Giles Smith, Andrew Robson, Mr R. L. Oxfordshire, Gráinne Gilmore, Lynne Cox, Janice Turner, Fiona Hunter, Phil Yates, Lucy Alexander, Gary Jacob and Russell Kempson, Stephen Gregory, Stella Shamoon, Richard Whitehead, Portia Colwell, Andrew Pierce, Adam Sherwin Media Reporter, Dr Thomas Stuttaford and Suzi Godson, Simon Barnes, Rory Bremner, Alexandra Blair, Tim De Lisle, Peter Lansley, Robert Thicknesse, Paul Hoggart, Geraldine Brooks, Tim Burton, Ivo Tennant, Clare Lazaro, Felix Milns, Jill Mead, Emma Cook, Frankie Dettori, Philip Howard, Hannah Betts, Hilary Finch, Carol Midgley, Christine Seib, Michael Binyon, James Bone, James Ducker, Rachel Campbell-Johnston, Nic Hopkins, Chris Larlham, Clive Davis, Alexandra Frean Social Affairs Correspondent, Kate Reardon, Lucia Van Der Post, Jane Taylor-Hayhurst, Wendy Ide, James Hider, John Bungey, Nick Hasell Stock Markets, Geoff Brown, Gerald Davies, Clare Stewart, Giles Coren, Andrew Norfolk, Antonia Senior, Marianne de Ste Croix, Dr Copperfield, Mark Griffiths, Pat Gibson, Valerie Elliott Countryside Editor, Nancy Durrant, Mespot, Stephen McClarence, Ben Rawlings, Leo McKinstry, Tom Baldwin and Tosin Sulaiman, Katherine Swift, Jill Sherman and Rajeev Syal, Anthony Browne, Tom Bawden, Ruth Gledhill, Dominic Walsh, Debra Craine, Teedra Moses, Jamie Baker, Caroline Charles, Designer, Antony B. Morris, Allan Simmons, Will Hide & Tom Chesshyre, Jill Dupleix, Tim Reid, Daniel Finkelstein, Dr Jane Collins, Dan Sabbagh, Dalya Alberge Arts Correspondent, Jane Clarke, John Prine, Peter Ackroyd, John McNAMARA, MM, Candida Crewe, Jo Morris, Nick Robinson, Peter Millar, Jenny MacArthur, Scott Murdoch, Alice Oswald, Nick Kettlewell, Dominic Walsh and Jenny Davey, Tina Gaudoin, David Hands, Carlos Gomes, Valerie Elliott Consumer Editor and Chris Johnston, Martin Symington, Elizabeth Judge, Christine Selb and Mark Atherton, Genevieve Fox, Tim Teeman, Hannah McGILL, Caroline Merrell Banking Correspondent, Michael Howard, Derwent May, Kate Muir, Ivan Hewett, Roger Scruton, Tom Petherick, Paula Hawkins, Peter Paphides, David Rowan, Nigel Williamson, Tony Halpin Education Editor, Daniel McGrory, Gary Duncan Economics Editor, Oliver Kay, Gerard Baker, Stephen Anderton, Amber Cowan, Ed Potton, Carola Long, Anne Wareham, David Lister, Mark Atherton, Jack Shamash, John Westerby, Jenny Lewis, Lisa Armstrong, Michael Plumbe Chairman, Tom Baldwin, Martyn Palmer, Mark Henderson Science Correspondent, Derek Storkey, David Lawrenson, Chris Power, Dr Feelgood, David Baddiel, Ann Treneman, Alan Lee Racing Journalist, Simon de Bruxelles, Katie Anderson, Rob Wright, Geoffrey Dean, Magnus Grimond, Michael Palin, Raymond Keene, Ian Evans, Kate Saunders, Matthew Pryor, Richard Brass, Rebecca O'Connor, Peter Kimm, Gordon Ramsay, Christine Buckley Industrial Editor, Kaveh Solhekol, Harry Partch and Robert Plant, Jeremy Page, Zoë Strimpel, Helen Rumbelow Political Correspondent, Llam Fox, Richard Owen, Helen Nugent, Christopher Martin-Jenkins Chief Cricket Correspondent, Kelly Osbourne, Guy Deutscher, Marcel Berlins, David Rose and Adam Sherwin Media Reporter, Roger Boyes, Catharine Morris, Peter Dixon, Barry Shooter, Gabriel Rozenberg Economics Reporter, Allan Mallinson, Alex Dufort, Graham Searjeant Personal Investor, Robert Keys, David Hands Rugby Correspondent, David Price, Paul Simons, Chris Condron, Tom Stoddart, Michelle Henery, Nigel Kendall, Nick Szczepanik, Joanna Pitman, Mark Dampier, Heather McGREGOR, Jane Macquitty, Daniel Finkelstein and Tim Hames, Robert Crampton, Matthew Parris, George Caulkin, Doug McKinlay, Tony Hannan, Jonathan Rendall, Russell Jenkins, John Lister-Kaye, Tim Wapshott, Neil P. Magee, Caitlin Moran, Iain Finlayson, Peter Riddell, Peter Fullerton, Ben Macintyre, David Charter Chief Political Correspondent, Alison Gibson, David Sanderson, Patrick Howard, Graham Searjeant, Geoffrey Rowell, Nirpal Dhaliwal, John Naish, Anne Ashworth Personal Finance Editor, Martin Waller, Mark Henderson, Chris Ayres, Gary Duncan and Gabriel Rozenberg, Terry Durack, Armando lannucci, Sarah Butler, Benedict Nightingale, Diana Moran, Angus Batey, Jonathan Meades, Sam Coates and Tom Baldwin, Jill Crawshaw, Stephen Dalton, Bernard Dixon, Bill Edgar, Alyson Rudd, Tom Chesshyre, Paul Connolly, James Christopher, Valerie Grove, Adam Sherwin, Abigail Rayner, Simon Crompton, Alan Jackson, Owen Slot, Jenny Davey, Philip Franklin, David Wattis, Ray Boulger, Jane Macartney, Sam Lister Health Correspondent, Stephen Applebaum, Joe Bolger, Christopher Irvine, Irma Kurtz,
... to party through the election on TV (right), Armando lannucci wonders where the politics went in 2005 ...
2005 - Gale Group | TDA
Produção Nacional
Revisado por pares
Alessandro Francisco Talamini do Amarante, Maria Aparecida Barbosa, Marcio Armando Gomes de Oliveira, Maria José Carmello, Carlos Roberto Padovani,
O trabalho foi realizado em nove propriedades do Estado de São Paulo, com o objetivo de verificar o efeito da administraçõo de oxfendazol, ivermectina e levamisol sobre os exames coproparasitólogicos de ovinos. Em cada propriedade foram formados aleatóriamente quatro grupos de ovinos: o primeiro foi medicado com oxfendazol, na dose de 4,5 mg/kg, o segundo com levamisol, na dose de 7,5 mg/kg, o terceiro com ivermectina, na dose de 0,2 mg/kg e o quarto grupo foi o controle, não medicado. Colheitas ...
Tópico(s): Helminth infection and control
1992 - UNIVERSIDADE DE SÃO PAULO | Brazilian Journal of Veterinary Research and Animal Science
Philip L. Bond, Armando Gomes,
We analyze a tractable class of multitask principal–agent problems, such as the one faced by a firm with a manager overseeing several projects. We allow for tasks to be complements or substitutes. We avoid the problems associated with the first-order approach by directly characterizing the shape of the agent's indirect utility function, which exhibits a convex then concave shape in effort. We identify a new source of allocational inefficiency across tasks: excessive concentration, and its consequence, ...
Tópico(s): Banking stability, regulation, efficiency
2008 - Elsevier BV | Journal of Economic Theory
Gordon Phillips, Armando Gomes,
We examine public firms' issues of private and public debt, convertibles, and common equity securities. The market for public firms issuing private securities is large. Of the over 13,000 issues we examine, more than half are in the private market. We find that asymmetric information plays a major role in the choice of security type within public and private markets. Conditional on issuing in the public market, firms' predicted probability of issuing equity declines and issuing debt increases with ...
Tópico(s): Housing Market and Economics
2007 - RELX Group (Netherlands) | SSRN Electronic Journal
Armando Gomes, Gary B. Gorton, Leonardo Madureira,
Regulation Fair Disclosure (“Reg FD”), adopted by the U.S. Securities and Exchange Commission in October 2000 was intended to stop the practice of “selective disclosure”, in which companies give material information only to a few analysts and institutional investors prior to disclosing it publicly. Our analysis shows that the adoption of Reg FD caused a significant shift in analyst attention, resulting in a welfare loss for small firms, which now face a higher cost of capital. The loss of the “selective ...
Tópico(s): Financial Markets and Investment Strategies
2006 - Elsevier BV | Journal of Corporate Finance
Produção Nacional
Do large shareholders monitor firms on behalf of minority shareholders, or share control with other insiders to maximize their own gains? We show how firm characteristics and governance laws determine the role of large shareholders. If investment opportunities are hard for insiders to evaluate, letting a large shareholder monitor the firm is efficient because shared control creates disagreement costs that are more likely to destroy profitable opportunities than to prevent bad investments. In contrast, ...
Tópico(s): Corporate Taxation and Avoidance
2006 - RELX Group (Netherlands) | SSRN Electronic Journal
Armando Gomes, Gordon Phillips,
The market for public firms issuing private equity, debt, and convertible securities is large. Of the over 13,000 issues we examine, more than half are in the private market. Our results show asymmetric information plays a major role in the choice of security type within public and private markets and in the choice of market in which to issue securities. In the public market, firms’ predicted probability of issuing equity declines and issuing debt increases with measures of asymmetric information. ...
Tópico(s): Banking stability, regulation, efficiency
2012 - Elsevier BV | Journal of Financial Intermediation
This paper proposes a model of multilateral contracting where players are engaged in two parallel interactions: they dynamically form coalitions and play a repeated normal form game with temporary and permanent decisions. We show that when outside options are independent of the actions of other players all Markov perfect equilibrium without coordination failures are efficient, regardless of externalities created by interim actions. Otherwise, in the presence of externalities on outside options, ...
Tópico(s): Economic theories and models
2005 - Elsevier BV | Journal of Economic Theory
This paper proposes a model for multilateral contracting, where contracts are written and renegotiated over time, and where contracts may impose externalities on other agents. Equilibria always exist and the equilibrium value function is linear and monotonically increasing on the contracts. If the grand coalition, or contracting among all agents, is inefficient, we show that bargaining delays arise in positive-externality games and equilibrium inefficiency may remain bounded away from zero even ...
Tópico(s): Economic theories and models
2005 - Wiley | Econometrica
Armando Gomes, Gordon Phillips,
We examine a comprehensive set of public firms' issues of private and public debt, convertibles and common equity securities. The market for public firms issuing private securities is large. Of the over 13,000 issues we examine, more than half are in the private market, with 81\% of small public firms issuing equity and convertibles choosing to issue privately. We find that asymmetric information, in particular, plays a large role in the public versus private market choice and the security type ...
Tópico(s): Banking stability, regulation, efficiency
2005 - RELX Group (Netherlands) | SSRN Electronic Journal
Armando Gomes, Philippe Jéhiel,
An economy with a finite number of agents and a finite number of states is considered. An exogenous institutional rule prescribes which moves from one state to another are feasible to each coalition. At each time, an agent is called to act with some exogenous probability, and he chooses a coalition, a feasible new state to move the economy to, and side payments between the agents in the coalition. The setup can be applied to various dynamic processes of social and economic interactions such as legislative ...
Tópico(s): Auction Theory and Applications
2005 - University of Chicago Press | Journal of Political Economy
Armando Gomes, Gary B. Gorton, Leonardo Madureira,
We empirically investigate the effects of the adoption of Regulation Fair Disclosure (Reg FD) by the U.S. Securities and Exchange Commission in October 2000. This rule was intended to stop the practice of selective disclosure, in which companies give material information only to a few analysts and institutional investors prior to disclosing it publicly. We find that the adoption of Reg FD caused a significant reallocation of information-producing resources, resulting in a welfare loss for small firms, ...
Tópico(s): Financial Reporting and Valuation Research
2004 - RELX Group (Netherlands) | SSRN Electronic Journal
This paper addresses the agency problem between controlling shareholders and minority shareholders. This problem is common among public firms in many countries where the legal system does not effectively protect minority shareholders against oppression by controlling shareholders. We show that even without any explicit corporate governance mechanisms protecting minority shareholders, controlling shareholders can implicitly commit not to expropriate them. Stock prices are significantly higher and ...
Tópico(s): Economic Policies and Impacts
2004 - RELX Group (Netherlands) | SSRN Electronic Journal
Rachel Croson, Armando Gomes, Kathleen L. McGinn, Markus Nöth,
Mergers and acquisitions improve market efficiency by capturing synergies between firms. But takeovers also impose externalities (both positive and negative) on the remaining firms in the industry. This paper describes a new equilibrium concept designed to explain and predict takeovers in this setting. We experimentally compare the new equilibrium concept to that of competing concepts in situations without and with externalities. Moreover, we examine the predicted dynamics of takeovers and outcome ...
Tópico(s): Economic theories and models
2004 - Oxford University Press | European Finance Review
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Tópico(s): Economic Policies and Impacts
2004 - RELX Group (Netherlands) | SSRN Electronic Journal
Rachel Croson, Armando Gomes, Kathleen L. McGinn, Markus N�th,
Mergers and acquisitions improve market efficiency by capturing synergies between firms. But takeovers also impose externalities (both positive and negative) on the remaining firms in the industry. This paper describes a new equilibrium concept designed to explain and predict takeovers in this setting. We experimentally compare the new equilibrium concept to that of competing con- cepts in situations without and with externalities. Moreover, we examine the predicted dynamics of takeovers and outcome ...
Tópico(s): Economic theories and models
2004 - Oxford University Press | Review of Finance
This paper addresses the agency problem between controlling shareholders and minority shareholders. This problem is common among public firms in many countries where the legal system does not effectively protect minority shareholders against oppression by controlling shareholders. We show that even without any explicit corporate governance mechanisms protecting minority shareholders, controlling shareholders can implicitly commit not to expropriate them. Stock prices of such companies are significantly ...
Tópico(s): Auditing, Earnings Management, Governance
2000 - Wiley | The Journal of Finance
Produção Nacional
This paper identifies a new corporate governance mechanism: sharing control. We show that bargaining problems among multiple controlling shareholders may prevent inefficient investment decisions that harm minority shareholders. The same bargaining problems may block efficient investment decisions, though. By solving this trade-off, we show that the likelihood that shared control is efficient increases with three firm characteristics: overinvestment problems, the cost of verifying cash flows, and ...
Tópico(s): Corporate Taxation and Avoidance
2001 - RELX Group (Netherlands) | SSRN Electronic Journal
This paper develops a dynamic model of tender offers in which there is trading on the target's shares during the takeover, and bidders can freeze out target shareholders (compulsorily acquire remaining shares not tendered at the bid price), features that prevail on almost all takeovers. We show that trading allows for the entry of arbitrageurs with large blocks of shares who can hold out a freezeout - a threat that forces the bidder to offer a high preemptive bid. There is also a positive relationship ...
Tópico(s): Risk Management in Financial Firms
2001 - RELX Group (Netherlands) | SSRN Electronic Journal
We study the problem of going public in the presence of moral hazard, adverse selection and multiple trading periods. In the multi-period game managers strategically choose the level of extraction of private benefits and can develop a good reputation for expropriating low levels of private benefits. The costs of going public can be significantly reduced because of this reputation effect, and this can be an important factor in sustaining emerging stock markets that offer weak protection to minority ...
Tópico(s): Economic theories and models
1997 - RELX Group (Netherlands) | SSRN Electronic Journal
This paper proposes a model for multilateral contracting, where contracts are written and renegotiated over time, and where contracts may impose externalities on other agents. The paper derives several properties of the Markov perfect equilibria of the infinite state-space contracting model. Equilibria always exist and the equilibrium value function is linear and monotonic on the contracts. If the grand coalition is not efficient we show that bargaining delays arise in positive-externality games. ...
Tópico(s): Game Theory and Applications
2004 - RELX Group (Netherlands) | SSRN Electronic Journal
Armando Gomes, Radhakrishnan Gopalan, Mark T. Leary, Francisco Marcet,
We use the setting of analyst coverage networks to shed light on the nature of peer effects in financial policies. First, we use the “friends-of-friends” approach and exploit the fact that analyst coverage networks partially overlap to identify endogenous peer effects, in which firms respond directly to the capital structure choices of their peers, separately from contextual effects, in which they respond to their peers’ characteristics. We further show evidence that analysts facilitate these peer ...
Tópico(s): Banking stability, regulation, efficiency
2023 - Institute for Operations Research and the Management Sciences | Management Science
Armando Gomes, Philippe Jéhiel,
An economy with a finite number of agents and a finite number of states is considered. An exogenous institutional rule prescribes what moves from one state to another are feasible to each coalition. At each time an agent is called to act with some exogenous probability, and he chooses a coalition, a feasible new state to move the economy to, and side-payments between the agents in the coalition. The setup can be applied to various dynamic processes of social and economic interactions such as legislative ...
Tópico(s): Game Theory and Voting Systems
2001 - RELX Group (Netherlands) | SSRN Electronic Journal
Produção Nacional
Bernardus Ferdinandus Nazar Van Doornik, Armando Gomes, David Schoenherr, Janis Skrastins,
We assess the employment and income effects of access to credit dedicated to investment in individual mobility (a motorcycle). For identification, we exploit random time-series variation in access to credit through random lotteries for participants in a group-lending mechanism in Brazil. We find that access to credit for investment in individual mobility permanently increases formal employment rates and salaries, yielding an annual real rate of return of 16.94 percent over a ten-year horizon. Consistent ...
Tópico(s): Banking stability, regulation, efficiency
2021 - RELX Group (Netherlands) | SSRN Electronic Journal
Armando Gomes, Sergiu Hart, Andreu Mas‐Colell,
We explore the relationships between noncooperative bargaining games and the consistent value for nontransferable utility (NTU) cooperative games. A dynamic approach to the consistent value is introduced: the consistent vector field. The main contribution is to establish that theconsistent fieldis intimately related to the concept ofsubgame perfectionfor finite horizon noncooperative bargaining games, as the horizon goes to infinity and the cost of delay goes to zero. We then show that in the general ...
Tópico(s): Economic theories and models
1999 - Elsevier BV | Games and Economic Behavior
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Tópico(s): Auction Theory and Applications
1999 - RELX Group (Netherlands) | SSRN Electronic Journal
Produção Nacional
Revisado por pares
Ignez Salas Martins, Armando Duarte Gomes, U Pasini,
No estudo de população constituída de 3.792 indivíduos, procurou-se caracterizar o estado dos níveis lipêmicos, segundo sexo, idade e a presença ou ausência de fatores de risco de doenças cardiovasculares, expressos pelo hábito de fumar, obesidade, antecedentes diabéticos e uso de contraceptivos orais. Os indivíduos que não apresentaram nenhuma patologia e qualquer dos fatores de risco considerados foram denominados "isentos". Os dados foram submetidos à análise de variância constatando-se que a ...
Tópico(s): Obesity, Physical Activity, Diet
1989 - UNIVERSIDADE DE SÃO PAULO | Revista de Saúde Pública
We propose a new solution for coalition bargaining problems among n players that can form coalitions c generating heterogenous coalitional values . The players' values vi and probability of coalition formation are given by: where coalition c is chosen only if it maximizes the average gain and . This solution is the strong Markov perfect equilibrium of a non-cooperative coalition bargaining game where players choose simultaneously the coalition they want to join followed by negotiations to split the ...
Tópico(s): Game Theory and Applications
2022 - Elsevier BV | Games and Economic Behavior
... 12854Francisco G. Araújo, Aparecida A. Nascimento, Iracema D. Gomes, Armando Sales, Beatriz A. Chagas de Oliveira Gonadal development ...
Tópico(s): Gender Roles and Identity Studies
1990 - University of Chicago Press | The American Naturalist
This paper analyses properties of games modeling multilateral negotiations leading to the formation of coalitions in an environment with widespread externalities. The payoff generated by each coalition is determined by an exogenous partition function (the parameter space). We show that in almost all games, except in a set of measure zero of the parameter space, the Markov perfect equilibrium value of coalitions and the state transition probability that describe the path of coalition formation is ...
Tópico(s): Economic theories and models
2015 - Elsevier BV | Journal of Mathematical Economics