Finance by Rafael P Ribas
SSRN Journal
ABSTRACT This paper proposes a new method to estimate the CEOs' influence on corporate fi... more ABSTRACT This paper proposes a new method to estimate the CEOs' influence on corporate finance policies. We develop a measure that explores the contrasts between the exiting and the new CEO's styles to observe their effects on different corporate policies after a turnover. Our measure also allows us to quantify the influence of biases on the results found in the existing literature. We find that CEO's preferences impact the firm's decision (Back in Style), but not as much as previously thought (Limited Edition). Using exogenous turnovers, we find that the CEOs' style affects investment policy, leverage levels, selling and general expenses, advertising expenses and performance. However, we are unable to identify the impact of a CEO on interest coverage, cash holdings, dividends and R&D expenses.
2010-10-25, http://ifas. xmu. edu. …, 2010
The 2005 split-share reform in China mandates the conversion of previously non-tradable shares in... more The 2005 split-share reform in China mandates the conversion of previously non-tradable shares into tradable status. The mandatory conversion is swift and a¤ects a large fraction of corporate shares in the country, with shareholders compensating each other with stock transfers. This reform is unique in allowing for insights into the importance on secondary share transactions: it provides for exogenous variation in stock liquidity and ownership. This paper investigates the impact of the 2005 split-share reform on Chinese …rms' real and …nancial performance. To sharpen our identi…cation, we take advantage of the subtleties of the reform in a number of ways. We explore, for example, the pilot program that took place at the beginning of the reform, as well as the staggered nature of the conversion process (with …rms converting in at di¤erent times). These various wrinkles are key in producing counterfactuals against which to test reform-led changes in performance. Using a time-varying treatment approach, we …nd that there are marked improvements in …rms'pro…tability, productivity, and investments after the …rms' stocks are allowed to be freely traded in the stock market. Importantly, we show that the reform presents distinct impacts in the short and long runs. Our …ndings speak to the success of reforms towards stock market liberalization; but more generally, they speak to the role of the stock market in the economy.
Entrepreneurship by Rafael P Ribas
SSRN Electronic Journal, 2000
ABSTRACT This paper exploits a liquidity shock from a large-scale welfare program in Brazil to in... more ABSTRACT This paper exploits a liquidity shock from a large-scale welfare program in Brazil to investigate the importance of credit constraints and informal private transfers in explaining entrepreneurship. Previous research focuses exclusively on how liquidity shocks change recipients’ behavior through direct effects on reducing financial constraints. However, the shock may also produce spillovers from recipients to others through private transfers and thereby indirectly affect decisions to be an entrepreneur. This paper presents a method for decomposing the liquidity shock into direct effects associated with relieving financial constraints, and indirect effects associated with spillovers to other individuals. Results suggest that the program, which assists 20 percent of Brazilian households, has increased the number of small entrepreneurs by 10 percent. However, this increase is almost entirely driven by the indirect effect, which is related to an increase in private transfers among poor households. Thus the creation of small businesses tends to be more responsive to the opportunity cost of mutual assistance between households than to financial constraints.
Education by Rafael P Ribas
Journal of Development Effectiveness, 2010
This paper presents impacts of the pilot conditional cash transfer programme in Paraguay. The cho... more This paper presents impacts of the pilot conditional cash transfer programme in Paraguay. The choice of outcomes of interest is based on the work developed by the family counselling component undertaken by social workers. Propensity score techniques are used to deal with the problem of non-random treatment assignment. Tekoporã has had a positive effect on investment in agriculture, savings, and on the possession of identity card, but did not have much impact on access to credit and on social participation. These results suggest that conditional cash transfer programmes can have impacts that go beyond the usual impacts on consumption, and health and education outcomes.
La evaluación de un programa piloto puede ofrecer aportaciones importantes en el proceso de toma ... more La evaluación de un programa piloto puede ofrecer aportaciones importantes en el proceso de toma de decisiones sobre la viabilidad de su ampliación, la eficacia de su diseño y la evaluación de los problemas que limitan sus efectos potenciales. "
IPC evaluation note, 2008
SSRN Electronic Journal, 2000
ABSTRACT The consequences of single-date school entry systems, which generate a large age differe... more ABSTRACT The consequences of single-date school entry systems, which generate a large age difference between kids in the same class, are now a widely studied subject. Published research has shown that older kids consistently outperform their younger counterparts in several outcomes while in elementary and in the beginning of high school, however, evidences are weak when one considers long-run outcomes such as wages or the probability of being employed. In this paper we use data from a major university in Brazil to investigate whether age differences significantly affect students' college entrance test scores and their probability of being accepted for higher education. Our results show that older students outperform younger students on test scores and, more importantly, this difference significantly affects their likelihood of being accepted in college. These results suggest that age differences might have important long-run effects given its direct link to students' access to higher education.
Poverty and Labor by Rafael P Ribas
The Journal of Development Studies, 2010
The objective of this paper is to estimate the likelihood of households exiting poverty and the d... more The objective of this paper is to estimate the likelihood of households exiting poverty and the determinants of this transition, taking into consideration the length of time that households spent in poverty. Our focus is to analyze, by means of estimating survival models, whether short-term changes in the labour market affect that probability. . Such a monthly dataset allows us to estimate the relationship between events and mobility more accurately than using annual data. However, since this survey follows households for a very short period of time, we had to adopt estimation techniques that control for cases of right-and left-censoring. The most important results in this paper are: 1) households that entered into poverty with zero income (namely, their poverty income gap was equal to one) are not those with the lowest probability of exiting this condition; 2) changes in aggregate unemployment do not directly affect poverty duration; and 3) the increase of average wage in the informal sector has a significant, positive effect on the probability of the poor leaving poverty.
Resumo: O objetivo do artigo é estimar a probabilidade de famílias saírem da pobreza e os determi... more Resumo: O objetivo do artigo é estimar a probabilidade de famílias saírem da pobreza e os determinantes deste evento, considerando o tempo de permanência nesta situação. Um interesse particular é avaliar se mudanças de curto prazo no mercado de trabalho afetam a probabilidade de famílias permanecerem na pobreza. Sendo a Pesquisa Mensal de Emprego (PME) o único painel disponível no Brasil que permite este tipo de estudo, imputamos valores para renda não-trabalho. Considerando que esta pesquisa possui um período curto de acompanhamento dos domicílios, adotamos técnicas de estimação que controlam tanto a censura à direita como a censura à esquerda. Entre os resultados, podemos destacar: quanto mais tempo a família fica na pobreza, maiores são suas chances de permanecer nela; entre as características domiciliares, a presença de idoso é a de maior impacto sobre a probabilidade de saída; os domicílios na situação de pobreza mais extrema não são os com maiores chances de permanência. No mercado de trabalho, mudanças na taxa de desemprego não afetam diretamente a permanência de famílias na pobreza. O efeito do desemprego ocorre, na realidade, indiretamente por meio da sazonalidade da atividade econômica e da variação na massa salarial.
Quels sont les emplois qui permettent à la population de sortir de la pauvreté au Brésil ? par An... more Quels sont les emplois qui permettent à la population de sortir de la pauvreté au Brésil ? par Ana Flávia Machado, Centre de développement et de planification régionale, UFMG et Rafael Perez Ribas, Centre international pour l'action en faveur des pauvres
SSRN Journal
This paper contributes to the literature on welfare programs by using a Generalized Propensity Sc... more This paper contributes to the literature on welfare programs by using a Generalized Propensity Score (GPS) approach to estimate the impact of a Conditional Cash Transfer (CCT) on labor supply in Brazil. Unlike other CCT programs that have been evaluated, Bolsa Família is a widespread program that have taken place not only in rural and isolated areas, but also in large cities. Previous findings have shown that this type of welfare benefit does not reduce labor supply and then does not create program dependence. However, our hypothesis is that when the program goes from isolated areas to large cities and everybody is informed about its existence, impacts may differ. We find that the benefit actually increases the participation of households' additional workers in rural areas. On the other hand, it reduces the participation of households' main source of labor income in the formal sector in metropolitan areas. Thus the hypothesis that the program creates dependence cannot be rejected for the case of large cities.
Household Savings by Rafael P Ribas
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Finance by Rafael P Ribas
Entrepreneurship by Rafael P Ribas
Education by Rafael P Ribas
Poverty and Labor by Rafael P Ribas
Household Savings by Rafael P Ribas