This Master's thesis focuses on the development of companies especially using the mergers and acquisitions. In the theoretical part, basic concepts and correct theoretical procedures of this type of companies' development are introduced. The main idea of the analytical part was inspired by the company EDUA Group, Ltd, which acquired another two companies. The goal of both acquisitions was to ensure to the company's profitability. The aim of this part of the thesis is to analyze the current profitability of company now and find the problems in the acquisition process. The evaluation of both processes is based on financial analysis and also the analysis of non-financial factors. The results of undertaken non-financial analyses show areas where more attention is to be paid in order to avoid the complications during possible future acquisitions. The main parts which affected the procedures are attitude towards employees, the market position of the acquiring company, financial situation and the timing. The result of the financial analysis shows that the primary task of acquisition was fulfilled as it helped the company to get from the loss to the profit.

O questionamento deste estudo refere-se à influência da incerteza oriunda de um contexto onde as organizações vivenciam processos de pré-fusão sobre os indivíduos que as compõem. Esta questão surgiu a partir de vivência da pesquisadora que, em seu último desafio profissional participou de um processo de alienação (saída do investidor) de um fundo de private equity no capital acionário de uma indústria alimentícia. Os objetivos do trabalho foram: descrever os problemas que ocorrem em um processo de pré-fusão e conhecer as percepções sobre o clima organizacional neste contexto. Buscou-se neste trabalho respostas para questões como se há elementos no contexto de pré-fusão que influenciem a satisfação de seus colaboradores, se alguma ação oriunda dos gestores podem melhorar a condição de trabalho dos mesmos nesta situação e ainda se Qualidade de Vida no Trabalho é um valor de gestão em períodos onde as organizações vivenciam processos de pré-fusão. Os dados foram levantados através de um conjunto formado pela observação participante da pesquisadora; do mapeamento do clima organizacional realizado através de um questionário elaborado em conjunto com a organização e aplicado, na matriz, a 625 respondentes, o que representou 41% de retorno e foi composto por 11 seções e 132 questões abertas e fechadas; além da validação dos resultados do questionário com duas áreas da empresa através de focus group e de uma entrevista com um profissional responsável por qualidade de vida no trabalho que vivenciou esse contexto em uma seguradora. Baseado nos resultados encontrados, o ponto a ser ressaltado foi justamente a existência de diferentes percepções sobre os mesmos fatos. Conforme constatado, a influência da esfera indivíduo justificou diferentes percepções sobre o clima organizacional. Para alguns colaboradores o clima estava adequado enquanto para outros não, ou seja, as disfunções nem sempre podem ser vistas pelo lado organizacional e sim do indivíduo. Enquanto para uns houve muito incômodo relacionado à incerteza da pré-fusão, para outros, o impacto foi menor ou mesmo nenhum, muitas vezes até por desconhecimento do fato. Para aqueles que se incomodaram, existiram inclusive queixas físicas como desânimo, incômodo e dores de cabeça, estômago e taquicardia. As informações da entrevista sobre a seguradora levaram ao questionamento sobre a presença constante dessas queixas nesses casos, visto que foram comuns. Um outro ponto a ser ressaltado foi a percepção do próprio questionamento sobre o clima organizacional como uma ação dos gestores visto que conseqüências decorrentes da análise dos resultados foram a investigação de pontos passíveis de melhoria como o relacionamento dos superiores com seus colaboradores e ações futuras que possam levar a uma maior performance do trabalho dos colaboradores. Já na seguradora, pouco foi feito, além da manutenção das ações já presentes. Em ambos os casos o que se constatou foi a falta de espaço para valores na gestão como Qualidade de Vida no Trabalho. / The questioning of this study refers to the influence of the uncertainty, generated by a context in which corporations experience a pre-acquisition process, on their individuals. This questioning emerged from the author’s latest professional experience in a food company where a private equity fund was in a process of selling its stake. The study objectives were: to describe the problems generated by a pre-acquisition process and in this context, to evaluate the organizational climate. This work tried to answer the following questions: are there elements in the pre-acquisition context that influence the individuals motivation and can an action taken by the company managers improve the individuals work condition under such a context and also if the Quality of Life at Work is a management value in periods were corporations face a pre-acquisition process. The data was collected by the author’s observation as a participant and by a questionnaire formulated by the company together with the author and applied at the company’s headquarters with 625 respondents, a 41% return rate. This questionnaire had 11 sections and 132 open and closed questions. Finally, the results were validated by a focus group in two areas of the company and also by interviewing a professional responsible for quality of lifework that experienced a similar process in an insurance company. Based on the results obtained, the focus point to be detached is the difference on the perception of the same facts among individuals. As evidenced, the influence of the individuals sphere explained different perceptions of the organizational environment. While for a group of individuals the organizational environment was fine, for others it was not, which means that the dysfunction can not always be seen by an organizational perspective. Sometimes it has to be seen by an individual perspective. While some were negatively affected by the uncertainty surrounding the period before the acquisition, others were less affected or not affected at all, several times due to the fact that the ongoing acquisition process was unknown by some. For those negatively affected, there were also physical complaints like discourage, headache, stomachache and heartache. The information obtained by the insurance company interview motivated a questioning of a constant presence of those complaints as they were recurrent. It is worth mentioning that the organizational environment questionnaire was perceived by the individuals as a management action as it prompted an study of possible changes to improve for example the relation between management and employees and the work performance of individuals. On the insurance company, not much was done but maintaining the ongoing actions. In both cases this work found out a management lack of room for values such as Quality of Live at Work.

Abstract Mergers and acquisitions usually imply enormous impact on corporate culture, which usually results in the failure of expected goal of M&A. As a saying goes, ¡§falling in love is easy, staying together is difficult¡¨, the mergers and acquisitions between corporations is just like the union between a man and a woman. Due to the differences between two corporate cultures, the managing method after the mergers and acquisitions of an enterprise might as small as causing conflicts or friction, otherwise, could be as serious as mutually wounded. To fulfill the strategy of mergers and acquisitions of an enterprise, it has to rely on the integration after the mergers and acquisitions (the Post-M&A integration) of a company. The fusion of original corporate cultures is the key to a successful integration. This study is an empirical investigation on relationships between company variables, personal variables and corporate culture toward mergers and acquisitions. 300 questionnaires were handed out and 161 valid ones were retrieved for statistic analysis. As to the finding, with the typical model independence sample t test, both company and personal variables have significant differences in corporate rules and leadership style of corporate culture; by using the two-way ANOVA of independent sample to analyze how the company and the service dep¡¦t variables influence the relation of corporate cultures. This study also found that the different company and personal variables have obvious difference to the factors, such as the regulation system and the leadership style in the corporate culture. IST, the dominated company in M & A has a better and healthier corporate rules and leading style than that of the Megics. It was recommended that the dominated company of M & A should have a well prepared integration plan, with the consideration of the condition of the merged company. Therefore, it could be twice the result with half the effort. On the other hand, the regulation system and enterprise image of a company has positive correlation. Since the employees of the original two companies have poor perception to their companies¡¦ enterprise image, it is important to improve the quality of management, the quality of product and services, and to strengthen the system of rewards and pension. Then the ability to attract and to keep talented people would be increased and the overall enterprise image will be promoted. It is suggested that the interested researchers can make a further study on post- integration performance of the object of this study after the integration have done. It then will make this research more complete. Key words: merges and acquisitions, corporate culture, regulation system, leadership style, enterprise image, values of corporate culture

O questionamento deste estudo refere-se à influência da incerteza oriunda de um contexto onde as organizações vivenciam processos de pré-fusão sobre os indivíduos que as compõem. Esta questão surgiu a partir de vivência da pesquisadora que, em seu último desafio profissional participou de um processo de alienação (saída do investidor) de um fundo de private equity no capital acionário de uma indústria alimentícia. Os objetivos do trabalho foram: descrever os problemas que ocorrem em um processo de pré-fusão e conhecer as percepções sobre o clima organizacional neste contexto. Buscou-se neste trabalho respostas para questões como se há elementos no contexto de pré-fusão que influenciem a satisfação de seus colaboradores, se alguma ação oriunda dos gestores podem melhorar a condição de trabalho dos mesmos nesta situação e ainda se Qualidade de Vida no Trabalho é um valor de gestão em períodos onde as organizações vivenciam processos de pré-fusão. Os dados foram levantados através de um conjunto formado pela observação participante da pesquisadora; do mapeamento do clima organizacional realizado através de um questionário elaborado em conjunto com a organização e aplicado, na matriz, a 625 respondentes, o que representou 41% de retorno e foi composto por 11 seções e 132 questões abertas e fechadas; além da validação dos resultados do questionário com duas áreas da empresa através de focus group e de uma entrevista com um profissional responsável por qualidade de vida no trabalho que vivenciou esse contexto em uma seguradora. Baseado nos resultados encontrados, o ponto a ser ressaltado foi justamente a existência de diferentes percepções sobre os mesmos fatos. Conforme constatado, a influência da esfera indivíduo justificou diferentes percepções sobre o clima organizacional. Para alguns colaboradores o clima estava adequado enquanto para outros não, ou seja, as disfunções nem sempre podem ser vistas pelo lado organizacional e sim do indivíduo. Enquanto para uns houve muito incômodo relacionado à incerteza da pré-fusão, para outros, o impacto foi menor ou mesmo nenhum, muitas vezes até por desconhecimento do fato. Para aqueles que se incomodaram, existiram inclusive queixas físicas como desânimo, incômodo e dores de cabeça, estômago e taquicardia. As informações da entrevista sobre a seguradora levaram ao questionamento sobre a presença constante dessas queixas nesses casos, visto que foram comuns. Um outro ponto a ser ressaltado foi a percepção do próprio questionamento sobre o clima organizacional como uma ação dos gestores visto que conseqüências decorrentes da análise dos resultados foram a investigação de pontos passíveis de melhoria como o relacionamento dos superiores com seus colaboradores e ações futuras que possam levar a uma maior performance do trabalho dos colaboradores. Já na seguradora, pouco foi feito, além da manutenção das ações já presentes. Em ambos os casos o que se constatou foi a falta de espaço para valores na gestão como Qualidade de Vida no Trabalho. / The questioning of this study refers to the influence of the uncertainty, generated by a context in which corporations experience a pre-acquisition process, on their individuals. This questioning emerged from the author’s latest professional experience in a food company where a private equity fund was in a process of selling its stake. The study objectives were: to describe the problems generated by a pre-acquisition process and in this context, to evaluate the organizational climate. This work tried to answer the following questions: are there elements in the pre-acquisition context that influence the individuals motivation and can an action taken by the company managers improve the individuals work condition under such a context and also if the Quality of Life at Work is a management value in periods were corporations face a pre-acquisition process. The data was collected by the author’s observation as a participant and by a questionnaire formulated by the company together with the author and applied at the company’s headquarters with 625 respondents, a 41% return rate. This questionnaire had 11 sections and 132 open and closed questions. Finally, the results were validated by a focus group in two areas of the company and also by interviewing a professional responsible for quality of lifework that experienced a similar process in an insurance company. Based on the results obtained, the focus point to be detached is the difference on the perception of the same facts among individuals. As evidenced, the influence of the individuals sphere explained different perceptions of the organizational environment. While for a group of individuals the organizational environment was fine, for others it was not, which means that the dysfunction can not always be seen by an organizational perspective. Sometimes it has to be seen by an individual perspective. While some were negatively affected by the uncertainty surrounding the period before the acquisition, others were less affected or not affected at all, several times due to the fact that the ongoing acquisition process was unknown by some. For those negatively affected, there were also physical complaints like discourage, headache, stomachache and heartache. The information obtained by the insurance company interview motivated a questioning of a constant presence of those complaints as they were recurrent. It is worth mentioning that the organizational environment questionnaire was perceived by the individuals as a management action as it prompted an study of possible changes to improve for example the relation between management and employees and the work performance of individuals. On the insurance company, not much was done but maintaining the ongoing actions. In both cases this work found out a management lack of room for values such as Quality of Live at Work.

Submitted by Franciele Moreira (francielemoreyra@gmail.com) on 2018-04-18T12:27:09Z No. of bitstreams: 2 Dissertação - Rafel Manoel de Oliveira - 2018.pdf: 1757956 bytes, checksum: 464aaa8d736398dec87202c9df822548 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2018-04-18T15:24:13Z (GMT) No. of bitstreams: 2 Dissertação - Rafel Manoel de Oliveira - 2018.pdf: 1757956 bytes, checksum: 464aaa8d736398dec87202c9df822548 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-04-18T15:24:13Z (GMT). No. of bitstreams: 2 Dissertação - Rafel Manoel de Oliveira - 2018.pdf: 1757956 bytes, checksum: 464aaa8d736398dec87202c9df822548 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-03-27 / Conselho Nacional de Pesquisa e Desenvolvimento Científico e Tecnológico - CNPq / This study aimed to verify if the acquisitions made by family companies generate better performance than those performed by non-family companies, and if there is a difference between the post-acquisition compensation of executives of family companies and executives from non- family companies of Brazilian companies listed in B3 in the period from 2009 to 2016. The research is supported mainly in the agency relations and the alignment of interests between the principal and the agent, studied by the Agency Theory. Data were collected through Thomson Reuters Ikon and the company reference form. Enterprises were classified as familiar or unfamiliar through the involvement and essential approaches. To achieve the objectives, three multiple regressions were estimated: two related to the performance of acquisitions, with data stacked and a sample of 244 acquisitions (86 companies), and one referring to executive compensation, with a sample of 96 companies with panel data not balanced. The results indicated that: i) Brazilian family firms tend to perform better with corporate acquisitions events compared to non-family acquisitions; and (ii) corporate acquisitions have a greater positive impact on the total remuneration of non-family business executives than on family firms. The results are consistent with the Agency Theory, which says that the gap between ownership and control creates agency conflicts and offers greater opportunities for expropriation by managers. / Este estudo buscou verificar se as aquisições realizadas por empresas familiares geram melhor desempenho do que aquelas realizadas por empresas não familiares, e se existe diferença entre a remuneração pós-aquisição de executivos de empresas familiares e de executivos de empresas não familiares de companhias brasileiras listadas na B3, no período de 2009 a 2016. A pesquisa se suporta principalmente nas relações de agência e no alinhamento de interesses entre o principal e o agente, estudados pela Teoria da Agência. Os dados foram coletados por meio da Thomson Reuters Ikon e pelo formulário de referência das empresas. As empresas foram classificadas como familiares ou não familiares por meio das abordagens de componente de envolvimento e abordagem essencial. Para cumprir os objetivos, foram estimadas três regressões múltiplas: duas referentes ao desempenho de aquisições, com dados empilhados e amostra de 244 aquisições (86 empresas), e uma referente à remuneração dos executivos, com uma amostra de 96 empresas, com dados em painel não balanceado. Os resultados indicaram que: i) as empresas brasileiras familiares tendem a ter desempenho superior com eventos de aquisições corporativas em relação às não familiares; e ii) as aquisições corporativas têm um maior impacto positivo na remuneração total dos executivos de empresas não familiares do que na de empresas familiares. Os resultados são consistentes com a Teoria da Agência, que diz que distanciamento entre a propriedade e o controle gera conflitos de agência e oferece maiores oportunidades de expropriação por parte dos gestores.

Οι εξαγορές και οι συγχωνεύσεις είναι ένας γρήγορος και με σχετικά χαμηλό κόστος τρόπος ανάπτυξης μιας εταιρείας. Επιλέγεται κυρίως από εταιρείες που επιθυμούν να αναπτύξουν νέ α προϊόντα ή θέλουν να διεισδύσουν σε νέες αγορές. Στόχος της εταιρείας που θα προβεί σε μια τέτοια ενέργεια είναι η αύξηση του μεριδίου αγοράς καθώς και η δημιουργία υψηλών οικονομιών κλίμακας. Σύμφωνα με μια έρευνα της εταιρείας Mckinsey & Company ο κλάδος ο οποίος θα συμβάλλει περισσότερο στην ανάπτυξη της χώρας σε βάθος μιας δεκαετίας είναι ο τουριστικός κλάδος. Επομένως, αυτός είναι και ο πιο ελκυστικός κλάδος για εξαγορές και συγχωνεύσεις στη χώρα μας. Η παρούσα διπλωματική εκπονείται με απώτερο σκοπό την ανάπτυξη ενός μοντέλου πρόβλεψης συγχωνεύσεων για ξενοδοχειακές επιχειρήσεις. Μέσα από το μοντέλο θα γίνει κατανοητός ο βαθμός στον οποίον κάποια κριτήρια επηρεάζουν τη διοίκηση για επιλογή της κατάλληλης εταιρείας για εξαγορά / συγχώνευση. Τα κριτήρια που μελετώνται είναι τα εξής : 1) ρευστότητα, 2) μόχλευση, 3) ρυθμός ανάπτυξης, 4) αποτελεσματικότητα διοίκησης, 5) απόσταση από λιμάνι, 6) απόσταση από αεροδρόμιο, 7) απόσταση από παραλία, 8) αριθμός αστέρων και 9) αριθμός δωματίων. Αναλυτικότερα, η εργασία διακρίνεται σε πέντε κεφάλαια. Το πρώτο κεφάλ αιο εξετάζει τις εξαγορές και συγχωνεύσεις σε θεωρητικό επίπεδο. Συγκεκριμένα αναλύονται α) οι έννοιες εξαγορά και συγχώνευση, β) οι τύποι με τους οποίους εμφανίζονται, γ) οι λόγοι πραγματοποίησης τους, δ) οι λόγοι που μια τέτοια επένδυση μπορεί να μην είναι επιτυχημένη, ε) η διαδικασία εξαγοράς και συγχώνευσης και στ) το θεσμικό πλαίσιο στο οποίο στηρίζονται. Στο δεύτερο κεφάλαιο παρουσιάζονται κάποια στατιστικά στοιχεία σχετικά με τον κλάδο του τουρισμού τόσο σε εγχώριο όσο και σε παγκόσμιο επίπεδο καθώς και η έρευνα της εταιρείας Mckinsey & Company σύμφωνα με την οποία ο κλάδος με την περισσότερη ανάπτυξη σε βάθος μιας δεκαετίας είναι ο τουριστικός. Στο τρίτο κεφάλαιο παραθέτονται όλες οι μεθοδολογίες ταξινόμησης και γίνεται αναφορά στις αντίστοιχες έρευνες του παρελθόντος Το τέταρτο κεφάλαιο περιλαμβάνει την εμπειρική ανάλυση. Συγκεκριμένα, παρουσιάζεται εκτενέστερα η μεθοδολογία UTADIS, η οποία εφαρμόζεται στην παρούσα 5 εργασία καθώς και η ακριβής διαδικασία. Εν συνεχεία, αναλύονται τα κριτήρια και ο τρόπος συλλογής των δεδομένων και ακολουθεί μια παρουσίαση του δείγματος με τη βοήθεια της περιγραφικής στατιστικής. Επιπλέον, αναφέρονται τα αποτελέσματα που προκύπτουν από την ανάλυση του μοντέλου που αναπτύχθηκε στα πλ αίσια της παρούσας διπλωματικής και στο τέλος του κεφαλαίου γίνεται σύγκριση των αποτελεσμάτων αυτής της έρευνας σε σχέση με τα αποτελέσματα άλλων ερευνών. Στο πέμπτο και τελευταίο κεφάλαιο παρουσιάζονται τα γενικά συμπεράσματα της παρούσας εργασίας και προτάσεις για περαιτέρω μελέτη. / Mergers and acquisitions are meant to be a quick and with relatively low cost way so as for a company to get developed. They are chosen mainly by companies which try to develop new products or to merge to new markets. The main reason why α company acts in this way is to increase market’s share and to create high economies of scale. According to a survey of Mckinsey & Company, the economic sector which will contribute the most to the development of the country in depth of a decade is tourism. Thus, tourism is the most attractive sector for mergers and acquisitions in our country. The goal of this master thesis is to develop a classification model for hotel industry. Through this model, it will be understandable which criteria affect the administration of a company in order to choose the appropriate company for merger or acquisition. The criteria which are included in this model are: 1) liquidity, 2) leverage, 3) growth rate, 4) management’s efficiency, 5) distance from the closest port, 6) distance from the closest airport, 7) distance from the closest beach, 8) number of stars and 9) number of rooms. To be more specific, this thesis consists of 5 chapters. The first one analyzes the mergers and acquisitions in a theoretical basis. Particularly, it is referred a) the definitions of terms “merger” and “acquisition”, b) the different types of them, c) the reasons why companies result in these actions, d) the reasons why mergers and acquisitions are not always successful, e) all the steps of these procedures and f) regulatory framework on which they are based. In the second chapter, statistics about tourism not only in national but also in international level are presented. It is also mentioned the survey of Mckinsey & Company which concludes that tourism is the sector which contributes the most to the development of our country in a decade. In the third chapter, all the classification techniques are elaborated as well as all the relative surveys from the past. The fourth chapter includes the empirical analysis. The methodology UTADIS is described in detail because it’s the methodology of the model. Furthermore, the criteria and the way of collecting data are analyzed. The sample is also presented through descriptive statistics. At the end of this chapter, the results that are derived from the analysis of the model are referred and are compared to the results of other surveys. In the last but not least chapter the conclusions from the thesis and suggestions for further studies are mentioned.

This project is an in-depth investigation on the impact of lighting, marking and paint schemes on the operational aspects of police vehicles. This investigation consisted of two phases that ultimately consisted of four experiments. An array of lighting and marking schemes were implemented on police vehicles in a variety of jurisdictions for evaluation. The study then investigated the change in the visibility of police officers, the public reaction to these schemes, and the operational impacts of these systems. The first phase of the project was a naturalistic observation study where the goal was to better understand how traffic behaved around traffic stops. Test vehicles were positioned in simulated traffic stops and patrol locations to determine how traffic behavior was affected by various configurations of police lighting and markings. Camera and radar systems were used to measure the changes in driver speed and when drivers responded to the move over law. Based on the results of the naturalistic studies, the impact of the lighting system on officer visibility was investigated in a controlled human factors test where the ability of a driver to see a police officer outside of their vehicle was measured in the presence of the lighting systems. The purpose of this interjected effort was to verify that the experimental schemes would not increase risk to law enforcement despite data from the first phase indicating the vehicles were more visible. A second part to that study evaluated conventional methods of bolstering an officer's visibility outside of their vehicle at night. The second phase took the findings of the first phase and implemented changes to several police vehicles from local and state agencies to be in operation for at least 18 months. This was to assess the rate of near-misses and crash rate to relate the vehicle changes to law enforcement safety. Additionally, rates of citations were assessed, and surveys offered an opportunity for law enforcement to provide their own feedback on the implementations. The lighting systems evaluated included a completely blue lighting system, an enhanced all blue lighting system with twice the light output, a red and blue system, and a single flashing blue beacon. In terms of markings, retroreflective markings along the side of the vehicle, a retroreflective contour line, chevrons on the rear of the vehicle and unmarked vehicles were evaluated. Finally, a variety of vehicle colors were used to investigate the impact of the base vehicle paint color. The results indicate that both the red and blue lighting system and the high output blue lighting system increase the distance at which drivers moved over significantly. In general, at least 95% of traffic attempted to merge away from an actively lighted police vehicle, when possible. In terms of the speed change, drivers began reducing their speed by approximately 600 m from the police vehicle. Similarly, the addition of retroreflectivity to the rear of the vehicle showed an additional benefit for causing drivers to move over sooner. However, these benefits came at a cost to the officer's visibility. When outside of their vehicle, the high output blue system significantly reduced officer detectability while the red and blue configuration only impacted detection distance by 3 meters. The investigation did find that these impacts could be overcome with retroreflective vests worn by the officers. In the second phase, a preference revealed by officers favored the red-blue configuration. They stated that this configuration provided greater comfort for them and less glare to approaching drivers. The study also revealed that the alternative configurations did not impact the operational activities of police authority. / Doctor of Philosophy / This project evaluated how lighting, marking and paint schemes on police vehicles affected their visibility and how traffic responded to them. An observational study positioned police vehicles with alternative lighting and markings in simulated traffic stops and patrol locations to evaluate traffic behavior. Camera and radar systems were used to measure the changes in driver speed and when drivers responded to the Move Over law. A second study evaluated how the lighting systems on a police car affect the visibility of an officer at night in a traffic stop scenario. A followup experiment looked into methods for bolstering the visibility of officers at night through conventional implementations such as body worn LED lighting, the use of a retroreflective vest, or by using lighting on the police vehicle's light bar to increase illumination of the police officer. A third study took the findings of the previous experiments and outfitted 64 Virginia State Police vehicles for 18 months. Another 64 Virginia State Police vehicles participated in a control condition where no changes were made to their vehicles. Data collected included the rate of near-misses or crashes and the rates of written citations. Surveys were administered to each participating officer regarding their perception of safety and comfort and allowed their open feedback and suggestions. The lighting systems evaluated included a completely blue lighting system, an enhanced all blue lighting system with twice the light output, a red and blue system, and a single flashing blue beacon. In terms of markings, retroreflective markings along the side of the vehicle, a retroreflective contour line, chevrons on the rear of the vehicle, and unmarked vehicles were evaluated. Finally, a variety of vehicle colors were used to investigate the impact of the base vehicle paint color. The results indicate that both the red and blue lighting system and the high output blue lighting system increase the distance at which drivers moved over significantly. In general, at least 95% of traffic attempted to merge away from an actively lighted police vehicle, when possible. In terms of the speed change, drivers began reducing their speed by approximately 600 m from the police vehicle. Similarly, the addition of retroreflectivity to the rear of the vehicle showed an additional benefit for causing drivers to move over sooner. However, these benefits came at a cost to the officer's visibility. When outside of their vehicle, the high output blue system significantly reduced officer detectability while the red and blue configuration only impacted detection distance by 3 meters. The investigation did find that these impacts could be overcome with retroreflective vests worn by the officers. In the second phase, a preference revealed by officers favored the red-blue configuration. They stated that this configuration provided greater comfort for them and less glare to approaching drivers. The study also revealed that the alternative configurations did not impact the rate of citations.

Made available in DSpace on 2016-03-15T19:26:09Z (GMT). No. of bitstreams: 1 Camila Moraes Russo.pdf: 1029391 bytes, checksum: bd7297ae73cb5ce31da7bd34b8d846c7 (MD5) Previous issue date: 2014-02-14 / The results produced by M&A transactions are object of recurrent study by the available literature on the subject since de seventies which points the mode of payment as playing an crucial role on value-creation, value-conservation or value-destruction in the perspective of the bidder s company shareholders at the post-announcement context. Specially concentrated in the U.S. market, empirical research hitherto produced generally concludes that stockfinanced transactions are potentially value-destructive or, at best, produce returns significantly close to zero while cash-financed transactions are, in general, value-creative. This study intents to analyze the topic of the mode of payment in M&A transactions and identify if stockfinanced takeovers can produce positive abnormal returns or at least not destroy value for the shareholders of the acquiring companies. Using a sample of 1604 M&A transactions performed in 40 target countries between 2000 and 2012, the present study confirms that takeovers paid in stocks of the bidder company are neutral (therefore don t destroy neither create value) on the case of been celebrated out of USA, UK and Canada those markets that emerged on the global M&A scenario since the end of the nineties. / Os resultados produzidos por transações de M&A são objeto de recorrente estudo na literatura produzida sobre o assunto desde a década de 1970 a qual aponta o meio de pagamento como exercendo um papel preponderante na geração, conservação ou destruição de valor para os acionistas das empresas adquirentes no contexto pós-anúncio da transação. Especialmente concentrada no mercado norte americano, a pesquisa empírica até aqui desenvolvida em geral conclui que as transações pagas em ações são potencialmente destruidoras de valor ou, quando muito, produzem retornos significativamente próximos de zero ao passo que transações pagas em dinheiro são, salvo exceções, geradoras de valor. O presente estudo propõe-se a analisar o tema do meio de pagamento em transações de M&A e identificar se transações pagas em ações podem produzir retornos anormais positivos ou ao menos não destruir valor para os acionistas das empresas adquirentes. Sob uma amostra de 1604 transações celebradas em 40 países alvo entre 2000 e 2012, o presente estudo confirma que transações pagas em ações são neutras (portanto não destroem nem geram valor) no caso de serem celebradas em países alvo fora do eixo Estados Unidos, Reino Unido e Canadá justamente aqueles mercados que emergiram no cenário mundial de M&A a partir do final da década de 1990.

Made available in DSpace on 2016-03-15T19:25:37Z (GMT). No. of bitstreams: 1 Daniel Amaral.pdf: 1222267 bytes, checksum: 90d53f2f6eeb1f0030cb8f4afd5f840c (MD5) Previous issue date: 2011-04-08 / This dissertation aimed at exploring market orientation and customer loyalty in the Brazilian banking sector. The objective was to identify the association between them. A qualitative study with descriptive nature was made. The sample consisted of fifteen professionals in areas responsible for customer understanding, care and loyalty. The participating banks were Itaú, Bradesco, Caixa, Santander and Citibank. Data collection was conducted through interviews with a semi-structured guide and for the analyses, it was applied techniques of templates’ analyses. The results suggest that several points in the literature of market orientation were found in participants' reports, such as (1) the constant search for understanding and meeting the expressed needs of clients and (2) inter-functional coordination. On the other hand, some concepts were not constant, as (1) the search in the care of future needs and (2) the company's response, since banks do not react quickly assessed the competitive actions, due to bureaucracy, complexity and planning already determined. Regarding the identification of loyalty types, banks are in a constant structure to better meet the current customers needs. Thus, a large proportion of customers are actually loyal, proven by time of relation, number of services increase and recommendation. But there is still a large volume of customers that continues the relationship due to an inertial state, aggravated by the sight of commodity market. Thus, there are many opportunities for improvement, owing to needs expressed, whose solutions have not yet been reached. Moreover, banks are starting to develop processes that allow the detection of future needs. Mergers and acquisitions have impacted the industry in the loyalty of some customers groups, when there was a perceived drop in quality of services after the unification. Regarding the main objective, the analysis suggests that market orientation is associated with the loyalty, mainly in relation to structured processes for the company to have access to information, involving all areas to find solutions and take corrective actions. Despite the commodity market, some interviewees believe that the category is going through a maturing process in which the quest for customer loyalty will be even more important, since the inertia of the industry will not be as intense as today. / Esta dissertação procurou estudar a orientação para o mercado e a fidelização de clientes no setor bancário brasileiro. O objetivo geral foi identificar a associação entre ambos. Foi realizada uma pesquisa qualitativa de natureza descritiva. A amostra foi composta por quinze profissionais de áreas responsáveis pelo entendimento, atendimento e fidelização dos clientes. Os bancos participantes foram o Itaú, Bradesco, Caixa, Santander e Citibank. A coleta de dados foi feita por meio de entrevistas com roteiro semi-estruturado e como técnica de análise, foi utilizada a análise de templates. Os resultados sugerem que diversos pontos descritos na literatura de orientação para o mercado foram encontrados nos discursos dos entrevistados, tais como (1) a constante busca pelo entendimento e atendimento às necessidades expressadas dos clientes e (2) a coordenação inter-funcional. Por outro lado, alguns conceitos não foram constantes, como (1) a busca no atendimento das necessidades futuras e (2) a resposta da empresa, uma vez que os bancos avaliados não reagem rapidamente às ações concorrenciais por causa da burocracia, complexidade e planejamento já determinado. Em relação à identificação dos tipos de fidelidade, os bancos estão em constante estruturação para melhor atendimento das necessidades atuais dos clientes. Dessa forma, uma grande parte dos clientes realmente possui fidelidade, comprovada pelo tempo de casa, aumento do número de serviços e recomendação. Porém, ainda há um grande volume de clientes que continua o relacionamento em função de um estado inercial, agravado pela visão massificada da categoria. Dessa forma, há muitas oportunidades de melhorias, devido à existência de necessidades expressadas, cujas soluções ainda não foram alcançadas. Além disso, os bancos estão começando a desenvolver processos que permitam a detecção de necessidades futuras. As fusões e aquisições do setor impactaram na fidelização de alguns grupos de clientes, quando houve uma percepção de queda na qualidade dos serviços após a unificação. Em relação ao objetivo principal, a análise sugere que a orientação para o mercado está associada com a fidelização do setor, principalmente em relação aos processos estruturados para que a empresa tenha acesso às informações, envolva as áreas na busca de soluções e tome ações corretivas. Apesar da massificação do mercado, alguns entrevistados acreditam que a categoria está passando por um amadurecimento, na qual a busca pela fidelização será ainda mais importante, uma vez que a inércia do setor não será tão intensa como nos dias de hoje.

Presently, labor audit, also known as labor due diligence, is a very important tool used in theprocess of merges and acquisitions. According to the results obtained, negotiations on the final price of the merge or acquisition will depend on it.In the present article, the author explains the procedure, emphasizing the importance that its correct application might have in any merger or acquisition process, being adetermining factor for the process’ success. / En la actualidad, la auditoria laboral, tambiénconocida como due diligence laboral, es una herramienta  imprescindible cuando  se  presentan casos de fusiones y adquisiciones. Desus resultados dependerá, en gran medida, el futuro de las negociaciones que preceden auna posible reorganización societaria.En el presente artículo, la autora explica el procedimiento del due diligence laboral, resaltando las implicancias que su correcto desarrollo puede tener en todo proceso de fusión o adquisición, siendo un factor deter-minante para su éxito.