Relationship between the price of fish and its quality attributes: a study within a community at the University of São Paulo, Brazil

The aim of this study was to evaluate the associations between the products' market price and attributes related to fish purchase and consumption within a university community in Brazil. A structured questionnaire consisting of a five-point Likert scale was used. It was previously tested and made available to the university community via the Internet. The sample comprised 1966 voluntaries including university students and faculty and staff members. A descriptive analysis of data was performed using Spearman's correlation analysis. The results showed that the majority of the respondents (56%) consume fish at home; some consume fish at restaurants (39%), and 5% at family or friends' houses, reinforcing the idea that variables such as culture and reference groups are fundamental determinants of purchase and consumption behavior. It was identified a significant (p < 0.001) and very strong correlation between the attributes price and nutritional value (r = 0.92); price and availability at the usual places of purchase (r = 0.92); price and packaging (r = 0.92); price and brand name (r = 0.91); and price and of the Federal Inspection stamp (r = 0.91) and a low positive correlation (p < 0.001) between the price variable and the initiative for fish traceability (r = 0.16). This study demonstrated that the price of fish is associated with the quality of the product and the attributes related to it such as packaging, nutritional value, and availability of the product in the market.

The price of space: the convergence of value in use and value in exchange

This paper discusses concepts of value from the point of view of the user of the space and the counter view of the provider of the same. Land and property are factors of production. The value of the land flows from the use to which it is put, and that in turn, is dependent upon the demand (and supply) for the product or service that is produced/provided from that space. If there is a high demand for the product (at a fixed level of supply), the price will increase and the economic rent for the land/property will increase accordingly. This is the underlying paradigm of Ricardian rent theory where the supply of land is fixed and a single good is produced. In such a case the rent of land is wholly an economic rent. Economic theory generally distinguishes between two kinds of price, price of production or “value in use” (as determined by the labour theory of value), and market price or “value in exchange” (as determined by supply and demand). It is based on a coherent and consistent theory of value and price. Effectively the distinction is between what space is ‘worth’ to an individual and that space’s price of exchange in the market place. In a perfect market where any individual has access to the same information as all others in the market, price and worth should coincide. However in a market where access to information is not uniform, and where different uses compete for the same space, it is more likely that the two figures will diverge. This paper argues that the traditional reliance of valuers to use methods of comparison to determine “price” has led to an artificial divergence of “value in use” and “value in exchange”, but now such comparison are becoming more difficult due to the diversity of lettings in the market place, there will be a requirement to return to fundamentals and pay heed to the thought process of the user in assessing the worth of the space to be let.

Testing for bubbles in indirect property price cycles

Speculative bubbles are generated when investors include the expectation of the future price in their information set. Under these conditions, the actual market price of the security, that is set according to demand and supply, will be a function of the future price and vice versa. In the presence of speculative bubbles, positive expected bubble returns will lead to increased demand and will thus force prices to diverge from their fundamental value. This paper investigates whether the prices of UK equity-traded property stocks over the past 15 years contain evidence of a speculative bubble. The analysis draws upon the methodologies adopted in various studies examining price bubbles in the general stock market. Fundamental values are generated using two models: the dividend discount and the Gordon growth. Variance bounds tests are then applied to test for bubbles in the UK property asset prices. Finally, cointegration analysis is conducted to provide further evidence on the presence of bubbles. Evidence of the existence of bubbles is found, although these appear to be transitory and concentrated in the mid-to-late 1990s.

Asymmetric information, credit market condition, and entrepreneurial finance

The issue of imperfect information plays a much more important role in financing “informationally opaque” small businesses than in financing large companies.1 This chapter examines the asymmetric information issue in entrepreneurial finance from two perspectives: the effects of relationship lending and the impacts of credit market concentration on entrepreneurial financial behavior. These two perspectives are strongly linked to each other via the asymmetric information issue in entrepreneurial finance. Existing literature has recognized the important role played by relationship lending in alleviating the problem of asymmetric information. However, mixed empirical results have been reported. For example, it has been found that the development of relationship lending can improve the availability of finance for small businesses borrowers (Petersen and Rajan, 1994) and reduce the costs of finance (Berger and Udell, 1995). Meanwhile, with monopoly power, banks may extract rents, in terms of charging higher-than-market interest rates, from small businesscustomers who have very concentrated banking relationships (Ongena and Smith, 2001). In addition, both favorable and unfavorable effects of credit market concentration on financing small businesses have been acknowledged. Small business borrowers may have to pay a higher-than-market price on loans (Degryse and Ongena, 2005) and are more likely to be financially constrained (Cetorelli, 2004) than in competitive markets. On the other hand, empirical studies have shown that market concentration create a strong motive for lenders to invest in private information from small business customers, and therefore a concentrated market is more efficient in terms of private information acquisition (Han et al., 2009b). The objective of this chapter is to investigate, by reviewing existing literature, the role played by relationship lending and the effects of market concentration on financing entrepreneurial businesses that are supposed to be informationally opaque. In the first section we review literature on the important role played by asymmetric information in entrepreneurial finance from two perspectives: asymmetric information and relationship lending, and the theoretical modeling of asymmetric information. Then we examine the relationship between capital market conditions and entrepreneurial finance and attempt to answer two questions: Why is the capital market condition important for entrepreneurial finance? and What are the effects of capital market conditions on entrepreneurial financial behavior in terms of discouraged borrowers, cash holding, and the availability and costs of finance?

Spatial price equilibrium and the transport sector : a trade-consistent SCGE model

This paper presents a framework for an SCGE model that is compatible with the Armington assumption and explicitly considers transport activities. In the model, the trade coefficient takes the form of a potential function,and the equilibrium market price becomes similar to the price index of varietal goods in the context of new economic geography (NEG). The features of the model are investigated by using the minimal setting, which comprises two non-transport sectors and three regions. Because transport costs are given exogenously to facilitate study of their impacts, commodity prices are also determined relative to them. The model can be described as a system of homogeneous equations, where an output in one region can arbitrarily be determined similarly as a price in the Walrasian equilibrium. The model closure is sensitive to formulation consistency so that homogeneity of the system would be lost by use of an alternative form of trade coefficients.

Determinantes da politica de dividendos: evidência empírica para as empresas não financeiras cotadas na Euronext Lisbon

The problematic of dividends paid out by firms has deserved the attention of several studies, theoretical and empirical, on corporate finance. This article intends to contribute to the theme by determining the factors that influence a firm’s dividends` policy. In this sense, it investigates the effect of a set of factors on the dividends paid out by issuing non financial firms belonging to Euronext Lisbon. Results suggest the existence of firm specific characteristics influencing its dividends policy. A firm’s Cash-flow and its stocks` market price seem to have a positive impact on the dividends paid out to stockholders. In issuing non financial firms that belong to the PSI 20 Index results additionally show the existence of a negative effect of net profits on dividend’s payment.

Desempenho empresarial e o valor da empresa no mercado de capitais: evidência empírica para o mercado de capitais português

The main objective of this paper is to analyse the effect of firms’ performance indicators in explaining the price of stocks in the Portuguese capital market, using a fundamental analysis. In the empirical setting, firms’ performance indicators are gathered into two groups: (1) economic and financial indicators and (2) stock market indicators. Using a sample of 38 firms quoted at Euronext Lisbon, estimates are obtained trough an Ordinary Least Squares (OLS) model and report to December, 31 2007. Results suggest that performance indicators are able to explain the firms’ stock market price. There is a significant positive impact of sales growth and of payout ratio, while we find a statistically significant negative effect of the firm’s financial autonomy on the stock market price for the majority of firms quoted at Euronext Lisbon.

Estratégias de oferta em leilões simétricos no âmbito dos mercados liberalizados de electricidade

Mestrado em Engenharia Electrotécnica – Sistemas Eléctricos de Energia

Caracterización y determinación del proceso para la producción de cal comercial a partir de la piedra caliza

La cal es un material producido a partir de la calcinación de la roca caliza y tiene diversas utilidades en el mundo de la industria como la siderúrgica, papelera, alimentaria, en la construcción, entre otras. Es fundamental conocer todas las características de la caliza para poder determinar su grado de calcinación. Con el presente trabajo se pretende estudiar las propiedades de la caliza para su posterior calcinación y el dimensionamiento de una planta de producción de cal desde que el mineral llega de la explotación hasta que sale al mercado. Para determinar los equipos se calcularon sus dimensiones para una producción de 600 t/h de cal, sabiendo que la planta principal de machaqueo solo trabajará 5 días de la semana en jornadas de 8 horas, mientras que a partir del horno de calcinación estará en funcionamiento los 7 días de la semana, 24 horas al día. A partir de esas consideraciones se obtienen las dimensiones de todos los equipos y se realiza un estudio para la elección de un horno, o un horno de eje vertical y un horno rotativo, así como el combustible empleado, ya que es una parte fundamental para determinar los costes para la producción de cal. También fue objeto de este trabajo, el estudio ambiental de la instalación de la planta, en función de la mezcla de combustible empleada y del impacto en el entorno de la misma, así como un estudio de viabilidad de la planta, estimando unos costes de la misma y un precio de mercado “ex‐Works”.

Octopus Lipid and Vitamin E Composition: Interspecies, Interorigin, and Nutritional Variability

Octopus vulgaris, Octopus maya, and Eledone cirrhosa from distinct marine environments [Northeast Atlantic (NEA), Northwest Atlantic (NWA), Eastern Central Atlantic, Western Central Atlantic (WCA), Pacific Ocean, and Mediterranean Sea] were characterized regarding their lipid and vitamin E composition. These species are those commercially more relevant worldwide. Significant interspecies and interorigin differences were observed. Unsaturated fatty acids account for more than 65% of total fatty acids, mostly ω-3 PUFA due to docosahexaenoic (18.4−29.3%) and eicosapentanoic acid (11.4− 23.9%) contributions. The highest ω-3 PUFA amounts and ω-3/ω-6 ratios were quantified in the heaviest specimens, O. vulgaris from NWA, with high market price, and simultaneously in the lowest graded samples, E. cirrhosa from NEA, of reduced dimensions. Although having the highest cholesterol contents, E. cirrhosa from NEA and O. maya from WCA have also higher protective fatty acid indexes. Chemometric discrimination allowed clustering the selected species and several origins based on lipid and vitamin E profiles.

Análise estatística do preço da energia elétrica em mercado livre - Uma aplicação ao caso português

Neste relatório apresentam-se resultados de um estudo estatístico que procura contribuir para um melhor entendimento da problemática inerente à liberalização do setor elétrico em Portugal e dos desafios que esta liberalização, existente desde meados de 2007, trás aos seus intervenientes. Iniciam-se os trabalhos com um estudo que pretende avaliar a existência de relação entre o Preço de Mercado da eletricidade e um conjunto de variáveis potencialmente explicativas/condicionantes do Preço de Mercado. Neste estudo consideram-se duas abordagens. A primeira usa a função de correlação cruzada para avaliar a existência de relação do tipo linear entre pares de variáveis. A segunda considera o teste causalidade de Granger na avaliação de uma relação de causa e efeito entre esses pares. Este estudo avaliou a relação entre o Preço de Mercado da eletricidade e 19 variáveis ditas condicionantes distribuídas por três categorias distintas (consumo e produção de eletricidade; indicadores climáticos; e energias primárias). O intervalo de tempo em estudo cinge-se ao biénio 2012-2103. Durante este período avaliam-se as relações entre as variáveis em diversos sub-períodos de tempo em ciclos de consumo representativos do consumo em baixa (fim de semana) e de consumo mais elevado (fora de vazio) com os valores observados de cada uma das variáveis tratados com uma base horária e diária (média). Os resultados obtidos mostram a existência relação linear entre algumas das variáveis em estudo e o preço da eletricidade em regime de mercado liberalizado, mas raramente é possível identificar precedência temporal entre as variáveis. Considerando os resultados da análise de correlação e causalidade, apresenta-se ainda um modelo de previsão do Preço de Mercado para o curto e médio prazo em horas de período fora de vazio.

A multi-objective model for scheduling of short-term incentive-based demand response programs offered by electricity retailers

In this paper, we formulate the electricity retailers’ short-term decision-making problem in a liberalized retail market as a multi-objective optimization model. Retailers with light physical assets, such as generation and storage units in the distribution network, are considered. Following advances in smart grid technologies, electricity retailers are becoming able to employ incentive-based demand response (DR) programs in addition to their physical assets to effectively manage the risks of market price and load variations. In this model, the DR scheduling is performed simultaneously with the dispatch of generation and storage units. The ultimate goal is to find the optimal values of the hourly financial incentives offered to the end-users. The proposed model considers the capacity obligations imposed on retailers by the grid operator. The profit seeking retailer also has the objective to minimize the peak demand to avoid the high capacity charges in form of grid tariffs or penalties. The non-dominated sorting genetic algorithm II (NSGA-II) is used to solve the multi-objective problem. It is a fast and elitist multi-objective evolutionary algorithm. A case study is solved to illustrate the efficient performance of the proposed methodology. Simulation results show the effectiveness of the model for designing the incentive-based DR programs and indicate the efficiency of NSGA-II in solving the retailers’ multi-objective problem.

Caracterización y determinación del proceso para la producción de cal comercial a partir de la piedra caliza

La cal es un material producido a partir de la calcinación de la roca caliza y tiene diversas utilidades en el mundo de la industria como la siderúrgica, papelera, alimentaria, en la construcción, entre otras. Es fundamental conocer todas las características de la caliza para poder determinar su grado de calcinación. Con el presente trabajo se pretende estudiar las propriedades de la caliza para su posterior calcinación y el dimensionamento de una planta de producción de cal desde que el mineral llega de la explotación hasta que sale al mercado.Para determinar los equipos se calularon sus dimensiones para una producción de 600 t/h de cal, sabiendo que la planta principal de machaquero solo trabajará 5 días de la semana en jornadas de 8 horas, mientras que a partir del horno de calcinación estará en funcionamento los 7 dias de la semana, 24 horas al día. A partir de esas consideraciones se obtienen las dimensiones de todos los equipos y se realiza un estudio para la elección de un horno, o un horno de eje vertical y un horno rotativo, así como el combustible empleado, ya que es una parte fundamental para determinar los costes para la producción de cal.Tmbién fue objeto de este trabajo, el estudio ambiental de la instalación de la planta, en función de la mezcla de combustible empleada y del impacto en el entorno de la lisma, así como un estudio de viabilidad de la planta, estimando unos costes de la misma y un precio de mercado "ex Works".

Trading the differences in expectations between the CDS and bond markets

This paper uses the framework developed by Vrugt (2010) to extract the recovery rate and term-structure of risk-neutral default probabilities implied in the cross-section of Portuguese sovereign bonds outstanding between March and August 2011. During this period the expectations on the recovery rate remain firmly anchored around 50 percent while the instantaneous default probability increases steadily from 6 to above 30 percent. These parameters are then used to calculate the fair-value of a 5-year and 10- year CDS contract. A credit-risk-neutral strategy is developed from the difference between the market price of a CDS of the same tenors and the fair-value calculated, yielding a sharpe ratio of 3.2

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We study the relation between the number of firms and market power in experimental oligopolies. Price competition under decreasing returns involves a wide interval of pure strategy equilibrium prices. We present results of an experiment in which two, three and four identical firms repeatedly interact in this environment. Less collusion with more firms leads to lower average prices. With more than two firms, the predominant market price is 24. A simple imitation model captures this phenomenon. For the long run, the model predicts that prices converge to the Walrasian outcome, but for the intermediate term the modal price is 24