The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

China in Global Value Chains: Implications for Industrial Policy and Development

Rapid technological advances and liberal trade regimes permit functional reintegration of dispersed activities into new border-spanning business networks variously referred to as global value chains (GVCs). Given that the gains of a country from GVCs depend on the activities taking place in its jurisdiction and their linkages to global markets, this study starts by providing a descriptive overview of China’s economic structure and trade profile. The first two chapters of this paper demonstrate what significant role GVCs have played in China’s economic growth, evident in enhanced productivity, diversification, and sophistication of China’s exports, and how these economic benefits have propelled China’s emergence as the world’s manufacturing hub in the past two decades. However, benefits from GVC participation – in particular technological learning, knowledge building, and industrial upgrading – are not automatic. What strategies would help Chinese industries engage with GVCs in ways that are deemed sustainable in the long run? What challenges and related opportunities China would face throughout the implementation process? The last two chapters of this paper focus on implications of GVCs for China’s industrial policy and development. Chapter Three examines how China is reorienting its manufacturing sector toward the production of higher value-added goods and expanding its service sector, both domestically and internationally; while Chapter Four provides illustrative policy recommendations on dealing with the positive and negative outcomes triggered by GVCs, within China and beyond the country’s borders. To the end, this study also hopes to shed some light on the lessons and complexities that arise from GVC participation for other developing countries.

Cooperative or collaborative learning: Is there a difference in university students’ perceptions?

The hypothesis that the same educational objective, raised as cooperative or collaborative learning in university teaching does not affect students’ perceptions of the learning model, leads this study. It analyses the reflections of two students groups of engineering that shared the same educational goals implemented through two different methodological active learning strategies: Simulation as cooperative learning strategy and Problem-based Learning as a collaborative one. The different number of participants per group (eighty-five and sixty-five, respectively) as well as the use of two active learning strategies, either collaborative or cooperative, did not show differences in the results from a qualitative perspective.

Aplicação de um value stream map nos serviços após venda automóvel

O projeto desenvolvido tem como objetivo principal a melhoria da eficiência na prestação de serviços de reparação de chapa e pintura na Caetano Auto Colisão, através da aplicação de ferramentas associadas à filosofia Lean. Apesar das ferramentas e técnicas lean estarem bem exploradas nas empresas de produção e manufatura, o mesmo não se verifica em relação às empresas da área dos serviços. O Value Stream Mapping é uma ferramenta lean que consiste no mapeamento do fluxo de materiais e informação necessários para a realização das atividades (que acrescentam e não acrescentam valor), desempenhadas pelos colaboradores, fornecedores e distribuidores, desde a obtenção do pedido do cliente até à entrega final do serviço. Através desta ferramenta é possível identificar as atividades que não acrescentam valor para o processo e propor medidas de melhoria que resultem na eliminação ou redução das mesmas. Com base neste conceito, foi realizado o mapeamento do processo de prestação de serviços de chapa e pintura e identificados os focos de ineficiência. A partir desta análise foram sugeridas melhorias que têm como objetivo atingir o estado futuro proposto assim como tornar o processo mais eficiente. Duas destas melhorias passaram pela implementação dos 5S na sala das tintas e pela elaboração de um relatório A3 para o centro de lavagens. O projeto realizado permitiu o estudo de um problema real numa empresa de serviços, bem como a proposta de um conjunto de melhorias que a médio prazo se espera virem a contribuir para a melhoria da eficiência na prestação de serviços de chapa e pintura.

Sweet cherry: composition, postharvest preservation, processing and trends for its future use

Background Sweet cherries (Prunus avium L.) are a nutritious fruit which are rich in polyphenols and have high antioxidant potential. Most sweet cherries are consumed fresh and a small proportion of the total sweet cherries production is value added to make processed food products. Sweet cherries are highly perishable fruit with a short harvest season, therefore extensive preservation and processing methods have been developed for the extension of their shelf-life and distribution of their products. Scope and Approach In this review, the main physicochemical properties of sweet cherries, as well as bioactive components and their determination methods are described. The study emphasises the recent progress of postharvest technology, such as controlled/modified atmosphere storage, edible coatings, irradiation, and biological control agents, to maintain sweet cherries for the fresh market. Valorisations of second-grade sweet cherries, as well as trends for the diversification of cherry products for future studies are also discussed. Key Findings and Conclusions Sweet cherry fruit have a short harvest period and marketing window. The major loss in quality after harvest include moisture loss, softening, decay and stem browning. Without compromising their eating quality, the extension in fruit quality and shelf-life for sweet cherries is feasible by means of combination of good handling practice and applications of appropriate postharvest technology. With the drive of health-food sector, the potential of using second class cherries including cherry stems as a source of bioactive compound extraction is high, as cherry fruit is well-known for being rich in health-promoting components.

Selling customer value in B2B markets - Case KONE JumpLift

Skepticism of promised value-added is forcing suppliers to provide tangible evidence of the value they can deliver for the customers in industrial markets. Despite this, quantifying customer benefits is being thought as one of the most difficult part in business-to-business selling. The objective of this research is to identify the desired and perceived customer benefits of KONE JumpLift™ and improve the overall customer value quantification and selling process of the solution. The study was conducted with a qualitative case analysis including 7 interviews with key stakeholders from three different market areas. The market areas were chosen based on where the offering has been utilized and the research was conducted by five telephone and two email interviews. The main desired and perceived benefits include many different values for example economical, functional, symbolic and epistemic value but they vary on studied market areas. The most important result of the research was finding the biggest challenges of selling the offering which are communicating and proving the potential value to the customers. In addition, the sales arguments have different relative importance in studied market areas which create challenges for salespeople to sell the offering effectively. In managerial level this means need for investing into a new sales tool and training the salespeople.

Identifying New Business Opportunities and Customer Value Creation: Case Vuosaari

Previously conducted research projects in the field of logistics services have emphasized the importance of value added services in customer value creation. Through value added services companies can extend their service portfolio and gain higher customer satisfaction and loyalty. In more general level service marketing has been recognized to be challenging due the intangible nature of services. This has caused issues in pricing and value perceptions. To tackle these issues scholars have suggested well–managed customer reference marketing practices. The main goal of this research work is to identify shortages in the current service offering. Additionally, the focus is on, how these shortages can be fixed. Due the low capacity utilization of warehouse premises, there is a need to find the main factors, which are causing or affecting on the current situation. The research aims to offer a set of alternatives how to come over these issues. All the potential business opportunities are evaluated and the promising prospects are discussed. The focus is on logistics value added services and how those effect on route decisions in logistics. Simultaneously the aim is to create a holistic understanding of how added value and offered services effect on logistics centralization. Moreover, customer value creation and customer references’ effectiveness in logistics service marketing are emphasized in this project. Logistics value added services have a minor effect on logistics decision. Routes are chosen on a low–cost basis. However, it is challenging to track down logistics costs and break those down into different phases. Customer value as such is a difficult concept. This causes challenges when services are sold with value–based principles. Customer references are useful for logistics service providers and this should be exploited in marketing. Those reduce the perceived risk and give credibility to the service provider.

Produção de nanopartículas contendo peptídeos bioativos de microalgas

A produção de peptídeos bioativos de distintas fontes de proteínas vem ganhando espaço na produção científica e tecnológica, despertando interesse do setor empresarial. Paralelamente a isso, devido à elevada concentração de proteínas na biomassa das microalgas Spirulina e Chlorella, estas apresentam grande potencial para a extração de biocompostos com alto valor agregado, como biopeptídeos de microalgas. As proteínas são uma importante fonte de peptídeos bioativos, mas estes não estão ativos na proteína precursora e devem ser liberados para que apresentem efeitos fisiológicos desejados. Essa liberação pode ser feita através de hidrólise enzimática a partir de proteases, sendo um dos métodos mais utilizados para a produção destes biocompostos. Dentro deste contexto, vários estudos vêm mostrando o uso da tecnologia por secagem em spray dryer para a obtenção de nanopartículas que contenham compostos bioativos, sendo, essa técnica, amplamente utilizada para transformar líquidos em pós, podendo ser aplicada em materiais sensíveis à temperatura. Este estudo teve como objetivo obter peptídeos bioativos através da reação enzimática, tendo como substrato a biomassa de Spirulina sp. LEB 18 e Chlorella pyrenoidosa e, na sequência, obter nanopartículas contendo os biopeptídeos. Primeiramente, foram testadas as 3 proteases comerciais (Protemax 580 L, Protemax N 200 e pepsina) para a produção de hidrolisados proteicos de microalgas, para isso foram realizados 3 delineamentos compostos centrais para cada microalga em estudo (Chlorella e Spirulina). Os delineamentos utilizados foram do tipo 23 com três repetições no ponto central, variando-se a concentração de enzima (5 a 10 U.mL-1), a concentração de substrato (5 a 10 %) e o tempo de reação (60 a 240 min). Após, realizou-se 2 delineamentos compostos rotacionais do tipo 22 com pontos centrais, um para cada microalga, utilizando-se para a hidrólise a enzima Protemax 580L (5 U.mL-1) variando-se a concentração de substrato e tempo de reação, para todos ensaios estudou-se a solubilidade, capacidade de retenção de água, atividade antioxidante e digestibilidade. Foi selecionado um ensaio para cada microalga, levando em conta os melhores resultados. Então nova hidrólise enzimática foi realizada sendo o sistema reacional composto pela enzima Protemax 580 L (5 U.mL-1) e pela biomassa de Spirulina sp. LEB 18 ou Chlorella pyrenoidosa (4% de proteína) durante tempo de 200 min. Os hidrolisados foram purificados por filtração a vácuo com membranas millipores de diferentes tamanhos (0,45; 0,2 e 0,1 µm) e por colunas com membrana vertical Amicon® Ultra 0.5 (3K e 10K), sendo que após cada etapa, foi realizado teste de atividade antioxidante pelos métodos de poder redutor, DPPH e ABTS, a fim de verificar a permanência da atividade antioxidante. Utilizou-se nano spray dryer Büchi modelo B 90 para a secagem das amostras, sendo o tamanho das partículas obtidas analisados por microscopia eletrônica de varredura (MEV). Por fim, conclui-se que a biomassa de microalgas pode ser utilizada como fonte de produção de peptídeos bioativos com elevada atividade antioxidante e que dentre as microalgas estudadas, Spirulina sp. LEB 18 apresentou melhores resultados, em todas as análises realizadas, quando comparada com Chlorella pyrenoidosa. Esse estudo, também visou utilizar a nanobiotecnologia para obtenção de nanoparículas contendo os biopeptídeos, para tal, utilizou-se o nano Buchi Spray Dryer B-90, o qual gerou partículas nanométricas de 14 a 18 nm para o hidrolisado de Spirulina e de 72 a 108 nm para o hidrolisado de Chlorella.

Monitoramento por microcontrolador do cultivo de spirulina em fotobiorreator raceway

A oportunidade de produção de biomassa microalgal tem despertado interesse pelos diversos destinos que a mesma pode ter, seja na produção de bioenergia, como fonte de alimento ou servindo como produto da biofixação de dióxido de carbono. Em geral, a produção em larga escala de cianobactérias e microalgas é feita com acompanhamento através de análises físicoquímicas offline. Neste contexto, o objetivo deste trabalho foi monitorar a concentração celular em fotobiorreator raceway para produção de biomassa microalgal usando técnicas de aquisição digital de dados e controle de processos, pela aquisição de dados inline de iluminância, concentração de biomassa, temperatura e pH. Para tal fim foi necessário construir sensor baseado em software capaz de determinar a concentração de biomassa microalgal a partir de medidas ópticas de intensidade de radiação monocromática espalhada e desenvolver modelo matemático para a produção da biomassa microalgal no microcontrolador, utilizando algoritmo de computação natural no ajuste do modelo. Foi projetado, construído e testado durante cultivos de Spirulina sp. LEB 18, em escala piloto outdoor, um sistema autônomo de registro de informações advindas do cultivo. Foi testado um sensor de concentração de biomassa baseado na medição da radiação passante. Em uma segunda etapa foi concebido, construído e testado um sensor óptico de concentração de biomassa de Spirulina sp. LEB 18 baseado na medição da intensidade da radiação que sofre espalhamento pela suspensão da cianobactéria, em experimento no laboratório, sob condições controladas de luminosidade, temperatura e fluxo de suspensão de biomassa. A partir das medidas de espalhamento da radiação luminosa, foi construído um sistema de inferência neurofuzzy, que serve como um sensor por software da concentração de biomassa em cultivo. Por fim, a partir das concentrações de biomassa de cultivo, ao longo do tempo, foi prospectado o uso da plataforma Arduino na modelagem empírica da cinética de crescimento, usando a Equação de Verhulst. As medidas realizadas no sensor óptico baseado na medida da intensidade da radiação monocromática passante através da suspensão, usado em condições outdoor, apresentaram baixa correlação entre a concentração de biomassa e a radiação, mesmo para concentrações abaixo de 0,6 g/L. Quando da investigação do espalhamento óptico pela suspensão do cultivo, para os ângulos de 45º e 90º a radiação monocromática em 530 nm apresentou um comportamento linear crescente com a concentração, apresentando coeficiente de determinação, nos dois casos, 0,95. Foi possível construir um sensor de concentração de biomassa baseado em software, usando as informações combinadas de intensidade de radiação espalhada nos ângulos de 45º e 135º com coeficiente de determinação de 0,99. É factível realizar simultaneamente a determinação inline de variáveis do processo de cultivo de Spirulina e a modelagem cinética empírica do crescimento do micro-organismo através da equação de Verhulst, em microcontrolador Arduino.

Valorisation of fish-cannery by-products targeting the recovery of ω3 lipids

Over the past years, ω3 fatty acids, namely EPA and DHA, have been recognized as presenting multiple health benefits. Several studies consider fish oil as the most important source of EPA and DHA. Nowadays, canned fish industry plays a very important role in Portuguese economy. However, expansion of this business brought some environmental concerns due to the high amount of by-products generated. Nevertheless, this problem can be substantially reduced by the recovery of some of the by-product components, diminishing its contamination load and simultaneously obtaining value-added products. This study was born from the growing interest in obtaining new sources of lipids rich in ω3 fatty acids, combined with environmental concerns related to the production of wastes from the fish canning industries, rich in these compounds. It thus intends to evaluate lipid extraction methods in liquid by-products from the fish canning industry, aiming to obtain fractions rich in ω3 fatty acids. Additionally, in a biorefining concept, the protein content of the remaining aqueous fractions was also quantified.

Wood-derived biomaterials for biomedical applications

Driven by the global trend in the sustainable economy development and environmental concerns, the exploring of plant-derived biomaterials or biocomposites for potential biomedical and/or pharmaceutical applications has received tremendous attention. Therefore, the work of this thesis is dedicated to high-value and high-efficiency utilization of plant-derived materials, with the focus on cellulose and hemicelluloses in the field of biomedical applications in a novel biorefinery concept. The residual cellulose of wood processing waste, sawdust, was converted into cellulose nanofibrils (CNFs) with tunable surface charge density and geometric size through 2,2,6,6-tetramethylpiperidinyloxy (TEMPO)-mediated oxidation and mechanical defibrillation. The sawdust-based CNFs and its resultant free-standing films showed comparable or even better mechanical properties than those from a commercial bleached kraft pulp at the same condition, demonstrating the feasibility of producing CNFs and films thereof with outstanding mechanical properties from birch sawdust by a process incorporated into a novel biorefinery platform recovering also polymeric hemicelluloses for other applications. Thus, it is providing an efficient route to upgrade sawdust waste to valuable products. The surface charge density and geometric size of the CNFs were found to play key roles in the stability of the CNF suspension, as well as the gelling properties, swelling behavior, mechanical stiffness, morphology and microscopic structural properties, and biocompatibility of CNF-based materials (i.e. films, hydrogels, and aerogels). The CNFs with tunable surface chemistry and geometric size was found promising applications as transparent and tough barrier materials or as reinforcing additive for production of biocomposites. The CNFs was also applied as structural matrices for the preparation of biocomposites possessing electrical conductivity and antimicrobial activity by in situ polymerization and coating of polypyrrole, and incorporation of silver nanoparticles, which make the material possible for potential wound healing application. The CNF-based matrices (films, hydrogels, and aerogels) with tunable structural and mechanical properties and biocompatibility were further prepared towards an application as 3D scaffolds in tissue engineering. The structural and mechanical strength of the CNF matrices could be tuned by controlling the charge density of the nanocellulose, as well as the pH and temperature values of the hydrogel formation conditions. Biological tests revealed that the CNF scaffolds could promote the survival and proliferation of tumor cells, and enhance the transfection of exogenous DNA into the cells, suggesting the usefulness of the CNF-based 3D matrices in supporting crucial cellular processes during cell growth and proliferation. The CNFs was applied as host materials to incorporate biomolecules for further biomedical application. For example, to investigate how the biocompatibility of a scaffold is influenced by its mechanical and structural properties, these properties of CNF-based composite matrices were controlled by incorporation of different hemicelluloses (O-acetyl galactoglucomanan (GGM), xyloglucan (XG), and xylan) into CNF hydrogel networks in different ratios and using two different approaches. The charge density of the CNFs, the incorporated hemicellulose type and amount, and the swelling time of the hydrogels were found to affect the pore structure, the mechanical strength, and thus the cells growth in the composite hydrogel scaffolds. The mechanical properties of the composite hydrogels were found to have an influence on the cell viability during the wound healing relevant 3T3 fibroblast cell culture. The thusprepared CNF composite hydrogels may work as promising scaffolds in wound healing application to provide supporting networks and to promote cells adhesion, growth, and proliferation.

Optimization of microwave-assisted extraction of hydrophilic and lipophilic antioxidants from a surplus tomato crop by response surface methodology

Tomato is the second most important vegetable crop worldwide and a rich source of industrially interesting antioxidants. Hence, the microwave-assisted extraction of hydrophilic (H) and lipophilic (L) antioxidants from a surplus tomato crop was optimized using response surface methodology. The relevant independent variables were temperature (T), extraction time (t), ethanol concentration (Et) and solid/liquid ratio (S/L). The concentration-time response methods of crocin and β-carotene bleaching were applied, since they are suitable in vitro assays to evaluate the antioxidant activity of H and L matrices, respectively. The optimum operating conditions that maximized the extraction were as follows: t, 2.25 min; T, 149.2 ºC; Et, 99.1 %; and S/L, 45.0 g/L for H antioxidants; and t, 15.4 min; T, 60.0 ºC; Et, 33.0 %; and S/L, 15.0 g/L for L antioxidants. This industrial approach indicated that surplus tomatoes possess a high content of antioxidants, offering an alternative source for obtaining natural value-added compounds. Additionally, by testing the relationship between the polarity of the extraction solvent and the antioxidant activity of the extracts in H and L media (polarity-activity relationship), useful information for the study of complex natural extracts containing components with variable degrees of polarity was obtained.

Colombian mutual funds that invest in stocks: Do they create value?

Esta investigación evalúa el desempeño de 73 fondos de inversión colectiva (FIC) colombianos enfocados en acciones de 2005 a 2015 -- Para cuantificar el valor generado por estos fondos en comparación con sus respectivos activos de referencia (“benchmarks”), se calcula el alfa de Jensen mediante dos metodologías de regresión: Mínimos Cuadrados Ordinarios (MCO) y Regresión por Cuantiles -- También se analiza si estos fondos muestran evidencia de “market timing” o no, utilizando dos modelos: efecto cuadrático y variable binaria interactiva -- De igual manera, nuestro estudio propone la creación de una empresa privada en Colombia que provea a los inversores de información precisa sobre las características y desempeño histórico de estos fondos de inversión colectiva, como lo hace Morningstar Inc. en Estados Unidos -- Esto permitiría a los inversores seleccionar los fondos con mejores perspectivas y, como es de esperarse, haría este mercado más eficiente y atractivo para nuevos inversores potenciales

Comportamiento del impuesto a la renta en la recaudación tributaria de la provincia del Azuay durante el último quinquenio

En la Constitución del Ecuador, en lo referente al Régimen Tributario, se busca la equidad, la importancia de la tributación directa, entre otros, garantizando de esta manera el Buen Vivir. Una vez revisadas las cifras, en la provincia del Azuay, los impuestos indirectos tienen un mayor nivel de recaudación. Este comportamiento atípico con lo que ocurre a nivel nacional, es lo que motivó la realización del presente trabajo, en donde bajo un enfoque sistémico se busca las posibles causas que lo originan. Para ello se recurrió a la información de recaudación tributaria que posee el Servicio de Rentas Internas. Partiendo de un análisis de la recaudación de impuestos a nivel nacional durante el quinquenio 2008-2012, se observa que el Impuesto a la Renta y el Impuesto al Valor Agregado son los de mayor recaudación dentro de los grupos de impuestos directos e indirectos respectivamente, contrastando con el comportamiento a nivel regional, y de la provincia del Azuay. El estudio realizado llevo a validar posibles causas que inciden en los niveles de recaudación del Impuesto a la Renta en la provincia, como: la composición y nivel de recaudación por clase de contribuyentes,el predominio de actividades económicas, la presencia de grandes contribuyentes con actividades específicas y los ingresos por remesas como generadoras de consumo.

Mapping agricultural value chains with international input-output data

In recent years, the analysis of trade in value added has been explored by many researchers. Although they have made important contributions by developing GVC-related indices and proposing techniques for decomposing trade data, they have not yet explored the method of value chain mapping—a core element of conventional value chain analysis. This paper introduces a method of value chain mapping that uses international input-output data and reveals both upstream and downstream transactions of goods and services induced by production activities of a specific commodity or industry. This method is subsequently applied to the agricultural value chain of three Greater Mekong Sub-region countries (i.e., Thailand, Vietnam, and Cambodia). The results show that the agricultural value chain has been increasingly internationalized, although there is still room for obtaining benefits from GVC participation, especially in a country such as Cambodia.