Submitted by glenda rossetti (glenda.rossetti@hotmail.com) on 2017-02-14T21:47:23Z No. of bitstreams: 1 Dissertação_GR_VF.docx: 838594 bytes, checksum: 74fa4382a60e547afda6b97112754b86 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Glenda, boa noite Para que possamos aceitar seu trabalho, por gentileza, deixe o seu nome em letras maiúsculas. Em seguida, submeter novamente. O trabalho deve estar em PDF. Att on 2017-02-14T22:36:30Z (GMT) / Submitted by glenda rossetti (glenda.rossetti@hotmail.com) on 2017-02-14T22:42:30Z No. of bitstreams: 1 Dissertação_GR_VF.docx: 838594 bytes, checksum: 74fa4382a60e547afda6b97112754b86 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Glenda, Por gentileza, na capa, contra capa seu nome deve estar em letras maiúsculas. Salvar o arquivo em PDF para submete-lo novamente. Att on 2017-02-14T23:00:11Z (GMT) / Submitted by glenda rossetti (glenda.rossetti@hotmail.com) on 2017-02-14T23:06:00Z No. of bitstreams: 1 Tese.pdf: 1154738 bytes, checksum: 1f5b61ad6de4e5cc8e13490446a2f782 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-02-14T23:12:23Z (GMT) No. of bitstreams: 1 Tese.pdf: 1154738 bytes, checksum: 1f5b61ad6de4e5cc8e13490446a2f782 (MD5) / Made available in DSpace on 2017-02-15T15:09:04Z (GMT). No. of bitstreams: 1 Tese.pdf: 1154738 bytes, checksum: 1f5b61ad6de4e5cc8e13490446a2f782 (MD5) Previous issue date: 2017-01-19 / This paper has two objectives: verify whether systematic risk is different across countries by comparing risk return ratio of market portfolios and equally weighted portfolios (1/N) to verify their efficiency and the levels of diversification across countries by showing risk behavior increasing diversification. Monthly dollars returns were selected from the forty (40) largest shares of fourteen (14) capital markets indexes of the major developed and emerging economies during the period from June 30, 2011 to May 31, 2016 to construct equally weighted portfolios (1/N) and compare them to market portfolios. Based on the assuming of Modern Portfolio Theory (MPT), the empirical tests have shown evidence that systemic risks are different between the capital markets of the main developed and emerging economies, that market portfolios are not efficient and despite of this, the number of shares required to achieve a certain level of diversification is similar across countries. The results found are in agreement with the literature researched both internationally and nationally. / Este trabalho tem dois objetivos: verificar se o risco sistemático é diferente entre países comparando a relação risco retorno dos portfólios de mercado com portfólios igualmente ponderados (1/N) para verificar sua eficiência e se os níveis de diversificação entre os países mostrando o comportamento do risco com o aumento da diversificação. Foram selecionados retornos mensais em dólares das quarenta (40) maiores ações de catorze (14) índices de mercados de capitais das principais economias desenvolvidas e emergentes no período de 30 de Junho de 2011 á 31 de Maio de 2016 para construir portfólios igualmente ponderados (1/N) e compará-los aos portfólios de mercado. Partindo dos pressupostos da Teoria Moderna do Portfólio (MPT) os ensaios empíricos realizados neste trabalho revelaram evidências de que os riscos sistêmicos são diferentes entre os mercados de capitais das principais economias desenvolvidas e emergentes, que os portfólios de mercados não são eficientes e apesar disso, o número de ações necessárias para adquirir certo nível de diversificação é semelhante entre os países. Os resultados encontrados estão de acordo com a literatura pesquisada tanto internacionalmente quanto nacionalmente.

This study investigates the moderating role of the agency conflict between controlling and minority shareholders on the investment-risk relationship. When the ownership-control structure is concentrated, the agency theory indicates that the separation between cash-flow rights and voting rights induces the controlling shareholder to extract private benefits. To assess the effect of ownership-control divergence on the investment-risk relation, we use system generalized method of moments estimator (SYS-GMM) in longitudinal data from 412 Brazilian firms between 1997 and 2010. Our results show that investment is less sensitive to idiosyncratic risk for companies in which the largest shareholder presents high levels of ownership-control divergence. The impact of excess voting rights on the investment-risk sensitivity holds after we group firms according to distinct corporate governance and financial characteristics, such as financial constraints, family control, board independence, and the type of control-enhancing mechanism. Board independence does not affect controlling shareholders\' behavior toward risky investments. Among the control-enhancing mechanisms, the issuance of dual class shares is the main driver of the lower investment sensitivity to idiosyncratic risk. Our findings are consistent with entrenchment effects in the sense that dominant shareholders may select riskier projects when investing other people\'s money, which have both managerial and policy implications. / Este estudo investiga o papel moderador do conflito de agência entre acionistas controladores e minoritários no relacionamento investimento-risco. Quando a estrutura de propriedade e controle é concentrada, a teoria da agência indica que a separação entre direitos de fluxo de caixa e direitos de voto induz o acionista controlador a extrair benefícios privados. Para avaliar o efeito da divergência propriedade-controle na relação investimento-risco, utilizamos o estimador de método dos momentos generalizado sistêmico (MMG-SIS) em dados longitudinais de 412 empresas brasileiras entre 1997 e 2010. Nossos resultados mostram que o investimento é menos sensível ao risco idiossincrático para empresas em que o maior acionista apresenta altos níveis de divergência propriedade-controle. O impacto dos direitos de voto em excesso na sensibilidade investimento-risco mantém-se após agruparmos as empresas de acordo com características de governança corporativa e financeiras, tais como restrições financeiras, controle familiar, independência do conselho e o tipo de mecanismo para aumento do controle. A independência do conselho não afeta o comportamento dos acionistas controladores em relação a investimentos arriscados. Entre os mecanismos para aumento do controle, a emissão de duas classes de ações é a principal direcionadora da menor sensibilidade do investimento ao risco idiossincrático. Nossas descobertas são consistentes com os efeitos de entrincheiramento no sentido de que os acionistas dominantes podem selecionar projetos mais arriscados ao investirem o dinheiro de outras pessoas, o que tem implicações gerenciais e políticas.

Submitted by Renato Taira (renato.taira@gmail.com) on 2012-09-14T17:21:30Z No. of bitstreams: 1 Dissertacao Renato Taira 20120822_formato dissert__1_pt.pdf: 910476 bytes, checksum: efa4fd191f34098b0ed5e0433b997c71 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-09-14T17:28:53Z (GMT) No. of bitstreams: 1 Dissertacao Renato Taira 20120822_formato dissert__1_pt.pdf: 910476 bytes, checksum: efa4fd191f34098b0ed5e0433b997c71 (MD5) / Made available in DSpace on 2012-09-14T17:41:08Z (GMT). No. of bitstreams: 1 Dissertacao Renato Taira 20120822_formato dissert__1_pt.pdf: 910476 bytes, checksum: efa4fd191f34098b0ed5e0433b997c71 (MD5) Previous issue date: 2012-08-15 / É notável o crescente volume de investimento estrangeiro em ações da América Latina. Nos últimos 10 anos, esta quantidade cresceu em mais de 16 vezes . O objetivo deste artigo é avaliar o impacto do investimento estrangeiro no ambiente de informação nesta região. Utilizando regressão em painel, mostra-se que o investimento estrangeiro tem um impacto positivo no ambiente informacional, isto é, o investidor estrangeiro está melhor provido de informação que o investidor local. Esse efeito é ainda mais acentuado quando a análise é feita apenas para emissões no Brasil. A amostra contém 1365 ações de 2000 a 2011. Froot e Ramodarai (2008) chegam à mesma conclusão utilizando uma metodologia com vetores auto-regressivos. / The increasing foreign investment in equities is quite notable in Latin American. Over the last 10 years, this number has increased by over 16 times (source: Worldbank). This article describes the impact of foreign investment on the information environment. Using panel regression, it is shown that foreign investment has a positive impact on the information environment. The interpretation for this fact is that the foreign investor is better informed than the local investor. This effect is even more noticeable when the analysis is made separately for the Brazil. The sample contains 1365 equities and ADRs between 2000 and 2011. Foot and Ramodarai (2008) came to the same conclusion using a technique of vector auto regressive.

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-09T13:04:34Z No. of bitstreams: 2 bernardo_noronha_v1.pdf: 548527 bytes, checksum: 97432c6f81c0d347435f2924a2ed9313 (MD5) Bernardo_noronha_Entrevistas_v2.pdf: 259829 bytes, checksum: 4f15dd73324bab755c23f5964083c795 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-09T13:05:03Z (GMT) No. of bitstreams: 2 bernardo_noronha_v1.pdf: 548527 bytes, checksum: 97432c6f81c0d347435f2924a2ed9313 (MD5) Bernardo_noronha_Entrevistas_v2.pdf: 259829 bytes, checksum: 4f15dd73324bab755c23f5964083c795 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-09T13:05:45Z (GMT) No. of bitstreams: 2 bernardo_noronha_v1.pdf: 548527 bytes, checksum: 97432c6f81c0d347435f2924a2ed9313 (MD5) Bernardo_noronha_Entrevistas_v2.pdf: 259829 bytes, checksum: 4f15dd73324bab755c23f5964083c795 (MD5) / Made available in DSpace on 2013-10-09T13:07:05Z (GMT). No. of bitstreams: 2 bernardo_noronha_v1.pdf: 548527 bytes, checksum: 97432c6f81c0d347435f2924a2ed9313 (MD5) Bernardo_noronha_Entrevistas_v2.pdf: 259829 bytes, checksum: 4f15dd73324bab755c23f5964083c795 (MD5) Previous issue date: 2008 / O conhecimento tem sido estudado há bastante tempo dentro da administração. Entretanto, a partir da década de 1990, com as mudanças nos fundamentos das economias industriais dos recursos naturais para os ativos intelectuais, as empresas passaram a preocupar-se com o conhecimento existente em suas organizações e seu gerenciamento. Um dos aspectos mais relevantes para o gerenciamento do conhecimento é a sua transferência. O conhecimento tácito, por não poder ser estruturado e codificado, é difícil de ser transferido pela organização. O gerenciamento de ativos intangíveis como o conhecimento tácito é percebido como importante capacitação para a competição e como fonte de vantagem competitiva sustentável. O objetivo desse trabalho é identificar, através de um estudo de caso, se os fatores relevantes à transferência do conhecimento tácito estão presentes em uma grande empresa petrolífera brasileira. A presente pesquisa analisa parte relevante da bibliografia acerca da transferência do conhecimento tácito em organizações e coleta evidências para propor um modelo heurístico que possa explicar como ocorre essa transferência de conhecimento tácito, baseado em fatores idiossincráticos e nos fatores organizacionais cultura organizacional, estrutura organizacional e estratégia de gestão do conhecimento. Como resultado, o fator idiossincrático e os fatores estrutura organizacional e estratégia de gestão do conhecimento foram corroborados pelas evidências empíricas, entretanto o fator cultura organizacional não foi identificado. A partir dos resultados alcançados, um novo modelo é proposto. Verifica-se que alguns fatores identificados ajudam a transferência do conhecimento tácito enquanto outros criam barreiras a essa transferência. São sugeridos mecanismos para auxiliar as organizações na transferência do conhecimento tácito. / Knowledge has long been studied in the management field. However, since the shift of the principles of industrial economy from natural resources to intellectual assets in the 1990’s, firms have been concerned about the management of its internal knowledge. The transfer of knowledge is one of the most important issues in knowledge management. Tacit knowledge, that cannot be codified, is more difficult to be transferred through the organization. The management of intangible assets like tacit knowledge is an important source if sustained competitive advantage. The objective of this study is to identify the presence in a major Brazilian oil company of key factors to the tacit knowledge transfer. This research revises relevant part of tacit knowledge transfer literature and gathers evidences to suggest a heuristic model to explaining how tacit knowledge is transferred within the organization, relied on idiosyncratic aspects and organizational aspects like organizational culture, organizational structure and knowledge management strategy. As a result, this work showed that idiosyncratic aspects, organizational structure and knowledge management strategy aspects were corroborated by empirical findings. However, organizational culture aspects were not identified. A new model of tacit knowledge transfer is drawn from the empirical results. Some of aspects identified in the organization studied help the transfer of tacit knowledge while others hamper its flow. Some tools to improve tacit knowledge transfer within organizations are proposed.

La pléthysmographie pénienne est actuellement considérée comme la méthode objective la plus rigoureuse pour déterminer la présence d’intérêts sexuels déviants. Malgré leur importance dans l’évaluation, plusieurs questionnements demeurent quant au contenu des stimuli sexuels devant être utilisés. Cette thèse présente deux articles empiriques qui visent à évaluer la faisabilité du développement de stimuli idiosyncrasiques sur la base des caractéristiques morphologiques et la pertinence de leur ajout à une banque de stimuli standardisés dans le cadre de l’évaluation des intérêts sexuels. Une première étude, effectuée auprès d’hommes n’ayant pas de problématique sexuelle, vise à décrire le processus de création de personnages générés par ordinateurs (PGO) idiosyncrasiques et à évaluer leur capacité à générer des profils d'excitation sexuelle correspondant aux intérêts sexuels des participants. Une deuxième étude se penche sur la comparaison d’hommes ayant ou non adopter des comportements sexuels à l’égard de mineurs quant à leur capacité à identifier les caractéristiques qu’ils considèrent sexuellement attirantes et à les transposer sur des PGO dits idiosyncrasiques. Elle vise aussi à comparer les profils de réponses érectiles ainsi que la capacité de discrimination de stimuli auditifs, de personnage standardisés et de la combinaison de personnages standardisés et idiosyncrasiques Globalement, les résultats présentés illustrent l’importance du développement de méthodologies permettant d’identifier les caractéristiques idiosyncrasiques associées à l’attirance sexuelle. Ils présentent par ailleurs des résultats mitigés quant au développement et à l’utilisation de personnages idiosyncrasiques sur la base des caractéristiques morphologiques pour les participants des deux groupes. Ce projet exploratoire présente les avantages prometteurs reliés à la malléabilité des personnages générés par ordinateur pour développer une meilleure compréhension et une évaluation plus précise des intérêts sexuels. / Penile plethysmography is currently considered the most rigorous objective method for determining the presence of deviant sexual interests. Despite its importance in evaluating these interests, several questions remain about the content of the sexual stimuli that should be used or that are being used. This thesis presents two empirical articles examining the feasibility of developing idiosyncratic stimuli on the basis of morphological characteristics, and the relevance of their addition to a standardized stimulus bank being used to evaluate sexual interests. A first study, conducted with men who did not have a sexual problem, aims to describe the process of creating idiosyncratic computer generated characters (CGCs) that correspond to the specific sexual interests of participants, and to evaluate their ability to generate profiles of sexual arousal. A second study aims at comparing males with sexual behavior towards minors to those without on their ability to identify characteristics that they consider sexually attractive and transpose them on so-called idiosyncratic CGCs. It also attempts to compare the profiles of erectile responses, as well as their ability to discriminate between auditory stimuli, standardized characters, and the combination of standardized and idiosyncratic characters. Overall, the results presented illustrate the importance of developing methodologies that enable the identification of idiosyncratic characteristics associated with sexual attraction. They display moderate results, for participants in both groups, as to the development and use of idiosyncratic characters on the basis of morphological characteristics. This exploratory project presents promising advantages for the malleability of computer generated characters in developing a better understanding and a more accurate assessment of sexual interests.

本研究以企業現金持有之理論結合經理人股票選擇權是否使經理人有不同的投資決策。並提出在超額現金情境之下，經理人具有股票選擇權的風險誘因將會傾向透過執行併購的方式，增加非系統性風險的投資，並貢獻長遠的經濟利潤。本研究蒐集於 1992 年至 2014 年的 S&P1500 企業，根據是否具有超額現金將公司進行分組，並對選擇權誘因進行回歸分析。實證結果顯示具中有風險誘因的經理人在具有超額現金的公司中會有顯著更高的傾向執行併購，尤其當公司同時是屬於舊產業。此外當排除全額股票支付的併購與公開上市的被併公司後，投資人會給予顯著的正面反應。 / This study combines the cash holdings theory and executive stock options (ESOs), and investigates whether excess cash holdings could enlarge the risk incentive effect of ESOs on idiosyncratic-risk investments with positive NPV via mergers and acquisitions (M&As). By examining the Standard and Poor indexed 1500 firms from 1992 to 2014, we find that CEO with ESOs in cash-rich firm is significantly more likely to make M&As especially when the cash-rich firm is in old economy. In addition, investors give positive reaction when CEO with ESOs in cash-rich firm acquires a non-public target and doesn’t adopt the all-stock payment.

One of the most important ways to understand Olivier Messiaen’s musical language is through the lens of the theological ideas that many of his works convey. He considers expressing his Christian faith to be the primary purpose in his music. Through his idiosyncratic technique, Messiaen gives power and life to his religious music that he combines with his interest in literature, musical analysis, poetic imagery and symbolism, his love for theatre, and his compositional and organ abilities. The abundant studies of Messiaen’s works deal with the intricacies of his musical language, yet most of these studies barely discuss his theological ideas. Nevertheless, technical analysis of his music poses immense challenges, especially in the domains of melody and harmony. Although my approach is unconventional and do not follow any existing system, I base my technical and theological analyses mainly from Messiaen's technique, his commentaries and his references to the Scriptures. The “Combat de la mort et de la vie” is the heart of Les Corps glorieux in both technical and theological aspects. It is an intricate musical artwork where Messiaen demonstrates his melodic and harmonic developments using his idiosyncratic language, and through symbolism portrays the most complex of all drama according to Christian theology—the story of Jesus Christ's Passion and Resurrection. My research can relate directly to a more informed and convincing performance of the work, and can contribute a different perspective to the study, understanding, and appreciation of Messiaen's theologically inspired works.

Dans cette thèse, les déterminants des trajectoires éducationnelles et professionnelles des jeunes dans les pays en développement sont examinés, avec un accent particulier mis sur les relations au sein du ménage. Le premier chapitre fournit une revue des contributions théoriques et empiriques de la littérature autour du concept de transition de l'éducation au marché du travail dans les pays en voie de développement. Le deuxième chapitre développe un modèle d'équilibre général calculable, appliqué de manière rétrospective à l'économie de la Malaisie, dans l'optique d'étudier les conséquences sur le marché du travail du progrès technique biaisé et d'une politique éducative de masse. Les chapitres suivants s'interrogent sur les interactions au sein des ménages et leurs impacts lors de chocs. Un accent est ici mis sur le travail des enfants ainsi que sur leur scolarisation. Les résultats soulignent d’importantes externalités et une absorption hétérogène des chocs au niveau des ménages. L'évaluation de politiques publiques gagnerait à tenir compte de ces externalités intra-ménage. / This thesis seeks to promote our understanding of the constraints and opportunities facing youth as they transit through schooling and to the labor market. The first chapter provides a literature review of the theoretical and empirical contributions to what we know about school-to-work transitions in developing countries and their specificities. The following chapter builds a computable general equilibrium model that is applied to the Malaysian labor market, in order to study the impact of skill-biased technological change and educational policy on labor market evolutions. Subsequent chapters examine household interactions arising from exogenous shocks, from the angle of children’s work and schooling. The findings from these chapters point to the presence of important spillover effects and heterogeneous absorption of shocks in the household. Impact evaluation of policy would therefore benefit from the systematic incorporation of such household-level externalities.

Three ongoing trends are the background for this study: the aging population, the large retirements and the challenges of skill supply, which are particularly pronounced in the public sector. Partly because of the large retirements, the public sector is currently experiencing recruitment difficulties combined with increasing demand for healthcare services. The increasing demand for healthcare services, high number of retirements and challenges of skill supply causes professional groups such as assistant nurses to be particularly exposed to increased strain. Significant factors proposed to solve current and future recruitment needs is an extended working life with economic incentives for additional years of labour market participation. However, previous studies have also shown that workers become increasingly heterogeneous as they age, suggesting that an individual approach to older workers are necessary. Therefore, this study seeks to create a deeper understanding of the work-related needs of older assistant nurses, and how individual agreements can improve work-related fit. Semi-structured interviews were conducted with older assistant nurses working in elderly care. Results indicated that the needs of the occupation govern the working conditions, and risk creating an imbalance between resources and work requirements. Different perceived working conditions combined with individual health-related aspects were identified as causing heterogeneous work-related needs, affecting the basis for a prolonged working life. Through individual agreements between manager and employee, it has instead been identified to enhance work motivation, therefore promoting both willingness and ability to postpone retirement. The results have particularly shown that agreements in tasks and schedules can improve the work-related fit and contribute to an extended working life. However, the complexity of individual agreements has also shown to be a risk of injustice among employees. Therefore, it places high demands on the development of age management strategies and policies, but also on managers in terms of the implementation and design of individual agreements.

In this thesis, we set out to model the market risk exposure for 251 stocks in the S&P 500 index, during a ten-year period between 2011-04-30 and 2021-03-31. The study brings to light a model not often mentioned in the scientific literature focused on market risk estimation, the linear mixed model. The linear mixed model makes it possible to model a time-varying market risk, as well as adding structure to the idiosyncratic risk, which is often assumed to be a stationary process. The results show that the mixed model is able to produce more accurate estimates for the market risk, compared to the baseline, which is here defined as a CAPM model. The success of the mixed model, which we in the study will refer to as the ADAPT model (adaptive APT), most certainly lies in its ability to create a hierarchical regression model. This makes it possible to not just view the set of observations as a single population, but let us group the observations into different clusters and in such a way makes it possible to construct a time-varying exposure. In the last part of the thesis, we highlight possible improvements for future works, which could make the estimation even more accurate and also more efficient.