Investment theory and empirical approach: a discussion on dificulties

In this paper, we analyse several contributions made concerning investment theory in the last decades. The objective of the paper is to discuss the difficulties of the testable theory identified by Chirinko (1983), Fazzari et al. (1988, 2000), Kaplan and Zingales (1997) and Hubbard (1998) to better understand the results of empirical approach. These few authors we worked with provided theoretical arguments and empirical evidences that internal finance variable of the firms may work as an indicator of financial constraint. In several developed countries, financing constraints has been identified as important to understand the investment spending. The principal indicator of financing constraints, that is, cash-flow has been questioned. However, the evidences offer a support to its relevance. We try to justify such evidence based on the few authors listed above, which have been quoted by empirical works. We try to contribute to debate adding aspect of the corporate finance to offer a logical explanation to econometric difficulties.

Application of effective theory and Grassmann variables to model compact binaries with spin

Pós-graduação em Física - IFT

Galilean DKP theory and Bose-Einstein condensation

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Book Review of Archaeological Theory and the Politics of Cultural Heritage by Laurajane Smith

The passage of the Native American Graves Protection and Repatriation Act (NAGPRA) in 1991 significantly changed the way archaeology would be done in the United States. This act was presaged by growing complaints and resentment directed at the scientific community by Native Americans over the treatment of their ancestral remains. Many of the underlying issues came to a head with the discovery and subsequent court battles over the 9,200-year-old individual commonly known as Kennewick Man. This had a galvanizing effect on the discipline, not only perpetuating the sometimes adversarial relationship between archaeologists and Native Americans, but also creating a rift between those archaeologists who understood Native American concerns and those who saw their ancestral skeletal remains representing the legacy of humankind and thus belonging to everyone. Similar scenarios have emerged in Australia.

Tests of the Dynamic Field Theory and the Spatial Precision Hypothesis: Capturing a Qualitative Developmental Transition in Spatial Working Memory

This study tested a dynamic field theory (DFT) of spatial working memory and an associated spatial precision hypothesis (SPH). Between 3 and 6 years of age, there is a qualitative shift in how children use reference axes to remember locations: 3-year-olds’ spatial recall responses are biased toward reference axes after short memory delays, whereas 6-year-olds’ responses are biased away from reference axes. According to the DFT and the SPH, quantitative improvements over development in the precision of excitatory and inhibitory working memory processes lead to this qualitative shift. Simulations of the DFT in Experiment 1 predict that improvements in precision should cause the spatial range of targets attracted toward a reference axis to narrow gradually over development, with repulsion emerging and gradually increasing until responses to most targets show biases away from the axis. Results from Experiment 2 with 3- to 5-year-olds support these predictions. Simulations of the DFT in Experiment 3 quantitatively fit the empirical results and offer insights into the neural processes underlying this developmental change.

Computation of (3)J(HH) coupling constants with a combination of density functional theory and semiempirical calculations. Application to complex molecules

This work evaluates the efficiency of economic levels of theory for the prediction of (3)J(HH) spin-spin coupling constants, to be used when robust electronic structure methods are prohibitive. To that purpose, DFT methods like mPW1PW91. B3LYP and PBEPBE were used to obtain coupling constants for a test set whose coupling constants are well known. Satisfactory results were obtained in most of cases, with the mPW1PW91/6-31G(d,p)//B3LYP/6-31G(d,p) leading the set. In a second step. B3LYP was replaced by the semiempirical methods PM6 and RM1 in the geometry optimizations. Coupling constants calculated with these latter structures were at least as good as the ones obtained by pure DFT methods. This is a promising result, because some of the main objectives of computational chemistry - low computational cost and time, allied to high performance and precision - were attained together. (C) 2012 Elsevier B.V. All rights reserved.

Magnetic hyperthermia investigation of cobalt ferrite nanoparticles: Comparison between experiment, linear response theory, and dynamic hysteresis simulations

Considerable effort has been made in recent years to optimize materials properties for magnetic hyperthermia applications. However, due to the complexity of the problem, several aspects pertaining to the combined influence of the different parameters involved still remain unclear. In this paper, we discuss in detail the role of the magnetic anisotropy on the specific absorption rate of cobalt-ferrite nanoparticles with diameters ranging from 3 to 14 nm. The structural characterization was carried out using x-ray diffraction and Rietveld analysis and all relevant magnetic parameters were extracted from vibrating sample magnetometry. Hyperthermia investigations were performed at 500 kHz with a sinusoidal magnetic field amplitude of up to 68 Oe. The specific absorption rate was investigated as a function of the coercive field, saturation magnetization, particle size, and magnetic anisotropy. The experimental results were also compared with theoretical predictions from the linear response theory and dynamic hysteresis simulations, where exceptional agreement was found in both cases. Our results show that the specific absorption rate has a narrow and pronounced maxima for intermediate anisotropy values. This not only highlights the importance of this parameter but also shows that in order to obtain optimum efficiency in hyperthermia applications, it is necessary to carefully tailor the materials properties during the synthesis process. (C) 2012 American Institute of Physics. [http://dx.doi.org/10.1063/1.4729271]

Jarrow-Yildirim model for inflation: theory and applications

This thesis deals with inflation theory, focussing on the model of Jarrow & Yildirim, which is nowadays used when pricing inflation derivatives. After recalling main results about short and forward interest rate models, the dynamics of the main components of the market are derived. Then the most important inflation-indexed derivatives are explained (zero coupon swap, year-on-year, cap and floor), and their pricing proceeding is shown step by step. Calibration is explained and performed with a common method and an heuristic and non standard one. The model is enriched with credit risk, too, which allows to take into account the possibility of bankrupt of the counterparty of a contract. In this context, the general method of pricing is derived, with the introduction of defaultable zero-coupon bonds, and the Monte Carlo method is treated in detailed and used to price a concrete example of contract. Appendixes: A: martingale measures, Girsanov's theorem and the change of numeraire. B: some aspects of the theory of Stochastic Differential Equations; in particular, the solution for linear EDSs, and the Feynman-Kac Theorem, which shows the connection between EDSs and Partial Differential Equations. C: some useful results about normal distribution.

Algorithms for network design and routing problems

In this thesis we study three combinatorial optimization problems belonging to the classes of Network Design and Vehicle Routing problems that are strongly linked in the context of the design and management of transportation networks: the Non-Bifurcated Capacitated Network Design Problem (NBP), the Period Vehicle Routing Problem (PVRP) and the Pickup and Delivery Problem with Time Windows (PDPTW). These problems are NP-hard and contain as special cases some well known difficult problems such as the Traveling Salesman Problem and the Steiner Tree Problem. Moreover, they model the core structure of many practical problems arising in logistics and telecommunications. The NBP is the problem of designing the optimum network to satisfy a given set of traffic demands. Given a set of nodes, a set of potential links and a set of point-to-point demands called commodities, the objective is to select the links to install and dimension their capacities so that all the demands can be routed between their respective endpoints, and the sum of link fixed costs and commodity routing costs is minimized. The problem is called non- bifurcated because the solution network must allow each demand to follow a single path, i.e., the flow of each demand cannot be splitted. Although this is the case in many real applications, the NBP has received significantly less attention in the literature than other capacitated network design problems that allow bifurcation. We describe an exact algorithm for the NBP that is based on solving by an integer programming solver a formulation of the problem strengthened by simple valid inequalities and four new heuristic algorithms. One of these heuristics is an adaptive memory metaheuristic, based on partial enumeration, that could be applied to a wider class of structured combinatorial optimization problems. In the PVRP a fleet of vehicles of identical capacity must be used to service a set of customers over a planning period of several days. Each customer specifies a service frequency, a set of allowable day-combinations and a quantity of product that the customer must receive every time he is visited. For example, a customer may require to be visited twice during a 5-day period imposing that these visits take place on Monday-Thursday or Monday-Friday or Tuesday-Friday. The problem consists in simultaneously assigning a day- combination to each customer and in designing the vehicle routes for each day so that each customer is visited the required number of times, the number of routes on each day does not exceed the number of vehicles available, and the total cost of the routes over the period is minimized. We also consider a tactical variant of this problem, called Tactical Planning Vehicle Routing Problem, where customers require to be visited on a specific day of the period but a penalty cost, called service cost, can be paid to postpone the visit to a later day than that required. At our knowledge all the algorithms proposed in the literature for the PVRP are heuristics. In this thesis we present for the first time an exact algorithm for the PVRP that is based on different relaxations of a set partitioning-like formulation. The effectiveness of the proposed algorithm is tested on a set of instances from the literature and on a new set of instances. Finally, the PDPTW is to service a set of transportation requests using a fleet of identical vehicles of limited capacity located at a central depot. Each request specifies a pickup location and a delivery location and requires that a given quantity of load is transported from the pickup location to the delivery location. Moreover, each location can be visited only within an associated time window. Each vehicle can perform at most one route and the problem is to satisfy all the requests using the available vehicles so that each request is serviced by a single vehicle, the load on each vehicle does not exceed the capacity, and all locations are visited according to their time window. We formulate the PDPTW as a set partitioning-like problem with additional cuts and we propose an exact algorithm based on different relaxations of the mathematical formulation and a branch-and-cut-and-price algorithm. The new algorithm is tested on two classes of problems from the literature and compared with a recent branch-and-cut-and-price algorithm from the literature.

Knot theory and its applications

Nella tesi verranno presi in considerazione tre aspetti: si descriverà come la teoria dei nodi si sia sviluppata nel corso degli anni in relazione alle diverse scoperte scientifiche avvenute. Si potrà quindi subito avere una idea di come questa teoria sia estremamente connessa a diverse altre. Nel secondo capitolo ci si occuperà degli aspetti più formali di questa teoria. Si introdurrà il concetto di nodi equivalenti e di invariante dei nodi. Si definiranno diversi invarianti, dai più elementari, le mosse di Reidemeister, il numero di incroci e la tricolorabilità, fino ai polinomi invarianti, tra cui il polinomio di Alexander, il polinomio di Jones e quello di Kaufman. Infine si spiegheranno alcune applicazioni della teoria dei nodi in chimica, fisica e biologia. Sulla chimica, si definirà la chiralità molecolare e si mostrerà come la chiralità dei nodi possa essere utile nel determinare quella molecolare. In campo fisico, si mostrerà la relazione che esiste tra l'equazione di Yang-Baxter e i nodi. E in conclusione si mostrerà come modellare un importante processo biologico, la recombinazione del DNA, grazie alla teoria dei nodi.

Local home bias: Theory and new empirical evidence from Italy

This thesis examines the literature on local home bias, i.e. investor preference towards geographically nearby stocks, and investigates the role of firm’s visibility, profitability, and opacity in explaining such behavior. While firm’s visibility is expected to proxy for the behavioral root originating such a preference, firm’s profitability and opacity are expected to capture the informational one. I find that less visible, and more profitable and opaque firms, conditionally to the demand, benefit from being headquartered in regions characterized by a scarcity of listed firms (local supply of stocks). Specifically, research estimates suggest that firms headquartered in regions with a poor supply of stocks would be worth i) 11 percent more if non-visible, non-profitable and non-opaque; ii) 16 percent more if profitable; and iii) 28 percent more if both profitable and opaque. Overall, as these features are able to explain most, albeit not all, of the local home bias effect, I reasonably argue and then assess that most of the preference for local is determined by a successful attempt to exploit local information advantage (60 percent), while the rest is determined by a mere (irrational) feeling of familiarity with the local firm (40 percent). Several and significant methodological, theoretical, and practical implications come out.