Assessment of value creation in private equity: the acquisition of Burger King by 3G Capital

This thesis elaborates the creation of value in private equity and in particular analyzes value creation in 3G Capital’s acquisition of Burger King. In this sense, a specific model is applied that composes value creation into several drivers, in order to answer the question of how value creation can be addressed in private equity investments. Although previous research by Achleitner et al. (2010) introduced a specific model that addresses value creation in private equity, the respective model was neither applied to an individual company, nor linked to indirect drivers that explain the dynamics and rationales for the creation of value. In turn this paper applies the quantitative model to an ongoing private equity investment and thereby provides different extensions to turn the model into a better forecasting model for ongoing investments, instead of only analyzing a deal that has already been divested from an ex post perspective. The chosen research approach is a case study about the Burger King buyout that first includes an extensive review about the current status of academic literature, second a quantitative calculation and qualitative interpretation of different direct value drivers, third a qualitative breakdown of indirect drivers, and lastly a recapitulating discussion about value creation and value drivers. Presenting a very successful private equity investment and elaborately demonstrating the dynamics and mechanisms that drive value creation in this case, provides important implications for other private equity firms as well as public firms in order to develop their proprietary approach towards value creation.

Private label supply chains: a model for competitiveness?

The search for efficiency in supply chains has usually focused on logistic optimization aspects. Initiatives like the ECR are an example. This research questions the appropriateness of this focus comparing detailed cost structures of fifteen consumer products, covering five different product categories. It compares supply chains of private label products, presumably more efficient due to closer collaboration between chain members, to national brands supply chains. The major source of cost differences lies in other indirect costs incurred by the national brands and not directly assignable to advertising. Results indicate that a complete reconception of the supply chain, exploring different governance structures offers greater opportunities for cost savings than the logistic aspect in isolation. Research was done in the UK in 1995-1997, but results are only now publishable due to confidentiality agreements

Asymmetric auctions and risk aversion within independent private valoues

We study tournaments with many ex-ante asymmetric (heterogeneous) contestants as an independent-private-values all-pay auction. The asymmetry is either with respect to the distribution of valuations for the prize or the risk preferences. By characterizing equilibria in tnonotone strategies we show that tournaments \:vith man~y heterogenous contestants are qualitatively distinct. First, with two (or many ex-ante identical) participants, a contestant always exerts some effort with positive probability. In contrast, with many asymmetric participants, one 1night not exert any effort at all, even if there is a positive probability that he has the highest valuation among ali. Second, in tournan1ents with t'wo (o r n1any ex-ante h01nogenous) contestants, equilibrium effort densities are decreasing. This prediction is at odds with experimental evidence that shows the empírica! density might be increasing at high effort levels. V\.lith rnany heterogeneous contestants, however. the increasing bid density is consistent with an equilibrium behavior.

Neue medien und text: privatbrief und private E-Mail im vergleich

Die vorliegende Dissertation setzt sich mit dem Phänomen ›Text im Rahmen der Neuen Medien‹ auseinander, indem sie theoretisch und empirisch der in der einschlägigen Forschung aufgeworfenen (und kontrovers diskutierten) Frage nachgeht, ob die Sprache in den Textsorten der neuen Kommunikationsformen als neue Schriftlichkeit bzw. schriftliche Mündlichkeit zu verstehen sei. Dabei konzentriert sie sich exemplarisch auf die Analyse eigens für diesen Zweck erstellter aktueller Textkorpora der Kommunikationsformen E-Mail und Brief und untersucht sie unter den Gesichtspunkten Mündlichkeit / Schriftlichkeit bzw. Nähe / Distanz. ›Kapitel 1‹ umreißt den Forschungsstand zum Thema ›Text und Textsorte‹ sowohl in der Textlinguistik als auch in aktuellen Studien zur Sprache in den Neuen Medien. ›Kapitel 2‹ ist dem kritischen Referat verschiedener bekannter Modelle gewidmet, die sich mit dem Aspekt der Mündlichkeit und Schriftlichkeit bzw. Nähe und Distanz beschäftigen (Hugo Stegers Freiburger Gruppe, Ludwig Söll, Koch/Oesterreicher und Ágel/Hennig) und eine Verortung von Textsorten im Kontinuum Nähe und Distanz vornehmen (Koch/Oesterreicher und Ágel/Hennig).›Kapitel 3‹ schlägt Korrekturen und Ergänzungen betreffend Punktgebung, Modellglossar und Makroanalyse im Modell von Ágel/Hennig vor, das in dieser Arbeit den Analysen der Nähesprachlichkeit in Privatbriefen und privaten E-Mails zugrunde liegt. ›Kapitel 4‹ setzt sich mit Aspekten der beiden Textkorpora auseinander, auf die sich diese Arbeit stützt, und beschreibt und erläutert den Fragebogen, der im Rahmen dieser Arbeit erstellt und Probanden zur Beantwortung vorgelegt wurde. ›Kapitel 5‹ nimmt einen ausführlichen Vergleich der Textsorten ›Privatbrief und private E-Mail‹ vor und beleuchtet abrissartig die Geschichte beider Kommunikationsformen, wobei es sich gleichzeitig auch kritisch mit den in der Forschung in solchen Vergleichsfragen vertretenen Positionen auseinander setzt. ›Kapitel 6‹ interpretiert die Ergebnisse der in der Arbeit durchgeführten Näheanalysen und zieht daraus die Schlussfolgerungen.

Natal qual é a sua cara?: análise do perfil edilício da avenida Eng. Roberto Freire (Natal/RN) à luz da acessibilidade

This study focuses on the building ensemble of Avenida Roberto Freire, a main road in Natal, Brazil, as a material expression of the confluence of various factors among which the following may be emphasized: high level of accessibility due to urban spatial re-structuring and the growth of the real estate market, in view of the increasing number of consumers, who arrived in Natal within the last decades. The intense urban modification process that has been going on in Natal since at least the 1980s, has engendered the formation of long axial lines which express the expansion dynamics and some of the forces subjacent to it. Avenida Roberto Freire has been an iconic example of an urban thoroughfare where architecture becomes primarily a communication support that can be perceived by fast moving passers-by, what brings it close to the venturian concept of strip (Venturi at al, 1972). The building types that line the road not only respond to the dynamics in process but also contribute to intensify it, as they house a variety of uses which attract people and generate more movement. The dynamics is further strengthened by the action of the real estate business which benefits from the increase of highly accessible locations, and from the private and public investments and incentives to tourism that aim to insert this city into the globalized world. Although the intention of reconstituting part of the history of density increase on this avenue in a diachronical perspective was attempted within the limits of the available references and documentation, the central contribution of this study is to understand the relations between topological accessibility and the typological nature of the building ensemble. By observing the synchronic morphological frame resulting from the spatial configuration analysis pertinent to this avenue (cf. Hillier and Hanson,1984) and the inventory and classification of the building ensemble there existing, this study aims to understand how architecture responds to accessibility in view of the real estate pressure, boosted by a cosmopolitanizing process brought about by the continuous flow of foreign and Brazilian arrivals as visitors, temporary or permanent residents

Avaliação do processo industrial da cerâmica vermelha na região do Seridó - RN

Particularly in Braziland in Rio Grande do Norte, companies manufacturing red ceramic, play an important role as agents of development to study the region Seridó- RN, specific place for carrying out the research. It is observed in this region a concentration of red ceramic industries of small size, which, despite its importance in the ceramic, they are unable to enjoy or use the new forms of administrative management and technological advances designed and offered by universities, centers of research and projects of governments, remained almost entirely outside the progress and modernization, technological and administrative. These companies still have outdated technology, and management processes, providing quality problems and standardization of end products. Upon these conditions are the companies going through crisis and struggling to survive alone and without assistance. The region of Seridó-RN, lets make a detailed case study of red ceramic companies in the region proposed from the existing theoretical and actual lifting of the condition of the product manufacturing red ceramic, allowing through this overview of the implementation of collect samples of raw materials, allowing the study of each ceramic industry that contributed to the participation of the research, which was determined parameters such as: analysis of the physical, chemical and technological properties of raw materials, characterization of the processes used, raising the technological resources considering equipment, machinery, supplies, raw materials and facilities available and its organization by type of products from companies involved in this study. The methodology consists of the following steps: collection of raw material, crushing and screening, characterization of raw materials (liquid limit, chemical analysis, mineralogical analysis, differential thermal analysis, sieve analysis), mixing, forming, cutting, drying and burning of ceramic bodies and bodies of evidence. The results showed that it was clay with distinct characteristics with respect to plasticity. With respect to the different compositions of mixtures of ceramic masses, we conclude that the ceramic properties showed a direct proportionality with increasing fraction of the clay not plastic. However, the compositions of the masses studied proved to be the most appropriate for the types of simulated clay for use in ceramics. Adopted in the ceramic processing made it possible to obtain products the resulted in consistent properties, and in some cases even exceeding the requirements of technical studies and standard-Brazilian clays to obtain ceramic products such as tiles, bricks and tiles to floor. Based on the discussions from the results obtained in the various processing steps of this work, one can draw conclusions according to the physico-chemical and mineralogical properties of raw materials, the properties of ceramic products burned and analysis. This work may be used by other researchers, private companies and governmental organizations, undergraduate students and graduate, can develop studies and future research to: develop projects to modify the furnaces; mapping projects develop and rationalize the exploitation of raw materials ;promoting reforestation and forest management; develop reduction projects and recovery of waste; develop training projects in manpower sector, and develop security projects, improving the conditions of work in the area pottery

Are supplier selection criteria going green? Case studies of companies in Brazil

Purpose - The purpose of this paper is to verify if Brazilian companies are adopting environmental requirements in the supplier selection process. Further, this paper intends to analyze whether there is a relation between the level of environmental management maturity and the inclusion of environmental criteria in the companies' selection of suppliers.Design/methodology/approach - A review of mainstream literature on environmental management, traditional criteria in the supplier selection process and the incorporation of environmental requirements in this context. The empirical study's strategy is based on five Brazilian case studies with industrial companies. Face-to-face interviews and informal conversations are to be held, explanations made by e-mail with representatives from the purchasing, environmental management, logistics and other areas, and observation and the collection of company documents are also employed.Findings - Based on the cases, it is concluded that companies still use traditional criteria to select suppliers, such as quality and cost, and do not adopt environmental requirements in the supplier selection process in a uniform manner. Evidence found shows that the level of environmental management maturity influences the depth with which companies adopt environmental criteria when selecting suppliers. Thus, a company with more advanced environmental management adopts more formal procedures for selecting environmentally appropriate suppliers than others.Originality/value - This is the first known study to verify if Brazilian companies are adopting environmental requirements in the supplier selection process.