“Stock PIKs”- Taking a firm by its tails

Payment-in-kind bonds (PIKs) make interest payments in the form of an issue of additional bonds rather than cash. This research provides a rationale for the recent PIK issuance by firms with low credit ratings. PIKs offer a financially constrained firm in need of restructuring both an immediate automatic stay and a prepackaged bankruptcy procedure, features that make PIKs better than alternative debt instruments. In many instances PIKs are structured to facilitate a contingent transfer of control to PIK holders, and provide an avenue of obtaining equity in the firm whether the firm value is high or low in the future. The barbell strategy of acquisition that involves a deal with the equity holders (if the firm prospects improve), and a deal with the debt holders (if the firm defaults) dominates the cost of acquisition before the firm defaults, or after the firm goes bankrupt.Monetary Policy, Stock Market, Economic Development

Margins, Liquidity and the Cost of Hedging

http://web.mit.edu/ceepr/www/publications/workingpapers.htmlRecent financial reforms, such as the Dodd-Frank Act in the U.S. and the European Market Infrastructure Regulation, encourage greater use of clearing and therefore increased margining of derivative trades. They also impose margining requirements on OTC derivative dealers. One question arising out of the debates over these reforms is, does a margin mandate increases the cost of hedging by non-financial corporations—the so-called end-users of derivatives? Our answer is, No. We show that a non-margined derivative is equivalent to a package of (i) a margined derivative, and (ii) a contingent line of credit. A margin mandate merely requires that this package be marketed as two distinct products, but it does not change the total financing or capital that the non-financial corporation requires to back its hedging. Nor does it raise the cost to banks or other dealer of offering the package, at least not directly. There may be an indirect effect if the clearing mandate succeeds in lowering systemic risk, but indirect macro effects such as this are beyond the scope of this paper. We also explore how accounting rules and bank regulations may treat the implicit credit embedded in the non-margined derivative differently from an explicit line of credit. This is important to understanding business and banker reaction to details of the proposal. Finally, we place the current debate in the context of the historical evolution of margin practices and regulations from the earliest trading of derivatives in the U.S. in the 1860’s to the present

Science and Technology Park Management Implanted in the Missions Region (RS), a regional vision of scientific and technological development.

Innovation and technology, which are part of the debate in the knowledge society, are linked to the creation of a prosperous environment that benefits them, the result of multiple and coordinated action of three factors: government, productive structure and technological and scientific infrastructure. The investigation starts from the following question: What is the best methodology for managing the structures known as Science and Technology Parks? The objective of the research is to develop a management model for the Scientific and Technological Park of the Missions Region in order to optimize its economic and financial self-sufficiency so that it does not depend exclusively on resources from the University or from public notices. In methodological terms, the research is a qualitative one, of an applied nature since its results will be used in practice to solve a specific problem. As preliminary results, a self-sustainable management model for the Scientific and Technological Park of the Missions is presented, considering its specificities and peculiarities. This model was developed from the investigation of the main methodologies used in PCTs in different regions of the world and in Brazil, with the purpose of indicating the most appropriate strategies for the implantation of PCTs in a farming region, as well as, identifying the regional base actors technology to understand the operation of the Triple Helix

Kite planar central configurations

Neste artigo estudamos configurações centrais planares do tipo pipa para o problema de quatro corpos. Mostramos a existência de tais configurações para as pipas côncavas, quando uma das massas está no interior do triângulo formado pelas outras três massas, e para as pipas convexas, quando uma das massas está no exterior do triângulo formado pelas outras três massas.In this paper we study the kite planar central configurations for the 4-body problem. We show the existence of such configurations for the 4-body problem in two cases: kite concave and kite convex

Dispositivos de seguridad pública y procesos de urbanización en favelas de Rio de Janeiro: nuevos conflictos en el espacio urbano

A partir del trabajo de campo realizado en la favela Santa Marta, buscaremos aquí evidenciar la dimensión de los conflictos generados por los procesos de regularización urbanística y por la substitución gradual de prácticas “informales” de acceso a los servicios, desde la implementación de las Unidades de Policía Pacificadora (UPPs). Buscaremos, del mismo modo, llamar la atención sobre las implicaciones de tales acciones sobre el proceso de formalización y reconocimiento de una dirección en la ciudad. Se pretende, desde esta perspectiva, asociar la dimensión de las identidades y de las representaciones sociales con el proceso más amplio de reestructuración urbana en curso en la ciudad de Rio de Janeiro, buscando discutir los efectos de las políticas de Seguridad Pública, implementadas en distintas favelas, sobre la vida cotidiana de sus habitantes en el contexto de importantes eventos internacionales, como la Copa Mundial de Fútbol de 2014 y los Juegos Olímpicos de 2016. Palabras claves: favelas; seguridad pública; conflictos; procesos de urbanización; Rio de Janeiro. Abstract Based on field research carried out in the Santa Marta favela (slum) of Rio de Janeiro, this article focuses on the conflicts generated by urban regulation as well as the gradual substitution of “informal” ways of accessing public services. It also shows the implications of such actions for the formalization and recognition of an address in the city. From this perspective it is argued that identities and social representations are connected to a broader process of urban restructuring taking place in Rio de Janeiro. The analysis focuses on public policies regarding security implemented in different favelas and their effects on the everyday lives of their inhabitants in the context of important international events such as the 2014 World Cup and the Olympic Games of 2016. Key words: favelas; public security; conflict; urbanization; Rio de Janeiro

OS LIMITES DA SOBERANIA EM JEAN BODIN

O presente artigo busca analisar a teoria da soberania de Jean Bodin, desenvolvida em sua obra principal, Os Seis Livros da República. Nesse sentido, o objetivo é demonstrar como, mesmo tendo sido um defensor do absolutismo político, Bodin concebe a soberania como um poder não ilimitado, embora absoluto. Para tanto, inicialmente procuraremos expor quais seriam as limitações impostas ao exercício do poder soberano. Iniciaremos identificando esses limites no texto de Bodin, classificando-os em três categorias: a) leis divinas e naturais; b) leis fundamentais, ou leis concernentes ao estado do reino e c) leis humanas comuns a todos os povos. Após termos analisado a exposição de Bodin acerca dessas categorias de limites do poder soberano, passaremos a discutir a natureza dessas limitações, bem como seu lugar na teoria da soberania de Bodin. Por fim, tentaremos argumentar de que maneira essas limitações permitem compreender o conceito de soberania de Bodin como, ao mesmo tempo, absoluta e limitada

Turismo de base local como alternativa ao desenvolvimento : bases para os municípios de União da Vitória/PR e Porto União/SC

Orientador : Marcos Aurélio Tarlombani da SilveiraDissertação (mestrado) - Universidade Federal do Paraná, Setor de Ciencias da Terra, Programa de Pós-Graduaçao em Geografia. Defesa: Curitiba, 2007Inclui bibliografia e anexosÁrea de concentração : Espação, sociedade e ambient

OS LIMITES DA SOBERANIA EM JEAN BODIN

O presente artigo busca analisar a teoria da soberania de Jean Bodin, desenvolvida em sua obra principal, Os Seis Livros da República. Nesse sentido, o objetivo é demonstrar como, mesmo tendo sido um defensor do absolutismo político, Bodin concebe a soberania como um poder não ilimitado, embora absoluto. Para tanto, inicialmente procuraremos expor quais seriam as limitações impostas ao exercício do poder soberano. Iniciaremos identificando esses limites no texto de Bodin, classificando-os em três categorias: a) leis divinas e naturais; b) leis fundamentais, ou leis concernentes ao estado do reino e c) leis humanas comuns a todos os povos. Após termos analisado a exposição de Bodin acerca dessas categorias de limites do poder soberano, passaremos a discutir a natureza dessas limitações, bem como seu lugar na teoria da soberania de Bodin. Por fim, tentaremos argumentar de que maneira essas limitações permitem compreender o conceito de soberania de Bodin como, ao mesmo tempo, absoluta e limitada

Genomic African and Native American Ancestry and Chagas Disease: The Bambui (Brazil) Epigen Cohort Study of Aging.

BackgroundThe influence of genetic ancestry on Trypanosoma cruzi infection and Chagas disease outcomes is unknown.Methodology/principal findingsWe used 370,539 Single Nucleotide Polymorphisms (SNPs) to examine the association between individual proportions of African, European and Native American genomic ancestry with T. cruzi infection and related outcomes in 1,341 participants (aged ≥ 60 years) of the Bambui (Brazil) population-based cohort study of aging. Potential confounding variables included sociodemographic characteristics and an array of health measures. The prevalence of T. cruzi infection was 37.5% and 56.3% of those infected had a major ECG abnormality. Baseline T. cruzi infection was correlated with higher levels of African and Native American ancestry, which in turn were strongly associated with poor socioeconomic circumstances. Cardiomyopathy in infected persons was not significantly associated with African or Native American ancestry levels. Infected persons with a major ECG abnormality were at increased risk of 15-year mortality relative to their counterparts with no such abnormalities (adjusted hazard ratio = 1.80; 95% 1.41, 2.32). African and Native American ancestry levels had no significant effect modifying this association.Conclusions/significanceOur findings indicate that African and Native American ancestry have no influence on the presence of major ECG abnormalities and had no influence on the ability of an ECG abnormality to predict mortality in older people infected with T. cruzi. In contrast, our results revealed a strong and independent association between prevalent T. cruzi infection and higher levels of African and Native American ancestry. Whether this association is a consequence of genetic background or differential exposure to infection remains to be determined