This dissertation consists of two essays. The first essay develops a new methodology for estimating the probability of informed trading from the observed quotes and depths, by extending the Copeland and Galai (1983) model. This measure (PROBINF) can be computed for each quote and it represents the specialist's ex-ante estimate of the probability of informed trading. I show that PROBINF exhibits a strong and robust relationship with the observed level of insider trading and with measures of the price impact of trades (ë) estimated based on the models of Glosten and Harris (1988), Madhavan and Smidt (1991) and Foster and Viswanathan (1993). In contrast, the alternative measure of the probability of informed trading (PIN) developed by Easley, Kiefer, O'Hara and Paperman (1996) exhibits a weaker and less robust relationship with insider trading and price impact of trades. The time series pattern of PROBINF in an intra-day analysis around earnings announcement is consistent with previous findings regarding informed trading. An important advantage of PROBINF over PIN and other measures of information asymmetry such as price impact of trades and adverse selection component of the spread is that, unlike these measures, it can be estimated for each quote, and thus can also be used to measure intra-day changes in informed trading and information asymmetry. In the second essay, I examine whether the underwriting syndicate composition influences the secondary market liquidity for initial public offerings (IPOs). Specifically, I argue that co-managers improve the liquidity of IPOs through the other services they provide, besides market making. Using a comprehensive sample of initial public offerings completed between January 1993 and December 2005, I find that IPOs with a high number of co-managers in their syndicates have lower spreads and a lower level of information asymmetry in the aftermarket. I argue that the information produced during the premarket and the analyst coverage in the aftermarket are the main channels through which co-managers mitigate the information asymmetry risk in the secondary market. / Ph. D.

Orientador: Salvador Antonio Mireles Sandoval / Dissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Educação / Made available in DSpace on 2018-08-23T05:17:39Z (GMT). No. of bitstreams: 1 Silva_JuanCarlosda_M.pdf: 2522760 bytes, checksum: 86911ac93f54663f4d5e1d9e14e3eb5d (MD5) Previous issue date: 2013 / Resumo: Este trabalho analisa a relação entre a política educacional executada no governo José Serra no Estado de São Paulo, entre os anos de 2007 a 2010, e a atuação do Sindicato dos Professores do Ensino Oficial do Estado de São Paulo (APEOESP). Considerando a política pública como o "Estado em ação", isto é, o Estado como principal responsável por formular e executar as reformas, mas não o único ator a "informar" as diretrizes das políticas, esta investigação, procura analisar mais precisamente: a) qual padrão de política educacional se constituiu nos governos do PSDB, em São Paulo, no período 1995-2010, particularmente, no governo José Serra? b) qual o reflexo deste padrão de política educacional para as condições e organização do trabalho docente na rede estadual paulista? c) Como a APEOESP reagiu a este padrão buscando preservar as condições de trabalho e os direitos dos docentes no setor público? Através da articulação entre teoria e coleta de dados nos boletins sindicais tenta-se aqui demonstrar as motivações das convergências e divergências entre a política educacional do governo José Serra e a atuação sindical da APEOESP. / Abstract: This work examines the relationship between educational policy implemented in government José Serra in the state of São Paulo, between the years 2007 to 2010, and the performance of the Official State Teachers Syndicate of São Paulo (APEOESP). Considering the policy as the "State in action", and the state as primarily actor responsible by the formulation and implementation of educational reforms, but not the single one to "inform" the policy guidelines, this research seeks to analyze more precisely: a) what standard of educational policy was constituted in the governments of the PSDB in São Paulo, in the period 1995-2010, particularly in government José Serra? b) what is the effect of this pattern of educational policy for the teachers condition and organization in a public school? c) How the APEOESP reacted to this standard trying to preserve the working conditions and the rights of teachers in the public sector? Through the articulation between theory and data collection in union bulletins here tries to show the motivations of the convergences and divergences between the educational policy of the government José Serra and syndicate activities. / Mestrado / Ciencias Sociais na Educação / Mestre em Educação

Made available in DSpace on 2016-08-03T12:30:10Z (GMT). No. of bitstreams: 1 MARCOS CORREA2.pdf: 2143891 bytes, checksum: 21de20e502723d90152b65ad6f62c335 (MD5) Previous issue date: 2015-05-05 / Study about the documentaries fulfilled in the context of the Brazilian union movement in the 1970s and 1980s. The goal is to analyse the cinematográphic performing processes, brunt and role-play in the narratives about the urban industrial workers performed by film-makers that have proposed to step in and represent the new social movements who had rebirth in the context of the Brazilian political party opening. The analysis focus is on the image of the urban worker inside or outside the context of strike, biggest symbol of its political representation, resurgence and social impact. The methodology is the encoding of visual narrative elements and content analysis to, posteriorly, through the confrontation between the statements taken from interviews with its directors, verify how these imagens had built a speech about the labor force that end up being used as an alternative communication tool and assertion of identity by the individuals themselves. / Estudo sobre a realização de documentários no contexto do movimento sindical brasileito dos anos 1970 e 1980. O objetivo é analisar os processos cinematográficos de realização, embates e jogos de representação nas narrativas sobre os trabalhadores industriais urbanos nos documentários realizados por cineastas que se propuseram a intervir e representar os novos movimentos sociais que ressurgem no contexto da abertura política brasileira. O recorte de análise é a imagem do trabalhador urbano dentro ou fora do contexto de greve, símbolo máximo da sua representação política, ressurgimento e impacto social. A metodologia consiste na codificação dos elementos narrativos visuais e na análise de conteúdo para, posteriormente, através do confronto entre as declarações colhidas em entrevistas com seus realizadores, verificar de que forma essas imagens construíram um discurso sobre o trabalhador que acabou sendo utilizado como instrumentos de comunicação alternativa e afirmação de identidade pelos próprios envolvidos.

Made available in DSpace on 2014-12-17T14:36:02Z (GMT). No. of bitstreams: 1 JoseniltonNV.pdf: 1574536 bytes, checksum: d076c9c185aa15ca57538c75aaf5ef92 (MD5) Previous issue date: 2009-03-23 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / This work examines the connection Syndicate/teachers profession trying to unveil the important role taken over by the Syndical movement in the process of professionalization of the militant teachers. For that, it describes and analyses the historical course of three Syndicates representatives of the teachers category Associa??o dos Professores Licenciados da Bahia APLB; Sindicato dos Trabalhadores em Educa??o de Pernambuco SINTEPE; Sindicato dos Servidores Municipais de Petrolina SINDSEMP acting in the micro-region of the San Francisco Valley, especially, in the municipalities of Juazeiro Bahia , and of Petrolina Pernambuco. It concentrates its interests on the contribution of the Syndicates for the professional development of these teachers in this region analysing the aspects related to emerging conflicts into the Syndical organization, to the attitude of these entities before the educational reality to their reinvindicative struggles to the formative dimension of the group actions. This study tries to answer the following questions: How has this syndical movement of teachers of state school of S. Francisco Valley been characterized? How do their actions reflect in the formation and professionalization of the teachers? Do teachers recognize the syndicate as a constructive space for the teaching profession? The methodological trajectory was directed through a qualitative approach of an etnomethodological character, using instruments for the understanding of this reality, The treatment of the data was based on the interpretative analysis of the speeches present in documents and through answers of the interviwees, having as a reference in this analysis the theoretical studies about syndicalism and the teacher professionalization. For a conceptual construction of this work it was studied these two categories from their genesis, from the social historical evolution of their concepts and the up to date discussions that give explanations about the teachers syndical movement and about the process of teachers professionalization. As thesis of this study it was defended the idea of that the teachers syndicates have contributed expressively in the process of the construction of the teacher profession of the militant teachers of this in the micro-region of the S. Francisco Valley. Once the teachers participate actively in this movement promoted by the syndical entities, the teachers develop the critical sense of the educational realty; improve their formation and reinvindicate from the State this condition as a Right; fight for better conditions in the work; reinvindicate the salary valuation and, try to construct an image of teacher basing on a professional model. The contribution of the Syndicate in the process of teachers profissionalization, is more evident in its external dimension that chacterizes the profissionalism, on the related aspects: to the forms of participation in the definition and the management of the educational politics; to the political struggles for the achievements of the professional status, to the recognition and of his eventual valuation. The syndical actions have repercussions with less intensity in the inside dimension that defines the profissionality, in the related aspects: to the administratation of the pedagogical processes in schools and in the classroom; to the acquisition of branches of knowledges; to the epistemological criticism of the acquirements mobilized in the teaching; the curricular question to the mediation that make possible the learning at school and in the classroom / Esta tese examina a rela??o sindicato/profiss?o docente procurando desvelar o importante papel assumido pelo movimento sindical no processo de profissionaliza??o dos professores militantes. Para tanto, descreve e analisa as trajet?rias hist?ricas de tr?s sindicatos representantes da categoria docente Associa??o dos Professores Licenciados da Bahia APLB/Sindicato; Sindicato dos Trabalhadores em Educa??o de Pernambuco SINTEPE; Sindicato dos Servidores Municipais de Petrolina SINDSEMP - com atua??o na microregi?o do Vale do S?o Francisco, especificamente, nos munic?pios de Juazeiro Bahia, e de Petrolina Pernambuco. Concentra seu interesse nas contribui??es dos sindicatos para o desenvolvimento profissional docente nessa micro-regi?o analisando os aspectos relacionados aos conflitos emergentes na organiza??o sindical, ao posicionamento dessas entidades diante da realidade educacional, ?s suas lutas reivindicativas, ? dimens?o formativa das a??es coletivas. O estudo procura responder as seguintes quest?es: como tem se caracterizado o movimento sindical dos professores da rede p?blica no Vale do S?o Francisco? De que modo suas a??es repercutem na forma??o e profissionaliza??o dos professores? Os professores reconhecem o sindicato como um espa?o de constru??o da profiss?o docente? O percurso metodol?gico orientou-se por uma abordagem qualitativa de car?ter etnometodol?gico, utilizando como instrumentos para apreens?o dessa realidade, as fontes documentais e as entrevistas com vinte e quatro professores militantes. O tratamento dos dados baseou-se na an?lise interpretativa dos discursos presentes em documentos e nas respostas dos entrevistados, tendo como referencial nessa an?lise os estudos te?ricos sobre o sindicalismo e a profissionaliza??o docente. Para uma constru??o do marco conceitual desse trabalho estudou-se essas duas categorias a partir de suas g?neses, da evolu??o s?cio-hist?rica de seus conceitos e das discuss?es contempor?neas que produzem explica??es sobre o movimento sindical docente e sobre o processo de profissionaliza??o dos professores. Como tese desse estudo defende-se a id?ia de que os sindicatos docentes t?m contribu?do significativamente no processo de constru??o da profiss?o docente dos professores militantes desse movimento na microrregi?o do Vale do S?o Francisco. Uma vez que ao participar ativamente nas a??es coletivas promovidas pelas entidades sindicais, os professores desenvolvem seu senso cr?tico da realidade educacional; aperfei?oam sua forma??o e reivindicam do Estado essa condi??o como um direito; lutam por condi??es dignas de trabalho; reivindicam a valoriza??o salarial e, tentam construir uma imagem de professor baseando-se no modelo profissional. A contribui??o do sindicato, no processo de profissionaliza??o dos professores, ? mais evidente na sua dimens?o externa que caracteriza o profissionalismo, nos aspectos relacionados: ?s formas de participa??o na defini??o e na gest?o da pol?tica educacional; ?s lutas pol?ticas pelas conquistas do status profissional, do reconhecimento social e da sua conseq?ente valoriza??o. As a??es sindicais repercutem com menor intensidade na dimens?o interna que define a profissionalidade, nos aspectos relacionados: ? gest?o dos processos pedag?gicos na escola e na sala de aula; ? aquisi??o dos saberes disciplinares; ? cr?tica epistemol?gica dos conhecimentos mobilizados no ensino; ?s quest?es curriculares; e ?s media??es que possibilitam a aprendizagem na escola e na sala de aula

Under de senaste decennierna har riskkapitalmarknaden utvecklats och har idag lagt grunden till bolag som Spotifys framgångssaga. Samtidigt som riskkapitalmarknaden har utvecklats den digitala utvecklingen i banksektorn riskerar att göra det svårare för nystartade bolag att finansiera sig via lån. Två aktörer på riskkapitalmarknaden som på senare tid har börjat likna varandra i sitt sätt att arbeta är affärsänglar och Venture Capital bolag. Tidigare har aktörerna inte samarbetat med varandra utan gått in i investeringar i olika skeden. Detta har föranlett en viss konkurrens mellan aktörerna, samtidigt som det finns ett beroendeskap mellan partnerna. Affärsänglar är beroende av VC-bolag för att göra exits, medan VC-bolag är beroende av affärsänglar för att ha ett bra deal flow. Samtidigt som affärsängel-investeringar förväntas dominera marknaden i framtiden. Detta leder oss till syftet av denna studie som är att analysera hur ett Venture Capital bolag kan inkludera ett affärsängelnätverk i sin affärsmodell. Studien har genomförts i samarbete med Sörmlandsfonden och utgått från tidigare forskning för att analysera ett nytt perspektiv på hur riskkapitalmarknadens aktörer kan arbeta. Genom kvalitativa semi-strukturerade intervjuer möjliggjordes en djupgående analys över affärsmodellen från investerarnas perspektiv. Respondenterna var Sörmlandsfondens vd och affärsänglar som medverkar i Sörmlandsfondens tillhörande affärsängelnätverk. Affärsänglarna hade olika erfarenheter av investeringar inom konstellationen. För att affärsänglar och Venture Capital ska vara villiga att investera tillsammans identifieras flera faktorer där kapital, anpassning och relationer står i centrum. Anpassning konstateras utifrån respondenternas svar vara den främst avgörande faktorn för att aktörerna ska vilja investera tillsammans. Om inte affärsänglarna anpassar sig efter Sörmlandsfondens krav och vice versa hade båda aktörerna troligtvis vänt sig till någon annan, och de hade inte varit möjligt att investera tillsammans. Samtidigt som förtroende till varandras kompetens och kunskap har framkommit vara en av de främsta anledningarna till att de fortfarande medverkar i konstellationen. / During the recent decades, the venture capital market has developed and have been essential for companies such as Spotify’s success. At the same time as the venture capital market has developed, restrictions have been added from the banking sector where the digitalization make it difficult to finance start-up companies through loan. Two parties in the venture capital market, business angels and venture capital firms, have begun to resemble each other in their way of working. The parties have not previously collaborated because they have invested in different stages. This has given rise to some competition between the parties, at the same time as there is a dependency between them. Business angels depend on Venture capital to make an exit, while Venture capital depend on Business angels to have a good deal flow. Also, there is an expectation that business angel will dominate the future venture capital market. This leads to the purpose of this study, which is to analyze how venture capital can include a Business Angel Network (BAN) in their business model. The study was carried out in collaboration with Sörmlandsfonden and was based on previous research to analyze a new alternative on how the venture capital markets parties can operate. Through qualitative semi-structured interviews an in-depth analysis of the business model from the investor’s perspective was possible. The respondents where Sörmlandsfonden’s CEO and business angels from Sörmlandsfonden’s BAN with different experience in operating within this constellation. For Business angels and Venture capital to be willing to invest together, several factors were identified, which can be explained within three areas: capital, adaption, and relationships. Adaption is stated, based on the respondents’ answers, to be the mainconclusive factor for the willingness to invest together. If the Business angels did not adapt to Sörmlandsfonden’s requirements and vice versa they would not be able to invest together, since both parties would probably turn to another organization structure. At the same time, trust in each other’s competence and knowledge has emerged as one of the main reasons to why they still participate in the constellation.

As dinâmicas formas de organização e atuação política do empresariado brasileiro têm despertado o interesse de estudiosos da ciência política e áreas correlatas do conhecimento. Este trabalho examina a atuação política dos empresários da indústria da cerveja por meio de um estudo das transformações ocorridas em sua entidade representativa no sistema corporativista, o Sindicato Nacional da Indústria da Cerveja, Sindicerv. Para tornar mais rica a compreensão das transformações no Sindicerv e na representação política do setor cervejeiro de maneira geral, paralelamente à história do Sindicerv, é discutido o contexto político-econômico brasileiro, assim como a evolução do mercado de cerveja no Brasil. / The dynamic methods of political representation implemented by the businessmen in Brazil have been the focus of many academic studies. This work, through the examination of Sindicervs (union of Brazilian beer producers) history, reveals the changing forms of political representation used by beer producers along the last century. In order to enrich the discussion on the changes that took place in the beer producers forms of political representation, along this text, political and economic aspects of Brazil are also discussed herein.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / O presente estudo objetiva identificar e analisar as condições políticas e as motivações que resultaram na finalização das atividades do Sindicato dos Assistentes Sociais do Rio de Janeiro em 1990, tendo em vista os elementos estruturais, conjunturais e políticos envolvidos na trajetória sindical em geral e particularmente àqueles presentes na trajetória dos assistentes sociais. A investigação partiu da hipótese de que sobre o processo que resultou no fechamento do sindicato incidiram determinações que não poderiam ser explicadas apenas como o esgotamento de um movimento que teve ao longo dos anos 1980 ações de destaque na organização e aproximação da categoria com as lutas dos demais movimentos sociais em curso no país e particularmente no Estado do Rio de Janeiro. Os dados analisados foram coletados por meio de entrevistas, análise dos registros e documentos institucionais arquivados no Sindicato dos Assistentes Sociais do Estado do Rio de Janeiro (SASERJ), arquivos pessoais, acervo do Centro Brasileiro Cooperação Serviços Sociais (CBCISS), acervo do Conselho Regional de Serviço Social do Rio de Janeiro (CRESS), teses, dissertações, trabalhos de conclusão de curso e anais dos congressos da categoria. A reflexão sobre os dados foi referenciada por considerável bibliografia acerca da organização sindical brasileira e das transformações do Estado brasileiro no período abordado. / The present study aims at to identify and to analyze the political conditions and the motivations that resulted in the finalization of the activities of the Syndicate of the Social Workers of Rio de Janeiro in 1990, tends in view the elements structural, of the situation and politicians involved in the syndical path in general and particularly to those presents in the social workers path. The investigation began of the hypothesis that on the process that resulted in the closing of the union happened determinations that could not just be explained as the exhaustion of a movement that had along the years 1980 prominence actions in the organization and approach of the category with the fights of other social movements in course in the country and particularly in the State of Rio de Janeiro. The analyzed data were collected through interviews, analysis of the registrations and institutional documents filed in the Syndicate of the Social Works of the State of Rio de Janeiro (SASERJ), personal files, collection of Regional Council OF Social Service of Rio de Janeiro (CRESS), theories, dissertations, works of conclusions course and annals of the Congresses of the category. The reflection on data was established on for considerable bibliography concerning the Brazilian State in the approached period.

While the importance of venture capital (VC) can be highlighted by policy goals outlined in the 'Lisbon agenda', the European VC industry remains nascent in comparison to the more sophisticated VC market in the US. Researchers have identified key determinants that foster VC success on a broad level, and have often identified syndication as an important factor of success. This paper seeks to understand the role of syndication on the VC-backed company's success. I take a novel departure from past research in this area in three ways 1) I measure performance from the perspective of the portfolio company, rather than the VC firm which invests in the company 2) I isolate syndication in the first financing round and 3) I utilize a logistical model as well as a simultaneous equation model for which I introduce an instrumental variable. I gather VC data for both Europe and the US from the VentureXpert database to test various hypotheses regarding syndication. The results are significant and provide evidence to support that syndication in the first financing round is associated with greater success in achieving IPO exit in both regions. This should encourage VC firms, VC-backed companies, and policymakers to increase the practice of VC syndication in early financing rounds, thereby providing access to greater long-term growth opportunities. This paper adds to the existing, but limited, literature base on cross-region venture capital syndication.

Thesis (PhD) -- University of Western Sydney, 2001. / "June 2001" Bibliography: leaves 255 - 265.

[pt] Esta tese tem como objetivo desvendar a lógica da Reforma Trabalhista e Sindical em curso no Brasil, voltada para a flexibilização dos direitos do Trabalho. Nosso estudo se valeu de uma combinação de estratégias de pesquisa que incluem a definição do marco teórico de referência com base na teoria social como instrumental analítico privilegiado para análise do objeto; uma pesquisa documental para identificar o conjunto de medidas legais e propostas de mudanças na legislação do trabalho no período de 1995 a 2006 e a realização de entrevistas semi-estruturadas a representantes das entidades patronais e das centrais sindicais, para apreender o posicionamento dos trabalhadores e empregadores quanto à Reforma Trabalhista e Sindical. Na investigação, verificamos que a reforma incide sobre a proteção social do trabalhador no âmbito dos direitos individuais, coletivos e da justiça do trabalho e provoca a desconstrução da regulação social do trabalho com sérias implicações sociais e econômicas: no plano individual, o sistema, além de flexibilizar a jornada, os contratos e rebaixar salários, restringe os direitos e a proteção social dos trabalhadores; no plano coletivo, o modelo proposto é mais um instrumento de conciliação do que de defesa dos trabalhadores contra as empresas e, no plano da Justiça do Trabalho, dificultam-se as ações dos trabalhadores e reduz-se a ação do Estado. A análise revela que as modificações na legislação implicam perdas de direitos e retrocesso das conquistas históricas dos trabalhadores. O corolário é a legitimação das formas de precarização do emprego, o que reforça a fuga de direitos e a troca do trabalho protegido pelo trabalho desprotegido. / [en] This paper aims to find out the logic of the labor and syndicate reformation going on in Brazil, focusing on the flexibilization of the labor`s rights. Our research combined strategies which includes the definition of the theoretical mark of reference based on the social theory as an analytic instrument special for the analysis of the object; a documental research to identify the set of legal acts and proposals to change the labor`s legislation in the period from 1995 to 2006; and the realization of interviews halfstructured to representatives of the employers` entities and to the head syndicates, in order to apprehend where both employers and employees stand regarding the labor and syndicate reformation. Within the investigation we verified that the reformation goes against the social protection of the worker in terms of individual and collective rights and in terms of the labor`s justice, and provokes the deconstruction of the social regulation of labor, causing serious economical and social implications: In the individual field, the system, besides making working hours and the contracts flexible and diminishing the wages, restricts the workers` social rights and protection; In the collective field, the model proposed is more likely a way of reconciliation than a way of defense for the workers against the companies and, in the Labor`s Justice field, it makes workers` actions difficult and diminishes the State`s action. The analysis reveals that the changes in the legislation imply losses of rights and the retreat of the workers` historical conquests. The corollary is the legitimacy of the ways that turn employment precarious, which reinforce the evasion of rights and the shifting from protected labor to non-protected labor.