We investigate the trading strategy of the insider and propose two models to describe the insider’s behavior. Comparing with previous studies, we add insider stockholdings as a variable to the extension of information asymmetry. In our setting with information asymmetry between outside investors and the insiders, the insiders could obtain more inside information via increasing their stockholdings. When the insider with large stockholdings purchases more shares, outside investors would take this as a positive signal that the insiders regard the performance of the company in the future as optimistic. On the other hand, when the insider stockholdings is large, outsiders would worry that inside trading may become more. The insider would deliberate upon the quantities traded at period one and two, which have different impact in stock price. If the insider buys more stocks at period one, he could improve his information precision. However, if the insider buys large stocks, the market makers would take into account the insider’s function of information precision and thus the insider may impact on the stock price. Therefore the insider would evaluate market makers’ pricing rule. Since increasing stockholdings enhances precision information, intuitively, earlier stage the insider submits a large order. Nonetheless, our study shows that when the insider stockholding is extremely large, then the increasing of information precision is limited because the information precision is increasing with insider stockholding at a decreasing rate. Besides, when the insider stockholdings is large enough at period one, he would place a small order at period two.

Made available in DSpace on 2014-12-17T15:38:35Z (GMT). No. of bitstreams: 1 AntonioAF_TESE.pdf: 1128829 bytes, checksum: c3a4628ae5adbd24f06b0562979b3e2d (MD5) Previous issue date: 2012-02-10 / This thesis studied the motivation to work among health professionals of the Basic Unities (BUH) in the health network of the city of Natal (RN). It was understood that the work motivation is a process. Then, the expectation theory was applied and motivation components (results of work, expectative, valence, instrumentality, and motivational force) were used to analyses. It s understanding the motivation as multifaceted phenomenon, the psycho sociological perspective was adopted. The research was developed in two phases: one with application of Work Motivation and Meaning Inventory (WMMI), and another with interview. In the first phases, the analysis of results revealed that the major factors contributing to increase the motivational force to health professionals in the BUH?s are: in valence, Self Expression and Personal Realization (VF2), Personal and Family Survival (VF3); in expectative, Self Expression and Work Justice (EF1), Safety and Dignity (EF2) and Responsibility (EF4); in instrumentality, Involvement (IF1) and Recognition and Economic Independence (IF4). In opposition, the factors that more contribute to reduce the motivational force are Wear and Dehumanization factors in valence (VF4), in expectative (EF3), and in instrumentality (IF4), behind the Work Justice Factor (IF2). Basing in content analysis of interviews, it was possible to associate by equivalence, the senses presented by health professionals with obtained results of first phase, indicating that the results of second phase corroborated and complemented those of first one. This possibility broadened the comprehension of the studied phenomenon. In speaking of the respondents, it was visible the presence of contents showing that they perceive the Health System and BUH?s in degradation. In the first phase, the participants? instruction also predict the results in motivation, and in the interviews can be saw that the instruction is associated with the opportunities in outside of system. As work motivation is a process, the impact of personal and occupational characteristics tend to interact with contextual aspects. It was concluded the majority of health professionals present the moderated motivational force, but it was falling because they experience and perceive a degrading context with work condition increasingly unfavorable. / A presente tese estudou a motiva??o para o trabalho dos profissionais de sa?de vinculados ?s Unidades B?sicas (UBS) da rede de sa?de do munic?pio de Natal (RN). Compreendeu-se a motiva??o para o trabalho como um processo e, para tanto, aplicouse a teoria das expectativas cujos componentes (resultados do trabalho, expectativa, val?ncia, instrumentalidade e for?a motivacional) serviram para assim analis?-la. Entendendo-se tamb?m a motiva??o como um fen?meno multifacetado, adotou-se a perspectiva psicossociol?gica. A pesquisa foi desenvolvida em duas etapas: uma com a aplica??o do Invent?rio da Motiva??o e Significado do Trabalho (IMST) e outra com entrevistas. As an?lises dos resultados obtidos com o IMST revelaram que os fatores que mais contribuem para aumentar a for?a motivacional dos profissionais de sa?de das UBS s s?o, em val?ncia, Autoexpress?o e Realiza??o Pessoal (FV2), Sobreviv?ncia Pessoal e Familiar (FV3); em expectativa, os fatores Autoexpress?o e Justi?a no Trabalho (FE1), Seguran?a e Dignidade (FE2) e Responsabilidade (FE4); em instrumentalidade, os fatores Envolvimento (FI1) e Reconhecimento e Independ?ncia Econ?mica (FI4). Em contrapartida, os fatores que mais contribuem para baixar a for?a motivacional s?o os fatores Desgaste e Desumaniza??o em val?ncia (FV4), em expectativa (FE3) e em instrumentalidade (FI4), al?m do fator Justi?a no Trabalho (FI2). Com base nas an?lises de conte?do das entrevistas, foi poss?vel, por equival?ncia, relacionar os sentidos apresentados pelos profissionais de sa?de aos fatores encontrados com o IMST, indicando que os resultados da segunda etapa corroboraram e complementam os da primeira favorecendo uma compreens?o mais ampla do fen?meno estudado. Na primeira etapa, a instru??o dos participantes tamb?m prediz os resultados em motiva??o e, nas entrevistas, pode ser visto que a instru??o est? relacionada com as oportunidades que t?m fora do sistema. Como a motiva??o para o trabalho ? processual, o impacto de caracter?sticas pessoais e ocupacionais tende a interagir com aspectos contextuais. Na fala dos entrevistados, obtidas na segunda etapa, ? vis?vel a presen?a de conte?dos que mostram que percebem o SUS e as UBS s em degrada??o. Conclui-se que a maioria dos profissionais de sa?de apresenta for?a motivacional moderada, por?m em queda, em fun??o de vivenciarem e perceberem um contexto deteriorado com condi??es de trabalho cada vez mais desfavor?veis.

This work scrutinises, evaluates and systematises the modern exchange rate theories. Its aim is to familiarise the reader with the concepts of expectation, Purchasing Power Parity and Interest Rate Parity, which together form the basis of the following analysis of monetary and portfolio theories of the exchange rate determination. Then, it provides a comparison of the various approaches to these theoretical frameworks with regard to their respective authors. The paper is concluded by an evaluative description of the conditions under which such theories could be applied.