Financial authorities have traditionally relied on fines, suspensions, and bars to discipline misconduct in financial markets and, in that way, protect public investors and promote financial development. In theory, these sanctions should be sufficiently high to internalize the social cost of wrongdoing and deter future misbehavior. In practice, however, public firms are often criticized for being under-punished. This concern has motivated a line of research, especially in the United States, to examine whether enforcement actions initiated by public authorities generate negative indirect effects for the firms accused of misbehavior and, therefore, whether those effects supplement the regulatory sanction. In general, the answer to this question is positive under certain circumstances. Whether or not firms also suffer collateral effects in emerging financial markets, however, is a question that has received little attention in the literature. The purpose of this work is therefore to make a first step to fill this gap. Addressing this gap is important because emerging markets are smaller, less liquid, and more concentrated than the United States' financial market, which might neutralize the side financial effects of enforcement that prior studies have documented. As a result, the policy recommendations proposed in the prior literature are not necessarily applicable to emerging economies. This work focuses on three specific types of collateral effects: the effect of enforcement on (1) the defendant's stock price, (2) the defendant's operating performance, and (3) the cost of external financing. In terms of types of violations and sample countries, this work focuses on enforcement actions triggered by securities regulation violations in the five countries that form the MSCI-EC-LATAM index (Morgan Stanley Capital International Emerging Markets Index - Latin America). The results indicate that the stock price and operating performance of firms whose insiders were sanctioned for insider trading decline significantly after the imposition of the sanction. These results have various implications for the regulation of official penalties as a tool to promote financial development.

Behaviors related to joint attention have been described by behavior analysts and developmental psychologists alike as having a distinctly social function. Children with autism often do not emit these behaviors. Research on the collateral effects of teaching joint attention suggests far reaching consequences. Given the reported benefits of using these behaviors, and the theoretical descriptions of their function, we assessed joint attention as a collateral effect of a naturalistic parent training program. Data suggest that although these behaviors were not directly targeted, they increased in all 3 children. Implications of parent training goals and child intervention targets are discussed in terms of a behavior analysis of joint attention and child development.

O presente trabalho tem por objetivo estudar o financiamento da política no Brasil por pessoas jurídicas, a fim de evocar os riscos que gera para o processo de escolha dos governantes e a fase governamental. A análise dessas questões dá-se por meio de quatro chaves. A primeira trata da capitalização dos partidos políticos e candidatos, a qual demanda fixação de limites por meio de ferramentas de regulação que buscam equilíbrio nas campanhas eleitorais e no financiamento das atividades dos partidos. A segunda versa sobre os dados de eleições nacionais e de pesquisas empíricas sobre o resultado da participação de pessoas jurídicas, correlacionando-o com os efeitos colaterais do financiamento, quais sejam, a corrupção e a influência do poder econômico. O exame de alguns escândalos tem relevância na atualidade, sobretudo diante da possibilidade de subsidiarem reformas que se apresentam necessárias. A terceira aborda soluções encontradas em outros países para equacionar os efeitos da participação das pessoas jurídicas, com destaque para o debate da questão atinente à liberdade de expressão. A pesquisa revela que a Justiça Eleitoral e a jurisdição constitucional brasileira tiveram papel decisivo na conformação do financiamento da política. A quarta consiste na análise crítica das regras do ordenamento brasileiro, inclusive as decorrentes da reforma política, que visam equacionar os problemas diagnosticados no estudo, e das decisões da jurisprudência que lidaram com o princípio da igualdade. Ao final, alinham-se vantagens e desvantagens do financiamento da política por pessoas jurídicas. / The present work aims to analyze the political financing by legal entities in Brazil in order to evoke the risks for the process of choosing the rulers and the period of governorship. The analysis of the issues considers four keys. The first is about the capitalization of the political parties and the candidates, which demands the fixing of limits through regulation tools to seek the balance in the electoral campaigns and in the financing of the parties activities. The second one concerns the data of the national elections and the empirical researches on the result of the participation of legal entities, correlating it with the side effects of financing, in other words corruption and the influence of the economic power. The exam of some scandals is relevant in the present time mainly considering the possibility of subsidizing reforms that are presented as necessary. The third point considers the other countries solutions to balance the effects of the legal entities contributions especially the discussion of the issue pertaining to freedom of expression. The research reveals that the Electoral Courts and the Brazilian constitutional jurisdiction had a decisive role shaping the political financing. The fourth key is the critical analyses of the Brazilian legal system, including the rules resulting from the political reform, which intended to solve the problems identified in the study, and the case law which dealt with principle of equality. In the end, there is an evaluation of the advantages and disadvantages of political financing by legal entities.

O presente trabalho tem por objetivo estudar o financiamento da política no Brasil por pessoas jurídicas, a fim de evocar os riscos que gera para o processo de escolha dos governantes e a fase governamental. A análise dessas questões dá-se por meio de quatro chaves. A primeira trata da capitalização dos partidos políticos e candidatos, a qual demanda fixação de limites por meio de ferramentas de regulação que buscam equilíbrio nas campanhas eleitorais e no financiamento das atividades dos partidos. A segunda versa sobre os dados de eleições nacionais e de pesquisas empíricas sobre o resultado da participação de pessoas jurídicas, correlacionando-o com os efeitos colaterais do financiamento, quais sejam, a corrupção e a influência do poder econômico. O exame de alguns escândalos tem relevância na atualidade, sobretudo diante da possibilidade de subsidiarem reformas que se apresentam necessárias. A terceira aborda soluções encontradas em outros países para equacionar os efeitos da participação das pessoas jurídicas, com destaque para o debate da questão atinente à liberdade de expressão. A pesquisa revela que a Justiça Eleitoral e a jurisdição constitucional brasileira tiveram papel decisivo na conformação do financiamento da política. A quarta consiste na análise crítica das regras do ordenamento brasileiro, inclusive as decorrentes da reforma política, que visam equacionar os problemas diagnosticados no estudo, e das decisões da jurisprudência que lidaram com o princípio da igualdade. Ao final, alinham-se vantagens e desvantagens do financiamento da política por pessoas jurídicas. / The present work aims to analyze the political financing by legal entities in Brazil in order to evoke the risks for the process of choosing the rulers and the period of governorship. The analysis of the issues considers four keys. The first is about the capitalization of the political parties and the candidates, which demands the fixing of limits through regulation tools to seek the balance in the electoral campaigns and in the financing of the parties activities. The second one concerns the data of the national elections and the empirical researches on the result of the participation of legal entities, correlating it with the side effects of financing, in other words corruption and the influence of the economic power. The exam of some scandals is relevant in the present time mainly considering the possibility of subsidizing reforms that are presented as necessary. The third point considers the other countries solutions to balance the effects of the legal entities contributions especially the discussion of the issue pertaining to freedom of expression. The research reveals that the Electoral Courts and the Brazilian constitutional jurisdiction had a decisive role shaping the political financing. The fourth key is the critical analyses of the Brazilian legal system, including the rules resulting from the political reform, which intended to solve the problems identified in the study, and the case law which dealt with principle of equality. In the end, there is an evaluation of the advantages and disadvantages of political financing by legal entities.