Modified Fixed Effects Estimation of Technical Inefficiency

We consider method of moment fixed effects (FE) estimation of technical inefficiency. When N, the number of cross sectional observations, is large it ispossible to obtain consistent central moments of the population distribution of the inefficiencies. It is well-known that the traditional FE estimator may be seriously upward biased when N is large and T, the number of time observations, is small. Based on the second central moment and a single parameter distributional assumption on the inefficiencies, we obtain unbiased technical inefficiencies in large N settings. The proposed methodology bridges traditional FE and maximum likelihood estimation – bias is reduced without the random effects assumption.

Estimated lifetimes of road pavements in Sweden using time-to-event analysis

Maintenance planning of road pavement requires reliable estimates of roads’ lifetimes. In determining the lifetime of a road, this study combines maintenance activities and road condition measurements. The scope of the paper is to estimate lifetimes of road pavements in Sweden with time to event analysis. The model used includes effects of pavement type, road type, bearing capacity, road width, speed limit, stone size and climate zone, where the model is stratified according to traffic load. Among the nine analyzed pavement types, stone mastic had the longest expected lifetime, 32 percent longer than asphalt concrete. Among road types, ordinary roads with cable barriers had 30 percent shorter lifetime than ordinary roads. Increased speed lowered the lifetime, while increased stone size (up to 20 mm) and increased road width lengthened the lifetime. The results are of importance for life cycle cost analysis and road management.

Bounds on functionals of the distribution treatment effects

Bounds on the distribution function of the sum of two random variables with known marginal distributions obtained by Makarov (1981) can be used to bound the cumulative distribution function (c.d.f.) of individual treatment effects. Identification of the distribution of individual treatment effects is important for policy purposes if we are interested in functionals of that distribution, such as the proportion of individuals who gain from the treatment and the expected gain from the treatment for these individuals. Makarov bounds on the c.d.f. of the individual treatment effect distribution are pointwise sharp, i.e. they cannot be improved in any single point of the distribution. We show that the Makarov bounds are not uniformly sharp. Specifically, we show that the Makarov bounds on the region that contains the c.d.f. of the treatment effect distribution in two (or more) points can be improved, and we derive the smallest set for the c.d.f. of the treatment effect distribution in two (or more) points. An implication is that the Makarov bounds on a functional of the c.d.f. of the individual treatment effect distribution are not best possible.

Processo de controle de constitucionalidade : revisitando a inconstitucionalidade da norma

O presente trabalho tem como objetivo uma adequada compreensão da decisão judicial acerca da inconstitucionalidade da norma no ordenamento jurídico erigido sob a Constituição da República Federativa do Brasil de 1988, especialmente no que diz respeito às conseqüências da inconstitucionalidade da norma e à eficácia da decisão de inconstitucionalidade. A pesquisa desenvolvida é exploratória quanto a sua técnica e explicativa quanto a seu objetivo. É exploratória, porque busca no ordenamento jurídico, na jurisprudência e na doutrina instrumentos que permitam compreender o problema da norma inconstitucional e do controle jurisdicional da constitucionalidade das normas; é explicativa quanto a seu objetivo, pois busca compreender os fenômenos jurídicos envolvidos na decisão de inconstitucionalidade, identificando os fatores que determinam ou contribuem para a inconstitucionalidade da norma e para a definição das conseqüências desta inconstitucionalidade, buscando explicar adequadamente o fenômeno da inconstitucionalidade da norma, a fim de definir como esta inconstitucionalidade se reflete na própria norma e na decisão jurisdicional que a reconhece. Deste estudo, resulta que a jurisprudência e a doutrina afirmam, de forma predominante, a nulidade da norma inconstitucional e a eficácia declaratória e ex tunc da decisão de inconstitucionalidade, indicando, contudo, que, em determinados casos, é necessário mitigar essa concepção ou abrir exceções, a fim de preservar os efeitos jurídicos ou a eficácia da norma inconstitucional. Resulta, ainda, que o ordenamento jurídico erigido sob a Constituição da República Federativa do Brasil de 1988, na medida em que consagra a supremacia e a rigidez da Constituição e se caracteriza por sua unidade e coerência, exige que a inconstitucionalidade da norma tenha como conseqüências sua invalidade — ipso jure e a partir do momento em que se verifica a inconstitucionalidade —, sua inexistência enquanto norma jurídica e sua ineficácia ― identificada esta com a incapacidade de incidir sobre os fatos e atribuir-lhes efeitos jurídicos ―, conduzindo determinando, ademais, à eficácia declaratória e ex tunc da decisão de inconstitucionalidade. Resulta, por fim, que as perplexidades apontadas por aqueles que se insurgem contra a concepção acerca da invalidade da norma inconstitucional são meramente aparentes e o próprio ordenamento jurídico possui meios para solucioná-las, sem que, para tanto, seja necessário atenuar ou abrir qualquer exceção em relação à invalidade da norma inconstitucional. O trabalho conduz, então, à conclusão de que, no ordenamento jurídico erigido sob a Constituição da República Federativa do Brasil de 1988, a norma inconstitucional padece de invalidade, inexistência e ineficácia, características que se congregam na concepção acerca da nulidade da norma inconstitucional, e que a decisão de inconstitucionalidade possui eficácia declaratória e ex tunc, sendo que essa concepção pode ser aplicada em todo e qualquer caso, sem que seja necessário mitigá-la ou excepcioná-la.

Anticipatory effects in the FTSE 100 index revisions

This paper examines the price impact of trading due to expected changes in the FTSE 100 index composition. We focus on the latter index because it employs publicly-known objective criteria to determine membership and hence it provides a natural context to investigate anticipatory trading e ects. We propose a panel-regression event study that backs out these anticipatory e ects by looking at the price impact of the ex-ante proba-bility of changing index membership status. Our ndings reveal that anticipative trading explains about 40% and 23% of the cumulative abnormal returns of additions and deletions, respectively. We con rm these in-sample results out of sample by tracking the performance of a trading strategy that relies on the addition/deletion probability estimates. The perfor-mance is indeed very promising in that it entails an average daily excess return of 11 basis points over the FTSE 100 index.

Auctions of identical objects with single-unit demands : a survey

The theory of auctions of a single object generalizes to a situation where identical objects are sold either sequentially or simultaneously but individuais can only buy one object. In this context, I will present a survey of the main results regarding the ranking of auctions based on revenue, bidding behaviour, effects of entry fees and reserve prices, and other strategic issues.

Creditor's protection and bank loans: lack of competition hamprers bankruptcy reform's effects

This dissertation investigates how credit institutions’ market power limits the effects of creditor protection rules on the interest rate and the spread of bank loans. We use the Brazilian Bankruptcy Reform of June/2005 (BBR) as a legal event affecting the institutional environment of the Brazilian credit market. The law augments creditor protection and aims to improve the access of firms to the credit market and to reduce the cost of borrowing. Either access to credit or the credit cost are also determined by bank industry competition and the market power of suppliers of credit. We derive a simple economic model to study the effect of market power interacting with cost of lending. Using an accounting and operations dataset from July/2004 to December/2007 provided by the Brazilian Central Bank, we estimate that the lack of competition in the bank lending industry hinders the potential reducing effect of the BBR on the interest rate of corporate loans by approximately 30% and on the spread by approximately 23%. We also find no statistical evidence that the BBR affected the concentration level of the Brazilian credit market. We present a brief report on bankruptcy reforms around the world, the changes in the Brazilian legislation and on some recent related articles in our introductory chapter. The second chapter presents the economic model and the testable hypothesis on how the lack of competition in the lending market limits the effects of improved creditor protection. In this chapter, we introduce our empirical strategy using a differences-in-differences model and we estimate the limiting effect of market power on the BBR’s potential to reduce interest rates and on the spread of bank loans. We use the BBR as an exogenous event that affects collateralized corporate loans (treatment group) but that does not affect clean consumer loans (control group) to identify these effects, using different concentration measures. In Chapter 3, we propose a two-stage empirical strategy to handle the H–Statistics proposed by Panzar and Rosse as a measure of market competition. We estimate the limiting effects of the lack of competition in replacing the concentration statistics by the H–Statistics. Chapter 4 presents a structural break test of the concentration index and checks if the BBR affects the dynamic evolution of the concentration index.

Turnaround de empresas com problemas de compliance - o caso Siemens

It is very relevant, for academic or for society purposes as a whole the subject "corruption", a recurring problem that plagues companies and Governments in various parts of the world. Many recent cases draw attention to this topic, but one in particular, the case of corruption of the company Siemens AG, that resulted in the payment of the largest fines in the history on your model, based on the terms of the FCPA since it became law in 1977. This event caters specifically to the objective of this work which is to make an analysis based on agency theory and the codes of good practices of corporate governance on how large companies revising their corporate management systems and practices aiming at the recovery of its institutional image after significant impact on the company, such as the corruption scandal in which Siemens was involved. For this study, we opted for qualitative research as a methodological path contemplating the single case study. In the process of data collection were used data obtained through documentary research about the corruption scandal on public collection available in the internet. Open conversations were made with 3 compliance Department officials of Siemens for the purposes of understanding the case with. At the end of this work, it was observed in the Siemens turnaround process a correlation between what was proposed by the Agency Theory about internal control Systems based on what was accomplished by the company when promoted an extensive restructuring of the Department of compliance and corporate governance system, the improvement of internal controls, as well as the creation of detection tools , control, analysis and prevention of fraud, which were used to minimize the effects generated by the conflict of interest covered by the theory of Agency. KEY WORDS: Corporate Governance; Compliance; Corruption; Turnaround, Agency Theory

Inflammatory responses of Nile tilapia Oreochromis niloticus to Streptococcus agalactiae: effects of vaccination and yeast diet supplement

This study evaluated the effects of dietary supplementation with 0.3% Saccharomyces cerevisiae yeast cell wall and of vaccination against Streptococcus agalactiae on the cellular component of acute inflammation induced in the coelomic cavity of Nile tilapia Oreochromis niloticus and on survival of the fish after challenge. A total of 84 tilapia of mean (+/- SD) weight 125.0 +/- 1.5 g were distributed among twelve 310 l fiberglass tanks according to a 2 x 2 x 3 factorial design in the following manner: with and without supplementation; 2 stimulations (oily solution without S. agalactiae vaccine and vaccination); 15 d later all fish were intracoelomically challenged with 10(8) CFU ml(-1) of a homologous strain of S. agalactiae, and evaluated after 6, 24 and 48 h, with 7 replicates. The fish received the non-supplemented or supplemented diet for a total of 77 d. The vaccination was performed on the 60th day, intracoelomically, as a single injection of 0.5 ml of the vaccine containing 10(8) CFU ml(-1). Fifteen days later, all the fish were challenged with S. agalactiae by means of an intracoelomic inoculation of 10(8) CFU ml(-1). No mortality was observed among the supplemented fish. The fish that were fed the non-supplemented diet and immunized with the bacterium presented a mortality rate of 28.5%. Among the non-supplemented and non-immunized fish, the mortality rate was 38.09%. Supplementation, in both vaccinated and non-vaccinated fish, induced larger accumulations of thrombocytes, lymphocytes and macrophages at the inflammatory focus. The results suggest that supplementation with 0.3% yeast cell wall, in both vaccinated and non-vaccinated fish, improved the inflammatory response of the fish and protected against the challenge. Vaccination increased the defense response, but the effect was stronger when associated with supplementation with S. cerevisiae.

Effects of the season of the year, truck type and location on truck on skin bruises and meat quality in pigs

The purpose of this study was to evaluate the effect of the season of the year (summer vs winter), type of truck (A: single decker vs B : double-decker) and pig location on the truck (front, middle, rear) on the incidence of skin bruising and pork quality variation. For this purpose, 2660 gilts of an average weight of 126.7 (+/- 6.6) kg originating from 19 different farms were used. No interaction between season of the year, type of truck and location on truck was observed. A higher number of bruises on the body at unloading and slaughter (P < 0.0001) and a higher number of bruises on the carcass (P < 0.01) were observed in winter. At unloading a higher number of bruises on the body and on the carcass after slaughter was observed in pigs transported on Truck A (P=0.004 and P=0.05). A higher, although not significant, number of bruises was found on the body of pigs transported in the rear compartment of both trucks. Higher paleness value was found in the longissimus and semimembranosus muscles in summer (P=0.0001) than in winter. Cold and heat stress have a negative influence on skin bruises and meat quality, respectively. Poor vehicle design increases the incidence of bruised carcasses without detracting from pork quality regardless of the climate conditions tested and location of the animal it] the truck. (c) 2006 Elsevier B.V. All rights reserved.

Digging effort in leaf-cutting ant queens (Atta sexdens rubropilosa) and its effects on survival and colony growth during the claustral phase

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

Soybean glycinin improves HDL-C and suppresses the effects of rosuvastatin on hypercholesterolemic rats

Background: This study was an investigation of the effects of ingesting a daily dose of isolated glycinin soy protein (11S globulin), in association with rosuvastatin, on the control of hypercholesterolemia in experimental animals.Methods: Male Wistar rats were kept in individual cages under appropriate controlled conditions of temperature, light and humidity. The animals were divided into five groups (n = 9): 1) standard (STD): fed on casein as protein source; 2) hypercholesterolemic (HC): STD plus 1% cholesterol and 0.5% cholic acid; 3) HC+11S: hypercholesterolemic + glycinin (300 mg/kg/day); 4) HC+ROS: hypercholesterolemic + rosuvastatin (10 mg/kg/day); 5) HC+11S+ROS: HC diet, the 11S protein and the drug in the doses given in (3) and (4). The protein and the drug were administered by gavage for 28 days. The results indicated that the addition of 1% cholesterol and 0.5% cholic acid induced hypercholesterolemia in the animals without interfering with their weight gain.Results: A single daily dose of glycinin contributed an additional 2.8% of dietary protein intake and demonstrated its functional role, particularly in raising HDL-C, decreasing triglycerides in the liver and improving the atherogenic index in animals exposed to a hypercholesterolemic diet.Conclusion: Most of the beneficial effects of the isolated treatments disappeared when the drug (rosuvastatin) and the protein (glycinin) were taken simultaneously. The association was shown not to interact additively, as noted in the plasma levels of total cholesterol and non-HDL cholesterol, and in the significant increase of cholesterol in the liver. Studies are in progress to identify the effects of peptides derived from the 11S globulin and their role in cholesterol metabolism.

Photodynamic Effects of Curcumin Against Cariogenic Pathogens

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

Anxiety-induced antinociception in mice: effects of systemic and intra-amygdala administration of 8-OH-DPAT and midazolam

Rationale: Mice exhibit antinociception after a single experience in the elevated plus maze (EPM), an animal model of anxiety. Objective: This study investigated the mechanisms involved in this form of anxiety-induced antinociception. Methods: Nociception was evaluated by means of the writhing test in mice confined either to the open or enclosed arms of the EPM. The effects of systemic (naloxone, midazolam and 8-OH-DPAT) or intra-amygdala (8-OH-DPAT. NAN-190 and midazolam) drug infusions were investigated in mice previously treated i.p. with 0.6% acetic acid, an algic stimulus that induces abdominal contortions. The effects of these drugs on conventional measures of anxiety (% entries and % time in open arms) in a standard EPM test were also independently investigated. Results: Open-arm confinement resulted in a high-magnitude antinociception (minimum 85%, maximum 450%) compared with enclosed arm confinement. The opiate antagonist naloxone (1 mg/kg and 10 mg/kg) neither blocked this open arm-induced antinociception (OAIA) nor modified indices of anxiety in EPM. Administration of midazolam (0.5-2 mg/kg, s.c.) increased OAIA and produced antinociception in enclosed confined animals, as well as attenuating anxiety in the EPM. The 5-HT(1A) receptor agonist 8-OH-DPAT (0.05-1 mg/kg, s.c.) had biphasic effects on OAIA, antagonising the response at the lowest dose and intensifying it at the highest dose. In addition, low doses of this agent reduced anxiety in the EPM. Although bilateral injections of 8-OH-DPAT (5.6 nmol/0.4 mu l) or NAN-190 (5.6 nmol and 10 nmol/0.4 mu l) into the amygdala did not alter OAIA, increased anxiety was observed in the EPM. In contrast, intra-amygdala administration of midazolam (10 nmol and 30 nmol/0.4 mu l) blocked both OAIA and anxiety. Conclusions: These results with systemic and intracerebral drug infusion suggest that 5-HT(1A) receptors localised in the amygdala are not involved in the pain inhibitory processes that are recruited during aversive situations. However, activation of these receptors does phasically increase anxiety. Although the intrinsic antinociceptive properties of systemically administered midazolam confounded interpretation of its effects on OAIA, intra-amygdala injections of this compound suggest that benzodiazepine receptors in this brain region modulate both the antinociceptive and behavioural (anxiety) responses to the EPM.

The effects of oral glutamine on cisplatin-induced nephrotoxicity in rats

The antioxidant activity of the amino acid glutamine was investigated to obtain protection against peroxidative damage in rat kidney and nephrotoxicity induced by the treatment with a single dose of the antitumoral cisplatin (5 mg kg(-1) body weight). The animals were divided into four treatment and control groups of six rats each (n = 6). Cisplatin was injected i.p. and glutamine (300 mg kg(-1) body weight) was given by gavage 24 h before the cisplatin injection. After 24 h and 7 days of cisplatin administration, the rats were sacrificed. A single dose of cisplatin resulted in significant reduction in body weight and creatinine clearance, and higher urinary volumes were observed in all groups treated with this antitumor drug (P < 0.05). Renal tissue from cisplatin-treated rats showed an increase in malondialdehyde production and increase in glutathione contents 24 h and 7 days after cisplatin administration. Pretreatment of rats with glutamine substantially inhibited the increase in the levels of renal glutathione induced by cisplatin 24 h after the i.p. injection. The malondialdehyde, in the renal tissues was significantly reduced 7 days after cisplatin treatment. However, the reduction in the peroxidative damage did not reach the value of the control group. The protective effects obtained by glutamine pretreatment in peroxidative alterations were not observed in the other parameters studied. These results suggest that glutamine partially protect against cisplatin-induced lipid peroxidation damage, but it was not enough to inhibit cisplatin-induced nephrotoxicity in rats. (C) 2003 Elsevier B.V. Ltd. All rights reserved.