Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

Influência dos obstáculos de pequena dimensão na estruturação dos agrupamentos piscícolas: The impact of small physical obstacles on the structure of freshwater fish assemblages

O efeito das grandes barragens na comunidade piscícola vem sendo documentado por numerosos estudos, enquanto o número de trabalhos que incidem sobre o efeito dos obstáculos de pequena dimensão é bastante mais reduzido. A comunidade piscícola foi amostrada e as variáveis ambientais foram caracterizadas em 28 locais divididos por dois cursos de água da Península Ibérica, 14 dos quais localizados imediatamente a montante, jusante e entre cinco pequenos obstáculos na Ribeira de Muge e 14 na Ribeira de Erra, considerada a linha de água de referência. Através de análise estatística multivariada foi possível verificar que variáveis de habitat como a velocidade de corrente e a profundidade, e não as variáveis físico-químicas, foram as principais responsáveis pela discriminação dos vários grupos de locais nas duas ribeiras. A ribeira de referência exibiu um gradiente longitudinal de velocidade de corrente que, contudo, não era suficientemente forte para causar alterações significativas na composição e estrutura dos agrupamentos piscícolas. Através da sucessiva e drástica repetição deste gradiente junto a cada estrutura, a ribeira com obstáculos apresentou diferenças na fauna piscícola entre os três tipos de locais. Os troços lênticos a montante apresentavam uma densidade mais elevada de espécies limnofilicas, omnívoras e exóticas, como o góbio (Gobio lozanoi), que estão bem adaptadas a este tipo de habitat. Os locais de amostragem situados a jusante e entre os obstáculos caracterizavam-se pela dominância de taxa reófilos e invetivo-os (i.e. barbo, Luciobarbus bocagei). As métricas relacionadas com a riqueza específica não apresentaram diferenças entre os três tipos de locais, ao contrário da diversidade que foi mais elevada nos pontos situados entre os obstáculos, afastados da sua influência directa, onde a diversidade de habitats também é mais elevada. Contrariamente aos locais a montante, os troços a jusante e entre os obstáculos apresentaram similaridades, em muitas das características estudadas, com a ribeira de referência, sugerindo que este tipo de estruturas provoca uma alteração mais significativa na comunidade piscícola a montante. Este estudo sugere que os efeitos dos pequenos obstáculos no habitat e na ictiofauna são, em parte, semelhantes aos descritos para as grandes barragens, fornecendo considerações importantes para os esforços de conservação dos ecossistemas ribeirinhos. ABSTRACT; Many studies have assessed the effects of large dams on fishes but few have examined the effects of small obstacles. Fishes were sampled and environmental variables were characterized at 28 sites in two lberian streams, 14 located immediately downstream, upstream and between five small obstacles at River Muge and 14 at River Erra, considered as the reference stream. Multivariate analysis indicated that habitat variables like current velocity and depth, but not physicochemistry, were the main responsible for site groups' discrimination in both streams. The reference stream exhibited a longitudinal gradient of current velocity that, however, wasn't strong enough to cause significant changes in the fish assemblage's composition and structure. By successive and drastically repeating this gradient near each structure, the obstac1es stream presented differences in fish fauna between the three site types. Lentic upstream sites presented higher density of limnophilic, omnivorous and exotic species, like gudgeon Gobio lozanoi, who are well adapted to this type of habitat. Downstream and between obstacles sites were characterized by the dominance of rheophilic and invertivorous taxa, especially barbel Luciobarbus bocagei. Richness metrics did not differ among site types, but diversity was higher in sites located between the obstacles away from its direct influence, where the habitat diversity was higher. Contrarily to upstream sites, downstream and between obstacles sites were similar in many of the studied features to the reference stream, implying that this type of structures cause a higher modification in the upstream fish community. This study suggests that the effects of small obstacles on habitat and fishes are similar, in some extent, to those reported for larger dams, providing important considerations for riverine ecosystem conservation efforts.

Green supply chain management practices and firm performance: evidence from Finland

In order to address the increasing stakeholder requirements for environmentally sustainable products and processes, firms often need the participation of their supply chain partners. Green supply chain management has emerged as a set of managerial practices that integrate environmental issues into supply chain management. If implemented successfully, green supply chain management can be a way to achieve competitive advantage while enhancing the environmental sustainability of the firm. The overall purpose of this dissertation is to contribute to the discussion on green supply chain management practices from the perspective of their drivers and performance implications. The theoretical background arises from the literature on competitive strategy, firm performance and green supply chain management. The research questions are addressed by analysing firm-level data from manufacturing, trading and logistics firms operating in Finland. The empirical data comes from two consecutive Finland State of Logistics surveys in 2012 and 2014, combined with financial reporting data from external databases. The data is analysed with multiple statistical methods. First, the thesis contributes to the discussion of the drivers of GSCM practices. To enhance the understanding of the relationship between competitive strategy and GSCM practices, a conceptual tool to describe generic competitive strategy approaches was developed. The findings suggest that firms pursuing marketing differentiation are more likely to be able to compete by having only small environmental effects and by adopting a more advanced form of external green supply chain management, such as a combination of strong environmental collaboration and the increased environmental monitoring of suppliers. Furthermore, customer requirements for environmental sustainability are found to be an important driver in the implementation of internal GSCM practices. Firms can respond to this customer pressure by passing environmental requirements on to their suppliers, either through environmental collaboration or environmental monitoring. Second, this thesis adds value to the existing literature on the effects of green supply chain management practices on firm performance. The thesis provides support for the idea that there is a positive relationship between GSCM practices and firm performance and enhances the understanding of how different types of GSCM practices are related to 1) financial, 2) operational and 3) environmental performance in manufacturing and logistics. The empirical results suggest that while internal GSCM practices have the strongest effect on environmentalperformance, environmental collaboration with customers seems to be the most effective way to improve financial performance. In terms of operational performance, the findings were more mixed, suggesting that the operational performance of firms is more likely to be affected by firm characteristics than by the choices they make regarding their environmental collaboration. This thesis is also one of the first attempts to empirically analyse the relationship between GSCM practices and performance among logistics service providers. The findings also have managerial relevance. Management, especially in manufacturing and logistics industries, may benefit by gaining knowledge about which types of GSCM practice could provide the largest benefits in terms of different performance dimensions. This thesis also has implications for policy-makers and regulators regarding how to promote environmentally friendly activities among 1) manufacturing; 2) trading; and 3) logistics firms.

Changes in the annual harmful algal blooms of Alexandrium minutum : effects of environmental conditions and drainage basin inputs in the Rance estuary (Brittany, France)

Time series of physico-chemical data and concentrations (cell L-1) of the toxic dinoflagellate Alexandrium minutum collected in the Rance macrotidal estuary (Brittany, France) were analyzed to understand the physico-chemical processes of the estuary and their relation to changes in bloom development from 1996 to 2009. The construction of the tidal power plant in the north and the presence of a lock in the south have greatly altered hydrodynamics, blocking the zone of maximum turbidity upstream, in the narrowest part of the estuary. Alexandrium minutum occurs in the middle part of the estuary. Most physical and chemical parameters of the Rance estuary are similar to those observed elsewhere in Brittany with water temperatures between 15–18 °C, slightly lowered salinities (31.8–33.1 PSU), low river flow rates upstream and significant solar radiation (8 h day-1). A notable exception is phosphate input from the drainage basin which seems to limit bloom development: in recent years, bloom decline can be significantly correlated with the decrease in phosphate input. On the other hand, the chemical processes occurring in the freshwater-saltwater interface do not seem to have an influence on these occurrences. The other hypotheses for bloom declines are discussed, including the prevalence of parasitism, but remain to be verified in further studies.

Essays on Uncertainty, Imperfect Information, and Investment Dynamics

Understanding how imperfect information affects firms' investment decision helps answer important questions in economics, such as how we may better measure economic uncertainty; how firms' forecasts would affect their decision-making when their beliefs are not backed by economic fundamentals; and how important are the business cycle impacts of changes in firms' productivity uncertainty in an environment of incomplete information. This dissertation provides a synthetic answer to all these questions, both empirically and theoretically. The first chapter, provides empirical evidence to demonstrate that survey-based forecast dispersion identifies a distinctive type of second moment shocks different from the canonical volatility shocks to productivity, i.e. uncertainty shocks. Such forecast disagreement disturbances can affect the distribution of firm-level beliefs regardless of whether or not belief changes are backed by changes in economic fundamentals. At the aggregate level, innovations that increase the dispersion of firms' forecasts lead to persistent declines in aggregate investment and output, which are followed by a slow recovery. On the contrary, the larger dispersion of future firm-specific productivity innovations, the standard way to measure economic uncertainty, delivers the ``wait and see" effect, such that aggregate investment experiences a sharp decline, followed by a quick rebound, and then overshoots. At the firm level, data uncovers that more productive firms increase investments given rises in productivity dispersion for the future, whereas investments drop when firms disagree more about the well-being of their future business conditions. These findings challenge the view that the dispersion of the firms' heterogeneous beliefs captures the concept of economic uncertainty, defined by a model of uncertainty shocks. The second chapter presents a general equilibrium model of heterogeneous firms subject to the real productivity uncertainty shocks and informational disagreement shocks. As firms cannot perfectly disentangle aggregate from idiosyncratic productivity because of imperfect information, information quality thus drives the wedge of difference between the unobserved productivity fundamentals, and the firms' beliefs about how productive they are. Distribution of the firms' beliefs is no longer perfectly aligned with the distribution of firm-level productivity across firms. This model not only explains why, at the macro and micro level, disagreement shocks are different from uncertainty shocks, as documented in Chapter 1, but helps reconcile a key challenge faced by the standard framework to study economic uncertainty: a trade-off between sizable business cycle effects due to changes in uncertainty, and the right amount of pro-cyclicality of firm-level investment rate dispersion, as measured by its correlation with the output cycles.

The European union

Introduction An overview of media markets shows that rapid growth and the integration of some of the most dynamic market segments are characteristics of this fast-moving industry. The main players are the established incumbents upstream and the delivery segments of media downstream. The presence of incumbents, inheritors of previous public monopolies, has led Member States to use regulation in a complementary role with competition. In these markets, strategies to deliver new products and services and to serve new geographic markets focus less on organic growth than on alliances and mergers in order to create multi-media offshoots, bid for control of content rights, increase the diffusion of products and services, and develop technologies for conditional access and transmission standards to capture advantages through proprietary technology. As a result, vertically integrated dominant positions either upstream or downstream have tended to emerge. There is nothing wrong with vertical integration except when there is market power at one stage of the vertical chain. Indeed, as far as the media industry is concerned, there are some specific challenges at the European level. The new EU regulatory framework grants some specific competition principles which can be integrated into ex ante regulation. EU merger control may also prevent potential distortion of competition resulting from the creation or the strengthening of a single or collective dominant position in the media sector at a horizontal level, or from foreclosure effects at a vertical level.

Intracellular signaling and trafficking in cancer: Role of Rab5-GTPases in migration and invasion of breast cancer cells

Metastasis is characterized pathologically by uncontrolled cell invasion, proliferation, migration and angiogenesis. Steroid hormones, such as estrogen, and growth factors, which include insulin growth factor I/II (IGF-1/IGF-2) therapy has been associated with most if not all of the features of metastasis. It has been determined that IGF-1 increases cell survival of cancer cells and potentiate the effect of E2 and other ligand growth factors on breast cancer cells. However not much information is available that comprehensively expounds on the roles of insulin growth factor receptor (IGFR) and Rab GTPases may play in breast cancer. The latter, Rab GTPases, are small signaling molecules and critical in the regulation of many cellular processes including cell migration, growth via the endocytic pathway. This research involves the role of Rab GTPases, specifically Rab5 and its guanine exchange factors (GEFs), in the promotion of cancer cell migration and invasion. Two important questions abound: Are IGFR stimulation and downstream effect involved the endocytic pathway in carcinogenesis? What role does Rab5 play in cell migration and invasion of cancer cells? The hypothesis is that growth factor signaling is dependent on Rab5 activity in mediating the aggressiveness of cancer cells. The goal is to demonstrate that IGF-1 signaling is dependent on Rab5 function in breast cancer progression. Here, the results thus far, have shown that while activation of Rab5 may mediate increased cell proliferation, migration and invasion in breast cancer cells, the Rab5 GEF, RIN1 interacts with the IGFR thereby facilitating migration and invasion activities in breast cells. Furthermore, endocytosis of the IGFR in breast cancer cells seems to be caveolin dependent as the data has shown. This taken together, the data shows that IGF-1 signaling in breast cancer cells relies on IGF-1R phosphorylation, caveolae internalization and sequestration to the early endosome RIN1 function and Rab5 activation.^

Vocabulary Transfer and Knowledge Distillation for Language Model Compression

Natural Language Processing (NLP) has seen tremendous improvements over the last few years. Transformer architectures achieved impressive results in almost any NLP task, such as Text Classification, Machine Translation, and Language Generation. As time went by, transformers continued to improve thanks to larger corpora and bigger networks, reaching hundreds of billions of parameters. Training and deploying such large models has become prohibitively expensive, such that only big high tech companies can afford to train those models. Therefore, a lot of research has been dedicated to reducing a model’s size. In this thesis, we investigate the effects of Vocabulary Transfer and Knowledge Distillation for compressing large Language Models. The goal is to combine these two methodologies to further compress models without significant loss of performance. In particular, we designed different combination strategies and conducted a series of experiments on different vertical domains (medical, legal, news) and downstream tasks (Text Classification and Named Entity Recognition). Four different methods involving Vocabulary Transfer (VIPI) with and without a Masked Language Modelling (MLM) step and with and without Knowledge Distillation are compared against a baseline that assigns random vectors to new elements of the vocabulary. Results indicate that VIPI effectively transfers information of the original vocabulary and that MLM is beneficial. It is also noted that both vocabulary transfer and knowledge distillation are orthogonal to one another and may be applied jointly. The application of knowledge distillation first before subsequently applying vocabulary transfer is recommended. Finally, model performance due to vocabulary transfer does not always show a consistent trend as the vocabulary size is reduced. Hence, the choice of vocabulary size should be empirically selected by evaluation on the downstream task similar to hyperparameter tuning.

Air uptake along the lower nappe of a spillway aerator

Air concentration measurements performed along the lower nappe of a bottom aerator through the impact and downstream flow regions permitted the calculation of air entrainment along the jet length. The air uptake was also measured in the air supply conduit. It was shown that integration of the concentration profiles along the jet overestimates the air uptake measured in the air supply conduit. Corrective procedures were developed by adapting the concept of entrained and entrapped air, in which the latter is re-circulated in the cavity, but both are measured by air concentration probes.

Tax Cost of Investment Projects: the case of ICMS credits

This article discusses the impact on the profitability of firms under Complementary Law 102/2000 (which abrogated the Law 89/96 - Kandir Law) allowing the appropriation of ICMS credits, due to investment in fixed assets goods, at a ratio of 1/48 per month. The paper seeks to demonstrate how this new system - which resulted in the transformation of the ICMS as a value added tax (VAT) consumption-type to an income-type - leads to a loss of approximately 30% of the value of credits to be recovered and the effect it generates on the cost of investment and the profits for small, medium and large firms. From the methodological point of view, it is a descriptive and quantitative research, which proceeded in three stages. Initially, we have obtained estimated value of net sales and volume of investments, based on report Painel de Competitividade prepared by the Federacao das Indtustrias do Estado de Sao Paulo (Fiesp/Serasa). Based on this information, it was possible to obtain estimates of the factors of generation of debits and credits for ICMS, using the model Credit Control of Fixed Assets (CIAP). Finally, we have calculated three indicators: (i) present value of debt recovery/value of credits, (ii) present value of debt recovery / investment value, (iii) present value of debt recovery / sales profitability. We have conclude that the system introduced by Complementary Law 102/2000 implicates great opportunity cost for firms and that legislation should be reviewed from this perspective, aiming to ensure lower costs associated with investment projects.

Fragmentation of a Neotropical migratory fish population by a century-old dam

Loss of connectivity in impounded rivers is among the impacts imposed by dams, and mitigation measures such as fish passages might not accomplish their purpose of reestablishing an efficient bi-directional gene flow in the fish populations affected. As a consequence, fish populations remain fragmented, and a new interpopulational structure may develop, with increased risk of reduced genetic diversity and stochastic extinction. In order to evaluate the effects of the Gavio Peixoto Dam, which was constructed almost a century ago on the Jacar,-Gua double dagger u River in the Upper Parana River basin, Brazil, a comparative morphometric study was undertaken on the populations of the Neotropical migratory characid fish Salminus hilarii living up- and downstream of this dam. Population dynamics, spatial segregation, and habitat use by different age classes were monitored for 2 years. We found that segregation caused by the dam and long periods with no efficient connection by fish passages have led to fragmentation and interpopulational structuring of S. hilarii, as revealed by canonical variable analysis of morphometric features. The fish populations occupying the up- and downstream sections have succeeded in performing short-distance reproductive migrations in the main river and tributaries, have found suitable habitats for completing their life cycle, and have been able to maintain distinct small-sized populations so far.

Survey of countertrade practices in Australia

This empirical exploratory study is part of a larger comprehensive study of countertrade practices in the Asia-Pacific region. A mail survey of 600 Australian international trading firms reveals that a positive attitude toward countertrade exists among both countertraders and non-countertraders in Australia. Further the study reveals the major motivating factors, the benefits derived difficulties faced and reasons for not countertrading by Australian firms. In addition, the study identifies the forms of countertrade used, the countries sewed, and the product and service categories countertraded. The results are compared to earlier studies of UK and Canadian firms, and the implications for international marketing managers are discussed. (C) Elsevier Science Inc., 1997.

Electron beam current loss at the high-vacuum-high-pressure boundary in the environmental scanning electron microscope

A significant loss in electron probe current can occur before the electron beam enters the specimen chamber of an environmental scanning electron microscope (ESEM). This loss results from electron scattering in a gaseous jet formed inside and downstream (above) the pressure-limiting aperture (PLA), which separates the high-pressure and high-vacuum regions of the microscope. The electron beam loss above the PLA has been calculated for three different ESEMs, each with a different PLA geometry: an ElectroScan E3, a Philips XL30 ESEM, and a prototype instrument. The mass thickness of gas above the PLA in each case has been determined by Monte Carlo simulation of the gas density variation in the gas jet. It has been found that the PLA configurations used in the commercial instruments produce considerable loss in the electron probe current that dramatically degrades their performance at high chamber pressure and low accelerating voltage. These detrimental effects are minimized in the prototype instrument, which has an optimized thin-foil PLA design.

Supply chain management as beyond operational efficiency

The orthodoxy of supply chain management (SCM) emphasises competitive advantage through increased operational efficiency and market responsiveness from production and distribution processes into the hands of consumers. It anticipates that future competition will be between chains rather than between firms. While well established in other industry sectors, the SCM concept is newly developed in the Australian agri-food sector. Critical review of the concept has identified key issues of power among channel members, processes of chain initiation and innovation, and the inability of SCM to offer a viable business strategy for some firms. Building on those insights, this paper examines the supply chain concept for horticulture. Horticultural products are characterised by perishability, heterogeneity and lags in production response to market signals. Producers’ profits are vulnerable to quantity, timing of supply and product specification. Many supply chains in smaller industries are loose, fragmented, interwoven, unstable and unique! Firms operating within these environments need an astute understanding of the chains, the hierarchy of channel members and their relative position. Effective business strategies – for individual firms and supply chains - need to be developed and redeveloped to accommodate the dynamic nature of horticulture. Two case studies are discussed as contributions to this early stage of the theoretical development of supply chain management. The SCM concept also has implications for horticultural researchers, involving a wider range of industry stakeholders, technical problems and research skills. As for business management, the usefulness of the concept will depend on its capacity to increase responsiveness to customers’ preferences and customer value.

Em busca de contribuições Schumpeterianas à Teoria da Regulação : as telecomunicações brasileiras numa perspectiva evolucionária

A partir da década de 1970, a literatura que trata daqueles setores de infraestrutura, cujo funcionamento requer um acompanhamento específico do Estado, vale dizer através da regulação, absorveu grande parte dos conceitos fundamentais desenvolvidos pelas escolas institucionalistas, notadamente pela Nova Economia Institucional (NEI). Entretanto, apesar dos avanços alcançados, esta literatura ainda carece de alguns desenvolvimentos teóricos e estudos empíricos que contribuam de forma decisiva. Tais questões estão ligadas, por exemplo, à evolução dos cenários e às condições econômicas que são alteradas a partir de mudanças significativas nas condições tecnológicas e que acabam por alterar significativamente aquela estrutura industrial para qual o modelo regulatório foi desenhado. Nesse sentido, as contribuições da Economia da Regulação e da NEI carecem de elementos evolucionários, notadamente schumpeterianos. O principal objetivo da dissertação é investigar como alguns elementos de inspiração schumpeteriana podem em algum grau ser aplicados à economia da regulação e neste sentido contribuir com proposições naqueles temas que essa escola fincou sua abordagem característica: o progresso tecnológico e o comportamento estratégico inovativo das empresas. Nesse sentido, o problema de pesquisa desse trabalho pode ser assim colocado: como pode ser entendido o papel do progresso tecnológico e da inovação nas teorias da regulação? A hipótese assumida neste trabalho é que não se pode desconsiderar a tecnologia e suas diversas implicações para a análise dos setores regulados, constatação essa cada vez mais clara, dadas as recentes transformações dessas indústrias: uma das principais características dos setores regulados, a partir da década de 1990, é o surgimento de novos marcos regulatórios e uma alteração progressiva dos modelos organizacionais que predominavam até então e um movimento de adaptação à margem da regulação vigente. Os resultados empíricos mostram que as transformações tecnológicas e institucionais ocorridas a partir de 1995 na indústria brasileira de telecomunicações alteraram significativamente a estrutura industrial e a dinâmica concorrencial do setor, colocando ao desenho regulatório – da Anatel – novos e complexos desafios, sobretudo, o de se adaptar à margem da dinamicidade característica das telecomunicações. Neste novo contexto, as funções regulatórias são mais complexas, o que exige um duplo processo de aprendizagem: quanto às estruturas de mercado e quanto ao comportamento estratégico das empresas.