Em momentos de crises financeiras, problemas decorrentes de assimetrias informacionais são intensificados, prejudicando a canalização de recursos para detentores das melhores oportunidades de investimento, conforme Mishkin (1992). Nesse sentido, crises tendem a intensificar restrições financeiras, podendo impactar investimentos e financiamentos das empresas de formas distintas. Dito isso, este estudo tem por objetivo investigar os impactos de crises financeiras sobre investimentos e financiamentos de empresas brasileiras restritas e não restritas, analisando, especificamente, o impacto da crise do subprime de 2008 e da recente crise de 2015. As empresas foram classificadas em restritas e não restritas segundo dois critérios: interseção entre tamanho e idade e existência ou não de rating, contando com 203 empresas de capital aberto no modelo de investimentos e 192 empresas no modelo de financiamentos. Foram utilizados dados trimestrais entre o primeiro trimestre de 2007 e o terceiro trimestre de 2016, adotando como método a análise de dados em painel. Os resultados indicam que, tanto pelo critério tamanho e idade quanto pelo critério de rating, somente a crise de 2015 impactou, negativamente, os investimentos das empresas, sendo esse impacto maior sobre empresas restritas. Analisando a sensibilidade dos investimentos ao caixa em momentos de contração na oferta de recursos, há indícios de que, pelo critério tamanho e idade, caixa foi mais relevante para as empresas restritas nas crises de 2008 e 2015 em comparação às empresas não restritas, enquanto, pelo critério de rating, somente na crise de 2015. O impacto de crises sobre a alavancagem foi mais evidente pelo critério de rating, em que a crise de 2008 mostrou impacto maior, negativamente, sobre a alavancagem de empresas restritas, acompanhado de um aumento na proporção das dívidas de curto prazo principalmente para essas empresas. A crise de 2015 não impactou de forma diferente a alavancagem e a maturidade das dívidas de empresas restritas e não restritas. Em suma, há indícios de impactos maiores de crises sobre investimentos e financiamentos de empresas restritas em comparação a empresas não restritas, sendo que a crise de 2008 apresentou impactos mais relevantes sobre a alavancagem e a crise de 2015 apresentou impactos mais relevantes sobre investimentos. / In times of financial crisis, problems stemming from informational asymmetries are intensified, hampering the channeling of resources to those with the best investment opportunities, according to Mishkin (1992). In this sense, crisis tend to intensify financial constraints, and may impact companies\' investments and financing differently. That said, this study aims to investigate the impact of financial crisis on investments and financing of financially constrained and unconstrained Brazilian companies, specifically analyzing the impact of subprime crisis of 2008 and the recent crisis of 2015. Companies were classified as constrained and unconstrained according to two criteria: intersection between size and age and existence or not of rating, counting with 203 public companies in the investment model and 192 companies in the financing model. Quarterly data were used between the first quarter of 2007 and the third quarter of 2016, adopting the method of panel data analysis. The results indicate that, by both the size and age criteria and the rating criterion, only the crisis of 2015 negatively impacted the investments of the companies, being the impact greater on constrained companies. Analyzing the sensitivity of the investments to the cash in times of contraction in the supply of resources, there are indications that, by the criterion of size and age, cash was more relevant for constrained companies in the crisis of 2008 and 2015 compared to unconstrained companies, and by the criterion of rating, only in the crisis of 2015. The impact of crisis on leverage was more evident by the rating criterion, in which the crisis of 2008 showed a larger negative impact on the leverage of constrained companies, accompanied by an increase in proportion of short-term debt mainly to these companies. The crisis of 2015 did not have a different impact on the leverage and maturity of the debts of constrained and unconstrained companies. In summary, there are indications of greater impacts of crisis on investments and financing of constrained companies compared to unconstrained companies, and the crisis of 2008 had more relevant impacts on leverage and the crisis of 2015 had more relevant impacts on investments.

Neste trabalho foram propostas técnicas para a segmentação automática de mamogramas e para a detecção de assimetrias entre mamogramas esquerdo e direito. A segmentação é realizada através de três técnicas computacionais para a identificação de três importantes regiões anatômicas nos mamogramas: borda da mama, músculo peitoral e disco fibro-glandular. O primeiro método focaliza a identificação da borda da mama através do uso de um modelo de contorno ativo especialmente projetado para esse propósito. Neste estágio, a borda da mama é automaticamente demarcada, todos os artefatos fora dessa região são eliminados, e a região de interesse usada para a detecção do músculo peitoral é definida. No próximo estágio, a borda do músculo peitoral é determinada usando uma técnica multiresolução baseada na representação Gabor wavelets. Finalmente, um modelo de densidades da mama, baseado no modelo da mistura finita de Gaussianas, é proposto para a representação de quatro categorias de tecidos mamários com diferentes densidades. O disco fibro-glandular é identificado através da aplicação de um limiar sob as classes de densidades determinadas no modelo. Os métodos propostos foram aplicados em 84 imagens de mamogramas de projeções médio-laterais oblíqüas da base de dados Mini-MIAS (\"Mammographic Image Analysis Society\", London, UK). A avaliação dos resultados dos procedimentos de segmentação da borda da mama e borda do músculo peitoral foi realizada com base no percentual de pixels falso-positivos (FPs) e falso-negativos (FNs) determinados por comparação entre os contornos verdadeiros e os contornos automaticamente identificados. As taxas médias de FPs e FNs para as bordas da mama e do músculo peitoral foram, respectivamente, de 0,41% e 0,58%, e 1,78% e 5,77%. A segmentação dos discos fibro-glandulares foi subjetivamente classificada por radiologistas e os resultados indicaram que em mais de 80% dos casos a segmentação foi ) considerada aceitável para o uso em sistemas de auxílio ao diagnóstico. A detecção de assimetrias foi realizada usando informações direcionais, obtidas a partir da representação multiresolução Gabor wavelets, e de informações de forma e densidade, extraídas dos discos fibro-glandulares dos mamogramas esquerdo e direito. No procedimento de análise direcional, uma representação wavelet formada por filtros de Gabor bidimensionais com variação em freqüência e orientação, especialmente projetadas para reduzir a redundância na representação, é aplicada para uma dada imagem. As respostas dos filtros para diferentes escalas e orientações são analisadas através da transformada de Karhunen-Loève (KL) e pelo método de limiarização de Otsu. A transformada KL é aplicada para selecionar os componentes principais das respostas dos filtros, preservando apenas os elementos direcionais mais relevantes que aparecem em todas as escalas. Os componentes principais selecionados e limiarizados pela técnica de Otsu são usados para obter as imagens de magnitude e fase dos componentes direcionais da imagem. Medidas estatísticas extraídas dos diagramas de rosa calculados a partir das imagens de fase são usadas para a análise quantitativa e qualitativa dos padrões orientados. Um total de 11 atributos é extraído dos discos fibro-glandulares segmentados dos mamogramas esquerdo e direito, e a diferença calculada para cada par de atributos é usada como uma medida para a detecção de assimetrias. Um total de 88 imagens (22 casos normais, 14 casos de densidades assimétricas e 8 casos de distorções de arquitetura) da base de dados Mini-MIAS foram usadas para avaliar o método proposto. A combinação exaustiva dos atributos juntamente com a análise de componentes principais foi usada para selecionar o melhor subgrupo de atributos. A classificação foi realizada através de classificadores de Bayes (linear e quadrático) ) e usando o método \"leave-one-out\". Uma taxa de classificação correta de 84,44% foi alcançada. / In this work, techniques are proposed for the automatic segmentation of mammograms and detection of asymmetries between left and right mammograms. The segmentation is performed by using three computational techniques for the identification of three important anatomical regions of mammograms: the skin-air boundary, the pectoral muscle, and the fibro-glandular disc. The first method focuses on the identification of the skin-air boundary by using an active contour model algorithm specially tailored for this purpose. In this stage, the skin-air boundary is demarcated, all artefacts outside the breast region are eliminated, and the region of interest for detection of the pectoral muscle is defined. In the next stage, the edge of the pectoral muscle is determined by using a multiresolution technique based upon a Gabor wavelets representation. Finally, a density breast model based upon a Gaussian mixture model is proposed for the representation of four categories of different density tissues in the breast. The fibro-glandular disc is identified by thresholding the density categories of the model. The methods proposed were applied to 84 images of medio-lateral oblique mammograms from the Mini-MIAS (Mammographic Image Analysis Society, London, U.K.) database. The evaluation of the skin-air boundary and the pectoral muscle edge were performed based upon the percentage of false-positive (FP) and false-negative (FN) pixels determined by comparison between the true contours and the contours automatically identified. The FP and FN average rates for the skin-air boundary and the pectoral muscle edge were, respectively, 0.41% and 0.58%, and 1.78% and 5.77%. Two radiologists subjectively rated the segmentation of the fibro-glandular disc and the results indicate that in more than 80% of the cases, the segmentation was considered acceptable for a Computer Aided Diagnosis purposes. Detection of asymmetries (continua) (continuação) is performed by using directional information, obtained from a multiresolution Gabor wavelets representation, and shape and density information, extracted from the fibro-glandular discs of left and right mammograms. In the directional procedure, a particular wavelet scheme with 2-D Gabor filters as elementary functions with varying tuning frequency and orientation, specifically designed in order to reduce the redundancy in the wavelet-based representation, is applied to the given image. The filter responses for different scales and orientation are analyzed by using the Karhunen-Loève (KL) transform and Otsu\'s method of thresholding. The KL transform is applied to select the principal components of the filter responses, preserving only the most relevant directional elements appearing at all scales. The selected principal components are thresholded by using Otsu\'s method and used to obtain the magnitude and phase of the image directional components. Rose diagrams computed from the phase images and statistical measures computed thereof are used for quantitative and qualitative analysis of the oriented patterns. A total of 11 features are also extracted from the segmented fibro-glandular discs of left-right mammograms, and the difference of each feature pair is used as a measure for detecting asymmetries. A total of 88 images from 22 normal cases, 14 asymmetric cases, and 8 architectural distortion cases from the Mini-MIAS database were used to evaluate the scheme. An exhaustive combination of the features along with the principal components analysis was used to select the best feature set. The classification was performed by using two Bayes\' classifiers (linear and quadratic) and the leave-one-out methodology. Average classification accuracy up to 84.44% was achieved.

No description available.

Earnings management has had consequence in financial disasters, such as Enron, WorldCom and Nortel. More recently, it is alleged in the Lehman bankruptcy, which ushered in a global financial meltdown. Yet despite increased regulation and focus on governance and auditing, researchers find that earnings management remains a common practice. Accounting academics have responded to the earnings management problem by conducting studies using secondary data for governance variables and financial models to measure earnings management indirectly. Meanwhile, governance variables measured with secondary data now show little variability because of improved best practice and regulation, and there is strong evidence that the agency causal model and the earnings management measures are seriously flawed. This study uses a mixed-mode research model based on agency and stewardship theory to explain earnings management, and uses a more direct measure of its occurrence, namely the level of board information asymmetries and board monitoring and control actions, as a proxy for earnings management. Primary data is used to provide direct measures of important governance variables, which produce mixed results relative to earnings management using secondary data. In a survey of 245 Canadian public company directors, this study finds that an independent chair, less busy directors, and a smaller board does reduce earnings management, but that this impact is strongly moderated by the CEO's attributes. A CEO with stewardship attributes reduces earnings management, and a CEO with agency attributes increases earnings management. There also is evidence in the study that agency conflict variables improve governance outcomes, in this case, reducing the level of earnings management, and that board processes around monitoring and control actions could be a problem.

Abstract available in the Journal of Strength and Conditioning Research

Title: Study of azimuthal asymmetries in COMPASS Drell-Yan data Author: Bc. Markéta Pešková Department / Institute: Department of Low Temperature Physics Supervisor of the master thesis: M.Sc. Michael Finger, CSc. Abstract: Drell-Yan (DY) process, i.e. a lepton pair production in hadron-hadron interaction, is one of the unique tools to study structure of hadrons. In this thesis we present its theoretical background and its link to description of the nucleon spin structure. The corresponding formalism of the Parton Distribution Functions (PDF) and the Transverse Momentum Dependent Parton Distribution Functions (TMD PDF) is explained in some detail. The fundamental theoretical prediction of a sign change of the T-odd TMDs in the DY and Semi- inclusive DIS (SIDIS) is described. In the following a concise description of the COMPASS apparatus is given with the emphasis on the setup modification needed and implemented for the Drell-Yan measurement performed in 2014 and 2015 with 190 GeV/c2 beam of negative pions and the proton target (polarised in 2015). In the final chapter we present our independent analysis of the DY data taken in 2015. Three azimuthal asymmetries giving access to the different TMD PDF were extracted using the dimuon events from a mass region of 4.3 to 8.5 GeV/c2 . Our results are in agreement...

This thesis explores the transparency in public procurement processes in Sweden. The purpose of the thesis is to evaluate the procurement process in the case of framework agreements on consultancy services and the focus is on exploring perceptions on the procurement process from both suppliers and procurers. The thesis contributes with findings to a research area that is not well studied, and where there is a need for more research. Previous research has focused on evaluating the regulations rather than the process. The results suggest that the specific procurement process studied is perceived to work well and being transparent. There might be information asymmetries present in the process which could potentially threaten the transparency. To further improve the procurement process both suppliers and procures would like to see more room for dialogue and less focus on following the regulations to the letter.

The purpose of this study is to investigate the use of isometric mid-thigh pulls to determine lower-limb asymmetrical strength differences in NCAA D-I athletes. Sixty-six subjects (40 males and 26 females) performed 2 maximal effort isometric pulls over two force plates sampling at 1000 Hz each. Peak force was scaled for body weight, and rate of force development was examined from 0-200ms. Results of the study show subjects' produced significantly greater scaled force with the left leg as compared to the right leg; however, no significant differences existed for rate of force development (RFD). Men exhibited significant differences between both scaled peak force and RFD, while women only showed significant differences in scaled peak force. Of the 66 subjects tested, 6 subjects (5 men and 1 woman) exhibited percent differences of 15% or greater asymmetry for scaled peak force. The results indicate that isometric mid-thigh pulls are a way to show the presence of asymmetries in D-I athletes.

The purpose of our thesis is to examine the relationship between option implied volatility and analyst consensus recommendation revisions. We offer a Swedish perspective on the growing popularity of equity options and its relationship with different stock market participants and returns. We chose the Swedish options market since it is substantially smaller in relation to the stock market than in countries such as the US, it is also not as studied. First, we conduct an event study using a fixed effects OLS model to determine the effect of analysts’ consensus recommendation revision. Second, we use a probit regression model to determine the probability of a revision given the option implied volatility. We find that there is generally a statistically significant relationship between option implied volatility and analyst consensus recommendation revisions as well as with abnormal returns, providing further discussion on the information sharing between the two markets and its participants.

Using a two-stage quantile regression framework, we uncover significant asymmetries across quantiles for all coefficients in an otherwise standard New Keynesian Phillips Curve (NKPC) for the euro area. A pure NKPC specification accurately captures inflation dynamics at high inflation quantiles.