Thesis (MPhil (Information Science))--University of Stellenbosch, 2006. / Research Problem: Research commences at the point where within our department we begin to reflect on penetrating a new market. At first this reflection can be a very unstructured thought, a conjecture, a question, or hypothesis. In our case, it was about entering the Brazilian telematics or more commonly known the ‘tracking’ market. One of the most competitive markets in the world in terms of lower margins and a high number of competitors. Thus, the need to conduct research and CI analysis was paramount; this was because we had no idea about the Brazilian Telematics market. Therefore, we used research primarily to identify key issues relating to telematics (segment, competitors, customers etc) in Brazil. Like most companies however, our resources was limited in terms of investment and manpower. Apart from commissioning a very specific research, a great deal of desk, or secondary research was undertaken, this proved very valuable when formulating our strategy and achieving actionable results. Overall Objectives: The aim was to utilise mostly Competitive Intelligence and Market Research, two key components within Knowledge Management, to obtain and analyse competitive information from multiple sources to aid DigiCore’s international expansion. For the International team Competitive Intelligence was more than analyzing competitors - it was about making DigiCore more competitive relative to its existing set of competitors and potential competitors in international markets. Predictive analysis - analysing and documenting the likely moves of foreign markets and competitors was a key objective, especially in aiding our final strategy in Brazil. Various aspects of CI and Knowledge Management became indispensable to formulate and implement our strategy in Brazil. Research Design/Methodology: sampling, representativeness and data collection, CI, analysis and interpretation were key activities we conducted. In essence, for DigiCore a well-defined research problem is a precondition for our Brazilian project. The development of a research design thus follows logically from the research problem. A set of guidelines and instructions needed to be followed in order to address our research problem. Main Results: there is the misconception that CI and market research duplicate activities, whilst there may be some truth, for DigiCore CI was undertaken to understand our environment better – beyond percentages, graphs and statistic analysis. CI helped us to forecast, validate industry rumours and ultimately make effective decisions and thus being able to act rather than react. In fact, beginning any competitive intelligence project is a daunting task, but the end results made the whole process worth it. A further component was Managing Information Systems - Our technology is based on ‘complicated’ internal and external environments that need to be considered. So whilst, market research and competitive analysis may aid in the final decision making and ongoing strategies, without juxtaposing these efforts within an information systems environment, the whole project would be futile. Conclusion: there is no doubt in our minds, that by using CI, Market Research, and Knowledge Management in all of our key stages and activities we came closer to our overall objective of penetrating the Brazilian telematics market. Whilst it is too soon to evaluate our success and overall long-term growth, without the above tools we know for certain that there would not have been any success at all.

Submitted by Suemi Higuchi (suemi.higuchi@fgv.br) on 2009-07-30T19:39:08Z No. of bitstreams: 1 CPDOC2009JaymeSpinelliJunior.pdf: 3661975 bytes, checksum: 3e90fc0c8ac41c11288e6da556dd54aa (MD5) / Made available in DSpace on 2009-07-30T19:47:52Z (GMT). No. of bitstreams: 1 CPDOC2009JaymeSpinelliJunior.pdf: 3661975 bytes, checksum: 3e90fc0c8ac41c11288e6da556dd54aa (MD5) / This Guide of Preservation & Security of the National Library of Brazil to safeguard the holdings and the building aims to present guidelines, pathways and routes to procedures and attitudes towards questions of such nature, which are important and vital in an era full of uncertainties. As a base, we consider the knowledge acquired in the field of cultural property preservation and in the field of security policy adopted for bibliographical and documental holdings, researches and the buildings that stores them. The interdisciplinary character related to these fields of knowledge signals the educational improvement of the population as a whole and to our cultural memory. It aims at a changing in the role of man as a critic of nature, as a transforming agent of reality and of himself. / Este Guia de Preservação & Segurança da Biblioteca Nacional para salvaguarda do seu acervo e do seu edifício tem por objetivo apresentar orientações, caminhos e rotas para procedimentos e atitudes relativas as questões desta natureza, importantes e vitais nesta era de tantas incertezas. Como base toma-se o saber adquirido no campo da preservação de bens culturais e no campo da política de segurança adotada para acervos bibliográficos e documentais, para usuários e para os edifícios que os abriga. O caráter interdisciplinar que concerne a estes campos do conhecimento sinaliza para o aprimoramento educacional da população como um todo e para nossa memória cultural. Visa a mudança do papel do homem como crítico da natureza, como agente transformador da realidade e de si próprio.

Submitted by Arthur Moretao (arthurmoretao@gmail.com) on 2018-02-27T17:27:37Z No. of bitstreams: 1 CSR_Cash_Holding_ArthurM_2018.pdf: 1166353 bytes, checksum: 260a2cf637033d83c6bccb212338ebfc (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Arthur, boa tarde. Para que possamos aprovar seu trabalho, será necessário que faça as alterações abaixo: - No Resumo e Abstract, centralizar os títulos, e manter somente o texto dos resumos (retirar nome, título do trabalho, etc); - Centralizar todos os títulos, lista de tabelas, figuras, sumário. Por gentileza, alterar e submeter novamente. Qualquer dúvida, entre em contato. Obrigada. Thais Oliveira mestradoprofissional@fgv.br 3799-7764 on 2018-02-27T19:24:09Z (GMT) / Submitted by Arthur Moretao (arthurmoretao@gmail.com) on 2018-02-27T19:54:43Z No. of bitstreams: 1 CSR_Cash_Holding_ArthurM_2018.pdf: 1164819 bytes, checksum: 549d3b27f6cfd98229dc7e3f848e5af1 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-02-27T19:56:46Z (GMT) No. of bitstreams: 1 CSR_Cash_Holding_ArthurM_2018.pdf: 1164819 bytes, checksum: 549d3b27f6cfd98229dc7e3f848e5af1 (MD5) / Made available in DSpace on 2018-02-27T21:25:14Z (GMT). No. of bitstreams: 1 CSR_Cash_Holding_ArthurM_2018.pdf: 1164819 bytes, checksum: 549d3b27f6cfd98229dc7e3f848e5af1 (MD5) Previous issue date: 2018-02-07 / This work examines the effect of corporate social responsibility (CSR) performance on: (i) the value of cash holdings (value model) and (ii) how CSR affects the level of cash holdings in Brazilian companies (cash determinant model). The value model results indicated that investors assign a higher value to excess cash held by high-CSR-performance Brazilian firms, but only when they are subject to a stricter shareholder-protection environment (e.g., cross-listed in the United States). This result is in line with the view that managers should use CSR policies to help mitigate conflicts with stakeholders and the firm in a way that is consistent with shareholders’ interests. The weak institutional environment in Brazil would support the opposite result, albeit the positive relation did not hold true when controlled for corporate governance performance, nor for different specifications of cash holdings. The estimation results for the cash holdings determinants model indicated that CSR performance is positively related to corporate governance, supporting a complementary function of the concepts, as well as the negative relation with idiosyncratic risk indicated reduced risk. The positive relation of CSR performance and systematic risk contrasted with the expected reduced sensitivity to market shocks. CSR performance also had a positive direct effect as well as a negative indirect effect via corporate governance on the level of cash, both statistically significant. / Esse trabalho examina os efeitos da performance de Responsabilidade Social Empresarial (RSE) sobre: i) o valor do caixa (modelo de valor) e; ii) como determinante do nível de caixa mantido pelas empresas brasileiras (modelo de determinantes de caixa). Os resultados da estimação do modelo de valor indicam que os investidores atribuem um maior valor para o caixa mantido por empresas brasileiras com alta performance de RSE mas apenas quando essas estão submetidas a um ambiente de proteção ao acionista mais restritivo (e.g., listadas nos Estados Unidos). Esse resultado está em linha com a visão de gestores devem se utilizar das políticas de RSE para ajudar a mitigar conflitos entre os stakeholders e a firma de forma alinhada aos interesses dos acionistas. O fraco ambiente institucional do Brasil suportaria o contrário, entretanto a relação positiva não permanece verdadeira quando controlado pelo nível de governança corporativa, nem por diferentes especificações de caixa. Os resultados do modelo de determinantes de caixa indicam uma relação positiva entre performance de RSE e governança corporativa, suportando a função de complementar dos conceitos, assim como uma relação negativa com o risco idiossincrático indicando reduzido risco. A relação positiva entre a performance de RSE e o risco sistemático contrasta com a esperada redução à sensibilidade a choques do mercado. A performance de RSE também apresentou um efeito direto positivo no nível de caixa assim como um efeito negativo através do seu impacto indireto pela governança corporativa, ambos estatisticamente significativos.

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-05-27T19:05:29Z No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-05-27T19:15:53Z (GMT) No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-05-27T19:17:47Z (GMT) No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) / Made available in DSpace on 2011-05-27T19:53:09Z (GMT). No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) Previous issue date: 2010-04-14 / Studies that investigate the reasons about the cash holdings are gain importance around academicals and still are in early stage, according to global academic research. Additionally, empirical studies have found significant high levels of cash holdings among international companies. We found three theories that support academic explanation of the determinants of the cash holdings: tradeoff theory, pecking order theory and agency theory. This study has the purpose to investigate empirically the determinants of the cash holdings among Brazilian companies, as well investigate the existence of a pro-active cash management policy. We use panel data to evaluate 198 Brazilian companies, between 1998 and 2008, according to Economatica source of data. The evidences lead us to conclude that cash management is an important decision to be made in corporate level. Theories support the explanation of the determinants in a complementary way. / Estudos que investigam as razões do acumulo de caixa e a existência de uma política de gestão ativa do caixa têm ganhado evidência na literatura acadêmica internacional nos últimos anos. As pesquisas que consideram os determinantes do nível de caixa e suas implicações ainda encontram-se em um estágio inicial. Adicionalmente, pesquisas ao redor do mundo têm encontrado elevado nível de caixa acumulado pelas empresas. De acordo com as principais linhas de investigação empírica, três correntes teóricas podem explicar o nível de caixa a partir das variáveis denominadas determinantes: tradeoff theory, pecking order theory e a teoria de agência. Este estudo tem por objetivo investigar empiricamente os determinantes do caixa e identificar a existência ou não de uma política de gestão ativa nas empresas brasileiras. Foi realizada uma pesquisa com amostra de 198 empresas listadas na BOVESPA, no período de 1998 a 2008, totalizando 2178 observações. A pesquisa utilizou modelos econométricos de regressão linear e painel de dados. Com as evidências empíricas encontradas, podemos concluir que a gestão do nível de caixa acumulado é uma importante decisão a ser tomada pelas empresas brasileiras. As teorias que suportam as explicações dos determinantes do nível de caixa podem ser aplicadas de modo complementar ao invés de divergentes.

In the first essay I examine the cash policies of female-led firms. Recent research finds that female CEOs eschew riskier corporate policies, but it makes contradicting claims whether this is due to risk aversion. Benchmarking risk aversion by the management of firms’ cash, I find that female CEOs are risk averse relative to male CEOs. Specifically, they hold significantly (18%) more cash, even for the same level of dividend payout as male CEOs. Further, they have significantly higher speed of adjustment for cash deficits, are more likely to use excess cash to increase dividends, but are equally likely to use it to increase investment. Collectively, these results indicate that greater risk aversion in the general female population continues beyond the glass ceiling and likely influences female CEOs’ corporate policies. Nonetheless, cash held by female CEOs has greater marginal value, suggesting a dividend-clientele effect. In the second essay I examine the impact of CEO gender on compensation keeping in view the corporate outcomes that they beget. Risk aversion may influence CEOs’ intertemporal choices and effort regarding short-term and long-term corporate activities. Given that females are more risk averse, I examine whether there are gender-based differences in short- and long-term corporate outcomes and whether these lead to gender-based disparity in CEO compensation. I find that female CEOs have significantly (10%) superior performance on short-term firm outcomes, but inferior (24%) performance on long-term outcomes, relative to male CEOs. However, for a given level of short-term (long-term) performance female CEOs obtain relatively more (less) short-term (short-term and long-term) compensation. The end result is that there is no difference in the total compensation between male and female CEOs. This suggests that female CEOs are well rewarded for their short-termism, enough to make up for their relative underperformance on long-term goals.

Submitted by Fadwa Muhieddine Dahrouge Omairi (fadwadahrouge@hotmail.com) on 2012-10-29T17:28:48Z No. of bitstreams: 1 FADWA DAHROUGE OMAIRI CASH HOLDINGS FGV 2012.pdf: 937692 bytes, checksum: 8b807a6a72750129cbce90588e46857f (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-10-29T17:40:23Z (GMT) No. of bitstreams: 1 FADWA DAHROUGE OMAIRI CASH HOLDINGS FGV 2012.pdf: 937692 bytes, checksum: 8b807a6a72750129cbce90588e46857f (MD5) / Made available in DSpace on 2012-10-29T17:41:26Z (GMT). No. of bitstreams: 1 FADWA DAHROUGE OMAIRI CASH HOLDINGS FGV 2012.pdf: 937692 bytes, checksum: 8b807a6a72750129cbce90588e46857f (MD5) Previous issue date: 2012-10-04 / Essa dissertação investiga como as empresas brasileiras ajustaram o nível de cash holdings durante o período da crise 2008-2009 em que o crédito de curto prazo é escasso. Utilizamos um modelo dinâmico de caixa para avaliar os principais determinantes da velocidade de ajuste do nível de cash holdings em direção ao nível ótimo, principalmente em períodos de crise quando há um aumento dos custos de ajustes em decorrência da dificuldade de acesso ao crédito bancário. Encontramos evidências empíricas que: a) o comportamento dinâmico de caixa é significativo e os custos de ajustes das empresas brasileiras são altos, impedindo o ajuste imediato para o nível ideal de caixa; b) a baixa velocidade de ajuste da estrutura de caixa é decorrente da pouca disponibilidade de crédito e do alto custo da dívida bancária; c) durante a crise, o capital de giro está positivamente relacionado ao nível de cash holdings, mas como esse recurso é escasso, há retração no capital de giro líquido; d) A falta de linha de crédito bancário que financie o crescimento das empresas, estimula a utilização da dívida de longo prazo para reter caixa e implica em uma relação negativa entre investimentos e cash holdings.

現金是企業流動性最強的一項資產，良好的現金流循環對於企業日常的經營、籌資、投資活動起著重要的作用。本文以2009-2016年中國主板、中小板及創業板上市企業為研究對象，對這三個市場上市企業的現金持有水平及其影響因素進行比較分析。 本文在Opler等(1999)現金持有影響因素模型的基礎上，參考學者對中國大陸上市企業現金持有影響因素的選擇，結合公司治理、行業及宏觀因素，建構了現金持有的影響因素檢驗模型，通過實證研究主要得出了以下結論：1、中小板及創業板市場上市企業現金持有水平均高於主板市場；2、中小板及創業板市場上市企業現金持有水平的構成與主板市場存在顯著差異；3、現金持有水平存在行業差異；4、主板市場及創業板市場“經濟新常態”前後期現金持有水平存在顯著差異；5、股權結構，即管理層持股水平和國有持股水平對現金持有水平在主板市場上呈顯著正相關關係。 本文的研究，從學術的角度看，為企業現金持有水平的影響因素的研究提供了新的切入點，以中國大陸主板、中小板及創業板上市企業作為研究對象，探究三個市場上市企業現金持有水平及其影響因素的差異。從實務的角度看，通過本文的研究，可以明確不同市場現金持有水平及其影響因素的差異，為企業現金管理決策提供新的思路。 / Cash is the most liquid current accent in balance sheets. A good cash flow plays an important role in a firm’s daily operating, investing and financing. In cash flow statement, net cash flow is the main component of a firm’s operating, investing and financing. Base on the enterprises in China A-share stock market from 2009 to 2016, we separate these enterprises into parts according to the enterprises’ offering market, such as the main board, small and medium sized board and growth enterprises board. Basing on the impact factor of cash holdings model from Opler et al. (2002) and the selecting of the impact factor of cash holdings in China stock market, this thesis constructs a testing model of determinants of the level of cash holding and draws to these conclusion: 1. The cash holding level of small and medium sized board market and growth enterprises market are higher than that of main board market. 2. Three types of net cash flow of cash holding level of small and medium sized board and growth enterprises board are significantly different from those in the main board. 3.Different industry has different cash holding level. 4. Cash holding level has significant difference between before and after China's New Normal in main board market and growth enterprises market. 5. Management shareholding level and state holding level, has a significant positive correlation with cash holding level in the main board. This thesis makes a contribution to providing new ideas and methods in studying the impact factor of cash holding level, researching the source and cash holding’s influence to cash from a firm’s operating, investing and financing activities.

本研究以企業現金持有之理論結合經理人股票選擇權是否使經理人有不同的投資決策。並提出在超額現金情境之下，經理人具有股票選擇權的風險誘因將會傾向透過執行併購的方式，增加非系統性風險的投資，並貢獻長遠的經濟利潤。本研究蒐集於 1992 年至 2014 年的 S&P1500 企業，根據是否具有超額現金將公司進行分組，並對選擇權誘因進行回歸分析。實證結果顯示具中有風險誘因的經理人在具有超額現金的公司中會有顯著更高的傾向執行併購，尤其當公司同時是屬於舊產業。此外當排除全額股票支付的併購與公開上市的被併公司後，投資人會給予顯著的正面反應。 / This study combines the cash holdings theory and executive stock options (ESOs), and investigates whether excess cash holdings could enlarge the risk incentive effect of ESOs on idiosyncratic-risk investments with positive NPV via mergers and acquisitions (M&As). By examining the Standard and Poor indexed 1500 firms from 1992 to 2014, we find that CEO with ESOs in cash-rich firm is significantly more likely to make M&As especially when the cash-rich firm is in old economy. In addition, investors give positive reaction when CEO with ESOs in cash-rich firm acquires a non-public target and doesn’t adopt the all-stock payment.

Thesis (MPhil)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: Metropolitan Holdings Limited is a life insurance and investment company with a well-recognised brand, operating in a competitive environment. The Metropolitan Doyle model that the company developed in the 1980s was the first of its kind and is used to predict the course and impact of the HIV/AIDS pandemic. Metropolitan has since been actively engaged in developing insurance products, designed to take HIV/AIDS into account. It has, moreover been active in advocating action on a wide range of issue relating to the disease, not least through its RedRibbon website, the publication of the respected journal, AIDS Analysis Africa, and through various community initiatives, particularly involving HIV/AIDS education. The company’s external work on the issue of HIV/AIDS is therefore well recognised. Although it has had an internal programme for several years, it has only seriously addressed the HIV/AIDS in the workplace since 2003 and in so doing, has not found the necessity of using any existing models of best practice. This case study examines the guidelines of a comprehensive HIV/AIDS programme, as set out by the Global Business Coalition on HIV/AIDS, with a view to finding out whether and to what extent a company such as Metropolitan might have implemented its recommendations and what impact it might have in the fight against HIV/AIDS in the workplace. The case study further examines the likely impact of the King II recommendations relating to the disclosure requirements on HIV/AIDS (in conjunction with the Global Reporting Initiative Guidelines) with a view to assessing whether these can enable a company such as Metropolitan, to have regard to the impact of the disease on the sustainability of their business and the steps that might be taken to mitigate the impact. / AFRIKAANSE OPSOMMING: Metropolitan Holdings Beperk is ‘n lewensversekerings – en beleggingsmaatskappy, met ‘n alombekende handelsmerk, wat in ‘n kompeterende omgewing funksioneer. Die Metropolitan-Doyle model wat deur die maatskappy in die 1980’s ontwikkel is, was die eerste in sy soort, en word gebruik om die verloop en impak van die MIV/VIGS pandemie te voorspel. Metropolitan is sedertdien aktief betrokke in die ontwikkeling van versekeringsprodukte, was spesifiek ook MIV/VIGS as oogmerk het. Die maatskappy is boonop besig om betrokkenheid oor ‘n wye spektrum van uitkomste verwant aan die siekte te propageer, veral deur die RedRibbonwebtuiste, die publikasie van die hoogaangeskrewe joernaal, AIDS Analysis Africa, en deur verskeie gemeenskapsinisiatiewe wat spesifiek die opvoeding aangaande MIV/VIGS insluit. Die maatskappy se eksterne werk op die aangeleentheid van MIV/VIGS word dus wyd erken. Alhoewel dit ook al verskeie jare oor ‘n interne program beskik, is dit eers sedert 2003 dat MIV/VIGS in die werkplek ernstig aangespreek word. Deur dit so te doen, is daar nie die nodigheid gesien om enige bestaande modelle wat die beste werk, te gebruik nie. Hierdie gevallestudie ondersoek die riglyne van ‘n omvattende MIV/VIGS program, soos uiteengesit deur die Global Business Coalition oor MIV/VIGS, met die oogmerk om uit te vind tot watter mate ‘n maatskappy soos Metropolitan sy aanbevelings mag implementeer en watter impak dit mag hê op die bestryding van MIV/VIGS in die werkplek. Die gevallestudie ondersoek verder die waarskynlike impak van die King IIaanbevelings rakende die openbaarmakende vereistes oor MIV/VIGS (in samehang met die Global Reporting Initiative Riglyne) met die oogmerk om te bepaal of bogenoemde ‘n maatskappy soos Metropolitan in staat kan stel om geleentheid te hê tot die impak van die siekte op die volhoubaarheid van hul besigheid en die stappe wat geneem mag word om die impak te beheer.

Les trois chapitres de cette thèse ont pour objectif de contribuer à une meilleure compréhension de la manière dont les politiques non-conventionnelles affectent les prix d’actifs. Ils revisitent également de manière empirique la question de l’impact de l’offre sur les prix d’actifs, et plus généralement des limites imposées à l’arbitrage, des frictions dans la réallocation des portefeuilles. Chaque chapitre présente de nouvelles données permettant de quantifier les mécanismes à l’œuvre dans le cas du programme d’achat d’actifs de l’Eurosystème (APP). Le chapitre 1 propose un modèle de portefeuille simple permettant de penser les mesures non conventionnelles dans un cadre cohérent. Les exercices empiriques confirment l’existence de plusieurs canaux de transmission des prix et évaluent l’impact de l’APP. Le chapitre 2 jette un nouvel éclairage sur le canal du rééquilibrage de portefeuille. Les fortes frictions liées à la réallocation, la forte demande d’“habitat préféré” et le faible niveau de substituabilité entre actifs permettent d’avoir un impact sur les prix, tout en limitant possiblement les retombées sur l’économie. Le chapitre 3 suggère que l’effet des achats de titres passe également si ce n’est en premier lieu par l’augmentation du coût d’emprunt de ces titres, ce qui a des répercussions sur la dispersion des taux du marché monétaire à court terme et pourrait rendre difficile à l’avenir la transmission de la politique monétaire conventionnelle si les taux autrefois considérés comme sans risque et contrôlables par la banque centrale ne pouvaient pas être contrôlés aussi précisément qu’auparavant. / The three chapters contained in this PhD thesis aim at contributing to a better understanding of how unconventional monetary policies and in particular asset purchases affect asset prices. As such, they also revisit the question of the impact of bond supply on bond prices, and more broadly the questions of limits to arbitrage, frictions in portfolio reallocation and the role of intermediaries. Each chapter brings new original data to quantify the effect on bond prices, on the short term rates, and on the portfolio reallocation of investors. Chapter 1 built a simple portfolio model allows to think of them in a consistent framework, and suggests that the type of asset purchased, the degree of risk aversion or how assets covary are important. The empirical exercises confirm the existence of several transmission channels to prices and assess the impact of the European APP. Chapter 2 sheds a new light on portfolio rebalancing in terms of asset classes and shows it is more limited than previously thought. Heavy frictions to reallocation, strong “preferred habitat” demand and low level of substituability between assets allow for price impact of central bank asset purchases but at the same time possibly limit the spillovers on the economy. The main channel through which APP affects price might be even be more indirect that one thought: chapter 3 suggests that it might come from reducing asset supply and increasing the cost of borrowing them. This has repercussions on the dispersion of short term money market rates and might be challenging in the future if rates once considered as risk free and controllable by the central bank cannot be controlled as precisely as before. In other terms, controlling the long end of the yield curve might in part comes at the cost of loosing part of the control on the short end.