Social disclosure and cost of equity in public companies in Brazil

Esta pesquisa tem por objetivo analisar a relação entre o nível de social disclosure e o custo de capital próprio em companhias abertas no Brasil. Assume-se a hipótese de que os programas sociais externos promovidos ou apoiados pelas empresas contribuem para a construção da imagem reputacional das organizações, compensando as externalidades, trazendo benefícios sob o ponto de vista econômico, pela relação negativa com o custo do capital. Para testar essa hipótese, foram coletados e analisados os relatórios de responsabilidade social de 83 empresas listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBovespa), no período de 2005 a 2009. Para avaliação do nível de social disclosure das empresas analisadas, foi utilizado um índice composto de 13 indicadores. O custo de capital próprio foi ajustado ao risco mediante o Capital Asset Pricing Model (CAPM) e testado por meio de regressão com dados em painel com efeitos fixos seccionais. Os resultados evidenciam que há relação negativa entre custo de capital próprio e nível de social disclosure, indicando, para o mercado acionário brasileiro, uma forma semiforte de eficiência de mercado. _________________________________________________________________________________ ABSTRACTThis study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM&FBovespa) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency

Nitric oxide photorelease from hydrogels and from skin containing a nitro-ruthenium complex

Nitric oxide (NO) is a gaseous molecule that has specific functions dictated by its localization and its kinetics of release. As NO-donors have a range of potential uses in the skin, much attention has been paid to the development of topical NO delivery systems. The aim of this work was to study the release rate and the skin penetration of the NO-donor cis[Ru(NO(2))(bpy)(2)(4-pic)](+) from different gel formulations and their potential as topical NO delivery systems under light stimuli. Among the formulations developed, the anionic gel retarded the nitro-ruthenium complex diffusion and also obstructed NO release after light irradiation. On the other hand, NO release before light irradiation was observed when the complex was dispersed in the cationic chitosan gel, possibly due to oxi-redox reactions between the amino groups of the polymer and the drug molecule. Finally, the non-ionic gel released the NO after light irradiation to the same extent as a drug aqueous solution at the same pH. The drug dispersed in this gel also penetrated into the stratum corneum skin layer, and the nitro-ruthenium complex present in the skin was able to release the NO after light stimuli, suggesting the potential use of this formulation as a topical NO delivery system. (C) 2010 Elsevier B.V. All rights reserved.CNPq (Conselho Nacional de Desenvolvimento Tecnologico)FAPESP (Fundacao de Amparo a Pesquisa do Estado de Sao Paulo

Developing critical thinking skills through gamification

Misinformation as well as the proliferation of fake news has been a problem during COVID-19 pandemic. This has affected many vulnerable communities in Brazil. The ability to understand and sort out pieces of reliable information and fake news has become a fundamental cognitive skill. In this study we report on the development of a serious game (a card-based role-playing game) using Brazilian folk heroes aimed to develop critical thinking skills to empower vulnerable communities affected by misinformation and fake news. Four groups located in the city of Goiânia (Brazil) participated in this research: one group of people experiencing homelessness; two groups of favela residents (one urban and one in the suburbs) and one group of recyclable material collectors from a cooperative. We gained entry and built trust with each of these groups and worked together for 10 months during the pandemic. We conducted participatory observations, individual interviews with each participant and discussed their daily interaction with information, specifically in the context of the covid-19 pandemic. The analyses of the observations and interview data gave us a glimpse of the communicative needs of the groups. Inserting players into a narrative where they can make decisions based on critical thinking and their own reflections on the pandemic was important for building knowledge and developing critical thinking in these communities. The nature of the game (interactive and cooperative) allowed participants to focus on problem-solving skills and group work. It encouraged them to use real-life knowledge and skills to solve the fictional problems presented by the narrative

A national study of practice patterns in UK renal units in the use of dialysis and conservative kidney management to treat people aged 75 years and over with chronic kidney failure

Background: conservative kidney management (CKM) is recognised as an alternative to dialysis for a significant number of older adults with multimorbid stage 5 chronic kidney disease (CKD5). However, little is known about the way CKM is delivered or how it is perceived.Aim: to determine the practice patterns for the CKM of older patients with CKD5, to inform service development and future research.Objectives: (1) To describe the differences between renal units in the extent and nature of CKM, (2) to explore how decisions are made about treatment options for older patients with CKD5, (3) to explore clinicians’ willingness to randomise patients with CKD5 to CKM versus dialysis, (4) to describe the interface between renal units and primary care in managing CKD5 and (5) to identify the resources involved and potential costs of CKM.Methods: mixed-methods study. Interviews with 42 patients aged >?75 years with CKD5 and 60 renal unit staff in a purposive sample of nine UK renal units. Interviews informed the design of a survey to assess CKM practice, sent to all 71 UK units. Nineteen general practitioners (GPs) were interviewed concerning the referral of CKD patients to secondary care. We sought laboratory data on new CKD5 patients aged >?75 years to link with the nine renal units’ records to assess referral patterns.Results: sixty-seven of 71 renal units completed the survey. Although terminology varied, there was general acceptance of the role of CKM. Only 52% of units were able to quantify the number of CKM patients. A wide range reflected varied interpretation of the designation ‘CKM’ by both staff and patients. It is used to characterise a future treatment option as well as non-dialysis care for end-stage kidney failure (i.e. a disease state equivalent to being on dialysis). The number of patients in the latter group on CKM was relatively small (median 8, interquartile range 4.5–22). Patients’ expectations of CKM and dialysis were strongly influenced by renal staff. In a minority of units, CKM was not discussed. When discussed, often only limited information about illness progression was provided. Staff wanted more research into the relative benefits of CKM versus dialysis. There was almost universal support for an observational methodology and a quarter would definitely be willing to participate in a randomised clinical trial, indicating that clinicians placed value on high-quality evidence to inform decision-making. Linked data indicated that most CKD5 patients were known to renal units. GPs expressed a need for guidance on when to refer older multimorbid patients with CKD5 to nephrology care. There was large variation in the scale and model of CKM delivery. In most, the CKM service was integrated within the service for all non-renal replacement therapy CKD5 patients. A few units provided dedicated CKM clinics and some had dedicated, modest funding for CKM.Conclusions: conservative kidney management is accepted across UK renal units but there is much variation in the way it is described and delivered. For best practice, and for CKM to be developed and systematised across all renal units in the UK, we recommend (1) a standard definition and terminology for CKM, (2) research to measure the relative benefits of CKM and dialysis and (3) development of evidence-based staff training and patient education intervention