Lista comentada das aves do Brasil pelo comite Brasileiro de registros ornitologicos

Since 2005, the Brazilian Ornithological Records Committee (CBRO) has published updated checklists of Brazilian birds almost every year. Herein, we present a completely new and annotated version of our checklist. For the first time, we list all bird subspecies known from Brazil that are currently accepted by at least one key ornithological reference work. The inclusion of the subspecies should be seen as a synthesis, and not as a taxonomic endorsement. As such, we include in the new checklist 1919 avian species, 910 of which are treated as polytypic in reference works (2042 subspecies), totaling 3051 taxa at the species and subspecies level. We anticipate that several of the subspecies included in our list may be subject to future taxonomic upgrades to species status, while others will probably be shown to be invalid in the light of future taxonomic studies. The results highlight Brazil as a megadiverse country and reinforce the need for proper enforcement of political tools, laws and international commitments assumed by the country to preserve its biodiversity. © 2015, Sociedade Brasileira de Ornitologia. All rights reserved

Initial Public Offerings and the Firm Location

The firm geographic location matters in IPOs because investors have a strong preference for newly issued local stocks and provide abnormal demand in local offerings. Using equity holdings data for more than 53,000 households, we show the probability to participate to the stock market and the proportion of the equity wealth is abnormally increasing with the volume of the IPOs inside the investor region. Upon nearly the universe of the 167,515 going public and private domestic manufacturing firms, we provide consistent evidence that the isolated private firms have higher probability to go public, larger IPO underpricing cross-sectional average and volatility, and less pronounced long-run under-performance. Similar but opposite evidence holds for the local concentration of the investor wealth. These effects are economically relevant and robust to local delistings, IPO market timing, agglomeration economies, firm location endogeneity, self-selection bias, and information asymmetries, among others. Findings suggest IPO waves have a strong geographic component, highlight that underwriters significantly under-estimate the local demand component thus leaving unexpected money on the table, and support state-contingent but constant investor propensity for risk