A seleção de fornecedores de transporte é um desafio cada vez maior. O crescimento da rede de clientes a ser coberta demanda uma alocação eficiente em termos de custo não suprida por mecanismos tradicionais de negociação. Neste âmbito, o leilão combinatório torna-se uma alternativa de negociação ao permitir capturar sinergias entre os trajetos que devem ser atendidos. Em conseqüência disso, diminui-se o custo de transporte do fornecedor que se reflete nos menores preços de suas propostas e finalmente no custo total de compra do serviço. Por outro lado, esta decisão envolve fatores além do custo total; a mensuração destes torna-se importante para identificar fornecedores que melhor se ajustam aos requerimentos do comprador. No entanto, é fundamental escolher um método adequado para sua avaliação porque este influência a decisão final. Este problema de compra de serviços de transporte é conhecido na literatura como Winner Determination Problem (WDP) que, devido a sua complexidade, possui uma resolução limitada. Após revisão teórica, foi observado que os estudos relacionados à área de transporte focalizavam o desenvolvimento de modelos matemáticos que fossem representativos da realidade. Alguns destes modelos abordam a utilização de múltiplos critérios atribuindo um coeficiente que pondera cada critério. Evidenciou-se a necessidade do desenvolvimento de um algoritmo alternativo que além de facilitar sinergias entre trajetos, fosse abrangente o suficiente para tratar múltiplos critérios em instâncias compatíveis com problemas reais. Logo, com o intuito de contribuir com a literatura foi adaptado um algoritmo matemático otimizante ao problema de compras de fornecedores de transporte com base no algoritmo de Sandholm (2002). Este algoritmo aplica leilão combinatório de compras, apoiando-se na teoria da análise de decisão para mensurar critérios relevantes do comprador. Inicialmente, o algoritmo minimiza o custo total do comprador designando combinações de trajetos e fornecedores; depois é modificado para o tratamento multi-critério. Os resultados obtidos foram comparados com o software comercial CPLEX. / Selecting suppliers is a crescent challenge for the enterprises. The extent of the client web that needs to be served demands efficient allocations, in terms of cost, that are not addressed by traditional mechanisms. In this scenario, another mechanism came to be: the combinatorial auction. In this one, suppliers can express their synergies on routes they wish to supply. This leads to lowering their transportation costs, which is reflected in lower bidding prices as well as in the total cost of service. On the other hand, the selection of a supplier involves other criteria besides cost. The definition of these is essential to define which supplier fits the needs of the buyer. That is why it is of most importance to choose the right method to evaluate these needs, as it defines the final choice. This problem is known as Winner Determination Problem (WDP) and due to its complexity, possesses a feeble solution. After compiling what has been done about the subject, it was noticed that in the field of transport, studies are focused on mathematical models that represent reality. Some models address criteria assigning coefficients to the objective function by weighting on it. Clearly, there was a need for alternative algorithms that would, besides promoting synergies on routes, also treat multi-criteria problems close to reality. Therefore, searching for a valid contribution in the field, an adaption of an optimizing algorithm based on Sandholm (2002)s was made. The algorithm applies combinatorial auction, supported by decision analysis for measuring relevant buyers criteria. First, the main algorithms objective is to minimize buyers costs by combining routes and suppliers; then, a modified approach considers multi criteria. Results were then compared to the commercial software CPLEX.

O segmento de transmissão de energia elétrica é parte fundamental na composição de qualquer sistema elétrico de potência, e tem como principal função o transporte da energia elétrica dos polos geradores até os centros consumidores. Neste contexto, o objetivo principal desta dissertação é analisar a participação dos agentes investidores do mercado de transmissão de energia elétrica no Brasil, observando o perfil daqueles que venceram os leilões de transmissão, sob o aspecto de sua governança no tocante à natureza do capital público ou privado, nacional ou estrangeiro. Como questão central, indaga-se como vem se dando a dinâmica do mercado de transmissão de energia elétrica no país, através da análise dos vencedores dos certames de concessão do serviço público de transmissão. A pesquisa aborda ainda elementos que resgatam a importância técnica e econômica da transmissão, sua evolução histórica e as regras de concessão então vigentes no país, além de realizar um levantamento dos leilões de transmissão entre os anos de 1999 a agosto 2017. Visando a reestruturar o setor elétrico brasileiro a partir da década de 1990, um modelo então formulado possibilitou a expansão do sistema de transmissão por meio de concorrências na exploração de concessões públicas do serviço de transporte de energia elétrica. Tal modelo finalmente permitiu que companhias de capital privado, nacional ou estrangeiro, pudessem participar dessa expansão. Entre dezembro de 1999 e agosto de 2017 ocorreram 45 certames, nos quais culminou em uma expansão significativa da malha de transmissão no país, que passou de 66,9 mil km, antes dos referidos leilões, para mais 134,7 mil km, até o ano de 2016. Das centenas de investidores que arremataram os lotes disponibilizados, verificou-se que 89% deles eram de natureza privada e 11%, de natureza pública. Ainda, através da pesquisa realizada, constatou-se que 60% dos lotes negociados foram arrematados por investidores não-consorciados, mesmo diante das vantagens da formação de consórcios na criação de grupos considerados mais robustos financeira e tecnicamente. Os resultados desta investigação também revelaram que os grupos estrangeiros privados não-consorciados foram os que mais se destacaram, obtendo 25,2% das vitórias nos certames, e agregando 24,4% do total das linhas ofertadas em termos de extensão. Ademais, esses grupos estrangeiros privados não-consorciados mostraram-se mais competitivos, com lances que representaram deságios médios de 30,7%, arrematando projetos com potencial de rendimento anual de R$ 2,8 bilhões. Entretanto, por meio da investigação realizada, ainda se constatou que os investidores nacionais públicos não-consorciados continuaram muito influentes, pois: (i) deram lances com deságios também significativos, da ordem de 27,1% na média do período analisado; e (ii) alguns desses investidores nacionais públicos foram os vencedores mais frequentes, seja na forma não-consorciada ou consorciada, como foi o caso da Chesf, com 34 lotes arrematados, seguida de Furnas, com 26 lotes negociados. / The segment of electric power transmission is a fundamental part of any electric power system, and its main function is to transport the electric power from the generating poles to the consumer centers. In this context, the main objective of this dissertation was to analyze the participation of the investors of the electricity transmission market in Brazil, observing the profile change of those who won the transmission auctions, among which were public, private, national and foreign agents. This dissertation targeted to answer the following central question: how was the market dynamic of the electric power transmission in the country taking into consideration the change in the profile of the agents who won the auctions? The research also explored the technical and economic importance of transmission, its historical evolution, the currently rules for concession in the country, as well as the characteristics of transmission auctions conducted between 1999 and August 2017. In order to restructure the Brazilian electric sector from the 1990s onwards, a model was formulated to made possible to expand the transmission system by competitive bidding in the exploration of public concessions for the electric energy transmission service. That model finally allowed domestic and foreign private equity companies to participate in this expansion. Between December 1999 and August 2017, there were 45 auctions and hundreds of lots were put to dispute. Consequently, there was a significant expansion of the transmission network in the country, from 66.9 thousand km before the auctions to a further 134.7 thousand km, until the year 2016. Of the hundreds of investors who purchased the lots available, 89% were private and 11% public. Also, through the research, it was found that 60% of the lots traded were sold by non-consortium investors, even considering the advantages of consortium to create groups financially and technically robust. The results of this investigation also revealed that the not consorted foreign private groups were the most outstanding, obtaining 25.2% of the victories in the auctions, and, adding 24.4% of the total of the offered lines in terms of extension. Furthermore, these foreign private groups were more competitive with bids that represented average discounts of 30.7%, earning projects with potential annual income of R $ 2.8 billion. However, the research also verified that not consorted national public investors are still very influential: (i) they made bids with significant discount, of the order of 27.1% in the average of the analyzed period; and (ii) some of these national public investors were the most frequent winners, either in the non-consortium or consortium form, as was the case of Chesf, with 34 lots acquired, followed by Furnas, with 26 lots traded.

Innovation ist von zentraler Bedeutung für Entwicklung und Wirtschaftswachstum. Innovation findet in einem institutionellen Rahmen statt. Auktionen und auktionsähnliche Mechanismen sind Institutionen. Sie organisieren Transaktionen zwischen ökonomischen Agenten. Auktionen enthüllen private Information indem sie Wettbewerb zwischen Agenten erzeugen. Wenn sie günstig gestaltet werden, dann nutzen sie die enthüllte private Information zur Erfüllung bestimmter Ziele, wie z.B. Gewinnmaximierung oder Effizienz. In drei Aufsätzen untersucht diese Dissertation die Verwendung von Auktionen im Kontext von Innovation. Kapitel 1 betrachtet die übliche Praxis der öffentlichen Subventionsvergabe an private Unternehmen. Wir weisen auf Nachteile dieser Praxis hin und machen Verbesserungsvorschläge, die man einzeln oder in Kombination anwenden kann. Unsere Vorschläge wurden mit Hilfe von Laborexperimenten und Simulation getestet. Die Ergebnisse lassen vermuten, dass unsere Vorschläge eine erhebliche Verbesserung der Subventionsvergabe ermöglichen. Kapitel 2 betrachtet den Verkauf, bzw. die Versteigerung, von Lizenzen zur Nutzung einer patentierten Innovation an Unternehmen in einem oligopolistischen Markt. Das Kapitel analysiert eine modifizierte Lizenzauktion, die profitabler ist als die in der Literatur untersuchten Mechanismen. Bei dieser Auktion wird eine begrenzte Anzahl Royalty-Verträge (Royalty = mengenabhängige Lizenzgebühren) versteigert und die Verlierer der Auktion erhalten ebenfalls die Option auf Royalty-Verträge. Kapitel 3 untersucht Innovations-Turniere. Zwei bekannte Institutionen, Festpreis-Turnier und Scoring-Auktion, werden mit einer Auktion kombiniert, in der um die Teilnahme am Turnier geboten wird (entry auction). Diese Variante wurde in der Literatur vorgeschlagen. Wir charakterisieren Bayesianische Nash-Gleichgewichte bei denen die beiden Mechanismen zu gleichartigen Ergebnissen führen. / Innovation is central to development and economic growth. Innovation happens within some institutional framework. Auctions and auction-like mechanisms are institutions that organize transactions between economic agents. In the face of private information, they provide a means of revealing part of that information by inducing competition between agents. If well designed, they make use of the revealed information in order to achieve a certain objective, e.g., to maximize profit or to allocate efficiently. In three essays, this dissertation studies the use of auctions in the context of innovation. Chapter 1 looks at the widely used practice of allocating government R&D subsidies to private companies. We point out flaws of that practice and propose improvements that can be adopted separately or in combination. Our proposals are tested in controlled lab experiments and by simulation. The results suggest that adopting the proposals might substantially improve the allocation of subsidies. Chapter 2 revisits the literature on the sale, and, in particular, auctioning, of patent licenses by an innovator to a downstream oligopoly. It analyzes a modified auction that turns out to be more profitable than many other mechanisms that have been analyzed in the literature. There, a restricted number of royalty contracts is auctioned while all losers of the auction are granted the right to sign a royalty contract. Chapter 3 looks at R&D tournaments. It starts from two well-known auction institutions, the fixed-prize tournament and the scoring auction. It combines both with an entry auction, a feature that has been proposed in the literature. We characterize Bayesian Nash equilibria such that both mechanisms are equivalent in a number of ways.

Cette recherche interroge le champ des objets ethnographiques au prisme de leur circulation entre deux médiateurs situés entre leur production et leur réception : les musées d’ethnographie et les marchés de l’art. Aucune recherche scientifique ne s’est jusqu’à maintenant penchée en profondeur sur les relations entretenues entre ces deux intermédiaires dans le champ de l’art africain et océanien, si ce n’est pour décrire ou critiquer le cas précis de la fondation du Musée du quai Branly-Jacques Chirac.Mobilisant l’anthropologie et la muséologie, ma recherche est basée sur un travail de terrain intensif auprès des galeries, des maisons de ventes aux enchères et des musées en Suisse, en France et en Belgique entre 20013 et 2017. L’analyse, fondamentalement compréhensive, montre les enjeux territoriaux à l’œuvre et souligne l’impact d’une montée de l’événementiel tant du côté des musées que des marchés. Ma recherche dresse un portrait du marché, de son fonctionnement et de ses hiérarchies à l’heure actuelle et propose une typologie des différentes relations et acteurs afin de comprendre le processus de fixation de la valeur des objets. Sur un marché où domine la spéculation et une grande part d’arbitraire, je montre que cette valeur est intimement liée à la maîtrise de l’information. Finalement, l’analyse met en évidence les « prêts-à-penser » et processus développés par l’entier des acteurs du champ pour rationaliser une partie de ces pratiques spéculatives. J’espère souligner dans cette recherche les formes nouvelles de production, d’appropriation, de consommation et de valorisation de l’altérité par notre société aujourd’hui. / This PhD thesis presents the valuation of ethnographic object through the prism of their circulation between two stakeholders : art markets and ethnographic museums. No scientific research has so far looked in depth at the relation between this two actors in the tribal art’s field, except to describe or criticise the specific case of the Musée du quai Branly-Jacques Chirac’s foundation.My research mobilising anthropology and museology is based on intensive fieldwork with galleries, auction houses and museums in Switzerland, France and Belgium between 2013 and 2017. The comprehensive analysis shows the territorial issues between this different stakeholders and highlights the increase in events both in museums and markets. My research also draws a portrait of the market, its functionning and its hierarchies and proposes a typology of the different relations and actors. The main objective was to understand the process of fixing an object’s value. In a market dominated by speculation and a lot of arbitrariness, I highlight that this value is intrinsically linked to the control of information. Finally, the analysis shows the « how-to-think » and processes developped by all the actors in the field to rationalise some of these speculative practices. I hope I have emphasised in this work the new forms of production, appropriation, consumption and the valorisation of otherness by our society today.

Made available in DSpace on 2016-04-28T19:34:31Z (GMT). No. of bitstreams: 1 Fabio Gomes Barbosa.pdf: 548153 bytes, checksum: bc654cdbe09b5368210dbca12664ff62 (MD5) Previous issue date: 2008-10-21 / The dissertation herein inserts in the research line of Portuguese Language Reading, Writing and Teaching and is aimed to analyze the strategies required to applicants in public auctions, for issues related to comprehension in Portuguese reading tests. In order to accomplish our study, we based on Textual Linguistic. To be the corpus of the research we have selected questions of textual comprehension from tests of three public auctions: Banco do Brasil, Caixa Econômica Federal and Tribunal Regional Eleitoral. Results indicate that the applicants are requested to apply several strategies, among which one can highlight: definition of the reading purposes, determination of the main idea, activation of former acquirements, prevision fulfillments about the text, summary generation, question formulation, inference generation, local coherence construction and over-structure activation. Generally speaking, the dissertation highlights the importance of teaching reading strategies so to form active and proficient readers. The comprehension of different texts under different situations requires the knowledge of reading strategies, as it specifically occurs in public auctions / Esta dissertação insere-se na linha de pesquisa Leitura, Escrita e Ensino em Língua Portuguesa e tem como objetivo analisar estratégias requeridas aos candidatos de concursos públicos nas questões de compreensão leitora das provas de Língua Portuguesa. Para a realização de nosso estudo, fundamentamo-nos na Lingüística Textual. Como corpus da pesquisa, selecionamos questões de compreensão textual das provas de três concursos públicos: Banco do Brasil, Caixa Econômica Federal e Tribunal Regional Eleitoral. Os resultados indicam que são várias as estratégias requeridas aos candidatos, dentre as quais merecem destaque: definição de objetivos de leitura, determinação da idéia principal, ativação dos conhecimentos prévios, realização de previsões sobre o texto, produção de resumo, formulação de perguntas, produção de inferências, construção de coerência local e ativação de superestruturas. De um modo geral, a dissertação ressalta a importância do ensino de leitura e, em especial, do ensino de estratégias de leitura para a formação de leitores ativos e proficientes. A compreensão de diferentes textos em diversas situações solicita o conhecimento de estratégias de leitura, como acontece, de forma especial, em concursos públicos

Made available in DSpace on 2016-04-28T20:19:15Z (GMT). No. of bitstreams: 1 2006 - Juliane Furtado Novaes.pdf: 1064690 bytes, checksum: e6ffa093f2f61ec15d9fd82cda994c93 (MD5) Previous issue date: 2006-08-29 / With the Internet appearance, the business' world is passing for constant transformations. To compete in the "new economy", the administrators had remodeled the business' process, modifying the form of relationship between the several sectors: companies, governments and citizens. Until now, the citizens had always considered that the governments were bureaucratic, inefficient and they did not guarantee the transparency of its action. With the information's technology, this scene has been passing for changes, so as to guarantee perfect controls, transparency, to make easy administrative proceedings, to extend business chances and to reduce the price of the acquisitions. In Brazil, the electronic government's initiatives are considered successful, mainly of electronic purchases. The purchase's process in the Public Administration is regulated by the 8.666/93 Law and also by others associated laws, that established the norms for process's accomplishment. This work studies the purchase's process of Bank of Brazil - BB, through the modality of electronic auction and has as objective generality: assess the purchases conducted by electronic auction and verify if the process produces economies and transparency guarantee. The electronic auction also is known as auction reverse. In the auction reverse, a purchaser and many salesmen participate at the process and the mechanism operates of inverse form. At each round, the prices move down. The methodology adopted for this work the Study of Case, simple and explanatory. The study talks about data collected at the BB's site, contemplating the processes, realized at differents states: Bras?lia, Esp?rito Santo, Minas Gerais, Rio de Janeiro and S?o Paulo, at 2005. The data had been subdivided in accordance with the supply branches, so as to analysis the lots, the verification of the percentage of economy gotten in the processes of purchases and the correlation among the amount of suppliers and the percentage of economy. Through this study it was possible to evidence that the acquisition for the modality of "Electronic Auction" presents innumerable advantages for BB, as well as for the Public Administration in general. Amongst the advantages, it can be detached: the agility of the process, the work without bureaucratic, the increase of the competitiveness and, mainly, the reduction of the costs. / Depois do surgimento da Internet, o mundo dos neg?cios est? passando por constantes transforma??es. Para competir na nova economia , os administradores remodelaram os processos de neg?cios, alterando a forma de relacionamento entre os diversos setores: empresas, governos e cidad?os. At? ent?o, os cidad?os sempre consideraram que os governos eram burocr?ticos, ineficientes e n?o garantiam a transpar?ncia de suas a??es. Com o advento da tecnologia da informa??o, esse cen?rio vem passando por mudan?as, que visam aperfei?oar controles, garantir transpar?ncia, desburocratizar processos administrativos, ampliar oportunidades de neg?cios e reduzir o pre?o das aquisi??es. No Brasil, as iniciativas do governo eletr?nico s?o consideradas bem sucedidas, principalmente as de compras eletr?nicas. O processo de compras na Administra??o P?blica ? regulamentado pela Lei 8.666/93 e demais legisla??es associadas, as quais estabelecem as normas para realiza??o dos processos licitat?rios. Este trabalho estuda o processo de compras do Banco do Brasil BB, atrav?s da modalidade de preg?o eletr?nico e tem como objetivo geral: avaliar as compras realizadas atrav?s de Preg?es Eletr?nicos e verificar se o processo produz economias e garante a transpar?ncia. O preg?o eletr?nico tamb?m ? conhecido como leil?o reverso. No leil?o reverso, participam do processo um comprador e diversos vendedores e o mecanismo de lance opera de forma inversa, ou seja, a cada rodada, os pre?os se movimentam para baixo. A metodologia adotada para a disserta??o ? o Estudo de Caso, simples e de vi?s explanat?rio. O estudo trata os dados coletados no site do BB, contemplando os processos licitat?rios, realizados nas seguintes Unidades da Federa??o: Distrito Federal, Esp?rito Santo, Minas Gerais, Rio de Janeiro e S?o Paulo, no exerc?cio de 2005. Os dados foram subdivididos de acordo com os ramos de fornecimento, para permitir a an?lise dos lotes, a apura??o do percentual de economia obtido nos processos de compras e a correla??o entre a quantidade de fornecedores e o percentual de economia. Atrav?s deste estudo de caso foi poss?vel constatar que a aquisi??o de bens e servi?os pela modalidade de Preg?o Eletr?nico apresenta in?meras vantagens para o BB, bem como para a Administra??o P?blica em geral. Dentre as vantagens, pode-se destacar: a agilidade do processo licitat?rio, a desburocratiza??o, o aumento da competitividade e, principalmente, a redu??o dos custos.

O presente estudo mensura o impacto no preço dos atributos de qualidade nos tourinhos da raça Nelore comercializados em leilões por meio de uma metodologia específica, baseada na Teoria dos Preços Hedônicos. Para tanto, utilizou-se como amostra três leilões - 368 observações - de uma fazenda padrão, o Nelore Jandaia. Assim, os atributos dos animais que mais contribuíram para a formação dos preços, em um primeiro plano, foram: a qualidade genética como um todo, expressa através do Mérito Genético Total - MGT, e a qualidade fenotípica global, demonstrada pelo índice EPMURAS. Em um segundo plano, mais específico, agregaram mais valor aos jovens reprodutores características relacionadas à precocidade e fertilidade do lado genético a Diferença Esperada na Progênie - DEP para perímetro escrotal aos 365 dias (dpe365) e no lado fenotípico a nota de precocidade. Por exemplo, os animais com MGT excelente tiveram um prêmio médio de 22% a mais em relação aos considerados como bons, paralelamente os com EPMURAS excelente tiveram um prêmio de 11% em relação aos classificados como muito bons, ceteris paribus. Para cada ponto a mais na precocidade e na DEP dpe365 o valor dos animais comercializados aumenta em, respectivamente, 5% e 5,8%, ceteris paribus. Do exposto, pode-se concluir que se os pecuaristas dedicados ao melhoramento dos seus rebanhos privilegiarem em seus objetivos de seleção animais com excelentes atributos de fertilidade e precocidade receberam prêmios superiores por isso. Em outras palavras, focar a seleção em precocidade e fertilidade agrega valor aos animais. / This study measures the impact on the price of quality attributes in Nelore steer sold at auction by a particular methodology, based on the theory of hedonic prices. To this end, we used as a sample three auctions - 368 observations of a standard farm, Nelore Jandaia. Thus, the attributes of animals that contributed most to the price formation were the genetic quality as a whole, expressed through the Total Genetic Merit - MGT, and the overall phenotypic quality, as demonstrated by the index EPMURAS. In a second model, more specific, added more value to young breeding characteristics related to precocity and fertility - the genetic side of the Expected Progeny Difference - EPD for scrotal circumference at 365 days (dpe365) and on the phenotypic note of precocity. For example, animals with excellent MGT had an average premium of 22% more than for those considered as good, along with the excellent EPMURAS had a premium of 11% over rated as very good. For each point on precocity and DEP dpe365 the value of animals traded increases, respectively, 5% and 5.8%, ceteris paribus. From the above, we conclude that if the farmers devoted to the improvement of their herds give priority in their selection goals animals with excellent attributes of fertility and precocity will receive premium for it. In other words, focus the cattle selection on fertility and precocity adds value to animals.

In Sweden, firms that file for bankruptcy are all auctioned off either piecemeal or as going concerns. Upon filing, managers lose control of the firm. In contrast, in the U.S. managers retain control by selecting to renegotiate the financial claims on the firm under court-supervision (Chapter 11). This thesis addresses the ongoing debate as to whether a Chapter 11-style renegotiation option is valuable to the firm’s securityholders. The optimal bankruptcy system depends on how well the auction system itself functions as well as on the extent to which managers misuse the renegotiation option to their own benefit (the agency problem). While there is substantial evidence on Chapter 11 cases, the thesis provides some first evidence on the workings of a pure auction system using Swedish data. The first essay examines direct costs, creditor recovery rates and auction premiums in Sweden, and compares the results to extant evidence on U.S. Chapter 11 cases. Overall, the results suggest that mandatory auctions provide a relatively cost-efficient bankruptcy procedure, producing recovery rates that are similar to those reported for much larger firms in Chapter 11. Moreover, auction premiums are significant and tend to increase with industry distress, which contradicts arguments that financially distressed firms sell assets below their true value. The second essay provides some first evidence on managerial compensation, turnover and corporate performance following Swedish bankruptcy auctions. The evidence indicates that mandatory auctions act as a substantial managerial disciplinary force: CEOs typically incur significant compensation losses and a majority of CEOs lose their job through the auction. Nevertheless, the operating profitability of the auctioned firms is typically at par with industry norms. Thus, although CEO wealth effects and turnover rates are dramatic, there is little support for the argument that managers in an auction bankruptcy system tend to delay filing at the detriment of the firm's going concern value. Essays three and four take a broader perspective on corporate restructurings. The third essay examines alternative econometric explanations for the lack of stock market gains to bidder firms reported in the literature. The analysis, which uses a large sample of Canadian targets, provides new evidence consistent with the proposition that the measured gains to relatively large, frequent acquirors reflect an attenuation bias produced by event-study econometrics. Moreover, the results suggest that mergers between relatively equal-sized firms, and which have not generated anticipation of future acquisition activity, tend to produce significantly positive bidder gains. This supports the use of mergers also as an alternative to bankruptcy. / <p>Diss. Stockholm : Handelshögskolan, 1998</p>

This study focuses on the Internet auction in the market of jade from Ming or Ch¡¦ing dynasty. Yahoo/Kimo auction, which is the biggest net auction site in Taiwan, has been selected as the research site in the project. Jade from Ming or Ch¡¦ing dynasty is the major goods in this research because of its distinguishable characteristics and reasonable price in the market. ¡§Case studies¡¨ have been chosen as the methodology of this research. Interviews with six jade sellers, trading records of consumers, and observation from the researcher have become methods of data collection. This study attempts to discover workable strategists for jade sellers in the Internet auction. The main research questions are: (1)Why do sellers choose Yahoo/Kimo auction as the site to sell jade of Ming or Ch¡¦ing dynasty¡H(2)How do sellers manipulate perception of consumers to influence their decision making¡H(3)How does rating and feedback work in marketing jade¡H(4)How to pricing¡HHow to satisfy different marketing segmentation¡H Three conclusions have been summarized as following: In Taiwan, Yahoo/Kimo auction site is a suitable site for jade trading because the site is user friendly, with huge size of pictures showing the characteristics of jade, with fast searching engine, low running cost, and highly security system. If a seller wants to run a stylish store, he/she is suggested to design the website by himself/herself. Generally speaking, most consumers in Internet auction are lack of understanding of jade. Therefore, enriching the description and pictures of goods and lowering the price become key points to influence consumers¡¦ decision making. Another fact found in the study is that the rating and feedback system is useful for convincing consumers at the beginning time; however, it plays less and less important role especially for consumers to make their final decisions. Selling with low-price is unable to reach the exceptional profits, but is considered as a way to clean out stocks. High-price jade is hardly to market through Internet auction because it needs a real site to sell it. ¡§Under the table¡¨ bargaining is commonly seen in Internet auction. In the future, the researcher suggests jade sellers in Internet to specialize jade items, to demonstrate in a theme or a style when marketing.

The purposes of this thesis are probing into the change of Chinese Oil Painting in art market. By means of this study, we will able to understand the development processes of the art markets in China, on the other hand, to gather the data from the auction market of different age artists and analysis them. Furthermore, it¡¦s the way to clarify how strong the art market in China is, or just the strategy to sensationalize the whole market to get high attention. But, it¡¦s obvious to find out that the environment affects the artists¡¦ creation a lot, but the works in the art market will go by chance. Therefore, to conclude that the Chinese art market is immature because the position of Chinese oil paintings is not fixed by Chinese government, Chinese artists and Chinese art market, but the art market in the world. Consequently, the Chinese art market needs to connect with the international art market.