Donating Fresh versus Frozen Embryos to Stem Cell Research: In Whose Interests?

Some stem cell researchers believe that it is easier to derive human embryonic stem cells from fresh rather than frozen embryos and they have had in vitro fertilization (IVF) clinicians invite their infertility patients to donate their fresh embryos for research use. These embryos include those that are deemed \u27suitable for transfer\u27 (i.e. to the woman\u27s uterus) and those deemed unsuitable in this regard. This paper focuses on fresh embryos deemed suitable for transfer - hereafter \u27fresh embryos\u27- which IVF patients have good reason not to donate. We explain why donating them to research is not in the self-interests specifically of female IVF patients. Next, we consider the other-regarding interests of these patients and conclude that while fresh embryo donation may serve those interests, it does so at unnecessary cost to patients\u27 self-interests. Lastly, we review some of the potential barriers to the autonomous donation of fresh embryos to research and highlight the risk that female IVF patients invited to donate these embryos will misunderstand key aspects of the donation decision, be coerced to donate, or be exploited in the consent process. On the basis of our analysis, we conclude that patients should not be asked to donate their fresh embryos to stem cell research

Fatores determinantes da estrutura de capital das maiores empresas que atuam no Brasil Determinant factors of capital structure for the largest companies active in Brazil

Estrutura de capital é um tema ainda controverso em teoria de finanças. Desde a discussão entre a teoria tradicional, que defende a existência de uma estrutura de capital ótima que leva à maximização do valor da empresa, e a proposta por Modigliani e Miller (1958), que considera que o valor da empresa não é afetado pela forma como ela é financiada, diversos estudos empíricos têm sido realizados com o objetivo de identificar os fatores que explicam a forma como as empresas se financiam. Esta pesquisa analisa a estrutura de capital das maiores empresas que atuam no Brasil, investigando a relação entre o nível de endividamento e os fatores apontados pela teoria como seu determinante. O estudo é baseado em dados contábeis extraídos das demonstrações financeiras de empresas de capital aberto e de empresas de capital fechado. A técnica estatística utilizada no estudo é a regressão linear múltipla. Os resultados indicam que os fatores risco, tamanho, composição dos ativos e crescimento são determinantes da estrutura de capital das empresas, enquanto que o fator rentabilidade não é determinante. Os resultados, também, mostram que o nível de endividamento da empresa não é afetado pelo fato de ela ser de capital aberto ou de capital fechado.<br>Capital structure is still a still controversial issue in finance theory. Since the discussion between traditional theory, which asserts the existence of an optimal capital structure that maximizes the firm’s value, and Modigliani and Miller’s theory (1958), which considers that the value of a firm is unaffected by how it is financed, many empirical studies have been carried out to identify the factors that explain how a firm finances itself. This research analyses the capital structure of the largest firms in Brazil and investigates the relationship between the leverage ratio and the factors indicated by theory as determinant. The study is based on accounting data extracted from the financial statements of publicly traded and private companies. Multiple linear regression was applied as a statistical technique. The results indicate that risk, firm size, fixed assets and growth are determinants of the firms’ capital structure, while profitability is not a determinant factor. The results also show that the firms’ leverage is unaffected by whether a firm is publicly-traded or private