Estrutura de propriedade e de controle das empresas de capital aberto no Brasil

This paper has as its main objective to measure the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights of limited liability companies in Brazil. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 602 companies that in 2001 complied with the mandatory requirement of filing to the CVM.

Citizens and the future of multilateralism in a polycentric world at 2030: the perspectives of emerging countries for the trading system: the impasse of WTO, the trends of mega agreements, the logic of value chains and the advent of consumers concerns on international trade

A new paradigm is modeling the World: evolutionary innovations in all fronts, new information technologies, huge mobility of capital, use of risky financial tools, globalization of production, new emerging powers and the impact of consumer concerns on governmental policies. These phenomena are shaping the World and forcing the advent of a new World Order in the Multilateral Monetary, Financial, and Trading System. The effects of this new paradigm are also transforming global governance. The political and economic orders established after the World War and centered on the multilateral model of UN, IMF, World Bank, and the GATT, leaded by the developed countries, are facing significant challenges. The rise of China and emerging countries shifted the old model to a polycentric World, where the governance of these organizations are threatened by emerging countries demanding a bigger participation in the role and decision boards of these international bodies. As a consequence, multilateralism is being confronted by polycentrism. Negotiations for a more representative voting process and the pressure for new rules to cope with the new demands are paralyzing important decisions. This scenario is affecting seriously not only the Monetary and Financial Systems but also the Multilateral Trading System. International trade is facing some significant challenges: a serious deadlock to conclude the last round of the multilateral negotiation at the WTO, the fragmentation of trade rules by the multiplication of preferential and mega agreements, the arrival of a new model of global production and trade leaded by global value chains that is threatening the old trade order, and the imposition of new sets of regulations by private bodies commanded by transnationals to support global value chains and non-governmental organizations to reflect the concerns of consumers in the North based on their precautionary attitude about sustainability of products made in the World. The lack of any multilateral order in this new regulation is creating a big cacophony of rules and developing a new regulatory war of the Global North against the Global South. The objective of this paper is to explore how these challenges are affecting the Tradinge System and how it can evolve to manage these new trends.

Postmaterialist and economic voting in Australia, 1990-98

Recent research in Australian sociology and political science has debated the extent to which postmaterialist values and economic self-interest shape voting in federal elections. Some researchers have argued that postmaterialist values have partly displaced materialist concerns with physical security and economic well-being in Australian public life. This displacement, coupled with the adoption by major political parties of postmaterialist 'quality of life' issues such as the environment, has meant that voting in Australia has come to be more dependent on postmaterialist values than on perceptions of economic interest. Other research, however, has found no relationship between postmaterialist values and voting behaviour, while economic evaluations remain a strong determinant of voting behaviour. Part of the disagreement reflects methodological differences in the research. But different methodological problems compromise each of the previous studies. In this paper we use data from the 1990, 1993, 1996 and 1998 Australian Election Studies to investigate postmaterialist and economic voting in the Commonwealth House of Representatives and the Senate. Using various statistical methods, we first explore bivariate relationships between key variables and then use multivariate models of postmaterialist and economic voting to adjudicate between the contending positions.

Acordo de Acionistas e qualidade dos lucros contábeis : Evidências empíricas no Mercado Brasileiro

O trabalho teve por objetivo verificar a influência da presença dos acordos de acionistas na qualidade das informações contábeis divulgadas pelas empresas listadas na BM&FBOVESPA, do ano de 2001 a 2011. Para inferir a respeito da qualidade das informações contábeis foram utilizadas as métricas de informatividade e value relevance. Foram analisados em separado: os acordos de comando (utilizados para garantir o controle) dos acordos de defesa (utilizados para garantir o acesso a determinados direitos através do alcance de um percentual mínimo de capital votante). A amostra teve como critério de corte o mínimo de 0,001 de liquidez na BM&FBOVESPA. Foi utilizada regressão linear múltipla com dados em painel desequilibrado, tendo como variáveis de controle: concentração de votos, tamanho, endividamento, market-to-book e perdas. Com base nos efeitos cumprimento e monitoramento, com a utilização da metodologia proposta, o trabalho aponta que empresas com qualquer um dos tipos de acordo entre acionistas possuem maior qualidade das informações contábeis divulgadas.

Improving Remote Voting Security with Code Voting

One of the major problems that prevents the spread of elections with the possibility of remote voting over electronic networks, also called Internet Voting, is the use of unreliable client platforms, such as the voter's computer and the Internet infrastructure connecting it to the election server. A computer connected to the Internet is exposed to viruses, worms, Trojans, spyware, malware and other threats that can compromise the election's integrity. For instance, it is possible to write a virus that changes the voter's vote to a predetermined vote on election's day. Another possible attack is the creation of a fake election web site where the voter uses a malicious vote program on the web site that manipulates the voter's vote (phishing/pharming attack). Such attacks may not disturb the election protocol, therefore can remain undetected in the eyes of the election auditors. We propose the use of Code Voting to overcome insecurity of the client platform. Code Voting consists in creating a secure communication channel to communicate the voter's vote between the voter and a trusted component attached to the voter's computer. Consequently, no one controlling the voter's computer can change the his/her's vote. The trusted component can then process the vote according to a cryptographic voting protocol to enable cryptographic verification at the server's side.

EVIV: An end-to-end verifiable Internet voting system

Traditionally, a country's electoral system requires the voter to vote at a specific day and place, which conflicts with the mobility usually seen in modern live styles. Thus, the widespread of Internet (mobile) broadband access can be seen as an opportunity to deal with this mobility problem, i.e. the adoption of an Internet voting system can make the live of voter's much more convenient; however, a widespread Internet voting systems adoption relies on the ability to develop trustworthy systems, i.e. systems that are verifiable and preserve the voter's privacy. Building such a system is still an open research problem. Our contribution is a new Internet voting system: EVIV, a highly sound End-to-end Verifiable Internet Voting system, which offers full voter's mobility and preserves the voter's privacy from the vote casting PC even if the voter votes from a public PC, such as a PC at a cybercafe or at a public library. Additionally, EVIV has private vote verification mechanisms, in which the voter just has to perform a simple match of two small strings (4-5 alphanumeric characters), that detect and protect against vote manipulations both at the insecure vote client platform and at the election server side. (c) 2012 Elsevier Ltd. All rights reserved.

Dynamic adaptation of stability periods for service level agreements

A QoS adaptation to dynamically changing system conditions that takes into consideration the user’s constraints on the stability of service provisioning is presented. The goal is to allow the system to make QoS adaptation decisions in response to fluctuations in task traffic flow, under the control of the user. We pay special attention to the case where monitoring the stability period and resource load variation of Service Level Agreements for different types of services is used to dynamically adapt future stability periods, according to a feedback control scheme. System’s adaptation behaviour can be configured according to a desired confidence level on future resource usage. The viability of the proposed approach is validated by preliminary experiments.

Free-trade agreements: challenges for global health

In this study new free-trade agreements are discussed, which are based on the breaking down of tariff and technical barriers and normally exclude most of the poorest countries in the world. Considering the current context of economic globalization and its health impacts, seven controversial points of these treaties and their possible implications for global public health are presented, mainly regarding health equity and other health determinants. Finally, this research proposes a greater social and health professionals participation in the formulation and discussion of these treaties, and a deeper insertion of Brazil in this important international agenda.

Verificação de protocolos de e-voting

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para obtenção do grau de Mestre em Engenharia Informática

The simple economics of risk-sharing agreements between the NHS and the pharmaceutical industry

The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An available instrument is a verification cost per patient treated, which allows obtaining the first-best allocation of patients to the new treatment, under the risk sharing agreement. Overall, the welfare effects of risk-sharing agreements are ambiguous, and care must be taken with their use.