Impact of Capital Controls and Transaction Costs on the Return Distribution of Dually Traded Securities: Evidence from Chile and Argentina

In this paper we compare the distributions of ADR returns and the returns of the locally traded shares between Chile and Argentina. This comparison is interesting because both countries are emerging economies with a similar free market orientation. Both countries have similar free market orientation, but they differ in two important respects: (1) exchange rate regime and (2) restrictions to foreign investments. We find several differences between the two economies. Consistent with previous research, we find that the volatility of ADR returns tends to be higher than the return volatility of the underlying securities. We also find that the return distributions of Chilean ADRs are significantly different from the distributions of the returns on the respective underlying Chilean shares. The results reveal that while the mean returns are the same, the return standard deviations are significantly different. In contrast, Argentinean ADRs and their respective underlying shares tend to have the same distribution of returns. Finally, we employ a threshold model to estimate the transaction cost of trading the ADRs and the locally traded shares. We find that transaction costs that must be added to the returns difference before arbitrage is possible are between 1% and 2% for Chilean ADRs, and slightly lower - 0.66% to 1.65% for Argentinean ADRs. We also find that the daily return differential reversion caused by arbitrage activities is around 30% for Chilean ADRs and 40% for Argentinean ADRs.

A BIBLIOMETRIC REVIEW OF PROCESS MINING IN MANUFACTURING PROCESSES

The process mining is essential when it is needed to know what is happening in the execution of the processes, even more when it is manufacturing processes. Also, there is a lack of studies on process mining in manufacturing processes, one reason is because the process mining still a young field of study. Therefore, this paper presents a bibliometric review of a history of the process mining techniques applied in manufacturing processes. It was used, as methodology, a systematic review of the literature, by consulting databases from Web of Science and Scopus, using filters to generate a sample that would match with the scope of the research. As results, it was made some analysis, which presents the identification of the years, authors, research source, countries, number of citations, keywords cloud and industry type used in the cases studied. Also, some graphics, tables and information are presented on this paper

The Flutists of the John Philip Sousa’s Band: A Study of the Flute Section and Soloists

The Sousa Band is widely known because of its leader and his compositions. Although it was one of the most successful ensembles in history, most of the instrumentalists and individuals who contributed to its success have had their legacies forgotten. The flute section of the Sousa Band is an example of a group of musicians who were recognized as some of the best in the United States during their time, but are neglected by the present flute community. My research focused on gathering data about the flute section and the individuals who were instrumental for the creation and development of the Sousa Band. An extensive investigation through old newspapers, old music journals, multiple publications on John Philip Sousa and his band, and the Sousa Archives and Center for American Music at the University of Illinois at Urbana-Champaign demonstrated that a considerable amount of information on the flute players was scattered throughout government documents, such as military registers and census, local newspapers, old advertisements of instruments’ factories, obituaries, small entries on flute books, ancestry websites, and private collections. Therefore, I found it important to study them in order to produce a document that preserves and brings their legacy to light. The findings of my investigation demonstrate how significant the flute section was both to the Sousa Band and the music community at large. The flute and piccolo players were frequently featured as soloists with prominent ensembles, and their virtuosity and expertise made them not only acclaimed performers but also relevant teachers during their time. Additionally, my research shows how important those flute players were in the recording industry. They occupied permanent positions in recording studios and were featured on hundreds of records by the most important recording labels of their time. Finally, my document may serve as an addition to flute books and encyclopedias as it covers a missing part of the history of the flute and piccolo in the United States at the turn of the 20th century. Emphasizing the role played by the flute section of the Sousa Band in this period, this document provides biographical information on the main flute players and teachers who were part of this section. It also provides information about some of their students who became influential musicians and university professors who passed along the legacy of the flute players of the Sousa Band to the next generations

La Compatibilidad electromagnética, un problema en la sociedad actual

Peer Reviewe

La Compatibilidad electromagnética, un problema en la sociedad actual

Peer Reviewe

Approximation of the thermally coupled MHD problem using a stabilized finite element method

A numerical formulation to solve the MHD problem with thermal coupling is presented in full detail. The distinctive feature of the method is the design of the stabilization terms, which serve several purposes. First, convective dominated flows in the Navier-Stokes and the heat equation can be dealt with. Second, there is no restriction in the choice of the interpolation spaces of all the variables and, finally, flows highly coupled with the magnetic field can be accounted for. Different aspects related to the design of the final fully discrete and linearized algorithm are also discussed

Consumers\u27 Perceptions of the Role of the Marketing System in Subjective Well-being

The term happiness is used colloquially to refer to subjective well-being. In the years when the performance of marketing systems in Brazil was reduced, there was a fall in happiness index, which demonstrates the importance of marketing systems in the subjective well-being of individuals and society. Most studies on the role played by the marketing system in subjective well-being are based on mature markets. Little has been studied on the subject in Latin American markets. This article describes the role of marketing systems in the subjective well-being of Brazilian consumers. In qualitative research through interviews with consumers from cities of different sizes and economic development, it was found that in general the subjective well-being of the consumer can be achieved by access to products and consumer experiences. Preliminary conclusions are presented on how the marketing system and the consumption it provides influence on the subjective well-being of the consumer from the variation of income, level of education and access to public services

Approximation of the thermally coupled MHD problem using a stabilized finite element method

A numerical formulation to solve the MHD problem with thermal coupling is presented in full detail. The distinctive feature of the method is the design of the stabilization terms, which serve several purposes. First, convective dominated flows in the Navier–Stokes and the heat equation can be dealt with. Second, there is no restriction in the choice of the interpolation spaces of all the variables and, finally, flows highly coupled with the magnetic field can be accounted for. Different aspects related to the design of the final fully discrete and linearized algorithm are also discussed

Stabilized finite element approximation of the stationary magneto-hydrodynamics equations

In this work we present a stabilized finite element method for the stationary magneto-hydrodynamic equations based on a simple algebraic version of the subgrid scale variational concept. The linearization that yields a well posed linear problem is first identified, and for this linear problem the stabilization method is designed. The key point is the correct behavior of the stabilization parameters on which the formulation depends. It is shown that their expression can be obtained only on the basis of having a correct error estimate. For the stabilization parameters chosen, a stability estimate is proved in detail, as well as the convergence of the numerical solution to the continuous one. The method is then extended to nonlinear problems and its performance checked through numerical experiments

Pensando a produção teórica em relações internacionais no Brasil: uma análise da revista brasileira de política internacional e da contexto internacional (2005-2015)

Anais do VI Encontro de Iniciação Científica e II Encontro Anual de Iniciação ao Desenvolvimento Tecnológico e Inovação – EICTI 2017 - 04 a 06 de outubro de 2017 - temática Ciências HumanasO artigo mapeia a produção científica acerca dos Estudos de Segurança Internacional e Política Externa no Brasil, especialmente na Revista Brasileira de Relações Internacionais entre 2005 e 2015. Para isso, analisam-se 28 artigos publicados no periódico durante o período com o tema de Segurança Internacional e, 81 artigos com o tema de Política Externa a partir de uma metodologia quali-quantitativa. Observa-se que a revista, no período entre 2005 e 2013, teve considerável preferência com artigos relacionados com visões mais ortodoxas das Relações Internacionais, em especial com a adoção de correntes teóricas como Realismo e Liberalismo. No entanto, em 2015 o periódico assimilou a nova fase dos estudos de Segurança Internacional e Política Externa, absorvendo outros fatores que não apenas o militar nas problematizações sobre segurança internacional, como a segurança humana e conceptualização de paz, e a substituição do Estado pelo individuo como ente a ser seguro, e no caso da política externa, tirou o foco do Estado como único ator capaz de exercê-laUniversidade Federal da Integração Latino-Americana (Unila); Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq); Fundação Araucária; Parque Tecnológico Itaipu (PTI) e Companhia de Saneamento do Paraná (SANEPAR