Submitted by Marcelo Moreira Russo (marcelo_m_russo@yahoo.com) on 2013-01-11T00:33:15Z No. of bitstreams: 1 20130110-Dissertacao-Real Option_Marcelo Russo.pdf: 1191678 bytes, checksum: a84358a46e9372d37389260fc8dbf38f (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2013-01-11T12:56:21Z (GMT) No. of bitstreams: 1 20130110-Dissertacao-Real Option_Marcelo Russo.pdf: 1191678 bytes, checksum: a84358a46e9372d37389260fc8dbf38f (MD5) / Made available in DSpace on 2013-01-11T13:07:53Z (GMT). No. of bitstreams: 1 20130110-Dissertacao-Real Option_Marcelo Russo.pdf: 1191678 bytes, checksum: a84358a46e9372d37389260fc8dbf38f (MD5) Previous issue date: 2012-12-13 / Brazil and other emerging markets will continue to present many investment opportunities in the coming years. Finance professionals who manage the company’s capital budgeting processes will face challenges. Specific characteristics of these projects as commodity-linked prices (e.g., the case of oil and gas and agricultural projects) and the customary uncertainties related to emerging markets are additional challenges. In this scenario, a more sophisticated capital budgeting framework, Real Options, offers a more robust theory to deal with uncertainty, managerial flexibility, and volatile outcomes imbedded in these opportunities. Real Options theory assumes that the managers’ involvement in the project generates value so they might capitalize on good outcomes or reduce losses by abandoning projects with bad results. The primary objective of this research was to apply Real Options valuation analysis for an investment project valuation and discuss the process and the results of such methodology. The case study retroactively analyzed an investment project in Colombia and compared the results under traditional NPV methodology and Real Options. The valuation techniques were performed as if they had been applied at the time the project was approved and then compared with the project's actual performance. The case study evaluated two types of real options: first, the effect of an option to cancel a contract that is assessed from the perspective of the client; and second, the option to abandon and defer from the perspective of the company that will perform the investment. / Brasil e outros mercados emergentes continuarão a apresentar muitas oportunidades de investimento nos próximos anos. Profissionais financeiros que gerenciam os processos de orçamento de capital nas empresas terão grandes desafios a enfrentar. Características específicas destes projetos como preços ligados a commodities (por exemplo: petróleo e gás e projetos agrícolas) e as incertezas habituais relacionadas com os mercados emergentes são desafios adicionais. Neste cenário, ferramentas mais sofisticadas de orçamento de capital como Opções Reais, oferece uma teoria mais robusta para lidar com incerteza, flexibilidade gerencial, e os resultados voláteis embutidas nestas oportunidades. A teoria de Opções Reais assume que o envolvimento dos gestores nos projetos gera valor à medida que potencializam os bons resultados ou reduzem as perdas por abandonar projetos com maus resultados. O objetivo principal desta pesquisa foi aplicar a análise de Opções Reais para um projeto de investimento e discutir o processo e os resultados da metodologia. O estudo de caso analisa retroativamente um projeto de investimento na Colômbia e compara os resultados sob o tradicional VPL e Opções Reais. As técnicas de avaliação foram realizadas como se estivessem sendo aplicadas no momento em que o projeto foi aprovado, e depois comparadas com o desempenho real do projeto. O estudo de caso avaliado possui dois tipos de Opções Reais: primeiro, o efeito de uma opção para cancelar um contrato que é analisado a partir da perspectiva do cliente que pode exercer essa opção, e o segundo, a opção de abandonar e adiar a partir da perspectiva da empresa que irá executar a investimento.

What are the power relations between the fashion company Na-kd, influencers, and the general public? This study problematizes and concretizes the events surrounding the fashion company Na-kd that took place at the end of 2020 and is further discussed as an example of so-called cancel culture. The study explores the cancel culture phenomenon through the theoretical framework of Michel Foucault; including power, punishment, and discipline. By way of a Foucauldian discourse analysis, we have identified three main discourses: the boycott discourse, the violation discourse, and the discourse regarding subject positions. The analysis also identified the following subject positions as active partakers in the discourse: followers, company, influencer, woman, and boycotter which are discussed and analyzed in terms of how they relate to one another. The study’s key findings include the problematic use of boycott culture as a concept and whether it can be applied to companies or not, the shift of responsibility from company to influencers (i.e. individuals), and how great the power of the followers actually is. / Hur ser maktförhållandena ut mellan Na-kd, influerare och allmänheten? Studien problematiserar och konkretiserar händelserna kring modeföretaget Na-kd som ägde rum i slutet på 2020, och diskuteras vidare som ett exempel på bojkottskultur. Vidare i studien så utforskas bojkottskultur som fenomen utifrån det teoretiska ramverket Michel Foucault innefattande makt, straff och disciplin. För skapandet av en enhetlig undersökning så används Michel Foucaults diskursanalys, där tre huvuddiskurser identifieras: bojkottsdiskursen, diskursen om överträdelser inom fallet och subjektspositioner. Avslutningsvis diskuteras de identifierade subjektspositionerna; följare, företag, influerare, kvinna och bojkottare och hur dessa i förlängningen relaterar till varandra. Studiens huvudsakliga resultat  utmynnar i huruvida bojkott som begrepp går att applicera på ett företag eller inte, hur förflyttningen av ansvar från företaget till influerare sker och hur stor följarnas makt faktiskt är.

Denna studie ämnar undersöka hur Youtube-profilen Logan Paul agerade under en kris orsakad av det som populärkulturen kallar cancelkultur. Tre av Logans Youtube-videor undersöktes för att studera vilka reparationsstrategier och visuella element han använde sig av i videorna publicerade efter Aokigahara-incidenten. För att analysera det empiriska materialet tillämpades en kvalitativ innehållsanalys med utgångspunkt i Benoits teori om reparationsstrategier och Hearits apologia-teori, samt en visuell analys med verktyg grundade i semiotik. Studiens resultat visade på att Logan använt en rad olika försvarsstrategier, men att han använt olika strategier i olika faser av hans kriskommunikation. I den första videon fann vi att fokus låg på mortifikation, den andra videon kretsade kring korrigerande åtgärder, och den tredje videon innehöll mycket nedtonande av kränkning. I video 1 och 2 använde sig Logan av visuella element för att bygga upp en mer allvarlig stämning, för att sedan i den tredje videon återintroducera tittarna till hans normala och mer avslappnande videouppbyggnad. Det observerades även att Logan initierade ett annat tillvägagångssätt för att möta kritik under den tredje videon. Han var fortsatt ångerfull och erkände skuld, men detta kombinerades med en sorts machoattityd och barnslighet. Denna nya reparationsstrategi valde författarna att benämna som ”Love me or hate me”. Av resultatet dras slutsatsen att Logans kriskommunikation och reparationsstrategier lyckades rädda hans rykte, då han behöll sina tittare och publicerar videos som vanligt. / This study aims to examine how the Youtube profile Logan Paul acted during a crisis caused by what today's media landscape calls cancel culture. Three of Logan’s Youtube videos were examined to study the image repair strategies and visual elements used in the videos published after the Aokigahara incident. To analyze the empirical material, a qualitative content analysis is applied based on Benoit’s image repair theory and Herait’s apologia theory, as well as a visual analysis with tools based on semiotics. The result of the study showed that Logan use a number of different image repair strategies, but that he used different strategies in different phases of his crisis communication. In the first video we found that the focus was on mortification, the second video revolved around corrective actions, and the third video contained a lot of reducing offensiveness. In videos 1 and 2, Logan used visual factors to set a more serious mood, to then in the third video begin to reintroduce the viewers to his normal and more casual video structure. The study also observed that Logan initiated a different approach to meet criticism in the third video. He remained remorseful and admitted guilt, but this was combined with a kind of ambiguity and childishness. The authors named this new image repair strategy “Love me or hate me”. In the result, it is concluded that Logan’s crisis communication and image repair managed to save his reputation, as he retained his subscribers and is publishing videos as usual.

Denna studie har undersökt cancelkulturen på sociala medier och hur detta påverkar företag respektive influencers. Syftet var att identifiera och skapa bättre förståelse för konsumenters interaktioner efter en varumärkesskandal och således jämföra konsekvenserna för de olika typerna av varumärken. Genom dessa insikter ämnar studien att öka kunskapen kring hur företag och influencers borde förebygga och hantera kriser. I undersökningen användes metoder av både kvalitativt och kvantitativt slag. En enkät med 200 respondenter genomfördes, där frågor kring användandet och agerandet på sociala medier samt deras inställningar till olika typer av skandaler besvarades. Efter insamlat material från enkäten skapades en fokusgrupp med sex respondenter, där kompletterande frågor ställdes och djupare diskussioner hölls. Resultaten från undersökningarna analyserades och kategoriserades för att belysa likheter och skillnader, dels mellan respondenternas interaktion gentemot varumärken efter en skandal, dels hur konsekvenserna ser ut för företag respektive influencers. Vi kunde utifrån resultatet identifiera att influencer drabbas hårdare av skandaler. De ansågs enklare att byta ut, då deras innehåll främst är underhållningsbaserat och utbudet av underhållning redan är stort. Företag, till skillnad från influencers, visade sig svårare att ta avstånd från, då motsvarigheter i utbud upplevdes besvärligt att finna, vilket ledde till att deras vanor övervann moralen. Influencer marketing som marknadsföringsmodell har börjat ifrågasätts på grund av misstro och brist på genuinitet, vilket hotar hållbarheten av affärsmodellens och branschens framtid. / This study has investigated the cancel culture on social media and how this affects companies and influencers respectively. The aim was to identify and create a better understanding of consumer interactions after a brand scandal and thus compare the consequences for the different types of brands. Through these insights, the study aims to increase knowledge about how companies and influencers should prevent and manage crises. Both qualitative and quantitative methods were used in the investigation. A survey with 200 respondents was conducted, where questions about the use and actions on social media as well as their attitudes to different types of scandals were answered. After collecting material from the survey, a focus group was created with six respondents, where supplementary questions were asked and deeper discussions were held. The results from the surveys were analyzed and categorized to highlight similarities and differences, partly between the respondents' interaction with brands after a scandal, partly how the consequences affect companies and influencers respectively. Based on the results, we could identify that influencers are more negatively affected by scandals. They were considered easier to replace, as their content is mainly entertainment based and the range of entertainment is already large. Companies, unlike influencers, proved more difficult to disassociate from, as equivalents in supply were perceived as difficult to find, which led to their habits overcoming morality. Influencer marketing as a marketing model has begun to be questioned due to distrust and lack of authenticity, which threatens the sustainability of the business model and the future of the industry.