No abstract

No abstract

No abstract

Em 1997, o governo brasileiro aprovou a Lei 9478/97, que estabelecia novos critérios para a distribuição de royalties do petróleo entre os municípios brasileiros e ampliou as possibilidades de uso desses recursos em áreas sociais. O objetivo deste artigo é investigar empiricamente se os royalties distribuídos sob esta lei contribuíram para a melhoria dos indicadores sociais dos municípios contemplados, em relação à mé-dia nacional, no período de 2000 a 2007. Utilizou-se o Índice Firjan de Desenvolvimento Social (iFDM) e seus três componentes: iFDM -Educação, iFDM -Saúde e iFDM -Emprego&renda, como medida de desenvolvimento social. Os resultados mostram que as rendas do petróleo não produziram impactos significativos nos indicadores sociais de saúde e de educação dos municípios beneficiados, mas, de forma surpreendente, geraram efeitos negativos sobre seus setores formais de trabalho. Palavras-Chaverendas do petróleo, royalties, desenvolvimento regional, indicadores sociais Classificação JEL Q32, Q38 Distribution of Oil Rents and Local Development Indicators in Brazil in the 2000 sAbstract in 1997, the Brazilian government approved the Law 9478/97, which has established new criteria for the distribution of oil royalties among municipalities and expanded the possibilities of using these resources in social areas. The aim of this paper is to investigate empirically whether the royalties distributed under this law contributed to the improvement of social indicators of the municipalities relative to the national average in the period 2000 to 2007. We used the Social Development index Firjan (iFDM) and its three components: iFDM -Education, iFDM -Health and iFDM -Employment & income as a measure of social development. The results show that the oil revenues produced no significant impacts on social indicators of health and education of municipalities benefited, but, surprisingly, generated negative effects on their formal sector work.

The literature has not reached a consensus on the motivation and implications of pyramidal ownership schemes. For some, such arrangements make it easier for controlling shareholders to expropriate outside investors. More recently, some studies have challenged this view and emphasized that their rationale lies in overcoming financial constraints. This paper focuses on whether firms owned through pyramidal schemes are more likely to be listed on the “Novo Mercado,” the Brazilian stock exchange’s premium listing segment created in 2000, which prohibits firms from issuing non-voting shares. We built a dataset of ownership data with annual observations for a panel of firms over the period 2003-2010 by hand-collecting data drawn from reports that firms submit periodically to the Brazilian securities regulator (CVM). Estimating fixed effects non-linear panel data models of a binary dependent variable, we find that firms listed on the Novo Mercado are less likely to be owned through a pyramid arrangement, result which appears to be consistent with the expropriation view.

No abstract

(USP) em 2000, tendo como orientador o professor Paulo Picchetti. Concorreram ao 24 o Prêmio BNDES de Economia 42 trabalhos, inscritos por 17 centros de pós-graduação em economia de universidades brasileiras. A comissão examinadora formada para apreciar as dissertações foi presidida pelo professor José Márcio Camargo e composta pelos professores Álvaro

No abstract