The luck of being of the right gender and color: a detailed discussion about the wage gaps in the Brazilian manufacturing industry

Quality & Quantity - This work analyzed the wage discrimination in the Brazilian manufacturing industry. By recurring to the most updated database, several gaps were analyzed between white and...     

Training in Portuguese non‐profit organizations: the quest towards professionalization

The non‐profit sector is increasingly important, both in terms of the services rendered to society and level of employment provided. As part of a move towards the professionalization of the sector, training is seen as a vital tool for capacity building. Although the training practices of non‐profits are fairly well documented in countries like Australia, the UK and the USA, this is not so in Portugal. We provide an overview of the training practices of Portuguese non‐profit organizations, and identify indicators of professionalization that influence training investment. We find wide variation among organizations in this sector, both in terms of training provision and expenditure, and in the management practices implemented. We also find that the presence of a professional manager and formalized policies, especially those related to performance, are significantly associated with higher levels of training, suggesting that professionalization has beneficial effects on training in the non‐profit sector.     

Recontextualizing Communicative Leadership: The Interplay of Discourses in a Swedish Multinational Organization

This study employs a discursive lens to empirically analyze the sensemaking of leaders’ and employees’ communication in four different cultural contexts within a multinational organization. Communicative leaders were defined and recontextualized as strategists, interpreters/translators, instructors/facilitators, and sensemakers, considering their communication behaviors and attitudes toward employees. Data suggest that the recontextualization of microdiscourses of communication and leadership emphasizes the interplay of local and global contexts in discourses of leadership. The data also indicate that contexts (and consequently macro- and microdiscourses) are blended in leaders’ and employees’ accounts, shaping constructions of communicative leadership depending on different contextual conditions. The interplay is important to form a suitable leadership discourse that makes sense for the local members and helps them work together more effectively.     

Quantifying the Costs of Investment Limits for Chilean Pension Funds*

Since the creation of the Chilean pension fund industry in 1981, pension fund administrators have not been free to choose their investment portfolios because of stringent regulation of investment limits. The diagnosis implicit with the imposition of limits was that the Chilean capital market was not deep, that there was an important demand for funds to finance the expansion of the productive sector and that, due to principal‐agent problems, protection for uninformed account holders was needed. As this regulation entails an inefficient combination of risk and return, this paper quantifies its costs.     

VaR limits for pension funds: an evaluation

In a series of papers during the last ten years an interest rate theory with models which are driven by Lévy or more general processes has been developed. In this paper we derive explicit formulas for the correlations of interest rates as well as zero coupon bonds with different maturities. The models considered in this general setting are the forward rate (HJM), the forward process and the LIBOR model as well as the multicurrency extension of the latter. Specific subclasses of the class of generalized hyperbolic Lévy motions are studied as driving processes. Based on a data set of parametrized yield curves derived from German government bond prices we estimate correlations. In a second step the empirical correlations are used to calibrate the Lévy forward rate model. The superior performance of the Lévy driven models becomes obvious from the graphs.