Relationship banking: does it lower information asymmetry or increase lender monopoly power?

A literatura teórica sobre economia bancária aponta que o relacionamento duradouro entre um emprestador e uma firma tomadora pode revelar informações sobre a qualidade de crédito da firma. Entretanto, trabalhos teóricos preveem diferentes resultados do efeito do relacionamento bancário sobre a taxa de juros e volume ofertado do empréstimo. De acordo com Diamond (1991) e outros, se o relacionamento bancário for revelar a todos os credores a qualidade de crédito da firma, espera-se como efeitos o aumento do volume dos empréstimos e redução na taxa de juros. Por outro lado, se o relacionamento bancário revelar as informações de crédito da firma apenas para o fornecedor principal, então se pode não ter os efeitos de aumento do volume e redução na taxa de juros. Este trabalho demonstra empiricamente quais são os efeitos das informações públicas e privadas geradas pelo relacionamento bancário no montante do empréstimo e na taxa de juros cobrada pelas instituições financeiras para as firmas. Usamos como medida de informação pública o tempo de relacionamento entre o banco e tomador, que pode ser encontrado em bureaux externos como Serasa Experian e Serviço Central de Proteção ao Crédito (SCPC) ou no Sistema de Informação do Banco Central (SISBACEN). Usamos como modelo de informação privada medidas que indicam o pagamento do débito em atraso por parte do tomador, o qual é de conhecimento apenas de cada credor. De acordo com a teoria, espera-se que a informação pública de tempo de relacionamento bancário indicará a qualidade do credor e resultará em maior volume de empréstimo e taxa de juros menores. As informações privadas sobre pagamentos em atraso, por ser exclusiva do credor principal, não terão efeitos sobre o montante do empréstimo e sobre a taxa de juros. No teste empírico, foram analisados dois mil setecentos e oitenta e cinco empréstimos do produto capital de giro concedidos a cinquenta e três empresas, fornecidos por uma instituição financeira do Estado do Espírito Santo. Utilizando o modelo econométrico dados em painel com efeito fixo de firma, encontramos que o tempo de relacionamento bancário é positivamente correlacionado ao valor do principal do empréstimo e é negativamente correlacionado ao spread bancário. Ambos os efeitos são estatisticamente significantes ao nível de 5,00%. Resultados similares ao encontrado por Berger e Udell (1995). Os resultados mostram que um relacionamento duradouro entre firmas e instituições financeiras reduz a assimetria de informação, gerando benefícios para as firmas. Para testar o feito da informação privada, foram utilizadas informações de atraso das firmas com a instituição financeira. Esses dados foram usados internamente, não divulgados em bureaux de crédito. As variáveis testadas foram número de parcelas pagas em atraso no mês anterior, a soma das parcelas pagas em atraso, flag se já efetuou pagamento em atraso e meses desde o último pagamento em atraso. Não têm efeito as informações privadas sobre o spread e o valor do principal do empréstimo. Resultados similares aos encontrados por Sharpe (1990).

Information asymmetry and competition in credit markets: the pricing of overdraft loans in Brazil

This paper evaluates how information asymmetry affects the strength of competition in credit markets. A theory is presented in which adverse selection softens competition by decreasing the incentives creditors have for competing in the interest rate dimension. In equilibirum, although creditors compete, the outcome is similar to collusion. Three empirical implications arise. First, interest rate should respond asymmetrically to changes in the cost of funds: increases in cost of funds should, on average, have a larger effect on interest rates than decreases. Second, aggressiveness in pricing should be associated with a worseing in the bank level default rates. Third, bank level default rates should be endogenous. We then verify the validity of these three empirical implications using Brazilian data on consumer overdraft loans. The results in this paper rationalize seemingly abnormallly high interest rates in unsecured loans.

Information asymmetry and transaction costs in a cross-cultural business transaction

The intent of this paper is to provide a practitioners insight into the present and foreseeable future of problem of transaction cost economics related to culture and business etiquette that may increase the of complexity of business communication. We will also explore whether it impacts participant's mindsets regarding opportunistic or passive aggressive behavior. We will study the role of culture, ethics, information asymmetry, and legal systems regarding their importance towards the business contracts and lack of knowledge in local environments. We will make connections to contract theory strategies and objectives and recommend business practices. Furthermore, economic theory explores the role of the impossibility of the perfect contract. Historical and present day operational factors are examined for the determination of forward-looking contract law indications worldwide. This paper is intended provide a practitioners view with a global perspective of a multinational, mid-sized and small corporations giving consideration in a non-partisan and non-nationalistic view, yet examines the individual characteristics of the operational necessities and obligations of any corporation. The study will be general, yet cite specific articles to each argument and give adequate consideration to the intricacies of the global asymmetry of information. This paper defends that corporations of any kind and size should be aware of the risk of international business etiquette and cultural barriers that might jeopardize the savings you could obtain from engaging international suppliers.

Long-term facial artery catheter implantation for serial arterial blood sampling and invasive arterial blood pressure measurement in horses

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

Eficácia da imunoterapia no tratamento de pitiose facial em equino

Background: Pythiosis in horses is a proliferative and ulcerative disease that primarily affects the skin and subcutaneous tissue of limbs, thoracic-abdominal region and head. This disease sometimes can also affect limb bones or cause tumoral masses in abdomen. Usually, the cutaneous cases are confused with habronemiasis. The disease is more common in marshy areas, places with formation of slow drainage ponds and aquatic vegetation under high temperatures. The aim of this study was to describe the development of facial lesions in a horse caused by pythiosis in Cuiaba, Mato Grosso, and, additionally to discuss relevant issues regarding the diagnosis, clinical course and response to immunotherapy treatment.Case: One five years old mare of unknown breed, created in property located in the Cerrado region, had a wound on its face difficult to be healed and non-responsive to several treatments based on ivermectin and organophosphate administrated by either topical or systemic via. The animal was assisted on the farm of origin by the veterinary team of the Clinical Medicine sector, of the Veterinary Hospital, Universidade Federal de Mato Grosso (HOVET-UFMT). on the occasion of the visit, which occurred 60 days after onset of signs, the animal showed a circular single large lesion, ulcerative with serous discharge on the right part of its face, between the eyes and nostrils. There were some necrotic foci with sinus, from which kunkers were extracted; a condition compatible with pythiosis. The diagnosis was confirmed by histology, ELISA and PCR.Discussion: Assuming pythiosis from data obtained from the survey and profile of the lesion (secretory aspect, emaciation and presence of sinus and kunkers), immunotherapy treatment was immediately applied. The advanced clinical aspects and the fact that early diagnosis and treatment are essentials to satisfactory therapeutic response were also taken into consideration for starting the treatment. The remission of signs was achieved after five subcutaneous applications with 14 days between each application. From the second application, it was observed clinical improvement and after 60 days of treatment there was almost complete remission of signs. The signs for a satisfactory response in the injury site followed the order of decreasing secretory aspect, decreasing borders, decrease the itching and bringing the edges together with the formation of a thin layer of crust on the surface. Pythiosis cases with lesions on the face and lower abdomen are commonly confused with habronemiasis by macroscopic and widespread similarity between technicians and attendants, and essential support to the diagnosis through laboratory tests, which in turn are still underutilized. In this case, the authors demonstrated the therapeutic efficacy of immunotherapy as an advantage, considering the possibility of applying it in cases of lesions in areas of difficult surgical access, treatment conditions in the field, with low cost and ease of application. Further studies approaching this alternative therapy are necessary, since side effects have been observed in some cases.

Um método para localização facial Invariante a rotação

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Electromyographic analysis of the masseter and buccinator muscles with the Pro-Fono Facial Exerciser use in bruxers

The aim of this study was to evaluate the efficiency of the Pro-Fono Facial Exerciser (Pro-Fono Productos Especializaclos para Fonoaudiologia Ltda.., Barueri/SP, Brazil) to decrease bruxism, as well as the correlation between the masseter and the buccinator muscles using electromyography (EMG). In this study, 39 individuals ranging from 23 to 48 years of age were selected from a dental school and then underwent surface EMG at three different periods of time: 0, 10, and 70 days. They were divided into a normal control group, a bruxer control group (without device), and an experimental bruxer group who used the device. The bruxer group showed a greater masseter EMG amplitude when compared to the normal group, while the experimental group had deceased activity with a reduction in symptoms. The buccinator EMG spectral analysis of the experimental bruxist group showed asynchronous contractions of the masseter muscle (during jaw opening) after using the Pr6-Fono Facial Exerciser. The normal group also showed asynchronous contractions. Upon correlation of the data between these muscles, the inference is that there is a reduction in bruxism when activating the buccinator muscle.

Plasticidade de células tronco mesenquimais de medula óssea de ratos na presença de meio condicionado do nervo facial e do fator de crescimento fibroblástico 2

A number of evidences show the influence of the growth of injured nerve fibers in Peripheral Nervous System (PNS) as well as potential implant stem cells (SCs) to make it more suitable for nerve regeneration medium. In this perspective, this study aimed to evaluate the plasticity of mesenchymal stem cells from bone marrow of mice in the presence of culture medium conditioned with facial nerve explants (D-10) and fibroblast growth factor-2 (FGF-2). In this perspective, the cells were cultivated only with DMEM (group 1), only with D-10(group 2), only with FGF-2(group 3) or with D-10 and FGF-2(group 4). The growth and morphology were assessed over 72 hours. Quantitative phenotypic analysis was taken from the immunocytochemistry for GFAP, OX-42, MAP-2, β-tubulin III, NeuN and NF-200 on the fourth day of cultivation. Cells cultured with conditioned medium alone or combined with FGF-2 showed distinct morphological features similar apparent at certain times with neurons and glial cells and a significant proliferative activity in groups 2 and 4 throughout the days. Cells cultived only with conditioned medium acquired a glial phenotype. Cells cultured with FGF-2 and conditioned medium expressed GFAP, OX-42, MAP-2, β-tubulin III, NeuN and NF-200. On average, area and perimeter fo the group of cells positive for GFAP and the área of the cells immunostained for OX-42 were higher than those of the group 4. This study enabled the plasticity of mesenchymal cells (MCs) in neuronal and glial nineage and opened prospects for the search with cell therapy and transdifferentiation

Peripheral facial palsy in the past: contributions from Avicenna, Nicolaus Friedreich and Charles Bell

Este estudo apresenta documentos de paralisia facial periférica nas artes plásticas no Egito antigo, Grécia e Roma, Idade Média, Renascimento e também dos últimos 4 séculos. Pensamos que a história da paralisia facial periférica acompanha a história da própria espécie humana. São apresentadas as contribuições de Avicenna e Nicolaus Friedreich, e são mostradas controvérsias sobre a descrição original de Charles Bell.

Facial paralysis associated to hypothyroidism in a dog

The hypothyroidism is the most commonly endocrinopathy in dogs, that occurs preferentially in middle-aged pure breed. The clinical signs associated with hypothyroidism are variable, many times non-specific, including metabolical, dermatological or cardiovascular. The main laboratorial findings are non-regenerative anemia and hypercholesterolemia. Hyponatremia, increase on alanine transferase and alkaline phosphatase activity also can be observed in a lower frequency. There are some reports of peripheral neuropathies caused by hypothyroidism, but the pathophysiology of this process is still unknown. There are specific diagnostic tests that can be used to help diagnose hypothyroidism, and those should be aligned together with the animal's clinical symptoms. The thyroxine stimulating hormone, and free and total thyroxine concentrations are the most used tests. A Pit Bull dog, female, over weighted, was treated presenting left facial paralysis. Thyroid function tests confirmed hypothyroidism. The animal was treated with hormonal replacement and there was improvement in clinical signs in 40 days, confirming that hypothyroidism was facial paralysis' cause.

Morphological asymmetry and broiler welfare

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

Unilateral Facial Paralysis Caused by Ramsay Hunt Syndrome

The Ramsay Hunt syndrome is a rare disease caused by an infection of the geniculate ganglion by the varicella-zoster virus. The main clinical features of the syndrome are as follows: Bell palsy unilateral or bilateral, vesicular eruptions on the ears, ear pain, dizziness, preauricular swelling, tingling, tearing, loss of taste sensation, and nystagmus. We describe a 23-year-old white woman, who presented with facial paralysis on the left side of the face, pain, fever, ear pain, and swelling in the neck and auricular region on the left side. She received appropriate treatment with acyclovir, vitamin B complex, and CMP nucleus. After 30 days after presentation, the patient did not show any signs or symptoms of the syndrome. At follow-up at 1 year, she showed no relapse of the syndrome.

Photoelastic Analysis of Stress Distribution in Different Retention Systems for Facial Prosthesis

The aim of this study was to assess the behavior and stress distribution of 3 retention systems associated with implant for facial prosthesis by using the photoelasticity method. A photoelastic model was made from the replica of the orbital region on the left side of a dry skull with two 4-mm implants fixed in the superior orbital region. Three facial prosthetic retention systems were made for this study: O'ring, bar-clip, and magnets. The set (model/retention systems/prosthesis) was placed in a polariscope, and then traction began to be applied to the retention systems. The limit values for removal of the retention system were obtained by tests performed in an EMIC Universal test machine. The results were obtained by observation during the experiments and by photographic record of the stress behavior in the photoelastic model, resulting from the traction of the retention systems. In the magnet system, a lowest formation of fringes was verified both around and between the implants; in the O'ring system, the formation of photoelastic fringes was noted between the implants in the apical region; and in the bar-clip system, there was a greater concentration of colored fringes in the regions between the implants and cervical area. Based on the results obtained, it was concluded that the retention systems produced different stress distribution characteristics that, in general, were concentrated in the area around the implants, and the highest concentration of fringes, in increasing order, occurred ill the retention systems of the magnets, O'ring, and bar-clip.

Patients' Satisfaction After Surgical Facial Reconstruction or After Rehabilitation With Maxillofacial Prosthesis

The matching of the aesthetic, functional, and psychosocial results of a facial deformity may produce devastating effects in its carriers, especially if the lesion is extensive or the treatment is aggressive. Because of this, the objective of the present article was to evaluate patient's satisfaction rating after surgical facial reconstruction or rehabilitation with oral and maxillofacial prosthesis, by means of reviewing the literature.