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Since Fundamental Analysis is the foundation of our management philosophy, studying is for Dynamo an essential and cotidian tool.

Bibliographic References Dynamo Reports 46

Shirk, S. (1993) The Political Logic of Economic Reform in China.
University of California Press.

Naughton, B. (1995) Growing out of the Plan – Chinese Economic Reform 1978-1993. Combridge University Press.

Lardy, N. (1998) China´s Unfinished Economic Revolution. Brookings Institution Press.

Webber, M., Wang, M., Ying, Z. (2002) ed. China´s Transition to a Global Economy. Palgrave MacMillan

Wong, J., Ding, L. (2002) China´s Economy into the New Century – Structural Issues and Problems. Singapure University Press.

Chai, J. (2003) China Transition to a Market Economy. Clarendon Press, Oxford.

Lin, J., Cai, F., Li, Z. (2003) The China Miracle – Development Strategy and Economic Reform. Chinese University Press.

Tseng, W., Rodlauer, M. (2003) ed. China – Competing in the Global Economy. IMF Library of Congress.

Shenkar, O. (2005) The Chinese Century. Wharton School Publishing.

Garnault, R., Song, L. (2005) ed. China´s Third Economic Transformation –
The rise of the private economy. Routledge Curzon.

Rui, H. (2005) Globalization, Transition and Development in China – the Case of the Coal Industry. Routledge Curzon.

Chen, P. (1993) China´s Challenge to Economic Orthodoxy: Asian Reform as an Evolutionary, Self-organizing Process. China Economic Review, vol. 4, n. 2, 1993.

Qian, Y. (1999) The Institutional Foundations of China´s Market Transition. Stanford University.

Qian, Y., Wu, J. (2000) China´s Transition to a Market Economy: How Far across the River? Stanford University.

Walder, A. (2003) Sociologial Dimensions of China´s Economic Transition: Organization, Stratification, and Social Mobility. Asia/Pacific Research Center.

Qian, Y. (2003) How Reform Worked in China? University of California, Berkeley.

(2003) China´s Economy: Will the Bubble Burst? Woodrow Wilson International Center for Scholars. Asia Program Special Report.

Walker, J. (2004) Boomtown – Re-enter the Dragon. CLSA Asia Pacific Markets.

Walker, J. (2004) Twenty Questions. CLSA Asia Pacific Markets.

Lin, J. (2004) Lessons of China´s Transition from a Planned Economy to a Market Economy. Peking University and HK University of Science and Technology.

Sheehan, J, Hassard, J., Morris, J., Yuxin, X. (2004) State-enterprise Reform and Industrial Restructuring in China. Institute of Contemporary Chinese Studies.

Lin, J. (2004) Is China´s Growth Real and Sustainable? China Center for Economic Research.

Morrison, W. (2005) China´s Economic Conditions. CRS Issue Brief for Congress.

Roubini, N., Setser, B. (2005) China Trip Report. Stern School of Business e University College, Oxford.

Liu, Q. (2005) Corporate Governance in China: Current Practices, Economic Effects, and Institutional Determinants. School of Economics and Finance, HK.

Goldstein, M. (2005) The Chinese Economy: Prospects and Key Policy Issues. Institute for International Economics.

Jefferson, G., Su, J., (2005) Privatization and Restructuring in China: Evidence from Shareholdind Ownership, 1995-2001. Submit to Journal of Comparative Economics.

Frankel, J. (2005) On the Renminbi: The Choice between Adjustment under a Fixed ExchangeRate and Adjustment under a Flexible Rate. NBER, Working Paper n. 11.274.

Meng, J. Entrepreneurial-discovery, Policy and the Tao (Way) of Economic Efficacy. National University of Singapure.

Zhang, W, Yi, G. China´s Gradual Reform: A Historical Perspective. China Centre for Economic Research.

Click on the title above and meet the bibliography covering the issues in the text of the Dynamo Reports 46.

Bibliographic References Dynamo Reports 44 and 45

Kahneman, D. (ed.) Judgment under Uncertainty: Heuristics and Biases. Cambridge University Press, 1982.

Kahneman, D. e Tversky, A. (ed.) Choices, Values and Frames. Cambridge University Press, 2000.

Gilovich, T., Griffin, D., Kahneman, D. (eds.) Heuristics and Biases: The Psychology of Intuitive Judgment. Cambridge University Press, 2002.

Tversky, A., Shefir, E. Preference, Belief, and Similarity: Selected Writings. Bradford Books.

Plous, S. The Psychology of Judgment and Decision Making, McGraw-Hil, 1993.

Bell, David, Raiffa, H., Tversky, A. Decision Making: Descriptive, Normative, and Prescriptive Interactions.

Shefrin, H. Beyond Greed and Fear – Understanding Behavioral Finance and the Psychology of Investing. Oxford University Press 2002.

Shiller, R. Irrational Exuberance. Princeton University Press, 2000.

Belsky, G., Gilovich, T. Why Smart People Make Big Money Mistakes and How to Correct Them. Rockfeller Center, New york, 1999.

Gilovich, T. Why we Know what isn´t so? The Fallibility of Human Decision in Everyday Life, The Free Press, NY, 1993.

Shleifer, A. Inefficient Markets: An Introduction to Behavioral Finance. Oxford University Press. 2000.

Hastie R., Dawes R. Rational Choice in Uncertain World. Sage Publications, 2001.

Thaler, R. (ed.) Advances in Behavioral finance. Russell Sage Foundation.
New york. 1993.

Camerer, C., Loewenstein, G, Prelec, D. Neuroeconomics: How Neuroscience Can Inform Economics, 2003.

Camerer, C., Loewenstein, G., Rabin, M. (eds.) Advances in Behavioral Economics The Roundtable Series in Behavioral Economics)

Muramatsu, R., Hanoch, Y. Emotions as a mechanism for boundedly rational agents; the fast and frugal way. Journal of Economic Psychology, 2004.

Baker, M., Ruback, R, Wurgler, J. Behavioral Corporate Finance: A Survey. NBER, Working Paper 10.863, out-2004.

Barberis, N., Thaler, R. A Survey of Behavioral Finance. NBER, Working Paper, 9.222, set-2002.

De Bondt, W., Thaler, R. Financial Decision-Making in Markets and Firms: A Behavioral Perspective. NBER, Working Paper n. 4.777, jun-1994.

Lo, A. The Adaptive Market Hypothesis: Market Efficiency from an Evolutionary Perspective. Ago-2004.

Mullainathan, S., Thaler, R. Behavioral Economics. NBER, Working Paper n. 7.948, out-2000.

Camerer, C., Loewenstein G. Behavioral Economics: Past, Present, Future. Out-2002.

Glaeser, E. Psychology and the Market. NBER, Working Paper n. 10.203, dec-2003.

Asrhaf, N., Camerer, C., Loewnstein, G. Adam Smith, Behavioral Economist. Draft for the Journal of Economic Perspectives, may-2004.

Hermalin, B., Isen, A. The Effect of affect on economic and strategic decision making. Out-2003.

Chinander, K., Scweitzer, M. The input bias: the misuse of input information in judgments of outcomes. Organizational Behavior and Human Decision Process 91, p 243-253, 2003.

Slovic, P., Finucane, M., Peters, E., MacGregor, D. Risk as Analysis and Risk as Feelings – Some thoughts about Affect, Reason, Risk and Rationality. Decision Research, Oregon – dez-2002.

Muramatsu, R., Hanoch, Y. Emotions as a mechanism for boundedly rational agents: The fast and frugal way. Journal of Economic Psychology, accepted in mar-2004.

Lo, A., Repin, D. The Psychophysiology of real-time financial risk processing. Manuscript n. 1479, out-2001.

Lo, A., Repin, D., Steenbarger, B., Fear and greed in financial markets: a clinical study of day-traders. First draft dec-2004.

Siegel-Itzkovich, J. How emotions affect economic decision making. In Bernstein.com, Bernstein Invesment Research and Management.

Shiller, R. Human behavior and the efficiency of financial system. NBER, Working Paper, 6.375, jan-1998.

Click on the title above and meet the bibliography covering the issues in the text of the Dynamo Reports 44 and 45.

Bibliographic References Dynamo Reports 41 and 42

Planos de Opções

Sobre características e problemas:

Abowd, J. e Kaplan, D. Executive Compensation: Six Questions That Need Answering. Cornell University, abril 1999.

Murphy, K. Executive Compensation. Marshall School of Business. University of Southern California, junho 1999.

Hall, B.e Murphy, K. Stock Options for Undiversified Executvies. NBER. Working Paper n. 8052, dezembro 2000.

Brian, H. What You Need to Know About Stock Options. Harvard Business Review on Compensation. Harvard Business School Press, 2001.

Hall, B.e Knox, T. Managing Option Fragility. NBER. Working Paper n. 9059, julho 2002.

Hall, B.e Murphy, K. The Trouble with Stock Options. NBER. Working Paper n. 9784, junho, 2003.

Hall, B. Six Challenges in Designing Equity-Based Pay. NBER. Working Paper n. 9887, julho 2003.

Oyer, P. Schaefer, S. Compensation Employees Below the Executive Ranks: A Comparision of Options, Restricted Stock, and Cash. NBER. Working Paper n. 10221, janeiro 2004.

Oyer, P. Schaefer, S. Why Do Some Firms Give Stock Options to All Employees? An Empirical Examination of Alternative Theories. NBER. Working Paper n. 10222, janeiro 2004.

Planos de Opções

Sobre aspectos contábeis:

Greenspan, Alan. Stock Option and Related Matters. Remarks by Chairman Alan Greespan. The Federal Reserve Board, maio, 2002.

Stock option Expense: What to do now? Perspective. Mercer Human Resource Consulting, ago, 2002.

Michel, N., Garwood, P. Expensing Employee Stock Options: Lifting the Fog. A Report of the Heritage Center for Data Analysis, out. 2002.

Proposed Statement of Financial Accounting Standards: Share-Based Payment. FASB, Financial Accounting Series, n. 1102-100, março, 2004.

New US Stock Compensation Accounting Standard Proposed. Perspective. Mercer Human Resource Consulting, abril, 2004.

Expensing Stock Option: Can FASB Prevail? Knowledge Wharton, abril, 2004.

Sobre os dois enfoques

Murphy, K. Explaining Executive Compensation: Managerial Power vs. the Perceived Cost of Stock Option. University of Chicago Law Review, 2002.

Bebchuk, L. e Fried, Jesse. Executive Compensation as an Agency Problem. Harvard Law School, Discussion Paper n. 421, Cambridge, junho 2003.

Sobre aspectos de governança corporativa

Lambert, R., Lanen, William e Larcker, D. Executive Stock Option Plans and Corporate Dividend Policy. Journal of financial and Quantitative Analysis, vol. 24, n. 4, dezembro 1989.

Yermack, D. Good Timing: CEO Stock Option Awards and Company News Announcements. Journal of Finance 52, 1997.

Bartov, E., Krinsky, I e Lee, J. Some Evidence on how Companies Choose between Dividens and Stock Repurchases. Journal of Applied Corporate Finance, 11, 1998.

Core, J., Holthausen R. e Larcker, D. Corporate Governance, CEO Compensation, and Firm Performance, Journal of Financial Economics 51, 371-406, 1999.

Schizer, D. Executives and Hedging: The Fragile Legal Foundations of Incentive  Compatibility, Columbia Law Review, 100, 2000.

Pearl Meyers & Partners. Executive Pay Trends: Looking Forward and Looking Back. 2002.

Berkeshire and Wesco Annual Meetings. Outstanding Investor Digest, Vol. XVIII n. 3 & 4, 2003.

Crystal, G. The Perfect stock Option Plan. Prepared for The California State Teachers´ Retirement System, 2003.

Breeden, Richard. Restoring Trust. Report the US District Court on Corporate Governance for the Future of MCI, Inc., agosto, 2003.

Manuais e Surveys

Baker, A. The Stock Options Book. The National Center of Employee Ownership, Oakland, California, 2002.

Weeden, R. et al. Current Practices in Stock Option Plan Design. The National Center of Employee Ownership, Oakland, California, 2001.

Pendleton, A. et al. Thoretical Study on Stock Options in Small and Medium Enterprises. Final Report to the Enterprise-Directorate General, Commission of the European Communities, outubro 2002.

Core, J., Guay, W. e Larcker, D. Executive Equity Compensation and Incentives: A Survey FRBNY Economic Policy Review - Forthcoming.

Click on the title above and meet the bibliography covering the issues in the text of the Dynamo Reports 41 and 42: Option Plans, characteristics and problems; stock options, accounting aspects, aspects of corporate governance; Manuals and surveys.

Bibliographic References Dynamo Reports

Pioneering Portfolio Management:
An Unconventional Aprroach to Institutional Investment

David F. Swensen

The Free Press - 2000

O livro apresenta a experiência de David Swensen à frente da gestão dos recursos de Yale. Swensen multiplicou a patrimônio da Universidade adotando uma filosofia de investimento incomum: aumentou a exposição de seu portifólio em ativos mais ilíquidos e de maior amplitude de retornos, onde o critério de escolha do gestor seria determinante para se atingir retornos acima do mercado.

The New Global Investors: How Shareowners Can Unlock Sustainable Prosperity Worldwide

Robert A. G. Monks

Capstone - 2001

Monks analisa as potencialidades e os desafios das empresas, apresentando uma nova defesa do ativismo dos investidores e da accountability dos administradores.

How to Think like Benjamin Graham and Invest like Warren Buffett

Lawrence A. Cunningham

McGraw-Hill – 2001

Antes de apresentar de forma acessível os principais ingredientes da filosofia de investimentos de Warren Buffett, o autor dedica um terço da obra à análise da complexidade e da desordem do mercado. Esta disposição original torna o livro mais interessante e acaba por ressaltar a genialidade de Buffett.

Best Practices in Global Investor Relations: The Creation of Shareholder Value

Richard B. Higgins

Quorum Books – 2000

Fornece insights práticos para as áreas de RI através da descrição dos melhores casos de estratégias de comunicação de companhias globais, enfatizando o processo de criação de valor para os acionistas.

Following the Money: The Enron Failure and the State of Corporate Disclosure

George Benston (et al.)

AEI- Brookings Joint Center for Regulatory Studies - 2003

Um diagnóstico conciso e preciso dos problemas e dos desafios da transparência corporativa.

A Grandeza Humana

Fayga Ostrower

Campus - 2002

O livro narra a obra de cinco artistas que simbolizam os últimos cinco séculos. Cada um serve como ilustração das infinitas possibilidades artísticas, espirituais e existênciais do homem quando se trabalha com sensibilidade, dedicação e honestidade.

O Universo Elegante

Brian Greene

Cia das Letras - 2001

Descreve, em linguagem acessível, a teoria moderna das cordas que vem a ser a melhor solução possível para compatilizar a teoria da relatividade com a mecânica quântica.

Watching the Watchers: Corporate Governance for the 21st

Monks, Robert A.G. – Minow, Nell

Blackwell Publishers - 1996

Apresenta a empresa moderna na sua complexidade de temas e analisa o papel e a atuação dos acionistas - interagindo ativamente com conselheiros e administradores -, como promotores de valor sustentado e geradores de eficiência econômica.

Mudando de Lado: A Luta de Robert A. G. Monks pela Governança Corporativa nos EUA

Hilary Rosenberg

Editora Campus - 2000

Relato fluente e instigante, o livro narra a trajetória de Robert A. G. Monks, precursor do movimento por melhores padrões de governança corporativa nos EUA. O ativismo de Monks confunde-se com sua biografia profissional, sempre orientada para transformar a vida corporativa americana numa verdadeira democracia do capital. No momento de definições do papel do mercado de capitais brasileiro, sua leitura torna-se extremamente relevante e oportuna.

The Essential Buffett: Timeless Principles for the New Economy

Robert G. Hagstorm

John Wiley & Sons - 2001

Apresenta de forma objetiva e didática os princípios clássicos da filosofia de investimento de Warren Buffett ilustrando seu enfoque com inúmeros casos práticos bem-sucedidos. Ao justapor os conceitos da tradição Graham-Fisher-Munger às experiências da gestão de Buffett na Berkshire Hathaway, o livro se qualifica como um dos mais interessantes da vasta bibliografia existente sobre o assunto.

O Valor das Empresas

Graciano Sá

Editora Expressão e Cultura - 2001

Proposta corajosa de investigar o tema da determinação do valor das empresas sob uma ótica multidisciplinar. Aspectos políticos, sociológicos, jurídicos, econômicos, financeiros e contábeis da questão são minuciosamente considerados, sempre lastreados pela abundante documentação acadêmica e jornalística. O resultado é um denso manual que consegue abordar o dinamismo da complexa realidade das empresas com um rigor analítico pouco comum.

Click on the title above and meet the bibliography covering the issues in the text of the Dynamo Reports.

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Buchanan, J.M. & Tullock (1962) The Calculus of Consent, Ann Arbor.

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Fukuyama, F. (2006) The End of History and the Last Man, Free Press.

Gottlieb, A. (2016) The Dream of Reason - A History of Western Philosophy from the Greeks to the Renaissance, W.W. Norton & Company.

 Hirschman, A.O. (1979) As Paixões e os Interesses, Editora Paz e Terra.

 Mancur Olson (1971) The Logic of Collective Action, Harvard University Press.

Markovits, D. (2019) The Meritocracy Trap – How America’s Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite, Penguin Press. 

Michael, S. J., (2020) The Tyranny of Merit - What’s Become of the Common Good, Farrar, Straus, and Giroux.

Pedreira, J. A. (2020) Escolha pela Vida. Entrevista com Luiz Antônio Seabra

https://youtu.be/b9Zzl_gRZuw.

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 Smith, A. (2005) The Theory of Moral Sentiments, [1790, 6th edition], Metalibri.

 Smith, A. (1999) Teoria dos Sentimentos Morais (1999), Martins Fontes

 Rawls, J. (1971) A Theory of Justice, Harvard University Press.

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Amazon, (2018) Annual Report

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Bachall, S. (2019) Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries. St Martin’s Griffin. New York.

Baghai, M. et al., (2007) The Granularity of Growth. TheMckinseyQuarterly, n.2.

Bianchini, S. et all, (2015) What does (not) determine persistent corporate high-growth?

Coad, A. 2007 Firm growth: a Survey. HAL archives-ouvertes.fr 00155762

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Dosi, G. et all, (2019) Long-Term Firm Growth: An Empirical Analysis of

US Manufacturers 1959-2015.

Doz, Y. (2017) The Strategic Decisions That Caused Nokia’s Failure

Dweck, C. (2006) Mindset: the new psychology of success. Ballantine Books, New York.

Hoffmann, R. & Yeh, C. (2018) Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies 

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Cramton, P., et al. (ed.), (2017). Global Carbon Pricing: The Path to Climate Cooperation. The MIT Press.

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Companies mentioned: BP, Chevron, ConocoPhillips, Enel, Engie, ENI, E.ON, Equinor, Exxon Mobil, Iberdrola, Marathon, Occidental Petroleum, Phillips 66, Repsol, Saudi Aramco, Shell, Total Energies, Valero Documents: Articles of Association Bylaws Proxy Statements and Votings Specific Documents on Energy Transition BP (2023, 2024) From IOC to IEC; Net Zero Ambition: Progress Update Chevron (2023) Advancing Energy Progress: Climate Change Resilience Report ConocoPhillips (2022-2023) Plan for the Net-Zero Energy Transition: Progress Report Enel (2022, 2023) Zero Emission Ambition; Sustainability Report Engie (2022, 2023, 2024) Integrated Reports; Climate Reports ENI (2023) For A Just Transition E.ON (2023) Integrated Annual Report: It´s on us Equinor 2022, 2023) Energy Transition Plan; The Equinor Book; Integrated Annual Report Exxon Mobil (2024) Advancing Climate Solutions Iberdrola (2023) Sustainability Report; Purposes and Values of the Iberdrola Group Marathon (2023) Perspectives on Climate-Relate Scenarios: Risk and Opportunities Occidental (2023) Climate Report: Leading the Way in Carbon Management Phillips 66 (2024) Sustainability and People Report Repsol (2023, 2024) Integrated Management Report; Global Sustainability Plan Saudi Aramco (2022) Investing in Growth, Innovating for Sustainability Shell (2021, 2024) Energy Transition Strategy; Energy Transition Progress Report Total Energies (2022, 2023) Company Strategy; Sustainability & Climate – Progress Report Valero (2023) ESG Report Other Papers, Reports and Books: Bebchuk, L., Kastiel, K., Tallarita, R. 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(2024) Corporate Governance for Carbon Majors. ecgi, Working Paper n. 787. Gen, G. (2024) ESG, Externalities, and the Limits of the Business Judgement Rule: TEPCO Derivative Suit on Fukushima Nuclear Accident and the Expansion of Caremark. ecgi, Law Working Paper n. 780. Gowan, J. (2024) To Survival Legal Challenges, SEC Must Remove Scope 3 From Sustainability Reporting Rule. Bloomberg Finance. Hart, O. & Zingales, L. (2017) Companies Should Maximize Shareholder Welfare Not Market Value. Journal of Law, Finance, and Accounting, 2. Hart, O. & Zingales, L. (2022) The New Corporate Governance. University of Chicago Business Law Review, vol 1, Issue 1. Humphrey, J. et al. (2021) The Asymmetry in Responsible Investment Preferences. NBER, Working Paper 29288. IEA - International Energy Association (2023a) Net Zero Roadmap – A Global Pathway to Keep the 1.5oC Goal in Reach. 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Rajan, R., Ramella, P., Zingales, L. (2023) What Purpose Do Corporations Purport? Evidence From Letters to Shareholders. NBER, Working Paper 31054. Roe, M. (2021) Dodge x Ford: What Happened and Why? ecgi, Law Working Paper n. 619 Royal Courts of Justice of England and Wales – RCJEW (2023) ClientEarth x Shell. Case no: BL-2023-000215 Smil, V. (2024) Halfway Between Kyoto and 2050: Zero Carbon is a Highly Unlikely Outcome WRI & WBCSD – World Resources Institute and World Business Council for Sustainable Development (2001) Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard U.S. Department of Labor (2022) US Department of Labor Announces Final Rule to Remove Barriers to Considering Environmental, Social, and Governance Factors in Plan Investments - https://www.dol.gov/newsroom/releases/ebsa/ebsa20221122 U.S. Supr