The online distribution strategy of luxury products and their vertical extensions

Uma importante tendência do mercado de luxo é a extensão de marca em um novo segmento de mercado por meio da chamada extensão vertical, que pode ser para cima ou para baixo. Em outras palavras, significa que a organização passa a atuar em um novo segmento dentro de uma mesma categoria de produtos, mas com diferente público-alvo que sua marca original. Nesse processo, a empresa inicia atividade em um novo segmento com diferente nível de luxo. A distribuição é um aspecto fundamental do composto de Marketing e a importância da internet como canal de distribuição dessa indústria tem aumentado expressivamente nos últimos anos. Dessa forma, faz-se necessário compreender como as marcas de luxo gerenciam suas estratégias de distribuição online quando desenvolvem processos de extensão de marca e penetração em novos segmentos. Com o objetivo de analisar a estratégia de distribuição da indústria de luxo, um estudo exploratório foi desenvolvido focando bens de luxo pessoal (em categorias como costura, relógios & jóias, couro e sapatos). Uma amostra significativa constituída de marcas originais e suas extensões foi analisada para constituir um modelo comparativo entre duas variáveis: o nível de diferenciação entre os canais de distribuição da marca original e suas extensões; e a distância entre as próprias marcas no que concerne ao seus posicionamentos. Esse estudo contribui para o entendimento da dinâmica de distribuição do mercado e colabora com a compreensão do comportamento das empresas que atuam nele, dependendo do tipo de extensões que elas desenvolvem e da forma como elas são conduzidas.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

Deregulation and The 2007-2008 Housing/Debt Crisis Analysis of the Housing/Debt Crisis of 2007-2008 and its impact on the Financial Strength and Vulnerability of the United States and Global Economy

One looming question has persisted in the minds of economists the world over in the aftermath of the 2007-2008 American Housing and Debt Crisis: How did it begin and who is responsible for making this happen? Another two-part question is: What measures were implemented to help end the crisis and what changes are being implemented to ensure that it will never happen again? Many speculate that the major contributing factor was the repeal of the Glass-Steagall Act in 1999 that prompted a virtual feeding frenzy among the banking community when new calls from Capitol Hill encouraged home ownership in America as well as the secondary mortgage market which skyrocketed thereafter. The Glass-Steagall Act will be among many of the topics explored in this paper along with the events leading up to the 2007-2008 housing/debt crisis as well as the aftermath.

The Effect of Serial Culture and Storage on the Protective Potential of a Competitive Exclusion Preparation

Cultura de fezes (Método de Exclusão Competitiva - EC) utilizada para prevenir a colonização cecal de aves por Salmonella enterica serovar Enteritidis (SE) foi submetida a cultivos seriados para evitar a presença de patógenos e, após o tratamento mais adequado, foi armazenada em temperatura de refrigeração antes do seu uso por até 63 dias. Os resultados mostraram que o cultivo repetido por 14 vezes não prejudica a ação protetora da cultura (CE), a qual continua inibindo a colonização cecal por SE. O produto submetido a 12 cultivos e armazenado durante 28 dias em temperatura de refrigeração também continua eficaz.

Thermally activated dynamics of the tilts of the CuO6 octahedra, hopping of interstitial O, and possible instability towards the LTT phase in La2CuO4+δ

The anelastic spectrum (dynamic Young's modulus and elastic energy absorption) of La2CuO4+δ has been measured between 1 and 700 K with 0<δ<0.02. The spectrum of stoichiometric La2CuO4 in the low-temperature orthorhombic (LTO) phase is dominated by two intense relaxation processes which cause softenings of 16% around 150 K and 9% below 30 K at f∼1 kHz. The relaxation at 150 K is attributed to the presence of a fraction of the CuO6 octahedra which are able to change their tilted configuration by thermal activation between orientations which are nearly energetically equivalent, possibly within the twin boundaries. The relaxation below 30 K is governed by tunneling, and involves a considerable fraction of the lattice atoms. It is proposed that the double-well potentials for the low-temperature relaxation are created by the tendency of the LTO phase to form low-temperature tetragonal (LTT) domains, which however are not stabilized like when La is partially substituted with Ba. On doping with excess O, the relaxation rates of these processes are initially enhanced by hole doping, while their intensities are depressed by lattice disorder; an explanation of this behavior is provided. Excess O also causes two additional relaxation processes. The one appearing at lower values of δ is attributed to the hopping of single interstitial O2- ions, with a hopping rate equal to τ-1=2×10-14exp(-5600/T) s. The second process is slower and can be due to O pairs or other complexes containing excess O.

Emissions from sugar cane fires in the Central & Western State of São Paulo and aerosol layers over metropolitan São Paulo observed by IPEN's lidar: Is there a connection?

The central and western parts of the State of São Paulo are well-known for vast sugar cane plantations, which during the harvest time are traditionally burnt about 12 hours before manual cutting. This procedure causes the release of large quantities of aerosols and a variety of gases, which can be observed by IPMet's radars, located in Bauru and Presidente Prudente, on days with no or little rain. Depending on the distance of these plumes from the radar, they can be detected up to 5 km amsl or more, and are subsequently being transported by winds to other regions. During the dry winter season of 2008, such plumes, attributed to cane fires, were frequently observed by IPMet's radars and documented in terms of radar reflectivity, time and location during the period 10 th - 21 st July 2008. At the same time, IPEN's Elastic Backscatter Lidar in São Paulo observed layers of aerosols of variable strength and heights above the city. The most significant days, viz. 14 and 15 July 2008 had been selected for calculating backward, as well as forward trajectories, deploying the European Flextra 3.3 Trajectory Model, which was initiated with ECMWF historic data with a 0,25 o×0,25 o grid spacing. The results presented here show an excellent match between the radar-detected sources of the plumes on 11 th July 2008 in the central parts of the State and the observations by IPEN's Lidar over Metropolitan São Paulo on 14 th July 2008, both in terms of forward and backward trajectories, as well as their heights, with a transport duration of approximately 70 hours under the prevailing meteorological conditions. © Sociedad Española de Óptica.

The human capital endowment of Latin America and the Caribbean

Includes bibliography

Latin American development and the international economic situation: second regional appraisal of the international development strategy, part 2: the external economic relations of Latin America and the international situation

Incluye Bibliografía

Towards a regional housing and human settlements programme, in the framework of the Regional Action Plan of Latin America and the Caribbean on Human Settlements: strategies for priority issues: regional report

Includes bibliography

Report of the Regional Preparatory Conference of Latin America and the Caribbean for the World Summit on Sustainable Development (Johannesburg, South Africa, 2002), Rio de Janeiro, 23-24 October 2001

Includes bibliography

Report of the Wider Caribbean Expert Meeting on Tourism and Environment in Caribbean Development

Contiene organizacion, resumen de los debates, conclusiones y recomendaciones de la reunion de expertos del Caribe, cuyos principales objetivos fueron discutir y considerar los borradores de estudios de casos preparados en el marco del proyecto conjunto CEPAL/PNUMA sobre turismo y medio ambiente; intercambiar experiencia tecnica entre los participantes, desarrollar recomendaciones y preparar lineas de accion concretas sobre el tema para ser consideradas por los paises.