Urban economic openness and IPO underpricing

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

Effect of solvent hydration and temperature in the deacidification process of sunflower oil using ethanol

This work presents liquid-liquid experimental data for systems composed of sunflower seed oil, ethanol and water from 10 to 60 degrees C. The influence of process variables (temperature (T) and water concentration in the solvent (W)) on both the solvent content present in the raffinate (S(RP)) and extract (S(EP)) phases and the partition of free fatty acids (k(2)) was evaluated using the response surface methodology, where flash calculations were performed for each trial using the UNIQUAC equation. Water content in the solvent was the most important factor on the responses of S(EP) and k(2). Additionally, statistical analysis showed that the S(RP) was predominantly affected by temperature factor for low water content in the solvent. (c) 2009 Elsevier Ltd. All rights reserved.

A METHOD FOR THE STUDY OF ACCRETION DISK EMISSION IN CATACLYSMIC VARIABLES. I. THE MODEL

We have developed a spectrum synthesis method for modeling the ultraviolet (UV) emission from the accretion disk from cataclysmic variables (CVs). The disk is separated into concentric rings, with an internal structure from the Wade & Hubeny disk-atmosphere models. For each ring, a wind atmosphere is calculated in the comoving frame with a vertical velocity structure obtained from a solution of the Euler equation. Using simple assumptions, regarding rotation and the wind streamlines, these one-dimensional models are combined into a single 2.5-dimensional model for which we compute synthetic spectra. We find that the resulting line and continuum behavior as a function of the orbital inclination is consistent with the observations, and verify that the accretion rate affects the wind temperature, leading to corresponding trends in the intensity of UV lines. In general, we also find that the primary mass has a strong effect on the P Cygni absorption profiles, the synthetic emission line profiles are strongly sensitive to the wind temperature structure, and an increase in the mass-loss rate enhances the resonance line intensities. Synthetic spectra were compared with UV data for two high orbital inclination nova-like CVs-RW Tri and V347 Pup. We needed to include disk regions with arbitrary enhanced mass loss to reproduce reasonably well widths and line profiles. This fact and a lack of flux in some high ionization lines may be the signature of the presence of density-enhanced regions in the wind, or alternatively, may result from inadequacies in some of our simplifying assumptions.

Tomographic Simulations of accretion disks in cataclysmic variables - Flickering and wind

Both continuum and emission line flickering are phenomena directly associated with the mass-accretion process. In this work we simulated accretion-disk Doppler maps, including the effects of winds and flickering flares. Synthetic flickering Doppler maps were calculated and the effect of the flickering parameters on the maps was explored. Jets and winds occur in many astrophysical objects where accretion disks are present. Jets are generally absent among the cataclysmic variables (CVs), but there is evidence of mass loss by wind in many objects. CVs are ideal objects to study accretion disks, and consequently to study the wind associated with these disks. We also present simulations of accretion disks, including the presence of a wind with orbital phase resolution. Synthetic Ha line profiles in the optical region were obtained and their corresponding Doppler maps were calculated. The effect of the wind simulation parameters on the wind line profiles was also explored. From this study we verified that optically thick lines and/or emission by diffuse material into the primary Roche lobe are necessary to generate single peaked line profiles, often seen in CVs. The future accounting of these effects is suggested for interpreting Doppler tomography reconstructions.

Effect of fires on soil nutrient availability in an open savanna in Central Brazil

Fire is common in savannas but its effects on soil are poorly understood. We analyzed long-term effects of fire on surface soil of an open Brazilian savanna (campo sujo) in plots submitted to different fire regimes during 18 years. The five fire regimes were: unburned, quadrennial fires in middle dry season, and biennial fires in early, middle or late dry season. Soil was collected during the wet and the middle dry season of 2008, and analyzed for pH, organic matter, total N, potential acidity, exchangeable cations and available P, S, Mn, Cu, Zn and Fe. We applied multivariate analysis to search for patterns related to fire regimes, and to local climate, fuel, and fire behavior. Spearman test was used to establish correlations between soil variables and the multivariate analysis gradient structure. Seasonal differences were tested using t-test. We found evidence of long-term fire effects: the unburned plot was segregated mainly by lower soil pH; the quadrennial plot was also segregated by lower soil pH and higher amount of exchangeable cations; the time of burning during the dry season in biennial plots did not significantly affect soil availability of nutrients. Differences in elements amounts due to the season of soil sampling (wet or dry) were higher than due to the effect of fires. Higher availability of nutrients in the soil during the wet season was probably related to higher nutrient inputs via rainfall and higher microbial activity.

Effect of substrate on the locomotion behaviour of the South American iguanian lizard Polychrus acutirostris

Arboreal and terrestrial habitats impose different constraints on tetrapod locomotion. We studied Polychrus acutirostris, a tree-dwelling lizard that also moves on the ground, in order to evaluate the effects of support incline and diameter on locomotion parameters. Limb movements of six specimens were filmed to quantify kinematic variables (velocity, stride frequency, stride length, and limb coordination) on distinct perch diameters (4.0, 1.5, 0.8 cm) and inclines (90, 45, and on level ground). The results show a notable slowness in arboreal habitat combined with a relatively fast locomotion when using the ground as temporary habitat. These animals developed walking trots mainly using lateral sequence. Non-symmetrical trots adopted at the highest velocities on the ground indicate difficulties of ""accommodation"" to the constraints imposed by this condition. Velocity generally decreases with the decreasing diameter, and with increasing incline, of the supports. Slowness, gaits favouring the body stability, elective role of the stride frequency in the modulation of the speed, and the role of the hindlimb in the force exchange to propel the body, constitute the main features of the locomotion pattern of P. acutirostris.

Anti-inflammatory effect of parenteral fish oil lipid emulsion on human activated mononuclear leukocytes

Background & aim: To compare the effect of fish oil-based (FO) lipid emulsions (LE) for parenteral administration with standard LE and a new FO containing LE composed of four different oils on the antigen presentation and inflammatory variables. Methods: Phytohemagglutinin (PHA) activated human mononuclear leukocytes were cultured with different LE - Control: without LE; SO: soybean oil; SO/FO: soybean and FO (4:1); MCT/SO: medium chain triglycerides and SO (1:1); MCT/SO/FO: MCT/SO and FO (4:1) and SMOF: a new LE containing FO. Cytokine production was evaluated by ELISA, the expression of antigen-presenting and co-stimulatory surface molecules were analyzed by flow cytometry and lymphocyte proliferation was assessed by H(3)-Thymidine incorporation, after tetanus toxoid-induced activation. Results: All LE decreased the HLA-DR and increased CD28 and CD152 expression on monocytes/macrophages and lymphocytes surface (p < 0.05). SO/FO and MCT/SO/FO decreased lymphocyte proliferation (p<0.05). All LE decreased IL-2 product ion, but this effect was enhanced with MCT/SO/FO and SMOF (p < 0.05). MCT/SOTO decreased IL-6 and increased IL-10, whereas SO had the opposite effect (p < 0.05). Conclusion: FO LE inhibited lymphocyte proliferation and had an anti-inflammatory effect. These effects seem to be enhanced when FO is mixed with MCT/SO. SMOF had a neutral impact on lymphocyte proliferation and IL-6 and IL-10 production.

The combined effect of copper and low pH on antioxidant defenses and biochemical parameters in neotropical fish pacu, Piaractus mesopotamicus (Holmberg, 1887)

Copper sulfate is widely used in aquaculture. Exposure to this compound can be harmful to fish, resulting in oxidative metabolism alterations and gill tissue damage. Pacu, Piaractus mesopotamicus, (wt = 43.4 +/- A 3.35 g) were distributed in experimental tanks (n = 10; 180 l) and exposed for 48 h to control (without copper addition), 0.4Cu (0.4 mg l(-1)), 0CupH (without copper addition, pH = 5.0) and 0.4CupH (0.4 mg l(-1), pH = 5.0). In liver and red muscle, the superoxide dismutase (SOD) was responsive to the increases in the aquatic copper. The plasmatic intermediary metabolites and hematological variables in the fish of group 0.4Cu were similar to those of the control group. Conversely, the exposure to 0.4CupH caused an increase in the plasmatic lactate, number of red blood cells (RBC) and hemoglobin (Hb). Plasmatic copper concentration [Cu(p)] increased in group 0.4Cu and 0.4CupH, which is higher in group 0.4CupH, suggests an effect of water pH on the absorbed copper. Exposure to 0.4Cu and 0.4CupH resulted in a reduction in the Na(+)/K(+)-ATPase activity and an increase in metallothionein (MT) in the gills. Exposure to 0CupH caused a decrease in glucose and pyruvate concentrations and an increase in RBC, Hb, and the branchial Na(+)/K(+)-ATPase activity. These responses suggest that the fish triggered mechanisms to revert the blood acidosis, save energy and increase the oxygen uptake. MT was an effective biomarker, responding to copper in different pHs and dissolved oxygen. Combined-factors caused more significant disturbance in the biomarkers than single-factors.

Hypotheses Testing on a Multivariate Null Intercept Errors-in-Variables Model

Considering the Wald, score, and likelihood ratio asymptotic test statistics, we analyze a multivariate null intercept errors-in-variables regression model, where the explanatory and the response variables are subject to measurement errors, and a possible structure of dependency between the measurements taken within the same individual are incorporated, representing a longitudinal structure. This model was proposed by Aoki et al. (2003b) and analyzed under the bayesian approach. In this article, considering the classical approach, we analyze asymptotic test statistics and present a simulation study to compare the behavior of the three test statistics for different sample sizes, parameter values and nominal levels of the test. Also, closed form expressions for the score function and the Fisher information matrix are presented. We consider two real numerical illustrations, the odontological data set from Hadgu and Koch (1999), and a quality control data set.

Temperature and common-ion effect on magnesium oxide (MgO) hydration

MgO based refractory castables draw wide technological interest because they have the versatility and installation advantages of monolithic refractories with intrinsic MgO properties, such as high refractoriness and resistance to basic slag corrosion. Nevertheless, MgO easily reacts with water to produce Mg(OH)(2), which is followed by a large volumetric expansion, limiting its application in refractory castables. In order to develop solutions to minimize this effect, a better understanding of the main variables involved in this reaction is required. In this work, the influence of temperature, as well as the impact of the chemical equilibrium shifting (known as the common-ion effect), on MgO hydration was evaluated. Ionic conductivity measurements at different temperatures showed that the MgO hydration reaction is accelerated with increasing temperature. Additionally, different compounds were added to evaluate their influence on the reaction rate. Among them, CaCl(2) delayed the reaction, whereas KOH showed an opposite behavior. MgCl(2) and MgSO(4) presented similar results and two other distinct effects, reaction delay and acceleration, which depended on their concentration in the suspensions. The results were evaluated by considering the kinetics and the thermodynamics of the reaction, and the mechanical damages in the samples that was caused by the hydration reaction. (C) 2009 Elsevier Ltd and Techna Group S.r.l. All rights reserved.

The causal effect of family size on child labor and education

This paper investigates the causal relationship between family size and child labor and education among brazilian children. More especifically, it analyzes the impact of family size on child labor, school attendance, literacy and school progression. It explores the exogenous variation in family size driven by the presence of twins in the family. The results are consistent under the reasonable assumption that the instrument is a random event. Using the nationally representative brazilian household survey (Pnad), detrimental effects are found on child labor for boys. Moreover, significant effects are obtained for school progression for girls caused by the exogenous presence of the young siblings in the household.

Determinantes do voto para deputado federal: relação entre emendas orçamentárias e desempenho eleitoral

Obter votos é crucial para todo político que se submete a uma eleição. Sendo assim, este trabalho se dedica a investigar variáveis que afetem a votação de deputados federais candidatos a reeleição na Câmara Federal, dando ênfase à relação entre provisão de emendas e desempenho eleitoral. Para verificar a importância das emendas na competição eleitoral, as eleições municipais intermediárias também são exploradas. Os dados utilizados abrangem as eleições e Orçamento Federal do período de 1994 a 2006. Como resultado se verifica que aspectos ligados às características individuais dos deputados têm forte poder explicativo sobre os votos totais obtidos por estes. Adicionalmente, encontra-se evidência de um efeito local das emendas sobre os eleitores e que a relação estabelecida entre deputado e município determina grande parte da votação municipal obtida em uma tentativa de reeleição.

A study of the impacts of quantitative easing on the macroeconomics variables

Neste trabalho, propusemos um modelo DSGE que busca responder algumas questões sobre políticas de afrouxamento monetário (Quantitative Easing - QE) recentemente implementadas em resposta à crise de 2008. Desenvolvemos um modelo DSGE com agentes heterogêneos e preferred-habitat nas compras de títulos do governo. Nosso modelo permite o estudo da otimalidade da compra de portfolio (em termos de duration dos títulos) para os bancos centrais quando estão implementando a política. Além disso, a estrutura heterogênea nos permite olhar para distribuição de renda provocada pelas compras de títulos. Nossos resultados preliminares evidenciam o efeito distributivo do QE. No entanto, nosso modelo expandido apresentou alguns problemas de estabilidade.

Essays in Corporate Bankruptcy

Esta tese é composta por três ensaios sobre o mercado de crédito e as instituições que regem bancarrota corporativa. No capítulo um, trazemos evidências que questionam a ideia de que maiores níveis de proteção ao credor sempre promovem desenvolvimento do mercado de crédito. Desde a publicação dos artigos seminais de La Porta et al (1997,1998), a métrica de proteção ao credor que os autores propuseram -- o índice de proteção ao credor -- tem sido amplamente utilizada na literatura de Law and Finance como variável explicativa em modelos de regressão linear em forma reduzida para determinar a correlação entre proteção ao credor e desenvolvimento do mercado de crédito. Neste artigo, exploramos alguns problemas com essa abordagem. Do ponto de vista teórico, essa abordagem geralmente supõe uma relação monotônica entre proteção ao credor e expansão do crédito. Nós apresentamos um modelo teórico para um mercado de crédito com seleção adversa em que um nível intermediário de proteção ao credor é capaz de implementar equilíbrios first best. Este resultado está de acordo com diversos outros artigos teóricos, tanto em equilíbrio geral quanto em equilíbrio parcial. Do ponto de vista empírico, tiramos proveito das reformas realizadas por alguns países durante as décadas de 1990 e 2000 para implementar uma estratégia inspirada na literatura de treatment effects e estimar o efeito sobre o valor de mercado e sobre a dívida de: i) permitir automatic stay a firmas em recuperação; e ii) conceder aos credores o direito de afastar os administradores. Os resultados que obtivemos apontam para um impacto positivo de automatic stay sobre todas as variáveis que dependem do valor de mercado da firma. Não encontramos efeito sobre dívida, e não encontramos efeitos significativos do direito de afastar administradores sobre valor de mercado ou dívida. O capítulo dois avalia as consequências empíricas de uma reforma na lei de falências sobre um mercado de crédito pouco desenvolvido. No início de 2005, o Congresso Nacional brasileiro aprovou uma nova lei de falências, a lei 11.101/05. Usando dados de firmas brasileiras e não-brasileiras, nós estimamos, usando dois modelos diferentes, o efeito da reforma falimentar sobre variáveis contratuais e não-contratuais de dívida. Ambos os modelos produzem resultados similares. Encontramos um aumento no volume total de dívida e na dívida de longo prazo, e uma redução no custo de dívida. Não encontramos efeitos significativos sobre a estrutura de propriedade da dívida. No capítulo três, desenvolvemos um modelo estimável de equilíbrio em search direcionado aplicado ao mercado de crédito, modelo este que pode ser usado para realizar avaliações ex ante de mudanças institucionais que afetem o crédito (como reformas em leis de falência). A literatura em economia há muito reconhece uma relação causal entre instituições (como leis e regulações) e desenvolvimento dos mercados financeiros. Essa conclusão qualitativa é amplamente reconhecida, mas há pouca evidência de sua importância quantitativa. Com o nosso modelo, é possível estimar como contratos de dívida mudam em resposta a mudanças nos parâmetros que descrevem as instituições da economia. Também é possível estimar o impacto sobre investimentos realizados pelas firmas, bem como caracterizar a distribuição do tamanho, idade e produtividade das firmas antes e depois da mudança institucional. Como ilustração, realizamos um exercício empírico em que usamos dados de firmas brasileiras para simular o impacto de variações na taxa de recuperação de créditos sobre os valores médios e totais de dívida e capital das firmas. Encontramos dívida crescente e capital quase sempre também crescente na taxa de recuperação.

A confiança interorganizacional nas compras

This research is part of the field of organizational studies, focusing on organizational purchase behavior and, specifically, trust interorganizational at the purchases. This topic is current and relevant by addressing the development of good relations between buyer-supplier that increases the exchange of information, increases the length of relationship, reduces the hierarchical controls and improves performance. Furthermore, although there is a vast literature on trust, the scientific work that deal specifically at the trust interorganizational still need further research to synthesize and validate the variables that generate this phenomenon. In this sense, this investigation is to explain the antecedents of trust interorganizational by the relationship between the variable operational performance, organizational characteristics, shared values and interpersonal relationships on purchases by manufacturing industries, in order to develop a robust literature, most consensual, that includes the current sociological and economic, considering the effect of interpersonal relationships in this phenomenon. This proposal is configured in a new vision of the antecedents of interorganizational trust, described as significant quantitative from models Morgan and Hunt (1994), Doney and Cannon (1997), Zhao and Cavusgil (2006) and Nyaga, Whipple, Lynch (2011), as well as qualitative analysis of Tacconi et al. (2011). With regard to methodological aspects, the study assumes the form of a descriptive, survey type, and causal trace theoretical and empirical. As for his nature, the investigation, explicative character, has developed a quantitative approach with the use of exploratory factor analysis and structural equation modeling SEM, with the use of IBM software SPSS Amos 18.0, using the method of maximum verisimilitude, and supported by technical bootstraping. The unit of analysis was the buyer-supplier relationship, in which the object under investigation was the supplier organization in view of the purchasing company. 237 valid questionnaires were collected among key informants, using a simple random sampling developed in manufacturing industries (SIC 10-33), located in the city of Natal and in the region of Natal. The first results of descriptive analysis demonstrate the phenomenon of interorganizational trust, in which purchasing firms believe, feel secure about the supplier. This demonstration showed high levels of intensity, predominantly among the vendors that supply the company with materials that are used directly in the production process. The exploratory and confirmatory factor analysis, performed on each variable alone, generated a set of observable and unobservable variables more consistent, giving rise to a model, that needed to be further specified. This again specify model consists of trajectories was positive, with a good fit, with a composite reliability and variance extracted satisfactory, and demonstrates convergent and discriminant validity, in which the factor loadings are significant and strong explanatory power. Given the findings that reinforce the model again specify data, suggesting a high probability that this model may be more suited for the study population, the results support the explanation that interorganizational trust depends on purchases directly from interpersonal relationships, sharing value and operating performance and indirectly of personal relationships, social networks, organizational characteristics, physical and relational aspect of performance. It is concluded that this trust can be explained by a set of interactions between these three determinants, where the focus is on interpersonal relationships, with the largest path coefficient for the factor under study