Type 2 Design L Port Side

Print No: 189

Type 2 Design M Starboard Side; SS War Path and SS War Song

Print No:77

Type 2 Design M Port Side

Print No: 69

Type 2 Design N Starboard Side

Print No: 72

The human side of project management - an investigation of critical chain concepts in the Argentinean Project Environment

The global marketplace is rapidly intensifying. Longer product sales lives, greater profit margins or simply survival, is dependent on management¿s ability to create and lead change. Project Management has become an important competency, combined with other business practices to adapt to the trend of changing conditions. Critical Chain is a relatively new project methodology, elaborated by Eliyahu Goldratt in order to complete projects faster, make more efficient use of resources and securing the project deliverables. The methodology is based on the assumption that traditional project techniques such as CPM and PERT, do not recognize critical human behavior. The methodology claims that many project failures are a direct result of how safety is built into the task delivery times, and then wasted by human behavior such as Student Syndrome, Parkinson Law and Multitasking. However, there has been little or no previous research regarding this topic in the Argentine marketplace. This study intended to investigate to what extent the human behavior concepts of critical chain project management are present, by performing in-depth interviews with Argentine project stakeholders. It appears that the four human behavior concepts are present in Argentina and that the majority of Argentine companies are yet to apply project management techniques.

Qualidade das projeções dos analistas Sell Side: evidência empírica do mercado brasileiro

A presente dissertação analisa o erro de projeção dos analistas de investimentos do sell side, definido como a diferença entre o consenso das projeções dos analistas e o resultado reportado pela empresa. O tamanho do erro de projeção é uma medida da qualidade das projeções dos analistas de um determinado mercado de capitais. Uma vasta literatura acadêmica mostra que uma melhora na qualidade das projeções dos analistas, medida através de uma diminuição do tamanho do erro de projeção, está relacionada com a redução da assimetria de informação e com um aumento do valor de mercado das empresas. São testadas duas regressões, nas quais características das empresas, como setor, tamanho, endividamento e variabilidade do lucro, e características do ambiente de informação da empresa, como listagem de ADR, número de analistas que acompanham a empresa e convergência das projeções, são testadas contra duas métricas do erro de projeção, acurácia e viés. Nossas hipóteses são que existem fatores que influenciam de maneira significativa o tamanho do erro de projeção (acurácia) e o viés das projeções (viés). Estas hipóteses foram confirmadas, isto é, nossas regressões apresentaram pelo menos um fator que se mostrou significativo estatisticamente para influenciar o tamanho do erro de projeção (hipóteses H1 e H2) ou o seu viés (hipótese H3). Entretanto, os resultados mostram que vários fatores que se mostram significativos em testes conduzidos em mercados desenvolvidos – tais como tamanho, endividamento e variabilidade do lucro – não se mostraram significativos no mercado brasileiro. Por outro lado, os fatores relacionados com o resultado do ano projetado ou do ano anterior se mostraram fortemente significativos. Acreditamos que os resultados podem ser explicados de três maneiras: 1) ou a capacidade de adicionar valor dos analistas em relação a modelos estatísticos de projeção é muito pequena, devido à sua falta de habilidade; ou 2) a instabilidade macroeconômica é tão grande domina todos os outros fatores que poderiam influenciar o tamanho do erro de projeção; ou 3) os resultados das empresas nos mercados desenvolvidos são tão administrados, isto é, tão estáveis, que permitem que fatores mais sutis como o tamanho, o nível de endividamento e a variabilidade do lucro se tornem significativos. Esta dissertação não permite distinguir qual das explicações é a correta. Uma de suas limitações é não incluir variáveis referentes à habilidade e experiência dos analistas e, também, variáveis relacionadas a fatores como governança corporativa e disclosure de informações. Em uma linha de pesquisa muito extensa nos países desenvolvidos, mas praticamente inexistente no Brasil, esperamos que estudos futuros supram estas lacunas e nos permitam entender melhor a questão da qualidade das projeções de resultados no contexto brasileiro.

Demand- side resistance to creative destruction in schumpeterian growth theory

The Schumpelerian model of endogeno~s growlh is generalized with lhe introduction of stochastic resislance. by agenls other Ihan producers. to lhe innovations which drive growth. This causes a queue to be formcd of innovations, alrcady discovered, bUI waiting to be adopled~ A slationary stochastic equilibrium (SSE) is obtained when the queue is stable~ It is shown that in the SSE, such resistance will always reduce lhe average growth iate hut it may increa~e wclfare in certain silualions. In an example, Ihis is when innovatiuns are small anti monopoly power great. The cont1icl hetween this welfare motive for resistance and those of rent-seeking innovalors.may well explain why growth rates differ.

Mobility, information, and bequest : the other side of the equal division puzzle

There is substantial empirical evidence that parental bequests to their children are typically equal in the US – a regularity inconsistent with the predictions of standard optimizing bequest models. The prior explanation for this puzzle is parents’ desire to signal equal affection given children’s incomplete information of parental preferences. However, parents also have incomplete information regarding children and the implications of this side of the information set have not previously been considered. Using a strategic bequest framework we show that when parents have sufficient uncertainty regarding children’s returns to relocation a separating equilibrium in which parents reward attentive heirs with larger bequests is precluded. We argue that such uncertainty is consistent with conditions in the contemporary US.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

Leadership of portuguese community schools in the East Coast of the United States and the public policies of education: a multiple case studies

The Portuguese community schools of the United States located in the areas of larger Portuguese population concentration are social organizations that come materializing throughout decades the designs of the educative policies of the Portuguese government in relation to the expansion and preservation of the language, the culture and the history of Portugal. These designs of the educative policies are enrolled in the Constitution of the Republic (1976), in the Basic Law of Educative System (1986) and, over all, in the successive legislative norms (Decree-laws and ordinances) of the successive governments. Portuguese community schools in the United States are structuralized in analogous way to schools of the Portuguese geographic space. For this qualitative study (multiple case), four directors of Portuguese schools of the East Coast of the United States were interviewed; two schools are in the state of Rhode Island and the other two are in the state of Massachusetts. Also, it was administered the questionnaire on practices of leadership “Leadership Practices Inventory” (LPI) of Kouzes and Posner (2002) to collect additional data about practices of leadership on the directors of the schools. The LPI evaluates practices of leadership classifying them in five domains: (a) Model the way; (b) Inspire a shared vision; (c) Challenge the process; (d) Enable others to act; and, (e) Encourage the heart. Results of this qualitative research indicate that the Portuguese Government has not had an educative policy stimulant, coherent and consistent of support, incentive, maintenance and diffusion of the Portuguese language and culture and the directors of the studied schools they have a proactive and serving leadership style in conducting the management of Portuguese community schools. The five practices of leadership are highly practiced by the directors of the studied schools above all the practices “Enable others to act” and “Encourage the heart”.

Ecological distribution of the shrimp Nematopalaemon schmitti (Crustacea: Decapoda: Caridea) in three bays on the south-eastern coast of Brazil

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

Benthic response to upwelling events off the SE Brazilian coast

The main aim of the present study was to evaluate and compare temporal responses of the benthos in 2 continental shelf areas (Cabo Frio and Ubatuba) off the SE Brazilian coast. In Cabo Frio (23 degrees S, 42 degrees W), the western boundary coastal upwelling of the South Atlantic Central Water (SACW) enhances primary productivity, potentially increasing food supply to the benthic communities via sinking of particulate organic carbon (POC). In contrast, POC fluxes in Ubatuba (23 degrees S, 45 degrees W) are expected to be comparatively lower because SACW remains subsurface. We analyzed the temporal and spatial input of phytodetritus (concentration of chlorophyll a in sediments) and the benthic microbial biomass (estimated by ATP-based carbon content in sediments). Median surface chlorophyll concentration was computed for all daily available SeaWiFS images (from 2001 and 2002) to follow chlorophyll a inputs. All parameters used to investigate benthic responses in the study areas showed consistently higher values in Cabo Frio than in Ubatuba. The results showed that benthic response to upwelling may last months, fueling the microbial communities in the Cabo Frio region.

Population structure and growth of the hermit crab Pagurus brevidacylus (Anomura : Paguridae) from the northern coast of São Paulo, Brazil

The hermit crab Paguras brevidactylus (Crustacea: Anomura: Paguridea) from the infralittoral area of Anchieta Island, Ubatuba, was characterized by population Structure (size, sex ratio, reproduction and recruitment) and growth. Animals were collected monthly during 1999 by SCUBA diving. A total of 1525 individuals was collected (633 males and 892 females), 695 of them were ovigerous females. Overall sex ratio was 0.7:1 in favour of females. The crabs showed a unimodal distribution with males significantly larger than females. Ovigerous females were collected during all months and in high percentages from 1.0 mm of shield length, demonstrating intense and Continuous reproduction. The longevity was approximately 24 months for males and 18 for females, which showed larger growth rate and reached sexual maturity earlier (two months) than males. The low number of males in this Population may be due to the longer life span. Moreover, the sexual dimorphism favours males during the intra- and interspecific fights by shell, food, reproduction and territory. Females demonstrated a short life cycle and intense reproduction.

Feeding habits of the blue shark (Prionace glauca) off the coast of Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)