Zugl.: Trier, Univ., Diss., 2008.

Zugl.: Trier, Univ., Diss., 2008.

Dissertation (D.P.H.)--University of Michigan.

Submitted by douglas pinheiro (douglasbpinheiro@bol.com.br) on 2014-03-13T02:59:35Z No. of bitstreams: 1 Texto Entrega - Final.pdf: 1947912 bytes, checksum: 3c9bf11c80c41c608d5be807e73886f1 (MD5) / Approved for entry into archive by PAMELA BELTRAN TONSA (pamela.tonsa@fgv.br) on 2014-03-17T14:33:20Z (GMT) No. of bitstreams: 1 Texto Entrega - Final.pdf: 1947912 bytes, checksum: 3c9bf11c80c41c608d5be807e73886f1 (MD5) / Made available in DSpace on 2014-03-17T14:36:39Z (GMT). No. of bitstreams: 1 Texto Entrega - Final.pdf: 1947912 bytes, checksum: 3c9bf11c80c41c608d5be807e73886f1 (MD5) Previous issue date: 2014-02-24 / In public offerings, whether initial public offerings (IPO) or seasoned public offerings (SEO), whose sale occurs via firm commitment, is common to include a stabilization clause, which allows underwriters repurchase shares on the market after the beginning of negotiations with the aim of delaying or preventing the fall in the value. The repurchased shares are those from the option given by the issuer to the underwriter for the sale in excess of up to 15% of the shares initially offered, in addition, in case of strong demand an additional sale can occur up to the limit of 20% of the initial offering, called hot-issue, but these actions are cannot be repurchased. The green shoe option allows the underwriters buy part or all the shares sold in excess, increasing supply permanently. This thesis evaluates, in this order, the main determinants of stabilization and its effects on short-term return of SEOs, the effects on the cost of issuing shares and then the effect on the long-term return of IPOs and SEOs, each topic is evaluated in a different and independent chapter, after an introductory chapter which describes the structure of the thesis. In the first chapter the results indicate that in SEOs, the risk, liquidity and demand of domestic and foreign institutional investors are important in determining the occurrence of over-allocation and stabilization, and in addition to these factors the demand from retail investors also affect the intensity of stabilization. As for the effects on return immediately after the end of stabilization, the non-stabilized SEOs exhibit short-term return higher than stabilized and, on average, the prices do not fall after the end of stabilization, however, the greater the intensity of the repurchases, the lower are post-stabilization returns. In the second chapter, it was found that underwriters predict the intensity of stabilizing and/or the exercise of the greenshoe and hot-issue options, and since they are paid by the sale of these additional shares, they adjust ex-ante the remuneration charged to issuers, not appropriating of an eventual profit nor bearing the cost of repurchase and return the shares to the issuer. These results were observed both in IPOs and SEOs, moreover, the same effect was observed in the total costs. In the latter chapter has been shown that the level of stabilization and/or exercise of the green shoe and hot-issue does not affect the long-term return of IPOs, however the greenshoe and 9 hot-issue exercise negatively affect the adjusted cumulative returns of SEOs until the 3rd year after the issuance, even when controlling by the issuance size and market-to-book ratio. Some major contributions of this thesis are: 1) despite the difference in the risk level, the results of the occurrence and intensity of stabilization are generally similar to those observed for IPOs, 2) this is the first study to examine the stabilization effects in SEO short-term returns, as well as its finding that the market return influences the intensity of stabilization, 3) for the first time shows that the size of the stabilization process are anticipated by underwriters and in the context of a competitive market, are included into the cost of issuing IPO and SEO, 4) notes that the stabilization process has effect on long-term return of SEOs. All these results cast doubt on studies of return and compensation of public offerings that exclude such information in their models. / Em ofertas públicas de ações, sejam elas ofertas públicas iniciais (IPO) ou ofertas públicas subseqüentes (SEO), cuja venda ocorre via garantia firme de subscrição e liquidação é comum a inclusão de uma clausula de estabilização, que permite aos underwriters recomprar ações no mercado após o início das negociações com o objetivo de postergar ou evitar a queda do valor. As ações recompradas são aquelas provenientes da opção dada pelo emissor ao underwriter para a venda em excesso de até 15% das ações inicialmente ofertadas, além disso, no caso de forte demanda uma venda complementar pode ocorrer até o limite de 20% da oferta inicial, chamada de hot-issue, porém essas ações não são passíveis de recompra. A opção de greenshoe permite ao underwriter comprar parte ou todas as ações vendidas em excesso, aumentando a oferta permanentemente. Essa tese avalia, nesta ordem, os principais determinantes da estabilização e efeitos no retorno de curto prazo de SEOs, os efeitos sobre o custo da emissão e depois o efeito sobre o retorno de longo prazo de SEOs e IPOs, cada assunto é tratado em um capítulo diferente e independente, após um capítulo introdutório que descreve a estrutura da tese. No primeiro, os resultados indicam que em SEOs o risco, a liquidez e a demanda de investidores institucionais nacionais e estrangeiros são importantes na determinação da sobrealocação e ocorrência da estabilização, e que além desses fatores a demanda dos investidores de varejo também influencia a intensidade da estabilização. Quanto aos efeitos no retorno imediatamente após o fim da estabilização, SEOs não estabilizados apresentam retorno de curto prazo maior que os estabilizados não há, em média, queda do preço das ações após o fim da estabilização, no entanto, foi constatado que SEOs intensamente estabilizados apresentam retorno pós-estabilização menores. No segundo, foi constatada que os underwriters prevêem a intensidade da estabilização e/ou do exercício do greenshoe e hot-issue, e uma vez que são remunerados pela venda dessas ações suplementares, ajustam ex-ante a remuneração cobrada dos emissores, não se apropriando um eventual lucro nem suportando o custo de recompra e devolução das ações. Esses resultados foram observados tanto nos IPOs quanto nos SEOs e o mesmo efeito foi observado nos custos totais. No último foi mostrado que o nível de estabilização e/ou exercício do greenshoe e hot-issue não afetam o retorno de longo prazo dos IPOs, no entanto exercício do greenshoe e hot-issue afetou negativamente o retorno acumulado ajustado dos SEOs até o 3º ano após a emissão, inclusive quando controlado pelo volume da emissão e market-to-book. Algumas contribuições importantes desta tese são: 1) apesar da diferença no nível de risco, os resultados da ocorrência e intensidade da estabilização são em geral semelhantes àqueles observados para IPOs; 2) este é o primeiro trabalho a analisar as conseqüências da estabilização no retorno de curto prazo dos SEOs, bem como a constatar que o retorno de mercado influencia intensidade da estabilização; 3) pela primeira vez mostra que as dimensões do processo de estabilização são antecipadas pelos underwriters e no contexto de um mercado competitivo, são incorporadas ao custo da emissão de IPOs e SEO; 4) constata que o processo de estabilização possui efeito sobre retorno de longo prazo dos SEOs. Todos esses resultados lançam dúvida quanto aos estudos sobre retorno e remuneração em ofertas públicas que excluem essas informações de seus modelos.

Les fonds mutuels sont désormais reconnus comme une possibilité de diversifier des investissements en actions et constituent actuellement une alternative (ou un complément) aux investissements directs en actions. L'industrie des fonds mutuels est désormais présente dans la majorité des pays et a enregistré une croissance spectaculaire au cours des dernières années. En dépit de son importance, cette industrie a fait l'objet de peu de recherches en dehors des Etats-Unis. Notre étude a pour but de combler ce manque. A travers l'utilisation d'une base de données récente fournie par Eurofidai, nous analysons les attributs et la performance des fonds mutuels européens en fondant notre étude sur le cas des fonds d'actions français. Cette thèse de doctorat examine le problème de sélection des investisseurs confrontés à une masse d'information importante qui peut résulter en une certaine confusion lors de l'allocation d'actifs. Afin d'acquérir une meilleure compréhension des fonds mutuels, nous analysons certains facteurs et caractéristiques qui sont susceptibles d'avoir un impact sur leur performance et par conséquent influent sur la prise de décision des investisseurs. Notre étude empirique utilise des données mensuelles entre 1990 et 2009 sur un ensemble de fonds mutuels investis en actions françaises. Les objectifs de la recherche sont au nombre de trois : l'évaluation des performances des fonds mutuels, la détermination des caractéristiques ayant un impact sur ces performances et les explications potentielles de la structure des frais de gestion. Nos résultats révèlent que les fonds français préfèrent les actions à petite taille et book-to-market. Il apparaît que la taille du fonds et sa longévité ont un impact positif sur la performance. Nous montrons également qu'il existe des économies d'échelle dans les familles de fonds. Par exemple, les fonds contenant des titres à faibles capitalisation favorisent les investisseurs en réclamant des frais de gestion plus faibles.. Ce travail de recherche apporte aux chercheurs, analystes et investisseurs des éléments de réponse et permet ainsi à ces derniers d'affiner leur prise de décision relative à l'investissement dans l'industrie des fonds mutuels. / Ever since the investment community first recognized mutual funds as a means for diversification, asset preservation, and asset accumulation, academics and practitioners have conducted many studies designed to ascertain their appeal. The mutual funds are gaining importance worldwide and it has registered a spectacular growth in the entire world. Despite the importance of the mutual fund industry, it has received little academic attention outside the USA. Therefore, our study intends to contribute in filling this gap. Using a new database of Eurofidai, we analyze mutual funds' various aspects in European context with a case of French equity mutual funds. This study has introduced the problem investors have in selecting mutual funds, where the sheer amount of information on mutual funds results in investor confusion. To dispel this confusion and to bring a deeper understanding in mutual funds, we have examined certain factors and characteristics that affect the mutual funds performance and ultimately investors' decisions. This study followed suit by compiling monthly data from 1990 to 2009 for equity mutual funds domestically invested in France. We have three basic research objectives; performance evaluation of equity mutual funds; designating funds' characteristics effecting performance and potential determinants for structuring fund's fees being charged to investors. Our results reveal that French funds prefer smaller stocks and lower book to market ratio. We provide evidence of positive impact of funds' size and age on fund performance. We also found economies of scale in fund families. Funds having small cap holdings favor investors by charging low management fees. This research provides academics, analysts and investors some insight in mutual funds to refine their preferences and some key features to be considered while deciding their investments.

Made available in DSpace on 2016-06-02T18:57:21Z (GMT). No. of bitstreams: 1 2184.pdf: 10891858 bytes, checksum: 73f6b1a39daf89a3da77ee3132be166f (MD5) Previous issue date: 2008-12-05 / Universidade Federal de Minas Gerais / Fish culture is na aquaculture field which has been growing a lot in the last few years, specially by fish capture stagnation and for the growing high nutritional quality animal protein demand. A market field that has been greatly developed since 1990 s and which holds huge transactions of buying and selling alive cultures fish is the fee fishing activity, moving not only São Paulo fish cultures but from other states too, like Paraná, Mato Grosso do Sul and Minas Gerais. However, as in any human activity, it has negative and positive impacts. On this perspective, this study has objected, through an environment assessment evaluation in five fee-fishing units located in Araras region, manage the proposition Best Management Practices (BMP s) use and making a cost/benefit analysis to prove the viability of those practices use. Data were collected through a previous prepared questions and fishing pounds water and sediment samples analysis and water quality parameters measures in three different moments: before, during and after the rainy period. The analysis showed there are lead and iron elements excess in water, the former is due to previous lead contamination in Mogi-Guaçu hydrographical basin, and the last one because of the region soil type. Several Best Management Practices (BMP s) were proposed and the cost/benefit analysis identified only one economic viable establishment, whereas under a 9.5% a year discount rate in a 15-year analysis, it s proved to be profitable. The studied fee-fishing units presented serious problems on economic sector, and should in an urgent way improve their administrative and management strategies in order to better explore the property potentialities and the activity the execute in a sustainable manner. / A piscicultura é um ramo da aqüicultura que vem crescendo muito nos últimos anos, impulsionada pela estagnação na pesca extrativa e pela crescente demanda por proteína animal de alta qualidade nutricional. Um dos mercados que se desenvolveu copiosamente no início da década de noventa e que comporta grande movimentação de compra e venda de pescados cultivados é o mercado de pesque-pague, movimentando não só a piscicultura do estado de São Paulo, como também de estados vizinhos como Paraná, Mato Grosso do Sul e Minas Gerais. No entanto, assim como qualquer outra atividade humana, provoca impactos positivos e negativos. Sob esta perspectiva, este trabalho objetivou, através de uma avaliação de impactos ambientais em cinco pesque-pague da região de Araras, propor a adoção de boas práticas de manejo (BPM s) e realizar uma análise de custo/benefício para verificar a viabilidade da adoção de tais práticas. As informações foram coletadas através de questionários pré-elaborados, análises de amostras de água e sedimento e a medição dos parâmetros de qualidade de água dos tanques de pesca em três momentos diferentes: antes durante e após o período chuvoso. As análises de água revelaram existência de excesso dos elementos chumbo e ferro, o primeiro devido à contaminação pré-existente na bacia do Mogi-Guaçu, e o último em decorrência do tipo de solo da região latossolo. Várias Boas Práticas de Manejo foram propostas e a análise de custo/benefício identificou apenas um estabelecimento considerado economicamente viável, pois a uma taxa de desconto de 9,5% ao ano e sob um horizonte temporal de 15 anos, mostrou-se rentável. Os estabelecimentos estudados apresentam sérios problemas no setor econômico, devendo com urgência melhorar suas estratégias administrativas e gerenciais a fim de melhor explorar as potencialidades da propriedade e das atividades que desenvolvem de forma sustentável.

Made available in DSpace on 2016-06-02T18:57:26Z (GMT). No. of bitstreams: 1 2184.pdf: 10891858 bytes, checksum: 73f6b1a39daf89a3da77ee3132be166f (MD5) Previous issue date: 2008-12-05 / Universidade Federal de Minas Gerais / Fish culture is na aquaculture field which has been growing a lot in the last few years, specially by fish capture stagnation and for the growing high nutritional quality animal protein demand. A market field that has been greatly developed since 1990 s and which holds huge transactions of buying and selling alive cultures fish is the fee fishing activity, moving not only São Paulo fish cultures but from other states too, like Paraná, Mato Grosso do Sul and Minas Gerais. However, as in any human activity, it has negative and positive impacts. On this perspective, this study has objected, through an environment assessment evaluation in five fee-fishing units located in Araras region, manage the proposition Best Management Practices (BMP s) use and making a cost/benefit analysis to prove the viability of those practices use. Data were collected through a previous prepared questions and fishing pounds water and sediment samples analysis and water quality parameters measures in three different moments: before, during and after the rainy period. The analysis showed there are lead and iron elements excess in water, the former is due to previous lead contamination in Mogi-Guaçu hydrographical basin, and the last one because of the region soil type. Several Best Management Practices (BMP s) were proposed and the cost/benefit analysis identified only one economic viable establishment, whereas under a 9.5% a year discount rate in a 15-year analysis, it s proved to be profitable. The studied fee-fishing units presented serious problems on economic sector, and should in an urgent way improve their administrative and management strategies in order to better explore the property potentialities and the activity the execute in a sustainable manner. / A piscicultura é um ramo da aqüicultura que vem crescendo muito nos últimos anos, impulsionada pela estagnação na pesca extrativa e pela crescente demanda por proteína animal de alta qualidade nutricional. Um dos mercados que se desenvolveu copiosamente no início da década de noventa e que comporta grande movimentação de compra e venda de pescados cultivados é o mercado de pesque-pague, movimentando não só a piscicultura do estado de São Paulo, como também de estados vizinhos como Paraná, Mato Grosso do Sul e Minas Gerais. No entanto, assim como qualquer outra atividade humana, provoca impactos positivos e negativos. Sob esta perspectiva, este trabalho objetivou, através de uma avaliação de impactos ambientais em cinco pesque-pague da região de Araras, propor a adoção de boas práticas de manejo (BPM s) e realizar uma análise de custo/benefício para verificar a viabilidade da adoção de tais práticas. As informações foram coletadas através de questionários pré-elaborados, análises de amostras de água e sedimento e a medição dos parâmetros de qualidade de água dos tanques de pesca em três momentos diferentes: antes durante e após o período chuvoso. As análises de água revelaram existência de excesso dos elementos chumbo e ferro, o primeiro devido à contaminação pré-existente na bacia do Mogi-Guaçu, e o último em decorrência do tipo de solo da região latossolo. Várias Boas Práticas de Manejo foram propostas e a análise de custo/benefício identificou apenas um estabelecimento considerado economicamente viável, pois a uma taxa de desconto de 9,5% ao ano e sob um horizonte temporal de 15 anos, mostrou-se rentável. Os estabelecimentos estudados apresentam sérios problemas no setor econômico, devendo com urgência melhorar suas estratégias administrativas e gerenciais a fim de melhor explorar as potencialidades da propriedade e das atividades que desenvolvem de forma sustentável.

Die Honorarberatung befindet sich überall in Europa auf dem Vormarsch. Sie ist eine von Regulierern geschätzte Alternative zur viel kritisierten Provisionsberatung. Im Widerspruch dazu verhalten sich Bankkunden zurückhaltend bis ablehnend. Dies wirft die Frage auf, worin die Ursachen liegen könnten. Mögliche Antworten werden auf Basis einer Choice-Based Conjoint-Analyse mit Kundenclusterung abgeleitet. Es zeigt sich, dass die Bankkunden gespalten sind. Eine kleine Gruppe von agilen, gut informierten, einkommensstarken Personen präferiert die Honorarberatung (6% aller Bankkunden). Währenddessen tendiert die große Masse der Kunden zur Provisionsberatung. Diese Masse zeichnet sich durch ein erstaunlich realistisches Bild von sich selbst aus. Sie hält sich für schlecht informiert und wenig erfahren, für unflexibel und nicht offen für Neues. Sie sucht ihr Heil in einem bedingungslosen Vertrauen zur Bank. Ein solches eröffnet Spielräume für opportunistisches Verhalten auch bei der Honorarberatung. Die Politik muss daher entweder die Honorarberatung regulatorisch gegen jede Art des Opportunismus absichern oder liberal agieren und Verstöße gegen den Vertrauensvorschuss ex post sanktionieren. / The transition to fee-based advisory is underway in Europe. The regulatory bodies consider this the preferred alternative in contrast to the commission-based agent approach. However, the same state of euphoria cannot be found among clients. Up until now, banking clients in Germany have been cautious, modest and reluctant. This prompts questions as to what could be the cause of such behaviour. Possible explanations can be found in a conjoint-analysis with client clustering. It can be shown that the behaviour of German clients in banking is divided. A small group of agile, well-informed individuals with high incomes prefers fee-based advisory services (6% of all clients). Meanwhile, the large majority of clients tend to prioritise the commission-based advisory service. Interestingly, this group is characterized by an astonishingly realistic picture of themselves. The clients consider themselves not properly informed, lacking experience, inflexible and not open for innovation. They seek salvation by granting unconditional trust to their banks. These clients cannot assess or judge if a new type of advisory method will offer any kind of advantage. If politics wants to promote the fee-based model it has to assure absolutely water-proof solutions, otherwise a resulting loss of confidence in case of misuse will be inevitable. Taking a more liberal approach, politics could leave several avenues open and instead sanction infringements of accredited trust.

Master of Public Health - MPH / Background: Hospital pharmacy practice is an important aspect of healthcare, as drugs are a key component of patient treatment in hospitals. In Lagos state, Nigeria, provision of healthcare services, including drugs, was at one time entirely free but in the face of ever dwindling resources and increasing government responsibility, the health sector has to compete with other sectors for scarce public funds. Therefore, in 2002, a private sector initiative (PSI) in hospital pharmacy was implemented in seven hospitals in Lagos state as an alternative financing system for managing drug procurement and supply to fee-paying patients. Each of these seven hospitals now has two pharmacies, one providing free drugs to certain categories of patients entitled to this service and the second providing services to all other patients. Aim: This study aimed to explore and describe the impact of this private sector initiative on the job satisfaction of the pharmacists working in these hospitals from the viewpoint of the hospital pharmacists and relevant stakeholders, and to suggest ways of improving the job satisfaction of hospital pharmacists in Lagos state. Study Design: The study utilized a qualitative research design to explore the perceptions and experiences of government-employed pharmacists and key stakeholders on the impact of the private sector initiative. Study Population and Sampling: Individual interviews were conducted with three key informants and two focus group discussions were carried out, one with hospital pharmacists from the fee-paying pharmacies and the second with pharmacists from the free pharmacies from the seven hospitals in Lagos state where the private sector initiative was in operation. Data Collection and Analysis: The audio-taped interviews and focus group discussions were transcribed and analysed to identify the key categories and themes raised by the participants. Results: The study found that most pharmacists felt that the PSI has met the main objective for which it was set up, that is, improving availability of drugs in the hospital but there were some attendant factors like inadequate funding of the free health unit, increased workload of the fee-paying unit and poor working conditions, which affect the job satisfaction of pharmacists. The study however showed that the introduction of the PSI has led to improved performance of roles and recognition of the pharmacists and better working relationships between pharmacists and other healthcare workers which have impacted positively on the job satisfaction of pharmacists. Recommendations: The study recommended that the working conditions should be improved and issues of staffing and workloads should be addressed. Also, alternative but effective means of drug financing should be sought to ensure availability of drugs to all categories of patients.

M.Phil / Citing is the process by which scholars give recognition to research used by another academic researcher. Citation resources are tools used by academic scholars for keeping track of who did what research and the impact of the research within the discipline. Citation analysis is therefore an attempt to measure the impact and contribution of a study to the body of knowledge and research. Citation tracking and citation analysis is facilitated by making use of information resources which specialize in citations and tools for conducting citation analysis. The citation resource by The Institute for Scientific Information (ISI), Web of Science (WOS), was traditionally the citation tool of choice of academics for more than 40 years. The arrival in 2004 of Scopus, a fee-based citation resource, and Google Scholar (GS), a citation resource available for free and accessible via the Web, presented WOS with competition. The prolific growth of the citation resources created new opportunities for academics in citation tracking and citation analysis. The question of which citation resource to use in the process of tracking citations and conducting citation analysis posed a challenge to librarians and information professionals at academic institutions. It became essential to establish which citation resource was not only most relevant to use for which subject discipline, but which was the most cost-effective with the advent of shrinking library budgets. Therefore the need arose for citation resources to be compared with the aim of establishing whether the newcomers Scopus and GS are substitutes for or complementary to the traditional WOS. The objectives of this study included comparing WOS, Scopus and GS in order to determine whether evaluation criteria existed for citation resources, to define scholarly environmental sciences journals within a South African context, to determine which citation resource presented the most comprehensive citation coverage of the South African scholarly environmental sciences journals, to determine whether GS could be considered a substitute for the fee-based citation resources WOS and Scopus, and to determine how the content of the exported data for the journal sample population compared in terms of content completeness and quality. The research study consisted of a detailed literature review, followed by an empirical component using a comparative research design and the technique of purposive non-probability sampling in order to define the sample population for the study. The South African scholarly environmental sciences journals internationally accredited during the period 2004-2008 were chosen as the sample target population. The study consisted of a pilot study and three measuring instruments that were compiled based on the literature review. The results of the macro-level evaluation established that Scopus surpasses both WOS and GS. On the other hand, the micro-level evaluation concluded that WOS surpasses Scopus and GS. The content verification process conducted determined that Scopus and WOS both surpass GS. These findings were presented at the 12th Annual World Wide Web Applications conference in September 2010. The study was able to establish that GS is not a substitute for WOS and/or Scopus for the South African scholarly environmental sciences journals. In addition, it was concluded that GS can be used as a supplementary citation resource to the fee-based citation resources WOS and Scopus. It was further determined that the citation resource Scopus can be considered a substitute for WOS, which was traditionally the citation resource of choice of academic researchers.