In this paper, we examine optimal portfolio decisions within a decentralized framework. There are many portfolio managers choosing optimal portfolio weights in a mean-variance framework and taking decisions in a decentralized way. However, the overall portfolio may not be efficient, as the...

Within a mean-variance model we analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in <i>n</i> different markets, which is called the optimal centralized portfolio. However, as there are many traders...

This article describes the Brazilian Model of Telecommunications Reform (BMTR), presenting privatization and the new regulatory framework in Brazil, comparing it with the experiences in the UK and US. The main targets of the reform were to enhance competition, to provide universal service, and...