Euphoria in financial markets: how Indian companies generate value in their cross-border acquisitions

In this paper, we investigate the effect of euphoria on returns derived by Indian companies in their cross-border acquisitions. Cognitive legitimacy generated at the country level facilitated firms in deriving higher value from internationalization. In addition, overoptimism after the legitimacy-building event led to euphoria in financial markets and short-term abnormal returns. Hence we argue that the springboard effect created by legitimacy is short-lived, as euphoria fades away over time. Using cross-border and domestic acquisitions by Indian companies during 1999-2009, and controlling for fundamental factors, both financial and non-financial, we find support for our euphoria hypothesis. Because of overoptimism, Indian companies experienced short-term abnormal returns in their cross-border acquisitions in the few years following the legitimation process, but not in later years.

The Roles of ‘Conventional’ and Demand-Responsive Bus Services

Purpose - The roles of ‘conventional’ (fixed-route and fixed-timetable) bus services is examined and compared to demand-responsive services, taking rural areas in England as the basis for comparison. It adopts a ‘rural’ definition of settlements under a population of 10,000. Design/methodology/approach - Evidence from the National Travel Survey, technical press reports and academic work is brought together to examine the overall picture. Findings - Inter-urban services between towns can provide a cost-effective way of serving rural areas where smaller settlements are suitably located. The cost structures of both fixed-route and demand-responsive services indicate that staff time and cost associated with vehicle provision are the main elements. Demand-responsive services may enable larger areas to be covered, to meet planning objectives of ensuring a minimum of level of service, but experience often shows high unit cost and public expenditure per passenger trip. Economic evaluation indicates user benefits per passenger trip of similar magnitude to existing average public expenditure per trip on fixed-route services. Considerable scope exists for improvements to conventional services through better marketing and service reliability. Practical implications - The main issue in England is the level of funding for rural services in general, and the importance attached to serving those without access to cars in such areas. Social implications - The boundary between fixed-route and demand-responsive operation may lie at relatively low population densities. Originality/value - The chapter uses statistical data, academic research and operator experience of enhanced conventional bus services to provide a synthesis of outcomes in rural areas.

A process evaluation of a cluster randomised trial to reduce potentially inappropriate prescribing in older people in primary care (OPTI-SCRIPT study)

Background
The OPTI-SCRIPT cluster randomised controlled trial (RCT) found that a three-phase multifaceted intervention including academic detailing with a pharmacist, GP-led medicines reviews, supported by web-based pharmaceutical treatment algorithms, and tailored patient information leaflets, was effective in reducing potentially inappropriate prescribing (PIP) in Irish primary care. We report a process evaluation exploring the implementation of the intervention, the experiences of those participating in the study and lessons for future implementation.

Methods
The OPTI-SCRIPT trial included 21 GP practices and 196 patients. The process evaluation used mixed methods. Quantitative data were collected from all GP practices and semi-structured interviews were conducted with GPs from intervention and control groups, and a purposive sample of patients from the intervention group. All interviews were transcribed verbatim and analysed using a thematic analysis.

Results
Despite receiving a standardised academic detailing session, intervention delivery varied among GP practices. Just over 70 % of practices completed medicines review as recommended with the patient present. Only single-handed practices conducted reviews without patients present, highlighting the influence of practice characteristics and resources on variation. Medications were more likely to be completely stopped or switched to another more appropriate medication when reviews were conducted with patients present. The patient information leaflets were not used by any of the intervention practices. Both GP (32 %) and patient (40 %) recruitment rates were modest. For those who did participate, overall, the experience was positively viewed, with GPs and patients referring to the value of medication reviews to improve prescribing and reduce unnecessary medications. Lack of time in busy GP practices and remuneration were identified as organisational barriers to future implementation.

Conclusions
The OPTI-SCRIPT intervention was positively viewed by both GPs and patients, both of whom valued the study’s objectives. Patient information leaflets were not a successful component of the intervention. Academic detailing and medication reviews are important components in changing PIP, and having patients present during the review process seems to be a more effective approach for decreasing PIP.

Value creation in a reregulated market : Divestments, firms and dynamic processes

This thesis makes use of the unique reregulation of pharmaceutical monopoly in Sweden to critically examine intraindustry firm heterogeneity. It contributes to existing divestiture research as it studies the dynamism in between reconfigurations of value constellations and its effects on value creation of divested pharmacies. Because the findings showed that the predominant theory of intraindustry firm heterogeneity could not explain firm performance, the value constellation concept was applied as it captured the phenomena. A patterned finding informed how reconfigurations of value constellations in a reregulated market characterized by strict rules, regulations, and high competition did not generate additional value for firms on short term. My study unveils that value creation is hampered in situations where rules and regulations significantly affect firms’ ability to reconfigure their value constellations. The key practical implication is an alternative perspective on fundamental aspects of the reregulation and how policy-makers may impede firm performance and the intended creation of new value for not only firms but for society as a whole.

The Pennsylvania Adoption Exchange Improves Its Matching Process

The Pennsylvania Adoption Exchange (PAE) helps case workers who represent children in state custody by recommending prospective families for adoption. We describe PAE's operational challenges using case worker surveys and analyze child outcomes through a regression analysis of data collected over multiple years. A match recommendation spreadsheet tool implemented by PAE incorporates insights from this analysis and allows PAE managers to better utilize available information. Using a discrete-event simulation of PAE, we justify the value of a statewide adoption network and demonstrate the importance of better information about family preferences for increasing the percentage of children who are successfully adopted. Finally, we detail a series of simple improvements that PAE achieved through collecting more valuable information and aligning incentives for families to provide useful preference information.

Future Earnings Growth Volatility and the Value Premium

The value premium is well established in empirical asset pricing, but to date there is little understanding as to its fundamental drivers. We use a stochastic earnings valuation model to establish a direct link between the volatility of future earnings growth and firm value. We illustrate that risky earnings growth affects growth and value firms differently. We provide empirical evidence that the volatility of future earnings growth is a significant determinant of the value premium. Using data on individual firms and characteristic-sorted test portfolios, we also find that earnings growth volatility is significant in explaining the cross-sectional variation of stock returns. Our findings imply that the value premium is the rational consequence of accounting for risky earnings growth in the firm valuation process.

Aplicação de um value stream map nos serviços após venda automóvel

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

The Meanings of New Money: Social Constructions of Value in the Rise of Digital Currencies

Thesis (Ph.D.)--University of Washington, 2016-07

Creative communities: shaping process through performance and play

This paper studies the use of play as a method to unlock creativity and innovation within a community of practice (a group of individuals who share a common interest and who see value in interaction to enhance their understanding). An analysis of communities of practice and the value of play informs evaluation of two case studies exploring the development of communities of practice, one within the discipline of videogames and one which bridges performing arts and videogames. The case studies provide qualitative data from which the potential of play as a method to inspire creativity and support the development of a potential community of practice is recognised. Establishing trust, disruption of process through play and reflection are key steps proposed in a ‘context provider’s framework’ for individuals or organisations to utilise in the design of activities to support creative process and innovation within a potential community of practice.

Selling customer value in B2B markets - Case KONE JumpLift

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

Investigation on reproduction process in two species of crab Eriphia sebana and Ocypode saratan in the intertidal zone of Chabahar area

The present study with headline investigation on reproduction in two species of Crab Eriphia sebana and Ocypode saratan was carried out in the intertidal zone of Chabahar in thirteen month from December 2004 to December 2005. Checked samplings have been taken, 45 number Crab monthly from any four stations by manual or use trap. During this study the following subjects were measured: Temperature range and salinity, Measurable coast granule, Determination of sex ratio, Relations carapace width with carapace length, Carapace width with total body weight, Gonad weight, gonadosomatic index, condition factor, gastrosomatic index, investigation content in stomach, LM50, Growth parameters, plenty distribution length and width and gonad weight and total body weight. Studied on measurable coast granule were expressed that Ocypode saratan in Desalination station, were nest in soils equable sand and this quantity were confirmed in Pozm station. Sex ratio were assign in desalination area and Pozm M: F 0/44:0/56 and in Tiss and Chabahar M: F 0/45:0/55. Carapace length and carapace width (cm) and body weight (g) Furthest were designated in Ocypode saratan within carapace width sequential: female: 5/42-6/15-105/13 and male: 5/53-6/25-108/91 and in Eriphia sebana within Tiss area sequential: female: 5/12-5/94-110/21 and male 5/14-60/01-114/37. Have been linear relationship between carapace length and carapace width and equaled CW = a CL + b. Weight growth in two species were be modal and equaled BW= aCLb and increased Crab weight by built up carapace width. Maximum gonad weight in Ocypode saratan within desalination area in female have been outcome 3/39 and in male 0/84g and in Eriphia sebana extreme within Tiss during may in female were be 4/18 and in male 1/1g. Stomach content in Eriphia sebana were involved a black until half-purplish liquid and yellowish in Ocypode saratan. Stomach contents identifiable were being in four groups: Molluscoid, Crustacean, Plankton and Fish. Carapace width during the first year of maturation have been LM50:3/77 in Desalination area and LM50:3/92 in Pozm for Ocypode saratan and LM50:4/26 in Tiss and LM50:4/62 in Chabahar. Ability spawning in Eriphia sebana within Tiss has been CW=4/17cm and in Ocypode saratan within Desalination area CW=4/23cm. Maximun value of Loo for Eriphia sebana was equal 59/67 and growth factor K=0/68 within Tiss and Loo =61/64 , K=0/65 for Ocypode saratan within Desalination area. Maximun GSI and GI have been within Desalination area and Tiss and minimum within Pozm and Chabahar. The maturity stages of two species were classifed into six stages. Review on GSI, CF have been showed that relation with temperature and salinity and definer in two species have been spawned in two period that Maximun in spring premier than autumn.

Efeitos diretos e indiretos de parâmetros dos semivariogramas referentes aos atributos químicos do solo sobre a produtividade de grãos de soja

In order to add value to soybens crops, and hence the marketing, medium and large producers have been using precision agriculture techniques (PA), as the Remote Sensing, Geographic Information Systems (GIS) and positioning satellite, to assist the management of crops. Thus, given the economic relevance of that culture to the southwest of Paraná State and Brazil, scientific studies to increase their productivity and profitability are of main importance. The objective of this study was to evaluate the correlation between the chemical soil properties and soybean yield for each estimated parameter of semivariogram (range, nugget and level effect), and the deployment of these correlations in direct and indirect effects, aiming to improve the mapping process of spatial variability of soil chemical properties for use in PA. The hypothesis is that not all attributes of soil used to estimate the semivariogram parameters has a direct effect on productivity, and that even in groups of plants within a larger area it is possible to estimate the parameters of the semivariograms. The experiment was conducted in a commercial area of 19.7 ha, located in the city of Pato Branco - PR, central geographic coordinates 26º 11 '35 "South, 52 43' 05" West longitude, and average altitude of 780 m. The area is planted with soybeans for over 30 years, currently being adopted to cultivate Brasmax Target RR - Don Mario 5.9i, with row spacing of 0.50 m and 13 plants m-1, totaling 260,000 plants ha-1. For georeferencing of the area of study and sampling points was used a couple of topographic ProMarkTM3 receptors, making a relative positioning to obtain the georeferenced coordinates. To collect data (chemical analyzes of soil and crop yield) were sampled 10 blocks in the experimental area, each with an area of 20 m2 (20 meters long x 1 meter wide) containing two spaced adjacent rows of 0.5 m. Each block was divided into 20 portions of 1 m2, and from each were collected four subsamples at a distance of 0.5 m in relation to the lines of blocks, making up a sample depth for 0-10 cm a sample to 10-20 cm for each plot, totaling 200 samples for each depth. The soybean crop was performed on the blocks depending on maturity, and in each block was considered a bundle at each meter. In the data analysis, it was performed a diagnosis of multicollinearity, and subsequently a path analysis of the main variables according to the explanatory variables (range of chemical attributes: pH, K, P, Ca, etc.). The results obtained by the path analysis of the parameters of the semivariogram of soil chemical properties, indicated that only the Fe, Mg, Mn, organic matter (OM), P and Saturation by bases (SB) exerted direct and indirect effects on soybean productivity, although they have not presented spatial variability, indicating that the distribution of blocks in the area was unable to identify the spatial dependence of these elements, making it impossible to draw up maps of the chemical attributes for use in PA.

Biofuels and high value added products from the yeast Rhodosporidium toruloides NCYC 921: Strategies towards a true cost-effective and environmentally sustainable integrated multiproduct driven biorefinery [Poster]

Single-cell oils (SCO) have been considered a promising source of 3rd generation biofuels mainly in the final form of biodiesel. However, its high production costs have been a barrier towards the commercialization of this commodity. The fast growing yeast Rhodosporidium toruloides NCYC 921 has been widely reported as a potential SCO producing yeast. In addition to its well-known high lipid content (that can be converted into biodiesel), is rich in high value added products such as carotenoids with commercial interest. The process design and integration may contribute to reduce the overall cost of biofuels and carotenoid production and is a mandatory step towards their commercialization. The present work addresses the biomass disruption, extraction, fractionation and recovery of products with special emphasis on high added valued carotenoids (beta-carotene, torulene, torularhodin) and fatty acids directed to biodiesel. The chemical structure of torularhodin with a terminal carboxylic group imposes an additional extra challenge in what concern its separation from fatty acids. The proposed feedstock is fresh biomass pellet obtained directly by centrifugation from a 5L fed-batch fermentation culture broth. The use of a wet instead of lyophilised biomass feedstock is a way to decrease processing energy costs and reduce downstream processing time. These results will contribute for a detailed process design. Gathered data will be of crucial importance for a further study on Life-Cycle Assessment (LCA).

The value of Nabugabo lakes in the conservation of Oreochromis esculentus

The wide-spread impact of exotic fishes especially Oreochromis niloticus and Lates niloticus together with over fishing in the Victoria and Kyoga lake basins during the 1950s and 1960s, caused endemic species such as the previously most important Oreochromis esculentus to become virtually extinct in the two lakes by the 1970s. Based on reports of presence of this native species in some satellite lakes within the two lake basins, a set of satellite lakes in the Victoria basin (Nabugabo lakes: Kayanja and Kayugi), were sampled between 1997-2002 with an objective of assessing their value as conservation sites for O. esculentus. Other satellite lakes (Mburo and Kachera) also in the Victoria basin, and Lemwa, Kawi and Nabisojjo, in the Kyoga basin, were sampled for comparison. Among the Nabugabo lakes, O. esculentus was more abundant in Lake Kayanja (20.1 %) ofthe total fish catch by weight compared to Lake Kayugi (1.4 %). The largest fish examined (38.7 cm TL) was caught in Lake Kayugi, (also the largest in all satellite lakes sampled), while the smallest (6.6 cm TL) was from Lake Kayanja. Fish from Lake Kayugi had a higher condition factor K (1.89± 0.02) than that from Lake Kayanja (1.53±0.0I), which was the second highest (compared with other satellite lakes) to Lake Kawi (1.92±0.2). Diatoms, especially Aulacoseira, which were previously known to be the best food for O. esculentus in Lake Victoria were mostly encountered (93.2 %) in fish stomachs from Lake Kayugi. In Lake Kayanja the dominant food item was the blue green algae (Planktolyngbya) while Microcystis was the most abundant diet item in fish from other satellite lakes. There were more male than female fish (ratio 1:0.91 and 1: 0.79 in lakes Kayugi and Kayanja respectively). This is comparable to the situation in Lake Victoria before the species got depleted. The highest mean fecundity was (771±218 eggs) recorded in Lake Kayugi compared to Lake Kayanja (399±143). Based on the results from Lake Kayugi, where diatoms dominated the diet of O. esculentus and where the largest, most fecund and healthy fish were found, this lake would be a most valuable site for the conservation of O. esculentus and the best source of fish, for restocking and for captive-propagation. This lake is therefore recommended for protection from over exploitation and misuse.

Technology strategies in the process of student retention and efficiency of academic management

This article discusses the application of Information and Communication Technologies and strategies for best practices in order to capture and maintain faculty students' attention. It is based on a case study of ten years, using a complete information system. This system, in addition to be considered an ERP, to support the activities of academic management, also has a strong component of SRM that provides support to academic and administrative activities. It describes the extent to which the presented system facilitates the interaction and communication between members of the academic community, using the Internet, with services available on the Web complementing them with email, SMS and CTI. Through a perception, backed by empirical analysis and results of investigations, it demonstrates how this type of practice may raise the level of satisfaction of the community. In particular, it is possible to combat failure at school, avoid that students leave their course before its completion and also that they recommend them to potential students. In addition, such a strategy also allows strong economies in the management of the institution, increasing its value. As future work, we present the new phase of the project towards implementation of Business Intelligence to optimize the management process, making it proactive. The technological vision that guides new developments to a construction based on Web services and procedural languages is also presented.