Manipulating uncertainty

Uncertainty about the distributional incidence of policy reforms may, if it impinges selectively on particular subsets of voters, alter the direction of the majority vote. This possibility should be a matter of special concern when subject to potential manipulation by a purposeful agent such as a Leviathan-like bureaucracy. This paper discusses a constitutional defense against such prospect. This paper was prepared for a conference on “Constitutional Status Quo and Prospects for Change” held at George Mason University in April, 1994. I am grateful to participants in that conference and to my colleagues at Nova, especially to Mário Páscoa, for their comments and criticisms. I also benefited from comments of an anonymous referee. Responsibility for errors remains with me.     

The interactive effects of organizational and leadership career management support on job satisfaction and turnover intention

In the organizational career management literature, scholars have focused on career management policies, with little attention given to practices that can vary within organizations. And despite its recognized importance, research on the role of leaders in the career management process is also scant. In this study, we investigate the effects of career management practices (OCPs) and leadership career support (LCS) on employee attitudes. Grounded on coping theory, we propose that career support received from line managers can be particularly consequential when OCPs are lacking. We analyze the moderating effects of LCS on the relationship between OCPs and both job satisfaction and turnover intention in a sample of employees from a large Brazilian organization, applying multiple regression analyses. Results showed that OCPs and LCS are positively related to job satisfaction and that OCPs are negatively related to turnover intention. In addition, we confirmed that LCS moderates the relationship between OCPs and both job satisfaction and turnover intention. Finally, we observed that the relationship between OCPs and turnover intention is mediated by job satisfaction. Theoretical and practical implications are discussed.     

Perceptions of poverty attributions in Europe: a multilevel mixture model approach

The perception of the causes of poverty has long been recognized as a very important factor in the broader study of this social phenomenon. This study covers 15 European Union countries and considers three types of poverty attributions: individualistic, societal, and fatalistic. The individualistic view perception believes the poor are responsible for their situation, the societal perspective blames society for poverty and the fatalistic view considers poverty to be the result of bad luck or fate. A multilevel mixture model with three clusters of countries and six clusters of individuals was identified. Despite the generalization of the social explanations of poverty at the individual or micro level, there are also groups that emphasize more individualistic explanations, blaming the poor for their condition. At the country or macro level, the most developed cluster believes in the individualistic and fatalistic causes of poverty, whereas the least developed clusters explain poverty based on the injustices of society. There is diversity in the way these countries perceive poverty.     

Financialization of Housing in Brazil: New Frontiers

The financialization of housing has been increasingly identified as an important driver of social and economic change in contemporary capitalism. Focusing on the Brazilian context, this article considers the extent to which recent changes in housing regulations, policies and markets confirm or challenge narratives about the financialization of housing in the international academic debate. I argue that while many of the trends stressed in the literature are apparent, more extreme processes of financialization within the Brazilian housing sector remain limited––not only because of institutional and regulatory constraints, path dependence or political resistance, but also because of fundamental structural conditions of Brazil's position as a peripheral economy. Three different but mutually reinforcing processes are scrutinized in order to evaluate the financialization of housing and its limits in Brazil: the re‐regulation of the real estate financial sector initiated in the 1990s; the changing funding patterns among real estate companies since the mid‐2000s; and the increasing commodification of housing induced by a large‐scale and heavily subsidized housing program launched in 2009.     

Accounting Standards Harmonization and Financial Integration

We empirically examine whether adopting a uniform set of accounting standards mitigates information frictions in financial markets and facilitates market integration. Using a difference‐in‐difference design, we find that after the mandatory adoption of IFRS local stock returns incorporate more global information and at a faster speed. The effect of IFRS adoption is stronger in countries where there are larger improvements in accounting comparability and for firms with a larger increase in foreign ownership. Overall, our results suggest that accounting standards harmonization facilitates financial market integration.     

Brazilian retail banking and the 2008 financial crisis: Were the government-controlled banks that important?

We revisit the interest rate pass-through effect using weekly retail banking data from May 2006 to March 2010. Our choice of data avoids caveats of previous studies concerning excessive data aggregation and the estimation of how fast changes in benchmark interest rates impact those charged on short-term loans in Brazil. Our analysis focuses on four large retail banks – two of them privately owned and run, two of them government-controlled – before and after September 2008. They account for 60% of the total credit supplied by retail banks. Results indicate that government control over two of the largest banks, supposedly an asset for crisis management, may have had higher welfare costs than assumed. We find no evidence of asymmetry in adjustments of retail rates charged by private and government-controlled banks.     

The Asian clam Corbicula fluminea in the European freshwater-dependent industry: A latent threat or a friendly enemy?

While the biofouler Corbicula fluminea (Müller, 1774) is known to cause great economic losses in North America, studies reporting the problem in Europe are much scarcer. This paper explores the industrial effects of the species in Portugal, the gateway by which the bivalve entered Europe around 30 years ago. National waterworks, major power stations, cement plants, pulp and paper mills and irrigation systems were surveyed. The industrial impacts of the pest were shown to remain relatively mild; irrigation systems are those that seem to be facing more significant economic losses due to infestation. Possible reasons for the apparent discrepancy between this result and the species dispersal in natural ecosystems are discussed, and recommendations on adequate responses to the latent threat are provided. This study may assist the implementation of integrated pest management policies in countries at risk of invasion or recently invaded, and contribute to an understanding of the species’ progression in industrial environments.     

Sodium content in foods: Brazilian consumers’ opinions,subjective knowledge and purchase intent

This study attempted to gain insights on Brazilian consumers’ subjective knowledge of sodium content in processed and homemade foods and their purchase intent for products with reduced‐sodium content. A questionnaire was distributed to 409 consumers selected by convenience quota sampling. We found that Brazilian consumers were concerned about the amount of salt (sodium chloride) in the products they consumed, regardless of educational levels, income, age, lifestyles, or health conditions. However, they still considered their consumption to be above WHO‐recommended limits and had little subjective knowledge about the term ‘sodium’. While processed products were considered the main contributors of high‐sodium intake, participants were not concerned about addition of salt at the table and salt in homemade food. The majority of respondents rarely read the sodium content on food labels; however, men and older individuals were more likely to read label information on sodium content. Products with reduced sodium were found to have market appeal, which justifies investments in research to develop these products. Therefore, in addition to the efforts to reduce sodium in the processed‐food industry, it is necessary to promote awareness about the importance of food labelling, especially sodium content, and the need to reduce salt in homemade food and additions during meals.