Barriers to Entry in Monopoly Markets: Automobile Distribution in Brazil

O Objetivo deste Trabalho é Analisar os Efeitos da Entrada de uma Segunda Concessionária de Automóveis em Mercados Previamente Monopolizados. para Tanto, Construiu-Se um Banco de Dados com a Localização de Concessionárias de Automóveis em Microrregiões e Características Demográficas e Econômicas Destas Microrregiões. a Partir Desse Banco de Dados e de Modelos de Escolha Binária, Foram Identificadas Variáveis que Condicionam a Existência e o Número de Concessionárias em Microrregiões. Utilizando-Se de um Modelo Adaptado de Bresnahan e Reiss (1990), Foram Estimados os Custos Fixos de Entrada de Concessionárias em Mercados Monopolizados. os Resultados Obtidos Sugerem que as Barreiras À Entrada não são Significativas, o que Aumenta a Probabilidade de que a Cláusula de Exclusividade nos Contratos de Concessão não Cause Danos À Concorrência no Mercado Brasileiro de Distribuição de Automóveis

TactileGCN: A Graph Convolutional Network for Predicting Grasp Stability with Tactile Sensors

Tactile sensors provide useful contact data during the interaction with an object which can be used to accurately learn to determine the stability of a grasp. Most of the works in the literature represented tactile readings as plain feature vectors or matrix-like tactile images, using them to train machine learning models. In this work, we explore an alternative way of exploiting tactile information to predict grasp stability by leveraging graph-like representations of tactile data, which preserve the actual spatial arrangement of the sensor's taxels and their locality. In experimentation, we trained a Graph Neural Network to binary classify grasps as stable or slippery ones. To train such network and prove its predictive capabilities for the problem at hand, we captured a novel dataset of approximately 5000 three-fingered grasps across 41 objects for training and 1000 grasps with 10 unknown objects for testing. Our experiments prove that this novel approach can be effectively used to predict grasp stability

Asylum for Former Mexican Police Officers Persecuted by the Narcos

Since President Felipe Calderón declared war against Mexico’s narcotraffickers in 2006, drug violence has escalated and has claimed the lives of over 2000 Mexican police officers. To successfully petition for asylum in the United States, former Mexican police officers facing persecution by the Narcos must prove that they are members of a particular social group. In past cases, courts have refused to find that persecution by the Narcos qualifies a petitioner as a member of a particular social group. This Article argues, however, that former Mexican police officers facing persecution by the Narcos are members of a particular social group based on a shared past experience and should be granted asylum in the United States

Ethanol energy futures: Identifying hedge ratios, cointegration equations and price bubbles

Ethanol has been the subject of intense debate following the adoption of the Energy Policy Act of 2005 (EPAct) which established that the gasoline supply in the United States (U.S.) must contain 10% ethanol. The subsequent increase in the production of ethanol since 2005 has had an effect on the prices of corn, ethanol, and gasoline. This work seeks to identify hedging ratios using dynamic multivariate GARCH to best identify hedging opportunities in a newly developed futures market. In addition, Cointegration and Vector Error Models are used to identify relationships in price movements between ethanol futures, spot prices and related commodities. Principal findings include the identification of price relationships between futures and spot prices of ethanol as well as with other related commodities. Further, we apply the newly developed Generalized Suprema Augmented Dickey-Fuller (GSADF) methodology to identify both price bubbles in ethanol and corn prices and overlay the results to see if there are price periods where these periods overlap

China’s banking reform: An assessment of its evolution and possible impact

The Chinese banking system, characterized by massive government intervention, poor asset quality and low capitalization, has started a reform process based on three main pillars: (i) bank restructuring, through the cleaning-up of non-performing loans and public capital injections, particularly in the four largest state-owned banks; (ii) financial liberalization, with the gradual flexibilization of quantity and price controls, the opening-up to foreign competition and cautious steps toward capital account liberalization; and (iii) strengthened financial regulation and supervision, coupled with efforts to improve corporate governance and transparency. Although the reform is still ongoing, our preliminary assessment indicates that changes are needed for the reform to be fully successful. Asset quality has improved, particularly in the recapitalized banks, but there is a high risk of a new build-up of non performing loans. Capitalization has increased in the largest banks, as a consequence of the government capital injections, but it generally remains low and profitability has fallen even further. China’s huge financing needs, to maintain high economic growth, and its commitment to fully open up its banking system to foreign competition urgently require a more comprehensive and time-bound strategy, with a long-term vision of the desired structure of the Chinese banking system. Bank recapitalization should be completed immediately, not only to ensure bank soundness, but also to increase profitability, which could be affected negatively as competition increases with full financial liberalization. Bank recapitalization, however, needs to be accompanied by a radical improvement in corporate governance, which would clearly be facilitated by a change in the property structure.Chinese financial system, financial reform, bank restructuring, financial liberalization, bank regulation and supervision.

Photoswitchable catalysis by a nanozyme mediated by a lightsensitive cofactor

The activity of a gold nanoparticle-based catalyst can be reversibly up- and down-regulated by light. Light is used to switch a small molecule between cis- and trans-isomers, which inhibits the catalytic activity of the nanoparticles to different extent. The system is functional in aqueous buffer, which paves the way for integrating the system in biological networks