Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998

We develop a framework to explain the private capital flows between the rest of the world and an emerging economy. The model, based on the monetary premium theory, relates an endogenous supply of foreign capitals to an endogenous differential of interest rates; its estimation uses the econometric techniques initiated by Heckman. Four questions regarding the capital flows phenomenon are explored, including the statistical process that governs the events of default and the impact of the probability of default on the interest rate differential. Using the methodology, we analyse the dynamics of foreign capital movements in Brazil during the 1991- 1998 period.

Funding social sector activity in Brazil: a case study analysis of agency risk incidence and mitigation

Empresas e organizações sociais têm um papel cada vez mais importante no mercado brasileiro. Essas organizações - sejam elas com ou sem fins lucrativos –têm como objetivocausar um profundo e positivo impacto social.Ambas enfrentamtambém o mesmo desafio: financiar as suas operações. Recentemente, dois modelos inovadores de financiamento, o fundo de venture capitalVox Capital e o fundo de empréstimo social SITAWI, entraram no mercado brasileiro para solucionar esse desafio. Este estudo analisa ambos os fundos,associando o problema do financiamento de empresas e organizações sociais às teorias tradicionais de negócio. Mais especificamente, por meio de um estudo de caso,é avaliado se o risco de agência (agency risk) explica as práticas e o designcontratual utilizados pelos fundos. A pesquisa é baseada num estudo de Alemany e Scarlata (2010) sobre a estruturação dos negócios de fundos filantrópicos de capital empreendedor (PhVC, na sigla em inglês) na América do Norte e na Europa. Uma definição chave desse estudo é que organizações sem fins lucrativos, ao contrário daquelas com fins lucrativos, estão sujeitas a uma restrição de distribuição de lucros. Embora Alemany e Scarlata (2010) tivessem descobertoque parceria (stewardship), mais do que o problema de agência (agency problem), explica a estrutura dos negócios dos fundos PhVC, as implicações do presente estudo de caso para o Brasil são diferentes. Os resultados sugerem que o problema de agência,mais do que a parceria,descreve adequadamente os contratos analisados de financiamento. Detectou-seque cláusulas contratuais não foram apenas usadas para mitigar o risco de agênciaresultanteda ausência de uma restrição de distribuição de lucros, mas também para reger as estruturas cooperativas com organizações sem fins lucrativos. No caso de SITAWI, a restrição dos destinatários de fundos de distribuir lucros provou-se uma ferramenta efetiva para alinhar os interesses entre os financiadores e os destinatários dos fundos. Apesar daimplicação da presença de parceria, os contratos do fundo social contiveram cláusulas geralmente usadas para reduzir o risco de agência. No caso de Vox Capital, os destinatários dos fundos eram empresas com fins lucrativos, portanto não sujeitas à restrição de distribuição de lucros. O modelo de negócio de Vox Capital é organizado para impedir qualquer incidência potencial do problema de agência. Ambos os fundos, independentemente da estrutura jurídica dos beneficiários destes fundos, evidenciaram o intuito de garantir a aplicação de práticas de negócio utilizadas pelas empresas tradicionais do setor corporativo em vez daquelas utilizadas no setor social.

On the efficiency of the Argentinean electricity wholesale market

This paper discusses two key aspects regarding the efficiency of the Argentinean Electricity Market. Using hourly data on prices, marginal costs, and operational status of generators, it will be argued that, unlike the former British and Californian electricity spot markets, this market is not subject to the conventional forms of exercise of market power by generators. We then use Chao's (1983) model of optimal configuation of electricity supply to evaluate the social desirability of the change in the supply pattern of the Argentinean electricity industry, which took place throughout the last ten years.

Funding was obtained from a Capes Fellowship to NM, grants CNPq Universal 481351/ 2011-6, CNPq PQ 306604/2012-4, FAPERN/CNPq Pronem 003/2011, Capes SticAmSud, and FAPESP/CEPID/Neuromat to S.R. CNPq Universal 473554/2011-9 and 480053/ 2013-8, CNPq PQ 308558/2011-1, FACEPE/CNPq-PRONEX APQ- 0203-1.05/08, FACEPE/CNPq-PRONEM APQ-1415-1.05/10, and CNAIPS to M.C

Funding was obtained from a Capes Fellowship to NM, grants CNPq Universal 481351/ 2011-6, CNPq PQ 306604/2012-4, FAPERN/CNPq Pronem 003/2011, Capes SticAmSud, and FAPESP/CEPID/Neuromat to S.R. CNPq Universal 473554/2011-9 and 480053/ 2013-8, CNPq PQ 308558/2011-1, FACEPE/CNPq-PRONEX APQ- 0203-1.05/08, FACEPE/CNPq-PRONEM APQ-1415-1.05/10, and CNAIPS to M.C

Trends in Funding, Internationalization, and Types of Study for Original Articles Published in Five Implant-Related Journals Between 2005 and 2009

Purpose: The aims of this study were to evaluate the trends in funding, geographic origin, and study types of original articles in the dental implant literature and to investigate the relationships among these factors. Materials and Methods: Articles published in Clinical Oral Implants Research, The International Journal of Oral & Maxillofacial Implants, Clinical Implant Dentistry and Related Research, Implant Dentistry, and Journal of Oral Implantology from 2005 to 2009 were reviewed. Nonoriginal articles were excluded. For each article included, extramural funding source, geographic origin, and study type were recorded. Descriptive and analytic analyses (alpha = .05), including a logistic regression analysis, and chi-square test were used where appropriate. Results: of a total of 2,085 articles published, 1,503 met the inclusion criteria. The most common source of funding was from industry (32.4%). The proportion of studies that reported funding increased significantly over time. Europe represented the highest percentage (55.8%) of published articles. Most of the articles reported on clinical studies (49.9%), followed by animal studies (25.9%). Articles from Asia and South America and animal and in vitro studies were significantly more likely to be funded. Conclusion: Almost half of the original dental implant articles were funded. The trend toward internationalization of authorship was evident. A strong association was observed between funding and geographic origin and between funding and study type. Most studies in North America and Europe were clinical studies and supported by industry, whereas a greater proportion of studies in Asia and South America were in vitro or animal studies funded through government resources. INT J ORAL MAXILLOFAC IMPLANTS 2012;27:69-76

Authorship, Collaboration, and Funding Trends in Implantology Literature: Analysis of Five Journals From 2005 to 2009

Purpose: To identify the trend of authorship in dental implant by exploring the prevalence of coauthored articles and to investigate the collaboration efforts, trends in funding involved in original articles, and their relationships. Materials: Articles published in the Clinical Oral Implants Research, International Journal of Oral & Maxillofacial Implants, Clinical Implant Dentistry and Related Research, Implant Dentistry, and Journal of Oral Implantology from 2005 to 2009 were reviewed. Nonoriginal articles were excluded. For each included articles, number of authors, collaboration efforts, and extramural funding were recorded. Descriptive and analytical statistics (alpha = 0.05), including logistic regression analysis and chi(2) test, were used. Results: From a total of 2085 articles, 1503 met the inclusion criteria. Publications with 5 or more authors increased over time (P = 0.813). The amount of collaboration among different disciplines, institutions, and countries all increased. The greatest increase of collaboration was seen among institutions (P = 0.09). Non-funding studies decreased over time (P = 0.031). There was a strong association between collaboration and funding for the manuscripts during the years studied (OR, 1.5). Conclusion: The number of authors per articles and collaborative studies increased over time in implant-related journals. Collaborative studies were more likely to be funded. (Implant Dent 2011;20:68-75)

Funding of activities of the Caribbean Council for Science and Technology

Includes bibliography

Report of the Workshop on Investment Funding for Renewable Energy and Energy Efficiency Projects in the Caribbean

Includes bibliography

Urban food planning, city logistics and sustainability: the role of the wholesale produce market. The cases of Parma and Bologna food hubs.

At global level, the population is increasingly concentrating in the cities. In Europe, around 75% of the population lives in urban areas and, according to the European Environmental Agency (2010), urban population is foreseen to increase up to 80 % by 2020. At the same time, the quality of life in the cities is declining and urban pollution keeps increasing in terms of carbon dioxide (CO2) emissions, waste, noise, and lack of greenery. Many of European cities struggle to cope with social, economic and environmental problems resulting from pressures such as overcrowding or decline, social inequity, health problems related to food security and pollution. Nowadays local authorities try to solve these problems related to the environmental sustainability through various urban logistics measures, which directly and indirectly affect the urban food supply system, thus an integrated approach including freight transport and food provisioning policies issues is needed. This research centres on the urban food transport system and its impact on the city environmental sustainability. The main question that drives the research analysis is "How the urban food distribution system affects the ecological sustainability in modern cities?" The research analyses the city logistics project for food transport implemented in Parma, Italy, by the wholesale produce market. The case study investigates the renewed role of the wholesale market in the urban food supply chain as commercial and logistic operator, referring to the concept of food hub. Then, a preliminary analysis on the urban food transport for the city of Bologna is presented. The research aims at suggesting a methodological framework to estimate the urban food demand, the urban food supply and to assess the urban food transport performance, in order to identify external costs indicators that help policymakers in evaluating the environmental sustainability of different logistics measures

Reputation, VC funding, and innovation: Evidence from the UK Micro and Nanotechnology sector

Startups’ contributions on economic growth have been widely realized. However, the funding gap is often a problem limiting startups’ development. To some extent, VC can be a means to solve this problem. VC is one of the optimal financial intermediaries for startups. Two streams of VC studies are focused in this dissertation: the criteria used by venture capitalists to evaluate startups and the effect of VC on innovation. First, although many criteria have been analyzed, the empirical assessment of the effect of startup reputation on VC funding has not been investigated. However, reputation is usually positively related with firm performance, which may affect VC funding. By analyzing reputation from the generalized visibility dimension and the generalized favorability dimension using a sample of 200 startups founded from 1995 operating in the UK MNT sector, we show that both the two dimensions of reputation have positive influence on the likelihood of receiving VC funding. We also find that management team heterogeneity positively influence the likelihood of receiving VC funding. Second, studies investigating the effect of venture capital on innovation have frequently resorted to patent data. However, innovation is a process leading from invention to successful commercialization, and while patents capture the upstream side of innovative performance, they poorly describe its downstream one. By reflecting the introduction of new products or services trademarks can complete the picture, but empirical studies on trademarking in startups are rare. Analyzing a sample of 192 startups founded from 1996 operating in the UK MNT sector, we find that VC funding has positive effect on the propensity to register trademarks, as well as on the number and breadth of trademarks.

Source of funding in experimental studies of mobile phone use on health: Update of systematic review

A previous review showed that among 59 studies published in 1995–2005, industry-funded studies were least likely to report effects of controlled exposure to mobile phone radiation on health-related outcomes. We updated literature searches in 2005–2009 and extracted data on funding, conflicts of interest and results. Of 75 additional studies 12% were industry-funded, 44% had public and 19% mixed funding; funding was unclear in 25%. Previous findings were confirmed: industry-sponsored studies were least likely to report results suggesting effects. Interestingly, the proportion of studies indicating effects declined in 1995–2009, regardless of funding source. Source of funding and conflicts of interest are important in this field of research.