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Search Results: 1 - 10 of 6192 matches for " Dante Mendes;Bisinha "
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Restri??o financeira em empresas com a??es negociadas na Bovespa
Aldrighi, Dante Mendes;Bisinha, Rafael;
Revista Brasileira de Economia , 2010, DOI: 10.1590/S0034-71402010000100002
Abstract: the paper focuses on evaluating whether brazilian publicly traded companies faced financial constraints on investments over the period 2001-2005. relying on balance-sheet and stock price data, a panel data analysis is carried out, yielding results in disagreement with the conventional literature: large firms' investments appear to be more sensitive to cash flows than smaller firms'. nonetheless, the recent literature provides some theoretical rationale as well as empirical evidence consistent with these findings.
The mechanisms of corporate governance in the United States: an assessment
Aldrighi, Dante Mendes;
Revista Brasileira de Economia , 2003, DOI: 10.1590/S0034-71402003000300001
Abstract: this paper aims at evaluating the mechanisms of corporate governance currently at work in the united states. section 1 turns its focus to the reasons accounting for the still relative scarceness of large shareholders in american publicly held companies. the analysis thereafter concentrates on assessing the efficacy of each of the pillars purportedly buttressing the american system of corporate control. the paper argues that the evidence provided by the existing corporate governance literature supports the following propositions: 1) the legal and regulatory framework actually restrains the scope for expropriating minority shareholders, though at the cost of inhibiting institutional investor activism; 2) as a rule, the board of directors do not comply with their mandatory duty of overseeing management, although some progress has recently been made, with directors in several companies becoming less submissive to chief executive officers; 3) the market for corporate control encounters a great number of difficulties (ranging from legal hurdles to high transaction costs and to serious free-riding problems), which are sufficient to cast a cloud on its reliability as a means of repressing managerial inefficiencies and rent-seeking; 4) competition in the product and capital markets is likely to produce effects only in the long-run.
Uma avalia??o das contribui??es de Stiglitz à teoria dos mercados financeiros
Aldrighi, Dante Mendes;
Revista de Economia Política , 2006, DOI: 10.1590/S0101-31572006000100008
Abstract: the objective and originality of this paper lie in identifying stiglitz's main theoretical contributions to financial economics and in briefly portraying the contemporary economic thought out of which these contributions emerged as well as in suggesting their connections with the subsequent economic thought. grounded on a detailed analysis of stiglitz's works on finance, his most important theoretical findings are singled out and gathered into four issues: (1) the conditions under which the modigliani-miller theorem is valid; (2) the inconsistency inherent to the efficient market hypothesis; (3) the microeconomic effects of asymmetrical information in financial markets; and (4) its real macroeconomic effects. in all of these topics, the focal point of stiglitz's theoretical research is the unrealistic underpinnings on which the arrow-debreu competitive equilibrium model relies. it is also emphasised that this same perspective he coherently followed to construct a fully-fledged theoretical framework would be preserved in his empirical investigations, notably about developing countries, on which he has concentrated effort since the beginnings of the nineties.
Uma avalia o das contribui es de Stiglitz à teoria dos mercados financeiros
Aldrighi Dante Mendes
Revista de Economia Política , 2006,
Abstract: The objective and originality of this paper lie in identifying Stiglitz's main theoretical contributions to Financial Economics and in briefly portraying the contemporary economic thought out of which these contributions emerged as well as in suggesting their connections with the subsequent economic thought. Grounded on a detailed analysis of Stiglitz's works on finance, his most important theoretical findings are singled out and gathered into four issues: (1) the conditions under which the Modigliani-Miller theorem is valid; (2) the inconsistency inherent to the efficient market hypothesis; (3) the microeconomic effects of asymmetrical information in financial markets; and (4) its real macroeconomic effects. In all of these topics, the focal point of Stiglitz's theoretical research is the unrealistic underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasised that this same perspective he coherently followed to construct a fully-fledged theoretical framework would be preserved in his empirical investigations, notably about developing countries, on which he has concentrated effort since the beginnings of the nineties.
The mechanisms of corporate governance in the United States: an assessment
Aldrighi Dante Mendes
Revista Brasileira de Economia , 2003,
Abstract: This paper aims at evaluating the mechanisms of corporate governance currently at work in the United States. Section 1 turns its focus to the reasons accounting for the still relative scarceness of large shareholders in American publicly held companies. The analysis thereafter concentrates on assessing the efficacy of each of the pillars purportedly buttressing the American system of corporate control. The paper argues that the evidence provided by the existing corporate governance literature supports the following propositions: 1) the legal and regulatory framework actually restrains the scope for expropriating minority shareholders, though at the cost of inhibiting institutional investor activism; 2) as a rule, the board of directors do not comply with their mandatory duty of overseeing management, although some progress has recently been made, with directors in several companies becoming less submissive to chief executive officers; 3) the market for corporate control encounters a great number of difficulties (ranging from legal hurdles to high transaction costs and to serious free-riding problems), which are sufficient to cast a cloud on its reliability as a means of repressing managerial inefficiencies and rent-seeking; 4) competition in the product and capital markets is likely to produce effects only in the long-run.
Crises cambiais e financeiras: uma compara??o entre América Latina e Leste Asiático
Aldrighi, Dante Mendes;Cardoso, André Daud;
Economia e Sociedade , 2009, DOI: 10.1590/S0104-06182009000100003
Abstract: this article focuses on the sources of vulnerability to currency and financial crises as well as on their degree of severity in latin american and east asian economies. evidence based on a number of indicators reckoned for each country and for each region for every year over the period 1990-2004 suggests that the east asian economies were potentially more vulnerable to troubles in the banking sector, while latin american economies' weaknesses seem to be concentrated on fiscal and current account imbalances. furthermore, the severity crisis indicators point out that there still remained regional contrasts, lessened only during the 1997-1998 asian crises.
Evidências sobre as estruturas de propriedade de capital e de voto das empresas de capital aberto no Brasil
Aldrighi, Dante Mendes;Mazzer Neto, Roberto;
Revista Brasileira de Economia , 2007, DOI: 10.1590/S0034-71402007000200001
Abstract: this paper focuses on the ownership and voting structures of limited liability companies in brazil over the period 1997-2002. its main contribution lies in measuring the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights. furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, voting agreements, pyramidal arrangements of ownership, and cross-shareholdings. the data set embraces 4,478 reports that companies, complying with a mandatory requirement, filed to the cvm over that period.
Estrutura de propriedade e de controle das empresas de capital aberto no Brasil
Aldrighi, Dante Mendes;Mazzer Neto, Roberto;
Revista de Economia Política , 2005, DOI: 10.1590/S0101-31572005000200009
Abstract: 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.
Financing pioneering railways in S?o Paulo: the idiossyncratic case of the estrada de Ferro Sorocabana (1872- 1919)
Aldrighi, Dante Mendes;Saes, Flávio A.M. de;
Estudos Econ?micos (S?o Paulo) , 2005, DOI: 10.1590/S0101-41612005000100005
Abstract: the history of the estrada de ferro sorocabana is highly idiosyncratic. owned and run successively by brazilian businessmen, the federal government, and the government of the state of s?o paulo, it would be rented out to a foreign company over the period 1907-1919. when it began operating, coffee did not represent a significant share of its overall freight receipt, and even later it would not achieve the relevance it did in mogiana and paulista, considered the typical "coffee railways." unlike these two profitable companies, sorocabana remained in dire financial straits almost throughout the period 1872-1919. this paper focuses on what lay behind its financial distress. the literature on pioneering railway companies in brazil emphasises that profitability hinged on the type of ownership as well as on whether coffee was the main source of freight receipt. besides this, the following hypotheses are evaluated: oversanguine expectations about future cash flows; poor management; shortage of governance engendered by its financing structure; bad luck; and bad governmental policy.
Soy Consumption and Obesity  [PDF]
Dante Roccisano, Maciej Henneberg
Food and Nutrition Sciences (FNS) , 2012, DOI: 10.4236/fns.2012.32038
Abstract: Obesity is now present worldwide, including China, India and developing countries. It now seems no longer acceptable to argue that obesity can simply be explained in terms of caloric consumption only using simple concept of energy in and energy out. There may be specific causes of altered metabolism that produce nutritional imbalances. Individual variation in response to food intake may also be considered. Specific substances in the food chain can influence meta-bolism towards an increase in fat deposits. Xenoestrogens have been suggested to have such an influence. Soy contains phytoestrogens plus phytates, protease inhibitors and other anti-nutrients which block or compromise the body’s uptake of essential vitamins and minerals. This may contribute to nutritional anomalies. We analyzed data from WHO and FAO for 167 countries. These contained percentage of obese individuals (BMI > 30 kg/m2), GDP, caloric consump-tion per capita, and sugar and soy consumption per capita. Regressions and partial correlations were used. Soy con-sumption correlates significantly with levels of obesity, irrespective of GDP and caloric intake. For instance, poor Latin America with soy consumption of 28.9 kg/person/year has more obesity (18.4%) than better off European Union (14.1%) consuming 16.1 kg/person/year of soy. Soy consumption seems to contribute approximately 10% - 21% to the worldwide variation in obesity, depending on the method of statistical analysis. The ubiquitous presence of unfermented soy products in mass produced foods seems to be an important contributor to the obesity epidemic.
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