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Purpose – The purpose of this paper is to examine the risk-adjusted performance of Brazilian SRI stock funds. Design/methodology/approach – Risk-adjusted performance of 11 Brazilian socially responsible investment (SRI) funds relative to local index funds and matched pairs of funds. Findings – SRI funds performed as well as portfolios representing the broad market on a risk-adjusted basis, both before and during the global financial crisis. Independent investment houses are not interested in SRI funds. Large financial conglomerates may see these funds as part of their corporate social responsibility image strategy. Research limitations/implications – Brazilian SRI funds are a very small niche in the stock mutual fund universe of the country, thus, the small sample (universe) of SRI funds, as far as the author's knew. One cannot say that independent asset managers do not include SRI screening in their stock selection criteria. The use of SRI screening by the most prominent independent asset managers is a potential topic for future research. Practical implications – Brazilian SRI funds did not represent an extra screening filter cost to their investors. The majority of asset managers do not consider this strategy important enough to deserve an exclusive vehicle. Social implications – As SRI funds did not posit an extra screening cost, they may deserve a greater share of the mutual fund market, stimulating more SRI. Originality/value – The performance of Brazilian SRI stock funds had not been examined in the international literature. Brazil has vast natural resources, a very large economy and the fourth largest mutual fund industry in the world, but was overlooked. [ABSTRACT FROM AUTHOR]

The purpose of this study was to assess additionality and the practice of estimating the cost of equity capital in 70 renewable energy projects in Brazil. Forty projects demonstrated additionality by means of financial analysis. No strong or clear relationships were found between project characteristics and the financial method used to demonstrate additionality. Among projects that used financial analysis, the evaluation often employed the risk-free rate. Failure to add any risk premium to projects of this nature suggests a certain analytical carelessness, perhaps induced by the innovative or experimental nature of these projects. [ABSTRACT FROM PUBLISHER]

This study aims at verifying whether, considering the integration of the markets, the cost of equity capital utilized in evaluating direct investments abroad by Brazilian companies should be greater than that employed on national projects because of the risks involved. Finance theory defends a reduction in the cost of equity capital when considering the integration of the markets. However, it is the common practice of many companies to add a risk premium to the discount rates on domestic projects for determining the discount rate for international projects. Having in mind the divergence between theory and practice, this study attempts to verify whether the integration hypothesis would lead to a reduction in the cost of companies' equity capital. To accomplish this, a multi-sector sample of 22 Brazilian companies with direct investments in other countries was analyzed, with the conclusion that the addition of a risk premium is not adequate for evaluating projects abroad. RESUMEN. El propósito de este estudio es cotejar si, tomando en consideración la integración de los mercados y riesgos involucrados, el costo del capital social utilizado para evaluar las inversiones directas realizadas por compañías brasileñas en el extranjero, debería ser superior al asignado a los proyectos domésticos. La teoría financiera defiende que, al considerarse la integración de los mercados, debe reducirse el costo del capital social. No obstante, en la práctica, muchas compañías adicionan la prima de riesgo a las tasas de descuento aplicadas a los proyectos domésticos para determinar la tasa de descuento de sus proyectos internacionales. Recordando la divergencia que existe entre la teoría y la práctica, este estudio trata de verificar si las hipótesis de integración podrían conllevar a la reducción del costo social de dichas empresas. Para lograrlo, se ha examinado unamuestra multisectorial compuesta por 22 empresas brasileñas con inversiones directas en otros países, llegándose a la conclusión que la suma de la prima de riesgo es una medida inadecuada para evaluar los proyectos en el extranjero. RESUMO. O estudo objetivou verificar se, considerando a integração dos mercados, o custo de capital próprio utilizado na avaliação de investimentos diretos no exterior por empresas brasileiras deveria ser maior que o empregado em projetos nacionais, em função dos riscos envolvidos. A teoria financeira defende uma redução do custo de capital próprio quando considerada a integração dos mercados. No entanto, é prática comum em muitas empresas adicionar um prêmio de risco às taxas de desconto de projetos domésticos para a determinação da taxa de desconto de projetos internacionais. Tendo em vista a divergência entre teoria e prática, este estudo tentou verificar se a hipótese de integração levaria a uma redução do custo do capital acionário das empresas. Para isso, foi analisada uma amostra de 22 empresas brasileiras de diversos setores com investimentos diretos em outros países, concluindo-se não ser adequada a adição de um prêmio de risco para a avaliação de projetos no exterior. [ABSTRACT FROM PUBLISHER]

Two hundred and forty Brazilian patients with chest pain and normal cardiac evaluation were submitted to computerized esophageal manometry. Endoscopic examination and/or swallow barium studies had excluded obstructive lesions. Motor disorders were found in 63% of patients; non-specific motors disorders and hypotensive lower esophageal sphincter were the most common. The finding of nutcracker esophagus in only 6% of the patients is a quite different rate from what has been previously described in the literature. Esophagitis was observed at endoscopy in 13.4% of the patients, hiatus hernia in 19.7% and peptic gastric or duodenal ulcer in 4.9%. It should be emphasized that after excluding pain as being of cardiac origin an abnormal manometry result points to the esophagus as the probable site of origin of the pain; esophageal investigation is important for establishing proper treatment for these patients. [ABSTRACT FROM AUTHOR]

Presents information on a study that examined the impact of the American Depository Receipts (ADR) listing on the risk and returns of Brazilian stocks. Brazilian stock market capitalization; Methodology used; Findings and analysis of results; Conclusions.

A research project involving eighty first-year medical students who observed the experiences of first-time patients admitted to a university hospital in South-eastern Brazil was undertaken during the first semester of 1989. The students conducted 260 interviews and followed the patients through from the time of admittance, observing the patients' expectations, values and attitudes towards minor complaints. The objective of the experience was to open a forum for discussion about excessive specialization and inadequacies in the curriculum in preparing the future medical professional to meet the needs of the population. Both the criticisms in the students' testimonies and the data collected at the interviews, as well as the concrete facts and practical proposals regarding the modification of the curriculum, concur with the Edinburgh Declaration of 1988. They point to the need for the adoption of a mode by which teaching and assistance activities, might be integrated from the very beginning of the physician's training.

The results of a research project into the level of satisfaction/dissatisfaction of 158 first-time patients attending by an University hospital, Brazil, are presented. The interviews were carried out by first year medical students as part of a comprehensive project concerned with the restructuring of the Medical Curriculum. Its prime objective was to expose the students to patients/consumers as early as possible in their studies. After an introductory training program, the students asked the patients arriving at the hospital out-patient clinic for permission to observe them throughout the attendance given. A questionnaire was used which covered the various aspects of the consumers relationship with a medical institution (socio-economic variables, "art of care", outcome of the medical encounter and suggestions for improvement). Both patients and students were able to perceive the different problems that patients confront in the course of their dealings with a medical institution (reception, registration, nursing, social service and medical attention). The data showed a difference of opinion between students and patients regarding several aspects of the satisfaction/dissatisfaction items, partly because of their different social class status and party due to the different expectations regarding medical care.