Are Voters Rationally Ignorant? An Empirical Study for Portuguese Local Elections

The application of the rational choice postulate to a political context invariably leads to the conclusion that most voters are ill informed when making the decision for whom to vote. In this paper, the authors do an empirical evaluation of the rational ignorance theory, based on the results of the 1997 Portuguese Local Elections. The results only partially sustain the hypothesis of rational ignorance, although it is also possible to identify several limitations that prevent the establishment of definite conclusions in this specific field.JEL Classification: H7 Key words: Voter’s Behaviour; Local Elections; Local Governments; Portugal.

To Be or Not To Be in Office Again: Political Business Cycles with Local Governments

Most opportunistic-type models of political business cycles tend to posit a given objective for incumbents: maximisation of re-election chances. Though taking an opportunistic view too, we suggest a new explanation for a fiscal policy cycle: the incumbent’s concern with her own welfare in cases of victory and defeat. This rationale addresses local policy-making in particular. An equilibrium perfect-foresight model is designed which totally dispenses with any form of irrationality (namely, on the part of voters) or the common objective functions (re- election chances). Being well grounded in basic microeconomic theory (welfare maximisation by the individual agent), our model provides another foundation for the emergence of political business cycles at the local level. The empirical plausibility of theoretical predictions is then tested on Portuguese municipal data. The estimation of an error- components econometric framework finds evidence in favour of the proposed explanation during the period 1986 to 1993, and enlightens the role played by several politico-economic determinants of local governments’ investment outlays, such as electoral calendar, re- candidacy decisions, political cohesion and intergovernmental capital transfers.local public finance; public choice; political business cycle; elections; Portugal

Pequeñas e Médias Empresas e Incentivos ao Investimento. O caso do PEDIP2

Nesta comunicaçâo analisamos criticamente o programa PEDIP2 à luz das necessidades das |)cquenas e medias empresas tomando como referencial o conhecimento disponível sobre o tecido empresarial da regiáo Norte de Portugal. Defendemos nesta comunicaçâo que o programa PEDIP2 eonstitui urna experiéncia importante de programa integrado orientado para as empresas industriáis. Tem sido equacionado que a ambiçâo deste programa poderia constituir urna das suas limitaçôes pois poderia rcvelar-se desajustado das necessidades de muitas PME . Neste sentido, fazemos um levantamento das eventuais dificuldades de implementaçâo. Em gérai, concluimos que a estrutura do programa é adequada e que houve o cuidado de salvaguardar a maior dificuldade das pequeñas e médias empresas em terem •icesso a um sistema de incentivos mais exigente. Procedemos, igualmente, a urna avaliaçâo das soluçôes técnicas adoptadas na concessâo de incentivos ao investimento. colocando-nos primordialmente na perspectiva de saber em que medida este programa vai influenciar a prática dos analistas de projectos. Embora identifiquemos alteraçôes, concluimos que as soluçôes adoptadas vém na continuidade duma prática progressivamente implantada desde o programa Siii, passando pelo SIBR c PEDIP1

Viabilidade económica de projectos de investimento : um confronto entre a teoria e a prática2

Apesar da Análise de Investimentos constituir urna técnica bem conhecida pela generalidade dos profissionais Portugueses, há um desconhecimento quase total sobre quais os critérios usados pelas empresas Portuguesas e sobre quai é a sua real importancia na análise e selecçâo das alternativas de investimento. Neste trabalho pretendemos colmatar esta lacuna, estabelecendo urna comparaçâo entre a evidencia empírica sobre os métodos de selecçâo de projectos de investimento mais seguidos por grandes empresas Portuguesas e resultados similares obtidos por outros autores para outros países.Despite Capital Investments Analysis being a technique well known by Portuguese professionals, there is a lack of knowledge concerning the criteria that are used by Portuguese firms and their real importance in the selection of investment alternatives. In this work we intend to fill up this space by comparing empirical evidence for Portuguese firms with similar results obtained by other authors for other countrie

To Be or Not To Be in Office Again, That is the Question Political Business Cycles with Local Governments

Most opportunistic-type models of political business cycles tend to posit a given objective for incumbents: maximisation of re-election chances. Though taking an opportunistic view too, we suggest a new explanation for a fiscal policy cycle: the incumbent’s concern with her own welfare in cases of victory and defeat. This rationale addresses local policy-making in particular. An equilibrium perfect foresight model is designed which totally dispenses with any form of irrationality (namely, on the part of voters) or the common objective functions (re-election chances). Being well grounded in basic microeconomic theory (welfare maximisation by the individual agent), our model provides another foundation for the emergence of political business cycles at the local level. The empirical plausibility of theoretical predictions is then tested on Portuguese municipal data ranging from 1977 to 1993. The estimation of an error-components econometric framework finds evidence in favour of the proposed explanation and enlightens the role played by several politicoeconomic determinants of local governments’ investment outlays, such as electoral calendar, re-candidacy decisions, political cohesion and intergovernmental capital transfers.N/

Characterization of novel antibodies and glycan binding proteins against cancer

Cancer is the largest cause of death worldwide and it is increasingly urgent to develop new approaches to diagnosis and therapy. The glycosylation pattern of the cancer cells differ from that of healthy cells and therefore the aberrant expression of glycans are promising targets for diagnosis and therapy. Sialyl-Tn (STn) is a glycan, whose expression is increased in cancer cells and almost absent in normal cells. It is involved in processes such as cancer growth, progression and metastasis. In addition to STn other glycans present an aberrant pattern in cancer. As is the case of Sialyl Lewis X (sLeX) shown overexpressed in tumors. The objective of this work consisted in the characterization of monoclonal antibodies against STn and sLeX produced through the hybridoma technology. The antibodies’ affinity and specificity were tested by flow cytometry and ELISA. In case of STn, different batches of a L2A5 antibody were tested. To select and isolate a better performant hybridoma the original L2A5 hybridoma population was subcloned. Cancer cell lines expressing STn and bovine submaxillary mucins expressing STn, were used for screening by flow cytometry and ELISA, respectively. Both techniques showed that the antibodies produced by the L2A5 hybridoma had affinity and specificity for STn, although these were slightly different between batches. We then cloned the hybridoma cells by limiting dilution. The results allowed selecting the subclone 4E11 which produce antibody with the optimized characteristics. In case of sLeX, a novel antibody is being developed by immunizing mice with glycoproteins carrying sLeX. Mice serum was screened by ELISA and results showed the presence of sLeX-recognizing antibodies. Then the supernatants of hybridomas were screened by ELISA to select those producing a candidate monoclonal antibody that recognize sLeX . Both studies have contributed to the development of new monoclonal antibodies with potential use in the diagnosis and treatment of cancer

CRESCIMENTO ENDÓGENO, ENDIVIDAMENTO EXTERNO E CONTROLES DE CAPITAIS: UMA ANÁLISE A PARTIR DE UM MODELO MACRODINÂMICO PÓS-KEYNESIANO

The present article develops a post-keynesian macrodynamic model in which the growth rate of real income is an endogenous variable in order to analyze the effects of capital controls over macroeconomic performance of emergent economies. For such we start from the models developed by Oreiro (2004) and Oreiro and Guerberoff (2004). I this framework is possible to reevaluate the impact of capitals controls over long-term dynamics of emergent economies, taking in account possible interactions b capital controls and economic growth. The first important conclusion is that the capitals controls do not affect the stability properties of the long-run equilibrium positions of the model. The simulation results show that introduction of capitals controls is a useful policy to reduce the level of domestic interest rate, to raise economic growth, to increase the degree of capacity utilization and to reduce the level of external indebtedness. However, the deficit in current account was relatively higher with capitals controls.

Especulação imobiliária no bairro Altiplano Cabo Branco na cidade de João Pessoa - PB.

This research addresses the real estate speculation, very common phenomenon in several Brazilian cities. Currently primarily due to the vertical, the usual symbol of modernization and progress, combined with major cities, it is also linked to the accumulation and reproduction of capitalism. The neighborhood of Highland Cabo Branco, located in the eastern part of the city of João Pessoa-PB, is an example of vertical integration, modernization and urbanization, in which land speculation consolidates and increases gradually. Seek to understand the importance of vertical integration processes, which influence on the speculation of the Altiplano Cabo Branco process, contributing to the process of socio - urban space.A presente pesquisa aborda a especulação imobiliária, fenômeno muito comum em diversas cidades brasileiras. Atualmente tendo como principais fatores a verticalização, o costumeiro símbolo de modernização e progresso, associadas às grandes cidades, como também é vinculado à acumulação e reprodução do Capitalismo. O bairro do Altiplano Cabo Branco, localizado na zona Leste da cidade de João Pessoa-PB, é um exemplo de verticalização, modernização e urbanização, no qual a especulação imobiliária se consolida e aumenta gradativamente. Procuramos compreender a importância dos processos de verticalização, que influência no processo de especulação do Altiplano Cabo Branco, contribuindo com o processo de segregação sócio - espacial urbana

Macroeconomic Determinants of Bank Spread in Brazil: An Empirical Evaluation

Despite a decline in interest rates since mid-1999, bank spread in Brazil continues extremely high in international terms and in recent years has stood at around 40%. This paper analyses the determinants of bank spread in Brazil, seeking particularly to analyse the macroeconomic determinants of spread in recent times. It uses a VAR model to identify the macroeconomic variables that may directly or indirectly have been influencing spread in Brazil over the period 1994-2005. It presents evidence that interest rate levels and, to a lesser degree, the inflation rate are the main macroeconomic determinants of high bank spread in Brazil.Bank Spread, VAR models, Brazilian banking sector