Empresas de controle familiar e informed trading: evidências de short selling no mercado brasileiro?

O objetivo desse trabalho é testar se no mercado brasileiro, empresas familiares são mais suscetíveis a insider trading.Testes feitos no mercado americano evidenciaram efeito do controle familiar no conteúdo informacional embutido em montagem de posições vendidas de companhias abertas. Lá, foram encontrados níveis acima do normal de posições short em companhias de controle familiar principalmente em momentos que antecipavam resultados negativos que iriam ser publicados. Não encontramos evidências claras de que o fato da companhia ter controle familiar poderia levá-la a apresentar ou não insider trading, já que por limitação do modelo não é possível comparar o nível de anormal short para empresas de controle familiar e outras pois essa variável é excluída do modelo. Entretanto, observamos nos modelos em painel fixo com interações que existe diferença do efeito de algumas variáveis de controle para empresas de controle familiar ou não sobre outras variáveis de controle o que poderia mostrar que alguma influência o controle familiar poderia ter sobre o insider trading. Testamos também se empresas de controle estatal apresentavam maior volume médio diário anormal de posições vendidas em momentos que antecediam surpresas de resultado, e também não encontramos evidências claras e diretas que isso acontecia.

RP97-43 Tax Planning When Buying or Selling a Farm

If you're like most farmers, one of your key goals is to maximize after-tax earnings. The more money left over after you've paid your farm bills land your taxes, the more you and your family will have to spend. You can increase thos enet earnings in sveral ways: by increasing production, by decreasing cost of supplies oer by finding a way to get more for your produce. But there's another way to increase your after-tax earnings. One that many farmers oculd afford to spen dmore time on: decreasing taxes. The key to avoiding unnecessary taxes is tax planning. This publication will help you do just that: plan for the future.

SELLING BIRD CONTROL

The remarks that I have prepared deal with direct contacts selling pest and bird control programs. I am going to limit my remarks to what I feel are the more important aspects of selling Bird Control. I think it is safe to say that one of the most difficult aspects of selling for most sales personnel is prospecting, that is, finding accounts to call on. Our sales personnel have to more or less come up with their own leads. They have to find out who to contact once they get there. I have found that the best prospect most of us have for selling Bird Control accounts are our present pest control accounts. Generally speaking, we try to main¬tain contact with our applicators in the field, who are in these accounts every day, asking them if there are any of their accounts that are having bird control problems. Another method of finding potential accounts, is driving around looking. It is more difficult to drive around and look for rat and/or roach problems, but generally speaking if a building or some type of business has a bird problem, it is fairly easy to locate. Another thing we can do is call on specific accounts. There are generally cer¬tain accounts that just by the manufacturing process do attract birds, for example: food plants, mills, beet plants, grain elevators, food processors, and so on. Other type operations which lend themselves to bird problems are industrial plants because of the super-structure (physical plant) that they have. Sub-stations and power plants are very attractive to birds. Some other situations that should be checked for bird problems are lumber yards and contractors' storage buildings. After deciding on a contact we get into what I call my basic four. There are four basic things that I try to impress upon our personnel to keep in mind when they go in to make a contact. The first one is the interview or actually making the contact so that you get an opportunity to have the interview, either calling for an appointment or making a "cold" call. The second one is closing for the survey. The third one is making the survey and preparing a proposal. The fourth and last one is the proposal presentation and closing of the sale. An additional item which would make a basic five is after you make the sale don't forget to follow up on the sale.

Potential Economic Returns from Selling Beef in a Specified Value-Based Market

Three groups of steers--one theoretical group and two experimental groups—were evaluated for marketing cattle live, as boxed beef, and grade and yield when the live price was $71 to $73/cwt, grade and yield price $125/cwt for Choice yield grade 3 carcasses with $20/cwt discount for Select carcasses, and in a commodity-trim or close-trim boxed beef market. The results show that the value of highyielding steers can be significantly increased if sold in a close-trim boxed beef market. The close-trim premiums ranged from $5.06 per head for Select close-trim yield grade 4 carcasses to $87.18 per head for close-trim Choice yield grade 1 carcasses. A group of experimental steers averaging 82% Choice and 60% yield grades 1 and 2 returned an additional $104 in the close-trim boxed market compared with selling live for $73/cwt. Another group of experimental steers averaging 21% Choice, 18% Standard, and 93% yield grades 1 and 2 had $29 per head greater return than if the steers had been sold live for $71/cwt. These comparisons emphasize the importance of knowing how cattle will potentially grade before selecting an alternative marketing strategy. This prior knowledge is most important when the spread in price between Choice and Select is high. Producers need to learn more about their cattle to predict how the cattle may grade for a specified value-based market.

Alcohol-selling outlets and mortality in Switzerland--the Swiss National Cohort

AIM To examine the association of alcohol-related mortality and other causes of death with neighbourhood density of alcohol-selling outlets for on-site consumption. DESIGN, SETTING AND PARTICIPANTS Longitudinal study of the adult Swiss population (n = 4 376 873) based on census records linked to mortality data from 2001 to 2008. MEASUREMENTS Sex-specific hazard ratios (HR) for death and 95% confidence intervals (95%CI) were calculated using Cox models adjusting for age, educational level, occupational attainment, marital status and other potential confounders. The density of alcohol-selling outlets within 1000 m of the residence was calculated using geocodes of outlets and residences. FINDINGS Compared with >17 outlets within 1000 m the HR for alcohol-related mortality in men was 0.95 (95%CI: 0.89-1.02) for 8-17 outlets, 0.84 (95%CI: 0.77-0.90) for 3-7 outlets, 0.76 (95%CI: 0.68-0.83) for 1-2 outlets and 0.60 (95%CI: 0.51-0.72) for 0 outlets. The gradient in women was somewhat steeper, with a HR comparing 0 with >17 outlets of 0.39 (95%CI: 0.26-0.60). Mortality from mental and behavioural causes and lung cancer were also associated with density of alcohol-selling outlets: HRs comparing 0 outlets with >17 outlets were 0.64 (95%CI: 0.52-0.79) and 0.79 (95%CI: 0.72-0.88), respectively, in men and 0.46 (95%CI: 0.27-0.78) and 0.63 (95%CI: 0.52-0.77), respectively, in women. There were weak associations in the same direction with all-cause mortality in men but not in women. CONCLUSIONS In Switzerland, alcohol-related mortality is associated with the density of outlets around the place of residence. Community-level interventions to reduce alcohol outlet density may usefully complement existing interventions.

The influence of formal and informal sales controls on customer-directed selling behaviors and sales unit effectiveness

Adaptive selling (AS) and customer-oriented selling (COS) constitute two key customer-directed selling behaviors for the success of the modern sales force. However, knowledge regarding the organizational factors that can induce salespeople to engage in those behaviors is strikingly limited. Against this background, we develop a comprehensive model that delineates the influences of formal and informal sales controls on AS and COS and, through them, on sales unit effectiveness. Based on a sample of sales managers in a major European Union country, we present new evidence that (a) formal and informal sales controls exert differential impact on salespeople's AS and COS behaviors; (b) AS directly and positively influences sales unit effectiveness; (c) COS affects sales unit effectiveness only indirectly, i.e. by fostering AS; and (d) outcome and cultural controls directly improve sales unit effectiveness. We conclude with a discussion of our findings for academics and practitioners.