Johdon yritysoston onnistumisen tukeminen pääomasijoitusyhtiön post-buyout toiminnan avulla

Tutkielman tavoitteena on analysoida, miten pääomasijoitusyhtiö voi post-buyout toiminnallaan tukea sijoituksensa onnistumista erilaisissa johdon yritysostotapauksissa. Tutkielmassa rakennetaan teoreettinen viitekehys, jonka avulla pääomasijoitusyhtiö voi tukea sijoituksensa arvon säilymistä ja toisaalta lisäarvon syntymistä. Tätä viitekehystä tarkennetaan ja testataan empiirisellä aineistolla, joka koostuu suomalaisen pääomasijoitusyhtiön ja sen neljän johdon yritysoston läpikäyneen kohdeyrityksen haastatteluista sekä pääomasijoitusyhtiön tuottamasta kirjallisesta materiaalista. Teorian ja empiirisen materiaalin perusteella johdon yritysoston onnistu-minen on usein subjektiivista sekä suhteellista suunniteltuun irtautumistapaan nähden. Joissakin tapauksissa jo pelkkä pääomasijoittajan mukaantulo voi vaikuttaa positiivisesti kohdeyrityksen riskinottoon ja siten pääomasijoitusyhtiön post-buyout toiminnan onnistumiseen.

Ex-post evaluation of the employment effects of a preferential trade agreement: methodological issues, illustrated with a reference to Chile

Includes bibliography

Tiouréia no desenvolvimento de girinos de rã-touro e no desempenho de animais pós-metamórficos

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Dating polygenetic metamorphic assemblages along a transect across the Western Alps

Multichronometric analyses were performed on samples from a transect in the French-Italian Western Alps crossing nappes derived from the Briançonnais terrane and the Piemonte-Liguria Ocean, in an endeavour to constrain the high-pressure (HP) metamorphism and the retrogression history. 12 samples of white mica were analysed by 39Ar-40Ar stepwise heating, complemented by 2 samples from the Monte Rosa 100 km to the NE and also attributed to the Briançonnais terrane. One Sm-Nd and three Lu-Hf garnet ages from eclogites were also obtained. White mica ages decrease from ca. 300 Ma in the westernmost samples (Zone Houillère), reaching ca. 300 °C during Alpine metamorphism, to < 48 Ma in the internal units to the East, which reached ca. 500 °C during Alpine orogeny. The conventional “thermochronological” interpretation postulates Cretaceous Eo-Alpine HP metamorphism and younger “cooling ages” in the higher-temperature samples. However, Eocene Lu-Hf and Sm-Nd ages from the same samples cannot be interpreted as post-metamorphic cooling ages, which makes a Cretaceous eclogitization untenable. The age date from this transect require instead to replace conventional “thermochronology” by an approach combining age dating with detailed geochemical, petrological and microstructural investigations. Petrology reveals important mineralogical differences along the transect. Samples from the Zone Houillère mostly contain detrital mica. White mica with Si > 6.45 atoms per formula unit becomes more abundant eastward. Across the whole traverse, HP phengitic mica forms the D1 foliation. Syn-D2 mica is Si-poorer and associated with nappe stacking, exhumation, and hydrous retrogression under greenschist facies conditions. D1 phengite is very often corroded, overgrown or intergrown by syn-D2 muscovite. Most importantly, syn-D2 recrystallization is not limited to S2 schistosity domains; microchemical fingerprinting shows that it also can form pseudomorphs after crystals that could be mistaken to have formed during D1 based on microstructural arguments alone. Thereby the Cl concentration in white mica is a useful discriminator, since D2 retrogression was associated with a less saline fluid than eclogitization. Once the petrological stage is set, geochronology is straightforward. All samples contain mixtures of detrital, syn-D1 and syn-D2 mica, and retrogression phases (D3) in greatly varying proportions according to local pressure-temperature-fluid activity-deformation conditions. The correlation of age vs. Cl/K clearly identifies 47 ± 1 Ma as the age of formation of syn-D1 mica along the entire transect, including the Monte Rosa nappe samples. The inferred age of the greenschist-facies low-Si syn-D2 mica generation ranges within 39-43 Ma, with local variations. Coexistence of D1 and D2 ages, and the constancy of non-reset D1 ages along the entire transect, are strong evidence that the D1 white mica ages are very close to formation ages. Volume diffusion of Ar in white mica (activation energy E = 250 kJ/mol; pressure-adjusted diffusion coefficient D’0 < 0.03 cm2 s-1) has a subordinate effect on mineral ages compared to both prograde and retrograde recrystallization in most samples. Eocene Lu-Hf and Sm-Nd garnet ages are prograde and predate the HP peak.

Short- and long-term consequences of thermal variation in the larval environment of anurans

To survive adverse or unpredictable conditions in the ontogenetic environment, many organisms retain a level of phenotypic plasticity that allows them to meet the challenges of rapidly changing conditions. Larval anurans are widely known for their ability to modify behaviour, morphology and physiological processes during development, making them an ideal model system for studies of environmental effects on phenotypic traits. Although temperature is one of the most important factors influencing the growth, development and metamorphic condition of larval anurans, many studies have failed to include ecologically relevant thermal fluctuations among their treatments. We compared the growth and age at metamorphosis of striped marsh frogs Limnodynastes peronii raised in a diurnally fluctuating thermal regime and a stable regime of the same mean temperature. We then assessed the long-term effects of the larval environment on the morphology and performance of post-metamorphic frogs. Larval L. peronii from the fluctuating treatment were significantly longer throughout development and metamorphosed about 5 days earlier. Frogs from the fluctuating group metamorphosed at a smaller mass and in poorer condition compared with the stable group, and had proportionally shorter legs. Frogs from the fluctuating group showed greater jumping performance at metamorphosis and less degradation in performance during a 10-week dormancy. Treatment differences in performance could not be explained by whole-animal morphological variation, suggesting improved contractile properties of the muscles in the fluctuating group.

Red capitalists:political connections and firm performance in China

Using a unique firm level data, this paper analyses the role of political connections in the post-entry performance of private start-up companies in China. It documents robust evidence that political affiliation enhances firms' survival and growth prospects. But interestingly politically neutral start-ups enjoy faster productivity improvements conditional on survival. In addition, the benefits of political connections are largely confined to firms associated with local or top level governments, and they are more pronounced in capital-intensive industries. We conclude that the close association between the state and a segment of the business community is leading to sub-optimal resource allocation in the economy by interfering with the process of market selection.

Risk based post closure care analysis for Florida landfills

Subtitle D of the Resource Conservation and Recovery Act (RCRA) requires a post closure period of 30 years for non hazardous wastes in landfills. Post closure care (PCC) activities under Subtitle D include leachate collection and treatment, groundwater monitoring, inspection and maintenance of the final cover, and monitoring to ensure that landfill gas does not migrate off site or into on site buildings. The decision to reduce PCC duration requires exploration of a performance based methodology to Florida landfills. PCC should be based on whether the landfill is a threat to human health or the environment. Historically no risk based procedure has been available to establish an early end to PCC. Landfill stability depends on a number of factors that include variables that relate to operations both before and after the closure of a landfill cell. Therefore, PCC decisions should be based on location specific factors, operational factors, design factors, post closure performance, end use, and risk analysis. The question of appropriate PCC period for Florida’s landfills requires in depth case studies focusing on the analysis of the performance data from closed landfills in Florida. Based on data availability, Davie Landfill was identified as case study site for a case by case analysis of landfill stability. The performance based PCC decision system developed by Geosyntec Consultants was used for the assessment of site conditions to project PCC needs. The available data for leachate and gas quantity and quality, ground water quality, and cap conditions were evaluated. The quality and quantity data for leachate and gas were analyzed to project the levels of pollutants in leachate and groundwater in reference to maximum contaminant level (MCL). In addition, the projected amount of gas quantity was estimated. A set of contaminants (including metals and organics) were identified as contaminants detected in groundwater for health risk assessment. These contaminants were selected based on their detection frequency and levels in leachate and ground water; and their historical and projected trends. During the evaluations a range of discrepancies and problems that related to the collection and documentation were encountered and possible solutions made. Based on the results of PCC performance integrated with risk assessment, projection of future PCC monitoring needs and sustainable waste management options were identified. According to these results, landfill gas monitoring can be terminated, leachate and groundwater monitoring for parameters above MCL and surveying of the cap integrity should be continued. The parameters which cause longer monitoring periods can be eliminated for the future sustainable landfills. As a conclusion, 30 year PCC period can be reduced for some of the landfill components based on their potential impacts to human health and environment (HH&E).

Risk Based Post Closure Care Analysis for Florida Landfills

Subtitle D of the Resource Conservation and Recovery Act (RCRA) requires a post closure period of 30 years for non hazardous wastes in landfills. Post closure care (PCC) activities under Subtitle D include leachate collection and treatment, groundwater monitoring, inspection and maintenance of the final cover, and monitoring to ensure that landfill gas does not migrate off site or into on site buildings. The decision to reduce PCC duration requires exploration of a performance based methodology to Florida landfills. PCC should be based on whether the landfill is a threat to human health or the environment. Historically no risk based procedure has been available to establish an early end to PCC. Landfill stability depends on a number of factors that include variables that relate to operations both before and after the closure of a landfill cell. Therefore, PCC decisions should be based on location specific factors, operational factors, design factors, post closure performance, end use, and risk analysis. The question of appropriate PCC period for Florida’s landfills requires in depth case studies focusing on the analysis of the performance data from closed landfills in Florida. Based on data availability, Davie Landfill was identified as case study site for a case by case analysis of landfill stability. The performance based PCC decision system developed by Geosyntec Consultants was used for the assessment of site conditions to project PCC needs. The available data for leachate and gas quantity and quality, ground water quality, and cap conditions were evaluated. The quality and quantity data for leachate and gas were analyzed to project the levels of pollutants in leachate and groundwater in reference to maximum contaminant level (MCL). In addition, the projected amount of gas quantity was estimated. A set of contaminants (including metals and organics) were identified as contaminants detected in groundwater for health risk assessment. These contaminants were selected based on their detection frequency and levels in leachate and ground water; and their historical and projected trends. During the evaluations a range of discrepancies and problems that related to the collection and documentation were encountered and possible solutions made. Based on the results of PCC performance integrated with risk assessment, projection of future PCC monitoring needs and sustainable waste management options were identified. According to these results, landfill gas monitoring can be terminated, leachate and groundwater monitoring for parameters above MCL and surveying of the cap integrity should be continued. The parameters which cause longer monitoring periods can be eliminated for the future sustainable landfills. As a conclusion, 30 year PCC period can be reduced for some of the landfill components based on their potential impacts to human health and environment (HH&E).

Sources of variation in larval quality for free-spawning marine invertebrates: Egg size and the local sperm environment

There has been growing interest in the effects of variation in larval quality on the post-larval performance of adult marine invertebrates. Variation in egg/larval size is an obvious source of variation in larval quality but sources of variation have received little attention. For broadcast spawners, larval size may vary according to the local sperm environment but the generality of this result is unclear. Here, we show that, for a solitary ascidian, a polychaete and an echinoid, larval size is affected by the concentration of sperm present during fertilization. Larvae that are produced at high sperm concentrations are smaller than larvae that are produced from eggs exposed to low sperm concentrations. We also show that for three ascidians and an asteroid, egg size increases with maternal body size. These differences in larval size are likely to affect larval and subsequent adult performance in the field. Given that sperm concentrations in the field can fluctuate widely, it is likely that larval quality in free-spawning marine invertebrates will also vary widely.

Repeated Double-Poling Sprint Training in Hypoxia by Competitive Cross-country Skiers.

PURPOSE: Repeated-sprint training in hypoxia (RSH) was recently shown to improve repeated-sprint ability (RSA) in cycling. This phenomenon is likely to reflect fiber type-dependent, compensatory vasodilation, and therefore, our hypothesis was that RSH is even more beneficial for activities involving upper body muscles, such as double poling during cross-country skiing. METHODS: In a double-blinded fashion, 17 competitive cross-country skiers performed six sessions of repeated sprints (each consisting of four sets of five 10-s sprints, with 20-s intervals of recovery) either in normoxia (RSN, 300 m; FiO2, 20.9%; n = 8) or normobaric hypoxia (RSH, 3000 m; FiO2, 13.8 %; n = 9). Before (pre) and after (post) training, performance was evaluated with an RSA test (10-s all-out sprints-20-s recovery, until peak power output declined by 30%) and a simulated team sprint (team sprint, 3 × 3-min all-out with 3-min rest) on a double-poling ergometer. Triceps brachii oxygenation was measured by near-infrared spectroscopy. RESULTS: From pretraining to posttraining, peak power output in the RSA was increased (P < 0.01) to the same extent (29% ± 13% vs 26% ± 18%, nonsignificant) in RSH and in RSN whereas the number of sprints performed was enhanced in RSH (10.9 ± 5.2 vs 17.1 ± 6.8, P < 0.01) but not in RSN (11.6 ± 5.3 vs 11.7 ± 4.3, nonsignificant). In addition, the amplitude in total hemoglobin variations during sprints throughout RSA rose more in RSH (P < 0.01). Similarly, the average power output during all team sprints improved by 11% ± 9% in RSH and 15% ± 7% in RSN. CONCLUSIONS: Our findings reveal greater improvement in the performance of repeated double-poling sprints, together with larger variations in the perfusion of upper body muscles in RSH compared with those in RSN.

The Hercynian ore deposits from the Catalonian Coastal Ranges

Many mineralizations, showings and geochemical anomalies have been found in the Hercynian of the Catalonian Coastal Ranges during the last ten years. Many of them are enclosed in the Paleozoic sediments and volcanics and display pre-metamorphic syngenetic characteristics. The lower carboniferous manganese and base meta1 deposits appear to be formed from hydrothermal fluids springing up in the sea floor through active fractures controlling the filling of the basins in a extensional geotectonic setting. Although less evidence and more controversy is available, similar ore forming processes could have taken place in older Paleozoic times. The deformation and metamorphism have not played an important remobilization role, and most epigenetic deposits of Hercynian age are related to the hydrothermal cells induced by the post-metamorphic granitic intrusives.

El Outsourcing en la dinámica de sistemas hacia mercados extranjeros

Este trabajo recopila literatura académica relevante sobre estrategias de entrada y metodologías para la toma de decisión sobre la contratación de servicios de Outsourcing para el caso de empresas que planean expandirse hacia mercados extranjeros. La manera en que una empresa planifica su entrada a un mercado extranjero, y realiza la consideración y evaluación de información relevante y el diseño de la estrategia, determina el éxito o no de la misma. De otro lado, las metodologías consideradas se concentran en el nivel estratégico de la pirámide organizacional. Se parte de métodos simples para llegar a aquellos basados en la Teoría de Decisión Multicriterio, tanto individuales como híbridos. Finalmente, se presenta la Dinámica de Sistemas como herramienta valiosa en el proceso, por cuanto puede combinarse con métodos multicriterio.

Influência do modo ventilatório no desempenho funcional dos enxertos pulmonares pós-transplante em modelo canino : ventilção controlada a volume versus ventilação controlada a pressão

O conhecimento dos riscos e conseqüências da lesão pulmonar induzida pela ventilação mecânica mudou a filosofia da terapia respiratória e tem influenciado nas recomendações e padronizações de seu uso. A influência dos diferentes modos ventilatórios não tem sido estudada em transplante de pulmão. O presente estudo teve como objetivo comparar a influência da ventilação controlada a volume (VCV) com a ventilação controlada a pressão (PCV) no desempenho funcional dos enxertos pulmonares, em modelo canino de transplante pulmonar unilateral utilizando-se doadores após três horas de parada cardiocirculatória. Quinze cães foram randomizados em dois grupos: oito cães foram alocados para o Grupo VCV e sete cães para o Grupo PCV. Cinco cães não completaram o período de avaliação pós-transplante, os dez animais restantes, grupo VCV (n= 5) e grupo PCV (n=5), foram avaliados durante 360 min após o término do transplante pulmonar. O desempenho funcional dos enxertos foi estudado através da avaliação da mecânica respiratória, trocas gasosas e das alterações histopatológicas. Não foram encontradas diferenças significativas em nenhuma das variáveis da mecânica respiratória estudadas (pressões de pico inspiratória- PPI; pressões de platô- PPLAT ; pressões médias de vias aéreas – Pmédia; complacências dinâmica- Cdyn e estática- Cst); da oxigenação, pressão parcial de oxigênio no sangue arterial e venoso misto (PaO2, PvO2); a diferença entre a saturação da hemoglobina no sangue arterial e no sangue venoso misto (ΔSO2); a pressão parcial de dióxido de carbono no sangue arterial e no sangue venoso misto (PaCO2, PvO2). As alterações histopatológicas encontradas nos pulmões dos animais foram compatíveis com o padrão de lesão pulmonar aguda. As alterações histológicas de padrão inespecífico não tiveram nenhuma correlação com o modo ventilatório. Este estudo demonstra que os modos ventilatórios estudados não influenciam as respostas dos enxertos pulmonares à lesão de isquemia reperfusão que se estabelece precocemente neste modelo experimental até 6 horas de reperfusão pulmonar pós-transplante unilateral.

Sistema de controle interno no anteprojeto de lei orgânica da administração pública federal: percepção dos servidores da Controladoria-Regional da União no Estado de Pernambuco

O objetivo desta pesquisa foi identificar a percepção dos servidores da Controladoria- Regional da União no Estado de Pernambuco acerca das contribuições das propostas do Anteprojeto de Lei Orgânica da Administração Pública Federal para o fortalecimento do sistema de controle interno do Poder Executivo Federal, notadamente no que se refere ao momento e ao foco do controle. Para tanto, foram aplicados questionários com funcionários públicos efetivos e em exercício dessa unidade de controle interno, com índice de resposta de 92%. Concluiu-se que, na ótica desses servidores, o perfil do sistema de controle interno proposto pelo Anteprojeto, denominado por este estudo de “Posterior-Realização”, não é o mais adequado. No que se refere ao foco do controle, houve convergência entre as proposições do Anteprojeto e as opiniões dos servidores na defesa da predominância do controle de resultados, sem desprezar a averiguação da legalidade. Entretanto, no que tange ao momento do controle, enquanto os juristas defendem uma atuação predominantemente a posteriori dos órgãos de controle, os funcionários públicos apoiaram que o Controle Interno deve dispor de um eficaz planejamento das suas ações, capaz de definir o tempo mais apropriado para atuação em cada caso. Por fim, a título de contribuição com os debates trazidos pelo Anteprojeto, este estudo ainda elaborou propostas de diretrizes para o controle governamental com o intuito de serem incorporadas à Lei Orgânica da Administração Pública Federal em desenvolvimento, quais sejam: (i) momento de atuação do controle definido a partir de planejamento criterioso e (ii) atendimento ao interesse público como foco do controle.

Conexões políticas e o desempenho empresarial pós-aquisição no Brasil

Este estudo buscou analisar o efeito das conexões políticas das empresas no nível do Conselho de Administração sobre o desempenho, após o processo de aquisição. Estudos anteriores já identificaram esta relação apontando efeitos, de positivos a neutros das conexões políticas sobre o desempenho, além de influenciar a frequência e o tamanho das operações (BROCKMAN; RUI; ZOU, 2013; LIU; WANG; ZHANG, 2013). Esta pesquisa estende tais análises aplicando o modelo para as empresas brasileiras além de incluir informações sobre o tipo de conexão política para avaliar diferentes impactos. Este estudo foi conduzido dentro do âmbito das empresas compradoras listadas na BM&Bovespa entre os anos de 1999 e 2014, utilizando modelos econométricos de Propensity Score Matching e dados em painel. Partindo da análise de currículos dos conselheiros, foram codificados os diferentes tipos de conexão, como instituições financeiras públicas e de desenvolvimento e agências reguladoras além das formas tradicionais de conexões políticas (FACCIO, 2006). Com base nos resultados foi encontrada uma associação entre as conexões com agências reguladoras e o desempenho pós-aquisição das empresas adquirentes, bem como indícios de uma relação entre os efeitos das conexões com bancos públicos e de desenvolvimento. Não foi possível apontar resultados para as conexões políticas tradicionais