My diploma thesis focuses on the M&A transaction closing mechanisms. Their function is to reflect the value changes of the target company into the purchase price. Value change occurs during the time lag between the date of the financial statements and the date of the transaction closing. Throughout history, there have been two major approaches developed. The "Completion Accounts Mechanism" uses post-completion price adjustments to reflect the change of the net working capital and net debt during the interim period. The "Locked Box Mechanism", using fixed price, assures non-fluctuation of target value in the interim period by imposing strict restrictions on the seller's activities. In this research, I have analyzed 44 transactions closed in the Czech Republic. I have challenged the theoretical foundations and described the application of the mechanisms in practice. At the end, I have compared the Czech and European practices. Thesis findings: 1. All the theoretical features of the mechanisms were proven by an analyzed sample of closed transactions. The completion accounts mechanism is buyer-friendly, while the locked box is a seller-friendly mechanism. 2. The main driver in mechanism selection is bargaining power. Buyers were in a better negotiating position in 69% of the completion account transactions. On the contrary, the sellers had bargaining power in 100% of the locked box transactions. 3. The Czech Republic is an environment where buyers (big multinational companies) dominate. They have preferred the completion account mechanism that provides them with higher protection from value leakage or other risks associated with small CEE economies. A total of 91% of analyzed transactions were executed by the completion account mechanism in the Czech Republic between 2011 and 2012.

Electronic commerce sales continue rising due to Internet growth. However, online retailers may not be doing enough to promote their products causing them to forego potential profits. Stimulating impulse purchase behavior, online retailing environments have the capability to increase profits. Research has not conclusively identified how Web site aesthetics impact perceived ease of use (PE) and perceived usefulness (PU) as antecedents of intention to purchase in impulse purchase behavior. Understanding this impact of Web site aesthetics will enable online retailers to design Web sites that engage users, leading to additional purchases. Using the Technology Acceptance Model (TAM), a framework frequently referenced and studied within information systems research, this study adapted the TAM to identify a model conceptualizing the effects of Web site color (CA), images (IA), and typography (TA) aesthetics on PE and PU for individuals among those exhibiting a higher than average impulse buying tendency (IBT). The TAM posits PE and PU contribute to an individual's behavioral intention. Research has shown Web site aesthetics have the ability to influence PE and PU. This descriptive study developed and executed a Web-based experiment using a fictitious purchase scenario and post-experiment survey with a 32-item instrument measuring: CA, IA, TA, PE, PU, and IBT. A total of 301 responses were gathered. Data analysis using various statistical tests and simple path analysis was performed to propose a modified TAM. Consumer demographics, age and gender, were also considered. The results demonstrated CA, IA, and TA correlated significantly with PE and PU. TA was found to be the largest contributor to PE and PU, followed by IA. CA was not found to contribute to PE or PU. Age was found to significantly affect PU only for 25-34 year olds, indicating the age group may be influenced easier by Web site aesthetics than other age groups. No significant differences were found in PU and gender, PE and age groups, or PE and gender despite prior literature concluding relationships existed. Research implications include recommendations for Web site design and the identification of an adapted TAM displaying the influence of Web site aesthetics on PE and PU.

The purpose of this study was to review and explore the concept of lease purchase financing for the construction of new facilities in Texas. It sought to determine the impact of lease purchase financing and the characteristics of those districts that have utilized lease purchase financing for the purpose of new school construction. A two pronged approach was used for the study, both quantitative and qualitative. The study examined all school districts that utilized lease purchasing and examined various traits of the districts. Data was acquired from the Texas Education Agency and the Texas Bond Review Board. The qualitative portion of the study included interviews with superintendents of nine different Texas school districts that have utilized lease purchase financing. The study concluded that lease purchase districts were generally small school districts that were property poor and have high property tax rates. The study also concluded that the major reason for districts to use lease purchase financing was to avoid having to hold an election in order to gain approval for the sale of traditional general obligation bonds. Another factor identified was the availability of state funds through the state Instructional Facility Allotment. The study also concluded that while districts sought to provide better programs for their students through better facilities, that students actually suffer due to instructional funds being used for the payment of long term debt.

Atualmente, observa-se que o ambiente virtual está cada vez mais povoado por pessoas com 60 anos ou mais e com os mais diversos interesses, todavia, verifica-se que há pouco conhecimento sobre como os consumidores idosos formam julgamentos e tomam decisões a respeito de produtos e serviços oferecidos na Internet, chegando a existir, inclusive, um pré-conceito de que estes indivíduos não são usuários da Internet e, portanto, não merecem que se façam investimentos para adequar produtos e serviços a eles. Sabe-se que diferentes fatores podem influenciar o comportamento do consumidor em sua tomada de decisão, principalmente quando se abordam produtos e serviços tecnológicos. Frente a esse contexto, é fundamental que se compreendam melhor os elementos que estão presentes nesse comportamento de consumo e as suas implicações futuras. Por essa razão, a presente pesquisa foi elaborada, pretendendo-se identificar os principais construtos que influenciam o comportamento do consumidor da terceira idade na Internet e analisar o seu impacto sobre a intenção de compra online. Objetivando responder a tal questionamento, projetou-se este estudo, para o qual foi elaborado um modelo teórico (testado empiricamente) contendo diversas variáveis e moderadores. Após 5 pré-testes e 8 entrevistas em profundidade, um questionário foi aplicado em 430 respondentes com 60 anos ou mais que tivessem utilizado a Internet pelo menos uma vez nos últimos 3 meses. O processamento de dados incluiu uma análise fatorial exploratória e uma confirmatória e a Modelagem de Equações Estruturais. Ao final deste estudo, obteve-se aceitação plena de cinco hipóteses, parcial de três e rejeição de duas, além de um bom ajuste do modelo proposto (a partir dos índices pré-definidos). Confirmou-se a hipótese de que o risco percebido pelos consumidores da terceira idade ao utilizar a Internet é um moderador no modelo estrutural proposto, uma vez que se comprovou diferença estatística significante entre as respostas dadas por um grupo mais avesso ao risco (Grupo 1) e outro menos avesso ao risco (Grupo 2) no que concerne às características demográficas e comportamentais (relacionadas ao uso da Internet). Já a escala de Tipo de Uso não se mostrou adequada para analisar a utilização da Internet pelo público da terceira idade. Constatou-se, da mesma forma, que a idade cognitiva influencia, de maneira inversa, no tempo de uso da Internet e que a satisfação com o uso da mesma tem impacto positivo no boca-a-boca positivo realizado, na intenção de (re)compra online e, também, no tempo de uso da rede. Acredita-se que os resultados obtidos a partir do teste do modelo apresentado possam fornecer importantes implicações acadêmicas e gerenciais, as quais possibilitarão uma maior compreensão sobre o uso da Internet por indivíduos da terceira idade, seus impactos futuros e a existência de moderadores importantes nesta relação. / Virtual environment has been increasingly used by people aged 60 and over who have a variety of interests. However, there is little knowledge concerning how elderly consumers form judgment and make decisions regarding products and services offered on the internet. Additionally, there is a preconception that these individuals do not use the internet; therefore, there would be no need for investment in redesigning products and services to suit them. It is known that there is a range of factors that may influence consumer behavior, especially in online environments involving technological products and services. In this context, understanding the elements involved in consumer behavior as well as its future implications is of paramount importance. Thus, this study reviewed the main constructs that influence the consumer behavior of the elderly on the internet and analyzed its impact on the online purchase intention. A theoretical model containing several variables and moderators was created and empirically tested. After 5 pretests and 8 in-depth interviews, a questionnaire was applied to 430 respondents aged 60 and over who had used the internet within the last 3 months. Data processing included an exploratory and a confirmatory factor analysis, as well as the Structural Equation Modeling. As a result, five hypotheses were fully supported, three were partially confirmed and two were rejected. Moreover, the proposed model proved to be well adjusted according to the pre-defined indexes. The hypothesis which states that the perceived risk by the elderly regarding the use of internet is a moderator on the proposed structural model was confirmed, since there was a statistically significant difference between the answers given by a more risk-averse group (Group 1) and the answers provided by a less risk-averse group (Group 2) concerning demographic and behavioral characteristics related to internet use. On the other hand, the Type of Internet Use scale was shown to be inadequate to analyze the internet usage by the aforementioned age group. Likewise, it was observed that cognitive age has an inversely proportional influence on time of Internet usage, and that satisfaction with its usage has a positive impact on positive word of mouth, online (re)purchase intention and time of web usage. It is believed that the results obtained from the testing of the presented model may provide important academic and managerial implications which will bring a greater understanding of internet usage by the elderly as well as its future impacts and the existence of important moderators within this relationship.

Submitted by Nadir Basilio (nadirsb@uninove.br) on 2017-07-03T19:49:05Z No. of bitstreams: 1 Carlos Augusto Palazzi Junior.pdf: 1484789 bytes, checksum: ca07ecd2ab4ad55d68b682538b543193 (MD5) / Made available in DSpace on 2017-07-03T19:49:05Z (GMT). No. of bitstreams: 1 Carlos Augusto Palazzi Junior.pdf: 1484789 bytes, checksum: ca07ecd2ab4ad55d68b682538b543193 (MD5) Previous issue date: 2017-02-23 / This dissertation aims to identify the factors that impact on the intention to hire or on consumer loyalty of the personal trainer service and to verify if there are differences between the variables surveyed between these two audiences. The constructs chosen through the literature, mainly international scientific articles, were: social skills, customer orientation, customer perceived expertise, personal trainer physical appearance, consumer familiarity and physical results obtained from the student, being analyzed through the conceptual framework of relationship marketing. The type of the research was confirmatory and the quantitative method, composed of a sample of 577 people obtained through an online questionnaire, and among the respondents, 245 have personal trainer and 332 do not have. In order to reach the objective of this dissertation, the closed questionnaire and the partial least square (PLS) analysis were used as data collection instrument to validate the hypotheses. As results, it was possible to perceive that there are differences between the models studied, in the intention-to-purchase model, consumers have the physical appearance of the personal trainer with greater significance when making the decision to acquire this service, followed by their familiarity by moderating the Professional knowledge, that is, the more previous knowledge of physical activity the consumer has, the more he or she will expect from the professional's expertise. In the loyalty model, it can be verified that the social skills of the personal trainer and the physical results conquered by the students through the personalized classes had greater significations, followed by the physical appearance of the professional and the familiarity moderating the expertise of the service provider. It is concluded that the personal trainer as its own manager, should use different methods and techniques to conquer different audiences. One of the main suggestions in the search intention model is that the personal trainer should show a personal physical appearance that demonstrates health care and muscular tone, as it inspires his clients, besides having superior knowledge to the consumer, since the more information the customer has, the more demanding it will be. In the loyalty model, the personal trainer should emphasize social skills, allowing a better relationship with the client, as well as reaching the expectations of the students regarding the physical results when hiring their services, not forgetting their good physical appearance and demonstrating knowledge regarding physical activity, physiology and physical exercises in relation to their students. / Essa dissertação tem como objetivo identificar os fatores que impactam na intenção de contratar ou na lealdade do consumidor do serviço de personal trainer e verificar se existe diferenças entre as variáveis pesquisadas entre esses dois públicos. Os construtos escolhidos por meio da literatura, principalmente de artigos científicos internacionais, foram: as habilidades sociais, a orientação para o cliente, a expertise percebida pelo cliente, a aparência física do personal trainer, familiaridade do consumidor e dos resultados físicos obtidos do aluno, sendo analisado por meio da estrutura conceitual do marketing de relacionamento. O tipo da pesquisa foi confirmatório e o método quantitativo, composto por uma amostra de 577 pessoas obtidos por meio de questionário online, sendo que, entre os respondentes, 245 possuem personal trainer e 332 não possuem. Para atingir o objetivo dessa dissertação, foi utilizado como instrumento para a coleta de dados o questionário fechado e a análise dos mínimos quadrados parciais PLS (partial least square) para validar as hipóteses. Como resultados, foi possível perceber que existe diferenças entre os modelos estudados; no modelo de intenção de contratar, os consumidores têm a aparência física do personal trainer com maior significância na hora de tomar a decisão em adquirir esse serviço, seguido pela sua familiaridade moderando a expertise do profissional, ou seja, quanto mais conhecimento prévio de atividade física o consumidor tiver, mais cobrará da expertise do profissional. No modelo de lealdade, pode-se verificar que as habilidades sociais do personal trainer e os resultados físicos conquistados pelos alunos por meio das aulas personalizadas tiveram maiores significâncias, seguidos pela aparência física do profissional e a familiaridade moderando a expertise do prestador de serviço. Conclui-se que o personal trainer como seu próprio gestor, deve utilizar métodos e técnicas diferentes para conquistar diferentes públicos. Uma das principais sugestões no modelo de intenção de contratar pesquisado, é que o personal trainer deve mostrar uma aparência física pessoal que demonstre cuidados com a saúde e a tonicidade muscular, pois isso inspira seus clientes, além de ter conhecimento superior ao consumidor, pois quanto mais informações o cliente tiver, mais exigente ele será. No modelo de lealdade, o personal trainer deve dar ênfase às habilidades sociais, permitindo um melhor relacionamento com o cliente, além de atingir as expectativas dos alunos em relação aos resultados físicos ao contratar seus serviços, sem esquecer da sua boa aparência física e de demonstrar conhecimento superior em relação a atividade física, fisiologia e exercícios físicos em relação aos seus alunos.

En general, una de las habilidades más importantes que debe poseer una empresa es la capacidad de saber cómo es que posiblemente actuarán sus consumidores. Para ello necesitan desarrollar buenas estrategias de marca, entre las más comunes están el uso de redes sociales, branded content sites, la comunicación a través de influencers, el brand experience, alianzas de marca, entre otras. ​Debido a ​la competencia excesiva de la actualidad​, ​las empresas han dejado su ego atrás y están buscando nuevas estrategias que en el pasado eran inconcebibles, como ​las alianzas de marca. E​xisten distintos tipos de alianza de marca, entre los cuales destacan las siguientes: promociones conjuntas, patrocinios y auspicios; y Co-branding. El Co-branding ​es una manera de acercarse al consumidor mediante un acuerdo en el cual se asocia a un único producto o servicio con más de una marca. ​Por otro lado, ​existen diversas versiones sobre las distintas estrategias de co-branding. Sin embargo, en el presente estudio se utilizará una de las estrategias propuestas por Tom Blackett y Bob Boad (2001). Esta es la estrategia basada en el respaldo de valores, en ella u​na de las marcas está destinada a incluir el respaldo a los valores y posicionamiento de la marca de uno de los socios o de ambos. Su elección se debe a que ​esta estrategia es la menos utilizada por las empresas y muchos autores miden el éxito o fracaso del co-branding atendiendo solamente a ciertos criterios parciales como el operativo. / In general, one of the most important skills a business should possess is the ability to know how its consumers are likely to act. To do this, they need to develop good branding strategies. Among the most common are the use of social networks, branded content sites, communication through influencers, the brand experience, brand alliances, among others. Due to today's excessive competition, companies have left their ego behind and are seeking new strategies that were inconceivable in the past, such as brand partnerships. There are different types of brand alliances, such as the following: joint promotions, sponsorships and sponsorships; and Co-branding.   Co-branding is a way of approaching the consumer through an agreement in which a single product or service is associated with more than one brand. On the other hand, there are different versions of the different co-branding strategies. However, in the present study one of the strategies proposed by Tom Blackett and Bob Boad (2001) will be used. This is the strategy based on the endorsement of values, in it one of the brands is intended to include endorsement of the values and brand positioning of one of the partners or both. His choice is due to the fact that this strategy is the least used by companies. Many authors even measure the success or failure of co-branding based only on certain partial criteria such as the operational one. / Trabajo de investigación

La gastronomía peruana ha ido evolucionando con el paso de los años, en nuestro país surgen diferentes tipos de cocina que conllevan a un gran desarrollo económico e identidad cultural. El sector restauración identificó perfectamente esta oportunidad de negocio y desarrolló nuevas propuestas culinarias como la cocina fusión, que se encarga de crear una nueva propuesta gastronómica para los consumidores. Un tipo de cocina fusión es la peruana – japonesa o también conocida como Nikkei, que es requerida por clientes informados, exigentes y dispuestos a experimentar con diferentes culturas. Por ello, surge la necesidad de centrarse en la estrategia de segmentación que permite crear experiencias basadas en los gustos y preferencias del consumidor, pues se enfoca en satisfacer las necesidades de un nicho de mercado para ser más eficiente y rentable. Por otro lado, se considera fundamental establecer si la estrategia anteriormente señalada influye en la intención de asistir a un restaurante de cocina Nikkei. El objetivo de la investigación es conocer cuál es el criterio más importante de segmentación que influye en la intención de asistir a un restaurante de cocina fusión peruana-japonesa en Lima Metropolitana. El público primario de esta investigación está formado por hombres y mujeres de 25 a 39 años del nivel socioeconómico AB que residen en Lima Metropolitana. La metodología de la investigación es un estudio transversal de tipo descriptivo que se aplicó a personas del segmento mencionado; sumado a ello, se realizó un estudio cualitativo a través de un focus group y entrevistas a profundidad a expertos. / Peruvian cuisine has evolved over the years; in our country arise different types of cuisine that lead to a great economic development and cultural identity. The catering sector perfectly identified this business opportunity and developed new culinary proposals such as fusion cuisine, which is responsible for creating a new gastronomic proposal for consumers. A type of fusion cuisine is Peruvian - Japanese or also known as Nikkei, which is required by informed, demanding and willing customers to experiment with different cultures. Therefore, there is a need to focus on the segmentation strategy that allows creating experiences based on the tastes and preferences of the consumer, since it focuses on satisfying the needs of a niche market to be more efficient and profitable. On the other hand, it is considered essential to establish whether the aforementioned strategy influences the intention to attend a Nikkei restaurant. The objective of the investigation is to know which is the most important variable of segmentation that influences the intention of attending a Peruvian - Japanese fusion restaurant in Metropolitan Lima. The primary audience of this research is made up of men and women from 25 to 39 years of AB socioeconomic level residing in Metropolitan Lima. The research methodology is a descriptive cross-sectional study that was applied to people of the aforementioned segment; In addition, a qualitative study was carried out through a focus group and in-depth interviews with experts. / Trabajo de investigación

El objetivo de esta investigación tiene como finalidad conocer si existe relación negativa entre los riesgos percibidos y la intención de compra de servicios turísticos en Online Travel Agencies en hombres y mujeres de 23 a 55 años de Lima Metropolitana. El presente estudio posee una investigación de campo cualitativo y cuantitativo gracias a la realización de focus groups, entrevistas a expertos y encuestas realizadas al público objetivo. Los resultados de esta investigación se obtuvieron mediante una muestra de 312 usuarios de Internet que han comprado serivico turísticos. De estos 74 realizan compras en lína recurrentemente, 164 algunas compras y 74 pocas compras en línea. El uso del estadístico de Spearman identificó que 6 de los 8 riesgos estudiados tienen una relación negativa con la intención de compra. Los restantes indicaron no tener una relación negativa pues si índice de medición lo demostró, sin embargo, se pudo por lo resultados generales que los riesgos percibidos si tienen una relación negativa con la intención de compra de servicios turísticos en las OTAS. / The objective of this research is to know if there is a negative relationship between the perceived risks and the intention to purchase tourist services in Online Travel Agencies in men and women between 23 and 55 years of age in Metropolitan Lima. The present study has a qualitative and quantitative field research thanks to the conduct of focus groups, interviews with experts and surveys conducted to the target audience. The results of this research were obtained through a sample of 312 Internet users who have purchased tourist services. Of these 74 make recurring online purchases, 164 some purchases and 74 few purchases online. The use of the Spearman statistic identified that 6 of the 8 risks studied have a negative relationship with the purchase intention. The remaining ones indicated that they did not have a negative relationship because if the measurement index showed it, however, it was possible due to the general results that the perceived risks do have a negative relationship with the intention of buying tourist services in the OTAS. / Trabajo de investigación

El objetivo de este trabajo de investigación busca analizar de una manera elemental la relación entre las sub variables de la lealtad y la decisión de compra de zapatillas deportivas en Lima, Perú. El presente trabajo de investigación tiene carácter de una investigación no experimental y de corte transversal. Se utilizaron instrumentos cuantitativos (SPSS) y cualitativos para recolectar información y data numérica representativa. Se realizó también un análisis descriptivo sobre el público objetivo que son hombres y mujeres de 18 a 35 años. Se encontró que entre el público investigado, el comprador tiene tiende a reaccionar positivamente ante una marca con la que guarda una relación, la cual se puede interpretar como una conexión emocional o pertenencia a la marca. Finalmente se mencionan las posibles futuras investigaciones que se pueden realizar teniendo en cuenta lo descubierto en el trabajo de investigación elaborado. / The objective of this research work seeks to analyze in an elementary way the relationship between the sub variables of loyalty and the decision to buy sneakers in Lima, Peru. This research work has the character of a non-experimental and cross-sectional investigation. Quantitative and qualitative instruments (SPSS) were used to collect information and representative numerical data. A descriptive analysis was also carried out on the target audience, which are men and women aged 18 to 35 years. It was found that among the investigated public, the buyer has a tendency to react positively to a brand with which he has a relationship, which can be interpreted as an emotional connection or belonging to the brand. Finally, the possible future research that can be carried out, taking into account what was discovered in the research work prepared, is mentioned. / Trabajo de investigación

Con esta investigación se busca conocer si hay una relación entre la intención de compra de los productos sugar free y la moda por llevar un estilo de vida saludable. Así mismo, como segunda variable en estudio se quiere comprobar que existe relación entre el brand awareness que generan las marcas de productos sugar free con la intención de compra de los mismos. El estudio se realizará en el ciudad de Lima Metropolitana en particular para los ciudadanos de nivel socieoeconómico A y B. Para concluir el proyecto vamos a centrarnos en como las marcas desarrollan su estrategia de promoción y empaquetado, además de la fijación por los limeños en estar siempre en sintonía con la tendencia del momento. Para saber la veracidad de la investigación se hizo la prueba correlacional empleando el diseño no experimental. Así mimso, la investigación tuvo dos partes: una cuantitativa que fue implementada mediante 170 encuuestas y otra cualitativa que se realizo mediante entrevistas a profundidad a público primario como a expertos en el sector. Los resultdos de estos son expuestos en el capítulo 3 y capítulo 4 del presente trabjo, complementando la introducción y el marco teórico. Por último, se pudo confirmar las hipótesis planteadas en el estudio gracias a la prueba de hipótesis. / This research seeks to know if there is a relationship between the intention to buy sugar-free products and fashion to lead a healthy lifestyle. Likewise, as the second variable of the study, we want to verify that there is a relationship between the brand knowledge generated by the brands of sugar-free products with the intention of buying them. The study will be carried out in the city of Metropolitan Lima in particular for citizens of socio-economic level A and B. To conclude the study we will focus on how the brands that have their advertising and packaging, as well as how the people of Lima seek always be in the hands of sociocultural trends without any importer. To see the veracity of the study, a correlational investigation was carried out using the non-experimental design. Likewise, the research had two parts: a qualitative one that was implemented through 170 studies and a qualitative one that was carried out through public primary depth interviews as experts in the sector. The results of these are modifications in chapter 3 and chapter 4 of this paper, complementing the introduction and the theoretical framework. Finally, the hypotheses raised in the study can be affirmed thanks to the correlational analysis of variables. / Trabajo de investigación