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
- Inflation targeting did make a difference in industrial countries’ inflation and output growth(2011) Brito, Ricardo D.I reevaluate the treatment effect of inflation targeting (IT) in industrial economies that adopted this regime in the early 1990s through dynamic panel regressions to show that IT had significant enhancing effects on realized inflation and GDP growth. I also refine the propensity score matching of Lin and Ye [2007. Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries. Journal of Monetary Economics 54(8), 2521-2533] and Ball and Sheridan’s [2005. Does inflation targeting matter? In: Bernanke B, Woodford M (Eds), The inflation targeting debate, 249-276] cross-section regressions to show that their conclusion of IT irrelevance can be overturned. By analyzing other samples that extend theirs, I provide further evidence of the pioneering IT systems good performance among developed countries.
Working Paper The Use of Trade Credit by Firms: Evidence for Latin America(2011) Santos, Gisler Andre; Hsia Hua Sheng; ADRIANA BRUSCATO BORTOLUZZOTrade Credit (TC) is the short-term credit linked to the sale of goods given to the cliente by the supplier without any intermediary financial agent. This work aims to study whether TC is used as a substitute for bank credit in crisis periods in Latin America. The sample of this study was composed of firms listed on the Argentinian, Brazilian and Mexican stock exchanges from 1994 to 2009. Controlled by sector and size, the tests provide evidence of the substitution effect for these three countries firms in crisis periods. The results indicate that small firms of all sector substitute bank financing for TC in crisis periods. However, large Brazilian and Mexican firms do not finance with trade credit in crisis periods due to their better capability to get money from local and foreign capital market and better ability of generating cash internally.Working Paper Inter-regional Wage Differentials with Individual Heterogeneity: Evidence from Brazil(2011) Freguglia, Ricardo da Silva; NAERCIO AQUINO MENEZES FILHOThis paper uses administrative data to follow Brazilian workers over time and examine what happens to the inter-regional wage differentials after controlling for unmeasured workers’ characteristics that are fixed over time. Since the data allow us to track the same workers over the years, we are in the unusual position of obtaining the individual wages before and after the migration process. As a significant share of workers changed States in the sample period, it is possible to examine to what extent the wage differentials reflect the concentration of high skilled individuals in some States. The results show that the overall wage variability across States drops to almost one third of its original value and the ranking of the State effects is significantly altered after we take into account the workers’ fixed effects. A great deal of the inter-regional differentials, therefore, reflects differences in the average ability of workers across States.Working Paper The Four-Sided Triangle of Ethics in Bioprospecting: Pharmaceutical Business, International Politics, Socio-Environmental Responsibility and the Importance of Local Stakeholders(2011) Islam, Gazi; Rose, Janna L.; Quave, Cassandra L.Bioprospecting, a vital step in the pharmaceutical production process, is also one of the most controversial and socially complex aspects in the pharmaceutical industry. The current conceptual paper reviews and theorizes this controversial sector by laying out the key elements of social, political and economic conflict involved in bioprospecting, from the point of view of the diverse stakeholders involved in this activity. First, we discuss the bioprospecting phenomenon as a high-risk, initial-stage research and development (R&D) activity that involves ethical, legal and economic uncertainties. After describing these uncertainties, we show how they are exacerbated by the unique cognitive frames that the main actors in this area – private companies, government actors, social and environmental activists, and local communities – use in framing the motives, norms, and rights surrounding bioprospecting. Juxtaposing actors in this way allows an opening for potential dialogue among the different stakeholders, and we follow our exposition by sketching a model for increased cooperation. Our model highlights the unique contributions of each actor, suggesting that a socially responsible form of natural resource use can promote both local and global benefits.Working Paper The Effects of Trade Liberalization on Productivity Growth in Brazil: Competition or Technology?(2010) Lisboa, Marcos de Barros; NAERCIO AQUINO MENEZES FILHO; Schor, AdrianaThis paper examines the effects of trade liberalization on productivity growth in Brazil. In contrast with the previous literature, we examine whether this relationship is driven by product or input market effects, by including both output and input tariffs in firm-level productivity regressions and allowing for imperfect competition in the product market. The results show that the reductions of input tariffs were more important to explain the productivity growth that took place during trade liberalization in Brazil. Lower input tariffs may allow firms to access foreign inputs with more advanced technology at lower prices. Moreover, we find that the reduction in input tariffs led to a rise in mark-ups, while the reduction in output tariffs did the opposite.Working Paper Recognizing Employees: Reification and Dignity in Management(2011) Islam, GaziThe current paper develops the idea of recognition in organizations, arguing that recognition is a fundamental building block of workplace dignity, and a key element of cultural respect in the workplace. Recognition perspectives begin with problems arising from viewing workers as commodities, and not recognizing their intrinsic dignity as social actors. Traditional economic views of human capital and human resources are particularly apt to view employees as units to be strategically managed, and not actors to be recognized, a situation which can both deteriorate the quality of their work and cause a series of psychological and interpersonal dysfunctions in the workplace. Such views are here termed reifying, because they view employees and their work as “thing-like” units of trade, rather than as outcomes of the lived social experiences of actors trying to create works of value. The paper discusses the implications of reifying views of workers with the contrasting recognition view, using contemporary social theory on recognition to reconceive of the workplace as fundamentally social and dignifying. Finally, recognition views are applied to managerial practice, in the attempt to imagine the workplace in a way that combines practical action with the valuation of diverse individual and cultural experiences.Working Paper Working Paper Self-Ideals and Prototypes: Psychoanalytic Dialogues of Identity and Leadership(2011) Islam, GaziThe author contextualizes recent developments in the leadership literature using psychoanalytic conceptions of self-identity. It is argued that psychoanalytic views of the self are complementary to contemporary social-cognitive approaches, although historical divergences in these literatures have impeded mutual dialogue. This initiative at dialogue examines charismatic, schema, and self- identity theories of leadership within a psychoanalytic framework, arguing that when self-identity is viewed broadly, convergences between these approaches become apparent. A broad view of the self makes central notions of authority in the construction of personal identities, highlighting the processes by which individuals construct normative ideals, and explaining notions of charisma that are difficult to reconcile with contemporary social-cognitive theories of identity.Working Paper Capital Structure Decisions and the Interaction with Payout and Ownership Decisions: Evidence from Brazil(2011) Sanvicente, Antonio ZorattoThe objective of this paper is to correct the analysis in most of the existing Brazilian literature on determinants of capital structure, which fails to consider the interaction of debt, payout and ownership policy decisions. With the estimation of a three-equation system by three-stage least squares, the paper obtains significant results, and its results contradict most of those obtained in the Brazilian literature. In addition, it confirms unambiguously the existence of an entrenchment effect in the agency relationship involving controlling and minority shareholders.Working Paper Word of Mouth Behavior and Online Activity: A Study of On/Off Line Communication Strategy and Online Business(2011) PRISCILA BORIN DE OLIVEIRA CLARO; Laban Neto, Silvio AbrahaoResearch on word of mouth WOM is recently becoming more prominent in marketing literature. Word of mouth (WOM) is recognized for quite some time as a powerful source of products and services’ information dissemination (Brooks 1957). For example, referral programs generate more profitable customers in the short and long term (Schmitt, Skiera and Van den Bulte 2011), high-uniqueness consumers (the consumer that prefers to differentiate from members of his or her reference group) were more likely to recommend privately consumed products (Cheema and Kaikati 2010), and a “word-of-mouth equity” is proposed as an index of a brand’s power to generate messages that influence the consumer’s decision to purchase (Court, Gordon and Perrey 2010). Online communities have increased in size, number, and character to make companies recognize the growing importance of WOM. This paper is a result of a preliminary and exploratory research about WOM. We aim to study the WOM behavior and analyze the impact of on/off line communication and online Activity on consumption. We tested four hypotheses with evidence of a survey with 248 online users. As our research model implies on antecedents, mediator variables and outcome variable, we estimated a three sets of ordinary least square regressions. Our results show an indirect impact of a company’s communication, by WOM behavior and WOM activity, on online consumption. The direct impact of communication on consumption is interestingly negative. Consumers may look suspicious all kind of direct manipulation of press or customer evaluation. Consumers have become overloaded and skeptical about traditional company-driven communication. On the other hand, communication impact online consumption through WOM behavior and online activity. It appears that the right communication messages echo and expand within interested social networks, affecting product perceptions. The rise of online communities and communication has increased the potential for significant and far-reaching momentum effects. Our study attempts to help understand the WOM behavior and to identify those who influence online activity and consumption. The starting point for managing WOM is understanding WOM behavior and online activity. WOM analysis can detail the nature of the antecedents of consumption. The highest-impact messages, contexts, and social networks are essential components of a companies’ communication strategy and sales.