A Methodology to measure shareholder value orientation and shareholder value creation aimed at providing a research basis to investigate the link between both magnitudes

Does shareholder value orientation lead to shareholder value creation? This article proposes methods to quantify both, shareholder value orientation and shareholder value creation. Through the application of these models it is possible to quantify both dimensions and examine statistically in how far shareholder value orientation explains shareholder value creation. The scoring model developed in this paper allows quantifying the orientation of managers towards the objective to maximize wealth of shareholders. The method evaluates information that comes from the companies and scores the value orientation in a scale from 0 to 10 points. Analytically the variable value orientation is operationalized expressing it as the general attitude of managers toward the objective of value creation, investment policy and behavior, flexibility and further eight value drivers. The value creation model works with market data such as stock prices and dividend payments. Both methods where applied to a sample of 38 blue chip companies: 32 firms belonged to the share index IBEX 35 on July 1st, 1999, one company represents the “new economy” listed in the Spanish New Market as per July 1st, 2001, and 5 European multinational groups formed part of the EuroStoxx 50 index also on July 1st, 2001. The research period comprised the financial years 1998, 1999, and 2000. A regression analysis showed that between 15.9% and 23.4% of shareholder value creation can be explained by shareholder value orientation.

Implementation of the ordinal shapley value for a three-agent economy

We propose a simple mechanism that implements the Ordinal Shapley Value (Pérez-Castrillo and Wettstein [2005]) for economies with three or less agents.

An ordinal shapley value for economic environments (Revised version)

We propose a new solution concept to address the problem of sharing a surplus among the agents generating it. The problem is formulated in the preferences-endowments space. The solution is defined recursively, incorporating notions of consistency and fairness and relying on properties satisfied by the Shapley value for Transferable Utility (TU) games. We show a solution exists, and call it the Ordinal Shapley value (OSV). We characterize the OSV using the notion of coalitional dividends, and furthermore show it is monotone and anonymous. Finally, similarly to the weighted Shapely value for TU games, we construct a weighted OSV as well.

An ordinal shapley value for economic environments

We propose a new solution concept to address the problem of sharing a surplus among the agents generating it. The sharing problem is formulated in the preferences-endowments space. The solution is defined in a recursive manner incorporating notions of consistency and fairness and relying on properties satisfied by the Shapley value for Transferable Utility (TU) games. We show a solution exists, and refer to it as an Ordinal Shapley value (OSV). The OSV associates with each problem an allocation as well as a matrix of concessions ``measuring'' the gains each agent foregoes in favor of the other agents. We analyze the structure of the concessions, and show they are unique and symmetric. Next we characterize the OSV using the notion of coalitional dividends, and furthermore show it is monotone in an agent's initial endowments and satisfies anonymity. Finally, similarly to the weighted Shapley value for TU games, we construct a weighted OSV as well.

Avaluació de l'experiència pilot dels tallers d'estudi assistit de la UVic dins dels plans educatius d'entorn de Manlleu, Roda de Ter i Vic (curs 2006-2007)

Aquest treball de recerca ha consistit en realitzar el seguiment dels Tallers d'Estudi Assistit (TEA) de diferents poblacions de la comarca d'Osona, per tal de conèixer-los i avaluar-los. Els TEA consisteixen en una activitat extraescolar d'acompanyament en l'etapa educativa d'alumnes de cicle mitjà, cicle superior i secundària que no disposen d'un entorn favorabale per fer una correcte escolarització. La recerca estudia dues dimensions: per una banda analitzar com la Uvic assumeix la responsabilitat de la formació i seguiment dels estudiants que participen com a monitors en els TEA, i per l'altra, contextualitzar els Tallers d'Estudi Assistit com una eina dels Plans Educatius d'Entorn, per la igualtat d'oportunitats; així com valorar el treball en xarxa que els tallers representen. Amb l'objectiu d'avaluar el funcionament dels TEA, la formació dels monitors (estudiants de la UVic) i la implicació dels agents implicats en el projecte; així com també plantejar propostes de millora per a properes edicions dels TEA.

Sistema de gestió de tallers: aplicació de tecnologies Web 2.0 a la planificació de la feina d'un taller mecànic

El projecte consisteix en una aplicació que facilita la gestió d'un taller de reparació de vehicles, adquirint especial importància la planificació, control i seguiment dels treballs que porten a terme els operaris. L’aplicatiu es desenvoluparà en entorn web i pretendrà aproximar-se al nivell de prestacions que una aplicació tradicional d'escriptori, gràcies a l'ús de tecnologies Web 2.0 com AJAX, però amb tot el valor afegit que implica una aplicació web.

Establiment de bases científiques per al desenvolupament d'una estratègia integrada per avaluar toxicitat en reproducció

Report for the scientific sojourn at the National Institute for Public Health and the Environment (RIVM), Netherlands, from 2006 to 2008. This project aimed at creating scientific elements that could help deriving an integrated testing strategy for reproductive toxicity. Part of the project focused on the use of alternative tests for regulatory purposes. An in vitro-in vivo extrapolation method for embryotoxicity was proposed and evaluated. In vitro and in vivo dose descriptors were correlated; however, the scatter in the correlation was too large to allow an accurate estimation of an in vivo dose from an in vitro dose. The in vitro-in vivo extrapolation method together with toxicokinetic data was also applied to a category of substances (phthalates). Although based on a limited number of substances, the results suggested that in vitro-in vivo extrapolation for embryotoxicity is possible within a category of compounds if adequate toxicokinetic data is available. Because of the limitations that still remain in the use of alternative tests for reproductive toxicicity, other approaches to reduce animal testing were explored. Thus, a database of reproductive toxicity studies was created to retrospectively evaluate the comparative value of some studies or elements in a particular study. When compared to the subchronic toxicity study, the rat two-generation reproductive toxicity study had a considerable impact on the identification of hazard for reproductive toxicity, but not on the overall NOAEL. Among the two-generation studies included in our database, the second generation affected neither the overall NOAEL nor the critical effect. The rat and the rabbit developmental toxicity studies were, on average, similarly sensitive. However, for certain substances the developmental study in either one of the two species appeared to be more sensitive than in the other species.

Instrumentació i control d'actuadors fluídics per a sistemes analítics: sistema de regulació d'una microbomba de precisió a mode de xeringa

En aquest projecte s’ha implementat un sistema de control per a les bombes microfluídiques LPVX de The Lee Company funcionant a mode de xeringa. El sistema consisteix en un circuit controlador basat en el microxip UDN 296 B de Allegro MicroSystems, que conté dos Ponts en H per a controlar motors pas a pas i dos mòduls de Modulació d’Amplada de Polsos (PWM), governat a partir d’un programa de control com a instrument virtual dissenyat sota l’entorn LabVIEW. El programa de control permet indicar la quantitat de volum a aspirar o dispensar per la bomba i escollir entre una execució simple o una de continuada, podent-ne controlar en aquest segona opció el temps entre execució i execució. El programa també permet visualitzar el procés mitjançant la obtenció de la imatge d’una webcam amb DirectShow. Finalment també permet el control remot de l’Instrument Virtual a través de la xarxa d’Internet.

Regional value added in Italy over the long run (1891-2001): linking indirect estimates with official figures, and implications

This paper presents value added estimates for the Italian regions, in benchmark years from 1891 until 1951, which are linked to those from official figures available from 1971 in order to offer a long-term picture. Sources and methodology are documented and discussed, whilst regional activity rates and productivity are also presented and compared. Thus some questions are briefly reconsidered: the origins and extent of the north-south divide, the role of migration and regional policy in shaping the pattern of regional inequality, the importance of social capital, and the positioning of Italy in the international debate on regional convergence, where it stands out for the long run persistence of its disparities.

On the stability of the optimal value and the optimal set in optimization problems

The paper develops a stability theory for the optimal value and the optimal set mapping of optimization problems posed in a Banach space. The problems considered in this paper have an arbitrary number of inequality constraints involving lower semicontinuous (not necessarily convex) functions and one closed abstract constraint set. The considered perturbations lead to problems of the same type as the nominal one (with the same space of variables and the same number of constraints), where the abstract constraint set can also be perturbed. The spaces of functions involved in the problems (objective and constraints) are equipped with the metric of the uniform convergence on the bounded sets, meanwhile in the space of closed sets we consider, coherently, the Attouch-Wets topology. The paper examines, in a unified way, the lower and upper semicontinuity of the optimal value function, and the closedness, lower and upper semicontinuity (in the sense of Berge) of the optimal set mapping. This paper can be seen as a second part of the stability theory presented in [17], where we studied the stability of the feasible set mapping (completed here with the analysis of the Lipschitz-like property).

Estils d'aprenentatge i rendiment acadèmic. Un estudi sobre alumnat de la Diplomatura de mestres de la Universitat de Vic

Com a part inicial d'un procés més ampli d’implementació dels principis del Disseny Instruccional Universal a la Universitat de Vic, aquest estudi ha examinat i explorat els estils d'aprenentatge dels estudiants de primer curs de la Diplomatura de Mestre a la Universitat de Vic. Els objectius han estat, analitzar els perfils dels estils d’aprenentatge dels alumnes de primer curs d'educació per determinar si hi havia diferències significatives en l'estil d'aprenentatge preferit en base a especialitat escollida, edat i sexe, així com també detectar correlacions entre estilsd'aprenentatge i rendiment acadèmic. S’ha estudiat una mostra de 243 estudiants. L'instrument de mesura ha estat el “Index of Learning Styles Questuinnaire”. S’ha procedit a fer un anàlisi descriptiu i ANOVA. Els resultats mostren una distribució de les quatre dimensions del ILS similars als perfils d’altres poblacions d'altres universitats. La immensa majoria dels estudiants resulten visuals i sensorial i indiferents per a les dimensions actiu-reflexiu i seqüencial-global. Per especialitat i edat només les dimensions actiureflexiu ivisual-verbal han mostrat diferències significatives. Per gènere no s'han trobat diferèncie significatives . Pel que respecta al rendiment acadèmic, només la dimensió visual-verbal sembla tenir una relació significativa, obtenint qualificacions sensiblement més altes aquells estudiants amb un perfil verbal més alts que els efectes visuals. S’ha generat dues noves variables "nivell de dispersió" i "grau de risc". No s’ha trobat cap relació entre aquests dos factors i el rendiment acadèmic. S’han discutit els resultats. L’instrument ILSQ sembla presentar un valor moderat com a element predictiu de dificultats l'aprenentatge de l’alumnat i el seu rendiment acadèmic.

Pork Value Chains: A Comparison of Catalonia, Spain and Manitoba, Canada

The purpose of this paper is to provide a comparative analysis of pork value chains in Catalonia, Spain and Manitoba, Canada. Intensive hog production models were implemented in Catalonia in the 1960s as a result of agriculture crises and fostered by feedstuffs factories. The expansion of the hog sector in Manitoba is more recent (in the 1990s) and brought about in large part by the opening of the Maple Leaf Meats processing plant in Brandon, Manitoba. This plant is capable of processing 90,000 hogs per week. Both hog production models ‐ the ‘older’ one in Catalonia (Spain) and the ‘newer’ in Manitoba‐ have been, until recently, examples of success. Inventories and production have been increasing substantially and both regions have proven to have great export potential. Recently, however, tensions have been developing with the hog production models of both regions, particularly as they relate to environmental concerns. The purpose of the paper is to compare the value chains with respect to their origins (e.g. supply a growing demand for pork, ensure farm profitability) and present states (e.g. environmental concerns, profitability). Keywords: pork value chain, hog farms, agri‐food studies. JEL: Q10, Q13, O57