Temporary contracts and non-protected employment in Argentina, Chile and Perú: incidence and determinants

The diverse kinds of legal temporary contracts and the employment forms that do not comply with legal requirements both facilitate employment adjustment to firms´ requirements and entail labour cost reductions. Their employment incidence depends not only on the economic and labour market evolutions but also on other factors, in particular the historical trajectories followed by labour legislation, state enforcement, and the degree of compliance. To contribute to the understanding of the determinants of the degree of utilization of different employment practices, the study reported in this article explores the use made of the various legal temporary contracts and of precarious employment relationships by private enterprises in three Latin American countries (Argentina, Chile and Peru) during 2003-2012, a period of economic growth, and the explanatory role of diverse factors.

What Moved Share Prices in the Nineteenth-Century London Stock Market?

Using a new weekly blue-chip index, this paper investigates the causes of stock price movements on the London market between 1823 and 1870. We find that economic fundamentals explain about 15 per cent of weekly and 34 per cent of monthly variation in share prices. Contemporary press reporting from the London Stock Exchange is used to ascertain what market participants thought were causing the largest movements on the market. The vast majority of large movements were attributed by the press to geopolitical, monetary, railway-sector, and financial-crisis news. Investigating the stock price changes on an independent list of events reaffirms these findings, suggesting that the most important specific events which moved markets were wars involving European powers.

Wi-share: partilha de configurações wi-fi

A popularidade dos dispositivos móveis tem vindo a aumentar significativamente nos últimos anos e, com isso, surge a necessidade de aceder à Internet nos smartphones e tablets, quer para fins laborais quer para lazer. Devido às limitações de tráfego nas redes móveis, como 3G ou 4G, as pessoas procuram conectar-se aos pontos de acesso nas suas proximidades para poupar tráfego móvel. Os pontos de acesso também são uma outra forma de se conseguir conectar à Internet no estrangeiro, mesmo quando não se tem disponível um plano de dados móveis. As soluções existentes, que visam conectar os seus utilizadores à Internet através de pontos de acesso, requerem o pagamento de uma taxa elevada ou violam a privacidade das redes Wi-Fi ao permitir que todos os utilizadores se consigam conectar sem a devida autorização dos proprietários e que consumam tráfego e largura de banda sem quaisquer restrições. Com este trabalho pretende-se permitir que os proprietários das redes possam limitar os recursos de quem acede às suas redes (tráfego, largura de banda e/ou número de utilizadores conectados) usando apenas uma aplicação Android para fazer todo o controlo de acesso e limitação de recursos. Além de limitar os recursos pretende-se possibilitar a interoperabilidade entre pontos de acesso de diferentes plataformas para permitir que utilizadores de diferentes operadores de telecomunicações possam partilhar as suas redes mutuamente. Para se atingir estes objetivos foi desenvolvido um sistema composto por uma aplicação Android e um servidor web. O teste da solução foi feito através de testes com utilizadores, identificando-se que os participantes partilharam maioritariamente as suas próprias redes. A maioria dos utilizadores optou por partilhar as suas redes de forma pública (com todos os utilizadores) e limitar o número de utilizadores conectados para salvaguardar o desempenho da sua ligação. Com este trabalho, consegue-se concluir que é possível incentivar os utilizadores a partilhar as suas redes caso estejam presentes mecanismos que consigam manter a privacidade da rede e que lhes consigam dar controlo sobre a partilha.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Time domain decomposition for European options in financial modelling

Finance is one of the fastest growing areas in modern applied mathematics with real world applications. The interest of this branch of applied mathematics is best described by an example involving shares. Shareholders of a company receive dividends which come from the profit made by the company. The proceeds of the company, once it is taken over or wound up, will also be distributed to shareholders. Therefore shares have a value that reflects the views of investors about the likely dividend payments and capital growth of the company. Obviously such value will be quantified by the share price on stock exchanges. Therefore financial modelling serves to understand the correlations between asset and movements of buy/sell in order to reduce risk. Such activities depend on financial analysis tools being available to the trader with which he can make rapid and systematic evaluation of buy/sell contracts. There are other financial activities and it is not an intention of this paper to discuss all of these activities. The main concern of this paper is to propose a parallel algorithm for the numerical solution of an European option. This paper is organised as follows. First, a brief introduction is given of a simple mathematical model for European options and possible numerical schemes of solving such mathematical model. Second, Laplace transform is applied to the mathematical model which leads to a set of parametric equations where solutions of different parametric equations may be found concurrently. Numerical inverse Laplace transform is done by means of an inversion algorithm developed by Stehfast. The scalability of the algorithm in a distributed environment is demonstrated. Third, a performance analysis of the present algorithm is compared with a spatial domain decomposition developed particularly for time-dependent heat equation. Finally, a number of issues are discussed and future work suggested.

Think Deeper; Share Often

2016 3rd Place Award

Availability, Data Privacy and Copyrights – Opening Knowledge via Contracts and Pilots

Availability, Data Privacy and Copyrights – Opening Knowledge via Contracts and Pilots, discusses how in Aviisi-project of National Library of Finland, the digital contents, and their availability topics dealt together with pilot organizations

Contratos futuros sobre o petróleo: um estudo sobre a assimetria na volatilidade

Mestrado em Contabilidade e Análise Financeira

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.

Wi-share: partilha de configurações wi-fi

A popularidade dos dispositivos móveis tem vindo a aumentar significativamente nos últimos anos e, com isso, surge a necessidade de aceder à Internet nos smartphones e tablets, quer para fins laborais quer para lazer. Devido às limitações de tráfego nas redes móveis, como 3G ou 4G, as pessoas procuram conectar-se aos pontos de acesso nas suas proximidades para poupar tráfego móvel. Os pontos de acesso também são uma outra forma de se conseguir conectar à Internet no estrangeiro, mesmo quando não se tem disponível um plano de dados móveis. As soluções existentes, que visam conectar os seus utilizadores à Internet através de pontos de acesso, requerem o pagamento de uma taxa elevada ou violam a privacidade das redes Wi-Fi ao permitir que todos os utilizadores se consigam conectar sem a devida autorização dos proprietários e que consumam tráfego e largura de banda sem quaisquer restrições. Com este trabalho pretende-se permitir que os proprietários das redes possam limitar os recursos de quem acede às suas redes (tráfego, largura de banda e/ou número de utilizadores conectados) usando apenas uma aplicação Android para fazer todo o controlo de acesso e limitação de recursos. Além de limitar os recursos pretende-se possibilitar a interoperabilidade entre pontos de acesso de diferentes plataformas para permitir que utilizadores de diferentes operadores de telecomunicações possam partilhar as suas redes mutuamente. Para se atingir estes objetivos foi desenvolvido um sistema composto por uma aplicação Android e um servidor web. O teste da solução foi feito através de testes com utilizadores, identificando-se que os participantes partilharam maioritariamente as suas próprias redes. A maioria dos utilizadores optou por partilhar as suas redes de forma pública (com todos os utilizadores) e limitar o número de utilizadores conectados para salvaguardar o desempenho da sua ligação. Com este trabalho, consegue-se concluir que é possível incentivar os utilizadores a partilhar as suas redes caso estejam presentes mecanismos que consigam manter a privacidade da rede e que lhes consigam dar controlo sobre a partilha.

Status of coal supply contracts for new electric generating units, 1976-1985 : staff report /

Cover title.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Bioqueries: a collaborative environment to create, explore and share SPARQL queries in Life Sciences

Bioqueries provides a collaborative environment to create, explore, execute, clone and share SPARQL queries (including Federated Queries). Federated SPARQL queries can retrieve information from more than one data source.

Bioqueries: a collaborative environment to create, explore and share SPARQL queries in Life Sciences

Bioqueries provides a collaborative environment to create, explore, execute, clone and share SPARQL queries (including Federated Queries). Federated SPARQL queries can retrieve information from more than one data source.