Determinants and market impact of seasoned equity offerings : the case of A-REITs

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings. The findings reveal that highly leveraged A-REITs with variable earnings are less likely to issue seasoned equity offerings. Inconsistent results for structure and type of properties held by the A-REIT do not allow for inference to be drawn. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Furthermore, market reaction differences to announcements of SEOs for the pre-global financial crisis (GFC) (2000-2006) and GFC eras (2007-2008) are noted with GFC era shareholders incurring larger abnormal return losses at 1.13% in comparison to the pre-GFC era shareholder loss of 0.34% on the SEO announcement day. Cross-sectional regressions show that the issued amount, leverage and profitability are significant factors affecting abnormal returns. Growth opportunities, tangibility, operating risk, size of A-REIT and other variables capturing A-REIT structure and property types held do not have an impact on abnormal returns

From valuing design to designing value

This paper presents findings of an embedded action research project within a small to medium sized enterprise (SME). Through the implementation of design-led innovation processes, this research aims to identify the changes experienced in the participating company during a shift in the perspective of design from a product focus towards a strategic focus. Staff interviews and a reflective journal were used as methods to collect data from a range of design interventions that were facilitated throughout the engagement. A shift in perspective of design was evident through three cultural changes within the firm. First, the perceived outcome focus of design became increasingly long-term. Second, the value of design outcomes became less directed towards current projects, and more directed towards future possibilities. Finally, the perceived tangibility of design outcomes shifted from tangible to intangible. For example, design activities which produced customer insights, rather than product features, became seen as beneficial to the firm. These three components are proposed as cultural stepping stones which describe how a company transitions from an exclusively product-focused perspective and utilisation of design towards design as a company based process. Implications of this research provide considerations for designers who are attempting to facilitate a similar transformation within a business in the future.

Artefactos tangíveis e adaptáveis no ambiente doméstico

Recentemente assistimos a uma evolução da relação do Homem com a tecnologia, em larga medida acompanhada por novos modelos de interacção que modificam a forma de conceber os artefactos e constroem novos contextos de uso. Procuramos investigar, na presente tese, uma das abordagens emergentes, o universo dos media tangíveis, articulando a perspectiva do design da tecnologia orientada para a Human-Computer Interation (HCI), com a dimensão social, cultural e estética no uso da tecnologia. Os media tangíveis, ao contrário do que sucede com os conteúdos digitais convencionais, têm espessura e expressão física e, porque são dotados de um corpo que habita o espaço das disposições físicas, estão sujeitos à acção do mundo cultural e das práticas sociais que regem os demais objectos físicos que podemos encontrar no nosso quotidiano. Esta nova relação com a tecnologia digital obrigará as disciplinas que se encontram mais próximas do desenvolvimento tecnológico, tais como o Design de Interacção e a HCI, a abrirem-se aos contributos e abordagens das ciências humanas. Admitindo que a natureza subjacente ao processo da adaptabilidade no ambiente doméstico altera o equilíbrio da relação entre o design e o uso da tecnologia, julgamos ser essencial o desenvolvimento de uma fenomenologia da interação. Por outro lado, a adaptabilidade dos media tangíveis apresenta um conjunto de dificuldades, não apenas de ordem técnica, mas também de natureza conceptual, que têm dificultado o desenvolvimento e a implementação no terreno de tecnologias personalizáveis. Um dos objectivos da presente tese consiste em investigar um quadro conceptual capaz de enquadrar o fenómeno da adaptabilidade dos media tangíveis, e desenvolver uma tecnologia que possa servir de objecto a um estudo empírico com base numa abordagem etnográfica.

Satisfação do cliente na área da restauração

Dissertação de Mestrado , Ciências Económicas e Empresariais, Faculdade de Economia, Universidade do Algarve, 2008

Determinantes da estrutura de capitais do setor do calçado em Portugal

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

Expanding Concept of Sale the Taxation Dilemma

School of Legal Studies, Cochin University of Science & Technology

''Cashless'' transactions : perceptions of money in mobile payments

A limited number of ‘cashless transaction’ studies addressed the issue that the mode of payment affects perceptions of money and purchase behaviour, the majority of the research is in the area of the credit card payment mode. Credit card based research has shown that when a credit card based payment is used, the volume, value and type of products purchased increase. Whether this is due to the credit element or to the ‘cashless or mobile’ element of the transaction is not known. The notion that the tangibility of cash influences perceptions of money is not novel, but it is untested. This discussion paper suggests that under conditions of cash, there is awareness (conscious/unconscious) that a possession of value transferred and this perception may well have a direct impact on people’s perception of money and their spending behaviour.

Towards conceptualizing reverse service supply chains

Purpose – Recognizing the heterogeneity of services, this paper aims to clarify the characteristics of forward and the corresponding reverse supply chains of different services. Design/methodology/approach – The paper develops a two-dimensional typology matrix, representing four main clusters of services according to the degree of input standardization and the degree of output tangibility. Based on this matrix, this paper develops a typology and parsimonious conceptual models illustrating the characteristics of forward and the corresponding reverse supply chains of each cluster of services. Findings – The four main clusters of service supply chains have different characteristics. This provides the basis for the identification, presentation and explanation of the different characteristics of their corresponding reverse service supply chains. Research limitations/implications – The findings of this research can help future researchers to analyse, map and model forward and reverse service supply chains, and to identify potential research gaps in the area. Practical/implications – The findings of the research can help managers of service firms to gain better visibility of their forward and reverse supply chains, and refine their business models to help extend their reverse/closed-loop activities. Furthermore, the findings can help managers to better optimize their service operations to reduce service gaps and potentially secure new value-adding opportunities. Originality/value – This paper is the first, to the authors ' knowledge, to conceptualize the basic structure of the forward and reverse service supply chains while dealing with the high level of heterogeneity of services.

Estudo de caso: identificando fatores críticos de qualidade de serviços de TI de uma organização

As empresas no mercado atual estão em um ambiente de agressiva concorrência, e sua sobrevivência depende de fatores como a produtividade, inovação e atingimento de resultados, contudo, sem haver o comprometimento da qualidade. Os departamentos de Tecnologia da Informação possuem grande influência na operação e nos resultados da empresa, pois a importância da tecnologia, tanto no suporte, quanto na própria atividade fim das companhias, é vital. Diante deste contexto, este trabalho analisou as melhores práticas de mercado na gestão de tecnologia da informação como o framework Cobit (Control Objectives for Information Technology) analisada em conjunto com as ferramentas consagradas de mensuração de percepção de qualidade de serviços, de forma a identificar os fatores críticos de sucesso para qualidades de serviços em TI. Utilizou-se a metodologia SERVQUAL em um caso específico de uma empresa de comunicação e assessoria de imprensa, através de um questionário dividido em duas partes e vinte e duas perguntas cada, permitindo identificar as lacunas entre a expectativa e a percepção dos serviços fornecidos em cada uma das cinco dimensões da qualidade de serviço: tangibilidade, confiabilidade, responsabilidade, segurança e empatia. Foram identificados como fatores críticos as dimensões de confiabilidade e de empatia, e para cada uma delas, relacionou-se um conjunto de objetivos de controle do Cobit que permitem a atuação na melhoria das avaliações destes elementos.

A natureza das práticas de governança corporativa no Brasil

Este estudo traça a evolução das práticas de governança corporativa das empresas brasileiras entre os anos de 2010 e 2014 e investiga elementos operacionais e mercadológicos que precedem as decisões das empresas em adotarem melhores ou piores práticas. Para isso, foram levantados dados de fontes primárias que deram origem ao Índice de Qualidade de Governança Corporativa (IQGC), composto por quatro sub elementos: Estrutura do Conselho de Administração; Procedimentos do Conselho de Administração; Direito dos Acionistas Minoritários e; Transparência. Os resultados evidenciam uma constante evolução nas práticas de governança corporativa das empresas ao longo do tempo. Há evidências de que as companhias reconhecem os benefícios de adotarem boas práticas, uma vez que se observa uma evolução de maior amplitude entre as empresas dos segmentos Novo Mercado, Nível 2 e Bovespa Mais. Neste período a maior evolução acontece nas práticas relativas a Estrutura e Procedimentos do Conselho. Entre os elementos operacionais e mercadológicos, destaca-se que empresas mais lucrativas procuram adotar melhores práticas de governança e melhores práticas relacionadas a Transparência nas suas informações. Empresas listadas nos segmentos Nível 1 e Tradicional, onde há maior tangibilidade de suas operações, apresentam melhores práticas relacionadas a Estrutura e Procedimentos do Conselho. Um maior risco das ações leva estas empresas a adotarem melhores práticas relacionadas aos Direitos dos Acionistas Minoritários.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

A GERAÇÃO Y E A PUBLICIDADE NA MÍDIA IMPRESSA REVISTA: UMA CONEXÃO POSSÍVEL

A conexão que se estabelece entre a publicidade veiculada na mídia impressa revista e os jovens da chamada Geração Y é o principal foco deste trabalho. Estes jovens, nascidos entre 1980 e meados da década de 90, no século XX, se desenvolveram juntamente com as novas tecnologias da comunicação, cresceram com um computador ligado ao mundo pela internet, com o telefone celular e jogos interativos, mas continuam sendo assediados pelas revistas. Com o objetivo de conhecer melhor esta conexão, saber como a Geração Y se comporta diante das mensagens publicitárias e verificar se existe um padrão de consumo entre estes jovens foram realizadas investigações exploratórias em fontes primárias e secundárias complementada por um estudo conclusivo descritivo. Depois de uma revisão da literatura que trata dos conceitos de geração até o perfil da Geração Y, e de uma análise histórica da mídia revista, a realização de pesquisas aplicadas em forma de grupos focais e de um estudo descritivo, nos permitiu concluir que existe uma sobrevida para a mídia impressa revista, e ainda por muito tempo. Aspectos como a tangibilidade, portabilidade e a tradição são os pilares que garantem às revistas uma sólida confiabilidade por parte dos jovens da Geração Y, sobrepondo-se à mídia eletrônica, volátil e pouco confiável para eles.

Multi-Scale Visualization and Interpretation of Geological Relationships

Visualization and interpretation of geological observations into a cohesive geological model are essential to Earth sciences and related fields. Various emerging technologies offer approaches to multi-scale visualization of heterogeneous data, providing new opportunities that facilitate model development and interpretation processes. These include increased accessibility to 3D scanning technology, global connectivity, and Web-based interactive platforms. The geological sciences and geological engineering disciplines are adopting these technologies as volumes of data and physical samples greatly increase. However, a standardized and universally agreed upon workflow and approach have yet to properly be developed. In this thesis, the 3D scanning workflow is presented as a foundation for a virtual geological database. This database provides augmented levels of tangibility to students and researchers who have little to no access to locations that are remote or inaccessible. A Web-GIS platform was utilized jointly with customized widgets developed throughout the course of this research to aid in visualizing hand-sized/meso-scale geological samples within a geologic and geospatial context. This context is provided as a macro-scale GIS interface, where geophysical and geodetic images and data are visualized. Specifically, an interactive interface is developed that allows for simultaneous visualization to improve the understanding of geological trends and relationships. These developed tools will allow for rapid data access and global sharing, and will facilitate comprehension of geological models using multi-scale heterogeneous observations.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian