Ao quantificar a mudança no preço da ação após o pagamento de dividendos, levando em conta as mudanças na legislação fiscal, a pesquisa busca contribuir com um estudo do efeito clientela, evidenciando como o mercado avalia o pagamento de dividendos. Para tanto, foram analisados importantes companhias abertas que anunciaram o pagamento de dividendos durante o período de 2001 a 2013, cujo banco de dados estava disponível na Economática® (2014), através da aplicação do modelo de Elton e Gruber (1970). Os resultados do estudo sinalizam que no mercado brasileiro para o período de análises, os postulados do efeito clientela não conseguiram explicar a formação dos preços das ações pagadoras de dividendos, principalmente pela baixa influência dos aspectos tributários. Além disso, os resultados confirmaram a inexistência do efeito clientela sobre dividendos no mercado acionário brasileiro e contribuíram às evidências já existentes. / By quantifying the change in share price after the dividend payment, taking into account changes to tax legislation, the research seeks to contribute to the study of the clientele effect, showing how the market assesses the payment of dividends. For this, important public companies were analyzed in the period from 2001 to 2013, using data available in Economática® (2014) and applying the Elton e Gruber model (1970). The findings point that, for the Brazilian market for the period of analysis, it is postulated that the clientele effect failed to explain the pricing of paying stock dividends, mainly by the low influence of tax aspects. Overall, the results confirmed the inexistence of the clientele effect on dividends in the Brazilian stock market and contributed to the existing evidence.

Ao quantificar a mudança no preço da ação após o pagamento de dividendos, levando em conta as mudanças na legislação fiscal, a pesquisa busca contribuir com um estudo do efeito clientela, evidenciando como o mercado avalia o pagamento de dividendos. Para tanto, foram analisados importantes companhias abertas que anunciaram o pagamento de dividendos durante o período de 2001 a 2013, cujo banco de dados estava disponível na Economática® (2014), através da aplicação do modelo de Elton e Gruber (1970). Os resultados do estudo sinalizam que no mercado brasileiro para o período de análises, os postulados do efeito clientela não conseguiram explicar a formação dos preços das ações pagadoras de dividendos, principalmente pela baixa influência dos aspectos tributários. Além disso, os resultados confirmaram a inexistência do efeito clientela sobre dividendos no mercado acionário brasileiro e contribuíram às evidências já existentes. / By quantifying the change in share price after the dividend payment, taking into account changes to tax legislation, the research seeks to contribute to the study of the clientele effect, showing how the market assesses the payment of dividends. For this, important public companies were analyzed in the period from 2001 to 2013, using data available in Economática® (2014) and applying the Elton e Gruber model (1970). The findings point that, for the Brazilian market for the period of analysis, it is postulated that the clientele effect failed to explain the pricing of paying stock dividends, mainly by the low influence of tax aspects. Overall, the results confirmed the inexistence of the clientele effect on dividends in the Brazilian stock market and contributed to the existing evidence.

Ao quantificar a mudança no preço da ação após o pagamento de dividendos, levando em conta as mudanças na legislação fiscal, a pesquisa busca contribuir com um estudo do efeito clientela, evidenciando como o mercado avalia o pagamento de dividendos. Para tanto, foram analisados importantes companhias abertas que anunciaram o pagamento de dividendos durante o período de 2001 a 2013, cujo banco de dados estava disponível na Economática® (2014), através da aplicação do modelo de Elton e Gruber (1970). Os resultados do estudo sinalizam que no mercado brasileiro para o período de análises, os postulados do efeito clientela não conseguiram explicar a formação dos preços das ações pagadoras de dividendos, principalmente pela baixa influência dos aspectos tributários. Além disso, os resultados confirmaram a inexistência do efeito clientela sobre dividendos no mercado acionário brasileiro e contribuíram às evidências já existentes. / By quantifying the change in share price after the dividend payment, taking into account changes to tax legislation, the research seeks to contribute to the study of the clientele effect, showing how the market assesses the payment of dividends. For this, important public companies were analyzed in the period from 2001 to 2013, using data available in Economática® (2014) and applying the Elton e Gruber model (1970). The findings point that, for the Brazilian market for the period of analysis, it is postulated that the clientele effect failed to explain the pricing of paying stock dividends, mainly by the low influence of tax aspects. Overall, the results confirmed the inexistence of the clientele effect on dividends in the Brazilian stock market and contributed to the existing evidence.

We examine the existence of dividend clienteles in Sweden using a unique dataset containing yearly information on age, gender, income and portfolio composition of about 200 000 Swedish stockholders. The data covers the years between 2005 and 2010. More specifically, we investigate whether investor preferences for dividends differ depending on their age or income. Furthermore, we seek to establish if there are any differences in performance, based on abnormal return, between investors with different dividend yields. We find that age clienteles exist in Sweden; older investors hold stocks with higher dividend yields and invest a larger portion of their portfolio in dividend paying stocks than younger investors. We do not find support for the existence of income clienteles; low-income investors tend to invest in stocks with a higher dividend yield than high-income investors. However, we find that different income groups hold about the same portfolio weight in dividend paying stocks. Overall, we find no significant differences in performance within or between various age or income groups. The main finding of this paper is the identification of age clienteles in Sweden.

The Division of Family Services in the State of Utah has undergone an organizational change. State aid to needy families is now administered on a regional level, rather than a county level. It was hypothesized that this reorganization would have little affect on the client's attitude toward state services. They would be aware of the change but would be neutral in attitude about the change. Survey research was used to obtain data for this study. A change scale was developed and a score computed. After reviewing the data the hypothesis was rejected. Clients did have a positive view about regionalization or organizational change.

Asset allocation and portfolio decisions are at the heart of money management and draw great attention from both academics and practitioners. In addition, the segmentation of fund investors (i.e., the clientele effect) in the money management industry is well known but poorly understood. The objective of this dissertation is to study the implications of regime switching behaviors in asset returns on asset allocation and to analyze the clientele effect as well as the impact of portfolio management contracts on fund investment. Chapter 2 presents an innovative regime switching multi-factor model accounting for the different regime switching behaviors in the systematic and idiosyncratic components of asset returns. A Gibbs sampling approach for estimation is proposed to deal with the computational challenges that arise from a large number of assets and multiple Markov chains. In the empirical analysis, the model is applied to study sector exchange-traded funds (ETFs). The idiosyncratic volatilities of different sector ETFs exhibit a strong degree of covariation and state-dependent patterns, which are different from the dynamics of their systematic component. In a dynamic asset allocation problem, the certainty equivalent return is computed and compared across various models for an investor with constant relative risk aversion. The out-of-sample asset allocation experiments show that the new regime switching model statistically significantly outperformed the linear multi-factor model and conventional regime switching models driven by a common Markov chain. The results suggest that it is not only important to account for regimes in portfolio decisions, but correct specification about the structure and number of regimes is of equal importance. Chapter 3 proposes a rational explanation for the existence of clientele effects under commonly used portfolio management contracts. It shows that although a fund manager always benefits from his market timing skill, which comes from his private information about future market returns, the value of the manager's private information to an investor can be negative when the investor is sufficiently more risk-averse than the manager. This suggests different clienteles for skilled and unskilled funds. Investors in skilled funds are uniformly more risk-tolerant than investors in unskilled funds. Moreover, a comparative statics analysis is conducted to investigate the effects of the manager's skill level, contract parameters, and market conditions on an investor's fund choice. The results suggest that the investors who are sufficiently more risk-averse than the manager should include fulcrum fees in the contract to benefit from the skilled manager's information advantage.

Na atualidade, as ações educacionais ofertadas por instituições de ensino superior (IES), bem como organizações de trabalho, buscam atender novas exigências de desenvolvimento de competências individuais e organizacionais. Nesse contexto, destacam-se os programas de educação a distância oferecidos via internet e por videoconferência. A análise dos resultados produzidos, bem como da eficácia desses eventos instrucionais é de fundamental importância para verificar se os indivíduos alcançaram aprendizagem satisfatória. Apesar disso, a área de avaliação de ações educacionais, ofertadas a distância ainda é incipiente em estudos de modelos multivariados e sistemáticos. A identificação e a avaliação dos preditores envolvidos na aprendizagem e transferência de aprendizagem por meio de relatos empíricos trariam contribuições significativas para suprir lacunas de pesquisa. Dessa forma, a presente pesquisa objetivou propor e testar um modelo de avaliação de ações educacionais ofertadas a distância, visando identificar variáveis preditoras de estratégias de aprendizagem relacionadas às características da clientela (perfil sociodemográfico e uso de ferramentas eletrônicas) e às reações ao curso (Procedimentos Instrucionais e Desempenho do Tutor). As universidades parceiras fazem parte do sistema Universidade Aberta do Brasil (UAB) no polo da cidade de Serrana. No polo são ofertados cursos de graduação e especialização, entre eles, os participantes da pesquisa: Administração Pública, Licenciaturas em Matemática e Educação Física, Pedagogia; Educação Empreendedora; Mídias na Educação; Práticas de Letramento e Alfabetização e Gestão em Enfermagem. Para verificar evidências de validade do instrumento de Reação aos Procedimentos Instrucionais, foi realizada a Análise Fatorial Exploratória (AFE). Visando constatar a consistência interna dos instrumentos foram calculados e analisados os valores do Alfa de Cronbach. A análise de regressão múltipla foi realizada para cumprir o objetivo de testagem do modelo, verificando a influência das características da clientela, da satisfação dos alunos com os procedimentos instrucionais e tutor nas estratégias de aprendizagem utilizadas pelos alunos no decorrer da ação educacional. Os resultados demonstraram que as Reações favoráveis aos Procedimentos Instrucionais e a Idade dos participantes explicaram o uso de determinadas Estratégias de Aprendizagem. Foi demonstrado também que os alunos que fizeram mais uso das Estratégias de Aprendizagem Cognitivas e das Estratégias Autorregulatórias. Tais achados apontam a importância do desenvolvimento de estratégias de ensino no processo de planejamento da ação educacional, que promovam o autogerenciamento da aprendizagem. São necessários mais estudos sobre as Estratégias de Aprendizagens utilizadas por estudantes universitários, utilizando métodos estatísticos mais robustos, visando a sistematização de conhecimentos acerca das ações educacionais ofertadas na modalidade a distância / Nowadays, the educational actions provided from institutions of higher education (IES), as well as work organizations, aim to meet new requirement for development of individual and organizational competence. In this context, distance learning curses are standing out through internet and videoconference. An analyze of results, as well as the performance of these instructional events, are of fundamental importance to verify if the individuals achieved successful learning. Despite this, the rating of educational actions, offered from distance, still is incipient multivariate and systematic models of study. The identification and valuation of the involved predictors on the learning exchange of learning by means of empirical reports would bring significant contributions to supply research gaps. Therefore, the current research had as intent to propose and test a model of valuation of educational actions offered from distance, aimed to identify predictors variants of strategy of learning related to costumers characteristics (sociodemographic profiles and use of electronic instruments) and to reactions to the course (Instructional Procedures and Reactions to Tutor´s Performance). The partner universities are part Opened University from Brazil (UAB) system in Serrana city. There, are offered undergraduate and specialization courses, including the survey participants: Public Administration, Mathematics and Physical Education Degrees, Pedagogy, Entrepreneurial Education, Media in Education, Literacy and Nursing Management Practices. To verify instruments´ validity evidences to Instructional Procedures and Reactions, an Exploratory Factor Analyzes (AFE) were performed. Aiming to determinate the internal consistency of the instruments that were calculated and analyzed the values of Cronbach´s Alpha, in exception of Procedures and Reactions Instructional, that in addition to consistency analyze that also passed through procedures of Exploratory Factor Analyzes (AFE). Multiple regression analysis was performed in order to fulfil the purpose of testing the model to verify the influence of costumers profiles, the contentment of students with the instructional procedures and tutoring on learning strategies applied by students in the course of educational action. The results show that Favorable Reactions to the Instructional Procedures and the age of the participants explained the use of certain Strategies of Learning. It was also indicated the students used even more the Strategies of Cognitive Learning and Self-regulatory Learning. Such findings highlight the importance of development of strategies of education in the process of planning the educational action which promote self-management of learning. It is necessary more studies about the Strategies of Learning exercised by university students, using a stronger statistical method, aiming the systematization of knowledge about the educational actions offered by distance learning

The first essay examines cross-sectional differences between money market mutual funds (MMMFs), in the context of the sponsoring fund family. While extant studies have shown that fund family characteristics impact the management of open-end equity mutual funds, results of this study’s analysis find that fund family characteristics also affect the management of MMMF assets, contributing to differences in the maturity of the fund’s holdings, expenses, and realized returns. I find that an MMMF is not simply a transitional account with a short-term low-risk investment objective, but rather, a critical role player within the fund family. Differences in maturity, yield, and expenses in MMMFs can be explained by family-specific characteristics, including diversification and cash management strategies at the family level. The second essay examines implications of substitutability of two similar financial assets: conventional index mutual funds and exchange traded funds (ETFs). I seek to explain the coexistence of these fund types, since both offer a claim on the same underlying index return process, but have different organizational structures. This study compares conventional open-end index funds with matched ETFs on various underlying indexes. Aggregate flows are used to detect substitution and clientele effects. I show that conventional funds and ETFs are substitutes, while ETFs have smaller tracking errors and lower fund expenses. However, I find that these fund types are not perfect substitutes, and their coexistence can be explained by a clientele effect that segregates them into different market niches.

Na atualidade, as ações educacionais ofertadas por instituições de ensino superior (IES), bem como organizações de trabalho, buscam atender novas exigências de desenvolvimento de competências individuais e organizacionais. Nesse contexto, destacam-se os programas de educação a distância oferecidos via internet e por videoconferência. A análise dos resultados produzidos, bem como da eficácia desses eventos instrucionais é de fundamental importância para verificar se os indivíduos alcançaram aprendizagem satisfatória. Apesar disso, a área de avaliação de ações educacionais, ofertadas a distância ainda é incipiente em estudos de modelos multivariados e sistemáticos. A identificação e a avaliação dos preditores envolvidos na aprendizagem e transferência de aprendizagem por meio de relatos empíricos trariam contribuições significativas para suprir lacunas de pesquisa. Dessa forma, a presente pesquisa objetivou propor e testar um modelo de avaliação de ações educacionais ofertadas a distância, visando identificar variáveis preditoras de estratégias de aprendizagem relacionadas às características da clientela (perfil sociodemográfico e uso de ferramentas eletrônicas) e às reações ao curso (Procedimentos Instrucionais e Desempenho do Tutor). As universidades parceiras fazem parte do sistema Universidade Aberta do Brasil (UAB) no polo da cidade de Serrana. No polo são ofertados cursos de graduação e especialização, entre eles, os participantes da pesquisa: Administração Pública, Licenciaturas em Matemática e Educação Física, Pedagogia; Educação Empreendedora; Mídias na Educação; Práticas de Letramento e Alfabetização e Gestão em Enfermagem. Para verificar evidências de validade do instrumento de Reação aos Procedimentos Instrucionais, foi realizada a Análise Fatorial Exploratória (AFE). Visando constatar a consistência interna dos instrumentos foram calculados e analisados os valores do Alfa de Cronbach. A análise de regressão múltipla foi realizada para cumprir o objetivo de testagem do modelo, verificando a influência das características da clientela, da satisfação dos alunos com os procedimentos instrucionais e tutor nas estratégias de aprendizagem utilizadas pelos alunos no decorrer da ação educacional. Os resultados demonstraram que as Reações favoráveis aos Procedimentos Instrucionais e a Idade dos participantes explicaram o uso de determinadas Estratégias de Aprendizagem. Foi demonstrado também que os alunos que fizeram mais uso das Estratégias de Aprendizagem Cognitivas e das Estratégias Autorregulatórias. Tais achados apontam a importância do desenvolvimento de estratégias de ensino no processo de planejamento da ação educacional, que promovam o autogerenciamento da aprendizagem. São necessários mais estudos sobre as Estratégias de Aprendizagens utilizadas por estudantes universitários, utilizando métodos estatísticos mais robustos, visando a sistematização de conhecimentos acerca das ações educacionais ofertadas na modalidade a distância / Nowadays, the educational actions provided from institutions of higher education (IES), as well as work organizations, aim to meet new requirement for development of individual and organizational competence. In this context, distance learning curses are standing out through internet and videoconference. An analyze of results, as well as the performance of these instructional events, are of fundamental importance to verify if the individuals achieved successful learning. Despite this, the rating of educational actions, offered from distance, still is incipient multivariate and systematic models of study. The identification and valuation of the involved predictors on the learning exchange of learning by means of empirical reports would bring significant contributions to supply research gaps. Therefore, the current research had as intent to propose and test a model of valuation of educational actions offered from distance, aimed to identify predictors variants of strategy of learning related to costumers characteristics (sociodemographic profiles and use of electronic instruments) and to reactions to the course (Instructional Procedures and Reactions to Tutor´s Performance). The partner universities are part Opened University from Brazil (UAB) system in Serrana city. There, are offered undergraduate and specialization courses, including the survey participants: Public Administration, Mathematics and Physical Education Degrees, Pedagogy, Entrepreneurial Education, Media in Education, Literacy and Nursing Management Practices. To verify instruments´ validity evidences to Instructional Procedures and Reactions, an Exploratory Factor Analyzes (AFE) were performed. Aiming to determinate the internal consistency of the instruments that were calculated and analyzed the values of Cronbach´s Alpha, in exception of Procedures and Reactions Instructional, that in addition to consistency analyze that also passed through procedures of Exploratory Factor Analyzes (AFE). Multiple regression analysis was performed in order to fulfil the purpose of testing the model to verify the influence of costumers profiles, the contentment of students with the instructional procedures and tutoring on learning strategies applied by students in the course of educational action. The results show that Favorable Reactions to the Instructional Procedures and the age of the participants explained the use of certain Strategies of Learning. It was also indicated the students used even more the Strategies of Cognitive Learning and Self-regulatory Learning. Such findings highlight the importance of development of strategies of education in the process of planning the educational action which promote self-management of learning. It is necessary more studies about the Strategies of Learning exercised by university students, using a stronger statistical method, aiming the systematization of knowledge about the educational actions offered by distance learning

Many studies show that children are negatively affected by the consequences of growing up in a family relying on long-term economic support. Despite this, the children’s perspective is flawed in the process of administrating financial aid. The outset during our study has been, from our own experience, that the application of the children’s perspective differs depending on which clientele the parents belong to. This potential difference could mean a legal uncertainty, which we consider to be highly relevant to investigate. The purpose of this paper is to enlighten the children’s perspective during the administration of financial aid to families relying on long-term economic support, to analyse how social workers state that they use the children’s perspective in these cases. Based on the purpose, we examined how social workers use their scope of action to include the children’s perspective when administrating financial aid, also if they included the children’s perspective differently depending on which clientele the parents belonged to. The study was performed with the help of a qualitative method in the form of semi-structured interviews with six social workers from the section of financial aid in an urban area of Malmö. The empirical data collected from the interviews were analysed from different perspectives, which then reconnected to the current state of knowledge and the theories Organisations-theory for public sectors and Street-Level Bureaucracy. From our findings we concluded that the difference in how the children’s perspective was included depending on which clientele the parents belonged to was non-existent. Instead, the findings showed that the children’s perspective was entirely missing. The respondents claimed, in different ways, that they tried to meet the children’s needs, but in the end, the needs of the children did not affect the outcome of the decisions. Therefore, one can argue that there is a legal certainty in the process, since the children’s perspective is not included in the administration of financial aid at all. Concurrently, the legal certainty means that the children’s perspective is not included at all. Furthermore, the respondents imply that there is room to include the children’s perspective in their scope of action. However, in doing so it creates a paradox since their guidelines, norms and laws constrain them to a point to which the scope of action no longer exists.