O insucesso em matemática no curso técnico em agropecuária integrado ao ensino médio IFB- Campus Planaltina

Dissertação apresentada para obtenção do grau de Mestre em Educação Social e Intervenção Comunitária

Internationalization process of TUBOFURO

The central objective of this case study was to formulate the strategy of internationalization of Tubofuro®, discriminating relevant points from its design to its implementation. This is a company located in Leiria, Ortigosa parish, which operates, among others, in the Portuguese PVC pipes industry for which currently the domestic market is clearly insufficient, given the oversupply compared to demand. Being Tubofuro® an exporting company since 2004, the work here developed specifically intended to increase sales to the foreign market, with this representing 45% of total company's business in 2018 increasing of the number of markets through new partners to enable the positioning of Tubofuro® among the main players in each market, particularly in South American markets, North African and European. To achieve the above objectives presented a case study was applied, centred on Tubofuro® company, target of the internationalization strategy. The search carried out for the formulation of the strategy has been supported on a thorough analysis of the external environment and internal characteristics of the company, for which were crossed different types of data, quantitative, qualitative, secondary data and primary data. From this work resulted the development of internationalization and international marketing plan for the next three years, whose objectives are based on entrance and consequent growth in new markets, including the market Chilean, Peruvian, Mexican, Argentine, Algerian and German, as well growth in the presence and turnover in the markets for which Tubofuro® already exports regularly, for example Spain, France, Tunisia and Morocco. Based on the production capacity of Tubofuro® company, which will not suffer any kind of investment for incrementing but only to update, it is expected that the appropriate response capacity for the company is 8 regular markets, and could eventually arise sporadic exports to other markets not interfering with the normal production capacity of the company. The suggestion of the presented markets resulted from the study of the final price based on the one that local customers purchase a product equal or similar to Tubofuro® and the number of potential existing customers in each market. The internationalization model known as Uppsala Model corresponds to the strategy adopted by the company to its internationalization process, taking into account the philosophy of senior management and the risk aversion of them. The sales team Tubofuro® demand for each market, export a full container registering customer feedback, including quality and flow capacity in the market in order to seek a partnership agreement with a local distributor, which allows the Tubofuro® go to step two above mentioned model. The partnership agreement is based on mutual commitment to technical cooperation and trade between the Tubofuro® and partner, in order to increase the performance capacity among local customers. Only if the market presents a greater demand to our supply capacity and be justified by cost / benefit ratio, the entry into this market through a joint venture or subsidiary is that the decision will be taken. Although this is a case study, which means that is adjusted to the concrete case Tubofuro® preventing generalization of findings, we believe that this work can be a useful example for other companies in the internationalization process or the methodology adopted in formulating strategy or the outputs and conclusions drawn.

Role of index bonds in an optimal dynamic asset allocation model with real subsistence consumption

We investigate the role of index bonds in a dynamic consumption and asset allocation model where the rate of real consumption at any given time cannot fall below a fixed level. An explicit form of the optimal consumption and portfolio rule for a class of Constant Relative Risk Aversion (CRRA) utility functions is derived. Consumption increases above the subsistence level only when wealth exceeds a threshold value. Risky investments in equity and nominal bonds are initially proportional to the excess of wealth over a lower bound, and then increase nonlinearly with wealth. The desirability of investing in the risky assets are related to the agent’s risk preference, the equity premium, and the inflation risk premium. The demand for index bonds is also obtained. The results should be useful for the management of defined benefit pension funds, university endowments, and other portfolios which have a withdrawal pre-commitment in real terms.

Is Roger Federer more loss averse than Serena Williams?

Using data from the high-stakes 2013 Dubai professional tennis tournament, we find that, compared with a tied score, (i) male players have a higher serve speed and thus exhibit more effort when behind in score, and their serve speeds get less sensitive to losses or gains when score difference gets too large, and (ii) female players do not change their serve speed when behind, while serving slower when ahead. Thus, male players comply more with Prospect Theory exhibiting more loss aversion and reflection effect. Our results are robust to controlling for player fixed effects and characteristics with player random effects.

Choix en situation d’incertitude: distinction entre les méthodes de calculs utilisées par les individus lors d’ajout d’effet de corrélation

Méthodologie: Équation de Bellman (Programmation dynamique) ; Méthode de la valeur optionnelle

Est-ce que l’aversion au risque cyclique et la richesse immobilière peuvent aider à expliquer les rendements boursiers?

Dans les modèles d’évaluation d’actifs financiers, la stratégie de placement d’un individu est liée à la distribution des rendements des actifs inclus dans son portefeuille. Le modèle intertemporel d’évaluation des actifs financiers basé sur la consommation (C-CAPM) permet d’intégrer la dimension temporelle dans le cadre d’analyse et de comprendre l’arbitrage entre les décisions de consommation et d’épargne d’un individu. La prédiction fondamentale de ce modèle est l’existence d’un lien entre les rendements des actifs financiers et leur covariance avec le taux marginal de substitution intertemporel (TMSI). Dans un cadre théorique, l’énigme de la prime de risque est mise en évidence lorsqu’une fonction d’utilité de type CRRA est utilisée afin de représenter les préférences du consommateur. La rigidité de cette modélisation impose cependant un coefficient d’aversion au risque fixe réconciliant difficilement le modèle avec les données réelles. Ce mémoire a pour objectif de résoudre cette problématique en modifiant les formulations classiques du TMSI. Dans un contexte canadien, nous modifions la forme CRRA afin de déterminer, entre autres, si les variations du produit intérieur brut ont un effet sur le niveau d’aversion au risque d’un agent. Par la suite, nous insérons la richesse immobilière dans une forme d’utilité non-séparable comme proxy du rendement de la richesse. Nos résultats suggèrent qu’il est pertinent, sur une longue période, de tenir compte de la richesse immobilière dans le programme de consommation de l’agent.

Mujeres armadas de paz

¿Qué tienen por decir mujeres excombatientes de grupos insurgentes (guerrillas como las FARC y el EPL) y de las Autodefensas Unidas de Colombia acerca de su proceso de desmovilización y reintegración? Este reportaje busca responder esa pregunta por medio de la historia de vida de Camila, Valentina y Blanca, tres mujeres que pertenecieron a grupos armados ilegales y que ahora luchan por reconstruir su proyecto de vida y le apuestan a la construcción de la paz desde las luchas cotidianas que tiene que afrontar.