A vállalati likviditáskezelés szerepe eszközfedezettel rendelkező hitelszerződésekben. Az alkun alapuló megközelítés eredményei (The role of corporate liquidity management under secured debt financing Results of the bargaining approach)

A szerző azt a kérdést vizsgálja, hogy a vállalat működése során a likvid eszközök mekkora arányát tartsa fenn. A kérdést a finanszírozás szemszögéből veti fel, mivel a hitelezés okozta korlátok jelentősen befolyásolják a likvid eszköz tartalékolásának motivációit. A cikk a vállalkozói-hitelezői információs kapcsolat háromféle esetében mutatja be az eszközfedezettel rendelkező hitelek adósságszolgálatát meghatározó tényezőket. Elsőként a teljes információs viszony melletti stratégiákkal meghatározott adósságszolgálatot vizsgálja, majd a második típusú információs kapcsolatban a nem megfigyelhető vállalkozói erőfeszítéseket feltételezve adja meg az adósságszolgálat fizetésének ex ante és ex post egyensúlyát. Harmadikként, a nem igazolható vállalati adatok feltevése mellett teljes és részleges eszközfedezetre is meghatározza az optimális vállalkozói likviditási politikát, és tárgyalja az itt fennálló ellentéteket. Megmutatja, hogy részleges eszközfedezet mellett 1. újratárgyalható a hitelszerződés, és a stratégiai adósságszolgálatot nem lehet elkerülni, 2. a likviditásoptimalizálásnak nincs ex post Pareto-egyensúlyi megoldása, ugyanis a hitelszerződésben részt vevő felek alkuereje határozza meg a vállalat likviditásának szintjét. / === / This paper investigates what the liquid asset ratio for firms should be. Financing constraints significantly influence motivations for liquidity hoarding. The article shows the determinants of secured debt services for three different information cases of a lender-borrower relationship. First, it examines the strategic debt service under full information, and then, assuming non-observable entrepreneurial efforts, it gives the ex ante and ex post equilibria of the strategic debt service. The third case supposes non-verifiable firm information; this provides the optimal corporate liquidity policy and explains the contrary propositions. It shows that under not fully secured collateral, 1. the debt contract is renegotiable; the lender cannot avoid the strategic debt service, 2. there is no ex post optimal Pareto efficient solution to liquidity policy, because the corporate liquidity ratio is determined by the bargaining power of the partners in the debt contract.

Impact of financial crisis on earnings management in listed companies of Portugal and UK

Firm’s financial information is essential to stakeholders’ decision making. Although not always financial statements show the firm’s real image. This study examines listed firms from Portugal and UK. Firms have different purposes to manipulate earnings: some strive for influencing investors’ perception about a particular company, some try to provide better position for gaining finance from credit institutions or paying less tax to tax authorities. Usually, this behaviour is induced when firms have financial problems. Consequently, the study also aims to see the impact of financial crisis on earnings management. We try to answer question how does extent of firms’ involvement in earnings management change when the world undergoes financial crisis. Furthermore, we also compare two countries with different legal forces in terms of quality of accounting to see the main differences. We used a panel data methodology to analyse financial data from 2004 till 2014 of listed firms from Portugal and UK. Beneish (1999) model was applied to categorize manipulator and non-manipulator firms. Analysing accounting information according to Beneish’s ratios, findings suggest that financial crisis had certain impact on firms’ tendency to manipulate financial results in UK although it is not statistically significant. Moreover, besides the differences between Portugal and UK, results contradict the common view of legal systems’ quality, as UK firms tend to apply more accounting techniques for manipulation than the Portuguese ones. Our main results also confirm that some UK firms manipulate ratios of receivables’ days, asset quality index, depreciation index, leverage, sales and general administrative expenses whereas Portuguese firms manipulate only receivables’ days. Finally, we also find that the main reason to manipulate results is not to influence the cost of obtained funds neither to minimize tax burden since net profit does not explain the ratios used in the Beneish model. Results suggest that the main concern to listed firms manipulate results is to influence financial investors perception.

D1.4 – First version applied gaming asset methodology

This deliverable (D1.4) is an intermediate document, expressly included to inform the first project review about RAGE’s methodology of software asset creation and management. The final version of the methodology description (D1.1) will be delivered in Month 29. The document explains how the RAGE project defines, develops, distributes and maintains a series of applied gaming software assets that it aims to make available. It describes a high-level methodology and infrastructure that are needed to support the work in the project as well as after the project has ended.

Il miglioramento del patrimonio edilizio esistente in ambito rurale. Un caso di studio in comune di Cento.

Descrizione di un edificio soggetto all'azione del sisma che ha subito danni e crolli. Valutazione dei danni e del comportamento dei materiali. Definizione di interventi atti al miglioramento della struttura in ambito sismico.

Metodi e strumenti di Facilty Management: una proposta di integrazione tra Piano di Manutenzione e Fascicolo dell’Opera nel caso della Grande Distribuzione Organizzata

Gli ultimi 10 anni hanno visto un crescente aumento delle richieste di fornitura di servizi legati alla manutenzione edilizia da parte della Grande Distribuzione Organizzata; la domanda è quella di servizi riconducibili al Facility Management, ovvero rapporti basati sul raggiungimento di standard qualitativi predefiniti in sede contrattuale e garanzia di intervento 24h/24. Nella prima parte del progetto di tesi viene inquadrata la disciplina del FM, le motivazioni, gli strumenti e gli attori coinvolti. Dopo un excursus normativo sulla manutenzione in Italia, una classificazione delle tipologie di intervento manutentivo e una valutazione sull’incidenza della manutenzione nel Life Cycle Cost, viene effettuata un’analisi delle modalità interoperative del FM applicato alla manutenzione edilizia nel caso della GDO. La tesi è stata svolta nell'ambito di un tirocinio in azienda, il che ha permesso alla laureanda di affrontare il caso di studio di un contratto di Global Service con un’importante catena di grande distribuzione, e di utilizzare un software gestionale (PlaNet) con il quale viene tenuta traccia, per ogni punto vendita, degli interventi manutentivi e della loro localizzazione nell’edificio. Questo permette di avere un quadro completo degli interventi, con modalità di attuazione già note, e garantisce una gestione più efficace delle chiamate, seguite tramite un modulo di Call Center integrato. La tesi esamina criticamente i principali documenti di riferimento per l’opera collegati alla manutenzione: il Piano di Manutenzione e il Fascicolo dell’Opera, evidenziando i limiti legati alla non completezza delle informazioni fornite. L’obbiettivo finale della tesi è quello di proporre un documento integrativo tra il Piano di Manutenzione e il Fascicolo, al fine di snellire il flusso informativo e creare un documento di riferimento completo ed esaustivo, che integra sia gli aspetti tecnici delle modalità manutentive, sia le prescrizioni sulla sicurezza.

Knowledge management capabilities and organizational performance: an investigation into the effects of knowledge infrastructure and processes on organizational performance

Knowledge is one of the most important assets for surviving in the modern business environment. The effective management of that asset mandates continuous adaptation by organizations, and requires employees to strive to improve the company's work processes. Organizations attempt to coordinate their unique knowledge with traditional means as well as in new and distinct ways, and to transform them into innovative resources better than those of their competitors. As a result, how to manage the knowledge asset has become a critical issue for modern organizations, and knowledge management is considered the most feasible solution. Knowledge management is a multidimensional process that identifies, acquires, develops, distributes, utilizes, and stores knowledge. However, many related studies focus only on fragmented or limited knowledge-management perspectives. In order to make knowledge management more effective, it is important to identify the qualitative and quantitative issues that are the foundation of the challenge of effective knowledge management in organizations. The main purpose of this study was to integrate the fragmented knowledge management perspectives into the holistic framework, which includes knowledge infrastructure capability (technology, structure, and culture) and knowledge process capability (acquisition, conversion, application, and protection), based on Gold's (2001) study. Additionally, because the effect of incentives ̶̶ which is widely acknowledged as a prime motivator in facilitating the knowledge management process ̶̶ was missing in the original framework, this study included the importance of incentives in the knowledge management framework. This study also identified the relationship of organizational performance from the standpoint of the Balanced Scorecard, which includes the customer-related, internal business process, learning & growth, and perceptual financial aspects of organizational performance in the Korean business context. Moreover, this study identified the relationship with the objective financial performance by calculating the Tobin's q ratio. Lastly, this study compared the group differences between larger and smaller organizations, and manufacturing and nonmanufacturing firms in the study of knowledge management. Since this study was conducted in Korea, the original instrument was translated into Korean through the back translation technique. A confirmatory factor analysis (CFA) was used to examine the validity and reliability of the instrument. To identify the relationship between knowledge management capabilities and organizational performance, structural equation modeling (SEM) and multiple regression analysis were conducted. A Student's t test was conducted to examine the mean differences. The results of this study indicated that there is a positive relationship between effective knowledge management and organizational performance. However, no empirical evidence was found to suggest that knowledge management capabilities are linked to the objective financial performance, which remains a topic for future review. Additionally, findings showed that knowledge management is affected by organization's size, but not by type of organization. The results of this study are valuable in establishing a valid and reliable survey instrument, as well as in providing strong evidence that knowledge management capabilities are essential to improving organizational performance currently and making important recommendations for future research.

Active versus passive management : the case of BOVESPA

Mestrado em Finanças

Gamification in Skills Management

Employees are the human capital which, to a great extent, contributes to the success and development of high-performance and sustainable organizations. In a work environment, there is a need to provide a tool for tracking and following-up on each employees' professional progress, while staying aligned with the organization’s strategic and operational goals and objectives. The research work within this Thesis aims to contribute to improve employees' selfawareness and auto-regulation; two predominant research areas are also studied and analyzed: Visual Analytics and Gamification. The Visual Analytics enables the specification of personalized dashboard interfaces with alerts and indicators to keep employees aware of their skills and to continuously monitor how to improve their expertise, promoting simultaneously behavioral change and adoption of good-practices. The study of Gamification techniques with Talent Management features enabled the design of new processes to engage, motivate, and retain highly productive employees, and to foster a competitive working environment, where employees are encouraged to be involved in new and rewarding activities, where knowledge and experience are recognized as a relevant asset. The Design Science Research was selected as the research methodology; the creation of new knowledge is therefore based on an iterative cycle addressing concepts such as design, analysis, reflection, and abstraction. By collaborating in an international project (Active@Work), funded by the Active and Assisted Living Programme, the results followed a design thinking approach regarding the specification of the structure and behavior of the Skills Development Module, namely the identification of requirements and the design of an innovative info-structure of metadata to support the user experience. A set of mockups were designed based on the user role and main concerns. Such approach enabled the conceptualization of a solution to proactively assist the management and assessment of skills in a personalized and dynamic way. The outcomes of this Thesis aims to demonstrate the existing articulation between emerging research areas such as Visual Analytics and Gamification, expecting to represent conceptual gains in these two research fields.

Fotografía histórica y contemporánea herramientas para la valoración del patrimonio caso de estudio: El Barranco Cuenca-Ecuador

La fotografía histórica como herramienta visual testimonial ha sido considerada como un elemento secundario dentro de temas históricos. Los arquitectos, historiadores he investigadores entre otros la han utilizado en un plano provisional con la función de uso para ilustración o complementación de documentos literarios, que han hecho que pierdan su protagonismo. Por esta razón esta investigación pretende corroborar que las imágenes históricas son una herramienta indispensable para la reconstrucción de valores patrimoniales y de la memoria histórica de una comunidad, siendo testigos visuales de las realidades pasadas. Funciona como herramienta de valoración patrimonial pues a través de ella se pueden reconocer los distintos valores para recuperar, conservar o mantener un bien, ayuda a complementar la información histórica de manera más ágil con la que se puede construir parte de la historia, aprehender valores patrimoniales y destacar el poder testimonial que tienen las imágenes. Este documento abordará sobre el potencial de las fotografías a través teorías contemporáneas de la valoración patrimonial, la elaboración de un catálogo razonado para una re- valoración patrimonial de edificaciones y tramos urbanos del sector El Barranco en la ciudad de Cuenca.

El patrimonio cultural tangible e intangible articulado a la ordenación territorial aplicado al caso del cantón Paltas provincia de Loja

En el Ecuador la base legal como la Constitución del 2008 y el Código Orgánico de Organización Territorial, Autonomía y descentralización (COOTAD), establecen la organización político administrativa del territorio en diferentes niveles de gobierno, sean estos regiones, provincias, cantones, parroquias rurales y también de régimen especial, para ello estos niveles adquieren funciones de integridad para realizar legislación, ejecución, fiscalización y de participación ciudadana, en donde se alcanzará y se promoverá el desarrollo sustentable en el marco del plan nacional del buen vivir. Para lograr este legado, los diferentes Gobiernos Autónomos Descentralizados deben elaborar y ejecutar el Plan de Ordenamiento Territorial (POT) y el Plan de Desarrollo y Ordenamiento Territorial (PDOT), de acuerdo a sus competencias de circunscripción territorial. Por competencia exclusiva les corresponde a los gobiernos municipales " formular, aprobar y evaluar los planes, programas y proyectos destinados a la preservación, mantenimiento y difusión del patrimonio arquitectónico, cultural y natural de su circunscripción..... Para el efecto, el patrimonio en referencia será considerado en todas sus expresiones tangibles e intangible...” (COOTAD Art. 144). Lamentablemente la mayoría de estos gobiernos municipales poco o nada han incorporado el patrimonio cultural tangible e intangible en sus fases de análisis de, diagnóstico, propuesta y modelo gestión. Como base fundamental tomaremos la guía metodológica para la elaboración de planes de desarrollo y ordenamiento que presenta la SENPLADES en el año 2014y la propuesta que realiza el Dr. Domingo Gómez Orea en su libro Ordenación Territorial 2da edición, de ahí se propone una alternativa metodológica de articulación del patrimonio cultural y ordenamiento territorial. Y para lograr este objetivo, utilizaremos la información disponible que cuenta el Instituto nacional de Patrimonio Cultural (INPC) en su sistema informatizado que se encuentra en la página Web www.inpc.gob.ec, denominado Sistema de Información Patrimonial Cultural del Ecuador (SIPCE), esta base de información que contiene fichas de inventario en sus diferentes ámbitos culturales como inmuebles, muebles, documentos. Arqueológicos y manifestaciones inmateriales, previamente analizadas y georreferenciadas nos permitirán territorializar en el espacio cantonal y con ello poder realizar un análisis integrado con los otros componentes como es el medio físico, poblacional, económico, núcleos de población etc. Esta nueva metodología permitirá visualizar, conocer, aprender y empodéranos del patrimonio cultural material e inmaterial, con aquellas manifestaciones culturales y tradicionales que existen y se encuentran en vigencia. También poder recuperar y rescatar aquellas que están en peligro de desaparecer, este potencial cultural será una gran posibilidad de generar emprendimientos y desarrollo sustentable. La manera más idónea de concretar y fomentar este desarrollo sustentable en territorio será a través de la formulación de programas, planes y proyectos que deberán plantearse en los planes de ordenamiento territorial y los planes de desarrollo territorial. Finalmente para comprobar esta nueva propuesta metodológica de articulación entre el patrimonio cultural y el ordenamiento territorial, la aplicaremos al cantón Paltas de la provincia de Loja.

Liquidity, Governance and Adverse Selection in Asset Pricing

A plethora of recent literature on asset pricing provides plenty of empirical evidence on the importance of liquidity, governance and adverse selection of equity on pricing of assets together with more traditional factors such as market beta and the Fama-French factors. However, literature has usually stressed that these factors are priced individually. In this dissertation we argue that these factors may be related to each other, hence not only individual but also joint tests of their significance is called for. In the three related essays, we examine the liquidity premium in the context of the finer three-digit SIC industry classification, joint importance of liquidity and governance factors as well as governance and adverse selection. Recent studies by Core, Guay and Rusticus (2006) and Ben-Rephael, Kadan and Wohl (2010) find that governance and liquidity premiums are dwindling in the last few years. One reason could be that liquidity is very unevenly distributed across industries. This could affect the interpretation of prior liquidity studies. Thus, in the first chapter we analyze the relation of industry clustering and liquidity risk following a finer industry classification suggested by Johnson, Moorman and Sorescu (2009). In the second chapter, we examine the dwindling influence of the governance factor if taken simultaneously with liquidity. We argue that this happens since governance characteristics are potentially a proxy for information asymmetry that may be better captured by market liquidity of a company’s shares. Hence, we jointly examine both the factors, namely, governance and liquidity – in a series of standard asset pricing tests. Our results reconfirm the importance of governance and liquidity in explaining stock returns thus independently corroborating the findings of Amihud (2002) and Gompers, Ishii and Metrick (2003). Moreover, governance is not subsumed by liquidity. Lastly, we analyze the relation of governance and adverse selection, and again corroborate previous findings of a priced governance factor. Furthermore, we ascertain the importance of microstructure measures in asset pricing by employing Huang and Stoll’s (1997) method to extract an adverse selection variable and finding evidence for its explanatory power in four-factor regressions.

Il Pavement Management System di un'infrastruttura viaria: il caso del quartiere di Campo di Marte del Comune di Firenze

L’elaborato si apre presentando il concetto di Pavement Managemet System (PMS), un modello di gestione degli interventi di manutenzione che le pavimentazioni di una rete stradale dovranno subire nel corso del tempo. Uno dei punti di forza del Pavement Management System, è costituito dalla diretta comparazione tra i costi delle strategie programmate e i relativi benefici, che consente di scegliere l’alternativa più efficace. Nel secondo capitolo viene descritto il catasto stradale, strumento di fondamentale importanza per la gestione del patrimonio stradale e per il funzionamento del Pavement Management System. Esso infatti è l’elemento di collegamento tra la sicurezza e la programmazione della manutenzione. Il terzo capitolo espone il caso di studio del quartiere di Campo di Marte del Comune di Firenze. L’elemento di partenza di questo capitolo è il database dei sinistri stradali, il quale aiuta ad individuare alcune carenze della sovrastruttura che potrebbero essere causa di disagi o addirittura di incidenti. Dall’analisi si possono quindi dedurre utili indicazioni sul tipo di interventi che si rendono necessari per garantire la sicurezza e sulle priorità degli interventi stessi. Successivamente vengono descritte le modalità di rilievo per il quartiere oggetto del caso di studio ed esposti i risultati. Questi, uniti a quelli degli indici di stato prestazionali, danno vita alla pianificazione degli interventi di manutenzione necessari. Il quarto ed ultimo capitolo contiene i piani di manutenzione, con la relativa catalogazione degli interventi di manutenzione e riabilitazione. Questi vengono pianificati con l’ausilio dei risultati provenienti dai rilievi e dagli indici di stato prestazionali. Infine vengono presentati a titolo di esempio, tre casi reali di piano operativo degli interventi sulle pavimentazioni di strade appartenenti al quartiere di Campo di Marte.

Analisi di immagini satellitari in ambiente GIS nel monitoraggio dei danni antropici al patrimonio archeologico in Siria

Questa tesi sostiene l'efficacia delle immagini satellitari per monitorare e valutare lo stato di conservazione dei siti archeologici soggetti a minacce antropiche, facendo riferimento alla situazione di crisi che è in atto in Siria a causa della guerra civile. Sono descritti nello specifico i vantaggi e i limiti del loro uso per riconoscere e seguire l’evoluzione dei saccheggi e delle altre forme di danno: in particolare vengono valutati i danni presenti su 68 tell pre-classici situati nel nord della Siria. È stato utilizzato un approccio foto interpretativo mediante il software QGIS, confrontando immagini satellitari provenienti da piattaforme open source quali Google, Bing, Esri con immagini d’archivio risalenti al 2010. Sono state effettuate diverse analisi volte a mappare la distribuzione dei danni sul territorio e stimarne l’incremento avvenuto tra il 2014 e il 2019, sottolineando l’impatto della militarizzazione e degli scavi clandestini. Sono state inoltre acquistate due immagini ad altissima risoluzione del satellite WorldView-2 per fare un riconoscimento semiautomatico dei cambiamenti avvenuti dal 2010 al 2020 su due dei tell appartenenti all’area di indagine, attraverso l’uso del software ENVI: dopo avere eseguito le opportune correzioni geometriche e atmosferiche è stata effettuata l’analisi delle componenti principali (PCA) ottenendo due immagini raster nelle quali vengono evidenziate le fosse di saccheggio e i danni compiuti sopra i due tell. Questo approccio ha consentito di individuare con maggiore chiarezza le caratteristiche che non erano altrettanto ben visibili nelle immagini rese disponibili dalle fonti open source. I risultati ottenuti dimostrano l’importanza delle immagini satellitari che rappresentano una fonte oggettiva di informazioni per avere una stima dei danni al suolo e possono aiutare le autorità competenti a prendere le misure necessarie per prevenire un'ulteriore diffusione del saccheggio e delle altre forme di danno.

Building Information Modeling e Maintenance Management: il caso del Pro-GET-onE

La tesi ha come obiettivo quello di analizzare l’evoluzione del settore della manutenzione edilizia e del cambiamento della politica manutentiva in relazione ai progressi portati dai nuovi strumenti informatici: facendo quindi riferimento ad uno specifico caso di studio e integrando l’utilizzo di software BIM, lo scopo è stato quello di programmare un life cycle adeguato. La prima parte della tesi delinea il cambiamento del quadro normativo dell’ambito della manutenzione e definisce lo stato dell’arte della pratica manutentiva, sia dal punto di vista tecnico e applicativo, ma anche da quello gestionale ed economico, con particolare riferimento al Maintenance Management. Nella seconda parte viene invece approfondito il caso studio di uno studentato di Atene facente parte del programma ProGETonE, definendo gli elementi che possono portare ad una corretta gestione del ciclo di vita di questo fabbricato: l’analisi parte da un approccio tradizionale, basato sul computo metrico e sulla PBS, ma si sviluppa e completa attraverso l’utilizzo di Revit e Mantus-P, con la relativa stesura finale di un piano di manutenzione. Questo processo ha portato ad evidenziare le differenze e i vantaggi che si possono trarre dal cambio di prospettiva e di strumenti nell’ambito della manutenzione edilizia.

Development of Optimal Energy Management Strategies for a Hybrid Boat

The present work proposes different approaches to extend the mathematical methods of supervisory energy management used in terrestrial environments to the maritime sector, that diverges in constraints, variables and disturbances. The aim is to find the optimal real-time solution that includes the minimization of a defined track time, while maintaining the classical energetic approach. Starting from analyzing and modelling the powertrain and boat dynamics, the energy economy problem formulation is done, following the mathematical principles behind the optimal control theory. Then, an adaptation aimed in finding a winning strategy for the Monaco Energy Boat Challenge endurance trial is performed via ECMS and A-ECMS control strategies, which lead to a more accurate knowledge of energy sources and boat’s behaviour. The simulations show that the algorithm accomplishes fuel economy and time optimization targets, but the latter adds huge tuning and calculation complexity. In order to assess a practical implementation on real hardware, the knowledge of the previous approaches has been translated into a rule-based algorithm, that let it be run on an embedded CPU. Finally, the algorithm has been tuned and tested in a real-world race scenario, showing promising results.