Using data on all lending deals in the Brazilian stock market from 2009 to 2011, we provide answers to the following questions: i) are short-sellers informed in Brazil?, ii) which short sellers are informed?, and iii) how are they informed? The answer to the first question is positive, the average Brazilian short-seller is informed. Among these short-sellers, individual investors appear to be as informed as investment funds. To provide an answer to the third question, the approach is to observe how short-selling behaves around days when relevant corporate news is disclosed. This paper shows that funds are more informed just after the disclosure of news, an indication that these investors decide their short-selling operations after processing the news. On the other hand, individual investors increase short-selling prior to bad news and decrease short-selling prior to good news. This last result could be a sign of information leakages from insiders. / Usando-se de dados relativos à totalidade dos contratos de empréstimos de ações no mercado brasileiro de 2009 a 2011, este trabalho responde às seguintes questões: i) vendedores a descoberto são mais informados no Brasil?, ii) quais desses vendedores a descoberto são informados?, e iii) como eles são informados? A resposta para a primeira pergunta é positiva: o investidor médio brasileiro é informado. Dentre esses, vendedores a descoberto individuais são tão informados quanto aqueles institucionais. Para responder a terceira pergunta, nossa abordagem é a de observar como a venda a descoberto se comporta ao redor de dias onde notícias corporativas são reveladas. Este trabalho mostra que fundos institucionais são mais informados logo depois da divulgação da notícia, um indicativo que estes investidores vendem a descoberto após processar notícias. Por outro lado, investidores individuais aumentam a venda a descoberto antes de notícias ruins, e diminuem antes de notícias boas.

Na formação do mercado de biodiesel no Brasil observa-se a criação de diversos arranjos institucionais alternativos para a produção desse biocombustível. Alguns arranjos surgiram espontaneamente, enquanto outros foram criados por meio de incentivos governamentais para atender aos objetivos de inclusão social e diversificação das matérias-primas. Este estudo tem como objetivo analisar os aspectos relacionados aos custos de transação que podem interferir no objetivo governamental de desenvolver novos arranjos institucionais envolvendo a agricultura familiar a partir de culturas alternativas à soja, especialmente mamona, girassol e pinhão manso, para a produção de biodiesel. O aporte teórico utilizado para embasar este estudo é a Nova Economia Institucional. Em especial, trata da influência do ambiente institucional sobre as escolhas dos agentes, considerando-se os custos de transação envolvidos nas relações de troca. A estratégia de pesquisa utilizada é o estudo de casos múltiplos. Os estudos de caso foram realizados em uma usina privada em Goiás e os respectivos agricultores contratados por ela; em uma usina subsidiária de uma empresa estatal localizada no Estado da Bahia e dos respectivos agricultores contratados por ela e o terceiro caso foi realizado com agricultores de assentamentos do Pontal do Paranapanema no Estado de São Paulo. A partir dos dados coletados, constatou-se que a compra de soja, via mercado, seria a escolha ótima caso o agente regulador não deslocasse a escolha dos agentes para arranjos considerados subótimos como a contratação de soja, mamona, girassol e pinhão manso, estimulados por incentivos tributários e de reserva de mercado. Também se verificou que a regulação insere especificidades nas relações que poderiam ser realizadas via mercado, aumentando o custo do arranjo e expondo a indústria ao comportamento oportunista do agricultor. Além disso, a transferência de conhecimento e tecnologia nos arranjos induzidos pelo agente regulador ocorre de maneira mais lenta. Como os agentes são levados a transacionar em arranjos de maior custo, identificou-se a criação de alguns mecanismos para a redução desses custos como a revenda dos produtos adquiridos da agricultura familiar e compra de óleo de soja no mercado para a produção de biodiesel, além de contratos de balcão com agricultores. Conclui-se que os custos de transação são maiores nos arranjos de matérias-primas alternativas à soja o que dificulta o alcance do objetivo governamental em estimular a produção de biodiesel na agricultura familiar a partir de matérias-primas diversificadas. Os custos de transação também são maiores com a agricultura familiar, consequentemente, os agentes compradores (usina privada e estatal) buscam adquirir a matéria prima de agricultores familiares produtores de soja que atuam a mais tempo nesta atividade e, assim, são considerados mais estruturados, apresentando vantagens em redução de custos de transação, quando comparados à agricultura familiar dedicada a culturas alternativas. / In the formation of the biodiesel market in Brazil it was observed the creation of several alternative institutional arrangements for the production of this biofuel. Some arrangements were spontaneously formed, while other arrangements were created by government incentives to meet the objectives of social inclusion and diversification of raw materials. This study aims to analyze aspects related to transaction costs that may interfere with the governmental objective of developing new institutional arrangements involving the change from soya-based family farming, to other crops alternatives for biodiesel production, especially regarding castor beans, sunflower and jatropha. The New Institutional Economics is the theoretical approach that bases this study. In particular, it deals with the influence of institutional environment on the choices of agents, considering the transaction costs involved in transactions. The research strategy is the multiple cases study. The case studies were conducted with a private processing plant in Goias and with the farmers contracted by it; also in a subsidiary of state-owned company located in Bahia state and the farmers contracted by it; and the third was carried out with farmers settlement of the Pontal do Paranapanema in the state of Sao Paulo. From the data collected, it was found that the purchase of soybeans through the market would be the optimal choice if the regulator agent (government) hasn´t shift the choice of agents to an arrangement considered suboptimal as the hiring of soybean, rapeseed, sunflower and jatropha, encouraged by tax incentives and reserve market. It was also found that the regulation enters specificities into the relationships between buyers and sellers, increasing the cost of the arrangements, exposing the industry to farmer´s opportunistic behavior. Moreover, the transfer of expertise and technology in arrangements induced by the regulator agent occurs slowly. Because agents are induced to transact at higher-cost arrangements, it was identified the creation of mechanisms to reduce those costs, as the resale of products purchased from the family farm and purchase of soybean oil on the market, also as informal contracts with farmers, denominated fake contracts. It is concluded that transaction costs are higher in the arrangements of alternative raw materials when compared to the soybean, making it difficult to reach the goal of government in stimulating the production of biodiesel in family farm from diverse raw materials. Transaction costs are also higher with family farming, which implies that the buying agents (private and state plant) seek to acquire raw materials from family farmers used to the soybean production, and thus, are considered more structured, which give advantages in reducing transaction costs, when compared to family farms dedicated to alternative crops.

A literatura, apesar de avaliar consensualmente vendedores a descoberto como informados, pouco diz sobre possíveis diferenças entre eles, especialmente no que se refere ao seu perfil e estratégias de investimento. A dissertação, de forma pioneira, propõe métricas que permitem avaliar os vendedores a descoberto como heterogêneos, ao segmentá-los em duas categorias: o especialista em ações específicas e o estrategista, gestor perito do seu portfólio. A partir de uma base de dados do mercado brasileiro de aluguel entre janeiro de 2009 e julho de 2011, conclui-se que especialistas e estrategistas preveem retorno, mas também que: (i) fundos e pessoas físicas são mais informados que os restantes dos investidores; (ii) informados especialistas tendem a aumentar sua participação no mercado em semanas de fatos relevantes negativos, sugerindo que possuem algum conhecimento do sinal das notícias divulgadas ; (iii) investidores estrategistas são mais seletivos em suas operações, transacionando em um número relativamente menor de meses e de ações e mostrando-se melhores processadores da informação disponível. / The literature, despite consensually recognizing short sellers as informed, has little to say about potential differences among them, especially those related to their investment strategies and profile. The dissertation innovates and proposes measures that differentiate the short sellers in two groups: the specialists on specific tickers and the strategists, skilled portfolio managers. Using data on the investor level from the Brazilian stock loan market between January 2009 and July 2011, we find that both specialists and strategists predict returns, but also that : (i) funds and individuals are more informed than the remainder investor types, (ii) specialists tend to increase their participation in the market on weeks with negative news, suggesting that they have some knowledge over its signs and (iii) strategists are more selective with their transactions, negotiating on a relative lower number of months and being better interpreters of the available information.

A transação em matéria tributária insere-se no contexto das transformações ocorridas no Direito Tributário. Decorre da busca por uma maior legitimidade social do tributo, pela eficiência na gestão administrativo-tributária e por um estreitamento das relações fiscocontribuinte. O estudo faz um breve apanhado dos instrumentos de negociabilidade, onde há participação dos contribuintes. Analisa a experiência estrangeira em matéria de transação tributária. Embora, no ordenamento brasileiro, a questão possa encontrar obstáculo na impossibilidade de transação pela Administração Pública, afasta-se preliminarmente esse dogma com a demonstração de que a transação conforma-se com os princípios norteadores do Direito Público (legalidade, indisponibilidade do interesse público, discricionariedade, proporcionalidade, eficiência, etc). Após uma análise crítica dos artigos 156, III e 171 do CTN, que tratam da transação como forma de extinção do crédito tributário, afastam-se os possíveis conflitos da transação tributária em relação aos princípios e dispositivos de ordem tributária (legalidade tributária, obrigatoriedade do lançamento e cobrança do crédito tributário, vedação à renúncia de receitas e igualdade tributária). Examinam-se exemplos de transação tributária na legislação de alguns Estados da federação e nos Juizados Especiais Federais. O estudo se volta então à análise do PL nº 5.082/2009, que visa a regulamentar o instituto da transação tributária no âmbito federal. Esse projeto constitui uma alternativa viável para a redução da litigiosidade e desobstrução do Poder Judiciário. Seu exame aprofundado permite concluir que o PL nº 5.082/2009 estaria em consonância com o ordenamento pátrio e com o atual contexto do Direito Tributário, mas que deveria haver alguns reparos em seus dispositivos. / La transaction fiscale se trouve dans le contexte des changements intervenus dans le Droit fiscal. Découle de la recherche d\'une plus grande légitimité sociale de l\'impôt, dune administration fiscale efficace et d\'une relation plus étroite entre le fisc et le contribuable. L\'étude donne un bref aperçu des instruments de \"négociation\" en matière fiscale qui peuvent être conclus entre l\'administration et les contribuables. Il analyse des experiences étrangères dans le domaine de la transaction fiscale. Bien que la question peut apparemment trouver des obstacles dans le Droit brésilien, notamment à cause de la prétendue impossibilité pour l\'administration de conclure une transaction, cet obstacle est écarté en démontrant que la transaction est conforme aux principes directeurs du Droit public (légalité, indisponibilité de l\'intérêt public, proportionnalité, efficacité, etc). Après une analyse critique des articles 156, 171 et III du Códe Général des Impôts brésilien, qui prévoit la transaction comme une forme du contribuable se libérer de sa dette fiscale, on écarte des possibles conflits entre la transaction fiscale et les principes et les dispositions en matière fiscale (légalité de l\'impôt, notification et recouvrement obligatoires, interdiction de renoncer à des recettes fiscales et égalité devant l\'impôt). Létude examine également des exemples de transaction fiscale dans la législation de certains états de la fédération et les tribunaux spéciaux fédéraux. Ensuite, l\'étude analyse le Projet de loi n° 5.082/2009, qui vise à réglementer la transaction fiscale au niveau fédéral. Ce projet est une alternative viable pour réduire les litiges devant le juge. Son examen approfondi montre qu\'il serait en conformité avec le Droit brésilien et le contexte actuel du Droit fiscal. Néanmoins, il devrait y avoir quelques amendements sur ses dispositions.

The work presented here is part of a wider research programme oriented around three specific questions. First, how do individual agents appropriate returns from innovation and how is this affected by the availability (or not) of intellectual property rights such as copyrights and patents? Second, how does this translate into the aggregate production of knowledge, once one takes account of the interaction between producers and the cumulative nature of the process of knowledge production? Finally, How can we incorporate this into an estimate of the welfare trade-off inherent in intellectual property rights (the basic prerequisite for formulating rational IP policy)? The dissertation contains theoretical work on each of these questions together with a brief introductory preamble and a review of the existing literature on the economics of knowledge.

Transaction costs and resampling are two important issues that need great attention in every portfolio investment planning. In practice costs are incurred to rebalance a portfolio. Every investor tries to find a way of avoiding high transaction cost as much as possible. In this thesis, we investigated how transaction costs and resampling affect portfolio investment. We modified the basic mean-variance optimization problem to include rebalancing costs we incur on transacting securities in the portfolio. We also reduce trading as much as possible by applying the resampling approach any time we rebalance our portfolio. Transaction costs are assumed to be a percentage of the amount of securities transacted. We applied the resampling approach and tracked the performance of portfolios over time, assuming transaction costs and then no transaction costs are incurred. We compared how the portfolio is affected when we incorporated the two issues outlined above to that of the basic mean-variance optimization.

For several decades, the explanation of the existence of the Multinational Corporation (MNC) has been monopolized by transaction cost theory. The dominance of transaction cost theory in explaining the propensity of internalization was unchallenged until Kogut and Zander (1993) proposed that the superior efficiency of internalization could be explained by the nature of knowledge. Kogut and Zander claimed that the superior efficiency of knowledge transfer within the firm compared to between firms can sufficiently explain the propensity of internalization, and that market failure was not a necessary condition for internalization. Although their study is of considerably significant---they pointed out a new direction for considering the existence of MNC, the argument that market failure was not a necessary condition to internalization is logically and conceptually incorrect, and their empirical examination did not correctly support their argument. / It was found that the tacitness of knowledge is positively related to the propensity of internalization, transferability cost, and transaction cost. The positive correlations between transferability cost and the propensity of internalization, and between the transaction cost and the propensity of internalization were found. Accordingly, both transferability cost and transaction cost are mediators between the tacitness of knowledge and the propensity of internalization, and transferability cost can independently explain the superior efficiency of internalization. / The current study challenges the transaction cost theory explanation of internalization advantage by developing the construct of transferability cost, which is conceptually and empirically different from transaction cost. Transferability cost results from the dissemination and assimilation of knowledge, but transaction cost is a consequence of opportunism. The quantity of transferability cost is determined by the transferee's absorptive capability, the transferor's experience on knowledge transfer, the similarity between the transferred knowledge and the transferee's prior knowledge, and the nature of the transferred knowledge. However, transferability cost is determined by asset specificity, asymmetric information distribution, human self-interest nature, and the nature of transferred knowledge. / The identification of transferability cost provides us a convincing theoretical base to reconsider internalization theory. It is also helpful for managers to rationalize their decisions on several issues. / Cao Shengrong. / "April 2000." / Adviser: Kent Neupert. / Source: Dissertation Abstracts International, Volume: 61-08, Section: A, page: 3238. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (p. 178-194). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

by Ching-Ting, Ng. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 79-82). / Abstract --- p.i / Acknowledgement --- p.iii / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Background --- p.5 / Chapter 2.1 --- Protocols tackling site failure --- p.5 / Chapter 2.2 --- Protocols tackling Partition Failure --- p.6 / Chapter 2.2.1 --- Primary site --- p.6 / Chapter 2.2.2 --- Quorum Consensus Protocol --- p.7 / Chapter 2.2.3 --- Missing Writes --- p.10 / Chapter 2.2.4 --- Virtual Partition Protocol --- p.11 / Chapter 2.3 --- Protocols to enhance the Performance of Updating --- p.11 / Chapter 2.3.1 --- Independent Updates and Incremental Agreement in Replicated Databases --- p.12 / Chapter 2.3.2 --- A Transaction Replication Scheme for a Replicated Database with Node Autonomy --- p.13 / Chapter 3 --- Transaction Replication Scheme --- p.17 / Chapter 3.1 --- A TRS for a Replicated Database with Node Autonomy --- p.17 / Chapter 3.1.1 --- Example --- p.17 / Chapter 3.1.2 --- Problem --- p.18 / Chapter 3.1.3 --- Network Model --- p.18 / Chapter 3.1.4 --- Transaction and Data Model --- p.19 / Chapter 3.1.5 --- Histories and One-Copy Serializability --- p.20 / Chapter 3.1.6 --- Transaction Broadcasting Scheme --- p.21 / Chapter 3.1.7 --- Local Transactions --- p.22 / Chapter 3.1.8 --- Public Transactions --- p.23 / Chapter 3.1.9 --- A Conservative Timestamping Algorithm --- p.24 / Chapter 3.1.10 --- Decentralized Two-Phase Commit --- p.25 / Chapter 3.1.11 --- Partition Failures --- p.27 / Chapter 4 --- Simulation Model --- p.29 / Chapter 4.1 --- Simulation Model --- p.29 / Chapter 4.1.1 --- Model Design --- p.29 / Chapter 4.2 --- Implement at ion --- p.37 / Chapter 4.2.1 --- Simulation --- p.37 / Chapter 4.2.2 --- Simulation Language --- p.37 / Chapter 5 --- Performance Results and Analysis --- p.39 / Chapter 5.1 --- Simulation Results and Data Analysis --- p.39 / Chapter 5.1.1 --- Experiment 1 : Variation of TRS Period --- p.44 / Chapter 5.1.2 --- Experiment 2 : Variation of Clock Synchronization --- p.47 / Chapter 5.1.3 --- Experiment 3 : Variation of Ratio of Local to Public Transaction --- p.49 / Chapter 5.1.4 --- Experiment 4 : Variation of Number of Operations --- p.51 / Chapter 5.1.5 --- Experiment 5 : Variation of Message Transmit Delay --- p.55 / Chapter 5.1.6 --- Experiment 6 : Variation of the Interarrival Time of Transactions --- p.58 / Chapter 5.1.7 --- Experiment 7 : Variation of Operation CPU cost --- p.61 / Chapter 5.1.8 --- Experiment 8 : Variation of Disk I/O time --- p.64 / Chapter 5.1.9 --- Experiment 9 : Variation of Cache Hit Ratio --- p.66 / Chapter 5.1.10 --- Experiment 10 : Variation of Number of Data Access --- p.68 / Chapter 5.1.11 --- Experiment 11 : Variation of Read Operation Ratio --- p.70 / Chapter 5.1.12 --- Experiment 12 : Variation of One Site Failed --- p.72 / Chapter 5.1.13 --- Experiment 13 : Variation of Sites Available --- p.74 / Chapter 6 --- Conclusion --- p.77 / Bibliography --- p.79 / Chapter A --- Implementation --- p.83 / Chapter A.1 --- Assumptions of System Model --- p.83 / Chapter A.1.1 --- Program Description --- p.83 / Chapter A.1.2 --- TRS System --- p.85 / Chapter A. 1.3 --- Common Functional Modules for Majority Quorum and Tree Quo- rum Protocol --- p.88 / Chapter A.1.4 --- Majority Quorum Consensus Protocol --- p.90 / Chapter A. 1.5 --- Tree Quorum Protocol --- p.91

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Na formação do mercado de biodiesel no Brasil observa-se a criação de diversos arranjos institucionais alternativos para a produção desse biocombustível. Alguns arranjos surgiram espontaneamente, enquanto outros foram criados por meio de incentivos governamentais para atender aos objetivos de inclusão social e diversificação das matérias-primas. Este estudo tem como objetivo analisar os aspectos relacionados aos custos de transação que podem interferir no objetivo governamental de desenvolver novos arranjos institucionais envolvendo a agricultura familiar a partir de culturas alternativas à soja, especialmente mamona, girassol e pinhão manso, para a produção de biodiesel. O aporte teórico utilizado para embasar este estudo é a Nova Economia Institucional. Em especial, trata da influência do ambiente institucional sobre as escolhas dos agentes, considerando-se os custos de transação envolvidos nas relações de troca. A estratégia de pesquisa utilizada é o estudo de casos múltiplos. Os estudos de caso foram realizados em uma usina privada em Goiás e os respectivos agricultores contratados por ela; em uma usina subsidiária de uma empresa estatal localizada no Estado da Bahia e dos respectivos agricultores contratados por ela e o terceiro caso foi realizado com agricultores de assentamentos do Pontal do Paranapanema no Estado de São Paulo. A partir dos dados coletados, constatou-se que a compra de soja, via mercado, seria a escolha ótima caso o agente regulador não deslocasse a escolha dos agentes para arranjos considerados subótimos como a contratação de soja, mamona, girassol e pinhão manso, estimulados por incentivos tributários e de reserva de mercado. Também se verificou que a regulação insere especificidades nas relações que poderiam ser realizadas via mercado, aumentando o custo do arranjo e expondo a indústria ao comportamento oportunista do agricultor. Além disso, a transferência de conhecimento e tecnologia nos arranjos induzidos pelo agente regulador ocorre de maneira mais lenta. Como os agentes são levados a transacionar em arranjos de maior custo, identificou-se a criação de alguns mecanismos para a redução desses custos como a revenda dos produtos adquiridos da agricultura familiar e compra de óleo de soja no mercado para a produção de biodiesel, além de contratos de balcão com agricultores. Conclui-se que os custos de transação são maiores nos arranjos de matérias-primas alternativas à soja o que dificulta o alcance do objetivo governamental em estimular a produção de biodiesel na agricultura familiar a partir de matérias-primas diversificadas. Os custos de transação também são maiores com a agricultura familiar, consequentemente, os agentes compradores (usina privada e estatal) buscam adquirir a matéria prima de agricultores familiares produtores de soja que atuam a mais tempo nesta atividade e, assim, são considerados mais estruturados, apresentando vantagens em redução de custos de transação, quando comparados à agricultura familiar dedicada a culturas alternativas. / In the formation of the biodiesel market in Brazil it was observed the creation of several alternative institutional arrangements for the production of this biofuel. Some arrangements were spontaneously formed, while other arrangements were created by government incentives to meet the objectives of social inclusion and diversification of raw materials. This study aims to analyze aspects related to transaction costs that may interfere with the governmental objective of developing new institutional arrangements involving the change from soya-based family farming, to other crops alternatives for biodiesel production, especially regarding castor beans, sunflower and jatropha. The New Institutional Economics is the theoretical approach that bases this study. In particular, it deals with the influence of institutional environment on the choices of agents, considering the transaction costs involved in transactions. The research strategy is the multiple cases study. The case studies were conducted with a private processing plant in Goias and with the farmers contracted by it; also in a subsidiary of state-owned company located in Bahia state and the farmers contracted by it; and the third was carried out with farmers settlement of the Pontal do Paranapanema in the state of Sao Paulo. From the data collected, it was found that the purchase of soybeans through the market would be the optimal choice if the regulator agent (government) hasn´t shift the choice of agents to an arrangement considered suboptimal as the hiring of soybean, rapeseed, sunflower and jatropha, encouraged by tax incentives and reserve market. It was also found that the regulation enters specificities into the relationships between buyers and sellers, increasing the cost of the arrangements, exposing the industry to farmer´s opportunistic behavior. Moreover, the transfer of expertise and technology in arrangements induced by the regulator agent occurs slowly. Because agents are induced to transact at higher-cost arrangements, it was identified the creation of mechanisms to reduce those costs, as the resale of products purchased from the family farm and purchase of soybean oil on the market, also as informal contracts with farmers, denominated fake contracts. It is concluded that transaction costs are higher in the arrangements of alternative raw materials when compared to the soybean, making it difficult to reach the goal of government in stimulating the production of biodiesel in family farm from diverse raw materials. Transaction costs are also higher with family farming, which implies that the buying agents (private and state plant) seek to acquire raw materials from family farmers used to the soybean production, and thus, are considered more structured, which give advantages in reducing transaction costs, when compared to family farms dedicated to alternative crops.