Why Do Governments Sell Privatised Companies Abroad?

This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments favour domestic investors in the allocation of shares. Furthermore, the need to penetrate foreign markets and to warrant better legal protection to shareholders also appear as relevant. Significant differences emerge in OECD and non-OECD countries. In wealthy economies stock market liquidity favours cross-listing, while in emerging countries Governments resort to cross-list in order to "import" liquidity and to develop domestic stock markets. Legal institutions also play a different role. In OECD countries, weak shareholder protection induces Governments to cross-list, in order to borrow the reputation and best practices of established exchanges. On the other hand, creditors' protection is more relevant in non-OECD countries, where weak legal protection of creditors reduces the scope of bank finance, forcing Governments to look for external finance abroad.http://deepblue.lib.umich.edu/bitstream/2027.42/39677/3/wp293.pd

Privatisation and Institutions: A Cross Country Analysis

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical analysis of the period 1977-96, the decision to privatise and the choice of privatisation method appear to be influenced by the governing political majority and public sector budget constraints, while the success of privatisation in terms of revenues and stakes sold requires suitable institutions and developed capital markets.Keywords: Privatisation, politics, budget deficit, investor protection, enforcement of law, capital markets

Why Do Governments Sell Privatised Companies Abroad?

This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments favour domestic investors in the allocation of shares. Furthermore, the need to penetrate foreign markets and to warrant better legal protection to shareholders also appear as relevant. Significant differences emerge in OECD and non-OECD countries. In wealthy economies stock market liquidity favours cross-listing, while in emerging countries Governments resort to cross-list in order to "import" liquidity and to develop domestic stock markets. Legal institutions also play a different role. In OECD countries, weak shareholder protection induces Governments to cross-list, in order to borrow the reputation and best practices of established exchanges. On the other hand, creditors' protection is more relevant in non-OECD countries, where weak legal protection of creditors reduces the scope of bank finance, forcing Governments to look for external finance abroad.privitisation, cross-listing, international financial markets, political economy, investor protection

Implantação de um Programa de Coleta Seletiva: Uma Pesquisa-Ação na cidade de São Lourenço, Minas Gerais.

Em 2010 foi instituída a Lei nº 12.305, conhecida como Política Nacional de Resíduos Sólidos (PNRS). Tal política reúne o conjunto de princípios, objetivos, instrumentos, metas e ações para a gestão adequada dos resíduos sólidos. Dentre essas metas está a de implantação de programas de coleta seletiva em todos os municípios brasileiros. Todavia, não existem modelos de implantação, pois faltam estudos que retratem experiências de implantação, que devem-se atentar sobre duas questões: qual o agente executor e qual a modalidade de coleta seletiva que será utilizada. Outro fator importante tanto na implantação quanto na melhoria de programas é o planejamento eficiente dos roteiros de coleta dos veículos coletores, pois os custos de coleta são os mais significativos em um programa de coleta seletiva. Uma forma de realizar a roteirização eficaz na coleta de Resíduos Sólidos Urbanos (RSU) é a utilização de Sistemas de Informação Geográfica (SIGs). Nesse contexto, é importante não só implantar programas de coleta seletiva, como também retratar e estudar a implantação, de maneira que ocorra a geração de conhecimento sobre como a implantação pode ou deve ocorrer. A pesquisa-ação é um método de pesquisa que tem como objetivo a resolução de um problema real, e que gera tanto uma ação como a conhecimento sobre o problema de pesquisa. Assim, o objetivo deste trabalho foi planejar e implementar um programa de coleta seletiva em um município brasileiro através de uma pesquisa-ação, utilizando-se de um SIG para a elaboração dos roteiros de coleta. Espera-se que o conhecimento gerado através da pesquisa-ação sirva como base de informações e referências que auxiliem na tomada de decisões de órgãos e autoridades públicas que necessitam se adequarem a PNRS. A utilização do SIG permitiu a elaboração de roteiros de coleta mais eficazes. A pesquisa-ação foi conduzida no município de São Lourenço, localizado no sul de Minas Gerais, escolhido por não ter até então um programa de coleta seletiva mas a implantação em vista. O projeto teve a participação da Cooperativa de Produção e Recicladores de Materiais de São Lourenço (COOPRECI), do Serviço Autônomo de Água e Esgoto (SAAE) de São Lourenço, da ONG “Todos por São Lourenço” e dos pesquisadores do Grupo de Pesquisa em Logística, Transporte e Sustentabilidade (LogTranS) da Universidade Federal de Itajubá (UNIFEI). A implantação do programa de coleta seletiva possibilitou a geração de benefícios ambientais, econômicos e sociais para todos os envolvidos no projeto, desde a população até a prefeitura da cidade: houve uma melhoria da quantidade coletada por mês pela cooperativa e do volume médio coletado por mês por catador; durante os 12 meses do projeto, evitou-se que cerca de 89 toneladas de materiais recicláveis fossem destinadas ao lixão; evitou-se que cerca de 2,3 toneladas de poluentes atmosféricos fossem liberadas; gerou-se uma economia de cerca de R$ 14 mil e gerou-se uma renda melhor para cada catador da COOPRECI. Foi possível também a identificação das principais barreiras, bem como as melhores práticas para a implantação. Conclui-se que a principal barreira para a implantação é a conscientização e participação da sociedade no programa, e que uma maneira de garantir uma melhor implantação e de melhorar programas de coleta seletiva que já existem é a criação de parcerias efetivas entre as prefeituras, empresas particulares e cooperativas de catadores para a realização do serviço

The role of polymorphism at αs1-casein locus on milk fatty acid composition in Girgentana goat

Sixteen lactating Girgentana goats were used to evaluate the effect of polymorphism at αs1-casein locus on milk fatty acids composition. Animals, homogeneous for milk production, days of lactation and body weight, were divided into two groups: eight homozygous for strong allele (AA group) and eight homozygous for weak allele (FF group). The experimental diet, identical for the two groups, consisted of alfalfa hay (1.5 kg), whole barley, whole maize, pelleted sunflower and whole faba bean (0.5 kg each). In spite of identical selected diets, also in terms of fatty acids, milk fatty acid composition resulted different between the two groups. In particular, except for C8:0, short and medium chain fatty acids and odd chain fatty acids resulted in higher percentage in the AA group. Taking in account that the difference reported in our experiment concerns above all de novo synthesized fatty acids, our results seem to confirm the hypothesis that polymorphism at αs1-casein locus can influence milk fatty acid composition in goats

Genetic polymorphisms at candidate genes affecting fat content and fatty acid composition in Modicana cows: effects on milk production traits in different feeding systems.

Feeding greatly affects milk yield and composition. The research is highlighting the potential of genetic polymorphism at some loci to affect milk yield and quality traits. These loci can be up/down regulated depending on the production environment; therefore, we hypothesized that milk yield and composition could differ when cows with different genotype at SCD, DGAT1 and ABCG2 loci are reared in different feeding systems. The polymorphisms of SCD, DGAT1 and ABCG2 genes were investigated in Modicana breed. In all, three polymorphic sites, responsible for the genetic variation of quantitative trait loci and therefore defined quantitative trait nucleotides, were genotyped: the transition g.10329Cgt;T in 5th exon determines a substitution p.A293V in the SCD, the dinucleotide mutation g.10433-10434AAgt;GC in 8th exon responsible for p.K232A substitution in the DGAT1 and the transition g.62569Agt;C in the 14th exon responsible for p.Y581S substitution in the ABCG2 gene. In the sample of 165 Modicana cows, SCD and DGAT1 genes resulted polymorphic; the alleles g.10329T and g.10433-10434GC were the most frequent in SCD and DGAT1 (0.73 and 0.91) respectively, whereas ABCG2 locus was monomorphic for allele A (p.581Y). Sequencing analysis was carried out on 14 samples with different genotypes to confirm the results of the PCR-RFLP protocols. Based on the genotypes at SCD locus, 47 Modicana cows were selected for the nutritional trial: 24 cows in a semi-intensive farm, with 2 h/day grazing on natural pasture, and 23 cows in an extensive farm, with 8 h/day grazing on natural pasture. Monthly, milk yield and composition were evaluated and individual milk samples were analyzed for fatty acids composition by gas chromatography. No differences in milk yield, fat, protein, lactose, casein and urea were associated to SCD genotype. Feeding systems affected milk yield and composition. No significant genotype×feeding system interaction was observed for milk yield and composition. Fatty acids composition was significantly affected only by the feeding system. Significant interactions were found between SCD genotype and feeding system for six fatty acids: 4:0, 6:0, 8:0, 10:0, 12:0 and t11 18:1. We concluded that the feeding system was the factor that mostly affected milk production and composition; moreover, our results do not confirm what reported in literature as regard the effect of the SCD polymorphism on milk fatty acid composition. The high amount of pasture seemed to have resized the SCD polymorphism effects because of the different fatty acids composition of the diet

Inclusion of cocoa by-product in the diet of dairy sheep: Effect on the fatty acid profile of ruminal content and on the composition of milk and cheese.

Abstract In this study, we hypothesized that dietary cocoa bean shell (CBS) as a partial replacer of human edible cereal grains in the diet of lactating ewes may affect performance and milk and cheese composition. Twenty Comisana lactating ewes allotted into control (CTRL; n = 10) or cocoa (CBS; n = 10) group received alfalfa hay ad libitum and 800 g of conventional (CTRL) or experimental (CBS) concentrate containing 11.7% CBS to partially replace corn and barley of the CTRL concentrate. Milk yield and composition did not differ between groups, and only urea concentration was lower in CBS milk. Dietary CBS increased cheese fat and reduced protein percentage in CBS group. Fatty acid composition of rumen content partially reflected that of the ingested diet, with total saturated fatty acids (SFA), total monounsaturated fatty acids (MUFA), 16:0, 18:0 and 18:1c9 greater in the CBS group. Moreover, all the identified trans- and cis-18:1 isomers were greater in CBS rumen content. Milk and cheese showed a similar fatty acid composition. Total MUFAs were greater in milk and cheese of CBS, mainly due to the proportion of 18:1c9, and conversely, total polyunsaturated fatty acids (PUFA), PUFAn-6 and PUFAn-6-to-PUFAn-3 ratio was greater in CTRL group. Concluding, the inclusion of CBS in the diet of lactating ewes within the limit imposed by the current legislation did not cause detrimental effects on animal performance and milk composition. Interestingly, dietary CBS reduced milk urea concentration probably due to the phenols contained in CBS concentrate. However, our results support that biohydrogenation was weakly impaired by dietary CBS. Finally, CBS negatively affected cheese nutritional characteristics due to lower protein and greater fat content, but improved fat health indexes in milk and cheese

Oxidative Status of Goats with Different CSN1S1 Genotypes Fed ad Libitum with Fresh and Dry Forages

Forty late-lactation Girgentana goats were used to study the effect of diets fed ad libitum and αS1-casein (CSN1S1) genotype on redox balance. The goats genotyped at CSN1S1 locus (A/A, A/F) were subjected to four feeding treatments different for percentage inclusion of dry and fresh forage: DAF100 (98% of Dry Alfalfa Forage), DAF65 (65% of Dry Alfalfa Forage), FSF100 (100% of Fresh Sulla Forage) and FSF65 (65% of Fresh Sulla Forage). Blood samples were analyzed for superoxide dismutase (SOD) and glutathione peroxidase (GPX) activity, reactive oxygen metabolites (ROMs), biological antioxidant potential (BAP) and non-esterified fatty acids (NEFA), beta-hydroxybutyrate (BHBA), albumin, glucose and cholesterol contents. The oxidative stress index (OSI) was calculated as percentage ratio of ROMs to BAP. Redox balance was improved by Sulla inclusion, as reflected in the lower OSI values found in FSF100 and FSF65 groups. DAF100 group displayed the highest GPX activity, while other groups exhibited the highest SOD activity. Fresh forage diets increased albumin concentration while no effect of tested factors was noted on glucose, NEFA, BHBA and cholesterol contents. The interaction diet × genotype was significant only for GPX activity. GPX and albumin were negatively correlated and were correlated positively and negatively with ROMs, respectively. Diet rather than genotype affects redox balance in dairy goats and a possible role of forage polyphenol compounds on oxidative status needs to be tested in future studies

Biliary Peritonitis in a Dog after Perforation of the Gallbladder during Laparoscopic Cholecystectomy

Background: Iatrogenic gallbladder perforation during laparoscopic cholecystectomy (LC) is a common complication and occurs in at least one third of human patients undergoing LC. This is attributed to the fragility of the gallbladder wall associated with mucocele and cholecystitis, in addition to the need for repetitive gripping and traction of the gallbladder during its manipulation with laparoscopic instruments. As complications from this event are rare in human patients, conversion to laparotomy is not routinely indicated and the adverse consequences of bile spillage are minimized by abundant irrigation of the peritoneal cavity and adequate antimicrobial therapy. On the other hand, there is little information regarding the outcome of laparoscopic management of this complication in laparoscopic cholecystectomies in dogs, particularly since most surgeons indicate conversion in these cases. Thus, we describe a case of biliary peritonitis that developed in a dog after laparoscopic management of iatrogenic perforation of the gallbladder during a laparoscopic cholecystectomy, in a case of gallbladder mucocele. To the best of our knowledge, there are no reports of biliary peritonitis following laparoscopic management of iatrogenic gallbladder perforation during LC in dogs. Case: A 14-year-old Poodle was referred for clinical evaluation with selective appetite, recurrent episodes of hyporexia, and abdominal discomfort. Ultrasound findings characterized chronic liver disease and gallbladder mucocele. The patient was referred for laparoscopic cholecystectomy, during which the gallbladder was iatrogenically perforated, with extravasation of a large volume of bile content. This complication was managed by copious abdominal irrigation via laparoscopic access and antimicrobial therapy. On the second postoperative day, the patient started to present apathy, hyporexia, emesis, and jaundice. The patient remained hospitalized in the intensive care unit for stabilization and monitoring through hematological examinations and serial abdominal ultrasound. Due to progressive worsening of the clinical picture, an exploratory laparotomy was performed ten days after the initial surgical procedure. This examination showed multiple adhesions and the presence of bile residues adhered to numerous points on the peritoneal surface. Despite the intensive treatment instituted, death occurred 10 h after the second surgical procedure. Discussion: The high risk of gallbladder perforation during laparoscopic cholecystectomies correlates with the dissection step or repetitive grasping and traction of the gallbladder with laparoscopic instruments. Conversion is not routinely indicated and laparoscopic management is considered effective in humans. However, in this case, the presence of a large volume of extravasated semisolid bile content and its adherence to the mesothelial surface made it impossible to remove it in its entirety despite the abundant irrigation of the abdominal cavity, resulting in a picture of biliary peritonitis in the postoperative period. In view of the reported negative outcome, the authors encourage the adoption of measures that minimize the risk of gallbladder perforation when performing LC in dogs. These include the use of atraumatic instruments or aspiration of bile content before surgical manipulation. Cases in which such a complication is recorded should be carefully monitored to enable early diagnosis and treatment of biliary peritonitis. Furthermore, conversion should be considered when there is extravasation of large volumes of bile, particularly in the presence of gallbladder mucocele, until future studies establish the safety and effectiveness of laparoscopic management of this complication. Keywords: gallbladder mucocele, minimally invasive surgery, laparoscopic cholecystectomy, dogs

Effect of the αs1-casein genotype and its interaction with diet degradability on milk production, milk quality, metabolic and endocrinal response of Girgentana goats

We studied interaction between diet degradability and genotype at CSN1S1 locus in lactating goats.•We evaluated productive, metabolic and hormonal response of goats at different αs1-casein genotype.•Little effect of diet degradability and interaction with genotype on production and quality.•Higher milk yield, casein percentage and lower urea in goats with strong alleles at CSN1S1 locus.•Higher tyroid hormones in goats with strong alleles