901 resultados para Mortgage-backed securities
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
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Money 2000+ is a program designed to increase the financial well being of Nebraskans through increased savings and reduced household debt. This Campaign Circular, Money 2000+ News is an introductory publication to this program which talks about setting goals for saving money, downsizing your debt with ways to save with credit cards, passing up things that waste money, record keeping, looking for ways to save money, avoiding late fees, and saving and credit tips.
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Tumors of the Harderian gland occurred frequently in red-backed voles, Clethrionomys rutilus (Pallas), in a captive colony maintained since 1957. Although the tumors became obvious only in animals about a year old and older, early stage changes were histologically evident in glands from younger, clinically normal voles. The tumors ranged in type from poorly differentiated adenoma to adenocarcinoma, with invasion of adjacent tissues and characteristic deformation of the zygomata. Electron micrographs disclosed viral particles in the cytoplasm of glands from clinically normal animals as well as in glands showing malignant changes. The tumor was not observed in arvicoline rodents of other species maintained in the same rooms with the red-backed voles.
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Redescriptions of Bizarrifrons magus (Nitzsch [in Giebel], 1866), the type species of Bizarrifrons, and B. picturatus Carriker & Diaz-Ungria, 1961 are given based on material from their type hosts. The nymphal instars of these two species are described and illustrated for the first time. Also, three new species are named and described: B. latifrons, from the russet-backed oropendola, Psarocolius angustifrons alfredi (Des Murs, 1856); B. wecksteini, from the Amazonian oropendola, Psarocolius b. bifasciatus (Spix, 1824); and B. quasisymmetricus, from the solitary cacique, Cacicus solitarius (Vieillot, 1816) (Passeriformes: Icteridae). Two species-groups are proposed, and a checklist and a key for the species of Bizarrifrons are also included. Sequences of a portion of the mitochondrial cytochrome oxidase I (COI) and the nuclear elongation factor 1 alpha (EF-1 alpha) genes for two species are given for the first time in this genus.
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A myriad of titanium (Ti) surface modifications has been proposed to hasten the osseointegration. In this context, the aim of this study was to perform histomorphometric, cellular, and molecular analyses of the bone tissue grown in close contact with Ti implants treated by anodic spark deposition (ASD-AK). Acid-etched (AE) Ti implants either untreated or submitted to ASD-AK were placed into dog mandibles and retrieved at 3 and 8 weeks. It was noticed that both implants, AE and ASD-AK, were osseointegrated at 3 and 8 weeks. Histomorphometric analysis showed differences between treatments only for bone-to-implant contact, being higher on AE implants. Although not backed by histomorphometric results, gene expression of key bone markers was higher for bone grown in close contact with ASD-AK and for cells harvested from these fragments and cultured until subconfluence. Cell proliferation at days 7 and 10 and alkaline phosphatase activity at day 10 was higher on AE surfaces. No statistical significant difference was noticed for extracellular matrix mineralization at 17 days. Our results have shown that the Ti fixtures treated by ASD-AK allowed in vivo osseointegration and induced higher expression of key markers of osteoblast phenotype, suggesting that this surface treatment could be considered to produce implants for clinical applications. (c) 2012 Wiley Periodicals, Inc. J Biomed Mater Res Part A: 100A:30923098, 2012.
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Seeking alternatives for the economic system to face the several crises it has gone through lately (electrical power, cultural, financing and technological) brought about a new market involving the Kyoto Protocol signatory countries: the carbon market. The present article aims at assessing the carbon market institutional issue in Brazil by identifying the risks and opportunities inherent to the institutional agent characteristics and to that market rules. The research methodology was bibliographic and based on the analysis of the Securities and Exchange Commission of Brazil (Comissao de Valores Mobiliarios and Bolsa Mercantil de Valores) contents. Its theoretical basis rests on concepts of the institution and the new institutional economy. The results show that in spite of the risks and institutional problems it involves, the carbon market is promising due to the opportunities create by new technologies and energies developed to achieve and sustain the capitalist system new cycle, addressed to produce a clean development.
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The primary objective of this paper is to identify the factors that explain Brazilian companies level of voluntary disclosure. Underpinning this work is the Discretionary-based Disclosure theory. The sample is composed of the top 100 largest non-financial companies listed in the Bolsa de Valores de São Paulo (Brazilian Securities, Commodities, and Futures exchange - BOVESPA). Information was gathered from Financial Statements for the years ending in 2006, 2007, and 2008, with the use of content analysis. A disclosure framework based on 27 studies from these years was created, with a total of 92 voluntary items divided into two dimensions: economic (43) and socio-environmental (49). Based on the existing literature, a total of 12 hypotheses were elaborated and tested using a panel data approach. Results evidence that: (a) Sector and Origin of Control are statistically significant in all three models tested: economic, socio-environmental, and total; (b) Profitability is relevant in the economic model and in the total model; (c) Tobin s Q is relevant in the socio-environmental model and in the total disclosure model; (d) Leverage and Auditing Firm are only relevant in the economic disclosure model; (e) Size, Governance, Stock Issuing, Growth Opportunities and Concentration of Control are not statistically significant in any of the three models.
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Membrane proteins are a large and important class of proteins. They are responsible for several of the key functions in a living cell, e.g. transport of nutrients and ions, cell-cell signaling, and cell-cell adhesion. Despite their importance it has not been possible to study their structure and organization in much detail because of the difficulty to obtain 3D structures. In this thesis theoretical studies of membrane protein sequences and structures have been carried out by analyzing existing experimental data. The data comes from several sources including sequence databases, genome sequencing projects, and 3D structures. Prediction of the membrane spanning regions by hydrophobicity analysis is a key technique used in several of the studies. A novel method for this is also presented and compared to other methods. The primary questions addressed in the thesis are: What properties are common to all membrane proteins? What is the overall architecture of a membrane protein? What properties govern the integration into the membrane? How many membrane proteins are there and how are they distributed in different organisms? Several of the findings have now been backed up by experiments. An analysis of the large family of G-protein coupled receptors pinpoints differences in length and amino acid composition of loops between proteins with and without a signal peptide and also differences between extra- and intracellular loops. Known 3D structures of membrane proteins have been studied in terms of hydrophobicity, distribution of secondary structure and amino acid types, position specific residue variability, and differences between loops and membrane spanning regions. An analysis of several fully and partially sequenced genomes from eukaryotes, prokaryotes, and archaea has been carried out. Several differences in the membrane protein content between organisms were found, the most important being the total number of membrane proteins and the distribution of membrane proteins with a given number of transmembrane segments. Of the properties that were found to be similar in all organisms, the most obvious is the bias in the distribution of positive charges between the extra- and intracellular loops. Finally, an analysis of homologues to membrane proteins with known topology uncovered two related, multi-spanning proteins with opposite predicted orientations. The predicted topologies were verified experimentally, providing a first example of "divergent topology evolution".
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[ES]El objetivo de este Trabajo es el de actualizar un entorno de gestión de bases de datos existente a la versión 11.2 del software de bases de datos Oracle y a una plataforma hardware de última generación. Se migran con tiempo de parada cero varias bases de datos dispersas en distintos servidores a un entorno consolidado de dos nodos dispuestos en alta disponibilidad tipo "activo-activo" mediante Oracle RAC y respaldado por un entorno de contingencia totalmente independiente y sincronizado en tiempo real mediante Oracle GoldenGate. Se realiza un estudio del entorno actual y, realizando una estimación de crecimiento, se propone una configuración de hardware y software mínima para implementar con garantías de éxito los requerimientos del entorno de gestión de bases de datos a corto y medio plazo. Una vez adquirido el hardware, se lleva a cabo la instalación, actualización y configuración del Sistema Operativo y el acceso redundado de los servidores a la cabina de almacenamiento. Posteriormente se instala el software de clúster de Oracle, el software de la base de datos y se crea una instancia que albergará los esquemas requeridos de las bases de datos a consolidar. Seguidamente se migran los esquemas al entorno consolidado y se establece la replicación de éstos en tiempo real con la máquina de contingencia usando en ambos casos Oracle GoldenGate. Finalmente se crea y prueba un esquema de copias de seguridad que incluye copias lógicas y físicas de la propia base de datos y de archivos de configuración del clúster a partir de los cuales será posible restaurar el entorno completamente.
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The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.
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The goal of this dissertation is to use statistical tools to analyze specific financial risks that have played dominant roles in the US financial crisis of 2008-2009. The first risk relates to the level of aggregate stress in the financial markets. I estimate the impact of financial stress on economic activity and monetary policy using structural VAR analysis. The second set of risks concerns the US housing market. There are in fact two prominent risks associated with a US mortgage, as borrowers can both prepay or default on a mortgage. I test the existence of unobservable heterogeneity in the borrower's decision to default or prepay on his mortgage by estimating a multinomial logit model with borrower-specific random coefficients.
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The present research aims to study the special rights other than shares in Spanish Law and the protection of their holders in cross-border mergers of limited liability companies within the European Union frame. Special rights other than shares are recognised as an independent legal category within legal systems of some EU Member States, such as Germany or Spain, through the implementation of the Third Directive 78/855/CEE concerning mergers of public limited liability companies. The above-cited Directive contains a special regime of protection for the holders of securities, other than shares, to which special rights are attached, consisting of being given rights in the acquiring company, at least equivalent to those they possessed in the company being acquired. This safeguard is to highlight the intimate connection between this type of rights and the company whose extinction determines the existence of those. Pursuant to the Directive 2005/56/CE on cross-border mergers of limited liability companies, each company taking part in these operations shall comply with the safeguards of members and third parties provided in their respective national law to which is subject. In this regard, the protection for holders of special rights other than shares shall be ruled by the domestic M&A regime. As far as Spanish Law are concerned, holders of these special rights are recognized a right of merger information, in the same terms as shareholders, as well as equal rights in the company resulting from the cross-border merger. However, these measures are not enough guarantee for a suitable protection, thus considering those holders of special rights as special creditors, sometimes it will be necessary to go to the general protection regime for creditors. In Spanish Law, it would involve the recognition of right to the merger opposition, whose exercise would prevent the operation was completed until ensuring equal rights.
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Conformemente ai trattati, l'UE sviluppa una politica comune in materia di asilo, immigrazione e controllo delle frontiere esterne, fondata sulla solidarietà e sul rispetto dei diritti fondamentali e, a tal fine, avvia relazioni strategiche con i Paesi terzi e le Organizzazioni internazionali. Un fenomeno “senza frontiere”, quale quello migratorio, esige del resto un'azione coerente e coordinata sia sul piano interno sia su quello esterno. La messa in atto di quest'ultima, tuttavia, si scontra con difficoltà di rilievo. Innanzitutto, l'UE e i suoi Stati membri devono creare i presupposti per l'avvio della collaborazione internazionale, vale a dire stimolare la fiducia reciproca con i Paesi terzi, rafforzando la propria credibilità internazionale. A tal fine, le istituzioni, gli organi e gli organismi dell'UE e gli Stati membri devono impegnarsi a fornire un modello coerente di promozione dei valori fondanti, quali la solidarietà e il rispetto dei diritti fondamentali, nonché a coordinare le proprie iniziative, per individuare, insieme ai Paesi terzi e alle Organizzazioni internazionali, una strategia d'azione comune. In secondo luogo, l'UE e gli Stati membri devono adottare soluzioni volte a promuovere l'efficacia della collaborazione internazionale e, più precisamente, assicurare che la competenza esterna sia esercitata dal livello di governo in grado di apportare il valore aggiunto e utilizzare la forma collaborativa di volta in volta più adeguata alla realizzazione degli obiettivi previsti. In definitiva, l'azione esterna dell'UE in materia di politica migratoria necessita di una strategia coerente e flessibile. Se oggi la coerenza è garantita dalla giustiziabilità dei principi di solidarietà, di rispetto dei diritti fondamentali e, giustappunto, di coerenza, la flessibilità si traduce nel criterio del valore aggiunto che, letto in combinato disposto con il principio di leale cooperazione, si pone al centro del nuovo modello partenariale proposto dall'approccio globale, potenzialmente idoneo a garantire la gestione efficace del fenomeno migratorio.
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La presente ricerca mira ad individuare e risolvere alcuni problemi di inquadramento e di disciplina applicabile in ordine all’istituto regolato dall’art. 8 della legge n. 40/2007, con successive modificazioni ed integrazioni, definito a livello normativo come «portabilità del mutuo». In particolare, ci si è chiesti come la nuova normativa in tema di trasferibilità del mutuo possa inserirsi all’interno della disciplina della surrogazione se quest’ultima non venga considerata come possibile strumento di circolazione del credito e se ci si possa spingere fino a considerare l’art. 8 come una riscrittura moderna dell’istituto codicistico. Sebbene l’art. 8 non sia stato limitato ai finanziamenti ipotecari, tali istituti costituiscono il principale ambito di applicazione della normativa. Per questa ragione si è sostenuto che la disposizione, più che la «portabilità del mutuo», avrebbe lo scopo di incentivare la «portabilità dell’ipoteca», intendendosi quest’ultima come la surrogazione del nuovo finanziatore nel credito ipotecario, ovvero più specificamente nell’ipoteca, ai sensi dell’art. 1202 c.c. Lo studio dei riflessi della surrogazione, così come prevista dalla legge del 2007, sulle garanzie in generale e sull’ipoteca in particolare, ha mostrato come il legislatore, tramite l’introduzione di una disciplina semplificata, abbia inteso adeguare gli istituti giuridici tradizionali alle esigenze pratiche di flessibilità del mercato del credito; ciò tuttavia con scarso successo e lasciando aperti taluni dubbi interpretativi. Al fine di approfondire la ricerca, si è affrontata la materia oggetto di studio in un’ottica comparata, rilevando quali siano a livello europeo le principali differenze in tema di circolazione del credito, portabilità del mutuo e trasferibilità delle garanzie.