Impact of the Level of Disclosure of Financial Information on the Pricing of Shares in the Context of Adverse Selection: an experimental research

Managers know more about the performance of the organization than investors, which makes the disclosure of information a possible strategy for competitive differentiation, minimizing adverse selection. This paper's main goal is to analyze whether or not an entity's level of diclosure may affect the risk perception of individuals and the process of evaluating their shares. The survey was carried out in an experimental study with 456 subjects. In a stock market simulation, we investigated the pricing of the stocks of two companies with different levels of information disclosure at four separate stages. The results showed that, when other variables are constant, the level of disclosure of an entity can affect the expectations of individuals and the process of evaluating their shares. A higher level of disclosure by an entity affected the value of its share and the other company's.

Delivery Levels of Support Competencies to Organizational Eco-efficiency: a case study in an electro-electronics sector industry

This article aims to develop and implement a search tool which, through the perception of its respondents, allows assessing how eco-efficient an organization is based on the identification of delivery levels of support competencies to organizational eco-efficiency. A mixed (qualitative and quantitative) exploratory-descriptive research was conducted, from a case study in an 'ISE Company'. A semi-structured interview and pictures of verification were used as data collection instruments. The data were analyzed via documentary analysis and triangulation of information collected. It was inferred that at the 'ISE Company' professionals at the high-level of the organizational hierarchy recognize, in part, the growth of organizational actions that contribute to sustainability, which is not fully consistent with national publications on the subject. The result of the research showed that organizational strategies addressing eco-efficiency are partially aligned with the professional performance of the organization.

Service Innovation: the state of the art and a proposal of a research agenda

The service sector has acquired a growing importance in every country economy, which has stimulated research in the field of service innovation, a new field in management studies. This text aimed to state a research agenda upon service innovation, based on an articulated discussion of the results of several articles that compose the state of the art of this concept. 73 empirical articles were analyzed, 33% of them exploring the innovation strategies and technology; 18% of the articles describe research on economic performance and enterprise productivity; 16% are related to antecedents and determinants of innovation; another 16% about network capacity development, alliances and collaboration among organizations; 9% of the articles explore service quality, innovation taxonomy, flexible systems and regional systems of innovation; and another 8% are related to themes such as intensive knowledge, research and development. The researches were concentrated in the Engineering & Technology and Hospitality Industries, which accounted for 31% and 24% of the texts, respectively. The remaining 45% of the articles referred to sectors such as Telecommunications, Health, Retail, Financial & Insurance and Public Services. The main gaps identified in these texts refer to the difficulties on measuring service innovation, besides the small number of researches on the public sector. At the end, a research agenda in the subject is presented, including the development of a scale for orientating the innovation and identifying the determining factors of the innovation in the public environment.

Antecedents of the Intent to Recommend: a problem with fast food restaurants

The fast and strong social and economic transformations in the economies of many countries has raised the competition for consumers. One of the elements required to adapt to such scenario is knowing customers and their perceptions about products or services, mainly regarding word of mouth recommendations. This study adapts, to the fast food business, a model originally designed to analyze the antecedents of the intent to recommend by clients of formal restaurants. Three constructs were considered: service quality, satisfaction, and social well-being, the latter comprised of positive and negative affections. Six hypotheses were considered, three of which relating to social well-being (that it influences satisfaction, service quality, and the intent to recommend), two relating to service quality (that in influences the intent to recommend and satisfaction), and one relating to the influence of satisfaction on the intent to recommend. None was rejected, indicating adherence and adjustment of the simplication and adaptation of the consolidated model. Through a successful empirical application, the main contribution made by this research is the simplification of a model through its application in a similar context, but with a different scope.

Impactos Operacionais das Alterações no Contrato Futuro de Milho da BM&F-Bovespa na Mitigação de Risco

O mercado de milho possui importante participação no cenário agropecuário nacional, pela relevância dentro da indústria de carnes. Destacam-se as estratégias de comercialização do grão, em especial as relacionadas à mitigação do risco de preço com o uso de contratos futuros. Objetiva-se identificar e interpretar os efeitos causados pela modificação no contrato futuro do milho negociado na BM&F-Bovespa, que em setembro de 2008 passou de entrega física para liquidação financeira, sobre o desempenho do mercado futuro do grão comercializado. Avaliam-se a liquidez dos contratos, a volatilidade dos preços futuros e físico do milho, bem como a convergência da base. Identificaram-se como possíveis efeitos da alteração contratual o aumento da liquidez do contrato futuro de milho e a redução da volatilidade dos preços, além da melhoria na convergência da base. Os resultados alinham-se com a teoria e evidenciam impacto positivo da implementação da liquidação financeira no contrato futuro de milho.

The Impact of Mobile Technology on the Viewing Experience of the Avid Sports Fan

Viewing sports on television is a very different experience than viewing a game in-person. Sports commentators on television are seemingly able to pull up random statistics as soon as something unexpected happens during a game. Because these statistics are discussed on television, any sports fan who wants to watch a game in-person misses out on the opportunity to hear them during the game. This study identifies what statistics, both common and uncommon, are considered important or interesting by avid sports fans who watch a particular sport at least two times per week. In addition, it considers the rise of mobile technology and the effects that this change of trend will have on business opportunities and experiences. The purpose of the project is to find a way to mimic the television viewing experience for fans who are watching in-person through the use of mobile technology, and in particular through the use of iPhone applications.

Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha

El sector del vino experimenta, en las últimas décadas, un vertiginoso proceso de cambio y nuevas dinámicas, que están afectando el desempeño y estrategias de las empresas del sector: internacionalización creciente, caída de los mercados internos de los países tradicionalmente productores, entrada de capital exógeno, etc. La pericia que muestre la organización para adecuarse a la nueva situación se reflejará en la rentabilidad, indicador básico para juzgar la eficiencia en la gestión empresarial. En este estudio, a partir de una muestra representativa de empresas de Castilla-La Mancha, región española con la mayor dimensión vinícola mundial, se ha planteado un modelo econométrico novedoso integrado por variables de desempeño, definidas con la técnica de componentes principales. De los resultados obtenidos se infiere que la rentabilidad de las empresas proviene de: a) su estructura societaria (mayor si son empresas capitalistas que sociedades cooperativas), b) de su tamaño (mejor desempeño a mayor tamaño, aprovechando economías de escala), y c) estructura financiera (mayor rentabilidad si en la composición de la misma priman los recursos propios y liquidez). Por el contrario, la falta de financiación permanente para hacer frente al activo fijo y una dinámica comercial más orientada hacia las ventas de vino a granel a bajo precio, reducen significativamente los ratios de rentabilidad.

Valuation of a new entrant in an oligopolistic market, including its option to abandon: A real-life case

The purpose of this paper is to increase current empirical evidence on the relevance of real options for explaining firm investment decisions in oligopolistic markets. We study an actual investment case in the Spanish mobile telephony industry, the entrant in the market of a new operator, Yoigo. We analyze the option to abandon in order to show the relevance of the possibility of selling the company in an oligopolistic market where competitors are not allowed free entrance. The NPV (net present value) of the new entrant is calculated as a starting point. Then, based on the general approach proposed by Copeland and Antikarov (2001), a binomial tree is used to model managerial flexibility in discrete time periods, and value the option to abandon. The strike price of the option is calculated based on incremental EBITDA margins due to selling customers or merging with a competitor.

Análisis de los factores determinantes de la repetición del proceso de compra en el comercio electrónico entre empresas y consumidores finales. Aplicación al mercado español

Las Tecnologías de la Información y la Comunicación en general e Internet en particular han supuesto una revolución en nuestra forma de comunicarnos, relacionarnos, producir, comprar y vender acortando tiempo y distancias entre proveedores y consumidores. A la paulatina penetración del ordenador, los teléfonos inteligentes y la banda ancha fija y/o móvil ha seguido un mayor uso de estas tecnologías entre ciudadanos y empresas. El comercio electrónico empresa–consumidor (B2C) alcanzó en 2010 en España un volumen de 9.114 millones de euros, con un incremento del 17,4% respecto al dato registrado en 2009. Este crecimiento se ha producido por distintos hechos: un incremento en el porcentaje de internautas hasta el 65,1% en 2010 de los cuales han adquirido productos o servicios a través de la Red un 43,1% –1,6 puntos porcentuales más respecto a 2010–. Por otra parte, el gasto medio por comprador ha ascendido a 831€ en 2010, lo que supone un incremento del 10,9% respecto al año anterior. Si segmentamos a los compradores según por su experiencia anterior de compra podemos encontrar dos categorías: el comprador novel –que adquirió por primera vez productos o servicios en 2010– y el comprador constante –aquel que había adquirido productos o servicios en 2010 y al menos una vez en años anteriores–. El 85,8% de los compradores se pueden considerar como compradores constantes: habían comprado en la Red en 2010, pero también lo habían hecho anteriormente. El comprador novel tiene un perfil sociodemográfico de persona joven de entre 15–24 años, con estudios secundarios, de clase social media y media–baja, estudiante no universitario, residente en poblaciones pequeñas y sigue utilizando fórmulas de pago como el contra–reembolso (23,9%). Su gasto medio anual ascendió en 2010 a 449€. El comprador constante, o comprador que ya había comprado en Internet anteriormente, tiene un perfil demográfico distinto: estudios superiores, clase alta, trabajador y residente en grandes ciudades, con un comportamiento maduro en la compra electrónica dada su mayor experiencia –utiliza con mayor intensidad canales exclusivos en Internet que no disponen de tienda presencial–. Su gasto medio duplica al observado en compradores noveles (con una media de 930€ anuales). Por tanto, los compradores constantes suponen una mayoría de los compradores con un gasto medio que dobla al comprador que ha adoptado el medio recientemente. Por consiguiente es de interés estudiar los factores que predicen que un internauta vuelva a adquirir un producto o servicio en la Red. La respuesta a esta pregunta no se ha revelado sencilla. En España, la mayoría de productos y servicios aún se adquieren de manera presencial, con una baja incidencia de las ventas a distancia como la teletienda, la venta por catálogo o la venta a través de Internet. Para dar respuesta a las preguntas planteadas se ha investigado desde distintos puntos de vista: se comenzará con un estudio descriptivo desde el punto de vista de la demanda que trata de caracterizar la situación del comercio electrónico B2C en España, poniendo el foco en las diferencias entre los compradores constantes y los nuevos compradores. Posteriormente, la investigación de modelos de adopción y continuidad en el uso de las tecnologías y de los factores que inciden en dicha continuidad –con especial interés en el comercio electrónico B2C–, permiten afrontar el problema desde la perspectiva de las ecuaciones estructurales pudiendo también extraer conclusiones de tipo práctico. Este trabajo sigue una estructura clásica de investigación científica: en el capítulo 1 se introduce el tema de investigación, continuando con una descripción del estado de situación del comercio electrónico B2C en España utilizando fuentes oficiales (capítulo 2). Posteriormente se desarrolla el marco teórico y el estado del arte de modelos de adopción y de utilización de las tecnologías (capítulo 3) y de los factores principales que inciden en la adopción y continuidad en el uso de las tecnologías (capítulo 4). El capítulo 5 desarrolla las hipótesis de la investigación y plantea los modelos teóricos. Las técnicas estadísticas a utilizar se describen en el capítulo 6, donde también se analizan los resultados empíricos sobre los modelos desarrollados en el capítulo 5. El capítulo 7 expone las principales conclusiones de la investigación, sus limitaciones y propone nuevas líneas de investigación. La primera parte corresponde al capítulo 1, que introduce la investigación justificándola desde un punto de vista teórico y práctico. También se realiza una breve introducción a la teoría del comportamiento del consumidor desde una perspectiva clásica. Se presentan los principales modelos de adopción y se introducen los modelos de continuidad de utilización que se estudiarán más detalladamente en el capítulo 3. En este capítulo se desarrollan los objetivos principales y los objetivos secundarios, se propone el mapa mental de la investigación y se planifican en un cronograma los principales hitos del trabajo. La segunda parte corresponde a los capítulos dos, tres y cuatro. En el capítulo 2 se describe el comercio electrónico B2C en España utilizando fuentes secundarias. Se aborda un diagnóstico del sector de comercio electrónico y su estado de madurez en España. Posteriormente, se analizan las diferencias entre los compradores constantes, principal interés de este trabajo, frente a los compradores noveles, destacando las diferencias de perfiles y usos. Para los dos segmentos se estudian aspectos como el lugar de acceso a la compra, la frecuencia de compra, los medios de pago utilizados o las actitudes hacia la compra. El capítulo 3 comienza desarrollando los principales conceptos sobre la teoría del comportamiento del consumidor, para continuar estudiando los principales modelos de adopción de tecnología existentes, analizando con especial atención su aplicación en comercio electrónico. Posteriormente se analizan los modelos de continuidad en el uso de tecnologías (Teoría de la Confirmación de Expectativas; Teoría de la Justicia), con especial atención de nuevo a su aplicación en el comercio electrónico. Una vez estudiados los principales modelos de adopción y continuidad en el uso de tecnologías, el capítulo 4 analiza los principales factores que se utilizan en los modelos: calidad, valor, factores basados en la confirmación de expectativas –satisfacción, utilidad percibida– y factores específicos en situaciones especiales –por ejemplo, tras una queja– como pueden ser la justicia, las emociones o la confianza. La tercera parte –que corresponde al capítulo 5– desarrolla el diseño de la investigación y la selección muestral de los modelos. En la primera parte del capítulo se enuncian las hipótesis –que van desde lo general a lo particular, utilizando los factores específicos analizados en el capítulo 4– para su posterior estudio y validación en el capítulo 6 utilizando las técnicas estadísticas apropiadas. A partir de las hipótesis, y de los modelos y factores estudiados en los capítulos 3 y 4, se definen y vertebran dos modelos teóricos originales que den respuesta a los retos de investigación planteados en el capítulo 1. En la segunda parte del capítulo se diseña el trabajo empírico de investigación definiendo los siguientes aspectos: alcance geográfico–temporal, tipología de la investigación, carácter y ambiente de la investigación, fuentes primarias y secundarias utilizadas, técnicas de recolección de datos, instrumentos de medida utilizados y características de la muestra utilizada. Los resultados del trabajo de investigación constituyen la cuarta parte de la investigación y se desarrollan en el capítulo 6, que comienza analizando las técnicas estadísticas basadas en Modelos de Ecuaciones Estructurales. Se plantean dos alternativas, modelos confirmatorios correspondientes a Métodos Basados en Covarianzas (MBC) y modelos predictivos. De forma razonada se eligen las técnicas predictivas dada la naturaleza exploratoria de la investigación planteada. La segunda parte del capítulo 6 desarrolla el análisis de los resultados de los modelos de medida y modelos estructurales construidos con indicadores formativos y reflectivos y definidos en el capítulo 4. Para ello se validan, sucesivamente, los modelos de medida y los modelos estructurales teniendo en cuenta los valores umbrales de los parámetros estadísticos necesarios para la validación. La quinta parte corresponde al capítulo 7, que desarrolla las conclusiones basándose en los resultados del capítulo 6, analizando los resultados desde el punto de vista de las aportaciones teóricas y prácticas, obteniendo conclusiones para la gestión de las empresas. A continuación, se describen las limitaciones de la investigación y se proponen nuevas líneas de estudio sobre distintos temas que han ido surgiendo a lo largo del trabajo. Finalmente, la bibliografía recoge todas las referencias utilizadas a lo largo de este trabajo. Palabras clave: comprador constante, modelos de continuidad de uso, continuidad en el uso de tecnologías, comercio electrónico, B2C, adopción de tecnologías, modelos de adopción tecnológica, TAM, TPB, IDT, UTAUT, ECT, intención de continuidad, satisfacción, confianza percibida, justicia, emociones, confirmación de expectativas, calidad, valor, PLS. ABSTRACT Information and Communication Technologies in general, but more specifically those related to the Internet in particular, have changed the way in which we communicate, relate to one another, produce, and buy and sell products, reducing the time and shortening the distance between suppliers and consumers. The steady breakthrough of computers, Smartphones and landline and/or wireless broadband has been greatly reflected in its large scale use by both individuals and businesses. Business–to–consumer (B2C) e–commerce reached a volume of 9,114 million Euros in Spain in 2010, representing a 17.4% increase with respect to the figure in 2009. This growth is due in part to two different facts: an increase in the percentage of web users to 65.1% en 2010, 43.1% of whom have acquired products or services through the Internet– which constitutes 1.6 percentage points higher than 2010. On the other hand, the average spending by individual buyers rose to 831€ en 2010, constituting a 10.9% increase with respect to the previous year. If we select buyers according to whether or not they have previously made some type of purchase, we can divide them into two categories: the novice buyer–who first made online purchases in 2010– and the experienced buyer: who also made purchases in 2010, but had done so previously as well. The socio–demographic profile of the novice buyer is that of a young person between 15–24 years of age, with secondary studies, middle to lower–middle class, and a non–university educated student who resides in smaller towns and continues to use payment methods such as cash on delivery (23.9%). In 2010, their average purchase grew to 449€. The more experienced buyer, or someone who has previously made purchases online, has a different demographic profile: highly educated, upper class, resident and worker in larger cities, who exercises a mature behavior when making online purchases due to their experience– this type of buyer frequently uses exclusive channels on the Internet that don’t have an actual store. His or her average purchase doubles that of the novice buyer (with an average purchase of 930€ annually.) That said, the experienced buyers constitute the majority of buyers with an average purchase that doubles that of novice buyers. It is therefore of interest to study the factors that help to predict whether or not a web user will buy another product or use another service on the Internet. The answer to this question has proven not to be so simple. In Spain, the majority of goods and services are still bought in person, with a low amount of purchases being made through means such as the Home Shopping Network, through catalogues or Internet sales. To answer the questions that have been posed here, an investigation has been conducted which takes into consideration various viewpoints: it will begin with a descriptive study from the perspective of the supply and demand that characterizes the B2C e–commerce situation in Spain, focusing on the differences between experienced buyers and novice buyers. Subsequently, there will be an investigation concerning the technology acceptance and continuity of use of models as well as the factors that have an effect on their continuity of use –with a special focus on B2C electronic commerce–, which allows for a theoretic approach to the problem from the perspective of the structural equations being able to reach practical conclusions. This investigation follows the classic structure for a scientific investigation: the subject of the investigation is introduced (Chapter 1), then the state of the B2C e–commerce in Spain is described citing official sources of information (Chapter 2), the theoretical framework and state of the art of technology acceptance and continuity models are developed further (Chapter 3) and the main factors that affect their acceptance and continuity (Chapter 4). Chapter 5 explains the hypothesis behind the investigation and poses the theoretical models that will be confirmed or rejected partially or completely. In Chapter 6, the technical statistics that will be used are described briefly as well as an analysis of the empirical results of the models put forth in Chapter 5. Chapter 7 explains the main conclusions of the investigation, its limitations and proposes new projects. First part of the project, chapter 1, introduces the investigation, justifying it from a theoretical and practical point of view. It is also a brief introduction to the theory of consumer behavior from a standard perspective. Technology acceptance models are presented and then continuity and repurchase models are introduced, which are studied more in depth in Chapter 3. In this chapter, both the main and the secondary objectives are developed through a mind map and a timetable which highlights the milestones of the project. The second part of the project corresponds to Chapters Two, Three and Four. Chapter 2 describes the B2C e–commerce in Spain from the perspective of its demand, citing secondary official sources. A diagnosis concerning the e–commerce sector and the status of its maturity in Spain is taken on, as well as the barriers and alternative methods of e–commerce. Subsequently, the differences between experienced buyers, which are of particular interest to this project, and novice buyers are analyzed, highlighting the differences between their profiles and their main transactions. In order to study both groups, aspects such as the place of purchase, frequency with which online purchases are made, payment methods used and the attitudes of the purchasers concerning making online purchases are taken into consideration. Chapter 3 begins by developing the main concepts concerning consumer behavior theory in order to continue the study of the main existing acceptance models (among others, TPB, TAM, IDT, UTAUT and other models derived from them) – paying special attention to their application in e–commerce–. Subsequently, the models of technology reuse are analyzed (CDT, ECT; Theory of Justice), focusing again specifically on their application in e–commerce. Once the main technology acceptance and reuse models have been studied, Chapter 4 analyzes the main factors that are used in these models: quality, value, factors based on the contradiction of expectations/failure to meet expectations– satisfaction, perceived usefulness– and specific factors pertaining to special situations– for example, after receiving a complaint justice, emotions or confidence. The third part– which appears in Chapter 5– develops the plan for the investigation and the sample selection for the models that have been designed. In the first section of the Chapter, the hypothesis is presented– beginning with general ideas and then becoming more specific, using the detailed factors that were analyzed in Chapter 4– for its later study and validation in Chapter 6– as well as the corresponding statistical factors. Based on the hypothesis and the models and factors that were studied in Chapters 3 and 4, two original theoretical models are defined and organized in order to answer the questions posed in Chapter 1. In the second part of the Chapter, the empirical investigation is designed, defining the following aspects: geographic–temporal scope, type of investigation, nature and setting of the investigation, primary and secondary sources used, data gathering methods, instruments according to the extent of their use and characteristics of the sample used. The results of the project constitute the fourth part of the investigation and are developed in Chapter 6, which begins analyzing the statistical techniques that are based on the Models of Structural Equations. Two alternatives are put forth: confirmatory models which correspond to Methods Based on Covariance (MBC) and predictive models– Methods Based on Components–. In a well–reasoned manner, the predictive techniques are chosen given the explorative nature of the investigation. The second part of Chapter 6 explains the results of the analysis of the measurement models and structural models built by the formative and reflective indicators defined in Chapter 4. In order to do so, the measurement models and the structural models are validated one by one, while keeping in mind the threshold values of the necessary statistic parameters for their validation. The fifth part corresponds to Chapter 7 which explains the conclusions of the study, basing them on the results found in Chapter 6 and analyzing them from the perspective of the theoretical and practical contributions, and consequently obtaining conclusions for business management. The limitations of the investigation are then described and new research lines about various topics that came up during the project are proposed. Lastly, all of the references that were used during the project are listed in a final bibliography. Key Words: constant buyer, repurchase models, continuity of use of technology, e–commerce, B2C, technology acceptance, technology acceptance models, TAM, TPB, IDT, UTAUT, ECT, intention of repurchase, satisfaction, perceived trust/confidence, justice, feelings, the contradiction of expectations, quality, value, PLS.

Perception of employers and employees regarding the attitude of businesses toward the environment: a qualitative analysis

Commitment and involvement from the different members of an organization are two key elements for an organization to achieve its environmental excellence. Firstly, businesses are aware of the close relationship between their activities and the environment, for they are not only polluting agents but also agents with the capacity to reduce adverse environmental impacts. Secondly, the fact that employees can play a relevant role in terms of the socially responsible measures to be taken by organizations has started to become an irrefutably important issue. This piece of research is intended to help gain knowledge concerning the attitude of the two main actors in productive activity toward the environmental, that is, employers and employees; as well, this research intends to identify factors determining behaviour towards the environmental. For this, we have gathered the ideas and assessments contained in the discourse of a group of small and medium-sized businesses, large company owners and officers, employees, and work related risk prevention representatives. Qualitative work consisted of in-depth interviews and the creation of discussion groups.

The University in the Cloud Computing.

With the advancement of Information and Communication Technology ICT which favors increasingly fast, easy, and accessible communication for all and which can reach large groups of people, there have been changes, in recent years in our society that have modified the way we interact, communicate and transmit information. Access to this, it is possible, not only through computers situated in a fixed location, but new mobile devices make it available, wherever the user happens to be located. Now, information "travels" with the user. These forms of communication, transmission and access to information, have also affected the way to conceive and manage business. To these new forms of business that the Internet has brought, is now added the concept of companies in the Cloud Computing ClC. The ClC technology is based on the supply and consumption of services on demand and pay per use, and it gives a 180 degree turn to the business management concept. Small and large businesses may use the latest developments in ICT, to manage their organizations without the need for expensive investments in them. This will enable enterprises to focus more specifically within the scope of their business, leaving the ICT control to the experts. We believe that education can also and should benefit from these new philosophies. ?Due to the global economic crisis in general and each country in particular, economic cutbacks have come to most universities. These are seen in the need to raise tuition rates, which makes increasingly fewer students have the opportunity to pursue higher education?. In this paper we propose using ClC technologies in universities and we make a dissertation on the advantages that it can provide to both: universities and students. For the universities, we expose two focuses, one: ?to reorganize university ICT structures with the ClC philosophy? and the other one, ?to extend the offer of the university education with education on demand?. Regarding the former we propose to use public or private Clouds, to reuse resources across the education community, to save costs on infrastructure investment, in upgrades and in maintenance of ICT, and paying only for what you use and with the ability to scale according to needs. Regarding the latter, we propose an educational model in the ClC, to increase the current university offerings, using educational units in the form of low-cost services and where students pay only for the units consumed on demand. For the students, they could study at any university in the world (virtually), from anywhere, without travel costs: money and time, and what is most important paying only for what they consume. We think that this proposal of education on demand may represent a great change in the current educational model, because strict registration deadlines disappear, and also the problem of economically disadvantaged students, who will not have to raise large amounts of money for an annual tuition. Also it will decrease the problem of loss of the money invested in an enrollment when the student dropout. In summary we think that this proposal is interesting for both, universities and students, we aim for "Higher education from anywhere, with access from any mobile device, at any time, without requiring large investments for students, and with reuse and optimization of resources by universities. Cost by consumption and consumption by service?. We argue for a Universal University "wisdom and knowledge accessible to all?

Safety and health in forest harvesting operations. Diagnosis and preventive actions. A review

Aim of study: to review the present state of the art in relation to the main labour risks and the most relevant results of recent studies evaluating the safety and health conditions of the forest harvesting work and better ways to reduce accidents. Area of study: It focuses mainly on developed Countries, where the general concern about work risks prevention, together with the complex idiosyncrasy of forest work in forest harvesting operations, has led to a growing interest from the forest scientific and technical community. Material and Methods: The main bibliographic and Internet references have been identified using common reference analysis tools. Their conclusions and recommendations have been comprehensively summarized. Main results: Collection of the principal references and their most important conclusions relating to the main accident risk factors, their causes and consequences, the means used towards their prevention, both instrumental as well as in the aspects of training and business management, besides the influence of the growing mechanization of logging operations on those risks. Research highlights: Accident risk is higher in forest harvesting than in most other work sectors, and the main risk factors such as experience, age, seasonality, training, protective equipment, mechanization degree, etc. have been identified and studied. The paper summarizes some relevant results, one of the principal being that the proper entrepreneurial risk management is a key factor leading to the success in minimizing labour risks..

Modelo de competencias profesionales para directivos escolares: desarrollo y aplicación al ámbito de la educación particular subvencionada, Chile

La trascendencia de la educación sobre la construcción del capital humano y social, ha sido vastamente discutido, considerando entre otros elementos, la correlación entre las inversiones en educación, las políticas educativas, los actores involucrados, y los efectos que tienen sobre la calidad de la educación. Esto se refleja en los esfuerzos, de los diferentes estamentos, por mejorar los resultados del proceso educativo, intentando construir una sociedad más equitativa en la cual todo individuo pueda tener acceso a una educación de calidad, que permita tener las mismas oportunidades para el desarrollo personal, profesional y social. La educación entonces, pasa a ser un pilar fundamental en los modelos de desarrollo - y un tema de debate constante- en especial en aspectos tales como: resultados de aprendizaje, gestión y efectividad escolar, como ejes para mejorar la construcción del capital humano en la sociedad. En Chile, a partir de un proceso de descentralización de la educación iniciado en los 80, el modelo de planificación y gestión de la educación pública fue transformado, pasando de un modelo centralizado a un enfoque en el cual el establecimiento educacional – el proyecto educativo – adquiere autonomía de gestión que se vuelve determinante en la calidad de la educación. Es al interior de los establecimientos escolares donde los diferentes agentes educativos llevan a cabo los procesos pedagógicos y administrativos, y se generan las condiciones para poder desarrollar una educación de calidad. Durante los últimos 30 años, los esfuerzos se han centrado en las capacidades docentes y en alcanzar la cobertura universal. Sin embargo, en los últimos 10 años la investigación aplicada ha evidenciado que los directores y equipos directivos tienen efectos directos e indirectos sobre la gestión escolar, pedagógica y de convivencia dentro de la escuela a través de su desempeño y liderazgo escolar. Es en este contexto, que se propone esta investigación con el fin de contribuir en el fortalecimiento de las capacidades de estos actores y promover un desempeño que impacte positivamente en la calidad de los aprendizajes en las escuelas Esta tesis se estructura en cinco capítulos. En el primer capítulo, se define y analiza el marco conceptual de la investigación centrado en los dos ejes de este trabajo: por un lado, conceptos de competencia, competencias profesionales; y por otro lado, liderazgo y dirección escolar, definiendo el concepto de competencias profesionales para la dirección escolar. A continuación, en el segundo capítulo, se presenta un análisis del contexto enfocado en el proceso de descentralización de la educación pública en Chile y sus efectos sobre el rol de los directivos escolares en Chile, el cual a través de su proceso de evolución ha transformado las responsabilidades de este estamento, en cuanto la gestión y la administración de los proyectos educativos definiendo un perfil del directivo escolar. Complementariamente, y en función de la gestión directiva, se realiza una conceptualización de buenas prácticas directivas como los instrumentos a través de las cuales se movilizan los elementos de competencia. En el tercer capítulo, se presenta la propuesta de modelo de competencias profesionales para la dirección escolar, como la principal aportación de esta investigación, que se sustenta sobre cuatro componentes como base científica: el enfoque holístico de competencia, el enfoque de dirección de proyectos de la International Project Management Association (IPMA), el paradigma de gestión escolar y el modelo Working with People (WWP). La propuesta considera una metodología de implementación para el desarrollo de procesos de intervención para la mejora de la gestión escolar, articulando las competencias profesionales directivas y las prácticas de gestión, como los principales componentes del modelo. En el cuarto capítulo se presenta la aplicación del modelo propuesto en un estudio de caso desarrollado en el Colegio público Kings´ School de San Bernardo (Chile), un establecimiento particular subvencionado, del área urbana de Santiago con condiciones socioeconómicas media, con un alto porcentaje de vulnerabilidad y cuyos resultados en las pruebas de evaluación nacionales evidencian una caída. La aplicación del modelo se realiza a lo largo del curso 2012-13, trabajando de forma directa con el equipo de dirección, a través de un proyecto de innovación educativa, diseñando e implementando una propuesta de intervención de la cual se sistematizan los resultados y los aprendizajes obtenidos. A partir de la investigación y los resultados obtenidos permiten concluir que el modelo propuesto puede ser considerada una herramienta estratégica de planificación e intervención para la gestión de proyectos educativos, promoviendo que a los equipos directivos contrastar su realidad con los estándares propuestos, y de esta forma poder articular las capacidades – en términos de competencias - de los recursos humanos con las prácticas directivas que buscan lograr los objetivos y resultados esperados, incidiendo positivamente en los resultados de aprendizaje y la calidad educativa. ABSTRACT The importance of education on the construction of human and social capital, has been vastly discussed, considering among other things, the correlation between investments in education, educational policies, stakeholders, and the effects they have on education quality. This is reflected on the efforts of different stakeholders, to improve educational outcomes, trying to build a more equitable society in which every individual can have access to quality education, allowing the same opportunities for personal, professional and social development. Education then becomes a cornerstone at development models - and a topic of constant discussion, especially in areas such as learning outcomes, management and school effectiveness, as core concepts to improve the construction of human capital in the society. In Chile, after a process of decentralization of education that started in the 80s, planning and management model of public education was transformed from a centralized approach to a decentralized perspective in which schools - the educational project - acquires management autonomy and becomes determinant in the quality of education outcomes. It is within the school context where teachers, principals and administrative assistants held teaching and administrative processes, and generates the conditions to develop quality education. During the past 30 years, efforts have been focused on teaching skills and achieve universal coverage. However, in the last 10 years applied research has shown that the principals and management teams have direct and indirect effects on school management, teaching and school environment through their performance and school leadership. This research is proposed within this context in order to contribute to strengthen the capacities of these actors, and promote a professional performance that will positively impact schools´ quality of learning. This thesis is divided into five chapters. The first chapter defines and analyzes the conceptual framework focused on the two main ideas of this work: first, concepts of competence, professional competence; and secondly, leadership and school management, defining the concept of professional competences for school leadership. Then, in the second chapter is developed a context analysis focused on the process of decentralization of public education in Chile, and its effects on the role of school leaders which through this process has been transformed the responsibilities on management and administration of educational projects, allowing to define a school leader’s profile. In addition, and related to principals´ management, it is proposed a conceptualization of school leadership best practices, as the instruments through which competence elements are mobilized and placed in action. Within chapter three, is presented the proposed model of professional competences for school principals, as the main contribution of this research which is based on four components as scientific basis: holistic competence approach, project management approach from the International Project management Association (IPMA), effective school management paradigm; and Working with People model (WWP). The proposal considers an implementation methodology for the development of intervention processes to improve school management, articulating professional competences and school leadership practices, as main elements of the model. Chapter four presents the implementation of the proposed model, using a case study at the Kings´ School of San Bernardo (Chile), subsidized school located at the urban area of Santiago with average socioeconomic conditions, with a high percentage of vulnerability and whose national educational assessment results show a fall. Model implementation was developed through 2012- 2013, working directly with the management team, through an innovative educational management project, designing and implementing an intervention which processes, results and lessons learned are systematized. Research and obtained results through its implementation indicates that the proposed model can be considered a strategic tool for planning and operational management for educational projects, encouraging the principals to compare their reality with the proposed standards, and thus articulate capacity - in terms of competences – in human resources with principals´ practices to achieve the objectives and expected results, impacting positively on learning outcomes and educational quality.

Alternativas de financiación para las empresas españolas

El presente documento está enmarcado en elMáster de Consultoría en Gestión de Empresas de laUniversidad Politécnica deMadrid y la Asociación de Empresas de Consultoría como Trabajo de Fin deMáster. A lo largo del estudio, se introduce la problemática a la que se vienen enfrentando las pymes españolas en los últimos años, debido a la reducción del crédito bancario sufrida en nuestro importante en un país con una tradicional dependencia de la financiación bancaria, necesita encontrar soluciones en las fuentes alternativas de financiación que se vienen desarrollando internacionalmente. De esta forma, se realiza un recorrido por las distintas alternativas de financiación, haciendo un repaso de su actividad en España y en países de referencia internacional, y analizando las posibilidades de futuro de cada una de ellas en la realidad de nuestro país. ---ABSTRACT--This document is part of the Master in Business Management and Consultancy of the Universidad Politécnica de Madrid and the Asociación de Empresas de Consultoría as Master Degree Final Project. The problem that Spanish SMEs are facing, due to recent bank credit decrease in our country, is introduced throughout the study. This problem, which is specially critical in a country with a high bank financing tradition, needs to be solved with the alternative financing sources that have been raised internationally. Hence, this document offers an overview of the different financing alternatives, reviewing their activity in Spain and other countries taken as reference, and an analysis of the possibilities that these alternatives may bring to our country in the near future.

Plan de negocio FERCATEC

El presente documento se corresponde con el Trabajo Fin de Máster del Máster en Consultoría en Gestión de Empresas de la Universidad Politécnica de Madrid. A lo largo del mismo se realizará el estudio de una empresa especializada en el diseño, fabricación y montaje industrial. La empresa se creó en el año 2010 y aunque sus resultados hasta la fecha son satisfactorios se estudiarán posibles oportunidades de negocio con las que la empresa podrá mejorar su rendimiento. Se buscarán proyectos de larga duración que permitan obtener unos ingresos constantes en el tiempo para asegurar una cifra de negocio mayor. Se explorarán áreas clave en el mercado europeo, como son el mercado de las energías renovables y el mercado automovilístico, en los que la compañía ha desarrollado trabajos previos, permitiéndoles situarse como una empresa con experiencia en el sector. Se realizará un plan de negocio que permita primero conocer la historia y el estado actual de la compañía y definirá cuales son las líneas de actuación que la compañía debería explorar en el futuro, permitiendo a la misma ampliar por un lado la facturación anual consiguiendo aumentar igualmente los beneficios netos. ---ABSTRACT---This document corresponds to the Final Project for the Master in Business Management and Consultancy of the Universidad Politécnica de Madrid. Throughout the text, the study of a company specialised in industrial design, manufacture and assembly will be carried out. The company was founded in 2010 and, although its results so far have been satisfactory, possible alternatives and business opportunities will be studied in order to enhance profitability even more. One of the main objectives will be to pursue long running projects that will allow to keep the company's revenue constant in order to ensure a higher turnover. Key areas in the European market will be exploited, such as the renewable energies market and the automotive market in which the Company has previously developed works, enabling a position of a Company with experience in the sector. A business plan will be carried out, and it will allow us to get acquainted with the company's history and present status and, it will define the lines of action that the company should explore in the future, allowing it to increase, on the one hand, the annual turnover and at the same time to expand the Company's net benefits.