A JOINT EXPERIMENTAL ANALYSIS OF INVESTOR BEHAVIOR IN IPO PRICING METHODS

This article jointly examines the differences of laboratory versions of the Dutch clock open auction, a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the “competitive IPO”, a recent innovation used in a few European equity initial public offerings. We investigate pricing, seller allocation, and buyer welfare allocation efficiency and conclude that the book building emulation seems to be as price efficient as the Dutch auction, even after investor learning, whereas the competitive IPO is not price efficient, regardless of learning. The competitive IPO is the most seller allocative efficient method because it maximizes offer proceeds. The Dutch auction emerges as the most buyer welfare allocative efficient method. Underwriters are probably seeking pricing efficiency rather than seller or buyer welfare allocative efficiency and their discretionary pricing and allocation must be important since book building is prominent worldwide.

The study of public administration in India, the Philippines, Canada and Australia: the universal struggle against epistemic colonization, and toward critical assimilation

The study of public administration has been characterized as a strong international focus, as both governments and scholars have sought to learn from the experience of other societies. While in a perfect world, one would expect a sort of pragmatic universalism, instead, many scholars tend to bring lessons from one country, or from a single cultural reality. This modest contribution lies in showing a series of national experiences rarely brought to the discourse about public administration in Brazil: Canada, Australia, India and the Philippines. Special emphasis will be given to the following: the origins and the development of public administration; the influence of ideology; and the complex tension between global theory and local practices.

Patterns of deliveries in a Brazilian birth cohort: almost universal cesarean sections for the better-off

OBJECTIVE: To describe the patterns of deliveries in a birth cohort and to compare vaginal and cesarean section deliveries. METHODS: All children born to mothers from the urban area of Pelotas, Brazil, in 2004, were recruited for a birth cohort study. Mothers were contacted and interviewed during their hospital stay when extensive information on the gestation, the birth and the newborn, along with maternal health history and family characteristics was collected. Maternal characteristics and childbirth care financing - either private or public healthcare (SUS) patients - were the main factors investigated along with a description of C-sections distribution according to day of the week and delivery time. Standard descriptive techniques, Χ² tests for comparing proportions and Poisson regression to explore the independent effect of C-section predictors were the methods used. RESULTS: The overall C-section rate was 45%, 36% among SUS and 81% among private patients, where 35% of C-sections were reported elective. C-sections were more frequent on Tuesdays and Wednesdays, reducing by about a third on Sundays, while normal deliveries had a uniform distribution along the week. Delivery time for C-sections was markedly different among public and private patients. Maternal schooling was positively associated with C-section among SUS patients, but not among private patients. CONCLUSIONS: C-sections were almost universal among the wealthier mothers, and strongly related to maternal education among SUS patients. The patterns we describe are compatible with the idea that C-sections are largely done to suit the doctor's schedule. Drastic action is called for to change the current situation.

Economic crisis and counter-reform of universal health care systems: Spanish case

The economic crisis that has been affecting Europe in the 21st century has modified social protection systems in the countries that adopted, in the 20th century, universal health care system models, such as Spain. This communication presents some recent transformations, which were caused by changes in Spanish law. Those changes relate to the access to health care services, mainly in regards to the provision of care to foreigners, to financial contribution from users for health care services, and to pharmaceutical assistance. In crisis situations, reforms are observed to follow a trend which restricts rights and deepens social inequalities.

Prevalence of HIV type 1 drug resistance mutations in treatment-naïve and experienced patients from resource-limited settings with universal access to antiretroviral therapy: a survey in two small Brazilian cities

Concerns have been raised that universal availability of antiretroviral agents in resource-limited settings might lead to the emergence and spread of resistant strains. We present the largest survey on human immunodeficiency virus type 1 (HIV-1) resistance among treatment-naïve and experienced patients followed in small, relatively underprivileged cities in Brazil with universal availability to standard of care antiretroviral combinations. Samples were collected between 2004 and 2006 from 95 patients followed in the cities of Saquarema and Santo Antonio de Pádua, state of Rio de Janeiro. A proviral fragment encompassing protease and reverse transcriptase (RT) regions was generated and drug susceptibility level was inferred. Among 50 strains from drug-naïve subjects, one (2%) had intermediate-level resistance to RT inhibitors. Among 38 patients on therapy as of sampling, 28 (73.7%) had plasma viral load (PVL) below detection limit (26 of whom without evidence of resistance mutations) and 11 (28.9%) harbored strains with reduced susceptibility. Only two strains harbored both protease and RT inhibitor mutations. Among seven patients who were off-treatment as of sampling, two (28.5%) harbored strains with reduced susceptibility to RT inhibitors. The relatively high frequency of undetectable PVL among patients on treatment and the overall low prevalence of resistance-associated mutations are reassuring. Continued surveillance, however, is necessary.

The classification of esterases: an important gene family involved in insecticide resistance - A review

The use of chemical insecticides continues to play a major role in the control of disease vector populations, which is leading to the global dissemination of insecticide resistance. A greater capacity to detoxify insecticides, due to an increase in the expression or activity of three major enzyme families, also known as metabolic resistance, is one major resistance mechanisms. The esterase family of enzymes hydrolyse ester bonds, which are present in a wide range of insecticides; therefore, these enzymes may be involved in resistance to the main chemicals employed in control programs. Historically, insecticide resistance has driven research on insect esterases and schemes for their classification. Currently, several different nomenclatures are used to describe the esterases of distinct species and a universal standard classification does not exist. The esterase gene family appears to be rapidly evolving and each insect species has a unique complement of detoxification genes with only a few orthologues across species. The examples listed in this review cover different aspects of their biochemical nature. However, they do not appear to contribute to reliably distinguish among the different resistance mechanisms. Presently, the phylogenetic criterion appears to be the best one for esterase classification. Joint genomic, biochemical and microarray studies will help unravel the classification of this complex gene family.

The joint R&D project: The case of the first Brazilian microcontroller chip

ABSTRACT The interorganizational cooperation, through joint efforts with various actors, allows the high-tech companies to complement resources, especially in R&D projects. Collaborative projects have been identified in many studies as an important strategy to produce complex products and services in uncertain and competitive environments. Thus, this research aims at deepening the understanding of how the development dynamics of a collaborative R&D project in an industry of high technology occur. In order to achieve the proposed objective, the R&D project of the first microcontroller in the Brazilian semiconductor industry was defined as the object of analysis. The empirical choice is justified by the uniqueness of the case, besides bringing a diversity of actors and a level of complementarity of resources that were significant to the success of the project. Given the motivation to know who the actors were and what the main forms of interorganizational coordination were used in this project, interviews were carried out and a questionnaire was also made, besides other documents related to the project. The results presented show a network of nine actors and their roles in the interorganizational collaboration process, as well as the forms of social and temporal overlapping, used in the coordination of collective efforts. Focusing on the mechanisms of temporal and social integration highlighted throughout the study, the inclusion of R&D projects in the typology for interorganizational projects is proposed in this paper, which was also proposed by Jones and Lichtenstein (2008).

Segurança do paciente em cirurgia oncológica: experiência do Instituto do Câncer do Estado de São Paulo

A preocupação com a segurança do paciente em centro cirúrgico (CC) tem sido crescente, devido à elevada frequência de erros e eventos adversos, que muitas vezes poderiam ser prevenidos. A Joint Commission on Accreditation of Healthcare Organizations (JCAHO) propôs o Protocolo Universal (PU) para a prevenção do lado, procedimento e paciente errado. No Brasil foram poucas as instituições que o implantaram, sendo necessária a divulgação e avaliação da sua efetividade. O objetivo foi relatar a experiência do Instituto do Câncer do Estado de São Paulo (ICESP) na implantação do PU-JCAHO. O protocolo inclui três etapas: verificação pré-operatória, marcação do sitio cirúrgico (lateralidade) e TIME OUT. O CC do ICESP está em funcionamento desde novembro de 2008. O PU-JCAHO é aplicado integralmente a todas as cirurgias. Até junho de 2009 foram realizadas 1019 cirurgias, sem registro de erro ou evento adverso. A implantação do PU-JCAHO é simples, sendo ferramenta útil para prevenir erros e eventos adversos em CC.

A universal microscope manipulator

A modified and improved model of a mechanical manipulator for observation of pinned and mounted insects is described. This device allows movement of the observed object around three perpendicular axes in the field of vision at all magnifications of stereomicroscopes. The main improvement of this new model is positioning of the guiding knobs for rotating around two of the axes next to each other, allowing faster and easier manipulation of the studied object. Thus, one of the main advantages of this device is the possibility to rotate the specimen without the need to refocus. The device enables easily reaching a precession deviation in the intersection point of axes up to 0.5 mm in the process of assembling.

Utilização de métodos de representação espacial para cálculo do fator topográfico na equação universal de perda de solo revisada em bacias hidrográficas

Métodos de representação espacial para o cálculo do fator topográfico (LS) da Equação Universal de Perda de Solo Revisada (RUSLE) têm sido utilizados para estimar a erosão do solo e a produção de sedimentos em bacias hidrográficas. Esses procedimentos baseiam-se nas equações tradicionalmente empregadas para determinação do fator LS e em informações que caracterizam a forma das vertentes derivadas do modelo numérico de elevação (MNE). Neste estudo foram analisados dois métodos de representação espacial utilizados no cálculo do fator LS em modelos matemáticos de erosão e produção de sedimentos em bacias hidrográficas. A análise foi realizada em quatro bacias rurais de relevo movimentado. Os valores de LS obtidos pelos métodos de representação espacial foram comparados entre si e com valores de LS determinados pelo método tradicional com levantamento em campo. Resultados mostraram que os valores de LS gerados pelos métodos de representação espacial apresentam diferenças significativas entre si, sendo dependentes do procedimento de cálculo e do método utilizado para determinar a direção de fluxo no MNE. Também foi verificado que os valores numéricos do fator LS determinados pelos métodos de representação espacial apresentam diferenças em relação àqueles estimados pelo método tradicional.

Calibração e validação da equação universal de perda de solos modificada (MUSLE) utilizando dados hidrossedimentológicos locais

Modelos hidrossedimentológicos são úteis na análise ambiental de bacias hidrográficas não monitoradas. Entretanto, para que as suas predições sejam confiáveis, é necessário que os modelos sejam adequadamente calibrados e validados para as condições locais. O objetivo do presente trabalho foi calibrar o coeficiente a da MUSLE para as condições da bacia do ribeirão Pipiripau, usando dados hidrossedimentológicos locais, bem como validar a equação calibrada, com uma série de dados diferente da usada na calibração. O coeficiente a da MUSLE foi calibrado por meio do ajuste entre os valores observados e calculados de aporte de sedimento de eventos individuais, correspondentes ao período entre 1999 e 2005, usando dados hidrológicos (Q e q p) observados. Para validação do modelo calibrado, a série usada correspondeu aos anos de 1998 e 2006-2009 (N.A.: dados corretos, ver p. 12), onde apenas os dados pluviométricos locais e os fatores CN, K, L, S, C e P da bacia, previamente obtidos, foram usados. Os resultados indicam que a MUSLE calibrada apresenta melhor acurácia na estimativa do aporte de sedimento total anual (R² = 0,68 e E = 0,61) do que em nível mensal (R² = 0,44 e E = 0,43). Como o coeficiente de ajuste a da MUSLE foi proporcional ao volume de precipitação pluvial anual, este poderá ser usado para melhorar as predições do modelo.