961 resultados para value change


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The A. A. compare corn silage (Zea mays L.) with sugar cane (Saccharum sinensis Roxb.) in the supplementary feeding of dairy cow. Both the feeds were studied in relation to the following points: composition and nutritive value; influence of milk production, milk fat, milk acidity and body weight; cost of production. Both corn silage and sugar cane were analysed by ordinary methods, and their digestibility was determined by means of digestibility coefficients; their composition and nutritive value are, practically, equivalent, but silage showed slight superiority. The feeding experiment was carried out with two groups of six Holstein Friesian cows each, of the Escola Superior de Agricultura "Luiz de Queiroz" herd. Both groups were fed with the same basic concentrates mixture, calculeted according to MORRISON. During the various periods of the experiment, only the roughage supplement varied. The supplementary feeding consisted of 15 kg of chopped sugar cane or corn, silage, per day and per cow, given in two daily meals in the barn. At 4,30 p.m., the cows are set free in the field, where they pass the over night. The experiment was divided into six periods, in which there was a gradative change of the supplementary feeding between the two groups. The milk was weighed every day; the analysis of milk fat and acidity and the weighing of the animals, were made only on the first three days of every week. The analysis of data showed that: a) Milk production was increased significantly by silage feeding; b) The ri was not any influence on milk fat; c) The silage caused higher milk acidity; d) The sugar cane gave a greater increase of body weight. The cost of production of corn silage was 2,12 time higher, than sugar cane, hence, although the silage gave a higher milk production, its use is not economical, compared with sugar cane, in our conditions.

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This paper proves the following theorems on the gamma function: Theorem I The integral ∫O∞ t u e-t dt = Γ ( u + 1 ) , where u, real or complex, is such that R (u) > -1, will not change its value if we substitute z = Q (cos φ + i sen φ) for the real variable t, being jconstant and such that - Π/2 < φ < Π/2 , Theorem II The integral ∫-∞∞ w2u + 1 e -w² dw = Γ ( u + 1 ) , where 2u + 1 is supposed to be a non negative even integer, will not change its value if we substitute z = w + fi, f being a real constant, for the real variable w. The proof of both theorems is obtained by means of the well known Cauchy theorem on contour integrals on the complex plane, as suggested by CRAMÉR (1, p. 126) and LEVY (3, p. 178).

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Magdeburg, Univ., Fak. für Wirtschaftswiss., Diss., 2012

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Magdeburg, Univ., Fak. für Informatik, Diss., 2013

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Otto-von-Guericke-Universität Magdeburg, Fakultät für Wirtschaftswissenschaft, Univ., Dissertation, 2015

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The primary purpose of this exploratory empirical study is to examine the structural stability of a limited number of alternative explanatory factors of strategic change. On the basis of theoretical arguments and prior empirical evidence from two traditional perspectives, we propose an original empirical framework to analyse whether these potential explanatory factors have remained stable over time in a highly turbulent environment. This original question is explored in a particular setting: the population of Spanish private banks. The firms of this industry have experienced a high level of strategic mobility as a consequence of fundamental changes undergone in their environmental conditions over the last two decades (mainly changes related to the new banking and financial regulation process). Our results consistently support that the effect of most explanatory factors of strategic mobility considered did not remain stable over the whole period of analysis. From this point of view, the study sheds new light on major debates and dilemmas in the field of strategy regarding why firms change their competitive patterns over time and, hence, to what extent the "contextdependency" of alternative views of strategic change as their relative validation can vary over time for a given population. Methodologically, this research makes two major contributions to the study of potential determinants of strategic change. First, the definition and measurement of strategic change employing a new grouping method, the Model-based Cluster Method or MCLUST. Second, in order to asses the possible effect of determinants of strategic mobility we have controlled the non-observable heterogeneity using logistic regression models for panel data.

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Does shareholder value orientation lead to shareholder value creation? This article proposes methods to quantify both, shareholder value orientation and shareholder value creation. Through the application of these models it is possible to quantify both dimensions and examine statistically in how far shareholder value orientation explains shareholder value creation. The scoring model developed in this paper allows quantifying the orientation of managers towards the objective to maximize wealth of shareholders. The method evaluates information that comes from the companies and scores the value orientation in a scale from 0 to 10 points. Analytically the variable value orientation is operationalized expressing it as the general attitude of managers toward the objective of value creation, investment policy and behavior, flexibility and further eight value drivers. The value creation model works with market data such as stock prices and dividend payments. Both methods where applied to a sample of 38 blue chip companies: 32 firms belonged to the share index IBEX 35 on July 1st, 1999, one company represents the “new economy” listed in the Spanish New Market as per July 1st, 2001, and 5 European multinational groups formed part of the EuroStoxx 50 index also on July 1st, 2001. The research period comprised the financial years 1998, 1999, and 2000. A regression analysis showed that between 15.9% and 23.4% of shareholder value creation can be explained by shareholder value orientation.

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We propose a simple mechanism that implements the Ordinal Shapley Value (Pérez-Castrillo and Wettstein [2005]) for economies with three or less agents.

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We propose a new solution concept to address the problem of sharing a surplus among the agents generating it. The problem is formulated in the preferences-endowments space. The solution is defined recursively, incorporating notions of consistency and fairness and relying on properties satisfied by the Shapley value for Transferable Utility (TU) games. We show a solution exists, and call it the Ordinal Shapley value (OSV). We characterize the OSV using the notion of coalitional dividends, and furthermore show it is monotone and anonymous. Finally, similarly to the weighted Shapely value for TU games, we construct a weighted OSV as well.

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Many organizations suffer poor performance because individuals within the organization fail to coordinate on efficient patterns of behavior. Using controlled laboratory experiments, we study how financial incentives can be used to find a way out of such performance traps. Our experiments are set in a corporate environment where subjects' payoffs depend on coordinating at high effort levels; the underlying game being played repeatedly by employees is a weak-link game. In an initial phase, the benefits of coordination are low relative to the cost of increased effort. Play in this initial phase typically converges to an inefficient outcome with employees failing to coordinate at high effort levels. The experimental design then explores the effects of varying the financial incentives to coordinate at a higher effort level. We find that an increase in the benefits of coordination leads to improved coordination, but, surprisingly, large increases have no more impact than small increases. Once subj