Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-06-07T14:54:55Z No. of bitstreams: 1 gabrielgouvearabello.pdf: 1303580 bytes, checksum: 6230bd67ce93079d87cb72f16e375515 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-07-13T13:24:06Z (GMT) No. of bitstreams: 1 gabrielgouvearabello.pdf: 1303580 bytes, checksum: 6230bd67ce93079d87cb72f16e375515 (MD5) / Made available in DSpace on 2016-07-13T13:24:06Z (GMT). No. of bitstreams: 1 gabrielgouvearabello.pdf: 1303580 bytes, checksum: 6230bd67ce93079d87cb72f16e375515 (MD5) Previous issue date: 2013-08-30 / O objetivo desta dissertação é estimar os potenciais efeitos competitivos sobre o mercado relevante das principais fusões ocorridas no Brasil após o Plano Real, avaliando a eficácia da metodologia de estimação ex ante de efeitos efetivamente observados na rentabilidade das firmas fusionadas e rivais ex post. Segundo a análise de modelo teórico proposto por Motta (2004),é possível utilizar o resultado das firmas rivais no mercado em que ocorreu a fusão como indicador da presença de ganhos em eficiência ou de poder de mercado no mercado relevante das firmas fusionadas, em que retornos positivos para as firmas rivais indicam a presença de poder de mercado e, consequentemente, uma diminuição do excedente do consumidor e do bem-estar na economia. Analogamente, retornos negativos para as firmas rivais indicariam a presença de ganhos em eficiência e aumento do bem-estar. Para estimar os efeitos das fusões sobre as firmas rivais e fusionadas, utiliza-se neste trabalho a metodologia de estudo de eventos em que são calculados os retornos anormais das ações das firmas rivais, bem como das firmas fusionadas, decorrentes do anúncio da fusão. Além disso, para verificar se a metodologia de estudo de eventos é capaz de capturar os efeitos competitivos das fusões de maneira adequada, comparam-se os resultados obtidos via metodologia de estudo de eventos com uma medida de desempenho das firmas ex post.Tal comparação foi feita por meio de uma análise de correlação e regressão. Nesse estudo, foi utilizada uma amostra de 42 grandes fusões horizontais entre firmas de capital aberto com ações cotadas na BM&FBOVESPA e suas respectivas rivais no setor, além de um detalhamento para um setor específico, o de Telecomunicações. Os resultados empíricos obtidos na metodologia de estudo de eventos apontam para uma maior presença de efeitos anticompetitivos nas fusões em geral (ganho de poder de mercado) e de ganhos de eficiência para o setor de Telecomunicações. Além disso, foi encontrada, tanto para as firmas rivais como para as firmas fusionadas,correlação positiva e significativa entre os retornos anormais e o efeito na lucratividade ex post, evidenciando a capacidade do mercado em antecipar os efeitos negativos das fusões sobre o bem-estar. Esses resultados também são corroborados pela análise de regressão, cabendo ressaltar a presença do efeito de reversão à média, evidenciando, assim, a utilidade da metodologia de estudo de eventos em capturar os efeitos potenciais das fusões ex ante. / The objective of this dissertation is to estimate the potential competitive effects on the relevant market of major mergers occurred in Brazil after the Real Plan, evaluating the effectiveness of methods used to estimate ex ante effects actually observed in the profitability of merged firms and rivals ex post. According to the analysis of the theoretical model proposed by Motta(2004), it is possible to use the result of rival firms in the market in which the merger occurred as an indicator of the presence of gains in efficiency or market power in the relevant market of the merged firms, where positive returns for rival firms indicate the presence of market power and, consequently, a decrease in consumer surplus and welfare in the economy. Similarly, negative returns for rival firms indicate the presence of efficiency gains and increased well-being. To estimate the effects of mergers on rivals and firms merged, is used in this work to study methodology in which events are calculated abnormal stock returns of rival firms as well as firms merged, resulting from the merger announcement. This comparison was made by means of a correlation analysis and regression. In this study, a sample of 42large horizontal mergers between firms with publicly traded shares listed on the BM&FBOVESPA and their respective rivals in the sector was used, and a breakdown for a specific sector, the Telecommunications. The empirical results obtained in the methodology of event studies show a higher presence of anticompetitive mergers in general (gain market power) and efficiency gains in the sector of Telecommunications effects. Furthermore, it was found for both the rival firms as for firms merged, positive and significant correlation between abnormal returns and the effect on ex post profitability, demonstrating the market's ability to anticipate the negative effects of mergers on the welfare. These results are also corroborated by regression analysis, fitting to emphasize the presence of the effect of mean reversion, thus demonstrating the usefulness of the event study methodology to capture the potential effects of ex ante mergers.

From the Proceedings of the 1971 Meetings of the Arizona Section - American Water Resources Assn. and the Hydrology Section - Arizona Academy of Science - April 22-23, 1971, Tempe, Arizona / As a result of continually lowering water tables in the arid regions of the west, many people are beginning to realize that water should be treated like any other rare resource, letting supply and demand factors regulate its distribution. Three types of price structures are used by water agencies: (1) the flat rate system (2) the step rate system and (3) the block rate system. Each of these structures may be progressive or regressive. At present, Tucson's only source of water lies underground and will presumably decrease as the population increases. To optimize the benefits to the community, it may be necessary to decrease not only average consumption but also summertime peak consumption for swimming pools, evaporative coolers and lawn sprinkling. Currently, Tucson uses a regressive block rate pricing structure. Using the theory of collective utility, a model is developed for use in comparing 2 price structures in an effort to define a monetary value for water conservation. It is concluded that the change in collective utility, du, which is a measure of the worth of change from economic state 1 to 2, is the best measure of price changes in arid areas. The model shows that Tucson water consumption would be lowered and money would be lost with either price structure, but with the permanent change, monetary flow of goods would be greater than under the seasonal structure.

From the Proceedings of the 1974 Meetings of the Arizona Section - American Water Resources Assn. and the Hydrology Section - Arizona Academy of Science - April 19-20, 1974, Flagstaff, Arizona / An examination of potential water sources for power plant cooling in Arizona is presented along with information pertinent to Arizona's future water needs relative to electrical usage growth. It has been projected that Arizona's peak electrical power demands in 1980 and 1990 will exceed that of 1970 by some 5000 megawatts and 16000 megawatts of electricity respectively. At present, the bulk of the electrical energy generated in the western states originates at hydroelectric installations. Utilization of nuclear reactors for power generation requires a larger amount of cooling water than is required for a comparable fossil-fueled plant. It is suggested that the utilization of reclaimed wastewater for cooling purposes is a viable and attractive alternative to groundwater pumpage from both economic and ecological standpoints. Savings arise from conservation of fuel normally required for well pumps, costs of well construction are not required, quantities of fresh water should be released for consumption by alternate users, and a previously unused resource would be effectively recycled.

Les lasers de puissance permettent depuis une dizaine d'années de produire des faisceaux de particules accélérées dans lesquels quelques 1012 électrons, protons sont accélérés en quelques ps. Nous avons simulé et développé des diagnostiques, utilisant l'activation nucléaire, pour qualifier les distributions angulaire et en énergie des faisceaux de particules générés. Les techniques de caractérisation sont présentées et illustrées à l'aide des résultats obtenus dans différentes expériences réalisées auprès des lasers de puissance. Nous envisageons d'utiliser ces faisceaux pour exciter des états nucléaires dans des environnements plasma. Celui-ci peut en effet influencer des caractéristiques intrinsèques du noyau comme la durée de vie de certains états isomériques. Dans le cadre de la préparation de telles expériences, nous avons mesuré la section efficace de la réaction (g,n) permettant de produire l'état isomérique du 84Rb à 463 keV d'énergie d'excitation, à l'aide de l'accélérateur ELSA du CEA/DIF de Bruyères-le-Châtel.

Les lasers de puissance permettent depuis une dizaine d'années de produire des faisceaux de particules accélérées dans lesquels quelques 1012 électrons, protons sont accélérés en quelques ps. Nous avons simulé et développé des diagnostiques, utilisant l'activation nucléaire, pour qualifier les distributions angulaire et en énergie des faisceaux de particules générés. Les techniques de caractérisation sont présentées et illustrées à l'aide des résultats obtenus dans différentes expériences réalisées auprès des lasers de puissance. Nous envisageons d'utiliser ces faisceaux pour exciter des états nucléaires dans des environnements plasma. Celui-ci peut en effet influencer des caractéristiques intrinsèques du noyau comme la durée de vie de certains états isomériques. Dans le cadre de la préparation de telles expériences, nous avons mesuré la section efficace de la réaction (g,n) permettant de produire l'état isomérique du 84Rb à 463 keV d'énergie d'excitation, à l'aide de l'accélérateur ELSA du CEA/DIF de Bruyères-le-Châtel. / Since the laser tens years, the Ultra High Intensity Laser offer the opportunities to produce accelerated particle beams with contain more than 1012 electrons, protons accelerated into few ps. We have simulated and developed some diagnostics based on the nuclear activation to characterize both the angular and the energy distribution of the particle beams produced with intense lasers. The characterization methods which are presented and illustrated by the means of results obtained in different experiments. We would use the particle beams produced to excite nuclear state in a plasma environment. It can modify intrinsic characteristics of the nuclei such as the half-life of some isomeric state. To prepare this kind of experiments, we have measured the nuclear reaction cross section (g,n) to produce the isomeric state of the 84Rb, which has an excitation energy around 463 keV, with the electron accelerator ELSA of CEA/DIF in Bruyères-le-Châtel.

Competition and data protection law are two powerful regimes simultaneously shaping the use of digital information, which has given rise to new interactions between these areas of law. While most views on this intersection emphasize that competition and data protection law must work together, nascent developments indicate that these legal regimes may sometimes conflict.  In the first place, firms faced with antitrust allegations are to an increasing extent invoking the need to protect the privacy of their users to justify their impugned conduct. Here, the conduct could either be prohibited by competition law despite of data protection or justified under competition law because of data protection. In the EU, no such justification attempt has reached court-stage, and it remains unclear how an enforcer ought to deal with such a claim. In the second place, competition law can mandate a firm to provide access to commercially valuable personal data to its rivals under a competition law remedy. Where that is the case, the question arising in this connection is whether an enforcer can and should design the remedy in a way that aligns with data protection law. If so, the issue remains of how that ought to be done. The task of the thesis has been to explore these issues, legally, economically, and coherently.  The thesis has rendered four main conclusions. First, data protection has a justified role in EU competition law in two ways. On the one hand, enhanced data protection can increase the quality of a service and may thus be factored in the competitive analysis as a dimension of quality. On the other, data protection as a human right must be guaranteed in the application of competition law. Second, these perspectives can be squared with the criteria for justifying competition breaches, in that data protection can be invoked to exculpate a firm from antitrust allegations. Third, in that context, the human rights dimension of data protection may entail that the enforcer must consider data protection even if it is not invoked. However, allowing data protection interests to override competition law in this manner is relatively inefficient as it may lead to less innovation, higher costs, and lower revenues. Fourth, the profound importance of data protection in the EU necessarily means that enforcers should accommodate data protection interests in designing competition law remedies which mandate access to personal data. This may be done in several ways, including requirements to anonymize data before providing access, or to oblige the firm to be compliant with data protection law in the process of providing access. The analysis largely confirms that anonymization is the preferable option.

金融監理制度影響一國商業銀行經營績效的相關議題，一直受到學者與政府當局的重視，為瞭解亞洲地區銀行業在中央銀行與監理單位不同管理下的利潤效率，找出最適的制度設計，本研究根據Huang、Huang與Liu（2014）提出之隨機共同利潤邊界（stochastic meta-profit frontier），採用兩階段估計法，蒐集中國大陸、香港、印度、日本、韓國、馬來西亞、巴基斯坦、菲律賓、新加坡、斯里蘭卡、泰國以及阿拉伯聯合大公國等十二國商業銀行資料，分成開發中和已開發國家兩個群組，將環境變數納入無效率模型中，進行實證分析，比較不同群組的利潤效率差異，發掘影響效率的主要變數與方向，從而獲得重要政策意涵。 根據實證分析結果，中央銀行介入銀行監理程度越高，商業銀行利潤效率越低；金融監理單位整合程度越高，商業銀行利潤效率越高；中央銀行獨立程度越高，商業銀行利潤效率越低；已開發國家群組的平均技術缺口比率與共同邊界技術效率值皆高於開發中國家群組，符合預期。共同利潤效率最高的是日本，最低的是韓國。平均而言，各國若在共同利潤邊界上從事生產，能提升41.9%至75%的利潤。 / The effects of degrees of financial supervision on performance of commercial banks have long been important issues and drawn much attention to academic researchers and government authorities. This study applies the stochastic meta-profit frontier, recently developed by Huang, Huang, and Liu (2014), to estimate and compare profit efficiencies of commercial banks from 12 Asian countries, i.e., Mainland China, Hong Kong, India, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and United Arab Emirates. We divide the sample countries into two groups, i.e., developing and developed countries. This enables us to further investigate the effects of different supervisory systems, enforced by central banks (CB) and supervisory authorities, on commercial banks’ profit efficiencies, as well as to make a suggestion about the optimal supervision regimes in the area. Note that a set of supervisory indices are considered as environmental variables that explain profit inefficiency. Using the two-stage estimation procedure, the empirical results are summarized as follows. First, it is found that bank’s profit efficiency decreases with the increase in a CB’s supervision sectors. Second, the unification of supervisory authority has positive effect on bank’s profit efficiency. Third, the more independent is the CB, the less profit efficient the commercial bank is. Fourth, banks in the group of developed countries are found to have higher technology gap ratios and meta-profit efficiencies than those in the group of developing countries, as expected. Fifth and finally, Japan and South Korea has the highest and the lowest level of meta-profit efficiency, respectively. Evidence is found that if an average commercial bank were adopting the best technology, it can earn roughly 41.9% to 75% more profits than otherwise.