Fatores institucionais e assimetria informacional: influência na estrutura de capital de empresas brasileiras

O objetivo principal deste trabalho é analisar se a presença de importantes fatores institucionais brasileiros, como o acesso a fontes e linhas diferenciadas de financiamento, afeta a significância estatística e econômica da assimetria informacional, principal pressuposto da teoria de pecking order, na determinação da estrutura de capital de empresas brasileiras. Para tanto, foram utilizadas variáveis de controle, variáveis representativas de fatores institucionais e de assimetria informacional num painel de dados referente a empresas brasileiras de setores industriais, cujas ações foram negociadas na Bovespa, no período 1997-2007. Como principais resultados encontra-se que as variáveis tamanho, tangibilidade, rentabilidade e risco são importantes determinantes da estrutura de capital das empresas analisadas, sendo também significativa a participação de linhas diferenciadas no endividamento dessas empresas. Em resposta ao objetivo da pesquisa, verifica-se que a assimetria informacional não perde significância estatística e econômica no modelo proposto, após a inclusão de variáveis representativas de fatores institucionais, o que evidencia a importância da assimetria informacional na determinação da estrutura de capital de empresas brasileiras. O sinal negativo encontrado apoia a teoria de pecking order, na qual essas empresas seriam menos endividadas devido à possibilidade de captarem recursos por meio da emissão de ações. Ressalta-se que as proxies utilizadas para representar o atributo assimetria informacional constituem uma limitação da pesquisa. Em razão disso, sugere-se, para trabalhos futuros, a utilização de outras variáveis, com o propósito de verificar a consistência dos resultados aqui encontrados, bem como a análise da influência da assimetria informacional sobre o custo de capital de empresas brasileiras, com o intuito de verificar se empresas consideradas com menor assimetria informacional conseguem captar recursos a taxas de juros mais atrativas.

Connections between the Sznajd model with general confidence rules and graph theory

The Sznajd model is a sociophysics model that is used to model opinion propagation and consensus formation in societies. Its main feature is that its rules favor bigger groups of agreeing people. In a previous work, we generalized the bounded confidence rule in order to model biases and prejudices in discrete opinion models. In that work, we applied this modification to the Sznajd model and presented some preliminary results. The present work extends what we did in that paper. We present results linking many of the properties of the mean-field fixed points, with only a few qualitative aspects of the confidence rule (the biases and prejudices modeled), finding an interesting connection with graph theory problems. More precisely, we link the existence of fixed points with the notion of strongly connected graphs and the stability of fixed points with the problem of finding the maximal independent sets of a graph. We state these results and present comparisons between the mean field and simulations in Barabasi-Albert networks, followed by the main mathematical ideas and appendices with the rigorous proofs of our claims and some graph theory concepts, together with examples. We also show that there is no qualitative difference in the mean-field results if we require that a group of size q > 2, instead of a pair, of agreeing agents be formed before they attempt to convince other sites (for the mean field, this would coincide with the q-voter model).

The incorporeal order in Plato's Philebus

In this paper, I intend to analyze how Plato's Philebus takes up some specific topics of Platonic dialectic and employs them to understand how the cognitive soul can be affected by false pleasures, false opinions, and false images. This study aims to criticize certain modern readings of Platonism, chiefly esoteric theory based on Plato's unwritten doctrine, which stipulate a revision of the Platonic theory of forms and defend the emergence of a new ontology explained by two principles, the One and the unlimited Dyad of great and small, conceived both as formal principle and material principle.

Quantum critical scaling at a Bose-glass/superfluid transition: Theory and experiment for a model quantum magnet

In this paper we investigate the quantum phase transition from magnetic Bose Glass to magnetic Bose-Einstein condensation induced by amagnetic field in NiCl2 center dot 4SC(NH2)(2) (dichloro-tetrakis-thiourea-nickel, or DTN), doped with Br (Br-DTN) or site diluted. Quantum Monte Carlo simulations for the quantum phase transition of the model Hamiltonian for Br-DTN, as well as for site-diluted DTN, are consistent with conventional scaling at the quantum critical point and with a critical exponent z verifying the prediction z = d; moreover the correlation length exponent is found to be nu = 0.75(10), and the order parameter exponent to be beta = 0.95(10). We investigate the low-temperature thermodynamics at the quantum critical field of Br-DTN both numerically and experimentally, and extract the power-law behavior of the magnetization and of the specific heat. Our results for the exponents of the power laws, as well as previous results for the scaling of the critical temperature to magnetic ordering with the applied field, are incompatible with the conventional crossover-scaling Ansatz proposed by Fisher et al. [Phys. Rev. B 40, 546 (1989)]. However they can all be reconciled within a phenomenological Ansatz in the presence of a dangerously irrelevant operator.

Inconsistent-tolerant base revision through Argument Theory Change

Reasoning and change over inconsistent knowledge bases (KBs) is of utmost relevance in areas like medicine and law. Argumentation may bring the possibility to cope with both problems. Firstly, by constructing an argumentation framework (AF) from the inconsistent KB, we can decide whether to accept or reject a certain claim through the interplay among arguments and counterarguments. Secondly, by handling dynamics of arguments of the AF, we might deal with the dynamics of knowledge of the underlying inconsistent KB. Dynamics of arguments has recently attracted attention and although some approaches have been proposed, a full axiomatization within the theory of belief revision was still missing. A revision arises when we want the argumentation semantics to accept an argument. Argument Theory Change (ATC) encloses the revision operators that modify the AF by analyzing dialectical trees-arguments as nodes and attacks as edges-as the adopted argumentation semantics. In this article, we present a simple approach to ATC based on propositional KBs. This allows to manage change of inconsistent KBs by relying upon classical belief revision, although contrary to it, consistency restoration of the KB is avoided. Subsequently, a set of rationality postulates adapted to argumentation is given, and finally, the proposed model of change is related to the postulates through the corresponding representation theorem. Though we focus on propositional logic, the results can be easily extended to more expressive formalisms such as first-order logic and description logics, to handle evolution of ontologies.

Application of H-infinity Theory to a 6 DOF Flight Simulator Motion Base

The purpose of this study is to apply inverse dynamics control for a six degree of freedom flight simulator motion system. Imperfect compensation of the inverse dynamic control is intentionally introduced in order to simplify the implementation of this approach. The control strategy is applied in the outer loop of the inverse dynamic control to counteract the effects of imperfect compensation. The control strategy is designed using H-infinity theory. Forward and inverse kinematics and full dynamic model of a six degrees of freedom motion base driven by electromechanical actuators are briefly presented. Describing function, acceleration step response and some maneuvers computed from the washout filter were used to evaluate the performance of the controllers.

A review and evaluation on constructive heuristics to optimise product mix based on the Theory of Constraints

In this paper, we address the problem of defining the product mix in order to maximise a system's throughput. This problem is well known for being NP-Complete and therefore, most contributions to the topic focus on developing heuristics that are able to obtain good solutions for the problem in a short CPU time. In particular, constructive heuristics are available for the problem such as that by Fredendall and Lea, and by Aryanezhad and Komijan. We propose a new constructive heuristic based on the Theory of Constraints and the Knapsack Problem. The computational results indicate that the proposed heuristic yields better results than the existing heuristic.

Holographic field theory models of dark energy in interaction with dark matter

We discuss two Lagrangian interacting dark energy models in the context of the holographic principle. The potentials of the interacting fields are constructed. The models are compared with CMB distance information, baryonic acoustic oscillations, lookback time and the Constitution supernovae sample. For both models, the results are consistent with a nonvanishing interaction in the dark sector of the Universe and the sign of coupling is consistent with dark energy decaying into dark matter, alleviating the coincidence problem-with more than 3 standard deviations of confidence for one of them. However, this is because the noninteracting holographic dark energy model is a bad fit to the combination of data sets used in this work as compared to the cosmological constant with cold dark matter model, so that one needs to introduce the interaction in order to improve this model.

All-loop finiteness of the two-dimensional noncommutative supersymmetric gauge theory

Within the superfield approach, we discuss the two-dimensional noncommutative super-QED. Its all-order finiteness is explicitly shown. Copyright (C) EPLA, 2012

Magnetic hyperthermia investigation of cobalt ferrite nanoparticles: Comparison between experiment, linear response theory, and dynamic hysteresis simulations

Considerable effort has been made in recent years to optimize materials properties for magnetic hyperthermia applications. However, due to the complexity of the problem, several aspects pertaining to the combined influence of the different parameters involved still remain unclear. In this paper, we discuss in detail the role of the magnetic anisotropy on the specific absorption rate of cobalt-ferrite nanoparticles with diameters ranging from 3 to 14 nm. The structural characterization was carried out using x-ray diffraction and Rietveld analysis and all relevant magnetic parameters were extracted from vibrating sample magnetometry. Hyperthermia investigations were performed at 500 kHz with a sinusoidal magnetic field amplitude of up to 68 Oe. The specific absorption rate was investigated as a function of the coercive field, saturation magnetization, particle size, and magnetic anisotropy. The experimental results were also compared with theoretical predictions from the linear response theory and dynamic hysteresis simulations, where exceptional agreement was found in both cases. Our results show that the specific absorption rate has a narrow and pronounced maxima for intermediate anisotropy values. This not only highlights the importance of this parameter but also shows that in order to obtain optimum efficiency in hyperthermia applications, it is necessary to carefully tailor the materials properties during the synthesis process. (C) 2012 American Institute of Physics. [http://dx.doi.org/10.1063/1.4729271]

Application of H∞ theory to a 6 DOF flight simulator motion base

The purpose of this study is to apply inverse dynamics control for a six degree of freedom flight simulator motion system. Imperfect compensation of the inverse dynamic control is intentionally introduced in order to simplify the implementation of this approach. The control strategy is applied in the outer loop of the inverse dynamic control to counteract the effects of imperfect compensation. The control strategy is designed using H∞ theory. Forward and inverse kinematics and full dynamic model of a six degrees of freedom motion base driven by electromechanical actuators are briefly presented. Describing function, acceleration step response and some maneuvers computed from the washout filter were used to evaluate the performance of the controllers.