition variation. The results presented in this study demonstrate that small forest fragments are able to support populations of euglossine bee species, most of which are widely distributed and reportedly tolerant to open and/or disturbed areas and suggest that the conservation of such areas is important, particularly in areas that are regenerating and in regions with agricultural matrices where these bees can act as important pollinators