Submitted by Haroudo Xavier Filho (haroudo.xavierfo@ufpe.br) on 2016-03-22T18:18:07Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) MPANE-NATASHA- Dissertação -2015.pdf: 1548988 bytes, checksum: 94bbfe389a72679dd215ea9a0ac23d43 (MD5) / Made available in DSpace on 2016-03-22T18:18:07Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) MPANE-NATASHA- Dissertação -2015.pdf: 1548988 bytes, checksum: 94bbfe389a72679dd215ea9a0ac23d43 (MD5) Previous issue date: 2015-05-25 / Os fundos setoriais voltados para ciência e tecnologia são importantes suportes para o sistema nacional de inovação brasileiro. O investimento público em ciência e tecnologia é de fundamental importância para o desenvolvimento econômico, social e regional, principalmente quando os resultados da produção científica são repassados à sociedade. Em países com sistemas nacionais de inovação ainda incipientes, como é o caso do Brasil, os investimentos realizados pelo setor público para o desenvolvimento científico e tecnológico assumem relevância em relação aos baixos aportes efetuados por empresas privadas. Portanto, o objetivo da pesquisa é analisar a correlação da produção científica, conhecimento inovador e impacto tecnológico, gerados nas Universidades Federais, com investimento de recursos do Fundo Setorial CT-Infra para desenvolvimento da pesquisa e da pós-graduação. Neste estudo foram utilizados dados secundários disponibilizados pela FINEP e indicadores de análise disponibilizados pela plataforma SCIMAGOIR, consolidados à luz da teoria Schumpeteriana. O estudo também corrobora com a consolidação da cultura de inovação no país e valorização das políticas governamentais de incentivo à inovação. A pesquisa e a pós-graduação têm forte apelo para o desenvolvimento econômico, social e regional, tornando as Universidades Federais participantes naturais do sistema brasileiro de inovação e captadoras dos Fundos Setoriais. Após a utilização da análise de regressão linear simples entre cada par de varáveis, tomando-se os valores dos investimentos em infraestrutura por cada ano, variável independente, sendo aqui considerados os anos de 2005, 6, 7, 8, 9 e 10 para 52 instituições objeto do estudo obtendo-se a correlação com produção científica, conhecimento inovador, impacto tecnológico de 4 anos à frente, no caso 2009, 10, 11, 12, 13 e 14. Os resultados obtidos indicam a existência de uma correlação que varia entre moderada e forte para investimento executado em infraestrutura e produção científica, moderada para investimento executado em infraestrutura e conhecimento inovador e por fim uma baixa correlação para investimento executado em infraestrutura e impacto tecnológico. / The sectorial funds for science and technology are important supports to the Brazilian national innovation system. Public investment in science and technology is of critical importance to the economic, social and regional development, especially when the results of scientific production are passed on to society. In countries with a national innovation system still incipient, as is the case of Brazil, the investments made by the government for scientific and technological development became more important compared to the low contributions made by private companies. Therefore, the aim of the research is to analyze the correlation of scientific, innovative knowledge and technological impact, generated in Federal Universities, with investment capabilities of CT-Infra Sector Fund for development of research and graduate. This study used secondary data provided by FINEP and analysis of indicators provided by SCIMAGOIR platform, consolidated in light of the Schumpeterian theory. The study also confirms the consolidation of innovation culture in the country and enhancement of government policies to foster innovation. The research and graduate education have strong appeal to economic, social and regional development, making the Federal Universities natural participants of the Brazilian innovation system and obtainers of the Sectorial Funds. After using linear regression analysis between each pair of variables, taking values in infrastructure investment per year, independent variable, being considered here the years 2005, 6, 7, 8, 9 and 10 to 52 object of study institutions yielding the correlation with scientific, innovative knowledge, technological impact of four years forward, in this case, in 2009, 10, 11, 12, 13 and 14. The results indicate the existence of a correlation ranging between moderate and strong to run investment in infrastructure and scientific, moderate to run investment in infrastructure and innovative knowledge and finally a low correlation to run investment in infrastructure and technological impact.

Este trabalho analisa o desempenho de fundos de investimento multimercados no mercado brasileiro, para o período de 2005 a 2010. Ele abrange as subcategorias definidas pela ANBIMA: Long and Short - Neutro, Long and Short - Direcional, Macro, Trading, Multiestratégia, Multigestor, Juros e Moedas, Estratégia Específica, Balanceados e Capital Protegido. O objetivo principal é estabelecer uma classificação de desempenho para cada uma destas dez subcategorias, utilizando-se como medida os seguintes índices: Treynor, Sharpe, Jensen, Modigliani, medida de desempenho específica para investidores e a medida de desempenho de mercado ajustado ao risco. O trabalho permite, ainda, analisar o prêmio por seletividade líquida dos fundos e a capacidade de market timing que são mensurados pela medida proposta por Treynor e Mazuy (1966). Com base nos resultados, é construída uma classificação hierárquica, de forma a salientar os fundos mais relevantes da indústria. Além disso, a pesquisa serve como ferramenta ao público de interesse, para a identificação e escolha das alternativas de investimento e das instituições gestoras de fundos multimercados. A amostra compreendeu os fundos multimercados de investimento abertos, não exclusivos e existentes no período entre 1° de janeiro de 2005 e 31 de dezembro de 2010. Os resultados indicam que, no período estudado, a maior parte dos administradores destes fundos foi capaz de bater o índice Bovespa, os quais fizeram com que a representatividade na indústria fosse ampliada. No período analisado, estes fundos enfrentaram satisfatoriamente a crise econômica mundial no ano de 2008 e a crise da dívida pública da Zona Euro de 2010, como consequência, os multimercados mostraram a robustez dos fundos no Brasil. No entanto, eles não apresentaram habilidades de timing nem de seletividade. / The general goal of this work is to analyze the performance of hedge funds investment in the Brazilian market for the period from 2005 to 2010. The subcategories of the hedge funds defined by ANBIMA (Brazilian Association of Financial and Capital) are covered according to ANBIMA (2004) norm updated by Resolution No. 44 (November, 24, 2010). These subcategories are: Long and Short - Neutral, Long and Short - Directional, Macro, Trading, Multistrategy, Multigestor, Interest and Currency, Specific Strategy, Balanced and Capital Protected. In this context, the main objective is to establish a performance rating for each of these ten subcategories through the following indexes measured: Treynor (1965), Sharpe (1966), Jensen (1968), Modigliani (1997), specific performance measure for investors (2004) and the performance measure of market risk-adjusted (2005). The work also allows analyzing the selectivity premium for liquid funds and the ability to market timing what are measured by the measure proposed by Treynor and Mazuy (1966). A hierarchical classification will be constructed based on the results of different measurements, in order to estimate the contribution of the more relevant industry funds. In addition, this research can be used by specific public as a tool to identify and choose the best alternative investment managers and institutional hedge funds. The sample comprises hedge funds investment divided into ten subcategories determined by ANBIMA (2010), referring to hedge funds open, non-exclusive and available in the period from 1 January 2005 to 31 December, 2010 in Brazil. The results indicate that, during the study period, most of the managers of these funds was able to overcome Bovespa index, verifying its importance in the industry through its stability in the face of global economic crisis in 2008 and public debt crisis of Euro zone since 2010, achieving reasonable returns with acceptable risk and good growth in their net equity. However, they do not have timing or selectivity skills.

Orientador: Francisco Luiz Cazeiro Lopreato / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-21T15:37:58Z (GMT). No. of bitstreams: 1 Lopes_GuilhermeNogueira_M.pdf: 1815308 bytes, checksum: c1d79fbab70820ea9023abc0731946c8 (MD5) Previous issue date: 2012 / Resumo: O trabalho aborda o processo de transição nos planos de benefícios dos fundos de pensão nos países centrais a partir da dinâmica do capitalismo contemporâneo e a adequação dos portfólios de investimentos desses agentes à nova realidade. Para o caso brasileiro, o texto vai demonstrar que esses agentes viveram parcialmente esse processo, uma vez que a remuneração oferecida para a rolagem dos títulos da dívida pública brasileira propiciou a manutenção de portfólios de investimentos ancorados nesses ativos. Este quadro deve mudar com a redução sistemática na remuneração paga nas novas emissões do Tesouro Nacional e demandar alterações na dinâmica de gestão de investimentos. Em razão dessas perspectivas e das experiências observadas nos países centrais, o trabalho indica os serviços de infraestrutura como opção para diversificação do portfólio de investimentos dos fundos brasileiros, dadas as características de geração de receitas de longo prazo e os extensos prazos de maturação para tais investimentos. Finalmente o trabalho indicará possíveis arquiteturas para viabilizar o ingresso de fundos de pensão de menor porte, dadas as suas limitações, de modo a tornar tais oportunidades acessíveis ao maior número possível de agentes / Abstract: The paper discusses the transition process in benefit schemes of pension funds in the core countries, from the point of view of the dynamics of contemporary capitalism and the revision of agents investment portfolios according to the new reality. For the Brazilian case, the text argues that agents experienced this process not in full, since the remuneration offered to rollover the Brazilian government bonds allowed the preservation of investment portfolios anchored in these assets. This framework must change with the systematic reduction in the remuneration paid to newly issued Treasury and demands changes in the dynamics of investment management. Given these perspectives and experiences observed in the core countries, the work points to infrastructure services as an option for portfolio diversification of Brazilian funds, due to long term revenue generation profile and long term maturity for such investments. Finally, the work indicates possible architectures that enable the entry of smaller pension funds, - limited by their capital and management structure -, making such opportunities available to the largest possible number of agents / Mestrado / Desenvolvimento Economico, Espaço e Meio Ambiente / Mestre em Desenvolvimento Econômico

[pt] O presente trabalho realizou uma análise dos efeitos provocados pela inclusão da classe de ativos denominada multimercado, na carteira dos Fundos de Pensão no Brasil. Esta denominação, multimercado, é fornecida pela Resolução CMN 3.456 de 1º de junho de 2007 que permitiu um limite de aplicação de até 3% nestes ativos. Face ao grande leque de possibilidades disponíveis com a permissão para aplicação nesta categoria de multimercados, optou-se neste trabalho por avaliar especificamente o impacto da aplicação em ativos no exterior e em fundos long and short. Através dos resultados do teste t para igualdade dos retornos médios, constatou-se que a aplicação nos ativos avaliados não produziu efeitos significativos na fronteira eficiente dos fundos de pensão, mesmo quando o limite de aplicação foi expandido para 20%. No entanto, mudanças no cenário econômico atual indicam que a busca por alternativas de investimentos, capazes de melhorar o desempenho no longo prazo, será um fator fundamental para manutenção do equilíbrio financeiro desse grupo de investidores. / [en] The present study has performed an analysis of the effects caused in the performance of Brazilian pension funds by the inclusion of hedge funds in their portfolios, including funds invested in international assets. The definition of hedge funds is provided by the Resolution CMN 3456 of June 1, 2007. This Resolution allowed pension funds in Brazil to allocate up to 3% of their investments in international hedge funds. Given the wide range of assets classes available in this category of hedge funds, this study has focused on international assets and longshort funds. The t-test results for the average returns showed that investments in such asset classes do not generate a major effect on the efficient frontier of the pension funds` investments. The results do not change much even if we increase the constraint from 3% to 20%. However, changes in the current economic environment indicate that finding alternative investments that can enhance the asset performance on a long term view will be a crucial factor to maintain the financial health of pension funds.

The study critically reviews the application of the Sharia investment screening process, from both Sharia and practical perspectives. In practice, there appears to be inconsistencies in the Sharia investment screening criteria among Islamic investment institutions, especially in terms of the tolerance level, as well as the changing of the Sharia rules. This certainly affects the confidence in the Sharia screening criteria standards, which might adversely affect the Islamic mutual funds industry. The non-income generating aspects, such as social and environmental concerns, are not incorporated in the contemporary Islamic investment screening process. This seems to be rather paradoxical, since it contradicts the Sharia-embedded ethical values of fairness, justice and equity. The thesis contends that external audits regarding the implementation of Sharia rules should be adopted to ensure the compliance of the investment with Sharia guidelines. Furthermore, it is desirable for Sharia boards to adopt corporate governance practice and take proactive roles, especially in Muslim countries, in order to influence companies to adopt Sharia-compliant investment practices. The tolerance levels of conventional finance activities of companies in Muslim countries should be re-evaluated and lowered in the Islamic investment screening criteria. This is partly due to the popularity and wide availability of Islamic banking and alternative Sharia instruments to interest-based finance, coupled with the fact that Muslim shareholders form the majority and hence, can vote to influence companies to adopt Sharia-compliant financing modes. In addition, the study provides empirical evidence that the Sharia screening process does not seem to have an adverse impact on either the absolute or the risk-adjusted performance of Islamic equity mutual funds in Saudi Arabia, compared to their conventional counterpart equity mutual funds and also compared to their market benchmarks. This is regardless of the geographical investment focus subgroup examined and the market benchmark used (whether Islamic or conventional). Furthermore, the systematic risk analysis shows that in most cases Islamic equity mutual funds in Saudi Arabia tend to be significantly less exposed to market risk compared to their conventional counterpart equity mutual funds, and compared to their conventional market benchmarks. Thus, the assumption that Sharia investment constraints lead to inferior performance and riskier investment portfolios because of the relatively limited investment universe seems to be rejected. This implies that Muslim investors in Saudi Arabia can choose Islamic investments that are consistent with their beliefs without being forced to either sacrifice performance or expose themselves to higher risk. The investment style analysis also shows that the Sharia screening process does not seem to influence Islamic equity mutual funds in Saudi Arabia towards small or growth companies compared to their conventional counterparts of similar geographical investment focus. Moreover, the study provides empirical evidence that the performance difference between Islamic and conventional socially responsible indices is insignificant despite applying different sets of screening criteria. However, Islamic indices tend to be associated with relatively lower systematic risk compared to their conventional socially responsible counterparts. Therefore, Islamic investment portfolios can be marketed to socially responsible investors who share similar beliefs in terms of excluding certain industries such as tobacco, alcohol, pornography, defense, etc., in spite of no financial filters being used by conventional socially responsible investors. This finding is especially appealing in Muslim countries where there are usually no mutual funds categorized as socially responsible, but rather Islamic. Moreover, the study also provides empirical evidence that incorporating conventional sustainability criteria into the traditional Sharia screening process does not lead to inferior performance or higher exposure to systematic risk. The results indicate that regardless of the restriction used - whether Islamic, socially responsible or Islamic socially responsible - restricted investment portfolios do not seem to be associated with inferior performance or higher exposure to risk. This finding opens the door for Sharia scholars and Muslim investors to reconsider broader social and environmental aspects as part of the Sharia investment screening process. With regards to investment style, Islamic and Islamic socially responsible indices seem to be skewed towards growth cap as compared to their conventional and conventional socially responsible indices, while Islamic socially responsible also leans towards a large cap. This implies that despite the performance similarity between, Islamic, conventional and conventional socially responsible indices, the returns driver of each type of investment tends to be different.

We consider a model of active asset management in which mutual fund managers exert unobservable effort to earn excess returns. Investors allocate capital to actively managed funds and passively managed products. In equilibrium, investors are indifferent between investing an additional dollar with an active manager or with a passively managed product. As passively managed products become more attractive to investors, active managers’ revenues from portfolio-management services fall, reducing their effort incentives. More-severe decreasing-returns-to-scale are also associated with reduced incentives and increased moral hazard. Performance-based fees and holdings-based data are all unlikely to mitigate moral hazard.

Financing of Churches in the Czech Lands in the 20th Century The main aim and purpose of this master degree thesis was to introduce individual institutes of the Church financing in the 20th century. Even nowadays, the funding issue is still an opened topic. The purpose of the historical hindsight is to approximate and put aside false hypothesis of Church financing. The prevailing views of the people on the church property and on the "justification" of states occupation of this property, during the last century, were based on rather "philosophical ideas" than on actual legal basis. The master degree thesis not only maps the 20th century, but also pays due attention to the developments of the late 19th century, which established grounds for certain financing institutes and prefigured further evolvement in the upcoming century. However, some institutes of church financing, such as religious fund, were established in the 18th century. The period of enlightened absolutism, the period of the reign of Joseph II, who brings his mothers reforms to the edge of that time, sells property (e.g. monasteries, religious buildings, etc.) and the obtained income deposits to newly created parish cash desk, which will serve to support the Catholic Church. Indeed, the income from the religious funds became one of the main and...

Botswana has adopted policies in its construction industry aimed at developing its citizen contractors to a standard comparable to any other. Towards this end, it has instituted a number of interventions one of which is to provide these contractors with an advance loan to enable them mobilize on site. This facility greatly enhances their chances of success. This study is an evaluation of this scheme and provides a valuable feedback on the scheme's effectiveness, its shortcomings as well as offering some suggestions as to how its administration can be improved. This it does through a critical analysis of the performance of beneficiaries over a six-year period, identifies reasons for their failure and tries to address concerns of the key players in the application of the scheme. The major findings are that the scheme has not been as successful as expected. The biggest problem seems to be the diversion of loan funds from their intended purpose. Rigorous sustained training of contractors and monitoring of their progress in skills attainment is the recommended solution. The Government's intervention should also target other role players in the industry for support including emerging suppliers and plant leasing companies, to break down existing monopolistic structures. / Dissertation (MSc (Project Management))--University of Pretoria, 2004. / Construction Economics / unrestricted

This study investigates the brand of shareholder activism hedge funds deploy by reference to a unique hand-collected dataset of 11 years’ activist hedge funds’ campaigns across 25 countries. The analysis has two core elements, one of which is to chart the emergence of hedge fund activism outside the United States and the other being to account why hedge fund activism has developed differently across the sample countries. Both issues have been to date only tangentially explored. This study is the first one to seek to determine the extent to which corporate law is a determinant of the hedge fund activism phenomenon using a fresh approach which combines theoretical and comparative legal analysis with empirical methods. While a single variable is unlikely to account for the emergence of hedge fund activism, the study describes hedge fund activism as a game of three sequential stages as a heuristic device and identifies market and legal parameters for each stage. To test the hypotheses advanced for the emergence of hedge fund the study draws upon the law and finance literature. For instance, to account to what extent the rights bestowed on shareholders by corporate law influence hedge fund activism the study uses the CBR shareholder rights index. The results indicate that the extent to which law matters depends on the stage which activism has reached. The study also puts hedge fund activism in its corporate governance context. Activist hedge funds’ interventions have been envisioned as a mechanism for ensuring effective control of managerial discretion. Opponents of hedge fund activism contend, however, that this new breed of activists has a dark side that raises various concerns. Activist hedge funds have been considered: as exacerbating short-termism; as being mainly aggressive to the incumbents; as bearing similarities to the 1980s-raiders; and as engaging in distorting equity decoupling techniques. The study presents new empirical data that shows that the perceived negative side-effects of hedge funds activism are greatly exaggerated: they are myths. Cumulatively, these findings question whether hedge fund activism warrants any type of legislative response so far as the goal of shareholder value maximization is succeeded.

This PhD thesis looks at one of the most crucial determinants of state formation, quality of institutions, and social equality: institutionalised grand corruption. Institutionalised grand corruption denotes the particularistic allocation of public resources, that is violating prior explicit rules in order to benefit a closed network while denying access to all others. Emphasizing access to power and public resources deviates from traditional definitions of corruption resting on individual wrongdoing and abuse of power. The thesis makes use of large amounts of administrative data describing public procurement tenders on transaction level and links it to data on company ownership, financial accounts, and political office of company owners. By using data mining techniques it breaks away from standard, and arguably deficient, measures of quality of institutions and corruption. It proposes a complex ‘blueprint’ for measuring institutionalized grand corruption in the allocation of public resources and applies its key elements to three Central and Eastern European countries: Czech Republic, Hungary, and Slovakia. It is emphasized that these cases are only ‘pilot’ measurements, the blueprint is applicable to practically every high and middle income country, data is typically going back in time for 6-8 years. Using such a novel indicator set allows for an unprecedented detail of analysis. Results highlight the role played by European Union Structural and Cohesion Funds in increasing the prevalence of institutionalised grand corruption. This is due to at least two factors, first, they provide additional public resources available for corrupt rent extraction; second, they change the motivations for and controls of corruption. In Czech Republic, Hungary, and Slovakia, the first effect increases the value of particularistic resource allocation by up to 1.21% of GDP, while the second effect decreases it by up to 0.03% of GDP. The latter effect is entirely driven by Slovakia; in Czech Republic and Hungary even this effect increases particularism.