Analysis of the operating efficiency of mobile operators during the 2002 to 2008 period

This article aims to quantify the efficiency of mobile operators in Spain and other European countries such as France and Germany. The period considered is from 2002 to 2008. Linear regression is used to analyze the relationship between growth in revenue and gross operating margin (EBITDA) generated by the relevant operators and the aggregate industry in each country. At the industry level, it is shown that (i) there is a strong correlation between revenue and margin; and (ii) this correlation weakens when competitive intensity grows. At the operator level, those which achieved larger increases in revenues did not sacrifice their margins, but offset the additional investments and costs required to achieve said growth through economies of scale.

Producción y rentabilidad en la ganadería argentina. 1980-2006

El presente trabajo tiene como objetivo principal estudiar y analizar la producción y rentabilidad de la ganadería argentina. El trabajo intentará explorar si los vaivenes de la actividad se encuentran atados a la evolución de la economía en su conjunto, y del sector agropecuario en particular; o si por el contrario, se trata de un sector cuya senda ha logrado independizarse del resto de las actividades. En arreglo a lo dicho, se buscará dar cuenta del impacto de las políticas económicas y los cambios tecnológicos sobre la producción y rentabilidad del sector, prestando especial atención a cuestiones estructurales de la actividad como son la productividad, cantidad, localización y concentración del stock vacuno. Asimismo, y en relación a esta última variable, estudiaremos su incidencia sobre los pequeños, medianos y grandes productores. Para llevar a cabo dicho estudio, se analizará con especial atención lo acontecido a partir de 2002, intentando rescatar las rupturas y continuidades que supuso el abandono de la convertibilidad.

Producción y rentabilidad en la ganadería argentina. 1980-2006

El presente trabajo tiene como objetivo principal estudiar y analizar la producción y rentabilidad de la ganadería argentina. El trabajo intentará explorar si los vaivenes de la actividad se encuentran atados a la evolución de la economía en su conjunto, y del sector agropecuario en particular; o si por el contrario, se trata de un sector cuya senda ha logrado independizarse del resto de las actividades. En arreglo a lo dicho, se buscará dar cuenta del impacto de las políticas económicas y los cambios tecnológicos sobre la producción y rentabilidad del sector, prestando especial atención a cuestiones estructurales de la actividad como son la productividad, cantidad, localización y concentración del stock vacuno. Asimismo, y en relación a esta última variable, estudiaremos su incidencia sobre los pequeños, medianos y grandes productores. Para llevar a cabo dicho estudio, se analizará con especial atención lo acontecido a partir de 2002, intentando rescatar las rupturas y continuidades que supuso el abandono de la convertibilidad.

Producción y rentabilidad en la ganadería argentina. 1980-2006

El presente trabajo tiene como objetivo principal estudiar y analizar la producción y rentabilidad de la ganadería argentina. El trabajo intentará explorar si los vaivenes de la actividad se encuentran atados a la evolución de la economía en su conjunto, y del sector agropecuario en particular; o si por el contrario, se trata de un sector cuya senda ha logrado independizarse del resto de las actividades. En arreglo a lo dicho, se buscará dar cuenta del impacto de las políticas económicas y los cambios tecnológicos sobre la producción y rentabilidad del sector, prestando especial atención a cuestiones estructurales de la actividad como son la productividad, cantidad, localización y concentración del stock vacuno. Asimismo, y en relación a esta última variable, estudiaremos su incidencia sobre los pequeños, medianos y grandes productores. Para llevar a cabo dicho estudio, se analizará con especial atención lo acontecido a partir de 2002, intentando rescatar las rupturas y continuidades que supuso el abandono de la convertibilidad.

Return on assets in the Tobacco Industry analysis of the four main Tobacco Manufacturers

This paper studies operating profitability drivers in the Four Main Tobacco Manufacturers for the period 2004-2014. The operating profitability is analyzed as return on assets (ROA) based on the DuPont Extended Model breakdown in degree of operational risk, gross sales margin and assets turnover. The sources of ROA are market share and price strategies appraised through the drivers: firm-size, global value and strategic choices. Using consolidated data, results suggest that firm-size and global value holds a positive relationship with ROA. Also innovation through less harmful tobacco products can lead to better ROA despite no correlation between R&D and ROA.

Novos modelos de gestão hoteleira no contexto da sociedade em rede : o caso de Lisboa

Tese de doutoramento, Turismo (Planeamento dos Espaços Turísticos), Universidade de Lisboa, Instituto de Geografia e Ordenamento do Território, 2015

Determinants of bankruptcy protection duration for Canadian firms

The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.

Competitividade interna na bovinocultura de corte no Estado do Rio Grande do Sul

O presente trabalho teve por objetivo identificar os principais fatores internos (custos, receitas, viabilidade técnico-econômica e uso de inovações tecnológicas) que afetam a competitividade da bovinocultura de corte em um sistema de produção de ciclo completo no Estado do Rio Grande do Sul. Os dados foram coletados durante o ano de 2008, a partir de reuniões mensais entre os meses de janeiro e dezembro. Posteriormente, os dados foram analisados em planilhas eletrônicas. Os custos foram subdivididos em desembolsados, operacionais e totais e as receitas por categoria e total. Dentre os custos avaliados, destacaram-se o custo de oportunidade da terra, mão-de-obra e suplementação animal, com valores de 19,9%, 18,3% e 13,6%, respectivamente, em relação ao custo total. Foram calculados os principais indicadores financeiros e técnicos utilizados comumente em análise de sistemas de produção. As margens econômicas (bruta, operacional e líquida), assim como a lucratividade e rentabilidade sobre o patrimônio líquido, foram positivos, o que demonstra a viabilidade econômica da atividade. Ao mesmo tempo, indicadores técnicos, como a taxa de desfrute e a produtividade/ha, apresentaram valores satisfatórios. Dessa forma, pode-se concluir que os fatores internos avaliados foram extremamente competitivos para o sistema em questão.

The relationship between hospital financial performance and information technology integration strategy selection

In light of the new healthcare regulations, hospitals are increasingly reevaluating their IT integration strategies to meet expanded healthcare information exchange requirements. Nevertheless, hospital executives do not have all the information they need to differentiate between the available strategies and recognize what may better fit their organizational needs. ^ In the interest of providing the desired information, this study explored the relationships between hospital financial performance, integration strategy selection, and strategy change. The integration strategies examined – applied as binary logistic regression dependent variables and in the order from most to least integrated – were Single-Vendor (SV), Best-of-Suite (BoS), and Best-of-Breed (BoB). In addition, the financial measurements adopted as independent variables for the models were two administrative labor efficiency and six industry standard financial ratios designed to provide a broad proxy of hospital financial performance. Furthermore, descriptive statistical analyses were carried out to evaluate recent trends in hospital integration strategy change. Overall six research questions were proposed for this study. ^ The first research question sought to answer if financial performance was related to the selection of integration strategies. The next questions, however, explored whether hospitals were more likely to change strategies or remain the same when there was no external stimulus to change, and if they did change, they would prefer strategies closer to the existing ones. These were followed by a question that inquired if financial performance was also related to strategy change. Nevertheless, rounding up the questions, the last two probed if the new Health Information Technology for Economic and Clinical Health (HITECH) Act had any impact on the frequency and direction of strategy change. ^ The results confirmed that financial performance is related to both IT integration strategy selection and strategy change, while concurred with prior studies that suggested hospital and environmental characteristics are associated factors as well. Specifically this study noted that the most integrated SV strategy is related to increased administrative labor efficiency and the hybrid BoS strategy is associated with improved financial health (based on operating margin and equity financing ratios). On the other hand, no financial indicators were found to be related to the least integrated BoB strategy, except for short-term liquidity (current ratio) when involving strategy change. ^ Ultimately, this study concluded that when making IT integration strategy decisions hospitals closely follow the resource dependence view of minimizing uncertainty. As each integration strategy may favor certain organizational characteristics, hospitals traditionally preferred not to make strategy changes and when they did, they selected strategies that were more closely related to the existing ones. However, as new regulations further heighten revenue uncertainty while require increased information integration, moving forward, as evidence already suggests a growing trend of organizations shifting towards more integrated strategies, hospitals may be more limited in their strategy selection choices.^

A Flow-Through Analysis of the US Lodging Industry During the Great Recession

Purpose – The objective of this exploratory study is to investigate the “flow-through” or relationship between top-line measures of hotel operating performance (occupancy, average daily rate and revenue per available room) and bottom-line measures of profitability (gross operating profit and net operating income), before and during the recent great recession. Design/methodology/approach – This study uses data provided by PKF Hospitality Research for the period from 2007-2009. A total of 714 hotels were analyzed and various top-line and bottom-line profitability changes were computed using both absolute levels and percentages. Multiple regression analysis was used to examine the relationship between top and bottom line measures, and to derive flow-through ratios. Findings – The results show that average daily rate (ADR) and occupancy are significantly and positively related to gross operating profit per available room (GOPPAR) and net operating income per available room (NOIPAR). The evidence indicates that ADR, rather than occupancy, appears to be the stronger predictor and better measure of RevPAR growth and bottom-line profitability. The correlations and explained variances are also higher than those reported in prior research. Flow-through ratios range between 1.83 and 1.91 for NOIPAR, and between 1.55 and 1.65 for GOPPAR, across all chain-scales. Research limitations/implications – Limitations of this study include the limited number of years in the study period, limited number of hotels in a competitive set, and self-selection of hotels by the researchers. Practical implications – While ADR and occupancy work in combination to drive profitability, the authors' study shows that ADR is the stronger predictor of profitability. Hotel managers can use flow-through ratios to make financial forecasts, or use them as inputs in valuation models, to forecast future profitability. Originality/value – This paper extends prior research on the relationship between top-line measures and bottom-line profitability and serves to inform lodging owners, operators and asset managers about flow-through ratios, and how these ratios impact hotel profitability.

Ratios and indicators that determine return on equity

This study aims to investigate factors that may affect return on equity (ROE). The ROE is a gauge of profit generating efficiency and a strong measure of how well the management of a firm creates value for its shareholders. Firms with higher ROE typically have competitive advantages over their competitors which translates into superior returns for investors. Therefore, seems imperative to study the drivers of ROE, particularly ratios and indicators that may have considerable impact. The analysis is done on a sample of 90 largest non-financial companies which are components of NASDAQ-100 index and also on industry sector samples. The ordinary least squares method is used to find the most impactful drivers of ROE. The extended DuPont model’s components are considered as the primary factors affecting ROE. In addition, other ratios and indicators such as price to earnings, price to book and current are also incorporated. Consequently, the study uses eight ratios that are believed to have impact on ROE. According to our findings, the most relevant ratios that determine ROE are tax burden, interest burden, operating margin, asset turnover and financial leverage (extended DuPont components) regardless of industry sectors.

Impact of subsoil constraints on wheat yield and gross margin on fine-textured soils of the southern Victorian Mallee

The APSIM-Wheat module was used to investigate our present capacity to simulate wheat yields in a semi-arid region of eastern Australia (the Victorian Mallee), where hostile subsoils associated with salinity, sodicity, and boron toxicity are known to limit grain yield. In this study we tested whether the effects of subsoil constraints on wheat growth and production could be modelled with APSIM-Wheat by assuming that either: (a) root exploration within a particular soil layer was reduced by the presence of toxic concentrations of salts, or (b) soil water uptake from a particular soil layer was reduced by high concentration of salts through osmotic effects. After evaluating the improved predictive capacity of the model we applied it to study the interactions between subsoil constraints and seasonal conditions, and to estimate the economic effect that subsoil constraints have on wheat farming in the Victorian Mallee under different climatic scenarios. Although the soils had high levels of salinity, sodicity, and boron, the observed variability in root abundance at different soil layers was mainly related to soil salinity. We concluded that: (i) whether the effect of subsoil limitations on growth and yield of wheat in the Victorian Mallee is driven by toxic, osmotic, or both effects acting simultaneously still requires further research, (ii) at present, the performance of APSIM-Wheat in the region can be improved either by assuming increased values of lower limit for soil water extraction, or by modifying the pattern of root exploration in the soil pro. le, both as a function of soil salinity. The effect of subsoil constraints on wheat yield and gross margin can be expected to be higher during drier than wetter seasons. In this region the interaction between climate and soil properties makes rainfall information alone, of little use for risk management and farm planning when not integrated with cropping systems models.

Bt-cotton boosts the gross margin of small-scale cotton producers in South Africa

This paper explores some of the issues involved in the Genetic Modification (GM) debate by focusing on one crop that has been modified for pest resistance, cotton (Gossypium hirsutum), and commercially released to small-scale farmers in the Makhathini Flats, KwaZulu Natal, the Republic of South Africa. This was the first commercial release of a GM variety (Bt-cotton) in Sub-Saharan Africa, and thus provides valuable and timely insights into some of the potential advantages and disadvantages of the technology for small-scale farmers in Africa. Even though there are wider concerns regarding the vulnerability of small-scale farmers in the area, the survey results suggest that Bt-cotton generated higher yields and gross margins than non-Bt-cotton. In addition, Bt-cotton significantly reduced the use of pesticide with consequent potential benefits to human health and the environment.

Investigating the hydrodynamic performance of a gross pollutant trap

Field studies show that the internal screens in a gross pollutant trap (GPT) are often clogged with organic matter, due to infrequent cleaning. The hydrodynamic performance of a GPT with fully blocked screens was comprehensively investigated under a typical range of onsite operating conditions. Using an acoustic Doppler velocimeter (ADV), velocity profiles across three critical sections of the GPT were measured and integrated to examine the net fluid flow at each section. The data revealed that when the screens are fully blocked, the flow structure within the GPT radically changes. Consequently, the capture/retention performance of the device rapidly deteriorates. Good agreement was achieved between the experimental and the previous 2D computational fluid dynamics (CFD) velocity profiles for the lower GPT inlet flow conditions.

The hydrodynamic and capture/retention performance of a gross pollutant trap

This research shows that gross pollutant traps (GPTs) continue to play an important role in preventing visible street waste—gross pollutants—from contaminating the environment. The demand for these GPTs calls for stringent quality control and this research provides a foundation to rigorously examine the devices. A novel and comprehensive testing approach to examine a dry sump GPT was developed. The GPT is designed with internal screens to capture gross pollutants—organic matter and anthropogenic litter. This device has not been previously investigated. Apart from the review of GPTs and gross pollutant data, the testing approach includes four additional aspects to this research, which are: field work and an historical overview of street waste/stormwater pollution, calibration of equipment, hydrodynamic studies and gross pollutant capture/retention investigations. This work is the first comprehensive investigation of its kind and provides valuable practical information for the current research and any future work pertaining to the operations of GPTs and management of street waste in the urban environment. Gross pollutant traps—including patented and registered designs developed by industry—have specific internal configurations and hydrodynamic separation characteristics which demand individual testing and performance assessments. Stormwater devices are usually evaluated by environmental protection agencies (EPAs), professional bodies and water research centres. In the USA, the American Society of Civil Engineers (ASCE) and the Environmental Water Resource Institute (EWRI) are examples of professional and research organisations actively involved in these evaluation/verification programs. These programs largely rely on field evaluations alone that are limited in scope, mainly for cost and logistical reasons. In Australia, evaluation/verification programs of new devices in the stormwater industry are not well established. The current limitations in the evaluation methodologies of GPTs have been addressed in this research by establishing a new testing approach. This approach uses a combination of physical and theoretical models to examine in detail the hydrodynamic and capture/retention characteristics of the GPT. The physical model consisted of a 50% scale model GPT rig with screen blockages varying from 0 to 100%. This rig was placed in a 20 m flume and various inlet and outflow operating conditions were modelled on observations made during the field monitoring of GPTs. Due to infrequent cleaning, the retaining screens inside the GPTs were often observed to be blocked with organic matter. Blocked screens can radically change the hydrodynamic and gross pollutant capture/retention characteristics of a GPT as shown from this research. This research involved the use of equipment, such as acoustic Doppler velocimeters (ADVs) and dye concentration (Komori) probes, which were deployed for the first time in a dry sump GPT. Hence, it was necessary to rigorously evaluate the capability and performance of these devices, particularly in the case of the custom made Komori probes, about which little was known. The evaluation revealed that the Komori probes have a frequency response of up to 100 Hz —which is dependent upon fluid velocities—and this was adequate to measure the relevant fluctuations of dye introduced into the GPT flow domain. The outcome of this evaluation resulted in establishing methodologies for the hydrodynamic measurements and gross pollutant capture/retention experiments. The hydrodynamic measurements consisted of point-based acoustic Doppler velocimeter (ADV) measurements, flow field particle image velocimetry (PIV) capture, head loss experiments and computational fluid dynamics (CFD) simulation. The gross pollutant capture/retention experiments included the use of anthropogenic litter components, tracer dye and custom modified artificial gross pollutants. Anthropogenic litter was limited to tin cans, bottle caps and plastic bags, while the artificial pollutants consisted of 40 mm spheres with a range of four buoyancies. The hydrodynamic results led to the definition of global and local flow features. The gross pollutant capture/retention results showed that when the internal retaining screens are fully blocked, the capture/retention performance of the GPT rapidly deteriorates. The overall results showed that the GPT will operate efficiently until at least 70% of the screens are blocked, particularly at high flow rates. This important finding indicates that cleaning operations could be more effectively planned when the GPT capture/retention performance deteriorates. At lower flow rates, the capture/retention performance trends were reversed. There is little difference in the poor capture/retention performance between a fully blocked GPT and a partially filled or empty GPT with 100% screen blockages. The results also revealed that the GPT is designed with an efficient high flow bypass system to avoid upstream blockages. The capture/retention performance of the GPT at medium to high inlet flow rates is close to maximum efficiency (100%). With regard to the design appraisal of the GPT, a raised inlet offers a better capture/retention performance, particularly at lower flow rates. Further design appraisals of the GPT are recommended.