The Poverty of Linear Nations: Lessons from Taking an AK Model to the Data.

This paper takes an AK model to the PWT data. In the model, intratemporal and intertemporal shocks are reduced forms for different technologies, and determine the variation of the growth rate. Using the policy functions of the model we recover time series for the unobserved technology shock for a panel of countries. We can then evaluate both how well the model fits the data and what the contribution of the different shocks to the variation of growth rates is. We find that the data is largely inconsistent with the AK structure. However, we isolate what we believe are pervasive patterns in macroeconomic models: a negative correlation between intra and intertemporal shocks, and an ever increasing level of technology matched with ever cheaper consumption relative to investment.endogenous growth; technology shocks; investment shocks

More Lessons from Taking an AK Model to the Data.

We take an AK model to the PWT data. In the model both technology (intratemporal) and investment (intertemporal) shocks determine the variation of the growth rate. In earlier work we looked at singular models where we extracted only the technology shock using the policy functions from dynamic optimality. Here we recover time series for both shocks for a panel of countries and we isolate what we believe are pervasive patterns in macroeconomic models and postwar data: a negative correlation between intra and intertemporal shocks, and a somewhat lesser role for the intertemporal shock.endogenous growth; technology shocks; investment shocks

Slaves Who Owned Slaves in Nineteenth-Century Bahia, Brazil

It was not uncommon in Brazil for slaves to own slaves. Slaves as masters of slaves existed in many slave societies and societies with slaves, but considering modern, chattel slavery in the Americas, Brazil seems to have been a special case where this phenomenon thrived, especially in nineteenth-century urban Bahia. The investigation is based on more than five hundred cases of enslaved slaveowners registered in ecclesiastical and manumission records in the provincial capital city of Salvador. The paper discusses the positive legal basis and common law rights that made possible this peculiar form of slave ownership. The paper relates slave ownership by slaves with the direction and volume of the slave trade, the specific contours of urban slavery, access by slaves to slave trade networks, and slave/master relations. It also discusses the web of convivial relations that involved the slaves of slaves, focusing on the ethnic and gender profiles of the enslaved master and their slaves

Valor da presença de granulócitos neutrófilos sem aumento das células do líquido cefalorraqueano

In normal cerebrospinal fluid the cells range from 0 to 3 per cubic mm. and are lympho-mononuclear in type. No neutrophilic granulocytes are seen, their appearance thus meaning a pathological condition, even when cell count remains normal. The foregoing paper deals with such peculiar sign. It was found in the following conditions: 1) brain softening in its acute period; 2) protracted insulinshock during Sakel's therapy; 3) status epilepticus in convulsionpatients; 4) cerebral concussion, even with otherwise normal liquor; 5) brain tumors; 6) mental confusion of the toxic or toxi-infectious groups, and 7) several acute conditions interfering with the brains functions. The above sign of neutrophilic granulocytosis in spite of normal cell counting bespeaks the impact on the brain of local circulatory disturbances, no matter the underlying condition. The latter may be cerebral edema through compression or venous stasis, as well as congestive states in general, or toxi-infectious diseases. Moreover, it may be the only cerebrospinàl fluid change disclosing the brain damage. As for the prognosis, this sign holds its value since it points to the local circulatory situation at the cerebral level, irrespective of the patient's general conditions.A citologia normal do líqüido cefalorraqueano é constituída de 0 a 3 células de tipo linfomonocitario por mm³. Os granulócitos neutrófilos não se encontram no líqüido cefalorraqueano normal, sendo o seu achado um sinal de líquor patológico. No presente trabalho, o autor estuda esta alteração, isto é, a presença de granulócitos neutrófilos com número de células dentro dos limites de normalidade. Este sinal foi verificado nos casos de amolecimento encefálico recente (acidente vascular encefálico), no estado de coma prolongado da insulinoterapia (Sakel), nos epilépticos em estado de mal, nos traumatizados de crânio sem líquor hemorrágico, em certos casos de tumores encefálicos, confusão mental toxinfectuosa e em diversas outras condições. A presença de granulócitos neutrófilos sem alteração citológica global traduz o sofrimento encefálico por distúrbio circulatório local, seja nos casos de edema cerebral (compressões, estase venosa local, etc), seja nos estados congestivos circulatórios em geral ou nos estados toxinfectuosos. Em certas ocasiões é esta a única alteração do líquor denunciadora do sofrimento encefálico. Este sinal tem algum interesse prognóstico, indicando as condições circulatórias locais, sem obrigatoriamente estar em relação com o estado geral do paciente.Escola Paulista de Medicina Laboratório do Serviço de NeurologiaUNIFESP, EPM, Laboratório do Serviço de NeurologiaSciEL

The cultural models in international business research: A bibliometric study of IB journals

Culture has been a widely researched topic in the International Business (IB) literature over the last decades. To better understand what culture actually means and its implication in firms? IB operations, several cultural models and taxonomies have been put forward. In this paper we seek to scrutinize the use of three well known cultural models - Hall?s (1976), Hofstede?s (1980a) and Trompenaars & Hampden-Turner?s (1993) - in the extant research. Using bibliometric techniques of the papers published in the top ranked IB journals, we performed a citation and co-citation analysis to find out the most influential model and to examine the possible linkages between models and to the issues being researched. We conclude that Hofstede?s (1980a) taxonomy is the most cited and his taxonomy has strong linkages to several streams of research. Nonetheless, we also find that there are noticeable differences on how research in different journals make use of the cultural models, probably reflecting not surprising disciplinary emphases.Cultural models, Hofstede, Trompenaars, Hall, bibliometric study

Size anomalies in EU bank stock returns

Mestrado em FinançasRecentemente tem tem-se estudado a influência do fator “tamanho” nos retornos das ações de mercado. O modelo CAPM propõe uma relação directa entre o risco de mercado e o retorno do ativo. Enquanto os reusltados não são conclusivos, evidências recentes sugerem a existência de factores adicionais a ter em conta para o calculo do preço de uma ação. (Basu, 1977) encontra uma relação entre book-to-market ratio e os retornos esperados. Já em 1992 Fama e French, mostram evidências de que existe um factor relacionado com o tamanho que se tem que ter em conta a quando da avaliação de ações. Todos estes autores vêm propor a existencia de um um modelo melhor para avaliar ações de mercado do que o CAPM. (Gandhi e Lusting, 2015) são os primeiros autores que vêm documentar e desvendar este factor “tamanho” a ter em conta nos bancos comercias para o mercado dos E.U.A. O Nosso trabalho vem tentar desvendar e elucidar um pouco mais este factor tamanho a ter em conta para bancos comercias, deste modo para o mercado Europeu. Nós seguimos os modelos e métodos utilizados por Gandhi e Lusting assim como Fama e French. O resultado deste estudo é menos expressivo do que o resultado obtido pelos autores Gandhi e Lusting para o mercado Americano. No entanto, é possivél ver uma ligeira tendência para que os portfolios constituidos pelos bancos mais pequenos, tenham retornos superios aos portfolios constituidos por grande bancos.Recently there has been an argument about the existence and influence of the size effect in stock returns. The CAPM presupposes a simple linear relationship between the expected return and the market risk of a security. While inconclusive test results from this relationship, recent evidence suggests an existence of additional factors relevant for asset pricing. Litzenberger and Ramaswamy (1979) show a positive relationship between price-earnings ratio and expected returns of common stocks. Basu (1977) finds that book-to-market ratio and expected returns are related. Fama and French (1993) show evidence of an inverse relationship between market value and common stock returns as well as a positive relationship with book-to-market ratio. All these authors came to propose an existence of better model to compute expected returns for common stock. Gandhi and Lusting (2015) are the first authors to document a size effect to be accounted for, when computing stock returns for commercial banks on the United States of America market. Our work has the purpose of adding further understanding of this size effects and its validity for commercial banks on the E.U market. We followed the same methodologies used by Gandhi and Lusting as well as Fama and French in their previous works. The results did not came as strong as for the work done by (Gandhi and Lusting, 2015). However, it is noticeable that there is a slight tendence for small banks to have higher returns when compared with the large banks portfolios