Public real estate and the term structure of interest rates: a cross-country study

Using a variation of the Nelson-Siegel term structure model we examine the sensitivity of real estate securities in six key global markets to unexpected changes in the level, slop and curvature of the yield curve. Our results confirm the time-sensitive nature of the exposure and sensitivity to interest rates and highlight the importance of considering the entire term structure of interest rates. One issue that is of particular of interest is that despite the 2007-9 financial crisis the importance of unanticipated interest rate risk weakens post 2003. Although the analysis does examine a range of markets the empirical analysis is unable to provide definitive evidence as to whether REIT and property-company markets display heightened or reduced exposure.

Talangfabriken : Om organisation av kunskap och kreativitet i skivindustrin

The purpose of this dissertation is to describe, explain and understand how record companies identify and develop new music and new talent. The analysis is carried out on three levels: individual, organizational and sector level. In a record company, this task formally goes to A&R (Artist and Repertoire). This dissertation takes its point of departure in how the capacity for discovering new talent can be understood in terms of knowledge, creativity and competence and how this capacity is affected in the meeting between the record company and the industry. The theoretical framework of the dissertation spans two sociological fields: the sociology of organizations and the sociology of knowledge. While it takes its organizational starting point in the Knowledge Company Approach, it employs a practice-based approach to discuss knowledge. I argue that within the Knowledge company approach there are two contrasting ways to understand knowledge; a distinction is made between knowledge- and creativity-intensive enterprises. The results show that the record industry’s polarized structure can be seen as a result of the Knowledge Company’s typical problems. The A&R’s work is described as including two phases, one intuitive and one analytical. The intuitive assessment is direct, unconscious and without reflection. This ability has been described as "intuition" and "gut feeling". The analytical phase adds analysis and reflection based on knowledge. The results from the interviews with A&R’s reveal the limit of formal and explicit knowledge not only in the choice of music but also in the marketing strategies. The overarching picture is one in which record companies move in a space characterized by tension between dichotomous forces – art and commercialism, creativity and knowledge, culture and economy, chaos and order, but where opposite poles are not mutually exclusive but complementary.

Avaliando a gestão dos correios na Bahia através de indicadores de desempenho

A atividade postal se constitui numa das formas mais antigas de prestação de serviços da história da humanidade e tem início com a necessidade de comunicação das pessoas. O setor postal se organiza de acordo com a legislação dos Países, normalmente, em prestação de serviços públicos, a exemplo do que ocorre no Brasil. A realidade mercadológica do mundo tem mudado o relacionamento das organizações com os seus clientes, principalmente em função da globalização. O setor postal Brasileiro experimenta estas mudanças e passa a dedicar mais atenção aos clientes, através das atividades que desenvolve. Uma das maneiras de conferir se a atividade produz o resultado que se espera é a medição. E, analisando o caso dos Correios da Bahia, encontrou-se a oportunidade de implementar um modelo de avaliação de desempenho e gestão que poderá reorientar as atividades da organização, considerando outras variáveis além das operacionais, como financeiras, do ambiente interno, dos clientes e da responsabilidade social da organização. O caso foi estudado a partir de três modelos de avaliação de desempenho e gestão, com a opção por um deles. A escolha do modelo está vinculada aos objetivos do estudo, que são voltados à análise crítica dos indicadores de desempenho e a conseqüente proposição de um modelo capaz de corrigir desvios e adequar o processo de gestão. Dentre os modelos analisados, encontram-se o Quantum (HRONEC), o Capital Intelectual (STEWART) e o Balanced Scorecard (KAPLAN & NORTON), sendo que este último foi o proposto para o acompanhamento da gestão. Em razão das características e particularidades dos Correios da Bahia, foi sugerida uma alteração na arquitetura original do Balanced Scorecard, sendo incluída a perspectiva da responsabilidade social e do aspecto legal no campo das medições. O modelo é composto por cinco perspectivas com seus respectivos objetivos estratégicos, vinculados aos fatores críticos de sucesso e foi adaptado da obra Organização voltada para a estratégia dos autores KAPLAN & NORTON (2001). Com a adoção do modelo proposto é possível que as distorções verificadas na pesquisa sejam corrigidas e a gestão dos Correios da Bahia seja conduzida para o futuro de forma equilibrada.

In search of academic identity : physical education, sport science and the field of human movement studies

This thesis addresses the problem of the academic identity of the area traditionally referred to as physical education. The study is a critical examination of the argu ments for the justi cation of this area as an autonomous branch of knowledge. The investigation concentrates on a selected number of arguments. The data collection comprised articles books and proceedings of conferences. The preliminary assessment of these materials resulted in a classi cation of the arguments into three groups. The rst group comprises the arguments in favour of physical education as an academic discipline. The second includes the arguments supporting a science of sport. The third consists of the arguments in favour of to a eld of human movement study. The examination of these arguments produced the following results. (a) The area of physical education does not satisfy the conditions presupposed by the de nition of academic discipline. This is so because the area does not form an integrated system of scienti c theories. (b) The same di culty emerges from the examination of the ar guments for sport science. There is no science of sport because there is no integrated system of scienti c theories related to sport. (c) The arguments in favour of a eld of study yielded more productive results. However di culties arise from the de nition of human movement. The analysis of this concept showed that its limits are not well demarcated. This makes it problematic to take human movement as the focus of a eld of studies. These aspects led to the conclusion that such things as an academic discipline of physical education sport science and eld of human movement studies do not exist. At least there are not such things in the sense of autonomous branches of knowledge. This does not imply that a more integrated inquiry based on several disciplines is not possible and desirable. This would enable someone entering phys ical education to nd a more organised structure of knowledge with some generally accepted problem situations procedures and theories on which to base professional practice.

Essays on the monetary aspects of the term structure of nominal interest rates

Interest rates are key economic variables to much of finance and macroeconomics, and an enormous amount of work is found in both fields about the topic. Curiously, in spite of their common interest, finance and macro research on the topic have seldom interacted, using different approaches to address its main issues with almost no intersection. Concerned with interest rate contingent claims, finance term structure models relate interest rates to lagged interest rates; concerned with economic relations and macro dynamics, macro models regress a few interest rates on a wide variety of economic variables. If models are true though simplified descriptions of reality, the relevant factors should be captured by both the set of bond yields and that of economic variables. Each approach should be able to address the other field concerns with equal emciency, since the economic variables are revealed by the bond yields and these by the economic variables.

Essays in macroeconomy and dynamic term-structure models

This thesis is composed of three articles with the subjects of macroeconomics and - nance. Each article corresponds to a chapter and is done in paper format. In the rst article, which was done with Axel Simonsen, we model and estimate a small open economy for the Canadian economy in a two country General Equilibrium (DSGE) framework. We show that it is important to account for the correlation between Domestic and Foreign shocks and for the Incomplete Pass-Through. In the second chapter-paper, which was done with Hedibert Freitas Lopes, we estimate a Regime-switching Macro-Finance model for the term-structure of interest rates to study the US post-World War II (WWII) joint behavior of macro-variables and the yield-curve. We show that our model tracks well the US NBER cycles, the addition of changes of regime are important to explain the Expectation Theory of the term structure, and macro-variables have increasing importance in recessions to explain the variability of the yield curve. We also present a novel sequential Monte-Carlo algorithm to learn about the parameters and the latent states of the Economy. In the third chapter, I present a Gaussian A ne Term Structure Model (ATSM) with latent jumps in order to address two questions: (1) what are the implications of incorporating jumps in an ATSM for Asian option pricing, in the particular case of the Brazilian DI Index (IDI) option, and (2) how jumps and options a ect the bond risk-premia dynamics. I show that jump risk-premia is negative in a scenario of decreasing interest rates (my sample period) and is important to explain the level of yields, and that gaussian models without jumps and with constant intensity jumps are good to price Asian options.

Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

Alternativas para constituição de garantia sobre direitos de crédito em favor de credores estrangeiros em operações de project finance de plataformas e sondas de perfuração

O presente trabalho tem como escopo analisar a estrutura de contratação de plataformas de produção e sondas de perfuração e as formas por meio das quais se pode garantir o direito dos financiadores aos créditos decorrentes do afretamento desses equipamentos. A estrutura de sua contratação geralmente ocorre por meio da celebração de contratos coligados de afretamento, com sociedade de propósito específico estrangeira (SPE), de prestação de serviços, com empresa vinculada constituída no Brasil. O financiamento, por sua vez, estrutura-se como um project finance internacional, em que a SPE toma financiamento junto a bancos estrangeiros, para pagamento da construção. Os direitos de crédito resultantes do afretamento servem como meio de pagamento do financiamento. Este trabalho analisa as principais características dos quatro arranjos contratuais por meio do qual os financiadores poderiam garantir seu acesso aos créditos, analisando as principais justificativas para sua possível adoção e os principais riscos relacionados à sua celebração, especialmente em vista da possibilidade de que a SPE seja parte de processo de recuperação judicial no Brasil, em razão da insolvência de seus controladores, quando estes são brasileiros. As quatro estruturas analisadas são a cessão de créditos regida pelas regras do Código Civil (Lei nº 10.406/2002), cessão fiduciária de direitos creditórios, prevista no artigo 66-B da Lei nº 4.728/1965, penhor de direitos e contratos regidos por legislação estrangeira.

Ontogenesis, structure and ultrastructure of Hymenaea stigonocarpa (Fabaceae : Caesalpinioideae) colleters

The genus Hymenaea is characterized by a great diversity of secretory structures, but there are no reports of colleters yet. The objectives of this study are to report the occurrence and describe the origin and structure of colleters in Hymenaea stigonocarpa Mart. ex Hayne. Shoot apex samples were collected, fixed, and processed for light microscopy, scanning electron microscopy, and transmission electron microscopy as per usual methods. Colleters occur predominantly on the stipule's adaxial side. These structures are found at the base on a narrow strip, corresponding to the median vein up to half the length of the stipule. When present on the abaxial side, they are concentrated at the base and restricted to the margins. Colleters develop from the protoderm; they are elongate and club-shaped. Their body has no stratification; their surface cells differ from the inner cells only in position and presence of cuticle. Colleter cells have thin walls, dense cytoplasm, large nuclei, many mitochondria, rough endoplasmic reticulum, and abundant dictyosomes. Histochemical tests with Ruthenium red showed pectic compounds in the cytosol. In H. stigonocarpa, colleter arrangement is compatible with the hypothesis that they protect shoot apex. In this species, protection is reinforced by the sheath formed by the stipule pairs.

Expenditures, investment and financing for sustainable development in Trinidad and Tobago

Includes bibliography

Gestão da informação esportiva no contexto da inteligência competitiva em clubes de futebol: um estudo de caso no Marília Atlético Clube

Pós-graduação em Ciência da Informação - FFC

Gestão no futebol: os quatro grandes times do estado de São Paulo

This research aims to identify elements that show how management influences and is present in modern Brazilian soccer, the competition and rivalry between the soccer teams, especially in the state of São Paulo, have increased considerably and consequently causing the search for efficiency to advance even more. The research was based on how close a relationship between management and soccer could influence it. Is the management so significant for the outcome of soccer match? The clubs with the best results are always those who apply best management models? Data that enabled the determination of financial indicators was collected from those who are considered the four major clubs in the state of São Paulo (SC Corinthians Paulista, SE Palmeiras, Santos FC and São Paulo FC ). With the data, the indicators and events that occurred with the clubs in the period 2010-2012, it was possible to demonstrate the influence of management in soccer, both good and bad, and see that even with the immediate results that soccer requires, managers should invest in some long-term measures to improve the structure of the clubs they represent

Structure and mechanism of diet specialisation: testing models of individual variation in resource use with sea otters

Studies of consumer-resource interactions suggest that individual diet specialisation is empirically widespread and theoretically important to the organisation and dynamics of populations and communities. We used weighted networks to analyze the resource use by sea otters, testing three alternative models for how individual diet specialisation may arise. As expected, individual specialisation was absent when otter density was low, but increased at high-otter density. A high-density emergence of nested resource-use networks was consistent with the model assuming individuals share preference ranks. However, a density-dependent emergence of a non-nested modular network for core resources was more consistent with the competitive refuge model. Individuals from different diet modules showed predictable variation in rank-order prey preferences and handling times of core resources, further supporting the competitive refuge model. Our findings support a hierarchical organisation of diet specialisation and suggest individual use of core and marginal resources may be driven by different selective pressures.

Formale Struktur, Narrativitaet und Wahrnehmung des Zuschauers

Die vorliegende Arbeit untersucht, wie sich Greenaways Filme selbstreflexiv zur Problematik des filmischen Mediums stellen, d.h. wie der Illusions- und Artefaktcharakter des Films im Film selbst thematisiert wird. Die Untersuchung der Selbstreflexion wird konkret unter drei Untersuchungsaspekten erfolgt, nämlich die systematisch und künstlich organisierte formale Struktur, die Narrativität und die Wahrnehmungsweise des Zuschauers. Greenaways Filme veranschaulichen auf der formalen Ebene:· daß die Filmbilder diskontinuierlich und uneinheitlich sind, · wie einzelnen visuellen, akustischen und technischen Zeichen systematisch und künstlich organisiert sind und schließlich· wie die diskontinuierlichen und uneinheitlichen Filmbilder durch die systematische und künstliche Organisation der Zeichen kontinuierlich und einheitlich wirken. Seine Filme thematisieren auch auf der allegorischen, symbolischen und metaphorischen Ebene das Verhältnis zwischen der formalen Struktur, der Geschichte und der interaktiven Wahrnehmungsweise des Zuschauers, und die Beziehung zwischen dem Zuschauer, dem Film, dem Filmemacher. Die männliche Hauptfigur metaphorisiert den Zuschauer. Die Frauenfiguren allegorisieren die zwei Seiten des Films, die Form und den Inhalt des Films. Die sexuelle Beziehung zwischen der männlichen Hauptfigur und den Frauen umfaßt auf der metaphorischen Ebene die Interaktivität des Zuschauers mit dem Film.