Accounting and Economic Rates of Return: a Dynamic Econometric Investigation

Many studies have questioned empirical utilization of accounting data as internal rates of return would be more consistent with the relevant economic concept. The paper investigates the dynamic relationships between different measures of accounting rates of return (ARRs) and different approximations for the internal rates of returns (IRRs). In contrast with the prevailing case-study investigations, one considers a panel for quoted Brazilian firms in the manufacturing industry along the 1988-3/2003-2 period. Granger causality tests are considered and even though the results are not completely clear cut, some discernible uni-directional patterns emerge. In particular, there seems to be informational content between economic and accounting rates of return, between ROA (Net Profits/Total Assets) and PM (Gross Profits/ Operational Income), and internal rates of return. This seems to indicate that there is some validity in using accounting rates of return in certain economic studies.

Tacit Collusion under Imperfect Monitoring in the Canadian Manufacturing Industry: An Empirical Study

The paper undertakes a cross-sectoral analysis of a salient empirical implication of the model of tacit collusion advanced by Abreu et al (1986). Specifically, the prevalence of a first order Markovian process for alternating between price wars and collusive periods is assessed by means of non-parametric tests. The analysis focuses on 30 different industries in Canada. The evidence provides weak support for optimal collusion in one industry, which is consistent with the idea that such collusive arrangements are unusual.tacit collusion, game theory, Canada, price war

Measuring Market Conduct in the Brazilian Cement Industry: a Dynamic Econometric Investigation

Indirect assessments of market conduct have become widespread in the New Empirical Industrial Organization-NEIO literature. Recently, Steen and Salvanes (1999) provided a flexible dynamic econometric formulation of the approach advanced by Bresnahan (1982) and Lau (1982). The present paper considers a similar approach as applied to regional cement markets in Brazil under more favorable data availability and it also attempts to address part of the critiques that usually emerge with respect to the NEIO literature. In particular, issues pertaining to structural stability and yet the control for the number of competing firms are addressed. The evidence clearly indicates non-negligible and distinct market power in the different regions and yet distinct conduct patterns in the short and long-run.

Colusão ótima com monitoramento imperfeito: teste do modelo de Abreu-Pearce-Stachetti para os mercados brasileiros regionais de cimento

The paper considers the application of the non-parametric test proposed by StateBerry and Briggs (1988) for the model of collusion with imperfect monitoring by Abreu et al (1986) in the context of regional cement markets in Brazil during the 1992-2003 period. The test focuses on the implication of that model according to which the prices would follow a first-order Markov process. The evidence does not indicate the prevalence of optimal collusion in those markets.O artigo considera a aplicação do teste não paramétrico proposto por Berry and Briggs (1988) para o modelo de colusão com monitoramento imperfeito de Abreu et al. (1986) no contexto de mercados regionais de cimento no Brasil durante o período de 1992 a 2003. O teste foca na implicação daquele modelo, segundo a qual os preços seguiriam um processo de Markov de primeira ordem. A evidência não indica prevalência de mecanismo de colusão ótima para aqueles mercados

Lionel Robbins: a methodological reappraisal

Lionel Robbins´ contributions consider the delineation of the scope of Economics in terms of decision making conditional on scarcity and yet a methodological concern with respect to scientific neutrality. This paper attempts to situate Robbins aprioristic point of view in terms of posterior methodological developments as given by the methodology of scientific research programmes advanced by Lakatos (1968, 1970). The paper aims at clarifying the role of Robbins’s essay in shaping the dominant research programme in Economics, and contends that the author’s definition of economics is central to the main elements of the hard core of contemporary research programmes. Key words: Lionel Robbins; Scientific Research Programmes; Falsificationism. Classificação JEL: B4ENDEREÇO PARA ENVIO DE PUBLICAÇÃO: Marcelo Resende Instituto de Economia, Universidade Federal do Rio de Janeiro, Av. Pasteur 250, Urca, 22290-240, Rio de Janeiro-RJ Email: [email protected] Rodrigo M. Zeidan Fundação Dom Cabral and Nottingham University Business School Av. Princesa Diana 760, 34000-000, Nova Lima-MG, Brasil [email protected] Lionel Robbins´ contributions consider the delineation of the scope of Economics in terms of decision making conditional on scarcity and yet a methodological concern with respect to scientific neutrality. This paper attempts to situate Robbins aprioristic point of view in terms of posterior methodological developments as given by the methodology of scientific research programmes advanced by Lakatos (1968, 1970). The paper aims at clarifying the role of Robbins’s essay in shaping the dominant research programme in Economics, and contends that the author’s definition of Economics is central to the main elements of the hard core of contemporary research programmes. Key words: Lionel Robbins; scientific research programmes; falsificationism. TÍTULO EM PORTUGUÊS Lionel Robbins: uma reavaliação metodológica RESUMO As contribuições de Lionel Robbins consideram a definição do escopo da Economia em termos da tomada de decisão condicionada à escassez e ainda uma preocupação metodológica com respeito à neutralidade científica. O artigo procura situar o ponto de vista apriorístico de Robbins em termos de desenvolvimentos metodológicos posteriores, conforme a metodologia dos programas de pesquisa científicos avançada por Lakatos (1968, 1970). O artigo procura tornar mais claro o papel do ensaio de Robbins para delinear o programa de pesquisa dominante em Economia e argumenta que a definição de Economia daquele autor é central para os principais elementos do núcleo duro dos programas de pesquisa contemporâneos. Palavras-chave: Lionel Robbins; programas de pesquisa científicos; falsificacionismo. JEL Classification: B4. Artigo recebido em jun. 2011 e aceito para publicação em jun. 2013

Acordos do Mercosul com terceiros países

Incluye Bibliografía"O estudo das relações de comércio internacional tem apontado distinções substanciais nos padrões de comércio que se estabelecem entre os países do norte, os países do sul e entre esses e aqueles. Esses estudos geralmente estabeleceram suas análises com base nas diferenças entre as vantagens que os segmentos produtivos dos países possuem. Uma linha alternativa foi posta por Linder (1961) cuja ideia central era de que países com padrões de consumo em termos de gostos e preferências, estruturas produtivas assemelhadas e níveis de renda aproximados teriam maiores incentivos a efetuarem trocas internacionais. Recentemente, foram adicionados às análises os movimentos de convergência e divergência tecnológica como fatores explicativos dos fluxos de comércio exterior.

Global patient outcomes after elective surgery: prospective cohort study in 27 low-, middle- and high-income countries.

BACKGROUND: As global initiatives increase patient access to surgical treatments, there remains a need to understand the adverse effects of surgery and define appropriate levels of perioperative care. METHODS: We designed a prospective international 7-day cohort study of outcomes following elective adult inpatient surgery in 27 countries. The primary outcome was in-hospital complications. Secondary outcomes were death following a complication (failure to rescue) and death in hospital. Process measures were admission to critical care immediately after surgery or to treat a complication and duration of hospital stay. A single definition of critical care was used for all countries. RESULTS: A total of 474 hospitals in 19 high-, 7 middle- and 1 low-income country were included in the primary analysis. Data included 44 814 patients with a median hospital stay of 4 (range 2-7) days. A total of 7508 patients (16.8%) developed one or more postoperative complication and 207 died (0.5%). The overall mortality among patients who developed complications was 2.8%. Mortality following complications ranged from 2.4% for pulmonary embolism to 43.9% for cardiac arrest. A total of 4360 (9.7%) patients were admitted to a critical care unit as routine immediately after surgery, of whom 2198 (50.4%) developed a complication, with 105 (2.4%) deaths. A total of 1233 patients (16.4%) were admitted to a critical care unit to treat complications, with 119 (9.7%) deaths. Despite lower baseline risk, outcomes were similar in low- and middle-income compared with high-income countries. CONCLUSIONS: Poor patient outcomes are common after inpatient surgery. Global initiatives to increase access to surgical treatments should also address the need for safe perioperative care. STUDY REGISTRATION: ISRCTN5181700