Payoff interdependence and information externalities

This paper studies entry under information and payoff externalities. We consider a sequential investment game with uncertain payoffs where each firm is endowed with a private signal about profitability. It is shown that both over- and under-investment characterize the equilibria and that under-investment only occurs when investments are complements. Further we find that a reverse informational externality is present.

Ativos intangíveis: avaliação e mensuração no contexto de private equity e venture capital

Os ativos intangíveis tornaram-se a principal fonte de competitividade para as empresas operantes na Economia do Conhecimento. Entretanto, ativos intangíveis são de difícil mensuração, colocando desafios para investidores e bancos que, expostos a uma maior assimetria de informação, tendem a requerer retornos significativos, para aportar capital em Pequenas e Médias Empresas (PMEs) inovadoras, quando o fazem. O setor de Private Equity e Venture Capital (PE/VC) se desenvolveu concomitantemente à crescente importância dos ativos intangíveis na economia. Trata-se de um importante segmento de intermediação financeira composto por organizações desenhadas para lidar com elevada assimetria de informação. Neste trabalho, dez dessas organizações, atuantes no mercado brasileiro, foram entrevistadas. O objetivo é descrever o processo de seleção de investimentos, os critérios e os indicadores utilizados por tais organizações para identificar e mensurar os ativos intangíveis. O método usualmente adotado por essas organizações para a valoração (valuation) das PMEs inovadoras também é estudado. Resultados sugerem que as organizações de PE/VC utilizam técnicas sofisticadas para avaliar propostas de investimento, com critérios e indicadores específicos para se medir as principais classes de ativos intangíveis de uma empresa. Entretanto, tais ativos não são avaliados individualmente. A informação obtida é utilizada para se compreender a origem dos fluxos de caixa projetados e os principais fatores de risco. Por sua vez, tais elementos são combinados pelo método do fluxo de caixa descontado para se estimar o valor da empresa. Graças à extensa experiência dos gestores de PE/VC com PMEs inovadoras, acredita-se que o estudo das práticas deste segmento traz importantes reflexões para a recente discussão em torno dos ativos intangíveis

Um estudo sobre o poder de certificação dos fundos de private equity e venture capital nos IPOs realizados no mercado brasileiro

A melhora na situação econômica do Brasil, observada nos últimos anos, resultou em um aumento expressivo no número de IPOs realizados no mercado brasileiro tornando o mecanismo de desinvestimento através do mercado de capitais em uma boa opção para os fundos de Private Equity/Venture Capital, fato que não era visto no período anterior a 2004. No período de janeiro de 2004 a maio de 2007 foi possível notar um fato inédito para o mercado brasileiro, dos 61 IPOs que ocorreram, 26 foram realizados por firmas que tinham um fundo de Private Equity/Venture Capital como acionista. Devido a assimetria de informação, o preço de emissão é tipicamente inferior ao preço de mercado da ação após o IPO, sendo esse “fenômeno” conhecido na literatura como underpricing. Essa dissertação busca examinar o papel de certificação que um fundo de Private Equity/Venture Capital pode exercer nas emissões de ações no Brasil no período de 2004 a maio de 2007, reduzindo assim a assimetria de informação existente, através de uma análise do underpricing dos IPOs de empresas que tem fundos de Private Equity/Venture Capital como acionistas, e de empresas que não tem. Encontramos evidência que sugere que no mercado brasileiro apenas empresas com um bom grau de governança e transparência tem acesso ao Mercado de capitais através de IPOs, tirando, desta forma, a importância do poder de certificação exercido pelos fundos de Private Equity/Venture Capital em reduzir a assimetria de informação existente.

Debt maturity determinants in Brazil: evidence from private and public corporate borrowings

This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial Brazilian companies, from 2009 to 2013. We perform GMM panel analyses using as dependent variables the amount of long-term debt payable in more than one, three, and five years for total debt, BNDES (Brazilian Development Bank) debt and corporate bonds. The results show that the BNDES finances less risky firms, i.e., those that are larger, older, more tangible and more transparent. We also find support for information asymmetry theories, as companies with higher transparency levels have similar leverage levels relative to others but higher proportions of long-term debt in their capital structures. Regarding debt levels, we find that more levered companies are larger, less profitable, more tangible and have fewer growth opportunities. To our knowledge, this is the first paper to address the determinants of long-term debt maturity in Brazil that uses various specifications of long-term debt and that examines different types of debt.

Information literacy: uma análise nas bibliotecas escolares da rede privada em Natal / RN

GUEDES, Clediane de Araújo; FARIAS, Gabriela Belmont de. Information literacy: uma análise nas bibliotecas escolares da rede privada em Natal / RN. Revista Digital de Biblioteconomia e Ciência da Informação, Campinas, v. 4, n. 2, p. 110-133, jan./jun. 2007

Protecting medical images with biometric information

Medical images are private to doctor and patient. Digital medical images should be protected against unauthorized viewers. One way to protect digital medical images is using cryptography to encrypt the images. This paper proposes a method for encrypting medical images with a traditional symmetric cryptosystem. We use biometrics to protect the cryptographic key. Both encrypted image and cryptographic key can be transmitted over public networks with security and only the person that owns the biometrics information used in key protection can decrypt the medical image. © Springer Science+Business Media B.V. 2008.

Regulation of the private provision of public water-related services

Includes bibliography

Survey of Staff and Organization of Private Secondary School Libraries in Ondo West Local Government Area of Ondo State

The teacher-librarian and organization of private secondary school libraries in Ondo West Local Government Area of Ondo State was the focus of the study. A structured questionnaire was the instrument used for data collection. Copies of questionnaires were administered to staff of six school libraries surveyed. The study revealed that none of the staff were professionally qualified, which resulted in poor and haphazard organization of the resources in all the schools surveyed. Recommendations were made to improve library services, including pr

Contesting Sphere Boundaries Online: Private/Technical/Public Discourses in Polycystic Ovarian Syndrome Discussion Groups

The internet is fast becoming a means for people to obtain information, creating a unique forum for the intersection of the public, technical, and private spheres. To ground my research theoretically, I used Jürgen Habermas’s sphere theory. Habermas (1987) explains that the technical sphere colonizes the private sphere, which decreases democratic potential. In particular, the internet is a place for altering technical colonization of the private and public spheres. My research focuses on women’s health because it is a particularly useful case study for examining sphere tensions. Historically, the biomedical health establishment has been a powerful agent of colonization, resulting in detrimental effects for women and their health. The purpose of this study is to examine how the internet encourages expert and female patient deliberation, which empowers women to challenge the experts and, thus, make conversations between the private/technical spheres more democratic. I used PCOS (Polycystic Ovarian Syndrome) as a case to observe the changing sphere boundaries by studying the discourse that took place on multiple patient and doctor websites over a four-year period. Through my research, I found that the PCOS women challenge the biomedical model by appropriating medical language. By understanding the medical talk, the women are able to feel confident when discussing their health conditions with the doctor and with each other. The PCOS women also become lay-experts who have personal and medical experience with PCOS, reducing private sphere colonization. This case study exemplifies how female empowerment can influence expert culture, challenging our conventional understanding of democracy.

Private and Public Dental Care in the City of Sao Paulo in the First Decade of the XXI Century

Two concomitant movements occur in the first decade of the XXI century within the private and public dental services in Brazil: the entrance of oral health on the agenda of political priorities of the federal government and the vigorous growth of additional dental care. We analyzed the occurrence of these phenomena in the city of Sao Paulo, by seeking information in official documents and electronic databases in the Municipality of Sao Paulo, the Ministry of Health and National Health Agency (ANS), and also in scientific literature. During the studied period - January 2000 to December 2009 - and with basis on indicators such as coverage of First Consultation Program and Dental coverage Population Potential, percentages were found that characterize low public assistance and a situation far short of the constitutional principle of universal access to dental care. The growing number of beneficiaries of additional services through exclusively dental coverage insurance plans and other types of private insurance plans in the same period was significant, accounting for a major expansion of population coverage in this mode of care. It was found that, compared to the overall national framework, the city of Sao Paulo offers poor access to public dental care, with reduced supply of services to adults and aged people. Furthermore, considering the limitations of market additional services to provide dental care to all Brazilians, it reinforces the need for continuity and expansion of Brasil Sorridente, which is the programmatic expression of the National Oral Health Politics.

[Effects of tobacco use on systemic health: relevant information for dentistry (II)--part 2: cardiovascular diseases and public health issues]

This is the sixth and concluding part of a series of publications from the Swiss task force named "Smoking - Intervention in the private dental office" on the topic "tobacco use and dental medicine". The focus of this review is the effects of smoking for the development of atherosclerosis as pathohistological correlate for acute coronary syndrome (ACS), arterial occlusive disease, and cerebrovascular diseases (stroke). Additionally, a causal relationship between tobacco use and an increased rate for complications during pregnancy and child birth will be discussed. Next to causal therapy of local and systemic diseases in general, an emphasis must be given to tobacco use prevention and cessation. Finally, important public health issues concerning smoking and tobacco use will be demonstrated, and options to improve the current situation will be presented.

[Effects of tobacco use on general health: relevant information for dentistry (I)--part 1: pulmonary diseases and other malignancies]

This fifth part of a series of publications from the Swiss task force named "Smoking--Intervention in the private dental office" on the topic "tobacco use and dental medicine" focuses on the effects of tobacco use on general health. A significant increase of tobacco use associated morbidity and mortality for many cardiovascular and pulmonary diseases has been well documented in the literature. In this review, the epidemiologic background as well as the pathophysiological fundamentals for tobacco-mediated pulmonary diseases is presented, focusing especially on chronic obstructive pulmonary disease (COPD) and lung cancer. In addition, a causal relationship between nicotine abuse and an increased carcinoma incidence for other malignancies but lung cancer will be discussed. Regarding the evidence in the present literature, it is undisputable that smoking is the most preventable cause for COPD and lung cancer.

Comparison of cost and outcome of care in patients with low back pain who are managed by physicians or physical therapists in private practice

The purpose of this study was to determine if there were differences in the cost and outcome of care in patients with low back pain who were managed by physicians or physical therapists in private practice in the state of Arizona. A secondary purpose was to describe the current status of private practice physical therapy clinicians who treat patients with low back pain.^ A Survey on Practice was mailed to 194 physical therapists who were listed by the American Physical Therapy Association as being in private practice in Arizona. Eighty-three percent of the surveys were returned after three attempts. Of those which were returned, 72 were complete and included in the analysis.^ The 72 practices were screened to determine those eligible for the second phase of the study. Those eligible for the second phase numbered 52 clinics. Twenty-six practices agreed to participate; however, only 21 did participate. Clinics which participated were sent packets of information which were to be kept on each patient seen with a complaint of low back pain during a three month period. Packets contained a patient-oriented survey on functional activity to be completed before and after the physical therapy course of treatment, as well as a log which was completed by the physical therapist on the type of care given to the patient and an assessment of the outcome of treatment. The patient was asked to fill out a satisfaction survey relative to the care received from the physical therapist and physician, if applicable.^ Although 259 patients were entered into the study, 210 patient logs were available for analysis. Results indicated that generally, there was no difference in cost or outcome as measured by the final functional score, change between the initial and final functional scores, or the therapist-rated outcome between the patients who were managed by physicians or physical therapists when controlling for age and length of time the patient was experiencing pain. Patients were more satisfied with care received from physical therapists as compared to physicians. Age and length of pain were good predictors of the type of referral patients received according to a logistic regression procedure. The initial disability score (IRS) and the time spent in the facility predicted therapist-rated outcome, a good or poor final disability score (FRS), and a good or poor change score. In addition, age predicted FRS and change scores. The time that the therapist spent in direct contact with the patient also predicted the change score.^ These findings of no difference in the cost and outcome of care were discussed as they relate to the practice of medicine and physical therapy. ^