Does Regulation matter? Institutional dimension of the 2008 financial crisis

Why did house prices fall in 2007‐2009? This is the fundamental question to most Americans, and to those who lent them money. Most homeowners did not care why residential real estate prices rose. They assumed prices always rose, and they should simply enjoy their good fortune. It was not until prices began to fall that people were left searching for answers. How much did regulation or lack thereof play in the role of the devastation? To what degree did greed and unrealistic consumer expectation have on the real estate bubble? Using existing literature as well as face to face interviews of experienced leaders within the real estate industry in California who experienced both the up and down of the real estate cycle, the overarching purpose of this study is to investigate the opinions and beliefs of the leaders and drivers within the real estate industry about the cause of the real estate bubble that occurred sharply in 2008 . Specifically, this project will focus on the opinions of real estate industry leaders who worked in the center of the subprime universe located in Irvine, California, during 2004‐2008. Comparing the mainstream beliefs with the interviewees it is fair to say that the main finding in the mainstream beliefs are reflected very well with the finding of the subject’s opinion. The thesis is divided into 6 chapters starting with “introduction”, followed by chapter 2 “Literature Review”. Chapter 3 is “Research Methodology” followed by chapter 4 “Data Presentation”. Finally, the results are discussed in chapter 5 “Analysis and Discussion” and conclusions in Chapter 6.

Construction of facilities under asymmetric information: do constitutional constraints matter?

This paper studies construction of facilities in a federal state under asymmetric information. A country consists of two regions, each ruled by a local authority. The federal government plans to construct a facility in one of the regions. The facility generates a local value in the host region and has spillover effects in the other region. The federal government does not observe the local value because it is the local authority's private information. 80 the federal governrnent designs an incentive-compatible mechanism, specifying if the facility should be constructed and a balanced scheme of interregional transfers to finance its cost. The federal governrnent is constitutionally constrained to respect a given leveI of each region's welfare. We show that depending upon the facility's local value and the spillover effect, the governrnent faces different incentive problems. Moreover, their existence depends crucially on how stringent constitutional constraints are. Therefore, the optimal mechanism will also depend upon these three features of the model.

Does liquidity constraints matter for Ricardian equivalence?

The paper analysis a general equilibrium model with two periods, several households and a government that has to finance some expenditures in the first period. Households may have some private information either about their type (adverse selection) or about some action levei chosen in the first period that affects the probability of certain states of nature in the second period (moral hazard). Trade of financiai assets are intermediated by a finite collection of banks. Banks objective functions are determined in equilibrium by shareholders. Due to private information it may be optimal for the banks to introduce constraints in the set of available portfolios for each household as wellas household specific asset prices. In particular, households may face distinct interest rates for holding the risk-free asset. The government finances its expenditures either by taxing households in the first period or by issuing bonds in the first period and taxing households in the second period. Taxes may be state-dependent. Suppose government policies are neutml: i) government policies do not affect the distribution of wealth across households; and ii) if the government decides to tax a household in the second period there is a portfolio available for the banks that generates the Mme payoff in each state of nature as the household taxes. Tben, Ricardian equivalence holds if and only if an appropriate boundary condition is satisfied. Moreover, at every free-entry equilibrium the boundary condition is satisfied and thus Ricardian equivalence holds. These results do not require any particular assumption on the banks' objective function. In particular, we do not assume banks to be risk neutral.

Does money in schools matter? evaluating the effects of FUNDEF on wages and test scores in Brazil

In this paper we investigate the effects of the 1998 reform in the funding of fundamental education in Brazil (FUNDEF) on the relative wages of public school teachers and on the relative proficiency of public school pupils. The evidence suggests that, on average, FUNDEF raised the public school teachers’ relative wages and improved the relative proficiency of the public school students. Some indirect evidence was presented that showed that the effect of FUNDEF on proficiency seems to be related to its effect on wages and on school characteristics. The effect on proficiency seems to be concentrated in the municipal schools in the Northeast of the country.

Retrievals of a size parameter for phytoplankton and spectral light absorption by colored detrital matter from water-leaving radiances at SeaWiFS channels in a continental shelf region off Brazil

Many efforts are currently oriented toward extracting more information from ocean color than the chlorophyll a concentration. Among biological parameters potentially accessible from space, estimates of phytoplankton cell size and light absorption by colored detrital matter (CDM) would lead to an indirect assessment of major components of the organic carbon pool in the ocean, which would benefit oceanic carbon budget models. We present here 2 procedures to retrieve simultaneously from ocean color measurements in a limited number of bands, magnitudes, and spectral shapes for both light absorption by CDM and phytoplankton, along with a size parameter for phytoplankton. The performance of the 2 procedures was evaluated using different data sets that correspond to increasing uncertainties: ( 1) measured absorption coefficients of phytoplankton, particulate detritus, and colored dissolved organic matter ( CDOM) and measured chlorophyll a concentrations and ( 2) SeaWiFS upwelling radiance measurements and chlorophyll a concentrations estimated from global algorithms. In situ data were acquired during 3 cruises, differing by their relative proportions in CDM and phytoplankton, over a continental shelf off Brazil. No local information was introduced in either procedure, to make them more generally applicable. Over the study area, the absorption coefficient of CDM at 443 nm was retrieved from SeaWiFS radiances with a relative root mean square error (RMSE) of 33%, and phytoplankton light absorption coefficients in SeaWiFS bands ( from 412 to 510 nm) were retrieved with RMSEs between 28% and 33%. These results are comparable to or better than those obtained by 3 published models. In addition, a size parameter of phytoplankton and the spectral slope of CDM absorption were retrieved with RMSEs of 17% and 22%, respectively. If these methods are applied at a regional scale, the performances could be substantially improved by locally tuning some empirical relationships.

Organic matter fractions and soil fertility under the influence of liming, vermicompost and cattle manure

Os efeitos do vermicomposto de esterco de curral associado à calagem em atributos da fertilidade do solo foram avaliados através de experimento em vasos empregando um Latossolo Vermelho, distrófico, textura média. Cinco doses do vermicomposto (equivalentes a 0; 28; 42; 56 e 70 t ha-1, peso seco) e cinco doses de calcário (visando elevar a saturação por bases a: 20; 30; 40; 50 e 60%) foram combinadas em esquema fatorial, sendo as amostras de solo incubadas por 180 dias. Para comparação entre o vermicomposto e o esterco de curral, amostras do mesmo solo receberam o equivalente a 70 t ha-1 do esterco de curral que originou o vermicomposto e as cinco doses de calcário listadas anteriormente. Através do cálculo do Índice de Eficiência Agronômica, foi verificado que o potencial de fornecimento de K e de Mg pelo esterco é maior do que o do vermicomposto, e que o de P, é semelhante. O vermicomposto aumentou os teores de Ca2+ e de matéria orgânica (MO), os valores de pH em CaCl2 e a CTC a pH 7. Com o aumento das doses de vermicomposto houve diminuição do C-ácidos húmicos e aumento do C-humina e com a calagem o C-total não aumentou mas houve diminuição do C-ácidos húmicos.

Mutagenic activity of airborne particulate matter (PM10) in a sugarcane farming area (Araraquara city, southeast Brazil)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Periaqueductal gray matter modulates the hypercapnic ventilatory response

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

Nickel adsorption by soils in relation to pH, organic matter, and iron oxides

There is little information on nickel adsorption by Brazilian soils. The objective of this experiment was to determine the effect of pH, organic matter, and iron oxides on nickel adsorption by three soils: a clayey Anionic Rhodic Acrudox, a sandy clay loam Anionic Xanthic Acrudox, and a clayey Rhodic Hapludalf. Soil samples were collected from the 0-0.2 in layer and treated to eliminate organic matter and iron oxides. The nickel adsorption was evaluated in the original samples and in those treated to remove organic matter and to remove both, organic matter and iron oxides, using 2 g soil + 20 mL of 0.01 mol L-1 CaCl2 solution containing 5 mg L-1 Ni, pH varying from 3.5 to 7.5. The nickel adsorption decreased with the elimination of organic matter. For the samples without organic matter and iron oxides, adsorption decreased only in the Anionic Rhodic Acrudox. The pH was the main factor involved in nickel adsorption variation, and for soil samples without organic matter and iron oxides, the maximum adsorption occurred at higher pH values.

Soil organic matter as a function of nitrogen fertilization in crop successions

A interdependência dos ciclos de C e N reflete-se nos teores de matéria orgânica do solo (MOS). em um delineamento experimental em blocos casualizados, com parcelas sub-subdivididas, tendo como tratamento principal cinco doses de nitrogênio de cobertura na cultura do milho (0; 60; 120; 180 e 240 kg ha-1 de N), como tratamento secundário, as sucessões milho-milho e soja-milho, e como sub-subtratamento, duas profundidades de amostragem (0 a 0.2 e 0.2 a 0.4 cm), avaliaram-se os teores de MOS e de C orgânico nas frações solúvel em água (C-SA), ácidos húmicos (C-AH), ácidos fúlvicos (C-AF) e humina (C-H), por meio do método clássico de fracionamento químico, em um Latossolo Vermelho eutrófico, de textura argilosa. A adubação nitrogenada não afetou os teores de MOS, mas favoreceu a síntese de compostos da fração C-AH. Houve efeito quadrático das doses de N nos teores de C-SA e de C-AF na sucessão milho-milho. A sucessão soja-milho resultou em maiores teores de MOS e de C orgânico na fração humina.

Co-accumulation of microbial residues and particulate organic matter in the surface layer of a no-till Oxisol under different crops

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

Crop type influences soil aggregation and organic matter under no-tillage

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

Lead distribution in organic matter of loamy oxisol treated with manure and its effect on microbial biomass

This paper reports a study regarding the distribution of lead in the organic matter fractions of a loamy oxisol treated with stable manure, and its effect on the soil microbial biomass. The experimental design was a completely randomized factorial with three replicates. Treatments were four lead (Pb) rates (0, 200, 400, and 600 mg kg(-1) soil), two levels of manure (0 and 30 Mg ha(-1)) and two sampling times (30 and 60 days after lead application). Total and soil lead soluble in Mehlich 1 extractant, and Ph in the different fractions of the organic matter (fulvic acid, humic acid, and residual) were evaluated along with the soil microbial biomass. Data showed that lead, applied as PbCl2, was concentrated in the residual fraction. The application of manure at the rate of 30 Mg ha(-1) did not affect lead distribution in the fractions until 60 days after incorporation. Lead extracted by Mehlich 1 increased as function of the quantity applied. Manure stimulated the growth of the soil microbial biomass which was reduced by the 200 mg kg(-1) doses of lead, with manure application, increasing, however, with larger rates. Mehlich 1 extracted only part of the lead present in the residual fraction.

Application of chemometric methods in the evaluation of chemical and spectroscopic data on organic matter from Oxisols in sewage sludge applications

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

Nutrition, dry matter accumulation and partitioning and phosphorus use efficiency of potato grown at different phosphorus levels in nutrient solution

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)