4 resultados para market segmentation theory
em Biblioteca Digital da Produção Intelectual da Universidade de São Paulo
Resumo:
We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.
Resumo:
This article suggests a pricing model for commodities used to produce biofuel. The model is based on the concept that the deterministic component of the Wiener process is not constant and depends on time and exogenous variables. The model, which incorporates theory of storage, the convenience yield and the seasonality of harvests, was applied in the Brazilian sugar market. After predictions were made with the Kalman filter, the model produced results that were statistically more accurate than those returned by the two-factor model available in the literature.
Resumo:
The primary objective of this paper is to identify the factors that explain Brazilian companies level of voluntary disclosure. Underpinning this work is the Discretionary-based Disclosure theory. The sample is composed of the top 100 largest non-financial companies listed in the Bolsa de Valores de São Paulo (Brazilian Securities, Commodities, and Futures exchange - BOVESPA). Information was gathered from Financial Statements for the years ending in 2006, 2007, and 2008, with the use of content analysis. A disclosure framework based on 27 studies from these years was created, with a total of 92 voluntary items divided into two dimensions: economic (43) and socio-environmental (49). Based on the existing literature, a total of 12 hypotheses were elaborated and tested using a panel data approach. Results evidence that: (a) Sector and Origin of Control are statistically significant in all three models tested: economic, socio-environmental, and total; (b) Profitability is relevant in the economic model and in the total model; (c) Tobin s Q is relevant in the socio-environmental model and in the total disclosure model; (d) Leverage and Auditing Firm are only relevant in the economic disclosure model; (e) Size, Governance, Stock Issuing, Growth Opportunities and Concentration of Control are not statistically significant in any of the three models.
Resumo:
Recently there has been a considerable interest in dynamic textures due to the explosive growth of multimedia databases. In addition, dynamic texture appears in a wide range of videos, which makes it very important in applications concerning to model physical phenomena. Thus, dynamic textures have emerged as a new field of investigation that extends the static or spatial textures to the spatio-temporal domain. In this paper, we propose a novel approach for dynamic texture segmentation based on automata theory and k-means algorithm. In this approach, a feature vector is extracted for each pixel by applying deterministic partially self-avoiding walks on three orthogonal planes of the video. Then, these feature vectors are clustered by the well-known k-means algorithm. Although the k-means algorithm has shown interesting results, it only ensures its convergence to a local minimum, which affects the final result of segmentation. In order to overcome this drawback, we compare six methods of initialization of the k-means. The experimental results have demonstrated the effectiveness of our proposed approach compared to the state-of-the-art segmentation methods.