Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

Phase transition of demand explained by the heterogeneity of consumers' intrinsic preferences

In 1991 Gary S. Becker presented A Note on Restaurant Pricing and Other Examples of Social In uences on Price explaining why many successful restaurants, plays, sporting events, and other activities do not raise their prices even with persistent excess demand. The main reason for this is due to the discontinuity of stable demands, which is explained in Becker's (1991) analysis. In the present paper we construct a discrete time stochastic model of socially interacting consumers deciding for one of two establishments. With this model we show that the discontinuity of stable demands, proposed by Gary S. Becker, depends crucially on an additional factor: the dispersion of the consumers' intrinsic preferences for the establishments.

Endogenous borrowing constraints and default when markets are incomplete

Incomplete markets and non-default borrowing constraints increase the volatility of pricing kernels and are helpful when addressing assetpricing puzzles. However, ruling out default when markets are in complete is suboptimal. This paper endogenizes borrowing constraints as an intertemporal incentive structure to default. It modeIs an infinitehorizon economy, where agents are allowed not to pay their liabilities and face borrowing constraints that depend on the individual history of default. Those constraints trade off the economy's risk-sharing possibilities and incentives to prevent default. The equilibrium presents stationary properties, such as an invariant distribution for the assets' solvency rate.

Asymmetric preferences in investment decisions in the Brazilian financial market

The main objective of this article is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results than the classic Von Neumann-Morgenstern utility functions in the Brazilian market. The asymmetric behavior can be computed through the introduction of a disappointment (or loss) aversion coefficient in the classical expected utility function, which increases the impact of losses against gains. The results generated by both traditional and loss aversion utility functions are compared with real data from the Brazilian market regarding stock market participation in the investment portfolio of pension funds and individual investors.

The feeding preferences of Spodoptera frugiperda (J. E. SMITH) (Lepidoptera: Noctuidae) on cotton plant varieties

Avaliou-se atratividade e não-preferência alimentar de lagartas recém-eclodidas de Spodoptera frugiperda por partes de plantas e plantas de variedades de algodoeiro. Testes foram realizados a 27 ± 1ºC, UR de 70% ± 10% e fotofase de 14h. Folhas, brácteas, botões florais e cascas de maçãs da variedade BRS Itamarati-90 e folhas de Fibermax-966, Fibermax-977, DeltaOpal, DeltaPenta, BRS Acala-90, Coodetec-408, Coodetec-409, Coodetec-410, BRS-Cedro, BRS-Ipê, BRS-Aroeira, IPR-96, IPR-120, BRS-Araçá, IAC-24 e BRS Itamarati-90 foram utilizadas nos testes de atratividade e não-preferência para alimentação, com e sem chance de escolha. Utilizaram-se 20 lagartas de S. frugiperda por placa de Petri (sistema de arena) por teste, com 10 repetições. Contaram-se lagartas para avaliar atratividade por 60 min e não-preferência para alimentação por 24 h. Folha foi mais atrativa e preferida para alimentação por lagartas de S. frugiperda. em livre escolha, Coodetec-410 foi mais atrativa e BRS Acala-90, Fibermax-966 e DeltaPenta, as de menor atratividade à S. frugiperda; BRS-Araçá, mais preferida para alimentação e BRS-Cedro, BRS Itamarati 90, DeltaPenta, Coodetec-408 e BRS-Aroeira, menos preferidas. Considera-se 46 min., tempo mais adequado para avaliar atratividade de algodoeiro a lagartas de S. frugiperda.

Diversity and habitat preferences of Carabidae and Staphylinidae (Coleoptera) in two agroecosystems

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

Variation in the host preferences and responses of Ascia monuste orseis Godart (Lepidoptera: Pieridae) to cultivars of collard greens Brassica oleracea (L.) var. acephala

This work evaluated the preference of Ascia monuste orseis among 29 cultivars of collard greens through free- and no-choice assays using female adults (attractiveness and oviposition) and third-instar larvae (feeding preference), in both laboratory and greenhouse conditions. In free-choice tests with female adults, the L, V, Y, H, A, and Z cultivars produced oviposition non-preference in butterflies. Cultivars R, P, C, and D produced feeding non-preference in third-instar larvae of A. monuste orseis in free- and no-choice tests. Our findings may be useful for genetic improvement focusing on the development of B. oleracea var. acephala cultivars resistant to A. monuste orseis.

Clinical and microbiological performance of resin-modified glass-ionomer liners after incomplete dentine caries removal

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

Female preferences based on male nutritional chemical traits

Selection favors females that attend to reliable information about male genetic quality and fitness. Male nutritional condition can be a significant sign of mate quality since poor nutrition can be related to reduced sperm quality, low sperm quantity, sexually transmitted diseases, and parasites. We tested whether female Nile tilapia, Oreochromis niloticus, preferred the chemical cues of males that were well fed with high-protein diet over those fed with low-protein diet. Females do not only discriminate between males but also show a preference for well-fed males, discriminating between the odors with respect to nutritional state, suggesting that they were responding to a food-specific chemical cue. It is therefore likely that nutritional condition is related to the production of pheromones in males. Our results suggest that information about male nutritional state can be conveyed in chemical cues and that females attend to these cues during mate choice.

Delimiting genetic units in Neotropical toads under incomplete lineage sorting and hybridization

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

Marsh deer (Blastocerus Dichotomus) reintroduction in the Jataí Ecological Station (Luís Antônio, SP): spatial preferences

A destruição dos habitats naturais e a extinção de espécies têm crescido muito a partir da última metade do século XX. Nesse contexto, o aumento do número de espécies ameaçadas tem proporcionado maior uso da reintrodução como estratégia de conservação no combate à atual taxa de extinção. O presente trabalho focaliza um estudo de 16 meses realizado com cervos-do-pantanal reintroduzidos na Estação Ecológica de Jataí. Os animais foram marcados com rádio-colares e monitorados diariamente entre dezembro de 1998 e abril de 2000, tendo suas atividades de deslocamento e uso do espaço acompanhadas por triangulação. Os animais exploraram várzeas dentro da unidade de conservação e também uma área de várzea pertencente a uma propriedade particular localizada na fronteira oeste da estação. Durante o período de estudo, a maioria dos cervos reintroduzidos utilizou a área de várzea particular mais intensivamente que as várzeas da unidade de conservação. A preferência demonstrada por essa área confirmou sua importância ecológica, evidenciando a necessidade de proteção por meio de sua incorporação aos limites da Estação Ecológica de Jataí.

Variation of the oviposition preferences of Aedes aegypti in function of substratum and humidity

Two Aedes aegypti (L.) populations were studied in the laboratory regarding the preference for three types of breeding sites, i.e., flasks containing only water, flasks with a plant and flasks with a stick. Each of these breeding units was placed in one cage and the choice of the oviposition sites was determined for individual females and three females per experimental unit at two humidity levels. Preference for ovipositing on the water surface was observed and varied according to experimental unit and humidity. Mean hatching of eggs in water surface was 46.6%. Experiments with three females showed a more marked difference than when only one female was used. Inter and intrapopulation variability regarding oviposition sites was observed. The discrimination between the different oviposition substrates, hatching in water surface and its implication for mosquito control are discussed.