Price discovery in dual-class shares across multiple markets

We extend the standard price discovery analysis to estimate the information share of dual-class shares across domestic and foreign markets. By examining both common and preferred shares, we aim to extract information not only about the fundamental value of the rm, but also about the dual-class premium. In particular, our interest lies on the price discovery mechanism regulating the prices of common and preferred shares in the BM&FBovespa as well as the prices of their ADR counterparts in the NYSE and in the Arca platform. However, in the presence of contemporaneous correlation between the innovations, the standard information share measure depends heavily on the ordering we attribute to prices in the system. To remain agnostic about which are the leading share class and market, one could for instance compute some weighted average information share across all possible orderings. This is extremely inconvenient given that we are dealing with 2 share prices in Brazil, 4 share prices in the US, plus the exchange rate (and hence over 5,000 permutations!). We thus develop a novel methodology to carry out price discovery analyses that does not impose any ex-ante assumption about which share class or trading platform conveys more information about shocks in the fundamental price. As such, our procedure yields a single measure of information share, which is invariant to the ordering of the variables in the system. Simulations of a simple market microstructure model show that our information share estimator works pretty well in practice. We then employ transactions data to study price discovery in two dual-class Brazilian stocks and their ADRs. We uncover two interesting ndings. First, the foreign market is at least as informative as the home market. Second, shocks in the dual-class premium entail a permanent e ect in normal times, but transitory in periods of nancial distress. We argue that the latter is consistent with the expropriation of preferred shareholders as a class.

Nonlinear pricing beyond the demand profile approach

Wilson [16] introduced a general methodology to deal with monopolistic pricing in situations where customers have private information on their tastes (‘types’). It is based on the demand profile of customers: For each nonlinear tariff by the monopolist the demand at a given level of product (or quality) is the measure of customers’ types whose marginal utility is at least the marginal tariff (‘price’). When the customers’ marginal utility has a natural ordering (i.e., the Spence and Mirrlees Condition), such demand profile is very easy to perform. In this paper we will present a particular model with one-dimensional type where the Spence and Mirrlees condition (SMC) fails and the demand profile approach results in a suboptimal solution for the monopolist. Moreover, we will suggest a generalization of the demand profile procedure that improves the monopolist’s profit when the SMC does not hold.

Factors influencing consumer decision in crowdfunding

Crowdfunding é um método recente e emergente de captar dinheiro para desenvolvimento de projetos (tanto orientados a lucro ou não) sem a intermediação tradicional de instituições financeiras, liberando empreendedores de custos, regulações e burocracia associada a essa prática. Além disso, também é um método de pré-testar novos produtos com um público selecionado e entusiasmado. O objetivo dessa dissertação é entender que fatores estão influenciando a decisão do consumidor de investir em projetos. A literatura contribui com: (1) fatores intrínsecos, como desejo de patronagem; (2) fatores extrínsecos, como a apresentação do projeto; e (3) pressão social. Há ainda fatores associados com o nível atual de captação e número de investidores, assim como tipo de projeto envolvido, sendo ele de caridade ou não. Além disso, atitudes também possuem um papel em afetar a decisão de compra. Para responder a pergunta de pesquisa, uma metodologia de duas fases foi usada: uma entrevista de profundidade para capturar intenção de investir e motivação, de forma a construir um processo de decisão que englobasse todas as possibilidades descritas pela literatura. Após essa pesquisa qualitativa, uma pesquisa quantitativa foi feita para validar as informações coletadas pela fase anterior e coletar dados adicionais para gerar uma associação entre intenção de investir e comportamento. Dentre as informações geradas pela fase qualitativa, temos o fato que a maioria dos investidores tiveram como principal motivação a compra do produto sendo oferecido como se eles estivessem participando de uma pré-venda. Entretanto, essa não foi a principal razão para o investidor de caridade. Além disso, os respondentes que pré-compraram os produtos o fizeram para única razão que esses produtos satisfizeram desejos que tinham. Esses desejos variavam, sendo desde saudade de jogos antigos como resolver um problema de organização da carteira. Outra característica da pré-compra foi que eles não investiam valores simbólicos, pela razão que se o fizessem não receberiam o produto em troca. Recompensas tiveram um grande papel em atrair os respondentes para investimento em valores maiores que consideravam anteriormente. Também é verdade para o investidor em caridade, que também doou mais. A fase quantitativa confirmou as informações acima e gerou informação extra sobre as categorias de produto. Projetos de caridade e arte concentraram a maioria dos respondentes que disseram que a principal razão para investir foi basicamente ajudar a desenvolver o projeto sem demandar um produto em retorno. Entretanto, outros projetos como Música também apresentaram altos números de comportamento caridoso, possivelmente por causa do envolvimento emocional com o artista. Outras categorias apresentaram um mix de razões para investir ou enviesado a comprar o produto apenas, o que pode ser explicado pelo efeito de recompensas e pelo fato que essas categorias estão simplesmente pré-vendendo produtos. Essa pesquisa também confirmou as principais fontes usadas para conhecer mais sobre os projetos: recomendação pessoal e blogs e fóruns. Outro resultado dessa fase foi o desenvolvimento de fatores a partir de frases atitudinais que puderam explicar intenção de investir. Seis fatores foram criados: Entusiasmo (por crowdfunding), Exclusividade (compra de recompensas), Caridade (doações pequenas para ajudar o desenvolvimento do projeto), Cautela (similar à difusão de responsabilidade, isto é, espera por mais investidores para dar o primeiro passo), Intimidade (projeto foi recomendado ou há ligação emocional com o criador) e Compartilhamento (compartilhar para ajudar a trazer mais investidores para o projeto). Categorias com alto envolvimento emocional apresentaram associação com Intimidade, como música, filme e tecnologia. Dado o fato que a amostra não continha muitos entusiastas por crowdfunding, esse fator não apresentou qualquer associação com as categorias. Categorias que não entregam produtos em troca, como comida e fotografia, apresentaram altos níveis de associação com o fator caridade. Compartilhamento é altamente associado com tecnologia, dado o fato que essa categoria concentra os respondentes que são mais orientados à inovação e entusiastas sobre o produto, então precisam compartilhar e gerar boca-a-boca para ajudar a atingir a meta de investimento.

Coffee house consumer behavior in Changsha, China

Women in Changsha are patronizing coffee-houses, ordering beverages and sweets, and disliking the taste of the expensive product purchased. This thesis is an exploratory research study conducted in Changsha, China with a consumer behavior focus. It uses primary surveys and interviews in addition to secondary sources from books, articles, and academic journals. It seeks to identify underlying motives for purchasing behavior from working women in the developing third-tier city Changsha, Hunan, China. It delves into the psychology of the working women who spend their hard-earned discretionary incomes at costly western chain coffee-houses. The inland mass-market consumer class feels the desire to project their newly established status while needing to save money for their personal future, their children’s schooling, and their parent’s retirement. They must wisely spend discretionary income while satisfying social societal norms. An individual’s self-concept plays and important role in determining which coffee shop she will frequent and what she will order. Daylight Donuts, Starbucks, Costa Coffee and local café’s all serve brewed coffee but they have different associations. This study aims at understanding the influencing factors associated with coffee-house brand equity and how the consumer’s perception of the brand forms her purchasing behavior. All coffee-house brands are relatively new in Changsha, none existing more than seven years. They do not have lasting ties with the community and need to create consumer relationships to ensure sustainability. Changsha women are bold and strong willed. If a corporation is to succeed in the future of Hunan, it will need to create an environment of hospitality excellence, place socially responsible roots in the society, and ask its customers what they want.

O fenômeno da corrupção na esfera pública brasileira

This work aims to understand the phenomenon of corruption in the Brazilian public sphere and its implications for society. It has brought concepts of corruption, and has referred to its highest incidence in the public sphere in the three levels of government (despite its infiltration also in the privative sector) and has called attention to two subjects which intertwine public administration (as a means of ordering social life) and corruption (as a form of denial to the collective welfare). Through literature search whose analysis shows that the phenomenon contains the entire country history, from discovery to present day it was found to be common several dictatorial and democratic political regimes. Finally, it has emphasized the importance and necessity of citizen participation in process, as well as the organization of civil society and media, in addition to highlighting the relevance of autonomy and independence of Powers set for its effective confrontation and fighting

Seleção seqüencial de descritores por análise da semântica para recuperação de imagens baseada no conteúdo

With the rapid growth of databases of various types (text, multimedia, etc..), There exist a need to propose methods for ordering, access and retrieve data in a simple and fast way. The images databases, in addition to these needs, require a representation of the images so that the semantic content characteristics are considered. Accordingly, several proposals such as the textual annotations based retrieval has been made. In the annotations approach, the recovery is based on the comparison between the textual description that a user can make of images and descriptions of the images stored in database. Among its drawbacks, it is noted that the textual description is very dependent on the observer, in addition to the computational effort required to describe all the images in database. Another approach is the content based image retrieval - CBIR, where each image is represented by low-level features such as: color, shape, texture, etc. In this sense, the results in the area of CBIR has been very promising. However, the representation of the images semantic by low-level features is an open problem. New algorithms for the extraction of features as well as new methods of indexing have been proposed in the literature. However, these algorithms become increasingly complex. So, doing an analysis, it is natural to ask whether there is a relationship between semantics and low-level features extracted in an image? and if there is a relationship, which descriptors better represent the semantic? which leads us to a new question: how to use descriptors to represent the content of the images?. The work presented in this thesis, proposes a method to analyze the relationship between low-level descriptors and semantics in an attempt to answer the questions before. Still, it was observed that there are three possibilities of indexing images: Using composed characteristic vectors, using parallel and independent index structures (for each descriptor or set of them) and using characteristic vectors sorted in sequential order. Thus, the first two forms have been widely studied and applied in literature, but there were no records of the third way has even been explored. So this thesis also proposes to index using a sequential structure of descriptors and also the order of these descriptors should be based on the relationship that exists between each descriptor and semantics of the users. Finally, the proposed index in this thesis revealed better than the traditional approachs and yet, was showed experimentally that the order in this sequence is important and there is a direct relationship between this order and the relationship of low-level descriptors with the semantics of the users

Estudo do efeito do óxido de bário no comportamento de massas para porcelanato

In this work, it is proposed the study of the effect of barium oxide acting as synthetic flow in the behavior of masses for stoneware from the use of raw materials found in the deposits of minerals of the Rio Grande do Norte that it makes use of a great natural potential for the industrialization of the product. The porcelanato is a sophisticated product with excellent final properties being applied as ceramic coating in buildings of high standard of engineering. The raw materials selected for the development of the study had been two types of argilas, two types of feldspatos, dolomita, talco, barium carbonate and silica, being characterized by X-ray fluorescence, X-ray diffraction, granulometric analysis, dilatometric analysis and thermal analysis. Thus, it is intended to define four formulations using the cited raw materials that will be processed, conformed and sintered in the temperatures of 1150 °C, 1175 °C, 1200 °C, 1225 °C e 1250 °C. From the physical characterizations, chemical and morphologic of the formed formulations, the effect of barium oxide is determined in the physical and mechanical properties of the studied system carrying water absorption tests, linear retraction, apparent porosity, apparent specific mass, compacting curve, flexural strength and microstructural analysis by XRD and SEM. After analyzing the results, indicated that barium oxide acts as a flux of high temperature and as the ordering of structure, where the embedded glass phase has the nucleating effect phase potassium silico-aluminum reacting with free silica which together with the high content of potassium concentrated form a new crystalline phase called microcline. The masses studied with the addition of barium oxide present physical-mechanical properties highly satisfactory in reduced firing temperatures, which implies a saving in energy given off in the production and increased productivity

A retórica em Aristóteles: da orientação das paixões ao aprimoramento da eupraxia

This research brings into focus the relationship between the work Rhetoric, from Aristotle, and the conceptions of ethics and practical wisdom of the philosopher from Stageira. Accordingly, it attempts to show that Aristotle's Rhetoric was produced to guide the construction and orientation of oratory passions of the Greek man, setting it as a reference for practices aimed at social ordering of the polis. In other words, the Aristotelian Rhetoric, designed by the author as the study of what is persuasive in every speech, is not composed with the meaning of persuasion at any cost, in another sense it is conceived by Aristotle as a useful knowledge for the improvement eupraxic (the good act in accordance with the fair and true). This research finds that such work has been prepared by Stagirite a time of strong social transformations and upheavals in ancient Greece: The skepticism expanded, with each person wanting to live their own businesses, and especially in Athens, a city that served as intellectual and political reference, there was a lack of collective spirit. In this tumultuous social environment, Aristotle, with a culture of Greeks eager Trusted reviews and socially shareable in the field of verisimilitude, sought with his Rhetoric, contributing to the development of ethics and political science; referrals for legal and organization of inter-social relations in varied environments, including seeking to provide knowledge about human passions and emotional status of active citizens in deliberative meetings

Efeitos de campos aleatórios e de anisotropias em vidros de spins

Ising and m-vector spin-glass models are studied, in the limit of infinite-range in-teractions, through the replica method. First, the m-vector spin glass, in the presence of an external uniform magnetic field, as well as of uniaxial anisotropy fields, is consi-dered. The effects of the anisotropics on the phase diagrams, and in particular, on the Gabay-Toulouse line, which signals the transverse spin-glass ordering, are investigated. The changes in the Gabay-Toulouse line, due to the presence of anisotropy fields which favor spin orientations along the Cartesian axes (m = 2: planar anisotropy; m = 3: cubic anisotropy), are also studied. The antiferromagnetic Ising spin glass, in the presence of uniform and Gaussian random magnetic fields, is investigated through a two-sublattice generalization of the Sherrington-Kirpaktrick model. The effects of the magnetic-field randomness on the phase diagrams of the model are analysed. Some confrontations of the present results with experimental observations available in the literature are discussed

Efeitos de acoplamentos biquadráticos e campos aleatórios em vidros de spins

In this work we have studied the effects of random biquadratic and random fields in spin-glass models using the replica method. The effect of a random biquadratic coupling was studied in two spin-1 spin-glass models: in one case the interactions occur between pairs of spins, whereas in the second one the interactions occur between p spins and the limit p > oo is considered. Both couplings (spin glass and biquadratic) have zero-mean Gaussian probability distributions. In the first model, the replica-symmetric assumption reveals that the system presents two pha¬ses, namely, paramagnetic and spin-glass, separated by a continuous transition line. The stability analysis of the replica-symmetric solution yields, besides the usual instability associated with the spin-glass ordering, a new phase due to the random biquadratic cou¬plings between the spins. For the case p oo, the replica-symmetric assumption yields again only two phases, namely, paramagnetic and quadrupolar. In both these phases the spin-glass parameter is zero. Besides, it is shown that they are stable under the Almeida-Thouless stability analysis. One of them presents negative entropy at low temperatures. We developed one step of replica simmetry breaking and noticed that a new phase, the biquadratic glass phase, emerge. In this way we have obtained the correct phase diagram, with.three first-order transition lines. These lines merges in a common triple point. The effects of random fields were studied in the Sherrington-Kirkpatrick model consi¬dered in the presence of an external random magnetic field following a trimodal distribu¬tion {P{hi) = p+S(hi - h0) +Po${hi) +pS(hi + h0))- It is shown that the border of the ferromagnetic phase may present, for conveniently chosen values of p0 and hQ, first-order phase transitions, as well as tricritical points at finite temperatures. It is verified that the first-order phase transitions are directly related to the dilution in the fields: the extensions of these transitions are reduced for increasing values of po- In fact, the threshold value pg, above which all phase transitions are continuous, is calculated analytically. The stability analysis of the replica-symmetric solution is performed and the regions of validity of such a solution are identified

Anelastic spectroscopy in SmBa2Cu3O7

The possibility of variable stoichiometry and the high mobility of oxygen in the CuOx planes of SmBa2Cu3O7 give rise to a rich phase diagram. Measurements of the elastic energy loss and modulus (anelastic spectroscopy) as a function of temperature can distinguish among the different atomic jumps, which occur in the various phases or at different local ordering. In this paper, it is reported anelastic relaxation measurements in SmBa2Cu3O7, above room temperature, using a torsion pendulum operating in frequencies around 40 Hz. The mobility of oxygen atoms in the CuOx planes in the various phases has been discussed and the thermally activated peak of elastic energy dissipation observed around 500 K was interpreted in that framework. (C) 2004 Elsevier B.V. All rights reserved.

Measurement of oxygen atom diffusion in Nb and Ta by anelastic spectroscopy

Impurity interstitial atoms present in metals with BCC structure can diffuse in the metallic matrix by jumps to energetically equivalent crystallographic sites. Anelastic spectroscopy (internal friction) is based on the measurement of mechanical loss or internal friction as a function of temperature. Due to its selective and nondestructive nature, anelastic spectroscopy is well suited for the study of diffusion of interstitial elements in metals. Internal friction measurements were made using the torsion pendulum technique with oscillation frequency of a few Hz, temperature interval from 300 to 700 K, heating rate of about 1 K/min, and vacuum better than 10-5 mbar. The polycrystalline Nb and Ta samples used were supplied by Aldrich Inc. The results obtained showed thermally activated relaxation structures due to stress-induced ordering of oxygen atoms around the Nb (or Ta) atoms of the metallic matrix. The results were interpreted by three methods and led to activation enthalpy values for the diffusion of oxygen in Nb and Ta of 1.15 eV and 1.10 eV, respectively.

Determination of the oxygen and nitrogen interstitial diffusion coeficient in niobium by mechanical spectroscopy

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

Diffusion of Interstitial Elements in Ti Alloys used as Biomaterials

Titanium alloys are excellent implant materials for orthopedic applications due to their desirable properties, such as good corrosion resistance, low elasticity modulus, and excellent biocompatibility. The presence of interstitial elements (such as oxygen and nitrogen) causes strong changes in the material's mechanical properties, mainly in its elastic properties. Study of the interaction among interstitial elements present in metals began with Snoek's postulate, that a stress-induced ordering of interstitials gives rise to a peak in the mechanical relaxation (internal friction) spectra. In the mechanical relaxation spectra, each species of interstitial solute atom gives rise to a distinct Snoek's peak, whose temperature and position depend on the measurement frequency. This effect is very interesting because its peculiar parameters are directly related to the diffusion coefficient (D) for the interstitial solute. This paper presents a study of diffusion of heavy interstitial elements in Ti-35Nb-7Zr-5Ta alloys using mechanical spectroscopy. Pre-exponential factors and activation energies are calculated for oxygen and nitrogen in theses alloys.

Oxygen diffusion in superconducting oxides

Since the discovery of high-temperature superconductivity of cuprate oxides, it has been clear that it is strongly affected by the oxygen content, which is also a crucial factor to determine other physical properties of high T-c superconductors. Non-stoichiometric (interstitial) oxygen strongly influences the physical properties of various superconducting oxides, in particular by creating conducting holes. It is now ascertained that the amount of holes injected depends not only on the content of interstitial oxygen, but also on its ordering. Rearrangement of the oxygen ordering may occur even below room temperature due to the unusual high mobility of these atoms. This way, mechanical spectroscopy is one of the most adequate techniques for the study of the mobility (diffusion) of oxygen atoms. This technique allows the determination of the jump frequency of an atomic species precisely, regardless of the model or the different possible types of jumps. In order to evaluate the mobility and the effect of oxygen content on these oxides, ceramic samples we prepared and submitted to several oxygen removal cycles alternately with mechanical relaxation measurements. As for SBCO, it was assumed that the peak was due to O(1)-O(5) jumps of oxygen atoms at the chain terminals or in chain fragments in the orthorhombic phase. In the case of BSCCO, the results showed complex anelastic relaxation structures, which were attributed to interstitial oxygen atom jumps between two adjacent CuO planes.