Thesis (Ph. D.)--University of Texas at Austin, 2007. / Vita. Includes bibliographical references.

Thesis (Ph. D.)--University of Texas at Austin, 2006. / Vita. Includes bibliographical references.

Orientador: Adhemar Sanches / Coorientador: David Ferreira Lopes Santos / Banca: Marcelo Augusto Ambrozini / Banca: Adriano dos Reis Lucente / Resumo: Objetivo: Valorar um projeto de inovação oriundo da estratégia de diversificação de produtos, considerando as incertezas e a flexibilidade como fontes de valor ao projeto. Metodologia / Procedimentos de Pesquisa: É apresentado um estudo de caso, valorado por meio de opções reais, com a possibilidade de inclusão de novas informações, modeladas pelo Teorema de Bayes, as quais possibilitam ajustar às probabilidades iniciais do projeto. Resultados e Discussões: Espera-se que os resultados apontem para o efeito da nova informação e implicações na criação de valor para a empresa. Implicações Gerenciais: Demonstrar à comunidade, aos profissionais de mercado e acadêmicos a necessidade de uma abordagem mais profunda e sistêmica para o uso de estratégias de investimento, considerando fatores endógenos e exógenos à firma. Conclusões e Limitações da Pesquisa: Ao analisar um projeto de inovação com elevado nível de incerteza, variáveis probabilísticas podem não ser suficientes para mensurar o desempenho futuro do investimento. Assim, o conhecimento tácito, criado a partir de todo o conhecimento acumulado pelos tomadores de decisão, fornecem informações que podem e devem ser utilizadas para a avaliação do investimento. O presente estudo não considerou o valor da sinergia criada pela implementação deste novo projeto na estrutura organizacional, nem foram utilizados profissionais externos para a projeção dos fluxos de caixa. Originalidade: A originalidade reside em avaliar um projeto de inov... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: Objective: Value an innovation project from the product diversification strategy, considering the uncertainties and flexibility as sources of value to the project. Methodology / Research Procedures: We present a case study, evaluated through real options, with the possibility of including new information, modeled by Bayes' Theorem, in which they can adjust the probabilities of the initials of the project. Results and discussions: The results are expected to point to the effect of new information and implications on value creation for the company. Management Implications: Demonstrate to the community, market professionals and academics the need for a more profound and systemic approach to the use of investment strategies, considering factors that are endogenous and exogenous to the firm. Conclusions and Limitations of the Research: When analyzing an innovation project with a high level of uncertainty, probabilistic variables may not be sufficient to measure the future performance of the investment, thus, tacit knowledge, created from all the knowledge accumulated by decision makers, provides information that can and should be used for the evaluation of the investment. The present study did not consider the value of the synergy created by the implementation of this new project in the organizational structure, nor were external professionals used for the projection of cash flows. Originality: The originality lies in evaluating an innovation project with the use of real options t... (Complete abstract click electronic access below) / Mestre

Reviewing literature of product diversification in the large emerging economy China, this paper finds that prior studies related to the effect of product diversification on firm performance (PD-P, hereafter) in China have not yet paid sufficient attention to two important aspects. First, just as national institutions among countries are heterogeneous, sub-national institutions in China also vary greatly. Assuming homogeneous sub-national institutions in the large emerging economy China is at odds with reality. Studying whether PD-P in China will be contingent on sub-national institutional development will help to shed lights on PD-P in China and other emerging economies. Second, in China, state ownership is an important institutional context for individual firms. Prior research has not yet investigated state ownership of individual firms in studying PD-P in China. It would be of theoretical significance to examine whether state-owned enterprises can better take advantage of sub-national institutional development to improve firm performance than non-state-owned enterprises. Considering variation in sub-national institutions within a large emerging economy, this paper also extends the approach of using an institution-based view of business strategy to shed further lights on PD-P. Reviewing extensive literature of product diversification, this paper finds that there has been lack of consensus on PD-P. An institution-based view of business strategy is useful to reconcile divergent findings on PD-P by considering institutional environments in which firms adopt product diversification. Relatively consistent findings are that product diversification has a positive effect on firm performance in emerging economies and has a negative effect on firm performance in developed economies. This paper goes further to explore the influence of sub-national institutions on PD-P in emerging economies. This paper uses a sample of 37,856 observations of 124 insurance firms in 31 provinces of China over the period from 2005 to 2014. It finds that in China, product diversification of a firm in a region has a positive effect on firm performance in that region, but this positive effect holds true only in regions with a high instead of low level of sub-national institutional development. Furthermore, the positive moderating effect of sub-national institutional development on PD-P is context-specific and stronger for firms with a high level of state ownership.

In recent years the three Prairie Pools have actively expanded their primary operations to include a number of investments both within and outside of the agricultural sector. The Pools' investment strategies are economically interesting because they are being pursued within the context of a co-operative organizational structure which requires that the users of the cooperative business also own, control, and benefit from its operations. This thesis examines the possible economic incentives agricultural co-operatives may have to invest in vertically integrated and diversified activities using the case of the Western Canadian co-operative elevator companies as an example. The analysis undertaken in this thesis is structured in two ways. First, the economic literature regarding co-operative formation and conventional firm expansion is surveyed. This analysis suggests that an important difference between vertically integrated investments and diversified investments is that they are motivated by the realization of distincly different sets of economic benefits for the co-operative firm and its members. It is argued that co-operative vertical integration can convey benefits to members indirectly through the market, in the form of increased producer margins and improved market access. However, these benefits may not impact the "bottom line" of the co-operative firm. Diversification can, on the other hand, provide a co-operative with direct monetary benefits in the form of improved financial performance and increased profits, which can translate into increased patronage refunds available to members. The second component of this analysis involves the development of a simulation model to examine the implications of an additional hypothesis proposed to explain co-operative expansion. The proposed hypothesis is based on the notion that perhaps the indirect market benefits from cooperation and co-operative expansion are being undervalued. This undervaluation can result in a preoccupation with the monetary benefits from co-operative business, and may therefore cause a bias towards diversified investments. The model developed in this thesis illustrates that, although such a bias may improve a co-operative's rate of return, it may also result in significant opportunity costs for agricultural producers due to a decrease in a co-operative's pro-competitive effect on primary markets. / Land and Food Systems, Faculty of / Graduate

There are two key observations in international macroeconomics which pertain to output and real exchange rate dynamics. First, fluctuations in national output around its long-run growth path are very persistent. Second, fluctuations in real exchange rates are very persistent. The sticky price framework offers an explanation for both phenomena. The first and second essay of this thesis take an empirical approach to test the predictions of this framework. In the first essay I test the prediction of the sticky price model for output dynamics using annual IFS data on 51 countries over the period 1950 -1996. The model predicts that price stickiness should be less important in high inflation countries and therefore output fluctuations less persistent. I find that, this inverse relationship is statistically insignificant in the international data. A similar result holds for OECD countries. In the empirical implementation I explicitly control for the within-country time variation in inflation by first characterizing the inflationary environment using the long-run movements in inflation (trend inflation), and secondly, by excluding episodes of hyperinflation. The analysis shows that when the within-country time variation in inflation is ignored, there is support for the prediction. For instance, the inverse relationship between persistence in deviations of output from its long-run growth path and average inflation is statistically significant in the full sample. However, the exclusion of a few episodes of hyperinflation renders this relationship statistically insignificant. In the second essay I investigate the prediction of the sticky price model for real exchange rate dynamics using annual IFS data on 49 countries over the period 1972-1996. The model predicts that deviations of real exchange rates from purchasing power parity should be less persistent, in high inflation countries. The empirical analysis reveals that the support for such an inverse relationship is extremely fragile. In particular, eliminating episodes of hyperinflation renders this relationship statistically insignificant. The lack of evidence in favour of the two predictions of the sticky price model is problematic since this model is extensively used as a microfoundation for understanding output and real exchange rate fluctuations. In the third essay I take a structural approach to qualitatively explore the role of slow diffusion of new products in propagating the effect of technology shocks on output. I present a multi-sector dynamic general equilibrium model in which the creation of new products requires real resources. These products are beneficial for the economy but only upon complete diffusion. However, this diffusion is not instantaneous. I find that relative to a model in which there is instantaneous diffusion of new products, the qualitative output dynamics are similar to what is observed in the U.S. data. This warrants further quantitative investigation. / Arts, Faculty of / Vancouver School of Economics / Graduate

by Lee Sui Hung, Yeung Ying Ying, Angel. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 108-109). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.viii / LIST OF TABLES --- p.ix / Chapter / Chapter I. --- Introduction --- p.1 / Summary --- p.1 / Methodology --- p.2 / Chapter II. --- OVERVIEW OF HK MANUFACTURING COMPANIES INVOLVED IN CHINA PROPERTY MARKET --- p.4 / Rationale shift of business focus --- p.4 / Opportunities to Access to China Property Market --- p.5 / Optimistic View on China Property Market --- p.5 / Strategic Considerations --- p.8 / Company Profile --- p.8 / Habour Ring International Holdings --- p.9 / Luks International Co. Ltd --- p.10 / Chuang's China Investment Ltd --- p.11 / Shell Electronic Manufacturing (Holdings) Co. Ltd --- p.11 / Immediate Responses in Capital Market --- p.12 / Downturn of Property Market in China --- p.13 / Chapter III. --- INVESTING IN CHINA PROPERTY MARKET --- p.16 / Demand Side --- p.16 / Domestic Demand --- p.16 / Individual property purchase --- p.17 / Population growth --- p.17 / Improvement of living standard --- p.17 / Overseas Demand --- p.18 / Relatives at homeland --- p.18 / Expatriate demand --- p.19 / Vacation and investment demand --- p.19 / Supply Side --- p.19 / Government --- p.19 / Welfare House --- p.20 / Squeezed profit house --- p.20 / Commodity Premise --- p.20 / Multi-level and high-rise residential properties --- p.20 / Hotel-flat and villa --- p.20 / Foreign Investment --- p.21 / Secondary Market --- p.21 / Key Successful Factors in China Property Market --- p.21 / Macro Environment and Market Sentiment --- p.22 / Monetary policies --- p.22 / Regulatory and taxation policies --- p.23 / Project Analysis: Demand Potential --- p.24 / Property location --- p.24 / Transportation --- p.25 / Hard and software availability --- p.25 / Domestic demand potential --- p.25 / Economic dependency and overseas demand --- p.27 / Project Planning and Operations --- p.27 / Scale --- p.27 / Time span and cash flow position --- p.28 / Pre-sales and Cash Flow Position --- p.28 / Marketing Strategies --- p.29 / Company --- p.29 / Credibility --- p.29 / Other Business Performance --- p.29 / Experience and Expertise --- p.29 / Management Attitude --- p.30 / Chapter IV. --- EXTERNAL ANALYSIS OF ASIA COMMERCIAL: THE IDENTIFICATION OF INDUSTRY OPPORTUNITIES AND THREATS --- p.31 / Company Background --- p.31 / External Analysis: The Identification of Industry Opportunities and Threats --- p.32 / The Role of the Macro-environment --- p.32 / Hong Kong --- p.33 / The PRC --- p.34 / The technological environment --- p.35 / The social environment --- p.35 / The Five Forces Model --- p.36 / Watch manufacturing industry --- p.39 / Potential competitors: strong --- p.39 / Rivalry among established companies - strong --- p.40 / Competitive structure --- p.40 / Demand conditions --- p.40 / Exit barriers --- p.41 / The bargaining power of buyers - strong --- p.42 / The bargaining power of suppliers - weak --- p.42 / The threat of substitute products - weak --- p.43 / Watch retail industry --- p.43 / Potential competitors ´ؤ weak --- p.43 / Cost advantages and economies of scale --- p.44 / Barriers to entry and competition --- p.44 / Rivalry among established companies ´ؤ semi strong --- p.44 / Competitive structure --- p.44 / Demand conditions --- p.44 / Exit barriers --- p.45 / The bargaining power of buyers - strong --- p.45 / The bargaining power of suppliers - weak --- p.45 / The threat of substitute products - weak --- p.46 / The PRC property market --- p.46 / Potential competitors - strong --- p.48 / Rivalry among established companies - strong --- p.48 / Competitive structure --- p.48 / Demand conditions --- p.49 / Exit barriers --- p.50 / The bargaining power of buyers - strong --- p.50 / The bargaining power of suppliers - weak --- p.50 / The threat of substitute products - strong --- p.50 / Summary --- p.51 / Chapter V. --- INTERNAL ANALYSIS OF ASIA COMMERCIAL: RESOURCES AND CAPABILITIES --- p.53 / Manufacturing --- p.55 / Physical --- p.55 / Switzerland --- p.55 / PRC --- p.55 / Hong Kong --- p.56 / Technological --- p.56 / Human --- p.56 / Brand Names --- p.56 / Marketing --- p.57 / Profitability --- p.57 / Summary --- p.60 / Production capability --- p.60 / Product market --- p.60 / Cost advantage --- p.61 / Management knowledge --- p.61 / Finance --- p.61 / Wholesale and Retail Business --- p.62 / Human --- p.62 / Government license --- p.63 / Finance --- p.63 / Macroenvironment --- p.63 / Brand Name Effect --- p.64 / Acquisition of Brand Name --- p.64 / Performance of Wholesale and Retail Business --- p.65 / Property Development --- p.66 / Macroenvironment --- p.66 / Demand --- p.66 / Location --- p.67 / Partners --- p.67 / Finance --- p.68 / Cost and Cash Flow --- p.68 / Property Sales Agent and Project Manager --- p.68 / Pre-sale Results --- p.69 / Financial Impact --- p.70 / Capital history --- p.73 / Share dilution --- p.73 / Reasons for Failure of Property Development --- p.74 / Demand --- p.74 / Property location --- p.74 / Domestic demand potential and overseas demand --- p.74 / Secondary property market and investment purpose --- p.75 / Project operation --- p.76 / Project scale? --- p.76 / Land concept of the management --- p.76 / Commitment by property expertise companies? --- p.77 / Easy access to finance? --- p.78 / Why Did Asia Commercial Fail? --- p.78 / Mismanagement --- p.78 / Management structure --- p.78 / Management was reluctant to change --- p.80 / Underestimated requirement of working capital and overestimated funding ability --- p.80 / Prior strategic commitments --- p.81 / Past glory obsessed future performance --- p.82 / Chapter VI. --- BUSINESS FOCUS --- p.83 / Differences between Businesses --- p.84 / Value Chain --- p.85 / Customers --- p.89 / Contacts with customers --- p.89 / Demand from customers --- p.90 / Competition --- p.92 / Mentalities and Talents --- p.95 / Strategies --- p.99 / Value-added Integration --- p.100 / Diversification --- p.102 / Changing Business Nature --- p.104 / Implications to Hong Kong Manufacturing Firms --- p.105 / BIBLOGRAPHY --- p.108

No description available.

Diss. (sammanfattning) Göteborg : Göteborgs universitet, 2008. / 4 uppsatser.

The continued production of undifferentiated products in the B.C. forest industry has fascinated and divided provincial historians. The causes of this orientation of production are varied and complex. The provincial government and British Columbia's forest companies have each played a role in determining the orientation of production. The undifferentiated end products of these firms were the consequence of conscious government and business decisions made in British Columbia in the post-war period (1945 - 1979). B.C. forest resources were (and remain) owned and administrated by the government. Private access to these assets was (and is) determined by provincial statute. The government was instrumental in orienting the undifferentiated production undertaken by MacMillan Bloedel and B.C.F.P. in two fashions: by systematically subtracting value from the resource in order to attract capital to the industry; and, by adopting a variety of other policy initiatives that promoted the establishment of large-scale enterprises. Professor Michael E. Porter, in his book, The Competitive Advantage of Nations, argues that a firm's end products are the result of its competitive advantages and disadvantages. The two firms examined in this essay possessed two competitive advantages that promoted undifferentiated production: a high degree of productive integration from supply through to marketing: and large-scale production. Competitive disadvantages can allow a firm's products to become less advanced over time, or can preclude the advance to more differentiated production. Four competitive disadvantages prevented the development of differentiated products by Macmillan Bloedel and B.C.F.P. First, a super abundance of timber perpetuated undifferentiated production. With the continued supply of excellent quality timber protected by the government, competitive supply pressures were eliminated, and the resource was not evaluated or utilized to its maximum potential. Second, the integration of downstream supply networks by M.B. and B.C.F.P. impoverished lower levels of the industry. While this provided cost advantages to the producers, it limited the number of suppliers. Third, managerial incompetence at MacMillan Bloedel , and a narrowness of focus at B.C.F.P., limited the productive opportunities of these two firms. Finally, the collaboration of the two firms in marketing their undifferentiated products also diminished competitive pressures needed to promote differentiated production. Thus, contrary to some previous analytic approaches, the production orientation of these two firms can be explained with an historical analysis of their competitive advantages and disadvantages in the post-war period.