ESTRATÉGIAS DE EXPANSÃO DE INSTITUIÇÕES DE ENSINO SUPERIOR PRIVADAS NO BRASIL: ESTUDO DE CASO DO CURSO DE BACHARELADO EM ADMINISTRAÇÃO

A dissertação teve como objetivo principal estudar como uma Instituição de Ensino Superior Privada (IES) atuante no Brasil tem crescido pós Lei de Diretrizes e Bases (LDB) de 1996 até 2015, por meio da análise do curso de bacharelado em Administração de Empresas, nas modalidades: presencial, EAD e Flex (semipresencial). Para este fim, foi realizada uma pesquisa exploratória, de caráter qualitativo baseada no método do estudo de caso. Para coleta de evidências foram analisados relatórios corporativos (Annual Report, Relatórios Internos e outros documentos), entrevistas baseadas em roteiro semiestruturado com gestores da IES privada e observações. Dentre os principais achados, verificou-se que as principais estratégicas de crescimento da IES privada estudada se basearam em fusões e aquisições de outras IES, abertura de novos polos de EAD, na abertura de novas unidades próprias, bem como em inovações em várias dimensões da organização. Os programas governamentais de financiamento aos alunos também são fortes contribuintes para este crescimento, como o Fundo de Financiamento ao Estudante do Ensino Superior (FIES) e o Programa Universidade para Todos (Prouni). Com essa nova realidade, o ensino superior privado recebeu incentivo e facilitação para o seu crescimento, a um ritmo acelerado. Consequentemente pode-se concluir que a IES privada estudada adotou as seguintes estratégias de crescimento: Expansão orgânica com fusões/ aquisições de Instituições menores, com desenvolvimento de planos para todos os campi Brasil; Greenfield (por meio de solicitação de autorização de novas unidades e/ou cursos) em cidades sem possibilidades de aquisições/fusões, e aumentando o número de vagas/ matriculas nas unidades já existentes, aderiu aos programas do governo e também cuidou da evasão por meio de: Seguro educacional; gestão preparada para atender necessidades do discente; Sistema de Ensino com currículos integrados nacionalmente; Intercâmbio de alunos e professores entre as diversas unidades em todas as regiões do país e padronização dos processos.

Motives for corporate cash holdings:the CEO optimism effect

We examine the chief executive officer (CEO) optimism effect on managerial motives for cash holdings and find that optimistic and non-optimistic managers have significantly dissimilar purposes for holding more cash. This is consistent with both theory and evidence that optimistic managers are reluctant to use external funds. Optimistic managers hoard cash for growth opportunities, use relatively more cash for capital expenditure and acquisitions, and save more cash in adverse conditions. By contrast, they hold fewer inventories and receivables and their precautionary demand for cash holdings is less than that of non-optimistic managers. In addition, we consider debt conservatism in our model and find no evidence that optimistic managers’ cash hoarding is related to their preference to use debt conservatively. We also document that optimistic managers hold more cash in bad times than non-optimistic managers do. Our work highlights the crucial role that CEO characteristics play in shaping corporate cash holding policy.

Restructuring In The Hospitality Industry

In her dialogue entitled - Restructuring in the Hospitality Industry - Elisa S. Moncarz, Associate Professor, the School of Hospitality Management at Florida International University, intends for you to know the following: “Recent years have seen a proliferation of restructurings of major American corporations creating an extremely important issue that has affected U.S. business. This article discusses restructuring issues in the hospitality industry, focusing attention on its causes and motivations, as well as on its benefits and perils. The author considers the impact of restructuring on investors and management while examining recent restructurings involving hospitality firms.” In defining the concept of restructuring, Associate Professor Moncarz informs you, “Restructuring entails the implementation of fundamental and comprehensive modification of a company's operational and/or financial structure.” “It has, indeed, become fashionable to take a company apart and put it back together in a different form,” the author says. Additionally, Moncarz refers to a Wall Street Journal study, dated August 1985, which reveals that nearly half the large American corporations were, or were soon to be restructured in the 1984/85 time frame. There are several distinct types of restructurings and the author wants you to be aware of some of them. “…threats of takeover attempts, the larger part of all restructuring have been initiated willingly in order to expand or divest a company's line of business (i.e., operational restructurings) or redirect its finances (i.e., financial restructurings),” the author reveals. “Two principal types of operational restructurings are mergers and acquisitions [M&A], and divestitures [disposing of unwanted units or assets],” Moncarz further defines the concepts of expansion and divestiture. The author explains several types of financial restructuring sketches used in the hospitality industry, including stock re-purchasing, debt issuances and redemptions, swapping debt for equity, and effective theories of realigning debt through extending loans and/or revising terms. To expand their businesses, Moncarz makes anecdotal reference to several major food and beverage corporations that have successfully employed operational restructuring principles. The author wades into the shallow end of the hostile takeover pool by explaining some of the corporate restructuring concepts used to repel that aggressive technique. Walt Disney Company completely redesigned their entire upper level management structure in a successful effort to thwart a hostile takeover bid by corporate raider Saul P. Steinberg, Moncarz informs. To close, the author touches on leveraged buyouts [LBOs], and stock repurchases to divest unwanted divisions and immobilize hostile takeover attempts. A lengthy table of - Selected Restructurings in the Hospitality Industry [1982 to date of article] – is also included.

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Using virtual topology operations to generate analysis topology

Virtual topology operations have been utilized to generate an analysis topology definition suitable for downstream mesh generation. Detailed descriptions are provided for virtual topology merge and split operations for all topological entities. Current virtual topology technology is extended to allow the virtual partitioning of volume cells and the topological queries required to carry out each operation are provided. Virtual representations are robustly linked to the underlying geometric definition through an analysis topology. The analysis topology and all associated virtual and topological dependencies are automatically updated after each virtual operation, providing the link to the underlying CAD geometry. Therefore, a valid description of the analysis topology, including relative orientations, is maintained. This enables downstream operations, such as the merging or partitioning of virtual entities, and interrogations, such as determining if a specific meshing strategy can be applied to the virtual volume cells, to be performed on the analysis topology description. As the virtual representation is a non-manifold description of the sub-divided domain the interfaces between cells are recorded automatically. This enables the advantages of non-manifold modelling to be exploited within the manifold modelling environment of a major commercial CAD system, without any adaptation of the underlying CAD model. A hierarchical virtual structure is maintained where virtual entities are merged or partitioned. This has a major benefit over existing solutions as the virtual dependencies are stored in an open and accessible manner, providing the analyst with the freedom to create, modify and edit the analysis topology in any preferred sequence, whilst the original CAD geometry is not disturbed. Robust definitions of the topological and virtual dependencies enable the same virtual topology definitions to be accessed, interrogated and manipulated within multiple different CAD packages and linked to the underlying geometry.

VISSIM Calibration for Urban Freeways, 2015

In urban areas, interchange spacing and the adequacy of design for weaving, merge, and diverge areas can significantly influence available capacity. Traffic microsimulation tools allow detailed analyses of these critical areas in complex locations that often yield results that differ from the generalized approach of the Highway Capacity Manual. In order to obtain valid results, various inputs should be calibrated to local conditions. This project investigated basic calibration factors for the simulation of traffic conditions within an urban freeway merge/diverge environment. By collecting and analyzing urban freeway traffic data from multiple sources, specific Iowa-based calibration factors for use in VISSIM were developed. In particular, a repeatable methodology for collecting standstill distance and headway/time gap data on urban freeways was applied to locations throughout the state of Iowa. This collection process relies on the manual processing of video for standstill distances and individual vehicle data from radar detectors to measure the headways/time gaps. By comparing the data collected from different locations, it was found that standstill distances vary by location and lead-follow vehicle types. Headways and time gaps were found to be consistent within the same driver population and across different driver populations when the conditions were similar. Both standstill distance and headway/time gap were found to follow fairly dispersed and skewed distributions. Therefore, it is recommended that microsimulation models be modified to include the option for standstill distance and headway/time gap to follow distributions as well as be set separately for different vehicle classes. In addition, for the driving behavior parameters that cannot be easily collected, a sensitivity analysis was conducted to examine the impact of these parameters on the capacity of the facility. The sensitivity analysis results can be used as a reference to manually adjust parameters to match the simulation results to the observed traffic conditions. A well-calibrated microsimulation model can enable a higher level of fidelity in modeling traffic behavior and serve to improve decision making in balancing need with investment.

Impacto das fusões e aquisições no desempenho de empresas portuguesas

As fusões e aquisições (F&A) são operações estratégicas usadaspor empresas para fortalecer e manter a sua posição no mercado. Estas são vistas por muitos como uma forma relativamente rápida, flexível e eficiente de expandir para novos mercados, incorporar novas tecnologias e inovar. Sem essas qualidades, as empresas acreditam que é praticamente impossível ser competitivo na economia global de hoje. No entanto, o seu sucesso não é de forma alguma garantido. Perante esta incerteza de que tudo corra de forma vantajosa, o presente trabalho pretende avaliar através do estudo do impacto do processo de fusão ou aquisição o desempenho das empresas portuguesas. Procedemos a duas metodologias para chegar a uma conclusão sobre este estudo. Primeiramente foi feito o cálculo e análise de indicadores económico-financeiros antes e depois da realização da F&A e em segundo, uma análise do efeito de notícias boas e más referentes ao anúncio da mesma através da metodologia das janelas de eventos para cinco casos de F&A ocorridos em Portugal, sendo assim o método de análise baseado em casos de estudo. Foi possível verificar, regra geral, um desempenho superior das empresas adquirentes após o processo de F&A. Concluiu-se que os mercados reagem de forma distinta às boas e às más notícias e que o investidor é alvo de alterações de comportamento em termos de sentimento antes e após o anúncio. Deste modo a análise é sensível à distinção por tipos de notícias, sendo necessária a sua correta classificação. Por último, os resultados parecem indiciar que as reações do mercado acionista aos processos de F&A estão dependentes da situação económico-financeira corrente, resultado que merecerá futuramente uma análise posterior mais cuidada e profunda.

Untangling Knots: Determining E-book Suitability for Course Reserves

E-books on their own are complex; they become even more so in the context of course reserves. In FY2016 the Resource Sharing & Reserves and Acquisitions units developed a new workflow for vetting requested e-books to ensure that they were suitable for course reserves (i.e. they permit unlimited simultaneous users) before posting links to them within the university’s online learning management system. In the Spring 2016 semester 46 e-books were vetted through this process, resulting in 18 purchases. Preliminary data analysis sheds light on the suitability of the Libraries’ current e-book collections for course reserves as well as faculty preferences, with potential implications for the Libraries’ ordering process. We hope this lightening talk will generate discussion about these issues among selectors, collection managers, and reserves staff alike.

Efeitos da fusão num grupo grupo de empresas do mesmo setor

Mestrado em Controlo de Gestão e dos Negócios

Brincar com a escrita na Educação Pré-Escolar e no 1.º Ciclo do Ensino Básico : estratégias de intervenção para a promoção da escrita criativa

Mestrado, Educação Pré-Escolar e Ensino do 1.º Ciclo do Ensino Básico, 21 de Março de 2016, Universidade dos Açores (Relatório de Estágio).

Fusões e aquisições no Brasil: Uma análise crítica do teatro de operações

Fusões e aquisições estão entre as mais relevantes e dramáticas formas de transformação organizacional. Porém, muitos destes processos falham, resultando em traumas e destruição de valor. Isto faz crer que as razões que contribuem para o seu sucesso não são bem entendidas ou não são praticadas. Este artigo apresenta uma pesquisa exploratória realizada sobre 53 casos de fusões e aquisições que ocorreram no Brasil entre 1996 e 2000. O estudo sugere que a forma como o processo de fusão ou aquisição é conduzido – incluindo medidas como foco na comunicação, redução de demissões ao mínimo e desenvolvimento de atitude de respeito aos funcionários – contribui de forma efetiva para melhores resultados. Este artigo também apresenta uma proposta de tipologia para abordagens reducionistas e discute prováveis razões para sua adoção em processos de fusão ou aquisição.

Impacto de fusões e aquisições na eficiência e produtividade de operadoras de infraestruturas do mercado financeiro e sistemas de negociação

Dissertação (mestrado)—Universidade de Brasília, Departamento de Administração, Programa de Pós-graduação em Administração, 2016.

Access to East European and Eurasian culture : publishing, acquisitions, digitization, metadata

Review of the book 'Access to East European and Eurasian culture: publishing, acquisitions, digitization, metadata', edited by Miranda Remnek, published by Haworth Information Press, 2009.

Beat-mixing Rock music: Rock and electronic dance music merge to create the Manarays

This research introduces the proposition that Electronic Dance Music’s beat-mixing function could be implemented to create immediacy in other musical genres. The inclusion of rhythmic sections at the beginning and end of each musical work created a ‘DJ friendly’ environment. The term used in this thesis to refer to the application of beat-mixing in Rock music is ‘ClubRock’. Collaboration between a number of DJs and Rock music professionals applied the process of beat-mixing to blend Rock tracks to produce a continuous ClubRock set. The DJ technique of beat-mixing Rock music transformed static renditions into a fluid creative work. The hybridisation of the two genres, EDM and Rock, resulted in a contribution to Rock music compositional approaches and the production of a unique Rock album; Manarays—Get Lucky.

Cultural differences and capability transfer in cross-border acquisitions: the mediating roles of capability complementarity, absorptive capacity, and social integration

This paper presents an integrative model of the impact of cultural differences on capability transfer in cross-border acquisitions. We propose that cultural differences affect the post-acquisition capability transfer through their impact on social integration, potential absorptive capacity, and capability complementarity. Two dynamic variables – the use of social integration mechanisms, and the degree of operational integration of the acquired unit – are proposed to moderate the effects of cultural differences on social integration and potential absorptive capacity. The implications for acquisition research and practice are discussed.