Reciclaje de pavimentos : estudio de las ventajas económicas del reciclaje en frío in situ de pavimentos asfalticos

En los procesos de mantenimiento y rehabilitación de pavimentos, se deben definir los objetivos, bien sea para realizar unas reparaciones superficiales sobre daños generados por el agua como consecuencia de fallas en los drenajes, o bien realizar una intervención sobre la estructura buscando recuperarla a sus condiciones de diseño originales, la cual se realiza con el proceso de reciclaje el cual tiene en cuenta las características físico-químicas de los materiales existentes los cuales se consideran sufrieron el adecuado proceso que les permitió hacer parte de la estructura. Existiendo cuatro tipos de reciclaje de los cuales se realiza una descripción general de cada proceso, el presente trabajo se concentra en el análisis técnico – económico del proceso ―In situ‖ en frio, método utilizado en la rehabilitación de la vía Sopetrán - Puente de Occidente, en el Departamento de Antioquia, en una longitud de 13 Km. El presente estudio se realiza verificando el cumplimiento de las especificaciones a nivel nacional que para estos procesos estableció el Instituto Nacional de Vías (INVIAS) y verificando el cumplimiento de las normas IDU ET-2005. El reciclaje ―in situ‖ en frio tiene ventajas ecológicas (no necesita afectar las eventuales fuentes de materiales de la zona), económico (bajos costos comparados con reconstrucción) y técnico (los equipos para este proceso han presentado importantes avances tecnológicos) lo cual permitió su aplicación en la vía mencionada, lo cual con la adición de un agente estabilizador (cemento para el presente estudio) permite recuperar las condiciones iniciales de diseño de la estructura intervenida. El árbol de decisiones es una herramienta utilizada para el análisis y selección de la mejor opción de estructura a realizar teniendo en cuenta calidad y costos. El presente trabajo termina con un análisis detallado de las condiciones existentes, revisión de las diferentes opciones de intervención y el estudio económico de las diferentes alternativas de estructura de pavimento para la rehabilitación de la vía referida.

Factibilidad de relanzamiento de la revista de manualidades Costureando

Este es un trabajo de carácter académico que busca identificar la viabilidad del relanzamiento de la revista de manualidades “Costureando”, nacida en la ciudad de Medellín y enfocada a un público específico: mujeres de estratos 4, 5 y 6 de Colombia, amantes a las manualidades y a las actividades de sano entretenimiento. En este documento se presenta el producto mencionado anteriormente y sobre él se hace un análisis enfocado a entender su viabilidad de venta en el mercado actual. Este análisis se logra a través del planteamiento de unos objetivos específicos que orientan la recolección de información, para ser respondidos a través de unas conclusiones y recomendaciones finales; que nacen de los resultados de investigaciones en fuentes secundarias, observaciones en puntos de venta, encuestas a una muestra poblacional y entrevistas con expertos.

Desafíos para la construcción de un Índice de Deuda Corporativa en el mercado de valores colombiano

En la medida en que la deuda corporativa ha tomado mayor dinamismo a raíz de la última crisis, para los estructuradores de portafolio se ha hecho primordial tener un referente que permita medir el desempeño de este tipo de inversiones -- A nivel internacional, el objetivo de desarrollar un benchmark que cumpla con los supuestos de liquidez, replicabilidad, estabilidad y universalidad ha sido una constante -- Adicionalmente, muchos índices se han enfocado en cubrir cada uno de los perfiles de riesgo de los inversionistas -- En Colombia, aunque se han dado pasos importantes hacia el desarrollo del mercado de deuda corporativa, aún no se cuenta con un índice que sirva de referencia para medir el desempeño de portafolios y cumpla con los mencionados supuestos -- Por lo cual, se hace inminente la aceleración de su profesionalización en la búsqueda de instrumentos que proporcionen una mayor rentabilidad comparada con aquella brindada por los de deuda pública, pero con un riesgo más moderado en comparación con los instrumentos de renta variable -- Este trabajo pretende hacer un análisis de la evolución y caracterización de este tipo de índices, desde la experiencia internacional, con el fin de plantear los principales lineamientos para la construcción de un índice que permita representar este segmento del mercado de valores colombiano

Essays in asset price bubbles

This thesis studies the field of asset price bubbles. It is comprised of three independent chapters. Each of these chapters either directly or indirectly analyse the existence or implications of asset price bubbles. The type of bubbles assumed in each of these chapters is consistent with rational expectations. Thus, the kind of price bubbles investigated here are known as rational bubbles in the literature. The following describes the three chapters. Chapter 1: This chapter attempts to explain the recent US housing price bubble by developing a heterogeneous agent endowment economy asset pricing model with risky housing, endogenous collateral and defaults. Investment in housing is subject to an idiosyncratic risk and some mortgages are defaulted in equilibrium. We analytically derive the leverage or the endogenous loan to value ratio. This variable comes from a limited participation constraint in a one period mortgage contract with monitoring costs. Our results show that low values of housing investment risk produces a credit easing effect encouraging excess leverage and generates credit driven rational price bubbles in the housing good. Conversely, high values of housing investment risk produces a credit crunch characterized by tight borrowing constraints, low leverage and low house prices. Furthermore, the leverage ratio was found to be procyclical and the rate of defaults countercyclical consistent with empirical evidence. Chapter 2: It is widely believed that financial assets have considerable persistence and are susceptible to bubbles. However, identification of this persistence and potential bubbles is not straightforward. This chapter tests for price bubbles in the United States housing market accounting for long memory and structural breaks. The intuition is that the presence of long memory negates price bubbles while the presence of breaks could artificially induce bubble behaviour. Hence, we use procedures namely semi-parametric Whittle and parametric ARFIMA procedures that are consistent for a variety of residual biases to estimate the value of the long memory parameter, d, of the log rent-price ratio. We find that the semi-parametric estimation procedures robust to non-normality and heteroskedasticity errors found far more bubble regions than parametric ones. A structural break was identified in the mean and trend of all the series which when accounted for removed bubble behaviour in a number of regions. Importantly, the United States housing market showed evidence for rational bubbles at both the aggregate and regional levels. In the third and final chapter, we attempt to answer the following question: To what extend should individuals participate in the stock market and hold risky assets over their lifecycle? We answer this question by employing a lifecycle consumption-portfolio choice model with housing, labour income and time varying predictable returns where the agents are constrained in the level of their borrowing. We first analytically characterize and then numerically solve for the optimal asset allocation on the risky asset comparing the return predictability case with that of IID returns. We successfully resolve the puzzles and find equity holding and participation rates close to the data. We also find that return predictability substantially alter both the level of risky portfolio allocation and the rate of stock market participation. High factor (dividend-price ratio) realization and high persistence of factor process indicative of stock market bubbles raise the amount of wealth invested in risky assets and the level of stock market participation, respectively. Conversely, rare disasters were found to bring down these rates, the change being severe for investors in the later years of the life-cycle. Furthermore, investors following time varying returns (return predictability) hedged background risks significantly better than the IID ones.

Efeito dos dias da semana na volatilidade do índice S&P 500: Um estudo empírico

Mestrado em Contabilidade e Análise Financeira,

Public firm sponsorship of open source software: A knowledge-based approach to open innovation

As an emerging innovation paradigm gaining momentum in recent years, the open innovation paradigm is calling for greater theoretical depth and more empirical research. This dissertation proposes that open innovation in the context of open source software sponsorship may be viewed as knowledge strategies of the firm. Hence, this dissertation examines the performance determinants of open innovation through the lens of knowledge-based perspectives. Using event study and regression methodologies, this dissertation found that these open source software sponsorship events can indeed boost the stock market performance of US public firms. In addition, both the knowledge capabilities of the firms and the knowledge profiles of the open source projects they sponsor matter for performance. In terms of firm knowledge capabilities, internet service firms perform better than other firms owing to their advantageous complementary capabilities. Also, strong knowledge exploitation capabilities of the firm are positively associated with performance. In terms of the knowledge profile of sponsored projects, platform projects perform better than component projects. Also, community-originated projects outperform firm-originated projects. Finally, based on these findings, this dissertation discussed the important theoretical implications for the strategic tradeoff between knowledge protection and sharing.

Assessing earnings management in european publicly traded firms

We investigate if investors may benefit from using the accruals quality measure to assess the level of earnings management exercised by firms when preparing their accounting statements. More earnings management is expected to be associated with high information asymmetry among stock market participants because it makes earnings information less precise, thus providing an information advantage to informed investors relative to liquidity traders. Our results based on a sample of European publicly traded firms are consistent with a positive association between earnings management and information asymmetry. However, given some previous studies suggesting that accruals based measures may be noisy indicators of earnings management we further develop and test a method to enhance the performance of accruals quality in detecting earnings management.

Assessing Earnings Management in European Publicly Traded Firms

We investigate if investors may benefit from using the accruals quality measure to assess the level of earnings management exercised by firms when preparing their accounting statements. More earnings management is expected to be associated with high information asymmetry among stock market participants because it makes earnings information less precise, thus providing an information advantage to informed investors relative to liquidity traders. Our results based on a sample of European publicly traded firms are consistent with a positive association between earnings management and information asymmetry. However, given some previous studies suggesting that accruals based measures may be noisy indicators of earnings management we further develop and test a method to enhance the performance of accruals quality in detecting earnings management

Rural tourism destination competitiveness: Portugal vs Belarus

This research presents a study aimed to evaluate the performance and competitiveness of tourist destinations in Portugal and Belarus within regions. The evaluation was performed under an analytical tool, Market Share Analysis proposed by Faulkner (1997). In addition, it was used some descriptive statistics. The conducted analysis concluded, with respect to the evolution of the destinations tourism that Açores Island is the most prosperous market for the majority of countries, because most countries staid in the zone of Performing market. North, Lisbon and Algarve regions are maturity markets for the most countries, because they stay in Stagnant markets zone. Centre and Alentejo regions could be attributed Emerging markets for the majority of countries once are developing markets. The major market share is occupied by Portugal practically for all regions, except islands. It is also necessary to underline, that the research was made only within two years (2013 and 2014), because of the lack of necessary information in previous years. In the case of Belarus, it could be mentioned, that rural market of this country is developing (but still mostly with neighbour countries), because the number of entities, participating in rural tourism is growing as the number of foreign tourists.

Una codificación prefija para un idioma artificial

This work focuses in the formal and technical analysis of some aspects of a constructed language. As a first part of the work, a possible coding for the language will be studied, emphasizing the pre x coding, for which an extension of the Hu man algorithm from binary to n-ary will be implemented. Because of that in the language we can't know a priori the frequency of use of the words, a study will be done and several strategies will be proposed for an open words system, analyzing previously the existing number of words in current natural languages. As a possible upgrade of the coding, we'll take also a look to the synchronization loss problem, as well as to its solution: the self-synchronization, a t-codes study with the number of possible words for the language, as well as other alternatives. Finally, and from a less formal approach, several applications for the language have been developed: A voice synthesizer, a speech recognition system and a system font for the use of the language in text processors. For each of these applications, the process used for its construction, as well as the problems encountered and still to solve in each will be detailed.

Active versus passive management : the case of BOVESPA

Mestrado em Finanças

Household portfolio allocation, risk attitudes and credit constraints : evidence from the eurozone

Mestrado em Economia Monetária e Financeira

The introduction of a financial transaction tax in Italy

Mestrado em Finanças

Timing and economic value of mergers and acquisitions

Doctor of Philosophy in the Faculty of Business Administration

Exchange, know-hows, and interpersonal segmentation : an assessment of the archaic component of the Gaudreau (BkEu-8) site, Weedon, Quebec

Le site Gaudreau est un site perturbé et à occupations multiples situé dans le sud-est du Québec, et présente des occupations datant du Paléoindien Récent jusqu’à la période historique. Les occupations Archaïques du site, noté par la présence de bifaces diagnostiques de l’Archaïque Supérieur et de l’Archaïque Terminal et par des Macrooutils de l’Archaïque Moyen et de l’Archaïque Supérieur, sont le sujet principal de ce mémoire. Puisqu’aucune occupation ne peut être différencié horizontalement ni verticalement, et qu’aucun objet non-diagnostique ne peut être associé avec certitude, seul un échantillon de 32 objets ont été observés. Étant donné la faible taille de l’échantillon analysé, il est fort probable qu’un plus grand nombre de sources de matières premières aient été utilisés durant les occupations de l’Archaïque. Toutefois, un réseau de matières premières lithiques similaire à ceux des sites du Lac Mégantic a été observé, avec une forte représentation de la rhyolite Kineo-Traveller et des cherts Appalachiens. Des cherts des Grands Lacs et le quartzite de Cheshire sont aussi présents. Le mudstone silicifié d’origine locale et le quartz sont par contre faiblement représentés dans l’échantillon, probablement dû à un biais de proximité de source. L’analyse technique de l’échantillon, sans contrôle pour les pratiques techno-économiques, dénote plusieurs récurrences techniques à l’intérieur des unités typologiques, sans toutefois appuyer des différences récurrentes significatives entre les matières premières de régions différentes. À cause de la taille de l’échantillon et du contexte perturbé, la pertinence des fortes similarités entre certains objets est douteuse. La segmentation interpersonnelle des chaînes opératoires ne pouvait être déterminée dans l’échantillon. Cependant, les résultats incitent plutôt à croire que les matières premières devaient circuler sous diverses formes. Il peut être considéré que, en dehors des matières premières locales, les occupants Archaïques du site Gaudreau n’avaient pas d’accès direct aux matières premières exogènes.