Luciano Vaz Ferreira

A fuzzy hybrid integrated framework for portfolio optimization in private banking

Abstract Decision-making processes in private banking must comply with standards for risk management and transparency enforced by banking regulations. Therefore, investors must be supported throughout a risk-informed decision process. This paper contributes to the literature by presenting a hybrid integrated framework that considers personal features of the investor and additional characteristics imposed by regulations, for which linguistic evaluations are used with regard to risk exposure. The proposed approach for personal investment portfolios considers legal aspects and investor’s preferences as an input to the novel fuzzy multiple-attribute decision making approach for sorting problems proposed in this paper, called FTOPSIS-Class. Then, the next step of the proposed framework uses the sorting results for a fuzzy multi-objective optimization model that considers the risk and return associated with the investor’s profile over three objectives. The contributions of this paper are illustrated and validated by using a numerical application in line with a new trend for modern portfolio theory which enables a real world investor’s characteristics to be considered throughout the decision-making process.

Development of a purchasing portfolio model: an empirical study in a Brazilian hospital

Abstract This study was motivated by the complexity of managing hospital purchases. This area of activity is characterised as having a great diversity of items to be purchased, classes and suppliers, which impacts the business, costs and health risks for patients in many ways. Our paper presents the development of an approach to managing a purchasing portfolio for a large Brazilian hospital, using Kraljic’s model, the Fuzzy-TOPSIS method and decision rules as methodological resources. We discuss the results and summarise a set of managerial implications for our case study, thereby demonstrating the effectiveness of our proposal. This study also contributes to expanding the application domain of Kraljic’s model, in which the Fuzzy-TOPSIS method has proved a flexible tool, and supports solving sorting problems.

THE RANK REVERSAL PROBLEM IN MULTI-CRITERIA DECISION MAKING: A LITERATURE REVIEW

Despite the importance of multicriteria decision-making (MCDM) techniques for constructing effective decision models, there are many criticisms due to the occurrence of a problem called rank reversal. Nevertheless, there is a lack of a systematic literature review on this important subject which involves different methods. This study reviews the pertinent literature on rank reversal, based on 130 related articles published from 1980 to 2015 in international journals, which were gathered and analyzed according to the following perspectives: multicriteria technique, year and journal in which the papers were published, co-authorship network, rank reversal types, and research goal. Thus our survey provides recommendations for future research, besides useful information and knowledge regarding rank reversal in the MCDM field.

Sovereign Credit Risk Assessment with Multiple Criteria Using an Outranking Method

In view of the records of failures in rating agencies’ assessments for sorting countries’ quality of credit in degrees of default risk, this paper proposes a multicriteria sorting model using reference alternatives so as to allocate sovereign credit securities into three categories of risk. From a numerical application, what was observed from the results was a strong adherence of the model in relation to those of the agencies: Standard & Poors and Moodys. Since the procedure used by the agencies is extremely subjective and often questioned, the contribution of this paper is to put forward the use of an objective and transparent methodology to sort these securities. Given the agencies’ conditions for undertaking the assessment, a complete similarity between the results obtained and the assignments of the agencies was not expected. Therefore, this difference arises from subjective factors that the agencies consider but the proposed model does not. Such subjective and questionable aspects have been partly responsible for the credibility of these credit agencies being diminished, especially after the 2007-2008 crisis.

A regulação das empresas transnacionais entre as ordens jurídicas estatais e não-estatais

Este artigo objetiva analisar as possibilidades de regulacao da conduta das empresas transnacionais a partir de um cenario hipercomplexo e policontextural, caracterizado pela multiplicidade de formas de comunicacao, de normatizacao e de visoes/interpretacoes de mundo. Busca responder: sob que condicoes se pode afirmar que estas empresas sao regulaveis por ordens juridicas das mais diversas origens? Como hipotese, tem-se que suas condutas sao regulaveis juridicamente nao apenas em ordens estatais ou internacionais, mas tambem a partir de ordens juridicas nao estatais, relacionadas a um Direito que emerge na sociedade, e que nao decorre da acao estatal. Desenvolve-se este artigo em quatro partes: a) contextualizacao geral da questao em trono da policontexturalidade, da hipercomplexidade e do pluralismo juridico, considerando-se ser dificil sustentar que a regulacao juridica de âmbitos complexos possa se limitar exclusivamente as normatividades de logica estatal; b) possibilidades territoriais e extraterritoriais de regulacao das condutas das empresas transnacionais, focando-se nas possibilidades estatais ainda possiveis e importantes; c) reflexoes acerca de experiencias ja intentadas de regulacao da conduta de empresas transnacionais por normas de Direito Internacional; d) apresentar programas normativos internos de conduta das empresas transnacionais, pelas mais variadas razoes, como verdadeiras ordens juridicas nao estatais – dada a complexificacao societal e procedimental que estas praticas assumiram no decorrer do tempo.

Agências anticorrupção e administração pública: uma perspectiva comparada entre o Brasil e outros países / Anti-corruption agencies and public administration: a comparative perspective between Brazil and other countries

Trabalho enviado em 15 de junho de 2015. Aceito em 07 de agosto de 2015. DOI: 10.12957/rqi.2015.18809 Resumo Este artigo visa realizar caracterizar e comparar varias maneiras pelas quais se tem buscado evitar e perseguir a corrupcao publica em varios paises. Seu problema de pesquisa foi: sob que condicoes o conhecimento produzido acerca da corrupcao na esfera publica (sobre agencias anticorrupcao, principalmente) pode fomentar melhores atuacoes para os orgaos e entes da Administracao Publica disso ocupadas? Sua hipotese aponta que o estudo dos modelos anticorrupcao utilizados por diversos paises, em seus contextos historico-geograficos e institucionais especificos, pode ser util para a renovacao e reestruturacao dos sistemas juridico e politico brasileiros nesta area. Palavras-chave: corrupcao publica; agencias anticorrupcao; Administracao Publica. Abstract This paper aims to compare and to characterize various ways through which prosecution and prevention of corruption has been sought in several countries. Its research problem was: under what conditions the knowledge produced about corruption in public sphere (on anti-corruption agencies, especially) can foster better performances to the organs and entities of the Public Administration that are occupied with this incumbency? Its hypothesis suggests that the study of anti-corruption models used by different countries, in their historical, geographical and institutional specific contexts, can be helpful to the renewal and restructuring of the Brazilian legal and political systems in this area. Keywords: public corruption; anti-corruption agencies; Public Administration

The Regulation of Corporate Bribery in Brazil

This note explains the new legal initiatives in the regulation of private corporate bribery in Brazil. Corruption is an endemic problem in many States, including ones with an emerging economy such as Brazil. The development and implementation of anticorruption policies necessarily goes through Klitgaard’s “Principal-Agent-Client” model. According to this theory, it is important to create a system of punishment and incentive that focuses also on the “client,” the private sector, a subject often forgotten in the drafting of anticorruption laws. This note argues that previous Brazilian corruption laws did not foresee a consistent legal framework capable of preventing and punishing companies’ use of bribery. In this scenario, one can observe that Brazil began a process of institutional change over the course of recent years, which consisted of developing new anti-corruption mechanisms. The creation of The Office of Comptroller General (Controladoria Geral da Uniao), a federal government organ specialized in corruption control, is a landmark. The implementation of Law No. 12.846, which will enter into force in 2014, shows great promise. The new law predicts harsher punishments to companies involved in bribery. One interesting aspect is the creation of incentive mechanisms directed at cooperation with government inspection, leniency agreements and a provision to decrease punishment when compliance programs are implemented. Although in order for it to be put into practice, the latter demands a more precise definition. The authors are optimistic about this new initiative and await further developments.

Corrupção e Investimento Estrangeiro Direto

A presente pesquisa possui como problema central de investigacaoa analise do impacto da corrupcao no fluxo de investimentoestrangeiro direto (IED). A primeira parte da pesquisa estuda o papeldo IED na economia globalizada; a segunda tem como objetivo analisaras consequencias da corrupcao em operacoes envolvendo IED. Paratanto, realizou-se uma revisao bibliografica sobre o tema. A etapa dainvestigacao aponta que a percepcao da corrupcao pode ser um fatorcondicionante para o ingresso de IED em um determinado pais.

THE IMPLEMENTATION OF INTERNATIONAL ANTI-CORRUPTION LAW IN BUSINESS: LEGAL CONTROL OF CORRUPTION DIRECTED TO TRANSNATIONAL CORPORATIONS

Lately, corruption has become a matter of international concern. A new approach proposes the development of anti-corruption policies directed to the private sector, especially transnational corporations. The idea is to implement mechanisms that attack the supply side of corruption. This research aims to analyze the evolution of international mechanisms for control of corruption directed to transnational corporations. The focus will be on the international treaties. The goal is to identify the existence of an international anti-corruption regime. This research is exploratory in nature. It is an introduction to the subject, especially for policymakers from countries with emerging economies that are not yet familiar with the study on the subject. It was decided to conduct a bibliographic review, using interdisciplinary sources. Some preliminary conclusions were reached. States must intervene in this process by creating disincentives for the realization of corrupt practices by the business sector, especially in relation to transnational corporations. International treaties do not have the power to automatically implement anti-corruption mechanisms, requiring legislative reforms on the part of the States Parties. In this context, the evaluation systems play an important role in compelling nations to take action. As a result, there is a “regulatory race to the top” of anti-corruption norms, extremely beneficial for the international community. With the omnipresence of the corruption control in the world, a good alternative for emerging economies, like Brazil, is implementing anti-corruption measures provided by in international law, otherwise they may suffer losses in their business activities.