La financiera ofrece diferentes productos en el mercado peruano. Uno de ellos es el de créditos personales a través de tarjetas de crédito. Para colocarlas es necesario el dominio de dos canales de evaluación: 1. Las agencias, que es el canal propio donde ofrecen todos los productos de la financiera cabe indicar que en estos locales el foco del negocio no es necesariamente la colocación de tarjetas de crédito. Siendo lo mas requerido créditos de micro empresa y préstamos de libre disponibilidad. 2. Las alianzas con los centros evaluadores (CEV), donde el negocio principal es colocar tarjetas de marca compartida. En el segundo canal encontramos una serie de limitaciones y desventajas: - Es incoherente tener un 70% de colocación en campo cuando la razón de ser de los CEV, es que ésta surja del tráfico natural del piso de ventas. - La producción promedio de algunos CEV es menor a 10 tarjetas mensuales cuando el punto de equilibrio tendría que ser no menor a 40 tarjetas mensuales. - El espacio para colocar un CEV es limitado. - El tiempo para implementar un CEV es de 45 días, la dinámica de inauguración de tienda es más veloz. Pasada la inauguración el interés de los clientes disminuye en obtener la tarjeta.

In order to construct a model to price convertible bonds, a hybrid security with complicated provisions, this study concentrates on the way of depicting the equity and the default process. The Constant Elasticity of Variance model (CEV model) which modifies the assumption of constant volatility to capture the negative relationship between the stock price and the variance is applied. The default process integrates the information from both equity and debt market by setting the default intensity model to endogenize the default process into the pricing model. The tree structure is built by a manner of variable transformation. After considering all information and deciding whether the provisions to be executed on each node, then the value of convertible bond could be calculated in a backward-induction fashion. Two trading convertible bonds are chosen to examine the practicality of this model and the empirical result shows that this model fit the market value well. The sensitivity analysis suggests that the coefficient of leverage effect does affect the value of convertible bond in an inverse direction and other parameters are not significantly sensitive to the value of convertible bond.

Forsai - sportinio stiliaus jaunuoliai, paplitę didžioje dalyje Lietuvos miestų. Pagrindiniai miestai Kaunas ir Panevėžys. Forsas - žodis atkeliavęs iš anglų kalbos (force - jėga.). Šios subkultūros amžius labai įvairus - svyruoja nuo 12 iki 30 metų. Lietuvai dar esant Sovietų Sąjungos sudėtyje, forsų subkultūra buvo viena iš ryškesnių subkultūrų. Forsų subkultūros stilius pradėjo plisti ne tik Lietuvoje, bet ir visame pasaulyje. Forsų subkultūra, jų elgesys, gyvenimo būdas, agresijos raiška – yra būdingi ir daugeliui Lietuvos gyventojų, kurie nėra tiksliniai šios subkultūros atstovai, tačiau jų bendravimas, elgesys, manieros dažnai primena ir byloja glaudų ryšį tarp subkultūros ir asmens. Jaunimo agresyvumas yra įtakojamas šeimoje matomų elgesio pavyzdžių, tėvų auklėjamųjų nuostatų. Žiniasklaidoje publikuojami smurtiniai vaizdai, didelė emocinė įkrova straipsniuose agresyvumo tematika, iššaukia destruktyvų jaunimo elgesį. Visuomenėje susidariusi nuomonė, kad forsų subkultūra tendencingai naudoja smurtą bei agresiją aplinkinių atžvilgiu, kas ir skatina ištirti ir įvertinti forsų subkultūros agresyvumo ir smurto veiksnius bei atlikti susijusias išvadas. / Forss - a sporty young people in a great spread in Lithuanian cities. Main cities Kaunas and Panevezys. Forsas - the word came from the English language (force - the force.). These subcultures ever so varied - ranging from 12 to 30 years. Lithuania was still the Soviet Union, forss subculture was one of the most distinct subcultures. Forss subculture began to spread not only in Lithuania but also throughout the world.Youth aggressiveness is influenced by family behavior visible examples of parents adopting educational provisions. The media published images of violent, high emotional charge Articles aggressive subjects, leads to destructive behavior in youth. In a society perceived as chev subculture tends to use violence and aggression against surrounding who and promotes study and evaluate forss subculture of violence and aggression factors and make findings.

The concern about how business should behave as one of the dominant institutions in society, widely referred to as corporate social responsibility, has been a subject of interest among academics and practitioners all over the world. The increasing global outlook of business activities and the need to understand environments in most parts of the globe have also made this concept relevant for all time. This thesis therefore relates to a study, which assesses the perceived role of ethics and social responsibility for organisational effectiveness in a developing and African country. It was argued that ethics and social responsibility must first be perceived to be important for business success, before managers’ behaviour can become ethical and reflect greater social responsibility. Using a mainly qualitative approach and aided by some quantitative analysis, the study explored the perceived importance of this construct (ethics and social responsibility) for organisational effectiveness among insurance managers in the Nigerian insurance industry. This exploration and the analysis are based on the theoretical assumptions that personal and situational factors do influence managers’ perception of the importance of ethics and social responsibility and its business assumption. These, therefore, constitute major outcomes of the study. Given that the study is the first of its kind in the insurance industry, and Nigeria, a developing economy, its outcomes further aids our understanding of how managers in an African socio-economic context perceive the construct and their readiness to translate it into business practice. Above all, the thesis demonstrates that the perceived importance of ethics and social responsibility for organisational effectiveness is a function of industry and product nature, individual moral values, corporate ethical values and organisational commitment. The findings suggest that meeting customers’ expectations reinforce trust-relationship, which in turn is moderated by some other personal-situational factors. The findings also indicate that highly idealistic managers were more sympathetic towards the welfare of others, and have higher perception of the important role of ethics and social responsibility for business success.

I corporate equity warrant rappresentano un affascinante metodo di finanziamento “ibrido” disponibile per le imprese. In prima approssimazione, un warrant è assimilabile ad una opzione call e, pertanto, il pricing è spesso effettuato applicando le formule di valutazione sviluppate per tali strumenti dalla teoria finanziaria. Tuttavia, la valutazione dei warrant presenta complicazioni ulteriori rispetto alla determinazione del prezzo di opzioni call, e la ragione risiede principalmente in alcuni elementi distintivi di maggiore complessità, tra cui l’effetto diluitivo del capitale esistente derivante dall’esercizio, ed il c.d. effetto “risk-shifting”, in base al quale si verifica un trasferimento di rischio sistematico dagli azionisti ai possessori di warrant, non appena questi strumenti vengono emessi. L’obiettivo di questa tesi è di analizzare il tema dell’emissione dei corporate warrant dal punto di vista della finanza d’impresa e derivare un metodo di pricing innovativo per tener conto di un fenomeno (risk-shifting effect) tuttora non considerato dalla letteratura finanziaria. Dopo aver derivato formalmente tale approccio e le formule ad esso conseguenti, il lavoro propone una simulazione teorica ed un test empirico condotto su un campione di warrant quotati sul mercato italiano. Entrambi tali verifiche dimostrano come il modello presentato incorpori una maggiore bontà previsiva del prezzo di mercato rispetto agli approcci esistenti. / Corporate equity warrants are one of the more fascinating capital-raising tools available to corporate finance officers. At a first approximation, they are option-like securities and according to this similarity, the pricing is usually performed by application of the standard option pricing theory. However, the theoretical and empirical analysis of warrants still remains an interesting research field within the finance literature. The reason is that warrants are more complex than call options. From an asset pricing point of view, the presence of some specific features (e.g., the equity dilution) prevents from using simple plain-vanilla formulas, while from a corporate finance standpoint, warrants offer several implications, principally because they affect the systematic risk of common stocks and are related to the choice of the firm’s capital structure. The purpose of this thesis is to analyse corporate warrants and address some of the main open questions about their value. In particular, after reviewing the financial literature about warrant pricing and presenting some commonly accepted formulas, the relationship between warrants and the volatility of the underlying stock return is examined. Contrarily to the classical call options, in fact, warrants affect the capital structure of the issuing firm and produce a risk-shifting effect among equity claimants. We derive an alternative approach to pricing equity warrant, embedding this risk-shifting feature, and we propose both a theoretical simulation and an empirical test based on a sample of Italian warrants proving its accuracy.

Neste trabalho propomos um modelo de mercado através de uma discretização aleatória do movimento browniano proposta por Leão & Ohashi (2010). Com este modelo, dada uma função payoff, vamos desenvolver uma estratégia de hedging e uma metodologia para precificação de opções / In this work we propose a market model using a discretization scheme of the random Brownian motion proposed by Leão & Ohashi (2010). With this model, for any given payoff function, we develop a hedging strategy and a methodology to option pricing

Neste trabalho propomos um modelo de mercado através de uma discretização aleatória do movimento browniano proposta por Leão & Ohashi (2010). Com este modelo, dada uma função payoff, vamos desenvolver uma estratégia de hedging e uma metodologia para precificação de opções / In this work we propose a market model using a discretization scheme of the random Brownian motion proposed by Leão & Ohashi (2010). With this model, for any given payoff function, we develop a hedging strategy and a methodology to option pricing

Made available in DSpace on 2017-07-10T17:11:48Z (GMT). No. of bitstreams: 1 Dissertacao Mariana Uzeda2.pdf: 3273824 bytes, checksum: cb0d125fc8aae9dfe673029b5f5a30a5 (MD5) Previous issue date: 2014-08-29 / This work presents a comparative study between four different sliding mode variable structure control strategies (SMVSC) applied to autonomous underwater vehicles (AUV) positioning in 6 DOF, under the influence of wind, waves and marine currents. The addressed strategies are the conventional CEV-MD control based on Lyapunov stability, the CEV-MD control based on the equivalent control, the CEV-MD control based on the input-output stability and the CEVMD adaptive control. The accomplished comparisons seek a satisfactory tradeoff between the tracking performance and the closed-loop system stability in light of eliminating the chattering phenomenon. In that sense, the analysis and synthesis of the respective SMVSC control laws is carried out fromthe Lyapunov Stability Theory and the Barbalat s Lemma. As well as numerical simulations are implemented to obtaining the respective performances of each SMVSC control strategy presented. / Este trabalho apresenta um estudo comparativo entre quatro diferentes estratégias de controle de estrutura variável por modos deslizantes (CEV-MD) aplicadas ao posicionamento de veículos subaquáticos autônomos (VSA) em 6 GDL, sob a influência de ventos, ondas e correntes marinhas. As estratégias abordadas são o controle CEV-MD convencional baseado na estabilidade de Lyapunov, o controle CEV-MD baseado no controle equivalente, o controle CEV-MD baseado na estabilidade entrada-saída e o controle CEV-MD adaptativo. As comparações realizadas visam a eliminação do do fenômeno do chattering buscando um compromisso satisfatório entre o desempenho de rastreamento e a estabilidade do sistema em laço fechado. Nesse sentido, a análise e síntese das respectivas leis de controle CEV-MD é realizada a partir da Teoria de Estabilidade de Lyapunov e do Lema de Barbalat. Assim como simulações numéricas são implementadas para a obtenção dos respectivos desempenhos de cada estratégia de controle CEV-MD apresentada.