Research about professional trajectories of regulators highlights the exchange of personnel from independent regulatory agencies (IRAs) to the private sector, mainly based on US evidence. However, current studies indicate that revolving doors in different contexts may share more nuances, reflecting the role of different political institutions. Here we rely on sequence analysis to explore the trajectories of 117 Brazilian board members of IRAs, investigating: What are their typical professional trajectories? Which career path receives most of the benefits in postterm positions? The analysis uncovers five clusters of career paths in which most regulators do not transition between the public and private sectors but still benefit in direct and indirect ways from serving terms in IRAs. A different mix of market/bureaucratic/political incentives plays a role in the patterns of professional trajectories we uncover in Brazil. Depending on the context, regulators' trajectories might be driven by either market or state forces.

中文翻译：

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夸瓦迪斯？巴西监管机构的职业道路

关于监管者职业轨迹的研究强调了从独立监管机构 (IRA) 到私营部门的人员交流，主要基于美国的证据。然而，目前的研究表明，不同背景下的旋转门可能有更多的细微差别，反映了不同政治机构的作用。在这里，我们依靠序列分析来探索 117 名巴西 IRA 董事会成员的轨迹，调查：他们的典型职业轨迹是什么？哪种职业道路在离职后职位中获得的收益最多？该分析揭示了五个职业道路集群，其中大多数监管机构不会在公共部门和私营部门之间过渡，但仍以直接和间接的方式从 IRA 的服务条款中受益。市场/官僚/政治激励的不同组合在我们在巴西发现的职业轨迹模式中发挥了作用。根据具体情况，监管机构的发展轨迹可能由市场或国家力量驱动。