PUBLICATIONS / ARTICLES

  • ADRIANA GARIBALDI DE HILAL

    Áreas de interesse de pesquisa: Cultura Nacional, Cultura Organizacional, Empreendedorismo, Internacionalização de Empresas, Negociação.

    "Same, same but different? Women’s experiences with gender inequality in Brazil"          


    Purpose – The purpose of this paper is to examine gender issues in Brazil from the perceptions, experiences, and discourses of professional women in Rio de Janeiro and São Paulo. Design/methodology/approach – The study is based on 26 in-depth interviews with female professionals. The methodology consists of an exploratory approach through content analysis. Findings – Despite the fact that Brazil demonstrates an idealized national ethos that promotes equality, gender roles are still very traditional. Participants recognized gender issues at work, including covert discrimination, though most did not acknowledge experiencing them personally. Originality/value – There is dissonance between global trends and the actual experience of female professionals in Brazil. Although participants rejected the idea of personally experiencing inequality, they acknowledge its existence in human resources (HR) practices. This leads to a self-fulfilling prophecy where gender inequality is perpetuated and organizations and HR departments do not seem to have a proactive role as change agents. Keywords Gender, Brazil, Women, Sexual discrimination, Women workers Paper type Research paper

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  • RICARDO PEREIRA CÂMARA LEAL

    Áreas de interesse de pesquisa: Governança Corporativa, Mercados Emergentes, Finanças Internacionais, IPOs.

    ATUALIZAÇÃO BAYESIANA DE OFERTAS DE COMPRA EM MÉTODOS EXPERIMENTAIS DE APREÇAMENTO DE OFERTAS PÚBLICAS INICIAIS DE AÇÕE          


    BAYESIAN BID UPDATING IN EXPERIMENTAL IPO PRICING METHODS
    OBJECTIVE
    The purpose of this article was to verify whether the update of bids and investor learning differ according to three experimental versions of initial public offers (IPO) methods. Investors learn about their perfor-mance and can improve their pricing decisions in successive experimental rounds.
    METHODOLOGY
    A simulated trading and stock pricing environment was built with support from the Zurich Toolbox for Readymade Economic Experiments. We simulate the methods of Dutch auction, book building and com-petitive IPO. The participants are undergraduate and graduate students from a large public university in Brazil and professionals affiliated with a large Brazilian retail bank.
    RESULTS AND CONCLUSIONS
    Investors are more likely to bid in the next round if they have a gain in the previous round under the Dutch auction and book building. Participants were more likely to positively update their bids with regard to their ideal bid after they were allocated in an offer under book building, but not so much under the Dutch auc-tion and the competitive IPO. Book building was the method where learning led to gains more often.
    PRACTICAL IMPLICATIONS
    The evidence in the bids update analysis suggests that learning occurs according to the Bayesian update and not according to the naive update in the book building. This is consistent with the fact that book build-ing is the most widely used IPO method in the largest world markets, which supports its widespread ap-plication, despite criticism of the method.
    KEYWORDS
    IPO pricing methods, Bayesian updating, book building, competitive IPO, auction

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  • MARIBEL SUAREZ

    Áreas de interesse de pesquisa: Comportamento do Consumidor, Marketing.

    Cultural Meanings and Consumers Discurses about their brand abandonment          


    Although we know a lot about how brand meanings are created and perpetuated in relation to and through cultural discourses, remarkably little work has been done in the marketing field to develop a better comprehension as to how brand meanings are enacted through distancing behaviors, such as brand abandonment. In the marketing literature, abandonment has usually been associated with relationship crises, most commonly as the result of consumer dissatisfaction. This study investigates consumers who abandoned previously consumed brands in two distinct product categories, soft drinks and automobiles. Through investigation of two emblematic brands – Coca-Cola and Fiat - the analysis illustrates cultural discourses that consumers use to give meanings and socially negotiate their brand abandonment. Considering the repertoire of meanings attached to both the brands and consumers’ commitment to their distancing behavior, the analysis presents three types of brand abandonment: (a) contingent, (b) balanced and (c) aversive. This paper also presents brand abandonment as an enabler of social distinctions, highlighting two discrete discourses promulgated and perpetuated by consumers: (a) Life evolution, and (b) Rationality, self-control and sovereignty.
    Key words: brand; consumption abandonment; Coca-Cola; Fiat; consumer culture theory.

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  • RICARDO PEREIRA CÂMARA LEAL

    Áreas de interesse de pesquisa: Governança Corporativa, Mercados Emergentes, Finanças Internacionais, IPOs.

    Recent activism initiatives in Brazil          


    This study offers an overview of shareholder activism in Brazil through the mapping of various types and examples of activism, the construction of an activism index and an analysis relating the activism index to corporate characteristics. Investor engagement and activism may be an important driver of corporate governance improvement (Gillan and Starks in J Appl Finance 13(2):4–22, 2003; Chung and Zhang in J Financ Quant Anal 46(1):247–273, 2011). Activism is more often found in: larger companies; those with many shareholders; with inferior corporate governance practices; and controlled by the state. The study documents the increase in the average activism index during the period, with only eight companies failing to register any type of activism event. However, the items comprising the index did not develop in a homogeneous fashion, with some remaining stable, while others decline. The indicators with the highest rates of growth during the period were: minority presentation of proposals at shareholder meetings; cumulative voting
    requests to elect directors; and the number of news articles related to the topic. The sample contains 195 companies listed on the Brazilian stock exchange and observed in 2008, 2010 and 2012. The hand-collected data come from minutes of ordinary and extraordinary shareholder meetings, complaints filed with the securities commission and news articles published in a daily business newspaper. The article contributes to the literature on corporate governance in emerging markets and offers a rare view of thousands of shareholder assembly events in one large developing country, being of interest to practitioners and regulators in other emerging economies.

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  • PETER WANKE

    Áreas de interesse de pesquisa: Previsão de Vendas, Estratégia Logística, Gestão de Estoques, Gerenciamento de Cadeias de Suprimento.

    Ethanol production in Brazil: An assessment of main drivers with MCMC generalized linear mixed models


    This paper analyses the production of ethanol in Brazil using an extensive, plant-based, ethanol and sugar production database, including multiple variables involved in the ethanol production chain. To this end, a generalized mixed model was used with the Markov Chain and Monte Carlo methods by applying the MCMCglmm package in the R software environment. The results obtained not only confirmed the expected signs between ethanol production and its major drivers or contextual variables, but also shed light in terms of their relative importance and their nature: whether structural, conjunctural or exogenous. The main conclusions of this paper are that the contextual variables that contribute the most to the increase in ethanol production in Brazil were, in order of importance, sugarcane milling, sugar production, and the price ratios between ethanol and sugar. Policy implications to the sector are derived.

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