Determinación del grado de dispersividad en suelos caoliníticos modificados con sales de potasio y calcio

79 p.

Asset price bubbles and economic welfare

In this paper, we provide the first empirical evidence on whether or not asset price bubbles predict economic welfare. Using a time-series model, we show that asset price bubbles both positively and negatively predict economic welfare, although the evidence that asset price bubbles are welfare-enhancing is much stronger. These results are also robust to out-of-sample forecasting as well as to a predictive regression model augmented by structural break dates.

Liquidity, Governance and Adverse Selection in Asset Pricing

A plethora of recent literature on asset pricing provides plenty of empirical evidence on the importance of liquidity, governance and adverse selection of equity on pricing of assets together with more traditional factors such as market beta and the Fama-French factors. However, literature has usually stressed that these factors are priced individually. In this dissertation we argue that these factors may be related to each other, hence not only individual but also joint tests of their significance is called for. In the three related essays, we examine the liquidity premium in the context of the finer three-digit SIC industry classification, joint importance of liquidity and governance factors as well as governance and adverse selection. Recent studies by Core, Guay and Rusticus (2006) and Ben-Rephael, Kadan and Wohl (2010) find that governance and liquidity premiums are dwindling in the last few years. One reason could be that liquidity is very unevenly distributed across industries. This could affect the interpretation of prior liquidity studies. Thus, in the first chapter we analyze the relation of industry clustering and liquidity risk following a finer industry classification suggested by Johnson, Moorman and Sorescu (2009). In the second chapter, we examine the dwindling influence of the governance factor if taken simultaneously with liquidity. We argue that this happens since governance characteristics are potentially a proxy for information asymmetry that may be better captured by market liquidity of a company’s shares. Hence, we jointly examine both the factors, namely, governance and liquidity – in a series of standard asset pricing tests. Our results reconfirm the importance of governance and liquidity in explaining stock returns thus independently corroborating the findings of Amihud (2002) and Gompers, Ishii and Metrick (2003). Moreover, governance is not subsumed by liquidity. Lastly, we analyze the relation of governance and adverse selection, and again corroborate previous findings of a priced governance factor. Furthermore, we ascertain the importance of microstructure measures in asset pricing by employing Huang and Stoll’s (1997) method to extract an adverse selection variable and finding evidence for its explanatory power in four-factor regressions.

Regional Diversification and Performance: Conceptualization and Competing Strategic Objectives

This dissertation comprised of three essays provides justification for the need to pursue research on multinationality and performance with a more fine-grained approach. Essay one is a conceptual response to an article written by Jean-Francois Hennart in 2011 which questions the need and approach toward future research in this domain. I argue that internalization theory does not render multinationality and performance research meaningless and identify key areas where methodological enhancements can be made to strengthen our research findings with regard to Hennart’s call for more content validity. Essay two responds to the need for more-fine grained research on the consequences of multinationality by introducing non-traditional measures of performance such as social and environmental performance and adopting a more theoretically relevant construct of regionalization to capture international diversification levels of the firm. Using data from the world’s largest 600 firms (based on sales) derived from Bloomberg and the Directory of Corporate Affiliates; I employ general estimating equation analysis to account for the auto-correlated nature of the panel data alongside multivariate regression techniques. Results indicate that regionalization has a positive relationship with economic performance while it has a negative relationship with environmental and social performance outcomes, often referred to as the “Triple Bottom-Line” performance. Essay three builds upon the work in the previous essays by linking the aforementioned performance variables and sample to corporate reputation which has been shown to be a beneficial strategic asset. Using Structural Equation Modeling I explore economic, environmental and social signals as mediators on relationship between regionalization and firm reputation. Results indicate that these variables partially mediate a positive relationship between regionalization and firm reputation. While regionalization positively affects the reputation building signal of economic performance, it aids in reputation building by reducing environmental and social disclosure effects which interestingly impact reputation negatively. In conclusion, the dissertation submits opportunities for future research and contributes to research by demonstrating that regionalization affects performance, but the effect varies in accordance with the performance criterion and context. In some cases, regional diversification may produce competing or conflicting outcomes among the potential strategic objectives of the firm.

Insider sales and the effectiveness of clawback adoptions in mitigating fraud risk

In recent years, firms (and lawmakers) have sought to mitigate the dysfunctional effects of incentive-based executive compensation by adopting clawbacks. However, extant clawbacks (whether firm-initiated or as mandated by the 2010 Dodd-Frank Act) do not go far enough in that they seem to allow executives to retain trading profits linked to sales of their own companies' shares at a time of inflated earnings (Fried and Shilon, 2011). In this paper, we examine the moderating effect of insider sales on the relation between firm-initiated clawback-adoptions and fraud risk. Our results indicate that clawback-adopting firms experience a decrease in fraud risk following adoption relative to non-adopters during the same time period. However, this decrease in fraud risk for the clawback-adopting firms is materially weakened in the presence of insider trading. At this time (July 2014), the SEC is still working on rules for implementing clawbacks (one of nearly half of the rules yet to be completed under Dodd-Frank). Our findings suggest that clawback rules (as and when issued by the SEC) need to address insider sales for clawbacks to be fully effective in mitigating the risk of fraudulent financial reporting.

Role of index bonds in an optimal dynamic asset allocation model with real subsistence consumption

We investigate the role of index bonds in a dynamic consumption and asset allocation model where the rate of real consumption at any given time cannot fall below a fixed level. An explicit form of the optimal consumption and portfolio rule for a class of Constant Relative Risk Aversion (CRRA) utility functions is derived. Consumption increases above the subsistence level only when wealth exceeds a threshold value. Risky investments in equity and nominal bonds are initially proportional to the excess of wealth over a lower bound, and then increase nonlinearly with wealth. The desirability of investing in the risky assets are related to the agent’s risk preference, the equity premium, and the inflation risk premium. The demand for index bonds is also obtained. The results should be useful for the management of defined benefit pension funds, university endowments, and other portfolios which have a withdrawal pre-commitment in real terms.

Asset identification in information security risk assessment: A business practice approach

Organizations apply information security risk assessment (ISRA) methodologies to systematically and comprehensively identify information assets and related security risks. We review the ISRA literature and identify three key deficiencies in current methodologies that stem from their traditional accountancy-based perspective and a limited view of organizational "assets". In response, we propose a novel rich description method (RDM) that adopts a less formal and more holistic view of information and knowledge assets that exist in modern work environments. We report on an in-depth case study to explore the potential for improved asset identification enabled by the RDM compared to traditional ISRAs. The comparison shows how the RDM addresses the three key deficiencies of current ISRAs by providing: 1) a finer level of granularity for identifying assets, 2) a broader coverage of assets that reflects the informal aspects of business practices, and 3) the identification of critical knowledge assets.

Price discovery and asset pricing

This paper tests the hypothesis that price discovery influences asset pricing. Our innovations are twofold. First, we estimate time-varying price discovery for a large number (21) of Islamic stock portfolios. Second, we test using a predictive regression model whether or not price discovery predicts stock excess returns. We find from both in-sample and out-of-sample tests that all 21 portfolio excess returns are predictable. We show that a mean-variance investor by tracking price discovery is able to devise profitable trading strategies.

Asset Management: Identifying and Evaluating our Roadway System

Historically SCDOT ranks in the top 10 each year for highway conditions and cost-effectiveness as rated by the Reason Foundation. With billions of dollars invested and billions to be invested it makes sense to invest the public's tax dollars as wisely as possible. Therefore, assessing what we have or better yet what condition what we have is in can be vital to public safety and setting priorities. The focus of this project is on the maintenance responsibility of Roadway Inspection as outlined in SCDOT Engineering Directive Memorandum #8. This memorandum is a portion of the way SCDOT provides for the safety of the traveling public and keeps South Carolina's most expensive asset in working order.

Improving the Asset Inventory Process

The South Carolina Department of Education (SCDE) is required by the State of South Carolina to provide an accurate physical count of all Capitalized assets listed on their inventory by the end of the fiscal year. There were no published procedures for employees to follow as guidelines for identifying, tracking, reporting and disposing of assets. This has led to errors in identifying items that require asset numbers, completing the shopping carts and transfer/disposal of assets. These errors cause additional work for the Asset Accountant, Procurement Analyst and Accounts Payable Supervisor. The scope of this project is to improve the fixed asset process by developing and publishing asset inventory procedures to ensure accountability and accuracy of all item listed on SCDE inventory.

MARS (Media Asset Retrieval System): Puget Sound’s Digital Archive

The MARS (Media Asset Retrieval System) Project is the collaborative effort of public broadcasters,libraries and schools in the Puget Sound region to create a digital online resource that provides access to content produced by public broadcasters via the public libraries. Convergence ConsortiumThe Convergence Consortium is a model for community collaboration, including organizations such as public broadcasters, libraries, museums, and schools in the Puget Sound region to assess the needs of their constituents and pool resources to develop solutions to meet those needs. Specifically, the archives of public broadcasters have been identified as significant resources for the local communities and nationally. These resources can be accessed on the broadcasters websites, and through libraries and used by schools, and integrated with text and photographic archives from other partners.MARS’ goalCreate an online resource that provides effective access to the content produced locally by KCTS (Seattle PBS affiliate) and KUOW (Seattle NPR affiliate). The broadcasts will be made searchable using the CPB Metadata Element Set (under development) and controlled vocabularies (to be developed). This will ensure a user friendly search and navigation mechanism and user satisfaction.Furthermore, the resource can search the local public library’s catalog concurrently and provide the user with relevant TV material, radio material, and books on a given subject.The ultimate goal is to produce a model that can be used in cities around the country.The current phase of the project assesses the community’s need, analyzes the current operational systems, and makes recommendations for the design of the resource.Deliverables• Literature review of the issues surrounding the organization, description and representation of media assets• Needs assessment report of internal and external stakeholders• Profile of the systems in the area of managing and organizing media assetsfor public broadcasting nationwideActivities• Analysis of information seeking behavior• Analysis of collaboration within the respective organizations• Analysis of the scope and context of the proposed system• Examining the availability of information resources and exchangeof resources among users

Puget Sound’s MARS (Media Asset Retrieval System) Digital Library

The MARS (Media Asset Retrieval System) Project is a collaboration between public broadcasters, libraries and schools in the Puget Sound region to assess the needs of their constituents and pool resources to develop solutions to meet those needs. The Project’s ultimate goal is to create a digital online resource that will provide access to content produced by public broadcasters and libraries. The MARS Project is funded by a grant from the Corporation for Public Broadcasting (CPB) Television Future Fund. Convergence ConsortiumThe Convergence Consortium is a model for community collaboration, including representatives from public broadcasting, libraries and schools in the Puget Sound region. They meet regularly to consider collaborative efforts that will be mutually beneficial to their institutions and constituents. Specifically, the archives of public broadcasters have been identified as significant resources that can be accessed through libraries and used by schools, and integrated with text and photographic archives from other partners.Using the work-centered framework, we collected data through interviews with nine engineers and observation of their searching while they performed their regular, job-related searches on the Web. The framework was used to analyze the data on two levels: 1) the activities and organizational relationships and constrains of work domains, and 2) users’ cognitive and social activities and their subjective preferences during searching.

The significant role of third-party logistics (3pl) operators as fosterers of organizational performance in colombian companies

La eliminación de barreras entre países es una consecuencia que llega con la globalización y con los acuerdos de TLC firmados en los últimos años. Esto implica un crecimiento significativo del comercio exterior, lo cual se ve reflejado en un aumento de la complejidad de la cadena de suministro de las empresas. Debido a lo anterior, se hace necesaria la búsqueda de alternativas para obtener altos niveles de productividad y competitividad dentro de las empresas en Colombia, ya que el entorno se ha vuelto cada vez más complejo, saturado de competencia no sólo nacional, sino también internacional. Para mantenerse en una posición competitiva favorable, las compañías deben enfocarse en las actividades que le agregan valor a su negocio, por lo cual una de las alternativas que se están adoptando hoy en día es la tercerización de funciones logísticas a empresas especializadas en el manejo de estos servicios. Tales empresas son los Proveedores de servicios logísticos (LSP), quienes actúan como agentes externos a la organización al gestionar, controlar y proporcionar actividades logísticas en nombre de un contratante. Las actividades realizadas pueden incluir todas o parte de las actividades logísticas, pero como mínimo la gestión y ejecución del transporte y almacenamiento deben estar incluidos (Berglund, 2000). El propósito del documento es analizar el papel de los Operadores Logísticos de Tercer nivel (3PL) como promotores del desempeño organizacional en las empresas colombianas, con el fin de informar a las MIPYMES acerca de los beneficios que se obtienen al trabajar con LSP como un medio para mejorar la posición competitiva del país.

Trans-national cooperation: an asset in the Portuguese overseas trade. Foreigners operating in the Portuguese overseas trade, 1580-1590

This paper aims to discuss the role of foreign merchants, operating from Portugal, in the Portuguese overseas trade, during the first ten years of Iberian Union. The focus is not in products or routes, but in the mechanisms of association of such merchants. Iberian Union created a legal framework which prohibited the interference and trade of Portuguese agents in the Spanish Empire and vice-versa. Due to the imperialist wars of the Habsburgs, the Portuguese Empire also suffered from Dutch and English rivalry both in the Indic and in the Atlantic and also from the embargos of Dutch and English products and ships in Iberian ports. In such conjuncture, how did merchants related with each other? What was the impact of the political union of the Portuguese and Spanish crowns in trading associations? The used data sources are the notarial contracts of Lisbon for the same period. The paper highlights the role of Castilian merchants in the Portuguese trade, but it also stresses that Iberian partnerships have prevailed before 1580. The role of other merchants, such as Flemish/Dutch, Germans, Italians and French, is also considered. The paper discusses how and why did these merchants join in trans-national partnerships and what was their role in the Portuguese trade network at the time.