The Financial Crisis and the Regulation of Credit Rating Agencies : A European Banking Perspective

Credit rating agencies (CRAs) bear some responsibility for the financial crisis that started in 2007 and remains ongoing. This is acknowledged by policymakers, market participants, and by the agencies themselves. It soon became clear that, given the depth of the crisis, CRAs would not be able to satisfy policymakers by eliminating flaws in their rating methods and improving corporate governance. Although the CRAs were more or less unregulated before the outbreak of the financial crisis, after the crisis started, politicians became increasingly vocal in demanding regulation. Initially, these demands were confined to a more binding form of self-regulation. But as the crisis progressed, the calls for state regulation grew ever louder. It became apparent after the November 2008 G-20 summit in Washington that state regulation could no longer be avoided. In Europe, the course had been set in this direction even before then. Since European policymakers saw the crisis as evidence that the Anglo-Saxon approach to the financial markets had failed, they believed they were now strongly placed to have a decisive influence on shaping a new international financial order. It is remarkable to note the shift in European policy from a self-regulatory approach, which was comparatively liberal in international terms, to quite rigorous state regulation of CRAs. Both the European Commission and the European Parliament drew up far-reaching plans. Although European policymakers knew that only globally consistent regulation would be appropriate for a new world financial order, their initial draft legislation was geared more toward stand-alone European regulation. While the final version of the European Union Regulation on Credit Rating Agencies focuses firmly on the European arena, the key point for all market participants is that this is unlikely to have an adverse effect on the global ratings market. It must nevertheless be recognized that the scope of the selected regulatory approach is extremely narrow. Certainly, it has the potential to improve the corporate governance of CRAs and prevent conflicts of interests. But it can do nothing to address the repeated calls for greater competition or for CRAs to be made liable for their ratings.credit rating agencies, financial crisis, financial regulation, European Regulation

The Financial Crisis and the Regulation of Credit Rating Agencies: A European Banking Perspective

Credit rating agencies (CRAs) bear some responsibility for the financial crisis that started in 2007 and remains ongoing. This is acknowledged by policymakers, market participants, and by the agencies themselves. It soon became clear that, given the depth of the crisis, CRAs would not be able to satisfy policymakers by eliminating flaws in their rating methods and improving corporate governance. Although the CRAs were more or less unregulated before the outbreak of the financial crisis, after the crisis started, politicians became increasingly vocal in demanding regulation. Initially, these demands were confined to a more binding form of self-regulation. But as the crisis progressed, the calls for state regulation grew ever louder. It became apparent after the November 2008 G-20 summit in Washington that state regulation could no longer be avoided. In Europe, the course had been set in this direction even before then. Since European policymakers saw the crisis as evidence that the Anglo-Saxon approach to the financial markets had failed, they believed they were now strongly placed to have a decisive influence on shaping a new international financial order. It is remarkable to note the shift in European policy from a self-regulatory approach, which was comparatively liberal in international terms, to quite rigorous state regulation of CRAs. Both the European Commission and the European Parliament drew up far-reaching plans. Although European policymakers knew that only globally consistent regulation would be appropriate for a new world financial order, their initial draft legislation was geared more toward stand-alone European regulation. While the final version of the European Union Regulation on Credit Rating Agencies focuses firmly on the European arena, the key point for all market participants is that this is unlikely to have an adverse effect on the global ratings market. It must nevertheless be recognized that the scope of the selected regulatory approach is extremely narrow. Certainly, it has the potential to improve the corporate governance of CRAs and prevent conflicts of interests. But it can do nothing to address the repeated calls for greater competition or for CRAs to be made liable for their ratings.regulation credit rating agencies; europe credit rating agency; european bank financial crisis; financial crisis; credit rating agency

Particle phase dynamics in a circulating fluidized bed riser

This thesis is focused on the particle phase dynamics in a circulating fluidized bed riser (CFB). Fluidized beds are commonly encountered in many industrial applications such as drying and coating of particles, polimerizations, combustion and gasification of coal and biomass, gasoil fluid catalytic cracking. Given the importance of the physical understanding about CFBs, in this work experiments and simulations are carried out to explore, describe and predict the upward gas-solid flow in pilot scale. Therefore, the Pilot Unit of Riser and Cyclones was designed and built, as well as its control and optical measuring systems, the last one by using Phase Doppler Anemometry (PDA). Besides that, the flow was solved by Computational Fluid Dynamics, as the second pillar on which this thesis is based, through the solution of an Eulerian-Lagrangian unsteady point-particle model, with inter-particles collisions and impact on rough walls, implemented on the in-house code UNSCYFL3D. The results from both experiments and simulations have shown the macro- and meso-scale structures formation, caused by geometrical and fluid dynamics effects, respectively. Particle phase flow segregation occurs near the particle inlet and also recirculation at the top of the riser, due to the T shape outlet. The PDA results show the core-annulus structure formation from the bottom of the riser in the higher mass loadings, the tendency of radial and axial segregation of particle diameters and the particle deposition near the riser wall, where the discrete phase has higher velocity fluctuations. On the other hand, the simulation results show little influence of Saffman and Magnus forces over the particles flow, however great impact of the roughness wall model and of the turbophoresis effect. About the model validation, good agreement is found mainly to particle concentration at the riser centre and to the particle phase axial velocity.CNPq - Conselho Nacional de Desenvolvimento Científico e TecnológicoTese (Doutorado)A presente tese e voltada à investigação da dinâmica das partículas em um riser de leito fluidizado circulante (CFB). Os leitos fluidizados sao comumente encontrados em aplicações de diversas areas industriais, como na secagem e revestimento de partículas, na polimerizaçao, na combustao e gaseificacao de carvão ou biomassa, no craqueamento catalítico de gasóleo. Dada a importancia da compreensão fenomenologica dos mecanismos que ocorrem nestes equipamentos, este trabalho utiliza de experimentacães física material e numerica para investigar, descrever e prever o escoamento gas-solido ascendente em escala piloto. Para isso, a Unidade Piloto de Riser e Ciclones foi projetada e construída, bem como seu controle e sistema de medicão optica, a Anemometria por Efeito Doppler (PDA). O escoamento tambem foi avaliado por Fluidodinamica Computacional, como um segundo pilar sobre o qual a presente tese esta suportada, atraves da solucao de um modelo matematico euleriano-lagrangeano transiente de partícula pontual, que considera colisães entre partículas e delas com paredes rugosas do riser, implementado no codigo UNSCYFL3D. Os resultados de ambas simulacoes física material e numerica dos estudos de caso propostos, evidenciaram a formaçcaão de estruturas de macro e mesoescala, derivadas de efeitos geometricos e fluido dinâmicos, respectivamente. Ocorre segregacao do escoamento da fase sólida na base do riser e recirculacao no topo, devido a saída em T. A PDA evidenciou: a formacao da estrutura core-annulus desde a alimentacao das partículas nos maiores carregamentos, a tendâencia de segregaçcãao radial e axial de diametros de partículas e a deposiçao nas regioes próximas à parede, onde as partículas tem maior flutuacao de velocidade. As soluçoes numericas indicaram pouca influencia das forcas de Saffman e Magnus, porem grande influencia da rugosidade da parede e do efeito da turboforese. O modelo matematico foi comparado frente as mediçoes físicas, mostrando bom grau de validacao para concentraçao de partículas no centro do riser e para velocidade axial media das partículas

Sistema plantio direto: utiliza??o de suas premissas para viabilidade e sustentabilidade da agricultura com enfoque nas Miss?es, Rio Grande Do Sul

No-tillage introduced under in Brazil the initiative of farmers and later was improved by the research institutions, being called the no-tillage system, to overcomethe problems encountered in conventional soil cultivation. The no-tillage system constitutes an important management system for soil conservation and for the sustainability of agriculture, but for the success of the no-tillage system it is necessary that it be employed with all its basic premises. In the Misso?es region of Rio Grande do Sul and other regions of Brazil many of its premises were neglected, leading to the crisis of the system and the consequent return of problems of conventional cultivation and the expansion of others (soil erosion, excessive use of inputs, or reduction of productivity, soil degradation, water pollution, compaction and soil densification). The present work has the objective of elaborating a production model for annual grain crops for the Miss?es region, so that the premises of the no-tillage system are resumed, presenting the benefits of the practices and guidelines for the beginning, repair and continuity of the system, with rotation and diversification of crops, the use of cover crops and the resumption of complementary practices to combat soil erosion, through the consultation of articles, technical bulletins, books, manuals and other relevant sources using research platforms and collections. With the models of crop rotation proposed in this work it is possible to produce the amount of straw required by the system, corn presents itself as an indispensable crop to compose the crop rotation system. The use of cover crops and green manure are fundamental to the supply of straw in quality, quantity and frequency to make the system no tillage system stable and to present its effects by the improvement provided by the increase of the biodiversity and organic matter of the system, thus jointly with complementary soil conservation practices, erosion can be reduced to insignificantlevels.O plantio direto (PD) ocorreu pela iniciativa de agricultores e posteriormente foi aprimorado pelas institui??es de pesquisa, sendo denominado sistema plantio direto (SPD), para contornar os problemas encontrados no cultivo convencional do solo (CC). O SPD se constitui como um importante sistema de manejo para a conserva??o dos solos e para a sustentabilidade da agricultura, por?m para o sucesso do SPD ? necess?rio que este seja empregado com todas suas premissas b?sicas. Na regi?o missioneira do Rio Grande do Sul e outras regi?es do Brasil muitas de suas premissas foram negligenciadas, levando a crise do sistema e o consequente retorno de problemas do CC e a amplia??o de outros (eros?o do solo, excessivo uso de insumos, estagna??o ou redu??o da produtividade, degrada??o do solo, polui??o das ?guas, compacta??o e adensamento do solo). O presente trabalho tem por objetivo elaborar um planejamento do modelo de produ??o para culturas anuais de gr?os para a regi?o das Miss?es ? RS, de maneira que as premissas do SPD sejam retomadas, apresentando os benef?cios das pr?ticas e orienta??es para o in?cio, repara??o e continuidade do sistema, com diversifica??o de culturas, uso de plantas de coberturas e retomada de pr?ticas complementares de combate a eros?o do solo,atrav?s da consulta de artigos, boletins t?cnicos, livros, manuais e outras fontes pertinentes fazendo uso de plataformas de pesquisa e acervos bibliogr?ficos. Com os modelos de diversifica??o de culturas propostos neste trabalho ? poss?vel produzir a quantidade de palha requerida pelo sistema. O milho se apresenta como cultura indispens?vel para compor o sistema de rota??o de culturas. O uso de plantas de cobertura e de aduba??o verde ? fundamental para o fornecimento de palha em qualidade, quantidade e frequ?ncia para tornar o SPD est?vel e apresentar seus efeitos pela melhoria proporcionada pelo aumento da biodiversidade e mat?ria org?nica do sistema. Desta forma conjuntamente com as pr?ticas complementares de conserva??o do solo, a eros?o pode ser reduzida a n?veis insignificantes

Relação entre uso interativo do sistema de controle gerencial e diferentes modelos de gestão de inovação

ABSTRACTThe interactive use of Management Control System (MCS) tools suggests consistency with models of innovation management, ranked by Roussel, Saad, and Erickson (1991) as intuitive, systematic and strategic. This study aims to identify the relationship between the level of interactive use of Management Control System instruments and the models of innovation management proposed by Roussel, Saad and Erickson (1991) in Brazilian industrial companies. Was conducted descriptive study through survey, with application of descriptive statistics and cluster analysis. The study sample comprised 28 industrial companies listed on Revista Exame Melhores e Maiores, 2011 edition. The results show that among the three models of innovation management, strategic non-specialist model of innovation management was predominant. It was also observed that companies in the systematic management model presented results that point to the search for better controls to manage innovation. The intuitive model had the lowest averages of the clusters, indicating that these companies have a little management of innovation and its processes through instruments of the MSC. It is concluded that the interactive use of MSC instruments appropriate to the innovation management model adopted by the company can positively influence the level of innovation, but its continued use to control and manage innovation is still not widely known

Jurisdições mistas: um novo conceito de jurisdição

Divulgação dos SUMÁRIOS das obras recentemente incorporadas ao acervo da Biblioteca Ministro Oscar Saraiva do STJ. Em respeito à Lei de Direitos Autorais, não disponibilizamos a obra na íntegra.Localização na estante: 347.9 H347

An Examination of Corporate Financial Performance Within Corporate Socially Responsible Standard & Poor 500 Companies

Many managers are failing to predict and respond to the evolutionary changes within their firm’s business environment. Some experts believe that any company not utilizing a corporate social responsibility (CSR) strategy will lose customers, which will have a direct impact on the firm’s financial performance. Managers lack a clear understanding of the impacts of CSR strategies on corporate financial performance. The purpose of this quantitative multiple regression-based study was to examine what relationship existed between an organization’s CSR strategy and its financial performance. The conceptual frameworks for this research were stakeholder and triple bottom line theories. These frameworks were selected because of their emphasis on CSR implementation. The completed multiple regression analyses focused on S&P 500 companies’ relationship of debt to equity, return on assets, and net profit margins with CSR scores to determine if any association existed. Four CSR categories were utilized as independent variables based on CSRHub’s reporting: (a) community, (b) employee, (c) environment, and (d) governance. Results from this study found a nonsignificant relationship between CSR and the dependent variables of return on assets and net profit margin. Debt to equity provided a mixed significance level with the independent variables of employees and governance proving insignificant, while community and environment represented a significant relationship. This research has forwarded the understanding of both stakeholder and triple bottom line theory by focusing new CSR research into the direction of the positive relationships and away from those that show no significance. Organizations that focus their CSR policies towards community engagement will benefit from a reduction in debt to equity and will promote social change through increased community improvement

Incidência da toxemia da prenhez em um rebanho de cabras submetido a dois manejos nutricionais diferentes

Trabalho de Conclusão de Curso apresentado ao Instituto Latino-Americano de Ciências da Vida e da Natureza da Universidade Federal da Integração Latino-Americana, como requisito parcial à obtenção do título de Bacharel em Biotecnologia.A toxemia da prenhez é uma doença metabólica que acomete, principalmente, cabras e ovelhas no terço final da gestação. É caracterizada por um desequilíbrio energético proveniente de uma queda drástica na concentração de glicose, situação que leva à mobilização intensa do tecido adiposo, o que acaba por aumentar extremamente os níveis de corpos cetônicos na circulação. As principais causas que levam ao transtorno são alimentação deficiente, estresse, maior demanda de glicose pelos fetos, condição corporal inadequada, entre outros. Quando manifestada, a doença apresenta taxas de mortalidade próximas de 90% e 100% das fêmeas. No presente estudo, buscou-se avaliar a incidência da toxemia da prenhez em dois grupos de cabras gestantes no terço final da gestação, submetidas a dois manejos nutricionais diferentes, em dois ciclos gestacionais. Examinou-se o comportamento destes animais, bem como sua resposta a cada manejo nutricional em termos de adaptação, palatabilidade, consumo e efeitos sob o organismo, principalmente na gestação e parto. Observou-se a ocorrência do transtorno somente no grupo A, alimentado com o manejo nutricional 1 (silagem de milho e ração a base de soja, milho e sal), alcançando a taxa de 30% neste grupo. O grupo B, alimentado com o manejo nutricional 2 (dieta 1 em diferente concentração com adição do insumo farelo de arroz e, em termos de volumoso conta com silagem de milho e feno ad libitum), não foi afetado. A mortalidade advinda da doença foi estimada em 41,7%. Avaliou-se as possíveis causas para a ocorrência da doença, entre elas a influência da alimentação, a condição corporal, a ordem de parto e a idade das cabras. Registrou-se o aparecimento de partos distócicos somente no grupo afetado pela toxemia, na taxa de 35%. No entanto, a associação entre a toxemia e os partos distócicos não foi significativa (p=0.0705), e a avaliação de concordância Kappa entre as duas variáveis apresentou resultado de 0.3182 (p=0.0428), indicando que outros fatores podem explicar a ocorrência da toxemia. Através dos resultados observados, sugere-se que a alimentação é um dos fatores primordiais para o surgimento da doença, mas acaba por não ser o único. Além disso, o ideal é sempre estar atento com o cuidado e o manejo dos caprinos, pois quando diagnosticada precocemente, a toxemia da prenhez pode ter seu quadro revertido