Submitted by Elba Lopes (elba.lopes@fecap.br) on 2016-03-15T18:38:28Z No. of bitstreams: 2 Joao_Burke.pdf: 1956451 bytes, checksum: adadb62fea074a2e87b02a52a5f2328a (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Made available in DSpace on 2016-03-15T18:38:28Z (GMT). No. of bitstreams: 2 Joao_Burke.pdf: 1956451 bytes, checksum: adadb62fea074a2e87b02a52a5f2328a (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Previous issue date: 2015-08-18 / The purpose of this thesis is to study the perception and the mitigation of diversifiable risks by angelinvestors in their investments in startups. Such theme is relevant in the entrepreneurship context in Brazil, and in the theoretical body of knowledge on Entrepreneurship and Corporate Finances. Angel investment is growing in Brazil, although only a few studies about risks in such context are found. In order to reach such goals, this thesis presents a chart of risks and relevant mitigation procedures, and proposes relevant classification in accordance with the angel investment phases and prominent risk dominion, as well as an exploratory study with three experienced Brazilian angels, following a semi-structured script whose empirical findings are framed into the relevant theories. Adopted data analysis technique is content analysis.In terms of results, based on fragments extracted from the interviews, angels are mostly concerned with operational risks, followed by market, financial and technological ones. In what refers to the 38 mechanisms of risk mitigation gathered in this thesis, answers point the majority of risk mitigation strategies organized in this thesis isreflected in the experience of the interviewed angels, since 26 mitigation mechanisms are endorsed by three or two of the interviewed angels. Additionally, another 10 mitigation mechanisms out of the 38 are endorsed by one of the interviewed angels; only two out of the mentioned 38 mitigation mechanisms are not adopted by any of the interviewed angels. / O objetivo desse trabalho ?? estudar a percep????o e a mitiga????o de riscos diversific??veis por investidores-anjos em seus investimentos em startups. Tal tem??tica tem relev??ncia no contexto do empreendedorismo no Brasil e no corpo te??rico sobre o empreendedorismo e finan??as. O volume de investimentos de tal natureza cresce no Brasil e, n??o obstante, h?? poucos estudos que versam sobre riscos neste contexto. Visando a atingir tais objetivos, realiza-se quadro resumo de riscos e 38 mecanismos correspondentes de mitiga????o apontados pela literatura, com proposta de classifica????o conforme fases do investimento-anjo e dom??nio de risco preponderante, bem como se efetua estudo explorat??rio com tr??s investidores-anjos brasileiros experientes, seguindo roteiro semiestruturado,cujos dados emp??ricos s??o cruzados com as teorias pertinentes. A t??cnica de an??lise de dados utilizada ?? a an??lise de conte??do. No que se refere aos resultados obtidos, conclui-se que fragmentos dos discursos dos entrevistados revelaram preocupa????es mais frequentemente relacionada aos riscos do dom??nio operacional, seguidos de riscos de mercado, financeiros e tecnol??gicos. No que tange aos 38 mecanismos de mitiga????o agrupados no presente trabalho, as respostas dos anjos apontam que a maioria das estrat??gias de mitiga????o colacionadas neste trabalho ?? corroboradapela pr??ticados anjos entrevistados, pois 26estrat??gias s??o endossadas por tr??s ou dois dos entrevistados. Complementarmente, 10 das 38 formas de mitiga????o s??o endossadas por um dos anjos entrevistados; apenas duas das 38 formas de mitiga????o n??o encontram apelo junto aos entrevistados.

<p>The paper investigates the challenges of consolidating beneficiary participation in the planning and implementation of projects, the effects on project outcomes and the implications for community based development. It examines one of such projects in Sekondi- Takoradi Metropolis of Ghana by assessing the entire planning and implementation of the project, the participatory mechanisms used and the current state of the project in terms of its sustainability. The paper critically investigates a broad arena of literature relating to the evolution of the participatory concept and its relation to development planning and management. It further explores some of the critiques leveled against the concept. The paper argues further that beneficiary participation in Community Based Development Projects (CBDPs) in Ghana is a challenge because of the internal rigidities associated with the use of the concept. It explains through evidence from the analyzed data that understanding the strategies for the participatory process as well as the socio dynamics of the beneficiaries involved is important in ensuring positive project outcomes.</p>

This thesis analyzes the optimal strategies of rational agents in incomplete financial markets. The incompleteness may arise from the stochastic volatility of stock prices, in which case we study the optimal pricing and hedging strategies of an option trader. We introduce a new concept that we call the relative indifference price, which is the price at which a trader is indifferent to trade in an additional option, given that he is currently holding and dynamically hedging a portfolio of options. We find that the appropriate volatility risk premium depends on the trader's risk aversion coeffcient and his portfolio position before selling or buying the additional option. More generally, the incompleteness of the market may arise from both the drift and volatility of the stock being driven by a correlated factor. In this setting, we study the optimal consumption and investment policies of CARA, conservative CRRA and aggressive CRRA agents. In particular, we provide interpretations of the non-myopic investment in terms of martingale measures and the risk monitoring strategy of a path-dependent option. / text

<p>The paper investigates the challenges of consolidating beneficiary participation in the planning and implementation of projects, the effects on project outcomes and the implications for community based development. It examines one of such projects in Sekondi- Takoradi Metropolis of Ghana by assessing the entire planning and implementation of the project, the participatory mechanisms used and the current state of the project in terms of its sustainability. The paper critically investigates a broad arena of literature relating to the evolution of the participatory concept and its relation to development planning and management. It further explores some of the critiques leveled against the concept. The paper argues further that beneficiary participation in Community Based Development Projects (CBDPs) in Ghana is a challenge because of the internal rigidities associated with the use of the concept. It explains through evidence from the analyzed data that understanding the strategies for the participatory process as well as the socio dynamics of the beneficiaries involved is important in ensuring positive project outcomes.</p>

This study investigates the supply, distribution and use of haberdashery wares in England in the late sixteenth, seventeenth and eighteenth centuries, with especial reference to the paired counties of Cumbria and Lancashire, Warwickshire and Leicestershire, Hampshire and West Sussex. A brief comparison is also made with London. Through examination of documentary evidence and extant examples, it aims to set the provision and use of haberdashery for dress into the context of the Early Modern period, and challenges widely held assumptions concerning the availability of wares through the country. The purpose of the argument is firstly to demonstrate that haberdashery, being both a necessity and a luxury, was an important, and historically traceable, part of traded goods in the early modern period, and secondly, with particular reference to the response of retailers to changing needs and demands, to show that the widescale availability of haberdashery for use in dress made it significant in the expression of personal identity and appearance for individuals of all social strata, while its manufacture and distribution provided employment for considerable numbers of people.

Two essays are comprised in this dissertation to explore how market friction affects the processes of price formation. The first essay investigates on both theoretical and empirical bases how segmentation of communication amongst potential lenders can influence loan contracts. Two cases are considered. The first one assumes that potential lenders can freely communicate with each other; the second one assumes that each potential lender can only observe the decisions of its predecessors. I show theoretically that the ex post observed interest rate will be higher and the probability of syndication failure will be lower if the potential lenders cannot communicate freely with each other. These predictions are confirmed by my empirical work. Using a novel proxy, relational distance, for the segmentation of communication, I show that the larger the relational distance, the higher is the loan spread and the lower is the probability of syndication failure. In addition, the relational distance is positively correlated with the probability of the existence of non-price contract terms, such as the requirement for collateral and guarantees. My conclusions are found to be robust to endogeneity issues, potentially omitted variables and alternative model specifications. The second essay focuses on the informational effects between futures market and its spot market. Intraday data are used to investigate the lead-lag relationship between the TX returns, the TX trading activity and the TAIEX stock index returns. I focus on the transmission direction and the source of information and find that there are specific lead-lag relationships between futures returns and spot returns, in addition to the contemporaneous relationship predicted by carry-cost theory and efficient market theory. The results show that futures returns significantly lead spot returns, which suggests that informed trades occur in the futures market and makes information flows from the futures market to the spot market. By distinguishing different types of futures traders and using private information, net open buy, as a proxy for futures trading activity, I found that the major source of informed trades is foreign institutional traders because their trading activity have predictive power for future movements in both spot and futures prices. In contrary, traders in the other categories carry no information about the directional changes in both spot and futures prices.

Made available in DSpace on 2014-12-17T15:51:30Z (GMT). No. of bitstreams: 1 SinthyaPC_DISSERT.pdf: 4150234 bytes, checksum: 8c25df9a7dbe68b7e854f1ee4b2895c7 (MD5) Previous issue date: 2012-04-26 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / The Social Representation Theory provides subsidies to scientifically analyze what is called common sense, suggesting that thought be given credibility to the individual, from the assignment of logic to it. The Representations allow us to interpret, understand, explain and thus classify information, events and people. In this sense, this study aimed to analyze how social representations of the actors of the intinerant traders who operate in Ponta Negra/RN can be used as an element for tourism planning. To achieve the desired goals, we conducted a qualitative study, from a descriptive study, using methods of data collection the research literature, the technique of free association of words and the questionnaire, applied with 90 intinerant traders who work in Ponta Negra/RN beach. As tools of data analysis were used to analyze literature, and software EVOC and SPHINX. This research has revealed the predominance of people in itinerant male, between 18 and 28 years, with incomplete primary education, no contributors of Previd?ncia Social and working seven days a week. The core elements of representations brings that explain that their knowledge is guided by collectively shared knowledge in the culture of tourism, which is seen as something that brings economics benefits (money) to the society, from the travel and entertainment. The plan represents the forward thinking, based on development plans that seek improvements and organization. The structure and operation of tourism planning in Natal/RN, there were no representation of intinerant traders. It is concluded that understanding the needs of itinerant traders provides grants to developing strategies for the development of tourism. This is achieved from its inclusion in tourism planning, since it enables tourism managers to understand how they are capturing, interpreting and acting on their next reality, since these representations are fundamental in forming opinions and the establishment of individual attitudes and collective. Thus, it is an important theory to be used to subsidize social research with individuals living reality and local needs, but which is the margin of decision-making processes of economic in the Brazil / A Teoria das Representa??es Sociais fornece subs?dios para analisar cientificamente o que se chama de senso comum, sugerindo que seja dada credibilidade ao pensamento do indiv?duo, a partir da atribui??o de l?gica ao mesmo. As Representa??es Sociais permitem interpretar, compreender, explicar e assim, classificar as informa??es, os acontecimentos e os indiv?duos. Neste sentido, o presente estudo objetivou analisar de que maneira as representa??es sociais dos atores do com?rcio ambulante que atuam na praia de Ponta Negra/RN podem ser utilizadas como elemento para o planejamento tur?stico. Para se alcan?ar os objetivos almejados, foi realizada uma pesquisa de abordagem qualitativa, a partir de um estudo descritivo, utilizando como m?todos de coleta de dados a pesquisa bibliogr?fica, a T?cnica de Associa??o Livre de Palavras e o question?rio, aplicados com 90 comerciantes ambulantes que atuam na Praia de Ponta Negra/RN. Como instrumentos de an?lise dos dados utilizaram-se a an?lise bibliogr?fica, o software EVOC e SPHINX. Esta pesquisa revelou a predomin?ncia no com?rcio ambulante de pessoas do sexo masculino, entre 18 e 28 anos, com ensino fundamental incompleto, n?o contribuintes da previd?ncia social e que trabalham 7 dias na semana. O n?cleo central das representa??es traz elementos que explanam que seu conhecimento est? pautado nos saberes coletivamente partilhados pela cultura do turismo, sendo este visto como algo que gera benef?cios econ?micos (dinheiro) para a sociedade, a partir da viagem e da divers?o. O planejamento representa o pensamento no futuro, pautado na elabora??o de planos que busquem melhorias e organiza??o. Quanto a estrutura e funcionamento do planejamento tur?stico em Natal/RN, n?o foi verificado nenhuma representatividade dos comerciantes ambulantes. Conclui-se que, a compreens?o das necessidades dos comerciantes ambulantes fornece subs?dios para elabora??o de estrat?gias que visem o desenvolvimento do turismo. Isto ? conseguido a partir de sua inclus?o no planejamento tur?stico, j? que possibilita aos gestores da atividade tur?stica entender como eles est?o captando, interpretando e agindo em sua realidade pr?xima, j? que essas representa??es s?o fundamentais na forma??o de opini?es e no estabelecimento de atitudes individuais e coletivas. Desta forma, se constitui como uma importante teoria a ser utilizada para subsidiar pesquisas sociais com indiv?duos que vivem a realidade e as necessidades locais, mas que se encontram a margem dos processos decis?rios das atividades econ?micas brasileiras

O objetivo desta investigação é analisar o tráfico de escravos na Capitania do Rio Grande de São Pedro do Sul, na passagem do século XVIII para o XIX. Duas questões básicas orientaram nossa investigação: a análise das características demográficas dos escravos traficados (sexo, naturalidade, condição e faixa etária) e a caracterização da dinâmica de funcionamento do circuito mercantil (composição dos envios, concentração do tráfico e traficantes envolvidos). Verificou-se que, embora se realizasse apenas na sua etapa interna, o tráfico de escravos da capitania apresentava características semelhantes àquelas observadas nas regiões que participavam diretamente do tráfico atlântico de escravos. Quanto ao perfil demográfico, constatou-se o predomínio dos escravos africanos e uma elevada razão de masculinidade, tanto entre os africanos quanto entre os crioulos.Por outro lado, observou-se que aproximadamente 1/3 dos escravos despachados para o Rio Grande de São Pedro do Sul, entre 1788-1802, tinham entre 10 e 14 anos. No que diz respeito ao circuito mercantil, concluiu-se que o comércio se dava através de pequenos envios e era realizado por um grande número de “traficantes eventuais”. Estes pequenos comerciantes foram responsáveis pela comercialização de uma parcela importante do total de escravos e pela maior parte dos envios realizados e, deste modo, foram indispensáveis para o funcionamento do mercado negreiro sul-rio-grandense. As principais fontes utilizadas foram as guias de transporte de escravos emitidas pela Provedoria da Fazenda Real, os despachos e passaporte de escravos emitidos pela Polícia da Corte e o Livro de Sisas da Vila do Rio Grande. / The objective of this investigation is to analyze the slave trade in Capitania do Rio Grande de São Pedro do Sul, during the passage from the 18th to the 19th century. Two basic subjects guided our investigation: the analysis of the demographic characteristics of traded slaves (sex, naturalness, condition and age) and the characterization of the trading circuit (composition of shipments, trade concentration and traders engaged). It was noticed that, although it took place only internally, the slave trade in capitania presented characteristics similar to the ones observed in the regions which participated directly in the Atlantic slave trade. As to the demographic profile, it was verified a predominance of african slaves and a high percentage of males, both among africans and crioulos. On the other hand, it was observed that approximately 1/3 of the slaves sent to Rio Grande de São Pedro do Sul, between 1788-1802, was between 10 and 14 years old. Concerning the trading circuit, it was concluded that the slave trade took place through small shipments and was accomplished by a high number of “eventual traders”.These little traders were responsible for the commercialization of the majority of the slaves and of the shipments. This way, they became indispensable to the success of the slave trade in Rio Grande de São Pedro do Sul. The main sources used were the documents of slaves transportation issued by the Provedoria da Real Fazenda; the dispatching and passports of slaves issued by the Polícia da Corte and the Livro de Sisas da Vila do Rio Grande.

Magister Philosophiae - MPhil (LAS) (Land and Agrarian Studies) / Fish remains a vital source of food, income, nutrition and livelihoods for millions of people in Africa. This study investigated the modalities of trading in fish imported from sub-Saharan Africa into South Africa in the Cape Town Metropolitan area. The research analyses the opportunities and constraints faced by retail fish traders and importers regarding the South African and Southern African Development Community (SADC) policies that are in place, to ascertain how far the policies go in facilitating the intra-regional fish trade. In addition, the study analyses consumer factors underlying the attractiveness of imported fish, the channels used for importation as well as the types and forms of fish imported into South Africa. The study employs a qualitative approach using semi-structured interviews with purposively selected key informant retailers, traders and City of Cape Town officials to collect the information. Findings show that shop owners and traders face challenges in relation to obtaining the required documents for trading, sanitary and phytosanitary certification and tariff and non-tariff barriers at borders. Some of these challenges include long and tedious procedures to acquire documents, as well as the limitations placed on the amount of goods traders can import. Consumers (mostly from the diaspora) prefer the taste of fish that they are used to, thereby creating an increasing demand for imported fish. National and regional policies put in place do not facilitate the trade in fish as well as current municipal regulations for retailing imported fish and other food types. The study also raises critical questions about the implementation of sanitary and phytosanitary standards by officials in the food shops. The thesis concludes that is it critical for national and regional policies to be coordinated and harmonised for enhanced intra-regional fish trade, which could contribute towards increased food security, nutrition and livelihoods.

O objetivo desta investigação é analisar o tráfico de escravos na Capitania do Rio Grande de São Pedro do Sul, na passagem do século XVIII para o XIX. Duas questões básicas orientaram nossa investigação: a análise das características demográficas dos escravos traficados (sexo, naturalidade, condição e faixa etária) e a caracterização da dinâmica de funcionamento do circuito mercantil (composição dos envios, concentração do tráfico e traficantes envolvidos). Verificou-se que, embora se realizasse apenas na sua etapa interna, o tráfico de escravos da capitania apresentava características semelhantes àquelas observadas nas regiões que participavam diretamente do tráfico atlântico de escravos. Quanto ao perfil demográfico, constatou-se o predomínio dos escravos africanos e uma elevada razão de masculinidade, tanto entre os africanos quanto entre os crioulos.Por outro lado, observou-se que aproximadamente 1/3 dos escravos despachados para o Rio Grande de São Pedro do Sul, entre 1788-1802, tinham entre 10 e 14 anos. No que diz respeito ao circuito mercantil, concluiu-se que o comércio se dava através de pequenos envios e era realizado por um grande número de “traficantes eventuais”. Estes pequenos comerciantes foram responsáveis pela comercialização de uma parcela importante do total de escravos e pela maior parte dos envios realizados e, deste modo, foram indispensáveis para o funcionamento do mercado negreiro sul-rio-grandense. As principais fontes utilizadas foram as guias de transporte de escravos emitidas pela Provedoria da Fazenda Real, os despachos e passaporte de escravos emitidos pela Polícia da Corte e o Livro de Sisas da Vila do Rio Grande. / The objective of this investigation is to analyze the slave trade in Capitania do Rio Grande de São Pedro do Sul, during the passage from the 18th to the 19th century. Two basic subjects guided our investigation: the analysis of the demographic characteristics of traded slaves (sex, naturalness, condition and age) and the characterization of the trading circuit (composition of shipments, trade concentration and traders engaged). It was noticed that, although it took place only internally, the slave trade in capitania presented characteristics similar to the ones observed in the regions which participated directly in the Atlantic slave trade. As to the demographic profile, it was verified a predominance of african slaves and a high percentage of males, both among africans and crioulos. On the other hand, it was observed that approximately 1/3 of the slaves sent to Rio Grande de São Pedro do Sul, between 1788-1802, was between 10 and 14 years old. Concerning the trading circuit, it was concluded that the slave trade took place through small shipments and was accomplished by a high number of “eventual traders”.These little traders were responsible for the commercialization of the majority of the slaves and of the shipments. This way, they became indispensable to the success of the slave trade in Rio Grande de São Pedro do Sul. The main sources used were the documents of slaves transportation issued by the Provedoria da Real Fazenda; the dispatching and passports of slaves issued by the Polícia da Corte and the Livro de Sisas da Vila do Rio Grande.