Irony in American postmodern cinema

Walter Ong’s suggestion that since irony “depends on tone and distance […] movies cannot achieve the tonal complexities of literature, so cinematic irony can never reach the height of verbal irony” (Ong 18) hinges on a conception of the cinematic image as relatively void of meaning and closer to its represented content when compared to written text. Out of a great influx of action blockbusters, however, a film like Starship Troopers still stands out as especially precarious—either subversive or quietistic—due to its appropriation of signs ripped from Triumph of the Will. These signs are cinematic—conventional ways of framing and shooting, like the shot/reverse shot method used in filming Jenkins and his soldiers—and they do not pertain to any single shot, as no shot has been completely copied from the Riefenstahl film; rather, they refer to the rhythm and sequence of the propaganda shots that are repeated to provoke a specific cinematic memory. The “tone and distance” needed for irony reside in this cinematic intertext. In fact, Ong’s insistence that cinematic irony depends on its “overwhelming visualism” (17) testifies to what Noël Carroll calls the “medium-specificity” fallacy. (see Carroll 2008) In Dangerous Liaisons, for example, the gaze is used as a tool for adapting the text into the cinematic medium, but the letters are preserved as well, both as text—via voiceover and the actors reading them out aloud—and as physical object. By being encoded within the film, they become cinematic elements as well. In Traffic and Inglourious Basterds, the use of color filters and familiar Nazi imagery, respectively, help construct a hierarchy or a difference which, at first, appears to anchor the viewer in a specific ideological perspective. As the films progress, however, a Bordwellian reader resistance comes into play, and this anchoring visualism ends up being the very thing ironized. Cinematic vision is text, they seem to say, and just as vulnerable to irony’s instability. Irony is unstable, but also directed. When someone identifies a cinematic irony, they are constructing an intertextual network like the one described by Hutcheon in the case of Henry V and its film adaptations. (see Hutcheon 1994, 65) An author like Steven Soderbergh can even use this knowledge to create a filmic opus that is dialogized not only within the diegetic universe of a specific film, among the characters—like in Contagion, which I’ve tried to demonstrate by analyzing which questions each character is asking about the central plot device—but also within the film’s intertextual network, as it challenges (and is challenged by) other films’ logical structures—like when the viewer’s desire to reify the cartels in Traffic as the ethical “other” is put in contrast to the various ways characters in Contagion narrativize the plague to themselves. Hutcheon (1994) uses the term “edge” when discussing defining characteristics of irony. It is a metaphor for the instability of irony and points to the effect of irony on those ironized. It also points to a certain risk inherent in irony, as what is at stake in it is never a specific meaning, but an “inclusive and relational” (12) meaning: inclusive because it is not a matter of one meaning displacing another, but of multiple meanings being present at once; relational because the individual meanings present in the ironic meaning are constructed differentially, in relation to each other. Ultimately, any dismissal of cinematic irony or championing of verbal irony like Ong’s fails to see these two characteristics, and instead conceives of irony as fundamentally instrumental, a tool that either exhumes a present meaning behind a given sign or engages in a politics of displacement of meaning; of course, in this conception, verbal irony is seen as the finer tool. But irony is unwieldy, and always gets unwanted results, precisely because results are not what is at stake in irony: what is at stake is an inclusion, an opening up, an affirmation of the plural, playful, dynamic and dialogic nature of any sign, be it word or image

Novel laser-based photothermal methods of chemical analysis

University of Nova Gorica (UNG) provides access to knowledge, high quality education and incorporates nine different main research areas. One of them is covered by the Laboratory for Environmental Research which conducts basic and applied research in different areas of environmental sciences such as the investigation of photochemical and microbial degradation, and transport of pollutants in the environment; the development of laser-based methods, bioanalytical methods, and ecotoxicological tests for the identification and determination of toxic compounds and their effects on the environment; the development of new materials for applications in environmentally friendly technologies as well as the research in molecular biology and neurobiology. All in all, the main stream of our scientific work in TRANS2CARE project will be related to novel laser-based photothermal methods of chemical analysis coupled to bioanalytical assays and flow injection analysis

Antioxidative blood status assessment by the free bilirubin assay

Bilirubin is an endogenous antioxidant in the human blood. While measurement of a total serum bilirubin, comprising of protein-bound (indirect bilirubin) and bilirubin glucuronide (direct bilirubin), is a routine clinical test, direct determination of free bilirubin represents an analytical challenge. Free bilirubin, which is the bioactive form, accounts for a minor fraction (<100 nM). Here we show the direct analysis of free bilirubin in human and animal blood serum samples using a state-of-the-art system comprised of newly developed high-performance liquid chromatography (HPLC) on reversed-phase (RP) C18 support coupled with thermal lens spectrometric detection (TLS), based on excitation wavelength of 457.9 nm using argon laser. The method excels in ultra-high sensitivity with limit of detection (LOD) and limit of quantitation (LOQ) of 90 pM and 250 pM, respectively. As a result, we present here the direct assay of free bilirubin in serum (around 10 nM), which can be employed as an assessment of antioxidative blood status

Bilirubin is an Endogenous Antioxidant in Human Vascular Endothelial Cells

Bilirubin is a standard serum biomarker of liver function. Inexplicably, it is inversely correlated with cardiovascular disease risk. Given the role of endothelial dysfunction in originating cardiovascular diseases, direct analysis of bilirubin in the vascular endothelium would shed light on these relationships. Hence, we used high-performance liquid chromatography coupled with thermal lens spectrometric detection and diode array detection for the determination of endogenous cellular IX\u3b1-bilirubin. To confirm the isomer IX\u3b1-bilirubin, we used ultra-performance liquid chromatography coupled with a high-resolution mass spectrometer using an electrospray ionization source, as well as tandem mass spectrometric detection. We measured bilirubin in both arterial and venous rat endothelium (0.9\u20131.5 pmol mg 121 protein). In the human endothelial Ea.hy926 cell line, we demonstrated that intracellular bilirubin (3\u20135\u2009pmol mg 121 protein) could be modulated by either extracellular bilirubin uptake, or by up-regulation of heme oxygenase-1, a cellular enzyme related to endogenous bilirubin synthesis. Moreover, we determined intracellular antioxidant activity by bilirubin, with EC50\u2009=\u200911.4\u2009\ub1\u20090.2\u2009nM, in the range of reported values of free serum bilirubin (8.5\u201313.1\u2009nM). Biliverdin showed similar antioxidant properties as bilirubin. We infer from these observations that intra-endothelial bilirubin oscillates, and may thus be a dynamic factor of the endothelial function

BNDES loans and the financial constraints of Brazilian publicly traded companies

Purpose – The purpose of this paper is to analyze whether companies that contracted loans from the Brazilian National Bank for Economic and Social Development (BNDES) between 2002 and 2014 were able to invest more than companies that did not. The literature on financial constraints, particularlythat based on the investment-cash flow sensitivity model, is among the most studied and controversial in the area of finance, and the discussion on the role of development banks is equally controversial.Design/methodology/approach – The main econometric model of this study was based on the investment-cash flow sensitivity model, with the incorporation of a binary variable that captures the role of the BNDES. This model is applied to a sample of companies listed on the B3 from 2002 to2014.Findings – This study shows that loans from the BNDES amplify the effects of cash flow on investments, generating a kind of credit multiplier. An important role of development banks is to reduce the financial constraints typical of developing countries.Research limitations/implications – The use of the cash flow sensitivity model in companies that contracted loans from the BNDES is a relevant instrument to test the effect of the BNDES on companies with financial constraints.Practical implications – The contracting of BNDES loans by companies can affect both capital structure and cash generation, particularly in companies or years in which there was financial constraint.Social implications – Due to the nature of the BNDES as a development bank, there are ramifications in terms of the generation of employment and income inherent to the mission of this type of institution. Knowing the multiplier effect on the cash flow potential of companies has a direct impact on their preservation, enabling themto maintain and expand the supply of jobs.Originality/value – This study is the first to integrate two important areas of study. From the theoretical perspective, this study provides evidence on the relationship between the BNDES and company financial constraints that open new avenues of research. From the managerial point of view, the evidence of the multiplier effect is highly important for the management of the capital structure and cash flow of companies

O Fator de Risco Lucro/Preço em Modelos de Precificação de Ativos Financeiros

This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low) earnings/price ratios have higher (lower) risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.Este artigo integra as ideias de duas linhas de pesquisa sobre custo de capital próprio e precificação de ativos: modelos multifatoriais e modelos ex ante. Utilizamos o índice lucro/preço como um indicador para o custo de capital próprio ex ante, a fim de explicar os retornos realizados por empresas brasileiras no período de 1995 a 2013. O achado inicial foi que as ações com altos (baixos) índices lucro/preço têm maiores (menores) retornos realizados ajustados ao risco, controlados pelo beta do CAPM. Os resultados mostram que a seleção de ações com base em altos índices lucro/preço levou a retornos ajustados ao risco significativamente maiores no mercado brasileiro, com retornos anormais médios próximos a 1,3% ao mês. Desenvolvemos modelos de precificação que incluem um fator de risco lucro/preço, com base no modelo de três fatores de Fama e French. Concluímos que tal fator de risco é relevante para explicar os retornos das carteiras, mesmo quando controlado pelo porte e pelo índice valor de mercado/patrimônio líquido. Os modelos que incluem o fator de risco lucro/preço foram superiores para explicar os retornos de ações no Brasil quando comparados ao CAPM e ao modelo de três fatores de Fama e French, apresentando o menor número de interceptos significativos. Esses resultados podem decorrer do impacto da inflação historicamente elevada no Brasil, que reduz o conteúdo informativo do valor do patrimônio líquido, tornando, assim, os modelos baseados em índices lucro/ preço superiores. Tais resultados são diferentes dos obtidos em mercados mais desenvolvidos e a superioridade do índice lucro/preço para precificação de ativos também pode existir em outros mercados emergentes

Há Diferença de Restrição de Crédito para Empresas de Capital Aberto e Fechado no Brasil? Evidência Empírica pela Abordagem do Cash Flow Sensitivity

This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.Este artigo analisa a restrição de crédito pela abordagem do cash flow sensitivity (relação entre fluxo de caixa e investimento) para empresas de capital fechado e de capital aberto de 2007 a 2010. De acordo com essa abordagem, os resultados econométricos mostram que a restrição ao crédito é a mesma para empresas de capital aberto e de capital fechado. O presente trabalho procura contribuir para a literatura uma vez que os autores não encontraram estudos de cash flow sensitivity para empresas de capital fechado no Brasil

Governança Corporativa e Custo de Capital Próprio no Brasil

Resumo Este trabalho busca analisar a relação entre as boas práticas de governança corporativa e o custo de capital próprio em empresas brasileiras de capital aberto, investigando se as empresas que adotam tais boas práticas possuem um menor custo de capital próprio associado quando comparadas às empresas que não as adotam. Para o cálculo do custo de capital próprio foram utilizados o CAPM e o Modelo de Três Fatores com o intuito de verificar se a relação com as práticas de governança independe do método adotado. Foi encontrada uma relação positiva do custo de capital próprio, medido pelo CAPM, com as empresas que adotam qualquer um dos níveis diferenciados de governança corporativa, ou seja, o custo de capital próprio se mostrou maior para empresas que aderiram a tais práticas. Palavras-chave: Governança corporativa. Custo de capital próprio. CAPM. Modelos de Três Fatores. Abstract This paper analyzed the relationship between good corporate governance practices and the cost of equity capital in Brazilian companies open, investigating whether companies that adopt these best practices have a lower cost of capital when compared to associated companies not to adopt. To calculate the cost of equity was used the CAPM and the three factors model in order to verify whether the relationship with the practices of governance independent of the method adopted. We found a positive relationship of the cost of equity, measured by the CAPM, with the companies that adopt any of the different levels of corporate governance, ie the cost of equity was higher for companies that joined in such practices. Keywords: Corporate Governance. Cost of equity. CAPM. Three factors model

Estimação de betas de ações com baixa liquidez

This paper examines the procedure to estimate betas for firms whose shares are not traded every day. Betas are estimated by three methods: repetition of the last quotation (RUC), trade-to-trade (TT) and Scholes-Williams’ adjustment (SW). There are three return intervals: daily, weekly and monthly. The objective is to verify the consistency of the betas estimated by the different calculation methods and the different return intervals. The results indicate that for shares not traded every day, the betas could be estimated with better precision by the TT method with daily intervals.Este artigo examina o procedimento de estimação de betas para empresas cujas ações não são negociadas todos os dias. Os betas são estimados para 3 métodos: &nbsp;repetição da última cotação (RUC), trade-to-trade (TT) e ajuste de Scholes e Williams (SW). Há 3 periodicidades de retorno: diária, semanal e mensal. O objetivo é verificar a consistência dos betas estimados nos diferentes métodos de cálculo e nas diferentes periodicidades de retorno, com base em dados simulados. Os resultados indicam que, para ações que não negociam todos os dias, os betas podem ser estimados com melhor precisão com o método TT para periodicidade diária

Antecedentes e Consequências da Participação de Advisor em Fusões e Aquisições

Fusões e Aquisições (F&A) é um assunto extensamente estudado na literatura internacional de finanças. Uma questão em aberto é o papel e impacto da participação de um advisor para auxiliar no processo de negociação. A literatura concentra-se no estudo do mercado americano com características diferentes de um mercado emergente com firmas de propriedade concentrada. Utilizando dados de 7.302 operações brasileiras, este artigo investiga o papel da presença de advisors no tempo de negociação e a taxa de sucesso, bem como identifica características das transações que sejam determinantes para sua participação. Por meio de regressão linear e logística, constatou-se que as transações que contam com a participação de advisors têm (a) um maior tempo de transação, tradicionalmente associado a eles terem um papel ativo, (b) uma maior taxa de sucesso. Adicionalmente, constatou-se que a probabilidade de participação de um advisor aumenta com a complexidade e porte do negócio, com a experiência anterior com F&A da adquirente e quando o pagamento é totalmente em ações