Many multinational corporations find themselves frequently in the dichotomous question of whether to make or buy a given component; but when those companies are operating with a global purchasing strategy, oriented to high levels of centralization and dealing simultaneously with the implications of purchasing and producing the same item, the approach to take the decision becomes difficult to find, even with the current literature and practitioners knowledge This master thesis addresses in a comprehensive proposal the way to undertake this kind of make-or-buy decisions. Through the literature review done, regarding global purchasing strategy, purchasing models, supplier selection methods and make-or-buy frameworks; it was found a convenient model to merge those concepts with the empirical experiences of a single case study in the Italcementi Group, one of the largest Cement producers in the world. The model proposed considers both strategic and economic elements and is designed as an iterative algorithm that evaluates several alternatives in order to arrive to the best make-or-buy approach. The methodologies selected and combined to solve the problem are mostly quantitative, but keeping the importance of qualitative elements within the analysis. The outcome of the thesis is a contribution to academicians and practitioners aiming to turn the existing knowledge about make-or-buy decisions into practical solutions for business management.

This thesis examines whether mergers and acquisitions (M&A), ranging from 2009 to 2020, are value-generating for acquiring shareholders in the short-term and long-term of companies listed on the Stockholm Stock Exchange. A cohesive and integrated theoretical framework is formed in which six firm-specific and deal-specific variables are hypothesized to have varying impacts on both short- and long-term stock performance for acquiring shareholders. An event study was conducted to measure the short-term stock performance, i.e. cumulative abnormal returns (CAR), and long-term stock performance, i.e. buy-and-hold abnormal returns (BHAR). We find that M&A transactions are, on average, value-generating for acquiring shareholders in both the short term and the long term. Among the significant findings of the variables examined, firm size was negatively related to short-term stock performance but positively related to BHAR. The relative size of the transaction was found to be positively related to CAR. Furthermore, transactions mediated with cash were found to be positively related to BHAR. Lastly, related transactions were found to be positively related to CAR, although not when accounting for robust standard errors.

This study explores the possibility that cheep credit, provided to firms when profit opportunities on real investments are low, and when opportunities of financial investments are present, will loose some of it’s stimulus effect due to a crowding out effect of financial investments on real investments. Analyzing the changes in debt, and it’s channels of use during the recession of the covid19 pandemic, between firms with a history of stock buybacks, and firms without such a history, the study finds a significantly higher increase in debt for firms with a history of doing stock buybacks. The study concludes that this effect is due to firms finding financial uses of more cheap credit, which does crowd out real investments.

Denna studie har genomförts i syfte att undersöka huruvida nyintroduktioner generar en överavkastning i förhållande till OMXSPI på svenska handelsplatser under en börsuppgång och en börsnedgång för olika tidsintervall och branscher. Studien har undersökt nyintroduktioner genomförda under tidsperioden Q1 2004 till Q2 2009. Syftet har för avsikt att utmynna i huruvida nyintroduktioner vid svenska handelsplatser är effektiva och om investerare kunnat utnyttja eventuella ineffektiviteter som investeringsstrategier. Undersökningen är en eventstudie baserad på en kvantitativ metod där korrigerade historiska aktiekurser har inhämtats och beräkningar har genomförts med hjälp av två metoder, den genomsnittliga abnormala avkastningen och den genomsnittliga abnormala avkastningen för en buy-and-hold strategi, för att säkerställa en hög validitet i studien. Slutsatsen påvisar att investerare som investerat i nyintroduktioner på AktieTorget under börsuppgången hade kunnat utnyttja den något lägre grad av effektivitet utifrån en buy-andhold strategi på tre månader och erhållit en genomsnittlig signifikant överavkastning gentemot OMXSPI på 32,6 procent. En investerare som valt att investerare i nyintroduktioner utifrån en buy-and-hold period på tre månader på Alternativa Aktiemarknaden under börsnedgången hade i genomsnitt erhållit en signifikant överavkastning på 11,8 procent. För den investeraren som inte tagit hänsyn till när introduktionen genomförts och investerat i nyintroduktioner på AktieTorget utifrån en buy-and-hold period på en månad hade i genomsnitt erhållit en signifikant överavkastning på 18,2 procent.

In dieser Arbeit wird untersucht, wie eine theoriegeleitete Bewertung der Auslagerungseignung von Geschäftsprozessen erfolgen kann und welche Ansatzpunkte für profitables Wachstum von Business Process Outsourcing (BPO)-Anbietern in Deutschland sich aus der Nutzung einer entsprechenden Methodik ableiten lassen. Dazu wird in drei Schritten vorgegangen. In einem ersten Schritt wird ein theoretisch-konzeptionelles Bewertungsmodell zur Bestimmung der Auslagerungseignung von Geschäftsprozessen entwickelt. In einem zweiten Schritt werden Möglichkeiten einer konzeptionellen Übertragung dieses Modells auf Praxisanwendungen geprüft. Im abschließenden dritten Schritt wird gezeigt, wie die Verwendung des in dieser Arbeit entwickelten Bewertungsmodells im Rahmen der Marktbearbeitungsaktivitäten von BPO-Dienstleistern einen Beitrag zum profitablen Wachstum dieser Anbieter leisten kann. / In this thesis it is studied how a theory-based assessment of business processes regarding their adequacy for outsourcing can be carried out and what starting points for profitable growth of Business Process Outsourcing (BPO) providers in Germany can result from the application of such a methodology. For this purpose a three step approach is taken. As a first step a theory-based concept of an assessment model to determine the adequacy of outsourcing business processes is developed. As a second step possibilities for transferring the concept of this model to real life applications are examined. In a final third step it is shown how the assessment model developed here can be used as part of the marketing activities of BPO companies to contribute to their profitable growth.

In dieser Arbeit wird untersucht, wie eine theoriegeleitete Bewertung der Auslagerungseignung von Geschäftsprozessen erfolgen kann und welche Ansatzpunkte für profitables Wachstum von Business Process Outsourcing (BPO)-Anbietern in Deutschland sich aus der Nutzung einer entsprechenden Methodik ableiten lassen. Dazu wird in drei Schritten vorgegangen. In einem ersten Schritt wird ein theoretisch-konzeptionelles Bewertungsmodell zur Bestimmung der Auslagerungseignung von Geschäftsprozessen entwickelt. In einem zweiten Schritt werden Möglichkeiten einer konzeptionellen Übertragung dieses Modells auf Praxisanwendungen geprüft. Im abschließenden dritten Schritt wird gezeigt, wie die Verwendung des in dieser Arbeit entwickelten Bewertungsmodells im Rahmen der Marktbearbeitungsaktivitäten von BPO-Dienstleistern einen Beitrag zum profitablen Wachstum dieser Anbieter leisten kann.:1 Einführung: Organisationen im Wandel 1.1 Problemstellung 1.2 Zielsetzung der Arbeit und wissenschaftliche Vorgehensweise 1.3 Stand der Publikationen 2 Business Processs Outsourcing: Entwicklung, Systematisierung und Definition 2.1 Entwicklung des Business Process Outsourcing 2.2 Systematisierungsansätze für die Begriffe Sourcing und Outsourcing 2.3 Definition und Abgrenzung des Business Process Outsourcings 3 Entwicklung eines theoretisch-konzeptionellen Modells zur Bedarfsermittlung an BPO-Leistungen 3.1 Grenzen der Theorieauswahl 3.2 Vorstellung ausgewählter theoretischer Ansätze 3.3 Klassifizierung von Entscheidungsmodellen 3.4 Multikriterielle Entscheidungsmodelle 3.5 Eingrenzung der theoretischen Elemente zur Entwicklung eines BPO-Entscheidungsmodells 3.6 Entwicklung eines BPO-Entscheidungsmodells 4 Ansätze zur konzeptionellen Übertragung des BPO-Entscheidungsmodells auf Praxisanwendungen 4.1 Entwicklung einer individuellen Bewertungsmethodik 4.2 Entwicklung einer Gesamtbewertungsmethodik 4.3 Zwischenfazit 5 Ansätze für profitables Wachstum von BPO-Dienstleistern 5.1 Marktbegriffe 5.2 Marketing und Marketing-Wissenschaft 5.3 Entwicklung von Marketingansätzen für BPO-Dienstleister 6 Fazit und Ausblick 6.1 Fazit 6.2 Ausblick / In this thesis it is studied how a theory-based assessment of business processes regarding their adequacy for outsourcing can be carried out and what starting points for profitable growth of Business Process Outsourcing (BPO) providers in Germany can result from the application of such a methodology. For this purpose a three step approach is taken. As a first step a theory-based concept of an assessment model to determine the adequacy of outsourcing business processes is developed. As a second step possibilities for transferring the concept of this model to real life applications are examined. In a final third step it is shown how the assessment model developed here can be used as part of the marketing activities of BPO companies to contribute to their profitable growth.:1 Einführung: Organisationen im Wandel 1.1 Problemstellung 1.2 Zielsetzung der Arbeit und wissenschaftliche Vorgehensweise 1.3 Stand der Publikationen 2 Business Processs Outsourcing: Entwicklung, Systematisierung und Definition 2.1 Entwicklung des Business Process Outsourcing 2.2 Systematisierungsansätze für die Begriffe Sourcing und Outsourcing 2.3 Definition und Abgrenzung des Business Process Outsourcings 3 Entwicklung eines theoretisch-konzeptionellen Modells zur Bedarfsermittlung an BPO-Leistungen 3.1 Grenzen der Theorieauswahl 3.2 Vorstellung ausgewählter theoretischer Ansätze 3.3 Klassifizierung von Entscheidungsmodellen 3.4 Multikriterielle Entscheidungsmodelle 3.5 Eingrenzung der theoretischen Elemente zur Entwicklung eines BPO-Entscheidungsmodells 3.6 Entwicklung eines BPO-Entscheidungsmodells 4 Ansätze zur konzeptionellen Übertragung des BPO-Entscheidungsmodells auf Praxisanwendungen 4.1 Entwicklung einer individuellen Bewertungsmethodik 4.2 Entwicklung einer Gesamtbewertungsmethodik 4.3 Zwischenfazit 5 Ansätze für profitables Wachstum von BPO-Dienstleistern 5.1 Marktbegriffe 5.2 Marketing und Marketing-Wissenschaft 5.3 Entwicklung von Marketingansätzen für BPO-Dienstleister 6 Fazit und Ausblick 6.1 Fazit 6.2 Ausblick

台新金控購併彰化銀行可以說是台灣金融業擬以融資購併方式進行合併的第一案，本研究希望透過分析此個案，了解台新金控購併的目的、資金來源與後續合併換股可能衍生之議題，為未來公股釋出，以及金融整併提供可行之方法。 本文就融資購併理論架構說明起，以當前台灣金融政策與購併環境現況分析，這包括實際已發生的金融購併案件及金融購併法規探討，它突顯出台灣在金融合併處理上是保守的。 / / The M&A of Taishin Holdings Cooperation (THC) and Chang Hwa Bank (CHB) could be regarded as the first M&A (Merge and Acquisition) by LBO ( Leverage Buy-out) in Taiwan. This study, by analyzing this case, discusses the purpose, the funding source of THC and the issues after shares-exchange, which indicates the feasible methods for the release of the state holdings and the combination of the financial institutes in the future. The beginning of this study discusses the theory and the structure of LBO to analyze the financial policy and M&A environment in Taiwan at present, including practical M&A cases and legal problems etc., which reveals not very aggressive. /

I detta arbete beskrivs intresset för och kännedomen om tre innovativa boendeformer som riktar sig till unga vuxna mellan 18 och 35 år på den svenska bostadsmarknaden. Det belyser det befintliga beståndet av bostäder och unga vuxnas största hinder för att erhålla en bostad. Arbetet tar sin utgångspunkt i den rådande bostadsbristen i Sverige, där flertalet grupper av olika skäl upplever hinder att ta sig in på bostadsmarknaden. Detta bidrar till att offentliga aktörer och olika bostadsutvecklare behöver hitta nya sätt för att underlätta för utsatta grupper att erhålla en bostad. Studien baseras på litteraturstudier av bland annat tidigare forskning, enkätundersökningar med unga vuxna och intervjuer med representanter från olika delar av branschen. Resultaten visar ett intresse för, men låg kännedom om, de tre boendeformerna: hyrköp, ungdomsettor och kooperativa hyresrätter. Dessa är alla anpassade för att avhjälpa problematiken för vissa inom målgruppen, särskilt gruppen unga vuxna, att ta sig in på bostadsmarknaden. / This work concerns the examination of the interest and awareness of three innovative forms of housing that target young adults between the ages of 18 and 35 in the Swedish housing market. It also describes the existing stock of housing and highlights the most serious obstacles for the target group to obtain an accommodation. The work takes it’s starting point in the current housing shortage in Sweden where many groups for various reasons are hindered from the housing market for various reasons. The market is in need for public actors and various housing developers to find new ways to remedy the problem of obtaining an accommodation for these vulnerable groups. The study is based on previous research, surveys with young adults and interviews with intermediaries from different parts of the industry as a methodology. The results show an interest for, but low knowledge about the three types of housing: rent purchases, youth sets and cooperative rental apartments adapted for young adults. These are all adapted to reduce the problem for some persons within the target group to enter the housing market.

Made available in DSpace on 2016-04-26T18:18:45Z (GMT). No. of bitstreams: 1 Alexandre Cavalcanti Marquesi.pdf: 2011035 bytes, checksum: 32d3c7addbfb91620d98df0370525f80 (MD5) Previous issue date: 2010-05-10 / The main objective of this research project is to examine the real reasons for the behavioral paradox of people in cyberspace, i.e., the complete change in their original attitudes and objectives after accessing the Internet. This work presents a sociocultural map of the factors involved in the seduction of the desire to buy on the Internet, seeking to understand what actually causes the aforementioned paradox to occur in the context of the social appropriation of interactive media. In practical terms, therefore, the research problem is as follows: Why does a person enter cyberspace with the intention of carrying out a given task, but upon becoming immersed in this environment, end up performing other activities and even prioritizing them, thereby using up the time required to perform his originally planned tasks? Are the reasons for this discrepancy of objectives simply psychological and this behavior seasonal? Is it merely a question of suspended or disordered self-control reduced to the sphere of individuality? Or is the process involving, as it does, a breakaway from the intended path , a significant deviation , a deeper one and of a collective nature, presenting signs of an anthropological and philosophical problem that encompasses relationships with time, space, worldly objects (immaterial) and with other people experienced differently in cyberspace during the sojourn into the Internet? The main hypothesis of this research refers to the latter alternative. The methodology adopted here consists of bibliographical and empirical research aimed at scrutinizing the main reasons that make this paradox a daily reality of cyberspace journeyers in today s consumer society. This study focuses on cybercultural environments, which, in this dissertation, are understood as techno-symbolic manifestations of the glocal phenomenon, i.e., neither global nor local, but belonging to an approach of third magnitude that cannot be reduced to its constituents elements. From the epistemological standpoint of this research, there is another important hypothesis: the unwanted or unexpected activities to which a person is subject, voluntarily or involuntarily, when immersed in cyberspace take place in the interactive glocal context. The theoretical body of reference for this research encompasses postmodern and contemporary authors such as Baudrillard, Harvey, Morin, Foucault, Trivinho and Virilio, and is based on the perspectives of sociodromology, poststructuralism, postmodernism, post-Marxism and the current critique of communication and mediatic civilization. The fulfillment of the study objectives evidently presupposes an understanding of the cultural nature of human attitudes, the socio-technological aspects of cyberculture and their impact on the lives of individuals in this context. The development of this dissertation based on theoretical and methodological principles ensures its place in the field of communication / Este Projeto de Pesquisa tem como principal objetivo a investigação dos reais motivos implicados no que se pode chamar de paradoxo comportamental ou paradoxo cibercultural dromocrático dos sujeitos no ciberespaço: o desenvolvimento de atitudes e o cumprimento de objetivos totalmente distintos dos inicialmente planejados e desejados após a entrada na rede. O trabalho apresenta um mapeamento sociocultural dos fatores envolvidos na sedução do desejo de compra na rede, a fim de se compreender o que de fato influencia a produção do mencionado paradoxo no contexto da apropriação social das mídias interativas. O problema de pesquisa assim se apresenta, em termos práticos: por que o sujeito ingressa no ciberespaço pensando em realizar apenas as tarefas previstas e recorrentemente acaba, no processo de imersão, cumprindo outras atividades (e até mesmo dando-lhes prioridade), de modo a esgotar muitas vezes nelas o tempo necessário ao cumprimento das tarefas anteriormente previstas? As razões dessa discrepância de objetivos são apenas psicológicas e comportamentais sazonais? Trata-se somente de uma questão de suspensão ou desordem do autocontrole , reduzida à esfera da individualidade? Ou o processo, por envolver uma quebra ou dobra de percurso, um desvio significativo, é mais profundo, de natureza coletiva, apresentando indícios de uma problemática antropológica e filosófica que abarca a relação com o tempo, com o espaço, com os objetos do mundo (imaterial) e com o outro doravante vividos de modo diverso na cibercultura durante a permanência na rede? A principal hipótese da pesquisa recobre essa última alternativa. A metodologia adotada abrange pesquisa bibliográfica e pesquisa empírica, em compatibilidade com a dissecação das principais razões que tornam o paradoxo uma realidade diária dos dromoaptos (capazes de serem velozes) na sociedade de consumo atual. O estudo está focado em ambientes ciberculturais que, na dissertação, serão compreendidos como manifestação tecnossimbólica do fenômeno glocal, isto é, nem global, nem local, mas vertente de terceira grandeza, já realizada planetariamente e não redutível aos seus elementos constituintes. Na perspectiva epistemológica da pesquisa, aventa-se outra importante hipótese: é no contexto glocal interativo que se efetivam, em percurso tortuoso e lúdico, as atividades nãodesejadas ou não-esperadas das quais o sujeito é, voluntária ou involuntariamente, objeto quando imerso no ciberespaço. O quadro teórico de referência é formado por autores pós-modernistas e contemporâneos como Baudrillard, Harvey, Morin, Foucault, Trivinho e Virilio, e se baseia nas perspectivas da sociodromologia, do pósestruturalismo, do pós-modernismo, do pós-marxismo e da crítica atual da comunicação e da civilização mediática. Nessa esteira, o cumprimento dos objetivos do estudo pressupõe, evidentemente, a compreensão da natureza cultural das atitudes humanas, dos aspectos sociotecnológicos da cibercultura e de seus impactos na vida dos indivíduos nesse contexto. A consolidação do trabalho com base nesse recorte de princípios teóricos e metodológicos garante, integralmente, seu pertencimento à área de Comunicação

近年來，國內房價飆漲，自民國93年以來國內房價所得比自民國93年第1季為4.7倍成長至民國103年第1季為7.51倍，尤其台北市自民國93年第1季為6.14倍成長至民國103年第1季為14.6倍最為嚴重，住宅負擔能力成為社會大眾所關注之議題。本文探討住宅負擔能力與購屋自備款資金來源種類互動關係，以及房價或租金負擔與消費行為間關聯性。 對於購屋自備款資金來源與負擔能力，由二元羅吉斯特迴歸模型分析不同購屋自備款資金來源選擇與負擔能力之關係，再採複迴歸模型分析購屋自備款資金來源對購屋負擔能力造成之影響。透過二元羅吉斯特迴歸模型分析，在購屋自備款資金來源無須或須償還選擇中，以不同購屋者選擇之有顯著影響因子分別為購屋區位、家戶月所得、貸款負擔率。複迴歸模型分析影響貸款負擔率，顯著影響因子分別為購屋區位、購屋面積、家戶月所得、購屋決策者年齡、購屋自備款資金來源。 另外，房價或租金負擔與消費行為關聯性分析，本文將消費行為分為居住及生活行為，以複迴歸模型分析影響因子，再以次數分配分析減少生活支出項目及影響程度，發現因購屋或租屋支出，而減少生活支出項目，相同支出為基本日常開支、休閒娛樂(如旅遊)等2項；不同支出項目，購屋者為減少投資理財及儲蓄，租屋者以購物及奢侈品支出減少，兩者消費行為不同，購屋者較重視投資理財及儲蓄；然由影響程度大小觀察，得知租屋者影響程度較大，其經濟能力通常較差。 / In recent few years, the housing price grows rapidly. Since 2004, the growth of housing price was 470% in the first quarter of 2004 and 751% in the first quarter of 2014. In Taipei city, the growth of housing price was 614% in the first quarter of 2004, and it was the worst with growth rate of 1460% in the first quarter of 2014. Therefore, the ability of mortgage loan is the top focusing topic around the country. In our study we discusses the association of the ability of mortgage loan and the source of down payment; the association between housing price versus buying consumption behavior and rental fee versus buying consumption behavior. In our study, we discuss three topics. First, the association of the ability of mortgage loan and the source of down payment is analyzed by using logistic regression. In the logistic regression, the response variable is the down payment with or without second mortgage. The significant variables for impacting the sources of down payment are the location of house, the monthly income of household, the percentage of mortgage loan to household income. Second, the impact of mortgage loan is analyzed by multivariate regression. In multivariate regression for the impacting of mortgage loan, the significant variables are the location of house, the size of house, the monthly income of household, the age of housing buyer, and the source of down payment. Third, housing price or rent burdens associated with consumption behavior analysis，This article will be divided into residential consumption behavior and lifestyle behaviors. The analyzing methods are multiple regression and frequency distribution analysis. The most important finding is that people with mortgage loan or rental fee have lower down their living expense. The same expenditures for these two groups (homeowner and renter) are grocery expenditures and entertainment expenditures. The difference expenditures are the reduction of investment and savings for homeowners; the reduction of shopping expenditures and purchasing luxury products for renter. The buying powers are different between homeowners and renters. The homeowners are more focus on the investments and savings. However, the buying power has more impact for renters, who have poor economic status.