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The study examined the effects of mandatory International Financial Reporting Standards (IFRS) adoption on the quality of accounting information from three perspectives: the ability of accounting figures to explain credit ratings and their evolution after IFRS adoption; the difference in information gains from mandatory IFRS adoption between emerging and developed countries; and the identification of aspects of national governance capable of explaining these information gains. This article differs from the existing literature in three respects: it uses a more comprehensive and heterogeneous sample of emerging and developed countries; it uses the bootstrapping resampling method for a consistent analysis of the results; and it examines the heterogeneity of the effects of IFRS adoption as a function of country-level development and governance characteristics. The study reinforces the relevance of accounting information for analyzing companies’ credit risk and makes new contributions to the literature on the heterogeneity of the effects of IFRS adoption. By using a multi-country sample, the article has potential implications for national and international accounting and finance literature, and is also useful for regulators and international portfolio managers. The analyses were based on the ratings and annual accounting data of 566 companies domiciled in 36 countries over the period from 2005 to 2017, using a bootstrapping resampling method. This article documented that mandatory IFRS adoption increased the ability of accounting data to explain the credit ratings assigned by rating agencies. Moreover, it was found that this relationship is, on average, more pronounced in emerging economies. The analysis also showed a positive relationship between the control of corruption and the information gain associated with IFRS adoption. [ABSTRACT FROM AUTHOR]

As a result of the International Olympic Committee's desire to rejuvenate its fan base and spark the interest of a new generation of spectators, the world witnessed the inclusion of action and adventure sports in the Tokyo 2020 Olympic games. These sports included sport climbing, skate street, skate park, BMX park and surfing. Focusing specifically on the sport of surfing, this study aims to explore the expectations around its debut in the Tokyo 2020 Olympic programme, nurtured by people relevant to the surfing universe, such as athletes, managers and journalists. This is a descriptive and exploratory study that uses bibliographic and documentary analysis as methodological procedures, along with a semi-structured interview script for qualitative exploratory research, focused on the inclusion of surfing in the Olympic programme. Through the analysis of interview data combined with the information obtained through literature review, we conclude that the inclusion of surfing in the Olympic programme presents possibilities that go beyond rejuvenating its audience; it also has the potential to reaffirm Olympic values. [ABSTRACT FROM AUTHOR]

Background: Heterologous fibrin sealant (HFS) consists of a fibrinogen-rich cryoprecipitate extracted from Bubalus bubalis buffalo blood and a thrombin-like enzyme purified from Crotalus durissus terrificus snake venom. This study evaluated the safety and immunogenicity of HFS, estimated the best dose, and assessed its preliminary efficacy in the treatment of chronic venous ulcers (CVU). Methods: A phase I/II non-randomized, single-arm clinical trial was performed on 31 participants, accounting for a total of 69 active CVUs. All ulcers were treated with HFS, essential fatty acid, and Unna boot for 12 weeks. The outcomes assessed were: (1) primary safety, immunogenicity analyses, and confirmation of the lowest safe dose; (2) secondary promising efficacy by analyzing the healing process. Immunogenicity was evaluated using the serum-neutralizing (IgM and IgG) and non-neutralizing (IgA and IgE) antibody techniques against the product. The immuno-detection of IgE class antibodies was assessed using dot-blot assay before and at the end of treatment. Positive samples on dot-blot assays were subsequently analyzed by western blotting to verify the results. Results: No severe systemic adverse events related to the use of HFS were observed. Local adverse events potentially related to treatment include ulcer pain (52%), peri-ulcer maceration (16%), peri-ulcer pruritus (12%), critical colonization (8%), peri-ulcer eczema (4%), the opening of new ulcers (4%), and increased ulcerated area 4%). Neutralizing and non-neutralizing antibodies did not show significant deviations at any of the evaluated time points. Blot assays showed that all patients presented negative immunological reactions, either before or after treatment, with the thrombin-like enzyme component. In addition, two participants showed a positive immunological reaction to the cryoprecipitate component, while another two were positive before and during treatment. Regarding the secondary outcomes of preliminary efficacy, a total healing and significant reduction of the area was observed in 47.5 and 22%, respectively. A qualitative improvement was observed in the wound beds of unhealed ulcers. Conclusions: The investigational HFS bioproduct proved to be safe and non-immunogenic with a good preliminary efficacy for the treatment of CVU, according to the protocol and doses proposed. A multicentric phase III clinical trial will be necessary to verify these findings. [ABSTRACT FROM AUTHOR]

We exploit the exogenous shock to the Brazilian banking system caused by the international turmoil of 2008 and find evidence that the run to systemically important banks is better explained by the perception of a too-big-to-fail policy than by bank fundamentals. We infer that the extra inflow of deposits received by systemically important banks during crises gives them an important competitive advantage. Our analysis also indicates that a bank’s share of funding from institutional investors affects the nonfinancial firms’ and institutional investors’ decision to run. [ABSTRACT FROM PUBLISHER]

The article offers information on Alcantarea compacta. The plant is a comparatively small-sized tillandsioid genus comprising some 30 known species and is endemic to Brazil. The Alcantarea lives mostly in sun-exposed areas in rocky escarpments in the domain of the Atlantic Forest and is exclusively saxicolous and rupicolous. The plant is stemless, flowering at 60-80 centimeter (cm) high, has leaves that form a funnelform rosette, and has flowers that have golden yellow petals which are slightly fragrant.

This article focuses on the possible determinants of the concentration of the right to vote and the rights over cash-flow of the controlling shareholders of publicly-quoted Brazilian companies. The analysis investigates if endogenous variables of firms and sectors mean that some companies have a more concentrated corporate structure than others that undergo the same contractual environment. When empirical tests were applied to a panel of 161 companies between 1998 and 2002, the variables that were tested as possible determinants seem not to have an influence on the shareholder concentration of the owners of the companies that were analyzed. The results offer evidence in favor of the hypothesis of the influence of the exogeneity of the ownership structure on corporate performance, which has been used in recent work. [ABSTRACT FROM AUTHOR]

BackgroundTo enhance risk stratification for Wilms tumour (WT) in a pre-operative chemotherapy setting, we explored the prognostic significance and optimal age cutoffs in patients treated according to International Society of Paediatric Oncology Renal Tumour Study Group (SIOP-RTSG) protocols.MethodsPatients(6 months-18 years) with unilateral WT were selected from prospective SIOP 93-01 and 2001 studies(1993-2016). Martingale residual analysis was used to explore optimal age cutoffs. Outcome according to age was analyzed by uni- and multivariable analysis, adjusted for sex, biopsy(yes/no), stage, histology and tumour volume at surgery.Results5631 patients were included; median age was 3.4 years(IQR: 2-5.1). Estimated 5-year event-free survival (EFS) and overall survival (OS) were 85%(95%CI 83.5-85.5) and 93%(95%CI 92.0-93.4). Martingale residual plots detected no optimal age cutoffs. Multivariable analysis showed lower EFS with increasing age(linear trend PConclusionAlthough optimal age cutoffs could not be identified, we demonstrated the prognostic significance of age as well as previously described cutoffs for EFS (2 and 4 years) and OS (4 years) in children with WT treated with pre-operative chemotherapy. These findings encourage the consideration of age in the design of future SIOP-RTSG protocols.

SUMMARY Branches of tortuous arteries in the adventitia of the minor calyces supply blood to the renal papilla. The papilla therefore receives blood from both the vasa recta and the calyx. In certain pathological conditions this dual blood supply is of importance. It probably accounts for the preservation of the papilla and adjacent medulla in cases of acute tubular necrosis. When the calycine vessels are occluded, any interference with the blood supply through the vasa recta, such as occurs during peripheral circulatory failure, is liable to lead to ischemic necrosis of the renal papilla. [ABSTRACT FROM AUTHOR]

ABSTRACT The study analyzes the impacts of Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários [CVM]) Instruction n. 476, January 16th, 2009 on the financing of Brazilian companies. This regulatory change may have reduced financial constraints by lowering the costs of issuing debentures in the domestic capital market, increasing the speed of access to capital, and removing a regulatory barrier for private corporations, which were previously prevented from issuing debentures in the domestic capital market. There are few studies that analyze specific frictions in the domestic capital market, and none that focus on this particular regulatory change and its differential impact on private corporations. The introduction of CVM 476 is treated as a natural experiment capable of provoking an exogenous shock to reduce the financial constraints faced by Brazilian corporations. Difference-in-differences models are used to identify the causal effects of interest, using limited liability companies as a control group and examining the differential effects between public and private firms. There is a growing academic and social interest in the effects of market frictions on firm decisions and performance. In this context, it is particularly relevant to assess the impact of regulatory changes such as the one focused on in this research. The results are relevant for regulators and other capital market agents interested in understanding the relevance of market frictions for access to external financing and how they can be mitigated through regulatory change, potentially contributing to the optimization of firms' capital structure. The results indicate that CVM 476 was able to increase the total leverage and especially the long-term leverage of corporations, with the effect being greater for private corporations, which is unprecedented in the literature.

The aim of this study is to determine whether the size of a business, classified as small, medium or micro establishment (SMME), has an impact on its management of the compliance burden placed on it by taxation laws. A survey was conducted amongst small, medium and micro establishments in the business services sector in Gauteng province, South Africa. The study finds that the majority of SMMEs in the business services sector outsource their tax responsibilities due to lack of skills and time. Also, the significance of taxation inputs for making business decisions and preferences for administrative relief measures varies according to the size of the organisation.

Abstract A proteome‐wide mapping of interactions between hepatitis C virus (HCV) and human proteins was performed to provide a comprehensive view of the cellular infection. A total of 314 protein–protein interactions between HCV and human proteins was identified by yeast two‐hybrid and 170 by literature mining. Integration of this data set into a reconstructed human interactome showed that cellular proteins interacting with HCV are enriched in highly central and interconnected proteins. A global analysis on the basis of functional annotation highlighted the enrichment of cellular pathways targeted by HCV. A network of proteins associated with frequent clinical disorders of chronically infected patients was constructed by connecting the insulin, Jak/STAT and TGFβ pathways with cellular proteins targeted by HCV. CORE protein appeared as a major perturbator of this network. Focal adhesion was identified as a new function affected by HCV, mainly by NS3 and NS5A proteins.

A preliminary court injunction based on alleged personal security risks gave Brazilian public companies the option of noncompliance with new executive and director compensation disclosure rules. We find that noncompliance is possibly motivated by agency conflicts and not by crime rates in the state where the company is headquartered. Noncompliers tend to present lower corporate governance (CG) quality, higher ownership concentration, larger total assets, and less profitability. State- and foreign-owned companies are significantly less likely noncompliers. Shareholders correctly anticipated that lower CG quality firms were more likely noncompliers but may have been negatively surprised when some higher CG quality firms did not comply. [ABSTRACT FROM PUBLISHER]

BackgroundHeterologous fibrin sealant (HFS) consists of a fibrinogen-rich cryoprecipitate extracted from Bubalus bubalis buffalo blood and a thrombin-like enzyme purified from Crotalus durissus terrificus snake venom. This study evaluated the safety and immunogenicity of HFS, estimated the best dose, and assessed its preliminary efficacy in the treatment of chronic venous ulcers (CVU).MethodsA phase I/II non-randomized, single-arm clinical trial was performed on 31 participants, accounting for a total of 69 active CVUs. All ulcers were treated with HFS, essential fatty acid, and Unna boot for 12 weeks. The outcomes assessed were: (1) primary safety, immunogenicity analyses, and confirmation of the lowest safe dose; (2) secondary promising efficacy by analyzing the healing process. Immunogenicity was evaluated using the serum-neutralizing (IgM and IgG) and non-neutralizing (IgA and IgE) antibody techniques against the product. The immuno-detection of IgE class antibodies was assessed using dot-blot assay before and at the end of treatment. Positive samples on dot-blot assays were subsequently analyzed by western blotting to verify the results.ResultsNo severe systemic adverse events related to the use of HFS were observed. Local adverse events potentially related to treatment include ulcer pain (52%), peri-ulcer maceration (16%), peri-ulcer pruritus (12%), critical colonization (8%), peri-ulcer eczema (4%), the opening of new ulcers (4%), and increased ulcerated area 4%). Neutralizing and non-neutralizing antibodies did not show significant deviations at any of the evaluated time points. Blot assays showed that all patients presented negative immunological reactions, either before or after treatment, with the thrombin-like enzyme component. In addition, two participants showed a positive immunological reaction to the cryoprecipitate component, while another two were positive before and during treatment. Regarding the secondary outcomes of preliminary efficacy, a total healing and significant reduction of the area was observed in 47.5 and 22%, respectively. A qualitative improvement was observed in the wound beds of unhealed ulcers.ConclusionsThe investigational HFS bioproduct proved to be safe and non-immunogenic with a good preliminary efficacy for the treatment of CVU, according to the protocol and doses proposed. A multicentric phase III clinical trial will be necessary to verify these findings.

Presentation of papers from the Behavioral Finance Forum.

In this work we describe a new efficient strategy for the preparation of 1,2,4-trimethoxybenzene (3) in 56% overall yield. The compound 3 was used in a preliminary study of insect attraction by a mixture of semiochemicals called TIV, composed of indol (1), vanillin (2) and 1,2,4-trimethoxybenzene (3), in eight Mc Phail style traps installed at a domestic orchard of citric-culture, containing 120 trees not infected by plagues in Bom Jesus Farm, located next to a patch of the Atlantic Forest, at Silva Jardim, Rio de Janeiro, Brazil.

This research examines the determinants of the capital structure of firms introducing a behavioral perspective that has received little attention in corporate finance literature. The following central hypothesis emerges from a set of recently developed theories: firms managed by optimistic and/or overconfident people will choose more levered financing structures than others, ceteris paribus. We propose different proxies for optimism/overconfidence, based on the manager’s status as an entrepreneur or non-entrepreneur, an idea that is supported by theories and solid empirical evidence, as well as on the pattern of ownership of the firm’s shares by its manager. The study also includes potential determinants of capital structure used in earlier research. We use a sample of Brazilian firms listed in the Sao Paulo Stock Exchange (Bovespa) in the years 1998 to 2003. The empirical analysis suggests that the proxies for the referred cognitive biases are important determinants of capital structure. We also found as relevant explanatory variables: profitability, size, dividend payment and tangibility, as well as some indicators that capture the firms’ corporate governance standards. These results suggest that behavioral approaches based on human psychology research can offer relevant contributions to the understanding of corporate decision making.

Dentre as principais questões que vêm sendo debatidas em Finanças está a validade das premissas assumidas por suas teorias mais tradicionais, em particular a da racionalidade dos agentes econômicos. Nesse contexto, surgiram diversos trabalhos com o objetivo de aprimorar os modelos teóricos dominantes, incorporando aspectos comportamentais antes desconsiderados. Essas linhas de pesquisa deram origem a um novo e promissor campo de estudo denominado Finanças Comportamentais. O notável crescimento dessa abordagem não ortodoxa tem sido motivado, em especial, pela tentativa de explicação satisfatória de uma gama de fenômenos regularmente observados nos mercados financeiros e incompatíveis com as predições dos modelos tradicionais. Este ensaio apresenta uma introdução sucinta aos conceitos fundamentais da área de Finanças Comportamentais e comenta duas aplicações pioneiras que incorporam dois dos vieses cognitivos mais bem documentados - otimismo e confiança excessiva.A subject often debated in Finance is the validity of assumptions regarding traditional theories, especially in relation to the rationality of economic agents. Studies endeavoring to improve theoretical models have incorporated behavioral aspects previously disregarded thereby creating the new and promising field of behavioral finance. The remarkable growth of this unorthodox approach has been spurred by attempts to explain phenomena in the financial markets which are incompatible with traditional model forecasts. A brief introduction to the concepts of behavioral finance was presented with comments on pioneer applications that incorporated two frequent examples of cognitive biases, namely optimism and excessive confidence, for the purpose of building a new theoretical paradigm.

This paper investigates the influence of corporate governance quality on the market value of 154 Brazilian listed companies in 2002. As a proxy for corporate governance quality, a broad governance index was built. The empirical investigation employed different econometric approaches with increasing level of complexity, including multiple regressions by ordinary last squares, instrumental variables estimators and simultaneous equations systems. Results obtained with all econometric approaches show a positive and significant influence of corporate governance quality on firms market values. The paper also finds evidence of endogeneity of the corporate governance variable, for which different instruments are proposed. Moreover, results obtained with the simultaneous equations approach suggest that there might be a two-way causality link between corporate governance quality and firm valuation.

Este artigo enfoca os possíveis determinantes da concentração do direito de voto e do direito sobre o fluxo de caixa por parte dos acionistas controladores das companhias abertas brasileiras. A análise investiga se variáveis endógenas das firmas e setoriais fazem com que algumas empresas tenham estrutura depropriedade mais concentrada do que outras submetidas ao mesmo ambiente contratual. Ao se aplicarem testes empíricos a um painel com 161 empresas entre os anos de 1998 e 2002, as variáveis testadas como possíveis determinantes não parecem influenciar a concentração acionária dos controladores das empresas analisadas. Os resultados oferecem evidência em favor da hipótese de influência da exogeneidade da estrutura de propriedade sobre o desempenho corporativo, adotada em trabalhos recentes.

A governança corporativa visa a aumentar a probabilidade de os fornecedores de recursos garantirem para si o retorno sobre seu investimento, por meio de um conjunto de mecanismos no qual se inclui oConselho de Administração. Este artigo investiga se a estrutura de governança foi relevante para o valor das companhias abertas no Brasil entre 1998 e 2000. Três variáveis de governança foram consideradas:separação dos cargos de diretor executivo e presidente do conselho (DE), tamanho do conselho (TOT) e grau de independência do conselho (INDEP). Utilizou-se uma regressão múltipla do tipo seção transversal. DE foi a variável com os resultados mais importantes, apresentando evidência de que, em média, as empresas que têm pessoas distintas ocupando os cargos de diretor executivo e presidente do conselho são mais valorizadas pelo mercado.

Abstract The objective of this study was to document the relationship between the two mechanisms of state action (credit earmarking and corporate control of banks) and the granting of bank credit in Brazil during the 2008 global financial crisis. There is an intense debate in the literature about the effectiveness of the State’s role in the financial system and its effects on the economy. One aspect of this issue is identifying whether the state presence contributes to stabilizing the granting of credit and softening financial crises’ economic impact. The studies carried out to date have not considered the differences between free and earmarked credits at the bank level, nor their possible interaction with the type of bank property. The study’s subject is relevant because it can help guide counter-cyclical public policies to face crises, including the use of changes in credit earmarking or state-owned banks’ performance. The analyses carried out can inform the debate about the pros and cons of the state’s presence in the credit market. The study analyses data from 2005 to 2012 from financial institutions that capture deposits from the public. Inferences are based on linear regression models, including a wide range of control variables. This study documents a significant reduction in credit granted by private banks in Brazil and state-owned banks’ expansion during the 2008 crisis. This evidence is not only due to differences in the funding rate during the period or to economic fundamentals, suggesting that the effect of corporate control is possibly related to the counter-cyclical performance of state-owned banks. The results show that the credit earmarking mechanisms were not particularly relevant in smoothing the contraction resulting from the financial crisis.