Building Strong Brands with Sponsorship: Case Battery Energy Drink

Tutkimuksen päätavoitteena oli ymmärtää vahvojen brändien ja brändipääoman rakentamisprosessia, painottaen erityisesti sponsoroinnin roolia tässä prosessissa. Tutkimus suoritettiin laadullisena tutkimuksena, jossa käytettiintapaustutkimusmenetelmää. Tutkimuksen aineisto kerättiin suurimmista online artikkelitietokannoista sekä kolmesta henkilökohtaisesta haastattelusta case-yrityksen edustajien kanssa. Tutkimuksen teoreettisen perustan muodosti brändipääoma-käsite ja sen osa-alueet, näiden liittyminen vahvoihin brändeihin ja brändien rakentamiseen, sekä sponsoroinnin strateginen käyttö brändien rakentamisessa. Lisäksi tutkimuksen empiirinen perusta arvio ja testasi näitä oletuksia ja aikaisemmin käsiteltyjä teorioita case-brändi Battery energiajuoman valossa. Tutkimus osoitti, että nykypäivänä kovan kilpailun markkinointiympäristössä, sponsorointi edustaa vaihtoehtoista tapaa rakentaa vahvoja, omalaatuisia ja suotuisia brändejä, joilla on korkea brändipääoma. Sponsoroinnista on tullut yhä tärkeämpi kommunikointiväline brändien rakentamisessa ja erityisesti siellä missä perinteiset menetelmät ovat muuttumassa tehottomiksi. Empiirisessä osassa selvisi, että sponsorointia on käytetty menestyksekkäästi strategisena keinona vahvan ja omalaatuisen Battery brändin ja sen korkean brändipääoman rakentamisessa.

Three essays in dynamic corporate finance

The three essays constituting this thesis focus on financing and cash management policy. The first essay aims to shed light on why firms issue debt so conservatively. In particular, it examines the effects of shareholder and creditor protection on capital structure choices. It starts by building a contingent claims model where financing policy results from a trade-off between tax benefits, contracting costs and agency costs. In this setup, controlling shareholders can divert part of the firms' cash ows as private benefits at the expense of minority share- holders. In addition, shareholders as a class can behave strategically at the time of default leading to deviations from the absolute priority rule. The analysis demonstrates that investor protection is a first order determinant of firms' financing choices and that conflicts of interests between firm claimholders may help explain the level and cross-sectional variation of observed leverage ratios. The second essay focuses on the practical relevance of agency conflicts. De- spite the theoretical development of the literature on agency conflicts and firm policy choices, the magnitude of manager-shareholder conflicts is still an open question. This essay proposes a methodology for quantifying these agency conflicts. To do so, it examines the impact of managerial entrenchment on corporate financing decisions. It builds a dynamic contingent claims model in which managers do not act in the best interest of shareholders, but rather pursue private benefits at the expense of shareholders. Managers have discretion over financing and dividend policies. However, shareholders can remove the manager at a cost. The analysis demonstrates that entrenched managers restructure less frequently and issue less debt than optimal for shareholders. I take the model to the data and use observed financing choices to provide firm-specific estimates of the degree of managerial entrenchment. Using structural econometrics, I find costs of control challenges of 2-7% on average (.8-5% at median). The estimates of the agency costs vary with variables that one expects to determine managerial incentives. In addition, these costs are sufficient to resolve the low- and zero-leverage puzzles and explain the time series of observed leverage ratios. Finally, the analysis shows that governance mechanisms significantly affect the value of control and firms' financing decisions. The third essay is concerned with the documented time trend in corporate cash holdings by Bates, Kahle and Stulz (BKS,2003). BKS find that firms' cash holdings double from 10% to 20% over the 1980 to 2005 period. This essay provides an explanation of this phenomenon by examining the effects of product market competition on firms' cash holdings in the presence of financial constraints. It develops a real options model in which cash holdings may be used to cover unexpected operating losses and avoid inefficient closure. The model generates new predictions relating cash holdings to firm and industry characteristics such as the intensity of competition, cash flow volatility, or financing constraints. The empirical examination of the model shows strong support of model's predictions. In addition, it shows that the time trend in cash holdings documented by BKS can be at least partly attributed to a competition effect.

Short communication. Persistence of point crop yield subjective estimates

En este trabajo se investiga la persistencia de las estimaciones puntuales subjetivas de rendimientos en cultivos anua- les realizadas por un amplio grupo de agricultores. La persistencia en el tiempo es una condición necesaria para la co- herencia y la confiabilidad de las estimaciones subjetivas de variables aleatorias. Los sujetos entrevistados estimaron valores puntuales de rendimientos de cultivos anuales (rendimientos medio, mayor, mínimo y más frecuente). Se han encontrado diferencias relativas poco importantes en todas las variables, excepto en los rendimientos mínimos, donde existe una alta dispersión. Los resultados son interesantes para estimar la adecuación de las técnicas de estimación de probabilidades subjetivas para ser utilizadas en los sistemas de ayuda en la toma de decisiones en agricultura.

Building a usable and accessible semantic web interaction platform

Semantic Web applications take off is being slower than expected, at least with respect to “real-world” applications and users. One of the main reasons for this lack of adoption is that most Semantic Web user interfaces are still immature from the usability and accessibility points of view. This is due to the novelty of these technologies, but this also motivates the exploration of alternative interaction paradigms, different from the “traditional” Web or Desktop applications ones. Our proposal is realized in the Rhizomer platform, which explores the possibilities of the object–action interaction paradigm at the Web scale. This paradigm is well suited for heterogeneous resource spaces such as those common in the Semantic Web. Resources, described by metadata, correspond to the objects in the paradigm. Semantic web services, which are dynamically associated to these objects, correspond to the actions. The platform is being put into practice in the context of a research project in order to build an open application for media distribution based on Semantic Web technologies. Moreover, its usability and accessibility have been evaluated in this real setting and compared to similar systems.

Deposits of the sandy braided South Saskatchewan River: Implications for the use of modern analogs in reconstructing channel dimensions in reservoir characterization

Estimation of the dimensions of fluvial geobodies from core data is a notoriously difficult problem in reservoir modeling. To try and improve such estimates and, hence, reduce uncertainty in geomodels, data on dunes, unit bars, cross-bar channels, and compound bars and their associated deposits are presented herein from the sand-bed braided South Saskatchewan River, Canada. These data are used to test models that relate the scale of the formative bed forms to the dimensions of the preserved deposits and, therefore, provide an insight as to how such deposits may be preserved over geologic time. The preservation of bed-form geometry is quantified by comparing the Alluvial architecture above and below the maximum erosion depth of the modem channel deposits. This comparison shows that there is no significant difference in the mean set thickness of dune cross-strata above and below the basal erosion surface of the contemporary channel, thus suggesting that dimensional relationships between dune deposits and the formative bed-form dimensions are likely to be valid from both recent and older deposits. The data show that estimates of mean bankfull flow depth derived from dune, unit bar, and cross-bar channel deposits are all very similar. Thus, the use of all these metrics together can provide a useful check that all components and scales of the alluvial architecture have been identified correctly when building reservoir models. The data also highlight several practical issues with identifying and applying data relating to cross-strata. For example, the deposits of unit bars were found to be severely truncated in length and width, with only approximately 10% of the mean bar-form length remaining, and thus making identification in section difficult. For similar reasons, the deposits of compound bars were found to be especially difficult to recognize, and hence, estimates of channel depth based on this method may be problematic. Where only core data are available (i.e., no outcrop data exist), formative flow depths are suggested to be best reconstructed using cross-strata formed by dunes. However, theoretical relationships between the distribution of set thicknesses and formative dune height are found to result in slight overestimates of the latter and, hence, mean bankfull flow depths derived from these measurements. This article illustrates that the preservation of fluvial cross-strata and, thus, the paleohydraulic inferences that can be drawn from them, are a function of the ratio of the size and migration rate of bed forms and the time scale of aggradation and channel migration. These factors must thus be considered when deciding on appropriate length:thickness ratios for the purposes of object-based modeling in reservoir characterization.

Thermal energy storage with phase change materials in building envelopes

Els materials de canvi de fase (PCM) han estat considerats per a l’emmagatzematge tèrmic en edificis des de 1980. Amb la inclusió dels PCM en plaques de guix, guix, formigó o altres materials que s’utilitzen per a cobrir les parets, l’emmagatzematge tèrmic pot ser part de les estructures fins i tot en edificis lleugers. Les noves tècniques de microencapsulació han obert moltes possibilitats en aplicacions per a edificis. El treball que es presenta és el desenvolupament d’un formigó innovador mesclat amb PCM microencapsulat, amb un punt de fusió de 26 oC i una entalpia de canvi de fase de 110 kJ/kg. El primer experiment va ser la inclusió del PCM microencapsulat dins del formigó i la construcció d’una caseta amb aquest nou formigó-PCM. Es va construir una segona caseta al costat de la primera amb les mateixes característiques i orientació però amb formigó convencional que serveix com a referència. Durant els anys 2005 i 2006 es va analitzar el comportament d’ambdues casetes i més tard es va edificar un mur Trombe a la paret sud de totes dues per investigar la seva influència durant la tardor i l’hivern.

Estimates of genetic parameters for fruit yield and quality in custard apple progenies

Apparently, there are no custard apple cultivars defined for the northeastern region of Brazil. The establishment of breeding programs aimed at the selection of types from productive locations for later cloning is desirable. This work's objective was to evaluate the yield (during the first three crops) and quality (first crop) of fruits from 20 half-sibling custard apple tree progenies, selected from home orchards. An additional objective was to estimate genetic parameters for the traits evaluated. A micro sprinkling-irrigated experiment was conducted in Mossoró-RN, Brazil, as random blocks with five replications. In characteristics evaluated for periods longer than a year (diameter, height and mean weight of fruits, number of fruits ha-1 and fruit yield (kg ha-1), and a split-plot design was adopted, with progenies considered as plots and annual cropping seasons as subplots. The best progenies in terms of fruit yield (A3 and A4) are not necessarily the best for fruit dimensions and fruit mean weight (A2, FE4, JG1, JG2, SM1, SM7, and SM8). These progenies show great potential to be used in future studies on crosses or on vegetative propagation. In this regard, progeny JG2 should be highlighted as promising in terms of yield and fruit size. The progenies are not different with regard to percentages (in relation to mean fruit mass) of pericarp, endocarp, seeds, and receptacle, in the fruit, and fruit volume, number of seeds/fruit, and total soluble solids content in the fruit pulp, but progeny FE4 presents higher total titratable acidity in the fruit pulp. Narrow-sense heritability estimates were relatively high for all characteristics in which there was variability between progenies, with higher values for number of fruits ha-1 (80 %) and fruit yield (78 %). Relatively high coefficients of genotypic variation (around 20%) were observed for number of fruits ha-1 and fruit yield, with lower values for the other characteristics. There were positive genotypic and phenotypic correlations between fruit diameter (FD) and fruit height, FD and mean fruit weight, and number of fruits ha-1 and fruit yield.

Effect of selective recording on estimates of heritability

En este trabajo se analiza el efecto de la selección de datos sobre las estimaciones de heredabilidad. Se estimó el valor de heredabilidad del tamaño de camada en una población porcina en la que los datos correspondientes a las cerdas más viejas eran una muestra seleccionada. Las estimaciones se obtuvieron usando distintos conjuntos de datos derivados de toda la información disponible. Esos conjunto de datos se compararon evaluando su capacidad predictiva. Se vio que las estimaciones de heredabilidad obtenidas utilizando todos los datos disponibles correspondían a valores infraestimados. También se simuló un carácter materno y se generó un conjunto de datos seleccionados eliminando aquellos correspondientes a las hembras sin padres conocidos. Distintos modelos, habitualmente empleados cuando no existe selección de registros, se consideraron para estimar el valor de heredabilidad. Los resultados mostraron que ninguno de esos modelos ofrecía estimaciones insesgadas. Sólo los modelos que tenían en cuenta el efecto de la selección sobre la media residual y la media y varianza genéticas ofrecían estimaciones poco sesgadas. Sin embargo, para poder aplicarlos se debe conocer la selección realizada. El problema de la selección de datos es difícil de abordar cuando se desconoce cual es el proceso de selección que se ha realizado en una población.

Analysing knowledge building: usages, achievements and limits of forums at university

This paper aims to explore asynchronous communication in computer supported collaborative learning (CSCL). Thirty virtual forums are analysed in both a quantitative and a qualitative way. Quantitatively, the number of messages written, message threads and original and answer messages are counted. Qualitatively, the content of the notes is analysed, cataloguing these into two different levels: on the one hand, as a set of knowledge building process categories, and on the other hand, following the scaffolds that Knowledge Forum offers. The results show that both an exchange of information and a collaborative work take place. Nevertheless, the construction of knowledge is superficial.

Use of GRADE for assessment of evidence about prognosis : rating confidence in estimates of event rates in broad categories of patients.

Main concepts : The Grades of Recommendation, Assessment, Development, and Evaluation (GRADE) approach defines quality of evidence as confidence in effect estimates; this conceptualization can readily be applied to bodies of evidence estimating the risk of future of events (that is, prognosis) in broadly defined populations In the field of prognosis, a body of observational evidence (including single arms of randomized controlled trials) begins as high quality evidence. The five domains GRADE considers in rating down confidence in estimates of treatment effect-that is, risk of bias, imprecision, inconsistency, indirectness, and publication bias-as well as the GRADE criteria for rating up quality, also apply to estimates of the risk of future of events from a body of prognostic studies Applying these concepts to systematic reviews of prognostic studies provides a ful approach to determine confidence in estimates of overall prognosis in broad populations.

The challenges of building theory by combining lenses

The article presents a discussion of foundational issues in the field of management science, focusing on advances in management theory and research. The metaphor of explanatory lenses is used as a rubric to illustrate the theoretical challenges involved in elucidating the interrelationships of various factors in organizational behavior. The importance of clarifying such interrelationships is emphasized, from the standpoint of editing scholarly papers on such topics for publication. Topics discussed include communication and psychology in management, economics, and behavioral finance.

Pointwise estimates for the Bergman kernel of the weighted Fock space

We prove upper pointwise estimates for the Bergman kernel of the weighted Fock space of entire functions in $L^{2}(e^{-2\phi}) $ where $\phi$ is a subharmonic function with $\Delta\phi$ a doubling measure. We derive estimates for the canonical solution operator to the inhomogeneous Cauchy-Riemann equation and we characterize the compactness of this operator in terms of $\Delta\phi$.

Building Partnerships and Fostering Activities to Promote English Outside the Classroom

Becoming proficient in at least one foreign language is a target for educational authorities throughout Europe. The question is how we can improve our students’ command of English without increasing the workload on teachers and without much funding. In El Prat de Llobregat, a city located in the vicinity of Barcelona, we have addressed that issue by creating a group of teachers, educational advisors and city council administrators, who have been acting in a coordinated way to enhance English language exposure beyond the classroom. Our interest in promoting English stems from our location: our municipality is situated next to an international airport where finding a job is bound to be dependent on English fluency. We aim to show that, through a network of members at school and administrative levels, an array of meaningful and empowering initiatives can be implemented in a city where resources are scarce and cultural backgrounds diverse.