Is the Brazilian stockmarket efficient?

Employing both cointegration analysis and a variety of Granger causality tests, we examine whether the Brazilian stockmarket is efficient in processing new information about public macroeconomic data (semi-strong efficiency). We find the stockmarket to be inefficient, which is in line with most results for other emerging markets.

Informational inefficiency of the Brazilian stockmarket

Employing both cointegration analysis and a variety of Granger causality tests, we examine whether the Brazilian stockmarket is efficient in processing new information about public macroeconomic data (semi-strong efficiency). We find the stockmarket to be inefficient, which is in line with most results for other emerging markets.stockmarket semi-strong informational efficiency; cointegration; Granger causality; macroeconomic variables; Brazilian economy

Top-tier advisors in M&A transactions : they used to matter

This master thesis investigates the effect of top-tier advisors on bidder returns, probability of completion and time to completion of M&A deals announced between January 1995 and December 2015. In this context, the fees received by top-tier advisors and their ability to identify and appropriate synergies are also subjected to study. Based on a sample of 6716 U.S. and cross border deals, we found that (1) after 2001 top-tier advisors are no longer associated with higher cumulative abnormal returns; (2) toptier advisors are neither significantly associated with higher probability of completion nor with shorter time to completion in acquisition of public targets; (3) top-tier advisors can indeed identify deals with larger synergies, butthey fail to appropriate them to the bidder firm; (4) top-tier advisors received higher fees on U.S. deals than non-top-tier advisors would have demanded for the same deals; (5) when considering the largest deals (Mega Deals), after 2001 it is found no support for the top-tier advisors superiority neither in U.S. nor in cross border deals.Esta tese investiga o efeito de consultores top em fusoes e aquisiçoes anunciadas entre janeiro de 1995 e dezembro de 2015. Neste ambito e estudado o retorno da empresa adquirente, a probabilidade de conclusao da transaçao, o tempo para a conclusao da transaçao, a capacidade de o consultor identificar sinergias e de as apropriar para a empresa licitante. Finalmente, e estudado o papel dos consultores top no caso especffico das grandes transaçoes. Com base numa amostra de 6716 transaçoes de alvos americanos e nao americanos, chegou-se a conclusoes de que (1) ap6s 2001 os consultores top nao estao associados a retornos acumulados superiores a consultores nao top (2) consultores top nao estao significativamente associados a uma maior probabilidade de conclusao da transaçao, assim como nao estao associados a um menor tempo para a concretizaçao de transaçoes no que se refere a alvos publicos (3) consultores top sao capazes de identificar negócios com maiores sinergias, no entanto, nao sao capazes de as apropriar para a empresa licitante (4) consultores top receberam maiores comissoes do que aquelas que seriam cobradas por consultores nao top nas mesmas transaçoes (5) no que se refere as grandes transaçoes, após 2001 nao sao encontradas evidencias da superioridade dos consultores top quer em alvos americanos, quer em alvos nao americanos

First records of Utricularia tenuissima Tutin and U. nigrescens Sylvén (Lentibulariaceae) in north-eastern Brazil

In Brazil, there are records of Utricularia tenuissima Tutin and U. nigrescens Sylvén from some states in the north, southeast, west-center and south. This work reveals the first records of these two species in the northeast region of Brazil. These species were found on the Reserva Biológica Guaribas, a protected remnant of Atlantic Forest in Paraíba state, and also in a particular area of sugar cane crop at the limit of the Reserve. The habitats are characterized by wetlands, surrounded by natural springs and partially shaded by herbaceous vegetation. In addition to this expansion in the distribution of these species, there are also differences in their morphometric measurements when compared with the measurements presented in the principal work for description of both species.

Nocifensive behavior as evidence for sentient pain in fish

Fish nocifensive behavior can be studied and understood similarly to the way pain is studied and understood in more advanced vertebrates. Nocifensive behavior is a behavioral and physiological response to a noxious stimulus that leads to the fish avoiding it in the future. This behavioral flexibility is an important criterion for inferring pain sentience in fish. Modulation of the nocifensive behavior by anxiety, fear, or stress has already been demonstrated in zebrafish. The affective experiences of fish will not be identical to those of human beings, clearly. Empirical research will need to ascertain how similar they are

Precarización Y Búsqueda De La Libertad En Brasil Del Siglo Xix

Resumo: O presente estudo analisa a precarização da liberdade e a busca pela alforria pela via judicial nas cidades brasileiras do século XIX. Para alcançar este objetivo serão utilizados como fontes processos contra a liberdade individual, justificação e ações de liberdade tramitadas na cidade mineira de Juiz de Fora durante a segunda metade do oitocentos. As análises destas fontes permitirão compreender como escravos, livres e libertos buscaram a justiça para adquirir ou manter a liberdade. Além deste aspecto, a documentação escolhida permitirá reconstruir parte da trajetória de vida dos envolvidos nas ações além de compreender pontos importantes da escravidão urbana no Brasil do século XIX. Nesse sentido, a partir da análise das fontes citadas será possível compreender questões importantes sobre a conquista da liberdade, a redução à escravidão de indivíduos livres, as alterações no sistema escravista ocorrida no Brasil nas décadas de setenta e oitenta do século XIX e a busca da liberdade pela via judicial. Palavras-Chaves: Escravidão. Precarização da liberdade. Século XIX

PRECARIZAÇÃO E BUSCA PELA LIBERDADE EM UM CENTRO URBANO DE MINAS GERAIS DO SÉCULO XIX

Este artigo busca desenvolver um debate sobre a temática da precarização da liberdade, escravidão ilegal e a luta pela alforria pela via judicial no Brasil durante a segunda metade do século XIX. Tomando como pano de fundo a cidade mineira de Juiz de Fora este estudo tem por finalidade compreender como escravos, livres e libertos buscaram a justiça para comprovar ou alcançar o direito à liberdade. Além deste aspecto, será possível analisar como era a vida de escravos, forros e livres pobres no interior da sociedade escravista urbana do Brasil oitocentista.This article seeks to develop research on the precariousness of freedom and the struggle for freedom through the judicial system in Brazil during the second half of the 19th century. Against the background of the city of Juiz de Fora, in Minas Gerais province, this study aims to understand how slaves, free and freed, sought justice to prove or achieve the right to freedom. In addition to this aspect, it will be possible to analyze the everyday life of slaves, freed and free poor people in the urban slave society of 19th century Brazil