Structured products in the current low interest rate environment

Directed Research Internship

Multi-objective assembly job shop scheduling using genetic algorithm and tabu search

Assembly job shop scheduling problem (AJSP) is one of the most complicated combinatorial optimization problem that involves simultaneously scheduling the processing and assembly operations of complex structured products. The problem becomes even more complicated if a combination of two or more optimization criteria is considered. This thesis addresses an assembly job shop scheduling problem with multiple objectives. The objectives considered are to simultaneously minimizing makespan and total tardiness. In this thesis, two approaches viz., weighted approach and Pareto approach are used for solving the problem. However, it is quite difficult to achieve an optimal solution to this problem with traditional optimization approaches owing to the high computational complexity. Two metaheuristic techniques namely, genetic algorithm and tabu search are investigated in this thesis for solving the multiobjective assembly job shop scheduling problems. Three algorithms based on the two metaheuristic techniques for weighted approach and Pareto approach are proposed for the multi-objective assembly job shop scheduling problem (MOAJSP). A new pairing mechanism is developed for crossover operation in genetic algorithm which leads to improved solutions and faster convergence. The performances of the proposed algorithms are evaluated through a set of test problems and the results are reported. The results reveal that the proposed algorithms based on weighted approach are feasible and effective for solving MOAJSP instances according to the weight assigned to each objective criterion and the proposed algorithms based on Pareto approach are capable of producing a number of good Pareto optimal scheduling plans for MOAJSP instances.

Estudo sobre a valorização de produtos estruturados no mercado brasileiro entre 2006 e 2011

Produtos estruturados é uma combinação de ativos que inclui uma renda fixa e um ou mais derivativos embutidos. No Brasil, como ainda não existe uma regulamentação específica como nos Estados Unidos e Europa, a comercialização destes produtos é feita, principalmente, via Fundos de Investimentos Estruturados. O objetivo deste trabalho é avaliar se existe uma sobrevalorização na emissão de Fundos de Investimentos Estruturados. Para isso, calculou-se a diferença entre o preço de emissão e o preço teórico. Este preço teórico foi calculado sintetizando uma carteira composta de um componente renda fixa e os derivativos embutidos, valorizando-se os dois componentes com base na mesma metodologia abordada em publicações nacionais e internacionais. Foram analisados 40 fundos de Investimentos Fechados com emissão entre 2006 e 2011, observando-se que há indícios de uma diferença de preços, conclusão similar aos demais trabalhos que analisaram o tema. Esta diferença de preços encontrada pode ser explicada pelos custos de desenvolvimento dos produtos, pelos custos de hedge das operações e pelo fato dos pequenos investidores não terem acesso a este mercado diretamente. Adicionalmente, analisou-se a existência de uma relação de longo prazo entre as variáveis volatilidade e a diferença de preços encontrada. Através do Teste de Cointegração foi observado que existe uma tendência de longo prazo entre as variáveis. A Decomposição das Variâncias demonstra que as variações de margem são explicadas pelas variações na volatilidade e, por fim, o Teste da Causalidade de Granger indica que as variações da margem precedem as variações da volatilidade estimada. Com este resultado, espera-se contribuir para aumentar a transparência do mercado ao ilustrar a sofisticação das estruturas e, também, contribuir para o debate nas discussões sobre a nova regulamentação dos produtos estruturados que o Banco Central está em via de definir.

A utilização dos fundos de investimento imobiliários como veículos na gestão de ativos das empresas

No Brasil, historicamente, as companhias sempre detiveram ativos imobiliários (sede social, plantas fabris, galpões, etc.), influenciadas pela instabilidade macroeconômica, o que acarretava a dificuldade em estimar o preço do dinheiro. Com o controle inflacionário, foi possível expandir formas de financiamento de longo prazo, permitindo que as empresas passassem a realizar a alocação de recursos financeiros com mais eficiência, direcionando-os para as suas atividades principais. Assim, a discussão sobre a propriedade imobiliária pelas empresas é recente. E, há menos tempo ainda é que foram elaboradas novas alternativas, como os fundos de investimento imobiliário que tornaram-se mais representativos nos últimos três anos. Este trabalho visa analisar sobre as razões que permitem aos fundos de investimento imobiliário serem propostos como uma opção para as empresas realizarem a gestão de seus ativos imobiliários, quando estas buscarem não imobilizar recursos, mas sim, a locação do imóvel. Para alcançar este objetivo, o trabalho fará uma abordagem qualitativa, apresentando as características operacionais e tributárias dos fundos imobiliários e dois estudos de casos de empresas que promoveram a desmobilização de ativos por meio de fundos imobiliários. O primeiro caso é a venda de um centro de distribuição do Magazine Luiza, uma das maiores redes varejistas no Brasil, para o fundo Kinea Renda Imobiliária. O segundo exemplo é o processo de desmobilização do Banco do Brasil e o desenvolvimento do fundo BB Progressivo II. Será verificado que os objetivos das empresas foram alcançados nos dois casos e que, de fato, os fundos imobiliários podem ser considerados como uma alternativa. Entretanto, não é possível a conclusão de que ele produza os melhores resultados e que exista alguma atividade empresarial que tenha maior propensão a sua utilização. A pesquisa aborda os fundos de investimento imobiliário com o foco no locatário e possibilita que sejam aprimorados estudos quantitativos, identificando reações do mercado brasileiro ao aumento na quantidade de operações, e outras pesquisas qualitativas que envolvam novas estruturas de financiamento.

Avaliação do efeito da combinação de pectina, gelatina e alginato de sódio sobre as características de gel de fruta estruturada a partir de "mix" de polpa de cajá e mamão, por meio da metodologia de superfície de resposta

Este trabalho teve por objetivo estabelecer procedimento tecnológico para produção de fruta estruturada a partir de "mix" de polpa de cajá e mamão, procurando unir as propriedades sensoriais de cada uma das frutas e potencializar as características funcionais do produto final. Avaliou-se o efeito da combinação de pectina, gelatina e alginato de sódio, via metodologia de superfície de resposta, nas características do gel de fruta. As polpas de mamão e cajá e os estruturados obtidos foram caracterizados com relação aos compostos funcionais, avaliando-se o teor de taninos e carotenóides totais, além das análises de composição centesimal, pH, acidez titulável, sólidos solúveis, açúcares, atividade de água, carboidratos e valor energético total. Os resultados obtidos através do planejamento experimental indicam que para o estruturado misto de cajá e mamão, somente o aumento da concentração de gelatina afeta a firmeza do produto final. Os estruturados de frutas desenvolvidos apresentaram boa aceitação sensorial para todos os atributos avaliados. Com relação à intenção de compra, 70% dos provadores responderam que provavelmente ou certamente, comprariam o estruturado misto de cajá e mamão se o encontrassem à venda.

Análisis, dignóstico y propuesta para fomentar el destino turístico Bolivia enfocado al turismo emisivo de la ciudad de Cuenca, con la ruta que efrece LAN hacia La Paz y Santa Cruz 2015-2016

El presente trabajo de investigación tiene como objetivo conocer la oferta y demanda del mercado turístico emisivo hacia Bolivia desde la ciudad de Cuenca, con la finalidad de fomentar el turismo hacia nuevos destinos, enfocado principalmente en las ciudades de: La Paz y Santa Cruz de la Sierra, con la ruta que ofrece la aerolínea LAN hacia estos destinos. Para el desarrollo de la tesis se investigó el comportamiento de los pasajeros que deciden comprar los boletos en las oficinas de LAN, y las particularidades de las agencias de viajes que tienen convenio con la mencionada aerolínea, con la finalidad de determinar si existe un potencial mercado emisivo en la ciudad de Cuenca que esté dispuesto a visitar Bolivia; los resultados que se obtuvieron en este análisis definenprincipalmente la oferta y la demanda actual; adicionalmente se obtuvo la información necesaria de las agencias de viajes para informar y capacitar a los agentes de viajes, sobre los diferentes atractivos turísticos y sitios de interés con los que cuenta Bolivia; en base de toda ésta información, se propone la creación de diferentes paquetes con alternativas de turismo para los pasajeros en la ciudad de Cuenca. El aporte que se suministra con el desarrollo de ésta investigación, principalmente a las agencias de viajes y promotores turísticos es el de demostrar que se pueden ofertar lugares nuevos, que aún no han sido explotados en el mercado emisivo de la ciudad de Cuenca, para que no se limiten únicamente a competir por los productos de siempre previamente estructurados y saturados.

"As ideias são mais importantes que os produtos", diz Paul Makeham" [Ideas are more important than products, says Paul Makeham]

This interview with Paul Makeham was conducted in 2010 by Felipe Carneiro from Brazilian business magazine Exame. Structured around Exame's "seven questions" format ("Sete Perguntas"), the interview ranges across topics relating to the creative economy, including the increasingly important role of creativity in business, and the role of education in promoting creativity.

Open source innovation in physical products : advantages and disadvantages, a corporate perspective

A better understanding of Open Source Innovation in Physical Product (OSIP) might allow project managers to mitigate risks associated with this innovation model and process, while developing the right strategies to maximise OSIP outputs. In the software industry, firms have been highly successful using Open Source Innovation (OSI) strategies. However, OSI in the physical world has not been studied leading to the research question: What advantages and disadvantages do organisations incur from using OSI in physical products? An exploratory research methodology supported by thirteen semi-structured interviews helped us build a seven-theme framework to categorise advantages and disadvantages elements linked with the use of OSIP. In addition, factors impacting advantage and disadvantage elements for firms using OSIP were identified as: „h Degree of openness in OSIP projects; „h Time of release of OSIP in the public domain; „h Use of Open Source Innovation in Software (OSIS) in conjunction with OSIP; „h Project management elements (Project oversight, scope and modularity); „h Firms. Corporate Social Responsibility (CSR) values; „h Value of the OSIP project to the community. This thesis makes a contribution to the body of innovation theory by identifying advantages and disadvantages elements of OSIP. Then, from a contingency perspective it identifies factors which enhance or decrease advantages, or mitigate/ or increase disadvantages of OSIP. In the end, the research clarifies the understanding of OSI by clearly setting OSIP apart from OSIS. The main practical contribution of this paper is to provide manager with a framework to better understand OSIP as well as providing a model, which identifies contingency factors increasing advantage and decreasing disadvantage. Overall, the research allows managers to make informed decisions about when they can use OSIP and how they can develop strategies to make OSIP a viable proposition. In addition, this paper demonstrates that advantages identified in OSIS cannot all be transferred to OSIP, thus OSIP decisions should not be based upon OSIS knowledge.

The structured phase of concurrency

This extended abstract summarizes the state-of-the-art solution to the structuring problem for models that describe existing real world or envisioned processes. Special attention is devoted to models that allow for the true concurrency semantics. Given a model of a process, the structuring problem deals with answering the question of whether there exists another model that describes the process and is solely composed of structured patterns, such as sequence, selection, option for simultaneous execution, and iteration. Methods and techniques for structuring developed by academia as well as products and standards proposed by industry are discussed. Expectations and recommendations on the future advancements of the structuring problem are suggested.

Structured feature extraction using association rules

As of today, opinion mining has been widely used to iden- tify the strength and weakness of products (e.g., cameras) or services (e.g., services in medical clinics or hospitals) based upon people's feed- back such as user reviews. Feature extraction is a crucial step for opinion mining which has been used to collect useful information from user reviews. Most existing approaches only find individual features of a product without the structural relationships between the features which usually exists. In this paper, we propose an approach to extract features and feature relationship, represented as tree structure called a feature hi- erarchy, based on frequent patterns and associations between patterns derived from user reviews. The generated feature hierarchy profiles the product at multiple levels and provides more detailed information about the product. Our experiment results based on some popularly used review datasets show that the proposed feature extraction approach can identify more correct features than the baseline model. Even though the datasets used in the experiment are about cameras, our work can be ap- plied to generate features about a service such as the services in hospitals or clinics.

The role of selected non-timber forest products for rural areas in Laos: Case studies in Ban Napo and Ban Kouay communities

Non-timber forest products (NTFPs) are one of the major income sources for the rural population of Laos. An exploratory study was conducted to determine the role of non-timber forest products for rural communities of the study area. The study was carried out in two villages viz. Ban Napo and Ban Kouay of Sangthong district between January and March 2010. A semi-structured questionnaire was used to gather data from the respondents. Twenty-five respondents from each village were chosen based on their involvement in NTFPs collection and marketing activities. Statistically significant NTFPs income differences were not found between the villages and age groups of the respondents, however, significant differences were found in the annual incomes between farms size of the respondents. This study also analyzed the value chain structure of the three (See khai’ ton, Bamboo mats and Incense sticks) important non-timber forest products and the interactions between the actors in the case study areas. Barriers to entry the market, governance and upgrading possibilities have been discussed for each of the value chains. Comparison of unit prices at different levels of the value chains indicated uneven income distribution in favour of the intermediaries, factories and foreign buyers. The lack of capital, marketing information and negotiation skills restricted the villagers to increase their income. However, all the respondents have shown their satisfaction with their income from NTFPs.

Physically Based, Hydrologic Model Results Based on Three Precipitation Products

The main objective of the study is to examine the accuracy of and differences among simulated streamflows driven by rainfall estimates from a network of 22 rain gauges spread over a 2,170 km2 watershed, NEXRAD Stage III radar data, and Tropical Rainfall Measuring Mission (TRMM) 3B42 satellite data. The Gridded Surface Subsurface Hydrologic Analysis (GSSHA), a physically based, distributed parameter, grid-structured, hydrologic model, was used to simulate the June-2002 flooding event in the Upper Guadalupe River watershed in south central Texas. There were significant differences between the rainfall fields estimated by the three types of measurement technologies. These differences resulted in even larger differences in the simulated hydrologic response of the watershed. In general, simulations driven by radar rainfall yielded better results than those driven by satellite or rain-gauge estimates. This study also presents an overview of effects of land cover changes on runoff and stream discharge. The results demonstrate that, for major rainfall events similar to the 2002 event, the effect of urbanization on the watershed in the past two decades would not have made any significant effect on the hydrologic response. The effect of urbanization on the hydrologic response increases as the size of the rainfall event decreases.

User responses to the learning demands of consumer products

Designers are typically male, under 35 years old and unimpaired. Users can be of any age and currently over 15% will have some form of impairment. As a result a vast array of consumer products suit youthful males and in many cases exclude other demographics (e.g. Keates and Clarkson, 2004). In studying the way a range of users learn how to use new products, key cognitive difficulties are revealed and linked back to the areas of the product causing the problems. The trials were structured so each user had to complete a specific set of tasks and were consistent across the user spectrum. The tasks set aimed to represent both everyday usage and less familiar functions. Whilst the knowledge gained could provide designers with valuable guidelines for the specific products examined, a more general abstraction provides knowledge of the pitfalls to avoid in the design of other product families.

The retrieval of structured design rationale for the re-use of design knowledge with an integrated representation

Design knowledge can be acquired from various sources and generally requires an integrated representation for its effective and efficient re-use. Though knowledge about products and processes can illustrate the solutions created (know-what) and the courses of actions (know-how) involved in their creation, the reasoning process (know-why) underlying the solutions and actions is still needed for an integrated representation of design knowledge. Design rationale is an effective way of capturing that missing part, since it records the issues addressed, the options considered, and the arguments used when specific design solutions are created and evaluated. Apart from the need for an integrated representation, effective retrieval methods are also of great importance for the re-use of design knowledge, as the knowledge involved in designing complex products can be huge. Developing methods for the retrieval of design rationale is very useful as part of the effective management of design knowledge, for the following reasons. Firstly, design engineers tend to want to consider issues and solutions before looking at solid models or process specifications in detail. Secondly, design rationale is mainly described using text, which often embodies much relevant design knowledge. Last but not least, design rationale is generally captured by identifying elements and their dependencies, i.e. in a structured way which opens the opportunity for going beyond simple keyword-based searching. In this paper, the management of design rationale for the re-use of design knowledge is presented. The retrieval of design rationale records in particular is discussed in detail. As evidenced in the development and evaluation, the methods proposed are useful for the re-use of design knowledge and can be generalised to be used for the retrieval of other kinds of structured design knowledge. © 2012 Elsevier Ltd. All rights reserved.