Coleção Insper Business and Economics Working Papers
URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/5740
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Resultados da Pesquisa
Working Paper Quantity-before-Price Auction: Evaluating the Performance of the Brazilian Existing Energy Market(2008) Moita, Rodrigo; Rezende, LeonardoWorking Paper Policy Preferences for Output Stability before and after Inflation Targeting(2008) Araújo, Eurilton; Pinheiro, TatianaWorking Paper Consumption in South America: myopia or liquidity constraints?(2008) Paz, Lourenço Senne; Gomes, Fábio Augusto ReisIn this paper, we consider Brazil, Colombia, Peru and Venezuela for a study on aggregate consumption behavior, in which we test the life cycle-permanent income hypothesis prediction that consumption growth depends only on interest. Our results suggest that only Venezuelan data supported this prediction. To identify possible reasons for rejection in the other cases, we checked for liquidity constraints, myopia and perverse asymmetry. We found that for Brazil the perverse asymmetry was rejected, whereas for Colombia the liquidity constraint hypothesis was rejected. The results were uninformative about Peruvian consumptionWorking Paper Corporate Financial Policies and the Exchange Rate Regime: Evidence from Brazil(2008) Rossi Júnior, José LuizEste trabalho analisa o relacionamento entre a política financeira das empresas e o regime cambial para uma amostra de empresas brasileiras não-financeiras no período de 1996 a 2006. Os resultados indicam que, além de reduzir a proporção da dívida expressa em moeda estrangeira e aumentar a utilização de derivativos, a adoção de um regime de câmbio flutuante leva a um maior casamento monetário entre a ativo e o passivo das firmas. O trabalho mostra que esta melhora no gerenciamento de risco das firmas dá-se, principalmente, nas firmas mais expostas ao risco cambial. Os resultados confirmam que o regime cambial exerce um papel importante na determinação da vulnerabilidade externa das firmas.Working Paper What is the Value of Corporate Social Responsibility? An answer from Brazilian Sustainability Index(2008) Rossi Júnior, José LuizThis paper analyzes using a sample of non-financial Brazilian companies from 2005 to 2007 whether corporate social responsibility has an impact on firm value. Using companies’ Tobin’s Q as a proxy for their market value, the paper finds that firms that compose the Bovespa Corporate Sustainability Index (ISE) are traded with a premium compared to the other publicly traded firms. The result is robust to the inclusion of a set of control variables and the method of estimation. In addition, after controlling for self-selectivity, the results confirm that policies that focus corporate sustainability add value to the firm. The paper indicates that the benefits of corporate social responsibility policies surpass the possible costs implied by the adoption of such policies, leading corporate social responsibility to exert a positive impact on firm value.Working Paper Exchange Rate Exposure, Foreign Currency Debt and the Use of Derivatives: Evidence from Brazil(2008) Rossi Júnior, José LuizThis paper studies the exchange rate exposure and its determinants for a sample of non-financial Brazilian companies from 1996 to 2006. The results show that more than 25% of the firms in the sample have significant exchange rate exposure. Moreover, the results indicate that the number of firms exposed is higher in periods of crisis and under a fixed exchange rate regime. In addition, the results point out that although companies’ international activities, operational hedging and financial policies are important determinants of firms’ foreign exposure, the changes in companies’ exposure that took place when the country moved from a fixed to a floating exchange rate regime were mainly driven by changes in companies’ foreign currency borrowing and the use of derivatives that occurred in the period.Working Paper The Impact of the Distribution of R&D Expenses on Firms’ Motivations to Patent(2008) Barros. Henrique MachadoWorking Paper Appropriability and the Patenting Process: An Exploratory Analysis of Pharmaceuticals(2008) Barros, Henrique MachadoThe literature reports that patents are commonly seen as isolating mechanisms. Nevertheless, our knowledge as to how firms manage both patents and the patenting process to capture the benefits realised from innovative effort is still scant. In this paper we explore how firms use the patenting process to enhance appropriability conditions. Based upon case studies of six various sized UK pharmaceutical firms our findings suggest that it is mainly by managing a whole portfolio of patents that firms will generate the full benefits of patents and limit the operations of (potential) competitors. The portfolio approach is one alternative to broaden the scope of protection. Along the same lines our sample firms also revealed their interest in broader territorial coverage. Although the protection achieved is largely determined by the legal framework, firms revealed that the timing of application is pivotal in determining the scope of the final patent grant and other related follow-up patents.Working Paper Objective and subjective indicators of happiness in Brazil: The mediating role of social class(2008) Islam, Gazi; Herrera, Eduardo Wills; Hamilton, MarilynThe following research note tests the proposition that monetary household income affects Subjective Well Being (Deiner et al, 1999) through the mediating mechanisms of objective and subjective social class. A representative sample is drawn from a Brazilian urban center, in a door-to-door survey format. A back-translated version of Diener et al’s (1985) Satisfaction with Life Scale showed a significant relationship with income. However, this effect was mediated by both objectively measured and subjectively measured social class. These effects reinforce, extend, and internationally generalize the person x situation perspective elaborated by Diener et al.Working Paper Animating Leadership: Crisis and Renewal of Governance in 4 Mythic Narratives(2008) Islam, GaziThis paper analyzes four animated films in order to explore themes of leadership crises and leadership emergence. Drawing on psychoanalysis and structuralist film studies, this paper explores leadership emergence as a mythic structure within the four films, arguing that these myths are structured around a struggle of a young novice against an evil power figure, and the overcoming of this figure through a process of self-discovery and maturation. Central themes include the relations between self-realization of leaders and the social harmony, the battle with evil leaders as an ego-struggle, and exile and journey as a precursor to mature leadership competence. The paper attempts to show how, following Miendl et al (1985) leadership myths often conflate individual psychological well-being with social well-being, and adds to this perspective that such a conflation may be key to understanding leadership myths as projections of internal psychological dynamics. More generally, it is argued that treating popular culture such as animated allegories as contemporary myth offers scholars a view into popular conceptions of leadership, possible illuminating the relationships between leadership and social organization.