Key competences in the new ventures: a model for evaluating

This research studies from an internal view based on the Competency-Based Perspective (CBP), key organizational competencies developed for small new business. CBP is chosen in an attempt to explain the differences characterizing the closed companies from the consolidated ones. The main contribution of this paper is the definition of a set of key organizational competencies for new ventures from services and low technology based sectors. Using the classification proposed by [1] and a review of the entrepreneurship literature, the main competencies were defined and classified as: managerial, input-based, transformation-based, and output-based competencies. The proposed model for evaluating new ventures organizational competence is tested by means of Structural Equation

The effects of information and communication technologies on the banking sector and the payments system

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject. The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions. The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments. The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking. The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities. Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

Differences in performance in noise between conventional hearing aids and radiant multimicrophone beamforming technology

This paper discusses the results of a study to determine the differences between hearing aids and radiant beamforming technology.

Receptivity to social research by the CGIAR

This paper analyses the way the CGIAR system has incorporated social research in its agenda. Since 1995, the social science staff capacity in the CGIAR has decreased by 24%, and the overall balance of social science research is still significantly tilted away from the core germplasm enhancement, production systems/natural resources management, and technology adoption work - the 'bread and butter' of technology generation and development effort - toward ex-ante and ex-post activities, Further, the bulk of the social science research has low social research content despite the significant expansion of the CGIAR initial goal of increasing the proverbial pile of rice' to poverty alleviation and sustainable food security. The paper concludes that a concerted effort is now required to mainstream social research in the CGIAR system, and this cannot occur without the full support of the CGIAR donors, the CGIAR senior managers, and the centre boards and executive staff.

Dielectric properties of process cheese from 0.3 to 3 Ghz

Dielectric properties of 16 process cheeses were determined over the frequency range 0.3-3 GHz. The effect of temperature on the dielectric properties of process cheeses were investigated at temperature intervals of 10 degrees C between 5 and 85 degrees C. Results showed that the dielectric constant decreased gradually as frequency increased, for all cheeses. The dielectric loss factor (epsilon") decreased from above 125 to below 12 as frequency increased. epsilon' was highest at 5 degrees C and generally decreased up to a temperature between 55 and 75 degrees C. epsilon" generally increased with increasing temperature for high and medium moisture/fat ratio cheeses. epsilon" decreased with temperature between 5 and 55 degrees C and then increased, for low moisture/fat ratio cheese. Partial least square regression models indicated that epsilon' and epsilon" could be used as a quality control screening application to measure moisture content and inorganic salt content of process cheese, respectively. (c) 2005 Elsevier Ltd. All rights reserved..

Medium-range forecasting at ECMWF: A review and comments on recent progress

The first ECMWF Seminar in 1975 (ECMWF, 1975) considered the scientific foundation of medium range weather forecasts. It may be of interest as a part of this lecture, to review some of the ideas and opinions expressed during this seminar.

Bricks vs clicks: entrepreneurial online banking behaviour and relationship banking

Purpose – Little research has been conducted on the effects of information technology on financing entrepreneurial businesses or small and medium sized enterprises (SMEs). The purpose of this paper is to examine the impacts of entrepreneurial online banking and relationship banking on the severity of financial problems perceived by entrepreneurs and their interactive effect. It also investigates how characteristics of individual businesses and entrepreneurial demographics influence SMEs’ financial situation. Design/methodology/approach – An ordered logistic model is used on a UK dataset to empirically test the hypotheses derived in this paper. The empirical evidence is drawn from the 2004 UK survey of SME finances, which contains a sample of 2,500 firms. Findings – This paper finds that both entrepreneurial online banking behaviour and relationship banking alleviates the severity of financial problems perceived by entrepreneurs. The relationship affect is less evident for entrepreneurs who most frequently use an online approach to communicate with their banks than for those using traditional methods. Business and entrepreneur characteristics also have a strong impact on the severity of the financial problems suffered by SMEs. Originality/value – This paper provides evidence supporting the favourable impacts of the application of information technology on entrepreneurial finance from the perspective of entrepreneur/business. It also identifies a substitute relationship between entrepreneurial online banking behaviour and relationship banking, a relationship which contradicts existing evidence.

Recursos Humanos e Tecnologia da Informação: Uma abordagem alternativa

Informação e tecnologia de informação são dois temas de grande interesse na atualidade, que alguns denominam de Era da Informação. Neste contexto, a tecnologia de informação ( conjunto formado pelos computadores e pelas telecomunicações ), vem experimentando um desenvolvimento acelerado, oferecendo uma série de oportunidades de uso nas organizações, automatizando tarefas, das mais rotineiras às mais complexas e gerando informações para a operação e o processo decisório. As mudanças na forma como o trabalho é realizado, consequência da utilização da tecnologia, afetam diversos aspectos das organizações, com destaque para os seus recursos humanos. A prática tem mesmo mostrado que o sucesso na utilização da tecnologia não depende somente de aspectos técnicos. Diversas pesqUisas realizadas evidenciam ser essencial um alinhamento, uma integração harmônica entre elementos como informação, tecnologia e recursos humanos, além de outros como a cultura e a gerência das organizações. Para tanto, é importante que os envolvidos, administradores e especialistas na tecnologia, tenham uma compreensão ampliada destes elementos e de seu relacionamento. Um primeiro passo para esta compreensão pode ser encontrado pela análise das Teorias de Organização existentes. Um estudo mais aprofundado da informação, no contexto do processo de comunicação, revela ser esta um conceito complexo, relacionado ao conhecimento, aos seres humanos e à tecnologia de informação. Por sua vez, o relacionamento da tecnologia em geral com a organização, é descrito, sob diversos pontos de vista teóricos, que apontam a ligação entre a etapa de projeto da tecnologia e sua utilização e o papel dos seres humanos neste processo. o reconhecimento da estreita interdependência entre a tecnologia e a organização leva a propostas de modelos que permitem viabilizar uma implementação bem sucedida da tecnologia. Com base nestas propostas, e no conhecimento de cada elemento específico envolvido, surgem novos conceitos como a hipertecnologia e a hiperorganização, que podem facilitar o tratamento das questões relacionadas no âmbito das organizações.

Consumo para obtenção de status: estudo empírico entre meninas pré-dolescentes de São Luis do Maranhão

The consumption of goods from brands in vogue, which symbolize status, popularity, success and social distinction, among those from the same social group in a pre-teenage girls¿ environment, has been a topic for academic studies as well as the market, due to their relevant consumption power for the companies worldwide. This paper aims to check out the use of these goods by them in São Luís, in order to become popular, succesful and socially distinguished; and the relation of the consumption for status with the brand image consumed and the pre-teenage girl self image; how familiar with the goods and the brand they are; and their attitude concerning their qualities. The empirical metodology had two phases: a qualitative and a quantitative one. The first one started with a specific group of 8 (eight) pre-teenage girls from high and medium classes, with the purpose of collecting some basis in order to reinforce the theory once the hypothesis were elaborated and used to guide the quantitative research as well as to adapt some North American scales. In the second stage of the qualitative research, a survey was applied in a convenience sample of 300 (three hundred) pre-teenage girls from São Luís, all from the high, medium high and low classes. The main result showed the pre-teenage girls from São Luís consume goods and brands for status, so they could get prestige, success, and social distinction, however, they do not define themselves or judge the social status of those from their social group based only on the clothes they wear and the brands which indicate their consumption power. Some other status symbols are important too, like, housing, the family car, the neighborhood where they dwell, the parents¿ occupation; the school they go to, the long and straight hair, how correct they speak Portuguese and their holiday trips. Another result highlighted was the strong relation of the brand image with their self image in the consumption for status.

Pellets de madeira e sua viabilidade econômico-financeira na substituição do óleo BPF-A1 em pequenos e médios consumidores no Estado de São Paulo

A utilização de pellets de madeira é bastante difundida nos países desenvolvidos, em particular na Europa, e apresenta demanda crescente para a produção de energia elétrica e térmica, incluindo a calefação residencial. O Brasil apresenta capacidade indiscutível para a geração de diferentes biomassas e em quantidades expressivas, dada à vantagem competitiva de suas condições edafo-climáticas, sua extensão territorial e de ter baixos custos de produção. Apontar-se-á neste trabalho as condições mercadológicas, logísticas, normativas, de incentivos fiscais e de ambiente econômico, com as quais o país poderá se consolidar como um grande produtor e consumidor desta fonte de energia limpa e renovável. Este estudo apresenta as melhores técnicas conhecidas para a venda a pequenos e médios consumidores e para a produção, eficiente e com escala, de pellets de madeira, dentro do Estado de São Paulo. É discutida a necessidade de se ter florestas plantadas com o único propósito de serem transformadas em pellets. Nos últimos anos, os preços dos resíduos de madeira subiram no mercado interno, praticamente os excluindo como fonte de matéria-prima, num cenário de longo prazo. O objetivo final desta dissertação é apresentar os principais aspectos econômico-financeiros que influenciam os cenários para que os pellets de madeira possam substituir o óleo BPF-A1 no mercado regional, e assim discutindo se sua produção se mostrará atraente e confiável para potenciais investidores. Para a avaliação da viabilidade financeira, são utilizados os métodos-chave, Payback, Valor Presente Líquido e Taxa Interna de Retorno, e uma análise de sensibilidade das principais variáveis identificadas. Os principais resultados revelam um Payback de 47 meses, um NPV de R$10.942.127 e uma IRR de 25,18% a.a. em termos reais, para o cenário-base, além de identificar o preço da matéria-prima e a escala de produção como as variáveis mais sensíveis.

Atraso no ajuste de preços das ações de baixa liquidez no mercado brasileiro: autocorrelações cruzadas e previsibilidade dos retornos das ações

Esta dissertação investigou, no mercado brasileiro, se o atraso no ajuste de preços das ações de baixa liquidez gera previsibilidade do retorno dessas ações quando comparadas às mais líquidas. O interesse estava em confrontar os resultados com os existentes na literatura internacional que apresentavam esse efeito. Para tanto, utilizamos a metodologia proposta no artigo “Trading volume and cross-autocorrelations in stock returns”, de Chordia e Swaminathan (2000), onde foi analisada a Bolsa de Valores de Nova York (NYSE). Verificamos que, na Bolsa de Valores de São Paulo (BOVESPA), uma vez controlados pelo tamanho das empresas, os retornos, sejam diários ou semanais, de portfólios com maior liquidez antecipam os retornos dos portfólios de menor liquidez, mais explicitamente nos quartis com pequenas e médias empresas. Os efeitos de não sincronia nas negociações e as autocorrelações próprias não são suficientes para explicar os padrões de antecipação-defasagem observados nos retornos das ações, já que esses são mais significativamente influenciados pelo volume negociado. As diferenças na velocidade da incorporação de novas informações aos preços ocorrem porque as ações menos líquidas parecem responder mais lentamente a informações de mercado, pelo menos nos portfólios de empresas de menor tamanho. Dessa maneira, podemos afirmar que no Brasil, assim como nos Estados Unidos, a baixa liquidez induz um atraso no ajuste de preços das ações de pequenas e médias empresas capaz de gerar previsibilidade dos retornos dessas ações, sugerindo alguma ineficiência do mercado. Os resultados são interessantes, já que indicam que, tanto no mercado nacional quanto nos de países desenvolvidos, os volumes negociados possuem um papel significativo na velocidade em que os preços se ajustam, jogando uma luz sobre como eles podem se tornar mais eficientes.

Um estudo sobre a probabilidade de Default para bancos de médio e pequeno porte no Brasil

Esta dissertação tem por objetivo primário encontrar uma métrica de risco para bancos elegível a ser uma componente específica em futuros modelos de custo de capital. Como objetivo secundário, este trabalho descreve um processo de modelagem passível de ser estendido a outros segmentos bancários. O conjunto de contribuições deste trabalho consiste na visão de aplicação, no objeto de estudo (bancos de pequeno e médio porte com baixa diversificação de produtos ou segmentos no sistema financeiro brasileiro) e na acessibilidade do processo de modelagem estruturado

Fostering innovation and entrepreneurship in Brazil through private equity and venture capital public policies

It is well documented the positive impact of the Private Equity and Venture Capital (PE/VC) industry on the creation and development of highly successful innovative companies in a few countries, mainly in the United States. PE/VC firms provide not only capital to startups and small and medium enterprises (SMEs) that usually have financing gap, especially in emerging markets, but also strategic resources that enable these enterprises to commercialize innovation. As consequence, government incentive and nurture of local PE/VC industries would be expected in emerging economies due to innovation‟s importance to economic growth. This paper aims to identify if the Brazilian government has supported local PE/VC industry throughout the years in order to foster favorable conditions to creating and developing successful innovative businesses. It also analyzes Brazil‟s main public policies towards PE/VC and if they encompass all the three stages of its cycle – fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. All firms answered a webbased questionnaire that collected quantitative data regarding their investment vehicles, portfolio companies, investments and exits. I compared the data obtained from the survey with the main local governmental PE/VC support programs. First, I confirmed the hypothesis that the Brazilian government has been using the PE/VC industry as a public policy towards entrepreneurship and innovation. Second, I identified that although PE/VC public policies in Brazil are mostly concentrated in fundraising phase, they have been able to positively impact the whole cycle. Third, it became clear that the Brazilian government became more concerned about Seed and Venture Capital (VC) Early stages due to their importance to the entire PE/VC value chain. As consequence, I conclude that those public policies have been very important to build a dynamic and strong local PE/VC industry, whose committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with postgraduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, PE/VCbacked companies represented one third of the Initial Public Offerings (IPOs) that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).

Multilayer optimization in radio resource allocation for the packet transmission in wireless networks

In the last decade mobile wireless communications have witnessed an explosive growth in the user’s penetration rate and their widespread deployment around the globe. It is expected that this tendency will continue to increase with the convergence of fixed Internet wired networks with mobile ones and with the evolution to the full IP architecture paradigm. Therefore mobile wireless communications will be of paramount importance on the development of the information society of the near future. In particular a research topic of particular relevance in telecommunications nowadays is related to the design and implementation of mobile communication systems of 4th generation. 4G networks will be characterized by the support of multiple radio access technologies in a core network fully compliant with the Internet Protocol (all IP paradigm). Such networks will sustain the stringent quality of service (QoS) requirements and the expected high data rates from the type of multimedia applications to be available in the near future. The approach followed in the design and implementation of the mobile wireless networks of current generation (2G and 3G) has been the stratification of the architecture into a communication protocol model composed by a set of layers, in which each one encompasses some set of functionalities. In such protocol layered model, communications is only allowed between adjacent layers and through specific interface service points. This modular concept eases the implementation of new functionalities as the behaviour of each layer in the protocol stack is not affected by the others. However, the fact that lower layers in the protocol stack model do not utilize information available from upper layers, and vice versa, downgrades the performance achieved. This is particularly relevant if multiple antenna systems, in a MIMO (Multiple Input Multiple Output) configuration, are implemented. MIMO schemes introduce another degree of freedom for radio resource allocation: the space domain. Contrary to the time and frequency domains, radio resources mapped into the spatial domain cannot be assumed as completely orthogonal, due to the amount of interference resulting from users transmitting in the same frequency sub-channel and/or time slots but in different spatial beams. Therefore, the availability of information regarding the state of radio resources, from lower to upper layers, is of fundamental importance in the prosecution of the levels of QoS expected from those multimedia applications. In order to match applications requirements and the constraints of the mobile radio channel, in the last few years researches have proposed a new paradigm for the layered architecture for communications: the cross-layer design framework. In a general way, the cross-layer design paradigm refers to a protocol design in which the dependence between protocol layers is actively exploited, by breaking out the stringent rules which restrict the communication only between adjacent layers in the original reference model, and allowing direct interaction among different layers of the stack. An efficient management of the set of available radio resources demand for the implementation of efficient and low complexity packet schedulers which prioritize user’s transmissions according to inputs provided from lower as well as upper layers in the protocol stack, fully compliant with the cross-layer design paradigm. Specifically, efficiently designed packet schedulers for 4G networks should result in the maximization of the capacity available, through the consideration of the limitations imposed by the mobile radio channel and comply with the set of QoS requirements from the application layer. IEEE 802.16e standard, also named as Mobile WiMAX, seems to comply with the specifications of 4G mobile networks. The scalable architecture, low cost implementation and high data throughput, enable efficient data multiplexing and low data latency, which are attributes essential to enable broadband data services. Also, the connection oriented approach of Its medium access layer is fully compliant with the quality of service demands from such applications. Therefore, Mobile WiMAX seems to be a promising 4G mobile wireless networks candidate. In this thesis it is proposed the investigation, design and implementation of packet scheduling algorithms for the efficient management of the set of available radio resources, in time, frequency and spatial domains of the Mobile WiMAX networks. The proposed algorithms combine input metrics from physical layer and QoS requirements from upper layers, according to the crosslayer design paradigm. Proposed schedulers are evaluated by means of system level simulations, conducted in a system level simulation platform implementing the physical and medium access control layers of the IEEE802.16e standard.

Analytical characterization of the aroma of Tinta Negra Mole red wine: Identification of the main odorants compounds

A method for the simultaneous determination of major and minor volatiles composition in different types (dry, medium dry, sweet and medium sweet) of a young Tinta Negra Mole (TNM) monovarietal red wine from 2003 harvest has been validated. Wine samples preparation includes a dichloromethane liquid–liquid extraction followed by concentration under a nitrogen atmosphere. The extracted fraction was analysed by gas chromatography–mass spectrometry and give quantitative information for more than 86 analytes whose concentration range from few μg l−1 to 259.1 mg l−1. The method enables high recovery of volatile compounds in wine good linearity with (r2) values higher than 0.980 and good sensitivity. The limits of detection range from 0.003 to 0.534 mg l−1 and limits of quantification from 0.009 to 1.170 mg l−1. The method allows satisfactory determination of more than 80 compounds in the TNM red wines. These wines are characterized by a high content of higher alcohols, ethyl esters, fatty acids and lactones. The levels of sulphur compounds in Tinta Negra Mole medium sweet wines are very low, but they have the highest concentration of carbonyl compounds. Quantitative analysis of the main odorants followed by the determination of aroma index allow us elucidate the aroma of these varieties. On the basis of their odour description and odour threshold, the most powerful odorants of Tinta Negra Mole wines were tentatively established.