What if firms adjust their debt-equity ratios toward a target range?

We estimate optimal target-ranges of capital structure controlling for a series of firmspecific characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the estimated optimal ranges. Our analysis suggests that the observed behavior of firms is consistent with the notion of range-adjustment.

Bayesian analysis of extreme events with threshold estimation

The aim of this paper is to analyze extremal events using Generalized Pareto Distributions (GPD), considering explicitly the uncertainty about the threshold. Current practice empirically determines this quantity and proceeds by estimating the GPD parameters based on data beyond it, discarding all the information available be10w the threshold. We introduce a mixture model that combines a parametric form for the center and a GPD for the tail of the distributions and uses all observations for inference about the unknown parameters from both distributions, the threshold inc1uded. Prior distribution for the parameters are indirectly obtained through experts quantiles elicitation. Posterior inference is available through Markov Chain Monte Carlo (MCMC) methods. Simulations are carried out in order to analyze the performance of our proposed mode1 under a wide range of scenarios. Those scenarios approximate realistic situations found in the literature. We also apply the proposed model to a real dataset, Nasdaq 100, an index of the financiai market that presents many extreme events. Important issues such as predictive analysis and model selection are considered along with possible modeling extensions.

Exploring different social media users from the millennials’ generation: a cross-cultural behavioral analysis of brazilian users of Facebook and chinese users of RenRen

With the increasing importance of digital communication and its distinct characteristics, marketing tools and strategies adopted by companies have changed dramatically. Among the many digital marketing tools and new media channels available for marketers, the phenomenon known as social media is one of the most complex and enigmatic. It has a range that still is quite unexplored and deeply transforms the present view on the promotion mix (Mangold & Faulds, 2009). Conversations among users on social media directly affect their perceptions on products, services and brands. But more than that, a wide range of other subjects can also become topics of conversations on social media. Hit songs, sporting events, celebrity news and even natural disasters and politics are topics that often become viral on the web. Thus, companies must grasp that, and in order to become more interesting and relevant, they must take part in these conversations inserting their brands in these online dynamic dialogues. This paper focuses on how these social interactions are manifested in the web in to two distinct cultures, Brazil and China. By understanding the similarities and differences of these cultures, this study helps firms to better adjust its marketing efforts across regions, targeting and positioning themselves, not only geographically and culturally, but also across different web platforms (Facebook and RenRen). By examining how companies should focus their efforts according to each segment in social media, firms can also maximize its results in communication and mitigate risks. The findings suggest that differences in cultural dimensions in these two countries directly affect their virtual social networking behavior in many dimensions (Identity, Presence, Relationships, Reputation, Groups, Conversations and Sharing). Accordingly, marketing efforts must be tailored to each comportment and expectations.

Supply chain turbulence: the impact of a mid-range event in multi-tier, multi-dimension supply chains

Nota: A autora agradece à Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) pela concessão de bolsa de estudos para o desenvolvimento deste projeto de pesquisa.