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Chapter 1. This chapter aims to find the effects of financial point of sales incentives on the sales of electric vehicles across the Canadian provinces from September 2012 to December 2016. The findings of my study indicate that purchase incentives cause the sales of new electric vehicles to increase by 8 percent on average due to a $1000 increase in incentives. I find that 47% of electric vehicle sales across the rebating provinces (Ontario, Quebec, and British Columbia) are attributed to the purchase incentives. Results of my counter-factual simulations imply that the cost of eliminating one tonne of carbon emissions across the provinces that offer incentives over the years of my study is, on average, $216/tonne CO2. Chapter 2. In light of the rapid increase in Canadian gasoline prices from 2000 to 2010, this chapter focuses on the relationship between gasoline price and demand for vehicle fuel efficiency across the Canadian forward sortation areas (FSA) over this period. I find that consumers respond to variations in gasoline price when deciding the fuel efficiency of their new vehicle; increases in gasoline price result in shifts in demand for more fuel-efficient vehicles and therefore improve the average fuel efficiency of the new vehicle fleet. I find that the elasticity of fuel economy with respect to gasoline price for new vehicles sold across the Canadian forward sortation areas (FSA) from 2000 to 2010 is -0.06 to -0.16. Results of further analyses imply that consumer are more responsive to rising and constant gasoline prices than falling prices and that urban residents are slightly more responsive to variations in gasoline price compared to residents of suburb regions. Chapter 3. This chapter investigates the effect of the carbon tax policy implemented by the Canadian Province of British Columbia on households’ new vehicle purchase decisions. I dis-aggregate the effects of gasoline price into two effects: the carbon tax and carbon tax-exclusive gasoline price. These effects are both measured along the extensive margin of replacing a fuel inefficient vehicle with a fuel-efficient vehicle. The results indicate that there is a significant negative relationship between both effects and fuel efficiency substitutions. However, vehicle fuel economy is more sensitive to changes in the carbon tax than to equivalent changes in the carbon tax-exclusive gasoline price. I find that the elasticity of fleet fuel economy with respect to the carbon tax ranges from -0.22 to -0.26 whereas this elasticity changes between -0.1 and -0.15 with respect to gasoline price (net of the carbon tax). I obtain consistent results when estimating the effect of both factors on fleet fuel economy conditional on fleet composition, indicating that almost all vehicle segments respond more strongly to changes in the carbon tax component of gasoline price than other components. Results also imply that, among all segments, the fuel consumption of compact sport utility vehicles (SUVs), minivans, and luxury high-end cars respond the most to the carbon tax.

Submitted by Maike Costa (maiksebas@gmail.com) on 2016-04-20T11:20:46Z No. of bitstreams: 1 arquivo total.pdf: 2536313 bytes, checksum: bf528ab534ff5a996c8f2eda9196a851 (MD5) / Made available in DSpace on 2016-04-20T11:20:46Z (GMT). No. of bitstreams: 1 arquivo total.pdf: 2536313 bytes, checksum: bf528ab534ff5a996c8f2eda9196a851 (MD5) Previous issue date: 2014-03-29 / In Brazil, the Collective Urban Transport (TCU) is a public utility service is central to the economic, political and social development of cities. The promotion of health and safety (OHS) has been commitment of the government, which seeks to improve the environment and working conditions in the different sectors organizations. Public policy on OSH are considered means to encourage organizations to invest in risk prevention. One of these policies is the establishment of OHS requirements for public bids. In this dissertation, we seek to provide OSH items to be inserted into the bidding process for granting TCU service by bus from João Pessoa-PB. They were carried out interviews and document analysis to know the bidding process with a view to aspects of OSH. He was interviewed the management of one of the concessionaires to know the process of providing TCU service and applied a checklist to check the health and safety of workers. A literature review was conducted to identify items that can be inserted in the bidding process and contracts for the promotion of health and safety at work. It was found that in the bidding process there are no references to adopt technical standards of health and safety at work. In the company, it was noted that the focus of management is in fulfillment of what is established in the concession contract. As for the SST, it was noticed that there are failures in compliance with the rules of the Ministry of Labor and Employment (MTE). In the survey of incentives for OSH, they were found several mechanisms that could be inserted in the bidding process. Among them, there is the inclusion of safety standards items to be observed and the management system deployment OSH in organizations. It was concluded that the adoption of a public policy that encourages the promotion of health and safety by establishing OHS requirements for public procurement could result in a good performance by organizations, therefore, considering that the management of an organization that provides the public service is focused on meeting the determinations imposed in the bidding and contract, if there OHS requirements for public tenders, organizations would provide a healthy and safe environment for their workers. / No Brasil, o Transporte Coletivo Urbano (TCU) é um serviço de utilidade pública, sendo fundamental para o desenvolvimento econômico, político e social das cidades brasileiras. A promoção da saúde e a segurança no trabalho (SST) tem sido compromisso do Poder Público, que busca a melhoria dos ambientes e condições de trabalho nas organizações de diversos setores. As políticas públicas na área de SST são consideradas meio de incentivar as organizações a investirem em prevenção de riscos. Uma dessas políticas públicas é o estabelecimento de requisitos de SST nas licitações públicas. Nesta dissertação, busca-se apresentar itens de SST a serem inseridos nos processos licitatórios de concessão de serviços de TCU por ônibus de João Pessoa-PB. Foram realizadas entrevista e análise documental para se conhecer o processo licitatório, com vistas aos aspectos da SST. Foi entrevistada a gerência de uma das empresas concessionárias para se conhecer o processo da prestação de serviço de TCU e aplicado um checklist para verificar as condições de saúde e segurança dos trabalhadores. Foi realizado um levantamento bibliográfico para identificar itens que podem ser inseridos no processo licitatório e contratos para a promoção da saúde e segurança no trabalho. Verificou-se que no processo licitatório não existem referências para adoção de normas técnicas de saúde e de segurança do trabalho. Na empresa, notou-se que o foco da gestão é no cumprimento do que é determinado no contrato de concessão. Quanto à SST, percebeu-se que existem falhas no cumprimento das normas do Ministério do Trabalho e Emprego (MTE). No levantamento dos incentivos à SST, foram encontrados diversos mecanismos que poderiam ser inseridos no processo licitatório. Dentre eles, destaca-se a inserção de itens de normas de segurança a serem observadas e a implantação de sistema de gestão em SST nas organizações. Concluiu-se que a adoção de uma política pública que incentive a promoção à saúde e segurança através do estabelecimento de requisitos de SST nas licitações públicas poderia resultar em um bom desempenho por parte das organizações, pois, considerando que a gestão de uma organização que presta o serviço público é focada no atendimento das determinações impostas na licitação e no contrato, se existissem requisitos de SST nas licitações públicas, as organizações ofereceriam um ambiente saudável e seguro para seus trabalhadores.

Submitted by Marina Cavenaghi (ma.cavenaghi@hotmail.com) on 2017-01-27T21:19:22Z No. of bitstreams: 1 Dissertação Mestrado_Marina Cavenaghi.pdf: 850362 bytes, checksum: bacc659a2d7b2490916de426a8309f9a (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2017-01-27T21:33:57Z (GMT) No. of bitstreams: 1 Dissertação Mestrado_Marina Cavenaghi.pdf: 850362 bytes, checksum: bacc659a2d7b2490916de426a8309f9a (MD5) / Made available in DSpace on 2017-01-30T12:21:42Z (GMT). No. of bitstreams: 1 Dissertação Mestrado_Marina Cavenaghi.pdf: 850362 bytes, checksum: bacc659a2d7b2490916de426a8309f9a (MD5) Previous issue date: 2016-12-12 / Dentro do campo de finanças, as determinantes de investimentos diretos estrangeiros e o modo de entrada das transações de fusões e aquisições (F&A) têm sido amplamente estudados. Contudo, não são muitos os trabalhos que exploram os efeitos das políticas de incentivos fiscais e financeiros do país anfitrião, no processo de atração de investimentos estrangeiros, e os impactos na estratégia de estrutura de propriedade adotada pelas multinacionais nas transações de F&A. Nesse trabalho o objetivo foi estudar os efeitos de incentivos fiscais e financeiros, concedidos pelo governo brasileiro no fluxo de investimento direto estrangeiro (IDE) para o Brasil, por meio de transações de fusões e aquisições. Sob a ótica da teoria de opções reais, o que se propõe nesse estudo é a verificação do efeito dessas políticas na decisão das multinacionais pela estratégia de estrutura de propriedade, no momento em que realizam investimento direto no Brasil, por meio de F&A. As políticas de incentivos do país de acolhimento agem como redutoras da incerteza do investimento e, portanto, na sua presença, as multinacionais estariam mais propensas a optar por estruturas de propriedade de maior comprometimento. Foram formuladas quatro hipóteses e analisadas, empiricamente, 1.513 transações de F&A de empresas brasileiras por multinacionais, no período de 2005 a 2015. Os resultados sugerem que tanto as políticas de incentivos fiscais, quanto as de incentivos financeiros, aplicadas pelo país anfitrião, afetam positivamente o fluxo de IDE para o Brasil. Em relação ao impacto desses incentivos na estratégia de estrutura de propriedade, adotados pelas multinacionais, os resultados indicam uma relação inversa ao esperado. / Within the field of finance, the determinants of foreign direct investment and the entry mode of M & A transactions have been extensively studied. However, there is not much work exploring the effects of the host country's fiscal and financial incentive policies on the process of attracting foreign investments, and these impacts on the ownership structure strategy adopted by multinationals in M & A transactions. The present study aims to study the effects of fiscal and financial incentives granted by the Brazilian government on the flow of foreign direct investment (FDI) to Brazil through merger and acquisition transactions. And, from the perspective of the Real Options theory, the study proposes to verify the effect of these policies in the decision of the multinationals by the strategy of property structure, at the moment in which they realize direct investment in Brazil through M & A. Host country incentive policies act as reducers in investment uncertainty, and therefore in their presence multinationals would be more likely to opt for more committed ownership structures. Four hypotheses have been formulated and empirically analyzed 1,513 M & A transactions of Brazilian companies by multinationals between 2005 and 2015. The results suggest that both the fiscal incentives and the financial incentive policies applied by the host country positively affect the flow of FDI to Brazil. In relation to the impact of these incentives on the strategy of property structure adopted by multinationals, the results indicate an inverse relation to what was expected.

In this thesis, I apply the sophisticated tools made available by the econometrics of panel data and treatment models to a range of different issues. In the first Chapter, an ECM model is used to test on the existence of financing constraints in firms’ investment and R&D, taken a proxy for the efficiency of market institutions and governance rules in different countries. In the second chapter we test an agency model linking pay-performance contracts of CEOS to the financial situation of a firm by using a UK panel data. In the third chapter I use a sophisticated treatment model to evaluate the effectiveness of Italian public subsidies to R&D. Finally, in the fourth chapter I try to evaluate the efficiency of Italian regional systems of public healthcare by controlling for socio-economic factors and quality of healthcare in a composite model using panel data estimation and efficient frontier techniques.<p>The first Chapter analyzes the investment behavior of a sample of R&D intensive firms which are quoted on the stock market from USA, UK and Japan for the period 1990-1998. By using an error correction model we test the elasticity of investment and R&D to cash flow in these countries to see by which measure different market institutions and corporate governance rules affects the cost of external financing. Contrary to previous studies, we find significant differences in the sensitivity to cash flow of the two types of investment, with R&D expenditure being much less sensitive than ordinary investment. This is not surprising given the more long-term nature of R&D expenditures. For what concerns the comparison between the different systems/countries, the USA stock markets confirms as the most efficient market providing outside financing at a much lower cost compared to other markets, especially for young, smaller firms.<p>The second Chapter is a joint work with Biagio Speciale. It uses the data on a panel of quoted UK firms over the period 1995–2002 to study the effects of financial leverage on managerial compensation. The change in the investors’ expectations that caused the recent collapse of the stock market tech bubble is a perfect example of natural experiment that has been used as a source of plausibly exogenous variation in the firm’s debt. The estimates show that pay-for-performance sensitivity is increasing in financial leverage, with the exception of the 10% most levered firms, giving rise at the end to a non-linear (inverted U-shape) relationship between the two variables. The chapter includes also a theoretical model accounting for this relationship where an higher leverage increases both the expected returns and the expected variance of investment returns: the first effect (determining increased pay-performance sensitivity) prevails for low leverage values and the second effect (determining decreased pay-performance sensitivity) prevails for high leverage values.<p>The third Chapter undertakes an empirical estimation of the additionality of public funding on both the propensity to initiate R&D activity and the intensity of R&D spending of Italian enterprises for the period 1998-2000, using data from the Third Community Innovation Survey and from firms' financial accounts. The chosen methodology (Endogenous Switching Type II-Tobit) takes into account the possibility that decisions about both starting an R&D activity (sample selection effect) and applying for/obtaining public funding (essential heterogeneity) are influenced by private knowledge of enterprises' idiosyncratic propensities in R&D spending. The present analysis shows that both these effects are indeed important and that they contribute to explain most of the additionality found with less sophisticated models.<p>The fourth Chapter investigates the underlying causes of variability of public health expenditure per capita (SSPC henceforth) between Italian regions. A fixed-effect panel data estimate on the SSPC (for the period 1997-2006) is used in the first part of the paper to account for regional differences in terms of physical, demographic, socio-economic characteristics and in terms of other variables that affect demand and supply of health services. In the second part, we take the ‘adjusted’ SSPC and proceed to estimate an "efficient production function" of the quality of health services through Data Envelopment Analysis. This procedure allows us to separate the share of expenditure used for the improvement of the quality from the one that can be traced only to an inefficient use of financial resources. A comparison of regional SSPC after factoring out the socio-economic factors and the quality of healthcare shows that big differences still remain and are even exacerbated, signalling big pockets of inefficiency and correspondingly a huge potential for cost savings. Finally, a preliminary analysis shows a positive correlation between the efficiency of regional public spending in healthcare and the level of social capital. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished