Optimal provision of implicit and explicit incentives in asset management contracts

This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend" on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results.

On the construction of explicit exponential based schemes for Stiff SDEs

Trabalho apresentado Numerical Solution of Differential and Differential-Algebraic Equations (NUMDIFF-14), Halle, 7-11 Sep 2015

Oral Hygiene Indirect Instruction and Periodic Reinforcements: Effects on Index Plaque in Schoolchildren

The aim of this study was to evaluate the effectiveness of the indirect instruction and the influence of the periodic reinforcement on the plaque index in schoolchildren. Forty schoolchildren aged from 7 to 9 years old were selected from a public school. After determining the initial O'Leary Plaque Index all schoolchildren were submitted to a program for oral hygiene through indirect instruction - "The Smiling Robot". The schoolchildren were divided into 2 groups: with and without motivation reinforcement. The index plaque exam was performed in both groups after 30, 60 and 90 days of the educational program. Comparing the groups, the plaque index decreasing could be observed in the group with reinforcement with statistically significant difference. For the group with reinforcement, statistically significant difference among the evaluations was found. For the group without reinforcement, significant decrease in the plaque index was found after 30 days when compared to the first, third and fourth evaluations. The indirect instruction with "The Smiling Robot "promoted a positive initial impact on the decrease of plaque index in the schoolchildren. The periodic reinforcements showed snore suitable results and significant reduction of the plaque index in the course of the evaluations.

EXPLICIT SOLUTIONS FOR TRUNCATED COULOMB POTENTIAL OBTAINED FROM SUPERSYMMETRY

The Schrodinger equation with the truncated Coulomb potential is solved using the supersymmetric quantum mechanics formalism, with and without the cutoff in the angular momentum potential. We obtain some analytical eigenfunctions and eigenvalues for particular values of the cutoff parameter.

Public institutions and explicit and implicit environmental policies

Includes bibliography

Caracterização do comportamento de instruir do treinador esportivo em contingências de competição

Pós-graduação em Psicologia do Desenvolvimento e Aprendizagem - FC

Explicit and implicit knowledge of environment states induce adaptation in postural control

The aim of this study was to investigate the effects of explicit and implicit knowledge about visual surrounding manipulation on postural responses. Twenty participants divided into two groups, implicit and explicit, remained in upright stance inside a moving room. In the fourth trial participants in the explicit group were informed about the movement of the room while participants in the implicit group performed the trial with the room moving at a larger amplitude and higher velocity. Results showed that postural responses to visual manipulation decreased after participants were told that the room was moving as well as after increasing amplitude and velocity of the room, indicating decreased coupling (down-weighting) of the visual influences. Moreover, this decrease was even greater for the implicit group compared to the explicit group. The results demonstrated that conscious knowledge about environmental state changes the coupling to visual information, suggesting a cognitive component related to sensory re-weighting. Re-weighting processes were also triggered without awareness of subjects and were even more pronounced compared to the first case. Adaptive re-weighting was shown when knowledge about environmental state was gathered explicitly and implicitly, but through different adaptive processes. (C) 2014 Elsevier Ireland Ltd. All rights reserved.

Criação de contexto favorável ao compartilhamento do conhecimento operário: pesquisa no ambiente vidreiro

In search for better competitiveness, the automotive industry has discussed and applied several concepts related to people and processes. However, in many organizations, the adopted concepts are implemented and kept unarticulated. In this context, authors recognize the role of the knowledge as competitive advantage, but it is still dealt in an implicit way with the traditional models of Production Management. Exploring opportunities in this scenario, this Thesis aims to analyse worker knowledge sharing using factors of Knowledge Management, Work Organization and Production Organization. For the realization of the present Thesis, the scope of the research was restricted to be the labour environment of the glass plants shop floor. The choice of the glass sector is justified due to high dependency on the tacit knowledge of blue-collars. The research uses a qualitative-quantitative approach and employs interviews with workers and managers to identify factors. To assess the importance of these factors in the management judgments, is employed the technique Incomplete Pairwise Comparisons based on Analytic Hierarchy Process Saaty (2001). The result indicates integration among factors and highlights the importance of systematic and technical conversation among operators to share better your knowledge. Also, worker knowledge sharing is improved using communication, training and work instruction. This research extends the conceptual frameworks encountered in literature from the factors integration of Knowledge Management with the Organization of Work and the Production and makes explicit use of the theme of knowledge. This contributes to promote of a favourable context for the creation and sharing of knowledge, among the people in the labour environment, and to support incremental innovation

How to progress from discourse to practice? a new agenda for change in medical schools into the next decade

In the context of medical school instruction, the segmented approach of a focus on specialties and excessive use of technology seem to hamper the development of the professional-patient relationship and an understanding of the ethics of this relationship. The real world presents complexities that require multiple approaches. Engagement in the community where health competence is developed allows extending the usefulness of what is learned. Health services are spaces where the relationship between theory and practice in health care are real and where the social role of the university can be revealed. Yet some competencies are still lacking and may require an explicit agenda to enact. Ten topics are presented for focus here: environmental awareness, involvement of students in medical school, social networks, interprofessional learning, new technologies for the management of care, virtual reality, working with errors, training in management for results, concept of leadership, and internationalization of schools. Potential barriers to this agenda are an underinvestment in ambulatory care infrastructure and community-based health care facilities, as well as in information technology offered at these facilities; an inflexible departmental culture; and an environment centered on a discipline-based medical curriculum.

Creating Meaningful Homework and Implementing Homework Presentations to Aid in Mathematics Instruction

In this action research study of sixth grade mathematics, I investigated the use of meaningful homework and the implementation of presentations and its effect on students’ comprehension of mathematical concepts. I collected data to determine whether the creating of meaningful homework and the implementation of homework presentations would have a positive impact on the students’ understanding of the concepts being taught in class and the reasoning behind assigning homework. The homework was based on the lesson taught during class time. It was grade-level appropriate and contained problems similar to those students completed in class. A pre-research and post-research survey based on homework perceptions and my teaching practices was given, student interviews were conducted throughout the research period, weekly teacher journals were kept that pertained to my teaching practices and the involvement of the students that particular week, and homework assignments were collected to gauge the students’ understanding of the mathematics lessons. Most students’ perceptions on homework were positive and most understood the reasoning for homework assignments.

Vocabulary Instruction as a Tool for Helping Students of Diverse Backgrounds and Ability Levels to Understand Mathematical Concepts

This action research project describes a research project designed and implemented specifically with an emphasis on the instruction of mathematical vocabulary. The targeted population was my second period classroom of sixth grade students. This group of seventeen students represented diverse socioeconomic backgrounds and abilities. The school is located in a community of a population of approximately 5,000 people in the Midwest. My research investigation focused on the use of specific methods of vocabulary instruction and students’ use of precise mathematical vocabulary in writing and speaking. I wanted to see what effects these strategies would have on student performance. My research suggested that students who struggle with retention of mathematical knowledge have inadequate language skills. My research also revealed that students who have a sound knowledge of vocabulary and are engaged in the specific use of content language performed more successfully. Final analysis indicated that students believed the use of specific mathematical language helped them to be more successful and they made moderate progress in their performance on assessments.