TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN ADMINISTRACIÓN / Juan José Ledermann [Parte I], José Gabriel Martínez Molina [Parte II] / El siguiente Plan de Negocios, tiene por objetivo evaluar la viabilidad y atractivo del desarrollar una tienda especializada en venta de Piscos, tienda a la cual hemos denominado La Pisquería. Durante los últimos años, el desarrollo del mercado del Pisco ha tenido importante evolución, la elaboración de licores destilados "Súper Premium" es una tendencia que se ha consolidado a nivel mundial. Los productores chilenos de Pisco no se quedan atrás, con la aparición de productos de calidad superior y con precios que pueden llegar incluso a los $250 mil por botella. Junto con esta evolución en el destilado del Pisco, también se ha observado una tendencia a mayor consumo de este licor, en desmedro de los tradicionales licores como el Ron o el Whisky. En función de estas tendencias, se abre una oportunidad de negocio asociado a la venta especializada de Pisco Premium y Súper Premium, la que se cree puede ser relacionada, además, al mercado del turismo en Chile, tanto nacional como extranjero, buscando dejar instalada la imagen país con la producción de este destilado. Dado que el producto se relaciona con el turismo, el desarrollo de La Pisquería, considera instalar la tienda en la comuna de Valparaíso, específicamente en los cerros más turísticos de esta zona, siendo estos los cerros Concepción y Alegre. Por lo anterior, el modelo de negocios de La Pisquería, busca aprovechar el positivo desarrollo del mercado del Pisco a nivel interno y externo, tanto en calidad como en el consumo, con el potencial que ofrece el turismo y la opción de ver el Pisco como un suvenir propio de Chile. Durante el desarrollo del presente documento se evalúa la viabilidad del proyecto, basado en aspectos claves tales como: - Segmentación del mercado objetivo, apuntando a turistas, cuyo poder adquisitivo y grupo etario le permitan acceder a productos de mejor calidad. - Personal especializado, con alto conocimiento del producto que permita dar una asesoría experta. - Asociación con operadores turísticos y bares de la zona. - Ubicación estratégica de la tienda. - Agresivo plan de marketing, para posicionar a la tienda en el circuito turístico de Valparaíso. - Especialización en venta de Pisco, ofreciendo gran variedad de marcas y tipos. El plan de negocios se proyecta a 5 años, considerando que luego la tienda continúa su funcionamiento. Las perspectivas financieras del proyecto son favorables, ofreciendo una rentabilidad anual de un 13% aproximadamente. Junto con lo anterior se observa un VAN positivo y una TIR de alrededor de 40%, hacen que invertir en La Pisquería sea altamente atractivo.

Submitted by Mario BC (mario@bc.ufrpe.br) on 2018-03-28T15:19:54Z No. of bitstreams: 1 Marcelo da Costa Borba.pdf: 1883638 bytes, checksum: 8a3edd62064fb2333012e5b1d286ac65 (MD5) / Made available in DSpace on 2018-03-28T15:19:54Z (GMT). No. of bitstreams: 1 Marcelo da Costa Borba.pdf: 1883638 bytes, checksum: 8a3edd62064fb2333012e5b1d286ac65 (MD5) Previous issue date: 2017-02-15 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / For a microenterprise to be competitive in your local environment, she must perform its services with excellence, which leads to the need to use efficient strategic management tool. From this need, the Balanced Scorecard (BSC) as a tool capable of managing the different indicators of organizational management. The present work brings a search conducted in a microenterprise food retailer located in the municipality of Serraria/PB, which conducted the review of the implementation of the BSC since the Manager's level to the level of the customers, using the tool as a tool for performance monitoring and strategic communication. The aim of this study was to analyze the implementation of the BSC, in a more advanced stage, the execution premium, as a means of generating support for the strategic management of a microenterprise. From a methodological point of view, the study was interventionist character, through an action research with qualitative approach in the analysis of the data. The source of the data used was primary and secondary in nature. The results showed that the dynamic process of executing premium BSC, generates a strategy capable of providing management structure appropriate to the micro-enterprise, ensuring the development of services and engaging in the planning effort of all employees, from senior management to operational staff. With that, the improvement of the management of processes powered by an articulation between actions performed and the communication plan, adjusted dynamically for the feedback. / Para que a uma microempresa seja competitiva em seu ambiente local, ela deve executar seus serviços com excelência, o que leva à necessidade de utilização de ferramenta de gestão estratégica eficiente. A partir dessa necessidade, surge o Balanced Scorecard (BSC) como ferramenta capaz de gerenciar os diferentes indicadores de gestão organizacional. O presente trabalho traz uma pesquisa conduzida em uma microempresa varejista de alimentos localizada no município de Serraria/PB, que realizou a revisão da implantação do BSC desde o nível do gestor até o nível dos clientes, utilizando a ferramenta como instrumento de monitoramento de performance e comunicação estratégica. O objetivo desse estudo foi analisar a execução do BSC, em um estágio mais avançado, a execução premium, como forma de gerar suporte à gestão estratégica de uma microempresa. De um ponto de vista metodológico, o estudo foi de caráter intervencionista, por meio de uma pesquisa-ação, com abordagem qualitativa e quantitativa nas análises dos dados. A fonte dos dados utilizada foi de natureza primária e secundária. Os resultados mostraram que o processo dinâmico da execução premium do BSC, gera uma gestão da estratégia capaz de fornecer estrutura adequada à microempresa, garantindo o desenvolvimento dos serviços e engajando os esforços de planejamento de todos os colaboradores, desde a administração até a equipe operacional. Com isso, há o aprimoramento da gestão dos processos alimentada por um articulismo entre ações executadas e o plano de comunicação, ajustados dinamicamente pelo feedback.

This paper sheds light on the differences and similarities in natural gas trading at the National Balancing Point in the UK and the Henry Hub located in the US. For this, we analyze traders' expectations and implement a mechanical forecasting model that allows traders to predict future spot prices. Based on this, we compute the deviations between expected and realized spot prices and analyze possible reasons and dependencies with other market variables. Overall, the mechanical predictor performs well, but a small forecast error remains which can not be characterized by the explanatory variables included.

The main purpose of this thesis is to analyze the development of insurance market in Czech Republic between years 2000 and 2008 and make forecast of the market's development. The first chapter differs social and commercial insurance based on the way of financing and describes the basic characteristics of the commercial insurance market. The goal of the second chapter is to describe the macroeconomic conditions which where essential for the development of Czech insurance market in 90's. The scope of the third chapter is the commercial insurance market and analysis of the premium, insurance claims, insured events and number of insurance companies in the market. The goal of the final chapter is to forecast the development of Czech insurance market till 2012 based on time series analysis (premium, GDP).

Scholars and investors have studied the value premium for several decades. However, the debate over whether risk factors or biased market participants cause the value premium has never been settled. The risk explanation argues that value firms are fundamentally riskier than growth firms. At the same time, the behavioral explanation argues that biased market participants systematically misprice value and growth stocks. In this paper, I use the implied cost of equity capital to capture all risks that investors demand a premium and sort stocks into risk quantiles. The implied cost of equity capital is estimated using models proposed by Gebhardt et al., Claus and Thomas, Ohlson and Juettner-Nauroth, and Easton. I find that value stocks have higher implied cost of equity capital and lower forecasted earnings growth while growth stocks have lower implied cost of equity capital and higher forecasted earnings growth. More importantly, even within the same risk quantile, the value premium still exists. The results suggest that risk and behavioral factors simultaneously cause the value premium. Furthermore, by decomposing the holding period return, I find that adjustments in valuation ratios caused by negative earnings surprises for growth firms and positive earnings surprises for value firms at least partially lead to the value premium.

Background: With the first green bond being issued in 2008 as a joint venture between World Bank Organization and the Swedish bank SEB the financial instrument has made an impact on the financial markets. With a high demand for sustainable investments in Sweden partly due to policies a premium for the green bonds is to be expected at least according to theory. The real estate market has adapted to the increased demand for green investments by moving more towards green bonds, and rightfully so as it is one of the largest polluters seen by sector. In result, it is also one of the largest issuers of bonds which creates an excellent opportunity to research the industry as there is plenty of data available. Purpose: This report will examine the premium of green bonds in the Swedish real estate market. Furthermore, it will also examine the effects of Covid-19 and to what extent this pandemic had an impact on green bonds. Method: The thesis examines the Option Adjusted Spread (OAS) of 166 bonds of 9 different companies from the start of 2016 to December 2020 within the Swedish real estate market. Control variables such as Company risk, Market risk and Macroeconomic variables were used in an OLS regression to estimate the premium. The effect of the Covid-19 pandemic was also examined. Conclusion: After analyzing 53 green and 113 conventional bonds no significant results were found on how premium differs between green and conventional bonds. However more general findings were found that suggest bonds become more sought during the Covid-19. It was further found that the green bond market is rapidly growing and may in a few years be in a better position to be examined.

The idea for the vehicle was inspired by an interest in creating a tranportation possiblity with an advanced design. The author had the fortunate opportunity to carry out an exam project at the automobile company Changan whose design department is in Turin, Italy. Changan produces almost exclusively passenger vehicles for the Asian market. The Asian auto user has shown a great interest in premium and personalised luxury qualities and at the same time demands unique safety aspects. As a result the author was inspired to design a vehicle which combined both aspects in a unique passenger vehicle for the future. Because of the masstransit situation in mega-cities the author felt inspired to test a new highway infrastructure possiblity in the conception of the vehicle design, the tunnel system. Classical hand drawings together with digital ideation drawing and 3D software models were the tools implemented for the design process. The work process was not linear starting with hand drawings and ending in complex computer models but took on a laborious path doubling back on and reworking all the different creative routes in a method which culminated in an end product. The end result is the Traveler, a shared auto service for two for 2050, a unique expansion on Changan´s historical production of passenger vehicles. The automoble is conceived as a two-compartment passenger transport option. Its size allows for different rider experiences: work, relaxation and entertainment while on the go. Because the passenger is in her/his own „room" there is a guaranty for complete privacy and ultimate safety from outside influence.

As a part of the Swedish pension system all participants in the working population are given the control of an investment account, which is funded with their pension contributions. The purpose of the account is to allow everyone the possibility to tailor their pension investments in accordance with personal values about risk and expected returns. However, it is shown that many Swedish adults lack the knowledge needed to make informed financial decisions and are therefore at risk of hurting their pension when investing in these accounts. This thesis tries to identify whether a simple but effective investment criterion, namely the size of the management fee, can increase the probability of higher risk-adjusted returns for uninformed investors when participating in the Swedish pension plan. It uses the Graham-Harvey volatility matched approach to evaluate fund performance on an individual basis. The corresponding analysis is then conducted based on grouped statistics of the projected performance measures. The results indicate stronger risk-adjusted returns of low fee funds in two out of the three analyzed categories. Carhart computations of Jensen´s alpha is then used as a robustness check and it provides support for the results found using the Grayham-Harvey method. When testing for difference in performance using the entire sample, 1.2 percent higher risk-adjusted returns were concluded statistically significant in the sample of low fee funds.

Background: Green consumerism is on the rise. However, the individuals with budget constraints are unable to afford sustainable products due to their budget as well as the premium pricing of the products. This in turn impedes them from expanding their sustainability options. In addition, the sustainability motivated individuals seek other means to meet their sustainable consumption practices. Thus, this thesis explores how the individuals innovate in their sustainable consumption practices while facing budget constraints. Purpose: The purpose of this research is to explore in what ways budget constrained sustainability motivated consumers innovate in their sustainable consumption practices. Method: The method used to investigate this topic is a mixed method of focus groups and interviews. The reason why this method was chosen was because it allows us to obtain an in depth discussion and rich data. Conclusion: The findings of our research has demonstrated that there are many ways that the budget constrained, sustainability motivated students innovate. Nevertheless, premium pricing as well as budget constraints play a significant role in limiting the extent to which they can innovate in their sustainable consumption practices.

With data covering 20 years, we test three different liquidity measures' explanatory power in explaining asset returns on the Swedish stock market, and if an illiquidity premium exists. After establishing whether an illiquidity premium exists or not, we test whether the asset pricing models CAPM and the Fama-French three-factor model can benefit from including a liquidity factor. We use t-tests and regressions to test the liquidity measures and whether our chosen asset pricing models benefit from including a liquidity factor. Our findings do not support the definition of an illiquidity premium for our liquidity measures Return to dollar volume, Turnover rate, and Zero trading days. We apply a common definition of the illiquidity premium, which is that the least liquid portfolio should outperform the most liquid portfolio. We do, however, find that liquidity can to some degree explain asset returns, and when constructing a liquidity factor and including it into our asset pricing models, their explanatory power increases. Therefore, liquidy still might be a variable one should consider when explaining asset returns. Both CAPM and Fama-French three-factor model becomes better when including liquidity, and the result is consistent in our robustness test where we divide our sample into subperiods.