In 1998, the Philippines introduced book-building pricing mechanisms for Initial Public Offerings. Almost all capital raised through IPOs in the Philippines is done using a book-building pricing method, however a significant number of IPOs still occur using non-book-building methods. Understanding why book-building has become the dominant pricing mechanism but yet non-book-building methods still survive is the aim of this paper. I find that unlike other countries where the introduction of book-building leads to higher total issue costs for individual issuers and unlike theory which suggests the increased effort of book-building should come with increased costs, IPOs that use book-built pricing in the Philippines actually have a lower total issue cost as a percentage of the total issue size compared to issuers who use non-book-building methods. This being the case, explaining why non-book-built IPOs still occur is even more interesting. I find that the large variance in size and the low volume of IPOs in the Philippines creates a bifurcated market where it is uneconomical for underwriters to use book-building to service small firms who want to IPO. The harder phenomenon to explain is the choice by firms who are large enough to book-build to use non-book-built methods. I suggest that the developing sophistication of the local market as well as the relationship driven aspect of business in the Philippines are two possible explanations.

Master of Science / Department of Agricultural Economics / Ted C. Schroeder / With the decline in negotiated trade in the live cattle cash market, feedyards and packers are looking for new ways to increase cash trade. An online, fed cattle auction was created to increase transparency as well as increase the cash trade. Hedonic models have been used heavily to study feeder cattle and the value placed on their characteristics. There is little hedonic modeling done on live cattle and the value of their characteristics. The Fed Cattle Exchange is a new online platform, therefore, no research has been done on it. The objective of this research is to use hedonic modeling to determine the value packers place on characteristics of each lot of fed cattle sold. These characteristics include, weight, number of head, sex, days on feed, location, yield grade, quality grade, delivery time period, and use of a beta-agonist. This research found that use of a beta agonist, location, days on feed, number of head, weight, delivery time frame as well as inclusion of a Select percentage were all statistically important to the price paid. Results will benefit feedyards by informing the sellers on what buyers find the most desirable. This will help with both feedyard procurement practices as well as feedyard management practices.

76 p. / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-01-03T18:47:35Z No. of bitstreams: 1 4444.pdf: 901030 bytes, checksum: 61313da73ed6af67efc25849fce2b514 (MD5) / Made available in DSpace on 2013-01-03T18:47:35Z (GMT). No. of bitstreams: 1 4444.pdf: 901030 bytes, checksum: 61313da73ed6af67efc25849fce2b514 (MD5) Previous issue date: 2012 / A presente dissertação visa identificar os fatores determinantes dos prazos nas compras e contratações públicas, com vistas a verificar as causas relevantes sobre o relacionamento desses prazos e procedimentos ao longo do processo licitatório. A pesquisa empírica foi conduzida de modo a trazer grandes contribuições, tanto no aspecto teórico, pela elucidação de certas questões e fatos, como pela praticidade operacional com que a metodologia foi desenvolvida, utilizando as dimensões características do bem, do procedimento e do fornecedor para identificar os fatores que influenciam nos prazos e, posteriormente, identificar a relação existente entre esses fatores levantados nos eventos de licitação através de Pregão Eletrônico. O que estamos propondo é fazer uma análise das compras e contratações públicas e o que buscamos é elucidar fatos, para que permitam uma melhora significativa nesses prazos, visando uma maior eficiência. Os dados da pesquisa foram coletados em uma unidade da FIOCRUZ, no período de 2003 a 2010, com uma amostra substancial sobre os eventos ocorridos através de pregão eletrônico e com base no referencial teórico sobre compras públicas, de onde foram extraídos os indicadores de cada dimensão que, posteriormente, foram analisados através de um sistema estatístico, utilizando análise paramétrica e multivariada, através de correlação e regressão múltipla. Os resultados são bastante convincentes e animadores, apontando diversos fatores e suas correlações com os prazos que, quando bem administrados, certamente contribuirão para redução desses prazos. A pesquisa se mostra relevante pelos aspectos teóricos e práticos de abordagem, trazendo à tona pontos antes não mensuráveis. A grande contribuição deste trabalho é que pode ser replicado, observada as particularidades, em órgãos, fundações e empresas públicas que vislumbrem uma melhoria nos seus processos e procedimentos, com uma consequente redução dos prazos de aquisição e uma melhoria na gestão das compras públicas. / Salvador

Submitted by Ana Maria Fiscina Sampaio (fiscina@bahia.fiocruz.br) on 2013-10-21T19:19:51Z No. of bitstreams: 1 Marivaldo de Sousa Gonçalves. Um estudo sobre... 2012.pdf: 787361 bytes, checksum: b036ce1e11f4e8fcdfaae67f38f58b22 (MD5) / Made available in DSpace on 2013-10-21T19:19:51Z (GMT). No. of bitstreams: 1 Marivaldo de Sousa Gonçalves. Um estudo sobre... 2012.pdf: 787361 bytes, checksum: b036ce1e11f4e8fcdfaae67f38f58b22 (MD5) Previous issue date: 2012 / Universidade Federal da Bahia. Escola de Administração. Salvador, BA, Brasil / A presente dissertação visa identificar os fatores determinantes dos prazos nas compras e contratações públicas, com vistas a verificar as causas relevantes sobre o relacionamento desses prazos e procedimentos ao longo do processo licitatório. A pesquisa empírica foi conduzida de modo a trazer grandes contribuições, tanto no aspecto teórico, pela elucidação de certas questões e fatos, como pela praticidade operacional com que a metodologia foi desenvolvida, utilizando as dimensões características do bem, do procedimento e do fornecedor para identificar os fatores que influenciam nos prazos e, posteriormente, identificar a relação existente entre esses fatores levantados nos eventos de licitação através de Pregão Eletrônico. O que estamos propondo é fazer uma análise das compras e contratações públicas e o que buscamos é elucidar fatos, para que permitam uma melhora significativa nesses prazos, visando uma maior eficiência. Os dados da pesquisa foram coletados em uma unidade da FIOCRUZ, no período de 2003 a 2010, com uma amostra substancial sobre os eventos ocorridos através de pregão eletrônico e com base no referencial teórico sobre compras públicas, de onde foram extraídos os indicadores de cada dimensão que, posteriormente, foram analisados através de um sistema estatístico, utilizando análise paramétrica e multivariada, através de correlação e regressão múltipla. Os resultados são bastante convincentes e animadores, apontando diversos fatores e suas correlações com os prazos que, quando bem administrados, certamente contribuirão para sua redução. A pesquisa se mostra relevante pelos aspectos teóricos e práticos de abordagem, trazendo à tona pontos antes não mensuráveis. A grande contribuição deste trabalho é que pode ser replicado, observada as particularidades, em órgãos, fundações e empresas públicas que vislumbrem uma melhoria nos seus processos e procedimentos, com uma consequente redução dos prazos de aquisição e um avanço na gestão das compras públicas. / This dissertation aims to identify the determinants of deadlines in public purchasing and contracs in order to verify the relevant causes of relation between deadlines and procedures throughout the bid process. The empirical research was conducted in order to bring major contributions both on the theoretical aspect, for the elucidation of certain issues and facts as by the methodologic operating convenience using the dimensions caracteristics of goods, procedure and supplier to identify the factors that influence the deadlines and then identify the relation between these factors raised in bid events through eletronic auction. What we are proposing is to make an analysis of government contracts and what we seek is to elucidate the facts, to allow a significant improvement in public procuremente and contracting terms, seeking a greater efficiency. The survey date were collected at FIOCRUZ-BA, in the period from 2003 to 2010, with a substancial sample on the events througn eletronic auction and based on theoretical framework on public procurement, from which there were were extracted the indicators of each dimension, that were later analyzed through a statistical system using parametric and multivariate alalysis through correlation and multiple regression. The results are quite compelling and encouraging, pointing several factors and their correlation with the deadlines that, when properly administered, will certainly contribute to reducing these terms. The research shows the relevant theoretical and practical aspects of approach, bringing up points not previously measurable. The major contribution of this work is that it can be replicated, the observed peculiarites in government foundations and public companies that envisage an improvement in its processes and procedures, with a consequent reduction of acquisition time and an advance in the management of public procurement

Submitted by Roberta Ferriche (rferriche@deloitte.com) on 2009-06-30T16:33:35Z No. of bitstreams: 1 Roberta Ferriche - Dissertação.pdf: 248461 bytes, checksum: 0381197ebe8ffd098154f7bd8811794f (MD5) / Approved for entry into archive by Vitor Souza(vitor.souza@fgv.br) on 2009-06-30T19:58:14Z (GMT) No. of bitstreams: 1 Roberta Ferriche - Dissertação.pdf: 248461 bytes, checksum: 0381197ebe8ffd098154f7bd8811794f (MD5) / Made available in DSpace on 2009-06-30T19:59:33Z (GMT). No. of bitstreams: 1 Roberta Ferriche - Dissertação.pdf: 248461 bytes, checksum: 0381197ebe8ffd098154f7bd8811794f (MD5) / The reform process that the petroleum industry have undergone from the 90 ́s, associated to the transference of public utility services to the private sector, brought important changes to the economy. In this context, the intensified use of auctions, for the privatization of public companies and for the concession of exploration rights assumed a role of great relevance in the Brazilian economy. The discussion on the type of auction used for the sale of oil leases is of great importance, since it represents the beginning of this new policy. Being so, this paper aims at approaching the main aspects that base the choice of an appropriate format of auction, detailing the peculiarities of the oil industry and, finally, analyzing the achieved results. / O processo de reforma que ocorreu na indústria petrolífera a partir da década de 1990, associada à transferência de serviços de utilidade pública para o setor privado, trouxe mudanças importantes para a economia. Neste contexto, a intensificação do uso de leilões, para a privatização das empresas públicas e para a concessão de direitos de exploração de seus serviços assumiu um papel de grande relevância na economia brasileira. A discussão sobre o desenho de leilão adotado para a venda de blocos petrolíferos é fundamental, pois representa o ponto inicial desta nova política. Sendo assim, este trabalho aborda os principais aspectos que fundamentam a escolha de um formato apropriado de leilão, detalhando as peculiaridades da indústria petrolífera e, finalmente, discutindo os resultados obtidos.

Submitted by Maria Creuza Silva (mariakreuza@yahoo.com.br) on 2014-07-21T13:51:38Z No. of bitstreams: 1 Dissertação Alice da Silva Ribeiro Firmino. 2008.pdf: 733579 bytes, checksum: 112e8e1bcf5b3a7176bebdc33bffd7a0 (MD5) / Approved for entry into archive by Maria Creuza Silva (mariakreuza@yahoo.com.br) on 2014-07-21T13:55:30Z (GMT) No. of bitstreams: 1 Dissertação Alice da Silva Ribeiro Firmino. 2008.pdf: 733579 bytes, checksum: 112e8e1bcf5b3a7176bebdc33bffd7a0 (MD5) / Made available in DSpace on 2014-07-21T13:55:30Z (GMT). No. of bitstreams: 1 Dissertação Alice da Silva Ribeiro Firmino. 2008.pdf: 733579 bytes, checksum: 112e8e1bcf5b3a7176bebdc33bffd7a0 (MD5) / Este trabalho discute as transações entre ao setor público e o setor privado, sob a ótica da Nova Economia Institucional, utilizando a Teoria de Custos de Transação (TCT), que trata dos custos de desenhar, redigir, negociar e garantir que os acordos entre os agentes sejam cumpridos. Especificamente foram analisados os arranjos institucionais introduzidos pela SMS para aquisição de compras de medicamentos, através das modalidades de licitação, no período de 2002 a 2006, pela Secretaria Municipal de Saúde (SMS) município da Bahia, identificando as mudanças ocorridas, a partir da introdução do sistema eletrônico de compras (Pregão Eletrônico). A análise das informações empíricas demonstrou que a TCT possui variáveis importantes ao estudo do objeto de pesquisa, pois, seus pressupostos de racionalidade limitada, incerteza e oportunismo podem levar a falhas na aplicação das regras estabelecidas pela legislação, que trata do assunto, provocando práticas oportunistas e ineficiência no processo de compras de medicamentos. Desse modo, a pesquisa conclui que houve mudanças positivas tanto na relação entre os setores internos da SMS, por onde transitam os processos, como na relação entre esses setores e as empresas fornecedoras de medicamentos, embora, alguns ajustes tornam-se necessários para que se obtenham melhores resultados no processo de compras de medicamentos, em particular, criação de mecanismos de incentivos e monitoramento. / This work argues the transactions between the public sector and the private sector, under the optics of the New Institutional Economy, using the Theory of Costs of Transaction (TCT) that it deals with the costs to draw, to write, to negotiate and to guarantee that the agreements between the agents are fulfilled. Specifically the institutional arrangements introduced by the SMS for acquisition of medicine purchases had been analyzed, through the modalities of limitation, in the period of 2002 the 2006, for the City Department of Health (SMS) state of Bahia, identifying the occurred changes, from the introduction of the electronic system of purchases (Auction Electronic ). The analysis of the empirical information demonstrated that the TCT possess important variables to the study of the research object, therefore, its presuppositions of limited rationality, uncertainty and opportunism can take the imperfections in the application of the rules established for the legislation that deals with the subject, provoking practical opportunists and inefficiency in the process of medicine purchases. In this manner, the research concludes that it had positive changes in such a way in the relation enters the internal sectors of the SMS, for where the processes transit, as in the relation between these sectors and the supplying medicine companies, even so, some adjustments become necessary so that if it gets better resulted in the process of medicine purchases, in particular, creation of mechanisms of incentives and monitoriment.

Master of Science / Department of Animal Sciences and Industry / Karol Fike / The United States beef cattle industry is continuously evolving and changing to meet buyer demands while considering environment factors for production. Cow-calf producers make decisions within their herds that impact their profitability. Previous research shows producers can add value to beef calves through management and marketing decisions in areas such as genetics, herd health, and nutrition. It is well documented that there are numerous factors that influence the sale price of beef calves, no matter the venue through which they are sold. Historically, steer calves sold for a greater price compared to heifer calves. Apparent breed composition also influences value of lots of beef calves. Black-hided calves recently sold for a greater sale price than calves of other hide colors due to perceived differences in potential performance. Calves with Bos indicus influence usually sell for a lower price than other breed types. Marketing of beef calves through video auction allows sellers to market lots of calves to a buyer basis nationwide. A national market provides a basis for buyer preferences and potential national trends for changes in characteristics valued by buyers. Evaluation of national breed composition trends can indicate potential changes in the industry. The opportunity to evaluate if and how breed description as described by producers influenced calf sale price from 1995 through 2016 was available through a livestock video auction service. Chapter 1 is a review of the literature and an overview of the beef industry and factors affecting sale price of lots of beef calves. Chapter 2 is an analysis of breed composition influencing sale price for lots of steer calves and lots of heifer calves. Chapter 3 investigates national and regional breed description and sire breed trends over a 23-year period.

Submitted by Wagner de Freitas Ciarelli null (wciarelli@gmail.com) on 2017-07-02T13:15:18Z No. of bitstreams: 1 2017_07_01 - Dissertação Wagner Ciarelli_Final.pdf: 2232658 bytes, checksum: 885a606f3526bdd97c7e591dd627c97d (MD5) / Approved for entry into archive by Luiz Galeffi (luizgaleffi@gmail.com) on 2017-07-04T17:23:32Z (GMT) No. of bitstreams: 1 ciarelli_wf_me_bauru.pdf: 2232658 bytes, checksum: 885a606f3526bdd97c7e591dd627c97d (MD5) / Made available in DSpace on 2017-07-04T17:23:32Z (GMT). No. of bitstreams: 1 ciarelli_wf_me_bauru.pdf: 2232658 bytes, checksum: 885a606f3526bdd97c7e591dd627c97d (MD5) Previous issue date: 2017-05-26 / No ambiente regulado, o planejamento da geração de energia é coordenado por um operador do sistema, que procura minimizar os custos da energia gerada e garantir a segurança energética para os consumidores e o atendimento da demanda. Este tipo de planejamento de geração não representa a lei de oferta e procura que ocorre em mercados de energia elétrica. No ambiente de mercado, os agentes apresentam suas ofertas de compra e venda em um ambiente competitivo que promove a livre concorrência. Este trabalho propõe um modelo de planejamento de geração de médio prazo, baseado na concorrência pela geração/consumo, em que empresas geradoras e consumidores fornecem lances em um leilão de energia de médio prazo. O modelo proposto é comparado ao modelo de planejamento centralizado de geração de energia. Os testes realizados no software GAMS, com pacote de solução CPLEX, indicam que o modelo proposto é uma alternativa para promover uma matriz energética mais variada e robusta a variações climáticas, além de manter a concorrência justa tanto para os consumidores quanto para os produtores de energia. / In regulated hydrothermal electricity markets, power generation dispatch is coordinated by an independent system operator, that works to guarantee energy for consumers in the long-term, to meet the demand and to minimize the cost of generation. This type of dispatch does not represents the laws of supply and demand in the electricity market. In the deregulated auction market, the participants present their bids to purchase and sell, without the guarantee of being accepted, promoting free competition. This work presents a bibliographical research on electricity markets and the existing uncertainties of energy planning. Through optimization models, regulated dispatch is compared to an auction model for medium-term planning horizons. The tests performed in the GAMS software, with CPLEX solution package, indicate that the energy auction model is an alternative to promote the variation of the energy matrix, to turn it more robust to climate changes, in addition to maintaining fair competition for both the consumer and the producer.

This paper investigates the factors that influence hammer price in fine art auctions. Unlike previous studies, this thesis focuses solely on Mark Rothko’s abstract painting auction results, which eliminates pricing variation from multiple artists or painting genres. Using a freshly constructed database that covers all Rothko auction records from 1985 to 2017, this thesis affirms the presence of declining price anomaly. Auction house experts’ pre-sale estimates are shown to be largely unbiased with a marginal downward pricing tendency. Furthermore, size is a statistically significant variable that affects hammer price and Rothko’s vertical compositions are favored in the auction market.

abstract: Unrestricted Mexican exports of sugar into the U.S. is considered the most pressing issue facing the U.S. sugar industry. The goal of this dissertation is to analyze the trade of sugar between Mexico and the U.S. as well as analyze additional primary issues confronting the U.S. sugar industry. Chapters 1 and 2 provide an introduction to the U.S. sugar industry. Chapters 3 through 6 develop trade models which analyze sugar trade between Mexico and the U.S. The trade models estimate how NAFTA, USDA sugar forecast errors and Mexican ownership of twenty percent of the Mexican sugar industry each impact U.S. producer surplus and Mexican welfare. Results validate that U.S. producer surplus and in some instances Mexican welfare were decreased by full implementation of NAFTA. U.S. producer surplus and Mexican welfare were decreased due to USDA sugar production forecasting errors. U.S. producer surplus would be increased if the Mexican government did not own twenty percent of Mexican sugar production. Using an online choice experiment, Chapter 7 assesses U.S. consumers' preferences and willingness to pay (WTP) for imported and genetically modified (GM) labeled sugar and sugar in soft drinks. Results indicate that consumers prefer bags of sugar and soft drinks labeled as "Not GM". Furthermore, consumers prefer sugar from Canada and the U.S. over sugar from Mexico, Brazil and the Philippines. Evidence is also provided that participants are more likely to choose actual products in the choice set rather than the "none of these" options when controlling for hypothetical bias by using consequentiality techniques. A non-hypothetical experimental auction was used in Chapter 8 to determine consumers' WTP for soft drinks labeled with sweetener and calorie information and analyzed the role of taste panels in an experimental auction. Results indicate that sugar is consumers' most preferred sweetener and calorie labeling is ineffective at influencing consumers to choose healthier soft drinks. Including taste in an experimental auction caused significant reductions in consumers' WTP for all soft drinks. Chapter 9 concludes by summarizing the results of this dissertation and discussing the future challenges facing the U.S. sugar industry. / Dissertation/Thesis / Ph.D. Business Administration 2014