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With the rise of online retailer giants like Amazon, and enhancements in internet and mobile technologies, online shopping is becoming increasingly popular. This has lead to new opportunities in online price optimization. The overarching motivation and theme of this thesis is to review these opportunities and provide methods and models in the context of retailers' online pricing decisions. In Chapter 2 a multi-period revenue maximization and pricing optimization problem in the presence of reference prices is formulated as a mixed integer nonlinear program. Two algorithms are developed to solve the optimization problem: a generalized Benders' decomposition algorithm and a myopic heuristic. This is followed by numerical computations to illustrate the effciency of the solution approaches as well as some managerial pricing insights. In Chapter 3 a data-driven quadratic programming optimization model for online pricing in the presence of customer ratings is proposed. A new demand function is developed for a multi-product, nite horizon, online retail environment. To solve the optimization problem, a myopic pricing heuristic as well as exact solution approaches are introduced. Using customer reviews ratings data from Amazon.com, a new customer rating forecasting model is validated. This is followed by several analytical and numerical insights. In Chapter 4 a multinomial choice model is used for customer purchase decision to find optimal personalized price discounts for an online retailer that incorporates customer locations and feedback from their reviews. Closed form solutions are derived for two special cases of this problem. To gain some analytical insights extensive numerical experiments are carried followed by several analytical and numerical insights. / Thesis / Doctor of Philosophy (PhD) / The increase in online retail and the improvements in mobile technologies has lead to advantages and opportunities for both customers and retailers. One of these advantages is the ability to keep and efficiently access records of historical orders for both customers and retailers. In addition, online retailing has dramatically decreased the cost of price adjustments and discounts compared to the brick and mortar environment. At the same time, with the increase in online retailing we are witnessing proliferations of online reviews in e-commerce platforms. Given this availability of data and the new capabilities in an online retail environment, there is a need to develop pricing optimization models that integrate all these new features. The overarching motivation and theme of this thesis is to review these opportunities and provide methods and models in the context of retailers' online pricing decisions.

封閉型基金的掛牌買賣價格，與其投資標的淨資產價值（NAV, net asset value）間，總是存在一定程度的差距，且幾乎為10%~20%的折價現象，被視為財務學上的一種異常（anomaly）。早期研究學者們由經濟理性的角度解釋此種現象，認為是基金管理的績效表現、投資標的流動性或是稅制上的差異等等角度來解釋此一現象，但並沒有獲得一致的結論。 近期以來，有學者嘗試從行為財務學的角度，認為封閉型基金的折溢價現象及其幅度的變化，是由於投資人情緒（investor sentiment）的波動所造成。除了傳統的迴歸模式，更有不少學者以嚴謹的計量方式分析，例如財務時間序列的許多技巧。本研究即以時間序列之單根檢定（unit root test）、共整合現象檢定（co-integration test）及Granger因果關係檢定（Granger Causality test）等等方式，分析封閉型基金折溢價現象是否由投資人情緒所造成，及其兩者間是否有共整合現象。 雖然已有部分文獻探討類似議題，但跨國比較分析通常僅限於英、美兩國，且英、美兩國市場連動程度太高，可能影響分析結果的正確性；除此之外，樣本分析期間亦通常不超過十年。本研究以1991-2005年英國掛牌之封閉型基金為研究樣本，並包含投資標的為日本的封閉型基金，進行英國、日本之間的跨國性比較；不但有更足夠的樣本時間長度，亦能驗證是否不同跨國分析亦會有相同結論。 共整合現象檢定及Granger因果關係檢定大致支持行為財務學的角度。但英國、日本跨國比較的結果，似乎並不完全等同於前述英、美跨國比較的結果。建議後續可從掛牌國與投資標的區域連動程度較低的封閉型基金作為研究方向。 / The closed-end funds discounts have been an interesting phenomenon for a long period. Some theories based on economic rationale try to solve the puzzle but fail to get consistent conclusions. Recently some theories based on behavioral finance, such as the investor sentiment hypothesis, have been proposed to solve this puzzle. This study examines the investor sentiment hypothesis based on various time-series tests and finds some interesting results. Briefly, our conclusions are as follows: 1. The discounts can vary widely between funds and seem to be persistent in our sample period. 2. The local market indices are cointegrated with the domestic closed-end funds discounts and the information is flowed from the market to the closed-end funds, which support the investor sentiment hypothesis. 3. The causality relationship between the foreign closed-end funds and the local indices is not obvious. Based on this, the market segmentation hypothesis seems to hold in our sample, which indicates that investing in the foreign funds provide investors with the benefit of diversification. For future researches, we suggest that more the foreign funds should be included in the sample and the classification of the degree of investor sentiment and the categories of funds can also be improved.

This paper addresses the impact of the federal estate tax on a family-run business as well as the optimal estate planning techniques that can be implemented to ease the estate tax burden.

Sveriges regering införde år 2020 ett statligt hyresrabattsstöd för ekonomiskt utsatta branscher som avsåg årets andra kvartal, och infördes som en snabb åtgärd för att begränsa oron som pandemikrisen medförde på marknaden. Stödet har kritiserats av både lokalhyresgäster och fastighetsägare. Frågan har varit kontroversiell med blandade åsikter om hur fördelningen av statens subventioner ska konstrueras för att uppnå bästa resultat i rådande situation.Syftet med studien är att belysa hur den statligt subventionerade hyresrabatten under coronapandemin har använts i praktiken. För att besvara studiens olika frågeställningar och för att uppnå syftet med studien, har en kvalitativ forskningsmetod använts. Avsikten med den kvalitativa forskningsintervjun är att förstå det utforskade ämnet ur de intervjuade fastighetsbolagens perspektiv och erfarenhet.Resultatet visar på att de främsta grunderna till varför bolagen tilldelat hyresrabatt till sina hyresgäster, har grundats i att fungera som en hjälpande hand och samtidigt undvika vakanser genom att värna om relationen mellan bolag och kund. Hyresrabatten har medfört en ekonomisk fördel för både fastighetsägare och hyresgäster där majoriteten av hyresgästerna har kunnat fortsatt bedriva sin verksamhet. För fastighetsägarna har det inneburit minimerade ombyggnadskostnader för att anpassa lokaler till nya hyresgäster. Det har framförts kritik mot själva upplägget av hyresrabattstödet, den administrativa delen har varit mycket invecklad och komplicerad. Man har dels fått agera som mellanhand och som ensam bransch behövt axla ansvaret, men även inneha rollen av en vågmästare vad avser tilldelning av hyresrabattstödet. / The Swedish government introduced a state rent rebate support for vulnerable industries in the first quarter of 2020, as a quick solution to dampen market turmoil. The support has been criticized by both tenants and property owners. It has been a controversial issue with various opinions on how the distribution of state subsidies should be constructed to best fit the current situation.The study is based on examining the state subsidized rent rebate that was distributed to the most affected industries. The purpose of the study is to clarify how the state-subsidized rent rebate during the corona pandemic has been used in practice.To answer the study's questions and to achieve the purpose of the study, a qualitative research method has been used. The purpose of the qualitative research interview is to understand the topic explored from the interviewee's own perspective and experience.The results show that the main reasons to why a rent discount was given to tenants, was to act as a helping hand to those most effected by the pandemic, but also to avoid vacancies. The rent discount resulted in a clear financial advantage for both the property owners and the tenants, where the majority of the tenants have been able to continue their business. The property owners have avoided high renovation costs to adapt premises for new tenants.Criticism has been leveled at the very structure of the rent rebate support, as the administrative part was complicated. The propery owners have partly been acting as an intermediary and solely shoulder the responsibility in terms of allocating the rent rebate.

El presente plan de negocio muestra la viabilidad de la implementación de un startup que desarrollará una aplicación móvil de beneficios exclusivos para estudiantes universitarios de Lima Metropolitana, donde las empresas comerciales podrán ofrecer diversos descuentos en sus productos y servicios con la posibilidad de conectar directamente con este segmento de mercado. Para analizar la viabilidad de la ejecución en un inicio llevó a cabo un sondeo como parte de la investigación cualitativa; con el objetivo de conocer la opinión y preferencias de los universitarios, seguido a esto se realizó una investigación cuantitativa del mercado con una muestra de 13 universidades particulares de Lima Metropolitana, que evidenció las principales preferencias y necesidades de los universitarios con el objetivo de brindar un producto de real interés para los estudiantes. Asimismo, se realizaron entrevistas a profundidad con diferentes rubros de empresas para conocer la oferta y confirmar la utilidad y el beneficio del proyecto para sus marcas. PASSU brindará una aplicación gratuita de “Programa de Beneficios” con las siguientes categorías; gastronomía, salud y bienestar, entretenimiento, ropa, tecnología, turismo y estudios en donde los usuarios podrán hacer uso de los descuentos en productos y servicios de las marcas afiliadas con el registro del carné de educación superior. Asimismo, ofrecemos a las empresas la oportunidad de poder ser parte de la primera aplicación nacional de afinidad universitaria con acceso a millones de estudiantes. / The present business plan shows the feasibility of a startup implementation that will develop a mobile app with exclusive benefits for Lima Metropolitana college students. With this app, commercial businesses could provide them a range of products and services in order to connect directly with this market segment. To analyze the viability of the execution, at first a survey was carried out as a part of a qualitative research in order to know what college students think and their consumer preferences. Afterward, a quantitative research of the market was done with a sampling of thirteen Lima Metropolitana private universities. It demonstrated principal choices and needs of college students with the aim of providing them products to get really interested in. Furthermore, in-depth interviews were conducted to different industrial sectors to find out the supply, confirm the utility and the project's benefit for their brands. PASSU will provide a free app of Benefit Program with the following categories: gastronomy, health and welfare, entertainment, clothes, technology, tourism and studies. It is where users are going to be able to use the discount on products and services of affiliated brands by signing up with the University card. Besides, we will offer to companies the opportunity to be part of this first national app towards university community and it will be able to a million of students. / Tesis

Le NVP (Problème du Vendeur de Journaux) a été étudiée de façon continue au cours des dernières décennies pour la prise de décision dans les industries manufacturières et de services. Bien que beaucoup de travail a été fait dans le domaine du NVP, l'intérêt sur ce sujet ne diminue pas. Alors que de nouvelles tendances émergent dans les affaires, par exemple flux internationaux de produits et de e-commerce, les détaillants sont confrontés à de nouvelles situations et la littérature de NVP doit être enrichi. Dans ce travail, nous proposons trois nouvelles extensions NVP compte tenu des questions importantes rencontrées par le NV: plusieurs soldes, variété de produits et d'assortiment ainsi que des problèmes de drop-shipping et de retour des produits qui sont liés à l'e-commerce. Notre travail ajoute de la valeur à partir des travails antérieurs dans plusieurs aspects: assouplissement des hypothèses, l'examen de nouvelles questions, de nouvelles formulations et de la méthodologie ainsi que des aperçus intéressants. Nous formulons les modèles et donner les conditions d'optimalité de la quantité de commande. Aperçus utiles sont fournis sur la base des études numériques.En particulier, pour faire face à surstock, nous présentons un modèle NVP avec le prix dépendant de la demande et de multiples soldes. Nous prouvons la concavité de l’espérance de profit sur la quantité avec les distributions générales de la demande. Le prix initial et les pourcentages de soldes sont également analysés. La variété de produit est traité dans un multi-produits Problème avec le transfert de la demande (les demandes de produits non inclus dans l'assortiment proposé dans le magasin sont en partie transférés aux produits conservés dans l'assortiment) et substitution de la demande entre les produits qui sont inclus dans l'assortiment, en faisant la détermination conjointe de décision optimale de l'assortiment et des quantités de commande pour les produits qui sont inclus dans l'assortiment, pour optimiser le profit total prévu. Pour e-commerce, nous considérons un NV qui gère à la fois un magasin physique et un canal de vente sur Internet qui est remplie par une option drop-shipping, ainsi que la possibilité de revendre les produits qui sont retournés par les consommateurs au cours de la saison de vente. La concavité de l’espérance profit est prouvée et différents résultats sont obtenus à partir d'une analyse numérique. / The NVP (News-Vendor Problem) has been continuously studied over the last decades for decision making in manufacturing and service industries. Although a lot of work has been done in the NVP area, interest on this topic does not decrease. As new trends emerge in business, e.g. international flow of products and e-commerce, retailers are facing new situations and the literature of NVP needs to be enriched. In this work, we propose three new NVP extensions considering important issues faced by the NV: multiple discounts, product variety and assortment as well as drop-shipping and product return problems that are related to e-commerce. Our work adds value from earlier achievements in several aspects: relaxation of assumptions, consideration of new issues, new formulations and methodology as well as interesting insights. We formulate the models and give the optimality conditions of the order quantity. Useful insights are provided based on numerical studies.In particular, for dealing with overstock, we present a NVP model with price-dependent demand and multiple discounts. We prove the concavity of the expected profit on order quantity under general demand distributions. The optimal initial price and discount scheme are also analyzed. The product variety is treated in a multi-product News-Vendor Problem with demand transfer (the demands of products not included in the assortment proposed in the store are partly transferred to products retained in the assortment) and demand substitution between products that are included in the assortment, by focusing on the joint determination of optimal product assortment decision and optimal order quantities for products that are included in the assortment to optimize the expected total profit. For e-commerce, we consider a NV managing both a physical store inventory and a sale channel on internet that is fulfilled by a drop-shipping option, as well as the possibility of reselling products that are returned by consumers during the selling season. The concavity of the expected profit is proven and various results are obtained from a numerical analysis.

The subject of the thesis is the market value of the company KRPA PAPER, a.s. as of December 31st, 2014. The aim of the thesis is an aplication of teoretical knowledge in a particular example. The purpose is to determine the net market value of the company. The thesis is divided into chapters which represent the typical phases of the valuation of a company. At the beginning of each chapter there is a brief description of its purpose in a business valuation. In the introduction part the basic aspects of the valuation are described. The financial and strategic analysis, the value drivers, the financial plan and the valuation chapters follow. For the valuation itself the DCF Entity method is used. The discount on the entity level is applied.

Denna uppsats bidrar till forskningen om social och språklig kategorisering i interaktion genom att undersöka kategoriseringsmetoder i serviceinteraktioner. Uppsatsen undersöker vilka metoder personal, kunder och personal och kunder tillsammans använder sig av för att identifiera kunderna som pensionärer i samband med rabatt, samt vilka metoder som används för att hantera aspekter av kategoriseringen pensionär som inte har med serviceärendet i sig att göra. Teoretiskt och metodologiskt bygger undersökningen på Conversation Analysis (CA), Membership Categorization Analysis (MCA) och multimodal interaktionsanalys. Studiens data består av 18 videoinspelade, transkriberade samtal vid teaterkassor. I studien identifieras och analyseras tre metoder för kategorisering: alternativa kategorier, överlämnande självkategorisering och retrospektiv nyansering. Analysen av metoderna visar bland annat att olika typer av deltagare behandlar olika aspekter av kategoriseringen som olika känsliga och olika relevanta, att deltagarna orienterar sig mot kategoriseringen som ett gemensamt projekt och att det vid vissa skeden i de i för övrigt målfokuserade servicesamtalen finns utrymme för kunder som kategoriserats som pensionärer att ge uttryck för personliga nyanseringar och positioneringar i förhållande till kategorin pensionär.

In this thesis, we study three supply chain planning problems. The first two problems fall in the tactical planning level, while the third one falls in the strategic/tactical level. We present a direct application for the first two planning problems in the wind turbines industry. For the third problem, we show how it can be applied to supply chains in the food industry. Many countries and localities have the explicitly stated goal of increasing the fraction of their electrical power that is generated by wind turbines. This has led to a rapid growth in the manufacturing and installation of wind turbines. The globally installed capacity for the manufacturing of different components of the wind turbine is nearly fully utilized. Because of the large penalties for missing delivery deadlines for wind turbines, the effective planning of its supply chain has a significant impact on the profitability of the turbine manufacturers. Motivated by the planning challenges faced by one of the world’s largest manufacturers of wind turbines, we present a comprehensive tactical supply chain planning model for manufacturing of wind turbines in the first part of this thesis. The model is multi-period, multi-echelon, and multi-commodity. Furthermore, the model explicitly incorporates backorder penalties with a general cost structure, i.e., the cost structure does not have to be linear in function of the backorder delay. To the best of our knowledge, modeling-based supply chain planning has not been applied to wind turbines, nor has a model with all the above mentioned features been described in the literature. Based on real-world data, we present numerical results that show the significant impact of the capability to model backorder penalties with general cost structures on the overall cost of supply chains for wind turbines. With today’s rapidly changing global market place, it is essential to model uncertainty in supply chain planning. In the second part of this thesis, we develop a two-stage stochastic programming model for the comprehensive tactical planning of supply chains under supply uncertainty. In the first stage, procurement decisions are made while in the second stage, production, inventory, and delivery decisions are made. The considered supply uncertainty combines supplier random yields and stochastic lead times, and is thus the most general form of such uncertainty to date. We apply our model to the same wind turbines supply chain. We illustrate theoretical and numerical results that show the impact of supplier uncertainty/unreliability on the optimal procurement decisions. We also quantify the value of modeling uncertainty versus deterministic planning. Supplier selection with quantity discounts has been an active research problem in the operations research community. In this the last part of this thesis, we focus on a new quantity discounts scheme offered by suppliers in some industries. Suppliers are selected for a strategic planning period (e.g., 5 years). Fixed costs associated with suppliers’ selection are paid. Orders are placed monthly from any of the chosen suppliers, but the quantity discounts are based on the aggregated annual order quantities. We incorporate all this in a multi-period multi-product multi-echelon supply chain planning problem and develop a mixed integer programming (MIP) model for it. Leading commercial MIP solvers take 40 minutes on average to get any feasible solution for realistic instances of our model. With the aim of getting high-quality feasible solutions quickly, we develop an algorithm that constructs a good initial solution and three other iterative algorithms that improve this initial solution and are capable of getting very fast high quality primal solutions. Two of the latter three algorithms are based on MIP-based local search and the third algorithm incorporates a variable neighborhood Descent (VND) combining the first two. We present numerical results for a set of instances based on a real-world supply chain in the food industry and show the efficiency of our customized algorithms. The leading commercial solver CPLEX finds only a very few feasible solutions that have lower total costs than our initial solution within a three hours run time limit. All our iterative algorithms well outperform CPLEX. The VND algorithm has the best average performance. Its average relative gap to the best known feasible solution is within 1% in less than 40 minutes of computing time.