Urban economic openness and IPO underpricing

We examine the empirical impact of trade openness on the short-run underpricing of initial public offerings (IPOs) using city-level real estate data. This paper represents a first attempt to employ a macroeconomic approach to explain IPO performance. We investigate an openness effect in which urban economic openness (UEO) has a significant impact on the productivity and on the prices of both direct and indirect real estate due to productivity gains of companies in more open areas. This in turn positively affects the firm’s profitability, enhancing the confidence in the local real estate market and the future company performance and decreasing the uncertainty of the IPO valuation. And as a result, we find that issuers have less incentive to underprice the IPO shares. China provides a suitable experimental ground to study the immense underpricing in developing markets, which cannot solely be accounted for by firm specific effects. First, Chinese real estate companies show strong geographic patterns focusing their businesses locally – usually at a city level. Second, we observe a degree of openness which is significantly heterogeneous across Chinese cities. Controlling for company-specific variables, location and state ownership, we find the evidence that companies whose businesses are in economically more open areas experience less IPO underpricing. Our results show high explanatory power and are robust to diverse specifications.

The benefits of ethanol use for hydrogen production in urban transportation

The purpose of this paper is to describe the benefits of sugar cane ethanol in Brazil, appointing the productivity of this type of fuel based on hectares of plantation, its carbon dioxide cycle and the contribution to reduce the greenhouse effect. In the following step the uses of ethanol for hydrogen production by steam reforming is analyzed and some comparison with natural gas steam reforming is performed. The sugar cane industry in Brazil, in a near future, in the hydrogen era, could be modified according to our purpose, since besides the production of sugar, and ethylic and anhydric alcohol, Brazilian sugar cane industry will also be able to produce biohydrogen.Fuel cells appear like a promising technology for energy generation. Among several technologies in the present, the PEMFC (proton exchange membrane fuel cell) is the most appropriate for vehicles application, because it combines durability, high power density, high efficiency, good response and it works at relatively low temperatures. Besides that it is easy to turn it on and off and it is able to support present vibration in vehicles. A PEMFC's problem is the need of noble catalysts like platinum. Another problem is that CO needs to be in low concentration, requiring a more clean hydrogen to avoid fuel cell deterioration.One part of this paper was developed in Stockholm, where there are some buses within the CUTE (clean urban transport for Europe) project that has been in operation with FC since January 2004. Another part was developed in Guaratingueta, Brazil. Brazil intends to start up a program of FC buses. As conclusion, this paper shows the economical analysis comparing buses moved by fuel cells using hydrogen by different kinds of production. Electrolyze with wind turbine, natural gas steam reforming and ethanol steam reforming. (C) 2009 Elsevier Ltd. All rights reserved.

Multi-Agent Simulation of Urban Social Dynamics for Spatial Load Forecasting

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Recycling potential of urban solid waste destined for sanitary landfills: the case of Indaiatuba, SP, Brazil

The urban solid waste of the city of Indaiatuba (pop. 175 000), located in the state of São Paulo, was characterized, focusing on the recycling potential. For this purpose, collected waste was subdivided into 27 items, classified by mass and volume. About 90% of this waste was found to be potentially recyclable and only 10% requiring landfilling. The compostable organic matter, in the form of food and garden waste, both with high moisture content (51 and 41%, respectively), represents 54% in mass and 21% in volume. The most common type of plastic in this waste is high density polyethylene, whose estimated disposal is about 5000 kg day(-1). A socio-economic analysis of the waste generation indicates that low-income neighbourhoods discard relatively less packaging and more food waste, shoes and construction debris than middle and high income ones, which may be due to low purchasing power and schooling. Our findings indicate that more aluminium and uncoloured polyethylene terephthalate is discarded in the warmest months of the year, probably due to a greater consumption of canned and bottled drinks.

Urban areas and isolated remnants of natural habitats: An action proposal for botanical gardens

The International Union for Conservation of Nature and Natural Resources (IUCN) and the World Wide Fund for Nature (WWF) advocates an increase of the number of botanical gardens throughout the world as one of the measures that can help to preserve the world's biodiversity. To implement this strategy, the present work brings forward a suggestion particularly suited to tropical regions: establishing municipal botanical gardens. It refers to the experience of a newly opened municipal botanical garden in Brazil, comparing its attractive power on visitors to that of other botanical gardens included in the Brazilian network of Botanical Gardens. It also presents considerations on in situ conservation in small remnants and on the importance of urban reserves to preserve the regional biodiversity and spread the conservationist philosophy. The present proposal promotes the participation of local communities making the public opinion more aware and active, besides being able to counterbalance proposals that support protecting the world biodiversity through interventionist actions. It assumes that, through actions planned and coordinated by regional and national botanical garden networks, the measure proposed can mitigate the anthropic actions exerted on important natural reserves all over the world.

PMUs optimized allocation using a tabu search algorithm for fault location in electric power distribution system

Phasor Measurement Units (PMUs) optimized allocation allows control, monitoring and accurate operation of electric power distribution systems, improving reliability and service quality. Good quality and considerable results are obtained for transmission systems using fault location techniques based on voltage measurements. Based on these techniques and performing PMUs optimized allocation it is possible to develop an electric power distribution system fault locator, which provides accurate results. The PMUs allocation problem presents combinatorial features related to devices number that can be allocated, and also probably places for allocation. Tabu search algorithm is the proposed technique to carry out PMUs allocation. This technique applied in a 141 buses real-life distribution urban feeder improved significantly the fault location results. © 2004 IEEE.

Considering Urban Dynamics in spatial electric load forecasting

When dealing with spatio-temporal simulations of load growth inside a service zone, one of the most important problems faced by a Distribution Utility is how to represent the different relationships among different areas. A new load in a certain part of the city could modify the load growth in other parts of the city, even outside of its radius of influence. These interactions are called Urban Dynamics. This work aims to discuss how to implement Urban Dynamics considerations into the spatial electric load forecasting simulations using multi-agent simulations. To explain the approach, three examples are introduced, including the effect of an attraction load, the effect of a repulsive load, and the effect of several attraction/repulsive loads at the same time when considering the natural load growth. © 2012 IEEE.

Sustainable urban energy planning: The case study of a tropical city

The urbanization of modern societies has imposed to the planners and decision-makers a more precise attention to facts not considered before. Several aspects, such as the energy availability and the deleterious effect of pollution on the populations, must be considered in the policy decisions of cities urbanization. The current paradigm presents centralized power stations supplying a city, and a combination of technologies may compose the energy mix of a country, such as thermal power plants, hydroelectric plants, wind systems and solar-based systems, with their corresponding emission pattern. A goal programming multi-objective optimization model is presented for the electric expansion analysis of a tropical city, and also a case study for the city of Guaratinguetá, Brazil, considering a particular wind and solar radiation patterns established according to actual data and modeled via the time series analysis method. Scenarios are proposed and the results of single environmental objective, single economic objective and goal programming multi-objective modeling are discussed. The consequences of each dispatch decision, which considers pollutant emission exportation to the neighborhood or the need of supplementing electricity by purchasing it from the public electric power grid, are discussed. The results revealed energetic dispatch for the alternatives studied and the optimum environmental and economic solution was obtained. © 2012 Elsevier Ltd.

A redistricting problem applied to meter reading in power distribution networks

The capacitated redistricting problem (CRP) has the objective to redefine, under a given criterion, an initial set of districts of an urban area represented by a geographic network. Each node in the network has different types of demands and each district has a limited capacity. Real-world applications consider more than one criteria in the design of the districts, leading to a multicriteria CRP (MCRP). Examples are found in political districting, sales design, street sweeping, garbage collection and mail delivery. This work addresses the MCRP applied to power meter reading and two criteria are considered: compactness and homogeneity of districts. The proposed solution framework is based on a greedy randomized adaptive search procedure and multicriteria scalarization techniques to approximate the Pareto frontier. The computational experiments show the effectiveness of the method for a set of randomly generated networks and for a real-world network extracted from the city of São Paulo. © 2013 Elsevier Ltd.

Power laws, Discontinuities and Regional City Size Distributions

Urban systems are manifestations of human adaptation to the natural environment. City size distributions are the expression of hierarchical processes acting upon urban systems. In this paper, we test the entire city size distributions for the southeastern and southwestern United States (1990), as well as the size classes in these regions for power law behavior. We interpret the differences in the size of the regional city size distributions as the manifestation of variable growth dynamics dependent upon city size. Size classics in the city size distributions are snapshots of stable states within urban systems in flux.

TDEM survey in urban environmental for hydrogeological study at USP campus in Sao Paulo city, Brazil

In this work, some TDEM (Time Domain Electromagnetic) results at USP (University of Sao Paulo) campus in Sao Paulo city, Brazil, are presented. The data were acquired focusing on two mains objectives: (i) to map geoelectrical stratigraphy of Sao Paulo sedimentary basin, emphasizing on hydrogeological studies about sedimentary and crystalline aquifers, and (ii) to analyze the viability of TDEM data acquisition use in urban environment. The study area is located in Sao Paulo basin border, characterized by Resende and Sao Paulo formations, which are constituted by sand-clays sediments over a granite-gneissic basement. Two equipments were used in order to acquire database: Protem47 (low power), and Protem57-MK2 (high power). Capacitive noise affect obtained data with Protem47 due to the presence of metal pipes buried at IAG/USP (Institute of Astronomy, Geophysics, and Atmospheric Science) test site at USP. On the other hand, capacitive noise did not affect acquired data with Protem57-MK2, and the data present high signal to noise ratio. Surveys helped in determining sedimentary and crystalline aquifers, characterized by a fracture zone with water inside basin basement (conductive zone). Results show good agreement with local geology obtained from lithological boreholes located in the study areas. Moreover, it shows that TDEM method can be used in urban environments with a countless potential in hydrogeological studies, offering great reliability. Studies showed that main TDEM-method limitation at USP was the lack of space for opening the transmitter loop. Results are very promising and open new perspectives for TDEM-method use in urban environments as this area remains unexplored. (C) 2011 Elsevier B.V. All rights reserved.

The Social City : Middle-way approaches to housing and sub-urban golvernmentality in southern Stockholm, 1900-1945

This dissertation deals with the period bridging the era of extreme housing shortages in Stockholm on the eve of industrialisation and the much admired programmes of housing provision that followed after the second world war, when Stockholm district Vällingby became an example for underground railway-serviced ”new towns”. It is argued that important changes were made in the housing and town planning policy in Stockholm in this period that paved the way for the successful ensuing period. Foremost among these changes was the uniquely developed practice of municipal leaseholding with the help of site leasehold rights (Erbbaurecht). The study is informed by recent developments in Foucauldian social research, which go under the heading ’governmentality’. Developments within urban planning are understood as different solutions to the problem of urban order. To a large extent, urban and housing policies changed during the period from direct interventions into the lives of inhabitants connected to a liberal understanding of housing provision, to the building of a disciplinary city, and the conduct of ’governmental’ power, building on increased activity on behalf of the local state to provide housing and the integration and co-operation of large collectives. Municipal leaseholding was a fundamental means for the implementation of this policy. When the new policies were introduced, they were limited to the outer parts of the city and administered by special administrative bodies. This administrative and spatial separation was largely upheld throughout the period, and represented as the parallel building of a ’social’ outer city, while things in the inner ’mercantile’ city proceeded more or less as before. This separation was founded in a radical difference in land holding policy: while sites in the inner city were privatised and sold at market values, land in the outer city was mostly leasehold land, distributed according to administrative – and thus politically decided – priorities. These differences were also understood and acknowledged by the inhabitants. Thorough studies of the local press and the organisational life of the southern parts of the outer city reveals that the local identity was tightly connected with the representations connected to the different land holding systems. Inhabitants in the south-western parts of the city, which in this period was still largely built on private sites, displayed a spatial understanding built on the contradictions between centre and periphery. The inhabitants living on leaseholding sites, however, showed a clear understanding of their position as members of model communities, tightly connected to the policy of the municipal administration. The organisations on leaseholding sites also displayed a deep co-operation with the administration. As the analyses of election results show, the inhabitants also seemed to have felt a greater degree of integration with the society at large, than people living in other parts of the city. The leaseholding system in Stockholm has persisted until today and has been one of the strongest in the world, although the local neo-liberal politicians are currently disposing it off.

Educational and Anthropological Perspectives: An Italian View on Migration in Multi-cultural Urban Spaces

In contemporary societies there are different ways to perceive the relation between identity and alterity and to describe the difference between “us” and “them”, residents and foreigners. Anthropologist Sandra Wallman sustains that in multi-cultural urban spaces the frontiers of diversity are not only burdensome markers of identity, but rather they could also represent new chances to define “identity” and “alterity”. These frontiers, in fact, can work like interfaces through which to build time after time, in a creative way, a relationship with the other. From this point of view, the concept of boundary can offer many opportunities to creatively define the relation with the other and to sign new options for cognitive and physical movement. On the other side, in many cases we have a plenty of mechanisms of exclusion that transforms a purely empirical distinction between “us” and “them” in an ontological contrast, as in the case when the immigrant undergoes hostilities through discriminatory language. Even though these forms of racism are undoubtedly objectionable from a theoretical point of view, they are anyway socially “real”, in the sense that they are perpetually reaffirmed and strengthened in public opinion. They are in fact implicit “truths”, realities that are considered objective, common opinions that are part of day-to-day existence. That is the reason why an anthropological prospective including the study of “common sense” should be adopted in our present day studies on migration, as pointed out by American anthropologist Michael Herzfeld. My primary goal is to analyze with such a critical approach same pre-conditions of racism and exclusion in contemporary multi-cultural urban spaces. On the other hand, this essay would also investigate positive strategies of comparing, interchanging, and negotiating alterity in social work. I suggest that this approach can offer positive solutions in coping with “diversity” and in working out policies for recognizing a common identity which, at the same time, do not throw away the relevance of political and economic power.

An examination of the Gonorrhea Cases & Places Study: An analysis of the Theory of Gender and Power, Situational/Environmental Variables Theory, and Sexual Script Theory as it relates to risky sexual behavior in African American adults

Objective. The purpose of the study is to provide a holistic depiction of behavioral & environmental factors contributing to risky sexual behaviors among predominantly high school educated, low-income African Americans residing in urban areas of Houston, TX utilizing the Theory of Gender and Power, Situational/Environmental Variables Theory, and Sexual Script Theory. Methods. A cross-sectional study was conducted via questionnaires among 215 Houston area residents, 149 were women and 66 were male. Measures used to assess behaviors of the population included a history of homelessness, use of crack/cocaine among several other illicit drugs, the type of sexual partner, age of participant, age of most recent sex partner, whether or not participants sought health care in the last 12 months, knowledge of partner's other sexual activities, symptoms of depression, and places where partner's were met. In an effort to determine risk of sexual encounters, a risk index employing the variables used to assess condom use was created categorizing sexual encounters as unsafe or safe. Results. Variables meeting the significance level of p<.15 for the bivariate analysis of each theory were entered into a binary logistic regression analysis. The block for each theory was significant, suggesting that the grouping assignments of each variable by theory were significantly associated with unsafe sexual behaviors. Within the regression analysis, variables such as sex for drugs/money, low income, and crack use demonstrated an effect size of ≥ ± 1, indicating that these variables had a significant effect on unsafe sexual behavioral practices. Conclusions. Variables assessing behavior and environment demonstrated a significant effect when categorized by relation to designated theories.