933 resultados para asset manager
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Recreational food service is a newly-identified industry segment. It represents over 3 percent of the total industry and has its own specific competency requirements, in addition to core food service management competency needs. The education, training, and development needs for professionals in this industry segment have not as yet been ascertained. This article is an effort to establish a benchmark for future research in this area.
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Over-consumption of alcoholic beverages is a concern of managers of hotels and motels with a club/lounge, restaurant, and tavern. The authors surveyed members of two industry associations in Oklahoma to ascertain alcohol server training methods and managers' perception of the value of such programs.
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Consistent condom use among high risk groups such as female sex workers (FSWs) remains low. Adolescent female sex workers are especially at higher risk for HIV/STI infections. However, few published studies have compared the sexual risk negotiations among adolescent, emerging adult, and older age groups or the extent a manager’s advice about condom use is associated with an FSW’s age. Of 1,388 female bar/spa workers surveyed in the southern Philippines, 791 FSW who traded sex in the past 6 months were included in multivariable logistic regression models. The oldest FSWs (aged 36–48) compared to adolescent FSWs (aged 14–17) were 3.3 times more likely to negotiate condoms when clients refused condom use. However, adolescent FSWs received more advice from their managers to convince clients to use condoms or else to refuse sex, compared to older FSWs. Both adolescent and the oldest FSWs had elevated sexually transmitted infections (STIs) and inconsistent condom use compared to other groups. Having a condom rule at the establishment was positively associated with condom negotiation. Factors such as age, the advice managers give to their workers, and the influence of a condom use rule at the establishment need to be considered when delivering HIV/STI prevention interventions.
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This research aimed to understand hotel managers’ attitudes toward the provision of healthy meals. The study deployed a mailing survey to assess the managers’ perceptions. A closed-ended questionnaire was developed evaluating the role of healthy food choices in Mediterranean resort hotels. The findings showed that (1) atmosphere in the restaurant, (2) appealing display of food, and (3) eating habits and lifestyle were more important than personal health when selecting a meal. In addition, this study suggested that the managers were not ready to promote healthy eating because their customers would have been critical of this new service concept
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A plethora of recent literature on asset pricing provides plenty of empirical evidence on the importance of liquidity, governance and adverse selection of equity on pricing of assets together with more traditional factors such as market beta and the Fama-French factors. However, literature has usually stressed that these factors are priced individually. In this dissertation we argue that these factors may be related to each other, hence not only individual but also joint tests of their significance is called for. ^ In the three related essays, we examine the liquidity premium in the context of the finer three-digit SIC industry classification, joint importance of liquidity and governance factors as well as governance and adverse selection. Recent studies by Core, Guay and Rusticus (2006) and Ben-Rephael, Kadan and Wohl (2010) find that governance and liquidity premiums are dwindling in the last few years. One reason could be that liquidity is very unevenly distributed across industries. This could affect the interpretation of prior liquidity studies. Thus, in the first chapter we analyze the relation of industry clustering and liquidity risk following a finer industry classification suggested by Johnson, Moorman and Sorescu (2009). In the second chapter, we examine the dwindling influence of the governance factor if taken simultaneously with liquidity. We argue that this happens since governance characteristics are potentially a proxy for information asymmetry that may be better captured by market liquidity of a company's shares. Hence, we jointly examine both the factors, namely, governance and liquidity - in a series of standard asset pricing tests. Our results reconfirm the importance of governance and liquidity in explaining stock returns thus independently corroborating the findings of Amihud (2002) and Gompers, Ishii and Metrick (2003). Moreover, governance is not subsumed by liquidity. Lastly, we analyze the relation of governance and adverse selection, and again corroborate previous findings of a priced governance factor. Furthermore, we ascertain the importance of microstructure measures in asset pricing by employing Huang and Stoll's (1997) method to extract an adverse selection variable and finding evidence for its explanatory power in four-factor regressions.^
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Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.
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Using multiple regression analysis, lodging managers’ annual mean salaries in 143 Metropolitan Statistical Areas (MSA) within the U.S. were analyzed to identify what relationships existed with variables related to general MSA characteristics, along with the lodging industry’s size and performance. By examining the relationship between these variables, the authors predict the long-term possibility of predicting lodging industry managers’ salaries. These predictions may have an impact on financial performance of an individual lodging property or organization. Through this paper, this concept was applied and explored within U.S. MSAs. These findings may have value for a variety of stakeholders, including human resources practitioners, the hospitality education community, and individuals considering lodging management careers.
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In this dissertation, I investigate three related topics on asset pricing: the consumption-based asset pricing under long-run risks and fat tails, the pricing of VIX (CBOE Volatility Index) options and the market price of risk embedded in stock returns and stock options. These three topics are fully explored in Chapter II through IV. Chapter V summarizes the main conclusions. In Chapter II, I explore the effects of fat tails on the equilibrium implications of the long run risks model of asset pricing by introducing innovations with dampened power law to consumption and dividends growth processes. I estimate the structural parameters of the proposed model by maximum likelihood. I find that the stochastic volatility model with fat tails can, without resorting to high risk aversion, generate implied risk premium, expected risk free rate and their volatilities comparable to the magnitudes observed in data. In Chapter III, I examine the pricing performance of VIX option models. The contention that simpler-is-better is supported by the empirical evidence using actual VIX option market data. I find that no model has small pricing errors over the entire range of strike prices and times to expiration. In general, Whaley’s Black-like option model produces the best overall results, supporting the simpler-is-better contention. However, the Whaley model does under/overprice out-of-the-money call/put VIX options, which is contrary to the behavior of stock index option pricing models. In Chapter IV, I explore risk pricing through a model of time-changed Lévy processes based on the joint evidence from individual stock options and underlying stocks. I specify a pricing kernel that prices idiosyncratic and systematic risks. This approach to examining risk premia on stocks deviates from existing studies. The empirical results show that the market pays positive premia for idiosyncratic and market jump-diffusion risk, and idiosyncratic volatility risk. However, there is no consensus on the premium for market volatility risk. It can be positive or negative. The positive premium on idiosyncratic risk runs contrary to the implications of traditional capital asset pricing theory.
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This Thesis main objective is to implement a supporting architecture to Autonomic Hardware systems, capable of manage the hardware running in reconfigurable devices. The proposed architecture implements manipulation, generation and communication functionalities, using the Context Oriented Active Repository approach. The solution consists in a Hardware-Software based architecture called "Autonomic Hardware Manager (AHM)" that contains an Active Repository of Hardware Components. Using the repository the architecture will be able to manage the connected systems at run time allowing the implementation of autonomic features such as self-management, self-optimization, self-description and self-configuration. The proposed architecture also contains a meta-model that allows the representation of the Operating Context for hardware systems. This meta-model will be used as basis to the context sensing modules, that are needed in the Active Repository architecture. In order to demonstrate the proposed architecture functionalities, experiments were proposed and implemented in order to proof the Thesis hypothesis and achieved objectives. Three experiments were planned and implemented: the Hardware Reconfigurable Filter, that consists of an application that implements Digital Filters using reconfigurable hardware; the Autonomic Image Segmentation Filter, that shows the project and implementation of an image processing autonomic application; finally, the Autonomic Autopilot application that consist of an auto pilot to unmanned aerial vehicles. In this work, the applications architectures were organized in modules, according their functionalities. Some modules were implemented using HDL and synthesized in hardware. Other modules were implemented kept in software. After that, applications were integrated to the AHM to allow their adaptation to different Operating Context, making them autonomic.
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Cloud computing can be defined as a distributed computational model by through resources (hardware, storage, development platforms and communication) are shared, as paid services accessible with minimal management effort and interaction. A great benefit of this model is to enable the use of various providers (e.g a multi-cloud architecture) to compose a set of services in order to obtain an optimal configuration for performance and cost. However, the multi-cloud use is precluded by the problem of cloud lock-in. The cloud lock-in is the dependency between an application and a cloud platform. It is commonly addressed by three strategies: (i) use of intermediate layer that stands to consumers of cloud services and the provider, (ii) use of standardized interfaces to access the cloud, or (iii) use of models with open specifications. This paper outlines an approach to evaluate these strategies. This approach was performed and it was found that despite the advances made by these strategies, none of them actually solves the problem of lock-in cloud. In this sense, this work proposes the use of Semantic Web to avoid cloud lock-in, where RDF models are used to specify the features of a cloud, which are managed by SPARQL queries. In this direction, this work: (i) presents an evaluation model that quantifies the problem of cloud lock-in, (ii) evaluates the cloud lock-in from three multi-cloud solutions and three cloud platforms, (iii) proposes using RDF and SPARQL on management of cloud resources, (iv) presents the cloud Query Manager (CQM), an SPARQL server that implements the proposal, and (v) comparing three multi-cloud solutions in relation to CQM on the response time and the effectiveness in the resolution of cloud lock-in.
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Home Manager, è una piattaforma sperimentale per la gestione di Smart Space e in particolare di una casa intelligente immersa in uno ambiente, avente l'ambizione di anticipare le necessità dell'utente. Questa tesi ha due obiettivi fondamentali: in primo luogo, implementare su piattaforma Raspberry la parte di Home Manager relativa allo scenario del riconoscimento delle persone negli ambienti della casa, mediante l'utilizzo del modulo telecamera; in secondo luogo, attraverso le informazioni ricavate precedentemente, implementare e simulare una gestione intelligente e automatica delle luci presenti all'interno della casa, sfruttando a tal fine un modulo relè.
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Questa tesi si occupa della realizzazione, in ottica Modern UI, di una nuova interfaccia per l'applicazione Android del sistema domotico Home Manager. Dopo una prima fase di analisi preliminare, si affronta la progettazione dell'app, dall'analisi dei requisiti - ivi incluso il nuovo strumento di sviluppo da utilizzare, Android Studio - alla successiva analisi e progettazione della nuova soluzione, seguita da implementazione e collaudo.
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Inscriptions: Verso: [stamped] Photograph by Freda Leinwand. [463 West Street, Studio 229G, New York, NY 10014].
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The managerial behaviour approach to understanding managerial work has developed from research over the course of fifty years. The approach represents a marked departure from mainstream (and still prevalent) management approaches that depict management as a set of general composite functions. The managerial behaviour approach is distinctive in its empirical research background, object, focus and methodology. Its objective is to provide the simple answer to the complex question: what do managers do? However, the emphasis in the studies on managerial behaviour represents a limitation in so far as a context for locating and judging that behaviour is largely absent (Hales, 1986). This paper presents the results of initial research into managers operating in a different and largely neglected context - city councils. The research uses Mintzberg’s (1973) concept of behavioural roles as an analytical tool to explain and understand what city managers do. This study assesses whether these roles adequately capture the important features of managerial work in the city council. It is argued that while Mintzberg’s role framework is useful, structured observation alone does not adequately address the complexities of environments and styles of managers or the cognitive processes of managers. However, by integrating this approach with an appreciation of context and cognitive processes and how they can influence or affect managerial behaviour, we develop a more realistic description of what managers actually do and why they do it.