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

Survey of plants popularly used for pain relief in Rio Grande do Sul, southern Brazil

Ethnobotanical data can be an important tool in the search for new drugs. The Brazilian Health Surveillance Agency accepts the registration of herbal medicines based on ethnopharmacological and ethnobotanical studies. With the purpose of increasing the knowledge of potentially useful plants for the treatment of painful conditions, we analyzed the ethnobotanical studies carried out in Rio Grande do Sul state (RS-Southern Brazil); we had access to nineteen studies. To our knowledge, this is the first compilation of ethnobotanical studies that focus on pain relief carried out in RS. The species native to RS cited in at least nine (about 50%) of these studies were selected. The search retrieved 28 native species cited as used to alleviate painful conditions, which are distributed in eighteen botanical families, being Asteraceae the most mentioned. The species more frequently cited for pain relief were Achyrocline satureioides, Baccharis articulata, Baccharis crispa, Lepidium didymum, Eugenia uniflora and Maytenus ilicifolia. The only species not reported in any pre-clinical study associated with pain relief was B. articulata. Among the six species cited, no studies on clinical efficacy were found. In conclusion, the folk use of native plants with therapeutic purposes is widespread in RS State (Brazil), being pain relief an important property. Keywords: Ethnobotany, Folk medicine, Pain, South Brazi

Aquatic vascular plants as handicraft: a case study in southern Brazil

<div><p>ABSTRACT This study aimed to evaluate knowledge about and the usage and importance of aquatic vascular plants (AVPs) in the production of handicrafts by communities on the north coast of the state of Rio Grande do Sul in southern Brazil. The snowball technique was employed to locate people who use and have knowledge regarding the use of AVPs for handicrafts. Data were collected through semi-structured interviews and guided tours with 35 interviewees who were involved in artisanal activity at the time of the study. The data were analyzed using the importance value (IV) index and the consensus value for the forms of use (CMU). The Spearman correlation test (rs) was employed to determine the correlations of each social variable with the knowledge variables, and Mann-Whitney U tests to verify whether men and women exhibited differences in knowledge. The interviewees cited 16 AVPs that were employed in 17 types of handicrafts, among which the four main species were Schoenoplectus californicus, Typha domingensis, T. latifolia and Androtrichum giganteum. Interviewee age, residence time on site and time working with handicrafts were the main social parameters that described the level of knowledge and use of AVPs. These AVPs reflect cultural knowledge and complement family incomes.</p></div

Microbial Source Tracking for Identification of Fecal Pollution

Fecal pollution is a serious environmental problem that affects many coastal and inland waters worldwide. Both human and animal fecal pollution impose risks to human health from exposure to pathogenic bacteria, viruses, and protozoa. To assist authorities with the implementation of the changes suggested by more restricted legislation concering water quality in Europe, methods are needed which can identify the sources of fecal pollution. Management of fecal contamination of water would be improved if the origin of the fecal pollution could be correctly identified since remediation efforts could then be allocated in a more effective manner. The concept that the origin of fecal pollution can be traced has been termed microbial source tracking. In microbial source tracking (MST) endogenous markers of fecal sources are used for identification of the fecal pollution in aquatic environments. Chemical MST-methods can be used to trace mainly sewage pollution, but the used chemical targets have no direct relationship with pathogenic bacteria. This is not the case in microbial MST-methods where source-specific bacteria or viruses are cultured to identify fecal pollution sources. However, sometimes these microbial targets can be present in too low numbers to be detected. This is circumvented by using molecular assays for host-specific marker detection. Phenotypic and genotypic library-based methods can be used to discriminate among different fecal sources. However, the isolation step makes this procedure very labour-intensive, and issues as temporal and geographical variability remain unresolved. The underlying assumptions will be discussed and the methods mostly used in microbial source tracking will be described in more detai