Fundamentos jurídicos e econômicos da OPA a posteriori (tag along) e a questão sob a ótica de empresas que praticam boas práticas de governança corporativa

O texto trata da oferta pública de alienação de controle, atualmente prevista pelo artigo 254-a da lei societária n. 6404/76, e regulada pela instrução cvm n. 361. Trata da questão sobre “a quem deve pertencer o ágio pago pelo poder de controle”, elencando fundamentos jurídicos invocados por autores estrangeiros e nacionais, e fundamentos econômicos levantados e demonstrados em pesquisas empíricas, por autores estrangeiros. Ao final, busca demonstrar que, em alguns aspectos, o fundamento econômico se sobressai quando a questão é vista por empresários que buscam capitalizar-se via mercado de capitais e, para tanto, oferecem a seus investidores normas tidas como “boas práticas de governança corporativa”.

The influence of the tag-along rights in the value of companies: an event study of the effects on the market and service companies

The aim of this work is to check the effect of granting tag-along rights to stockholders by analyzing the behavior of the return of the stock. To do so we carried out event studies for a group of 21 company stocks, divided into service provider companies and others, who granted this right to their stockholders after Law 10,303 was passed in October, 2001. In the test we used two models for estimating abnormal returns: adjusted to the market and adjusted to the risk and market. The results of the tests we carried out based on these models did not capture abnormal returns (surpluses), telling us that the tag-along rights did not affect the pattern of daily returns of the stocks of companies traded on BOVESPA (The Sao Paulo Stock Exchange). We did not expect this result because of the new corporate governance practices adopted by companies in Brazil.

Tag along : mecanismo de proteção aos acionistas minoritários e de sustentação do mercado de capitais

Inclui notas explicativas e bibliografia

Inflammation and adipose tissue: effects of progressive load training in rats

Introduction: Cytokines (IL-6, IL-10 and TNF-alpha) are increased after exhaustive exercise in the rat retroperitoneal (RPAT) and mesenteric adipose tissue (MEAT) pads. On the other hand, these cytokines show decreased expression in these depots in response to a chronic exercise protocol. However, the effect of exercise with overload combined with a short recovery period on pro-and anti-inflammatory cytokine expression is unknown. In the present study, we investigated the regulation of cytokine production in the adipose tissue of rats after an overtraining-inducing exercise protocol. Methods: Male Wistar rats were divided into four groups: Control (C), Trained (Tr), Overtrained (OT) and recovered overtrained (R). Cytokines (IL-6, TNF-alpha and IL-10) levels and Toll Like Receptor 4 (TLR4), Nuclear Factor kBBp65 (NF-kBp65), Hormone Sensitive Lipase (HSL) and, Perilipin protein expression were assessed in the adipose tissue. Furthermore, we analysed plasma lipid profile, insulin, testosterone, corticosterone and endotoxin levels, and liver triacylglycerol, cytokine content, as well as apolipoprotein B (apoB) and TLR4 expression in the liver. Results: OT and R groups exhibited reduced performance accompanied by lower testosterone and increased corticosterone and endotoxin levels when compared with the control and trained groups. IL-6 and IL-10 protein levels were increased in the adipose tissue of the group allowed to recover, in comparison with all the other studied groups. TLR-4 and NF-kBp65 were increased in this same group when compared with both control and trained groups. The protein expression of HSL was increased and that of Perilipin, decreased in the adipose in R in relation to the control. In addition, we found increased liver and serum TAG, along with reduced apoB protein expression and IL-6 and IL-10 levels in the of R in relation to the control and trained groups. Conclusion: In conclusion, we have shown that increases in pro-inflammatory cytokines in the adipose tissue after an overtraining protocol may be mediated via TLR-4 and NF-kBp65 signalling, leading to an inflammatory state in this tissue.

Informação contida no diferencial de preços de classes de ações: antes e após 10.303/01

Vários trabalhos sugerem que os benefícios privados podem explicar o diferencial de preços entre espécies de ações com direitos diferenciados de voto. Entretanto, no Brasil o diferencial de preço entre a ação ordinária e a ação preferencial é negativo para várias empresas no período de julho de 1994 a setembro de 2002. Este trabalho investiga os determinantes que implicam este desconto da ação ordinária em relação à ação preferencial. Em particular, o trabalho analisa os impactos da liquidez, dos dividendos diferenciados, e das recentes mudanças na legislação sobre o prêmio pelo voto. Este artigo documenta que liquidez é extremamente relevante na determinação dos preços relativos. Constatações empíricas confirmam o impacto negativo da Lei n° 9.457 revogando os direitos dos ordinaristas minoritários de venda conjunta com controlador e o impacto positivo da introdução da Lei n° 10.303, restabelecendo estes direitos aos ordinaristas. Finalmente, a estrutura de propriedade se mostrou ter uma relação positiva com o prêmio pelo voto, mas a participação do maior acionista em ações ordinárias não apresentou uma relação significativa.

Prêmio por controle no mercado brasileiro

Este trabalho visa estimar o prêmio por controle no mercado acionário brasileiro, com base no diferencial de preços entre espécies de ações com direitos diferenciados de voto. No Brasil para o período de 01/07/2003 a 28/06/2013 a média do prêmio por controle foi positivo, resultado que difere dos encontrados em estudos anteriores, onde o prêmio por controle é negativo. Este trabalho investiga os determinantes que implicam na valorização da ação ordinária em relação à ação preferencial. Em particular, o trabalho analisa os impactos da liquidez, do diferencial dos dividendos, o impacto negativo da extensão do direito do Tag Along para ações preferenciais, o impacto negativo das empresas que possuem ADR, impacto negativo quando a empresas está classificada com nível superior de governança corporativo da BMF&Bovespa e pro fim, o impacto positivo para quando o acionista majoritário detêm mais de 50% das ações ordinárias e da participação do governo nas empresas que possui 20% das ações ordinárias.

Prêmio por controle no mercado brasileiro

Este trabalho visa estimar o prêmio por controle no mercado acionário brasileiro, com base no diferencial de preços entre espécies de ações com direitos diferenciados de voto. Mostramos primeiro que, entre 01/07/2003 e 28/06/2013, o prêmio médio por controle é positivo, contrariando resultados anteriores da literatura. Investigamos então os determinantes da diferença entre os preços das ações ordinárias e preferenciais. Em particular, analisamos a relação do prêmio por controle com a liquidez relativa, o diferencial de dividendos, a extensão ou não do direito de tag along para ações preferenciais, a emissão ou nao de ADR na Bolsa de Valores de Nova Iorque, o nível de governança corporativa, a composiao acionária e, em especial, a participação acionária do governo nas empresas.

Travel time and speed of gray whales and amphipod abundance along Chukotka Peninsula in 2006

The purpose of this study was to evaluate summer and fall residency and habitat selection by gray whales, Eschrichtius robustus, together with the biomass of benthic amphipod prey on the coastal feeding grounds along the Chukotka Peninsula. Thirteen gray whales were instrumented with satellite transmitters in September 2006 near the Chukotka Peninsula, Russia. Nine transmitters provided positions from whales for up to 81 days. The whales travelled within 5 km of the Chukotka coast for most of the period they were tracked with only occasional movements offshore. The average daily travel speeds were 23 km/day (range 9-53 km/day). Four of the whales had daily average travel speeds <1 km/day suggesting strong fidelity to the study area. The area containing 95% of the locations for individual whales during biweekly periods was on average 13,027 km**2 (range 7,097-15,896 km**2). More than 65% of all locations were in water <30 m, and between 45 and 70% of biweekly kernel home ranges were located in depths between 31 and 50 m. Benthic density of amphipods within the Bering Strait at depths <50 m was on average ~54 g wet wt/m**2 in 2006. It is likely that the abundant benthic biomass is more than sufficient forage to support the current gray whale population. The use of satellite telemetry in this study quantifies space use and movement patterns of gray whales along the Chukotka coast and identifies key feeding areas.

Biogeographical distribution of Rimicaris exoculata resident gut epibiont communities along the Mid-Atlantic Ridge hydrothermal vent sites

Rimicaris exoculata is a deep-sea hydrothermal vent shrimp which enlarged gill chamber houses a complex trophic epibiotic community. Its gut harbours an autochthonous and distinct microbial community. This species dominates hydrothermal ecosystems megafauna along the Mid-Atlantic Ridge, regardless of contrasted geochemical conditions prevailing in them. Here, the resident gut epibiont community at four contrasted hydrothermal vent sites (Rainbow/TAG/Logatchev/Ashadze) was analysed and compiled with previous data to evaluate the possible influence of site location, using 16S rRNA surveys and microscopic observations (TEM, SEM and FISH analyses). Filamentous epibionts inserted between the epithelial cells microvilli were observed on all examined samples. Results confirmed resident gut community affiliation to Deferribacteres, Mollicutes, Epsilonproteobacteria and to a lesser extent Gammaproteobacteria lineages. Still a single Deferribacteres phylotype was retrieved at all sites. Four Mollicutes-related OTUs were distinguished, one being only identified on Rainbow specimens. The topology of ribotypes median-joining networks illustrated a community diversification possibly following demographic expansions, suggesting a more ancient evolutionary history and/or a larger effective population size at Rainbow. Finally, the gill chamber community distribution was also analysed through ribotypes networks based on sequences from R. exoculata collected at Rainbow/Snake Pit/TAG/Logatchev/Ashadze sites. Results allow refining hypotheses on the epibiont role and transmission pathways.

Beam-energy Dependence Of Charge Separation Along The Magnetic Field In Au+au Collisions At Rhic.

Local parity-odd domains are theorized to form inside a quark-gluon plasma which has been produced in high-energy heavy-ion collisions. The local parity-odd domains manifest themselves as charge separation along the magnetic field axis via the chiral magnetic effect. The experimental observation of charge separation has previously been reported for heavy-ion collisions at the top RHIC energies. In this Letter, we present the results of the beam-energy dependence of the charge correlations in Au+Au collisions at midrapidity for center-of-mass energies of 7.7, 11.5, 19.6, 27, 39, and 62.4 GeV from the STAR experiment. After background subtraction, the signal gradually reduces with decreased beam energy and tends to vanish by 7.7 GeV. This implies the dominance of hadronic interactions over partonic ones at lower collision energies.

Growth parameters and mortality rate of the Scomber japonicus peruanus (Jordán & Hubb, 1925) along the Peruvian coast, South Pacific

The growth parameters and the mortality rates of the Scomber japonicus peruanus (Chub mackerel) were studied based on monthly data of frequency of fork length classes obtained from commercial landings off the Peruvian coast from 1996 to 1998. The asymptotic body length and growth rate values obtained by the ELEFAN I (Electronic Length Frequency Analysis) ranged from 40.20 cm to 42.20 cm and from 0.38 to 0.39, respectively. The oscillation amplitude was 0.60; the Winter point values varied from 0.50 to 0.60 and the performance index from 2.79 to 2.84. The total mortality rate of the Chub mackerel obtained by the linearized catch curve oscillated between 1.68 and 3.35. The rate of fishing mortality varied from 1.16 to 2.78 and the exploitation rate from 0.68 to 0.84. The annual rate of natural mortality estimated by the Pauly's method ranged from 0.52 to 0.53. The results obtained allow us to conclude that the longevity of the Chub mackerel was slightly over seven years.

Occurrence, distribution and abundance of Halobates micans Eschscholtz, 1822 (Heteroptera, Gerridae) along the southeastern Brazilian coast

Data collected during an oceanographic cruise along the southeastern Brazilian coast from Cape Frio (22° 58' S) and Paraná (27° 50' S) in March 1982 showed that the marine insect Halobates micans occurred along the Southeastern Brazilian Bight, but in lower abundance in low-temperature areas due to the intrusion and upwelling of South Atlantic Central Water, and in low-salinity areas in Coastal Water. Insect capture was higher at night and in the oligotrophic Tropical Water. The number of nymphs and adult females was higher, probably because of an active breeding season during the austral summer. Adult sex ratio was 1.3:1.0 (F:M). Floating gas vesicles of benthic Sargassum spp. and petroleum lumps were used by females for egg-laying.

Epilithic community development on artificial reefs deployed along a cross-shelf environmental gradient off Paraná state, southern Brazil

Concrete modules were deployed on the bottom of the 11, 18 and 30 meters isobaths along a cross-shelf hydrographic gradient off Paraná State, Southern Brazil, with the purpose of studying the colonization of sessile epilithic macroinvertebrates on artificial surfaces. After one year of submersion a total of 63 species of epilithic organisms were identified, dominated by Ostrea puelchana, Chthamalus bisinuatus, Balanus cf spongicola, Astrangia cf rathbuni, Didemnum spp, poryphers and bryozoans. Diversity index and percent cover at reef stations placed at 11, 18 and 30 meters isobaths were respectively 2.28 and 66.7%, 2.79 and 96.6% and 1.66 and 77.4%. Differences of general community structure among the three assemblages were not clearly related to the general environmental conditions at the bottom layers near the reef stations. Turbidity and larval abundance are discussed as important factors affecting colonization processes. Results indicate that depths between 15-20 meters are more suitable for the implementation of large scale artificial reef systems in the inner shelf off Paraná and, possibly, throughout the inner shelves off southern Brazil with similar hydrographic conditions.

Beryllium abundances along the evolutionary sequence of the open cluster IC 4651-A new test for hydrodynamical stellar models

Context. Previous analyses of lithium abundances in main sequence and red giant stars have revealed the action of mixing mechanisms other than convection in stellar interiors. Beryllium abundances in stars with Li abundance determinations can offer valuable complementary information on the nature of these mechanisms. Aims. Our aim is to derive Be abundances along the whole evolutionary sequence of an open cluster. We focus on the well-studied open cluster IC 4651. These Be abundances are used with previously determined Li abundances, in the same sample stars, to investigate the mixing mechanisms in a range of stellar masses and evolutionary stages. Methods. Atmospheric parameters were adopted from a previous abundance analysis by the same authors. New Be abundances have been determined from high-resolution, high signal-to-noise UVES spectra using spectrum synthesis and model atmospheres. The careful synthetic modeling of the Be lines region is used to calculate reliable abundances in rapidly rotating stars. The observed behavior of Be and Li is compared to theoretical predictions from stellar models including rotation-induced mixing, internal gravity waves, atomic diffusion, and thermohaline mixing. Results. Beryllium is detected in all the main sequence and turn-off sample stars, both slow- and fast-rotating stars, including the Li-dip stars, but is not detected in the red giants. Confirming previous results, we find that the Li dip is also a Be dip, although the depletion of Be is more modest than for Li in the corresponding effective temperature range. For post-main-sequence stars, the Be dilution starts earlier within the Hertzsprung gap than expected from classical predictions, as does the Li dilution. A clear dispersion in the Be abundances is also observed. Theoretical stellar models including the hydrodynamical transport processes mentioned above are able to reproduce all the observed features well. These results show a good theoretical understanding of the Li and Be behavior along the color-magnitude diagram of this intermediate-age cluster for stars more massive than 1.2 M(circle dot).