Annuaire des postes, ou Manuel du service de la poste aux lettres : à l'usage du commerce et des voyageurs / publié par ordre de l'administration

1901.

Analysis of Earnings, Stock Prices and Bond Yields: The Fed Model Approach

Prediction of the stock market valuation is a common interest to all market participants. Theoretically sound market valuation can be achieved by discounting future earnings of equities to present. Competing valuation models seek to find variables that affect the equity market valuation in a way that the market valuation can be explained and also variables that could be used to predict market valuation. In this paper we test the contemporaneous relationship between stock prices, forward looking earnings and long-term government bond yields. We test this so-called Fed model in a long- and short-term time series analysis. In order to test the dynamics of the relationship, we use the cointegration framework. The data used in this study spans over four decades of various market conditions between 1964-2007, using data from United States. The empirical results of our analysis do not give support for the Fed model. We are able to show that the long-term government bonds do not play statistically significant role in this relationship. The effect of forward earnings yield on the stock market prices is significant and thus we suggest the use of standard valuation ratios when trying to predict the future paths of equity prices. Also, changes in the long-term government bond yields do not have significant short-term impact on stock prices.

Évaluation du secteur communautaire du Service social de la Ville de Genève

Le Conseil administratif de la Ville de Genève a mandaté l'IDHEAP en tant qu'expert indépendant pour évaluer le secteur communautaire, une unité administrative rattachée au Service social. En prenant en considération les enjeux socio-sanitaires auxquels la Ville de Genève est confrontée, le concept d'étude proposé par l'Unité de politiques locales et d'évaluation de l'IDHEAP vise à établir un bilan de l'action du secteur communautaire, à déterminer la pertinence de cette action, son efficacité et son efficience, à tracer des perspectives en tenant compte notamment des prestations fournies par d'autres acteurs présents dans les domaines de la cohésion sociale et de la prévention socio-sanitaire, ainsi qu'à proposer des recommandations.

Entry Mode Choice in a Hard Service Company

Pro gradun tavoitteena oli löytää tärkeimmät seikat, jotka vaikuttavat kansainvälisen operaatiomuodon valintaan. Tutkimuskohteena olivat suomalaiset pienet tai keskisuuret tuotteistetut ohjelmistopalveluyritykset. Tutkimusmenetelmänä käytettiin kvalitatiivista tutkimusta sekä case-tutkimusta. Tutkimus koostui kahdesta osasta: teoreettinen osa sekä empiirinen kahden case yrityksen analyysi. Operaatiomuodon valintaan vaikuttavat tekijät jaettiin sisäisiin (yritys, tuote ja päätöksentekijä), ulkoisiin (ala ja maa) ja operaatiomuodon (kontrolli, riski, resurssit, joustavuus, tuotot ja kulut) tekijöihin. Teoreettisesti operaatiomuodon valinta on erittäin monimutkainen päätös ja sitä on tutkittu monelta kannalta. Tämä empiirinen tutkimus osoittaa, että yrityksen resurssit olivat tärkein vaikuttava tekijä molemmissa yrityksissä.

Service Concept Development - An Appoach for Professional Service Firm

Specific demand for service concept creation has come about from industrial organizations’ desire to find new and innovative ways to differentiate their offering by increasing the level of customer services. Providers of professional services have also demanded new concepts and approaches for their businesses as these industries have become increasingly competitive. Firms are now seeking better ways to understand and segment their customers, to ensure the delivery of quality services and strengthen their position in aggressively competitive markets. This thesis is intended to provide management consulting companies with a new work method that enables service concept creation in a business-to-business environment. The model defines the service concept as a combination of delivered value and the target customers; the third-dimension operating model is brought to the new system in testing of the service concept creation guidelines in the target organization. For testing, service concepts for a management consulting company are created. Service concepts are designed to serve as a solid foundation for further service improvements. Recommendations and proposals for further action related to service development in the target organization are presented, and recommendations to further improve the model created are given.

Universal Service Policies in Europe & Latam: Evidence on Bridging the Divide in Rural Areas

Broadband access is a key factor for economic and social development. However, providing broadband to rural areas is not attractive to private telecommunications operators due its low or zero investment return. To deal with broadband provision in rural areas, different governance systems based on private and public cooperation have appeared. This paper not only identifies and defines public and private cooperation models but also assesses their impact on overcoming the digital divide in rural areas. The results show that public ownership infrastructure under private management policy has had positive effects on reducing the broadband digital divide and being applied to areas with higher digital divide; subsides to private operators providers only positive effects on reducing broadband digital divide; but public infrastructure with public management programs did not. The results, obtained using quasi-experimental methods, suggest the importance of incentives and control mechanisms in broadband universal service provision plans.

Creating customer relationship management concept for engineering and service business

Customer relationship management has been one essential part of marketing for over 20 years. Today’s business environment is fast changing, international and highly competitive, and that is why the most important factor for long-term profitability is one-to-one customer relationships. However, managing relationships and serving customers that are profitable has been always challenging. In this thesis the objective was to define the main obstacles that the case company must overcome to succeed in CRM. Possible solutions have also been defined. The main elements of the implementation i.e. people, processes and technologies, can clearly be found behind these matters and solutions. This thesis also presents theoretical information about CRM and it is meant to act as a guide book inside the organisation to spread information about CRM for those who are not so familiar with the topic.

Developing service offering of an air freight carrier

The thesis examined service offering development of an air freight carrier from the customers' point of view. The study was limited to the biggest business clients of the carrier. Service offering development can be divided into service concept, process and system. The thesis was based on these three themes and quality. Compared to product development, systematic and well-structured service development has been studied little, especially in business market. However, service development is a current issue. Due to growing competition companies should carefully listen to their clients' needs and respond to them by offering right services. Methodology of the thesis is qualitative and representatives of three forwarding companies were interviewed. It was found out that the forwarding companies consider themselves as partners of the airline. In addition to general reliability, the customers value the most fluent terminal processes and electronic communication.

Benefits and Limitations of Service Oriented Architecture

In this thesis I examine Service Oriented Architecture (SOA) considering both its positive and negative qualities for business organizations and IT. In SOA, services are loosely coupled and invoked through standard interfaces to enable business process independence from the underlying technology. As an architecture, SOA brings the key benefit of service reuse that may mean anything from simple application reuse to taking advantage of entire business processes across enterprises. SOA also promises interoperability especially by the Web services standards that enable platform independency. Cost efficiency is mainly a result of the savings in IT maintenance and reduced development costs. The most severe limitations of SOA are performance implications and security issues, but the applicability of SOA is also limited. Additional disadvantages of a service oriented approach include problems in data management and complexity questions, and the lack of agreement about SOA and its twofold nature as a business as well as technology approach leads to problematic interpretation of the available information. In this thesis I find the benefits and limitations of SOA for the purpose described above and propose that companies need to consider the decision to implement SOA carefully to determine whether the benefits will outdo the costs in the individual case.

Profitability Analysis of Service Contracts of Devices

The objective of this study has been to make a profitability analysis of service contracts for a company in Finland. The purpose has been to see how profitable the contracts are and if there possibly were some things to change or develop in the contracts. Allocation rules of cost accounting, service costs both profitability and management of services have been considered in the theory part. All the service contracts that have been valid at least three last accounting periods have been included in the study. All direct costs relating to the contracts have been collected and indirect costs have been assigned to the contracts. Profitability of the contracts has been calculated over three years. Results have been analyzed according to the key figures the company is controlling. Some suggestions for developments have been given at the end of the study. The study has shown differences between the contracts. Part of them has turned out to be like the profitability aims of the company and part less profitable. The study has shown that many factors have an effect on the profitability of the service contracts.

Epidemiology and injury patterns of patients consulting following assault by nightclub security agents in a university hospital emergency service and an associated specialised forensic consultation

Introduction: The Violence Medical Unit (VMU), a specialised forensic medical consultation, was created at the Lausanne university Hospital in 2006. All patients consulting at the ED for interpersonal violencerelated injury are referred to the VMU, which provides forensic documentation of the injury and referral to the relevant community based victim-support organisations within 48 hours of the ED visit. This frees the ED medical staff from forensic injury documentation and legal/social referral, tasks for which they lack both time and training. Among community violence, assaults by nightclub security agents against patrons have increased from 6% to 10% between 2007 and 2009. We set out to characterise the demographics, assault mechanisms, subsequent injuries, prior alcohol intake and ED & VMU costs incurred by this group of patients. Methods: We retrospectively included all patients consulting at the VMU due to assault by nightclub security agents from January 2007 to December 2009. Data was obtained from ED & VMU medical, nursing and administrative records. Results: Our sample included 70 patients, of which 64 were referred by the CHUV ED. The victims were typically young (median age 29) males (93%). 77% of assaults occurred on the weekend between 12 PM and 4 AM, and 73% of the victims were under the influence of alcohol. 83% of the patients were punched, kicked and/or head-butted; 9% had been struck with a blunt instrument. 80% of the injuries were in the head and neck area and 19% of the victims sustained fractures. 21% of the victims were prescribed medical leave. Total ED & VMU costs averaged 1048 SFr. Conclusion: Medical staff treating this population of assault victims must be aware of the assault mechanisms and injury patterns, in particular the high probability of fractures, in order to provide adequate diagnosis and care. Associated inebriation mandates liberal use of radiology, as delayed or missed diagnosis may have medical, medicolegal and legal implications. Emergency medical services play an important role in detecting and reporting of such incidents. Centralised management of the forensic documentation facilitates referral to victim support organisations and epidemiological data collection. Magnitudes and trends of the different types of violence can be determined, and this information can be then impact public safety management policies.

Stratégies de communication au service de la formation: quelques outils pratiques [Effective communication strategies to frame the trainer-trainee dialogue in the clinical setting].

Communication between trainer and trainee plays a central role in teaching and learning in the clinical environment. There are various strategies to frame the dialogue between trainee and trainer. These strategies allow trainers to be more effective in their supervision, which is important in our busy clinical environment. Communication strategies are well adapted to both in- and out-patient settings, to both under- and postgraduate contexts. This article presents three strategies that we think are particularly useful. They are meant to give feedback, to ask questions and to present a case.