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Neste trabalho é apresentado o suporte teórico necessário para a aplicação do apreçamento de opções reais com incertezas exógenas, inclusive com incertezas nãocomercializadas ou em mercados incompletos. Em seguida, o processo de modelagem de opções reais é analisado, sugere-se uma estrutura de modelagem de projetos com flexibilidade a partir de suas incertezas básicas, e comparam-se as duas principais abordagens atuais de modelagem de opções reais. / In this work is presented the theoretical support needed for the application of real options pricing with exogenous uncertainties, include non-traded uncertainties and incomplete market uncertainties. It is also analyzed the process of real options modeling, suggesting a framework of project modeling with flexibility from its basic uncertainties, and it is compared the two main approaches for valuing real options.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-08-01T15:45:04Z No. of bitstreams: 1 Larisse Marks_.pdf: 481719 bytes, checksum: 366e532986d2f832cc60a6d0418acc24 (MD5) / Made available in DSpace on 2017-08-01T15:45:04Z (GMT). No. of bitstreams: 1 Larisse Marks_.pdf: 481719 bytes, checksum: 366e532986d2f832cc60a6d0418acc24 (MD5) Previous issue date: 2017-06-05 / Nenhuma / Diante da importância do investimento para o crescimento da Economia e de sua frequente presença na vida dos agentes econômicos, diversas concepções teóricas dedicam-se ao entendimento da tomada de decisão. Contudo, não há uma conformidade sobre as explicações dos modelos de investimento e do real processo decisório, assim como não há no tocante ao postulado de racionalidade empregado. O objetivo deste estudo é identificar qual ou quais percepções de racionalidade respaldam a teoria de investimento de Fisher, de Keynes, das teorias derivadas do modelo keynesiano (Pós-keynesiana, Neokeynesiana e Nova Economia Keynesiana), de Kalecki e nas Finanças Comportamentais. Para tanto, há uma discussão crítica sobre a compreensão de investimento ao longo da história econômica, apreciando exclusivamente os conteúdos pertinentes a racionalidade. Um dos principais resultados deste estudo foi a constatação de que as teorias que rejeitam a concepção de um ser completamente racional não adotam a ideia um indivíduo inteiramente irracional; a sua discordância é relativa ao grau de racionalidade empregado nos modelos. / Given the importance of investment for growth of the Economy and it’s continuing presence in the lives of economic agents, several theoretical conceptions are dedicated to the understanding of decision-making. However, there is no agreement on the explanations of the investment models and the real decision-making process, just as there is no agreement in the postulate of rationality too. The purpose of this study is to identify which perceptions of rationality support the investment theories of Fisher, Keynes, theories derived from Keynes (Post-Keynesian, Neo Keynesian and New Keynesian), Kalecki and Behavioral Finance, through a dialectical discussion about the understanding of investment throughout economic history, by assessing exclusively the contents pertinent to rationality. One of the main results of this study is that theories that reject the conception of a completely rational being do not adopt the idea of a totally irrational individual; their disagreement is relative to the degree of rationality employed in the models.

Creativity research is an underdeveloped area of educational psychology. For example, studies of students’ creativity as a predictor of academic achievement are uncommon in the field. Moreover, perseverance—which is an integral part of the definition of creativity (Sternberg, 2012)—is not typically measured in creativity research. To address these issues, the current study sought to discern within an academic context whether perseverance serves as a mediating factor between creativity and academic achievement. Two undergraduate student samples (N = 817; N = 187) participated in a survey measuring their creativity and perseverance. This multiple manuscript dissertation sought to examine the psychometric properties of a measure of creativity: the Runco Ideational Behavior Scale (RIBS) and a measure of perseverance: the Grit Scale and to explore the relationships between creativity, perseverance, academic motivation, and academic achievement. Study 1 found that the RIBS had a correlated two-factor structure with two subscales: the Scatterbrained Subscale and the Divergent Thinking Subscale. Grit had a correlated two-factor structure reflecting interest and effort, and this reinforced previous findings regarding this scale These two scales hold promise as measures of the creative process. Study 2 found that although traditional motivation measures consistently predicted grades, grit only predicted grades in one sample, and creativity had no relationship with grades. Creativity appears to be orthogonal to academic achievement as measured by grades. There was evidence that grit can mediate the relationships between motivation and grades, but only in one sample. This research shares the limitations of other self-report surveys, but the psychometrics behind the measures were strong. Future research should continue to examine creativity and perseverance as important noncognitive constructs in academic contexts especially among diverse populations.

Neste trabalho é apresentado o suporte teórico necessário para a aplicação do apreçamento de opções reais com incertezas exógenas, inclusive com incertezas nãocomercializadas ou em mercados incompletos. Em seguida, o processo de modelagem de opções reais é analisado, sugere-se uma estrutura de modelagem de projetos com flexibilidade a partir de suas incertezas básicas, e comparam-se as duas principais abordagens atuais de modelagem de opções reais. / In this work is presented the theoretical support needed for the application of real options pricing with exogenous uncertainties, include non-traded uncertainties and incomplete market uncertainties. It is also analyzed the process of real options modeling, suggesting a framework of project modeling with flexibility from its basic uncertainties, and it is compared the two main approaches for valuing real options.

This dissertation examines the factors influencing a state’s decision to adopt a local government investment pool (LGIP), the institutional arrangements used in managing them, and the effect of the institutional types on LGIP performance. The dissertation extends the policy adoption theory with insights from investment theory to demonstrate that management credibility influences the likelihood of a state’s LGIP adoption. The study finds that the quality of financial management, the quality of professional leadership, proximate state neighbors who have previously adopted an LGIP, and economic factors determine a state’s proclivity to policy adoption. The dissertation also describes the institutional arrangements used in managing LGIPs and develops typologies based on their institutional arrangements. The dissertation compares LGIPs depending on the risk aversion of their institutional arrangements. The research extends the risk-return tradeoff in investment theory to LGIP institutional arrangements. The empirical findings show that LGIP institutional arrangement that has greater risk report higher performance. The dissertation also finds that competition in the LGIP market due to multiple vendors, and periods of economic recession account for higher performance because of higher risk-taking behaviors associated with them. This dissertation promotes public funds investment laws that emphasize prudent management of government finances and guides managers of the public purse on the types of institutional choices that optimize returns with minimal risk.