Insights on corporate sustainability and share value: an event study for Brazilian market

Em meio ao crescente volume de publicações sobre sustentabilidade e finanças, diversas pesquisas internacionais e brasileiras têm abordado a relação entre empresas classificadas como sustentáveis e o retorno de suas ações. Nesta mesma linha, este trabalho utilizou o método de estudos de eventos para verificar se entre 2005 e 2013 houve retornos anormais quando as empresas entraram e saíram do Índice de Sustentabilidade Empresarial (ISE). Além de contemplar um período mais atualizado do que seus precedentes, este estudo difere-se dos demais ao analisar o as observações individualmente e ao buscar estabelecer uma relação dos retornos anormais acumulados com as variáveis governança corporativa, tamanho, rentabilidade e alavancagem. Os resultados mostraram que embora não haja evidências conclusivas quando os casos são tomados individualmente, em conjunto eles indicam que a inclusão e a exclusão do ISE geram retornos anormais significativos, positivos e negativos respectivamente, em linha com a teoria dos stakeholders. Quanto às variáveis de controle, nenhuma apresentou relação com os retornos anormais acumulados.

Evidence on the incentive optimality of share contracts

Ever since Adam Smith, economists have argued that share contracts do not provide proper incentives. This paper uses tenancy data from India to assess the existence of missing incentives in this classical example of moral hazard. Sharecroppers are found to be less productive than owners, but as productive as fixed-rent tenants. Also, the productivity gap between owners and both types of tenants is driven by sample-selection issues. An endogenous selection rule matches tenancy contracts with less-skilled farmers and lower-quality lands. Due to complementarity, such a matching affects tenants’ input choices. Controlling for that, the contract form has no effect on the expected output. Next, I explicitly model farmer’s optimal decisions to test the existence of non-contractible inputs being misused. No evidence of missing incentives is found.

Share bidding auctions, sliding scale royalty rates and the new brazilian regulatory framework for the pre-salt areas

O governo brasileiro recentemente aprovou uma legislação instituindo um novo marco regulatório para as reservas petrolíferas do pré-sal. Segundo as novas regras, estas áreas deverão ser licitadas mediante um leilão de partilha de lucro. Motivado por esta mudança, apresentamos um modelo de leilão de partilha sob afiliação, demonstrando a existência de um equilíbrio monótono em estratégias puras e caracterizando a solução. Alem disso, provamos que este mecanismo gera receita esperada maior ou igual a um leilão de primeiro preço usual. Em seguida, introduzimos no modelo uma função representando taxas de royalties que dependem do valor do objeto. Este instrumento permite uma elevação na receita esperada de ambos os modelos, fazendo com que a diferença entre eles encolha. Finalmente, analisando o novo marco regulatório sob o ponto de vista dos resultados obtidos, concluímos que o antigo modelo de concessão utilizado pelo governo brasileiro é mais adequado e lucrativo.

Profit-share bidding auctions: a theoretical approach

Neste trabalho, estudamos o regime de partilha de produção brasileiro, instituí do pela Lei No 12.351, para exploração de petróleo através de uma abordagem te orica. Desenvolvemos um modelo de partilha de produção a fim de capturar algumas características do modelo de partilha brasileiro como, por exemplo, a participação obrigatória da Petrobras, assimetria de informação e a presença de participantes estratégicos. Através de solução numérica, fazemos uma análise das estratégias dos participantes e dos ganhos esperados. Além disso, desenvolvemos um modelo de custos heterogêneos para estudar as regras de conteúdo local.

Homogeneous middles vs. heterogeneous tails, and the end of the ‘Inverted-U’: the share of the rich is what it’s all about

This paper examines the current global scene of distributional disparities within-nations. There are six main conclusions. First, about 80 per cent of the world’s population now live in regions whose median country has a Gini not far from 40. Second, as outliers are now only located among middle-income and rich countries, the ‘upwards’ side of the ‘Inverted-U’ between inequality and income per capita has evaporated (and with it the statistical support there was for the hypothesis that posits that, for whatever reason, ‘things have to get worse before they can get better’). Third, among middle-income countries Latin America and mineral-rich Southern Africa are uniquely unequal, while Eastern Europe follows a distributional path similar to the Nordic countries. Fourth, among rich countries there is a large (and growing) distributional diversity. Fifth, within a global trend of rising inequality, there are two opposite forces at work. One is ‘centrifugal’, and leads to an increased diversity in the shares appropriated by the top 10 and bottom 40 per cent. The other is ‘centripetal’, and leads to a growing uniformity in the income-share appropriated by deciles 5 to 9. Therefore, half of the world’s population (the middle and upper-middle classes) have acquired strong ‘property rights’ over half of their respective national incomes; the other half, however, is increasingly up for grabs between the very rich and the poor. And sixth, Globalisation is thus creating a distributional scenario in which what really matters is the income-share of the rich — because the rest ‘follows’ (middle classes able to defend their shares, and workers with ever more precarious jobs in ever more ‘flexible’ labour markets). Therefore, anybody attempting to understand the within-nations disparity of inequality should always be reminded of this basic distributional fact following the example of Clinton’s campaign strategist: by sticking a note on their notice-boards saying “It’s the share of the rich, stupid”.

The Owner Share scheduler for a distributed system

In large distributed systems, where shared resources are owned by distinct entities, there is a need to reflect resource ownership in resource allocation. An appropriate resource management system should guarantee that resource's owners have access to a share of resources proportional to the share they provide. In order to achieve that some policies can be used for revoking access to resources currently used by other users. In this paper, a scheduling policy based in the concept of distributed ownership is introduced called Owner Share Enforcement Policy (OSEP). OSEP goal is to guarantee that owner do not have their jobs postponed for longer periods of time. We evaluate the results achieved with the application of this policy using metrics that describe policy violation, loss of capacity, policy cost and user satisfaction in environments with and without job checkpointing. We also evaluate and compare the OSEP policy with the Fair-Share policy, and from these results it is possible to capture the trade-offs from different ways to achieve fairness based on the user satisfaction. © 2009 IEEE.

Energy sustainability in Latin America and the Caribbean: the share of renewable sources

Includes bibliography

Innovating, gaining market share and fostering social inclusion: success stories in SME development

Includes bibliography

NAFTA and the loss of US market share by Brazil, 1992-2001

Includes bibliography

Trends in the share of railways in transportation

This issue of the FAL Bulletin analyses the history of railways in modal distribution in Latin America, and puts forward recommendations for improving their functioning and making them a real, competitive and sustainable transport option.

Wage share and economic growth in Latin America, 1950-2011

This article builds series of wage shares in gross domestic product (GDP) for 15 Latin American economies individually and as a group for the period 1950-2010. Using different methodologies, it is established that wage share is non-linear and has undergone two major cycles. The article discusses various authors, especially classic and post-Keynesian thinkers, who have explored the relationship between wage share in GDP and economic activity. It is also shown that the post-Keynesian approach is relevant in explaining that the main variables determining real gdp variations include wage share, gross capital formation and exports of goods and services. However, the contribution of wage share to real output growth has declined from the 1980s onwards.

The earnings share of total income in Latin America, 1990-2010

This article analyses the share of total income represented by employment earnings in the countries of Latin America over the last two decades. It first considers the wage share of gross domestic product (gdp) and then adds in the earnings of self-employed workers. The findings indicate that both total wages and total earnings declined as a share of gdp in most of the region’s countries over the period, although there were some exceptions. The reduction in earnings inequality seen over the past decade was not usually accompanied by an increase in the gdp share of earnings. This means that the improvement in personal income distribution was not matched by an improvement in functional distribution.

Human immature dental pulp stem cells share key characteristic features with limbal stem cells

Objectives: Limbal stem cells (LSC) are self-renewing, highly proliferative cells in vitro, which express a set of specific markers and in vivo have the capacity to reconstruct the entire corneal epithelium in cases of ocular surface injury. Currently, LSC transplantation is a commonly used procedure in patients with either uni- or bilateral total limbal stem cells deficiency (TLSCD). Although LSC transplantation holds great promise for patients, several problems need to be overcome. In order to find an alternative source of cells that can partially substitute LSC in cornea epithelium reconstruction, we aimed at investigating whether human immature dental pulp stem cells (hIDPSC) would present similar key characteristics as LSC and whether they could be used for corneal surface reconstruction in a rabbit TLSCD model. Materials: We used hIDPSC, which co-express mesenchymal and embryonic stem cell markers and present the capacity to differentiate into derivative cells of the three germinal layers. TLSCD was induced by chemical burn in one eye of rabbits. After 30 days, the opaque tissue formed was removed by superficial keratectomy. Experimental group received undifferentiated hIDPSC, while control group only received amniotic membrane (AM). Both groups were sacrificed after 3 months. Results and conclusions: We have demonstrated, using immunohistochemistry and reverse transcription-polymerase chain reaction, that hIDPSCs express markers in common with LSC, such as ABCG2, integrin beta 1, vimentin, p63, connexin 43 and cytokeratins 3/12. They were also capable of reconstructing the eye surface after induction of unilateral TLSCD in rabbits, as shown by morphological and immunohistochemical analysis using human-specific antibodies against limbal and corneal epithelium. Our data suggest that hIDPSCs share similar characteristics with LSC and might be used as a potential alternative source of cells for corneal reconstruction.