Income inequality: the role of impatience in a job-search process

This paper investigates the income inequality generated by a jobsearch process when di§erent cohorts of homogeneous workers are allowed to have di§erent degrees of impatience. Using the fact the average wage under the invariant Markovian distribution is a decreasing function of the time preference (Cysne (2004)), I show that the Lorenz curve and the between-cohort Gini coe¢ cient of income inequality can be easily derived in this case. An example with arbitrary measures regarding the wage o§ers and the distribution of time preferences among cohorts provides some quantitative insights into how much income inequality can be generated, and into how it varies as a function of the probability of unemployment and of the probability that the worker does not Önd a job o§er each period.

What is the role of bookbuilding in bond allocation ? : evidence from Brazil

A dissertação tem como objetivo analisar dois aspectos do processo de bookbuilding nas emissões de debêntures no mercado brasileiro. O primeiro aspecto é verificar se o underwriter utiliza, a exemplo do que ocorre no Initial Public Offering (IPO) de ações, o poder discricionário nas alocações das debêntures entre os investidores. O segundo consiste em encontrar as características, tanto do emissor quanto do investidor, que influenciam na eficiência do bidder no processo de bookbuilding. Para realizar os testes empíricos foi utilizada uma base de dados composta por 40 books1 (totalizando 727 bids) fornecidos por um banco de investimento.Verifica-se que o underwriter não beneficia nenhum investidor na alocação final das debêntures. Essa afirmação fica evidenciada quando se calcula a diferença entre alocação final (efetivamente recebida pelo investidor) e alocação teórica (estimada com base no método pro-rata) para os 27 books (totalizando 557 bids) que apresentam demanda superior a oferta. A diferença é nula para 96.6% da amostra, sendo que das 19 observações não nulas, 15 possuem diferença absoluta de uma debênture entre a alocação teórica e a final, resultado explicado em função do arredondamento das alocações.Contrariando a teoria de leilão de titulos públicos, onde autores, como Scott and Wolf (1979), defendem que os investidores devem utilizar o step bid como estratégia ótima de bid, este trabalho verificou que no caso de bookbuilding de debêntures no mercado brasileiro, os investidores usuários de step bid posssuem menos chances de ter seu bid atendido plenamente pelo underwriter. Quando o investidor é um gestor de recursos de terceiros (asset management), aumenta-se a possibilidade de ter sua demanda atendida. O maior sucesso do asset management no bookbuilding deve-se às peculiaridades do mercado brasileiro: (i) somente investidores locais participam dos bookbuilding, já que investidores estrangeiros possuem preferência e incentivos por títulos públicos; (ii) gestores de recursos de terceiros representam 75% da demanda por debêntures; (iii) o mercado de gestão de recursos é concentrado: os 5 maiores gestores concentram 60% da indústria. Com isso os gestores de recursos podem desenvolver uma expertise própria, já que são os principais demandadores e frequentemente participam dos bookbuilding. As características do emissor também influenciam no desempenho dos bidders: as debêntures de baixo e médio risco aumentam a possibilidade do bidder ter seu pedido atendido na íntegra. Além disso, como era esperado, quanto maior for a demanda do título, mais dificil é para o investor conseguir a quantidade desejável.

OMG!: characterizing the role of emotions in the sharing of online commercial videos

"Se tornar viral" é visto pelos comerciantes como o novo Graal para alcançar grandes comunidades online. Neste contexto viral, vídeos têm um papel especial dada a forte capacidade deles de se espalhar exponencialmente pela internet através do compartilhamento social. Cada ano se vê a quebra de novos recordes através deste tipo de viralidade. Em março de 2012, o vídeo "Kony 2012" envolvendo a ação unida contra o líder de milícia Africano epônimo, atingiu mais de 34 milhões de visualizações em seu primeiro dia de lançamento. Em dezembro de 2012, o vídeo-clipe da música "Gangnam Style" tornou-se o primeiro vídeo do YouTube a alcançar mais de um bilhão de visualizações, totalizando mais de 1,4 bilhões de visualizações em março de 2013. Tais ilustrações mostram claramente a nova escala que a internet deu ao fenômeno do boca-a-boca. Os comerciantes entenderam o potencial fantástico dos vídeos virais e tentaram aproveitar o fenômeno de modo a reproduzi-lo para fins comerciais. Esta pesquisa oferece para os acadêmicos e os profissionais de marketing uma análise dos determinantes do compartilhamento de vídeos comerciais online. Mais especificamente, o foco da dissertação foi definido sobre o papel das emoções no compartilhamento, para identificar quais delas levam e como levam à partilha de vídeos comerciais online. A pesquisa foi realizada a partir de dois métodos científicos: uma pesquisa e uma análise de texto sobre a atribuição de emoções para comentários dos vídeos mais compartilhados do YouTube. A pesquisa confirma, com novos métodos, hipóteses previamente testadas e validadas por acadêmicos. Ela mostra que a positividade e a força das emoções são determinantes de compartilhamento maiores do que a negatividade e a fraqueza (Lindgreen and Vanhamme, 2005; Dobele et al., 2007). A dissertação também argumenta que o conteúdo do vídeo, bem como o contexto são determinantes significativos de compartilhamento de vídeo (Laskey et al., 1989; Taylor, 1999). Além de validar teorias existentes, a pesquisa trouxe novos conceitos para a discussão, especialmente o papel da dimensão força / fraqueza de emoções para analisar o fenômeno viral, e a importância de uma clara "chamada à ação" incluída no vídeo para aumentar a sua partilha. Estes novos conceitos enriquecem a literatura do tema – que evolui muito rapidamente – e preparam o caminho para futuras pesquisas.

Extreme poverty and development: the role of state in the assurance of minimal existence conditions

This paper follows the idea of Amartya Sen, Nobel Prize of economic, about the role of State in the assurance of minimal existence condition, and aim to answer how countries of Latin America (specifically Brazil) and countries of Europe (specifically United Kingdom) deal with the assurance of this minimal existence conditions. According to Amartya Sen’s view, development must be seen as a process of expanding substantive freedoms, such expansion being the primary purpose of each society and the main mean of development. Substantive freedoms can be considered as basic capabilities allocated to individuals whereby they are entitled to be architects of their own lives, providing them conditions to “live as they wish”. These basic capabilities are divided by Amartya Sen in 5 (five) kinds of substantive freedoms, but for this article’s purpose, we will consider just one of this 5 (five) kinds, specifically the Protective Safety capability. Protective Safety capability may be defined as the assurance of basic means of survival for individuals who are in extreme poverty, at risk of starvation or hypothermia, or even impending famine. Among the means available that could be used to avoid such situations are the possibility of supplemental income to the needy, distributing food and clothing to the needy, supply of energy and water, among others. But how countries deal whit this protective safety? Aiming to answer this question, we selected the problem of “fuel poverty” and how Brazil and United Kingdom solve it (if they solve), in order to assess how the solution found impacts development. The analysis and the comparison between these countries will allow an answer to the question proposed.

The role of profits in wage determination: evidence from US manufacturing

We estimate the effect of firms' profitability on wage determination for the American economy. Two standard bargaining models are used to illustrate the problems caused by the endogeneity of profits-per-worker in a real wage equation. The profit-sharing parameter can be identified with instruments which shift demando Using information from the input-output table, we create demand-shift variables for 63 4-digit sectors of the US manufacturing sector. The LV. estimates show that profit-sharing is a relevant and widespread phenomenon. The elasticity of wages with respect to profits-per-worker is seven times as large as OLS estimates here and in previous papers. Sensitivity analysis of the profit-sharing parameter controlling for the extent of unionization and product market concentration reinforces our results.

The Role of Phytochrome in Stress Tolerance

It is well-documented that phytochromes can control plant growth and development from germination to flowering. Additionally, these photoreceptors have been shown to modulate both biotic and abiotic stress. This has led to a series of studies exploring the molecular and biochemical basis by which phytochromes modulate stresses, such as salinity, drought, high light or herbivory. Evidence for a role of phytrochromes in plant stress tolerance is explored and reviewed.

Role of midbrain in the control of breathing in anuran amphibians

The present study was designed to explore systematically the midbrain of unanesthetized, decerebrate anuran amphibians (bullfrogs), using chemical and electrical stimulation and midbrain transections to identify sites capable of exciting and inhibiting breathing. Ventilation was measured as fictive motor output from the mandibular branch of the trigeminal nerve and the laryngeal branch of the vagus nerve. The results of our transection studies suggest that, under resting conditions, the net effect of inputs from sites within the rostral half of the midbrain is to increase fictive breathing frequency, whereas inputs from sites within the caudal half of the midbrain have no net effect on fictive breathing frequency but appear to act on the medullary central rhythm generator to produce episodic breathing. The results of our stimulation experiments indicate that the principal sites in the midbrain that are capable of exciting or inhibiting the fictive frequency of lung ventilation, and potentially clustering breaths into episodes, appear to be those primarily involved in visual and auditory integration, motor functions, and attentional state.

The role of clouds in improving the regression model for hourly values of diffuse solar radiation

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The role of apoptosis in the antigen-specific T cell hyporesponsiveness of paracoccidioidomycosis patients

Paracoccidioidomycosis is a deep endemic mycosis associated with an antigen-specific immunodeficiency. To examine the role of apoptosis in this immunodeficiency, peripheral blood mononuclear cells (PBMC) of patients with paracoccidioidomycosis and controls were stimulated with the main antigen of Paracoccidioides brasiliensis (gp43) and an unrelated fungal antigen (from Candida albicans, CMA) and analyzed for annexin V and propidium iodide staining by flow cytometry. Control PBMC proliferated well with both antigens. Patients' PBMC proliferated only with CMA, but presented higher levels of apoptosis with gp43 and CMA than in their own unstimulated cultures. Moreover, gp43-triggered apoptosis in control PBMC was lower than in those of the patients. Thus, patient but not control gp43-stimulated T cells apparently remained anergized and subsequently underwent apoptosis. While CMA-induced apoptosis is likely triggered by activation-induced cell death, this is apparently not the case in gp43-induced apoptosis because of the lack of cell cycling and IL-2 in the gp43-stimulated cultures. However, higher IL-10 levels were found in gp43-stimulated patient PBMC cultures. Addition of a neutralizing anti-IL-10 antibody to the cultures resulted in increased apoptosis levels only in gp43-stimulated patient PBMC cultures. Our results suggest that apoptosis plays a role in the patients' antigen-specific hyporesponsiveness and that IL-10 may have an antiapoptotic role. (C) 2002 Elsevier B.V. (USA).

The Role of Mucus in Mytella falcata (Orbigny 1842) Gills from Polluted Environments

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Effects of isoflavone on the learning and memory of women in menopause: a double-blind placebo-controlled study

Hormone decline is common to all women during aging and, associated with other factors, leads to cognitive impairment. Its replacement enhances cognitive performance, but not all women present a clinical and family or personal history that justifies its use, mainly women with a history of cancer. The aim of this study was to determine whether a daily oral dose of 80 mg of isoflavone extract for 4 months can produce benefits in women with low hormone levels, contributing to improvement in cognitive aspects. The sample comprised 50- to 65-year-old women whose menstruation had ceased at least 1 year before and who had not undergone hormone replacement. The volunteers were allocated to two groups of 19 individuals each, i.e., isoflavone and placebo. There was a weak correlation between menopause duration and low performance in the capacity to manipulate information (central executive). We observed an increase in the capacity to integrate information in the group treated with isoflavone, but no improvement in the capacity to form new memories. We did not observe differences between groups in terms of signs and symptoms suggestive of depression according to the Geriatric Depression Scale. Our results point to a possible beneficial effect of isoflavone on some abilities of the central executive. These effects could also contribute to minimizing the impact of memory impairment. Further research based on controlled clinical trials is necessary to reach consistent conclusions.

The role of vision in Parkinson's disease locomotion control: Free walking task

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

The role of pressure in the electrical transport of doped plasticized polyanilines

The behaviour of dc longitudinal and transverse conductivity in self-assembled plastdoped films of polyaniline has been studied over the range of 9 K to 320 K, under different applied mechanical pressures. We observe a progressive evolution of the conductivity picture as the applied pressure is increased, especially in the transverse direction, where the conductivity tends to lower as the pressure is increased. (C) 2012 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim