[pt] Como os retornos das carteiras formadas por ações de setores econômicos brasileiros são utilizados pelos investidores? As informações contidas nesses retornos são capazes de explicar os movimentos das ações brasileiras? O objetivo do presente trabalho é ajudar a responder a essas perguntas ao pesquisar se os retornos e a volatilidade dos fatores SMB e HML do modelo de três fatores de Fama e French podem ser previstos pelos retornos passados de 16 carteiras formadas por empresas de um mesmo setor econômico listadas na BM&FBOVESPA no período de 1995 a 2012. A análise revela que 14 de 16 setores preveem o retorno do SMB para um mês à frente. Ademais, os retornos de um número significante de setores preveem a volatilidade do SMB e HML para até três meses adiante. Considerando a capacidade explicativa do modelo de Fama e French para o mercado brasileiro, os resultados desta pesquisa indicam que os retornos setoriais brasileiros contêm informações valiosas para os fatores SMB e HML, demonstrando que os investidores não conseguem absorver todas as informações disponíveis em um tempo hábil, fazendo com que estas se difundam gradualmente no mercado. / [en] How are the brazilian industry returns used by investors? Can the information contained in these returns explain the movements of Brazilian shares? The purpose of this work is to help answer these questions by examining whether the returns and the volatility of SMB and HML factors of Fama-French threefactor model can be predicted by past returns of 16 portfolios formed by companies from the same industry listed on São Paulo Stock Exchange (BM&FBOVESPA) between 1995 and 2012. The analysis reveals that 14 of 16 industries predict the SMB returns one month ahead. Furthermore, the returns of a significant number of industries predict the volatility of SMB and HML factors up to three months ahead of time. Considering the explanatory capability of the Fama-French model for the Brazilian market, the results of this research show that Brazilian industry returns contain valuable information for the SMB and HML factors, demonstrating that investors cannot absorb all the information in a timely manner, resulting in their gradual diffusion throughout the market.

The purpose of the study is to determine the relationship between maternal employment and teenage character traits. Statistics show a significant increase in women entering the labour market and although demographics are changing rapidly, social attitudes and policies may lag behind, and the concept of mothers as principal caretakers and fathers as economic providers remains very much in place. The profound and sometimes contradictory convictions of individual members about working mothers and their children paralleled those of countless others and professional people where matched only by the equally profound lack of facts on which these convictions might be based. The objective of the study is to measure the perceived character traits of teenage children in terms of self confidence, locus of control, independence, time management and ambition. The questions were measured within two different scenarios: the first, within households where both parents are employed, and the second, within households where only the father is employed. The aim of the study is to determine if there is any correlation between maternal employment and the presence or lack of presence of the specified character traits. The empirical study was conducted using the quantitative research method with a non–probability sample. The data collection method used for the purpose of this study was in the form of questionnaires, based on the Likert scale. The content validity of the questionnaire was evaluated by a subject matter expert, while the face validity was determined by the Statistical Consultation Services of the North West University. Analysis of completed questionnaires involved descriptive statistics and practical significance. The target population, high school teachers within the North West and Gauteng Province, consisted of 70 participants. Based on the findings emanating from the research, there were no noticeable difference found between teenagers within households where both parents are employed and households where only the father is employed, although the results indicated a tendency for children within households where both parents are employed to be slightly more self confident, lean more towards an internal lotus of control, have higher ambition and are less dependent than those teenagers from households where only the father is employed. These findings, although not noticeable, agree with the literature. There were limitations that had an impact on the results of this study. The limited population resulted in a small sample. The sample indicated that 41 percent have five years or less experience. Participants indicated that they are not always aware of the household dynamics. Additional limitations include the strict ethical roadblocks when conducting research on children. It was recommended that a more comprehensive study should follow, which should include the participation of mothers and teenagers alike. This will give the researcher a distinct and clear result of what the influences could be within the household dynamics. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2012.

The purpose of the study is to determine the relationship between maternal employment and teenage character traits. Statistics show a significant increase in women entering the labour market and although demographics are changing rapidly, social attitudes and policies may lag behind, and the concept of mothers as principal caretakers and fathers as economic providers remains very much in place. The profound and sometimes contradictory convictions of individual members about working mothers and their children paralleled those of countless others and professional people where matched only by the equally profound lack of facts on which these convictions might be based. The objective of the study is to measure the perceived character traits of teenage children in terms of self confidence, locus of control, independence, time management and ambition. The questions were measured within two different scenarios: the first, within households where both parents are employed, and the second, within households where only the father is employed. The aim of the study is to determine if there is any correlation between maternal employment and the presence or lack of presence of the specified character traits. The empirical study was conducted using the quantitative research method with a non–probability sample. The data collection method used for the purpose of this study was in the form of questionnaires, based on the Likert scale. The content validity of the questionnaire was evaluated by a subject matter expert, while the face validity was determined by the Statistical Consultation Services of the North West University. Analysis of completed questionnaires involved descriptive statistics and practical significance. The target population, high school teachers within the North West and Gauteng Province, consisted of 70 participants. Based on the findings emanating from the research, there were no noticeable difference found between teenagers within households where both parents are employed and households where only the father is employed, although the results indicated a tendency for children within households where both parents are employed to be slightly more self confident, lean more towards an internal lotus of control, have higher ambition and are less dependent than those teenagers from households where only the father is employed. These findings, although not noticeable, agree with the literature. There were limitations that had an impact on the results of this study. The limited population resulted in a small sample. The sample indicated that 41 percent have five years or less experience. Participants indicated that they are not always aware of the household dynamics. Additional limitations include the strict ethical roadblocks when conducting research on children. It was recommended that a more comprehensive study should follow, which should include the participation of mothers and teenagers alike. This will give the researcher a distinct and clear result of what the influences could be within the household dynamics. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2012.

[pt] O ensaio-ficção Invernos de um balneário. Parte I: Uma montagem de mal entendidos visa entrecruzar, por meio de textos e imagens criados pelo autor ou tomados de outras fontes, a hipotética história de como, nos anos sessenta, o Rio de Janeiro tomou M como modelo de balneário moderno, e a do imaginário que, a partir dos anos cinquenta, M produziu ao se projetar impossivelmente como balneário tropical, tomando o Rio de Janeiro como modelo. Diversas pesquisas de campo e trabalho em arquivo realizados pelo autor funcionam como ponto de partida para desenvolver o assunto ao mesmo tempo no plano documental ensaístico e no plano ficcional. Como os imaginários praianos são projetados de fora (pelo cinema, a publicidade, etc.) sobre ambos os destinos turísticos, e como são produzidos e reproduzidos pelos próprios balneários; qual é a história dessa construção; que novas relações entre imaginário e ficção podem ser estabelecidas: eis algumas das questões exploradas por esse trabalho. O eixo conceitual se desdobra numa dupla pergunta: como aconteceu a inversão do imaginário segundo a qual uma cidade como M, muito menos conhecida internacionalmente e –do ponto de vista do imaginário da praia tropical– menos atraente do que o Rio de Janeiro, transformou-se em modelo para ele, e por que vias o imaginário tropical penetrou em M e criou, no Atlântico frio, uma brasileiridade fora de lugar. Metodologicamente, a tentativa consiste em criar espaços ficcionais entre documentos, narrando hipóteses de como estes se vinculam. / [es] El ensayo-ficción Inviernos de un balneario. Parte I: Un montaje de malentendidos pretende entrecruzar, por medio de textos e imágenes creados por el autor o tomados de otras fuentes, la hipotética historia de cómo Rio de Janeiro tomó M como modelo de balneario moderno en los años sesenta, y la del imaginario que, a partir de la misma década, M produjo al proyectarse imposiblemente como balneario tropical, tomando Rio como modelo. Diversas investigaciones de campo y trabajo en archivo funcionan como punto de partida para desarrollar el asunto al mismo tiempo en el plano documental-ensayístico y en el plano ficcional. Cómo los imaginarios sobre la vida balnearia se proyectan sobre ambos destinos turísticos desde afuera (por el cine, los diarios, etc.), y cómo son producidos y reproducidos por éstos; cuál es la historia de esa construcción; qué nuevas relaciones entre imaginario y ficción pueden establecerse: éstas son algunas de las cuestiones que el trabajo explora. El eje conceptual consiste en una doble pregunta: cómo se dio la inversión del imaginario según la cual un balneario como M, mucho menos conocido internacionalmente y –desde el punto de vista del imaginario sobre la playa tropical– menos atractiva que Rio de Janeiro, se transformó en modelo para ésta, y por qué vías el imaginario tropical penetró en M y generó, en el Atlántico frío, una brasileñidad fuera de lugar. Metodológicamente, la tentativa consiste en abrir espacios ficcionales entre documentos, narrando hipótesis de cómo éstos se vinculan.

[pt] Esta tese é composta por três ensaios. Os dois primeiros investigam a relação entre a renda per capita das famílias e as frações dos gastos setoriais, tanto em séries temporais quanto em cross-section nos EUA do pós-guerra. O primeiro usa uma abordagem parcial para estimar o aumento da dispersão do consumo (renda) e os efeitos de renda nos EUA de 1980 a 2010. Mostramos que os efeitos da renda são heterogêneos entre as famílias agrupadas por quintis de renda e, em seguida, a dispersão do consumo é correlacionada com as duas principais forças de transformação estrutural (efeitos de preço e renda) na contabilização da magnitude de transformação estrutural nas partes das despesas de consumo nos EUA durante esse período. O segundo estende um modelo canônico de Bewley-Aiyagari em tempo contínuo incorporado a um ambiente de dois setores para representar quantitativamente três regularidades empíricas nos EUA do pós-guerra (o preço relativo dos bens cai e a parcela de gastos dos produtos cai sistematicamente com a renda per capita, tanto em séries temporais quanto no cross-section) sem se afastar das preferências padrão Stone-Geary. Avaliamos a importância de mudanças na renda e nos preços relativos para mudanças estruturais nas parcelas dos gastos de consumo nos EUA do pós-guerra e concluímos que são forças equivalentes. Reforçamos que a conciliação dessas três principais regularidades empíricas nos EUA do pós-guerra exige uma teoria do crescimento que acomode a demanda de longo prazo e forneça fatores de mudança estrutural. Finalmente, o terceiro ensaio usa um conjunto de dados de painel exclusivo com registros administrativos em nível individual de transações de crédito, benefícios do programa, demografia individual e características de contratos de trabalho para estudar como os consumidores respondem a um choque de liquidez decorrente de liberações de saques de contas inativas do Fundo de Garantia por tempo de serviço (FGTS) no Brasil em 2017. Usando um design de identificação de diferenças entre diferenças, encontramos um aumento no consumo e uma dívida total diminuída após o anúncio: durante até doze meses subsequentes, para cada USD 1 de benefício do programa, os consumidores a média aumentaram os gastos de consumo em USD 0,53 - 25 porcento dos quais ocorrem durante a janela de anúncio - e a dívida total diminuiu em USD 0,07, especialmente em dívidas de folha de pagamento. A resposta ao consumo ocorreu principalmente por meio de gastos com cartão de crédito, mas também foram encontradas evidências de bens duráveis financiados por dívida. Os consumidores endividados usaram liquidez de curto prazo nas modalidades de dívida (cheque especial e dívida com cartão de crédito), além dos gastos com cartão de crédito para suavizar consumo. Consumidores restritos, medidos como jovens ou idosos, mostraram respostas mais fortes ao consumo. / [en] This thesis is comprised of three essays. The first two investigate the relationship between households per capita income and sectoral expenditure shares both in times series and in cross-section in the postwar US. The first uses a partial approach to estimate the rise of consumption (income) dispersion and income effects in the US from 1980 to 2010. We show that income effects are heterogeneous across households grouped by income quintiles and then consumption dispersion correlates the two main driving forces of structural change (price and income effects) in accounting for the magnitude of structural change in the shares of consumption expenditure in the US over this period. The second extends a canonical Bewley-Aiyagari model in continuous time embedded with a two-sector environment to depict quantitatively three empirical regularities in the postwar US (relative price of goods falls and expenditure shares of goods falls systematically with per capita income, both in times series and in cross-section) without departing from benchmark Stone-Geary preferences. We assess the importance of changes in income and relative prices for structural change in the shares of consumption expenditure in the postwar US and conclude they are nearly equivalent forces. We reinforce that reconciling these three main empirical regularities in the postwar US calls for a growth theory that accommodates long-run demand and supply drivers of structural change. Finally, the third essay uses a unique panel dataset with individual-level administrative records of credit transactions, program benefits, individual demographics and features of labor contracts to study how consumers respond to a liquidity shock arising from withdrawals releases from inactive accounts of the Guarantee Fund for Time of Service (FGTS) in Brazil in 2017. Using a difference-in-differences identification design, we find consumption rose and total debt declined after the announcement: during up to twelve subsequent months, for each USD 1 of program benefit, consumers on average increased consumption spending by USD 0.53 - 25 percent of which occurs during the announcement window - and total debt declined by USD 0.07, specially in payroll debt. Consumption response occurred mostly via credit card spending, but evidence of debt-financed durables was also found. Indebted consumers used short-term liquidity in debt modalities (overdraft debt and credit card debt) in addition to credit card spending to smooth consumption. Constrained consumers, measured as young or old, showed stronger consumption responses.