El presente trabajo de investigación tiene como finalidad explorar la viabilidad del Plan de Negocio para crear la línea de negocio que brinde el servicio de mantenimiento y acondicionamiento de inmuebles en el sector corporativo, a través de la Empresa MB REPRESENTACIONES. La empresa busca diversificarse en el mercado corporativo para diversificar su riesgo y no depender de un solo cliente. La incorporación de la línea de negocio surge como una oportunidad dada en el mercado privado donde las empresas privadas han incrementado dentro de sus actividades la tercerización de algunas operaciones o procesos, en nuestro caso los servicios generales. Esta estrategia, permite que puedan concentrar sus esfuerzos en actividades principales y en el core de sus negocios. Esto fue validado con información secundaria con el último estudio realizado por Global Research Marketing en el año 2018, donde revela que el 90% de las empresas privadas tercerizan sus operaciones; así también, se prevé que en los próximos años los principales retailers del país usarán servicios de tercerización para diversas actividades, esto debido a los cambios en el comportamiento de los consumidores, impulsados por la búsqueda constante de menores precios, mayor calidad e inmediatez. Por otro lado, de acuerdo a la ley 29783, el gobierno promueve la cultura de riesgos laborales. Según un estudio realizado por Marsh Perú, el 63% de las empresas participantes manifestaron este punto como prioritario en mejorar las condiciones de trabajo y garantizar la seguridad y salud de los trabajadores. Por lo tanto, para las mejoras utilizaran la tercerización de estos servicios. El segmento al cual se va a dirigir esta nueva línea de negocios son clientes del sector corporativo pertenecientes a la ciudad de Lima y Callao. De acuerdo a los datos obtenidos por la Cámara de Comercio de Lima, existen 7,048 empresas corporativas, siendo nuestro mercado meta el 1%. Para definir la propuesta de valor, la empresa ha realizado un sondeo a diversas empresas, donde el 10% de empresas entrevistadas asignan un presupuesto para el mantenimiento y acondicionamiento de sus instalaciones. Por otro lado, señalaron que la calidad de servicio que debe tener un proveedor es una respuesta rápida a la atención de sus necesidades soportada por su experiencia en el rubro. La validación permite a la empresa MB REPRESENTACIONES direccionar su estrategia de diferenciación de tiempo de respuesta rápida. La empresa MB REPRESENTACIONES cuenta con fortalezas para ofrecer sus productos e introducirse en nuevos mercados, esto como una estrategia de crecimiento y expansión. La evaluación financiera realizada, dio como resultado una tasa de retorno del 33%, lo cual hace rentable al proyecto respaldando su creación y puesta en marcha. / The present research work aims to explain the viability of the Business Plan to create the business line, as well as the service of maintenance and conditioning of the real estate in the corporate sector, through the Company MB REPRESENTACIONES. The incorporation of the business line emerges as a given opportunity in the private market where private companies have increased their activities in the outsourcing of some operations or processes, in our case the general services. This allows you to concentrate on your core activities and the core of your business. This was validated with secondary information such as the last study conducted by Global Research Marketing for 2018, which reveals that 90% of private companies outsource their operations; additional the context that favors the creation of the line of business as the growth of the retail sector. Currently, companies have recognized that safety conditions are vital for employees and also because the law requires it. The segment in which a value proposal is going to be addressed are customers from the city of Lima and Callao, with a total of 7,048 corporate companies, 10% allocating a budget for the maintenance and refurbishment of their facilities. The validation is based on the survey carried out by the company REPRESENTACIONES, where customers value the quality of service that a supplier must have at a fast response speed to meet their needs. The validation allows the company. MB REPRESENTATIONS directing its fast response time differentiation strategy, followed by the evaluation of the experience. The company MB REPRESENTACIONES has demonstrated the strengths to be able to create the new line of business, through the financial evaluation. The financial evaluation carried out resulted in a return rate of 33%, which makes the project profitable by supporting its creation and start-up. / Trabajo de investigación

This thesis examines if the correlations between equity sectors have increased over time, mitigating sector diversification. Investors and other financial enthusiasts have started to believe that sector diversification is not a useful investment strategy. To investigate whether correlations among the sectors are rising, this study analyzes numerous aspects regarding sector diversification. Twenty years of monthly sector returns are used to determine whether correlations among the sectors are increasing. Also, the analyzation of sector movement during up and down periods of the market is addressed within the thesis. This study finds that the majority of the sectors move together in times of a financial crisis, like the 2007-2008 market crash. Thus, when sector diversification is most needed, it often fails during times of strife. Furthermore, the study analyzes how the majority of the sectors tend to not move with the market over the twenty-year period. Results suggest the correlations between the sectors have not become closer contrary to popular belief. The importance and usefulness of sector diversification when investing is validated by this study’s results.

The efficient portfolios for the period 1993 – 2010 based on IPD data have a major portfolio weight in residential properties in the three largest regions Stockholm, Gothenburg and Malmo. The portfolio with the highest risk adjusted return (measured as the highest Sharpe-ratio) combines a large portfolio weight in residential properties with a small weight in industrial properties. During the time period of 2005 – 2010 a majority of the listed real estate companies held a real estate portfolio far below the efficient frontier based on the corresponding IPD data. These companies can increase their total return without taking on any more risk by using the concept of diversification. When including all available diversification categories two out of seven companies can be said to have an efficient real estate portfolio. When we excluded the outperforming residential asset class, however, none of the companies’ portfolios were in fact efficient. The real estate market is inefficient and thus results in the IPD data being less useful as it is based on transactions occurring in this inefficient market. Investors can, in this market, easily find properties with another risk and return profile than what IPD indicates is the market risk and return for a particular property type in a certain region. The inefficiency of the market, together with the IPD data being less useful, thus makes it difficult for the companies to focus on diversification in their investment strategy. Moreover, there are several reasons that explain the discrepancy between the actually held listed real estate portfolios and the optimal portfolio based on IPD data. Since each property is heterogeneous and possesses unique risks, investors are not able to accurately quantify the risk of each investment and thus rely more on their gut feeling. This also results in investors focusing on single investment opportunities rather than looking at all investments from a portfolio perspective.

Chapter 1 examines the effect of property-type diversification in equity real estate investment trusts (REITs) from 1995 to 2006. A strong positive relationship is documented between property-type diversification and return on assets, return on equity, and Tobin’s Q. The diversification benefit comes from both the ability to select better performing property types in “hot” markets and the limited exposure to poorly performing property types in “cold” markets. Diversified REITs produce higher cash flows relative to equity as a result of a broader opportunity set; moreover, return on assets increases with the degree of diversification, which suggests significant shielding to property-type specific risk. Additionally, results indicate that diversified REITs operate and trade above their contemporaneous predicted values, which are calculated using imputed multipliers from specialized REITs. The evidence shows that the market is operating efficiently and has incorporated this information; diversified REITs Q ratios are significantly greater than specialized REITs. Chapter 2 uses a large sample of municipal bond closed-end funds to examine how tax liability affects seasonal trading. Optimal tax trading dictates that net tax liability be calculated after all trades. Investors’ net tax liability is held in a holding account of his or her choosing. This study investigates what happens when there is tax liability in excess of Safe Harbor, and tax holding accounts are liquidated to cover the payments. We find that there exists a pattern of negative returns and increased volume in the month of March that is unexplained by changes in yield. iii Chapter 3 examines the ex-dividend day effect for municipal bond closed-end. The proposed explanations for this phenomenon are tax effects, short-term trading and/or market microstructure effects. In this study I use a unique set of dividend distributions to provide additional evidence that ex-dividend behavior is related to taxation as well as short-term trading. The sample I use is comprised of dividends in nontaxable closed-end funds, which ordinarily are not subject to Federal Income Tax. However, there is an occasional distribution that is subject to capital gains or ordinary income tax. This provides a unique environment in which to study the ex-dividend price behavior of a fund while eliminating the need for comparisons across funds.

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.

World poverty is a persistent phenomenon despite international efforts and the improvements achieved in the last few decades. For many people it can be a chronic condition. This thesis aims at testing that the main reason some people are poor is due to a poverty trap, i.e., to some contextual mechanisms which limit their ability to escape poverty, reproducing it over time. To investigate this hypothesis, this thesis is guided by three different questions. First, does a poverty trap emerge in the aftermath of an extreme weather shock? Second, do communities in a humanitarian context have the same wealth dynamics? Third, what is the role of income diversification for agricultural households for asset accumulation, and does it depend on their wealth? The analysis focuses (a) on the case of Nigeria and a devastating flood, (b) on refugees and host communities in Uganda and (c) on agricultural households in Tanzania, respectively. Results show that Nigerian flooded households have poverty traps dynamics, condemning the poorest in a destitute state over time. Refugees and host communities in Uganda have similar wealth dynamics but both converge to a low-wealth equilibrium, suggesting a structural poverty trap that worse for refugees. Income diversification in Tanzania shows important nonlinearities according to households’ wealth: it fosters the accumulation of durable assets for better-off households only, while helping the poorest to accumulate livestock. These findings shed light on the interaction of low-income conditions and contextual challenges and opportunities, suggesting policy actions able to lift poor people above a wealth threshold, improve their living conditions and favouring their profitability.

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The purpose of the event study is to analyze the returns in Swedish listed companies that have carried out spinoffs between the period 2006 - 2021. This is done by measuring share price development. The method is observation. Secondary data is presented in the average total development in share price over the measurement period for all of the study's parent and subsidiary companies to see if the difference in returns is statistically significant. Then returns per quarter are examined, and if there is a significant difference between spinoffs and OMXSPI. Regression is used to measure Average Abnormal Return, AAR, in both the short and long term for parent and subsidiary companies, as well as for focused and diversified spinoffs. Theories and ideologies that the study uses are Shareholder Value Maximization (SVM), the Efficient Market Hypothesis (EMH), information asymmetry and modern portfolio theory. The survey covers 47 Swedish listed companies, distributed among 26 spinoffs. The result shows that the average total return was 219% and 319% for the parent and subsidiary companies, butt hat the difference is not statistically significant at a 5 percent level. However, there is a statistically significant difference in the average return per quarter in 4 of the companies compared to OMXSPI. Also that the spinoff also leads to a positive AAR of 1% and 3.7% for the parent and the subsidiary, respectively, when measured two and four quarters after the subsidiary's IPO, but that there is a slowdown in returns when measured long-term. The empirical conclusions are that spinoffs generally lead to greater AAR for the subsidiary, and that focused spinoffs generally generate greater positive AAR than diversified ones. There are large deviations in returns between spinoffs. Thus, active management has probably generateda greater return than investors according to passive management. For returns in addition to the benchmark, good analytical skills are required, a conclusion that is in line with recent studies in the subject. The study's theoretical conclusions are that spinoffs are to some extent associated with SVM. Considering the strong deviation in returns and the fact that the parent companies have on average performed worse than OMXSPI, the study is somewhat questioning how compatible spinoffs are with SVM. The fact that AAR has weakened over time supports that the Swedish securities market can be categorized as the semi-strong form of the efficient market hypothesis, EMH. Due to the selected measurement period and measurement points, the study has failed to test information asymmetry in order to arrive at a fair conclusion. For investors without greater analytical skills and deeper knowledge of stocks, the study provides support for modern portfolio theory. That as an investor you should diversify your portfolio to minimizerisk.