Insuring cleaner oceans: the economics of oil pollution prevention

The current system of controlling oil spills involves a complex relationship of international, federal and state law, which has not proven to be very effective. The multiple layers of regulation often leave shipowners unsure of the laws facing them. Furthemore, nations have had difficulty enforcing these legal requirements. This thesis deals with the role marine insurance can play within the existing system of legislation to provide a strong preventative influence that is simple and cost-effective to enforce. In principle, insurance has two ways of enforcing higher safety standards and limiting the risk of an accident occurring. The first is through the use of insurance premiums that are based on the level of care taken by the insured. This means that a person engaging in riskier behavior faces a higher insurance premium, because their actions increase the probability of an accident occurring. The second method, available to the insurer, is collectively known as cancellation provisions or underwriting clauses. These are clauses written into an insurance contract that invalidates the agreement when certain conditions are not met by the insured The problem has been that obtaining information about the behavior of an insured party requires monitoring and that incurs a cost to the insurer. The application of these principles proves to be a more complicated matter. The modern marine insurance industry is a complicated system of multiple contracts, through different insurers, that covers the many facets of oil transportation. Their business practices have resulted in policy packages that cross the neat bounds of individual, specific insurance coverage. This paper shows that insurance can improve safety standards in three general areas -crew training, hull and equipment construction and maintenance, and routing schemes and exclusionary zones. With crew, hull and equipment, underwriting clauses can be used to ensure that minimum standards are met by the insured. Premiums can then be structured to reflect the additional care taken by the insured above and beyond these minimum standards. Routing schemes are traffic flow systems applied to congested waterways, such as the entrance to New York harbor. Using natural obstacles or manmade dividers, ships are separated into two lanes of opposing traffic, similar to a road. Exclusionary zones are marine areas designated off limits to tanker traffic either because of a sensitive ecosystem or because local knowledge is required of the region to ensure safe navigation. Underwriting clauses can be used to nullify an insurance contract when a tanker is not in compliance with established exclusionary zones or routing schemes.

Testing unit root based on partially adaptive estimation

This paper proposes unit tests based on partially adaptive estimation. The proposed tests provide an intermediate class of inference procedures that are more efficient than the traditional OLS-based methods and simpler than unit root tests based on fully adptive estimation using nonparametric methods. The limiting distribution of the proposed test is a combination of standard normal and the traditional Dickey-Fuller (DF) distribution, including the traditional ADF test as a special case when using Gaussian density. Taking into a account the well documented characteristic of heavy-tail behavior in economic and financial data, we consider unit root tests coupled with a class of partially adaptive M-estimators based on the student-t distributions, wich includes te normal distribution as a limiting case. Monte Carlo Experiments indicate that, in the presence of heavy tail distributions or innovations that are contaminated by outliers, the proposed test is more powerful than the traditional ADF test. We apply the proposed test to several macroeconomic time series that have heavy-tailed distributions. The unit root hypothesis is rejected in U.S. real GNP, supporting the literature of transitory shocks in output. However, evidence against unit roots is not found in real exchange rate and nominal interest rate even haevy-tail is taken into a account.

Construção de base organizacional e suas implicações para performance corporativa: evidências da área abastecimento do Petróleo brasileiro S.A.

Esta dissertação examina algumas implicações do processo de implementação de estratégias para a performance corporativa. Este relacionamento é examinado na Área de negócios Abastecimento, da empresa Petróleo Brasileiro S.A, durante o período de 1996 e 2003. A despeito da profusão de estudos sobre estratégia empresarial, ainda há escassez de trabalhos que examinem o processo de implementação de mudanças organizacionais e suas implicações para o aprimoramento de certos indicadores de performance corporativa. Adicionalmente, tendem a prevalecer na literatura gerencial, abordagens pontuais de caráter imediatista e prescritivo, que não captam o processo de mudança organizacional e suas implicações para performance ao longo do tempo. o exame da implementação de estratégias é realizado com base em seis variáveis organizacionais extraídas da literatura existente: "comportamento da liderança"; "interação e influência"; "inovação e aprendizado"; "gestão de pessoas"; "comunicação e fluxos de conhecimento" e "estrutura organizacional". As implicações das mudanças na base organizacional para performance corporativa são examinadas a partir de dezenove indicadores, agrupados em três categorias: (i) operacionais, (ii) econômico-financeiro e (iii) segurança, meio ambiente e saúde. Esta dissertação consiste num estudo de caso individual, o qual é baseado em evidências empíricas qualitativas e quantitativas, coletadas em trabalhos de campo. A coleta dos dados baseou-se em fontes e técnicas múltiplas. Os efeitos das variáveis organizacionais que comporiam o Abastecimento, antes da criação da Área de negócio, em 1996, foram pequenos. Esses efeitos foram moderados no período entre 1996 a 2000, só apresentando impactos relevantes sobre indicadores operacionais entre 2000 e 2003, com reflexos positivos sobre o desempenho econômico, pois muitos custos foram reduzidos. Isso sugere que estratégias tecnológicas de longo prazo são um rumo robusto e consistente. As evidências sugerem que a empresa optou pela construção de uma base organizacional visando melhoria de performance no longo prazo, alinhando-se com autores que defendem essa construção como forma de fortalecer a competitividade no longo prazo. Esta dissertação contribui para o entendimento de fatores organizacionais que favorecem a implementação de estratégias e dos mecanismos que alavancam aprendizado e inovação numa empresa nacional. Este estudo conclui que a utilização de estruturas organizacionais, com o suporte da liderança e prática de baixas barreiras interfuncionais, alavancaram o aprendizado e a inovação, favorecendo resultados econômicos. Isto contradiz a proposição de autores que afirmam que reestruturação organizacional possui baixo potencial de geração de resultados, ou que enfatizam soluções de curto prazo para obtenção imediata de resultados, em detrimento da competitividade da empresa nos médio e longo prazos.

The human side of project management - an investigation of critical chain concepts in the Argentinean Project Environment

The global marketplace is rapidly intensifying. Longer product sales lives, greater profit margins or simply survival, is dependent on management¿s ability to create and lead change. Project Management has become an important competency, combined with other business practices to adapt to the trend of changing conditions. Critical Chain is a relatively new project methodology, elaborated by Eliyahu Goldratt in order to complete projects faster, make more efficient use of resources and securing the project deliverables. The methodology is based on the assumption that traditional project techniques such as CPM and PERT, do not recognize critical human behavior. The methodology claims that many project failures are a direct result of how safety is built into the task delivery times, and then wasted by human behavior such as Student Syndrome, Parkinson Law and Multitasking. However, there has been little or no previous research regarding this topic in the Argentine marketplace. This study intended to investigate to what extent the human behavior concepts of critical chain project management are present, by performing in-depth interviews with Argentine project stakeholders. It appears that the four human behavior concepts are present in Argentina and that the majority of Argentine companies are yet to apply project management techniques.

Testing the optimality of aggregate consumption decisions: is there rule-of-thumb behavior?

Consumption is an important macroeconomic aggregate, being about 70% of GNP. Finding sub-optimal behavior in consumption decisions casts a serious doubt on whether optimizing behavior is applicable on an economy-wide scale, which, in turn, challenge whether it is applicable at all. This paper has several contributions to the literature on consumption optimality. First, we provide a new result on the basic rule-of-thumb regression, showing that it is observational equivalent to the one obtained in a well known optimizing real-business-cycle model. Second, for rule-of-thumb tests based on the Asset-Pricing Equation, we show that the omission of the higher-order term in the log-linear approximation yields inconsistent estimates when lagged observables are used as instruments. However, these are exactly the instruments that have been traditionally used in this literature. Third, we show that nonlinear estimation of a system of N Asset-Pricing Equations can be done efficiently even if the number of asset returns (N) is high vis-a-vis the number of time-series observations (T). We argue that efficiency can be restored by aggregating returns into a single measure that fully captures intertemporal substitution. Indeed, we show that there is no reason why return aggregation cannot be performed in the nonlinear setting of the Pricing Equation, since the latter is a linear function of individual returns. This forms the basis of a new test of rule-of-thumb behavior, which can be viewed as testing for the importance of rule-of-thumb consumers when the optimizing agent holds an equally-weighted portfolio or a weighted portfolio of traded assets. Using our setup, we find no signs of either rule-of-thumb behavior for U.S. consumers or of habit-formation in consumption decisions in econometric tests. Indeed, we show that the simple representative agent model with a CRRA utility is able to explain the time series data on consumption and aggregate returns. There, the intertemporal discount factor is significant and ranges from 0.956 to 0.969 while the relative risk-aversion coefficient is precisely estimated ranging from 0.829 to 1.126. There is no evidence of rejection in over-identifying-restriction tests.

Performance-based compensation vs. guaranteed compensation: contractual incentives and performance

Top management from retail banks must delegate authority to lower-level managers to operate branches and service centers. Doing so, they must navigate through conflicts of interest, asymmetric information and limited monitoring in designing compensation plans for such agents. Pursuant to this delegation, the banks adopt a system of performance targets and incentives to align the interests of senior management and unit managers. This paper evaluates the causal relationship between performance-based salaries and managers’ effective performance. We use a fixed effects estimator to analyze an unbalanced panel of data from one of the largest Brazilian retail banks during the period from January 2007 to June 2009. The results indicate that agents with guaranteed variable salary contracts demonstrate inferior performance compared with agents who have performance-based compensation packages. We conclude that there is a moral hazard that can be observed in the behavior of agents who are subject to guaranteed variable salary contracts.

A unit root test based on partially adaptive estimation

This paper constructs a unit root test baseei on partially adaptive estimation, which is shown to be robust against non-Gaussian innovations. We show that the limiting distribution of the t-statistic is a convex combination of standard normal and DF distribution. Convergence to the DF distribution is obtaineel when the innovations are Gaussian, implying that the traditional ADF test is a special case of the proposed testo Monte Carlo Experiments indicate that, if innovation has heavy tail distribution or are contaminated by outliers, then the proposed test is more powerful than the traditional ADF testo Nominal interest rates (different maturities) are shown to be stationary according to the robust test but not stationary according to the nonrobust ADF testo This result seems to suggest that the failure of rejecting the null of unit root in nominal interest rate may be due to the use of estimation and hypothesis testing procedures that do not consider the absence of Gaussianity in the data.Our results validate practical restrictions on the behavior of the nominal interest rate imposed by CCAPM, optimal monetary policy and option pricing models.

Bank networks and firm credit: an agent based model approach

Starting from the idea that economic systems fall into complexity theory, where its many agents interact with each other without a central control and that these interactions are able to change the future behavior of the agents and the entire system, similar to a chaotic system we increase the model of Russo et al. (2014) to carry out three experiments focusing on the interaction between Banks and Firms in an artificial economy. The first experiment is relative to Relationship Banking where, according to the literature, the interaction over time between Banks and Firms are able to produce mutual benefits, mainly due to reduction of the information asymmetry between them. The following experiment is related to information heterogeneity in the credit market, where the larger the bank, the higher their visibility in the credit market, increasing the number of consult for new loans. Finally, the third experiment is about the effects on the credit market of the heterogeneity of prices that Firms faces in the goods market.

Fatores que influenciam a aceitação de práticas avançadas de gestão de segurança da informação: um estudo com gestores públicos estaduais no Brasil

This study examines the factors that influence public managers in the adoption of advanced practices related to Information Security Management. This research used, as the basis of assertions, Security Standard ISO 27001:2005 and theoretical model based on TAM (Technology Acceptance Model) from Venkatesh and Davis (2000). The method adopted was field research of national scope with participation of eighty public administrators from states of Brazil, all of them managers and planners of state governments. The approach was quantitative and research methods were descriptive statistics, factor analysis and multiple linear regression for data analysis. The survey results showed correlation between the constructs of the TAM model (ease of use, perceptions of value, attitude and intention to use) and agreement with the assertions made in accordance with ISO 27001, showing that these factors influence the managers in adoption of such practices. On the other independent variables of the model (organizational profile, demographic profile and managers behavior) no significant correlation was identified with the assertions of the same standard, witch means the need for expansion researches using such constructs. It is hoped that this study may contribute positively to the progress on discussions about Information Security Management, Adoption of Safety Standards and Technology Acceptance Model

Correlations among behavior, performance and environment in broiler breeders using multivariate analysis

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

Sensor for cysteine based on oxovanadium(IV) complex of Salen modified carbon paste electrode

The electrochemical behavior of a carbon paste electrode modified (CPEM) with N,N′-ethylenebis(salicylideneiminato)oxovanadium(IV) complex ([(VO)-O-IV(Salen)]) was investigated as a new sensor for cysteine. Cyclic voltammetry at the modified electrode in 0.1 mol L-1 KCl Solution (pH 5.0) showed a single-electron reduction/oxidation of the Couple VO3+/VO2+. The CPEM with [VO(Salen)] presented good electrochemical stability in a wide pH range (4.0-10.0) and an ability to electrooxidate cysteine at 0.65 V versus SCE. These results demonstrate the viability of the use of this modified electrode as an amperometric sensor for cysteine determination. © 2004 Elsevier B.V. All rights reserved.

Enhancement of thermal stability, strength and extensibility of lipid-based polyurethanes with cellulose-based nanofibers

Cellulose was extracted from lignocellulosic fibers and nanocrystalline cellulose (NC) prepared by alkali treatment of the fiber, steam explosion of the mercerized fiber, bleaching of the steam exploded fiber and finally acid treatment by 5% oxalic acid followed again by steam explosion. The average length and diameter of the NC were between 200-250 nm and 4-5 nm, respectively, in a monodisperse distribution. Different concentrations of the NC (0.1, 0.5, 1.0, 1.5, 2.0 and 2.5% by weight) were dispersed non-covalently into a completely bio-based thermoplastic polyurethane (TPU) derived entirely from oleic acid. The physical properties of the TPU nanocomposites were assessed by Fourier Transform Infra-Red spectroscopy (FTIR), Thermo-Gravimetric Analysis (TGA), Differential Scanning Calorimetry (DSC), X-Ray Diffraction (XRD), Dynamic Mechanical Analysis (DMA) and Mechanical Properties Analysis. The nanocomposites demonstrated enhanced stress and elongation at break and improved thermal stability compared to the neat TPU. The best results were obtained with 0.5% of NC in the TPU. The elongation at break of this sample was improved from 178% to 269% and its stress at break from 29.3 to 40.5 MPa. In this and all other samples the glass transition temperature, melting temperature and crystallization behavior were essentially unaffected. This finding suggests a potential method of increasing the strength and the elongation at break of typically brittle and weak lipid-based TPUs without alteration of the other physico-chemical properties of the polymer. (C) 2012 Elsevier Ltd. All rights reserved.

Synthesis of poly(styrene-co-methyl methacrylate)-based ionomers and their Langmuir and Langmuir-Blodgett (LB) film formation

Poly(styrene-co-methyl methacrylate) (PS-PMMA) ionomers with several degrees of sulfonation were synthesized and characterized by infrared, UV-vis, and NMR spectroscopies, elemental analysis, and differential scanning calorimetry (DSC). Stable Langmuir films could be produced with PS-PMMA with 3 and 6 mol % of sulfonation, while PS-PMMA 8% exhibited material loss to the water subphase, probably due to its higher solubility. Surface pressure and surface potential isotherms with PS-PMMA 3% spread onto salt-containing subphases pointed to a film behavior characteristic of the polyelectrolyte effect, where charge repulsion governs the film properties. The Langmuir-Blodgett films of this ionomer were successfully transferred onto various substrates, as confirmed by UV-vis and FTIR spectroscopies. Using cycling voltammetry, we show that LB films from PS-PMMA 3% can be applied in selective sensing of dopamine, even in the presence of interferents such as ascorbic acid.

Electrochemical sensor for sulfite determination based on a nanostructured copper-salen film modified electrode

The electrochemical preparation described herein involved the electrocatalytic oxidation of sulfite on a platinum electrode modified with nanostructured copper salen (salen=N,N'-ethylenebis(salicylideneiminato)) polymer films. The complex was prepared and electropolymerized at a platinum electrode in a 0.1 mol L-1 solution of tetrabutylammonium perchlorate in acetonitrile by cyclic voltammetry between 0 and 1.4V vs. SCE. After cycling the modified electrode in a 0.50 mol L-1 KCI solution, the estimated surface concentration was found to be equal to 2.2 x 10(-9) Mol cm(-2). This is a typical behavior of an electrode surface immobilized with a redox couple that can usually be considered as a reversible single-electron reduction/oxidation of the copper(II)/copper(III) couple. The potential peaks of the modified electrode in the electrolyte solution (aqueous) containing the different anions increase with the decrease of the ionic radius, demonstrating that the counter-ions influence the voltammetric behavior of the sensor. The potential peak was found to be linearly dependent upon the ratio [ionic charge]/[ionic radius]. The oxidation of the sulfite anion was performed at the platinum electrode at +0.9V vs. SCE. However, a significant decrease in the overpotential (+0.45V) was obtained while using the sensor, which minimized the effect of oxidizable interferences. A plot of the anodic current vs. the sulfite concentration for chronoamperometry (potential fixed = +0.45V) at the sensor was linear in the 4.0 x 10(-6) to 6.9 x 10(-5) mol L-1 concentration range and the concentration limit was 1.2 x 10(-6) mol L-1. The reaction order with respect to sulfite was determined by the slope of the logarithm of the current vs. the logarithm of the sulfite concentration. (C) 2009 Elsevier Ltd. All rights reserved.

An electrochemical sensor for dipyrone determination based on nickel-salen film modified electrode

An amperometric dipyrone sensor based on a polymeric nickel-salen (salen = N,N'-ethylenebis(salicydeneiminato)) film coated platinum electrode was developed. The sensor was constructed by electropolymerization of nickel-salen complex at a platinum electrode in acetonitrile/tetrabuthylamonium perchlorate by cyclic voltammetry. After cycling the modified electrode in a 0.50 mol L-1 KCl solution, the estimated surface concentration was found to be equal to 1.29 x 10(-9) mol cm(-2). This is a typical behavior of an electrode surface immobilized with a redox couple that can usually be considered as a reversible single-electron reduction/oxidation of the nickel(II)/nickel(III) couple. A plot of the anodic current versus the dipyrone concentration for chronoamperometry (potential fixed = +0.50 V) at the sensor was linear in the 4.7 x 10(-6) to 1.1 x 10(-4) mol L-1 concentration range and the concentration limit was 1.2 x 10(-6) mol L-1. The proposed electrode is useful for the quality control and routine analysis of dipyrone in pharmaceutical formulations.