Industry analysis of the high frequency trading industry : an assessment of the industry boundaries, environment and strategic options

O Mercado Acionário Americano evoluiu rapidamente na última década. Este tornou-se uma arquitetura aberta em que participantes com tecnologia inovadora podem competir de forma eficaz. Várias mudanças regulatórias e inovações tecnológicas permitiram mudanças profundas na estrutura do mercado. Essas mudanças, junto com o desenvolvimento tecnológico de redes de alta velocidade, agiu como um catalisador, dando origem a uma nova forma de negociação, denominada Negociação em Alta Frequência (HFT). As empresas de HFT surgiram e se apropriaram em larga escala do negócio de formação de mercado, no fornecimento de liquidez. Embora HFT tem crescido massivamente, ao longo dos últimos quatro anos, HFT perdeu rentabilidade significativamente, uma vez que mais empresas aderiram ao setor reduzindo as margens. Portanto, diante deste contexto, esta tese buscou apresentar uma breve revisão sobre a atividade de HFT, seguida de uma análise dos limites deste setor, bem como, das características do macroambiente do HFT. Para tanto, a tese realizou uma extensa revisão do histórico literário, documentos públicos qualitativos, tais como, jornais, atas de reunião e relatórios oficiais. A tese empregou um ferramental de análise, Barreiras de Entrada e Mobilidade (Porter, 1980); Modelos de Evolução Setorial (McGahan, 2004); Estrutura do Setor de Informação Intensiva (Sampler, 1998), para analisar os limites do setor de HFT. Adicionalmente, empregou as ferramentas de análise, Modelos de Evolução Setorial (McGahan, 2004) e PESTEL (JOHNSON, SCHOLES, and WHITTINGTON, 2011), para analisar o setor e o contexto que envolve o negócio de HFT. A análise concluiu que as empresas que empregam HFT para atuar e competir no mercado acionário, compoem um setor independente.

The importance of firms' strategic resources and capabilities in crisis situations

The general idea of this research is to analyze overall firm performance before and after the global financial crisis of 2008. The main question is: What kind of strategies did companies adopt that led to positive business performance after the crisis? Are there any particular competitive advantages that bring better performance in the case of an economic downturn? This research focuses on competitive advantage gained by resource-based view attributes of a product (quality, durability and prestige) and dynamic capabilities (strategic flexibility in product development and technological innovation ability). The economic crisis setting provides a proper background to analyze the competitive advantage strategies in a dynamic, low-probability environment to determine which are most worth adopting in the business world. I employ an OLS regression analysis in order to measure the business performance of 136 Brazilian firms across four years – 2002, 2005, 2008 and 2012. The findings indicate that even though all of the strategic resources and capabilities positively influence firm performance in expansionary periods, only the superior product characteristics are pertinent in surviving an economic downturn.

Are all new market entry strategic dimensions equally relevant?: insights from some chilean experts?

This thesis looks into the strategic dimensions that Multi-National Companies (MNC) consider when they start the operation in a new country in Latin America and if all have the same weight or relevance when doing the strategic decisions as a guide to land onto a new country. Understanding the weight that MNCs gives to them can prompt to understand the reasons behind the success stories, the struggles - and even failures - that some companies had in the aforementioned region. The approach was via an initial analysis of the scholar bibliography in order to define three main dimensions in the models or frameworks that deal with the strategy used to land. After this, and through interviews, was found out how relevant are each of them for their companies, how they weight them and if there were other dimensions considered. The question that this thesis contributes to understand is if all new market strategic dimensions are equally relevant for a MNC when arriving to Latin America. The results show a predominance of the cultural aspect and in second place, the considered entry strategy (alliances, speed, size, etc.).

Strategic outsourcing? : the Philips case in the LCD TV market

This work seeks to assess the outsourcing process adopted by Philips for producing LCD televisions. The authors used the Resource-based Theory and the Transaction Cost Theory for analyzing the case. Based on industry data and interviews with ten of the company’s senior executives, this study sought to understand how the decision making process was carried out and how it affected the company’s activities in the field of LCD televisions. Philips has lost its competitiveness in the Brazilian market – it went from being the leader in 2006 to fourth place in 2009, both as far as regards its sales volume and value. The executives pointed out that the LCD panel is an important resource and that its supply by third parties represented a high transaction cost. The results illustrate the complementarity that exists between the RBT and TCT theories in a competitive environment that has few players.

Biomass and minerals distribution in family of banana 'prata-ana' fertilized with zinc through thinned sprout

In the North of Minas Gerais it is cultivated basically 'Prata-Ana' banana, a cultivar that requires mainly Zn. The possibility of zinc supply, without this nutrient getting in contact with the soil, it is important for the region, since several factors take to the low availability of the element supplied by the soil, as: elevated organic matter content on the surface (from cultural residues); maintenance of high pH of the soil - above 6,00 - as strategy contrary to the proliferation of the causal agent of the Fusarium Wilt; frequent fertilizations with potassium and magnesium that, besides converting the medium into base, they reduce the participation of Zn in the balance cation/anion of the soil, hindering the absortion of this micronutrient by the plant. For determining the distribution of biomass and minerals in the Prata-Ana" banana, cultivated under irrigation in the North of Minas Gerais, when the zinc was supplied through thinned sprout, an experiment was carried out in the Irrigated Perimeter of Jaiba. The plants were fertilized with 0,00; 1,66 and 3,33 g.family-(1) of Zn, through thinned sprout. One month after the fertilizations from October 2007 and February 2008, the production of fresh mass (FM) and dry mass (DM) were evaluated, the contents and meanings of minerals in all the bananas "family" bodies composed by mother-plant with bunch + tall daughter-plant + granddaughter-plant. The doses of Zn did not influence on the production of FM and DM of the plants in the first evaluation, while in the second evaluation positive effect of the treatment was observed just for MF accumulated in the inferior leaves, in the portions of the medium third and inferior of the pseudostem, and in the mother-plant's rhizome. As much the content as the accumulation of nutrients in the mother-plants presented the following decreasing order: K > N > Ca > Mg > P > S > Fe > Zn > B > Cu. The Zn contents were affected by the dose of that micronutrient in the most of the studied situations. The zinc supplied through thinned sprout increased in the mother-plant, and then it was redistributed in the banana's "family".

Effect of adding macro and micro minerals in pig feces fed diets with different levels of probiotic

O objetivo deste trabalho foi avaliar dietas contendo diferentes doses (0, 100, 200 e 300 ppm) de probiótico sobre a produção diária de fezes (PDF) e teor de macro e microminerais nas fezes de suínos, nas fases de creche e de crescimento e no período total. A PDF, como porcentagem do peso vivo, somente apresentou diferença estatística (P<0,05) na fase inicial 1. Os teores de macro e microminerais excretados nas fezes não apresentaram diferença (P>0,05) entre tratamentos, a exceção de cálcio e sódio na fase inicial 1 e cálcio, zinco e níquel no período total. A adição de um poliprobiótico às dietas, não afetou a produção de fezes dos suínos nas fases de creche e de crescimento. Entretanto, a presença de microrganismos, adicionados (níveis de 200 e 300 ppm) às dietas reduziu a excreção fecal de cálcio, zinco e níquel.

Egg quality during storage and deposition of minerals in eggs from quails fed diets supplemented with organic selenium, zinc and manganese

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Mapping of adhesion forces on soil minerals in air and water by atomic force spectroscopy (AFS)

The adhesion force between an atomic force microscope (AFM) tip and sample surfaces, mica and quartz substrates, was measured in air and water. The force curves show that the adhesion has a strong dependence on both the surface roughness and the environmental conditions surrounding the sample. The variability of the adhesion force was examined in a series of measurements taken at the same point, as well as at different places on the sample surface. The adhesion maps obtained from the distribution of the measured forces indicated regions contaminated by either organic compounds or adsorbed water. Using simple mathematical expressions we could quantitatively predict the adhesion force behavior in both air and water. The experimental results are in good agreement with theoretical calculations, where the adhesion forces in air and water were mostly associated with capillary and van der Waals forces, respectively. A small long-range repulsive force is also observed in water due to the overlapping electrical double-layers formed on both the tip and sample surfaces.

Strategic capacitor placement in distribution systems by minimisation of harmonics amplification because of resonance

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Integrating strategic and sustainable design approach for innovation process: a cement case study

Global society and technology have changed the relationships of the market. Quality and cost are not the main aspects of any industrial product. On the other hand, design, innovation and sustainability became significant requirements to company’s competitiveness. In this context, the design approach has shown evolutions, integrating social and environmental aspects beside traditional aspects such as technical and economic. Still, design has been becoming a strategic opportunity for companies, improving their competitiveness and increasing their market share. Thus, this research has analyzed the integration of both the Sustainable Design and Strategic Design Coaching (SDC) method in the making decision activities of companies. A cement company (BQMIL) was assigned as case study, in which the previous results have pointed out the significant hole of those concepts to generate Eco-innovation and Eco-Brand to increase its market share, corroborating the expectative of the design team

Strategic supplementation of calcium salts of polyunsaturated fatty acids to enhance reproductive performance of Bos indicus beef cows

Five experiments evaluated the effects of supplemental Ca salts of PUFA on reproductive function of Bos indicus beef cows. In Exp. 1, nonlactating and multiparous grazing cows (n = 51) were assigned to receive (as-fed basis) 0.1 kg of a protein-mineral mix + 0.1 kg of ground corn per cow/d, in addition to 0.1 kg per cow/d of 1) Ca salts of PUFA (PF), 2) Ca salts of SFA (SF), or 3) kaolin (control). Treatments were offered from d 0 to 20 of the estrous cycle. No treatment effects were detected on serum progesterone concentrations (P = 0.83), day of luteolysis (P = 0.86), or incidence of short cycles (P = 0.84). In Exp. 2, nonlactating and multiparous grazing cows (n = 43) were assigned to receive PF, SF, or control from d 0 to 8 of the estrous cycle. on d 6, all cows received (intramuscularly) 25 mg of PGF(2 alpha). No treatment effects were detected on serum progesterone concentrations on d 6 (P = 0.37), and incidence (P = 0.67) or estimated time of luteolysis (P = 0.44). In Exp. 3, twenty-seven lactating and multiparous grazing cows, approximately 30 to 40 d postpartum, were assigned to receive PF or control for 10 d beginning at the first postpartum ovulation. No treatment effects were detected (P = 0.85) on incidence of short cycles. In Exp. 4, lactating and multiparous grazing cows (n = 1,454), approximately 40 to 60 d postpartum, were assigned to receive 1 of the 7 treatments for 28 d after timed AI (TAI; d 0): 1) control from d 0 to 28, 2) SF from d 0 to 14 and then control, 3) PF from d 0 to 14 and then control, 4) SF from d 0 to 21 and then control, 5) PF from d 0 to 21 and then control, 6) SF from d 0 to 28, and 7) PF from d 0 to 28. Cows receiving PF for more than 21 d after TAI had greater (P < 0.01) pregnancy to TAI compared with all other treatments combined (50.4 vs. 42.4%, respectively). In Exp. 5, lactating and multiparous grazing cows (n = 501), approximately 40 to 60 d postpartum, were assigned to receive 1 of the 4 treatments for 21 d after TAI (d 0): 1) PF from d 0 to 14 and then control, 2) control from d 0 to 6 and then PF, 3) control from d 0 to 13 and then PF, and 4) PF from d 0 to 21. Cows receiving PF after d 14 of the experiment had greater (P = 0.02) pregnancy to TAI compared with cows not receiving PF during the same period (46.8 vs. 33.1%, respectively). In summary, supplemental Ca salts of PUFA during the expected time of luteolysis increased pregnancy to TAI in beef cows.

Sources of organic trace minerals in diets for weaned piglets

One hundred and twenty six piglets from a commercial genetic strain weaned at 21 days of age (6.11±0.42 kg) were used to evaluate the effects of supplementation levels of organic sources of trace minerals in the diets of weaned piglets on performance, occurrence of diarrhea, excretion of copper and zinc in the feces, and hematological parameters. A completely randomized block design was adopted, composed of six treatments (diets containing 100% of inorganic trace minerals premix at 3.00 kg/T; diets containing 0, 25, 50, 75 or 100% of organic trace minerals premix, equivalent to 0; 0.75; 1.50; 2.25 or 3.00 kg/T, respectively), seven replicates and three animals per plot. During the experimental period (from 21 to 63 days of age), the increasing levels of organic trace minerals premix in the diets determined a quadratic effect on daily weight gain (DWG), feed conversion (FC), percentage of hematocrit (Ht), hemoglobin (Hb), mean corpuscular hemoglobin (MCH), mean corpuscular volume (MCV), platelets (Pt), and a linear increase of Cu and Zn concentrations in feces. The comparison of means between the treatment with inorganic trace minerals premix and the other treatments showed that piglets fed diets without trace minerals premix had lower values of DWG, Ht, Hb, MCH, MCV, Pt and the worst FC value of piglets fed diets containing 25% of organic trace minerals premix presented lower values of Ht and Hb, in comparison with those fed diets with 100% of inorganic trace minerals premix. Inorganic trace minerals premix can be substituted by organic trace minerals premix at a lower level of inclusion in diets for weaned piglets.

Platinum Group Minerals in Eastern Brazil GEOLOGY AND OCCURRENCES IN CHROMITITE AND PLACERS

Brazil does not have working platinum mines, nor even large reserves of the platinum metals, but there is platinum in Brazil. In this paper, four massifs (mafic/ultramafic complexes) in eastern Brazil, in the states of Minas Gerais and Ceara, where platinum is found will be described. Three of these massifs contain concentrations of platinum group minerals or platinum group elements, and gold, associated with the chromitite rock found there. In the fourth massif, in Minas Gerais State, the platinum group elements are found in alluvial deposits at the Bom Sucesso occurrence. This placer is currently being studied.