Are returns on Foreign Direct Investment (FDI), FDI determinants?

Foreign Direct Investments (FDI) acquired an important role in the development process of the global economy. FDI inward stock was equivalent to an average of 32% of GDP for OECD countries in 2013. However, FDI affects a country’s Balance of Payments (BoP) in two ways: FDI flows are recorded in the BoP financial account while returns on FDI affect the BoP current account. Therefore, part of the positive contribution of inward FDI to a country on its financial account could be potentially offset by a negative contribution of FDI returns on the current account. The intent of this work is to complement the research on FDI determinants by introducing FDI returns as a variable in a gravity model where bilateral FDI outflows are the dependent variable. Moreover, using outward FDI flows as the dependent variable, the work allows looking at the behavior of Multinational Corporations (MNC) investing abroad. The results show that MNCs repatriate returns generating from the investments they make abroad. This is particularly true when high-income countries are involved: MNCs from high-income countries repatriate returns to their home countries from FDI made anywhere, while MNCs from middle-income countries repatriate returns from FDI in high-income countries. Repatriated returns are a relevant variable determining the value of FDI that a country makes in another country. The information on FDI returns is starting to become available to the public. This allows MNCs to sharpen their investment location decision models and national IPAs to better assess the two-fold BoP effects of promoting FDI.

The analysis of foreign market entry strategies on the basis of different cultural backgrounds and environments: a qualitative study characterising the differences and similarities of Brazilian and European firms

Moving into a new and foreign market can be challenging, especially when such market has a different culture and working environment in comparison to the home market. Thus, it is of utter importance to adjust a company’s strategy to the new market conditions. Currently, there are no concrete guidelines of what aspects are most important when moving from a developing market such as Brazil into a more sophisticated market like Europe, or vice versa. The present study will examine two companies from the same industry, but with different cultural backgrounds and its strategic similarities and differences for operating in multiple international markets. The data was collected via semi-structured interviews with the Chief Executive Officers (CEOs’) from both companies, using an interview guideline that is based on three different theoretical frameworks. The aim is to give recommendations to these two industries of how to efficiently use existing theoretical frameworks and which aspects are most significant when moving into a new market while keeping in mind a company’s size and background.

Female senior managers in the Brazilian finance industry: a journey towards success

No nível global, a representação de líderes de sexo feminino nas empresas muitas vezes ainda se dá em números baixos em termos de percentagem. Particularmente em finanças, esses registros estão abaixo da média da indústria, e a forte concorrência e o ambiente de trabalho dominado pelos homens tornam difícil para as mulheres atingir o topo da pirâmide corporativa (Torres et al., 2013; OECD Better Life Index 2015). Isto pode ser devido a uma falta de equilíbrio trabalho-vida, diferentes estilos de liderança, as mulheres sendo intimidadas, ou a conformidade com estruturas familiares convencionalmente englobadas. No Brasil, os códigos de comportamento tradicionais são muito palpáveis na sociedade do país, embora esta também tenha se beneficiado de uma forte presença de movimentos feministas na segunda metade do século passado (Tate and Yang, 2015; Bowles et al. 2007; Niederle and Vesterlund, 2007). Nos últimos anos, o setor financeiro brasileiro tem crescido, oferecendo maiores oportunidades de emprego e desenvolvimento de carreira nas corporações nacionais e internacionais (Chiang et al., 2013; Bruschini, 2007). Esta dissertação aborda os desafios enfrentados por líderes de sexo feminino do mercado financeiro brasileiro e as suas trajetórias de carreira. Este objetivo será atingido por meio de uma análise de mídia social, focando nos anos de experiência de trabalho das mulheres analisadas, a posição atual delas e se elas têm filhos, bem como com 10 entrevistas semiestruturadas realizadas com executivas no setor financeiro no Brasil. Estas medidas irão abranger lacunas na literatura e consequentes recomendações para pesquisas futuras.

Neutralizing the tendency to the overvaluation of the exchange rate or assuming a foreign constraint and asking for foreign savings

The objectives of these notes are two. The first objective is to analyze whether the strategy of growth with absorption of foreign savings leads to a trajectory of the economy that is sustainable in the long run. The second one is to evaluate the possibility of success of a policy of administered devaluation of the exchange rate in Brazil.

Foreign support, internal political disputes and mass killings

This paper studies the incentives underlying the relations between foreign countries and rival domestic groups. It models the interaction in a infinitely-repeated game between these three players. The domestic groups bargain for a split of the domestic surplus and may engage in violent dispute for power and in unilateral mass killing processes. The foreign country may choose to support one of these groups in exchange for monetary transfers. The paper characterizes the parametric set in which strategies leading to no violent disputes nor mass killings are Subgame Perfect Nash Equilibra in the presence of foreign support, but not in its absence.

Oral foreign body granuloma: unusual presentation of a rare adverse reaction to permanent injectable cosmetic filler

COSTA MIGUEL, M. C.; NONAKA, C. F. W.; GERMANO, A. R.; SOUZA, L. B.; SOUZA, L. B. Oral foreign body granuloma: unusual presentation of a rare adverse reaction to permanent injectable cosmetic filler. International journal of oral and maxillofacial surgery, v. 38, p. 385-387, 2009.

Vitamin C and endogenous cortisol in foreign-body inflammatory response in pacus

O objetivo deste trabalho foi avaliar o efeito da suplementação com vitamina C no aumento da atividade de macrófagos e células gigantes multinucleadas (CGM), em pacus mantidos em duas densidades de estocagem. O experimento foi realizado em parcelas subdivididas, em arranjo fatorial 2x2x3 com: 0 e 500 mg kg-1 de vitamina C; densidade de estocagem de 5 e 20 kg m-3; e tempos de avaliação de 3, 6 e 12 dias após o implante subcutâneo (DPI) de lamínulas de vidro. Foram determinados o número de macrófagos e de CGM, bem como os níveis de cortisol e glicose no plasma. O número de macrófagos e de CGM com 2 a 5 núcleos foi significativamente maior nos peixes suplementados com vitamina C, à densidade 5 kg m-3, aos 3 DPI, em relação aos não suplementados. Constatou-se menor quantidade de macrófagos e CGM em peixes com baixa concentração plasmática de cortisol. A suplementação com 500 mg de vitamina C por quilograma de ração beneficia a atividade de macrófagos em inflamações do tipo corpo estranho, e a elevada concentração de cortisol circulante tem efeito supressor nesta resposta.

Management of tracheobronchial foreign body in children

To study cases of foreign bodies (FB) in the tracheobronchial tree investigating the clinical and radiological FB characteristics, complications and endoscopic and surgical intervention. Medical and radiological records review of all FB aspiration cases treated at S (a) over tilde uo Paulo State University Hospital over the last 30 years. One hundred and sixty-four FB cases were analyzed; 57% were male, 84% of these were under 16 years old. The most common clinical manifestations were coughing (68.3%) and choking (54.9%). The most common FBs were seeds (peanut, bean, maize) and also small metal or plastic objects. Radiography was normal in 21.3%, atelectasis was present in 40.9%, hyperinsufflation in 17.1% and the FB was radio-opaque in 20.7%. FB time in the bronchial tree varied from hours to years. The most serious complications, as fibroatelectasis and difficult resolution pneumonia, were caused by the long time that the FB remained in the bronchial tree. FB extraction was by endoscopy in 89% of cases, while 6% required surgical extraction or resection of destroyed part of lung, and 5% spontaneously eliminated the FB. There was no mortality in this series. Coughing and choking were the commonest clinical findings. Most FBs were dried seeds. Complications were due to delays in diagnosis, and most would not have existed if the doctor had given credence to the history. Radiography can be normal as most FBs are radiotransparent. FB extraction was by endoscopy, but a few cases required surgery and others were spontaneously eliminated.

Foreign Body in Preauricular Region

Foreign bodies, although they are often found throughout the body, to a lesser degree in the face, still constitute a diagnostic challenge for the trauma surgeon. Its removal means danger of damaging important facial anatomic structures, even if its exact position from the image data was known. So, the objective is to describe a clinical report of a patient (42 years of age, male sex) who experienced falling to the ground, attended by the Department of Surgery and Traumatology Bucco-Maxillo-Facial Surgery, Faculty of Dentistry of Aracatuba, São Paulo State University, and 2 days after the trauma, he reported difficulty in mouth opening and pain. After clinical evaluation, we observed the presence of injury in the left preauricular region already in the process of healing. During the intraoral physical examination, a limitation of the mouth opening was noted. Radiographic posteroanterior and profile of the face showed 2 radiopaque foreign bodies in the left side, lying apparently at the region of the mandibular condylar process. Under local anesthesia, foreign body removal was carried from there with access to it through the preexisting facial injury. Further clinical examinations showed an improvement in mouth opening, absence of pain complaints, and/or functional complaints.

GRAMMAR and COMMUNICATION IN PORTUGUESE AS A FOREIGN LANGUAGE A Study in the Context of Teletandem Interactions

This paper presents a study about the role of grammar in on-line interactions conducted in Portuguese and in English, between Brazilian and English-speaking interactants, with the aim of teaching Portuguese as a foreign language (PFL). The interactions occurred by means of chat and the MSN Messenger, and generated audio and video data for language analysis. Grammar is dealt with from two perspectives, an inductive and a deductive approach, so as to investigate the relevance of systematization of grammar rules in the process of learning PFL in teletandem interactions.

Intraosseous foreign-body granuloma in the mandible subsequent to a 20-year-old work-related accident

The purpose of this article was to describe the clinical and microscopic features of an intraosseous foreign-body granuloma in the mandible that developed after the traumatic implantation of metal fragments during a work-related accident. A 65-year-old male patient had a severe pain in the body of mandible. Clinical examination showed facial asymmetry and a scar, extending to the left mental region. Intraoral examination revealed a soft mass involving the left alveolar bone with normal appearance of the mucosa surface. Panoramic radiographs showed a radiolucent lesion along the mandible extending from the central incisive to the first molar. Computed tomography revealed an osteolytic mass in the same area. His medical history included a work-related accident twenty years prior to evaluation. During the biopsy an important amount of bright metal-like pieces surrounded by soft tissue were found. A microscopic examination showed a foreign body associated with an aggregation of multinucleated giant cells. The final diagnosis was a foreign body granuloma. Even though foreign-body granulomas in the mandible are rare lesions, dentists should be familiar with their features and include them in the differential diagnosis of tissue masses.