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Comunicación científica (xxxiv) Estrategia de posicionamiento local en intertet
Comunicación científica (xxxiv) Estrategia de posicionamiento local en intertetJavier González de Dios
Today it is very important to have visibility on the Internet, because potential patients who need our services usually find them on the web, using laptop, tablet or mobile phone, through search engines. In Spain, more than 95% of users do using Google. A portion of these queries are geolocated. Local queries occur when the user includes in the query keywords, the name of the city where is looking for pediatrics services. Therefore, this paper aims to provide some basic guidelines and better practices to improve chances of online visibility when geographic location is related to the expressed information need, what is known as "Local SEO" (Search Engine Optimization). This advice is adapted to a pediatric clinic wanting to be found by geo queries related to the services provided, by improving the relationship with users and other websites and a set of techniques, increasing likelihood of visits and potential patients through their web content.Корисні копалини Житомирщини. Презентація учнівська
Корисні копалини житомирщини. Презентація учнівська
Plan de Incentivos Industrias ABC
Universidad Fermín Toro
Escuela de Relaciones Industriales
T.S.U. Raiza Sansonetti
Lcda. Marieta Jerak
Recommended
Comunicación científica (xxxiv) Estrategia de posicionamiento local en intertet
Comunicación científica (xxxiv) Estrategia de posicionamiento local en intertetJavier González de Dios
Today it is very important to have visibility on the Internet, because potential patients who need our services usually find them on the web, using laptop, tablet or mobile phone, through search engines. In Spain, more than 95% of users do using Google. A portion of these queries are geolocated. Local queries occur when the user includes in the query keywords, the name of the city where is looking for pediatrics services. Therefore, this paper aims to provide some basic guidelines and better practices to improve chances of online visibility when geographic location is related to the expressed information need, what is known as "Local SEO" (Search Engine Optimization). This advice is adapted to a pediatric clinic wanting to be found by geo queries related to the services provided, by improving the relationship with users and other websites and a set of techniques, increasing likelihood of visits and potential patients through their web content.Корисні копалини Житомирщини. Презентація учнівська
Корисні копалини житомирщини. Презентація учнівська
Plan de Incentivos Industrias ABC
Universidad Fermín Toro
Escuela de Relaciones Industriales
T.S.U. Raiza Sansonetti
Lcda. Marieta Jerak
World Cup Mathematics
What are the chances of your country winning the 2018 World Cup?
FGV's mathematical model predicts that Brazil has the greatest chances of winning.
http://fgv.br/emap/copa-2018
Interval observer for uncertain time-varying SIR-SI model of vector-borne dis...
The issue of state estimation is considered for an SIR-SI model describing a vector-borne disease such as dengue fever, with seasonal variations and uncertainties in the transmission rates. Assuming continuous measurement of the number of new infectives in the host population per unit time, a class of interval observers with estimate-dependent gain is constructed, and asymptotic error bounds are provided. The synthesis method is based on the search for a common linear Lyapunov function for monotone systems representing the evolution of the estimation errors.
Date: 2017
Authors:
Soledad Aronna, Maria
Bliman, Pierre-Alexandre
Ensuring successful introduction of Wolbachia in natural populations of Aedes...
The control of the spread of dengue fever by introduction of the intracellular parasitic bacterium Wolbachia in populations of the vector Aedes aegypti, is presently one of the most promising tools for eliminating dengue, in the absence of an efficient vaccine. The success of this operation requires locally careful planning to determine the adequate number of individuals carrying the wolbachia parasite that need to be introduced into the natural population. The introduced mosquitoes are expected to eventually replace the Wolbachia-free population and guarantee permanent protection against the transmission of dengue to human. In this study, we propose and analyze a model describing the fundamental aspects of the competition between mosquitoes carrying Wolbachia and mosquitoes free of the parasite. We then use feedback control techniques to devise an introduction protocol which is proved to guarantee that the population converges to a stable equilibrium where the totality of mosquitoes carry Wolbachia.
Date: 2015-03-19
Authors:
Bliman, Pierre-Alexandre
Soledad Aronna, Maria
Coelho, Flávio Codeço
Silva, Moacyr da
The resource curse reloaded: revisiting the Dutch disease with economic compl...
This paper shows that the Dutch disease can be more formally characterised as low economic complexity using ECI-type indicators; there is a solid and robust inverse relationship between exports concentrating on natural resources and economic complexity as measured by complexity indicators for a database of 122 countries from 1963 to 2013. In a large majority of cases, oil answers for shares in excess of 50% of exports. In addition to empirical panel analysis, we address case studies concerned with Indonesia and Nigeria and introduce a brief review of the theoretical literature on the topic. Indonesia is considered in the literature as a good example in avoiding the negative effects of the Dutch disease, whereas Nigeria is taken as a bad example in terms of institutions and policies adopted during the seventies and eighties. The empirical results show that complexity analysis and Big Data may offer significant contributions to the still-current debate surrounding the Dutch disease.
Date: 2017-03
Authors:
Camargo, Jhean Steffan Martines de
Gala, Paulo
The Economic Commission for Latin America (ECLA) was right: scale-free comple...
The main purpose of this paper is to apply big-data and scale-free complex network techniques to the study of world trade, with a specific focus on the investigation of ECLA and structuralist ideas. A secondary objective is to illustrate the potentialities of the use of the new science of complex networks in economics, in what has been recently referred to as an econophysics research agenda. We work with a trade network of 101 countries and 762 products (SITC-4) which generated 1,756,224 trade links in 2013. The empirical results based on network analysis and computational methods reported here point in the direction of what ECLA economists used to argue; countries with higher income per capita concentrate in producing and exporting manufactured and complex goods at the center of the trade network; countries with lower income per capita specialize in producing and exporting non-complex commodities at the network’s periphery.
Date: 2017-03
Authors:
Gala, Paulo
Camargo, Jhean Steffan Martines de
Freitas, Elton
Cost of equity estimation for the Brazilian market: a test of the Goldman Sac...
As an approach to determining the degree of integration of the Brazilian economy, this paper seeks to test the explanatory power of the Goldman Sachs Model for the expected returns by a foreign investor in the Brazilian market during the past eleven years (2004-2014). Using data for the stocks of 57 of the most actively traded firms at the BM&FBovespa, it begins by testing directly the degree of integration of the Brazilian economy during this period, in an attempt to better understand the context in which the model has been used. In sequence, in an indirect test of the Goldman Sachs model, the risk factor betas (market risk and country risk) of the sample stocks were estimated and a panel regression of expected stock returns on these betas was performed. It was found that country risk is not a statistically significant explanation of expected returns, indicating that it is being added in an ad hoc fashion by market practitioners to their cost of equity calculations. Thus, although there is evidence of a positive and significant relationship between systematic risk and return, the results for country risk demonstrate that the Goldman Sachs Model was not a satisfactory explanation of expected returns in the Brazilian market in the past eleven years, leading us to question the validity of its application in practice. By adding a size premium factor to the model, there is evidence of a negative and significant relationship between companies’ size and return, although country risk remains not satisfactory to explain stock expected returns.
Date: 2017-03
Authors:
Guanais, Luiz Felipe Poli
Sanvicente, Antonio Zoratto
Sheng, Hsia Hua
A dynamic Nelson-Siegel model with forward-looking indicators for the yield c...
This paper proposes a Factor-Augmented Dynamic Nelson-Siegel (FADNS) model to predict the yield curve in the US that relies on a large data set of weekly financial and macroeconomic variables. The FADNS model significantly improves interest rate forecasts relative to the extant models in the literature. For longer horizons, it beats autoregressive alternatives, with a reduction in mean absolute error of up to 40%. For shorter horizons, it offers a good challenge to autoregressive forecasting models, outperforming them for the 7- and 10-year yields. The out-of-sample analysis shows that the good performance comes mostly from the forward-looking nature of the variables we employ. Including them reduces the mean absolute error in 5 basis points on average with respect to models that reflect only past macroeconomic events.
Date: 2017-03
Authors:
Vieira, Fausto José Araújo
Chague, Fernando Daniel
Fernandes, Marcelo
Improving on daily measures of price discovery
We formulate a continuous-time price discovery model in which the price discovery measure varies (stochastically) at daily frequency. We estimate daily measures of price discovery using a kernel-based OLS estimator instead of running separate daily VECM regressions as standard in the literature. We show that our estimator is not only consistent, but also outperforms the standard daily VECM in finite samples. We illustrate our theoretical findings by studying the price discovery process of 10 actively traded stocks in the U.S. from 2007 to 2013.
Date: 2017-03
Authors:
Dias, Gustavo Fruet
Fernandes, Marcelo
Scherrer, Cristina Mabel
Disentangling the effect of private and public cash flows on firm value
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class premium is driven not only by the firm's ability to generate cash flows, but also by voting rights. We isolate these two effects in order to identify the role of voting rights on equity-holders' wealth. In particular, we employ a cointegrated VAR model to retrieve the impact of the voting rights value on cash flow rights. We finnd a negative relation between the value of the voting right and the preferred shareholders' wealth for Brazilian cross- listed firms. In addition, we examine the connection between the voting right value and market and firm specific risks.
Date: 2017-03
Authors:
Autor
Scherrer, Cristina Mabel
Fernandes, Marcelo
Mandatory IFRS adoption in Brazil and firm value
Using diff-in-diff approaches and the propensity-score matching, this study focuses on firm-level Tobin´s q and Market-to-book outcomes for Brazilian firms who in 2008 were required by Law 11.638/07 to adopt the full International Financial Reporting Standards (IFRS) by 2010. Brazil’s tier-system of corporate governance standards for publicly-traded firms, its uniquely wholesale adoption of the IFRS, and the previously considerable gap between its national GAAP and IFRS readily lend the scenario to research, which thus far finds small or inconsistent results when focused on IFRS adoption-related outcomes in Europe and China. However, while these features recommend the transitioned Brazilian equity market to analysis, additional unique features, such as its small population size and its limited historical data -- of varied quality – increase the challenge in selecting a suitable empirical methodology. Using quarterly data from 2006-2011, control firms in the Nivel II and Novo Mercado tiers of Bovespa which already complied with higher quality accounting standards are matched to treatment firms in the Regular and Nivel I tiers with similar averaged values of size and sector. Our results suggest that there is a positive impact on Tobin´s q and Market-to-book for firms who are forced to adopt IFRS in Brazil. We can observe the same results when we consider all variables winsorized at 5% level. We also find a positive relation between the firm value (measured by Tobin´s q and Market-to-book) and net income. Firms with higher net income are more likely to have higher Tobin´s q and Market-tobook. In an opposite way, we find a negative relation among firm value, size, Ebit-to-sales, sales growth and PPE-to-sales. All results are statistically significant at 1% level. '
Date: 2017-03
Authors:
Sampaio, Joelson Oliveira
Gallucci Netto, Humberto
Silva, Vinícius Augusto Brunassi
Dotcom bubble and underpricing: conjectures and evidence
We provide conjectures for what caused the price spiral and the high underpricing of the dotcom bubble of 1999–2000. We raise two conjectures for the price spiral. First, given the uncertainty about the growth opportunities generated by the new technologies and their spillover effects across technology industries, investors saw the inflow of a large number of high-growth firms as a sign of high growth rates for the market as a whole. Second, investors interpreted the wave of highly underpriced IPOs as an opportunity to obtain gains by investing in newly public companies. The underpricing resulted from the emergence a large cohort of firms racing for market leadership. Fundamentals pricing at the IPO was part of their strategy. We provide evidence for our conjectures. We show that returns on NASDAQ composite index are explained by the flow of high-growth (or highly underpriced) IPOs; the high underpricing can be fully explained by firms’ characteristics and strategic goals. We also show that, contrary to alternatives explanations, underpricing was not associated with top underwriting, there was no deterioration of issuers’ quality, and top underwriters and analysts became more selective.
Date: 2017-03
Authors:
Autor
Carvalho, Antonio Gledson de
Pinheiro, Roberto Benjamin
Sampaio, Joelson Oliveira
Contingent judicial deference: theory and application to usury laws
Legislation that seems unreasonable to courts is less likely to be followed. Building on this premise, we propose a model and obtain two main results. First, the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. In particular, the imposition of an interest rate ceiling can make it more likely that courts will validate contracts with interest rates below the legislated cap. Second, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of effects of legislated prohibitions (and, in particular, usury laws) that are consistent with the model.
Date: 2017-03
Authors:
Guimarães, Bernardo
Salama, Bruno Meyerhof
Education quality and returns to schooling: evidence from migrants in Brazil
We provide a new education quality index for states within a developing country using 2010 Brazilian data. This measure is constructed based on the notion that the financial returns obtained from an additional year of schooling can be
seen as being derived from the value that market forces assign to this education. We use migrant data to estimate returns to schooling of individuals who studied in different states but who work in the same labor market. We find very heterogeneous educational qualities across states: the poorest Brazilian region presents education quality levels that are approximately equal to one-third of the average of all other regions, a gap three times larger than the one suggested by standardized test scores. We compare our index with standardized test scores, educational outcome variables, and public expenditure per schooling stage at the state level, producing new evidence related to education in a large developing country. We conduct an education quality-adjusted development accounting exercise for Brazilian states and find that human capital accounts for 26%-31% of output per worker differences. Adjusting for quality increases human capital’s explanatory power by 60%.
Date: 2017-02
Authors:
Brotherhood, Luiz Mário
Ferreira, Pedro Cavalcanti
Santos, Cézar Augusto Ramos
Establishing a Brazilian gas market
On October 31st and November 1st, 2016, the Center for Regulation and Infrastructure from Fundação Getulio Vargas (FGV CERI) organized a two-day workshop discussion in collaboration with the World Bank and ABRACE. The event gathered regulators, government representatives, academics, operators, financial institutions and investors. The debate focused on the main challenges faced by the current restructuring process of the Brazilian gas industry. This document presents the main points discussed during the debates.
Date: 2017-01
Authors:
Vazquez, Miguel
Amorim, Lívia
Dutra, Joísa Campanher
What makes er teams efficient? A multi-level exploration of environmental, te...
Date: 2016
Authors:
Aggarwal, Ishani
Murase, Toshio
Zhang, Evelyn
Aven, Brandy
Woolley, Anita
The impact of government equity investment on internationalization: the case ...
We examine the impact of government equity ownership on the degree of internationalization of emerging market firms. Our analysis of 173 Brazilian publicly traded firms from 2002 to 2011 shows that the higher the equity held by the state through the state investment bank and the pension funds of SOEs and privatized SOEs, the higher the firm’s degree of internationalization. Firms in which the government shared control with families, and with both families and foreigners, had a higher degree of internationalization. Our findings underline the importance of the institutional context in explaining the internationalization of Brazilian firms.
Date: 2016
Author:
Sheng, Hsia Hua
Techno-government networks: Actor-Network Theory in electronic government res...
The Actor-Network Theory (ANT) is a theoretical approach for the study of controversies associated with scientific discoveries and technological innovations through the networks of actors involved in such actions. This approach has generated studies in Information Systems (IS) since 1990, however few studies have examined the use of this approach in the e-government area. Thus, this paper aims to broaden the theoretical approaches on e-government, by presenting ANT as a theoretical framework for e-government studies via published empirical work. For this reason, the historical background of ANT is described, duly listing its theoretical and methodological premises. In addition to this, one presented ANT-based e-government works, in order to illustrate how ANT can be applied in empirical studies in this knowledge area.
Date: 2016
Authors:
Fornazin, Marcelo
Joia, Luiz Antonio
New rural identity as emancipation: Freirian reflections on the agroecologica...
Date: 2016
Authors:
Naves, Flávia
Fontoura, Yuna Souza dos Reis da
Böhm, Steffen
Impacts of natural disasters in Brazilian supply chain: the case of São Paulo...
Date: 2016
Authors:
Brito, Renata Peregrino de
Miguel, Priscila Laczynski de Souza
Pereira, Susana Carla Farias
Condemning corruption while condoning inefficiency: an experimental investiga...
This article reports results from an economic experiment that investigates to what extent voters punish corruption and waste in elections. While both are responsible for a loss of welfare for voters, they are not necessarily perceived as equally immoral. The empirical literature in political agency has not yet dealt with these two dimensions that determine voters’ choices. Our results suggest that morality and norms are indeed crucial for a superior voting equilibrium in systems with heterogeneous politicians: while corruption is always punished, self-interest alone – in the absence of norms – leads to the acceptance and perpetuation of waste and social losses.
Date: 2016
Authors:
Arvate, Paulo Roberto
Souza, Sergio Mittlaender Leme de
Model Attribute Check Company Auto Property
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Unit 2- Research Aptitude (UGC NET Paper I).pdf
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Interval observer for uncertain time-varying SIR-SI model of vector-borne dis...
The issue of state estimation is considered for an SIR-SI model describing a vector-borne disease such as dengue fever, with seasonal variations and uncertainties in the transmission rates. Assuming continuous measurement of the number of new infectives in the host population per unit time, a class of interval observers with estimate-dependent gain is constructed, and asymptotic error bounds are provided. The synthesis method is based on the search for a common linear Lyapunov function for monotone systems representing the evolution of the estimation errors.
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The control of the spread of dengue fever by introduction of the intracellular parasitic bacterium Wolbachia in populations of the vector Aedes aegypti, is presently one of the most promising tools for eliminating dengue, in the absence of an efficient vaccine. The success of this operation requires locally careful planning to determine the adequate number of individuals carrying the wolbachia parasite that need to be introduced into the natural population. The introduced mosquitoes are expected to eventually replace the Wolbachia-free population and guarantee permanent protection against the transmission of dengue to human. In this study, we propose and analyze a model describing the fundamental aspects of the competition between mosquitoes carrying Wolbachia and mosquitoes free of the parasite. We then use feedback control techniques to devise an introduction protocol which is proved to guarantee that the population converges to a stable equilibrium where the totality of mosquitoes carry Wolbachia.
Date: 2015-03-19
Authors:
Bliman, Pierre-Alexandre
Soledad Aronna, Maria
Coelho, Flávio Codeço
Silva, Moacyr da
The resource curse reloaded: revisiting the Dutch disease with economic compl...
This paper shows that the Dutch disease can be more formally characterised as low economic complexity using ECI-type indicators; there is a solid and robust inverse relationship between exports concentrating on natural resources and economic complexity as measured by complexity indicators for a database of 122 countries from 1963 to 2013. In a large majority of cases, oil answers for shares in excess of 50% of exports. In addition to empirical panel analysis, we address case studies concerned with Indonesia and Nigeria and introduce a brief review of the theoretical literature on the topic. Indonesia is considered in the literature as a good example in avoiding the negative effects of the Dutch disease, whereas Nigeria is taken as a bad example in terms of institutions and policies adopted during the seventies and eighties. The empirical results show that complexity analysis and Big Data may offer significant contributions to the still-current debate surrounding the Dutch disease.
Date: 2017-03
Authors:
Camargo, Jhean Steffan Martines de
Gala, Paulo
The Economic Commission for Latin America (ECLA) was right: scale-free comple...
The main purpose of this paper is to apply big-data and scale-free complex network techniques to the study of world trade, with a specific focus on the investigation of ECLA and structuralist ideas. A secondary objective is to illustrate the potentialities of the use of the new science of complex networks in economics, in what has been recently referred to as an econophysics research agenda. We work with a trade network of 101 countries and 762 products (SITC-4) which generated 1,756,224 trade links in 2013. The empirical results based on network analysis and computational methods reported here point in the direction of what ECLA economists used to argue; countries with higher income per capita concentrate in producing and exporting manufactured and complex goods at the center of the trade network; countries with lower income per capita specialize in producing and exporting non-complex commodities at the network’s periphery.
Date: 2017-03
Authors:
Gala, Paulo
Camargo, Jhean Steffan Martines de
Freitas, Elton
Cost of equity estimation for the Brazilian market: a test of the Goldman Sac...
As an approach to determining the degree of integration of the Brazilian economy, this paper seeks to test the explanatory power of the Goldman Sachs Model for the expected returns by a foreign investor in the Brazilian market during the past eleven years (2004-2014). Using data for the stocks of 57 of the most actively traded firms at the BM&FBovespa, it begins by testing directly the degree of integration of the Brazilian economy during this period, in an attempt to better understand the context in which the model has been used. In sequence, in an indirect test of the Goldman Sachs model, the risk factor betas (market risk and country risk) of the sample stocks were estimated and a panel regression of expected stock returns on these betas was performed. It was found that country risk is not a statistically significant explanation of expected returns, indicating that it is being added in an ad hoc fashion by market practitioners to their cost of equity calculations. Thus, although there is evidence of a positive and significant relationship between systematic risk and return, the results for country risk demonstrate that the Goldman Sachs Model was not a satisfactory explanation of expected returns in the Brazilian market in the past eleven years, leading us to question the validity of its application in practice. By adding a size premium factor to the model, there is evidence of a negative and significant relationship between companies’ size and return, although country risk remains not satisfactory to explain stock expected returns.
Date: 2017-03
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Guanais, Luiz Felipe Poli
Sanvicente, Antonio Zoratto
Sheng, Hsia Hua
A dynamic Nelson-Siegel model with forward-looking indicators for the yield c...
This paper proposes a Factor-Augmented Dynamic Nelson-Siegel (FADNS) model to predict the yield curve in the US that relies on a large data set of weekly financial and macroeconomic variables. The FADNS model significantly improves interest rate forecasts relative to the extant models in the literature. For longer horizons, it beats autoregressive alternatives, with a reduction in mean absolute error of up to 40%. For shorter horizons, it offers a good challenge to autoregressive forecasting models, outperforming them for the 7- and 10-year yields. The out-of-sample analysis shows that the good performance comes mostly from the forward-looking nature of the variables we employ. Including them reduces the mean absolute error in 5 basis points on average with respect to models that reflect only past macroeconomic events.
Date: 2017-03
Authors:
Vieira, Fausto José Araújo
Chague, Fernando Daniel
Fernandes, Marcelo
Improving on daily measures of price discovery
We formulate a continuous-time price discovery model in which the price discovery measure varies (stochastically) at daily frequency. We estimate daily measures of price discovery using a kernel-based OLS estimator instead of running separate daily VECM regressions as standard in the literature. We show that our estimator is not only consistent, but also outperforms the standard daily VECM in finite samples. We illustrate our theoretical findings by studying the price discovery process of 10 actively traded stocks in the U.S. from 2007 to 2013.
Date: 2017-03
Authors:
Dias, Gustavo Fruet
Fernandes, Marcelo
Scherrer, Cristina Mabel
Disentangling the effect of private and public cash flows on firm value
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class premium is driven not only by the firm's ability to generate cash flows, but also by voting rights. We isolate these two effects in order to identify the role of voting rights on equity-holders' wealth. In particular, we employ a cointegrated VAR model to retrieve the impact of the voting rights value on cash flow rights. We finnd a negative relation between the value of the voting right and the preferred shareholders' wealth for Brazilian cross- listed firms. In addition, we examine the connection between the voting right value and market and firm specific risks.
Date: 2017-03
Authors:
Autor
Scherrer, Cristina Mabel
Fernandes, Marcelo
Mandatory IFRS adoption in Brazil and firm value
Using diff-in-diff approaches and the propensity-score matching, this study focuses on firm-level Tobin´s q and Market-to-book outcomes for Brazilian firms who in 2008 were required by Law 11.638/07 to adopt the full International Financial Reporting Standards (IFRS) by 2010. Brazil’s tier-system of corporate governance standards for publicly-traded firms, its uniquely wholesale adoption of the IFRS, and the previously considerable gap between its national GAAP and IFRS readily lend the scenario to research, which thus far finds small or inconsistent results when focused on IFRS adoption-related outcomes in Europe and China. However, while these features recommend the transitioned Brazilian equity market to analysis, additional unique features, such as its small population size and its limited historical data -- of varied quality – increase the challenge in selecting a suitable empirical methodology. Using quarterly data from 2006-2011, control firms in the Nivel II and Novo Mercado tiers of Bovespa which already complied with higher quality accounting standards are matched to treatment firms in the Regular and Nivel I tiers with similar averaged values of size and sector. Our results suggest that there is a positive impact on Tobin´s q and Market-to-book for firms who are forced to adopt IFRS in Brazil. We can observe the same results when we consider all variables winsorized at 5% level. We also find a positive relation between the firm value (measured by Tobin´s q and Market-to-book) and net income. Firms with higher net income are more likely to have higher Tobin´s q and Market-tobook. In an opposite way, we find a negative relation among firm value, size, Ebit-to-sales, sales growth and PPE-to-sales. All results are statistically significant at 1% level. '
Date: 2017-03
Authors:
Sampaio, Joelson Oliveira
Gallucci Netto, Humberto
Silva, Vinícius Augusto Brunassi
Dotcom bubble and underpricing: conjectures and evidence
We provide conjectures for what caused the price spiral and the high underpricing of the dotcom bubble of 1999–2000. We raise two conjectures for the price spiral. First, given the uncertainty about the growth opportunities generated by the new technologies and their spillover effects across technology industries, investors saw the inflow of a large number of high-growth firms as a sign of high growth rates for the market as a whole. Second, investors interpreted the wave of highly underpriced IPOs as an opportunity to obtain gains by investing in newly public companies. The underpricing resulted from the emergence a large cohort of firms racing for market leadership. Fundamentals pricing at the IPO was part of their strategy. We provide evidence for our conjectures. We show that returns on NASDAQ composite index are explained by the flow of high-growth (or highly underpriced) IPOs; the high underpricing can be fully explained by firms’ characteristics and strategic goals. We also show that, contrary to alternatives explanations, underpricing was not associated with top underwriting, there was no deterioration of issuers’ quality, and top underwriters and analysts became more selective.
Date: 2017-03
Authors:
Autor
Carvalho, Antonio Gledson de
Pinheiro, Roberto Benjamin
Sampaio, Joelson Oliveira
Contingent judicial deference: theory and application to usury laws
Legislation that seems unreasonable to courts is less likely to be followed. Building on this premise, we propose a model and obtain two main results. First, the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. In particular, the imposition of an interest rate ceiling can make it more likely that courts will validate contracts with interest rates below the legislated cap. Second, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of effects of legislated prohibitions (and, in particular, usury laws) that are consistent with the model.
Date: 2017-03
Authors:
Guimarães, Bernardo
Salama, Bruno Meyerhof
Education quality and returns to schooling: evidence from migrants in Brazil
We provide a new education quality index for states within a developing country using 2010 Brazilian data. This measure is constructed based on the notion that the financial returns obtained from an additional year of schooling can be
seen as being derived from the value that market forces assign to this education. We use migrant data to estimate returns to schooling of individuals who studied in different states but who work in the same labor market. We find very heterogeneous educational qualities across states: the poorest Brazilian region presents education quality levels that are approximately equal to one-third of the average of all other regions, a gap three times larger than the one suggested by standardized test scores. We compare our index with standardized test scores, educational outcome variables, and public expenditure per schooling stage at the state level, producing new evidence related to education in a large developing country. We conduct an education quality-adjusted development accounting exercise for Brazilian states and find that human capital accounts for 26%-31% of output per worker differences. Adjusting for quality increases human capital’s explanatory power by 60%.
Date: 2017-02
Authors:
Brotherhood, Luiz Mário
Ferreira, Pedro Cavalcanti
Santos, Cézar Augusto Ramos
Establishing a Brazilian gas market
On October 31st and November 1st, 2016, the Center for Regulation and Infrastructure from Fundação Getulio Vargas (FGV CERI) organized a two-day workshop discussion in collaboration with the World Bank and ABRACE. The event gathered regulators, government representatives, academics, operators, financial institutions and investors. The debate focused on the main challenges faced by the current restructuring process of the Brazilian gas industry. This document presents the main points discussed during the debates.
Date: 2017-01
Authors:
Vazquez, Miguel
Amorim, Lívia
Dutra, Joísa Campanher
What makes er teams efficient? A multi-level exploration of environmental, te...
Date: 2016
Authors:
Aggarwal, Ishani
Murase, Toshio
Zhang, Evelyn
Aven, Brandy
Woolley, Anita
The impact of government equity investment on internationalization: the case ...
We examine the impact of government equity ownership on the degree of internationalization of emerging market firms. Our analysis of 173 Brazilian publicly traded firms from 2002 to 2011 shows that the higher the equity held by the state through the state investment bank and the pension funds of SOEs and privatized SOEs, the higher the firm’s degree of internationalization. Firms in which the government shared control with families, and with both families and foreigners, had a higher degree of internationalization. Our findings underline the importance of the institutional context in explaining the internationalization of Brazilian firms.
Date: 2016
Author:
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