Contract cheating & the market in essays

We conduct the first empirical economic investigation of the decision to cheat by University students. We investigate student demand for essays, using hypothetical discrete choice experiments in conjunction with consequential Holt-Laury gambles to derive subjects risk preferences. Students stated willingness to participate in the essay market, and their valuation of purchased essays, vary with the characteristics of student and institutional environment. Risk preferring students, those working in a non-native language, and those believing they will attain a lower grade are willing to pay more. Purchase likelihoods and essay valuations decline as the probability of detection and associated penalty increase.

Consumer attitudes to injurious pecking in free range egg production

Free range egg producers face continuing problems from injurious pecking (IP) which has financial consequences for farmers and poor welfare implications for birds. Beak trimming has been practised for many years to limit the damage caused by IP, but with the UK Government giving notification that they intend to ban beak trimming in 2016, considerable efforts have been made to devise feasible housing, range and management strategies to reduce IP. A recent research project investigated the efficacy of a range of IP reducing management strategies, the mean costs of which came to around 5 pence per bird. Here, the results of the above project’s consumer survey are presented: consumers’ attitudes to free range egg production are detailed showing that, whilst consumers had a very positive attitude towards free range eggs, they were especially uninformed about some aspects of free range egg production. The contingent valuation technique was used to estimate the price premium consumers would be prepared to pay to ensure that hens do not suffer from IP: this was calculated as just over 3% on top of the prevailing retail price of free range eggs. These findings reinforce other studies that have found that whilst consumers are not generally well-informed about certain specific welfare problems faced by animals under free range conditions, they are prepared to pay to improve animal welfare. Indeed, the study findings suggest that producers could obtain an additional price premium if they demonstrate the welfare provenance of their eggs, perhaps through marketing the eggs as coming from birds with intact beaks. This welfare provenance issue could usefully be assured to consumers by the introduction of a mandatory, single, accredited EU-wide welfare-standards labelling scheme.

How to avoid Copenhagen : An experimental economic approach to climate negotiations

This study got its origin in the failed climate negotiations in the Copenhagen 2009 summit. By conducting a public good game, with participants from China and Sweden, my study indicates that previous studies on public good games can predict the outcome of the game to a quit large extent even though most of my statistical tests came out statistically insignificant. My study also indicates that by framing the game as climate negotiations there were no statistical significant difference on the level of contributions in comparison to the unframed versions of the game. The awareness of the issues with emissions, global warming and other environmental problems are pretty high but even so when push comes to shove gains in the short run are prioritized to gains in the long run. There are however hypothetical willingness to come to term with the environmental issues. The results of the study indicate that the outcome of the Copenhagen summit can be avoidable but would need additional experiments made on cultural differences and behavior.

Factors that Motivate Pupils in Grades 4-6 in Sweden to Speak English as a Foreign Language

This is an empirical study about factors that motivate pupils to speak English as a foreign language. The aim of this study is to investigate when pupils in the classroom situation, in Grades 4-6 in a school in Sweden, are motivated to speak English as a foreign language, and why they are motivated to speak English in these situations. To implement this study, questionnaires and interviews have been chosen as methods. 51 pupils in Grades 4-6 took part of the study. Since being able to communicate orally in a foreign language is of great advantage for one, and creates opportunities both for work and for study abroad, it is important for pupils to learn how to communicate orally in English. It is important to be able to use the language. In the English curriculum in Swedish schools, speaking English is a skill pupils must possess. Since this is the requirement it is important that teachers in Sweden relate to this. Many pupils do not like to speak in front of the rest of the class and some pupils only like to speak in informal situations. Therefore, teachers must use various strategies to create a willingness to communicate among pupils and various strategies to motivate them to speak English. The results show that pupils are motivated to use the language in class when they have recently been abroad. It also shows that they are motivated when they can decide the topic and speak about something they are interested in.

Hope, risk perception and propensity to indebtedness

Hope is an important construct in marketing, once it is an antecedent of important marketing variables, such as trust, expectation and satisfaction (MacInnis & de Mello, 2005, Almeida, Mazzon & Botelho, 2007). Specifically, the literature suggests that hope can play an important influence on risk perception (Almeida, 2010, Almeida et al., 2007, Fleming, 2008, MacInnis & de Mello, 2005) and propensity to indebtedness (Fleming, 2008). Thus, this thesis aims to investigate the relations among hope, risk perception related to purchasing and consumption and propensity to indebtedness, by reviewing the existing literature and conducting two empirical researches. The first of them is a laboratory experiment, which accessed hope and risk perception of getting a mortgage loan. The second is a survey, investigating university students’ propensity to get indebted to pay for their university tuition, analyzed through the method of Structural Equations Modeling (SEM). These studies found that hope seems to play an important role on propensity to indebtedness, as higher levels of hope predicted an increase in the propensity to accept the mortgage loan, independent of actual risks, and an increase in the propensity of college students to get indebted to pay for their studies. In addition, the first study suggests that hope may lead to a decrease in risk perception, which, however, has not been confirmed by the second study. Finally, this research offers some methodological contributions, due to the fact that it is the first study using an experimental method to study hope in Brazil and, worldwide, it is the first study investigating the relation among hope, risk perception and propensity to indebtedness, which proved to be important influences in consumer behavior

Public debt and the limits of fiscal policy to increase economic growth

Research that seeks to estimate the effects of fiscal policies on economic growth has ignored the role of public debt in this relationship. This study proposes a theoretical model of endogenous growth, which demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio should negatively impact the effect of fiscal policy on growth. This occurs because government indebtedness extracts part of the savings of the young to pay interest on the debts of the older generation, who are no longer saving. Therefore, the payment of debt interest assumes an allocation exchange role between generations that is similar to a pay-as-you-go pension system, which results in changes in the savings rate of the economy. The major conclusions of the theoretical model were tested using an econometric model to provide evidence for the validity of this conclusion. Our empirical analysis controls for timeinvariant, country-specific heterogeneity in the growth rates. We also address endogeneity issues and allow for heterogeneity across countries in the model parameters and for cross-sectional dependence.

Bank dividends and signaling to information-sensitive depositors

Esta tese investiga se a composição do endividamento dos bancos afeta sua política de dividendos. Identificou-se que investidores sensíveis a informações (investidores institucionais) são alvos de sinalização através de dividendos por parte dos bancos. Utilizando uma base de dados exclusiva de bancos brasileiros, foi possível identificar vários tipos de credores, especificamente, investidores institucionais, empresas não financeiras e pessoas físicas, que são alvos potenciais de sinalização por dividendos. Adicionalmente, a existência de vários bancos de capital fechado, controlados e geridos por um pequeno grupo de acionistas, em que a sinalização direcionada a acionistas é implausível, permite inferir que bancos que utilizam mais fundos de investidores sensíveis a informações (institucionais) pagam mais dividendos, controlando por diversas características. Durante a crise financeira, este comportamento foi ainda mais pronunciado. Esta relação reforça o papel dos dividendos como uma forma custosa e crível de comunicar sobre a qualidade dos ativos dos bancos. A hipótese de que os dividendos podem ser utilizados como uma forma de expropriação dos depositantes por parte dos acionistas é refutada, uma vez que, se fosse esse o caso, observar-se-ia esse maiores dividendos em bancos com depositantes menos sensíveis a informação. Além disso, foi verificada uma relação negativa entre o pagamento de dividendos e o custo de captação (juros pagos em certificados de depósito bancário) e uma relação positiva de dividendos com o tamanho e com os lucros passados, e que os bancos de capital fechado pagam mais dividendos do que os de capital aberto, uma descoberta que também se alinha com a ideia de que os depositantes seriam os alvos da sinalização por dividendos. Finalmente, encontrou-se também uma relação negativa entre dividendos e adequação de capital do bancos, o que indica que pressões regulatórias podem induzir os bancos a pagar menos dividendos e que o pagamento de dividendos é negativamente relacionado com o crescimento da carteira de crédito, o que é consistente com a ideia de que os bancos com maiores oportunidades de investimento retêm seus lucros para aumentar seu patrimônio líquido e sua capacidade de conceder crédito.

Bias from ignoring price dispersion in demand estimation

Consumers often pay different prices for the same product bought in the same store at the same time. However, the demand estimation literature has ignored that fact using, instead, aggregate measures such as the “list” or average price. In this paper we show that this will lead to biased price coefficients. Furthermore, we perform simple comparative statics simulation exercises for the logit and random coefficient models. In the “list” price case we find that the bias is larger when discounts are higher, proportion of consumers facing discount prices is higher and when consumers are more unwilling to buy the product so that they almost only do it when facing discount. In the average price case we find that the bias is larger when discounts are higher, proportion of consumers that have access to discount are similar to the ones that do not have access and when consumers willingness to buy is very dependent on idiosyncratic shocks. Also bias is less problematic in the average price case in markets with a lot of bargain deals, so that prices are as good as individual. We conclude by proposing ways that the econometrician can reduce this bias using different information that he may have available.

Acesso à justiça enquanto direito fundamental: efetivação pela defensoria pública

The Federal Constitution of 1988 is recognized for its enlargement in the face of large amount of provisions that make it up, among which many are fundamental rights. The fundamental rules set up the foundation of a democratic state, however, are the necessary legal mechanisms to be effective, its exercise is not enough merely to state them, but to offer ways for them to stop being just written standard on paper, and come to be viewed and exercised day-to-day. In this sense, access to justice presents itself in our times, as a cornerstone for a just society dictates. In this light, access to justice can be seen as the most fundamental of rights, which translates as instruments able to safeguard the fundamental rights not only against the action/omission violating the state but also the very particular. Furthermore, access to justice within the legal country, is not right for everyone, despite the willingness of the Citizen Charter in its article 5, paragraph LXXIV, ensuring that the State shall provide full and free legal assistance to those in need. More than half of the population lives in poverty and can´t afford to pay legal fees or court costs as well as a bump in their own ignorance of their rights. The judiciary, in their primary function, is in charge of trying to correct the violation of the rights, intending to effect a true distributive justice, serving as a paradigm for the promotion of substantive equality of human beings, however, is difficult and tortuous access Justice for those without financial resources. In this vein, we present the Public Defender, as keeper of the masses in its institutional role, defending a disadvantage, in the words, as a mechanism for effective access to justice, ensuring therefore fundamental rights. Public Defenders arise at the time or much discussion highlights the priority of actual access to justice, custody, therefore, intimate bond with the pursuit of fundamental rights, in which, that advance the broad range of rights, without whom could defend them or guardianship them

Avanços metodológicos na seleção do sexo de espermatozóides bovinos para utilização no melhoramento genético e na produção animal

O mercado demanda, desde final da década de 20, uma tecnologia para a sexagem de espermatozóides que possa ser inserida na indústria de produção de sêmen congelado e que tenha as seguintes características: a) não altere a viabilidade espermática; b) seja compatível com a congelação do espermatozóide sexado; c) permita a sexagem de espermatozóides previamente congelados e descongelados; d) permita a produção de várias doses de sêmen sexado congelado por dia, com custo compatível ao mercado. A importância dessa tecnologia para maximizar a produção animal a um custo baixo tem sido um desafio da pesquisa a vários anos. A possibilidade de produzir, em escala comercial, doses de sêmen enriquecidas com espermatozóides X ou Y aumentará os benefícios do uso da inseminação artificial no seu papel de maximizar o progresso genético entre gerações de acordo com os requerimentos de cada programa de melhoramento animal. Diferentes rotas tecnológicas são percorridas na tentativa de selecionar-se o sexo em mamíferos, tanto nas espécies de interesse zootécnico quanto em espécies ameaçadas de extinção, animais de companhia. Neste sentido, existem duas alternativas: a separação de espermatozóides portadores do cromossomo X, daqueles portadores do cromossomo Y; ou a sexagem de embriões pré-implantados. A viabilidade da sexagem de espermatozóides em bovinos é esperada por muitos anos e os desenvolvimentos recentes tornaram essa tecnologia de aplicação commercial. Entretanto, muitas limitações ainda existem, principalmente, referente à taxa de gestação em condições de campo. Isso restringe a utilização dessa tecnologia no melhoramento genético e produção animal. Nessa palestra abordaremos os potenciais sistemas de criação e produção que poderão beneficiar-se com a sexagem de espermatozóides, quando essas limitações forem solucionadas.

From capital surges to drought: seeking stability for emerging economies

Includes bibliography

Capital flows to Latin America: third quarter 2001

Events in Argentina dominated most of the third quarter of 2001 until September 11, when the terrorist attacks against the United States prompted a sell-off of emerging markets assets, increasing uncertainty and risk aversion against a background of global economic slowdown. Emerging markets' short term prospects to tap international capital markets deteriorated significantly. In the third quarter of 2001, Latin American countries issued US$7.6 billion in bonds, following US$11.2 billion in the second quarter and US$13.2 billion in the first quarter, which had been a jump from only US$2.9 billion in the last quarter of 2000. At first, it seemed that the pace of debt issuance would slow down considerably given Argentina's troubles in July, as Argentina's bond auction at the beginning of the month was poorly received, forcing the government to shorten the maturity of the new debt and to pay rates as high as those during the Russian crisis in 1998. By August, however, emerging markets rebounded strongly on the back of a new US$8 billion IMF assistance package to Argentina, with both Mexico and Brazil successfully launching large issues. International markets displayed considerable flexibility as investors gave Mexico's US$1.5 billion 30- year bond and Brazil's JPY200 billion two-year samurai issue a warm reception. This return to capital markets was interrupted by the events of September 11, which caused debt issuance to fall sharply in September and October. Following the events of September 11, EMBI+ spreads widened above 1,000 basis points for the first time in nearly two years. According to J.P. Morgan there was a 3.7% market decline in September, which brought year-to-date returns for the EMBI+ to only 0.06%. Emerging markets debt, however, fared better than most other fixed income and equity markets in the immediate aftermath of the attacks. U.S. high-yield market suffered its worst month since August 1998, declining by 6.5%, while the S&P 500 and Nasdaq declined by 8.2% and 17%, respectively. Emerging equity markets suffered even greater declines, with losses as severe as 24% in local currency terms and 31% in U.S. dollar terms.

Capital flows to Latin America: recent developments

The external environment has deteriorated sharply as a result of the spiraling financial turmoil, and has led to a weakening in commodity prices and fears of a worldwide recession. Latin America and the Caribbean's fastest expansion in 40 years may be threatened as the global credit crunch makes financing scarce and squeezes demand for the region's commodities. This time around the region is better positioned to weather the crisis than in the past, given improvements in macroeconomic and financial policies as well as a reduced net dependency on external capital inflows. However, Latin American markets are feeling the effects of the crisis through a slowdown in capital inflows, large declines in stock price indexes, significant currency adjustments and an increase in debt spreads. Volatility has soared, with the closely watched Chicago Board Options Exchange Volatility Index moving to an all-time high of 70.33 on October 17, indicating that fear (rather than greed) has been ruling the markets.After reaching record lows in May 2007, emerging markets bond spreads are now above pre-Asian crisis levels. The JPMorgan EMBI+ Latin American composite widened by 146 basis points in the third quarter, with spreads reaching 448 basis points at the end of September. Spreads have widened sharply in recent weeks as foreign investors cut back regional exposure for the safety of U.S. Treasuries. The ongoing lack of liquidity and subsequent liquidation of assets is leading to a collapse in asset prices and a sharp widening in spreads. Daily spreads in October have risen to levels not seen since December 2002, making it much more difficult for governments that need financing to get it. Risk premiums for Latin corporates and sovereigns have risen substantially, but have remained well below U.S. junk (high-yield) bonds. Latin corporates are facing a steep rise in foreign exchange borrowing costs (although less than firms in other emerging markets), which raises concerns that refinancing risks will climb.So far, emerging markets vulnerabilities have been more focused on corporates, as sovereigns have improved public debt dynamics and countries' financing needs are under control. Market performance has been driven by the rapid deterioration of emerging markets bank and corporate market, as well as ongoing losses in emerging markets equities. From January to September 2008, the Morgan Stanley Capital International (MSCI) Latin American Index lost almost 28%, while the Emerging Markets Index lost 37% and the G-7 Index lost 24%. While in 2007 the Latin America component gained 47%, almost nine times as much as the MSCI-G7 index for developed markets, since mid-September 2008 stocks in Latin America have been doing worse than stocks in developed countries, as concerns about access to credit and the adverse impact of sharp falls in commodity prices and in local currencies contribute to increased risk aversion and to outflows of capital. Many governments in the region have used revenue from the commodity boom to pay down debt and build reserves. Now, facing a global financial crisis and the threat of recession in developed countries, the biggest question for Latin America is how long and deep this cyclical downturn will be, and how much it is going to reduce commodity prices. Prices for commodities such as soy, gold, copper and oil, which helped fund the region's boom, have fallen 28% since their July 2 high, according to the RJ/CRB Commodity Price Index. According to Morgan Stanley (in a September 29 report), should prices return to their 10-year average, Latin America's balanced budgets would quickly revert to a deficit of 4.1% of GDP. As risk aversion increases, investors are rapidly pulling out massive amounts of money, creating problems for local markets and banks. There is an ongoing shortage of dollars (as investors liquidate assets in Latin American markets), and as currencies depreciate, inflation concerns increase despite the global slowdown. In Brazil and Mexico, central banks deployed billions of dollars of reserves to stem steep currency declines, as companies in these countries, believing their local currencies would continue to strengthen against the U.S. dollar, took debts in dollars. Some companies also made bets using currency derivatives that have led to losses in the billions of dollars. Dramatic currency swings have caused heavy losses for many companies, from Mexico's cement giant Cemex SAB to the Brazilian conglomerate Grupo Votorantim. Mexico's third-largest retailer, Controladora Comercial Mexicana, declared bankruptcy recently after reporting huge losses related to exchange rate bets. As concerns about corporate exposure to dollar-denominated derivatives increases, yields on bonds issued by many of Brazil's and Mexico's leading companies have started to rise, sharply raising the cost of issuing new debt. Latin American external debt issuance came to a halt in the third quarter of 2008, totaling only US$ 690 million. The cost of obtaining loans for capital expenditures, M&A and debt refinancing is also rising substantially for Latin American corporates amid contagion from the U.S. financial crisis. According to bankers, a protracted trend of shortening tenors and widening spreads has intensified in the past few weeks, indicating that bank lending is quickly following the way of bonds and equity. Finally, money transfers from Latin American migrants are expected to decline for the first time this decade, as a result of economic downturns in the U.S. and Spain, inflation and a weaker dollar. The Mexican Central Bank announced that money transfers from Mexicans living in the U.S. dropped a record 12.2% in August. In 2008, migrants from the region will send some 1.7% less in remittances year-on-year when adjusted for inflation, according to the IADB, compounding the adverse effects of the deepening financial turmoil.

Patients' awareness of the potential benefit of smoking cessation. A study evaluating self-reported and clinical data from patients referred to an oral medicine unit

The present study analyzed history of smoking and willingness to quit smoking in patients referred for diagnosis and treatment of different oral mucosal lesions. Prior to the initial clinical examination, patients filled in a standardized questionnaire regarding their current and former smoking habits and willingness to quit. Definitive diagnoses were classified into three groups (benign/reactive lesions, premalignant lesions and conditions, and malignant diseases) and correlated with the self-reported data in the questionnaires. Of the 980 patients included, 514 (52%) described themselves as never smokers, 202 (21%) as former smokers, and 264 (27%) as current smokers. In the group of current smokers, 23% thought their premalignant lesions/conditions were related to their smoking habit, but only 15% of the patients with malignant mucosal diseases saw that correlation. Only 14% of the smokers wanted to commence smoking cessation within the next 30 days. Patients with malignant diseases (31%) showed greater willingness to quit than patients diagnosed with benign/reactive lesions (11%). Future clinical studies should attempt (1) to enhance patients' awareness of the negative impact of smoking on the oral mucosa and (2) to increase willingness to quit in smokers referred to a dental/oral medicine setting.

Atypical depression and alcohol misuse are related to the cardiovascular risk in the general population

OBJECTIVE: The aims of the present study were to assess the associations between mood, anxiety and substance use disorders, including their subtypes, and the prevalence of cardiovascular risk factors (CVRFs). METHOD: Thorough physical investigations, biological measures and standardized interview techniques were used to assess 3716 subjects of an urban area, aged 35-66 years. RESULTS: Atypical depression was associated with increased prevalence of overweight, diabetes and the metabolic syndrome (OR = 1.5, 95% C.I. 1.1-2.0; OR = 2.0, 95% C.I. 1.1-3.5, OR = 1.6, 95% C.I. 1.0-2.4 respectively), whereas decreased prevalence of overweight was found in melancholic (OR = 0.7, 95% C.I. 0.6-0.9) and unspecified depression (OR = 0.8, 95% C.I. 0.7-1.0). Alcohol abuse was associated with diabetes (OR = 1.8, 95% C.I. 1.1-2.9) and dyslipidemia (OR = 1.3, 95% C.I. 1.0-1.8), alcohol dependence with dyslipidemia only (OR = 1.4, 95% C.I. 1.0-2.0). Almost all mental disorders were associated with a lifetime history of regular cigarette smoking, and atypical depression, alcohol misuse and drug dependence were associated with inactivity. CONCLUSION: To conclude results emphasize the need to subtype depression and to pay particular attention to the atypical subtype. Comorbid alcohol misuse may further increase the cardiovascular risk. Efforts to diminish smoking in subjects with mental disorders could be crucial measures to reduce their high incidence of cardiovascular disease.