IPO impact on industry incumbents

The creation of an innovative company is suggestive of change in an industry. To test that change this paper tests the impact of IPOs on industry incumbents. IPOs are found to happen in industries that exhibited positive abnormal returns for up to 5 years before the IPO date. The IPO date is found to coincide with the end of that industry abnormal return profile. This paper suggests this evidence is consistent with the IPO acting as mechanism of enforcing market efficiency at the industry level.

East African Breweries LTD Alcoholic beverages industry

Equity research report

Growth strategies in tourism entertainment industry - a pratical application-

In the past few years, prompted by the globalization and the quality and ease of travel, the world has witnessed a boom in the tourism sector. The forecast is that this tendency will continue in the upcoming years, representing a set of opportunities for companies operating in this business area. Boost Tourism operates in the tourism entertainment industry. Its revenues growth has been exponential so the founders decided that it was time to take it to new heights. This Work Project aims to study three alternative growth strategies and, based on a comprehensive analysis of the industry and the market, provide recommendations to outline the optimal expansion path.

The hospitality industry

This study of independent Portuguese hotels‘ positioning strategies regarding adopting, or not, a soft brand affiliation seeks to determine what motivates this choice. Surveyed hotels were asked to enunciate the benefits and disadvantages associated with their strategic decision, and other difficulties experienced in their business. The results indicate that international brand awareness and the hotel owners‘ long-term goals are the core factors affecting the choice. In practice, we conclude that there isn‘t a ‗one size fits all‘ strategy. Nevertheless, affiliated hotels experience an operational advantage over non-affiliated ones stemming from the affiliating organization‘s accumulated experience in sales, distribution channels and marketing resources.

The relationship between liquidity and profitability in the food & beverage industry evidence from Europe and United States

This Work Project clarifies the relationship between liquidity and profitability based on a sample in the Food & Beverage (F&B) industry, and comparing the largest European and United States companies. The research concludes that liquidity, proxied by current ratio or quick ratio, correlates with return on assets taken as the measure of profitability, and so does the cash conversion cycle and its components. Moreover, company size correlates with liquidity, and indirectly affects ROA. This research contributes and addresses to managers in the F&B industry and recommends how they should act in order to improve profitability in the industry.

FOOD CONCENTRATION AND TEMPERATURE EFFECTS ON LIFE CYCLE CHARACTERISTICS OF TROPICAL CLADOCERA (Daphnia gessneri Herbst, Diaphanosoma sarsi Richard, Moina reticulata (Daday)): I. DEVELOPMENT TIME

The effects of food concentration and temperature on embryonic and postem-bryonic duration of three tropical species, Daphnia gessneri(1.5mm), Diaphanosoma sarsi(1.2mm) and Moina reticulata(0.8mm), were investigated as part of life cycle studies which included growth, body size and reproduction. These are the very first experimental studies undertaken on these species. The long-term growth experiments were performed under controlled laboratory conditions at all combinations of temperature (22"C, 27"C and 32"C) and constant food concentration (0.03, 0.05, 0.10, 0.25, 0.50 and 1.00 mgC/L) of the unicellular green alga Scenedesmus acutus.Animals were examined twice daily throughout their life cycle from the neonate to third adult instar. In all three species, temperature exerted the most powerful influence on embryonic duration but there was also a smaller food effect. In D. gessneri,postembry-onic durations remained more or less the same at food levels 0.25 mgC/L but were influenced by temperature. At food concentrations of 0.1 mgC/L or lower, postembryonic durations became increasingly prolonged, particularly at high temperatures. This threshold concentration is affected by temperature: in D. gessneri,it was 0.1 mgC/L at 22oC and 27oC but higher at 32oC (between 0.25 and 0.50 mgC/L). At the same temperature of 27oC, the food threshold level varied between species: it was higher (0.25 mgC/L) for D. sarsiand lower (0.05 mgC/L) for M. reticulatacompared with D. gessneri(0.1 mgC/L). In both embryonic and postembryonic durations there is a body size effect as the absolute durations were longest in the largest species and shortest in the smallest species In all three species, prolongation of postembryonic duration at combinations of high temperature and lowered food levels was accompanied by increased number of juvenile instars.

Return on assets in the Tobacco Industry analysis of the four main Tobacco Manufacturers

This paper studies operating profitability drivers in the Four Main Tobacco Manufacturers for the period 2004-2014. The operating profitability is analyzed as return on assets (ROA) based on the DuPont Extended Model breakdown in degree of operational risk, gross sales margin and assets turnover. The sources of ROA are market share and price strategies appraised through the drivers: firm-size, global value and strategic choices. Using consolidated data, results suggest that firm-size and global value holds a positive relationship with ROA. Also innovation through less harmful tobacco products can lead to better ROA despite no correlation between R&D and ROA.

Project management: evaluation of the problems in the portuguese construction industry

During recent decades it has been possible to identify several problems in construction industry project management, related with to systematic failures in terms of fulfilling its schedule, cost and quality targets, which highlight a need for an evaluation of the factors that may cause these failures. Therefore, it is important to understand how project managers plan the projects, so that the performance and the results can be improved. However, it is important to understand if other areas beyond cost and time management that are mentioned on several studies as the most critical areas, receive the necessary attention from construction project managers. Despite the cost and time are the most sensitive areas/fields, there are several other factors that may lead to project failure. This study aims at understand the reasons that may cause the deviation in terms of cost, time and quality, from the project management point of view, looking at the knowledge areas mentioned by PMI (Project Management Institute).

Step towards of a homemade business intelligence solution: A case study in textile industry

Nowadays, organizations are increasingly looking to invest in business intelligence solutions, mainly private companies in order to get advantage over its competitors, however they do not know what is necessary. Business intelligence allows an analysis of consolidated information in order to obtain more specific outlets and certain indications in order to support the decision making process. You can take the right decision based on the data collected from different information systems present in the organization and outside of them. The textile sector is a sector where concept of Business Intelligence it is not many explored yet. Actually there are few textile companies that have a BI platform. Thus, the article objective is present an architecture and show all the steps by which companies need to spend to implement a successful free homemade Business Intelligence system. As result the proposed approach it was validated using real data aiming assess the steps defined.

Influence of glucose concentration on the structure and quantity of biofilms formed by Candida parapsilosis

Candida parapsilosis is nowadays an emerging opportunistic pathogen and its increasing incidence is part related to the capacity to produce biofilm. In addition, one of the most important C. parapsilosis pathogenic risk factors includes the organisms\textquoteright selective growth capabilities in hyper alimentation solutions. Thus, in this study, we investigated the role of glucose in C. parapsilosis biofilm modulation, by studying biofilm formation, matrix composition and structure. Moreover, the expression of biofilm-related genes (BCR1, FKS1 and OLE1) were analyzed in the presence of different glucose percentages. The results demonstrated the importance of glucose in the modulation of C. parapsilosis biofilm. The concentration of glucose had direct implications on the C. parapsilosis transition of yeast cells to pseudohyphae. Additionally, it was demonstrated that biofilm related genes BCR1, FKS1 and OLE1 are involved in biofilm modulation by glucose. The mechanism by which glucose enhances biofilm formation is not fully understood, however with this study we were able to demonstrate that C. parapsilosis respond to stress conditions caused by elevated levels of glucose by up-regulating genes related to biofilm formation (BCR1, FKS1 and OLE1).

Promoting sustainability as a strategy to mitigate the effects of economic downturn on the construction industry

During the recent years followed by the Global Financial Crisis (GFC), most of business and industries around the globe have been hardly hit to the limit that it still struggling to survive, suffering from the crisis financial consequences. For instance, in the construction industry; many construction projects have been suspended or totally cancelled. Nevertheless, among this dilemma, a call has been raised to use the sustainable practices to mitigate the effects of the GFC on construction industry. For the first look, it seems that there is contradiction since the sustainable solutions are often associated with an increase in the initial cost, undoubtedly, the sustainable practices have many advantages in both economic and environment aspects, however, the question which needs to be addressed here is, to what extent using such sustainable practices can mitigate the negative effects of the economic downturn on construction industry. Therefore, it is a challenging argument for using such sustainable construction from its economic perspective, however, this paper is aiming to present the economical benefits of sustainable practices in construction industry, and trying to clear the doubt of the high initial costs of the sustainable construction through studying the life cycle benefit of green building.

On line pre-concentration for simultaneous determination of low molecular weight organic acids and inorganic anions in Amazonian river water samples employing ion chromatography with conductivity detection

An ion chromatography procedure, employing an IonPac AC15 concentrator column was used to investigate on line preconcentration for the simultaneous determination of inorganic anions and organic acids in river water. Twelve organic acids and nine inorganic anions were separated without any interference from other compounds and carry-over problems between samples. The injection loop was replaced by a Dionex AC15 concentrator column. The proposed procedure employed an auto-sampler that injected 1.5 ml of sample into a KOH mobile phase, generated by an Eluent Generator, at 1.5 mL min-1, which carried the sample to the chromatographic columns (one guard column, model AG-15, and one analytical column, model AS15, with 250 x 4mm i.d.). The gradient elution concentrations consisted of a 10.0 mmol l-1 KOH solution from 0 to 6.5 min, gradually increased to 45.0 mmol l-1 KOH at 21 min., and immediatelly returned and maintained at the initial concentrations until 24 min. of total run. The compounds were eluted and transported to an electro-conductivity detection cell that was attached to an electrochemical detector. The advantage of using concentrator column was the capability of performing routine simultaneous determinations for ions from 0.01 to 1.0 mg l-1 organic acids (acetate, propionic acid, formic acid, butyric acid, glycolic acid, pyruvate, tartaric acid, phthalic acid, methanesulfonic acid, valeric acid, maleic acid, oxalic acid, chlorate and citric acid) and 0.01 to 5.0 mg l-1 inorganic anions (fluoride, chloride, nitrite, nitrate, bromide, sulfate and phosphate), without extensive sample pretreatment and with an analysis time of only 24 minutes.

Spatial-temporal modellization of the NO2 concentration data through geostatistical tools

The nitrogen dioxide is a primary pollutant, regarded for the estimation of the air quality index, whose excessive presence may cause significant environmental and health problems. In the current work, we suggest characterizing the evolution of NO2 levels, by using geostatisti- cal approaches that deal with both the space and time coordinates. To develop our proposal, a first exploratory analysis was carried out on daily values of the target variable, daily measured in Portugal from 2004 to 2012, which led to identify three influential covariates (type of site, environment and month of measurement). In a second step, appropriate geostatistical tools were applied to model the trend and the space-time variability, thus enabling us to use the kriging techniques for prediction, without requiring data from a dense monitoring network. This method- ology has valuable applications, as it can provide accurate assessment of the nitrogen dioxide concentrations at sites where either data have been lost or there is no monitoring station nearby.

Removal of Erythrosine B dye from water effluents using crop waste pumpkin seed hulls as adsorbent

Erythrosine B is widely used for coloring in various applications, especially in the food industry, despite its already proved toxicity and carcinogenicity. The agrowaste pumpkin seed hulls were applied as potential adsorbent for the removal of Erythrosine from aqueous solutions. Adsorption mechanism and kinetics were analyzed for design purposes. The seed hulls were characterized by specific techniques before and after dye retention. It was found that the attachment of Erythrosine B molecules on adsorbent surface may be attributed to the interactions between carboxyl and/or carbonyl groups of both dye and agrowaste wall components. A univariate approach followed by a factorial design was applied to study and analyze the experimental results as well as to estimate the combined effects of the process factors on the removal efficiency and dye uptake. Adsorption mechanism may be predominantly due to intraparticle diffusion, dependent on pore size. The four equilibrium models applied fitted the data well; the maximum adsorption capacity for Erythrosine was 16.4 mg/g. The results showed that adsorbent is effective for Erythrosine B removal for a large concentration range in aqueous solutions (5400 mg/L) in batch systems.