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\"This book is a detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries. The analysis details the practices of corporate governance, in particular the rights that shareholders have to restrict the actions of managers, and how that shaped different approaches to corporate finance over time. The book argues that companies are not necessarily constrained by the institutional framework in which they operate. In the case of Brazil, even if the protections for investors included in national laws were relatively weak before 1940, corporate charters contained a series of provisions that protected minority shareholders against the abuses of large shareholders, managers, or other corporate insiders. These provisions ranged from limits on the number of votes a single shareholder could have to restrictions on the number of family members who could act as directors simultaneously. The investigation uses the Brazilian case to challenge some of the key findings of a recent literature that argues that legal systems (e.g., common vs. civil law) shape the extent of development of stock and bond markets in different nations. The book argues that legal systems alone cannot determine the course of stock and bond markets over time, because corporate governance practices and the size of these markets vary significantly over time, while the basic principles of legal systems are stable\"--Provided by publisher.

We examine the relative merits of state (SOE) and private (POE) ownership on firm invention output in emerging as well as developed economies. Firm SOE affords a vehicle by which governments throughout the world encourage risky investment in new technological paths. Yet, from a traditional agency–theoretical standpoint, SOEs are plagued by low-powered incentives and dysfunctional involvement (e.g., wasteful budgets and political meddling), which reduces SOE performance, relative to POEs. To examine this paradox, we build an extended agency model which, rather than overlooking agency cost drivers, entertains a more balanced view, in which these so-called agency “liabilities” in fact benefit SOEs, particularly in the sphere of inventions. We argue that, given relatively higher levels of managerial autonomy, SOEs may outperform POEs in some types of inventive output. We further propose that key boundary conditions operate to modify this base effect, in that contexts lacking political constraints – a condition found in most emerging economies – increase the risk of political meddling, reducing managerial autonomy so that any SOE inventive advantages wane significantly. We also hypothesize that this negative effect of weak institutions is attenuated in high invention productivity sectors. Empirically, we track the frequency, pioneerism, and impact of patent inventions of 521 SOEs and matched POEs for 16 years, across 43 countries and 22 industries. We find empirical support for our hypotheses based on a robust set of fixed-effects regression analyses, aided by a battery of checks to assess self-selection and omitted variable bias.

The globalization of state-owned multinational companies (SOMNCs) has become an important phenomenon in international business (IB), yet it has received scant attention in the literature. We explain how the analysis of SOMNCs can help advance the literature by extending our understanding of state-owned firms (SOEs) and multinational companies (MNCs) in at least two ways. First, we cross-fertilize the IB and SOEs literatures in their analysis of foreign investment behavior and introduce two arguments: the extraterritoriality argument, which helps explain how the MNC dimension of SOMNCs extends the SOE literature, and the non-business internationalization argument, which helps explain how the SOE dimension of SOMNCs extends the MNC literature. Second, we analyze how the study of SOMNCs can help develop new insights of theories of firm behavior. In this respect, we introduce five arguments: the triple agency conflict argument in agency theory; the owner risk argument in transaction costs economics; the advantage and disadvantage of ownership argument in the resource-based view (RBV); the power escape argument in resource dependence theory; and the illegitimate ownership argument in neo-institutional theory. After our analysis, we introduce the papers in the special issue that, collectively, reflect diverse and sophisticated research interest in the topic of SOMNCs.

The evolution of reproductive isolation is of central interest in evolutionary biology. In plants, this is typically achieved by a combination of pre- and postpollination mechanisms that prevent, or limit, the amount of interspecific gene flow. Here, we investigated and compared two ecologically defined groups of Mediterranean orchids that differ in pollination biology and pollinator specificity: sexually deceptive orchids versus food-deceptive orchids. We used experimental crosses to assess the strength of postmating prezygotic, and postzygotic reproductive isolation, and a phylogenetic framework to determine their relative rates of evolution. We found quantitative and qualitative differences between the two groups. Food-deceptive orchids have weak premating isolation but strong postmating isolation, whereas the converse situation characterizes sexually deceptive orchids. Only postzygotic reproductive isolation among food-deceptive orchids was found to evolve in a clock-like manner. Comparison of evolutionary rates, within a common interval of genetic distance, showed that the contribution of postmating barriers was more relevant in the food-deceptive species than in the sexually deceptive species. Asymmetry in prezygotic isolation was found among food-deceptive species. Our results indicate that postmating barriers are most important for reproductive isolation in food-deceptive orchids, whereas premating barriers are most important in sexually deceptive orchids. The different rate of evolution of reproductive isolation and the relative strength of pre- and postmating barriers may have implication for speciation processes in the two orchid groups.

Abstract While some argue that market forces are imperative to stimulate the increased supply of critical products and services to address the COVID-19 crisis, others contend that dealing with the pandemic requires coordination and rapid adjustments in supply that may be constrained by a host of factors. Although discussions have centered on policies to promote financial liquidity, we examine whether the state apparatus-not only state-owned enterprises but also development agencies and investment funds-can innovate and adjust production processes to improve infrastructure and capabilities to prevent and treat the disease. Potential actions include public-private effort addressing both discovery and coordination problems-such as a collaborative effort to develop prevention and treatment technologies, as well as state capital to stimulate retooling and expansion of strategic infrastructure. The state apparatus can also help access remote and critical areas with relatively lower private returns. In contrast, support to industries must be implemented with caution, especially for sectors whose demand may suffer permanently due to lifestyle changes. Exit strategies must be carefully crafted to avoid the risk of perpetuating unjustified and ineffective state support, establishing milestones and termination clauses based on clear performance indicators. We argue that, although using the state apparatus as a countermeasure entails a set of risks, not using it may increase the risk of extending the crisis and end with an overloaded state sector (e.g., due to massive bailouts), challenging the implementation of subsequent adjustments. Resumen Mientras que algunos sostienen que las fuerzas del mercado son imperativas para estimular el suministro de productos y servicios críticos para enfrentar la crisis de COVID-19, otros recomiendan coordinación y ajustes rápidos en el suministro que pueden estar limitados por varios factores. Si bien las discusiones habituales se centran en políticas para promover la liquidez financiera, examinamos si el aparato estatal ‒no solo las empresas estatales, sino también las agencias de desarrollo y los fondos públicos‒ puede promover la experimentación y el ajuste en los procesos de producción. Las acciones potenciales incluyen esfuerzos público-privados que buscan el descubrimiento y la coordinación, como los esfuerzos de colaboración para desarrollar tecnologías de prevención y tratamiento, así como inyecciones de capital para estimular la expansión de la infraestructura estratégica. El aparato estatal también puede ayudar a acceder a áreas remotas y críticas, con rendimientos privados más bajos. Por otro lado, el apoyo selectivo a las industrias debe implementarse con precaución, especialmente en sectores cuya demanda puede sufrir cambios permanentes debido a un nuevo estilo de vida. Para evitar el riesgo de perpetuar el apoyo estatal injustificado, las estrategias de salida deben diseñarse cuidadosamente, con hitos y cláusulas de terminación basadas en indicadores de desempeño. Aunque usar el aparato estatal como contramedida conlleve su propio conjunto de riesgos, quizás paradójicamente no usarlo también aumente el riesgo de extender la crisis y de dar como resultado un sector estatal hinchado (por ejemplo, debido a rescates masivos), lo que dificulta la implementación de ajustes posteriores. Resumo Enquanto alguns argumentam que as forças de mercado são imperativas para estimular a oferta de produtos e serviços críticos para lidar com a crise da COVID-19, outros recomendam coordenação e ajustes rápidos na oferta que podem ser limitados por uma série de fatores. Embora as discussões usuais coloquem foco em políticas para promover liquidez financeira, examinamos se o aparato estatal - não apenas empresas estatais, mas também agências de desenvolvimento e fundos públicos - pode promover experimentação e ajuste nos processos de produção para aumentar a infraestrutura e capacidade de prevenção e tratamento. Ações potenciais incluem esforços público-privados buscando descoberta e coordenação - como esforços colaborativos para desenvolver tecnologias de prevenção e tratamento, além de injeções de capital para estimular o reequipamento e a expansão da infraestrutura estratégica. O aparato estatal também pode ajudar a acessar áreas remotas e críticas, com retornos privados relativamente mais baixos. Por outro lado, apoio seletivo às indústrias deve ser implementado com cautela, especialmente em setores cuja demanda pode sofrer alterações permanentes devido a mudanças no estilo de vida. Para evitar o risco de perpetuar apoio estatal injustificado e ineficaz, estratégias de saída devem ser elaboradas com cuidado, com marcos e cláusulas de término com base em indicadores de desempenho. Embora o uso do aparato estatal como contramedida acarrete seu próprio conjunto de riscos, talvez paradoxalmente não utilizá-lo também aumente o risco de estender a crise e acabar com um setor estadual inchado (por exemplo, devido a resgates maciços), tornando mais difícil a implementação de ajustes subsequentes.

Front Cover -- Contents -- Foreword -- Acknowledgments -- About the Authors -- Main Messages -- Abbreviations -- Overview: Key Findings and Policy Recommendations -- What are the main sources of fiscal risks from infrastructure? -- Off-budget modalities drain public finances more often and on a larger scale than usually assumed -- Inefficiencies in public provision lead to fiscal surprises in the near, medium, and long term -- When it rains, it pours: Fiscal risks from infrastructure during bad times -- Implementing a reform agenda can create sustainable fiscal space for infrastructure -- Notes -- References -- Chapter 1: A Conceptual Framework for Assessing Fiscal Risks from Infrastructure -- Main Messages -- Introduction -- Fiscal Risks from Infrastructure -- In Sum -- References -- Chapter 2: Fiscal Risks Associated with Direct Public Provision of Infrastructure -- Main Messages -- Introduction -- Near-Term Risk of OVERSPENDING on Infrastructure Projects -- Medium-Term Risk of Unanticipated Capital Expenditure on Infrastructure -- Long-Term Risks of Economic Underperformance from the Squeezing of Public Spending on Infrastructure -- In Sum -- Note -- References -- Chapter 3: Fiscal Risks and Costs of State-Owned Enterprises -- Main Messages -- Introduction -- Size, Performance, and Cost Structure as Sources of Fiscal Risk in SOEs -- Performance of SOEs versus Performance of Similar Private Firms -- SOEs and Fiscal Risk: Slow Drip or Tail Risk? -- Predicting Fiscal Risks -- Capacity of SOEs to Deal with Shocks -- In Sum -- Notes -- References -- Chapter 4: Fiscal Risks and Costs of Public-Private Partnerships -- Main Messages -- Introduction -- Guarantees -- Renegotiation of PPPs -- Early Termination of PPPs -- Frameworks for Managing Fiscal Risks from PPPs -- In Sum -- Notes -- References.

Using detailed historical institutional analysis of the development of financial markets in Brazil, I challenge the implied persistent (path-dependent) effect of early institutions and provide a detailed explanation of the long-term variation in equity and bond market development, shareholder and creditor protections, and court enforcement of corporate bond contracts.

Does a legal tradition adopted in the distant past constrain a country's ability to provide the protection that investors need for financial markets to develop? I look at the relationship between legal origin and the development of bond markets and find too much variation over time in bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system constrains future financial development. I examine the evolution of bond markets in Brazil, a French civil law country, and provide preliminary results of similar variation for a small cross-section of countries.

Habitat alteration, fragmentation and destruction as a consequence of human impact are a global phenomenon. Here we document changes in genetic variation in the marsh orchid Anacamptis palustris as a consequence of such habitat changes. We examined historical specimens that were collected during the nineteenth and early twentieth centuries, prior to the most recent massive habitat changes affecting this species. Sequences of a hypervariable region in the plastid DNA, located in the tRNALEU intron, from herbarium vouchers were compared with those from a near-exhaustive survey of the extant A. palustris populations on the Italian peninsula. It was found that private haplotypes and alleles found in small, extant populations were once widespread and more common in historic populations and that alleles, once present in historic populations, have gone extinct. In addition, genetic differentiation among populations has increased over time and haplotype frequencies significantly differ among historic and extant populations. These results document that human induced habitat changes have reduced genetic diversity and increased the importance of random genetic drift in this species. It is concluded that the analysis of herbarium specimens may provide important insights into changes of genetic diversity over time and may be critical for correct inference of the evolutionary history of rare and endangered species.