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.

O Trabalho e o labirinto da responsabilidade socioempresarial:a experiência da cidadania empresarial do Banco do Brasil

In the current systemic crisis, economic policy is directed to correct the consequences of the functioning of this metabolism, but within the limits of the capital. From this perspective, decision makers propose trade policies, agricultural and industrial to ensure conditions for economic growth. However, as a dead end, there is failure of the State in giving efficacy to the operation of all segments of the economy, especially given the budget constraint. Public managers are forced to seek external resources, resuming the cycle of political allegiance to the interests of international financial and banking representatives, installed in so-called multilateral. The complex ideological capital comes into play in trying to convince society that the paths taken by governments are inevitable, and that capitalism can be "humanized", even with the realization of the growing inequalities caused by historical irrationalism of the production process of capital . In this sense, emerging concepts that attempt to demonstrate the compatibility of the system to real human needs. This ideological offensive is intended to legitimize the capital. The so-called third sector has a special highlight with the concept of corporate social responsibility. It creates a political environment in which the inevitable mix-up with new illusions offered by and often funding the metabolism of capital in order to perpetuate this system. In this context, political elites, and considerable portions of the academy, embark on "waves of capitalist optimism," while the sociometabolismo capital expands its historical limits, driving forces postponing their collapse, but that cause human suffering and ecological stress. Wars are disseminated to strengthen the deadly war industry and the automobile industry; and devastating the environment of which depends the capital system. In this scenario disassemble, propositions emerge around a "new social pact" in order to minimize the adverse effects of the dynamics of reproduction of capital. The business class is called to exercise its role through the discourse that appeals to social responsibility programs, in order to intervene directly in the "social question". The core of this research is precisely this point. Although there is considerable scholarship on the phenomenon of Social Responsibility and Corporate Citizenship, there is also an evident lack of this approach focused on the banking sector in Brazil. The importance of rentier capital increased ownership of shares in the wealth produced by all of Brazilian society, justifies a sociological research project on Social Responsibility in the domestic financial sector. In this sense, it was decided to perform a dynamic approach to the "Corporate Citizenship" in the banking industry, specifically in the Bank of Brazil. As this is a key institution, is important analyze of the impacts of this strategy fetish of capitalist reproduction, in order to evaluate the social legitimization of rentier capital in Brazil. In this scenario of the abundance of the discourse on social responsibility there exist a progressive impoverishment of professional work in this segment in Brazil. There is a dramatic mismatch between rhetoric and practice because of the trend of deepening vulnerability of the working conditions of the Brazilian bank worker, from the 1990's. In the specific case of the Bank of Brazil, the first initiative of the institution was to conform to the principles of the UNO and the Ethos Institute, aiming to align their domestic policies to this new strategy of domination of capital. The purpose is to place the Bank in the ideological sphere of corporate social responsibility, just as with its partners in the private financial intercapitalist competition. Indeed, in the internal ambit of the Bank of Brazil, there is a policy to adjust its functional segments to the doctrine of Social Corporate Responsibility. The concepts of this doctrine is presented as something inexorable. There are no alternatives. The Bank of Brazil operates in a highly competitive market, the segment featuring the dominance of financial capital accumulation today. For this reason it can not fail to incorporate the technological advances organizational. For employees there is no alternative but to adapt to this new set of ideas proposed by the metabolism of capital

Mãe-esposa e professora: educadoras no final do século XIX

This text is organized through discussions undertaken in the area of the History of Education in Rio Grande do Norte, circumscribed to the History of Women from the first decades of the Brazilian Republic, and to the analysis of what was expected of this education. We examined representations of women in Natal, between 1889 and 1914, with the goal of configuring relations between the sexes with the emphasis on moral, intellectual and pedagogical aspects required of these women. As documental sources we utilized the educational, civil and criminal Legislation, on a National scope, as well as on a State and Municipal scope. We circumscribed our search to the newspaper A República, in which we found literature that circulated in Natal in the form of pamphlets, short stories and poetry, as well as other texts by authors that were part of the corpus of analysis of this study, located in public and private archives in Rio Grande do Norte, such as the Historical and Geographic Institute of Rio Grande do Norte (IHGRN) and the State Public Archive of Rio Grande do Norte (APE-RN). The use of the indexing method and the propositions of Cultural History were the appropriate theoretical-methodological framework to complete studies of this nature. This operational perspective permitted us to elaborate nuances about this time of transition from the 19th to the 20th Century, and to spotlight the fire of the women from this period. The basis of the argument that related women to maternity and domesticity, and within the ideals of abnegation and religious leadership, aligned to a demand coming from the increase in the quantity of schools for women, allocated women as the most appropriate for superior in educational performance in the country, based on its foundations: primary education. Beyond the universe of formal education, the other side of women appeared in republican politics. The mother-spouse and the institutionalization of domestic education associated the female gender with the role of educator at home as well. Be it in the public sphere, as a teacher, or in private, as mother-spouse, female care is perceived in this configuration, as an educational base that the Republic, and in transition, bequeathed to the Brazilian 20th Century

Programa alfabetização solidária: um estudo sobre a experiência no município de Lagoa de Pedras/RN (1997 - 2003)

The educational reform of the 90 s was tainted by the objectives of the fiscal adjustments, resulting in the redefinition of the state s role in the financing and offering of teaching services, and bringing about a shuffling of the responsibility between the public and private sectors to promote education to young people and adults. The 90 s also highlighted the proliferation of providers and the multiplication of Educational Programs for Youths and Adults (EJA), implemented through partnerships between governmental and nongovernmental agencies. During this period of time, the agenda of educational responsibilities concerning analphabetism was organized in a process of decentralized of the state, with the following political, social, and economic objectives: to reduce the public deficit, increasing public savings and the financial capacity of the state to concentrate resources in areas considered indispensable to direct intervention; to increase the efficiency of the social services moffered or funded by the state, giving citizens more at a lower cost, and spreading services to more remote areas, expanding access to reach those most in need; to increase the participation of citizens in public management, stimulating communitarian acts as well as developing efforts towards the effective coordination of public figures in the implementation of associated social services. Thus, Assistance Programs co-financed by the government try to deal with the problem of analphabetism. Within the sphere of the 90 s educational policy decentralization, we come to see how the agenda dedicated to the reduction of analphabetism was formed by the Solidarity Alphabetization Program (PAS). Between 1997 and 2003, the latter agenda s decentralizing proposal was integrated in the management partnership for the operationalization of tasks and resources faced with the execution of the formal objectives. In this study, we identify the dimensions of the implantation and progress of the tasks carried out by PAS, in the municipality of Lagoa de Pedras/RN. However, we consider these Programs to assist in the process without guaranteeing the reduction of the causes or substituting the responsibility of the system once the monetary resources for program maintenance provided by the partners is exhausted

O memorial autobiográfico: uma tradição acadêmica do ensino superior no Brasil

The thesis has as object of study the autobiographical memmorials. The general objective is to describe the history of the memmorial as an academic tradition of higher education in Brazil. Considered a hybrid genre, memmorials are known for focusing on life stories from a scientific perspective. The investigation revolves around three intertwined branches: History of Education, educational practices and language usages, which allow us to conduct a dialogue with multiple theoretical-methodological references with a view to supporting our analyses. The corpus used for the analysis was made up of 40 autobiographical memmorials, distributed as follows: 16 academic memmorials, dated from 1935 to 1970; 07 academic memmorials, dated from 1980 to 2007; and 17 formation memmorials, dated from 1995 to 2000. In this corpus, we also included official documents, which relate to legislation contained in edicts, resolutions, ordinances, regulations, which we used with a view to: 1) getting to know and understanding the big picture of higher education regulation in Brazil and the aspects related to the higher education teaching career; 2) investigating the text of memmorials in the light of the injunctive discourse characteristic of the edicts and resolutions in which they were based. The analysis of the memmorial supported by the legislation which regulates it allowed us to reconstitute the image of the professor throughout 80 years in the Brazilian public university. For this purpose, the study was conducted in the theoretical-methodological perspective of the (auto)biographical research in Education and of the sociolinguistic studies on discourse genres and discursive traditions. The investigations reveal the memmorial as an academic genre in which the professor's academic-professional history and the history of the higher education teaching career in Brazil intertwine. Anchored in the Bakhtinian perspective on discourse genres, according to which the memmorials evolve and become more complex as their contexts of usage also evolve and become more complex themselves, the results of our analyses allowed us to correlate genre changes to the sociohistorical context and to its usage as an educational practice in the university, in the decades under study. Therefore, the analyses showed that these self-writings: go from latent subjectivity to pure objectivity from the 1930s to 1960s; they show total annulment of the subject from the 1960s to the 1970s; they reappear in the 1980s, having Professor Magda Soares' memmorial as perspective; they expand and diversify from the 1990s onwards, taking on a formative role and a perspective of future as well. So far as language usages are concerned, we investigated the relationship of the subject with the language, especifically the manifestation of alterity on the discursive tissue of the memmorials. In this branch, the analyses pointed to the influence of the authoritative discourse on the formation of the professor and of the injunction and reinventing discourses on the authorship process. Therefore, the autobiographical memmorial reveals itself as a specific expression of the Brazilian academy's cultural sphere and allows us to confirm the hypothesis that each memorial tackles a singular-plural situation, by presenting a dialectical articulation between private and public, according to the institutional structures, in which and with which the professor has already formed him/herself and with which he/she dialogues

A constituição de identidades de mulheres : práticas discursivas e relações de poder

This research investigates the discursive constitution of identities; in spe-cial, it aim to problematize women identities constitution, pointing discursive prac-tices and power relations which involve them. The interviewed subjects had been adult women who had resumed their school trajectory, after certain period without frequenting educational establishments. Aware of that those identities can be per-ceived through the observations of the discursive practices, we question: which discursive practices and power relations involve and constitute those women? Which identity positionings they take through the discursive practices and power relations that include them and that are identified in their stories? Which linguistic marks characterize, in the speech of those women, forms of resistance in the con-stitution of identities? We intend to investigate the constitution of woman identities in the contemporanity; pointing discursive practices and power relations which in-volve women that converge to their identity constitution; exploring in the linguistic materiality effects of senses that emanate of the discursive practices and power relations which involve the collaborators in the identity constitution in private and public spaces. Research corpus is composed by stories of life granted by three women, collected through semidirected interview between 2004 and 2005. To ana-lyze the data, we base in authors as Pêcheux (1993; 2002), Foucault (1979; 1988; etc.), Butler (2003), Scott (1992; 1995), Hall (2000; 2004; 2005), Bauman (1999; 2005), among others that problematize questions as discourse, identity, social gender, power and its interfaces. The life stories had allowed to analyze: the gen-der identity constitution from discursive practices and relations of forces lived in the familiar scenery; assumed identity positionings from discursive practices in globalized urban contexts; power positions in the domestic and extradomestic sphere and new identity positionings

A linguagem do blog escolar em um trabalho com multiletramentos: compartilhando sentidos

This research, part of Applied Linguistics field, aims to analyze the language of a school blog, developed with the participation of students, as a work based on the conception of multiliteracies, focusing on the construction of different meanings. The research is carried on from the building and maintenance of a school blog, the Ieceblog, with students of Ensino Fundamental II, since 2008, in a private school in Natal-RN. The investigation of the language produced on a school blog is justified due to the interactive conceptions of writing and reading on the virtual environment. Given the fact that new technologies are a reality in the schools opened to the practices of multiliteracies, it is assumed that text, image, video, audio, non-graphic signs and hypertext intensifies the produced interaction, in which the students become real authors. In this perspective, some voices belonging to the statements that are formed through the posts and comments chosen to the analyses and reflection on the blog space as locus of productions of senses inserted in the school and the world environment, as well as for the identification of the language resources used to intensify the senses that emerge from it. From the view of dialogism conceptualized by Bakhtin Circle, the qualitative interpretive-research deepens the experience of a school blog focusing on digital language in line with the vision of digital literacy. From the blog posts, a corpus that promote the exposure of different manifestations of language in the design of digital multiliteracies is elected. Thereby, the method used was the dialogical analysis of speech based on Bakhtin s studies and the Circle. The corpus was taken from the blog s posts in order to point up the different language manifestations in the following categories: (i) mood reinforced by the mockery, (ii) search for compliance with school sphere, (iii) conflicting social values and consistent complicity between sense and verbal imagery, and finally (iv) social practices that take place from and through the discursive genre. The study points to the tension between the active voices in several directions, revealing the distorted unit of posts which, under the analytical observation raises multiple meanings in a responsive manner. The analysis of the dialogue interaction in which intersperses the digital one becomes more apparent that the multiliteracies events that are mediated by language in addition to structure of the language and makes us rethink the students

Práticas discursivas em blogs políticos: uma observação sobre a participação política e as trasnformações que acompanham o espaço público

This work discuss about the transformation of public space, based on the recent challenges imposed by communication practices that are renewed and recopying of the sociocultural contexts of everyday life. The study presents theoretical and empirical reports of regional political blogs. In this issue, it looks for understand the political participation in the Internet space, examining the reconfigurations that accompany social relations and new forms of interaction that are merged in the media scene. The ambience of the study limits comments of readers in two political blogs in Rio Grande do Norte, Território Livre, and Thaisa Galvão. The observation concerns about the democratic participation of citizens in matters of collective interest, during the 2010 election. The analysis update the debate on democratic discussion and conversation everyday, trying to grasp changes in social practices in virtual platforms. From this perspective, the work restores some conceptual notions that involve the public places, identifying the changes that appear in the virtual and traditional spheres, with the emergence of new places of conversations, from the Internet usage. Are also compared to similarities and differences between the two elements of the analysis. It is possible, therefore, the communication process of the two discursive spaces with ideas from the public sphere, trying to analyze the duality between public, private, and political participation in these virtual places

A atuação do psicólogo no contexto das referências ambulatoriais em saúde mental de Aracaju - SE

Psychologists‟ insertion in mental healthcare ambulatory clinics occurred during the decade of 1980, in the context of the claims disseminated by sanitary and psychiatric reforms, of the formation of minimum mental healthcare teams and of the retraction of the private clinic. Historically, this migration had been accompanied by the importation of practices traditionally applied at the clinics. Furthermore, the lack of clear guidelines from the Health Ministery occasioned the opening of ambulatory clinics with diversified structures at each city. The objective of this dissertation was to study the practices of psychologists at mental healthcare ambulatory references at Aracaju-SE. Were interviewed psychologists of these services and managers of the municipal health secretary using a semi-structured interview guideline, in addition to the analysis of management reports. It was observed that the mental healthcare references had experienced substantial changes referred to its structures and operation, leading to a present framework of expansion and readjustment. It was realized that there is an effort by the psychologists to maintain individual and group assistance, using adjustments in the frequency of the sessions and in the focus of the activities. Besides the progresses, the relation with the psychiatrist still works basically through the medical record, blocking advances on joint discussions of the cases. Some advances toward the amplified clinic are notable, like the overcoming of the isolated usage of psychiatric diagnostic and the replacement of the line‟ criterion by the urgency one. Sheltering had become an interesting strategy on flux ordination, however the mismatch between offer and demand seems to be a matter which extrapolates the psychologists‟ sphere at the references. For this reason the narrow of the relation with family healthcare centers seems to be the major challenge to be faced by psychologists at mental healthcare ambulatory references

Computations of the flow past a still sphere at moderate reynolds numbers using an immersed boundary method

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)