Bakgrund: Rottne industri är ett företag som tillverkar skogsmaskiner, närmare bestämt skördare och skotare. En viktig del av företagets strategi i dagsläget grundar på att bedriva en generös reservdelsverksamhet ut mot kunder. Reservdelsverksamheten har vuxit och blivit en konkurrensfördel för Rottne industri. För att behålla sin plats på marknaden är det viktigt att konkurrensfördelen behålls och reservdelsverksamheten effektiviseras. Vi har i samråd med lagerchefen på Rottne industri valt att utveckla ett performance management-system. Studien har tagit sin utgångspunkt i performance management-processen som består av fem steg som kopplats till separata problemfrågor. Syfte: Studiens syfte är att utveckla ett performance management-system åt Rottne industris reservdelslager i avsikt att ge företaget en utgångspunkt för kontroll och styrning av deras prestationer. Metod: Uppsatsen är uppbyggd på en kvalitativ metod. Uppsatsens synsätt är positivism och ett abduktivt angreppssätt tillämpas. Insamling av empirisk data sker främst genom intervjuer. Slutsats: För att Rottne industri ska behålla sin konkurrensfördel bör de främst fokusera på fyra måttgrupper; leveranstid, leveransprecision, orderkvalitet och servicegrad. Prioriteringen för dessa måttgrupper skiljer sig något beroende på vilken kundgrupp som avser att betjänas. För brådskande orders, som kopplas till slutkunder är leveranstid, orderkvalitet och servicegrad viktigaste, och för påfyllningsorders, som rör återförsäljare är leveransprecision, orderkvalitet och servicegrad viktigast. Höga mål bör sättas upp för viktiga måttgrupper och bör revideras när omvärlden förändras. Sökord: Performance management, performance management process, performance management system, performance measurement, spare part logistics, aftermarket logistics, target setting. / Title: Performance management - A case study on spare part logistics at Rottne industri Authors: Max Lidby, Philip Ringström Tutor: Peter Berling Background: Rottne industri is a company that manufactures forestry equipment. An important part of the company’s strategy is based on conducting a generous spare parts business to customers. The spare part business has grown and become a competitive advantage for Rottne industri. To keep its position in the market it is important that the competitive advantage is retained. In agreement with the warehouse management we have chosen to develop a performance management system. The study has been based on the performance management process that consists of five steps which has been linked with separate research questions. Purpose: The aim of this study is to develop a performance management system for Rottne industri’s warehouse in order to give the company a starting point for monitoring and control of performance. Method: The paper is based on a qualitative approach. Thesis approach is positivism and an abductive approach is applied. Collection of empirical data is mainly done through interviews. Conclusion: In order to maintain its competitive advantage Rottne industry should primarily focus on four groups of metrics; delivery time, delivery reliability, order quality and service level. The priority for these groups of metrics are slightly different depending on which group of customers Rottne industri intend to serve. For urgent orders the delivery time, order quality and level of service most important, and for replenishing orders delivery reliability, order quality and level of service is the most important. High targets should be set for important groups of metrics, and should be under continuous review when circumstances change. Keywords: Performance management, performance management process, performance management systems, performance measurement, spare part logistics, aftermarket logistics, target setting.

Bakgrund: I dagens digitaliserade samhälle ställs det höga krav från kunder på att saker och ting ska fungera. Det ställs krav på att företag ska tillhandahålla sina kunder med ett attraktivt erbjudande och med dagens snabbt växande teknologier möjliggörs nya sätt att erbjuda service. AR-teknologi har nyligen börjat användas som ett verktyg i företags eftermarknadsservice inom B2B och möjliggör för kunders servicetekniker att, på distans, få hjälp av en expert med att felsöka och reparera maskiner. Eftermarknadsservice kan om utförd på rätt sätt ge företag konkurrensfördelar och spås vara en stor framtida intäktsdrivare. Hypen kring AR-teknologi är hög, nya teknologier är en drivkraft till företags sätt att erbjuda nya tjänster och konsumenter är benägna om snabb service, men ännu saknas det studier kring AR-teknologi inom eftermarknadsservice på B2C-marknaden. Syfte: Att undersöka attityderna hos olika aktörer i distributionskedjan, utifrån tre valda dimensioner, mot införandet av AR-teknologi i företags eftermarknadsservice mot konsument, samt öka förståelsen för dess påverkan på serviceprocessen. Metod: I studien tillämpas en kvalitativ metod där vi genomfört en explorativ fallstudie på införandet av AR-teknologi i företags eftermarknadsservice. Det empiriska insamlandet har skett genom 14 stycken semistrukturerade intervjuer med respondenter från tre olika aktörer i vår studerade distributionskedja. Slutsats: Aktörerna i distributionskedjan är överens om att det finns tydliga fördelar med införandet av AR-teknologi i eftermarknadsservice. Detta då kunskapsöverföring, vilken underlättas av AR-teknologi, kan främja självservice vilket kan innebära kostnads- och tidsbesparingar för både företag och konsumenter. Däremot finns det frågor kring det faktiska användandet av tekniken och om den i vissa fall kan bli överflödig. Det finns också frågor kring hur en förflyttning av servicen närmare konsument kan påverka företags stabila intäktsflöde inom eftermarknadsservice samt deras kundrelationer. / Background: In today’s digitalized society there are high demands from customers on how things should work. Companies face demands on how they should provide their customers with a attractive offerings and with today's fast growing technologies new ways of offering service are presented. AR-technology has recently started being used as a tool in companies’ aftermarket service within B2B and it allows for service technicians to, remotely provide aid, problem solve and repair of the machines with the assistance of an expert. Aftermarket service can, if performed correctly, give companies competitive advantages and is believed to be a large future profit maker. There is a hype surrounding AR-technology, new technologies are a driving force for new services and consumers are demanding fast service, but there are still studies missing regarding AR-technology in the aftermarket service on the B2C market.Purpose: The purpose of this study is to investigate the attitudes of the different operators within the supply chain, from three different dimensions, towards the introduction of AR- technology in companies’ aftermarket service towards consumers, and also to improve the understanding of its effect on the service process. Method: The study uses a qualitative method where we have performed an explorative case study on the introduction of AR-technology in companies’ aftermarket service. The empirical data have been gathered by 14 semi-structured interviews with respondents from three different operators within our studied supply chain. Result: The operators, within the supply chain, all agree that there are clear advantages with the introduction of AR-technology in the aftermarket service as knowledge transfer, facilitated by AR-technology, can promote self-service which can mean cost and time savings for both the company and the consumers. There are though questions regarding the actual use of the technology and if the technology in some cases may become redundant. There are also questions about how a shift of service closer to consumers may affect companies ́ stable revenue flow in the aftermarket service and also their customer relations.

CoordenaÃÃo de AperfeiÃoamento de Pessoal de NÃvel Superior / O ambiente competitivo tem, ao longo dos anos, se mostrado um elemento mutante para as empresas que o compÃe. AlÃm desta alteraÃÃo no ambiente competitivo, um novo fenÃmeno integra este cenÃrio: a colaboraÃÃo interorganizacional. Desta forma, torna-se interessante verificar situaÃÃes onde a competiÃÃo foi alterada pela presenÃa da colaboraÃÃo, verificando se esta nova forma de competir proporciona melhorias no desempenho das empresas participantes e, alÃm disso, quais os fatores que podem explicar esta melhora na competitividade. O segmento do aftermarket de autopeÃas nacional vive uma profunda mudanÃa em seus canais de distribuiÃÃo, comprimindo a figura do varejo que, para responder a tais mudanÃas, tem se unido e constituÃdo diversas aÃÃes, dentre elas a formaÃÃo da Rede Ãncora de AutopeÃas. As redes de colaboraÃÃo interorganizacional, como apontam Liczbinski e Bittencourt (2003), Zineldin (2004) e Parung e Bititci (2006), tÃm o potencial de contribuir para a competitividade das empresas que a integram, uma vez que permite acesso a informaÃÃes, recursos, mercados e tecnologias, que ampliam as vantagens econÃmicas no tocante ao aprendizado, Ãs escalas e escopo de produÃÃo ou de comercializaÃÃo. PorÃm, embora as possibilidades de incremento na competitividade por meio de atuaÃÃo em redes de colaboraÃÃo jà sejam amplamente discutidas na literatura, sua mensuraÃÃo ainda apresenta desafios, nÃo tendo ainda um modelo validado e jà aplicado empiricamente para a mensuraÃÃo da competitividade de organizaÃÃes que atuam inseridas em redes de colaboraÃÃo. Liczbinski e Bittencourt (2003) e Wegner e Dahmer (2004) propÃem modelos de avaliaÃÃo que proporciona a anÃlise via trÃs dimensÃes analÃticas: Individual, Relacional e Estrutural. Desta forma, o objetivo geral desta pesquisa à verificar a influÃncia dos fatores estruturais e relacionais na percepÃÃo do desempenho pelos gestores das empresas que integram a Rede Ãncora de Pernambuco. O estudo de natureza quantitativa foi realizado por meio de uma pesquisa de campo junto as empresas participantes dessa rede, participaram da pesquisa dezoito empresas. Foram utilizados como instrumentos de coleta uma entrevista semiestruturada com o atual presidente da rede Ãncora de Pernambuco e um questionÃrio aplicado junto aos gestores dessa empresas. Para o tratamento dos dados advindos do questionÃrio foram usadas as seguintes tÃcnicas: estatÃstica descritiva e regressÃo mÃltipla. Na anÃlise da regressÃo mÃltipla foram utilizados dois modelos economÃtricos, o recÃproco e o logrecÃproco, uma vez que a literatura nÃo apontava um modelo empÃrico jà testado. No caso da entrevista fez-se uso da tÃcnica de anÃlise de conteÃdo. Com os resultados obtidos confirma-se estatisticamente a relaÃÃo entre a dimensÃo estrutural e a dimensÃo relacional e o desempenho percebido pelos gestores. Como consideraÃÃes finais apresenta-se uma anÃlise quantitativa via modelos economÃtricos aplicados a anÃlise do desempenho em empresas inseridas em redes de colaboraÃÃo interorganizacional, contribuindo com a melhora no entendimento e em implicaÃÃes gerenciais. / The competitive environment has, over the years, proved a mutant element for companies that compose it. Apart from this change in the competitive environment, a new phenomenon is part of this scenario: interorganizational collaboration. Thus, it is interesting to see situations where the competition was altered by the presence of collaboration, making sure that this new form of racing provides performance improvements of participating companies and also what factors may explain this improvement in competitiveness. The segment of the national auto parts aftermarket is experiencing a profound change in its distribution channels, compressing the image of retail, to respond to such changes, have joined and formed several actions, including the formation of the Network Ancora Auto Parts. Networks of interorganizational collaboration, as indicated Liczbinski and Bittencourt (2003), Zineldin (2004) and Parung and Bititci (2006), have the potential to contribute to the competitiveness of companies belonging to it, since it allows access to information, resources , markets and technologies that expand the economic advantages with respect to learning, the scope and scale of production or marketing. However, although the possibilities of increase in competitiveness by acting in collaboration networks are already widely discussed in literature, its measurement still presents challenges, not yet a validated model and already applied empirically to measure the competitiveness of organizations that work included in collaborative networks. Liczbinski and Bittencourt (2003) and Wegner and Dahmer (2004) propose models of evaluation that provides the analysis via three analytical dimensions: Individual, Relational and Structural. Thus, the objective of this research is to examine the influence of structural and relational factors in the perception of performance by managers of firms in the Network Ancora Auto Parts in Pernambuco. The quantitative study was conducted through a field research on the companies participating in this Network Ancora Auto Parts, eighteen companies participated in the survey. The instruments used were a collection of semi-structured interview with the current president of the Network Ancora Auto Parts of Pernambuco and a questionnaire addressed to the managers of such companies. For the treatment of data coming from the questionnaire were used the following techniques: descriptive statistics and multiple regression. In multiple regression analysis were used two econometric models, reciprocal model and the logreciprocal model, since the literature did not indicate an empirical model has been tested. In the case of the interview was made using the technique of content analysis. With these results it is confirmed statistically the relationship between the structural and relational dimension and the performance perceived by managers. As finally considerations we present a quantitative analysis via the econometric models applied to analysis of performance in companies incorporated in networks of interorganizational collaboration, contributing to improvements in understanding and managerial implications.

The masters's thesis is focused on the Czech B2B market with car spare parts. First chapter explains theoretical marketing terms and methods that are later used in a practical part of the thesis. Second part of the master's thesis reflects current situation on automotive aftermarket. The reader will learn about subjects conducting business in the industry, about unions and trade associations that are entered by the subjects to protect their rights and interests. The chapter also includes block exemption that has legislatively changed rules of selling counterparts and of car repair. The third part describes Opel Spare Parts Programme, which was created to sell original spare parts Opel to independent services. Similar programmes of other car producers are compared in this chapter, and it also draws a comparison between offers of competitors in form of independent distributors of spare parts. B2B marketing research can be found at the end of the master's thesis, its aim was to identify levels of satisfaction with content and rules of the Opel Spare Parts Programme. Representatives of authorised Opel services became research respondents. Results of the research were used for planning marketing activities for 2013 schedule.

The Swedish market has over the past couple of years seen a large increase in companies going public through an IPO. At the same time the capital on the private equity market is increasing for each year which enables companies to stay private longer. Our research focuses on two main areas. First, we investigate if companies that enter the public market at an early stage in the company life cycle have worse aftermarket performance than companies that wait to go public. In our research we will define companies that went public at an early stage as younger than six years at the time of the IPO, based on Brown & Wiles (2015) research, and companies that delayed an IPO as older than six years at the time of the offering. The second area investigates whether the large capital increase on the private equity market have affected the long-run aftermarket performance of IPOs.  Our dataset consists of 746 Swedish IPOs from four different Swedish stock exchanges. We will collect long-run aftermarket performance data from companies that conducted an IPO between the years 2003-2018. The long-run aftermarket performance will be measured over a three-year period. Both buy and hold abnormal returns (BHAR) and monthly abnormal returns are used to analyze the aftermarket performance of the IPO firms. Our main findings are that Swedish IPOs generally underperform the reference market index in the long run. Additionally, we find that the underperformance is generated by companies that conduct an early IPO, which makes us question the IPO readiness of these young companies. We also show that profitability is a key determinant for greater IPO aftermarket performance. Lastly, we do not provide any support that the increase in capital on the private equity markets have any effect on the IPO aftermarket performance. However, the results indicate that companies who went public after the increase of capital perform worse. In our research we contribute with practical variables for retail investors to focus on when investing in IPOs and provide companies with useful information on how to increase the chances of a successful IPO.

The   purpose   of   this   pilot   study   was   to   identify   and   evaluate   different   business   cases   for   Epiroc’s  Parts   &   Services   Division   (PSD)   regarding   the   use   of   additive   manufacturing   (AM),   also   known   as  3D   printing,   for   their   spare   parts   within   the   mining   industry.    This   study   presents   an   approach   for  how   spare   parts   promising   for   AM   can   be   identified   and   shows   the   difficulties   with   AM.   The   study  follows   the   design   research   methodology   (DRM)   standard   for   research   within   product   and   process  development.   Through   interviews   and   literature   searches,   a   "top-down"   approach   was   applied.   A  developed   cost-benefit   model   accompanied   this   approach   and   was   used   to   identify   and   evaluate  potential   spare   parts   for   AM   from   Epiroc’s   current   spare   parts   portfolio.   The   results   were   evaluated  as   promising   for   several   of   the   spare   parts   in   terms   of   reduced   manufacturing,   procurement,   tool  cost,   and   lead   time   reduction,   which   results   in   increased   uptime   for   the   customer.   With   reduced   lead  times,   the   availability   increases   for   the   customer,   who   may   increase   Epiroc’s   sales   and   aftermarket  revenues   in   the   long   run.   There   is   also   great   potential   for   reducing   the   costs   for   warehousing,   where  spare   parts   of   low   demand   can   have   their   stocks   reduced   or   eliminated   by   securing   supply   through  on-demand   manufacturing.   Although   many   exciting   business   cases   have   been   identified   and  evaluated,   it   has   been   acknowledged   that   CNC-machining   in   many   cases   is   the   cheaper   alternative.  Despite   this,   it   is   worth   investing   in   AM   from   a   strategic   point   of   view   as   it   is   seen   as   a   tool   for   the  future.   Before   it   can   be   adopted   and   implemented,   Epiroc   should   do   test   trials   with   companies  offering   AM   services.   These   can   be   used   to   update   and   tune   the   cost-benefit   model   accordingly   to  increase   its   reliability   and   validity.   The   model   could   also   be   developed   further   to   incorporate   AM’s  additional   benefits,   such   as   weight   and   material   reduction   through   design   for   additive  manufacturing   (DfAM). / Syftet   med   denna   förstudie   var   att   identifiera   och   utvärdera   olika   affärsmöjligheter   för   Epirocs   Parts  &   Services-division   (PSD)   gällande   användningen   av   additiv   tillverkning   (AM),   även   känd   som  3D-printning,   för   deras   reservdelar   inom   gruvindustrin.   Denna   studie   presenterar   ett  tillvägagångssätt   för   hur   reservdelar   passande   för   AM   kan   identifieras   och   visar   på   svårigheterna  med   AM.   Studien   följer   "design   research   methodology"   (DRM),   vilket   kan   översättas   till  designforsknings-metodologin,   som   är   vanligt   förekommande   vid   forskning   inom   produkt-   och  processutveckling.   Genom   intervjuer   och   litteratursökningar   tillämpades   en   "top-down"-metod.  Detta   åtföljdes   av   en   utvecklad   kostnadsnyttomodell   som   tillsammans   användes   för   att   identifiera  och   utvärdera   potentiella   reservdelar   för   AM   från   Epirocs   nuvarande   reservdelsportfölj.   Resultaten  utvärderades   som   lovande   för   flertalet   av   reservdelarna   vad   gäller   reducerad   kostnad   för  tillverkning,   inköp,   verktyg   och   minskad   ledtid,   vilket   resulterar   i   ökad   drifttid   för   kunden.   Med  minskade   ledtider   ökar   tillgängligheten   för   kunden,   som   kan   öka   Epirocs   försäljning   och  eftermarknadsintäkter   på   lång   sikt.   Det   finns   också   en   stor   potential   i   att   minska   kostnaderna   för  lagerhållning,   där   reservdelar   med   låg   efterfrågan   kan   få   sina   lager   att   reduceras   eller   elimineras  genom   att   säkra   utbudet   genom   tillverkning   vid   behov.   Även   om   många   intressanta  affärsmöjligheter   har   identifierats   och   utvärderats   har   det   uppmärksammats   att   CNC-bearbetning   i  många   fall   kan   vara   det   billigare   alternativet.   Trots   detta   är   det   värt   att   investera   i   AM   ur   en  strategisk   synvinkel   eftersom   det   ses   som   ett   verktyg   för   framtiden.   Innan   AM   kan   anammas   och  implementeras   bör   Epiroc   göra   testförsök   med   företag   som   erbjuder   AM-tjänster.   Dessa   kan  användas   för   att   uppdatera   och   justera   kostnadsnyttomodellen   i   enlighet   med   detta   för   att   öka   dess  validitet   och   reliabilitet.   Modellen   kan   också   utvecklas   vidare   för   att   införliva   AM:s   ytterligare  fördelar,   såsom   vikt-   och   materialreduktion   genom   design   för   additiv   tillverkning   (DfAM).

Inom de flesta industrier är konkurrensen hård, byggindustrin är inget undantag. Ett sätt att stå sig stark på marknaden är att finna andra konkurrensmedel än de traditionella: pris och kvalitet. Detta examensarbete syftar att undersöka eftermarknadens betydelse för entreprenadbolag och fastighetsägare. Examensarbetet är skrivet tillsammans med byggentreprenören Zengun vars avsikt är att förbättra sin hantering av eftermarknaden. Med hjälp av Zenguns beställare har studien genomförts explorativt med fokus på relationen mellan entreprenören och fastighetsägaren under tiden efter ett byggprojekts färdigställande. Intervjuer har genomförts med representanter från Stockholms fyra större fastighetsägare och representanter från två byggentreprenörer. Studien tar avstamp i teorier om servicemarknadsföring, kund-leverantörsrelationer och organisationsteori för att på ett akademiskt sätt analyseras och diskuteras genom empiriska data.  Studien visar att eftermarknaden inom byggbranschen inte fungerar på ett tillfredställande och effektivt sätt. Det synsättet delas av representanter från både fastighetsägare och entreprenadbolag. Byggentreprenörer lägger ned lite tid och energi på eftermarknaden trots att det är eftermarknaden som utgör majoriteten av en byggnads livslängd. En anledning till det är svårigheterna för entreprenörer att se lönsamhet i investeringar på eftermarknaden. Eftermarknadsrelaterade arbeten uppfattas ske på bekostnad av produktionen av nya projekt, där produktionens framdrift prioriteras. För att lyckas på eftermarknaden är det viktigt att förstå vilka långsiktiga fördelar den kan ge. Med en separat organisation för eftermarknaden tar entreprenören bort intressekonflikten mellan produktion i projekt och eftermarknadsrelaterade arbeten. Den separata eftermarknadsorganisationen skapar förutsättningar för andra enheter hos entreprenadbolag att bli mer lönsamma. Dessutom uppstår en möjlighet att stärka relationen till fastighetsägaren och dess förvaltning vilket kan generera nya uppdrag. För att eftermarknadsorganisationen ska fungera krävs det att vissa faktorer, förutsättningar och risker tas i beaktande. Om hänsyn tas till detta och företag kan ändra sitt synsätt och organisation kring eftermarknaden kan den göras mer effektiv och värdeskapande för både byggentreprenadbolag och fastighetsägare. / In most industries, competition is hard, the construction industry is no exception. One way of standing strong in the market is finding other means of competition than the traditional: price and quality. This master thesis aims at investigating the importance of the aftermarket for contractors and property owners. The thesis is written together with the construction company Zengun, whose intention is to improve its management of the aftermarket. The study has been conducted exploratively with focus on the relationship between the contractor and the property owner in the time after completion of a building project. Interviews have been conducted with representatives from four of Stockholm's major commercial property owners and representatives from two construction companies. The thesis starts with theories of service marketing, relationship management theory and organizational theory which are subsequently analyzed and discussed. The study shows that the aftermarket in the construction industry does not work satisfactorily and efficiently. This view is shared by representatives from both property owners and construction companies. The contractor does not spend a lot of time and energy on the aftermarket, even though it is the aftermarket that constitutes the majority of a building's technical service life. One reason for this is the difficulty for the contractor to see the profitability in aftermarket investments. Aftermarket-related work take place at the expense of the production of new projects, where new production is prioritized. To succeed in the aftermarket, it is important to understand what long-term benefits it can provide. With a separate aftermarket organization, the contractor eliminates the conflict of interest between production in projects and aftermarket-related jobs. The separate aftermarket organization creates the conditions for other units of construction companies to become more profitable. In addition, there is an opportunity to strengthen the relationship with the property owner and its facility management unit which can generate new projects. In order for the aftermarket organization to work, it requires that certain factors, conditions and risks be taken into account. If this is considered and the contractor can change their approach and organization in the aftermarket, it can be made more effective and adding value for both construction companies and property owners.

Made available in DSpace on 2016-10-13T14:10:03Z (GMT). No. of bitstreams: 1 Fabricio Andrade Camargo.pdf: 1071913 bytes, checksum: f7947d51ddcfa7377d5538eed719d67a (MD5) Previous issue date: 2016-03-29 / The history of the automobile in Brazil began around 1890, when the first vehicle imported from Europe, landed on home soil. From then on, the car that from the beginning has a relationship of love and hate with the population, is gaining space and the auto industry growing in importance for the industrial development of this country. Since the 1950s, when the government begins the process of developing a genuinely Brazilian automobile industry, several adjustments had to be made for this to happen. In parallel to the development of the automotive industry, developed to the auto parts industry. In the beginning, all the pieces were imported from Europe and the US, to the time when a national auto parts industry develops. The national automotive industry consists of original and independent auto parts suppliers. The first supply the car manufacturers and the last the aftermarket. The investigation begins in automotive History it is developed by aftermarket features and the relationship of suppliers to automakers ends with a multiple case study, that investigates 4 original and independent parts manufacturers. The research method used in this study is the study of multiple case study. The main contribution of the study was to add the independent auto parts supplier in the supply chain structures of the automotive industry presented by Bede (1996) and Scavarda and Hamacher (2011). / A História do automóvel no Brasil teve início por volta de 1890, quando o primeiro veículo importado da Europa, desembarca em solo nacional. A partir de então, o automóvel que desde do início tem uma relação de amor e ódio com a população, vai ganhando espaço e a indústria automobilística crescendo em importância para o desenvolvimento industrial desse país. Desde os anos de 1950, quando o governo inicia o processo de desenvolvimento de uma indústria automobilística genuinamente brasileira, diversos ajustes tiveram de ser feitos para que isso pudesse acontecer. Em paralelo ao desenvolvimento da indústria automobilística, desenvolvia-se a indústria de autopeças. No início, todas as peças eram importas da Europa e dos EUA, até o momento em que uma indústria nacional de autopeças se desenvolve. A indústria nacional de autopeças é formada por fornecedores de autopeças originais e independentes. Os primeiros abastecem as montadoras de automóveis, e os últimos o mercado de reposição. A investigação se inicia na história da indústria automobilística, se desenvolve pelas características do mercado de reposição e o relacionamento dos fornecedores com as montadoras encerra-se com um estudo de caso múltiplo, com 4 fabricantes de autopeças originais e independentes. O método de pesquisa utilizado no presente estudo é o estudo de caso múltiplo e exploratório. A principal contribuição do estudo foi acrescentar o fornecedor de autopeças independente, nas estruturas de cadeia de suprimento da indústria automobilística apresentados por Bedê (1996) e Scavarda e Hamacher (2011).

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

Made available in DSpace on 2010-04-20T20:51:35Z (GMT). No. of bitstreams: 3 61060100564.pdf.jpg: 17349 bytes, checksum: d837c6cb5938fcb949cc0d74ead03bf1 (MD5) 61060100564.pdf: 565702 bytes, checksum: 439100ec3690ea1b5453811be8f3b6cf (MD5) 61060100564.pdf.txt: 183906 bytes, checksum: cd1615a368540fef58fa7ea6d396e274 (MD5) Previous issue date: 2008-02-27T00:00:00Z / Normalmente os underwriters recompram ações no mercado secundário dos IPOs coordenados pelos mesmos. O objetivo da recompra é o de postergar ou evitar a queda do valor dos IPOs. As ações recompradas são aquelas provenientes da opção dada pelo emissor ao underwriter para a venda em excesso de até 15% das ações inicialmente ofertadas, opção esta chamada de greenshoe. Esta dissertação analisa os principais determinantes e conseqüências do processo de estabilização de IPOs no Brasil. Os resultados indicam que IPOs estabilizados são aqueles com maior risco inicial de preços, com menor demanda de investidores institucionais nacionais e estrangeiros e que são conduzidos por underwriters de melhor reputação, além disso, o underwriter apreça ex-ante a possibilidade de exercício do greenshoe através da redução da comissão cobrada pela colocação das ações. O greenshoe é normalmente efetivado quando está “no dinheiro”. Quanto aos efeitos no retorno dos IPOs, os resultados indicaram que no Brasil a estabilização, a demanda de investidores institucionais nacionais e estrangeiros e o greenshoe possuem efeito significante nos retornos, efeitos estes que apesar de curto prazo, vão além do período de estabilização, ou seja, após o término das recompras realizadas pelos underwriters. Ademais, após o término da estabilização, o valor das ações dos IPOs em média não caem significativamente, indicando um efeito positivo desta prática no Brasil. Constatou-se também que o nível de preço em que a estabilização é efetuada pelo underwriter, ou seja, se abaixo ou acima do preço líquido de comissão, possui grande poder explicativo sobre o retorno pós-estabilização. Finalmente, o último teste indica que a estabilização de preços é responsável por um terço do underpricing verificado no mercado brasileiro. / Usually underwriters repurchase stocks of their IPOs in the aftermarket, avoiding or postponing the falling of their prices. The issuer gives an option to oversell the IPO up to 15% from the initial offering to the underwriter, then the underwriter can repurchase the stocks when the prices fall below the offer price, giving them back do the issuer. This option is named greenshoe. The aim of this study is to investigate the main causes and results of the stabilization process of Brazilian IPOs. The results show that stabilized IPOs are riskier, have less local and foreign institutional demand and are issued by more reputable underwriters, moreover, the underwriter determine ex-ante the likelihood of exercise of greenshoe, lowering the spread. The greenshoe is usually exercised when is “in the money”. Relating to the effects over the IPOs returns, the study documented that the stabilization, the demand of national and foreign institutional investors and the greenshoe affect significantly the returns, and these effects are maintained even after the end of stabilization, that is, after the end of repurchases of stocks by underwriters. In addition, after the conclusion of stabilization, on average, the IPO value do not fall significantly, indicating the positive effect of stabilization on the Brazilian market as a whole. The level of price of stock repurchases revealed a positive relation with the returns after the stabilization. Finally, the last test indicates that the stabilization account for a third part of observed underpricing.