Empresários nanicos, garantias e acesso à crédito

Visamos contribuir para o desenvolvimento do crédito produtivo popular no Brasil. Um passo nesta direção é diminuir a assimetria de informações existentes entre os gestores de políticas públicas e o seu público-alvo. O presente trabalho se beneficia da melhor oportunidade disponível de explorar informações sobre os negócios nanicos, a pesquisa sobre Economia Informal Urbana – ECINF, realizada pelo IBGE em 1997, onde foram entrevistados quase 50000 conta-próprias e empregadores até cinco empregados. Descrevemos a partir da ECINF as formas de acesso ao crédito destes estabelecimentos. O mercado de microcrédito se revela incipiente nas áreas urbanas do país, apenas 7% dos negócios nanicos obtiveram acesso a crédito nos três meses anteriores a pesquisa. Descrevemos o padrão de correlações do uso do crédito produtivo popular com outras variáveis, em particular àquelas ligadas a posse de garantias reais ou colaterais sociais nas áreas urbanas brasileiras. A ligação a alguns elementos do capital social está correlacionada à obtenção do crédito, onde a vantagem aumenta em 33% para quem está associado a algum sindicato, associação ou cooperativa em relação aos que não possuem ligação com estes. A questão da legalidade também apresenta correlação forte para conseguir o acesso a crédito: quem possui constituição jurídica possui uma vantagem de 55% maior em relação aos que não possuem. Destaca-se a variável indicativa da posse de equipamentos, é nesta variável que observamos um dos maiores valores na estimativa, onde a vantagem de quem utiliza é aproximadamente duas vezes maior em relação a quem não utiliza. O fato de estar numa região metropolitana influi pouco na obtenção do crédito, a vantagem é apenas 10% maior do que as pessoas que encontram-se nas demais áreas urbanas. De maneira geral os resultados são consistentes com a importância atribuída na literatura por garantias reais e alternativas na obtenção de crédito.

On common agency with informed principals

This thesis consists of three chapters that have as unifying subject the frame-work of common agency with informed principals. The first two chapters analyze the economic effects of privately informed lobbying applied to tariff protection (Chapter 1) and to customs unions agreements (Chapter 2). The third chapter investigates the choice of retailing strutures when principals (the producers) are privately informed about their production costs. Chapter 1 analyzes how lobbying affects economic policy when the interest groups have private information. I assume that the competitiveness of producers are lobbies private information in a Grossman and Helpman (1994) lobby game. This allows us to analyze the e¤ects of information transmission within their model. I show that the information transmission generates two informational asymmetry problems in the political game. One refers to the cost of signaling the lobby's competitiveness to the policy maker and the other to the cost of screening the rival lobby's competitiveness from the policy maker. As an important consequence information transmission may improve welfare through the reduction of harmful lobbying activity. Chapter 2 uses the framework of chapter 1 to study a customs union agreement when governments are subject to the pressure of special interest groups that have better information about the competitiveness of the industries they represent. I focus on the agreement's effect on the structure of political influence. When join a customs union, the structure of political pressure changes and with privately informed lobbies, a new effect emerges: the governments can use the information they learn from the lobby of one country to extract rents from the lobbies of the other country. I call this the "information transmission effect". This effect enhances the governments'bargaining power in a customs union and makes lobbies demand less protection. Thus, I find that information transmission increases the welfare of the agreement and decreases tari¤s towards non-members. I also investigate the incentives for the creation of a customs union and find that information transmission makes such agreement more likely to be politically sustainable. Chapter 3 investigates the choice of retailing structure when the manufacturers are privately informed about their production costs. Two retailing structures are analyzed, one where each manufacturer chooses her own retailer (exclusive dealing) and another where the manufacturers choose the same retailer (common agency). It is shown that common agency mitigates downstream competition but gives the retailer bargaining power to extract informational rents from the manufacturers, while in exclusive dealing there is no downstream coordination but also there are no incentives problem in the contract between manufacture and retailer. A pre- liminary characterization of the choice of the retailing structure for the case of substitute goods shows that when the uncertainty about the cost increases relatively to the size of the market, exclusive dealing tends to be the chosen retailing structure. On the other hand, when the market is big relatively to the costs, common agency emerges as the retailing structure. This thesis has greatly benefited from the contribution of Professors Humberto Moreira and Thierry Verdier. It also benefited from the stimulating environment of the Toulouse School of Economics, where part of this work was developed during the year of 2007.

Comitês de investimento em fundos de investimento em participações utilizados como veículos para a indústria de Private Equity

A análise sobre se a existência de comitês de investimentos que concedam poderes de ingerência aos cotistas é uma variável levada em consideração pelos potenciais investidores de fundos de investimento em participação (“FIPs”) utilizados como veículos de investimento em Private Equity (“FIPs PE”) no mercado brasileiro é o objeto do presente trabalho, cujo objetivo é verificar se há competição entre gestores de FIPs PE pela inclusão de tais comitês em seus regulamentos, com vistas a prospectar um maior número de cotistas. Por meio da realização de pesquisa empírica, na qual serão analisados os regulamentos de FIPs PE que foram registrados desde o ano de 2006 até o ano de 2011 perante a Comissão de Valores Mobiliários (“CVM”), com vistas a examinar se houve aumento no número de regulamentos que previssem comitês de investimento e no número de gestores que adotam comitês de investimento usualmente nos fundos que gerem, se pretende comprovar a hipótese de que os comitês de investimento são uma variável que interfere na decisão dos investidores sobre em qual FIP PE investirão seus recursos e, portanto, que os gestores de FIPs PE tendem a estabelecer este mecanismo nos regulamentos dos fundos que gerem. Os pressupostos teóricos que justificam a adoção de mecanismos de governança pelos FIPs PE, com base na literatura sobre a teoria da agência – enfatizando-se os temas da assimetria de informação, risco moral, seleção adversa e custos de agência - e, ainda, os mecanismos de governança mais usuais na indústria de FIPs PE são apresentados de forma a conferir ao tema o devido embasamento teórico. A relevância deste trabalho decorre da importância que a indústria de Private Equity possui na economia, por atuar em determinado estágio de um empreendimento onde o acesso ao financiamento é via de regra escasso. Além disso, o tema se revela atual, já que houve, apenas no ano de 2011, captações recordes de fundos de Private Equity no Brasil, que somaram um montante de US$ 8,1 bilhões.

Impact of the Level of Disclosure of Financial Information on the Pricing of Shares in the Context of Adverse Selection: an experimental research

Managers know more about the performance of the organization than investors, which makes the disclosure of information a possible strategy for competitive differentiation, minimizing adverse selection. This paper's main goal is to analyze whether or not an entity's level of diclosure may affect the risk perception of individuals and the process of evaluating their shares. The survey was carried out in an experimental study with 456 subjects. In a stock market simulation, we investigated the pricing of the stocks of two companies with different levels of information disclosure at four separate stages. The results showed that, when other variables are constant, the level of disclosure of an entity can affect the expectations of individuals and the process of evaluating their shares. A higher level of disclosure by an entity affected the value of its share and the other company's.

ORÇAMENTO DOS MUNICÍPIOS DO ABC PAULISTA: uma avaliação da conformidade dos portais da transparência com as normas fiscais

As normas da transparência fiscal (LC 101/00, LC131/09, Decreto 7185/10) determinam que todos os entes da federação das três esferas de poder disponibilizem na internet, em tempo real, informações pormenorizadas sobre a execução orçamentária e financeira. O ente federativo mais próximo do cidadão é o município, onde o seu espaço de vida é constituído. A transparência das informações municipais possibilita um melhor acompanhamento das contas públicas. Dessa forma, o cidadão poderá exercer de forma mais eficaz o seu direito de accountability. O objetivo da pesquisa é avaliar o nível de transparência do orçamento público dos municípios do ABC Paulista, com base na conformidade com as normas legais da transparência fiscal. A pesquisa é exploratória e de natureza descritiva, com abordagem quantitativa. Foram construídos escores de conformidade para os municípios, permitindo classificá-los em quatro categorias de transparência: transparente, translúcido, diáfano e opaco. A coleta de dados foi realizada no período de fevereiro a junho de 2013 por meio da observação nos portais eletrônicos da transparência de cada município. As evidências empíricas apontam que os portais não estão em total conformidade com as exigências legais. No que tange a accountability os avanços ainda são modestos, a assimetria informacional ainda persiste e o conteúdo divulgado é muito técnico.

Accounting accruals and information asymmetry in Europe

We investigate whether the positive relation between accounting accruals and information asymmetry documented for U.S. stock markets also holds for European markets, considered as a whole and at the country level. This research is relevant because this relation is likely to be affected by differences in accounting standards used by companies for financial reporting, in the traditional use of the banking system or capital markets for firm financing, in legal systems and cultural environment. We find that in European stock markets discretionary accruals are positively related with the Corwin and Schultz high-low spread estimator used as a proxy for information asymmetry. Our results suggest that the earnings management component of accruals outweighs the informational component, but the significance of the relation varies across countries. Further, such association tends to be stronger for firms with the highest levels of positive discretionary accruals. Consistent with the evidence provided by the authors, our results also suggest that the high-low spread estimator is more efficient than the closing bid-ask spread when analysing the impact of information quality on information asymmetry.

Orthodontic-surgical treatment of class III malocclusion with mandibular asymmetry

Class III skeletal malocclusion may present several etiologies, among which maxillary deficiency is the most frequent. Bone discrepancy may have an unfavorable impact on esthetics, which is frequently aggravated by the presence of accentuated facial asymmetries. This type of malocclusion is usually treated with association of Orthodontics and orthognathic surgery for correction of occlusion and facial esthetics. This report presents the treatment of a patient aged 15 years and 1 month with Class III skeletal malocclusion, having narrow maxilla, posterior open bite on the left side, anterior crossbite and unilateral posterior crossbite, accentuated negative dentoalveolar discrepancy in the maxillary arch, and maxillary and mandibular midline shift. Clinical examination also revealed maxillary hypoplasia, increased lower one third of the face, concave bone and facial profiles and facial asymmetry with mandibular deviation to the left side. The treatment was performed in three phases: presurgical orthodontic preparation, orthognathic surgery and orthodontic finishing. In reviewing the patient's final records, the major goals set at the beginning of treatment were successfully achieved, providing the patient with adequate masticatory function and pleasant facial esthetics.

Lateral asymmetry of voluntary attention orienting

We recently demonstrated that automatic attention favors the right side of space and, in the present study, we investigated whether voluntary attention also favors this side. Six reaction time experiments were conducted. In each experiment, 12 new 18-25-year-old male right-handed individuals were tested. In Experiments 1, 2, 3 (a, b) and 4 (a, b), tasks with increasing attentional demands were used. In Experiments 1, 2, 3a, and 4a, attention was oriented to one or both sides by means of a central spatially informative visual cue. A left or right side visual target appeared 100, 300, or 500 ms later. Attentional effects were observed in the four experiments. In Experiments 2, 3a and 4a, these effects were greater when the cue indicated the right side than when it indicated the left side (respectively: 16 ± 10 and 44 ± 6 ms, P = 0.015, for stimulus onset asynchrony of 500 ms in Experiment 2; 38 ± 10 and 70 ± 7 ms, P = 0.011, for Experiment 3a, and 23 ± 11 and 61 ± 10 ms, P = 0.009, for Experiment 4a). In Experiments 3b and 4b, the central cue pointed to both sides and was said to be non-relevant for task performance. In these experiments right and left reaction times did not differ. The most conservative interpretation of the present findings is that voluntary attention orienting favors the right side of space, particularly when a difficult task has to be performed.

Longitudinal double-spin asymmetry for inclusive jet production in (p)over-right-arrow + (p)over-right-arrow collisions at root s=200 GeV

We report a new STAR measurement of the longitudinal double-spin asymmetry A(LL) for inclusive jet production at midrapidity in polarized p+p collisions at a center-of-mass energy of root s = 200 GeV. The data, which cover jet transverse momenta 5 < p(T) < 30 GeV/c, are substantially more precise than previous measurements. They provide significant new constraints on the gluon spin contribution to the nucleon spin through the comparison to predictions derived from one global fit to polarized deep-inelastic scattering measurements. They provide significant new constraints on the gluon spin contribution to the nucleon spin through the comparison to predictions derived from one global fit to polarized deep-inelastic scattering measurements.

Possible evidence of asymmetry in SN 2007rt, a type IIn supernova

An optical photometric and spectroscopic analysis of the slowly-evolving type IIn SN 2007rt is presented, covering a duration of 481 days after discovery. Its earliest spectrum, taken approximately 100 days after the explosion epoch, indicates the presence of a dense circumstellar medium, with which the supernova ejecta is interacting. This is supported by the slowly-evolving light curve. A notable feature in the spectrum of SN 2007rt is the presence of a broad He I 5875 line, not usually detected in type IIn supernovae. This may imply that the progenitor star has a high He/H ratio, having shed a significant portion of its hydrogen shell via mass-loss. An intermediate resolution spectrum reveals a narrow H(alpha) P-Cygni profile, the absorption component of which has a width of 128 km s (1). This slow velocity suggests that the progenitor of SN 2007rt recently underwent mass-loss with wind speeds comparable to the lower limits of those detected in luminous blue variables. Asymmetries in the line profiles of H and He at early phases bears some resemblance to double-peaked features observed in a number of Ib/c spectra. These asymmetries may be indicative of an asymmetric or bipolar outflow or alternatively dust formation in the fast expanding ejecta. In addition, the late time spectrum, at over 240 days post-explosion, shows clear evidence for the presence of newly formed dust.

Cross section and double helicity asymmetry for eta mesons and their comparison to pi(0) production in p plus p collisions at root s=200 GeV

Measurements of double-helicity asymmetries in inclusive hadron production in polarized p + p collisions are sensitive to helicity-dependent parton distribution functions, in particular, to the gluon helicity distribution, Delta g. This study focuses on the extraction of the double-helicity asymmetry in eta production ((p) over right arrow + (p) over right arrow -> eta + X), the eta cross section, and the eta/pi(0) cross section ratio. The cross section and ratio measurements provide essential input for the extraction of fragmentation functions that are needed to access the helicity-dependent parton distribution functions.

Gluon-Spin Contribution to the Proton Spin from the Double-Helicity Asymmetry in Inclusive pi(0) Production in Polarized p plus p Collisions at root s=200 GeV

The double helicity asymmetry in neutral pion production for p(T) = 1 to 12 GeV/c was measured with the PHENIX experiment to access the gluon-spin contribution, Delta G, to the proton spin. Measured asymmetries are consistent with zero, and at a theory scale of mu 2 = 4 GeV(2) a next to leading order QCD analysis gives Delta G([0.02,0.3]) = 0.2, with a constraint of -0.7 < Delta G([0.02,0.3]) < 0.5 at Delta chi(2) = 9 (similar to 3 sigma) for the sampled gluon momentum fraction (x) range, 0.02 to 0.3. The results are obtained using predictions for the measured asymmetries generated from four representative fits to polarized deep inelastic scattering data. We also consider the dependence of the Delta G constraint on the choice of the theoretical scale, a dominant uncertainty in these predictions.

Inclusive cross section and double helicity asymmetry for pi(0) production in p plus p collisions at root s=62.4 GeV

The PHENIX experiment presents results from the RHIC 2006 run with polarized p + p collisions at root s = 62.4 GeV, for inclusive pi(0) production at midrapidity. Unpolarized cross section results are measured for transverse momenta p(T) = 0.5 to 7 GeV/c. Next-to-leading order perturbative quantum chromodynamics calculations are compared with the data, and while the calculations are consistent with the measurements, next-to-leading logarithmic corrections improve the agreement. Double helicity asymmetries A(LL) are presented for p(T) = 1 to 4 GeV/c and probe the higher range of Bjorken x of the gluon (x(g)) with better statistical precision than our previous measurements at root s = 200 GeV. These measurements are sensitive to the gluon polarization in the proton for 0.06 < x(g) < 0.4.