Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90

The Brazilian capital markets, in special the stock market, apparently had great developmentin the 90's -mainly one looks at market capitalization, traded volume and new issues. However, several signs of decline appeared at the end of the decade reduction of volume traded and new issues. High interest rates and CPMF are commonly blamed for this contraction. This work shows thatthe referred development was an illusion since 1) the number of public firms was declining since the beginning of the decade, and 2) market concentration was increasing (i.e., only a small number of firms took advantage ofthe expansion). Some elements indicate thatthe low protection for minority investors is one of the reasons for the atrophy of the Brazilian capital markets

Costs and Benefits of Privatization: Evidence from Brazil

Although the Brazilian privatization program has been a sweeping endeavor involving more than 100 firms and billions of dollars, most of the studies have been published only in Brazil, and in Portuguese. This paper is the most comprehensive study to date in terms of the companies covered, and includes the most recent data. It looks at the results of privatization in Brazil for a broad range of economic variables to answer the question: Has the widespread popular discontent with the program been justified? The paper also examines the effects of privatization on aspects that affect the development of financial markets, including minority shareholder rights. It concludes with recommendations for democratizing capital ownership through public offers in which workers would be entitled to participate using public sector liabilities such as FGTS deposits.

Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90

The Brazilian capital markets, in special the stock market, apparently had great developmentin the 90's -mainly one looks at market capitalization, traded volume and new issues. However, several signs of decline appeared at the end of the decade reduction of volume traded and new issues. High interest rates and CPMF are commonly blamed for this contraction. This work shows thatthe referred development was an illusion since 1) the number of public firms was declining since the beginning of the decade, and 2) market concentration was increasing (i.e., only a small number of firms took advantage ofthe expansion). Some elements indicate thatthe low protection for minority investors is one of the reasons for the atrophy of the Brazilian capital markets

The effects of total parenteral nutrition associated to bacterial infection on the hepatobiliary function of Wistar rats

OBJETIVO: Avaliar as alterações hepáticas associadas à nutrição parenteral em ratos. MATERIAIS E MÉTODOS: Foram avaliados quatro grupos com 10 ratos cada: grupo I - controles alimentados, via oral, com dieta habitual; grupo II - em dieta habitual e infectados com Escherichia Coli inoculada por via intra peritoneal; grupo III - em nutrição parenteral; e grupo IV - em nutrição parenteral e infectados. Foram analisadas as concentrações séricas de AST, ALT, GGT e 5’N no primeiro dia do experimento e no oitavo dia da nutrição parenteral, por ocasião do sacrifício dos animais. O estudo histológico do fígado dos 40 ratos consistiu na avaliação de degeneração hidrópica, dilatação da veia centro-lobular, colestase, dilatação sinusoidal, proliferação de células de Kupffer, necrose celular e esteatose. As alterações foram graduadas de 0 a 4+. RESULTADOS: Os exames laboratoriais não foram consistentemente alterados ao final do experimento. No grupo IV houve redução na concentração de GGT; além disso, este foi o grupo que apresentou as maiores variações de AST e ALT, possivelmente devido à maior agressão do parênquima hepático. Do ponto de vista histológico, todos os animais submetidos à nutrição parenteral (com apenas uma exceção) apresentaram dilatação da veia centro-lobular e dos sinusóides. Estes achados foram mais comuns nos animais infectados. Não foram observadas esteatose e/ou colestase. CONCLUSÕES: 1) O modelo proposto de inoculação intra-peritoneal com Escherichia Coli foi adequado para estudar infecção em ratos jovens da cepa Wistar; 2) os resultados obtidos indicaram que a associação entre nutrição parenteral e infecção determinou alterações histológicas inespecíficas, porém mais intensas do que as alterações determinadas em cada uma dessas situações isoladamente.OBJECTIVE: To evaluate the hepatic alterations associated to parenteral nutrition in rats. MATERIAL AND METHODS: Four groups with 10 rats each: Group I (control group) - rats were orally fed with a regular diet; Group II - rats received a regular diet, and were infected with Escherichia coli through intraperitoneal inoculation; Group III - rats received parenteral nutrition; and group IV, rats received parenteral nutrition, and were infected with Escherichia coli. Serum concentrations of AST, ALT, GGT, and 5’ N were measured on the first day of the experiment, and on the eighth day of parenteral nutrition (the day animals were sacrificed). Histological study of the liver of the rats included: evaluation of hydropic degeneration, dilation of the central lobular vein, cholestasis, sinusoidal dilation, proliferation of Kupffer cells, cellular necrosis, and steatosis. All alterations were graded from 0 to 4+. RESULTS: The lab exams did not present consistent alterations at the end of the experiment. Group IV presented a reduction in GGT concentration; in addition, this group presented the largest variations in AST and ALT concentration, possibly as a result of being submitted to more intense aggression to the hepatic parenchyma. From a histological point-of-view, all animals (with the exception of one) presented dilation of the central lobular vein and of the sinusoids. Such findings were more frequent among infected animals. The animals did not present steatosis or cholestasis. CONCLUSIONS: 1) The proposed model of intraperitoneal inoculation of Escherichia coli was appropriate for the study of bacterial infection in young rats of the Wistar strain; 2) our results indicate that the association of parenteral nutrition and infection determined histologic alterations which were unspecific, but more intense than the alterations determined by each of these situations in isolation

The effects of total parenteral nutrition associated to bacterial infection on the hepatobiliary function of Wistar rats

OBJETIVO: Avaliar as alterações hepáticas associadas à nutrição parenteral em ratos. MATERIAIS E MÉTODOS: Foram avaliados quatro grupos com 10 ratos cada: grupo I - controles alimentados, via oral, com dieta habitual; grupo II - em dieta habitual e infectados com Escherichia Coli inoculada por via intra peritoneal; grupo III - em nutrição parenteral; e grupo IV - em nutrição parenteral e infectados. Foram analisadas as concentrações séricas de AST, ALT, GGT e 5’N no primeiro dia do experimento e no oitavo dia da nutrição parenteral, por ocasião do sacrifício dos animais. O estudo histológico do fígado dos 40 ratos consistiu na avaliação de degeneração hidrópica, dilatação da veia centro-lobular, colestase, dilatação sinusoidal, proliferação de células de Kupffer, necrose celular e esteatose. As alterações foram graduadas de 0 a 4+. RESULTADOS: Os exames laboratoriais não foram consistentemente alterados ao final do experimento. No grupo IV houve redução na concentração de GGT; além disso, este foi o grupo que apresentou as maiores variações de AST e ALT, possivelmente devido à maior agressão do parênquima hepático. Do ponto de vista histológico, todos os animais submetidos à nutrição parenteral (com apenas uma exceção) apresentaram dilatação da veia centro-lobular e dos sinusóides. Estes achados foram mais comuns nos animais infectados. Não foram observadas esteatose e/ou colestase. CONCLUSÕES: 1) O modelo proposto de inoculação intra-peritoneal com Escherichia Coli foi adequado para estudar infecção em ratos jovens da cepa Wistar; 2) os resultados obtidos indicaram que a associação entre nutrição parenteral e infecção determinou alterações histológicas inespecíficas, porém mais intensas do que as alterações determinadas em cada uma dessas situações isoladamente.OBJECTIVE: To evaluate the hepatic alterations associated to parenteral nutrition in rats. MATERIAL AND METHODS: Four groups with 10 rats each: Group I (control group) - rats were orally fed with a regular diet; Group II - rats received a regular diet, and were infected with Escherichia coli through intraperitoneal inoculation; Group III - rats received parenteral nutrition; and group IV, rats received parenteral nutrition, and were infected with Escherichia coli. Serum concentrations of AST, ALT, GGT, and 5’ N were measured on the first day of the experiment, and on the eighth day of parenteral nutrition (the day animals were sacrificed). Histological study of the liver of the rats included: evaluation of hydropic degeneration, dilation of the central lobular vein, cholestasis, sinusoidal dilation, proliferation of Kupffer cells, cellular necrosis, and steatosis. All alterations were graded from 0 to 4+. RESULTS: The lab exams did not present consistent alterations at the end of the experiment. Group IV presented a reduction in GGT concentration; in addition, this group presented the largest variations in AST and ALT concentration, possibly as a result of being submitted to more intense aggression to the hepatic parenchyma. From a histological point-of-view, all animals (with the exception of one) presented dilation of the central lobular vein and of the sinusoids. Such findings were more frequent among infected animals. The animals did not present steatosis or cholestasis. CONCLUSIONS: 1) The proposed model of intraperitoneal inoculation of Escherichia coli was appropriate for the study of bacterial infection in young rats of the Wistar strain; 2) our results indicate that the association of parenteral nutrition and infection determined histologic alterations which were unspecific, but more intense than the alterations determined by each of these situations in isolation