Privatization and Restructuring in Concentrated Markets

This paper examines the restructuring of state assets in markets deregulated by privatizations and investment liberalizations. We show that the government has a stronger incentive to restructure than the buyer: A firm restructuring only takes into account how much its own profit will increase. The government internalizes that restructuring increases the sales price not only from the increase in the acquirer’s profit, but also from a reduced profit for the non-acquirer, whose profits decrease due to its rival’s restructuring. We also identify situations where a slow sale can significantly reduce the sales price because of strategic investment and product market effects.Privatization, Asset ownership, Restructuring

Vertical FDI Reviseted

This study explores how relative skilled-wage premia affect FDI. Contrary to previous studies based on factor endowment differences, we find strong support for vertical FDI, in the sense that more FDI is conducted in countries where unskilled labor is relatively cheap. In addition, we find that relative skill-premia also affect FDI activities that have previously been associated with horizontal FDI, i.e. local affiliate sales. Consequently, the potential effects of changes in the relative wage costs on international production reallocation within MNEs are large. In fact, if not for the 8% rise in the US skilled wage premium relative to the average host country between 1986-1994, annual US affiliate sales abroad in relation to US GDP would have been half a percentage point higher.multinational firms, wage differentials

The Effect of Tax Treaties on Multinational Firms: New Evidence from Microdata

This paper uses affiliate level data from Swedish multinationals to examine the impact of tax treaties on both overall affiliate sales and the composition of those sales. In line with previous results, we find little evidence for an effect of treaties on the level of total sales. We do, however, find that a tax treaty increases the probability of investment by a firm in a given country. In addition, we find that a treaty reduces exports to the parent but increases imports of intermediate inputs from the parent. This is consistent with treaties increasing the effective host tax. This suggests that tax treaties impact the behavior of multinationals along some dimensions but not along others.Tax Treaties, Multinational Firms, Foreign Direct Investment

Caracterização do módulo de resiliência e da deformação permanente de três solos e misturas solo-brita

This dissertation aims at characterizing the resilient modulus and the permanent deformation of three soils and one gravel, and five mixtures proposed from the combination of these materials based on current Brazilian standards, aiming to fit them into the granulometric bands for use in base layer or sub-base of pavement. Soils were identified by the MCT test, as soil LG ', NA' and NG ', the first of lateritic behavior and the other two non-lateritic behavior, the gravel used has three different nominal sizes. The main objective of this research is to analyze the applicability of soil-gravel standards, through mechanical tests. Resilient modulus and permanent deformation tests were performed and analyzes were made on the resulting accommodation. The permanent deformation tests (DP) were performed with a minimum application of 150,000 load cycles, at 2 Hz frequency. The RM test, were performed at 1 Hz, as specified by standard. Data from the DP assay were generally satisfactory. However, the pure NA 'and NG' soils and the M1 mixture resulted in deformation values in the order of 4 mm, for the higher levels of tension considered to be a high value, when compared to the typical allowable total rutting of 12.5 mm. The resilience modulus data, most of which were in accordance with range indicated in the literature, and on the study of the shakedown, the materials presented behavior A and B, showing no rupture in optimum moisture.Esta dissertação visa a caracterização do módulo de resiliência e da deformação permanente de três solos e uma brita, e de cinco misturas propostas a partir da combinação destes materiais, baseadas em normas brasileiras vigentes, visando enquadrá-las nas faixas granulométricas para utilização em camada de base ou sub-base de pavimento. Os solos foram identificados pelo ensaio MCT, como LG’, NA’ e NG’, o primeiro de comportamento laterítico e os outros dois de comportamento não laterítico, a brita utilizada apresenta três tamanhos nominais diferentes. O objetivo principal desta pesquisa é analisar a aplicabilidade das normas solo-brita, por meio de ensaios mecânicos. Foram realizados ensaios de módulo de resiliência e deformação permanente e feitas análises sobre o acomodamento resultante. Os ensaios de deformação permanente (DP) foram realizados com a aplicação mínima de 150.000 ciclos de carga, a 2 Hz de frequência. Os ensaios de MR foram realizados a 1 Hz, como especificado por norma. Os dados resultantes do ensaio de DP foram em geral satisfatórios. Porém os solos NA’ e NG’ puros e a mistura M1 resultaram em valores de deformação na ordem de 4 mm, para os níveis mais elevados de tensão, considerado um valor elevado quando não há acomodamento, quando comparado ao afundamento de trilha de rodas total típico admissível de um pavimento de 12,5 mm. Os módulos de resiliência, na maioria, enquadraram-se em faixas indicadas pela literatura, e quanto ao shakedown, os materiais apresentaram comportamento A e B, não apresentando ruptura quando ensaiados na umidade ótima

ESTUDO DA MISTURA IDEAL DE SOLO ARGILOSO LATERÍTICO DO NOROESTE DO RIO GRANDE DO SUL E AREIA PARA USO EM PAVIMENTOS ECONÔMICOS

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Student Reflections on Capstone Design: Experiences with Industry-Sponsored Projects

Students are a primary stakeholder in engineering Capstone Design courses, but the student voice risks being overlooked in discussions of Capstone Design pedagogy and development. While many engineering programs collect student feedback and performance data for accreditation purposes, the engineering education and engineering design literature provide few resources that capture student perspectives on Capstone Design, especially across multiple institutions. The 2012 Capstone Design Conference hosted two well-attended panel sessions called ‘‘Student Reflections on Capstone Design’’ specifically to highlight student experiences in Capstone Design courses with industry-sponsored projects. Each panel featured four different panelists who had recently completed their Capstone Design courses, had worked with different industrial sponsors, and represented different institutions and engineering disciplines. The facilitator of each panel asked the same initial questions of the respective panelists and then opened the conversation to questions from the audience. Although the trajectory of the two panels varied, content analysis of the transcribed discussions revealed similar themes from both groups. This paper addresses the analysis methodology, emerging themes, and sample reflections/suggestions from the student panelists. Discussion of the themes and student comments provides a foundation of student perspectives to aid faculty and industry liaisons in strengthening the Capstone Design experience

Fractional exhaled nitric oxide in Chinese children with asthma and allergies–A two-city study

SummaryFractional exhaled nitric oxide (FeNO) is a non-invasive biomarker of eosinophilic airway inflammation. Our aim was to study associations between FeNO in Chinese children in two cities and asthma, asthmatic symptoms, rhinitis, eczema, and selected childhood and home environmental factors.A random sample of children in Shanghai (n = 187) and Taiyuan (n = 127), and additional randomly selected children reporting current wheeze (n = 115) were invited for FeNO measurements by NIOX MINO. A questionnaire survey was performed among all subjects (12–14 y) in 59 classes in Shanghai and 44 in Taiyuan. Associations were studied using multiple linear regression using 10log transformed FeNO data and mutual adjustment.The geometric mean FeNO in the random sample (GM ± GSD) was higher in Shanghai (16.2 ± 1.9 ppb) as compared to Taiyuan (12.8 ± 1.6 ppb) (P < 0.001). In the total material (n = 429), Shanghai residency (P = 0.001), male gender (P = 0.02), parental asthma/allergy (P = 0.04), doctors' diagnosed asthma (DDA) (P < 0.001) and current wheeze (P < 0.001) were associated with higher FeNO levels. In non-wheezers (n = 291), Shanghai residency (P = 0.007), male gender (P = 0.002), DDA (P = 0.04), current rhinitis (P = 0.004) and reported pollen/furry pet allergy (P = 0.04) were positively associated with FeNO. In wheezers (n = 138), DDA was the only significant factor (P = 0.009). In conclusion, male gender, current wheeze, DDA, parental asthma/allergy, current rhinitis, pollen/furry pet allergy can be independent determinants of increased FeNO. The lower level of FeNO in Taiyuan is in agreement with previous studies showing lower prevalence of asthma and allergy in Taiyuan as compared to Shanghai