Impactos da adoção do padrão contábil IFRS no Brasil : houve redução na percepção do risco de seleção adversa pelos credores não bancários das empresas de capital aberto brasileiras?

Dissertação (mestrado)—UnB/UFPB/UFRN, Programa MultiInstitucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2016.

Relevance or irrelevance of capital structure?

In this paper we examine the effects of asymmetric information on the nature of financial equilibrium and on the capital structure of firms. In the first model presented, the financial contracts on offer involve pooling equilibrium with no adverse selection. However, in the special case analyzed, where contracts are of mixed form, there may be a separating equilibrium and also equilibrium may not exist. Interesting result is that the separating equilibrium found is not economically efficient since aggregate investments falls short of first-best level. More importantly, capital structure does matter. The relative magnitude of outside equity makes a real difference to the quantity of aggregate investment in equilibrium.

El efecto de la definición regulatoria de banda ancha sobre la difusión y la competencia del mercado de servicios de Internet fijo en Colombia

A partir de la dinámica evolutiva de la economía de las Tecnologías de la Información y las Comunicaciones y el establecimiento de estándares mínimos de velocidad en distintos contextos regulatorios a nivel mundial, en particular en Colombia, en el presente artículo se presentan diversas aproximaciones empíricas para evaluar los efectos reales que conlleva el establecimiento de definiciones de servicios de banda ancha en el mercado de Internet fijo. Con base en los datos disponibles para Colombia sobre los planes de servicios de Internet fijo ofrecidos durante el periodo 2006-2012, se estima para los segmentos residencial y corporativo el proceso de difusión logístico modificado y el modelo de interacción estratégica para identificar los impactos generados sobre la masificación del servicio a nivel municipal y sobre las decisiones estratégicas que adoptan los operadores, respectivamente. Respecto a los resultados, se encuentra, por una parte, que las dos medidas regulatorias establecidas en Colombia en 2008 y 2010 presentan efectos significativos y positivos sobre el desplazamiento y el crecimiento de los procesos de difusión a nivel municipal. Por otra parte, se observa sustituibilidad estratégica en las decisiones de oferta de velocidad de descarga por parte de los operadores corporativos mientras que, a partir del análisis de distanciamiento de la velocidad ofrecida respecto al estándar mínimo de banda ancha, se demuestra que los proveedores de servicios residenciales tienden a agrupar sus decisiones de velocidad alrededor de los niveles establecidos por regulación.

The ascent of asymmetric risk in information security: an initial evaluation

Dramatic changes in the information security risk landscape over several decades have not yet been matched by similar changes in organizational information security which is still mainly based on a mindset that security is achieved through extensive preventive controls. As a result, maintenance cost of information security is increasing rapidly, but this increased expenditure has not really made an attack more difficult. The opposite seems to be true, information security attacks have become easier to perpetrate and appear more like information warfare tactics. At the same time, the damage caused by a successful attack has increased significantly and may sometimes become critical to an organization. In this paper we evaluate one particular extremely asymmetric risk where a strongly motivated attacker unleashes a prolonged attack on an organization with the aim to do maximum damage, and suggest that the probability of such an attack is increasing. We discuss how preventive controls are unlikely to ever be effective against such an attack and propose more advanced strategies that aim to limit the damage when such an attack occurs. One crucial lesson to be learned for those organizations that are dependant on their information security, such as critical infrastructure organizations, is the need to deny motivated attackers access to any information about the success of their attack. Successful deception in this area is likely to significantly reduce any potential escalation of the incident.

Asymmetric price range effects on vertical extensions

Vertical line extensions, both step-up and step-down, are common occurrence in consumer products. For example, Timex recently launched its luxury high-end Valentino line. On the other hand, many companies use downscale extensions to increase the overall sales volume. For instance, a number of luxury watch brands recently introduced watch collections with lower price points, like TAG Heur’s affordable watch the Aquaracer Calibre 5. Previous literature on vertical extensions has investigated how number of products in the line (Dacin and Smith 1994), the direction of the extension, brand concept (Kim, Lavack, and Smith 2001), and perceived risk (Lei, de Ruyter, and Wetzels 2008) affect extensions’ evaluation. Common to this literature is the use of models based on adaptation-level theory, which states that all relevant price information is integrated into a single prototype value and used in consumer judgments of price (Helson 1947; Mazumdar, Raj, and Sinha 2005). In the current research we argue that, while adaptation-level theory can be viewed as a useful simplification to understanding consumers’ evaluations, it misses out important contextual influences caused by a brand’s price range. Drawing on research on range-frequency theory (Mellers and Cooke 1994; Parducci 1965) we investigate the effects of price point distance and parent brand’s price range on evaluations of vertical extensions. Our reasoning leads to two important predictions that we test in a series of three experiments...

Strategic Information Acquisition: Applications to Herding and Auctions

The information that the economic agents have and regard relevant to their decision making is often assumed to be exogenous in economics. It is assumed that the agents either poses or can observe the payoff relevant information without having to exert any effort to acquire it. In this thesis we relax the assumption of ex-ante fixed information structure and study what happens to the equilibrium behavior when the agents must also decide what information to acquire and when to acquire it. This thesis addresses this question in the two essays on herding and two essays on auction theory. In the first two essays, that are joint work with Klaus Kultti, we study herding models where it is costly to acquire information on the actions that the preceding agents have taken. In our model the agents have to decide both the action that they take and additionally the information that they want to acquire by observing their predecessors. We characterize the equilibrium behavior when the decision to observe preceding agents' actions is endogenous and show how the equilibrium outcome may differ from the standard model, where all preceding agents actions are assumed to be observable. In the latter part of this thesis we study two dynamic auctions: the English and the Dutch auction. We consider a situation where bidder(s) are uninformed about their valuations for the object that is put up for sale and they may acquire this information for a small cost at any point during the auction. We study the case of independent private valuations. In the third essay of the thesis we characterize the equilibrium behavior in an English auction when there are informed and uninformed bidders. We show that the informed bidder may jump bid and signal to the uninformed that he has a high valuation, thus deterring the uninformed from acquiring information and staying in the auction. The uninformed optimally acquires information once the price has passed a particular threshold and the informed has not signalled that his valuation is high. In addition, we provide an example of an information structure where the informed bidder initially waits and then makes multiple jumps. In the fourth essay of this thesis we study the Dutch auction. We consider two cases where all bidders are all initially uninformed. In the first case the information acquisition cost is the same across all bidders and in the second also the cost of information acquisition is independently distributed and private information to the bidders. We characterize a mixed strategy equilibrium in the first and a pure strategy equilibrium in the second case. In addition we provide a conjecture of an equilibrium in an asymmetric situation where there is one informed and one uninformed bidder. We compare the revenues that the first price auction and the Dutch auction generate and we find that under some circumstances the Dutch auction outperforms the first price sealed bid auction. The usual first price sealed bid auction and the Dutch auction are strategically equivalent. However, this equivalence breaks down in case information is acquired during the auction.

Information Theoretic Results for Three-User Cognitive Channels

In this paper, we introduce the three-user cognitive radio channels with asymmetric transmitter cooperation, and derive achievable rate regions under several scenarios depending on the type of cooperation and decoding capability at the receivers. Two of the most natural cooperation mechanisms for the three-user channel are considered here: cumulative message sharing (CMS) and primary-only message sharing (PMS). In addition to the message sharing mechanism, the achievable rate region is critically dependent on the decoding capability at the receivers. Here, we consider two scenarios for the decoding capability, and derive an achievable rate region for each one of them by employing a combination of superposition and Gel'fand-Pinsker coding techniques. Finally, to provide a numerical example, we consider the Gaussian channel model to plot the rate regions. In terms of achievable rates, CMS turns out to be a better scheme than PMS. However, the practical aspects of implementing such message-sharing schemes remain to be investigated.

DMT-optimal, Low ML-Complexity STBC-Schemes for Asymmetric MIMO Systems

For an n(t) transmit, nr receive antenna (n(t) x n(r)) MIMO system with quasi- static Rayleigh fading, it was shown by Elia et al. that space-time block code-schemes (STBC-schemes) which have the non-vanishing determinant (NVD) property and are based on minimal-delay STBCs (STBC block length equals n(t)) with a symbol rate of n(t) complex symbols per channel use (rate-n(t) STBC) are diversity-multiplexing gain tradeoff (DMT)-optimal for arbitrary values of n(r). Further, explicit linear STBC-schemes (LSTBC-schemes) with the NVD property were also constructed. However, for asymmetric MIMO systems (where n(r) < n(t)), with the exception of the Alamouti code-scheme for the 2 x 1 system and rate-1, diagonal STBC-schemes with NVD for an nt x 1 system, no known minimal-delay, rate-n(r) LSTBC-scheme has been shown to be DMT-optimal. In this paper, we first obtain an enhanced sufficient criterion for an STBC-scheme to be DMT optimal and using this result, we show that for certain asymmetric MIMO systems, many well-known LSTBC-schemes which have low ML-decoding complexity are DMT-optimal, a fact that was unknown hitherto.

Enhanced DMT-optimality criterion for STBC schemes for asymmetric MIMO systems

For any n(t) transmit, n(r) receive antenna (n(t) x n(r)) multiple-input multiple-output (MIMO) system in a quasi-static Rayleigh fading environment, it was shown by Elia et al. that linear space-time block code schemes (LSTBC schemes) that have the nonvanishing determinant (NVD) property are diversity-multiplexing gain tradeoff (DMT)-optimal for arbitrary values of n(r) if they have a code rate of n(t) complex dimensions per channel use. However, for asymmetric MIMO systems (where n(r) < n(t)), with the exception of a few LSTBC schemes, it is unknown whether general LSTBC schemes with NVD and a code rate of n(r) complex dimensions per channel use are DMT optimal. In this paper, an enhanced sufficient criterion for any STBC scheme to be DMT optimal is obtained, and using this criterion, it is established that any LSTBC scheme with NVD and a code rate of min {n(t), n(r)} complex dimensions per channel use is DMT optimal. This result settles the DMT optimality of several well-known, low-ML-decoding-complexity LSTBC schemes for certain asymmetric MIMO systems.

On the sphere decoding complexity of high-rate multigroup decodable STBCs in asymmetric MIMO systems

A space-time block code (STBC) is said to be multigroup decodable if the information symbols encoded by it can be partitioned into two or more groups such that each group of symbols can be maximum-likelihood (ML) decoded independently of the other symbol groups. In this paper, we show that the upper triangular matrix encountered during the sphere decoding of a linear dispersion STBC can be rank-deficient even when the rate of the code is less than the minimum of the number of transmit and receive antennas. We then show that all known families of high-rate (rate greater than 1) multigroup decodable codes have rank-deficient matrix even when the rate is less than the number of transmit and receive antennas, and this rank-deficiency problem arises only in asymmetric MIMO systems when the number of receive antennas is strictly less than the number of transmit antennas. Unlike the codes with full-rank matrix, the complexity of the sphere decoding-based ML decoder for STBCs with rank-deficient matrix is polynomial in the constellation size, and hence is high. We derive the ML sphere decoding complexity of most of the known high-rate multigroup decodable codes, and show that for each code, the complexity is a decreasing function of the number of receive antennas.

Prediction of Multi-Target Networks of Neuroprotective Compounds with Entropy Indices and Synthesis, Assay, and Theoretical Study of New Asymmetric 1,2-Rasagiline Carbamates

In a multi-target complex network, the links (L-ij) represent the interactions between the drug (d(i)) and the target (t(j)), characterized by different experimental measures (K-i, K-m, IC50, etc.) obtained in pharmacological assays under diverse boundary conditions (c(j)). In this work, we handle Shannon entropy measures for developing a model encompassing a multi-target network of neuroprotective/neurotoxic compounds reported in the CHEMBL database. The model predicts correctly >8300 experimental outcomes with Accuracy, Specificity, and Sensitivity above 80%-90% on training and external validation series. Indeed, the model can calculate different outcomes for >30 experimental measures in >400 different experimental protocolsin relation with >150 molecular and cellular targets on 11 different organisms (including human). Hereafter, we reported by the first time the synthesis, characterization, and experimental assays of a new series of chiral 1,2-rasagiline carbamate derivatives not reported in previous works. The experimental tests included: (1) assay in absence of neurotoxic agents; (2) in the presence of glutamate; and (3) in the presence of H2O2. Lastly, we used the new Assessing Links with Moving Averages (ALMA)-entropy model to predict possible outcomes for the new compounds in a high number of pharmacological tests not carried out experimentally.

Differential isospin-fractionation in dilute asymmetric nuclear matter

The differential isospin-fractionation (IsoF) during the liquid-gas phase transition in dilute asymmetric nuclear matter is studied as a function of nucleon momentum. Within a self-consistent thermal model it is shown that the neutron/proton ratio of the gas phase becomes smaller than that of the liquid phase for energetic nucleons, although the gas phase is overall more neutron-rich. Clear indications of the differential IsoF consistent with the thermal model predictions are demonstrated within a transport model for heavy-ion reactions. Future comparisons with experimental data will allow us to extract critical information about the momentum dependence of the isovector strong interaction.