Concentração e poder de mercado no sistema bancário brasileiro: uma análise pós-Plano Real

Abstract. The Brazilian banking system has undergone several changes after the Real Plan. One was the intensification of the process of acquisition and merger of banks as a strategy for the opening of the Brazilian market for institutions with foreign capital. As an example, in the first four years of the Real Plan the number of banks fell from 273 to 233, showing the movement of concentration. According to economic theory, the concentration leads to increased market power of the institutions. The objective of this study was to identify the concentration of the banking system and examine the relationship between concentration and market power in the major banks operating in Brazil. As a methodological base it used the degree of concentration to assess the level of concentration and the Lerner Index to assess the market power of the largest banks. With this methodology it was possible to prove that there is a positive relationship between concentration and market power in the years 2000-2007 for the three groups that were examined (assets, loans and deposits). In the remaining periods, from 1995 to 2000 and 2009 to 2014, the only indicator that showed a positive relationship was the CR(deposits) between 1995 and 2000. These relations can be explained by the economic situation of each season, as noted throughout this study.Keywords: national financial system, banks, concentration, market power, Lerner, CR.O sistema bancário brasileiro passou por diversas mudanças pós-Plano Real. Uma delas foi a intensificação do processo de aquisição e fusão dos bancos como estratégia à abertura do mercado brasileiro para instituições com capital externo. Como exemplo, nos primeiros quatro anos do Plano Real, o número de bancos passou de 273 para 233, evidenciando este movimento de concentração. Segundo a teoria econômica, a concentração leva ao aumento do poder de mercado das instituições. O objetivo deste trabalho foi identificar a concentração do sistema bancário e analisar a relação entre concentração e poder de mercado nos maiores bancos que atuam no Brasil. Como base metodológica utilizou-se o grau de concentração para avaliar o nível de concentração e o Índice de Lerner para avaliar o poder de mercado dos maiores bancos. Com essa metodologia foi possível comprovar que há uma relação positiva entre concentração e poder de mercado nos anos de 2000 a 2007 para os três grupos estudados (ativos, empréstimos e depósitos). Nos demais períodos, 1995 a 2000 e 2009 a 2014, o único indicador que demonstrou relação positiva foi o CR(depósitos) entre 1995 e 2000. Estas relações podem ser explicadas pelo cenário econômico de cada época, conforme consta no decorrer deste estudo.Palavras-chave: sistema financeiro nacional, ancos, concentração, poder de mercado, Índice de Lerner, Índice CR

DETERMINANTES DA ESTRUTURA DE CAPITAL E A GERAÇÃO DE VALOR: UMA APLICAÇÃO DO MÉTODO ESTRUTURAL DIFERENCIAL

This article aims to evaluate the ability to value generation of the companies that made initial primary offering of shares through the accounting ratios most used in the literature: accounting debt, current liquidity, tangibility, profitability, market to book, risk, size and growth . The evaluation was slice into three periods, given the different economic scenarios: i. 2004-2007; ii. 2007-2011; and iii. 2011 to 2014. The methodology structural differential method was applied, which has a number of advantages compared to the simple method of comparing value. In the analysis, econometric models were used by panel data analysis, with the intention to assess and quantify the correlation between the magnitude of the indices and the companies assessed value change. One can prove that some determinants (Liquidity, Market to Book Growth) presented the results expected by the theory, while others (Tangibility, Risk, Size) bucked the listed theoretical assumptions (Pecking Order, Trade Off and Agency Theory). Still, it was concluded that: (a) there was a greater generation of value of the companies that made IPO in 2007 to 2011; (B) the generation of value of all companies participating in the stock market follows a more standard distribution currently; and (c) factors such as accounting debt, liquidity, leverage, size and business risk were significant for the generation of the sample analyzed value.Este artigo tem como objetivo avaliar a capacidade de criação de valor das empresas que realizaram oferta primária inicial de ações, através dos índices contábeis mais utilizados pela literatura: endividamento contábil, liquidez corrente, tangibilidade, rentabilidade, market to book, risco, tamanho e crescimento. A avaliação foi dividida em três períodos, em virtude dos cenários econômicos distintos: i. 2004 a 2007; ii. 2007 a 2011; e iii. 2011 a 2014. Como metodologia, foi aplicado o método estrutural diferencial, o qual apresenta uma série de vantagens se comparado ao método simples de comparação de valor. Na análise dos índices, foram utilizados modelos econométricos mediante análise de dados em painel, com a intenção de avaliar e quantificar a correlação existente entre a magnitude dos índices e da alteração de valor das empresas avaliadas. Pode-se comprovar que alguns determinantes (Liquidez, Market to Book, Crescimento) apresentaram os resultados esperados pela teoria, enquanto outros (Tangibilidade, Risco, Tamanho) contrariaram os pressupostos teóricos elencados (Pecking Order, Trade Off e Teoria de Agência). Ainda, foi possível concluir que: (a) houve uma maior geração de valor das empresas que realizaram IPO no período de 2007 a 2011; (b) a geração de valor de todas empresas participantes da bolsa de valores segue uma distribuição mais padronizada atualmente; e (c) fatores como endividamento contábil, liquidez, tangibilidade, tamanho e risco do negócio foram significativos para a geração de valor da amostra analisada.

Atividade econômica e crédito: uma aplicação VAR/VEC sobre recursos livres e direcionados

Esta pesquisa objetiva analisar a relação entre atividade econômica e o crédito, analisando o impacto sofrido pelo crédito – dividido em recursos livres e direcionados – através de um choque na política monetária. Para tanto, apresenta um histórico sobre tais recursos, bem como implicações teóricas e estudos empíricos acerca dos instrumentos da política monetária atual. Como procedimento metodológico, se utilizou do modelo de vetores auto regressivos (VAR) e o modelo de correção de erros (VEC). Com essa metodologia foi possível comprovar que um aumento no nível de atividade econômica afeta, de formas distintas, os montantes de recursos livres e direcionados; uma vez que os recursos livres geraram uma resposta mais aderente a teoria econômica. Os resultados também confirmam o impacto negativo sofrido pelos recursos direcionados, frente a um choque nas taxas SELIC e TJLP. Por fim, o estudo possui um elevado grau de estabilidade, em que se inovou ao dividir o crédito para realização das funções impulso resposta

Cohort-based association study of germline genetic variants with acute and chronic health complications of childhood cancer and its treatment: Genetic Risks for Childhood Cancer Complications Switzerland (GECCOS) study protocol

INTRODUCTION: Childhood cancer and its treatment may lead to various health complications. Related impairment in quality of life, excess in deaths and accumulated healthcare costs are relevant. Genetic variations are suggested to contribute to the wide inter-individual variability of complications but have been used only rarely to risk-stratify treatment and follow-up care. This study aims to identify germline genetic variants associated with acute and late complications of childhood cancer. METHODS AND ANALYSIS: The Genetic Risks for Childhood Cancer Complications Switzerland (GECCOS) study is a nationwide cohort study. Eligible are patients and survivors who were diagnosed with childhood cancers or Langerhans cell histiocytosis before age 21 years, were registered in the Swiss Childhood Cancer Registry (SCCR) since 1976 and have consented to the Paediatric Biobank for Research in Haematology and Oncology, Geneva, host of the national Germline DNA Biobank Switzerland for Childhood Cancer and Blood Disorders (BISKIDS).GECCOS uses demographic and clinical data from the SCCR and the associated Swiss Childhood Cancer Survivor Study. Clinical outcome data consists of organ function testing, health conditions diagnosed by physicians, second primary neoplasms and self-reported information from participants. Germline genetic samples and sequencing data are collected in BISKIDS. We will perform association analyses using primarily whole-exome or whole-genome sequencing to identify genetic variants associated with specified health conditions. We will use clustering and machine-learning techniques and assess multiple health conditions in different models. DISCUSSION: GECCOS will improve knowledge of germline genetic variants associated with childhood cancer-associated health conditions and help to further individualise cancer treatment and follow-up care, potentially resulting in improved efficacy and reduced side effects. ETHICS AND DISSEMINATION: The Geneva Cantonal Commission for Research Ethics has approved the GECCOS study.Research findings will be disseminated through national and international conferences, publications in peer-reviewed journals and in lay language online

Taper models for Pinus elliottii, at different ages, in the region of Caçador - SC

Os objetivos deste trabalho foram ajustar e selecionar modelos de afilamento para estimar diâmetros a várias alturas e volume total, com e sem casca, de árvores de Pinus elliottii Engelm., na região de Caçador, SC, para estudar a forma dos fustes das árvores de diferentes idades. Ao todo, 78 árvores, com idades de 10, 18 e 27 anos, foram abatidas, cubadas rigorosamente e tiveram os seus volumes obtidos por meio do método de Smalian. Os modelos de afilamento testados foram os Polinômios de 2º e de 5º Graus e o Polinômio de Potências Fracionárias de Hradetzky. A função de afilamento que apresentou melhor desempenho para estimar o diâmetro com e sem casca ao longo do fuste das árvores foram baseadas no Polinômio de Potências Fracionárias de Hradetzky, para as idades de 10, 18 e 27 anos. O Polinômio de 2º Grau propiciou as melhores estimativas de volume total com casca para as idades de 10 e 27 anos e de volume total sem casca para as idades de 18 e 27 anos. Já o Polinômio de Potências Fracionárias apresentou melhores estimativas de volume com casca para 18 anos e de volume sem casca para árvores de 10 anos. Os fustes das árvores de Pinus elliottii apresentam melhor forma nas idades mais avançadas. AbstractTaper models for Pinus elliottii, at different ages, in the region of Caçador - SC. The research aims to fit and select taper models in order to estimate diameters at different heights and total volumes, inside and outside bark, of Pinus elliottii Engelm. trees, in the region of Caçador - SC, Brazil, as well as to analyze  behavior of stem form for trees at different ages. Altogether, 78 trees at 10, 18 and 27 years of age, had been cut and their volumes obtained by Smalian method. The taper models tested were the 2nd and 5th Degree Polynomial and the Hradetzky Polynomial of Fractioned Potencies. The best performance taper function for estimate diameters inside and outside bark throughout the stem were based on the Hradetzky Polynomial of Fractioned Potencies, for 10, 18 and 27 years of age. The 2nd Degree Polynomial provided the best estimates of outside bark volume for 10 and 27 years of age, and of inside bark volume for 18 and 27 years of age, although the Hradetzky Polynomial presented the best estimates of outside bark volume for 18 years of age and of inside bark volume for 10 years old trees. The stems of the Pinus elliottii trees present better form for the oldest tress.Keywords: Polynomial models; profile models; stem form.The research aims to fit and select taper models in order to estimate diameters at different heights and total volumes, inside and outside bark, of Pinus elliottii Engelm. trees, in the region of Caçador - SC, Brazil, as well as to analyze  behavior of stem form for trees at different ages. Altogether, 78 trees at 10, 18 and 27 years of age, had been cut and their volumes obtained by Smalian method. The taper models tested were the 2nd and 5th Degree Polynomial and the Hradetzky Polynomial of Fractioned Potencies. The best performance taper function for estimate diameters inside and outside bark throughout the stem were based on the Hradetzky Polynomial of Fractioned Potencies, for 10, 18 and 27 years of age. The 2nd Degree Polynomial provided the best estimates of outside bark volume for 10 and 27 years of age, and of inside bark volume for 18 and 27 years of age, although the Hradetzky Polynomial presented the best estimates of outside bark volume for 18 years of age and of inside bark volume for 10 years old trees. The stems of the Pinus elliottii trees present better form for the oldest tress

DESEMPENHO DE FUNÇÕES DE DENSIDADE PROBABILÍSTICAS PARA DESCREVER A DISTRIBUIÇÃO DIAMÉTRICA DE Pinus taeda, NA REGIÃO DE CAÇADOR, SC

ResumoO objetivo deste trabalho foi analisar as funções de densidade probabilísticas (FDP) Normal, Ln-Normal, Sb de Johnson, Weibull 3P, Gamma, Beta e Weber, para descrever as mudanças na estrutura diamétrica de povoamentos de Pinus taeda L., na região de Caçador (SC), em diferentes idades e classes de sítio. O processamento dos dados foi realizado por meio da ferramenta Solver, do software MS Excel 2010, a qual utiliza o algoritmo linear de gradiente reduzido generalizado (GRG) na interação dos parâmetros. Verificou-se que a FDP Sb de Johnson e Weibull 3 P apresentaram os melhores desempenhos. Para a avaliação da aderência das FDP, é recomendada a utilização das estatísticas R2, R2aj, syx e syx%, além do teste de Kolmogorov-Smirnov, em todos os casos, especialmente quando houver número de observações superior a 5.000. Geralmente, houve um aumento da amplitude dos valores dos diâmetros e um achatamento da distribuição diamétrica com o avanço da idade e com a melhora da produtividade do sítio. Com o progresso da idade, há um aumento dos valores do diâmetro máximo e do diâmetro modal das distribuições, para as classes de sítio de maior produtividade, porém o mesmo não ocorre para o sítio menos produtivo. AbstractPerformance of probability density functions in order to describe diameter distribution of Pinus taeda, in the region of Caçador, SC. This research aims to analyze probability of density functions (pdf) Normal, Ln-Normal, Johnson Sb, 3 P Weibull, Gamma, Beta and Weber in order to describe  diameter changes in Pinus taeda L. plantations structure, in the region of Caçador - SC, Brazil, at different age and site classes. The data processing was carried out by Solver tool of the software MSExcel2010, using the linear algorithm of generalized reduced gradient (GRG) for interaction of parameters. As result, Johnson Sb and 3PWeibull presented the best performances. For the pdf adherence evaluation, it was recommended the employment of R2, R2aj, syx e syx% statistics, besides the Kolmogorov-Smirnov test, in any situation, specially, when there is more than 5,000 observations. Generally, there was an increasing in the range of diameter values and a flatness of diameter distribution at advancing age and improvement of the site productivity. At age advancing, there was an increasing of maximum diameter and modal diameter values of distributions, for the higher productivity site classes, on the other hand, the same did not occur for the low productivity site class.Keywords: Horizontal structure; Kolmogorov-Smirnov test; probability density function; forestry site.This research aims to analyze probability of density functions (pdf) Normal, Ln-Normal, Johnson Sb, 3 P Weibull, Gamma, Beta and Weber in order to describe  diameter changes in Pinus taeda L. plantations structure, in the region of Caçador - SC, Brazil, at different age and site classes. The data processing was carried out by Solver tool of the software MSExcel2010, using the linear algorithm of generalized reduced gradient (GRG) for interaction of parameters. As result, Johnson Sb and 3PWeibull presented the best performances. For the pdf adherence evaluation, it was recommended the employment of R2, R2aj, syx e syx% statistics, besides the Kolmogorov-Smirnov test, in any situation, specially, when there is more than 5,000 observations. Generally, there was an increasing in the range of diameter values and a flatness of diameter distribution at advancing age and improvement of the site productivity. At age advancing, there was an increasing of maximum diameter and modal diameter values of distributions, for the higher productivity site classes, on the other hand, the same did not occur for the low productivity site class

GSTM1 and GSTT1 double null genotypes determining cell fate and proliferation as potential risk factors of relapse in children with hematological malignancies after hematopoietic stem cell transplantation.

PURPOSE This study aimed to retrospectively evaluate the genetic association of null variants of glutathione S-transferases GSTM1 and GSTT1 with relapse incidence in children with hematological malignancies (HMs) undergoing busulfan (BU)- containing allogeneic hematopoietic stem cell transplantation (HSCT) and to assess the impact of these variants on BU-induced cytotoxicity on the immortalized lymphoblastoid cell lines (LCLs) and tumor THP1 GST gene-edited cell models. METHODS GSTM1- and GSTT1-null alleles were genotyped using germline DNA from whole blood prior to a conditioning BU-based regimen. Association of GSTM1- and GSTT1-null variants with relapse incidence was analyzed using multivariable competing risk analysis. BU-induced cell death studies were conducted in GSTs- null and non-null LCLs and CRISPR-Cas9 gene-edited THP1 leukemia cell lines. RESULTS Carrying GSTM1/GSTT1 double null genotype was found to be an independent risk factor for post-HSCT relapse in 86 children (adjusted HR: 6.52 [95% Cl, 2.76-15.42; p = 1.9 × 10-5]). BU-induced cell death preferentially in THP1GSTM1(non-null) and LCLsGSTM1(non-null) as shown by decreased viability, increased necrosis and levels of the oxidized form of glutathione compared to null cells, while GSTT1 non-null cells showed increased baseline proliferation. CONCLUSION The clinical association suggests that GSTM1/GSTT1 double null genotype could serve as genetic stratification biomarker for the high risk of post-HSCT relapse. Functional studies have indicated that GSTM1 status modulates BU-induced cell death. On the other hand, GSTT1 is proposed to be involved in baseline cell proliferation

Supportive Care During Pediatric Hematopoietic Stem Cell Transplantation : Prevention of Infections. A Report From Workshops on Supportive Care of the Paediatric Diseases Working Party (PDWP) of the European Society for Blood and Marrow Transplantation (EBMT)

Specific protocols define eligibility, conditioning, donor selection, graft composition and prophylaxis of graft vs. host disease for children and young adults undergoing hematopoietic stem cell transplant (HSCT). However, international protocols rarely, if ever, detail supportive care, including pharmaceutical infection prophylaxis, physical protection with face masks and cohort isolation or food restrictions. Supportive care suffers from a lack of scientific evidence and implementation of practices in the transplant centers brings extensive restrictions to the child's and family's daily life after HSCT. Therefore, the Board of the Pediatric Diseases Working Party (PDWP) of the European Society for Blood and Marrow Transplantation (EBMT) held a series of dedicated workshops since 2017 with the aim of initiating the production of a set of minimal recommendations. The present paper describes the consensus reached within the field of infection prophylaxis.Peer reviewe

Global disparities in surgeons’ workloads, academic engagement and rest periods: the on-calL shIft fOr geNEral SurgeonS (LIONESS) study

: The workload of general surgeons is multifaceted, encompassing not only surgical procedures but also a myriad of other responsibilities. From April to May 2023, we conducted a CHERRIES-compliant internet-based survey analyzing clinical practice, academic engagement, and post-on-call rest. The questionnaire featured six sections with 35 questions. Statistical analysis used Chi-square tests, ANOVA, and logistic regression (SPSS® v. 28). The survey received a total of 1.046 responses (65.4%). Over 78.0% of responders came from Europe, 65.1% came from a general surgery unit; 92.8% of European and 87.5% of North American respondents were involved in research, compared to 71.7% in Africa. Europe led in publishing research studies (6.6 ± 8.6 yearly). Teaching involvement was high in North America (100%) and Africa (91.7%). Surgeons reported an average of 6.7 ± 4.9 on-call shifts per month, with European and North American surgeons experiencing 6.5 ± 4.9 and 7.8 ± 4.1 on-calls monthly, respectively. African surgeons had the highest on-call frequency (8.7 ± 6.1). Post-on-call, only 35.1% of respondents received a day off. Europeans were most likely (40%) to have a day off, while African surgeons were least likely (6.7%). On the adjusted multivariable analysis HDI (Human Development Index) (aOR 1.993) hospital capacity > 400 beds (aOR 2.423), working in a specialty surgery unit (aOR 2.087), and making the on-call in-house (aOR 5.446), significantly predicted the likelihood of having a day off after an on-call shift. Our study revealed critical insights into the disparities in workload, access to research, and professional opportunities for surgeons across different continents, underscored by the HDI