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Q2254270 Inglês
The Internet at Risk

    Some 12,000 people convened last week in Tunisia for a United Nations conference about the Internet. Many delegates want an end to the U.S. Commerce Department's control over the assignment of Web site addresses (for example, http://www.washington-%20post.com/ ) and e-mail accounts (for example, [email protected]). The delegates' argument is that unilateral U.S. control over these domain names reflects no more than the historical accident of the Internet's origins. Why should the United States continue to control the registration of French and Chinese Internet addresses? It doesn't control the registration of French and Chinese cars, whatever Henry Ford's historic role in democratizing travel was.
    The reformers' argument is attractive in theory and dangerous in practice. In an ideal world, unilateralism should be avoided. But in an imperfect world, unilateral solutions that run efficiently can be better than multilateral ones that  ....51....
        The job of assigning domain names offers huge opportunities for abuse. ....52.... controls this function can decide to keep certain types of individuals or organizations offline (dissidents or opposition political groups, for example). Or it can allow them on in exchange for large fees. The striking feature of U.S. oversight of the Internet is that such abuses have not occurred.
        It's possible that a multilateral overseer of the Internet might be just as efficient. But the ponderous International Telecommunication Union, the U.N. body that would be a leading candidate to take over the domain registry, has a record of resisting innovation - including the advent of the Internet. Moreover, a multilateral domain-registering body would be caught between the different visions of its members: on the one side, autocratic regimes such as Saudi Arabia and China that want to restrict access to the Internet; on the other side, open societies that want low barriers to entry. These clashes of vision would probably make multilateral regulation inefficiently political. You may say that this is a fair price to pay to uphold the principle of sovereignty. If a country wants to keep certain users from registering domain names (Nazi groups, child pornographers, criminals), then perhaps it has a right to do so. But the clinching argument is that countries can exercise that sovereignty to a reasonable degree without controlling domain names. They can order Internet users in their territory to take offensive material down. They can order their banks or credit card companies to refuse to process payments to unsavory Web sites based abroad. Indeed, governments' ample ability to regulate the Internet has already been demonstrated by some of the countries pushing for reform, such as authoritarian China. The sovereign nations of the world have no need to wrest control of the Internet from the United States, because they already have it.

(Adapted from Washington Post, November 21, 2005; A14)
O pronome it, no final do texto, refere-se a
Alternativas
Q2254263 Inglês
The Internet at Risk

    Some 12,000 people convened last week in Tunisia for a United Nations conference about the Internet. Many delegates want an end to the U.S. Commerce Department's control over the assignment of Web site addresses (for example, http://www.washington-%20post.com/ ) and e-mail accounts (for example, [email protected]). The delegates' argument is that unilateral U.S. control over these domain names reflects no more than the historical accident of the Internet's origins. Why should the United States continue to control the registration of French and Chinese Internet addresses? It doesn't control the registration of French and Chinese cars, whatever Henry Ford's historic role in democratizing travel was.
    The reformers' argument is attractive in theory and dangerous in practice. In an ideal world, unilateralism should be avoided. But in an imperfect world, unilateral solutions that run efficiently can be better than multilateral ones that  ....51....
        The job of assigning domain names offers huge opportunities for abuse. ....52.... controls this function can decide to keep certain types of individuals or organizations offline (dissidents or opposition political groups, for example). Or it can allow them on in exchange for large fees. The striking feature of U.S. oversight of the Internet is that such abuses have not occurred.
        It's possible that a multilateral overseer of the Internet might be just as efficient. But the ponderous International Telecommunication Union, the U.N. body that would be a leading candidate to take over the domain registry, has a record of resisting innovation - including the advent of the Internet. Moreover, a multilateral domain-registering body would be caught between the different visions of its members: on the one side, autocratic regimes such as Saudi Arabia and China that want to restrict access to the Internet; on the other side, open societies that want low barriers to entry. These clashes of vision would probably make multilateral regulation inefficiently political. You may say that this is a fair price to pay to uphold the principle of sovereignty. If a country wants to keep certain users from registering domain names (Nazi groups, child pornographers, criminals), then perhaps it has a right to do so. But the clinching argument is that countries can exercise that sovereignty to a reasonable degree without controlling domain names. They can order Internet users in their territory to take offensive material down. They can order their banks or credit card companies to refuse to process payments to unsavory Web sites based abroad. Indeed, governments' ample ability to regulate the Internet has already been demonstrated by some of the countries pushing for reform, such as authoritarian China. The sovereign nations of the world have no need to wrest control of the Internet from the United States, because they already have it.

(Adapted from Washington Post, November 21, 2005; A14)
No texto, a palavra que preenche corretamente a lacuna é 
Alternativas
Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Inspetor |
Q2244803 Inglês
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?

Sonia Falconieri, Albert Murphy and Daniel Weaver

      As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
        There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ...56... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ...57... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ...58... idea of supply and demand away from the inside quotes.
         We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.


(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão, assinale, na folha de resposta, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (...58...).
Alternativas
Q2243146 Inglês
Maya Angelou, known in literature for her autobiographical works, is the author of:
Alternativas
Q2242131 Inglês
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?

Sonia Falconieri, Albert Murphy and Daniel Weaver

        As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.

         There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ....56... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. .....57.... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have KK 58 idea of supply and demand away from the inside quotes.

      We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.

(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Instruções: Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado.
Alternativas
Respostas
36: D
37: E
38: A
39: C
40: C