The firm size wage premium : a quantile analysis

Empirical evidence shows that larger firms pay higher wages than smaller ones. This wage premium is called the firm size wage effect. The firm size effect on wages may be attributed to many factors, as differentials on productivity, efficiency wage, to prevent union formation, or rent sharing. The present study uses quantile regression to investigate the finn size wage effect. By offering insight into who benefits from the wage premi um, quantile regression helps eliminate and refine possible explanations. Estimated results are consistent with the hypothesis that the higher wages paid by large firms can be explained by the difference in monitoring costs that large firms face. Results also suggest that more highly skilled workers are more often found at larger firms .

The effects of credit risk transfer on bank monitoring and firm financing

This paper examines the efects of the transfer of credit risk associated with bank loans. We are interested in (a) whether the transfer of credit risk has any impact on the intensity with which banks monitor their borrowers and (b) whether credit risk transfer infuences the amount of financing that is provided to firms in an economy. Our model first develops conditions under which bank finance is available to firrms, mainly in the spirit of Holmstrom/Tirole (1997). We then introduce projects with uncorrelated pay-offs and argue that one possible economic rationale for credit risk transfer is diversi¯cation. We analyze whether and how within this scenario the transfer of the credit risk of loans changes a bank's incentives to monitor its debtors. Finally we investigate whether and what kind of impact this may have on the amount of ¯nancing available to firms in an economy. Our results indicate that the monitoring incentives are being eroded indeed and that credit risk transfer can increase the overall amount of obtainable funds in an economy.

Firm financial constraints and the impact of monetary policy: evidence from financial conglomerates

Building on recent evidence on the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the balance sheet channel of monetary policy. It does so by comparing monetary policy responses of small banks that are affiliated with the same bank holding company, and this arguably face similar constraints in accessing internal/external sources of funds, but that operate in different geographical regions, and thus face different pools of borrowers. Because these subsidiaries typically concentrate their lending with small local businesses, we can use cross-sectional differences in state-level economic indicators at the time of changes of monetary policy to study whether or not the strength of borrowers' balance sheets influences the response of bank lending. We find evidence that the negative response of bank loan growth to a monetary contraction is significantly stronger when borrowers have 'weak balance sheets. Our evidence suggests that the monetary authority should consider the amplification effects that financial constraints play following changes in basic interest rates and the role of financial conglomerates in the transmission of monetary policy.

Main obstacles in the business environment affecting firm growth: a comparative analysis between Chinese and Brazilian SMEs

Usando dados do Banco Mundial, esta dissertação analisa as semelhanças e diferenças entre os obstáculos enfrentados pelas micro, pequenas e médias empresas (MSME) no Brasil e na China. Realizamos tanto uma análise comparativa entre os dos países como uma análise de clusters para confrontar os dados subjetivos e objetivos recolhidos, de modo a identificar o desempenho das empresas, levando em consideração as características dos países e o ambiente de negócios.

Not delivering as one: asymmetric outcomes in firm-university collaborations

Extant literature examined the benefits of relational embeddedness in facilitating collaboration between organizations, as well as the necessity of firms to balance their knowledge generation into exploration and exploitation activities. However, the effects of relational embeddedness in the specific outputs of firm-university collaborations, as well as the elements that affect the exploratory nature of such outcomes remain underexplored. By examining fine grained data of more than 4.000 collaborative research and development projects by a firm and universities, 5.000 patents, and 300.000 scientific publications, it was proposed that relational embeddedness would have a positive effect on resource commitment and on joint scientific publications, but a negative effect on joint patents and exploratory outcomes resulting of such collaborations. Additionally, it was proposed that knowledge similarity would have a negative impact in exploratory endeavors made in such projects. Although some of the propositions were not supported by the data, this study revealed that relational embeddedness increases resource commitment and the production of joint scientific publications in such partnerships. At last, this study presents interesting opportunities for future research.

Bank networks and firm credit: an agent based model approach

Starting from the idea that economic systems fall into complexity theory, where its many agents interact with each other without a central control and that these interactions are able to change the future behavior of the agents and the entire system, similar to a chaotic system we increase the model of Russo et al. (2014) to carry out three experiments focusing on the interaction between Banks and Firms in an artificial economy. The first experiment is relative to Relationship Banking where, according to the literature, the interaction over time between Banks and Firms are able to produce mutual benefits, mainly due to reduction of the information asymmetry between them. The following experiment is related to information heterogeneity in the credit market, where the larger the bank, the higher their visibility in the credit market, increasing the number of consult for new loans. Finally, the third experiment is about the effects on the credit market of the heterogeneity of prices that Firms faces in the goods market.

Boundary decisions of the firm: make, buy, cooperate

Firms are not atomistic hierarchies only linked with one another at arm’s-length distance in markets. Instead, a myriad of long-lived, highly cooperative relationships between suppliers and customers are pervasively found in the B2B world. And it is within those enmeshed relationships and networks that the co-evolution of capabilities and business specialisms is brought about and developed. If that is the actual ‘topography’ of the business landscape, then the coordination of economic activities in general, and the boundary decisions of each and every firm in particular, are unlikely to be reduced to a (dual) choice between ‘making’ or ‘buying’. Inter-firm cooperation is in itself a third governance structure, in alternative to the hierarchical and the market modes of coordination. And, what is also equally important to note, it is through the make-or-buy-or-cooperate decisions that the (embedded) firm is able to change its nature and scope, redefine its (fuzzy) boundaries, and thus adapt to an ever-changing business setting.

Análise do comportamento e crescimento do camarão branco Litopenaeus vannamei (Boone, 1931) em diferentes substratos inconsolidados

The aim of this study was to test the sediment preference of L. vannamei shrimp. It was observed shrimp visit frequency, swimming and burying behaviour at different sediment compositions for 24h. Juvenile (0.93 ± 0.29g) and sub-adult shrimps (10.0 ± 1.18g) were obtained from the aquaculture station at Universidade Federal Rural do Semi-Árido UFERSA, and held in a plastic tank (water volume 500 L) supplied with aerated water and kept at constant temperature, pH, and salinity. Shrimp was fed by commercial shrimp dry food. The experimental substrates were composed by A: medium sand + thick sand + very thick sand + gravel; B: very fine sand + fine sand; and C: silt + clay. Thus, six different substrate combinations were tested: A, B, C, A+B, A+C, B+C. To test preference, it was used a cylindrical tank (40 l) divided into six differently substrate compartments. A single shrimp was introduced each tank and the frequency at which this shrimp visited each compartment was recorded over a 24h study period. It was tested 54 shrimp (18 sub-adult males, 18 subadult females and 18 juveniles). For each trial, sediment and water were changed to avoid pheromones and residues influence. Shrimp were weighted and sub-adults were divided by sex: males present petasma and females present thelycum. Data were collected on the experimental day at 19:30; 20:30; 00:30; 1:30; 05:30; 06:30; 13:30 and 14:30 h. At each time point, shrimp were observed for 20-min periods, in which we noted down which compartment the shrimp was occupying at 2-min intervals. Thus, for each period we had eleven observations (88 observations per day). For observations at night, it was used dim red light that did not affect shrimp behaviour. At each 20-min period, it was observed visit frequency in each substrate, if shrimp was burred or not or if it was swimming. There was not significant difference between light and dark burry activity for females. Swimming activity was significantly higher at night, mainly at 00:30 and 01:30 h. All L. vannamei shrimp showed preference for sediment B. This animal presents cyclic activity, spends the day light period buried and swims at night

Influence of management on plankton community of fishponds during the dry and rainy seasons

Aim: The present investigation aims at evaluating attention to the occurrence and abundance of planktonic communities in fishponds and their relationships to the management employed; Methods: Seven fishponds (V1-V7) fertilized with different treatments were analyzed by monthly sampling, taken between July and December/07, during both dry and rainy seasons; Results: Euglenophyceae and Chlorophyceae were most representative during the studied period. In the fishpond with organic fertilizer Cyanobacteria was more than 65 and 90% of total phytoplankton abundance in September and August, mainly represented by Microcystis sp. (14,595 and 22,500 ind.L-1, respectively). An inverse relationship occurred between Copepoda and Cladocera, and Copepoda and Rotifera were present in all fishponds during the both seasons. Diversity (H') and species richness was low and equitability indices generally showed the highest values for zooplankton. The lowest values were observed for phytoplankton during the rainy season; Conclusions: The use of organic fertilizer and the random emptying of the fishponds affected directly and species diversity and richness, with dominance of Cyanobacteria emphasizing the need to adopt a management technique to increase fishponds productivity and consequently, fish production.

Comportamento da tiririca (Cyperus rotundus) sob diferentes níveis de adubação fosfatada e de sombreamento

O trabalho, instalado e conduzido em casa de vegetação da FCAV, campus de Jaboticabal, UNESP, teve por objetivos estudar os efeitos de diferentes doses de adubação fosfatada (0, 33,5, 67,0 e 100,5 ppm de P2O5) e níveis de sombreamento (0, 30, 50 e 70%) sobre parâmetros de crescimento de tiririca (Cyperrus rotundus). Quatro tubérculos previamente brotados foram colocados em cada vaso com capacidade para três litros de solo. Utilizou-se Latossolo Vermelho-Escuro textura média, moderado, distrófico, peneirado. Para efeito de análise estatística, os vasos (parcelas) foram dispostos num esquema inteiramente casualisado, com quatro repetições. Os resultados obtidos mostraram o efeito prejudicial do sombreamento sobre o desenvolvimento da tiririca. Já ao nível de 30%, o sombreamento causou redução na densidade das plantas , principalmente por reduzir o número de bulbos + tubérculos. em conseqüência, houve redução no acúmulo de matéria seca nas diferentes partes da planta, redução esta mais acentuada no sistema subterrâneo (bulbos + tubérculos + raízes), causando incremento nas relações PA/B+T+R e B+T/R. A adubação fosfatada, no entanto, incrementou os parâmetros de crescimento da espécie, principalmente no desenvolvimento das manifestações epígeas, refletido tanto pelo aumento em número quanto em acúmulo de matéria seca.

Efeito de níveis crescentes de calagem no crescimento e estado nutricional de fedegoso

A distribuição e desenvolvimento de plantas, a exemplo daquelas que infestam as áreas agrícolas, é influenciada por diversos fatores, a como aqueles ligados às caraterísticas do solo, naturais ou impostas pelo homem. Assim, o presente trabalho de pesquisa foi desenvolvido em condições de casa-de-vegetação com o objetivo de estudar o efeito de níveis crescentes de calagem no crescimento e estado nutricional de Senna obtusifolia, planta daninha comum em ecossistemas agrícolas. O delineamento experimental adotado foi o inteiramente casualizado, com seis tratamentos e quatro repetições. Os tratamentos constituíram-se em quantidades de calcário dolomítico calcinado com 38% de CaO e 20% de MgO, com um poder de neutralização total (PRNT) de 104%: 0, 2, 4, 6, 8 e 10 t/ha. As parcelas experimentais constituíram-se de recipientes de plástico com capacidade de 5 litros, preenchidos com terra coletada na camada arável de um latossolo vermelho escuro distrófico, A moderado, textura média. Após um período de crescimento de 56 dias as plantas foram coletadas e separadas em seus componentes vegetativos, sendo colocados a secar em estufa de circulação forçada de ar (70ºC por 72 horas) para determinação do peso seco. O material foi pesado e moído e analisado a nível de composição de nutrientes. Os resultados mostraram efeitos negativos dos níveis crescentes de calcário, sobre o crescimento das plantas de S. obtusifolia, evidenciando-se decréscimos nos valores da matéria seca acumulada a partir da dose de 4 t/ha de calcário (pH 5,8), com efeitos mais marcantes nas raízes. A aplicação de doses crescentes de calcário promoveu um aumento progressivo nos teores de Ca e Mg no solo, o que talvez possa ter estimulado a competição entre cátions, reduzindo a absorção do K. Os elementos N e P foram os mais absorvidos pela planta.

Physical, chemical and microbiological aspects during the dry and rainy seasons in a pond covered by macrophyte used in aquaculture water supply

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

Nitrogênio, fósforo, potássio, adubo orgânico e calcário dolomítico na produção de sementes de grama-batatais (Paspalum notatum Flügge) em Latossol Vermelho Escuro

Comparou-se a produção de sementes de grama-batatais em Latossol vermelho Escuro com ou sem adição de sulfato de amônio (4g de N/m²), superfosfato simples (50g de P2O5/m²), cloreto de potássio (15g de K2O/m²), esterco de equino (10 litros/m²) e calcário dolomítico (220 g/m²). As produções foram avaliadas através de número de espigas por área, peso total de sementes, peso de sementes puras, relação entre peso de sementes puras e peso total de sementes, peso de 1000 sementes puras, peso total de sementes por espiga, peso de sementes puras por espiga, porcentagem de germinação das sementes e velocidade de emergência das plântulas. Foram determinados os teores de nitrogênio, fósforo, potássio, cálcio, magnésio, enxofre, boro, cobre, ferro, manganês e zinco na matéria seca de folhas e sementes. Verificou-se que a produção de sementes, tanto em quantidade como em qualidade, foi influenciada pela nutrição mineral. As porcentagens mais elevadas de carbono no solo estiveram associadas a maior quantidade e melhor qualidade das sementes produzidas. As melhores produções de sementes correspondem aos níveis mais baixos de fósforo, potássio, cálcio e zinco nas folhas. Verificou-se serem importantes nas características avaliadas as seguintes relações entre teores de nutrientes nas folhas ou nas sementes: N/P, P/Ca, P/Mg, P/S, P/Zn, K/Ca, K/Mg, K/B, Ca/Mg, Ca/B, Fe/Mn, Zn/Cu, Zn/Fe e Zn/Mn. Nas maiores produções, as sementes apresentaram concentrações menores de nitrogênio, boro e cobre, e mais elevadas de cálcio. As sementes de melhor qualidade apresentaram maiores concentrações de zinco e menores de boro. A aplicação de adubos ou calcário dolomítico não melhorou significativamente a produção de sementes.

Comparison of micronized whole soybeans to common protein sources in dry dog and cat diets

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

Comportamento de baixas doses de herbicidas na cultura da soja (Glycine max (L.) Merril). I I-Efeitos sobre o controle das plantas daninhas, desenvolvimento e absorção de nutrientes pela cultura

Foi estudada a possibilidade de redução nas doses recomendadas de herbicidas, isolados ou em misturas, sem afetar algumas características das plantas de soja (Santa Rosa), tais como o acúmulo total de matéria secada parte aérea (caule + ramos, folhas e vagens), índice de Area Foliar (IAF) e teores de macro e micronutrientes (Diagnose Foliar e nos grãos). O experimento foi ins talado em Solo Latos - sol Vermelho Escuro - fase arenosa, município de Jaboticabal, Estado de São Paulo, Brasil. O delineamento experimental foi o de blocos ao acaso, em vinte tratamentos e três repetições, te stando-se a dose total recomendad a e reduções de 25% e 50% de la , para o trifluralin, alachlor e metribuzin, isolados e em misturas. As doses recomendadas foram 0,86; 1,72 e 0,28 kg/ha de trifluralin, alachlor e metribuzin, respectivamente. As 'misturas com doses reduzidas, de tri - fluralin + metribuzin (0 ,6 5 + 0, 21 kg/h a) e alachlor + metribuzin (1 ,4 4 + 0, 21 kg /h a), apresentaram controle geral das plantas daninhas acima de 90% at é o 60 .° dia após a semeadura, sem apresentar fitotoxicida de ou efeitos deletérios nas plantas de soja. Além disso apresenta ram os melhores resultados relativos ao acúmulo de matéria seca na parte aérea, juntamente com as mesmas misturas nas doses padrões e testemunha capinada. A absorção de nutrientes também sempre foi maior nestes tratamentos , com maiores teores nas folhas, na matéria seca geral e nos grãos. O IAF alto e a sua manutenção por um período maior, nestes tratamentos, podem ter tido influência decisiva, com maior eficiência fotossintética das plantas.