Resumo Atualmente, a fratura intracapsular do colo femoral (FICF) ainda é um grande desafio para os ortopedistas. Apesar dos grandes avanços feitos, persiste uma grande taxa de mortalidade no primeiro ano, sobretudo no Brasil, onde não há uma conscientização de que tais fraturas nos pacientes idosos devemser tratadas como uma urgênciamédica. O presente artigo busca fornecer uma atualização das condutas pré-operatórias, cirúrgicas e pós-operatórias.

Abstract Currently, intracapsular femoral neck fracture (IFNF) is still a great challenge for orthopedists. In spite of the progress that has been made, a high mortality rate persists in the first year, especially in Brazil, where there is no awareness that such fractures in elderly patients should be treated as amedical emergency. The present article seeks to provide an update on the preoperative, surgical, and postoperative approaches.

Resumo Objetivo: Empresas e credores podem adiar certas decisões devido a ações que exigem coordenação nas recuperações de empresas. Este artigo investiga atrasos na votação de planos de recuperação durante as assembleias gerais de credores no Brasil. Metodologia: Utilizando uma amostra de 120 planos de recuperação coletados manualmente, apresentamos análises descritivas e de regressão (mínimos quadrados ordinários, ou MQO, Poisson, regressões binomiais negativas e quantílicas) para mostrar as principais características dos atrasos na votação. Resultados: Nossos resultados revelaram que uma alta concentração de dívida entre as classes de credores está relacionada a menos atrasos. Além disso, um número maior de bancos e credores com garantia real que possuem direitos de crédito na recuperação está positivamente correlacionado com os atrasos. Por fim, argumentamos que os planos de recuperação que requerem tempo adicional para a votação estão relacionados a propostas de desinvestimento. Contribuições: Ainda faltam resultados empíricos baseados na avaliação de características dos vários credores e da proposta de recuperação apresentada no plano de recuperação da empresa. Este é o primeiro artigo no Brasil que explora como os conflitos de interesse entre as classes de credores podem estar relacionados aos atrasos. Nosso artigo contribui para a literatura desenvolvida por Gilson (1990), Gilson et al. (1990), Brown et al. (1993), Franks e Tourus (1994), Helwege (1999), Ayotte e Morrison (2009), Ponticelli (2012) e Ivashina et al. (2015) sobre as características dos atrasos na votação do plano de recuperação durante os casos de reestruturação. Corroboramos os resultados obtidos em trabalhos anteriores e fornecemos uma análise do papel desempenhado por cada classe de credores no atraso da votação do plano em empresas brasileiras.

Abstract Purpose: Firms and creditors may delay certain decisions in corporate reorganizations because of actions that require coordination. This paper investigates delays in voting on reorganization plans during claimholder general meetings in Brazil. Design/methodology/approach: Using a sample of 120 hand-collected reorganization plans, we present descriptive and regression (OLS, Poisson, negative binomial, and quantile) analyses to show the primary characteristics of delayed votes. Findings: Our results revealed that a high concentration of debt among the different classes of claimholders appeared to be related to fewer delays. Moreover, a higher number of banks and secured creditors with claims in the reorganization appeared to be positively correlated with delays. Finally, we argue that reorganization plans that require additional time to reach a vote are related to divestment proposals. Originality/value: There is still a lack of empirical results based on evaluations of multiple creditor characteristics and the reorganization proposals presented in firms’ reorganization plans. This is the first paper in Brazil to explore how conflicts of interest among different classes of creditors may relate to delays. Our paper contributes to the literature developed by Gilson (1990), Gilson et al. (1990), Brown et al. (1993), Franks and Tourus (1994), Helwege (1999), Ayotte and Morrison (2009), Ponticelli (2012), and Ivashina et al. (2015) regarding the characteristics of delaying reorganization plan votes during restructuring cases. We corroborate the results obtained by previous papers and provide an analysis of the role played by each class of claimholder in delaying plan votes for Brazilian firms

Resumo Objetivo: Este artigo apresenta uma análise teórica e empírica da literatura sobre falência e recuperação. Destacamos os principais artigos desenvolvidos na área e apresentamos um grupo de pesquisas realizadas após a aprovação da nova lei de falências no Brasil. Metodologia: Este artigo fornece uma pesquisa da literatura sobre falência e recuperação de empresas. Investigamos trabalhos clássicos e recentes na área e apresentamos os resultados de alguns estudos brasileiros, considerando o anúncio da lei de falências brasileira em 2005. Resultados: Demonstramos que a assimetria das informações, os problemas de coordenação e a heterogeneidade entre os credores são fundamentais para a resolução de dificuldades financeiras. Além disso, a escolha da reestruturação é feita de acordo com a alternativa de menor custo. Discutimos as implicações práticas das anotações na literatura analisando três casos de recuperação no Brasil e revelamos que a complexidade de cada caso pode influenciar a decisão de aprovar ou rejeitar o plano de recuperação. Contribuições: Investigamos a evolução da literatura sobre falências e recuperação e fornecemos uma pesquisa que explora a literatura internacional e brasileira.

Abstract Purpose: This paper presents both a theoretical and empirical review of the bankruptcy and reorganization literature. We point out the main articles developed in the field and present a group of studies carried out after the approval of the new bankruptcy law in Brazil. Design/methodology/approach: This paper provides a survey of the literature on bankruptcy and corporate reorganization. We investigate classic and recent papers in the field and present the results of some Brazilian studies that consider the announcement of the Brazilian bankruptcy law in 2005. Findings: We show that information asymmetry, coordination problems, and heterogeneity between creditors are pivotal to the resolution of financial distress. Moreover, the choice of restructuring is made according to the least-cost alternative. We discuss the practical implications of the literature by analyzing three cases of reorganization in Brazil and reveal that the complexity of each case can drive the decision to approve or reject the reorganization plan. Originality/value: We investigate the evolution of the bankruptcy and reorganization literature and provide a survey that explores both the international and Brazilian literature.

Abstract This study analyzes a unique dataset of 125 corporate reorganization filings in Brazil from 2006 to 2016 to understand the role of bank creditor seniority in bankruptcy outcomes of small- and medium-sized companies. We find that conflict between bank creditor classes is relevant for explaining reorganization outcomes and that it occurs when organizations are in the money. Additionally, bank seniority matters more than the bank’s debt share for explaining bankruptcy outcomes in creditor-oriented regimes. Finally, we find a concave relationship between favorable votes and the number of banks involved and between favorable votes and a company’s age.

Abstract Introduction Digital mammography present many advantages in comparison to conventional mammography, such as high dynamic range and the post-processing of acquired images. One problem is that protocols may not be optimized, resulting in higher absorbed doses to patients. The objective of this work is to evaluate image quality and to estimate mean glandular doses (MGD) in patients submitted to mammography examinations with three digital systems and one screen-film system in Recife, Brazil. Methods To estimate the MGD, the parameters used to acquire images of 5475 patients, with ages between 40 and 64 years and compressed breasts between 2 and 9 cm, were registered. The MGD was calculated by multiplying the incident air kerma with conversion coefficients depending on the anode/filter, breast glandularity and half-value layer. The image quality evaluation of the digital systems was made using objective and subjective European criteria. Results The results showed MGDs in the range of 0.4-10.3 mGy and the higher values were observed with digital systems. It was also observed that in the digital systems the use of compression force is not adequate and the irradiation parameters are not optimized. The images failed to reproduce the pectoral muscle and the contrast-to-noise ratio was not adequate for one system, indicating the need to improve the patient’s positioning and the exposure parameters. Conclusion It can be concluded that the use of non-optimized irradiation parameters is causing the higher doses with digital systems, highlighting the insufficient compression force.

Este artigo analisa se uma empresa com maior alavancagem financeira implica que seus funcionários demandem maiores salários dado o risco de financial distress. Utilizando o modelo de Berk, Stanton e Zechner (2010), foi aplicada uma regressão de dois estágios para uma amostra de 250 empresas não financeiras listadas na BOVESPA de 2007 a 2009. De fato, encontrou-se que, para cada 1% de alavancagem financeira incremental, a remuneração dos funcionários aumenta em 0,26%, mesmo controlando para o perfil do Chief Executive Officer (CEO).

This paper analyzes whether the higher the company's financial leverage, the higher the salaries demanded by staff for the embedded financial distress risk. By applying Berk, Stanton and Zechner's (2010) model, we use a2SLS for a sample of 250 non-financial companies listed onBOVESPAfrom 2007 to 2009. Indeed, we find that for each additional 1% of financial leverage, the staff remunerations increase by 0.26%, controlling for Chief Executive Officer (CEO) profile.

Este artigo compara técnicas de orçamento de capital empregadas nas empresas listadas e não-listadas no Brasil. Emprega-se um survey dirigido aos Chief Financial Officers (CFOs) de 398 empresas listadas e 300 grandes empresas não-listadas e, com base em 91 respondentes, os resultados sugerem que os CFOs das empresas listadas tendem a usar mais intensamente métodos menos simplistas, e.g. VPL e CAPM, e que CFOs de empresas não-listadas menos provavelmente estimam o custo de capital próprio, mesmo se tratando de empresas de grande porte. Esses achados indicam que a listagem em bolsa pode requerer maior sofisticação do processo de orçamento de capital.

This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

El presente artículo compara las técnicas de presupuestación empleadas por las empresas brasileñas cotizadas y no cotizadas. Encuestamos a los Gerentes de Finanzas Corporativos (Chief Financial Officers, CFO) de 398 empresas cotizadas y 300 grandes empresas no cotizadas, y, con base en 91 encuestados, los resultados sugieren que los CFO de las empresas cotizadas tienden a usar con más frecuencia métodos menos simplistas; por ejemplo: NPV y CAPM, y los CFO de las empresas no cotizadas son menos propensos a estimar el costo de los fondos propios, a pesar de tratarse de grandes empresas. Estos resultados indican que la cotización de la bolsa de valores puede requerir un mayor perfeccionamiento del proceso de presupuestación de capital.

This paper examines the role of financial covenants as substitutes for short-term debt and a possible trade off between short-term debt and long-term debt, especially for companies with growth opportunities. Using a sample of 159 corporate bonds issued on the Brazilian Market, we found evidence that: first, financial covenants and short-term debt are substitute tools to minimize agency conflict, as per literature confirming that stronger financial covenants could limit the possible expropriation of debt holders and in exchange debt holders may be willing to lend at longer terms and; second, companies with growth opportunities are willing to exchange short-term debt for long-term debt under the presence of covenants. Most importantly, this does not seem to be a restriction for financing growth opportunities.

Este artigo analisa a situação financeira das operadoras de saúde suplementar no Brasil, de acordo com a modalidade de gestão. Adicionalmente, examina os principais determinantes para a satisfação do consumidor desses serviços. Como indicador principal de saúde financeira, utiliza-se uma versão adaptada do z-score de Altman. A proxy para satisfação do consumidor é o nível de reclamações fundamentadas registradas junto à Agência Nacional de Saúde Suplementar. Utilizamos uma amostra de 270 operadoras de saúde suplementar para o período 2003-2005, e regressões de dados em painel, com variáveis de controle de mercado, operacionais e de gestão. Os resultados principais indicam que (1) as operadoras de saúde se beneficiam de economias de escala; (2) as empresas que operam no modelo de autogestão têm situação financeira melhor que as demais; (3) as despesas com marketing não impactam a satisfação dos consumidores dos planos de saúde; (4) finalmente, encontra-se também alguma evidência empírica indicando que a boa situação financeira implica maior satisfação do consumidor.

This paper analyzes the relationship between the financial health and organizational form of private health care providers in Brazil. It also examines the major determinants of customer satisfaction associated with the provider's organ-izational form. An adjusted Altman's z-score is used as an indicator of financial health. A proxy variable based on customer complaints filed at the Brazilian National Agency for Supplementary Health is used as an indicator for customer satisfaction. The study uses a sample of 270 private health care providers and their operations over the period 2003-2005. Panel data analysis includes control variables related to market, operations, and management. Principal results indicate that: (1) private health care providers benefit from economies of scale; (2) self-funded health plans have better financial health; (3) spending on marketing does not have a signif-icant impact on customer satisfaction in Brazil; (4) weak empirical evidence exists showing that good financial performance enhances customer's satisfaction.

Este artigo analisa a situação financeira das operadoras de saúde suplementar no Brasil, de acordo com a modalidade de gestão. Adicionalmente, examina os principais determinantes para a satisfação do consumidor desses serviços. Como indicador principal de saúde financeira, utiliza-se uma versão adaptada do z-score de Altman. A proxy para satisfação do consumidor é o nível de reclamações fundamentadas registradas junto à Agência Nacional de Saúde Suplementar. Utilizamos uma amostra de 270 operadoras de saúde suplementar para o período 2003-2005, e regressões de dados em painel, com variáveis de controle de mercado, operacionais e de gestão. Os resultados principais indicam que (1) as operadoras de saúde se beneficiam de economias de escala; (2) as empresas que operam no modelo de autogestão têm situação financeira melhor que as demais; (3) as despesas com marketing não impactam a satisfação dos consumidores dos planos de saúde; (4) finalmente, encontra-se também alguma evidência empírica indicando que a boa situação financeira implica maior satisfação do consumidor.

This paper analyzes the relationship between the financial health and organizational form of private health care providers in Brazil. It also examines the major determinants of customer satisfaction associated with the provider's organ-izational form. An adjusted Altman's z-score is used as an indicator of financial health. A proxy variable based on customer complaints filed at the Brazilian National Agency for Supplementary Health is used as an indicator for customer satisfaction. The study uses a sample of 270 private health care providers and their operations over the period 2003-2005. Panel data analysis includes control variables related to market, operations, and management. Principal results indicate that: (1) private health care providers benefit from economies of scale; (2) self-funded health plans have better financial health; (3) spending on marketing does not have a signif-icant impact on customer satisfaction in Brazil; (4) weak empirical evidence exists showing that good financial performance enhances customer's satisfaction.

While trade credit may be used as a substitute for bank loans, we find empirical evidence that listed firms do use bank debt and trade credit as two complementary sources of financing in line with recent theoretical papers (e.g. Biais & Gollier, 1997) and evidence found in other empirical works (e.g. Alphonse, Ducret, & Séverin, 2006). By using a sample of 263 publicly-listed companies from 2006, our findings empirically support that trade credit may be used as (i) a sign of the firm’s quality, and (ii) a way of facilitating access to bank debt as trade credit seems to be a substitute for bank debt.

This paper analyzes the determinants of the differential pricing of equity classes (the so-called dual-class premium [DCP]) in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i) the granting of tag along rights, a mandatory bid rule that extends to minority shareholders the right to sell their shares in case of a control transfer; and ii) the identity of the controlling shareholders, with an emphasis on family control. We examined 87 Brazilian listed firms throughout the period, resulting in a sample of 3,287 observations. We found empirical evidence that changes in Corporate Law decreased (increased) the advantage of voting shares in terms of tag along rights reduced (incremented) DCP. However, we did not find empirical evidence that the voluntary granting of tag along rights altered DCP. We also found evidence suggesting that family control is positively associated with DCP level. Overall, our results indicate that regulations regarding shareholders' rights and the identity of controlling shareholders are the two relevant corporate governance variables for DCP level in environments characterized by concentrated ownership structures.

The bacterium Rickettsia rickettsii is the etiological agent of an acute, severe disease called Rocky Mountain spotted fever in the United States or Brazilian spotted fever (BSF) in Brazil. In addition to these two countries, the disease has also been reported to affect humans in Mexico, Costa Rica, Panama, Colombia and Argentina. Like humans, dogs are also susceptible to R. rickettsii infection. However, despite the wide distribution of R. rickettsii in the Western Hemisphere, reports of R. rickettsii-induced illness in dogs has been restricted to the United States. The present study evaluated the pathogenicity for dogs of a South American strain of R. rickettsii. Three groups of dogs were evaluated: group 1 (G1) was inoculated ip with R. rickettsii; group 2 (G2) was infested by R. rickettsii-infected ticks; and the control group (G3) was infested by uninfected ticks. During the study, no clinical abnormalities, Rickettsia DNA or R. rickettsii-reactive antibodies were detected in G3. In contrast, all G1 and G2 dogs developed signs of rickettsial infection, i.e., fever, lethargy, anorexia, ocular lesions, thrombocytopenia, anemia and detectable levels of Rickettsia DNA and R. rickettsii-reactive antibodies in their blood. Rickettsemia started 3-8 days after inoculation or tick infestation and lasted for 3-13 days. Our results indicate that a Brazilian strain of R. rickettsii is pathogenic for dogs, suggesting that canine clinical illness due to R. rickettsii has been unreported in Brazil and possibly in the other South American countries where BSF has been reported among humans.