Payoff interdependence and information externalities

This paper studies entry under information and payoff externalities. We consider a sequential investment game with uncertain payoffs where each firm is endowed with a private signal about profitability. It is shown that both over- and under-investment characterize the equilibria and that under-investment only occurs when investments are complements. Further we find that a reverse informational externality is present.

A indústria de fundos de investimento no Brasil : um estudo teórico e empírico sobre a relação fiduciária entre o administrador-gestor e os respectivos cotistas de fundos de investimentos

De acordo com dados de 07.10.2014 da Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA, no acumulado em 12 meses, entre aplicações, resgates e captações, a indústria de fundos movimentou mais de 11 bilhões de reais no Brasil. É um volume financeiro considerável, fazendo dos fundos de investimento importantes instrumentos de captação de poupança e de direcionamento de recursos para os mais diversos projetos de financiamento da economia. Além disso, as quebras de determinados conglomerados financeiros no Brasil nos últimos anos envolvendo fundos administrados e geridos por sociedades pertencentes a esses conglomerados colocou em evidência a importância de regras e estudos direcionados à relação entre o administrador-gestor e o cotista de fundos de investimento. De fato, pesquisa conduzida ao longo dos anos de 2013 e 2014 demonstrou que acadêmicos, reguladores e demais participantes do mercado de valores mobiliários possuem poucos estudos que possam assisti-los na solução de problemas relativos a essa relação, inclusive diante de situações envolvendo conflitos de interesses entre administradores-gestores e cotistas. Assim, diante da importância econômica dos fundos de investimento para o Brasil, da relevância dos direitos dos investidores dentro da indústria de fundos, e também em razão da escassez de estudos, este trabalho tem por finalidade realizar investigação teórica e empírica sobre a relação fiduciária entre o administrador, o gestor e os respectivos cotistas dos fundos de investimento. Dessa forma, o objetivo será identificar a origem, as características essenciais dessa relação, os riscos que ela pode trazer para o investidor e os deveres que ela impõe aos administradores e gestores. Para tanto, propõe-se avaliar a origem histórica da relação fiduciária e os fundamentos teóricos que a suportam aplicados aos fundos de investimento nos Estados Unidos e no Brasil. Com base nesse conhecimento teórico e sob o enfoque dos deveres fiduciários aplicáveis aos administradores e gestores, parte-se para a avaliação das normas de conduta contidas nas instruções da Comissão de Valores Mobiliários (CVM), visando testar as características da relação fiduciária diante das regras da CVM. Por fim, realiza-se estudo sobre casos em que administradores e gestores foram condenados por quebra na relação fiduciária e por inobservância de deveres específicos embutidos nas normas de conduta avaliadas anteriormente. Com fundamento nos estudos teóricos e empíricos descritos, conclui-se que existem características essenciais na configuração de uma relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento e que, uma vez formada essa relação, administradores e gestores obrigam-se a observar o cumprimento de deveres de diligência e de lealdade perante o cotista. Igualmente, ainda é possível afirmar que as normas da CVM de fato instituem a relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento, bem como os deveres fiduciários conexos a essa relação.

Windows of opportunities and knowledge networks: implications for the catch-up in developing countries

This document represents a doctoral thesis held under the Brazilian School of Public and Business Administration of Getulio Vargas Foundation (EBAPE/FGV), developed through the elaboration of three articles. The research that resulted in the articles is within the scope of the project entitled “Windows of opportunities and knowledge networks: implications for catch-up in developing countries”, funded by Support Programme for Research and Academic Production of Faculty (ProPesquisa) of Brazilian School of Public and Business Administration (EBAPE) of Getulio Vargas Foundation.

Problemas e modelos que contribuíram com o desenvolvimento do cálculo diferencial e integral: dos gregos à Newton

This article refers to a research which tries to historically (re)construct the conceptual development of the Integral and Differential calculus, taking into account its constructing model feature, since the Greeks to Newton. These models were created by the problems that have been proposed by the history and were being modified by the time the new problems were put and the mathematics known advanced. In this perspective, I also show how a number of nature philosophers and mathematicians got involved by this process. Starting with the speculations over scientific and philosophical natures done by the ancient Greeks, it culminates with Newton s work in the 17th century. Moreover, I present and analyze the problems proposed (open questions), models generated (questions answered) as well as the religious, political, economic and social conditions involved. This work is divided into 6 chapters plus the final considerations. Chapter 1 shows how the research came about, given my motivation and experience. I outline the ways I have gone trough to refine the main question and present the subject of and the objectives of the research, ending the chapter showing the theoretical bases by which the research was carried out, naming such bases as Investigation Theoretical Fields (ITF). Chapter 2 presents each one of the theoretical bases, which was introduced in the chapter 1 s end. In this discuss, I try to connect the ITF to the research. The Chapter 3 discusses the methodological choices done considering the theoretical fields considered. So, the Chapters 4, 5 and 6 present the main corpus of the research, i.e., they reconstruct the calculus history under a perspective of model building (questions answered) from the problems given (open questions), analyzing since the ancient Greeks contribution (Chapter 4), pos- Greek, especially, the Romans contribution, Hindus, Arabian, and the contribution on the Medium Age (Chapter 5). I relate the European reborn and the contribution of the philosophers and scientists until culminate with the Newton s work (Chapter 6). In the final considerations, it finally gives an account on my impressions about the development of the research as well as the results reached here. By the end, I plan out a propose of curse of Differential and Integral Calculus, having by basis the last three chapters of the article

Effects of Different Periods of Clomazone plus Hexazinona Permanence in Soil and Sugarcane Mulch before the Occurrence of Rain on Weed Control Efficacy

The objective of this work was to evaluate the efficacy of the formulated mixture clomazone and hexazinone applied in soil or combined with sugarcane mulch, after different periods of permanence without the occurrence of rain. The experiment was carried out in vases under greenhouse conditions in Botucatu, São Paulo, Brazil. The weeds Brachiaria decumbens, Ipomoea grandifolia, Ipomoea hederifolia and Euphorbia heterophylla were sown and covered or not with sugarcane mulch. The experiment was arranged in a complete randomized design with four repetitions. The treatments were displaced in a 3x6 factorial scheme, with the factors being six periods without rain (0, 3, 7, 15, 30, and 60 days) and three modes of herbicide application(on the soil without sugarcane mulch, on and under sugarcane mulch). Control evaluations were carried out at 10, 21, 35 and 42 days after the occurrence of rain. The clomazone + hexazinone mixture promoted an excellent weed control for all the species studied when applied on, under, or without sugarcane mulch. However, the control levels tended to reduce for periods over 60 days without rain.

Os significados do tabagismo construídos na dinâmica social

The present study has the purpose of catching the significances of smoking in the social dinamics based on the Theory of Social Representations. It was developed among adults with ages from 20 to 59 years, low social and economic conditions, at Natal RN, Brazil. The Free-words Association Test was applied as the instrument of data collection and a semi-structured interview with the smokers and non-smokers, besides a structured interview with smokers, non-smokers and ex-smokers. All data was analyzed by the descriptive statistics using the Analysis of Content Technique of the thematic kind and by the softwares ALCESTE and EVOC 2000. Elaborations about smoking were marked by social, cultural and historical dimension, however they showed sensibility to changes and revealed positive and negative aspects of the habit. The analysis of the semi-structured interviews showed the following categories and under-categories respectively: Initiation of the habit (Friends and Family and Appreciation and Beauty); Psychosocial Implications of smoking (Personal relationship, Work and Financial); Behavior when facing smoking (Positive, Negative and Neutral); Smoking Effects (Smokers´ health and the other people health); Description about oral diseases ( Bad breath, Oral cancer and Dental problems); Smoking treatment (Physician and psychological, Supernatural and Difficulties). ALCESTE analysis presented 4 classes: Ambivalence between pleasure and get ill, Smoking as a trouble and danger to society, Social discrimination of smokers and Mouth as a place of reaffirmation of the discrimination. Those helped us to understand the psychosocial repercussion of the habit. On the social representation structure we identified as a probable central nucleus of the smoker group the categories Pleasure and Bad to the health and as peripheral elements Alcoholic Drink, Financial damage and Nervousness. For the non-smoker group the category Bad to the health comes first and Stop Smoking comes as a peripheral element. Finally, we hope that the knowledge of these representations can contribute to plan and/or to rethink over the professional practices and public policies related to smoking. Besides that, for an amplified comprehension of the study object the discussions over the identified representations should be deepen and amplified to other population and social groups

Fault Current Limiter Using YBCO Coated Conductor-The Limiting Factor and Its Recovery Time

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

Perioperative cardiac arrest: a study of 53718 anaesthetics over 9 yr from a Brazilian teaching hospital

Background. Little information exists regarding factors influencing perioperative cardiac arrests and their outcome. This survey evaluated the incidence, causes and outcome of perioperative cardiac arrests in a Brazilian tertiary general teaching hospital between April 1996 and March 2005.Methods. The incidence of cardiac arrest during anaesthesia was prospectively identified from an anaesthesia database. There were 53 718 anaesthetics during the study period. Data collected included patient characteristics, surgical procedures (elective, urgent or emergency), ASA physical status classification, anaesthesia provider information, type of surgery, surgical areas and outcome. All cardiac arrests were retrospectively reviewed and grouped by cause of arrest and death into one of four groups: totally anaesthesia related, partially anaesthesia related, totally surgery related or totally patient disease or condition related.Results. One hundred and eighty-six cardiac arrests (34.6:10 000) and 118 deaths (21.97:10 000) were found. Major risk factors for cardiac arrest were neonates, children under 1 yr and the elderly (P < 0.05), male patients with ASA III or poorer physical status (P < 0.05), in emergency surgery (P < 0.05) and under general anaesthesia (P < 0.05). Patient disease/condition was the major cause of cardiac arrest or death (P < 0.05). There were 18 anaesthesia-related cardiac arrests (3.35:10 000)-10 totally attributed (1.86:10 000) and 8 partially related to anaesthesia (1.49:10 000). There were 6 anaesthesia-related deaths (1.12:10 000)-3 totally attributable and 3 partially related to anaesthesia (0.56:10 000 in both cases). The main causes of anaesthesia-related cardiac arrest were respiratory events (55.5%) and medication-related events (44.5%).Conclusions. Perioperative cardiac arrests were relatively higher in neonates, infants, the elderly and in males with severe underlying disease and under emergency surgery. All anaesthesia-related cardiac arrests were related to airway management and medication administration which is important for prevention strategies.

Effect of low-level laser therapy on the healing process after tooth replantation: a histomorphometrical and immunohistochemical analysis

Success of tooth replantation is limited because part of the replanted tooth is lost because of progressive root resorption. This study used histomorphometry and immunohistochemistry to evaluate the effect of low-level laser therapy (LLLT) on the healing process of rat teeth replanted after different extra-oral periods, simulating immediate and delayed replantation. Sixty Wistar rats (Rattus norvegicus albinus) had their maxillary right incisors extracted and randomly assigned to six groups (n = 10): C4, C30 and C45, in which the teeth were replanted 4 min (immediate), 30 min (delayed) and 45 min (delayed) after extraction, respectively, and L4, L30 and L45, in which the teeth were replanted after the same extra-alveolar times, but the root surfaces and the alveolar wounds were irradiated with a gallium-aluminum-arsenate (GaAlAs) diode laser before replantation. The animals were sacrificed after 60 days. The anatomic pieces containing the replanted teeth were obtained and processed for either histomorphometrical analysis under optical microscopy or immunohistochemical expression of receptor activator of nuclear factor Kappa-B (RANK), and its ligand (RANKL), osteoprotegerin (OPG) and tartrate-resistant acid phosphatase (TRAP) proteins. Areas of external replacement and inflammatory root resorption were observed in all groups, without statistically significant differences (P > 0.05). Ankylosis was more frequent in L30 than in C30 (P < 0.05). RANKL immunostaining predominated over RANK and OPG immunostaining in both groups with immediate tooth replantation (P < 0.05). For the 45-min extra-alveolar time, however, there was greater evidence of RANK immunostaining compared to RANKL for both control and laser-treated groups (P < 0.05). Positive TRAP immunostaining predominated in L4 and L30 (P < 0.05). In conclusion, under the tested conditions, the treatment of the root surface and the alveolar wound with LLLT did not improve the healing process after immediate and delayed tooth replantation in rats.

Identification of suitable internal control genes for expression studies in Coffea arabica under different experimental conditions

Background: Quantitative data from gene expression experiments are often normalized by transcription levels of reference or housekeeping genes. An inherent assumption for their use is that the expression of these genes is highly uniform in living organisms during various phases of development, in different cell types and under diverse environmental conditions. To date, the validation of reference genes in plants has received very little attention and suitable reference genes have not been defined for a great number of crop species including Coffea arabica. The aim of the research reported herein was to compare the relative expression of a set of potential reference genes across different types of tissue/organ samples of coffee. We also validated the expression profiles of the selected reference genes at various stages of development and under a specific biotic stress.Results: The expression levels of five frequently used housekeeping genes (reference genes), namely alcohol dehydrogenase (adh), 14-3-3, polyubiquitin (poly), beta-actin (actin) and glyceraldehyde-3-phosphate dehydrogenase (gapdh) was assessed by quantitative real-time RT-PCR over a set of five tissue/organ samples (root, stem, leaf, flower, and fruits) of Coffea arabica plants. In addition to these commonly used internal controls, three other genes encoding a cysteine proteinase (cys), a caffeine synthase (ccs) and the 60S ribosomal protein L7 (rpl7) were also tested. Their stability and suitability as reference genes were validated by geNorm, NormFinder and BestKeeper programs. The obtained results revealed significantly variable expression levels of all reference genes analyzed, with the exception of gapdh, which showed no significant changes in expression among the investigated experimental conditions.Conclusion: Our data suggests that the expression of housekeeping genes is not completely stable in coffee. Based on our results, gapdh, followed by 14-3-3 and rpl7 were found to be homogeneously expressed and are therefore adequate for normalization purposes, showing equivalent transcript levels in different tissue/ organ samples. Gapdh is therefore the recommended reference gene for measuring gene expression in Coffea arabica. Its use will enable more accurate and reliable normalization of tissue/organ-specific gene expression studies in this important cherry crop plant.

Oral distribution of Candida species and presence of oral lesions in Brazilian leprosy patients under multidrug therapy

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

Reply to comment on 'Quantization rules for bound states in quantum wells'

In this reply to the comment on 'Quantization rules for bound states in quantum wells' we point out some interesting differences between the supersymmetric Wentzel-Kramers-Brillouin (WKB) quantization rule and a matrix generalization of usual WKB (mWKB) and Bohr-Sommerfeld (mBS) quantization rules suggested by us. There are certain advantages in each of the supersymmetric WKB (SWKB), mWKB and mBS quantization rules. Depending on the quantum well, one of these could be more useful than the other and it is premature to claim unconditional superiority of SWKB over mWKB and mBS quantization rules.

Search for scalar top quarks in the acoplanar charm jets and missing transverse energy final state in p(p)over-bar collisions at root s=1.96 TeV

We present a search for the pair production of scalar top quarks, (t) over tilde, using 995 pb(-1) of data collected in p (p) over bar collisions with the Dempty set detector at the Fermilab Tevatron Collider at root s = 1.96 TeV. Both scalar top quarks are assumed to decay into a charm quark and a neutralino ((chi) over tilde (0)(1)), where (chi) over tilde (0)(1) is the lightest supersymmetric particle. This leads to a final state with two acoplanar charm jets and missing transverse energy. We find the yield of such events to be consistent with the standard model expectation, and exclude sets of (t) over tilde and (chi) over tilde (0)(1) masses at the 95% C.L. that substantially extend the domain excluded by previous searches. Published by Elsevier B.V.

The modulational instability in deep water under the action of wind and dissipation

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Zootherapy goes to town: the use of animal-based remedies in urban areas of NE and N Brazil

This paper examines the therapeutic possibilities offered by animal-based remedies in five Brazilian cities. Information was obtained through semi-structured questionnaires applied to 79 traders of medicinal animals at Sao Luis, Teresina, Joao Pessoa and Campina Grande (Northeastern) and Belem (Northern) Brazil. We recorded the use of 97 animal species as medicines, whose products were recommended for the treatment of 82 illnesses. The most frequently quoted treatments concerned the respiratory system (58 species; 407 use-citations), the osteomuscular system and conjunctive tissue (46 species; 384 use-citations), and the circulatory system (34 species; 124 use-citations). Mammals (27 species), followed by reptiles (24) and fishes (16) represented the bulk of medicinal species. In relation to users, 53% of the interviewees informed that zootherapeuticals resources were sought after by people from all social classes, while 47% stated that low income people were the main buyers. The notable use and commercialization of medicinal animals to alleviate and cure health problems and ailments in cities highlights the resilience of that resource in the folk medicine. Most remedies quoted by interviewees depend on wild-caught animals, including some species under official protection. Among other aspects, the harvesting of threatened species confers zootherapy a role in the discussions about biodiversity conservation in Brazil. (C) 2007 Elsevier B.V.. All rights reserved.