Bias and size effects of price-comparison search engines : theory and experimental evidence

We analyze the impact on consumer prices of the size and bias of price comparison search engines. In the context of a model related to Burdett and Judd (1983) and Varian (1980), we develop and test experimentally several theoretical predictions. The experimental results confirm the model’s predictions regarding the impact of the number of firms, and the type of bias of the search engine, but reject the model’s predictions regarding changes in the size of the index. The explanatory power of an econometric model for the price distributions is significantly improved when variables accounting for risk attitudes are introduced.

Expectativa do retorno da classe de renda variável no Brasil

Este trabalho busca descobrir qual modelo (CAPM e Grinold e Kroner) é o melhor para estimar o futuro retorno do índice Bovespa, ex-ante. Não foi utilizado o índice completo, mas uma versão simplificada do índice utilizando as 25 maiores posições do índice ao longo de todos os trimestres desde 2000 até 2013. Este grupo já representava mais de 60% do índice. No final foi observado que o modelo CAPM conseguiu apresentar o melhor poder de explicação tanto na relação retorno observado e esperado, quanto nas medidas de erro absoluto. O único modelo que o Grinold e Kroner apresentaram um melhor resultado foi no erro percentual absoluto médio.

Tail risk in the hedge fund industry

The dissertation goal is to quantify the tail risk premium embedded into hedge funds' returns. Tail risk is the probability of extreme large losses. Although it is a rare event, asset pricing theory suggests that investors demand compensation for holding assets sensitive to extreme market downturns. By de nition, such events have a small likelihood to be represented in the sample, what poses a challenge to estimate the e ects of tail risk by means of traditional approaches such as VaR. The results show that it is not su cient to account for the tail risk stemming from equities markets. Active portfolio management employed by hedge funds demand a speci c measure to estimate and control tail risk. Our proposed factor lls that void inasmuch it presents explanatory power both over the time series as well as the cross-section of funds' returns.

A confiança interorganizacional nas compras

This research is part of the field of organizational studies, focusing on organizational purchase behavior and, specifically, trust interorganizational at the purchases. This topic is current and relevant by addressing the development of good relations between buyer-supplier that increases the exchange of information, increases the length of relationship, reduces the hierarchical controls and improves performance. Furthermore, although there is a vast literature on trust, the scientific work that deal specifically at the trust interorganizational still need further research to synthesize and validate the variables that generate this phenomenon. In this sense, this investigation is to explain the antecedents of trust interorganizational by the relationship between the variable operational performance, organizational characteristics, shared values and interpersonal relationships on purchases by manufacturing industries, in order to develop a robust literature, most consensual, that includes the current sociological and economic, considering the effect of interpersonal relationships in this phenomenon. This proposal is configured in a new vision of the antecedents of interorganizational trust, described as significant quantitative from models Morgan and Hunt (1994), Doney and Cannon (1997), Zhao and Cavusgil (2006) and Nyaga, Whipple, Lynch (2011), as well as qualitative analysis of Tacconi et al. (2011). With regard to methodological aspects, the study assumes the form of a descriptive, survey type, and causal trace theoretical and empirical. As for his nature, the investigation, explicative character, has developed a quantitative approach with the use of exploratory factor analysis and structural equation modeling SEM, with the use of IBM software SPSS Amos 18.0, using the method of maximum verisimilitude, and supported by technical bootstraping. The unit of analysis was the buyer-supplier relationship, in which the object under investigation was the supplier organization in view of the purchasing company. 237 valid questionnaires were collected among key informants, using a simple random sampling developed in manufacturing industries (SIC 10-33), located in the city of Natal and in the region of Natal. The first results of descriptive analysis demonstrate the phenomenon of interorganizational trust, in which purchasing firms believe, feel secure about the supplier. This demonstration showed high levels of intensity, predominantly among the vendors that supply the company with materials that are used directly in the production process. The exploratory and confirmatory factor analysis, performed on each variable alone, generated a set of observable and unobservable variables more consistent, giving rise to a model, that needed to be further specified. This again specify model consists of trajectories was positive, with a good fit, with a composite reliability and variance extracted satisfactory, and demonstrates convergent and discriminant validity, in which the factor loadings are significant and strong explanatory power. Given the findings that reinforce the model again specify data, suggesting a high probability that this model may be more suited for the study population, the results support the explanation that interorganizational trust depends on purchases directly from interpersonal relationships, sharing value and operating performance and indirectly of personal relationships, social networks, organizational characteristics, physical and relational aspect of performance. It is concluded that this trust can be explained by a set of interactions between these three determinants, where the focus is on interpersonal relationships, with the largest path coefficient for the factor under study

Inserção de fornecedores locais como fonte de desempenhos em custos de transação e legitimidade: estudo de caso na cadeia produtiva do petróleo e gás do Rio Grande do Norte

The inclusion of local suppliers in production chains has considerable impact on its performance, but most notably in its main actors. The results of this process may be of different kinds and can be analyzed from economic or institutional approaches. This study aimed to verify the existence of different performances of Petrobras due to the inclusion of local suppliers in the oil and gas production chain in the state of Rio Grande do Norte, from the viewpoints of transaction costs and the Institutional Theory. In order to this, were made the characterization of the PROMINP, the description of its actions and results, the mapping of its institutional context of reference, and identification of results obtained by Petrobras in terms of transaction costs and legitimacy. The theoretical framework is based on authors dealing with industrial concentration, as like Marshall, Krugman, Porter and Schmitz, from the sociological perspective of neoinstitucional theory, as like DiMaggio and Powell and Scott and Meyer, and transaction costs, as like Williamson. This is a qualitative research, with data collection done by consulting secondary fonts and semi-structured interviews with nineteen actors of three groups, namely: actors involved in actions of the program, representatives of enterprises and representative of Petrobras. To analyze the content was used the Suchman s model (1995) for categories associated with strategies of legitimation and fourteen variables associated with the three variables assets specificity, bounded rationality and opportunism (Williamson, 1995, 1989) in the case of transaction costs. The results indicate that PROMINP has achieved its objectives by encouraging the increased participation of local companies in the oil and gas production chain, reflecting in the economic development of the state. The Redepetro/RN, fostered and built upon the interaction of the participants, is presented as a solution of continuity to the participation of enterprises in the chain, after the closure of the actions of the program. PROMINP demands responses to coercive, legislative and regulatory pressures of the organizational field, whose institutional context of reference is wide. From the point of view of legitimacy, through strategies to gain cognitive legitimacy and maintaining pragmatic legitimacy, Petrobras can manipulate the environment, ensuring the compliance of the constituents to their technical and institutional demands. Enterprises, in turn, respond to the demands through compliance with technical demands, mainly through the certification of processes, and cultural changes. There aren t clear gains related to the transaction costs, however, gains in legitimacy can be seen as a cumulative capital that can serve as a competitive differential that generates economic gains. In terms of theoretical findings, it was found that, due to its explanatory power for actions that are difficult to explain only in economic terms, Institutional Theory may be used as theoretical support concurrent with other theories. TCE model has limitations in explaining the program actions. In the case, it s emphasized that Petrobras doesn t seek only economic efficiency, but has in its mission the commitment to social development.

Income inequality in Central America, Dominican Republic and Mexico: assessing the importance of individual and household characteristics

Includes bibliography

Structural reforms, macroeconomic fluctuations and income distribution in Brazil

Includes bibliography

A variação de pluralidade nas estruturas predictaivas da variedade falada na região de São José do Rio Preto

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

Valores: um estudo sobre a não-neutralidade da ciência

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Determinants of unfair inequality in Brazil, 1995 and 2009

This article analyses the trend of unfair inequality in Brazil (1995-2009) using a nonparametric approach to estimate the income function. The entropy metrics introduced by Li, Maasoumi and Racine (2009) are used to quantify income differences separately for each effort variable. A Gini coefficient of unfair inequality is calculated, based on the fitted values of the non-parametric estimation; and the robustness of the estimations, including circumstantial variables, is analysed. The trend of the entropies demonstrated a reduction in the income differential caused by education. The variables “hours worked” and “labour-market status” contribute significantly to explaining wage differences imputed to individual effort; but the migratory variable had little explanatory power. Lastly, the robustness analysis demonstrated the plausibility of the results obtained at each stage of the empirical work.

Dispersão de sementes por sauins-de-coleira (Saguinus bicolor Spix, 1823; Primates:Cebidae): efeitos do padrão de deslocamento na formação de sombras de sementes

Quantificar a sombra de sementes gerada por um dispersor, ou seja, a maneira como as sementes são distribuídas em função do tempo que o dispersor as retém e de como este se desloca pelo habitat, é etapa essencial para avaliar os impactos do dispersor na estruturação e funcionamento de populações e comunidades vegetais. Este é o primeiro estudo com o primata S. bicolor como dispersor de sementes e teve como objetivo investigar o padrão de formação de sombra de sementes e sua relação com o padrão de deslocamento da espécie. O deslocamento de quatro grupos de S. bicolor foi monitorado em três fragmentos florestais em Manaus, Amazonia Central. O posicionamento dos animais em um sistema de trilhas foi registrado em intervalos de cinco minutos, ao longo de todo período de atividade, cinco dias ao mês durante o mínimo de 15 meses cada grupo. O tempo de retenção de sementes foi estimado registrando-se o tempo de ingestão, de defecação e o número de sementes de cinco espécies de frutos cultivados ofertados a quatro indivíduos criados em cativeiro. Sombras de sementes foram estimadas através da combinação de dados do padrão de deslocamento com dados do tempo de retenção de sementes. Para cada grupo, foram obtidas a distância média de dispersão e a proporção da área de uso ocupada em uma base mensal, e a relação destas duas variáveis foi verificada através de uma regressão linear simples. O tempo de retenção de sementes variou de 27 a 295 minutos (N = 394), sendo que mais da metade das sementes ficam retidas em até duas horas no trato digestivo, e o número médio de sementes por defecação foi de 3,5 (± 3,7; N = 111). Probabilidades de dispersão de sementes para fora das imediações da planta-matriz ultrapassam 80%, além de incluírem distâncias maiores do que 1 km. Apenas para dois grupos foi verificado que há relação entre a proporção da área de uso e as distâncias de dispersão sendo que para um destes o poder explanatório do modelo foi menor do que 20%. Os resultados indicam que S. bicolor dispersa sementes de forma efetiva e, assim como outros calitriquíneos, pode contribuir para a estruturação e regeneração de ecossistemas florestais.

Spatial and temporal variation in settlement, growth and condition of the rockfish species Sebastes caurinus and Sebastes carnatus in the Channel Islands region, Santa Barbara, CA

Survival during the early life stages of marine species, including nearshore temperate reef fishes, is typically very low, and small changes in mortality rates, due to physiological and environmental conditions, can have marked effects on survival of a cohort and, on a larger scale, on the success of a recruitment season. Moreover, trade offs between larval growth and accumulation of energetic resources prior to settlement are likely to influence growth and survival until this critical period and afterwards. Rockfish recruitment rates are notoriously variable between years and across geographic locations. Monitoring of rates of onshore delivery of pelagic juveniles (defined here as settlement) of two species of nearshore rockfishes, Sebastes caurinus and Sebastes carnatus, was done between 2003-2009 years using artificial collectors placed at San Miguel and Santa Cruz Island, off Southern California coast. I investigated spatiotemporal variation in settlement rate, lipid content, pelagic larval duration and larval growth of the newly settled fishes; I assessed relationships between birth date, larval growth, early life-history characteristics and lipid content at settlement, considering also interspecific differences; finally, I attempt to relate interannual patterns of settlement and of early life history traits to easily accessible, local and regional indices of ocean conditions including in situ ocean temperature and regional upwelling, sea surface temperature (SST) and Chlorophyll-a (Chl-a) concentration. Spatial variations appeared to be of low relevance, while significant interannual differences were detected in settlement rate, pelagic larval duration and larval growth. The amount of lipid content of the newly settled fishes was highly variable in space and time, but did not differ between the two species and did not show any relationships with early life history traits, indicating that no trade off involved these physiological processes or they were masked by high individual variability in different periods of larval life. Significant interspecific differences were found in the timing of parturition and settlement and in larval growth rates, with S. carnatus growing faster and breeding and settling later than S. caurinus. The two species exhibited also different patterns of correlations between larval growth rates and larval duration. S. carnatus larval duration was longer when the growth in the first two weeks post-hatch was faster, while S. caurinus had a shorter larval duration when grew fast in the middle and in the end of larval life, suggesting different larval strategies. Fishes with longer larval durations were longer in size at settlement and exhibited longer planktonic phase in periods of favourable environmental conditions. Ocean conditions had a low explanatory power for interannual variation in early life history traits, but a very high explanatory power for settlement fluctuations, with regional upwelling strength being the principal indicator. Nonetheless, interannual variability in larval duration and growth were related to great phenological changes in upwelling happened during the period of this study and that caused negative consequences at all trophic levels along the California coast. Despite the low explanatory power of the environmental variables used in this study on the variation of larval biological traits, environmental processes were differently related with early life history characteristics analyzed to species, indicating possible species-specific susceptibility to ocean conditions and local environmental adaptation, which should be further investigated. These results have implications for understanding the processes influencing larval and juvenile survival, and consequently recruitment variability, which may be dependent on biological characteristics and environmental conditions.

Das strukturierte Portfolio zur Dokumentation des orientierenden Praktikums für Lehramtsstudierende

Die Kompetenzorientierung der Lehrerbildung bezieht sich nicht nur auf die universitären Ausbildungsabschnitte des Lehramtsstudiums, sondern auch auf die praktischen Phasen. Daher ist es von Interesse, diese praktischen Phasen genauer zu untersuchen. Bisherige Forschungsarbeiten konzentrierten sich dabei vor allem auf die Kompetenzentwicklung (Bach, 2013; Gröschner & Schmitt, 2012; Schubarth et al., 2012) und auf die Betreuung im Schulpraktikum (Bach, 2013; Hascher, 2012; Schubarth et al., 2011). Die Untersuchung dieser Arbeit stellt die Praktikumsdokumentation in den Fokus, da diese ebenfalls zur Kompetenzförderung im Schulpraktikum beitragen kann. Dazu werden zwei Formen von Praktikumsdokumentationen gegenübergestellt. Dies sind einerseits die Praktikumsaufgaben, die als offene Reflexionsaufgaben formuliert werden und andererseits ein strukturiertes Arbeitsheft mit dem Ziel, die Beobachtungskompetenz der Studierenden anzuleiten und die Dokumentation der Beobachtungen zu strukturieren. Diese beiden Formen der Praktikumsdokumentation werden hinsichtlich der Akzeptanz, der Entwicklung der Kompetenzen, der Selbstwirksamkeitserwartung und des pädagogisch-psychologischen Wissens miteinander verglichen. Die Angaben von n = 66 Studierenden, die das Arbeitsheft im Orientierenden Praktikum nutzten, wurden in einem prä-post-follow-up-Design untersucht und zwei Referenzgruppen gegenübergestellt. Die erste Referenzgruppe (n = 64) hatte das Orientierende Schulpraktikum noch nicht absolviert. Die zweite Referenzgruppe (n = 105) hatte dieses beendet und mit den Praktikumsaufgaben gearbeitet. Mit Hilfe von Online-Fragebögen wurden Daten zu Rahmenbedingungen des Schulpraktikums, die selbsteingeschätzte Kompetenz der Studierenden, die Relevanz und Anwendungshäufigkeit der Kompetenzen (adaptierte Skala nach Gröschner, 2009), die allgemeine Selbstwirksamkeitserwartung (Jerusalem & Schwarzer, 1999), das pädagogisch-psychologische Wissen sowie die Akzeptanz erfasst. Die Ergebnisse zeigen keine Unterschiede in der Kompetenz- und Relevanzeinschätzung sowie bei der Selbstwirksamkeitserwartung und dem Wissen zwischen den Gruppen. Signifikant besser schätzten die Studierenden mit dem Arbeitsheft die Anwendungshäufigkeit der Kompetenzen und die Akzeptanz der Praktikumsdokumentation ein. Das neu entwickelte Arbeitsheft und die Praktikumsaufgaben fördern die Kompetenzentwicklung wahrscheinlich in vergleichbarem Maß. Die Studierenden akzeptieren das Arbeitsheft jedoch mehr, was eine wichtige Implementationsbedingung ist. Das Design der Studie sowie die Selbstselektion der Gruppen schränken die Aussagekraft der Studie ein. Zu betonen ist jedoch, dass im Rahmen dieser Studie erstmalig versucht wurde, eine längsschnittliche Interventionsstudie mit Praktikumsdokumentationen umzusetzen sowie die Gelingensbedingungen von Schulpraktika und Kompetenzentwicklung im Lehramtsstudium zu untersuchen.

Examining the gateway to the limbic system with diffusion tensor imaging: the perforant pathway in dementia

Current treatments for Alzheimer's disease (AD) are only able to slow the progression of mental deterioration, making early and reliable diagnosis an essential part of any promising therapeutic strategy. In the initial stages of AD, the first neuropathological alterations occur in the perforant pathway (PP), a large neuronal fiber tract located at the entrance to the limbic system. However, to date, there is no sensitive diagnostic tool for performing in vivo assessments of this structure. In the present bimodal magnetic resonance imaging (MRI) study, we examined 10 elderly controls, 10 subjects suffering from mild cognitive impairment (MCI), and 10 AD patients in order to evaluate the sensitivity of diffusion tensor imaging (DTI), a new MRI technique, for detecting changes in the PP. Furthermore, the diagnostic explanatory power of DTI data of the PP should be compared to high-resolution MRI volumetry and intervoxel coherences (COH) of the hippocampus and the entorhinal cortex, two limbic regions also involved in the pathophysiology of early AD. DTI revealed a marked decrease in COH values in the PP region of MCI (right side: 26%, left side: 29%, as compared to controls) and AD patients (right side: 37%, left side: 43%, as compared to controls). Reductions in COH values of the PP region were significantly correlated with cognitive impairment. DTI data of the PP zone were the only parameter differing significantly between control subjects and MCI patients, while the volumetric measures and the COH values of the hippocampus and the entorhinal cortex did not. DTI of medial temporal brain regions is a promising non-invasive tool for the in vivo diagnosis of the early/preclinical stages of AD.

Intra-annual radial growth and water relations of trees - implications towards a growth mechanism

There is a missing link between tree physiological and wood-anatomical knowledge which makes it impossible mechanistically to explain and predict the radial growth of individual trees from climate data. Empirical data of microclimatic factors, intra-annual growth rates, and tree-specific ratios between actual and potential transpiration (T PET−1) of trees of three species (Quercus pubescens, Pinus sylvestris, and Picea abies) at two dry sites in the central Wallis, Switzerland, were recorded from 2002 to 2004 at a 10 min resolution. This included the exceptionally hot and dry summer of 2003. These data were analysed in terms of direct (current conditions) and indirect impacts (predispositions of the past year) on growth. Rain was found to be the only factor which, to a large extent, consistently explained the radial increment for all three tree species at both sites and in the short term as well. Other factors had some explanatory power on the seasonal time-scale only. Quercus pubescens built up much of its tree ring before bud break. Pinus sylvestris and Picea abies started radial growth 1–2 weeks after Quercus pubescens and this was despite the fact that they had a high T PET−1 before budburst and radial growth started. A high T PET−1 was assumed to be related to open stomata, a very high net CO2 assimilation rate, and thus a potential carbon (C)-income for the tree. The main period of radial growth covered about 30–70% of the productive days of a year. In terms of C-allocation, these results mean that Quercus pubescens depended entirely on internal C-stores in the early phase of radial growth and that for all three species there was a long time period of C-assimilation which was not used for radial growth in above-ground wood. The results further suggest a strong dependence of radial growth on the current tree water relations and only secondarily on the C-balance. A concept is discussed which links radial growth over a feedback loop to actual tree water-relations and long-term affected C-storage to microclimate.