The existence and source of stock return predictability : Evidence from dividend, output and consumption ratios

Date of Acceptance: 13/03/2015

The existence and source of stock return predictability : Evidence from dividend, output and consumption ratios

Date of Acceptance: 13/03/2015

Futures Shock: Are Greedy Brokers Ruining The Economy?

[Excerpt] In a recent public relations document, the New York Stock Exchange defines its mission statement as to: “Support the capital-raising and asset management process by providing the highest quality and most cost-effective, self-regulated marketplace for the trading of financial instruments.” The common thread that runs through this and similar statements made by organized financial markets from Frankfurt to Tokyo is that they hold as their primary goals to help companies raise capital and to provide a liquid and efficient aftermarket for those securities.

Representing Variability in Software Architecture

Software Architecture is a high level description of a software intensive system that enables architects to have a better intellectual control over the complete system. It is also used as a communication vehicle among the various system stakeholders. Variability in software-intensive systems is the ability of a software artefact (e.g., a system, subsystem, or component) to be extended, customised, or configured for deployment in a specific context. Although variability in software architecture is recognised as a challenge in multiple domains, there has been no formal consensus on how variability should be captured or represented. In this research, we addressed the problem of representing variability in software architecture through a three phase approach. First, we examined existing literature using the Systematic Literature Review (SLR) methodology, which helped us identify the gaps and challenges within the current body of knowledge. Equipped with the findings from the SLR, a set of design principles have been formulated that are used to introduce variability management capabilities to an existing Architecture Description Language (ADL). The chosen ADL was developed within our research group (ALI) and to which we have had complete access. Finally, we evaluated the new version of the ADL produced using two distinct case studies: one from the Information Systems domain, an Asset Management System (AMS); and another from the embedded systems domain, a Wheel Brake System (WBS). This thesis presents the main findings from the three phases of the research work, including a comprehensive study of the state-of-the-art; the complete specification of an ADL that is focused on managing variability; and the lessons learnt from the evaluation work of two distinct real-life case studies.

Retención del talento humano en tiempos de cambio

"Retención del talento humano en tiempos de cambio” tiene como principal objetivo encontrar los factores más importantes en este aspecto que tienen nueve empresas representativas de Antioquia con presencia en Colombia y otros lugares de la geografía mundial; además, abordar estas empresas para conocer el estado actual de los procesos de gestión del talento humano como motor para fortalecer la retención y encontrar tendencias en las prácticas de estas organizaciones -- Se parte de una revisión bibliográfica, que considera variables intrínsecas y extrínsecas (que analizan los impactos hacia el ser y el hacer, respectivamente) -- Posteriormente se realizan entrevistas con los líderes de gestión humana de esas empresas, de las cuales se puede concluir que: primero, la gestión continua y de muchos años para fortalecer el liderazgo de los jefes redunda en un clima laboral que permite la retención de sus trabajadores; segundo, es importante permitir al trabajador desarrollarse dentro de la organización entendiendo la transición que empiezan a afrontar estas empresas por la necesidad de contratar jóvenes a los que motivan la alta exposición y el asumir retos evitando trabajos monótonos y repetitivos; tercero, se deben considerar aspectos como la diversidad y la inclusión, los beneficios que ofrece la empresa, y los paquetes de beneficios que cada día son más dinámicos e intentan ser totalmente flexibles para todos los trabajadores, y en menor escala el factor salarial -- Se hace claridad en que cada una de las compañías abordadas ofrecen a sus trabajadores salarios competitivos acordes a los cargos, roles y el sector en el cual trabajan, además de un salario emocional que los impacta directamente y también beneficia sus familias -- El presente estudio se realizó sobre una población de nueve empresas: Grupo Argos, Grupo Bancolombia, Grupo EPM, Organización Corona, Protección, Servicios Nutresa, Sura Asset Management, Sofasa-Renault y la Universidad Eafit -- Todas ellas generan un impacto alto en la tasa de empleo de la ciudad de Medellín y de Colombia, son altamente reconocidas en Colombia, América Latina y otras partes del mundo

Corporate governance : value creation and performance in credit unions

In this study, we examine the relationship between good corporate governance practices and the creation of value/performance of credit unions from 2010 to 2012. The objective was to create and validate a corporate governance index for credit unions, and to then analyse the relationship between good governance practices and the creation of value/performance. The problem question is: do good corporate governance practices provide value creation for credit unions? The research started by creating indices from factor analysis to identify latent dependent variables related to value creation and performance; next indices were created from the principal component analysis for the creation of independent latent variables related to corporate governance. Finally, based on panel data from regression models, the influence of the variables and indices related to corporate governance on the indices of value creation and performance was verified. Based on the research, it became evident that the Corporate Governance Index (IGC) is mainly impacted by Executive Management, with 40.31% of the IGC value, followed by the Representation and Participation dimension, with 34.07% of the IGC value. The contribution for academics was the creation of the Corporate Governance Index (IGC) applied for credit unions. As for the contribution to the system of credit unions, the highlight was the effectiveness of the mechanisms for economic-financial and asset management adopted by BACEN, credit unions and OCEMG.

IMPLEMENTATION OF PHOTOGRAMMETRY TO IMPROVE PROACTIVE ASSESSMENT OF RETAINING WALLS ALONG TRANSPORTATION CORRIDORS

Retaining walls are important assets in the transportation infrastructure and assessing their condition is important to prolong their performance and ultimately their design life. Retaining walls are often overlooked and only a few transportation asset management programs consider them in their inventory. Because these programs are few, the techniques used to assess their condition focus on a qualitative assessment as opposed to a quantitative approach. The work presented in this thesis focuses on using photogrammetry to quantitatively assess the condition of retaining walls. Multitemporal photogrammetry is used to develop 3D models of the retaining walls, from which offset displacements are measured to assess their condition. This study presents a case study from a site along M-10 highway in Detroit, MI were several sections of retaining walls have experienced horizontal displacement towards the highway. The results are validated by comparing with field observations and measurements. The limitations of photogrammetry were also studied by using a small scale model in the laboratory. The analysis found that the accuracy of the offset displacement measurements is dependent on the distance between the retaining wall and the sensor, location of the reference points in 3D space, and the focal length of the lenses used by the camera. These parameters were not ideal for the case study at the M-10 highway site, but the results provided consistent trends in the movement of the retaining wall that couldn’t be validated from offset measurements. The findings of this study confirm that photogrammetry shows promise in generating 3D models to provide a quantitative condition assessment for retaining walls within its limitations.

A Microdata Analysis Approach to Transport Infrastructure Maintenance

Maintenance of transport infrastructure assets is widely advocated as the key in minimizing current and future costs of the transportation network. While effective maintenance decisions are often a result of engineering skills and practical knowledge, efficient decisions must also account for the net result over an asset's life-cycle. One essential aspect in the long term perspective of transport infrastructure maintenance is to proactively estimate maintenance needs. In dealing with immediate maintenance actions, support tools that can prioritize potential maintenance candidates are important to obtain an efficient maintenance strategy. This dissertation consists of five individual research papers presenting a microdata analysis approach to transport infrastructure maintenance. Microdata analysis is a multidisciplinary field in which large quantities of data is collected, analyzed, and interpreted to improve decision-making. Increased access to transport infrastructure data enables a deeper understanding of causal effects and a possibility to make predictions of future outcomes. The microdata analysis approach covers the complete process from data collection to actual decisions and is therefore well suited for the task of improving efficiency in transport infrastructure maintenance. Statistical modeling was the selected analysis method in this dissertation and provided solutions to the different problems presented in each of the five papers. In Paper I, a time-to-event model was used to estimate remaining road pavement lifetimes in Sweden. In Paper II, an extension of the model in Paper I assessed the impact of latent variables on road lifetimes; displaying the sections in a road network that are weaker due to e.g. subsoil conditions or undetected heavy traffic. The study in Paper III incorporated a probabilistic parametric distribution as a representation of road lifetimes into an equation for the marginal cost of road wear. Differentiated road wear marginal costs for heavy and light vehicles are an important information basis for decisions regarding vehicle miles traveled (VMT) taxation policies. In Paper IV, a distribution based clustering method was used to distinguish between road segments that are deteriorating and road segments that have a stationary road condition. Within railway networks, temporary speed restrictions are often imposed because of maintenance and must be addressed in order to keep punctuality. The study in Paper V evaluated the empirical effect on running time of speed restrictions on a Norwegian railway line using a generalized linear mixed model.

Reestructuración de la gerencia en Colombia: la educación superior necesita un nuevo perfil profesional del administrador para aminorar las externalidades del contexto actual (Aportes del mercadeo relacional, la teoría de creación de valor compartido y la inteligencia emocional)

El objetivo general de esta revisión es explicar que la educación superior en Colombia necesita integrar al campo administrativo el reconocimiento y manejo de las emociones, para que la gerencia contribuya al verdadero desarrollo social sostenible. Como el campo de interés está centrado en la gerencia, se hizo uso de los aportes del marketing relacional, la teoría de creación de valor compartido y la inteligencia emocional, así como otras aproximaciones teóricas y bibliográficas que sirvieron de soporte durante el desarrollo del seminario de gerencia. Consecuentemente, los aportes de los autores soportan las razones por las cuales se requiere de una reestructuración de la gerencia para mitigar las externalidades del medio y promover el desarrollo social y económico. Finalmente, se pretendió proporcionar la información adecuada al lector acerca del tema, de forma tal que facilite la comprensión y promueva la discusión acerca de los diferentes aportes de los autores.

Dalla genesi alla liquidazione degli ELTIF. Un nuovo e "instabile" tassello nella composita disciplina della gestione collettiva del risparmio

La presente trattazione concerne gli European long-term investment fund, disciplinati dal regolamento UE 2015/760 del 29 aprile 2015, meglio noti come ELTIF, di cui si è inteso indagare i molteplici aspetti che attengono all’operatività degli stessi, dalla genesi sino alla fase della liquidazione. Trattandosi di uno dei più recenti tasselli della composita disciplina europea del risparmio gestito, si è ritenuto opportuno anzitutto prendere le mosse dall’evoluzione della regolamentazione, domestica e comunitaria, della gestione collettiva del risparmio, la quale rappresenta la “cornice” normativa di riferimento entro cui si colloca il veicolo in discorso. Definito il percorso evolutivo della disciplina de qua, si è posta quindi l’attenzione sulla regolamentazione degli ELTIF che, pur migliorabile sotto diversi profili, rappresenta un significativo passo in avanti nel senso della costruzione dell’Unione dei mercati di capitali e del rilancio dell’economia europea. In particolare, l’indagine ha riguardato anzitutto i connotati della nuova fattispecie (carattere europeo, orizzonte temporale di lungo periodo, illiquidità). L’analisi dei tratti fisiognomici è stata funzionale non solo a verificare se essi, nella loro peculiarità, siano o meno idonei a definire un tipo a sé stante di prodotto, ma altresì a valutare in che termini essi producano un effetto conformativo sulla disciplina del prodotto stesso, specie con riferimento alla fase dell’investimento e del disinvestimento. Con l’intento di vagliare l’opportunità di interventi sul dato normativo che mirino ad accrescere l’attrattività degli ELTIF, si è volta quindi l’attenzione alla fase finale della vita del fondo, in quanto l’esiguità della disciplina dettata con riferimento alla liquidazione si espone ad applicazioni dubbie che, in larga parte, lasciano spazio all’autonomia regolamentare del prodotto e, dunque, all’applicazione di discipline nazionali disomogenee; e ciò specie con riferimento a una peculiare ipotesi di liquidazione promossa dagli investitori in conseguenza del mancato soddisfacimento della richiesta di rimborso avanzata.

Value added KPI service delivery with quality function deployment: Multiple case study in asset & real estate management

The aim of this study is to investigate value added service concept for an asset and real estate management case company. The initial purpose was to recognize the most value adding key performance indicators (KPIs) information delivered for its customers, real estate investors with value added service. The multiple case study strategy included two focus group interviews with five case interviews in total. Additionally, quality function deployment (QFD) was used in order to form up the service process. The study starts with introduction and methodology explaining the demand for the thesis study. The subsequent chapter presents the theoretical background on real estate management KPIs in four main points of views and quality function deployment from the service development point of view. The chapter also defines research gap for the case study. According to the case study interviews, the most favored KPIs to deliver for the clients are income maturity of lease agreements and leasing activity. These KPIs and quality characteristics are translated into the QFD. In total, the service QFD explains the service planning, process control, and action plan phases.

Managing change in complex projects: configuration management, asset information and big data

As we enter an era of ‘big data’, asset information is becoming a deliverable of complex projects. Prior research suggests digital technologies enable rapid, flexible forms of project organizing. This research analyses practices of managing change in Airbus, CERN and Crossrail, through desk-based review, interviews, visits and a cross-case workshop. These organizations deliver complex projects, rely on digital technologies to manage large data-sets; and use configuration management, a systems engineering approach with mid-20th century origins, to establish and maintain integrity. In them, configuration management has become more, rather than less, important. Asset information is structured, with change managed through digital systems, using relatively hierarchical, asynchronous and sequential processes. The paper contributes by uncovering limits to flexibility in complex projects where integrity is important. Challenges of managing change are discussed, considering the evolving nature of configuration management; potential use of analytics on complex projects; and implications for research and practice.