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Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242061
Administração Financeira e Orçamentária
A Constituição Federal, ao estabelecer que os recursos
que, em decorrência de veto, emenda ou rejeição do
projeto de lei orçamentária anual, ficarem sem despesas
correspondentes, poderão ser utilizados, conforme o caso,
mediante créditos especiais ou suplementares, com prévia
e específica autorização legislativa, refere-se à destinação
dos recursos
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242060
Direito Financeiro
A legislação de normas de Direito Financeiro que
referenciou ordenadores de despesas de forma ampla e
específica é
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242059
Administração Financeira e Orçamentária
A diferença positiva apurada no fim do exercício financeiro
entre as disponibilidades acrescidas dos realizáveis
financeiros e a dívida flutuante, subtraídos os créditos
transferidos do período anterior e adicionadas as
operações de crédito a realizar vinculadas a esses
créditos transferidos, vem a ser o
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242058
Administração Financeira e Orçamentária
Texto associado
Uma entidade de direito público apresentou no
encerramento do exercício os seguintes valores: Créditos
Fixados no orçamento 120, Créditos Adicionais Abertos 30,
Créditos Anulados 5, Economia Orçamentária 15, Despesa
Liquidada Paga 90, Despesa Liquidada a Pagar 30, Despesa
Paga 90.
O valor dos restos a pagar não processados foi de:
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242057
Administração Financeira e Orçamentária
Texto associado
Uma entidade de direito público apresentou no
encerramento do exercício os seguintes valores: Créditos
Fixados no orçamento 120, Créditos Adicionais Abertos 30,
Créditos Anulados 5, Economia Orçamentária 15, Despesa
Liquidada Paga 90, Despesa Liquidada a Pagar 30, Despesa
Paga 90.
O total dos restos a pagar apurados no encerramento do
exercício foi de:
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242052
Administração Financeira e Orçamentária
O Sistema Integrado de Administração Financeira do
Governo Federal – Siafi, NÃO tem como um de seus
objetivos permitir
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242050
Auditoria
O auditor da CVM, ao analisar as demonstrações
financeiras de uma companhia aberta, constatou que esta
havia adquirido debêntures de sua própria emissão. Com
relação às condições deste tipo de operação, está de
acordo com os dispositivos da Lei nº 6.404/76:
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242049
Auditoria
No programa de auditoria para exames dos sistemas de
PED, o auditor NÃO deverá considerar o exame
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242048
Auditoria
O auditor da CVM, ao efetuar fiscalização nas demonstrações financeiras do Banco Depósito S.A., constatou que
o auditor responsável pelas demonstrações contábeis,
objeto da fiscalização, possui parentesco em primeiro grau
com o contador da empresa auditada. Nesse caso, para
atender à Lei nº 6.404/76 e às normas da CVM, os
trabalhos de auditoria serão considerados:
Q2241614
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is
....58.... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers
from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....59.... methods are morally wrong. They are ....60.... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall
victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and
acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
According to the text,
Q2241612
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is
....58.... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers
from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....59.... methods are morally wrong. They are ....60.... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall
victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and
acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
Segundo o texto, a NeuroNova
Q2241608
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is
....58.... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers
from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....59.... methods are morally wrong. They are ....60.... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall
victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and
acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
A synonym for odd would be:
Q2241605
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is
....58.... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers
from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....59.... methods are morally wrong. They are ....60.... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall
victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and
acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
Para responder à questão, assinale, na folha de respostas, a letra correspondente a alternativa que preenche corretamente a lacuna do texto apresentado (....60....).
Q2241602
Inglês
Texto associado
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 ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... 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)
Os autores do texto sugerem que
Q2241599
Inglês
Texto associado
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 ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... 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)
In the text, an adequate synonym for major is
Q2241596
Inglês
Texto associado
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 ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... 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 respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (...51...).
Q2241590
Português
Texto associado
[Indivíduo e sociedade]
O conceito abstrato de “sociedade” significa, para o ser
humano individual, a soma total de suas relações diretas e
indiretas com seus contemporâneos e com todos os que
viveram nas gerações anteriores. O indivíduo é capaz de
pensar, sentir, lutar e trabalhar por si mesmo; mas depende a
tal ponto da sociedade – em sua existência física, intelectual e
emocional – que é impossível pensar a si mesmo ou
compreender-se fora da estrutura da sociedade. É a
“sociedade” que provê o homem de alimento, roupas, moradia,
instrumentos de trabalho, língua, formas de pensamento e da
maior parte dos conteúdos de pensamento; sua vida torna-se
possível graças ao trabalho e às realizações dos muitos milhões
de homens que já viveram ou ainda vivem, todos ocultos por
trás da pequena palavra “sociedade”.
(Albert Einstein, Escritos da maturidade.)
Considere as seguintes afirmações:
I. O homem depende a tal ponto da vida em sociedade que não é capaz de desenvolver pensamentos originais.
II. O conceito de “sociedade” é uma abstração, mas nele se traduz a complexa trama de relações concretas entre os homens.
III. Não há formação de um indivíduo que não pressuponha realizações humanas em tempos passados.
Em relação ao texto, está correto o que se afirma em
I. O homem depende a tal ponto da vida em sociedade que não é capaz de desenvolver pensamentos originais.
II. O conceito de “sociedade” é uma abstração, mas nele se traduz a complexa trama de relações concretas entre os homens.
III. Não há formação de um indivíduo que não pressuponha realizações humanas em tempos passados.
Em relação ao texto, está correto o que se afirma em
Q2241589
Português
Texto associado
O que é a CVM?
A CVM – Comissão de Valores Mobiliários – é uma
entidade autárquica em regime especial, vinculada ao Ministério
da Fazenda, com personalidade jurídica e patrimônio próprios,
dotada de autoridade administrativa independente, ausência de
subordinação hierárquica, mandato fixo e estabilidade de seus
dirigentes, e autonomia financeira e orçamentária. (Redação
dada pela Lei no. 10.411, de 26 de fevereiro de 2002)
A CVM surgiu com vistas ao desenvolvimento de uma
economia fundamentada na livre iniciativa, tendo por princípio
básico defender os interesses do investidor, especialmente o
acionista minoritário, e o mercado de valores mobiliários em
geral, entendido como aquele em que são negociados títulos
emitidos pelas empresas para captar, junto ao público, recursos
destinados ao financiamento de suas atividades.
Ao eleger como objetivo básico defender os investidores,
especialmente os acionistas minoritários, a CVM oferece ao
mercado as condições de segurança e desenvolvimento
capazes de consolidá-lo como instrumento dinâmico e eficaz na
formação de poupanças, de capitalização das empresas e de
dispersão de renda e da propriedade, através da participação
do público de uma forma crescente e democrática,
assegurando o acesso do público às informações sobre valores
mobiliários negociados e sobre quem os tenha emitido.
(Texto institucional)
Considere as seguintes afirmações:
I. A CVM é uma entidade autárquica. II. O princípio básico da CVM é defender especialmente os interesses do acionista minoritário. III. A CVM defende a livre iniciativa.
Essas afirmações estão articuladas de modo coerente, claro e correto no seguinte período:
I. A CVM é uma entidade autárquica. II. O princípio básico da CVM é defender especialmente os interesses do acionista minoritário. III. A CVM defende a livre iniciativa.
Essas afirmações estão articuladas de modo coerente, claro e correto no seguinte período:
Q2241587
Português
Texto associado
O que é a CVM?
A CVM – Comissão de Valores Mobiliários – é uma
entidade autárquica em regime especial, vinculada ao Ministério
da Fazenda, com personalidade jurídica e patrimônio próprios,
dotada de autoridade administrativa independente, ausência de
subordinação hierárquica, mandato fixo e estabilidade de seus
dirigentes, e autonomia financeira e orçamentária. (Redação
dada pela Lei no. 10.411, de 26 de fevereiro de 2002)
A CVM surgiu com vistas ao desenvolvimento de uma
economia fundamentada na livre iniciativa, tendo por princípio
básico defender os interesses do investidor, especialmente o
acionista minoritário, e o mercado de valores mobiliários em
geral, entendido como aquele em que são negociados títulos
emitidos pelas empresas para captar, junto ao público, recursos
destinados ao financiamento de suas atividades.
Ao eleger como objetivo básico defender os investidores,
especialmente os acionistas minoritários, a CVM oferece ao
mercado as condições de segurança e desenvolvimento
capazes de consolidá-lo como instrumento dinâmico e eficaz na
formação de poupanças, de capitalização das empresas e de
dispersão de renda e da propriedade, através da participação
do público de uma forma crescente e democrática,
assegurando o acesso do público às informações sobre valores
mobiliários negociados e sobre quem os tenha emitido.
(Texto institucional)
Está correta a grafia de todas as palavras da frase:
Q2241584
Português
Texto associado
O que é a CVM?
A CVM – Comissão de Valores Mobiliários – é uma
entidade autárquica em regime especial, vinculada ao Ministério
da Fazenda, com personalidade jurídica e patrimônio próprios,
dotada de autoridade administrativa independente, ausência de
subordinação hierárquica, mandato fixo e estabilidade de seus
dirigentes, e autonomia financeira e orçamentária. (Redação
dada pela Lei no. 10.411, de 26 de fevereiro de 2002)
A CVM surgiu com vistas ao desenvolvimento de uma
economia fundamentada na livre iniciativa, tendo por princípio
básico defender os interesses do investidor, especialmente o
acionista minoritário, e o mercado de valores mobiliários em
geral, entendido como aquele em que são negociados títulos
emitidos pelas empresas para captar, junto ao público, recursos
destinados ao financiamento de suas atividades.
Ao eleger como objetivo básico defender os investidores,
especialmente os acionistas minoritários, a CVM oferece ao
mercado as condições de segurança e desenvolvimento
capazes de consolidá-lo como instrumento dinâmico e eficaz na
formação de poupanças, de capitalização das empresas e de
dispersão de renda e da propriedade, através da participação
do público de uma forma crescente e democrática,
assegurando o acesso do público às informações sobre valores
mobiliários negociados e sobre quem os tenha emitido.
(Texto institucional)
Na ordem em que se apresentam, os três parágrafos do
texto constituem, basicamente,
Conheça nossos planos