Las instituciones microfinancieras (IMF) a lo largo de los años han sido de gran relevancia en la economía peruana, al ofrecer recursos financieros a los sectores de la población desentendida por la banca múltiple, en específico a las micro y pequeñas empresas (MyPE), como a los hogares de medio y bajos ingresos. Sin embargo, el sector microfinanciero se ha visto caracterizado por la existencia de altos niveles de rentabilidad y altas tasas de interés, una posible explicación es la presencia de concentración en el mercado microcrediticio peruano lo cual le permite a las firmas obtener poder de mercado y de esta manera aumentar sus márgenes financieros a expensas de un alto costo al crédito, perjudicando de esa manera a los agentes más importantes de la economía que son las MyPE. La presente investigación tiene como objetivo determinar si para el caso peruano la concentración de mercado microcrediticio le permite a las IMF obtener un elevado margen financiero. Para el estudio se empleó información financiera de las IMF peruanas durante el periodo Set14 – Dic19 mediante un modelo de datos de panel lineal estático. Los resultados respaldaron la literatura y demostraron una relación positiva y significativa entre la concentración de mercado microcrediticio y el margen de intermediación financiera. Además, se encontraron otras variables determinantes del margen que resultaron ser significativas al modelo, como la variable de costos operativos la cual resultó de un gran impacto sobre la variable dependiente. / Over the years, microfinance institutions (MFIs) have been of great relevance in the Peruvian economy, by offering financial resources to segments of the population neglected by multiple banks, specifically micro and small enterprises (MyPE), as well as low- and middle-income households. However, the microfinance sector has been characterized by the existence of high levels of profitability and high interest rates, a possible explanation is the presence of concentration in the Peruvian microcredit market, which allows firms to obtain market power and In this way, they increase their financial margins at the expense of a high cost of credit, thus harming the most important agents of the economy, which are the MyPE. The objective of this research is to determine if, in the Peruvian case, the concentration of the microcredit market allows MFIs to obtain a high financial margin. For the study, financial information of Peruvian MFIs was used during the period Sep14 – Dec19 through a static linear panel data model. The results supported the literature and demonstrated a positive and significant relationship between the concentration of the microcredit market and the margin of financial intermediation. In addition, other determining variables of the margin were found that turned out to be significant to the model, such as the variable of operating costs, which resulted in a great impact on the dependent variable. / Tesis

Submitted by Leandro Ruiz Machado (leandromachado@columbia.com.br) on 2014-03-06T01:20:13Z No. of bitstreams: 1 Dissertação_ V15_20140305 - Versão Final.pdf: 1843274 bytes, checksum: eee08685c0f2ab2bfb6c985bf7585b12 (MD5) / Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Prezado Leandro Ruiz, A ficha catalográfica falta o número do CDU. Link abaixo para solicitar a ficha. http://bdigital.bibliotecas.fgv.br/ficha_catalografica Att. Suzi 3799-7876 on 2014-03-06T14:08:14Z (GMT) / Submitted by Leandro Ruiz Machado (leandromachado@columbia.com.br) on 2014-03-07T19:48:38Z No. of bitstreams: 1 Dissertação_ V15_20140305 - Versão Final.pdf: 1859188 bytes, checksum: 99388b1185ce2ee447c33ca0411f6959 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2014-03-10T11:52:56Z (GMT) No. of bitstreams: 1 Dissertação_ V15_20140305 - Versão Final.pdf: 1859188 bytes, checksum: 99388b1185ce2ee447c33ca0411f6959 (MD5) / Made available in DSpace on 2014-03-10T11:55:08Z (GMT). No. of bitstreams: 1 Dissertação_ V15_20140305 - Versão Final.pdf: 1859188 bytes, checksum: 99388b1185ce2ee447c33ca0411f6959 (MD5) Previous issue date: 2014-02-07 / O objetivo deste trabalho foi dimensionar o sistema de corte, carregamento e transporte do eucalipto (CCT) para uma empresa florestal localizada no Oeste Baiano com a finalidade de processar a madeira para queima como biomassa. O sistema considerado foi o chamado 'Americano', que conta com o feller-buncher (corte), o skidder (arraste), o processador florestal (processamento), o carregador florestal (carregamento e descarregamento) e o caminhão (transporte). Os custos encontrados nos equipamentos envolvidos neste processo foram somados, visando-se identificar o módulo padrão, representado pelo conjunto com a maior produtividade e o menor custo, obtendo-se, desta forma, a maior margem sobre o valor da venda da madeira. Os resultados encontrados indicam que o custo de CCT, a partir do módulo padrão de processamento de madeira de 40.000 m3/mês, oscilou entre 26,60% e 34,36% do valor da madeira entregue ao cliente final, dependendo da região onde a mesma é comercializada. Dessa forma, os resultados encontram-se em níveis médios sugeridos pela literatura. Outro ponto que reforça a importância de se analisar estes custos operacionais, é que entre 65,64% e 74,40% do custo de venda da madeira entregue foi formado no período de 5 a 7 anos (prazo de crescimento médio de uma árvore de eucalipto, dependendo da finalidade da utilização da madeira), enquanto que a diferença é formada em apenas 60 dias, prazo este correspondente ao corte, carregamento e transporte desta madeira até o cliente final. Foi feita a análise de sensibilidade das principais variáveis identificadas. Os resultados revelaram que a distância percorrida de ida e volta para entregar a madeira ao cliente final foi a variável que mais impactou na oscilação do custo final do CCT. O aumento ou a redução dos dias trabalhados por mês e o aumento ou a diminuição da produtividade mensal foram as outras duas variáveis que se demostraram mais sensíveis nesta formação de custo. / The aim of this study was to scale the system of cutting, loading and transportation of eucalyptus (CCT) for a forestry company located in the West of Bahia in order to process the wood to biomass burning. The system considered was the so-called "American System", which consists of the feller buncher (cut), the skidder (drag), the forestry processor (processing), forestry loader (loading and unloading) and the truck (transport). The identified equipment costs involved in this process were added up, in order to identify the standard module, which is represented by the set with the highest productivity and lowest cost, obtaining thus the largest margin of the sales value of the wood. The found results indicate that the costs of CCT, from the standard module timber processing of 40,000 m3 per month, reached between 26.6% and 34.36% of the value of the wood delivered to the end customer. The variation of percentage depends on the region where the respective customer operates. Thus, the results are average levels, suggested by the literature. Another point that underscores the importance of analyzing these operating costs, is that 65.64% - 74.40% of the selling costs of delivered wood are formed in the period of 5-7 years (which is the average growth period of a eucalyptus tree, according to the intended use of the wood), while the remaining percentage is formed in just 60 days, this period corresponds to the cutting, loading and transport of the timber to the end customer. The sensitivity analysis of the identified key variables was made. The results reveal that the way of the outbound of the wood to the end-customer and the way of coming back are the main variables to impact the percentage variation of the final CCT costs. The increase or reduction in days worked per month and the increase or decrease of the monthly yield, were the other two variables that appeared to be more sensitive in the process of cost accumulation.

Artificial intelligence is one of the long-term trends in the twenty-first century. Historically, the real estate industry has been slow to adopt new technology, but generative AI introduces a range of innovative applications that traditional AI has not addressed. Creating a unique opportunity for the real estate industry to evolve and position itself at the forefront of technological advancements. Despite the promising potential of large language models, research applying the technology on real world problems within real estate sector is almost non-existent. Only a limited number of studies currently exist exploring the area. No applied studies of the technology have yet to be made in Europe to the authors knowledge. The purpose of this study was thus to contribute with an applied study of the technology within the context of facility management. Exploring how generative AI can increase efficiency within facility management by utilizing large language models to analyse tenant matters. Execution consisted of partnering with a real estate company, developing propritary frameworks, technology, and testing these on real world data. A design based researched method was adjusted to fit this study. In total 822 tenant matters where analyzed by a large language model (LLM). The findings show that a large language model can be utilized to analyze tenant matters. Furthermore, that model outputs can be trusted and utilized to improve services for tenants. This study highlights the importance of original data quality, data selection, understanding data inputs and contextualizing instructions for the large language model to achieve successfull automated information extraction. Concluding that analysing tenant matters with generative AI makes it possible to identify and quantify how a real estate company functions, performs, and meets tenants’ needs as a whole —not just from a facility management perspective. / Artificiell intelligens är en av de långsiktiga trenderna under tjugoförsta århundradet. Historiskt har fastighetsbranschen varit långsam med att anamma ny teknik, men generativ AI introducerar en rad innovativa tillämpningar som traditionell AI inte har adresserat. Detta skapar en unik möjlighet för fastighetsbranschen att utvecklas och positionera sig i framkanten av tekniska framsteg. Trots den lovande potentialen hos stora språkmodeller är forskning som tillämpar tekniken, på verkliga problem inom branschen, nästan obefintlig. Endast ett begränsat antal studier existerar för närvarande som utforskar området. Ingen tillämpad studie av tekniken har ännu gjorts i Europa, enligt författarens kännedom. Syftet med denna studie var således att bidra med en tillämpad studie av tekniken inom ramen för fastighetsförvaltning. Utforska hur generativ AI kan öka effektiviteten inom fastighetsförvaltning genom att använda stora språkmodeller för att analysera hyresgäst- ärenden. Genomförandet bestod av att samarbeta med ett fastighetsbolag, utveckling av proprietära ramverk, teknik och testa dessa på verkliga data. En designbaserad forskningsmetod justerades för att passa studien. Totalt analyserades 822 hyresgästärenden av en stor språkmodell (LLM). Resultaten visar att en stor språkmodell kan användas för att analysera hyresgästärenden. Vidare att modellens svar går att lita på och kan användas för att förbättra tjänster mot hyresgäster. Studien framhäver vikten av originaldatakvalitet, val av data, förståelse för datainmatning samt kontextualisering av instruktioner för att den stora språkmodellen ska uppnå framgångsrik automatisk informationsutvinning. Slutsatsen är att AI-analys av hyresgästärenden gör det möjligt att identifiera och kvantifiera hur ett fastighetsbolag som helhet fungerar, presterar och möter hyresgästernas behov—inte bara ur ett fastighetsförvaltningsperspektiv.

The subjects of this thesis are low-energy and passive houses. The main objective is to compare the acquisition costs and operating cost of the low energy and passive houses with conventional construction of houses offering the real estate market, respectively evaluating of investments in energy-efficient buildings. Furthermore, the work focuses on the history, properties and basic problems of designing energy efficient buildings with subsequent by an assessment of the advantages and disadvantages of their implementation. Klíčová slova