The establishment mode choice of German multinational enterprises in Brazil: A comparative approach

We examine the drivers behind the establishment mode choice of German multinational enterprises (MNEs) in the sectors of Automotive, Chemicals and Mechanical Engineering in Brazil for the years 1993-2013 using a novel sample of primary data obtained directly from German MNEs. Based on prevalent theories found in the literature, we test the most common hypotheses on our sample. Firms with high R&D activities and firms with prior market knowledge in Brazil in from of previous sales offices are more likely to enter Brazil by a Greenfield investment. We also show that it is the specific private ownership of the German so-called hidden champions that drive those specific SMEs to enter Brazil by Greenfield, a sneaking suspicion that has been made before. Finally, we show that the establishment mode choice between Brazil and the USA only deviates to a low extent, with German MNEs preferring to enter Brazil by Greenfield and the USA by M&A. Thereby, we provide valuable insights for future research in this field.

The economics of Vieira da Silva

This paper investigates the time valuation and the age valuation profile of art-works created by the Portuguese female painter Maria Helena Vieira da Silva. It uses data from records from her paintings auction sales between 1986 and 2014, taken from Artprice.com. The study explores three aspects regarding her artistic career: (1) estimation of Age-valuation profile, defining her creativity pattern and the age at which she produced her most valuable paintings; (2) estimation of time valuation profile, through a creation of an individual hedonic price index for Vieira da Silva; (3) internationalization phenomenon of the artist, investigating whether selling prices are primarily set in euros or in US dollar. The results suggest that Vieira da Silva peaked quite early in her career; her paintings prices are not very sensible to economic cycles and tends to slightly increase afterlife; the empirical results are not suggestive on which currency is the best predictor of her paintings��� price.

Investiga����o de mercados e a����es de comunica����o para a promo����o de marcas no mercado

O presente relat��rio cumpre o objetivo de expor as atividades desempenhadas no est��gio curricular realizado na Empresa de Cervejas da Madeira. Para inserir ao leitor no contexto, come��o o relat��rio apresentando a empresa de acolhimento e o departamento do marketing, no qual desenvolvi as minhas fun����es, depois efetuo um enquadramento te��rico com o fim de sustentar a n��vel conceptual as tarefas executadas, para de seguida fazer um enquadramento pr��tico e narrar cada uma das a����es desenvolvidas. O relat��rio de est��gio pretende explicar as a����es de comunica����o de marketing realizadas, e associ��-las aos conceitos te��ricos do marketing, bem como expor as compet��ncias pr��ticas adquiridas no ��mbito dos estudos de mercado, marketing direto, publicidade, promo����o de vendas, rela����es p��blicas, e meios sociais; da mesma maneira que pretende expor de maneira conclusiva as dificuldades sentidas durante o per��odo de est��gio, e as aprendizagens obtidas.

Measuring the impact of short and lending practices using the DGTW benchmarks

Mutual fund managers increasingly lend their holdings and/or use short sales to generate higher returns for their funds. This project presents a first look into the impact these practices on performance using the performance measures: i) Characteristic Selectivity (CS), the ability of the fund's managers to choose stocks that outperform their benchmarks; ii) Characteristic Timing (CT), the ability of the manager to time the market; iii) and Average Style (AS), the returns from funds systematically holding stocks with certain characteristics. These returns are computed through the DGTW benchmarks. The effect of other variables that have also been shown to impact fund���s returns ��� total net assets under management, investment styles, turnover and expense ratios ��� will also be analyzed. I find that managers who use short-sales do not exhibit better stock picking abilities than those who do not, while mutual funds that lend do present higher CS returns. In addition, while lending is not significant for the total performance of a fund, the employment of short-sales and of both short-sales and lending has a negative impact on the fund���s performance.

Tintopia internationalization analysis

This project reflects the need to internationalize the Tintopia brand of Navarro L��pez Company, in order to continue fulfilling one of its main pillars, internationalize the company, in order to increase sales and have further diversification of risk. The purpose is to find the best Latin American market for Tinto de Verano. In order to do this, a qualitative analysis of variables for 10 countries in Latin America was performed, yielding the result that the two best options for exporting Tintopia are Peru and Mexico. After a detailed analysis of both countries, Peru has more favorable conditions, especially less competition and higher potential sales.

���Private label products: A category analysis���

The presented dissertation was developed within a partnership between Nova School of Business and Economics and the Portuguese retailer Sonae MC. The main objective of the study was to develop an analysis for the confectionary category to identify potential development opportunities for new Private Label products. In order to do so, the starting point was to understand how the confectionery market was behaving, followed by and understanding of Continente���s performance in that market. Aiming to point out development opportunities, the analysis was split between the subcategories ��� Chocolate, Chewing Gums and Sweets. The Subcategory performance was assessed in terms of sales, number of SKU���s, Private Label weight and it market position in terms of share. For the potential development opportunities a comparison between the top selling Branded Product and the competitors��� position was developed, in order to establish a reasonable size and retail price for such products. Key Word: Private Label, Branded Products, Continente, Sonae MC, Retail, SKU���s, Sales, Price, Market Share,

Sweetening abroad

This project aims to plan the internationalization strategy of the Portuguese small firm A Tarte, producer of a gourmet pie, to a European country in order to enlarge its sales. Therefore, a thorough analysis of the company and of the bakery market is performed to understand the complete environment. It is followed by a quantitative analysis of fourteen countries to select the most attractive market, whose results indicated United Kingdom as the best option. After, the direct exporting entry mode was analysed and costs estimated. Lastly, the expansion to London is recommended to be pursued with a UK local agent/distributor support

Should Quinta dos A��ores expand its retailer network in lisbon?

The primary purpose of this research is to examine the feasibility of expanding Quinta dos A��ores retailer network in Lisbon starting from 2015 onwards. A time series model was developed to estimate the company���s future production and sales. A Discounted Cash Flow analysis was also conducted to determine the profitability of this expansion opportunity. Our findings reveal that Quinta dos A��ores will face negative results in the first two years of the expansion strategy, but the overall opportunity presents a net positive result of almost three million euros.

Heinrich e C��cile Daniker-Haller - A m��sica dom��stica na vida de um casal de negociantes entre Zurique e o Rio de Janeiro na primeira metade do s��culo XIX

O casal de su����os, Heinrich (1795���1866) e C��cile D��niker-Haller (1816���1887), com seus filhos, viveu no Rio de Janeiro entre 1828 e 1852. Comerciantes pr��speros, cosmopolitas e mel��manos, deixaram grande quantidade de informa����es sobre suas atividades de m��sica em ambiente dom��stico daquele per��odo, mas tamb��m depois de terem voltado a se estabelecer na Su����a. O Genealogisches Archiv der Helene und C��cile R��bel Familienstiftung (FA HCR), na cidade de Zurique, documenta a hist��ria desta fam��lia. As informa����es registradas pelo casal estudado, principalmente em forma de cartas e di��rios, permitem-nos conhecer e analisar a pr��tica musical em ambiente dom��stico das fam��lias estrangeiras no Rio de Janeiro, e demonstrar quais eram os repert��rios por eles utilizados. Entre as conclus��es tiradas, inclui-se o fato de que o romantismo alem��o teria feito sua entrada no ambiente musical brasileiro atrav��s dos sal��es musicais das fam��lias estrangeiras, exatamente como foi o caso em outras cidades do mundo n��o germ��nico. Nos documentos deixados pela fam��lia D��niker-Haller encontram-se os mais antigos testemunhos at�� hoje encontrados da execu����o de Lieder de Schubert em ambiente dom��stico no Rio de Janeiro. Por outro lado, a pr��tica da Hausmusik na cidade de Zurique vem descrita e comparada ��quela carioca. A an��lise destes relatos tamb��m nos permite descrever a diferen��a que havia entre os eventos musicais em ambiente dom��stico ��ntimo e informal, e os "sal��es musicais", onde diletantes se produziam em esfera semi-p��blica previamente preparados e ensaiados, e a marcante diferen��a no repert��rio destes dois tipos de eventos sociais.

A proposta de regulamento relativo a um direito europeu comum da compra e venda e as suas implica����es no direito portugu��s

We have witnessed in recent years, an obvious effort by the competent European institutions, towards the harmonization of general law applicable to all Member States (MS's). Many developments have been registered in several areas of law, a europeanization process that aims to add value to cross-border transactions and, consequently, the internal market and european trade. This trend manifests itself in general to the private law level, and particularly in contract law. The extension of the field in which market participants - whether professionals or consumers - can act, must imperatively be articulated with a consequent wider protection. After all, the consumer is also a leading European purposes and its level should not be called into question for the sake of promoting trade. The link between the positions of two opposing parties, professionals and consumers, requires commitment and work reinforced by the institutions but only on that basis is consistent legislative production. The proposed Regulation on a Common European Sales Law of the sale, the European Commission, set focus to European contract law and raises questions about the relevance and necessity of such uniformity. An instrument for purposes of harmonization of European contract law, that can be applied to all cross-border consumer contracts, similar in all MS's certainly bring many benefits. However, its applicability and usefulness would depend on the level of protection that would provide, compared to the existing national rights. Would an optional instrument ensure the designs of a common law? Moreover, would a binding instrument be the best alternative in that sense? Keywords:

Improving the early diagnostic of prostate cancer by multiple biomarker detection with new biosensing devices

Prostate cancer (PCa) is the most common form of cancer in men, in Europe (World Health Organization data). The most recent statistics, in Portuguese territory, confirm this scenario, which states that about 50% of Portuguese men may suffer from prostate cancer and 15% of these will die from this condition. Its early detection is therefore fundamental. This is currently being done by Prostate Specific Antigen (PSA) screening in urine but false positive and negative results are quite often obtained and many patients are sent to unnecessary biopsy procedures. This early detection protocol may be improved, by the development of point-of-care cancer detection devices, not only to PSA but also to other biomarkers recently identified. Thus, the present work aims to screen several biomarkers in cultured human prostate cell lines, serum and urine samples, developing low cost sensors based on new synthetic biomaterials. Biomarkers considered in this study are the following: prostate specific antigen (PSA), annexin A3 (ANXA3), microseminoprotein-beta (MSMB) and sarcosine (SAR). The biomarker recognition may occurs by means of molecularly imprinted polymers (MIP), which are a kind of plastic antibodies, and enzymatic approaches. The growth of a rigid polymer, chemically stable, using the biomarker as a template allows the synthesis of the plastic antibody. MIPs show high sensitivity/selectivity and present much longer stability and much lower price than natural antibodies. This nanostructured material was prepared on a carbon solid. The interaction between the biomarker and the sensing-material produces electrical signals generating quantitative or semi-quantitative data. These devices allow inexpensive and portable detection in point-of-care testing.

A decision- theoretic model for M&A sale processes

A Work Project, presented as part of the requirements for the Award of a Masters Double Degree in Economics and International Business from the NOVA ��� School of Business and Economics and Insper Instituto de Ensino e Pesquisa

Salvador da Bahia: retratos de uma cidade atl��ntica

Porto admir��vel desde o final do s��culo XVI, a cidade da Bahia esteve intensamente envolvida no com��rcio atl��ntico e no tr��fico negreiro. Sendo conjuntamente capital do Brasil colonial e emp��rio universal, metr��pole eclesi��stica, e, quase �� sua revelia, cidade cosmopolita, ela foi, desde ent��o, o lugar de influ��ncias diversas e de reconfigura����es profundas. Prop��e-se, neste volume, uma s��rie de retratos focados nas institui����es, bem como nas pr��ticas e representa����es de atores sociais envolvidos nesta urbe atl��ntica entre os s��culos XVII e XIX.

Improving retail banking staff incentive systems

This Work Project seeks to analyze the viability, utility and best way of implementing mechanisms of double accounting and of insertion of low (or null) sales objectives in an incentives program. The main findings are that both processes are possible and to a certain extent advisable, although in very specific ways and with some limitations. Double accounting processes are especially effective between different segments and networks and should have a greater impact in the first evaluation periods of each case and the null objectives, albeit usable, are recommended to be always substituted by positive objectives, even if quite small. Moreover, it is concluded that the formal structure of the incentives program influences significantly these concepts, namely concerning the duration of the evaluation periods and the interaction of the objectives of different entities for both the vertical (hierarchic) and horizontal (individual and collective) levels.

The hospitality industry

This study of independent Portuguese hotels��� positioning strategies regarding adopting, or not, a soft brand affiliation seeks to determine what motivates this choice. Surveyed hotels were asked to enunciate the benefits and disadvantages associated with their strategic decision, and other difficulties experienced in their business. The results indicate that international brand awareness and the hotel owners��� long-term goals are the core factors affecting the choice. In practice, we conclude that there isn���t a ���one size fits all��� strategy. Nevertheless, affiliated hotels experience an operational advantage over non-affiliated ones stemming from the affiliating organization���s accumulated experience in sales, distribution channels and marketing resources.