Financiamento de Longo Prazo: Explorando o Avanço Recente do Mercado de Debêntures Brasileiro

ABSTRACT Context: in Brazil, there was an expansion of private funding via bond issuances, especially since 2017. Before that period, the sources of long-term financing were concentrated on public funding. Objective: this study aims to explore the main factors that could have positively affect Brazilian bond market and if it would be possible to improve project financing through this debt instruments. Methods: using mixed methods with econometric tests and qualitative interview analysis, this study assesses which were the factors that supported this growth and if there is any difference across industries. Results: we found that a change in the market trend has indeed happened around 2017, and it was more pronounced in specific industries such as electricity. Interviewees suggested that increases in demand (possibly triggered by the reduction of public sources of funding and the fall in local interest rates) could be the main factors that supported this change in trend. Conclusions: therefore, this study reinforces the importance of local market conditions and government policies affecting the relative attractiveness of private versus public sources of corporate investment.

Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market

ABSTRACT Context: in Brazil, there was an expansion of private funding via bond issuances, especially since 2017. Before that period, the sources of long-term financing were concentrated on public funding. Objective: this study aims to explore the main factors that could have positively affect Brazilian bond market and if it would be possible to improve project financing through this debt instruments. Methods: using mixed methods with econometric tests and qualitative interview analysis, this study assesses which were the factors that supported this growth and if there is any difference across industries. Results: we found that a change in the market trend has indeed happened around 2017, and it was more pronounced in specific industries such as electricity. Interviewees suggested that increases in demand (possibly triggered by the reduction of public sources of funding and the fall in local interest rates) could be the main factors that supported this change in trend. Conclusions: therefore, this study reinforces the importance of local market conditions and government policies affecting the relative attractiveness of private versus public sources of corporate investment.

Evaluating Local Attractiveness for Tourism and Recreation—A Case Study of the Communes in Brzeski County, Poland

For many regions and communes, the development of tourism offers opportunities for economic revival, the stimulation of local entrepreneurship and, as a result, increased budget revenues. Before such objectives can be successfully pursued, however, it is necessary to carefully consider to what degree the conditions present in a particular area are conducive to the development of tourism there, including its tourism resources and the existing state of development. This study analyzes the attractiveness of the seven communes making up Brzeski County (Lesser Poland Voivodeship, Poland) for tourism and recreation. The potential of the communes in this largely rural county was characterized using Gołembski’s index, based on multivariate comparative analysis, assessing the natural and man-made features and the degree of development of each of the communes. This analysis was further complemented using Wejchert’s impression curve, assessing visual attractiveness along selected routes in two of the communes. Of the seven communes analyzed, the Commune of Brzesko was found to have the most extensively developed services, hotel and food-service infrastructure, to be home to many historic buildings and to have a relatively high municipal budget. The Commune of Iwkowa, in turn, which scored lowest in terms of Gołembski’s index (mainly due to its underdeveloped infrastructure, few historic buildings and the fact that it is crossed by a major transit route), was nevertheless found to score significantly higher than Brzesko in terms of Wejchert’s impression curve. These findings confirm that the beauty of the landscape is not always well correlated with tourism development potential. We conclude that such a combination of methods should to be applied to reliably and comprehensively evaluate the relative attractiveness of different parts of a given region for tourism and recreation, for instance so as to inform planning decisions and the allocation of funding.

Comparative analysis of the relative attractiveness of the current fiscal terms in the South East Asia region

This paper aims to assess the relative competitiveness of the current fiscal terms in South East Asia in the context of changes proposed and implemented across the region. A discounted cash flow (DCF) analysis was carried out based on the generic fiscal terms of Brunei, Indonesia, Malaysia, Thailand, and Vietnam based on an offshore, shallow water development. Where applicable, a comparison will be made against the previous fiscal terms of the country. Analysis will focus on investor returns and from the host government perspective evaluating net present value (NPV), internal rate of return (IRR), and government take. The fiscal terms were also assessed on whether they are progressive or regressive and provide an equitable return to both investors and host governments. Indonesia, Thailand, and Malaysia have seen recent shifts in their fiscal terms with new terms introduced in 2017, 2018, and 2021, respectively. Indonesia saw the introduction of the Gross Split Production Sharing Contract (GS PSC), which based on this analysis does not appear to be an improvement on the previous Cost Recovery Production Sharing Contract (CR PSC). Thailand saw the introduction of a CR PSC which was applied to the two expired offshore, producing, blocks. Based on our analysis, the newly introduced fiscal terms for Malaysia appears to provide a significant improvement to the previous terms and is likely to encourage further investment. Governments and regulators will face greater pressure to provide further incentives and greater flexibility to attract investments in the face of maturing fields, marginal fields, challenging sour gas resources, and capital constraints resulting from and Environmental, Social, and Corporate Governance (ESG) pressures on oil and gas companies.

Evaluation of The Implementation of The Alternaive X Tourism Strategy As The Implementation of The Strategic Plan For The Tourism Service of The Province of Jatim 2016 -2021

here is only one analytical technique at the decision stage in strategy formulation to determine the relative attractiveness and appropriate alternative actions. The technique is the Quantitive Strategic Planning Matrix (QSPM) which forms stage 3 of the formulation strategy. QSPM is a tool that enables strategists to evaluate internal key factors. Conceptually, the QSPM determines the relative attractiveness of various strategies from the extent to which key internal and external success factors are utilized or enhanced. This research begins by analyzing the Kebon Agung village, Ujung Pangkah sub- district and the SME development plan, followed by implementing the next model, the implementation of the strategy model can be reconstructed according to the conditions of development. There is only one analytical technique at the decision stage in strategy formulation to determine the relative attractiveness and appropriate alternative actions. The technique is the Quantitive Strategic Planning Matrix (QSPM) which forms stage 3 of the formulation strategy. QSPM is a tool that enables strategists to evaluate internal key factors. Conceptually, QSPM determines the relative attractiveness of various strategies from the extent to which key internal and external success factors are utilized or enhanced. Regarding HR strategy.

Australia – Anti-Dumping Measures on A4 Copy Paper: Opening a Door to More Anti-Dumping Investigations

This paper analyzes the Australia – Anti-Dumping Measures on A4 Copy Paper panel report, the second recent WTO dispute to involve a challenge to Indonesia's paper industry. The Indonesian paper industry benefits from reduced-cost inputs because of the Indonesian government's influence and subsidies over the timber and pulp market. The report offers the first interpretation of ‘particular market situation’ under Article 2.2 of the WTO's Anti-Dumping Agreement. At the same time, it raises questions regarding the appropriateness of using anti-dumping measures to address what are fundamentally subsidy issues. While the panel ultimately found that Australia's measure was inconsistent with Article 2.2, the paper shows that the panel's interpretation of ‘particular market situation’ increases the relative attractiveness of using anti-dumping duties instead of countervailing measures. Two key points on the welfare implications of the decision can be made. The first relates to the motivations of the Australian paper industry and the imperfectly competitive market in which Australian Paper operates. The second is the importance of challenging subsidies rather than imposing anti-dumping duties where the subsidies in question have negative environmental effects.

The Impact of Tax Incentive Structure On Taxpayers’ Retirement Savings Decisions

We investigate whether and how the structure of retirement savings incentives influences their relative attractiveness to taxpayers, independent of their effect on after-tax returns. To that end, we examine taxpayers’ preferences between defined contribution retirement plans with back-loaded (i.e., Roth) and front-loaded (i.e., traditional) tax incentives. In three experiments, we find limited evidence that individuals appropriately weight temporal tax rate changes, the primary factor differentiating after-tax returns across incentive structures, in their plan preferences. In contrast, we find consistent evidence that the incentive structure’s relation to taxpayers’ broader attitudes and preferences significantly impacts plan preferences. Overall, we find evidence that generally held attitudes and preferences lead to a systematic preference for back-loaded retirement plans even in situations in which taxpayers know that a back-loaded plan is economically dominated by a front-loaded plan. The results have implications for policymakers and others considering how best to encourage retirement savings.

Structured product investment behavior in low-interest rate environments

Purpose This study aims to investigate the impact of interest rates, the underlying asset and investment experience on the investment behavior of Japanese retail investors toward structured products (SPs). Design/methodology/approach Three treatments are constructed through internet-based survey experiments: interest rate, underlying asset framing and investment experience treatments. The interest rate treatment includes high- and low-interest rate environments. The underlying asset framing treatment includes equity and foreign exchange rates for the SP. The investment experience treatment includes experienced and inexperienced respondents for SPs. Findings The main finding of this study concerns the effect of the interaction between low-interest rates and investment experience. Specifically, SP-experienced investors tend to choose SPs in a low-interest rate environment and prefer equity-linked SPs, even though such SPs are overpriced. This finding is useful for financial regulators in formulating policies that protect retail SP investors in low-interest rate environments worldwide. Originality/value This study is the first to measure the sensitivities of investment behavior regarding the relative attractiveness of SPs to low-risk straight bonds, given interest rates, the underlying asset and investment experience. It provides evidence to support the development of SP regulations.

Pesowski, Ho, Friedman in press Cog Dev - Varieties of value: Children differentiate caring from liking

Liking one object more than another does not guarantee caring about it more, and vice-versa. Here we show that with age, children increasingly distinguish between these two ways of valuing objects. We conducted three experiments on 589 children and 415 adults. In Experiment 1, 3–7-year-olds and adults chose between their own plain sticker and another more attractive one. Among 6−7-year-olds and adults, choices of the plain sticker were relatively more common for caring than liking. In Experiment 2, 3−6-year-olds and adults inferred what others care about and like. Among 4−6-year-olds and adults, choices of a plain object owned by another person were relatively more common in inferences about caring than liking. However, children chose the owned objects at low rates, raising the possibility that children had predominantly based judgments on the relative attractiveness of the objects. Experiment 3 addressed this concern by examining judgments about identical-looking objects.

Latest Trends and New Tools Being Used in Strategic Management

In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively in an ever-changing world. This paper reveals and describes five new trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the new trends and tools to be discussed in this paper are as follows: increased need to follow a strategic planning model; increased need to develop quality vision and mission statements; a new improved method for incorporating SWOT analysis into practice. Utilizing two matrices one internal and one external to provide a less biased way to access the current strategy fit with conditions facing the firm. Explain the use of a decision matrix commonly called the QSPM (Quantitative Strategic Planning Matrix) for assessing the relative attractiveness of various strategies being considered for implementation. The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm.