The well-known high species richness of the tropical forests is not uniform through its different regions; Africa is species-poor when compared to Southeast Asia and the Neotropical region. One of the hypotheses for differences between the richness in the Neotropics and Africa points to the importance of recent speciation in the Neotropics. This is considered in particular in Andean-centred taxa that probably diversified in response to the opportunities for speciation offered by the final uplift of the tropical Andes (during the past c. 25 million years [Ma] to the present, with higher rates on the past 10 Ma to the present). The aim of this thesis is to test this hypothesis in the genus Renealmia L.f. (Zingiberaceae), an Andean centred lineage (c. 64 Neotropical spp.) that also occurs in Africa (c. 17 spp.). A taxonomic account of the Colombian species (c. 32; the country with the most species) is presented, and three species new to science were discovered and are described in an updated revision. I designed a new approach for obtaining nuclear phylogenetic markers for estimating species-level phylogenies using transcriptomes for recent diversification that could be applied to samples from herbarium specimens. I generated de-novo transcriptomes for two Renealmia species and a relative in the subfamily Alpinioideae that were combined with data available in repositories to target low copy number and potentially orthologous genes with short introns. I obtained sequence data for eight introns (ranging from 219 to 924 bp) and an rRNA (ITS1 & ITS2) marker for 40 species and at least one marker for 64 species, comprising a total of 137 accessions of which 67.9%(93) were sampled from herbarium specimens. Gene and species-trees were estimated for the genus. I found that most of the subgroups based on morphological characters are supported by the molecular data but a possible combination of incomplete lineage sorting (related to recent radiations or large population sizes) and/or introgression through hybridisation makes difficult to solve the relationships among these subgroups. Finally I estimated and compared diversification rates of the Neotropical and African lineages using dated phylogenies based on the trees estimated. I used available and customized methods that take into account incomplete taxon sampling, the uncertainty in the phylogenetic relationships and the stochasticity inherent to diversifications processes. Differences in diversification rates between Africa and the Neotropics indicate increased speciation attributable to the Andean orogeny in the Neotropical lineages of Renealmia.

This Ph.D. Dissertation inferred the historical processes that seem to have built the avian community assemblage restricted to the Amazonian floodplains based on their patterns of diversification and geological and climatic data. We analyzed three species complexes widely distributed over the Amazon Basin and specialists of river edge forests, Myrmoborus lugubris, Thamnophilus nigrocinereus/T. cryptoleucus, and Myrmotherula assimilis. In order to access their genetic diversity and perform phylogenetic and demographic analyses, we captured and sequenced ~2,300 Ultra Conserved Elements. This Dissertation was subdivided into three chapters that discuss distinct diversification aspects of these taxa. In Chapter 1, we explored the effects of microevolutionary processes in M. lugubris, especially gene flow and incomplete lineage sorting in phylogenetic reconstructions of its populations. We demonstrated the potential bias of estimating species tree without accommodating gene flow in recent scenarios of divergence. Additionally, we explored the evolutionary history of this lineage, supporting the presence of gene flow between nonsister populations and a hybrid zone with potential heterosis. In Chapter 2 we performed a comparative phylogeographic study including all three species complexes. The results indicated that climatic oscillations during the Quaternary that altered the pattern of sedimentation and formation of river edge forests seem to have promoted cyclical periods of allopatry and secondary contact. In the third chapter we explored how the genetic diversity of populations restricted to the Solimões river is currently distributed in space and if historical demographic alterations could be related to geographic range expansions. A signal of range expansion was detected only for T. cryptoleucus but not for M. lugubris and M. assimilis, suggesting that at the intra-populational scale species-specific ecological variables may promote distinct patterns of genetic diversity. However, despite the absence of a shared pattern of range expansion the genetic diversity of each of the three taxa is heterogeneously distributed in the landscape. The data presented in this Dissertation allowed an unprecedented test of diversification hypotheses for the bird community that occurs throughout the Amazonian floodplains, suggesting that organisms from environments poorly explored by phylogeographic studies may reveal new facets about the diversification of the Amazonian diversity / Nesta Tese foram inferidos os processos históricos que podem ter influenciado a evolução da comunidade de Aves restritas às planícies alagadas amazônicas baseado na análise de seus padrões de diversificação associados a dados geológicos e climáticos. Foram selecionados três complexos de espécies amplamente distribuídos pela bacia Amazônica e intimamente associados às florestas de beira de rio, Myrmoborus lugubris, Thamnophilus nigrocinereus/T. cryptoleucus e Myrmotherula assimilis. Para acessar a diversidade genética e realizar análises filogenéticas e demográficas das espécies foi realizada a captura e sequenciamento de ~2.300 Elementos Ultra Conservados. A Tese foi dividida em três capítulos que abordam aspectos distintos sobre a diversificação desses organismos. No Capítulo 1, M. lugubris foi estudado com o intuito de explorar os efeitos de processos microevolutivos, em particular fluxo gênico e sorteamento incompleto de linhagens, na reconstrução filogenética das populações deste complexo. Esse estudo demonstrou a problemática em se estimar árvores de espécies em cenários recentes de diversificação utilizando métodos que não acomodam fluxo gênico como um parâmetro, e explorou o histórico evolutivo desse complexo de espécies, mostrando a presença de fluxo gênico entre populações não irmãs e a presença de uma zona de hibridação com um potencial cenário de heterose. No Capítulo 2 foi realizado um estudo filogeográfico comparado dos três complexos de espécies que sugeriu que ciclos climáticos ocorridos ao longo do Pleistoceno, que parecem ter alterado o padrão de sedimentação e formação de florestas de beira de rio, tiveram importante papel na diversificação deste conjunto de organismos, promovendo períodos de alopatria seguidos de contato secundário. No terceiro Capítulo da Tese exploramos como a atual diversidade genética de populações restritas ao Rio Solimões está distribuída no espaço e se alterações demográficas históricas poderiam estar relacionadas à expansão nas distribuições geográficas. Nesse estudo encontramos sinal de expansão geográfica para T. cryptoleucus, mas não para M. lugubris e M. assimilis, sugerindo que em uma escala intrapopulacional variáveis ecológicas intrínsecas aos táxons estudados devem promover padrões distintos de diversidade genética. Ainda nesse estudo foi encontrado que a atual diversidade genética desses complexos espécies está distribuída de forma heterogênea na paisagem. Os dados apresentados nesta Tese permitiram testar de forma inédita hipóteses de diversificação para a comunidade de Aves que ocorre ao longo de toda a bacia Amazônica, sugerindo que organismos de ambientes pouco explorados por estudos filogeográficos podem revelar novas facetas sobre a diversificação da elevada diversidade Amazônica

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2016-12-20T16:55:51Z No. of bitstreams: 1 Jorge Henrique Lopes Ferreira_.pdf: 573537 bytes, checksum: 098a8e93b391c6a8b947667af7e09152 (MD5) / Made available in DSpace on 2016-12-20T16:55:51Z (GMT). No. of bitstreams: 1 Jorge Henrique Lopes Ferreira_.pdf: 573537 bytes, checksum: 098a8e93b391c6a8b947667af7e09152 (MD5) Previous issue date: 2016-11-08 / UC Banrisul - Universidade Corporativa Banrisul / A diversificação das receitas tem sido uma tendência adotada por bancos dos mais diversos países. Esta dissertação mostra que com os bancos brasileiros não tem sido diferente. Em 2003 a participação das receitas de serviços e tarifas correspondia por 17,80% da receita operacional dos bancos analisados. Já em 2014 esta participação era de 27,40%. Com o objetivo de entender o impacto desta estratégia, muitos estudos têm sido desenvolvidos sobre este tema, principalmente nos Estados Unidos, Europa e Ásia. Por outro lado, no Brasil este tema ainda é incipiente. Desta forma, este estudo se propôs determinar o impacto da diversificação das receitas bancárias sobre o risco e o retorno dos bancos brasileiros. O principal período amostral analisado foi de 2003 a 2014. A amostra também foi subdividida em dois períodos, de 2003 a 2008 e de 2009 a 2014. Os dados foram organizados em painel e foram analisados em um modelo econométrico multivariado. Além das variáveis de interesse de diversificação, risco, retorno e retorno ajustado ao risco, também foram utilizadas variáveis de controle macroeconômicas e específicas dos bancos. Os resultados mostraram uma grande importância das receitas de serviços e tarifas sobre a performance dos bancos no primeiro período amostral e no período total. Nestes períodos, as receitas de serviços e tarifas apresentaram relação positiva com o retorno, negativa com o risco e positiva com o retorno ajustado ao risco para os bancos analisados. Contudo no segundo período amostral, as variáveis de diversificação das receitas apresentaram uma relevância estatística muito menor. Ao analisar a composição das atividades de intermediação financeira, as operações de crédito apresentaram resultados consistentemente melhores do que as atividades de negociação de títulos. Destacam-se também, as variáveis de juro real, tamanho, capital e crescimento dos bancos, que apresentaram resultados relevantes para determinar a performance dos bancos. Os resultados obtidos nesta dissertação evidenciam a importância da diversificação das receitas bancárias sobre a performance dos bancos. De acordo com as hipóteses propostas, as receitas de serviços e tarifas, apresentam de forma geral um impacto positivo na relação risco/retorno dos bancos. Pode-se dizer que estes resultados justificam a estratégia dos bancos de aumentar a diversificação de suas receitas. / Revenue diversification has been a trend adopted by banks from different countries. This research shows that with Brazilian banks it has been no different. In 2003, the share of noninterest income accounted for 17.80% of the operating income of the analyzed banks. Already in 2014, this share was 27.40%. In order to understand the impact of this strategy, many studies have been done on this subject, especially in the United States, Europe and Asia. On the other hand, in Brazil this issue is still incipient. Thus, this study aimed to determine the impact of banking revenue diversification on the risk and return of Brazilian banks. The main analyzed sample period was from 2003 to 2014. The sample was also divided into 2 periods, 2003 to 2008 and 2009 to 2014. The data was organized in panels and were analyzed in an econometric multivariate model. In addition to the main variables of diversification, risk, return and risk-adjusted return, this study also used macroeconomic and bank specific variables. The results showed a very important impact of the noninterest income on the performance of banks in the first sampling period and in the total period. In these periods, noninterest income had a positive relationship with the return, negative with risk and positive with risk-adjusted return for the analyzed banks. However, in the second sampling period, the variables of revenue diversification showed a much lower statistical significance. By analyzing the composition of financial intermediation activities, Credit revenue showed consistently better results than the securities Trading activities. It is important to highlight the variables Real Interest Rate, Bank Size, Capital and Bank Growth, that showed relevant impact to determine the performance of banks. The results obtained in this work show the importance of banking revenue diversification on the performance of banks. According to the hypotheses proposed, noninterest income have generally a positive impact on the risk/return ratio of banks. It can be said that these results justify banks strategy to increase the diversification of its revenues.

Yes / This paper examines how deviation from firms’ target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with co-insurance theory, we find that over-deviated firms engage in foreign acquisition deals to relieve their financial constraints and to mitigate their financial distress risk. We also note that foreign acquisitions enhance over-deviated firms’ value and performance, measured by Tobin’s q and return on assets (ROA) respectively. These findings support the view that over-deviated firms pursue the most value-enhancing acquisitions. Overall, this paper suggests that co-insurance effects, value creation and performance improvements are the main incentives for over-deviated firms’ involvement in foreign acquisitions. / Financial support of Zagazig University in Egypt / The full-text of this article will be released for public view at the end of the publisher embargo on 02 Mar 2019.

The aim of this dissertation is to study the systematics and evolution of Euphorbiaceae vines (tribe Plukenetieae), a diverse pantropical lineage (~365 species and 18 genera) composed of three morphologically distinct subtribes, Dalechampiinae, Plukenetiinae, and Tragiinae. Through the course of my research I largely resolved the evolutionary history of Plukenetieae and made broader contributions to the study of pollen and seed evolution, pantropical biogeography, and plant diversification. In chapter two I developed the first well-sampled molecular phylogeny for Plukenetieae (154 terminals, ~93 species, 2,207 character dataset composed of ITS and psbA-trnH with indel gap-scored data), and determined baseline species group relationships of the tribe. Molecular phylogeny largely agreed with pollen morphology hypotheses and confirmed that the large genus Tragia was para- and/or polyphyletic and should be split into smaller genera. Analysis of pollen morphology revealed a trend towards aperture reduction and loss in Tragiinae, with four origins of weakly defined apertures and up to three origins of inaperturate pollen. In chapter three, I studied the seed size evolution of Plukenetia, a pantropical genus with large edible oil-rich seeds, by developing a near-exhaustive phylogeny (83 terminals, 20 of ~24 species, 5,069 bp dataset of ETS, ITS, KEA1 introns 11 and 17, TEB exon 17, matK, ndhF) and conducting ancestral state estimation and phylogenetic regression. Seed size evolution in Plukenetia was dynamic and associated with competing selective pressures of plant size, fruit type (and inferred dispersal syndrome), and seedling ecology. In chapter four I presented a revised sectional classification of Plukenetia based on phylogeny and morphological evidence, including three new taxa from South America. Chapters three and five included biogeographical investigations on Plukenetia and Plukenetieae. Analyses revealed that pantropical disjunct distributions arose one to three times in each subtribe via periodic long-distance dispersals from the Oligocene to the Pliocene, most often from South America to Africa and then Southeast Asia. Lastly, in chapter five, I developed an improved phylogeny for Plukenetieae (289 terminals, ~109 species, 5,160 bp dataset of ETS, ITS, KEA1 intron 11, TEB exon 17, matK, ndhF) to study the influence of innovative traits (twining growth form, stinging hair defences, and pseudanthial inflorescences) on diversification in the tribe. However, increased diversification was not associated with innovative traits. Instead, diversification was associated with clades that shifted into drier open habitats, aided by habitat expansion following the Late Miocene cooling period.

Saudi Arabia faces a universally acknowledged need to diversify beyond hydrocarbons. The Saudi Arabian government has outlined a strategy to achieve diversification through its Vision 2030 reform plan. Contrary to the Vision 2030 plan, the Saudi government should allow for entrepreneurs and market signals to determine diversification when considering what sectors should receive investment, with the exception of broad infrastructure investments contributing to the overall enabling environment. Government lending for private-sector investments need to have plausibly high projected rates of return, and meet minimum standards of environmental and social responsibility, requiring participation by multiple government ministries sufficiently insulated from the government.

This dissertation contains two essays. The first essay investigates the measure of FX liquidity and determinants of the change in FX liquidity. Using 20 cross currency exchange rates over spanning period of 1999 to 2016, funding constraints and global risks are responsible for the main drivers of changing in FX liquidity. The magnitudes of both G7 and emerging volatility index are offsetting each other in all the regression models indicating that FX investors take diversification trading strategies to diversify their portfolios. The financial crisis provides an evidence that the more financial constraint issues contribute to the change in FX market illiquidity more than non-financial crisis period. Extending to liquidity predictability, I find, however, that the lag of market FX liquidity is responsible for the change in FX liquidity than any other explanatory variables My second essay investigates the momentum returns of U.S. equities by presenting comprehensive approaches. Traditionally, momentum portfolios are constructed by ranking based on excess returns. Using this sorting technique, I confirm that there is a presence of momentum returns in U.S. equities for all of the 48 industries. The results also indicate that the portfolios that are sorted by idiosyncratic volatility as well as by diversification strategy cannot achieve the highest returns as for sorting based on excess returns. Further, I examine the momentum portfolio predictability using the inverse conditional volatility proposed by Moreira and Muir (2017), and show that the momentum returns are affected by the size of liquidity and the risk factors rather than by the economic variables.

This study attempts to resolve two important issues. First, it investigates the diversification benefit of crude oil for equities. Second, it examines whether or not crude oil derivatives transactions by oil and gas producers can change shareholders' wealth. With these two major goals in mind, I study the risk and return profile of crude oil, the value effect of crude oil derivatives transactions, and the systematic risk exposure effect of crude oil derivatives transactions. In contrast with previous studies, this study applies the Goldman Sachs Commodity Index (GSCI) methodology to measure the risk and return profile of crude oil. The results show that crude oil is negatively correlated with stocks so adding crude oil into a portfolio with equities can provide significant diversification benefits for the portfolio. Given the diversification benefit of crude oil mixed with equities, this study then examines the value effect of crude oil derivatives transactions by oil and gas producers. Differing from traditional corporate risk management literature, this study examines corporate derivatives transactions from the shareholders' portfolio perspective. The results show that crude oil derivatives transactions by oil and gas producers do impact value. If oil and gas producing companies stop shorting crude oil derivatives contracts, company stock prices increase significantly. In contrast, if oil and gas producing companies start shorting crude oil derivatives contracts, stock prices drop marginally significantly. Thus, hedging by producers is not necessarily good. This paper, however, finds that changes in policy regarding crude oil derivatives transactions cannot significantly affect the beta of shareholders' portfolios. The value effect, therefore, cannot be attributed to any systematic risk exposure change of shareholders' portfolios. Market completeness, transaction costs, and economies of scale are identified as possible sources of value effect. The following conclusions have been obtained in this study. Crude oil provides significant diversification benefits for equities. In the presence of market imperfections, crude oil derivatives transactions by oil and gas producers may change shareholders' wealth, even though crude oil derivatives transactions by oil and gas producers do not have significant effect on the systematic risk exposures of companies.

Las diferencias existentes entre la teoría financiera y las estrategias administrativas no han llegado a tener una participación conjunta en beneficio de la maximización de rendimientos que ellos siempre han atendido de manera independiente. Bavaria es uno de los pocos casos documentados académicamente para ser usado como caso de estudio en Latinoamérica, y es porque cuando estuvo en la administración del Grupo Santo Domingo, tuvo diversas decisiones en las que influyo la diversificación corporativa y las adquisiciones de empresas con el fin de expandirse para así convertirse en un gran grupo cervecero sino también en un gran holding luego de la escisión. La presente investigación nos llevará a ver por qué la teoría administrativa sigue centrándose en los problemas habituales del riesgo específico a través de la diversificación corporativa, cuando la teoría financiera dicta todo lo contrario para centrarse únicamente en el riesgo y el rendimiento como componentes de la teoría del portafolio. Con la finalidad de que cada uno de nosotros comprendamos el valor que aporta cada una de estas perspectivas, y se sugiera de que existe la necesidad de buscar una cohesión teórica entre ambos pensamientos, para lograr un beneficio en la búsqueda de rendimientos hacia las empresas que se encuentran en un mercado cada vez más competitivo y cambiante tanto por la innovación como la satisfacción de nuevas necesidades en los seres humanos. / The differences between financial theory and management strategies have not come to have a joint participation in benefit of the maximization of returns that they have always attended independently. Bavaria is one of the few cases documented academically to be used as a case study in Latin America, and is because when he was in the administration of the Santo Domingo Group he had several decisions influenced by corporate diversification and acquisitions of companies in order to expand to become a large beer group but also a large holding after the split. The present investigation will lead us to see why administrative theory continues to focus on the usual problems of specific risk through corporate diversification, when financial theory dictates the opposite to focus solely on the risk and performance of the components in the company portfolio theory. In order that each of us understand the value of each of these perspectives, and suggest that there is a need to seek a theoretical cohesion between both thoughts, to achieve a profit in the returns to the companies that are in the search for a market increasingly competitive and changing both for innovation and the satisfaction of new needs in human beings. / Trabajo de Suficiencia Profesional

Nonprofit organization leaders increasingly encounter social burdens and financial difficulties, jeopardizing ongoing success and organizational sustainability. The purpose of this single-case study was to explore revenue diversification strategies used by 3 leaders of a small nonprofit organization in the mid-Atlantic region of the United States through the conceptual lens of modern portfolio theory. Data were collected via in-depth semistructured interviews, and member checking was used to facilitate accuracy, consistency, and integrity. Methodological triangulation included a document review and analysis of financial statements, tax returns, strategy objectives, the organizational website, social media, and nonprofit data reports. Data from documents and interviews were manually coded, and themes were identified using thematic analysis. Six themes emerged related to process strengths and opportunities for improvement including capitalizing on a mission-driven workforce; using a systematic strategic planning process; building relationships with partners, suppliers, and collaborators; integrating performance measures to areas of importance; and developing and implanting systematic methods to assess customer satisfaction and workforce engagement. The findings from this study might contribute to positive social change by providing revenue diversification strategies and the supporting processes that leaders of small nonprofit organizations can use to enhance existing services, expand community programs, and create ongoing organizational success.