Insider trading, investment, and liquidity: a welfare analysis

We compare competitive equilibrium outcomes with and without trading by a privately infonned "monopolistic" insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The welfare implications of insider trading for the ex ante expected utilities of outsiders are analyzed. The role of interim infonnation revelation due to insider trading, in improving the risk-sharing among outsiders with stochastic liquidity needs, is examined in detaiL

Archival information and organic information: a conceptual analysis of the Brazilian literature

Information has increasingly become a crucial resource for organizations that want to remain competitive in the market. For this reason, analysis and a correct understanding of informational types that are present in these environments become relevant to achieving the highest levels of performance. The aim of this paper is to review the literature of the concepts of organic and archival information within the organizational context/business environments. This is still an emerging theoretical field and therefore is conducive to intense discussions. We point out elements that help to characterize and distinguish these two types of information.

Transient stability analysis of electrical power systems using a neural network based on fuzzy ARTMAP

This work presents a methodology to analyze transient stability for electric energy systems using artificial neural networks based on fuzzy ARTMAP architecture. This architecture seeks exploring similarity with computational concepts on fuzzy set theory and ART (Adaptive Resonance Theory) neural network. The ART architectures show plasticity and stability characteristics, which are essential qualities to provide the training and to execute the analysis. Therefore, it is used a very fast training, when compared to the conventional backpropagation algorithm formulation. Consequently, the analysis becomes more competitive, compared to the principal methods found in the specialized literature. Results considering a system composed of 45 buses, 72 transmission lines and 10 synchronous machines are presented. © 2003 IEEE.

Video target tracking by using competitive neural networks

A target tracking algorithm able to identify the position and to pursuit moving targets in video digital sequences is proposed in this paper. The proposed approach aims to track moving targets inside the vision field of a digital camera. The position and trajectory of the target are identified by using a neural network presenting competitive learning technique. The winning neuron is trained to approximate to the target and, then, pursuit it. A digital camera provides a sequence of images and the algorithm process those frames in real time tracking the moving target. The algorithm is performed both with black and white and multi-colored images to simulate real world situations. Results show the effectiveness of the proposed algorithm, since the neurons tracked the moving targets even if there is no pre-processing image analysis. Single and multiple moving targets are followed in real time.

Economical analysis of ethanol steam reformer for hydrogen production associated with a sugarcane industry

An expressive amount of produced hydrogen is generated by customers in-situ such as petrochemical, fertilizer and sugarcane industries. However, the most utilized feedstock is natural gas, a non-renewable and fossil fuel. The introduction of biohydrogen production process associated in a sugarcane industry is an alternative to diminish emissions and contribute to create a CO2 cycle, where the plants capture this gas by photosynthesis process and produces sucrose for ethanol production. The cost of production of ethanol has dramatically decreased (from about US$ 700/m3 in 1970s to US$ 200/m3 today), becoming this a good option at near term, inclusively for its utilization by customers localized in main regions (localized especially in regions such as Southeastern Brazil) Also in near future, it will possible the utilization of fuel cells as form of distributed generation. Its utilization could occur specially in peak hours, diminishing the cost of investments in newer transmission systems. A technical and economic analysis of steam reformer of ethanol to hydrogen production associated with sugarcane industry was recently performed. This technique will also allow the use of ethanol when its price is relatively low. This study was based on a previous R&D study (sponsored by CEMIG - State of Minas Gerais Electricity Company) where thermodynamic and economic analyses were developed, based in the development of two ethanol steam reformers prototypes.x In this study an analysis was performed considering the use of bagasse as source of heat in the steam reforming process. Its use could to diminish the costs of hydrogen production, especially at large scale, obtaining cost-competitive production and permitting that sugarcane industry produces hydrogen in large scale beyond ethylic alcohol, anhydrous alcohol (or ethanol) and sugar.

Analysis of the effects of trade opening on household welfare: an application to Chile, 1999-2006

Incluye bibliografía

Analysis of the effects of trade opening on household welfare: an application to Chile, 1999-2006

Includes bibliography

Trade in services in Latin America and the Caribbean: an analysis of recent trends

Includes bibliography

Latin America’s competitive position in knowledge-intensive services trade

This study presents a dynamic analysis of Latin America's competitiveness in trade in knowledge-intensive services. The methodology used to undertake this analysis is based on the Tradecan approach developed by the Economic Commission for Latin America and the Caribbean (ECLAC), which provides a means of assessing different countries' competitiveness by looking at their exports to the fastest-growing markets. (In the past, it has usually been applied primarily to exports of goods.) The results suggest that, although some Latin American countries have made inroads in knowledge-intensive service segments and have comparative advantages in them, the percentage of "rising stars" (dynamic sectors in which a country or region is gaining in market share) is still low, while there is a high percentage of "missed opportunities" (dynamic sectors in which a country or region is losing market share). This points up the existence of areas in which the region's competitive position is weak and in which policies are needed to leverage its competitive advantages and remove the obstacles that are holding it back from establishing a more advantageous position in knowledge-intensive service markets.

Comparative analysis between a PEM fuel cell and an internal combustion engine driving an electricity generator: Technical, economical and ecological aspects

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Economic analysis for sizing of sugarcane (Saccharum spp.) mechanized harvesting

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Competitive interactions between C. albicans, C. glabrata and C. krusei during biofilm formation and development of experimental Candidiasis

In this study, we evaluated the interactions between Candida albicans, Candida krusei and Candida glabrata in mixed infections. Initially, these interactions were studied in biofilms formed in vitro. CFU/mL values of C. albicans were lower in mixed biofilms when compared to the single biofilms, verifying 77% and 89% of C. albicans reduction when this species was associated with C. glabrata and C. krusei, respectively. After that, we expanded this study for in vivo host models of experimental candidiasis. G. mellonella larvae were inoculated with monotypic and heterotypic Candida suspensions for analysis of survival rate and quantification of fungal cells in the haemolymph. In the groups with single infections, 100% of the larvae died within 18 h after infection with C. albicans. However, interaction groups achieved 100% mortality after 72 h of infection by C. albicans-C. glabrata and 96 h of infection by C. albicans-C. krusei. C. albicans CFU/mL values from larvae hemolymph were lower in the interacting groups compared with the monoespecies group after 12 h of infection. In addition, immunosuppressed mice were also inoculated with monotypic and heterotypic microbial suspensions to induce oral candidiasis. C. albicans CFU/mL values recovered from oral cavity of mice were higher in the group with single infection by C. albicans than the groups with mixed infections by C. albicans-C. glabrata and C. albicans-C. krusei. Moreover, the group with single infection by C. albicans had a higher degree of hyphae and epithelial changes in the tongue dorsum than the groups with mixed infections. We concluded that single infections by C. albicans were more harmful for animal models than mixed infections with non-albicans species, suggesting that C. albicans establish competitive interactions with C. krusei and C. glabrata during biofilm formation and development of experimental candidiasis.

AN ANALYSIS OF SMALL BUSINESS LOAN GUARANTEE FUNDS

Small businesses are considered important engines for job growth and economic development by policy makers worldwide. One of the most commonly cited constraints of small businesses is a lack of access to capital. To address this constraint, small business loan guarantee programs have been established in over 100 countries. There are a variety of types of guarantee funds, with the most significant differences being which borrowers are eligible for guarantees, and how borrowers are approved for guarantees. There is currently no clear delineation between types of programs and the economic conditions they operate in, though some trends are becoming apparent. However, these trends may not be leading to the best economic outcomes possible. By better matching the structure of the guarantee fund to the economic conditions it operates in, the program’s success in meeting economic development goals may be greatly improved. Many programs in developing countries may not be taking advantage of bank expertise and may be limiting the scope of their effectiveness. At the same time, programs in developed countries may be wasting resources by scattering their efforts too thinly and subsidizing less competitive firms to the detriment of local economic development.

Predicting Accurate and Actionable Static Analysis Warnings: An Experimental Approach

Static analysis tools report software defects that may or may not be detected by other verification methods. Two challenges complicating the adoption of these tools are spurious false positive warnings and legitimate warnings that are not acted on. This paper reports automated support to help address these challenges using logistic regression models that predict the foregoing types of warnings from signals in the warnings and implicated code. Because examining many potential signaling factors in large software development settings can be expensive, we use a screening methodology to quickly discard factors with low predictive power and cost-effectively build predictive models. Our empirical evaluation indicates that these models can achieve high accuracy in predicting accurate and actionable static analysis warnings, and suggests that the models are competitive with alternative models built without screening.

The Role of CEO Statements of Aggressiveness and the Competitive Aggressiveness of Firms: What is the Impact on Performance?

This research examines the impact of a CEO’s statements of aggressiveness on his or her organization’s competitive moves and subsequent performance. Hypotheses were developed based on previous work in Upper Echelon Theory and competitive dynamics. Based on this prior literature, it was hypothesized aggressive statements by CEOs will be associated with more aggressive organizations. It was also hypothesized these more aggressive organizations would display better performance than less aggressive organizations. A content analysis of letters to shareholders and trade publications was performed. This data was analyzed using multiple regression in SPSS 17 to test the hypotheses that aggressive statements by CEOs are associated with aggressive organizations and higher performance. Aggression scores for the content analysis were generated using the software package DICTION. The sample for the study was the organizations with the most revenue in two industries, automobile manufacturing and retailing. Data collection covered a five-year time span from 2003-2007, with performance data lagged one year. Control variables employed included CEO tenure, CEO background, organization size, and organization age. The findings indicate that CEO statements of aggressiveness do not significantly impact the competitive aggressiveness or the performance of their organizations. The implications of these findings are discussed and potential avenues for future research in the area are outlined.