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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.
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Q2240470 Inglês
Analise o texto a seguir sobre cultura inglesa:


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Um dos aspectos a ser abordado em aulas de língua inglesa é o do uso de preposições após verbos, substantivos e adjetivos. Assinale a alternativa que preenche corretamente a lacuna da linha 14. 
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Q2239810 Inglês
Text 2A7

       Artificial intelligence (AI) is arguably the most rapidly advancing technology humans have ever developed. A year ago, you wouldn’t often hear AI come up in a regular conversation, but today it seems there’s constant talk about how generative AI tools like ChatGPT and DALL-E will affect the future of work, the spread of information, and more. A major question that has thus far been almost entirely unexamined is how this AI-dominated future will affect people’s minds.

         There’s been some research into how using AI in their jobs will affect people mentally, but there isn’t yet an understanding of how simply living amongst so much AI-generated content and systems will affect people’s sense of the world. How is AI going to change individuals and society in the not-too-distant future?

          AI will obviously make it easier to produce disinformation. That will affect people’s sense of trust as they’re scrolling on social media. AI can also allow someone to imitate your loved ones, which further erodes people’s general ability to trust what was once unquestionable.


Internet: < wired,com > (adapted).  
In the context of the first sentence of the second paragraph of text 2A7, the word “ understanding ” is grammatically classified as 
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Q2238992 Inglês
Text 2A7

         Artificial intelligence (AI) is arguably the most rapidly advancing technology humans have ever developed. A year ago, you wouldn’t often hear AI come up in a regular conversation, but today it seems there’s constant talk about how generative AI tools like ChatGPT and DALL-E will affect the future of work, the spread of information, and more. A major question that has thus far been almost entirely unexamined is how this AI-dominated future will affect people’s minds.
           
           There’s been some research into how using AI in their jobs will affect people mentally, but there isn’t yet an understanding of how simply living amongst so much AI-generated content and systems will affect people’s sense of the world. How is AI going to change individuals and society in the not-too-distant future?

            AI will obviously make it easier to produce disinformation. That will affect people’s sense of trust as they’re scrolling on social media. AI can also allow someone to imitate your loved ones, which further erodes people’s general ability to trust what was once unquestionable.

Internet: <wired.com> (adapted). 
In the context of the first sentence of the second paragraph of text 2A7, the word “understanding” is grammatically classified as 
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Q2234105 Inglês

Read Text I and answer the question.


Text I

Why We're Obsessed With the Mind-Blowing ChatGPT AI Chatbot

Stephen Shankland

Feb. 19, 2023 5:00 a.m. PT


   This artificial intelligence bot can answer questions, write essays, summarize documents and write software. But deep down, it doesn't know what's true.

     Even if you aren't into artificial intelligence, it's time to pay attention to ChatGPT, because this one is a big deal.

    The tool, from a power player in artificial intelligence called OpenAI, lets you type natural-language prompts. ChatGPT then offers conversational, if somewhat stilted, responses. The bot remembers the thread of your dialogue, using previous questions and answers to inform its next responses. It derives its answers from huge volumes of information on the internet.

     ChatGPT is a big deal. The tool seems pretty knowledgeable in areas where there's good training data for it to learn from. It's not omniscient or smart enough to replace all humans yet, but it can be creative, and its answers can sound downright authoritative. A few days after its launch, more than a million people were trying out ChatGPT.

     But be careful, OpenAI warns. ChatGPT has all kinds of potential pitfalls, some easy to spot and some more subtle.

     “It's a mistake to be relying on it for anything important right now,” OpenAI Chief Executive Sam Altman tweeted. “We have lots of work to do on robustness and truthfulness.” […]

        What is ChatGPT?

       ChatGPT is an AI chatbot system that OpenAI released in November to show off and test what a very large, powerful AI system can accomplish. You can ask it countless questions and often will get an answer that's useful.

        For example, you can ask it encyclopedia questions like, “Explain Newton's laws of motion.” You can tell it, "Write me a poem," and when it does, say, "Now make it more exciting." You ask it to write a computer program that'll show you all the different ways you can arrange the letters of a word.

       Here's the catch: ChatGPT doesn't exactly know anything. It's an AI that's trained to recognize patterns in vast swaths of text harvested from the internet, then further trained with human assistance to deliver more useful, better dialog. The answers you get may sound plausible and even authoritative, but they might well be entirely wrong, as OpenAI warns.

Adapted from: https://www.cnet.com/tech/computing/why-were-all-obsessedwith-the-mind-blowing-chatgpt-ai-chatbot/

The modal verb in might well be at the end of the text indicates
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Respostas
206: C
207: E
208: D
209: C
210: E