DIVERSIFICATION WITH THE OPTION-TO-ABANDON: AN INTEGRATED VALUATION MODEL

A model that recognizes the possibility of total shareholder loss in the aftermath of bankruptcy reveals simultaneously the stock price effects of diversification and of the option to abandon assets to creditors. In essence the model integrates security pricing behavior predicted by the CAPM and by the OPM in a single formula. Results have implications for the valuation of equity and debt securities of firms in distress and of options when underlying cash flows are correlated with the market. The analysis suggests why models that consider only diversification or the option-to-abandon sometimes fail to track the behavior of actual returns

Habitar a metrópole: os apartamentos quitinetes de Adolf Franz Heep

The restructuring of the housing market and the emergence of a new housing typology in Sao Paulo from the mid-1940s, the kitchenette apartment, coincided with changes in the parameters that guided disciplinary discourse and architectural practice in Brazil. Analyze the moment the new typology was formulated, their initial motivations and subsequent developments, allows not only to recover the trajectory of the German architect Adolf Franz Heep (1902-1978) as investigate the dialogue between European architectural avant-garde, the North-American experiences, the local architectural production and the local demands

Measurement of the cosmic ray spectrum above 4×10184{\times}10^{18} eV using inclined events detected with the Pierre Auger Observatory

A measurement of the cosmic-ray spectrum for energies exceeding $4{\times}10^{18}$ eV is presented, which is based on the analysis of showers with zenith angles greater than $60^{\circ}$ detected with the Pierre Auger Observatory between 1 January 2004 and 31 December 2013. The measured spectrum confirms a flux suppression at the highest energies. Above $5.3{\times}10^{18}$ eV, the "ankle", the flux can be described by a power law $E^{-\gamma}$ with index $\gamma=2.70 \pm 0.02 \,\text{(stat)} \pm 0.1\,\text{(sys)}$ followed by a smooth suppression region. For the energy ($E_\text{s}$) at which the spectral flux has fallen to one-half of its extrapolated value in the absence of suppression, we find $E_\text{s}=(5.12\pm0.25\,\text{(stat)}^{+1.0}_{-1.2}\,\text{(sys)}){\times}10^{19}$ eV.Comment: Replaced with published version. Added journal reference and DO