980 resultados para Coûts de transaction


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We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller and lesser–known firms, and thus suffer from a lack of competition in the market for corporate control. Consequently, the payment of lower premiums and the possibility of diversifying shareholders’ portfolios lead to unlisted firm acquisitions being viewed as value–orientated transactions.

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Preliminary version

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Dissertação apresentada ao Instituto Superior de Contabilidade e Administração do Porto (ISCAP) para a obtenção do Grau de Mestre em Auditoria Docente orientador: Mestre Domingos da Silva Duarte

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Mestrado em Engenharia Electrotécnica e de Computadores

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In this paper, we propose a new technique that can identify transaction-local memory (i.e. captured memory), in managed environments, while having a low runtime overhead. We implemented our proposal in a well known STM framework (Deuce) and we tested it in STMBench7 with two different STMs: TL2 and LSA. In both STMs the performance improved significantly (4 times and 2.6 times, respectively). Moreover, running the STAMP benchmarks with our approach shows improvements of 7 times in the best case for the Vacation application.

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Com o aumento da concorrência, a crise económica que atravessamos e com a conquista de novos mercados no horizonte, surge a necessidade de responder a essas situações com uma melhor prestação do sistema produtivo no sentido de reduzir tempos de produção e de baixar os custos dos mesmos, podendo assim dar uma resposta mais rápida e competitiva às expectativas dos clientes. Esta dissertação tem como objectivo analisar todo o sistema produtivo da empresa, desenvolvendo um estudo adequado ao sistema actual de fabrico de mobiliário, propondo melhorias que proporcionem uma melhor organização e uma redução dos custos de fabrico. Fez-se também um levantamento do sistema de planeamento existente, detectando pontos de melhoria que, para além de um maior controlo e organização, permitem, em alguns aspectos, a melhoria do sistema produtivo. Foi apresentada uma proposta de um processo de reengenharia aplicado ao sistema produtivo, tendo em vista implementar as medidas de melhoria, indo ao encontro das situações identificadas, tornando assim o sistema produtivo mais eficiente.

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Mestrado em Contabilidade e Análise Financeira

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Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

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A number of characteristics are boosting the eagerness of extending Ethernet to also cover factory-floor distributed real-time applications. Full-duplex links, non-blocking and priority-based switching, bandwidth availability, just to mention a few, are characteristics upon which that eagerness is building up. But, will Ethernet technologies really manage to replace traditional Fieldbus networks? Ethernet technology, by itself, does not include features above the lower layers of the OSI communication model. In the past few years, it is particularly significant the considerable amount of work that has been devoted to the timing analysis of Ethernet-based technologies. It happens, however, that the majority of those works are restricted to the analysis of sub-sets of the overall computing and communication system, thus without addressing timeliness at a holistic level. To this end, we are addressing a few inter-linked research topics with the purpose of setting a framework for the development of tools suitable to extract temporal properties of Commercial-Off-The-Shelf (COTS) Ethernet-based factory-floor distributed systems. This framework is being applied to a specific COTS technology, Ethernet/IP. In this paper, we reason about the modelling and simulation of Ethernet/IP-based systems, and on the use of statistical analysis techniques to provide usable results. Discrete event simulation models of a distributed system can be a powerful tool for the timeliness evaluation of the overall system, but particular care must be taken with the results provided by traditional statistical analysis techniques.

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Building reliable real-time applications on top of commercial off-the-shelf (COTS) components is not a straightforward task. Thus, it is essential to provide a simple and transparent programming model, in order to abstract programmers from the low-level implementation details of distribution and replication. However, the recent trend for incorporating pre-emptive multitasking applications in reliable real-time systems inherently increases its complexity. It is therefore important to provide a transparent programming model, enabling pre-emptive multitasking applications to be implemented without resorting to simultaneously dealing with both system requirements and distribution and replication issues. The distributed embedded architecture using COTS components (DEAR-COTS) architecture has been previously proposed as an architecture to support real-time and reliable distributed computer-controlled systems (DCCS) using COTS components. Within the DEAR-COTS architecture, the hard real-time subsystem provides a framework for the development of reliable real-time applications, which are the core of DCCS applications. This paper presents the proposed framework, and demonstrates how it can be used to support the transparent replication of software components.

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The continuous improvement of Ethernet technologies is boosting the eagerness of extending their use to cover factory-floor distributed real time applications. Indeed, it is remarkable the considerable amount of research work that has been devoted to the timing analysis of Ethernet-based technologies in the past few years. It happens, however, that the majority of those works are restricted to the analysis of sub-sets of the overall computing and communication system, thus without addressing timeliness in a holistic fashion. To this end, we address an approach, based on simulation, aiming at extracting temporal properties of commercial-off-the-shelf (COTS) Ethernet-based factory-floor distributed systems. This framework is applied to a specific COTS technology, Ethernet/IP. We reason about the modeling and simulation of Ethernet/IP-based systems, and on the use of statistical analysis techniques to provide useful results on timeliness. The approach is part of a wider framework related to the research project INDEPTH NDustrial-Ethernet ProTocols under Holistic analysis.

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A partir da década de noventa do século passado, começaram a surgir no mercado ferramentas de cálculo com o objetivo de agilizar a conceção do projeto de engenharia da construção. Até ao final da década de setenta os computadores existentes eram enormes, apenas entidades de grande poder económico os podiam adquirir. Na década de oitenta surgiu no mercado o PC, Personal Computer, estas pequenas máquinas começaram a ser adquiridas pela generalidade das empresas e em Portugal no final desta década era possível encontrar indivíduos que já possuíam o seu PC. Na década de noventa, a saída de recém-formados das instituições de ensino superior, fomentou no mercado o aparecimento de empresas de informática dedicadas à conceção de software de acordo com as necessidades do próprio mercado, daí resultando software comercial à medida e software comercial de prateleira (COTS, Commercial Off-The-Shelf)). O software comercial, ao ser utilizado por um grande número de pessoas, atingindo facilmente, no caso do COTS, os milhares, tem condições para evoluir de acordo com as exigências sistemáticas do próprio mercado, atingindo elevados patamares no cumprimento de requisitos de qualidade, nomeadamente no que concerne à funcionalidade, fiabilidade, usabilidade, manutenibilidade, eficiência, portabilidade e qualidade na utilização. A utilização de software comercial na área do projeto de engenharia da construção é hoje em dia uma prática absolutamente generalizada. A seleção do software pode tornar-se um processo complexo especialmente naquelas áreas em que existe grande oferta. A utilização de critérios de avaliação bem definidos poderá agilizar o processo e dar maiores garantias no momento da decisão final. Neste documento apresenta-se uma proposta de metodologia para avaliação e comparação de softwares.

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This paper presents an architecture (Multi-μ) being implemented to study and develop software based fault tolerant mechanisms for Real-Time Systems, using the Ada language (Ada 95) and Commercial Off-The-Shelf (COTS) components. Several issues regarding fault tolerance are presented and mechanisms to achieve fault tolerance by software active replication in Ada 95 are discussed. The Multi-μ architecture, based on a specifically proposed Fault Tolerance Manager (FTManager), is then described. Finally, some considerations are made about the work being done and essential future developments.

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This paper describes how MPEG-4 object based video (obv) can be used to allow selected objects to be inserted into the play-out stream to a specific user based on a profile derived for that user. The application scenario described here is for personalized product placement, and considers the value of this application in the current and evolving commercial media distribution market given the huge emphasis media distributors are currently placing on targeted advertising. This level of application of video content requires a sophisticated content description and metadata system (e.g., MPEG-7). The scenario considers the requirement for global libraries to provide the objects to be inserted into the streams. The paper then considers the commercial trading of objects between the libraries, video service providers, advertising agencies and other parties involved in the service. Consequently a brokerage of video objects is proposed based on negotiation and trading using intelligent agents representing the various parties. The proposed Media Brokerage Platform is a multi-agent system structured in two layers. In the top layer, there is a collection of coarse grain agents representing the real world players – the providers and deliverers of media contents and the market regulator profiler – and, in the bottom layer, there is a set of finer grain agents constituting the marketplace – the delegate agents and the market agent. For knowledge representation (domain, strategic and negotiation protocols) we propose a Semantic Web approach based on ontologies. The media components contents should be represented in MPEG-7 and the metadata describing the objects to be traded should follow a specific ontology. The top layer content providers and deliverers are modelled by intelligent autonomous agents that express their will to transact – buy or sell – media components by registering at a service registry. The market regulator profiler creates, according to the selected profile, a market agent, which, in turn, checks the service registry for potential trading partners for a given component and invites them for the marketplace. The subsequent negotiation and actual transaction is performed by delegate agents in accordance with their profiles and the predefined rules of the market.

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Modeling the fundamental performance limits of Wireless Sensor Networks (WSNs) is of paramount importance to understand their behavior under worst-case conditions and to make the appropriate design choices. In that direction this paper contributes with an analytical methodology for modeling cluster-tree WSNs where the data sink can either be static or mobile. We assess the validity and pessimism of analytical model by comparing the worst-case results with the values measured through an experimental test-bed based on Commercial-Off- The-Shelf (COTS) technologies, namely TelosB motes running TinyOS.