Determinants of voluntary executive stock option disclosure in Brazil

This study investigates whether the governance attributes of Brazilian companies are associated with voluntary executive stock option (ESO) disclosure. Results show that Brazilian companies voluntarily disclose very little about their ESO plans, and that board size, presence of a compensation committee, and auditing by a Big 4 firm are significantly related to the degree of voluntary ESO disclosure. We also show that family-controlled companies in Brazil are associated with low voluntary ESO disclosure. Results are robust to a number of specification tests, dependent and explanatory variable measurements, and sample composition. This study has professional and regulatory implications for Brazil and other emerging capital markets. The results underscore the need for stricter rules for executive compensation reporting in Brazil, and they invite policy makers and regulators in emerging markets to consider the effects of company-level governance factors on disclosure incentives.     

Portuguese Scientists’ Migration: a study on the 2008 crisis aftermath

In the economic and social aftermath of the 2008 crisis there has been an important and growing new wave of highly qualified Portuguese emigration comprising scientists. No or very few public policies have been designed to reverse this phenomenon, risking the consequences of brain drain. International literature argues that professional reasons are central to scientists’ decision to migrate, even after the 2008 crisis. Spending some time in a foreign country to study, research, or teach, is perceived as a common step in an individual academic trajectory and an advantage for a successful professional career in academia. It is also encouraged by European Union policies. Twelve individual portraits of Portuguese scientists living in central Europe reveal how important other factors are to the migration decision‐making process. These factors include the economic crisis, student mobility programmes, and the current Portuguese scientific system revision.     

Drivers of fish assemblage structures in a Neotropical urban watershed

Urban Ecosystems - Urbanization results in major changes in stream morphology, hydrology, and water quality; the consequences on fish assemblage of Neotropical urban streams remain poorly...     

Ergonomic factors and production target evaluation in eucalyptus timber harvesting operations in mountainous terrains

There are several forest operations involved in Eucalyptus timber harvesting. This study was carried out during brush-cutting; tree felling, bucking, delimbing, piling and manual extraction operations, with the following objectives: a) analyzing, ergonomically, two systems of brush-cutting: one manual and the other semi-mechanized, using two different machines; b) ergonomically evaluating three different brands of pruner machines used in delimbing felled trees. c) determining the feasible target of productivity as a function of ergonomic factors relevant to establish the time of resting pauses for workers in manual and semi-mechanized timber harvesting systems in mountainous terrain. Brush-cutting, either manual or semimechanized, is an activity carried out prior to timber harvesting. It is usually a hard work, with low productivity when compared with mechanized systems. Pruner machines have been used by forest companies, due to the great possibilities to improve productivity, quality and the health of workers. Ergonomics is a discipline that promotes the adequacy of work to the physical and mental characteristics of human beings, seeking to design production systems and products considering relevant aspects, including social, organizational and environmental factors. Companies should consider the ergonomic factor in the determination of daily worker production targets.     

Longitudinal Factor Analysis of Public Expenditure Composition and Human Development in Brazil After the 1988 Constitution

The way public policies are managed in Brazil has changed since the 1988 Federal Constitution. This study aimed to identify how changes in the structure of public expenditure composition at Brazilian federal states influenced local human development in these states. The states’ public expenditures were categorized according to their nature as spending indices whereas human development was measured through a human development index (HD). To verify the relationships between these variables, an accounting-social theoretical model was created and estimated through latent growth modeling (LGM). The LGM measurement period comprised five administration cycles of the Brazilian states (1988–2011). Variables were measured on data of the second year of state government term; their mean initial values and growth rates were recorded. Results show that, influenced by policies of centralized regulation promoted by the federal government, only the social spending growth rates had statistically significant effect on the human development growth rate, although not considered of great magnitude. Among mean initial values, the most significant was that of minimum spending (SIm), which denotes the direct impact of the Fiscal Accountability Law [Lei de Responsabilidade Fiscal, in Portuguese] on human development improvements. The mean initial value of economic spending also showed a positive and significant effect on HD growth rate.     

Are there electoral cycles of emigration? An empirical investigation based on European data

Economic literature suggests that economic factors and the availability of amenities act as determinants of migration choices together with socio‐demographic factors. Migration has also been found to be the consequence of political instability. This article argues that specific political events, i.e., democratic elections, may be linked to migration flows. By using European data over the 1999‐2012 time period, our system GMM estimations reveal that there is an emigration political cycle across European democracies and across the young democracies of Central and Eastern European countries. We observe that regular elections tend to diminish emigration ratios, whereas endogenous elections have the opposite effect. These results suggest special challenges for governments and oppositions, which are also discussed.     

Evaluation of performance of European cities with the aim to promote quality of life improvements

This paper explores the possibilities presented by DEA to assess quality of life and evaluate the performance of city managers in what concerns the promotion of urban quality of life. Using the data provided by the Urban Audit program, from the European Union, we defined the city profile regarding quality of life for 206 cities. Two approaches are presented: the construction of a composite indicator of quality of life and the assessment of local management performance, contextualised by the GDP per capita to measure the ability of local authorities to promote quality of life given the economic condition of the country. The results identify the cities with urban best practices and present a model of intervention for the cities considered inefficient, based on benchmarking principles.     

The voter who wasn’t there: Referenda,representation and abstention

We analyze single binary-choice voting rules and identify the presence of the No-Show paradox in this simple setting, as a consequence of specific turnout or quorum conditions that are included in actual rules. Since these conditions are meant to ensure a representative outcome, we formalize this concern and reach our main result: no voting rule can ensure representation if abstention is possible, unless restrictive assumptions are made on the preference domain of abstainers. We then focus on the main referendum systems and show that appropriate restrictions do make them compatible with representation. The main purpose of our paper is, however, to provide a tool for referendum design: rather than imposing arbitrary restrictions on the preference domain of non-voters, we recommend instead that a conscious choice be made on how abstention is to be interpreted and that this choice be used to derive the corresponding referendum rule.The idea for this paper started with some jocose but insightful notes written by José João Marques da Silva at the time of the first referendum held in Portugal (1998). When José João passed away in August 2000, ISEG lost a bright, interested and friendly scholar. May we dedicate this paper to his memory. This paper was presented at the 2002 Annual Meeting of the Public Choice Society and Economic Science Association, San Diego, CA and a preliminary version was presented at the 2001 Annual Meeting of the European Public Choice Society, Paris. We would like to thank Mathew Braham, Moshé Machover, Eric Maskin, Vincent Merlin, Hannu Nurmi, Katri Sieberg, Frank Steffen, and two anonymous referees for helpful comments. The usual proviso applies.     

Likelihood analysis for a class of beta mixed models

Beta regression is a suitable choice for modelling continuous response variables taking values on the unit interval. Data structures such as hierarchical, repeated measures and longitudinal typically induce extra variability and/or dependence and can be accounted for by the inclusion of random effects. In this sense, Statistical inference typically requires numerical methods, possibly combined with sampling algorithms. A class of Beta mixed models is adopted for the analysis of two real problems with grouped data structures. We focus on likelihood inference and describe the implemented algorithms. The first is a study on the life quality index of industry workers with data collected according to an hierarchical sampling scheme. The second is a study assessing the impact of hydroelectric power plants upon measures of water quality indexes up, downstream and at the reservoirs of the dammed rivers, with a nested and longitudinal data structure. Results from different algorithms are reported for comparison including from data-cloning, an alternative to numerical approximations which also allows assessing identifiability. Confidence intervals based on profiled likelihoods are compared with those obtained by asymptotic quadratic approximations, showing relevant differences for parameters related to the random effects. In both cases, the scientific hypothesis of interest was investigated by comparing alternative models, leading to relevant interpretations of the results within each context.