Estimation of random coefficients logit demand models: an application to the Brazilian fixed income fund market

Estimation of demand and supply in differentiated products markets is a central issue in Empirical Industrial Organization and has been used to study the effects of taxes, merges, introduction of new goods, market power, among others. Logit and Random Coefficients Logit are examples of demand models used to study these effects. For the supply side it is generally supposed a Nash equilibrium in prices. This work presents a detailed discussion of these models of demand and supply as well as the procedure for estimation. Lastly, is made an application to the Brazilian fixed income fund market.

Valuation and performance of firms in complex ownership structures : an application to Korean chaebols

We propose several new metrics to describe the complex ownership structure of business groups, and provide simple formulas and algorithms to compute these metrics. We use these measures to describe in detail the ownership structure of Korean chaebols in the period of 2003 to 2004. In addition, we validate the usefulness of our new metrics by showing empirically that they are important for understanding the valuation and performance of group firms. In particular, we show evidence that firms that are central to the control structure of the chaebol (central firms), firms in cross-shareholdings, and firms that are placed at the bottom of the group (i.e., with lower ultimate ownership) have lower profitability than other group firms. The valuation results suggest that central firms and firms in cross-shareholding loops have lower valuations than other public Chaebol firms. The lower valuation of these firms is not explained by variation in measures of ownership concentration and separation between ownership and control.

Economic landscapes, what are they? an application to the Brazilian economy and to the sugar cane complex

In assessing the economic impact of a sector or group of sectors on a single or multiregional economy, input-output analysis has proven to be a popular method. . However, there has a problem in displaying all the information that can be obtained from this analytical approach. In this paper, we have tried to set new directions in the use of input-output analysis by presenting an improved way of looking at the economic landscapes. While this is not a new concept, a new meaning is explored in this paper; essentially, it will now be possible to visualize, in a simple picture, all the relations in the economy as well as being able to view how one sector is related to the other sectors/regions in the economy. These relations can be measured in terms of structural changes, production, value added, employment, imports, etc. While all the possibilities cannot be explored in this paper, the basic idea is given here and the smart reader can uncover all the various possibilities. To illustrate the power of analysis provided by the economic landscapes, an application is made to the sugar cane complex using an interregional inputoutput system for the Brazilian economy, constructed for 2 regions (Northeast and Rest of Brazil), for the years of 1985, 1992, and 1995.

A comparison of test of non-linear cointegration with an application to the predictability of US interest rates using the term structure

We evaluate the forecasting performance of a number of systems models of US shortand long-term interest rates. Non-linearities, induding asymmetries in the adjustment to equilibrium, are shown to result in more accurate short horizon forecasts. We find that both long and short rates respond to disequilibria in the spread in certain circumstances, which would not be evident from linear representations or from single-equation analyses of the short-term interest rate.

Design e management: um estudo de ciência e tecnologia no campo dos estudos organizacionais

Esta dissertação se propõe a cartografar as redes sociotécnicas do design no campo do management nos moldes propostos pela Teoria Ator-Rede e apresentar o processo de translação pelo qual passou o termo ao adentrar no campo. Para tal, levantou e analisou artigos publicados sobre o tema nos principais periódicos da área de organizações e publicações. Estes textos demonstram como, nas últimas décadas, o design tem passado por uma expansão de sentido e aplicação na direção do management (ou do management no sentido do design), através das abordagens denominadas design thinking, design science ou design process. A pesquisa se justifica, uma vez que este assunto está presente nos principais periódicos do management e dos estudos organizacionais, como uma importante ferramenta para solução de problemas que desafiam os sistemas organizacionais, como: a mudança, o empreendedorismo e a inovação (Stephens & Boland, 2014). É importante destacar que o design tem sido cada vez mais considerado uma atividade decisiva na batalha econômica (Callon, 1986), na determinação dos atuais estilos de vida (lifestyle) e na construção de nosso mundo futuro. No campo dos estudos organizacionais, como demonstrou esta pesquisa, o design surge como uma abordagem que supera a dicotomia entre positivismo e a abordagem crítica na teoria organizacional (Jelinek, Romme & Boland, 2008). Por fim, esta dissertação se ateve à cartografia das redes sociotécnicas e à descrição das quatro principais fases do processo de translação do design no campo do management, a saber: (a) problematização, marcada pela publicação de The Sciences of Artificial em 1969 de Herbert A. Simon, no qual, ele argumenta pelo design como uma habilidade básica para todas as especialidades profissionais, incluindo a gestão (Simon, 1996), (b) interessamento, designers defendendo um design de sistemas complexos como as organizações, (c) engajamento, designers e teóricos das organizações juntos pelo design no management como uma alternativa para a superação da dicotomia entre positivismo e os estudos críticos na administração, e, (d) mobilização, na qual os teóricos das organizações partem em defesa do design no management como um forma de dar conta de modelos organizacionais contemporâneos com fronteiras mais permeáveis e em constante reformulação

A critical value function approach, with an application to persistent time-series

Researchers often rely on the t-statistic to make inference on parameters in statistical models. It is common practice to obtain critical values by simulation techniques. This paper proposes a novel numerical method to obtain an approximately similar test. This test rejects the null hypothesis when the test statistic islarger than a critical value function (CVF) of the data. We illustrate this procedure when regressors are highly persistent, a case in which commonly-used simulation methods encounter dificulties controlling size uniformly. Our approach works satisfactorily, controls size, and yields a test which outperforms the two other known similar tests.

Preliminary results of a floating subirrigation system (Aquaforest system) as an alternative to conventional tree nurseries

A new methodology for tree seedling production (Aquaforest system) based on a continuous floating subirrigation system was developed and tested using creeks with different nutrient levels. Eucalyptus grandis seedlings were produced in water from polluted and clean creeks, and compared to conventional tree nursery production. The growth variables analyzed in the seedling phase were: survival, height, diameter, shoot and root dry weight, leaf area, and root/shoot ratio. Water and substrate were analyzed, as well as leaf nutritional status. Plant survival was 100% in all treatments. Height and diameter were greater in the higher nutrient water treatment. Leaf area and dry weight of plants produced in the higher nutrient water treatment were similar to those of the control. The results showed that polluted water can represent a good nutrient source. The preliminary results show that the Aquaforest system can be a viable alternative for tree seedling production. (C) 2004 Elsevier B.V. All rights reserved.

An approach to generalized holomorphic functions

A study of the generalized holomorphic functions, HG(Omega), having in mind its strict elements, i.e. those which are in HG(Omega) - H(Omega), as well as the possibility of the existence of hybrid elements, i.e. elements which have, in a part of a domain Omega subset of C-n, the strict behaviour and, in another part of the same domain, the classical behaviour, is carried out in this work. The study of hybrid elements is important in the approach of a concept of generalized domain of holomorphy.

Variable-Structure Control Design of Switched Systems With an Application to a DC-DC Power Converter

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

Modeling the dielectric response of lanthanum modified lead zirconate titanate ferroelectric ceramics-an approach to the phase transitions in relaxor ferroelectrics

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

Evaluation of laryngeal mask as an alternative to endotracheal intubation in cats anesthetized under spontaneous or controlled ventilation

Objective To compare the cardiorespiratory effects and incidence of gastroesophageal reflux with the use of a laryngeal mask airway (LMA) or endotracheal tube (ET) in anesthetized cats during spontaneous (SV) or controlled ventilation (CV).Study design Prospective randomized experimental trial.Animals Thirty-two adult crossbred cats, weighing 2.7 +/- 0.4 kg.Methods the cats were sedated with intramuscular (IM) methotrimeprazine (0.5 mg kg(-1)) and buprenorphine (0.005 mg kg(-1)), followed 30 minutes later by induction of anesthesia with intravenous (IV) thiopental (12.5-20 mg kg(-1)). An ET was used in 16 cats and an LMA in the remaining 16 animals. Anesthesia was maintained with 0.5 minimum alveolar concentration (0.6%) of halothane in oxygen using a Mapleson D breathing system. Cats in both groups were further divided into two equal groups (n = 8), undergoing either SV or CV. Neuromuscular blockade with pancuronium (0.06 mg kg(-1)) was used to facilitate CV. Heart and respiratory rates, direct arterial blood pressure, capnometry (PE'CO2) and arterial blood gases were measured. Gastric reflux and possible aspiration was investigated by intragastric administration of 5 mL of radiographic contrast immediately after induction of anesthesia. Cervical and thoracic radiographs were taken at the end of anesthesia. Data were analyzed using ANOVA followed by Student-Newman-Keuls, Kruskal-Wallis or Friedman test where appropriate.Results Values for PaCO2 and PE'CO2 were higher in spontaneously breathing cats with the LMA when compared with other groups. Values of PaO2 and hemoglobin oxygen saturation did not differ between groups. Gastroesophageal reflux occurred in four of eight and two of eight cats undergoing CV with ET or LMA, respectively. There was no tracheal or pulmonary aspiration in any cases.Conclusions and clinical relevance the use of an LMA may be used as an alternative to endotracheal intubation in anesthetized cats. Although aspiration was not observed, gastric reflux may occur in mechanically ventilated animals.

Effect of follicle size on mRNA expression in cumulus cells and oocytes of Bos indicus: an approach to identify marker genes for developmental competence

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

The use of vinasse as an amendment to ex-situ bioremediation of soil and groundwater contaminated with diesel oil

Este trabalho investigou a possibilidade de se usar a vinhaça como um agente estimulador de processos de biorremediação ex-situ. Amostras de água subterrânea e solo foram coletadas em três postos de combustíveis. A biorremediação do solo foi simulada em frascos de Bartha, usados para medir a produção de CO2, durante 48 dias, onde a vinhaça foi adicionada a uma concentração de 33 mL.Kg-1 de solo. A eficiência de biodegradação também foi medida pela quantificação de hidrocarbonetos totais de petróleo (TPH) por cromatografia gasosa. A biorremediação da água subterrânea foi realizada em experimentos laboratoriais simulando condições aeradas (bioreatores) e não aeradas (frascos de DBO). em ambos os casos, a concentração de vinhaça foi de 5 % (v/v) e diferentes parâmetros físico-químicos foram avaliados durante 20 dias. Embora um aumento da fertilização e da população microbiana do solo foram obtidos com a vinhaça, esta estratégia não se mostrou adequada em aumentar a eficiência da biorremediação dos solos contaminados com óleo diesel. A adição de vinhaça às águas subterrâneas contaminadas teve efeitos negativos na biodegradação dos hidrocarbonetos, uma vez que a vinhaça, como uma fonte de carbono facilmente assimilável, foi preferencialmente consumida.