Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

Los cien primeros lenguajes de la infancia.

Se trata de un reportaje realizado en la escuela Joan Coromines de Mataró (Barcelona). El proyecto educativo de la escuela se basa en una metodología de trabajo que pretende conectar con las inquietudes de los niños, suscitar procesos de indagación y respetar el ritmo de aprendizaje de cada alumno. Por las tardes, se organizan once espacios motivadores para fomentar la creatividad de los alumnos. En cada uno de estos espacios se llevan a cabo distintas actividades que comparten una temática central: el agua, airport (espacio de inmersión multilingüe), construcciones, cuerpo, espectáculos, etc..

Antecedentes de la lealtad en los entornos on line y off line: un análisis empírico aplicado al sector de la aviación civil

El objetivo de esta investigación es analizar la lealtad de los usuarios de líneas aéreas tanto en el entorno online como en el entorno offline. La revisión bibliográfica ha identificado tres antecedentes: la satisfacción, la confianza y el valor percibido. Se ha llevado a cabo un estudio empírico realizándose un total de 1710 entrevistas personales en el aeropuerto del Prat (Barcelona) a usuarios de dos compañías aéreas tradicionales, Iberia y British Airways, y a una compañía low cost, Easyjet. Se trata de las tres compañías que operan con vuelos directos Barcelona-Londres. En el análisis de los datos se han utilizado modelos de ecuaciones estructurales y en particular la técnica utilizada fue el análisis factorial confirmatorio. Los resultados revelan que tanto la satisfacción, como la confianza y el valor percibido explican las relaciones de lealtad entre los pasajeros y las compañías aéreas.

Imagem de São Tomé e Principe do ponto de vista do Turismo

RESUMO: Esta dissertação visa dar uma contribuição para o desenvolvimento do turismo de STP (São Tomé e Príncipe). Foram consideradas variáveis como a experiência turística, satisfação turística, imagem turística e a intenção de recomendar a região/país, de modo a aferir as percepções dos turistas estrangeiros relativamente à avaliação da imagem turística, atendendo que o país possui um conjunto de características naturais para a prática do turismo. Neste contexto, foi aplicado um inquérito aos turistas na capital de S.Tomé (nomeadamente em, hotéis, residenciais, restaurantes, bares e no Aeroporto Internacional de São Tomé) entre os meses de Março a Maio de 2010. O estudo desenvolvido tem duas vertentes, a exploratório/descritivo e conclusiva, com ênfase na análise do tipo qualitativo e quantitativo. Utilizou-se igualmente a análise de regressão, a qual permitiu perceber a relação entre as variáveis identificadas, constatando-se que a percepção de imagem global, o passa-palavra positiva e a intenção de voltar depende da identidade do local e dos alimentos e bebidas. ABSTRACT: This dissertation aims to make a contribution to the development of tourism STP (Sao Tome and Principe). Several variables were regarded, such as the tourism experience, tourist satisfaction, tourism image and intention to recommend the region / country in order to gauge the perceptions of foreign tourists with regards to the evaluation of the tourism image, given that the country has a set of natural features for practice tourism. In this context, a survey was administered to tourists in the capital of São Tome and Principe, including hotels, guesthouses, restaurants, bars and the international airport of São Tomé during the months of March to May 2010. The developed study has two components, exploratory / descriptive and conclusive, with emphasis on qualitative and quantitative analysis. It is also used regression analysis, which allowed us to perceive the relationship between the variables identified, noting that the perception of global image, the positive word of mouth and intention to return depends on the identity of the place and food and beverages.

Aviation and the environment

Aviation and the environment: outline - Aircraft noise - Aircraft engine emissions Local air quality Greenhouse gases and climate change - Airline, airport and manufacturer impacts

Infraero Aeroportos Brasileiros

A Infraero Brazil Airport Administration - 8 Superintendências Regionais - 67 Aeroportos, (32 Internacionais) - 81 Estações de apoio à Navegação Aérea

A importância da regulação vigente para a obtenção de faixas horárias/Slots aeroportuários - caso de Portugal

Este trabalho discute a liberalização do transporte aéreo no mercado Europeu, o sucesso do tráfego aéreo, e a importância da regulação de slots aeroportuários para uma concorrência leal. Presentemente, dado o crescimento e a expectativa que o tráfego aéreo cresça ainda mais, os aeroportos e as companhias aéreas debatem-se com um problema de grande dimensão, que passa pela gestão aeroportuária de slots, uma vez que a capacidade dos aeroportos é limitada, e a procura por estas estruturas tem aumentado drasticamente. Face aos vários aeroportos Europeus, estima-se que essa capacidade seja atingida brevemente, fazendo com que a congestão não se dê só apenas por um curto período diário, mas que aumente não só a sua frequência como também a sua duração. Esta congestão pode ter efeitos sobre a concorrência entre as companhias e entre os aeroportos, o que implica que haja um impacto negativo, tanto no ambiente como na segurança. O estudo terá em atenção a capacidade do Aeroporto de Lisboa, ao pedido de slots aeroportuários, a legislação nacional e internacional, outros meios de afectação de slots aeroportuários, a posição da TAP relativamente à regulamentação existente, e aos meios paralelos.

Análisis de la sentencia No. 003-09-SIN-CC de la Corte Constitucional para el Período de Transición referente a los emolumentos cobrados por la prestación del servicio del Aeropuerto Mariscal Sucre (Jurisprudencia)

Este artículo analiza la sentencia de la Corte Constitucional que resuelve el conflicto de criterios entre el Procurador General del Estado y el Contralor General. en cuanto a la materia misma de la sentencia, en opinión del órgano más importante de justicia constitucional del país, las tasas son tributos, que no pueden percibirse, cederse, ni administrarse directamente por ninguna persona natural ni jurídica que no sea el estado. el cambio constitucional exige una nueva óptica jurídica en la apreciación de los dictámenes prevenientes de la Procuraduría General del estado, que ya no son simples opiniones de juristas respetables, sino que constituyen normas jurídicas que se deben aplicar. De alguna forma ha renacido con mayor vigor el ius publice respondedi del pretor romano, y estos actos jurídicos han alcanzado la jerarquía de fuentes formales del derecho.

The Greek debt trap: an escape plan. Bruegel Policy Contribution 2012/19, 7 November 2012

Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking at the anyway too-high target ratio of 167 percent of GDP of the March 2012 financial assistance programme. The rise is largely due to a negative feedback loop between high public debt and the collapse in GDP, and endangers Greek membership of the euro area. But a Greek exit would have devastating impacts both inside and outside Greece. A small reduction in the interest rate on bilateral loans, the exchange of European Central Bank holdings, buy-back of privately-held debt, and frontloading of some privatisation receipts are unlikely to be sufficient. A credible resolution should involve the reduction of the official lending rate to zero until 2020, an extension of the maturity of all official lending, and indexing the notional amount of all official loans to Greek GDP. Thereby, the debt ratio would fall below 100 percent of GDP by 2020, and if the economy deteriorates further, there will not be a need for new arrangements. But if growth is better than expected, official creditors will also benefit. In exchange for such help, the fiscal sovereignty of Greece should be curtailed further. An extended privatisation plan and future budget surpluses may be used to pay back the debt relief. The Greek fiscal tragedy highlights the need for a formal debt restructuring mechanism

Peroxy radicals and ozone photochemistry in air masses undergoing long-range transport

Concentrations of peroxy radicals (HO2+ΣiRiO2) in addition to other trace gases were measured onboard the UK Meteorological Office/Natural Environment Research Council British Aerospace 146-300 atmospheric research aircraft during the Intercontinental Transport of Ozone and Precursors (ITOP) campaign based at Horta Airport, Faial, Azores (38.58° N, 28.72° W) in July/August 2004. The overall peroxy radical altitude profile displays an increase with altitude that is likely to have been impacted by the effects of long-range transport. The peroxy radical altitude profile for air classified as of marine origin shows no discernable altitude profile. A range of air-masses were intercepted with varying source signatures, including those with aged American and Asian signatures, air-masses of biomass burning origin, and those that originated from the east coast of the United States. Enhanced peroxy radical concentrations have been observed within this range of air-masses indicating that long-range transported air-masses traversing the Atlantic show significant photochemical activity. The net ozone production at clear sky limit is in general negative, and as such the summer mid-Atlantic troposphere is at limit net ozone destructive. However, there is clear evidence of positive ozone production even at clear sky limit within air masses undergoing long-range transport, and during ITOP especially between 5 and 5.5 km, which in the main corresponds to a flight that extensively sampled air with a biomass burning signature. Ozone production was NOx limited throughout ITOP, as evidenced by a good correlation (r2=0.72) between P(O3) and NO. Strong positive net ozone production has also been seen in varying source signature air-masses undergoing long-range transport, including but not limited to low-level export events, and export from the east coast of the United States.

"Ever-growing Amman", Jordan: Urban expansion, social polarisation and contemporary urban planning issues

Amman the primate capital city of the Hashemite Kingdom of Jordan currently has a population in excess of 2 million, but in 1924 it consisted of little more than a collection of dwellings and some 2000-3000 inhabitants. The present paper sets out to document and explain the phenomenal expansion of "ever-growing Amman". The physical geography of the urban region and the early growth of the city are considered at the outset and this leads directly to consideration of the highly polarised social structuring that characterises contemporary Amman. In doing this, original data derived from the recent Greater Amman Municipality's Geographical Information System are presented. In this respect, the essential modernity of the city is exemplified. The employment and industrial bases of the city and a range of pressing contemporary issues are then considered, including transport and congestion, the provision of urban water under conditions of water stress and privatisation, and urban and regional development planning for the city. The paper concludes by emphasizing the growing regional and international geopolitical salience of the city of Amman at the start of the 21st century. (C) 2008 Elsevier Ltd. All rights reserved.

Overview of observations from the RADAGAST experiment in Niamey, Niger: 2. Radiative fluxes and divergences

Broadband shortwave and longwave radiative fluxes observed both at the surface and from space during the Radiative Atmospheric Divergence using ARM Mobile Facility, GERB data and AMMA Stations (RADAGAST) experiment in Niamey, Niger, in 2006 are presented. The surface fluxes were measured by the Atmospheric Radiation Measurement (ARM) Program Mobile Facility (AMF) at Niamey airport, while the fluxes at the top of the atmosphere (TOA) are from the Geostationary Earth Radiation Budget (GERB) instrument on the Meteosat-8 satellite. The data are analyzed as daily averages, in order to minimize sampling differences between the surface and top of atmosphere instruments, while retaining the synoptic and seasonal changes that are the main focus of this study. A cloud mask is used to identify days with cloud versus those with predominantly clear skies. The influence of temperature, water vapor, aerosols, and clouds is investigated. Aerosols are ubiquitous throughout the year and have a significant impact on both the shortwave and longwave fluxes. The large and systematic seasonal changes in temperature and column integrated water vapor (CWV) through the dry and wet seasons are found to exert strong influences on the longwave fluxes. These influences are often in opposition to each other, because the highest temperatures occur at the end of the dry season when the CWV is lowest, while in the wet season the lowest temperatures are associated with the highest values of CWV. Apart from aerosols, the shortwave fluxes are also affected by clouds and by the seasonal changes in CWV. The fluxes are combined to provide estimates of the divergence of radiation across the atmosphere throughout 2006. The longwave divergence shows a relatively small variation through the year, because of a partial compensation between the seasonal variations in the outgoing longwave radiation (OLR) and surface net longwave radiation. A simple model of the greenhouse effect is used to interpret this result in terms of the dependence of the normalized greenhouse effect at the TOA and of the effective emissivity of the atmosphere at the surface on the CWV. It is shown that, as the CWV increases, the atmosphere loses longwave energy to the surface with about the same increasing efficiency with which it traps the OLR. When combined with the changes in temperature, this maintains the atmospheric longwave divergence within the narrow range that is observed. The shortwave divergence is mainly determined by the CWV and aerosol loadings and the effect of clouds is much smaller than on the component fluxes.

Implications of recent Australian wheat industry developments for overseas and domestic prices

This study is motivated by the proposition that the objectives of the AWB Ltd have changed since semi-privatisation of the Australian Wheat Board under the Wheat Marketing Act, 1989. Conceptualising this change of objectives as a shift from revenue maximization to profit maximization, this study examines the impact of such a change on the pricing policies of a multi-market price-setting firm. More specifically, this paper investigates, using two hypothetical objective functions, a risk averse AWB�s price-setting behaviour in an �overseas� and a �domestic� market in response to recent wheat industry developments. In the analysis these developments manifest themselves as differing price elasticities, differing transport costs and uncertain demand functions, and their implications particularly for the prices paid by domestic consumers are explored.

Toxicity testing of groundwater quality

Groundwater is an important resource in the UK, with 45% of public water supplies in the Thames Water region derived from subterranean sources. In urban areas, groundwater has been affected by onthropogenic activities over 0 long period of time and from a multitude of sources, At present, groundwater quality is assessed using a range of chemical species to determine the extent of contamination. However, analysing a complex mixture of chemicals is time-consuming and expensive, whereas the use of an ecotoxicity test provides information on (a) the degree of pollution present in the groundwater and (b) the potential effect of that pollution. Microtox (TM), Eclox (TM) and Daphnia magna microtests were used in conjunction with standard chemical protocols to assess the contamination of groundwaters from sites throughout the London Borough of Hounslow and nearby Heathrow Airport. Because of their precision, range of responses and ease of use, Daphnia magna and Microfox (TM) tests are the bioassays that appear to be most effective for assessing groundwater toxicity However, neither test is ideal because it is also essential to monitor water hardness. Eclox (TM) does not appear to be suitable for use in groundwater-quality assessment in this area, because it is adversely affected by high total dissolved solids and electrical conductivity.

Reaching for the skies: Time and turbulence in digital technologies and practices

This research examines dynamics associated with new representational technologies in complex organizations through a study of the use of a Single Model Environment, prototyping and simulation tools in the mega-project to construct Terminal 5 at Heathrow Airport, London. The ambition of the client, BAA. was to change industrial practices reducing project costs and time to delivery through new contractual arrangements and new digitally-enabled collaborative ways of working. The research highlights changes over time and addresses two areas of 'turbulence' in the use of: 1) technologies, where there is a dynamic tension between desires to constantly improve, change and update digital technologies and the need to standardise practices, maintaining and defending the overall integrity of the system; and 2) representations, where dynamics result from the responsibilities and liabilities associated with sharing of digital representations and a lack of trust in the validity of data from other firms. These dynamics are tracked across three stages of this well-managed and innovative project and indicate the generic need to treat digital infrastructure as an ongoing strategic issue.