Essays in empirical corporate finance and macro-finance

In this thesis, I present three empirical essays on corporate finance and macro-finance applied to Brazil. In the first one, I show that an exogenous tax change at the investor level can have real effects on the invested firms’ behavior. My evidence suggests that treated firms adjust their financial policies considering substitute financial instruments and seeking to minimize overall tax spending. In the second paper, I analyze the role of equity foreign portfolio investment (EFPI) on affecting aggregate investment. The results show that EFPI has a marginal positive impact on the gross capital formation, but this relation seems to be contingent on institutional factors such as government intervention in credit markets. Finally, in the third essay, I show that an exogenous increase in collateral prices can have positive consequences on firms’ financing and investment decisions. The credit expansion registered in Brazil in the middle of the 2000’s seem to have alleviated financial constraints most for smaller, less tangible firms, which probably were (at least partially) out of the credit market before the boom.Esta tese é composta de três ensaios empíricos sobre finanças corporativas e macrofinanças, todos eles aplicados ao Brasil. O primeiro mostra como uma mudanças tributárias no nível do acionista podem afetar as decisões financeiras das empresas investidas, através da estrutura de propriedade. Os resultados sugerem que as empresas ajustam suas políticas financeiras para minimizar os gastos tributários totais (nível do acionista mais nível da firma). No segundo artigo, analisa-se a relação entre o investimento estrangeiro em carteira (EFPI) e o investimento agregado brasileiro. Os resultados mostram que o EFPI tem um impacto marginal positivo na formação bruta de capital fixo, mas que essa relação é condicionada a fatores institucionais, tal como o grau de intervenção do governo no mercado de crédito. Finalmente, no terceiro ensaio, mostro que um aumento exógeno dos preços dos ativos colateralizáveis imobiliários pode ter consequências positivas no financiamento e investimento das empresas. As firmas aparentemente mais beneficiadas pelo ciclo expansionista de crédito observado no Brasil durante os anos 2000 foram justamente aquelas com menor grau de tangibilidade, potencialmente fora do mercado de crédito no período anterior

Uma análise interestadual do desempenho do PIB brasileiro em 2010

ABSTRACT This paper analyzes the economic performance of the 27 states with respect to the consolidated data of the Brazilian GDP in 2010. To this end, we contextualize some factors that shaped the outcome of the Brazilian economy and its provinces, like the changes in the international scenario, the growth of private domestic consumption and the significant differences in intersectoral performance. We created ranks according to some key economic variables in order to allow better comparability between the federal entities. We conclude, generally, that the economic recovery was more intense in: i) exporter states, given the improvement in the international scene and the considerable increase in volume and especially in price of several commodities, ii) states with a relevant participation of agriculture, especially cereals, legumes and oilseeds, which had record in production. In terms of economic concentration, the South, Southeast and North gained participation in 2010. However, in the 2002-2010 period there has been a gradual process of economic deconcentration, with a reduction in the income inequality between the Southern and Southeastern regions, historically more developed, and the Northern, Northeastern and Midwestern ones. Keywords: GDP; States, Regional Accounts. Artigo recebido em 22 jan. 2013RESUMO Este artigo analisa o desempenho econômico das 27 Unidades da Federação no tocante aos dados consolidados do PIB brasileiro em 2010. Para tal, são contextualizados alguns fatores que moldaram o resultado da economia brasileira e de seus Estados, a exemplo das mudanças conjunturais internacionais, do crescimento do consumo interno privado e das significativas diferenças nos desempenhos intersetoriais. São realizados rankings de acordo com algumas variáveis econômicas fundamentais, a fim de permitir uma melhor comparabilidade entre os entes federativos. Conclui-se, de forma geral, que a recuperação econômica de 2010 foi mais intensa nos Estados: i) exportadores, dados a melhora no cenário internacional e o aumento considerável de volume e, principalmente, de preços de diversas commodities; ii) com participação relevante da agropecuária, especialmente cultivo de cereais, leguminosas e oleaginosas, que apresentaram safra recorde no ano. Em termos de concentração econômica, em 2010 as Regiões Sul, Sudeste e Norte ganharam participação. No entanto, na série 2002 a 2010, observa-se um paulatino processo de desconcentração econômica, com redução da desigualdade de renda entre as regiões Sul e Sudeste, historicamente mais desenvolvidas, e Norte, Nordeste e Centro-Oeste. Palavras-chave: PIB; Unidades da Federação; Contas Regionais. TÍTULO EM INGLÊS An interstate analysis of the performance of the Brazilian GDP in 2010 ABSTRACT This paper analyzes the economic performance of the 27 states with respect to the consolidated data of the Brazilian GDP in 2010. To this end, we contextualize some factors that shaped the outcome of Brazilian economy and its provinces, like the international conjuncture changes, the growth of private domestic consumption and significant differences in intersectoral performance. We make ranks according to some key economic variables in order to allow better comparability between federal entities. We conclude, generally, that the economic recovery was more intense in the: i) exporting data to improve the international scene and a considerable increase in volume and especially the price of several commodities, ii) with a relevant participation of agriculture especially cereals, legumes and oilseeds, which had record in production. In terms of economic concentration, in 2010 the South, Southeast and North gained participation. However, in the series from 2002 to 2010, there has been a gradual process of economic decentralization, with a reduction in income inequality between the South and Southeast regions, historically more developed, and North, Northeast and Midwest. Key words: GDP; States; Regional Accounts. Artigo recebido em 22 jan. 2013

Uma análise interestadual do desempenho do Produto Interno Bruto (PIB) brasileiro em 2009

ABSTRACT This paper analyzes the economic performance of the 27 states regarding the Brazilian GDP in 2009. For that, we explore some contextual factors that shaped the outcome of the Brazilian economy and its states, as the changes in the international conjuncture, growth in private domestic consumption and intersectoral differences in performance. Rankings are made according to some fundamental economic variables, to allow a better comparison among the federal entities. It is concluded that, overall, the international economic crisis has affected more severely states: i) exporters; ii) structurally dependent on the manufacturing industry. In terms of economic concentration, in 2009 there was a reduction in income inequality between the South and Southeast and Northeast and Midwest. Key words GDP; States; Regional Accounts. Artigo recebido em maio 2012.Entregar exemplares e/m na FEERESUMO Este artigo analisa o desempenho econômico das 27 unidades da Federação no tocante ao PIB brasileiro em 2009. Para tal, são contextualizados alguns fatores que moldaram o resultado da economia brasileira e de seus estados, a exemplo das mudanças conjunturais internacionais, do crescimento do consumo interno privado e das significativas diferenças nos desempenhos intersetoriais. São realizados “rankings” de acordo com algumas variáveis econômicas fundamentais, a fim de permitir uma melhor comparabilidade entre os entes federativos. Conclui-se que, de forma geral, a crise econômica internacional afetou de maneira mais severa os estados: (a) exportadores; (b) estruturalmente mais dependentes da indústria de transformação. Em termos de concentração econômica, em 2009, houve uma redução da desigualdade de renda entre as Regiões Sul e Sudeste e Norte, Nordeste e Centro-Oeste. Palavras-chave PIB; unidades da Federação; Contas Regionais

New insights into enterocin CRL35: mechanism of action and immunity revealed by heterologous expression in Escherichia coli

The role of the class IIa bacteriocin membrane receptor protein remains unclear, and the following two different mechanisms have been proposed: the bacteriocin could interact with the receptor changing it to an open conformation or the receptor might act as an anchor allowing subsequent bacteriocin insertion and membrane disruption. Bacteriocin-producing cells synthesize an immunity protein that forms an inactive bacteriocin–receptor–immunity complex. To better understand the molecular mechanism of enterocin CRL35, the peptide was expressed as the suicidal probe EtpM-enterocin CRL35 in Escherichia coli, a naturally insensitive microorganism since it does not express the receptor. When the bacteriocin is anchored to the periplasmic face of the plasma membrane through the bitopic membrane protein, EtpM, E. coli cells depolarize and die. Moreover, co-expression of the immunity protein prevents the deleterious effect of EtpM-enterocin CRL35. The binding and anchoring of the bacteriocin to the membrane has demonstrated to be a sufficient condition for its membrane insertion. The final step of membrane disruption by EtpM-enterocin CRL35 is independent from the receptor, which means that the mannose PTS might not be involved in the pore structure. In addition, the immunity protein can protect even in the absence of the receptor.Fil: Barraza, Daniela Estefanía. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Ríos Colombo, Natalia Soledad. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Galván, Adriana Emilce. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Acuña, Leonardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Minahk, Carlos Javier. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Bellomio, Augusto. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; ArgentinaFil: Chalon, Miriam Carolina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Investigaciones Biológicas. Universidad Nacional de Tucumán. Instituto Superior de Investigaciones Biológicas; Argentin

Experimental investigation on the influence of target physical properties on an impinging plasma jet

The present work aims to investigate the interaction between a plasma jet and targets with different physical properties. Electrical, morphological and fluid-dynamic characterizations were performed on a plasma jet impinging on metal, dielectric and liquid substrates by means of Intensified Charge-Coupled Device (ICCD) and high-speed Schlieren imaging techniques. The results highlight how the light emission of the discharge, its time behavior and morphology, and the plasma-induced turbulence in the flow are affected by the nature of the target. Surprisingly, the liquid target induces the formation of turbulent fronts in the gas flow similar to the metal target, although the dissipated power in the former case is lower than in the latter. On the other hand, the propagation velocity of the turbulent front is independent of the target nature and it is affected only by the working gas flow rate

Lactobacillus curvatus UFV-NPAC1 and other lactic acid bacteria isolated from calabresa, a fermented meat product, present high bacteriocinogenic activity against Listeria monocytogenes

Bacteriocins produced by lactic acid bacteria (LAB) can be considered as viable alternatives for food safety and quality, once these peptides present antimicrobial activity against foodborne pathogens and spoilage bacteria. Fermented foods, such as artisanal sausages and cured meats, are relevant sources of LAB strains capable of producing novel bacteriocins, with particular interest by the food industry.Three LAB strains (firstly named as Lactobacillus curvatus 12, L. curvatus 36 and Weissella viridescens 23) were obtained from calabresa by presenting promising bacteriocinogenic activity, distinct genetic profiles (rep-PCR, RAPD, bacteriocin-related genes) and wide inhibitory spectrum. Among these strains, L. curvatus 12 presented higher bacteriocin production, reaching 25,000 AU/mL after incubation at 25, 30 and 37 °C and 6, 9 and 12 h. Partially purified bacteriocins from L. curvatus 12 kept their inhibitory activity after elution with isopropanol at 60% (v/v). Bacteriocins produced by this strain were purified by HPLC and sequenced, resulting in four peptides with 3102.79, 2631.40, 1967.06 and 2588.31 Da, without homology to known bacteriocins.LAB isolates obtained from calabresa presented high inhibitory activity. Among these isolates, bacteriocins produced by L. curvatus 12, now named as L. curvatus UFV-NPAC1, presented the highest inhibitory performance and the purification procedures revealed four peptides with sequences not described for bacteriocins to date

Conteúdo de pilocarpina e diversidade molecular em jaborandi

Pilocarpine is an imidazol alkaloid exclusively found in Pilocarpus genus and P. microphyllus accumulates its highest content in the leaves. There is no report in the literature on the variability of the pilocarpine content in this genus. A population of 20 genotypes of P. microphyllus from the state of Maranhão, Brazil, was analyzed for Random Amplification of Polymorphic DNA (RAPD) markers and pilocarpine content. Although it was not possible to establish any correlation between these features, the absence or presence of some markers could indicate in some genotypes a possible association with the content of the alkaloid.Pilocarpina é um alcalóide imidazólico encontrado exclusivamente em plantas do gênero Pilocarpus, sendo que as folhas de P. microphyllus acumulam o maior conteúdo deste alcalóide. Não há na literatura nenhum relato sobre a variabilidade do conteúdo de pilocarpina nesse gênero. Uma população de 20 plantas de P. microphyllus do estado do Maranhão, Brasil, foi analisada por marcadores Aplicação de DNA polimórfico randomica (RAPD) e quanto ao conteúdo de pilocarpina. Apesar de não ter sido possível estabelecer uma associação entre as variáveis estudadas, a ausência ou a presença de alguns loci marcadores em certos genótipos puderam ser associados ao teor do alcalóide

Conteúdo de pilocarpina e diversidade molecular em jaborandi

Pilocarpine is an imidazol alkaloid exclusively found in Pilocarpus genus and P. microphyllus accumulates its highest content in the leaves. There is no report in the literature on the variability of the pilocarpine content in this genus. A population of 20 genotypes of P. microphyllus from the state of Maranhão, Brazil, was analyzed for Random Amplification of Polymorphic DNA (RAPD) markers and pilocarpine content. Although it was not possible to establish any correlation between these features, the absence or presence of some markers could indicate in some genotypes a possible association with the content of the alkaloid.Pilocarpina é um alcalóide imidazólico encontrado exclusivamente em plantas do gênero Pilocarpus, sendo que as folhas de P. microphyllus acumulam o maior conteúdo deste alcalóide. Não há na literatura nenhum relato sobre a variabilidade do conteúdo de pilocarpina nesse gênero. Uma população de 20 plantas de P. microphyllus do estado do Maranhão, Brasil, foi analisada por marcadores Aplicação de DNA polimórfico randomica (RAPD) e quanto ao conteúdo de pilocarpina. Apesar de não ter sido possível estabelecer uma associação entre as variáveis estudadas, a ausência ou a presença de alguns loci marcadores em certos genótipos puderam ser associados ao teor do alcalóide.478482Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq

Interdependência entre a indústria de transformação e os serviços de transporte: evidências para o Rio Grande do Sul e para o Brasil

Resumo O objetivo deste trabalho consiste em analisar a interdependência entre a produção industrial e a atividade de transporte rodoviário de carga, comparando as relações existentes entre elas no Brasil (BR) e no Rio Grande do Sul (RS), no período de janeiro de 2000 a maio de 2013. Justifica-se a realização deste trabalho pela escassez de pesquisas empíricas sobre o tema, mesmo que haja, notoriamente, uma associação direta entre essas variáveis. Um segundo aspecto que enseja a realização deste trabalho é que as matrizes de transportes brasileira e gaúcha se baseiam, preponderantemente, no modal rodoviário, que dispõe de séries que quantificam o transporte de cargas em nível tanto regional quanto nacional. Os principais resultados deste trabalho apontam que: (a) o transporte de cargas está diretamente relacionado à produção industrial, em maior grau no BR do que no RS; (b) a interdependência entre o transporte de cargas e a produção industrial é bastante heterogênea nas atividades industriais; (c) há segmentos industriais que precedem transportes de carga e outros que são precedidos por eles, de acordo com a sua estrutura de importação interna ou externa de insumos e o destino dos bens finais; e (d) no RS, variações nos segmentos industriais de móveis e de máquinas e equipamentos precedem variações no transporte rodoviário terrestre, resultado que é significativo tanto estatisticamente quanto economicamente. TÍTULO EM INGLÊS Interdependence between manufacturing and transport services: evidence from the State of Rio Grande do Sul and Brazil Abstract TThe aim of this paper is to analyze the interdependence between industrial production and the activity of road freight, comparing the relationships between them in Brazil (BR) and in the State of Rio Grande do Sul (RS), from January 2000 to May 2013. The realization of this work is justified by the scarcity of empirical research on the subject, although there is, notoriously, a direct association between these variables. A second aspect that inspires this work is that transport matrices in BR and in RS are based mainly on road, which has series that quantify freight transportation in both regional and national levels. The main results show that: (a) freight transportation is directly related to industrial production, but this effect is stronger in BR than in RS; (b) the interdependence between freight transportation and industrial production is quite heterogeneous among industrial activities; (c) there are industries that precede freight transportation and others that are preceded by them, according to their structure of internal or external import of inputs and the destination of their final goods; (d) in RS, variations in the industries of furniture and in those of machinery and equipment precede variations in road transport, a result that is significant both statistically and economically. Keywords: industrial production; freight transportation; interdependence. Classificação JEL: L16. Artigo recebido em fev. 2015 e aceito para publicação em abr. 2015