886 resultados para Sample selection and firm heterogeneity


Relevância:

100.00% 100.00%

Publicador:

Resumo:

This thesis examines three different, but related problems in the broad area of portfolio management for long-term institutional investors, and focuses mainly on the case of pension funds. The first idea (Chapter 3) is the application of a novel numerical technique – robust optimization – to a real-world pension scheme (the Universities Superannuation Scheme, USS) for first time. The corresponding empirical results are supported by many robustness checks and several benchmarks such as the Bayes-Stein and Black-Litterman models that are also applied for first time in a pension ALM framework, the Sharpe and Tint model and the actual USS asset allocations. The second idea presented in Chapter 4 is the investigation of whether the selection of the portfolio construction strategy matters in the SRI industry, an issue of great importance for long term investors. This study applies a variety of optimal and naïve portfolio diversification techniques to the same SRI-screened universe, and gives some answers to the question of which portfolio strategies tend to create superior SRI portfolios. Finally, the third idea (Chapter 5) compares the performance of a real-world pension scheme (USS) before and after the recent major changes in the pension rules under different dynamic asset allocation strategies and the fixed-mix portfolio approach and quantifies the redistributive effects between various stakeholders. Although this study deals with a specific pension scheme, the methodology can be applied by other major pension schemes in countries such as the UK and USA that have changed their rules.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

A natural experiment is used to identify the causal relationship between employment protection legislation and fi…rm growth. The natural experiment occurred in Sweden in 2001, when an exemption made it possible for fi…rms with less than eleven employees to exclude two workers from the last-in-fi…rst-out principle when dismissing personnel. The estimated average treatment effect of the reform show that the number of employees increased with 0.135 percent in fi…rms with 5-9 employees relative to fi…rms with 10-15 employees, which corresponds to over 5,000 additional jobs per year created by the reform. Firms with ten employees, just below the size threshold, became 3.4 percent less likely to increase their workforce to a level surpassing the threshold, indicating that the last-in-…first-out rule prevented these …firms from growing. Thus, employment protection legislation seems to act as a growth barrier for small fi…rms.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

This paper examines the efects of the transfer of credit risk associated with bank loans. We are interested in (a) whether the transfer of credit risk has any impact on the intensity with which banks monitor their borrowers and (b) whether credit risk transfer infuences the amount of financing that is provided to firms in an economy. Our model first develops conditions under which bank finance is available to firrms, mainly in the spirit of Holmstrom/Tirole (1997). We then introduce projects with uncorrelated pay-offs and argue that one possible economic rationale for credit risk transfer is diversi¯cation. We analyze whether and how within this scenario the transfer of the credit risk of loans changes a bank's incentives to monitor its debtors. Finally we investigate whether and what kind of impact this may have on the amount of ¯nancing available to firms in an economy. Our results indicate that the monitoring incentives are being eroded indeed and that credit risk transfer can increase the overall amount of obtainable funds in an economy.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Objectives: This study compared three methods of Streptococcus mutans and Lactobacillus spp. detection in the oral cavity: saliva swab (SS)-sample of stimulated saliva collected with swab; whole saliva (WS)-sample of 2 ml of stimulated saliva; and the dental plaque method (DP)-plaque sample of all dental surfaces.Methods: Thirty children were included in this study. In the first 15 children, the SS and WS methods were carried out before the dental plaque collection, and in the following 15, the sequence was inverted to evaluate possible interference of the methods sequence. The samples were diluted and inoculated in SB20 and Rogosa agar, respectively for S. mutans and Lactobacillus spp., at 37 degrees C for 48 h.Results: the results (cfu/mL) of S. mutans were analysed by the statistical Friedman's test. The levels of Lactobacillus spp. were analysed by descriptive statistics due to the high proportion of zero counts in the culture. In the first sequence of methods, the number of S. mutans counted for the SS method was inferior to DP and WS (P < 0.05), and the results for the WS and DP methods were similar. The detection of Lactobacillus spp. was observed just by the WS (100 %) and SS (14.3 %) methods. However, in the second experimental set the number of S. mutans detected by the DP method was similar to those of the SS and WS, however, the WS method showed higher values than SS (P < 0.05). A greater number of Lactobacillus spp. was detected by the WS method (100 %), followed by SS (55.5 %) and DP (33.3 %).Conclusions: the dental plaque collection and the sample of stimulated whole saliva presented similar results in the S. mutans count. The most suitable method to detect the Lactobacillus spp. level in the oral cavity is the stimulated whole saliva method. (c) 2004 Elsevier Ltd. All rights reserved.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

The aim of this work was to present organizational models for optimizing the reduction of crop residue generated by the sugarcane culture. The first model consisted of the selection of varieties of sugarcane to be planted meeting the mill requirements and, at the same time, to minimize the quantity of residue produced. The second model discussed the use of residue to produce energy. This is related to the selection of variety and quantity to be planted, in order to meet the requirements of the mill, to reduce the quantity of residue, and to maximize as much as possible the energy production. The use of linear programming was proposed. The two models presented similar results in this study, and both may be used to define the varieties and areas to be cultivated. (C) 2001 Published by Elsevier B.V. Ltd.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

We present a generic spatially explicit modeling framework to estimate carbon emissions from deforestation (INPE-EM). The framework incorporates the temporal dynamics related to the deforestation process and accounts for the biophysical and socioeconomic heterogeneity of the region under study. We build an emission model for the Brazilian Amazon combining annual maps of new clearings, four maps of biomass, and a set of alternative parameters based on the recent literature. The most important results are as follows: (a) Using different biomass maps leads to large differences in estimates of emission; for the entire region of the Brazilian Amazon in the last decade, emission estimates of primary forest deforestation range from 0.21 to 0.26 similar to Pg similar to C similar to yr-1. (b) Secondary vegetation growth presents a small impact on emission balance because of the short duration of secondary vegetation. In average, the balance is only 5% smaller than the primary forest deforestation emissions. (c) Deforestation rates decreased significantly in the Brazilian Amazon in recent years, from 27 similar to Mkm2 in 2004 to 7 similar to Mkm2 in 2010. INPE-EM process-based estimates reflect this decrease even though the agricultural frontier is moving to areas of higher biomass. The decrease is slower than a non-process instantaneous model would estimate as it considers residual emissions (slash, wood products, and secondary vegetation). The average balance, considering all biomass, decreases from 0.28 in 2004 to 0.15 similar to Pg similar to C similar to yr-1 in 2009; the non-process model estimates a decrease from 0.33 to 0.10 similar to Pg similar to C similar to yr-1. We conclude that the INPE-EM is a powerful tool for representing deforestation-driven carbon emissions. Biomass estimates are still the largest source of uncertainty in the effective use of this type of model for informing mechanisms such as REDD+. The results also indicate that efforts to reduce emissions should focus not only on controlling primary forest deforestation but also on creating incentives for the restoration of secondary forests.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Studies on patterns of habitat use by mammals are necessary for understanding the mechanisms involved in their distribution and abundance. In this study, we used the spool-and-line method to investigate habitat utilization by two sigmodontine rodents from Brazilian Cerrado, Necromys lasiurus and Oryzomys scotti. We conducted the study in a Cerrado area in central Brazil (15 degrees 56'S and e 47 degrees 56'W) where the animals were caught in an area of 7.68 ha of Cerrado sensu stricto. Captured individuals were marked, equipped with a spool-and-Line device, and released at the same capture point. The next day we followed the thread to record their daily movements and find their nests. To investigate microhabitat selection we compared habitat characteristics along traits of each studied species with general habitat characteristics of the study area. Although the mean 24-h distance was greater for N. lasiurus (mean +/- SE: 41.9 +/- 42.2 m, N=3) than for O. scotti (28.7 +/- 14.2 m, N=6) this difference was not significant (Mann-Whitney test, U=26, P>0.6). We detected significant differences among observed microhabitats variables of both species and available microhabitat characteristics as determined by discriminant analysis (Wilks's lambda F=3.001; df=14, 116; P<0.001). Both species were associated to microhabitat characteristics whose values differed markedly from the overall available habitat. Along the first canonical discriminant function of the DFA both them were associated with greater grass height than the mean height available and along the second axis N. lasiurus selected areas with higher fruit availability and more shelters than those selected by 0. scotti. For stronger inferences regarding differential patterns of habitat utilization by Cerrado rodents we suggest the simultaneous use of both spool-and-line and standard trapping methods. (c) 2005 Deutsche Geseltschaft fur Saugetierkunde. Published by Elsevier GmbH. ALL rights reserved.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Several spider species use plants as shelter and foraging sites, but the relationships among these organisms are still poorly known. Lynx spiders of the genus Peucetia do not build webs, and many species live strictly in plants bearing glandular trichomes. Peucetia flava Keyserling 1877 inhabits Solanum thomasifolium in southeastern Brazil and usually preys on herbivores and other small insects adhered to the glandular trichomes of its host plant. To evaluate the potential anti-herbivore protection. of this spider species for S. thomasifolium, we glued termites used as herbivore models oil trichomes of S. thomasifolium and on neighboring plants lacking glandular trichomes. leaf miner damage and spider density were recorded for S. thomasifolium plants in July 1997. There was a positive relationship between plant size and spider density. The removal or termites in S. thomasifolium by P. flava was higher than ill plants without glandular trichomes. The leaf miner damage was negatively related to spider density. Our results Suggest that P. flava may be all important plant bodyguard in the defense of S. thomasifolium from its natural herbivores.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Sexual selection is a crucial element to understand behavioral evolution. Teleost fish have been considered as good models for research on sexual selection in the last decades due to their variety of sexual behavior. Female fish can choose males based on body and behavioral traits, such as body size, body color, ornaments, territorial quality, nest size and courtship behavior. Choices are based upon several types of sensorial inputs, such as visual, chemical, sonorous and electrical signals. Intrasexual selection also acts on females because they can mate with a dominant individual in male-male competitions. For both approaches, there is an expectation regarding the benefits of sexual selection by means of female choice. However, in several cases females do not choose the dominant male. In this mini-review, we present and discuss both intersexual and intrasexual mechanisms of sexual selection in fish and point out that females do not always choose a male for mating.