The long run impact of mergers and acquisitions on performance – empirical study in the pulp and paper industry

Mergers and acquisitions (M&A) have played very important role in restructuring the pulp and paper industry (PPI). The poor performance and fragmented nature of the industry, overcapacity problems, and globalisation have driven companies to consolidate. The objective of this thesis was to examine how PPI acquirers’ have performed subsequent M&As and whether the deal characteristics have had any impact on performance. Based on the results it seems that PPI companies have not been able to enhance their performance in the long run after M&As although the per-formance of acquiring firms has remained above the industry median, and deal characteristics or the amount of premiums paid do not seem to have had any effect. The statistical significance of the results was tested with change model and regression analysis. Performance was assessed with accrual, cash flow, and market based indicators. Results are congruent with behavioural theory: managers and investors seem to be overoptimistic in determining the synergies from M&As.

The process of basic training, applied training, maintaining the performance of an observer

In the field of observational methodology the observer is obviously a central figure, and close attention should be paid to the process through which he or she acquires, applies, and maintains the skills required. Basic training in how to apply the operational definitions of categories and the rules for coding, coupled with the opportunity to use the observation instrument in real-life situations, can have a positive effect in terms of the degree of agreement achieved when one evaluates intra- and inter-observer reliability. Several authors, including Arias, Argudo, & Alonso (2009) and Medina and Delgado (1999), have put forward proposals for the process of basic and applied training in this context. Reid y De Master (1982) focuses on the observer's performance and how to maintain the acquired skills, it being argued that periodic checks are needed after initial training because an observer may, over time, become less reliable due to the inherent complexity of category systems. The purpose of this subsequent training is to maintain acceptable levels of observer reliability. Various strategies can be used to this end, including providing feedback about those categories associated with a good reliability index, or offering re-training in how to apply those that yield lower indices. The aim of this study is to develop a performance-based index that is capable of assessing an observer's ability to produce reliable observations in conjunction with other observers.

Adolescent girls and mathematics: classroom performance, attitudes toward mathematics and perceptions of parental attitudes /

The purpose of this study was to determine the extent to which gender differences exist in student attitudes toward mathematics and in their performance in mathematics at the Grade Seven and Eight level. The study also questioned how parents influence the attitudes of this grade level of male and female students toward mathematics. Historically, the literature has demonstrated gender differences in the attitudes of students toward mathematics, and in parental support for classroom performance in mathematics. This study was an attempt to examine these differences at one senior public school in the Peel Board of Education. One hundred three Grade Seven and Eight students at a middle school in the Peel Board of Education volunteered to take part in a survey that examined their attitudes toward mathematics, their perceptions of their parents' attitudes toward mathematics and support for good performance in the mathematics classroom, parental expectations for education and future career choices. Gender differences related to performance levels in the mathematics classroom were examined using Pearson contingency analyses. Items from the survey that showed significant differences involved confidence in mathematics and confidence in writing mathematics tests, as well as a belief in the ability to work on mathematics problems. Male students in both the high and low performance groups demonstrated higher levels of confidence than the females in those groups. Female students, however, indicated interest in careers that would require training and knowledge of higher mathematics. Some of the reasons given to explain the gender differences in confidence levels included socialization pressures on females, peer acceptance, and attribution of success. Perceived parental support showed no significant differences across gender groups or performance levels. Possible explanations dealt with the family structure of the participants in the study. Studies that, in the past, have demonstrated gender differences in confidence levels were supported by this study, and discussed in detail. Studies that reported on differences in parental support for student performance, based on the gender of the parent, were not confirmed by this study, and reasons for this were also discussed. The implications for the classroom include: 1) build on the female students' strengths that will allow them to enjoy their experiences in mathematics; 2) stop using the boys as a comparison group; and 3) make students more aware of the need to continue studying mathematics to ensure a wider choice of future careers.

La satisfaction des trois besoins fondamentaux peut-elle contribuer à la performance? : l’apport de la santé psychologique

Cette thèse de doctorat a été réalisée grâce à l'appui financier des fonds québécois de la recherche sur la société et la culture.

Prácticas de recursos humanos y su relación con el engagement de los empleados en una Institución de Educación Superior en la ciudad de Bogotá Colombia

Es importante el estudio de las PRH y su relación con el engagement, para la toma de decisiones sobre el recurso humano, de tal forma que el propósito de esta investigación fue describir la relación entre las PRH y el engagement en una Institución de Educación Superior – IES de Bogotá, para ello se llevó a cabo una investigación con 72 colaboradores tanto administrativos como académicos. La escala de medida utilizada en este estudio tiene en cuenta los siguientes factores de las PRH: selección, promoción, formación, evaluación de desempeño, compensación y balance trabajo / familia y los factores analizados de la escala de medida para el engagement son vigor, dedicación y absorción. Los datos después de ser obtenidos, fueron procesados a través del Statical Package for Social Sciences (SPSS). Los datos fueron analizados, con base en los argumentos conceptuales y antecedentes que justifican dicha investigación, generando los resultados que contribuyeron a validar la hipótesis y objetivos planteados, con estadísticos básicos de correlación y regresiones para determinar el poder predictivo de una variable sobre la otra. Los resultados obtenidos en términos generales demuestran que las PRH tienen un efecto significativo en el engagement aunque de manera diferenciada.

Developing “Best Practices” for bankers’ pay in line with Basel III

This paper proposes hybrid capital securities as a significant part of senior bank executive incentive compensation in light of Basel III, a new global regulatory standard on bank capital adequacy and liquidity agreed by the members of the Basel Committee on Banking Supervision. The committee developed Basel III in a response to the deficiencies in financial regulation brought about by the global financial crisis. Basel III strengthens bank capital requirements and introduces new regulatory requirements on bank liquidity and bank leverage. The hybrid bank capital securities we propose for bank executives’ compensation are preferred shares and subordinated debt that the June 2004 Basel II regulatory framework recognised as other admissible forms of capital. The past two decades have witnessed dramatic increase in performance-related pay in the banking industry. Stakeholders such as shareholders, debtholders and regulators criticise traditional cash and equity-based compensation for encouraging bank executives’ excessive risk taking and short-termism, which has resulted in the failure of risk management in high profile banks during the global financial crisis. Paying compensation in the form of hybrid bank capital securities may align the interests of executives with those of stakeholders and help banks regain their reputation for prudence after years of aggressive risk-taking. Additionally, banks are desperately seeking to raise capital in order to bolster balance sheets damaged by the ongoing credit crisis. Tapping their own senior employees with large incentive compensation packages may be a viable additional source of capital that is politically acceptable in times of large-scale bailouts of the financial sector and economically wise as it aligns the interests of the executives with the need for a stable financial system.

What is the right balance for performance and isolation with virtualization in HPC?

The use of virtualization in high-performance computing (HPC) has been suggested as a means to provide tailored services and added functionality that many users expect from full-featured Linux cluster environments. The use of virtual machines in HPC can offer several benefits, but maintaining performance is a crucial factor. In some instances the performance criteria are placed above the isolation properties. This selective relaxation of isolation for performance is an important characteristic when considering resilience for HPC environments that employ virtualization. In this paper we consider some of the factors associated with balancing performance and isolation in configurations that employ virtual machines. In this context, we propose a classification of errors based on the concept of “error zones”, as well as a detailed analysis of the trade-offs between resilience and performance based on the level of isolation provided by virtualization solutions. Finally, a set of experiments are performed using different virtualization solutions to elucidate the discussion.

Grupo Totem: a infecção pela performance e a encenação performática

The issue of creating productions of hybrid matrices has demanded, for more than three decades, the attention of several theater theorists (COHEN: 1995; LEHMANN: 2007). The study of philosophers (DELEUZE & GUATTARI: 1995) has contributed for new concepts of the scene. These artistic practices, depending on the context, have been generating, more and more, new ways of staging. I will discuss the contamination caused by Antonin Artaud in contemporary theater, and the theater s infection by the performance, based on the thought of Barbara Browning (1995), from its capacity to penetrate and invade territories, and installs a new system. I affirm that the Totem Group (Recife PE) was contaminated by the performance and analyze two performative plays of the group, their points of convergence and separation. The first one is Ita, the search for the origin, the animal devir; the second is Caosmopolita, the body as a reflex of urbanity

Variáveis fisiológicas e neuromusculares associadas com a performance aeróbia em corredores de endurance: efeitos da distância da prova

O objetivo deste estudo foi analisar a validade do consumo máximo de oxigênio (VO2max), velocidade associada ao VO2max (vVO2max), tempo de exaustão na vVO2max (Tlim), limiar anaeróbio (LAn), economia de corrida (EC) e força explosiva (FE) para predizer a performance aeróbia de corredores de endurance nas distâncias de 1.500m, 5.000m e 10.000m. Participaram deste estudo 11 corredores de endurance moderadamente treinados (28,36 ± 6,47 anos) que realizaram os seguintes testes: provas simuladas em uma pista de 400m em diferentes dias, nas distâncias de 10.000m, 5.000m e 1.500m; teste incremental máximo para determinar os índices VO2max, vVO2max, e LAn; um teste submáximo de carga constante para determinar a EC, seguido por um teste máximo também de carga constante a 100% da vVO2max para determinar o Tlim; e um teste de salto vertical para determinar a FE. de acordo com a análise de regressão múltipla, a vVO2max utilizada de forma isolada explicou 57% da variação de performance na prova de 1.500m. No entanto, quando o Tlim, a FE e a vVO2max foram analisados em conjunto, a explicação para a performance nessa prova foi de 88%. Nos 5.000m, o Tlim, a vVO2max e o LAn responderam por 88% da variação de performance (p < 0,05). Diferentemente, na prova de 10.000m, o LAn foi a única variável que apresentou capacidade de predição de performance. em conclusão, a predição da performance aeróbia de corredores moderadamente treinados por meio de variáveis fisiológicas e neuromusculares é dependente da distância da prova (1.500m, 5.000m e 10.000m)

Chronological Monte Carlo-based assessment of distribution system reliability

Regulatory authorities in many countries, in order to maintain an acceptable balance between appropriate customer service qualities and costs, are introducing a performance-based regulation. These regulations impose penalties, and in some cases rewards, which introduce a component of financial risk to an electric power utility due to the uncertainty associated with preserving a specific level of system reliability. In Brazil, for instance, one of the reliability indices receiving special attention by the utilities is the Maximum Continuous Interruption Duration per customer (MCID). This paper describes a chronological Monte Carlo simulation approach to evaluate probability distributions of reliability indices, including the MCID, and the corresponding penalties. In order to get the desired efficiency, modern computational techniques are used for modeling (UML -Unified Modeling Language) as well as for programming (Object- Oriented Programming). Case studies on a simple distribution network and on real Brazilian distribution systems are presented and discussed. © Copyright KTH 2006.

On the parameters of performance of combined refrigeration and power plants

Combined Refrigeration and Power (CRP) plants generate power and refrigerate a thermal load simultaneously from the same fuel. The overall efficiency is a parameter based on the first law generally used to quantify the fuel saving, in the sense that a plant that has greater overall efficiency saves more fuel than others to generate the same useful energy. However, the literature shows that the overall efficiency and other parameters of performance are defined in several different ways. This heterogeneity is not desirable when considering a coherent and universally accepted parameter of performance based on the first law. In this work, some parameters found in the literature are critically analyzed in order to indicate the most proper one. The indicated parameter is then formally analyzed in order to verify its mathematical consistency. The primary energy rate is considered the most well-suited parameter based on the first law to characterize the performance of a CRP plant. © 2013 Elsevier Ltd and IIR.

Improved ground motion intensity measures for reliability-based demand analysis of structures

In Performance-Based Earthquake Engineering (PBEE), evaluating the seismic performance (or seismic risk) of a structure at a designed site has gained major attention, especially in the past decade. One of the objectives in PBEE is to quantify the seismic reliability of a structure (due to the future random earthquakes) at a site. For that purpose, Probabilistic Seismic Demand Analysis (PSDA) is utilized as a tool to estimate the Mean Annual Frequency (MAF) of exceeding a specified value of a structural Engineering Demand Parameter (EDP). This dissertation focuses mainly on applying an average of a certain number of spectral acceleration ordinates in a certain interval of periods, Sa,avg (T1,…,Tn), as scalar ground motion Intensity Measure (IM) when assessing the seismic performance of inelastic structures. Since the interval of periods where computing Sa,avg is related to the more or less influence of higher vibration modes on the inelastic response, it is appropriate to speak about improved IMs. The results using these improved IMs are compared with a conventional elastic-based scalar IMs (e.g., pseudo spectral acceleration, Sa ( T(¹)), or peak ground acceleration, PGA) and the advanced inelastic-based scalar IM (i.e., inelastic spectral displacement, Sdi). The advantages of applying improved IMs are: (i ) "computability" of the seismic hazard according to traditional Probabilistic Seismic Hazard Analysis (PSHA), because ground motion prediction models are already available for Sa (Ti), and hence it is possibile to employ existing models to assess hazard in terms of Sa,avg, and (ii ) "efficiency" or smaller variability of structural response, which was minimized to assess the optimal range to compute Sa,avg. More work is needed to assess also "sufficiency" and "scaling robustness" desirable properties, which are disregarded in this dissertation. However, for ordinary records (i.e., with no pulse like effects), using the improved IMs is found to be more accurate than using the elastic- and inelastic-based IMs. For structural demands that are dominated by the first mode of vibration, using Sa,avg can be negligible relative to the conventionally-used Sa (T(¹)) and the advanced Sdi. For structural demands with sign.cant higher-mode contribution, an improved scalar IM that incorporates higher modes needs to be utilized. In order to fully understand the influence of the IM on the seismis risk, a simplified closed-form expression for the probability of exceeding a limit state capacity was chosen as a reliability measure under seismic excitations and implemented for Reinforced Concrete (RC) frame structures. This closed-form expression is partuclarly useful for seismic assessment and design of structures, taking into account the uncertainty in the generic variables, structural "demand" and "capacity" as well as the uncertainty in seismic excitations. The assumed framework employs nonlinear Incremental Dynamic Analysis (IDA) procedures in order to estimate variability in the response of the structure (demand) to seismic excitations, conditioned to IM. The estimation of the seismic risk using the simplified closed-form expression is affected by IM, because the final seismic risk is not constant, but with the same order of magnitude. Possible reasons concern the non-linear model assumed, or the insufficiency of the selected IM. Since it is impossibile to state what is the "real" probability of exceeding a limit state looking the total risk, the only way is represented by the optimization of the desirable properties of an IM.

Essays On CEO Compensation: New Evidence On The Managerial-Power Vs. Optimal Contracting Debate

This dissertation analyzes the effect of market analysts’ expectations of share prices (price targets) on executive compensation. It examines how well the estimated effects of price targets on compensation fit with two competing views on determining executive compensation: the arm’s length bargaining model, which assumes that a board seeks to maximize shareholders’ interests, and the managerial power model, which assumes that a board seeks to maximize managers’ compensation (Bebchuk et al. 2005). The first chapter documents the pattern of CEO pay from fiscal year 1996 to 2010. The second chapter analyzes the Institutional Broker Estimate System Detail History Price Target data file, which that reports analysts’ price targets for firms. I show that the number of price target announcements is positively associated with company share price’s volatility, that price targets are predictive of changes in the value of stocks, and that when analysts announce positive (negative) expectations of future stock price, share prices change in the same direction in the short run. The third chapter analyzes the effect of price targets on executive compensation. I find that analysts' price targets alter the composition of executive pay between cash-based compensation and stock-based compensation. When analysts forecast a rise (fall) in the share price for a firm, the compensation package tilts toward stock-based (cash-based) compensation. The substitution effect is stronger in companies that have weaker corporate governance. The fourth chapter explores the effect of the introduction of the Sarbanes-Oxley Act (SOX) in 2002 and its reinforcement in 2006 on the options granting process. I show that the introduction of SOX and its reinforcement eliminated the practice of backdating options but increased “spring-loading” of option grants around price targets announcements. Overall, the dissertation shows that price targets provide insights into the determinants of executive pay in favor of the managerial power model.

Diversity and local democracy. The case of Republic of Macedonia - implications of ethnic diversity on municipal decision making and organizational performance

This research seeks to review the level of knowledge achieved in interpreting the relationship between the ethnic diversity at the workplace in the public sector and the organizational performance; as well as seeks to contribute in understanding the implications of this relationship. The study commenced with investigating the academic research in the relevant area addressing the following research questions: (a) How are diversity management and organizational performance conceptualized? (b) What are the existing findings of research concerning diversity at the workplace in the public organizations and organizational performance? (c) What factors intervene the relationship between the diversity and organizational performance? Based on the findings from the review of the academic research, this study seeks to contribute in understanding the ethnic diversity – performance relationship and its mplications at the local level in the Macedonian context. The reform process in Macedonia as a multicultural society, where for many years, inter-ethnic relations have been one of the most sensitive political issues, affecting both the stability of the country and the progress, focused mainly on the implementation of the decentralization and inclusion of ethnic minorities in the decision making process. With the implementation of the Ohrid Framework Agreement workforce at the units of local self-government in Republic of Macedonia is becoming more balanced with respect to ethnic minorities, with more workforce participation than ever by Albanians, Turks, Roma and other minorities. As public organizations at local level become more diverse along ethnic lines, it makes sense to pay more attention to how different ethnic groups interact with one another at work. Thus it gives additional importance on the research question addressed in the study and gives significance of the research in a broader scope.

Fastener-Based Computational Models of Cold-Formed Steel Shear Walls

Cold-formed steel (CFS) combined with wood sheathing, such as oriented strand board (OSB), forms shear walls that can provide lateral resistance to seismic forces. The ability to accurately predict building deformations in damaged states under seismic excitations is a must for modern performance-based seismic design. However, few static or dynamic tests have been conducted on the non-linear behavior of CFS shear walls. Thus, the purpose of this research work is to provide and demonstrate a fastener-based computational model of CFS wall models that incorporates essential nonlinearities that may eventually lead to improvement of the current seismic design requirements. The approach is based on the understanding that complex interaction of the fasteners with the sheathing is an important factor in the non-linear behavior of the shear wall. The computational model consists of beam-column elements for the CFS framing and a rigid diaphragm for the sheathing. The framing and sheathing are connected with non-linear zero-length fastener elements to capture the OSB sheathing damage surrounding the fastener area. Employing computational programs such as OpenSees and MATLAB, 4 ft. x 9 ft., 8 ft. x 9 ft. and 12 ft. x 9 ft. shear wall models are created, and monotonic lateral forces are applied to the computer models. The output data are then compared and analyzed with the available results of physical testing. The results indicate that the OpenSees model can accurately capture the initial stiffness, strength and non-linear behavior of the shear walls.