STRUCTURAL CHANGES AND SPECIALIZATION IN BRAZILIAN INDUSTRY: THE EVOLUTION OF LEADING COMPANIES AND THE M&A PROCESS

This paper analyzes changes in the Brazilian productive structure and in ownership structures of leading companies during the 1990s. It uses information from balance sheets published in Gazeta Mercantil and from the Thomson Financial Securities Data database on M&A. The main findings are: (i) the sectoral distribution of leading companies has remained stable; (ii) there has been a strong change in the ownership structure in Brazil, with an increase in the participation of multinational enterprises (MNEs) in the sample of leading companies; (iii) this increase in participation may be partially, though not integrally, explained by M&A transactions; (iv) though the M&A process has been quite intensive in the period, productive concentration has decreased among the group of leading companies; and (v) acquiring firms have adopted specializing strategies during the period. This trend is even clearer when private national enterprises (PNEs) are examined separately.     

Slave prices,the African slave trade,and productivity in the Caribbean, 1674–18071

We draw wide‐ranging implications about slave productivity change by making use of newly collected data on the prices paid for nearly 230,000 slaves as they arrived in the Americas from Africa between 1674 and 1807. Prices for the product that most slaves were destined to produce‐sugar‐are also available. Together the comprehensive series allow us to derive annual measures of average slave productivity and to compare productivity trends across different sectors of the Caribbean. Average productivity rose throughout the Caribbean, and the pattern of average productivity change across regions was similar, indicating an open slave market. These averages mask sharp differences in the growth of demand for slaves among regions, as reflected by their slave populations. Between 1700 and 1790 the increase in demand ranged from 90 per cent in Barbados to 600 per cent in Jamaica and Cuba; while total factor productivity overall may have doubled. The slave trade accommodated the rising demand. It also served to offset population attrition among the slaves.     

Health clubs and body politics: aesthetics and the quest for physical capital

At present, the western world wrestles with an obesity epidemic whilst, paradoxically, maintaining a fascination for the aesthetic ideal body. With the Scottish health and fitness industry providing the empirical backdrop, and drawing on the work of Bourdieu, this paper critically reflects upon processes of embodied production and consumption and the quest for physical capital and its referential symbolism. Using a range of qualitative methods across three case study facilities it is argued that as consumers seek to attain desired forms of physical capital, health and fitness clubs serve both to capitalize on and perpetuate cycles of embodied dissatisfaction. Although willingly subjecting their bodies to constant ocularcentric and objectifying processes, consumers are constantly reminded of their failure to attain the physical capital they desire. These processes not only mirror modern consumerism but also highlight a process of self‐imposed domination. With external medical and media discourses exerting persistent pressure on the embodied state, desire for physical capital produces a self‐legitimating and regulatory regime perpetrated upon the self within the internal environment of the health and fitness club. Therefore, as a venue for playing out aesthetic politics, health and fitness club spaces are anything but healthy as they oil the desire and dreamscape of physical capital, maintaining an aesthetic masochism and thus keeping the treadmills literally and economically turning.     

A Two‐Step Estimation of Consumer Adoption of Technology‐Based Service Innovations

Firms initially offer new technology‐based services to a limited number of customers to reduce risks and maximize their returns on the investments in the new technology. Consequently, consumers’ adoption of new technology‐based services is restricted by the limited access provided by the businesses. A model of consumer adoption was developed and estimated via a two‐step procedure. A significant sample selection bias was found with regard to access when estimating consumer adoption of a relatively new innovation, computer banking, but no such bias was found for a mature innovation, ATMs.     

The Privacy Paradox: Personal Information Disclosure Intentions versus Behaviors

Impelled by the development of technologies that facilitate collection, distribution, storage, and manipulation of personal consumer information, privacy has become a “hot” topic for policy makers. Commercial interests seek to maximize and then leverage the value of consumer information, while, at the same time, consumers voice concerns that their rights and ability to control their personal information in the marketplace are being violated. However, despite the complaints, it appears that consumers freely provide personal data. This research explores what we call the “privacy paradox” or the relationship between individuals’ intentions to disclose personal information and their actual personal information disclosure behaviors.     

Agriculture and 'Improvement' in Early Colonial India: A Pre-History of Development

The doctrine of 'improvement' has often been identified with the introduction – and presumed failure – of the Permanent Settlement in Bengal in 1793. Although recognized as central to British agrarian policies in India, its wider impact and significance have been insufficiently explored. Aesthetic taste, moral judgement and botanical enthusiasm combined with more strictly economic criteria to give an authority to the idea of improvement that endured into the middle decades of the nineteenth century. Concern for improvement also reflected dissatisfaction with India's apparent poverty and deficient material environment; it helped stimulate data-collection and ambitious schemes of agrarian transformation. A precursor of later concepts of development, not least in its negative presumptions about India and the search for external agencies of change, improvement yet shows many of the false starts and intrinsic limitations early attempts to transform rural India entailed. This article reassesses the significance of improvement in the first half of the nineteenth century in India, especially as illustrated through contemporary travel literature and through the aims and activities of the Agricultural and Horticultural Society of India.     

What Do Consumers’ Fund Flows Maximize? Evidence from Their Brokers’ Incentives

We ask whether mutual funds’ flows reflect the incentives of the brokers intermediating them. The incentives we address are those revealed in statutory filings: the brokers’ shares of sales loads and other revenue, and their affiliation with the fund family. We find significant effects of these payments to brokers on funds’ inflows, particularly when the brokers are not affiliated. Tracking these investments forward, we find load sharing, but not revenue sharing, to predict poor performance, consistent with the different incentives these payments impart. We identify one benefit of captive brokerage, which is the recapture of redemptions elsewhere in the family.     

Do Initial Public Offering Firms Purchase Analyst Coverage with Underpricing?

We report that initial public offering (IPO) underpricing is positively related to analyst coverage by the lead underwriter and to the presence of an all‐star analyst on the research staff of the lead underwriter. These findings are robust to controls for other determinants of underpricing and to controls for the endogeneity of underpricing and analyst coverage. In addition, we find that the probability of switching underwriters between IPO and seasoned equity offering is negatively related to the unexpected amount of post‐IPO analyst coverage. These findings are consistent with the hypothesis that underpricing is, in part, compensation for expected post‐IPO analyst coverage from highly ranked analysts.