Comparative analysis of Spanish Banks’ Standalone credit profile

The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

Cultural journalism in a digital environment : new models, practices and possibilities

Both culture coverage and digital journalism are contemporary phenomena that have undergone several transformations within a short period of time. Whenever the media enters a period of uncertainty such as the present one, there is an attempt to innovate in order to seek sustainability, skip the crisis or find a new public. This indicates that there are new trends to be understood and explored, i.e., how are media innovating in a digital environment? Not only does the professional debate about the future of journalism justify the need to explore the issue, but so do the academic approaches to cultural journalism. However, none of the studies so far have considered innovation as a motto or driver and tried to explain how the media are covering culture, achieving sustainability and engaging with the readers in a digital environment. This research examines how European media which specialize in culture or have an important cultural section are innovating in a digital environment. Specifically, we see how these innovation strategies are being taken in relation to the approach to culture and dominant cultural areas, editorial models, the use of digital tools for telling stories, overall brand positioning and extensions, engagement with the public and business models. We conducted a mixed methods study combining case studies of four media projects, which integrates qualitative web features and content analysis, with quantitative web content analysis. Two major general-interest journalistic brands which started as physical newspapers – The Guardian (London, UK) and Público (Lisbon, Portugal) – a magazine specialized in international affairs, culture and design – Monocle (London, UK) – and a native digital media project that was launched by a cultural organization – Notodo, by La Fábrica – were the four case studies chosen. Findings suggest, on one hand, that we are witnessing a paradigm shift in culture coverage in a digital environment, challenging traditional boundaries related to cultural themes and scope, angles, genres, content format and delivery, engagement and business models. Innovation in the four case studies lies especially along the product dimensions (format and content), brand positioning and process (business model and ways to engage with users). On the other hand, there are still perennial values that are crucial to innovation and sustainability, such as commitment to journalism, consistency (to the reader, to brand extensions and to the advertiser), intelligent differentiation and the capability of knowing what innovation means and how it can be applied, since this thesis also confirms that one formula doesn´t suit all. Changing minds, exceeding cultural inertia and optimizing the memory of the websites, looking at them as living, organic bodies, which continuously interact with the readers in many different ways, and not as a closed collection of articles, are still the main challenges for some media.

Proving a market for a startup befor scaling using the hypothesis-driven entrepreneurship process

The year is 2015 and the startup and tech business ecosphere has never seen more activity. In New York City alone, the tech startup industry is on track to amass $8 billion dollars in total funding – the highest in 7 years (CB Insights, 2015). According to the Kauffman Index of Entrepreneurship (2015), this figure represents just 20% of the total funding in the United States. Thanks to platforms that link entrepreneurs with investors, there are simply more funding opportunities than ever, and funding can be initiated in a variety of ways (angel investors, venture capital firms, crowdfunding). And yet, in spite of all this, according to Forbes Magazine (2015), nine of ten startups will fail. Because of the unpredictable nature of the modern tech industry, it is difficult to pinpoint exactly why 90% of startups fail – but the general consensus amongst top tech executives is that “startups make products that no one wants” (Fortune, 2014). In 2011, author Eric Ries wrote a book called The Lean Startup in attempts to solve this all-too-familiar problem. It was in this book where he developed the framework for The Hypothesis-Driven Entrepreneurship Process, an iterative process that aims at proving a market before actually launching a product. Ries discusses concepts such as the Minimum Variable Product, the smallest set of activities necessary to disprove a hypothesis (or business model characteristic). Ries encourages acting briefly and often: if you are to fail, then fail fast. In today’s fast-moving economy, an entrepreneur cannot afford to waste his own time, nor his customer’s time. The purpose of this thesis is to conduct an in-depth of analysis of Hypothesis-Driven Entrepreneurship Process, in order to test market viability of a reallife startup idea, ShowMeAround. This analysis will follow the scientific Lean Startup approach; for the purpose of developing a functional business model and business plan. The objective is to conclude with an investment-ready startup idea, backed by rigorous entrepreneurial study.

Sustained competitive advantage of different sized multinational corporations in rural base of the pyramid markets

This thesis explores how multinational corporations of different sizes create barriers to imitation and therefore sustain competitive advantage in rural and informal Base of the Pyramid economies. These markets require close cooperation with local partners in a dynamic environment that lacks imposable property rights and follows a different rationale than developed markets. In order to explore how competitive advantage is sustained by different sized multinational corporations at the Base of the Pyramid, the natural-resource-based view and the dynamic capabilities perspective are integrated. Based on this integration the natural-resource-based view is extended by identifying critical dynamic capabilities that are assumed to be sources of competitive advantage at the Base of the Pyramid. Further, a contrasting case study explores how the identified dynamic capabilities are protected and their competitive advantage is sustained by isolating mechanisms that create barriers to imitation for a small to medium sized and a large multinational corporation. The case study results give grounds to assume that most resource-based isolating mechanisms create barriers to imitation that are fairly high for large and established multinational corporations that operate at the rural Base of the Pyramid and have a high product and business model complexity. On the contrary, barriers to imitation were found to be lower for young and small to medium sized multinational corporations with low product and business model complexity that according to some authors represent the majority of rural Base of the Pyramid companies. Particularly for small to medium sized multinational corporations the case study finds a relationship- and transaction-based unwillingness of local partners to act opportunistically rather than a resource-based inability to imitate. By offering an explanation of sustained competitive advantage for small to medium sized multinational corporations at the rural Base of the Pyramid this thesis closes an important research gap and recommends to include institutional and transaction-based research perspectives.

Adult learning and education policies in Germany, Portugal and Sweden: An analysis of national reports to CONFINTEA VI

The chapter presents a theoretical proposal of three analytical models of Adult Learning and Education (ALE) policies. Some analytical categories and the corresponding dimensions are organised according to the ALE rationale which is typical of each social policy model. Historical, cultural and educational features are mentioned in connexion with the different policy models and its interpretative capacity to making sense of policies and practices implemented in Germany, Portugal and Sweden. !e analysis includes the states of the art and the official representations of ALE produced by the respective national authorities through national reports which were presented to CONFINTEA VI (2009).

A perceção dos colaboradores do Grupo Conceito sobre o Relato de Negócio

Relatório de estágio de mestrado em Contabilidade

Exploitation of Ashbya gossypii for the production of high-value products from glycerol feedstocks

Dissertação de mestrado em Bioengenharia

Air services on thin routes: Regional versus low-cost airlines

An examination of the impact in the US and EU markets of two major innovations in the provision of air services on thin routes - regional jet technology and the low-cost business model - reveals significant differences. In the US, regional airlines monopolize a high proportion of thin routes, whereas low-cost carriers are dominant on these routes in Europe. Our results have different implications for business and leisure travelers, given that regional services provide a higher frequency of flights (at the expense of higher fares), while low-cost services offer lower fares (at the expense of lower flight frequencies). Keywords: air transportation; regional jet technology; low-cost business model; thin markets. JEL Classification Numbers: L13; L2; L93.

The impact of two education methods on knowledge of schistosomiasis transmission and prevention among schoolchildren in a rural community in northern Minas Gerais, Brazil

The objective of this study was to analyse the effect of using two health education approaches on knowledge of transmission and prevention of schistosomiasis of school children living in a rural endemic area in the state of Minas Gerais, Brazil. The 87 children participating in the study were divided into three groups based on gender, age and presence or absence of Schistosoma mansoni infection. In the first group the social representation model and illness experience was used. In the second group, we used the cognitive model based on the transmission of information. The third group, the control group, did not receive any information related to schistosomiasis. Ten meetings were held with all three groups that received a pre-test prior to the beginning of the educational intervention and a post-test after the completion of the program. The results showed that knowledge levels in Group 1 increased significantly during the program in regard to transmission (p = 0.038) and prevention (p = 0.001) of schistosomiasis. Groups 2 and 3 did not show significant increase in knowledge between the two tests. These results indicate that health education models need to consider social representation and illness experience besides scientific knowledge in order to increase knowledge of schistosomiasis transmission and prevention.

Disseny i implementació d'un Videoclub online amb J2EE i una llibreria de tags de suport per la capa de presentació

Disseny i implementació parcial d'un Videoclub online en J2EE. Es fa ús dels patrons de disseny i frameworks més adients les diferents capes de l'arquitectura justificant la seva elecció. Així mateix, es desenvolupa una llibreria de tags pròpia, que dóna suport en el desenvolupament de les vistes d'un model de negoci d'aquest tipus.

Projecte Final Postgrau Direcció de Sistemes Informatics en entorns de Programari Lliure

Creació d'una empresa que el seu producte principal es un programa amb una llicencia de programari lliure. L'empresa generarà una base del programa, robust i estable. Després s'alliberarà amb una llicencia lliure per a que la comunitat de programari lliure s'afegeixi al desenvolupament i el faci créixer i convertir-ho en un producte de qualitat i superior als actuals productes privatius. Per aconseguir el objectiu, l'empresa gestionarà el producte amb metodologies empresarials. El benefici, s'obtindrà de les SaaS (Software As a Service). El model de negoci i l'estratègia empresarial es basarà segons el model Hecker i Raymond.

El impacto de las TIC en la empresa turística : el caso de Cataluña

En aquest article s'aporten proves de l'impacte positiu que té l'aplicació de les tecnologies de la informació i la comunicació (TIC) en l'empresa turística catalana. La transcendència que en els darrers anys ha adquirit el mercat turístic català en el context europeu el converteix en un laboratori d'anàlisi idoni per al sector. Els resultats obtinguts posen de manifest que l'ús d'aquestes tecnologies s'acompanya d'un major grau d'internacionalització de l'empresa, el desenvolupament de canvis organitzatius i la implantació de noves estratègies competitives, cosa que dóna lloc a un model de negoci allunyat de les concepcions tradicionals del sector. A més, l'ús estratègic de les TIC afavoreix l'ús de mà d'obra més qualificada, un servei més personalitzat i una major proximitat a proveïdors i distribuïdors. Tanmateix, és en el procés d'innovació empresarial on l'impacte positiu de les TIC és percep més, atès que el seu ús ha contribuït a superar alguns dels obstacles existents, a interioritzar el procés en el si de l'empresa i a fer més partícips els mateixos treballadors, i això ha donat com a resultat una àmplia diversitat d'innovacions de tota mena (de producte, de procés i organitzatives). La participació en xarxes de cooperació, el fet de tenir treballadors amb un nivell educatiu elevat i l'aplicació intensiva de les TIC han estat elements indispensables en aquest procés innovador. Finalment, gràcies a l'ús de les TIC i el seu impacte en la innovació, però també al canvi organitzatiu dins l'empresa, s'han millorat els registres de productivitat, amb la qual cosa s'afavoreix una major competitivitat en un context canviant i de forta pressió de l'entorn.

Portals espanyols : massa productes per a pocs clients?

D'un temps ençà, amb diversos alts i baixos, sembla que en el nostre país es viu el que podríem anomenar febre dels portals. Aquest fet ha comportat que es posessin en marxa una gran quantitat d'aquestes plataformes a Internet sense cap mena de model clar i amb els objectius poc definits. En aquest article es proposa una evolució històrica dels portals, una anàlisi dels seus continguts i serveis i una proposta de model de negoci, així com l'esbós del possible futur.

From print to screen: changes and challenges facing the Brazilian publishing industry

The publishing industry is at a turning point. Facing the first major disruptive innovation in five centuries, its long-established structure and business model are at stake. Building on literature based on the pitfalls for incumbents, we interviewed key executives from the major publishers in Brazil to understand their perspective. We find that not only are they facing those pitfalls, but we also propose a new one, The Industry View Trap, concerning challenges created by convergence, the difficulty to deal with changes in the ecosystem and the fact that the very definition of the industry you're part of might have changed.

Une entreprise peut-elle être "sociale" dans une économie de marché?

Cette synthèse tente de clarifier les débats et les enjeux amorcés entre les économistes sur la question de l'entreprenariat social : qu'est-ce qu'une entreprise sociale ? de quel secteur relève-t-elle ? une entreprise sociale peut elle conserver sa spécificité sociale et rester efficace dans une logique de marché, etc.