Valoración del costo de los recursos propios de las empresas. caso particular: empresas de servicios a la persona en Francia

El WACC o Coste Medio Ponderado de Capital es la tasa a la que se deben descontar los flujos para evaluar un proyecto o empresa. Para calcular esta tasa es necesario determinar el costo de la deuda y el costo de los recursos propios de la compañía; el costo de la deuda es la tasa actual del mercado que la empresa está pagando por su deuda, sin embargo el costo de los recursos propios podría ser difícil y más complejo de estimar ya que no existe un costo explícito. En este trabajo se presenta un panorama de las teorías propuestas a lo largo de la historia para calcular el costo de los recursos propios. Como caso particular, se estimará el costo de los recursos propios sin apalancamiento financiero de seis empresas francesas que no cotizan en bolsa y pertenecientes al sector de Servicios a la Persona (SAP). Para lograr lo anterior, se utilizará el Proceso de Análisis Jerárquico (AHP) y el Modelo de Valoración del Precio de los Activos Financieros (CAPM) con base en lo presentado por Martha Pachón (2013) en “Modelo alternativo para calcular el costo de los recursos propios”.

Estructura a Plazo Colombia: Modelo Afín de tres factores

La estimación e interpretación de la estructura a plazo de la tasas de interés es de gran relevancia porque permite realizar pronósticos, es fundamental para la toma de decisiones de política monetaria y fiscal, es esencial en la administración de riesgos y es insumo para la valoración de diferentes activos financieros. Por estas razones, es necesario entender que puede provocar un movimiento en la estructura a plazo. En este trabajo se estiman un modelo afín exponencial de tres factores aplicado a los rendimientos de los títulos en pesos de deuda pública colombianos. Los factores estimados son la tasa corta, la media de largo plazo de la tasa corta y la volatilidad de la tasa corta. La estimación se realiza para el periodo enero 2010 a mayo de 2015 y se realiza un análisis de correlaciones entre los tres factores. Posterior a esto, con los factores estimados se realiza una regresión para identificar la importancia que tiene cada uno de estos en el comportamiento de las tasas de los títulos de deuda pública colombiana para diferentes plazos al vencimiento. Finalmente, se estima la estructura a plazo de las tasas de interés para Colombia y se identifica la relación de los factores estimados con los encontrados por Litterman y Scheinkman [1991] correspondientes al nivel, pendiente y curvatura.

Influência da liderança no comprometimento organizacional mediada pela satisfação com o líder

Na presente investigação procura-se descobrir qual a influência dos estilos de Liderança Transformacional e Transacional, propostos por Bass (1985), no Modelo das Três Componentes, proposto por Meyer e Allen (1991). Procura-se, ainda, descobrir se esta relação é mediada pela Satisfação com a Liderança, desdobrada entre a faceta Relações Humanas e a faceta Técnica, conforme Weiss, Dawis, England e Lofquist (1967). Foi aplicado um questionário a uma amostra de conveniência de 102 participantes de diversas empresas. As principais conclusões são que os estilos de Liderança determinam o Comprometimento Organizacional, e a Satisfação com o Líder tem uma relação de mediação entre os estilos de Liderança e o Comprometimento Organizacional. São, também, discutidas as implicações teóricas e práticas dos resultados.

Influência do comprometimento organizacional na estratégia comportamental voz mediada pela satisfação global com o trabalho

Perante a conjuntura atual, de crescente complexidade e mutação organizacional, a compreensão do comprometimento organizacional tem-se tornado fundamental na gestão de recursos humanos. Na presente investigação procura-se saber qual a influência do “Modelo das Três-Componentes”, proposto por Meyer e Allen (1991) na Estratégia Comportamental Voz do Modelo EVLN, proposto por Farrell e Rusbult (Farrell, 1983; Rusbult et al., 1982). Procura-se ainda saber se esta relação é mediada pela Satisfação Global com o Trabalho, conforme Hackman e Oldham (1980). Foi aplicado um questionário a uma amostra probabilística de 144 colaboradores na empresa EGEAC, composto pela escala de comprometimento organizacional de Meyer e Allen (1997), a escala voz do modelo de estratégias comportamentais EVLN de Farrell e Rusbult (Farrell, 1983; Rusbult et al., 1982) e a escala de satisfação global com o trabalho, de Hackman e Oldham (1980). Perante os resultados obtidos pode-se constatar que a componente organizacional afetiva e normativa determinam a estratégia comportamental voz, e que esta relação é positivamente mediada pela satisfação global com o trabalho. Como contributo para a gestão de recursos humanos o presente estudo demonstra a importância da gestão dos afetos e responsabilidades, visto a preponderância apresentada por estas componentes.

An interpretation of baroclinic initial value problems: results for simple basic states with nonzero interior PV gradients

In the Eady model, where the meridional potential vorticity (PV) gradient is zero, perturbation energy growth can be partitioned cleanly into three mechanisms: (i) shear instability, (ii) resonance, and (iii) the Orr mechanism. Shear instability involves two-way interaction between Rossby edge waves on the ground and lid, resonance occurs as interior PV anomalies excite the edge waves, and the Orr mechanism involves only interior PV anomalies. These mechanisms have distinct implications for the structural and temporal linear evolution of perturbations. Here, a new framework is developed in which the same mechanisms can be distinguished for growth on basic states with nonzero interior PV gradients. It is further shown that the evolution from quite general initial conditions can be accurately described (peak error in perturbation total energy typically less than 10%) by a reduced system that involves only three Rossby wave components. Two of these are counterpropagating Rossby waves—that is, generalizations of the Rossby edge waves when the interior PV gradient is nonzero—whereas the other component depends on the structure of the initial condition and its PV is advected passively with the shear flow. In the cases considered, the three-component model outperforms approximate solutions based on truncating a modal or singular vector basis.

Interfacial structure of wild-type and mutant forms of puroindoline-b bound to DPPG monolayers

The interaction of wild-type puroindoline-b (Pin-b+) and two mutant forms having single residue substitutions (G46S or W44R) with L-alpha-dipalmitoylphosphatidyl-dl-glycerol (DPPG) as a Langmuir monolayer at the air/water interface was investigated by neutron reflectivity (NR) and Brewster angle microscopy (BAM). NR profiles were fitted using a three-layer model to enable differences in penetration of protein between the lipid headgroup and acyl regions to be determined. The data showed similar surface excesses for each of the three proteins at the interface; however, it was revealed that the depth of penetration of protein into the lipid region differed for each protein with Pin-b+ penetrating further into the acyl region of the lipid compared to the mutant forms of the protein that interacted with the headgroup region only. BAM images revealed that the domain structure of the DPPG monolayers was disrupted when Pin-b+ adsorption had reached equilibrium, suggesting protein penetration had led to compression of the lipid region. In contrast, the domain structure was unaffected by the W44R mutant, suggesting no change in compression of the lipid region and hence little or no penetration of protein into the lipid layer.

Molecule modeling of human pentameric alpha(7) neuronal nicotinic acetylcholine receptor and its interaction with its agonist and competitive antagonist

The nicotinic Acetylcholine Receptor (nAChR) is the major class of neurotransmitter receptors that is involved in many neurodegenerative conditions such as schizophrenia, Alzheimer's and Parkinson's diseases. The N-terminal region or Ligand Binding Domain (LBD) of nAChR is located at pre- and post-synaptic nervous system, which mediates synaptic transmission. nAChR acts as the drug target for agonist and competitive antagonist molecules that modulate signal transmission at the nerve terminals. Based on Acetylcholine Binding Protein (AChBP) from Lymnea stagnalis as the structural template, the homology modeling approach was carried out to build three dimensional model of the N-terminal region of human alpha(7)nAChR. This theoretical model is an assembly of five alpha(7) subunits with 5 fold axis symmetry, constituting a channel, with the binding picket present at the interface region of the subunits. alpha-netlrotoxin is a potent nAChR competitive antagonist that readily blocks the channel resulting in paralysis. The molecular interaction of alpha-Bungarotoxin, a long chain alpha-neurotoxin from (Bungarus multicinctus) and human alpha(7)nAChR seas studied. Agonists such as acetylcholine, nicotine, which are used in it diverse array of biological activities, such as enhancements of cognitive performances, were also docked with the theoretical model of human alpha(7)nAChR. These docked complexes were analyzed further for identifying the crucial residues involved in interaction. These results provide the details of interaction of agonists and competitive antagonists with three dimensional model of the N-terminal region of human alpha(7)nAChR and thereby point to the design of novel lead compounds.

COMPUTER assisted technologies to enhance CONCURRENce in building DESIGN

Modern organisms are adapted to a wide variety of habitats and lifestyles. The processes of evolution have led to complex, interdependent, well-designed mechanisms of todays world and this research challenge is to transpose these innovative solutions to resolve problems in the context of architectural design practice, e.g., to relate design by nature with design by human. In a design by human environment, design synthesis can be performed with the use of rapid prototyping techniques that will enable to transform almost instantaneously any 2D design representation into a physical three-dimensional model, through a rapid prototyping printer machine. Rapid prototyping processes add layers of material one on top of another until a complete model is built and an analogy can be established with design by nature where the natural lay down of earth layers shapes the earth surface, a natural process occurring repeatedly over long periods of time. Concurrence in design will particularly benefit from rapid prototyping techniques, as the prime purpose of physical prototyping is to promptly assist iterative design, enabling design participants to work with a three-dimensional hardcopy and use it for the validation of their design-ideas. Concurrent design is a systematic approach aiming to facilitate the simultaneous involvment and commitment of all participants in the building design process, enabling both an effective reduction of time and costs at the design phase and a quality improvement of the design product. This paper presents the results of an exploratory survey investigating both how computer-aided design systems help designers to fully define the shape of their design-ideas and the extent of the application of rapid prototyping technologies coupled with Internet facilities by design practice. The findings suggest that design practitioners recognize that these technologies can greatly enhance concurrence in design, though acknowledging a lack of knowledge in relation to the issue of rapid prototyping.

Optimal maintenance policies under different operational schedules

In the reliability literature, maintenance time is usually ignored during the optimization of maintenance policies. In some scenarios, costs due to system failures may vary with time, and the ignorance of maintenance time will lead to unrealistic results. This paper develops maintenance policies for such situations where the system under study operates iteratively at two successive states: up or down. The costs due to system failure at the up state consist of both business losses & maintenance costs, whereas those at the down state only include maintenance costs. We consider three models: Model A, B, and C: Model A makes only corrective maintenance (CM). Model B performs imperfect preventive maintenance (PM) sequentially, and CM. Model C executes PM periodically, and CM; this PM can restore the system as good as the state just after the latest CM. The CM in this paper is imperfect repair. Finally, the impact of these maintenance policies is illustrated through numerical examples.

Mothers' attributions following their child's diagnosis of autistic spectrum disorder: exploring links with maternal levels of stress, depression and expectations about their child's future

Although the impact of autism spectrum disorders (ASDs) on the family is well recognized, the way mothers attempt to make sense of the diagnosis is largely unexplored. However, in other disabilities, attributions have been shown to predict a variety of outcomes including maternal wellbeing and engagement in treatment. Using Weiner's (198S) three-dimensional model, 16 mothers were interviewed to examine the nature and impact of their beliefs about their child's ASD using semi-structured interviews and measures of depression, parenting stress and expectations for their child's future. The findings suggested that mothers made a diverse and complex range of attributions that were consistent with Weiner's dimensions of locus of cause, stability and controllability. The nature of their attributions reflected particular difficulties associated with ASDs, such as uncertainties regarding cause and prognosis. Taking account of mothers' search for meaning will better enable professionals to support families following diagnosis.

Ensemble prediction of transitions of the North Atlantic eddy-driven jet

The consistency of ensemble forecasts from three global medium-range prediction systems with the observed transition behaviour of a three-cluster model of the North Atlantic eddy-driven jet is examined. The three clusters consist of a mid jet cluster taken to represent an undisturbed jet and south and north jet clusters representing southward and northward shifts of the jet. The ensemble forecasts span a period of three extended winters (October–February) from October 2007–February 2010. The mean probabilities of transitions between the clusters calculated from the ensemble forecasts are compared with those calculated from a 23-extended-winter climatology taken from the European Centre for Medium-Range Weather Forecasts 40-Year Re-analysis (ERA40) dataset. No evidence of a drift with increasing lead time of the ensemble forecast transition probabilities towards values inconsistent with the 23-extended-winter climatology is found. The ensemble forecasts of transition probabilities are found to have positive Brier Skill at 15 day lead times. It is found that for the three-extended-winter forecast set, probabilistic forecasts initialized in the north jet cluster are generally less skilful than those initialized in the other clusters. This is consistent with the shorter persistence time-scale of the north jet cluster observed in the ERA40 23-extended-winter climatology. Copyright © 2011 Royal Meteorological Society

Antioxidant enzymes, inflammatory indices and lifestyle factors in older men: a cohort analysis

We examined the relationship between blood antioxidant enzyme activities, indices of inflammatory status and a number of lifestyle factors in the Caerphilly prospective cohort study of ischaemic heart disease. The study began in 1979 and is based on a representative male population sample. Initially 2512 men were seen in phase I, and followed-up every 5 years in phases II and III; they have recently been seen in phase IV. Data on social class, smoking habit, alcohol consumption were obtained by questionnaire, and body mass index was measured. Antioxidant enzyme activities and indices of inflammatory status were estimated by standard techniques. Significant associations were observed for: age with α-1-antichymotrypsin (p<0.0001) and with caeruloplasmin, both protein and oxidase (p<0.0001); smoking habit with α-1-antichymotrypsin (p<0.0001), with caeruloplasmin, both protein and oxidase (p<0.0001) and with glutathione peroxidose (GPX) (p<0.0001); social class with α-1-antichymotrypsin (p<0.0001), with caeruloplasmin both protein (p<0.001) and oxidase (p<0.01) and with GPX (p<0.0001); body mass index with α-1-antichymotrypsin (p<0.0001) and with caeruloplasmin protein (p<0.001). There was no significant association between alcohol consumption and any of the blood enzymes measured. Factor analysis produced a three-factor model (explaining 65.9% of the variation in the data set) which appeared to indicate close inter-relationships among antioxidants.

Taking the brand promise online: challenges and opportunities

Starting from the fact that a 'brand' is a universal concept regardless of environment, but its enactment changes according to environment, this paper provides pointers about brand building on the internet. It presents a three-level model of a brand to help organisations characterise their brands' promises. By expanding this model it then considers how a brand's promise can be enacted on the internet in order to assess the coherence of the brand. Through considering how some organisations have taken advantage of the internet, it highlights three factors critical for success. Ten key action points for marketers are presented.

The distribution of London residential property prices and the role of spatial lock-in

Much of mainstream economic analysis assumes that markets adjust smoothly, through prices, to changes in economic conditions. However, this is not necessarily the case for local housing markets, whose spatial structures may exhibit persistence, so that conditions may not be those most suited to the requirements of modern-day living. Persistence can arise from the existence of transaction costs. The paper tests the proposition that housing markets in Inner London exhibit a degree of path dependence, through the construction of a three-equation model, and examines the impact of variables constructed for the 19th and early 20th centuries on modern house prices. These include 19th-century social structures, slum clearance programmes and the 1908 underground network. Each is found to be significant. The tests require the construction of novel historical datasets, which are also described in the paper.

Field-aligned plasma flow in the quiet, mid-latitude ionosphere deduced from topside soundings

A method for quantifying diffusive flows of O+ ions in the topside ionosphere from satellite soundings is described. A departure from diffusive equilibrium alters the shape of the plasma scale-height profile near the F2-peak where ion-neutral frictional drag is large. The effect enables the evaluation of , the field-aligned flux of O+ ions relative to the neutral oxygen atom gas, using MSIS model values for the neutral thermospheric densities and temperature. Upward flow values are accurate to within about 10%, the largest sources of error being the MSIS prediction for the concentration of oxygen atoms and the plasma temperature gradient deduced from the sounding. Downward flux values are only determined to within 20%. From 60,000 topside soundings, taken at the minimum and rising phase of the solar cycle, a total of 1098 mean scale-height profiles are identified for which no storm sudden commencement had occurred in the previous 12 days and for which Kp was less than 2o, each mean profile being an average of about six soundings. A statistical study ofdeduced from these profiles shows the diurnal cycle of O+ flow in the quiet, topside ionosphere at mid-latitudes and its seasonal variations. The differences betweenand ion flux observations from incoherent scatter radars are considered using the meridional thermospheric winds predicted by a global, three-dimensional model. The mean interhemispheric flow from summer to winter is compared with predictions by a numerical model of the protonospheric coupling of conjugate ionospheres for up to 6 days following a geomagnetic storm. The observed mean (of order 3 × 1016 ions day−1 along a flux tube of area 1 m2 at 1000 km) is larger than predicted for day 6 and the suggested explanation is a decrease in upward flows from the winter, daytime ionosphere between the sixth and twelfth days.