Neutrino-driven electrostatic instabilities in a magnetized plasma

The destabilizing role of neutrino beams on the Trivelpiece-Gould modes is considered, assuming electrostatic perturbations in a magnetized plasma composed by electrons in a neutralizing ionic background, coupled to a neutrino species by means of an effective neutrino force arising from the electro-weak interaction. The magnetic field is found to significantly improve the linear instability growth rate, as calculated for Supernova type II environments. On the formal level, for wave vector parallel or perpendicular to the magnetic field the instability growth rate is found from the unmagnetized case replacing the plasma frequency by the appropriated Trivelpiece-Gould frequency. The growth rate associated with oblique propagation is also obtained

Relação entre disciplina de mercado e o buffer de capital nos bancos brasileiros

O objetivo deste trabalho foi investigar a relação entre a disciplina de mercado e o buffer de capital dos bancos brasileiros, identificando os canais de materialização desse fenômeno. A literatura sobre disciplina de mercado e o buffer de capital tem se concentrado em países desenvolvidos. No Brasil é um tema incipiente, não obstante as características do mercado representarem oportunidade relevante de ampliação de estudos a respeito. Mesmo com as especificidades de economia emergente, a indústria bancária brasileira fornece campo vasto para estudo da disciplina de mercado e o buffer de capital, dado que os bancos têm alavancagem com investidores, agentes sensíveis a alterações no apetite a risco dessas entidades. Este estudo contribui para a compreensão da dinâmica da disciplina de mercado na indústria bancária e o fomento às discussões sobre o papel dessa supervisão privada na promoção da transparência e da solidez do sistema financeiro, fornecendo subsídios e diretrizes para a regulação bancária. Utilizando dados de 193 bancos brasileiros, de 2001 a 2017, os testes empíricos compreenderam a estimação de modelo de dados em painel, com o uso de mínimos quadrados em dois estágios (two stage least squares – TSLS), seguindo Ayuso et al. (2004), Flannery e Rangan (2004) e Nier e Baumann (2006). Como a disciplina exercida pelo monitoramento e influência do mercado não é diretamente verificável por agentes externos, foram desenvolvidas seis proxies baseadas no custo de captação, nos depósitos não segurados, na dívida subordinada e no disclosure. O buffer de capital foi representado pela diferença entre o capital apurado pela instituição e o requerimento mínimo regulatório. Os resultados dos testes empíricos revelaram associação positiva entre o buffer de capital e a disciplina de mercado, fornecendo evidências da presença dessa supervisão privada na indústria bancária brasileira.O objetivo deste trabalho foi investigar a relação entre a disciplina de mercado e o buffer de capital dos bancos brasileiros, identificando os canais de materialização desse fenômeno. A literatura sobre disciplina de mercado e o buffer de capital tem se concentrado em países desenvolvidos. No Brasil é um tema incipiente, não obstante as características do mercado representarem oportunidade relevante de ampliação de estudos a respeito. Mesmo com as especificidades de economia emergente, a indústria bancária brasileira fornece campo vasto para estudo da disciplina de mercado e o buffer de capital, dado que os bancos têm alavancagem com investidores, agentes sensíveis a alterações no apetite a risco dessas entidades. Este estudo contribui para a compreensão da dinâmica da disciplina de mercado na indústria bancária e o fomento às discussões sobre o papel dessa supervisão privada na promoção da transparência e da solidez do sistema financeiro, fornecendo subsídios e diretrizes para a regulação bancária. Utilizando dados de 193 bancos brasileiros, de 2001 a 2017, os testes empíricos compreenderam a estimação de modelo de dados em painel, com o uso de mínimos quadrados em dois estágios (two stage least squares – TSLS), seguindo Ayuso et al. (2004), Flannery e Rangan (2004) e Nier e Baumann (2006). Como a disciplina exercida pelo monitoramento e influência do mercado não é diretamente verificável por agentes externos, foram desenvolvidas seis proxies baseadas no custo de captação, nos depósitos não segurados, na dívida subordinada e no disclosure. O buffer de capital foi representado pela diferença entre o capital apurado pela instituição e o requerimento mínimo regulatório. Os resultados dos testes empíricos revelaram associação positiva entre o buffer de capital e a disciplina de mercado, fornecendo evidências da presença dessa supervisão privada na indústria bancária brasileira.The aim of this study was to investigate the relationship between the market discipline and the capital buffers of Brazilian banks, identifying the channels through which this phenomenon materializes. The literature on market discipline and capital buffers has focused on developed countries. In Brazil, the topic is in its infancy, despite the characteristics of the market representing a relevant opportunity for broadening the related studies. Even with the specificities of an emerging market, the Brazilian banking industry provides a vast field for studying market discipline and capital buffers, given that the banks have leverage with investors, who are sensitive agents to alterations in the risk appetite of those entities. This study contributes to understanding the dynamics of the market discipline in the banking industry and to fostering discussions about the role of that private supervision in promoting the transparency and solidity of the financial system, providing support and guidelines for banking regulation. Using data from 193 Brazilian banks, from 2001 to 2017, the empirical tests included the estimation of panel data models, with the use of two-stage least squares (TSLS), following Ayuso et al. (2004), Flannery and Rangan (2004), and Nier and Baumann (2006). As the discipline exercised by the monitoring and influence of the market is not directly verifiable by external agents, six proxies were developed based on the cost of fundraising, on unsecured deposits, on subordinated debt, and on disclosure. The capital buffer was represented by the difference between the capital calculated by the institution and the minimum regulatory requirement. The results of the empirical tests revealed a positive association between the capital buffer and market discipline, providing evidence of the presence of that private supervision in the Brazilian banking industry

Liderazgo y clima organizacional

Este trabajo tiene por objetivo analizar y comprender la relación entre liderazgo y clima organizacional, integrando en este concepto no solamente la organización deportiva en sí, sino también el equipo deportivo como una organización. Así, comenzaremos por definir el clima organizacional, para -inmediatamente- analizar su relación con el liderazgo, definiendo ésta, y las formas de transformarse en eficaz. Con estos instrumentos estudiaremos el modelo de liderazgo aplicado al deporte y presentaremos algunos estudios basados en el mismo. Acabaremos el trabajo presentando conclusiones orientadas a la aplicación práctica.This study aims to analize and understand the relationships between the leadership and the organizational climate, including in that last concept not only the sportive organization itself, but also the sportive team considered as an organization. After the definition of the factors of the organizational climate, we will try to analize their relationship with the leadership. Done that, we will study the model of leadership applied to sports, and we will present several empirical studies related to this model. We will finish this study presenting some outlinings adressed to the applicability of the model

FDI and institutional reform in Portugal

This article analyses the effects of several geographic, economic and institutional factors on bilateral inward FDI in Europe. Moreover, it assesses the required reform effort, and the expected benefits, for Portugal to converge with the EU in the institutional variables that are relevant to attract investment. We conclude that good institutions favouring economic freedom and the ease of doing business, and geography, market size and labor costs, affect bilateral inward FDI. Political risk does not lead to significant differences in FDI across the EU. The results are robust to different methods – principal component analysis, factor-based scores and by considering several institutional indicators successively. We also find that most promising reforms arise in the financial system, corruption, property rights, and in some business regulations associated with starting a business. Increasing labor market flexibility to the EU level has also a large impact on inward FDI, but this reform comes at a comparatively higher effort.FDI, Institutional reform, Institutions, Portugal, EU

The impact of tax structure on investment : an empirical assessment for OECD countries

In the present empirical analysis we try to assess the impact of taxation on investment growth. In particular, and by using gross fixed capital formation as a proxy for investment, we intend to evaluate the impact of the taxation structure in investment dynamics, in a short and a long-run perspectives. This empirical exercise was conducted for all OECD countries, during the 1980-2015 period. Through panel data econometric techniques, we find optimal tax-investment threshold values, specially higher for short-term than for long-term evolution. Also, we find optimal income taxation rounding 9%, in percentage of GDP, an average optimal value 12.7% for consumption taxes to promote annual investment growth.info:eu-repo/semantics/publishedVersio

Tax incidence and fiscal systems : some problems on tax compared history in XIX and XX centuries

The study of tax systems have been deeply discussed regarding the early modern period. However, there is a lack of comparative historical studies about the last two centuries in what respect the tax state developments. In our article we analyse the tax history of the last two hundred years for five countries, intending to analyse the mechanisms levied by the different governments to effciently collect more revenues and the power to coerce several economic agents as well as we reflect about the power of those agents to condition the tax political policies.info:eu-repo/semantics/publishedVersio