Internacionalização de empresas e o fechamento do capital : um estudo sobre a deslistagem no mercado brasileiro

This work contributes to the finance literature proposing to analyze the relationship between the degree of internationalization of Brazilian companies and the likelihood of delisting. Therefore, even though the internationalization as a differential, in the formulation of hypotheses and analysis of the relationship between the variables dealt with concepts and theories within the Corporate Governance, which is already established in theory when it comes to delisting. First, with a view to the theory of internalization, which gives competitive advantages to the company due the adoption internationalization strategy and in parallel to the positive effects that this strategy generates on firms performance, it was formulated an hypothesis that the degree of internationalization would be adversely related to the probability of delisting, mainly due to such benefits generated to the organization. In turn, as an alternative hypothesis of the research, it proposed a positive relationship between these variables, based on agency theory, according to which internationalization would contribute to delisting by increasing geographical separation between shareholders and managers and, consequently, agency conflicts and the difficulty of monitoring. For the achievement of objectives, as well as being included economic and financial variables and GC, it was proposed the analysis of periods of crisis, as the events of recent past of the Brazilian economy. Starting from a base model initially developed by Pour and Lasfer (2013), which later, the proxies of internationalization and crisis have been added also contemplating adjustments to the Brazilian context. The data collected include the period from 2006 to 2014 and information on active and inactive companies at Bovespa. As results, it was found negative significance between the degree of internationalization and the delisting decision, confirming the first hypothesis of the research and stating that the benefits generated by internationalization in the company generate it spreads and results that reduce the probability of delisting. By analyzing the results of control variables was still possible to observe that, even internationalization reducing the likelihood of delisting, by particular aspects of corporate governance in Brazil, such as the high ownership concentration, the benefits it generates contribute to delisting. Regarding the analysis in crisis, the consequences of the crisis of the US subprime in general market were more relevant that the occurrence of itself, unlike the Brazilian internal crisis of 2014, which was statistically significant for the analyzed event. For future researches it is suggested the expansion of database and individual treatment of the reasons adopted by a company when delisting decision.

Efeitos da internacionalização no desvio da estrutura de capital alvo e na velocidade de ajuste

This dissertation investigates the effects of internationalization in two gaps related to the capital structure that have not been discussed by the Brazilian literature yet. To this, were developed two independent sections. The first examined what the effects of internationalization on the deviation from the target capital structure. The second examined what the effects of internationalization on speed of adjustment (SOA) of the capital structure. It used data from Brazil, multinational and domestic companies, from 2006 to 2014. The results of the first analysis indicate that internationalization helps reduce the difference between the target and the current debt. That is, to the extent that the level of internationalization increases; whether only export or a combination of export, assets and employees abroad, the gap between the current structure and the target structure decreases. This reduction is given as a function of internationalization as a consequence of the upstream effect of the upstream-downstream hypothesis. Thus, as the Market Timing theory, it can be seen as an opportunity for adjustment of the capital structure, and with the reduction of deviation, there is also a reduction in the cost of capital of the firm. The result of the second analysis indicates that internationalization is able to significantly increase the speed adjustment, ensuring for the multinational a faster adjustment of its capital structure. Exports increase the SOA in 9 to 23%. And when also kept active assets and employees abroad the increase is 8 to 20%. In terms of time, while domestic company takes more than three years to reduce half of the deviation that has, while multinacional companies take on average one and a half year to reduce the same proportion of the deviation. The validity of the upstream-downstream hypothesis for the effect of internationalization in SOA was confirmed by comparing the results for US companies. Thus, the phenomenon of internationalization increases SOA when companies are from less stable markets, such as Brazil; and it has a less significcative effect when companies are derived from more stable markets, because they already have a high speed of adjustmennt. In addition, the adequacy analysis of the estimators also showed the model pooled OLS (Ordinary Least Squares) presents the highest quality in predicting the SOA than the system GMM (Generalized Method of Moments). For future studies it is suggested to analyze the effect of international event, by itself, and to validate the hypothesis using samples of different markets and the use of other estimators.

Accumulation de dose à partir de champs de déformation 4D appliqués aux traitements au CyberKnife et à l'IMRT

Le cancer pulmonaire est la principale cause de décès parmi tous les cancers au Canada. Le pronostic est généralement faible, de l'ordre de 15% de taux de survie après 5 ans. Les déplacements internes des structures anatomiques apportent une incertitude sur la précision des traitements en radio-oncologie, ce qui diminue leur efficacité. Dans cette optique, certaines techniques comme la radio-chirurgie et la radiothérapie par modulation de l'intensité (IMRT) visent à améliorer les résultats cliniques en ciblant davantage la tumeur. Ceci permet d'augmenter la dose reçue par les tissus cancéreux et de réduire celle administrée aux tissus sains avoisinants. Ce projet vise à mieux évaluer la dose réelle reçue pendant un traitement considérant une anatomie en mouvement. Pour ce faire, des plans de CyberKnife et d'IMRT sont recalculés en utilisant un algorithme Monte Carlo 4D de transport de particules qui permet d'effectuer de l'accumulation de dose dans une géométrie déformable. Un environnement de simulation a été développé afin de modéliser ces deux modalités pour comparer les distributions de doses standard et 4D. Les déformations dans le patient sont obtenues en utilisant un algorithme de recalage déformable d'image (DIR) entre les différentes phases respiratoire générées par le scan CT 4D. Ceci permet de conserver une correspondance de voxels à voxels entre la géométrie de référence et celles déformées. La DIR est calculée en utilisant la suite ANTs («Advanced Normalization Tools») et est basée sur des difféomorphismes. Une version modifiée de DOSXYZnrc de la suite EGSnrc, defDOSXYZnrc, est utilisée pour le transport de particule en 4D. Les résultats sont comparés à une planification standard afin de valider le modèle actuel qui constitue une approximation par rapport à une vraie accumulation de dose en 4D.

Evaluating the Sandcastles Program: A Group Intervention for Children of Divorce

The Sandcastles program has been utilized nationwide as a one-time group intervention to assist children of divorcing parents. For several years Miami-Dade family court services mandated participation in the program for divorcing or separating families. Currently, there is a paucity of research and evaluation to ascertain the efficacy of the program. This symposium will provide details and discussion regarding the planning and process used to establish an evaluation plan to assess the effectiveness of the Sandcastles program for families in MiamiDade County. Any preliminary outcomes available at the time of the symposium will also be shared.

En busca de la justicia: los agentes de corte y chancillerías de la Mesta en siglo XVIII

Los agentes de corte y chancillerías surgieron de las mestas locales medievales y pasaron a formar parte de la Cabaña Real a principios del siglo xvi. Fueron el resultado de la mayor actividad procesal en los diferentes tribunales y de la creciente conflictividad en el campo. El oficio no tenía las funciones bien definidas porque se vio arrastrado por las disfunciones institucionales y la oposición de las chancillerías. Los Borbones se dieron cuenta de la importancia del cargo en la recuperación de la mesta y en el desarrollo de la trashumancia y elaboraron un detallado plan para desacreditarlo, suprimir el empleo de Granada, restarle atribuciones y sólo adjudicarles asuntos internos y sin relevancia. Paulatinamente fue sustituido en sus facultades y comisiones por el procurador general de corte.

Ecuadorian migration and family strategies of social mobility: dialectic relation between emotional and financial capital

This text deals with transnational strategies of social mobility in Ecuadorian migrant households in Spain. We apply the capital accumulation model (Moser, 2009) for this purpose. The main target of this article is, beyond thinking in terms of capital stock and accumulation, the analysis in depth of the dynamics of the different types of capital, that is to say, how they interact with each other in the framework of the social mobility strategies of the migrants and their families. We are bringing into light the way some households adopt investing decisions in capitals that don't translate into any addition or earnings in all cases, on the contrary, concentrating all their efforts on the accumulation of a certain asset they may, in some cases, lead to a loss of another. We will concentrate our analysis primarily on the dynamics between the physical and financial capital and the social and emotional capital, showing the tensions produced between these two types of assets. At the same time, we will highlight how migrants negotiate their family strategies of social mobility in the transnational area. Our study is based in empirical material obtained from qualitative fieldwork (in-depth interviews) with families of migrants in the urban district of Turubamba Bajo -(south of Quito) and in Madrid. A series of households were selected where interviews were carried out in the country of origin as well as in the context of immigration, with different family members, analysing the transnational social and economic strategies of families of migrant members. Family members of migrants established in Spain were interviewed in Quito, as well as key informants in the district (school teachers, nursery members of the staff, etc.). The research was framed within the projects "Impact of migration on the development: gender and transnationalism", Ministry of Science and Innovation (SEJ2007/63179) (Laura Oso, dir. 2007-2010),"Gender, transnationalism and intergenerational strategies of social mobility", Ministry of Economy and Competitiveness (FEM2011/26210) (Laura Oso, dir. 201-1-2015) and “Gender, Crossed Mobilities and Transnational Dynamics”, Ministry of Economy and Competitiveness (FEM2015-67164).

Rethinking Care Through Social Reproduction: Articulating Circuits of Migration

Care has come to dominate much feminist research on globalized migrations and the transfer of labor from the South to the North, while the older concept of reproduction had been pushed into the background but is now becoming the subject of debates on the commodification of care in the household and changes in welfare state policies. This article argues that we could achieve a better understanding of the different modalities and trajectories of care in the reproduction of individuals, families, and communities, both of migrant and nonmigrant populations by articulating the diverse circuits of migration, in particular that of labor and the family. In doing this, I go back to the earlier North American writing on racialized minorities and migrants and stratified social reproduction. I also explore insights from current Asian studies of gendered circuits of migration connecting labor and marriage migrations as well as the notion of global householding that highlights the gender politics of social reproduction operating within and beyond households in institutional and welfare architectures. In contrast to Asia, there has relatively been little exploration in European studies of the articulation of labor and family migrations through the lens of social reproduction. However, connecting the different types of migration enables us to achieve a more complex understanding of care trajectories and their contribution to social reproduction.

Late-career international migration and reproductive work. A comparison between Peruvian and Ukrainian women in the Southern Europe

Research on the relationship between reproductive work and women´s life trajectories including the experience of labour migration has mainly focused on the case of relatively young mothers who leave behind, or later re-join, their children. While it is true that most women migrate at a younger age, there are a significant number of cases of men and women who move abroad for labour purposes at a more advanced stage, undertaking a late-career migration. This is still an under-estimated and under-researched sub-field that uncovers a varied range of issues, including the global organization of reproductive work and the employment of migrant women as domestic workers late in their lives. By pooling the findings of two qualitative studies, this article focuses on Peruvian and Ukrainian women who seek employment in Spain and Italy when they are well into their forties, or older. A commonality the two groups of women share is that, independently of their level of education and professional experience, more often than not they end up as domestic and care workers. The article initially discusses the reasons for late-career female migration, taking into consideration the structural and personal determinants that have affected Peruvian and Ukrainian women’s careers in their countries of origin and settlement. After this, the focus is set on the characteristics of domestic employment at later life, on the impact on their current lives, including the transnational family organization, and on future labour and retirement prospects. Apart from an evaluation of objective working and living conditions, we discuss women’s personal impressions of being domestic workers in the context of their occupational experiences and family commitments. In this regard, women report varying levels of personal and professional satisfaction, as well as different patterns of continuity-discontinuity in their work and family lives, and of optimism towards the future. Divergences could be, to some extent, explained by the effect of migrants´ transnational social practices and policies of states.

El primer tropiezo histórico de Bonaparte: la reconquista de Santo Domingo

El objetivo de este trabajo es estudiar el primer tropiezo histórico de las tropas de Napoleón Bonaparte, en Santo Domingo, y los paralelismos entre la Guerra de Independencia española y la Reconquista dominicana. Para ello se han analizado los testimonios de los personajes implicados, con el fin de indagar el ideario que inspiró su acción militar. Además probaremos que, contra las ideas defendidas por algunos historiadores, tras la paz de Basilea los dominicanos siguieron sintiéndose ligados a España, como demostraron en la Guerra de Reconquista contra el gobierno francés. Sólo Cuba, Puerto Rico y Santo Domingo participaron de este sentimiento, mientras el resto de Hispanoamérica comenzaba a clamar por la independencia.

Quintus Curtius before his sources: the episode of Alexander and the Scythians on the Tanais

Quintus Curtius found in his sources a speech where a Scythian censured Alexander, followed by the King’s reply. Curtius drastically abridged this second discourse in order to highlight the criticism of the Macedonian. The Scythian’s words have a striking rhetorical language and some allusions taken from Greek literature, in addition to possible indirect references to Caligula. Curtius declares that he follows his source word-for-word aiming to justify these inconsistencies, but also trying to hide the manipulations he has done to achieve his own narrative purposes.

An Enterprise Opportunity for Entrepreneurial Students: Student Enterprise Development and Experience Assessed through the Student Voice

Purpose: This research investigates the effectiveness of an experiential learning approach, available to students in all disciplines that combined a hands-on entrepreneurial and enterprise experience with professional consultant mentoring by using a competition to win business start-up funding. Design/methodology/approach: Students at a UK university had the chance to enter a competition in which they developed an entrepreneurial idea and then designed and presented a business plan to win business start-up capital. Students who were entrepreneurially motivated, but who lacked capital to start up their business, were targeted, as these students have been argued to benefit the most from a combination of business plan training and entrepreneurial development. Feedback and data was obtained from the students at each stage of the process and was thematically analysed to assess the development of students’ entrepreneurial skills and knowledge through the experience. Findings: The research found that the benefits gained from this approach included both enterprising and entrepreneurial skills, with the greatest impact being on student confidence and belief in their ability to start a business. The practical skills had a ‘demystifying’ effect on students that made them feel like entrepreneurship and enterprise start-up were attainable. Research limitations/implications: The research focused on students at one UK University and centered on entrepreneurship in a retail business. The competition thus appealed mainly to students who were interested in retail start-up, thus leaving out some enterprising students whose feedback may have been different. In addition, while entrepreneurial skills are assessed in the data, the students who would be interested in the competition would be assumed to be proactive, and this skill was not able to be analyzed. This research is a single case, and thus could be enhanced by more cases and looking at other enterprise start-up means beyond retail. Originality/value: This research makes a case that, in light of literature critical of the use of business plan training in entrepreneurship education, certain students are appropriate candidates for this approach. Specific skills and knowledge can be developed in university students using a live enterprise experience, supported by entrepreneurial mentoring. By making the event extracurricular, the study sought to capture the feedback of students who self-selected into the program, who can benefit most from combined entrepreneurial and business-plan development experience.

Intervenção Social - Arte ou Ciência?: O Assistente Social como agente de mudança numa autarquia de interior.

O presente trabalho baseia-se na pesquisa documental e na análise crítico-reflexiva sobre o serviço social no Poder Local, a sua evolução, influências e implicações no trabalho desenvolvido no (pelo) Gabinete de Ação Social do Município de Pampilhosa da Serra. O serviço social assume, durante o Estado Novo, um papel de controle, com uma prática associada essencialmente ao Estado e a algumas entidades da sociedade civil, nomeadamente à Igreja Católica. Com a Era Democrática, assiste-se ao crescimento da intervenção do Estado e à descentralização da sua atuação para as Autarquias, assumindo-se o SAAL (1974) como um marco histórico. A intervenção ganha, assim, um caráter “territorial” crescendo as responsabilidades das autarquias, quer no âmbito das transferências de competências por parte do Poder Central, quer ao nível da dinamização de serviços de âmbito municipal e da criação de respostas sociais específicas. O PRS (1997) e a RLIS (2013), apresentam-se como exemplos dessa territorialização, reforçando as atribuições das Autarquias ao nível da ação social. O primeiro, implementado a nível nacional, visa a articulação de recursos e uma intervenção integrada. Tem como princípios, a promoção a participação da população e dos agentes locais quer na elaboração de diagnósticos sociais, quer na criação de respostas adequadas às necessidades. A segunda, em fase de implementação, visa a criação de uma metodologia de trabalho ao nível do atendimento e acompanhamento social. Destaca-se o papel das Autarquias e da Sociedade Civil, na efetivação de uma intervenção social de proximidade. A crescente desresponsabilização do Estado na intervenção social, em particular do Poder Central, motivada pela Crise Económica, provoca alterações nas políticas sociais. Surgem as políticas de inserção direcionadas para públicos específicos, tendencialmente contratualizadas e centradas no sujeito. Estas alterações tiveram, também, implicações na atuação do Município de Pampilhosa da Serra, onde o serviço social se desenvolveu a par da implementação dos programas de âmbito comunitário, nomeadamente do PDIAS e PLCP (1996) e do projecto-piloto do RMG (1997). Sistematizou-se com a implementação das Redes Sociais e operacionaliza-se no Gabinete de Ação Social, atuando em três dimensões: mediação, promoção e execução. Da análise e reflexão em torno da atuação do GAS, no qual inscrevemos a nossa intervenção profissional, consideramos que esta se desenvolve numa relação sociopolítica e operacional, assumindo a Autarquia um papel ativo ao criar e/ou reforçar medidas de apoio socioeducativo e económico, de forma a garantir o bem-estar social e a qualidade de vida dos cidadãos Pampilhosenses. O município assume-se como o patamar de atuação de proximidade por excelência, onde o local se perspetiva como o espaço onde a intervenção social se operacionaliza, enquanto que o Poder Local, em conjunto com a sociedade Civil, assumem o poder de co construir a mudança social. / This work is based on documentary research and critical and reflective analysis of the social service in Local Government, its evolution, influences and implications on the work of the (at) Social Action Office of the municipality of Pampilhosa da Serra. The social service assumes, during the Estado Novo, a paper control, primarily associated with a practice the state and some civil society organizations, including the Catholic Church. With the Democratic Era, we are witnessing the growth of state intervention and the decentralization of its activities to the local authorities, assuming the SAAL (1974) as a historical landmark. Intervention win, so a character "territorial" growing responsibilities of local authorities, or within the transfer of responsibilities from the Central Power, both in terms of promotion of municipal services and the creation of specific social responses. The PRS (1997) and the RLIS (2013), are presented as examples of territorial, strengthening the powers of local authorities to the level of social action. The first, implemented nationally, aimed at articulating features and an integrated intervention. Its principles, promoting the participation of the population and local actors when developing social diagnosis, whether the creation of appropriate responses to the needs. The second, under implementation, aims to create a working methodology in terms of care and social support. It highlights the role of local authorities and civil society in the execution of a social intervention proximity. The growing irresponsibility of the state in social intervention, in particular the Central Power, motivated by the economic crisis, causes changes in social policies. Arise inclusion policies targeting specific audiences tend contracted and centered on the subject. These changes have also implications for the work of the municipality of Pampilhosa da Serra, where the social work developed together with the implementation of Community-wide programs, including the PDIAS and PLCP (1996) and the pilot project of RMG (1997). Systematized with the implementation of Social Networks and made operational in the Social Action Office, working in three dimensions: mediation, promotion and implementation. Analysis and reflection around the GAS operation, in which we inscribe our professional intervention, we believe that this is developed in a socio-political and operational relationship, assuming the Municipality an active role to create and / or strengthen measures of socio-educational and economic support, to ensure the welfare and quality of life of citizens Pampilhosenses. The municipality is assumed as the proximity actuation level par excellence where the location is perspective as the space where social intervention made operational, while the Local Government, together with civil society, assume the co power build social change.

Solidão e Depressão: perspetiva temporal

O presente estudo, propõe-se explorar a relação entre os constructos de solidão e depressão, contribuindo para esclarecer em que medida a primeira pode ser considerada uma entidade diagnóstica separada da depressão ou pelo contrário, apenas percebida na relação com a mesma. Pretendeu-se averiguar se existem indivíduos sem depressão que apresentem significativos níveis de solidão. Nesta análise privilegiamos, ainda, a perspetiva temporal, pretendemos verificar se há diferenças significativas na evolução do sentimento de solidão, após o período intervalar de três meses. Participaram, neste estudo, uma amostra de 60 indivíduos com idades compreendidas entre os 40 e os 86 anos, sendo a média aproximada de 52 anos. Os instrumentos utilizados para recolher os dados foram um breve Questionário Sociodemográfico; a adaptação portuguesa da Escala de Solidão da UCLA e a Escala Geriátrica de Depressão (GDS). Os dados foram submetidos a análise pelos princípios da estatística paramétrica. Neste estudo a fidedignidade global demonstrou ser elevada sendo o valor de Alpha Cronbach’s de 0,939.A hipótese central foi confirmada constatando-se que, apesar de existir uma associação estatisticamente significativa entre a solidão e a depressão, existem indivíduos sem depressão que apresentam elevados níveis de solidão (p>0,001). Não se verificou uma relação de prevalência da solidão no género feminino e a mesma foi maior em grupos etários mais elevados, no entanto, essa diferença não se revelou estatisticamente significativa. Recorrendo aos testes do qui-quadrado da independência; de concordância Kappa de cohen e ao teste t de student, concluiu-se que existe uma associação significativa de concordância moderada entre a solidão, ao longo do tempo. Esta conclusão reforça a análise da manutenção dos níveis de solidão quando não existe intervenção terapêutica específica. / This study aims to explore the relationship between the constructs of loneliness and depression, helping to clarify how far the former can be considered a separate diagnostic entity of depression or on the contrary, only perceived in relation to the same. We sought to determine whether there are individuals without depression who present significant levels of loneliness. In this analysis we also focus on the temporal perspective. We plan to check for statistically significant differences in the evolution of the feeling of loneliness after a three month period. A sample of 60 individuals aged between 40 and 86, with an average age of approximately 52, participated in this study. The instruments used to collect the data were a brief Sociodemographic Questionnaire, the Portuguese adaptation of the UCLA Loneliness Scale and the Geriatric Depression Scale (GDS). The data were subjected to an analysis based on the principles of parametric statistics. In this study the overall reliability proved to be high, Cronbach's alpha value being 0,939. A central hypothesis was confirmed verifying that, although there is a statistically significant association between loneliness and depression, there are individuals without depression presenting high levels of loneliness (p <0.001). There was no ratio of loneliness prevaling in females and the same was higher in older age groups, but this difference did not prove to be statistically significant. Using Cohen’s Kappa chi-square independance and agreement tests; and the Student t test, we concluded that there is a significant association of a moderate correlation in loneliness over time. This reinforces the analysis that loneliness levels are maintained when there is no specific therapeutic intervention.

Large-scale Roll Out of Online Prospective Measurement of Mood Symptoms in Affective Disorders

Background and Aims: True Colours is an online prospective mood-monitoring system developed at the University of Oxford to assist local patients and clinicians with monitoring course of illness in bipolar disorder. We report our initial experiences of using True Colours for research purposes in the Bipolar Disorder Research Network (BDRN; www.bdrn.org), a large research network of individuals with mood disorders spread throughout the UK. Methods: After initial piloting to ensure the practicality/acceptability of using True Colours within BDRN, we invited all BDRN participants (n = 7000) to participate in weekly True Colours ratings via three postal invitations sent over an 8-month period. Results: Following the three postal invitations, 915 individuals have so far expressed an interest in joining True Colours, and, of these, 662 (72.3%) have registered. 32 of those who registered for True Colours (5%) have so far asked to leave the system. Positive feedback from participants has focused around the ease of use and convenience of True Colours and potential clinical utility of the graphical representation of weekly mood scores. Conclusions: We have demonstrated that large-scale prospective mood monitoring for research purposes using a contemporary online approach is feasible. Challenges have included: (i) variation in participants’ technological ability; (ii) management of requests for clinical advice based on mood scores within a research setting; and, (iii) resources required to provide access and on-going support for participants using True Colours. We continue to expand recruitment to True Colours within BDRN, and plan to trial email invitations in the next phase of recruitment.