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Den svenska fastighetsmarknaden är en högaktuell och attraktiv marknad med en högefterfrågan. Det finns därför ett stort intresse av värdering av fastigheter, vilket är en viktigdel av en fastighetsförsäljning, ett fastighetsköp eller belåning. Hur arbetar då en värderarepå den kommersiella fastighetsmarknaden för att värdera en fastighet, på en marknad därasymmetrisk information gör att de olika aktörerna sitter på olika mycket information? Syftet med detta arbete är att undersöka hur en värderare på den kommersiellafastighetsmarknaden arbetar för att kompensera för den asymmetriska information som blandannat en försäljning genom fastighetspaketering medför. Studien kommer även undersöka omdet finns någon skillnad i processen om värderingen utförs av ett företag med entransaktionsavdelning kopplad till den, eller då värderingsföretaget inte har entransaktionsavdelning. Syftet uppnås i denna studie genom intervjuer utförda med några avde mer etablerade aktörerna inom fastighetsvärdering på den kommersiellafastighetsmarknaden. Studien visar på att det finns klara likheter i hur arbetsprocessen vid värdering av enkommersiell fastighet ser ut, men den visar även på att det finns skillnader företagen emellan,framför allt skillnader mellan företagen med en transaktionsavdelning och de utan en sådanavdelning. Värderare på ett företag med en transaktionsavdelning verkar förlita sig i en relativtstor utsträckning på sin egen transaktionsavdelning vid insamlandet av information,någonting som kan leda till psykologiska begränsningar i informationsinsamlandet. Värderarepå företag som inte har en transaktionsavdelning tenderar att gå mer informella vägar vidinsamlingen av information. / The Swedish property market is a highly current and attractive market with a high demand.Therefore there is a high interest in valuation of properties, which is an important part of realestate sales, buying property or taking loans from the bank. How does a property appraiserwork on the commercial property market, which is known for its asymmetric informationwhere the parties have different amounts of information? The purpose of this study is to examine how a property appraiser on the commercial real estatemarket compensates for the asymmetric information which real estate packaging brings. Thisstudy will also look into whether there is any difference in the process if the valuation isperformed by a company which has a transaction department or if it ́s performed by acompany which does not have a transaction department. The purpose in this study is fulfilledthrough interviews with some of the more established commercial property appraisers. The study shows similarities in the process of valuing a commercial property between thedifferent companies, however, it also shows differences in the process. The differences mainlyshow between the companies with a transaction department and the companies that doesn ́thave this department. Appraisers in a company with a transaction department seems to relyto a wider extent on its own transaction department, when it comes to gather information,something that may lead to psychological restraints in the information gathering. Theappraisers in the companies without a transaction department, take more informal ways togather the information.

La théorie économique conduit à supposer que l’assurance santé accroît les consommations médicales en générant du risque moral ex-post, c'est-à-dire l’achat par les individus de soins dont la valeur est faible au regard de leur coût total. Certains économistes soulignent que tout ou partie de ce surplus de consommation peut résulter également d’une solvabilisation de la demande de soins du fait des remboursements, traduisant ainsi un meilleur accès aux soins. Comprendre lequel de ces effets prédomine représente un enjeu important en termes d’équité et d’efficience du système de santé. Cette thèse vise à mesurer l’ampleur de l’effet de l’assurance complémentaire santé sur les consommations médicales en France et à en comprendre la nature en s’appuyant sur trois articles. Le premier article analyse l’effet du fait d’être couvert par une complémentaire santé sur le recours aux médecins, le second évalue l’impact de la CMU-C sur les consommations médicales de ses bénéficiaires, enfin le troisième étudie l’effet d’une surcomplémentaire santé permettant de compléter les remboursements du contrat de base d’une mutuelle de fonctionnaire. En se focalisant sur l’assurance complémentaire et surcomplémentaire, ces articles permettent d’étudier l’effet d’une variation à la marge du niveau de couverture sur différentes catégories de population. / According to economic theory, health insurance raises medical care consumptions by inducing ex-post moral hazard behavior, it is to say the purchase of health care that individual value below their production cost. Nevertheless, among the economists community, some suggest that these additional consumptions may be the consequence of an increase of financial resources in case of illness due to reimbursements, reflecting a better access to health care. Understanding which of these effects dominates is a crucial issue to assess equity and efficiency of health care system. Based on three articles, this thesis aims to estimate how great the effect of complementary health insurance on health care consumptions is in France, and to understand the nature of this effect. The first article analyzes the effect of being covered by a complementary health insurance on the use of physician care, the second article assess how the CMU-C scheme affected health care consumptions of its beneficiaries, and the third article examines the effect of a supplementary health insurance contract that provides reimbursements in addition of the benefits of a basic complementary health insurance contract that covers civil servants. By focusing on complementary and supplementary health insurance, these articles offer the opportunity to study the effect of health insurance at the margin, on different populations.

På livsmedelsmarknaden finns det olika produkter som konsumenten kan välja mellan. Valensom görs inom dagligvaruhandeln kan påverka individen och samhället på olika sätt, dåprodukter har olika näringsinnehåll och de har producerats under olika förutsättningar. För attkonsumenten ska veta hur olika produkter påverkar individen och samhället finns det olikamärkningar såsom Fairtrade och KRAV. Ekologiska produkter marknadsförs som hälsosammasamtidigt som de ska vara bättre för miljön än icke ekologiska produkter. Den ekologiskamarknaden har ökat de senaste 5 åren. Av den anledningen finner vi det intressant att analyseravem som väljer att konsumera ekologiska produkter och varför.Syftet med studien är att analysera vilka faktorer som påverkar konsumenternas val attkonsumera ekologiska produkter. För att kunna analysera de olika faktorerna användskvantitativa ansatser. Data samlas in genom en enkätundersökning och analyseras medekonometriska tekniker. Resultatet analyseras även med hjälp av ekonomiska teorier.Enkätundersökningen genomförs på den svenska marknaden, i de två kommunerna Norrköpingoch Ockelbo.Studiens resultat indikerar att utbildning, kön, upplevd kunskap om ekologiska märkningar,upplevd mediepåverkan, härkomst och kommun är signifikanta variabler för att förklaraekologisk konsumtion. Resultatet indikerar även att de två viktigaste argumenten för attkonsumera ekologiska produkter är ur hälso- och miljösynpunkt. / The consumer can choose between different products at the market of groceries. These choicescan affect the human being and society in different ways, because products do not have thesame nutritional value and they may not have been produced in the same way. Therefore, it isimportant for the consumer to have knowledge about brands like Fairtrade and KRAV. InSweden, the products that are marketed as healthy and environmentally friendly alternatives arecalled ecological products. In the last 5 years, the market of ecological products has increased,because the market shows that the demand of ecological alternatives has increased. For thisreason, we think it is interesting to analyze who the typical consumer of ecological products isand why.The purpose of this study is to analyze which factors that affects the consumer’s choice ofecological products. To analyze the different factors the study is using quantitative methods.The data will be collected from surveys and then analyzed by using econometrical techniques,and the results will be analyzed and examined using economic theories. The survey is beingperformed on the Swedish market, where the municipalities Norrköping and Ockelbo has beenchosen. Norrköping has a substantially larger population than Ockelbo, which we consider is abenefit for the study.The results of the study shows us that education, gender, perceived knowledge about ecologicalbrands, experienced influence from media, a Nordic heritage and municipality are significantvariables to explain ecological consumption. The results also indicate the two most importantarguments for consuming ecological products are those of health and environmentalperspectives.

Bakgrund: Den tredje januari 2018 trädde EU-direktivet Markets in Financial Instruments Directive II (MiFID II) i kraft. Direktivet ämnar öka investerarskyddet genom att eliminera informationsasymmetri och intressekonflikter på finansmarknaden, och samtidigt harmonisera reglerna mellan EU-länder. Inom investeringsrådgivning innebär det nya regelverket ökad dokumentation, ett större fokus på att försäkra sig om att investerarna förstår risker, hårdare krav på hur avgifter kommuniceras och striktare regler kring incitament. Allt detta för att skydda investerarna, som ofta visat sig ha en bristfällig finansiell kunskap och ett lågt intresse för privatekonomi. Syfte: Syftet med uppsatsen är att utifrån värdepappersföretagens perspektiv skapa förståelse för vilken påverkan EU-direktivet MiFID II har haft på principal-agent problem som uppstår vid investeringsrådgivning. Genomförande: Uppsatsen är en kvalitativ fallstudie. Vidare har ett fenomenologiskt forskningsperspektiv använts, med en abduktiv ansats. Det empiriska materialet har samlats in genom semistrukturerade intervjuer med sammanlagt sju respondenter som alla jobbar på värdepappersföretag, vilka valdes ut med ett målstyrt bekvämlighetsurval. Resultat: Uppsatsen kommer fram till att principal-agent problemen inom investeringsrådgivning inte har eliminerats. Informations- asymmetrin är enligt vår tolkning av de traditionella teorierna närmast obefintlig, men utgör fortfarande ett stort problem på grund av investerarnas ointresse och relativt låga förmåga att ta till sig informationen. Vi argumenterar därav att dessa dimensioner bör inkluderas i teorin för vilka trösklar som kan orsaka informationsasymmetrin. Intressekonflikterna har reducerats, men finns till viss mån fortfarande kvar. Motivationen att agera i ett egenintresse har dock inte påverkats. Uppsatsen visar således på att MiFID II inte har förflyttat principal-agent relationen till en stewardship relation. Kunskapsbidrag: Det teoretiska bidraget gällande informationsasymmetri utmanar antagandet om att principalen vill ha information som är relevant för denne. Uppsatsen visar att så inte alltid är fallet. Förutom att det uppstår informationsasymmetri om det är kostsamt eller svårt att ta reda på agentens handlingar, kan det även uppstå i situationer där principalen är ointresserad av, eller oförmögen att ta till sig av informationen enligt vår mening. Vidare har MiFID II inneburit att det är svårare för agenten att tillgodose sitt egenintresse om detta strider mot principalens. Däremot har direktivet inte inneburit att den interna motivationen ändrats och det går därför inte att förutsätta att ett kontraktsförhållande som haft en principal-agent relation övergår till en stewardship relation när dessa problem elimineras. Genom en ökad förståelse för hur tvingande lagstiftningar påverkar principal-agent problem kan det empiriska bidraget hjälpa tillsynsmyndigheter i sitt arbete att hantera principal-agent problem. Uppsatsen skulle således kunna underlätta vidareutveckling av regleringen som finns idag, likväl som utformningen av framtida direktiv och lagar. Med ett utomstående perspektiv på vilka intressekonflikter som kan uppstå vid investeringsrådgivning skulle det empiriska bidraget också kunna vara gynnsamt för värdepappersföretag och deras arbete för att hantera intressekonflikter. / Background: On January 3, 2018, the EU directive Markets in Financial Instruments Directive II (MiFID II) came into effect. The directive is intended to expand investor protection through eliminating information asymmetry and conflicts of interest in the financial market, while also harmonizing the regulations between nations within the EU. For investment advising, the directive results in more extensive documentation and stricter regulation of how fees and risks are communicated, as well as how incentives are handled; all with the aim of protecting investors. At the same time, the general public shows low interest in personal finance, as well as inadequate financial knowledge. Purpose: The purpose of this study is to further the understanding of how the introduction of the EU directive MiFID II has affected the principal-agent problem that arises during investment advising, from an investment firm perspective. Completion: This is a qualitative case-study which utilizes a phenomenological research perspective and an abductive approach. The empirical material has been collected through semi-structured interviews at investment firms with a total of seven respondents, whom were selected through goal-oriented convenience sampling.  Conclusion: The study concludes that the principal-agent problems in investment advising have not been eliminated. According to our interpretation of the traditional theories, information asymmetry is nearly non-existent. Yet it remains a significant problem due to lack of interest and an inability to assimilate the information. Thus, we argue that the theoretical framework should be revised to include these barriers, as they may lead to information asymmetry. Conflicts of interest have been reduced, but still remain to some extent. Furthermore, the motivation to act based on self-interest still remain. Hence, the study shows that MiFID II has not turned the principal-agent relationship into a stewardship relationship. Contribution: The theoretical contribution to information asymmetry challenges the assumption that the principal is interested in all the information that is of relevance for them. The study show that this is not always the case. Apart from information asymmetry arising when ascertaining the actions of the agent is expensive or difficult, it can also arise due to the principal’s lack of interest or inability to assimilate the information. Moreover, MiFID II has made it more difficult for the agent to act in their own self-interest, should it deviate from the interest of the principal. The directive has not, however, affected the intrinsic motivation of the agent. Thus, we cannot assume that the elimination of these problems causes a principal-agent relationship to transform into a stewardship relationship. Through an increased understanding of how binding legislation affects principal-agent problems, the empirical contribution can help regulatory bodies in their work to mitigate the aforementioned problems. Hence, the study may help to not only expand existing legislation, but also in the development of future legislation and directives. By providing an outside perspective of what conflicts of interests could arise in investment advising, the empirical contribution could also be of use for investment firms in their work to identify and manage conflicts of interest

Une des marques du développement est la résorption du décalage entre la distribution spatiale de l’activité économique et celle de la population. Cette thèse étudie les conséquences d’une telle résorption sous l’effet de la migration ou d’une redistribution géographique de l’activité économique. Le premier chapitre s’intéresse à la relation entre migrants internationaux et foyers d’origine. Il met en lumière l’importance, pour les envois de fonds et les investissements, des croyances des migrants et de l’asymétrie d’information, aggravée par la distance, entre migrants et destinataires de ces envois. Le deuxième chapitre explore la transformation de l’économie d’accueil sous l’effet d’un afflux de migrants venus des campagnes en ville, en Chine. Il mesure d’abord leur impact sur le marché du travail à destination, puis examine comment ils affectent l’allocation des facteurs de production et les contraintes rencontrées par les entreprises sur les marchés du travail et du capital. Le troisième chapitre étudie l’impact sur le long terme d’un vaste programme d’industrialisation réalisé en Chine, et montre un retour de fortune. Ce renversement est imputé aux distorsions introduites sur le marché du travail local par la présence de grands complexes manufacturiers. Ce chapitre met en évidence le rôle de la migration pour surmonter ces imperfections et amener l’étape ultérieure de la transformation structurelle : le passage de l’industrie lourde à la production de biens de consommation et de services. / A key characteristic of the process of economic development is the shrinking spatial mismatch between economic activity and population. This thesis analyzes what happens when this spatial mismatch is reduced, as people’s places of residence and work or the geographical distribution of economic activity is altered. Chapter I deals with the relationship between international migrants and their households of origin. It sheds light on the importance for remittances and investments of migrants' beliefs and the information asymmetry between remittance senders and recipients that distance aggravates. Chapter II explores the transformation of the receiving economy due to an influx of rural-to-urban migrants in China. It first quantifies the effect of immigrants on the labor market at destination, and then investigates their impact on the reallocation of production factors and factor-market constraints faced by urban firms. Chapter III focuses on the long-term impact of a large industrialization plan in China. It reveals a reversal pattern due to the distortions in local labor markets induced by the presence of big plants. It highlights the role of migration in overcoming such imperfections and in bringing about the later stage of structural transformation—from heavy industry to consumption goods and services.

Die vorliegende Dissertation beschäftigt sich mit dem Verhalten auf Produktmärkten, welche durch eine asymmetrisch verteilte Information zwischen Anbietern und Nachfragern über die Qualität gekennzeichnet sind. Die Arbeit untersucht experimentell, ob Werbeausgaben als Qualitätssignal und Reputation als Anreizmechanismus auf solchen Märkten verstanden werden. Im ersten Teil der Arbeit werden dazu zwei Experimente durchgeführt, mit deren Hilfe untersucht wird, ob das Problem adverser Selektion mit Hilfe von Werbeausgaben als Qualitätssignal überwunden werden kann. Die Ergebnisse der beiden Experimente, welche sich durch ein unterschiedliches Design auszeichnen, unterscheiden sich stark. Während bei direkter Interaktion Werbeausgaben nicht als Qualitätssignal verstanden werden, werden bei indirekter Interaktion Werbeausgaben von einem Teil der Probanden als Qualitätssignal verstanden. Die Ergebnisse des zweiten Experiments zeigen darüber hinaus, dass von ein Verhalten, welches von dem theoretisch vorhergesagten abweicht, oftmals mit Hilfe der Erwartungen der Probanden über das Verhalten der anderen Marktseite erklärt werden kann. Im zweiten Teil der Arbeit wird untersucht, ob erkannt wird, dass die Höhe des drohenden Reputationsverlusts einen kritischen Anreiz auf das Verhalten der Anbieter hat, wenn diese unbeobachtet von den Käufern die Qualität wählen können. Die Ergebnisse des Experiments zeigen, dass mit Hilfe von potentiellen Reputationsinvestitionen nicht, wie theoretisch vorhergesagt, das Problem des moralischen Risikos überwunden werden kann. Allgemein wird ein zu hohes Vertrauen der Käufer beobachtet, welches dazu führt, dass die Anbieter keinen Anreiz haben, Reputationsinvestitionen zu tätigen. / The dissertation studies individual behavior in product markets, in which information about product quality is asymmetrically distributed between sellers and buyers. It is studied experimentally, whether individuals understand advertising spending as quality signal and reputation as incentive mechanism. In the first part, two experiments are conducted in order to study whether the problem of adverse selection can be overcome with advertising spending as quality signal. The results of the experiments which differ in the experimental design are very different. While in case of direct interaction between sellers and buyers individuals do not understand advertising spending as quality signal, they do in case of indirect interaction. Furthermore, the results of the second experiment show, that behavior not in line with the theoretical expectations can be explained with individuals' expectations about the other market side's behavior. In the second part it is studied whether individuals recognize that sellers' behavior in situations with endogenous quality depends critically on the amount of reputation loss at risk. The experimental results show that contrary to the theoretical expectations moral hazard problems are not solved by investments into reputation. In general, it is observed that there is too much trust on the buyer side. As a result of this behavior sellers have no incentive to invest into reputation.

Made available in DSpace on 2016-04-26T20:48:33Z (GMT). No. of bitstreams: 1 Marcelo Eisenhower Farias.pdf: 721147 bytes, checksum: bbdac49c9e74cb536cbc1eb10d5b90b0 (MD5) Previous issue date: 2011-05-25 / Access to small credit is becoming increasingly difficult to get and one of the most important reasons to this is the absence of guarantees offered to the financial institution by the borrower. Microcredit has arisen as a solution to the hindrance of credit access through the use of the co-signers mechanism, in which a group takes responsibility over paying the obtained funding. In Brazil, the main source of funds of the national program of productive microcredit (PNMPO) comes partly from demand deposits of commercial banks which provide credit operations requiring some kind of collateral to solve the problem of conflicting information. What we see in the microcredit program of the country is that a significant amount of the resources which should be addressed to the microcredit is found idle. Thus, the primal aim of this study is to identify and discuss ways of improving guarantees which could be used in the microcredit program of Brazil. To investigate the proposed theme, a bibliographical research was conducted revising the main concepts of the microfinance theory and the guarantee systems. A research on experiences in microcredit programs was also developed, as well as the types of guarantees used in these places, mainly in Latin America and the Caribbean. This study also includes the experiences of some countries which make use of mutualist guarantee systems, with its origin in Europe. Through this study we have identified that we have few guarantee programs in Brazil, instead of a national system of guarantees, as in other countries, such as Chile, where the guarantee fund FOGAPE provides guarantees to financial institutions upon part of the credit operations made by these institutions, including microcredit operations / O acesso ao crédito de pequeno porte enfrenta enormes dificuldades, e uma das mais importantes é a ausência de garantias oferecidas para a instituição financeira por parte do tomador dos recursos. O microcrédito surgiu como uma solução para resolver o entrave na obtenção do crédito através da utilização do mecanismo do aval solidário onde o grupo formado se responsabiliza pelo pagamento do financiamento obtido. No Brasil, a principal fonte de recursos do programa nacional de microcrédito produtivo orientado (PNMPO) tem como origem parte dos depósitos à vista de bancos comerciais que realizam operações de crédito solicitando algum tipo de colateral para solucionar o problema da assimetria da informação. O que se verifica no programa de microcrédito do país é que parte significativa dos recursos que deveriam ser direcionados ao microcrédito encontra-se ociosa. Assim, o objetivo central do estudo é discutir e identificar mecanismos de aperfeiçoamento de garantias que poderiam ser utilizadas dentro do programa de microcrédito no Brasil. Para investigar o tema proposto foi realizada uma pesquisa bibliográfica revisando os principais conceitos da teoria das microfinanças e de sistemas de garantia, bem como, pesquisas de experiências de programas de microcrédito e os tipos de garantia utilizada nestes locais, sobretudo em países da América Latina e Caribe. Inclui-se também nesta pesquisa as experiências de alguns países que possuem sistemas de garantia do tipo mutualista que teve origem na Europa. Identificamos com o estudo que no Brasil temos poucos programas de garantia e não um sistema nacional de garantias como em outros países. É o caso do Chile onde o fundo de garantia FOGAPE fornece garantia a instituições financeiras para parte de operações de crédito realizada por estas instituições, inclusive em operações de microcrédito

Made available in DSpace on 2016-04-26T20:48:36Z (GMT). No. of bitstreams: 1 Daniel Henrique de Mendonca.pdf: 648601 bytes, checksum: 65cf6cc99fbe5f4d508f0c8760990e40 (MD5) Previous issue date: 2012-05-21 / The main aim of this study is to analyze the new legislation adopted in Brazil (Law nº 12,414/2011), which regulates the functioning of the credit positive information sharing market in the light of the asymmetric information theory and the international experience, highlighting similarities and differences as well as their possible impact on performance of the bank loans local market. For this, it was performed an intensive bibliography review on the literature existent about asymmetric information, with special attention to the role played by sharing data on individuals and companies, and the role of credit bureaus as a tool developed to reduce adverse selection and moral hazard problems. A presentation of the international experience is used as a way of highlighting the empirical aspect of the theory as well as serve as a comparison model to analyze the main points of the new Brazilian legislation in the light of the results already measurable in other economies. Special attention is given to the experience of Hong Kong, whose the creation of an effective information sharing framework is considered a recent international benchmarking. One of the main conclusions is that the implementation of this mechanism is an important step forward in structuring the national financial system, but its impact in reducing interest rates, reducing delinquency rates and increasing of the credit amount available must occur in the medium and long term / O objetivo principal do presente trabalho é analisar a nova legislação aprovada no Brasil (Lei nº 12.414/2011) que regulamenta o funcionamento do mercado de compartilhamento de informações positivas de crédito à luz da teoria sobre assimetria de informações e da experiência internacional, destacando similaridades e diferenças, bem como seus possíveis impactos no desempenho do mercado de empréstimos bancários local. Para isso, foi realizada uma pesquisa bibliográfica intensa sobre a literatura existente que trata da assimetria de informações, com especial atenção ao papel desempenhado pelo compartilhamento de dados sobre pessoas físicas e jurídicas, e a atuação dos birôs de crédito como instrumentos desenvolvidos para reduzir os problemas de seleção adversa e risco moral. Uma apresentação da experiência internacional é utilizada como forma de ressaltar o aspecto empírico da teoria, bem como servir de modelo de comparação para analisar os principais pontos da nova legislação brasileira à luz de resultados já mensuráveis em outras economias. É dada uma especial atenção na experiência de Hong Kong por ser considerado benchmarking internacional recente na criação de uma estrutura de compartilhamento de informações eficiente. Uma das principias conclusões diz respeito ao fato de que a implantação desse mecanismo é um avanço estruturante importante dentro do sistema financeiro nacional, porém, seus impactos na redução das taxas de juros, na redução da inadimplência e no aumento do volume de crédito disponível devem ocorrer no médio e longo prazo

Este trabalho apresenta três extensões ao modelo de reputação proposto por Shapiro (1983). A primeira torna o modelo original mais adequado para avaliar o problema de informação assimétrica de bens de busca e bens credenciais, a segunda permite identificar o ganho de eficiência gerado pela inclusão de um sistema de informação adicional e, a terceira mostra que a provisão de um volume maior de informação pode gerar efeitos adversos quando o produto em questão possui vários atributos. Em seguida, os desenvolvimentos teóricos são utilizados para avaliar os efeitos da introdução do Exame Nacional de Cursos sobre o mercado de cursos superiores do Brasil. Algumas das predições do modelo são testadas empiricamente, fornecendo indicações de que este Exame possui um papel relevante para mitigar o problema de informação identificado neste mercado. / This essay presents three extensions to the model first proposed by Shapiro (1983) regarding reputation. The first extension adjusts Shapiro’s original model in order to make it more suitable in dealing with the problem of asymmetric information of search goods and credence goods. The second one allows the identification of the efficiency gains obtained after the inclusion of an additional information system, while the third extension demonstrates that additional information could generate adverse effects when the good under consideration has several attributes. These theoretical extensions are then applied to evaluate the effects of the Brazilian experience regarding the introduction of the Courses National Exam - Exame Nacional de Cursos – on Brazil’s market of undergraduate school courses. Some of the theoretical predictions of the model are empirically tested, offering indications that such exam plays a relevant role while diminishing the informational problem that characterizes this market.