Den svenska fysikern Eva von Bahr-Bergius (1874-1962) konverterade till katolska kyrkan 1930. Vid den tiden fanns en stark misstro mot det katolska i Sverige, och katolikerna var fortfarande kringskurna av begränsande lagar. Ändå valde hon – i likhet med flera andra – att skriva och publicera berättelsen om sin konversion i de två skrifterna Min väg tillbaka till kristendomen (1933), och Efterskrift till Min väg tillbaka till kristendomen (1934). Berättelsen fokuserar på att ge rationella förklaringar till konversionen, istället för att helt enkelt lägga ansvaret på Gud. Denna uppsats vill försöka förstå dels varför hon valde att offentliggöra sin katolicism, dels vad rationaliseringarna handlar om. Genom en jämförelse mellan de båda texterna konstateras att publiceringen fungerar som en befriande komma-ut-process. Genom att sätta berättelsen i en samtida religiös kontext, kan rationaliseringarna förstås som ett svar mot omgivningens förväntningar på rationalitet, och gör så den tillsynes obegripliga konversionen möjlig att genomföra. Detta då själva orsaken till konversionen – den icke-rationella längtan efter Gud – inte kan godtas som en acceptabel förklaring i samtiden.

Esta tesis pretende analizar la eficacia empresarial en el ámbito económico-financiero a través del análisis de ratios usados frecuentemente en el ámbito empresarial. La necesidad de encontrar valores, ratios o formulas que muestren a los mercados financieros y a los inversores, que empresas pueden mostrar mayor confianza para sus inversiones. La rentabilidad es la medida más frecuente utilizada para mostrar esta confianza, sin embargo la consecución de este objetivo puede tener diferentes caminos, que pueden ser exitosos a corto plazo, pero a largo pueden provocar riesgos para las empresas.Se trata de analizar en primer lugar que se entiende realmente por el significado de eficacia y su medición, para posteriormente analizar los ratios de rentabilidad, tales como la rentabilidad del capital propio, de la inversión y de los accionistas. En este momento, se analiza el concepto de valor añadido, enmarcado dentro de la corriente de pensamiento Value Based Management (VBA), que permite ver otro punto de vista para la consecución de rentabilidad para el accionista. El estudio del mismo, con sus diferentes implicaciones, así como de sus indicadores, destacando el Ecomonic Value Added, permite comparar dos formas de conseguir el mismo objetivo.Las estrategias de este concepto aplicado a la empresa, han derivado en nuevas formas de ver la empresa, con la implicación de todos componentes que están relacionados con la empresa, tanto externos- stakeholders- como internos y su relación con en entorno. La empresa no es un ente solitario, sino que se esta dentro de un flujo continuo de relaciones con el exterior. Las estrategias enfocadas al valor hacen hincapié en este enfoque, para desarrollar nuevas pautas de comportamientos. (Modelos de Briggs & Straton, Slywotzky, Stern & Shiley, Restructuring Pentagon, Matriz de valor,.). Sin embargo la aparición de nuevos fenómenos en la economía -Nueva Economía- hace necesario la introducción de nuevas variables, tales como la globalización, ética empresarial, sociedad del conocimiento, activos intangibles, medio ambiente, Internet,.en las estrategias de las empresas. De ahí surge una nueva propuesta en la gestión del valor enfocada a la inclusión de estos nuevos fenómenos.En el ámbito económico-financiero, la necesidad de mejorar los indicadores existentes, permite incluir nuevas variables en el indicador EVA para conseguir mayor fiabilidad, tales como la liquidez y el riesgo, permitiendo mejorar las estrategias económicas y financieras en la empresa.Por ultimo se realiza una validación empírica de estas nuevas variables en el EVA en el sector de detergentes en España y del sector químico para Europa y Estados Unidos para el periodo de 1991-2001. / This thesis seeks to analyze the managerial effectiveness in the economic-financial environment through the ratios analysis frequently used in the managerial environment. The necessity to find values, ratios or formulate that they show to the financial markets and the investors, the companies that can show bigger trust for their investments. The profitability is the most frequent measure used to show this trust, however the attainment of this objective could have different roads that can be successful short term, but in long term can provoke risks for the companies.It should be analyzed in the first place that really understands each other for the meaning of effectiveness and their mesuration, for later on it to analyze the ratios of profitability, such as the profitability of the own capital, of the investment and of the shareholders.At this time, we carry out in the analysis of the concept of added value inside the current Value Based Management (VBA) that it allows to see another point of view for the attainment of profitability for the shareholder. The study of the same one, with their different implications, as well as of their indicators, highlighting Economic Added Valued, it allows to compare two forms of getting the same objective. The strategies of this concept applied to the company, they have derived in new forms of seeing the company, with the implication of all components that are related with the company, so much external - stakeholders - as internal and their relationship with in environment. The company is not a solitary entity, but this included a continuous flow of relationships with the environment. The strategies focused to the value make stress in this focus, to develop new rules of behaviours. (Models of Briggs & Straton, Slywotzky, Stern & Shiley, Restructuring Pentagon, Matrix value,). However the appearance of new phenomena in the economy - New Economy - it makes necessary the introduction of new variables, such as the globalization, managerial ethics, society of the knowledge, active intangible, environment, Internet,. in the strategies of the companies. Of there a new proposal arises in the management of the value focused to the inclusion of these new phenomena.In the economic-financial environment, the necessity to improve the existent indicators, allows to include new variables in indicative EVA to get bigger reliability, such as the liquidity and the risk, to allow improving the economic and financial strategies in the company.Finally, it is carried out an empiric validation of these new variables in EVA in the sector of detergents in Spain and of the chemical sector for Europe and United States for the period of 1991-2001.

Esta tesis doctoral llevó a cabo el estudio, desarrollo e implementación de algoritmos para la navegación con sistemas globales de navegación por satélite (GNSS), enfocándose en la determinación precisa de la posición, velocidad y aceleración usando GPS, en modo post-procesado y lejos de estaciones de referencia. Uno de los objetivos era desarrollar herramientas en esta área y hacerlas disponibles a la comunidad GNSS. Por ello el desarrollo se hizo dentro del marco del proyecto preexistente de software libre llamado GPS Toolkit (GPSTk). Una de las primeras tareas realizadas fue la validación de las capacidades de la GPSTk para el procesado del pseudorango, realizando comparaciones con una herramienta de procesamiento de datos probada (BRUS). La gestión de datos GNSS demostró ser un asunto importante cuando se intentó extender las capacidades de la GPSTk al procesamiento de datos obtenidos de las fases de la señal GPS. Por ello se desarrollaron las Estructuras de Datos GNSS (GDS), que combinadas con su paradigma de procesamiento aceleran el proceso de desarrollo de software y reducen errores. La extensión de la GPSTk a los algoritmos de procesado en fase se hizo mediante la ayuda de las GDS, proporcionándose importantes clases accesorias que facilitan el trabajo. Se implementó el procesado de datos Precise Point Positioning (PPP) con ejemplos relativamente simples basados en las GDS, y al comparar sus resultados con otras aplicaciones de reputación ya establecida, se encontró que destacan entre los mejores. También se estudió cómo obtener la posición precisa, en post-proceso, de un receptor GPS a cientos de kilómetros de la estación de referencia más cercana y usando tasas de datos arbitrarias (una limitación del método PPP). Las ventajas aportadas por las GDS permitieron la implementación de un procesado semejante a un PPP cinemático basado en una red de estaciones de referencia, estrategia bautizada como Precise Orbits Positioning (POP) porque sólo necesita órbitas precisas para trabajar y es independiente de la información de los relojes de los satélites GPS. Los resultados de este enfoque fueron muy similares a los del método PPP cinemático estándar, pero proporcionando soluciones de posición con una tasa mayor y de manera más robusta. La última parte se enfocó en la implementación y mejora de algoritmos para determinar con precisión la velocidad y aceleración de un receptor GPS. Se hizo énfasis en el método de las fases de Kennedy debido a su buen rendimiento, desarrollando una implementación de referencia y demostrando la existencia de una falla en el procedimiento propuesto originalmente para el cálculo de las velocidades de los satélites. Se propuso entonces una modificación relativamente sencilla que redujo en un factor mayor que 35 el RMS de los errores 3D en velocidad. Tomando ideas de los métodos Kennedy y POP se desarrolló e implementó un nuevo procedimiento de determinación de velocidad y aceleración que extiende el alcance. Este método fue llamado Extended Velocity and Acceleration determination (EVA). Un experimento usando una aeronave ligera volando sobre los Pirineos mostró que tanto el método de Kennedy (modificado) como el método EVA son capaces de responder ante la dinámica de este tipo de vuelos. Finalmente, tanto el método de Kennedy modificado como el método EVA fueron aplicados a una red en la zona ecuatorial de Sur América con líneas de base mayores a 1770 km. En este escenario el método EVA mostró una clara ventaja tanto en los promedios como en las desviaciones estándar para todas las componentes de la velocidad y la aceleración. / This Ph.D. Thesis focuses on the development of algorithms and tools for precise GPS-based position, velocity and acceleration determination very far from reference stations in post-process mode. One of the goals of this thesis was to develop a set of state-of-the-art GNSS data processing tools, and make them available for the research community. Therefore, the software development effort was done within the frame of a preexistent open source project called the GPSTk. Therefore, validation of the GPSTk pseudorange-based processing capabilities with a trusted GPS data processing tool was one of the initial task carried out in this work. GNSS data management proved to be an important issue when trying to extend GPSTk capabilities to carrier phasebased data processing algorithms. In order to tackle this problem the GNSS Data Structures (GDS) and their associated processing paradigm were developed. With this approach the GNSS data processing becomes like an assembly line, providing an easy and straightforward way to write clean, simple to read and use software that speeds up development and reduces errors. The extension of GPSTk capabilities to carrier phase-based data processing algorithms was carried out with the help of the GDS, adding important accessory classes necessary for this kind of data processing and providing reference implementations. The performance comparison of these relatively simple GDS-based source code examples with other state-of-the art Precise Point Positioning (PPP) suites demonstrated that their results are among the best. Furthermore, given that the GDS design is based on data abstraction, it allows a very flexible handling of concepts beyond mere data encapsulation, including programmable general solvers, among others. The problem of post-process precise positioning of GPS receivers hundreds of kilometers away from nearest reference station at arbitrary data rates was dealt with, overcoming an important limitation of classical post-processing strategies like PPP. The advantages of GDS data abstraction regarding solvers were used to implement a kinematic PPP-like processing based on a network of stations. This procedure was named Precise Orbits Positioning (POP) because it is independent of precise clock information and it only needs precise orbits to work. The results from this approach were very similar (as expected) to the standard kinematic PPP processing strategy, but yielding a higher positioning rate. Also, the network-based processing of POP seems to provide additional robustness to the results, even for receivers outside the network area. The last part of this thesis focused on implementing, improving and testing algorithms for the precise determination of velocity and acceleration hundreds of kilometers away from nearest reference station. Special emphasis was done on the Kennedy method because of its good performance. A reference implementation of Kennedy method was developed, and several experiments were carried out. Experiments done with very short baselines showed a flaw in the way satellite velocities were computed, introducing biases in the velocity solution. A relatively simple modification was proposed, and it reduced the RMS of 5-min average velocity 3D errors by a factor of over 35. Then, borrowing ideas from Kennedy method and the POP method, a new velocity and acceleration determination procedure named EVA was developed and implemented that greatly extends the effective range. An experiment using a light aircraft flying over the Pyrenees showed that both the modified-Kennedy and EVA methods were able to cope with the dynamics of this type of flight. Finally, both modified-Kennedy and EVA method were applied to a challenging scenario in equatorial South America, with baselines over 1770 km, where EVA method showed a clear advantage in both averages and standard deviations for all components of velocity and acceleration. Lloc i

Syfte: Vi vill med vår uppsats öka förståelsen för vad VBM-konceptet kan bidra till för ett företag och visa hur olika VBM-modeller används i praktiken. Metod: En teoretisk studie som huvudsakligen baseras på sekundär data där vi sammanställer olika teorier och modeller tillhörande VBM-konceptet samt tidigare forskning. Detta kompletteras med vår egen empiri som består av intervjuer som genomfördes vid två företeg. Resultat: Resultatet visar att det inte är något företag som använder sig av flera VBM-mått på olika nivåer. Oftast bestämmer man sig för en modell och använder den till alla nivåer, möjligtvis kompletterar man med mindre nyckeltal. Val av modell är inte det viktigaste utan att man väljer någon modell som gör så att kapitalkostnaden tydliggörs för att säkerställa att intäkterna täcker kapitalkostnaderna.

Researth on the Value Creation Strategy -The Case Of Ritek Group By Li-Mei Chen Seeking sustainable growth has always been the core value of an enterprise.However, to achieve such goal, many questions followed¡Kwhat rules to obey upon seeking sustainable growth? High growth leads to high profit for sure? Larger company scale accompanies higher profit? Such growth strategy should be managed according more to external environment or more on own core competence? How to create company value resulting from the diversification and collectivization of the company growth? I adopt Ritek group (ëä¼w¶°¹Î) as my case study object. Purpose of my study is to find out the affection of their growth strategy to their company value, and, how this efficient growth strategy enhances sustainable competitive advantage. My study integrated the relation between company value and Resource-Based view, Enterprise Growth Strategy view and Economic Value Added (EVA) view. Results of my empirical study: 1. Resources construction is a key in the development of company. 2. Strategy to focus on core competencies and to be effective. 3. Company valued scale expansion strategy increased their company value. 4. Fast capital outlay expansion helps no company value promotion. 5. Long-term investment amount decides future value. 6. Highly fund financing could not create company value. 7. Company¡¦s profit ability affects its future growth opportunity.

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Abstract There are many factors, such as long-term depression and industrial moving, to induce Taiwanese corporations into financial distress since the Asian Financial Crisis erupted in 1997. In research of financial distress, it¡¦s difficult to distinguish the exact factors that whether financial aspect or other aspect cause financial distress. Management normally will take improvement actions in operation or financial respects when it perceives certain aspects getting worse. In practice, organization reforming and changing top management team may be the most popular and effective solutions. But, the effects for adopting such actions are uncertain. Therefore, those financial-distress corporations after taking successful improvements in change management are worth the research of its improvement procedures and methodologies. Many researchers evaluate corporation performance using certain financial ratio such as earnings per share (EPS), return on equity (ROE), and return on investment (ROI). According to the earning calculation as required in Generally Accepted Accounting Principle (GAAP), some expenditures which will make corporation benefit from a long-term respect are expensed currently. This result may understate current period and overstate future period earning and assets. Management may reduce this kind of expenditures when EPS is the only indicator for performance evaluation. Economic Value Added (EVA), one valuation method based upon residual income, will improve above-mentioned shortcomings of traditional performance evaluation. The major concept of EVA is that adjustment of accounting accounts is necessary to get real value of corporation and corporation needs to earn profit exceeding return of costs of capital to create value of shareholder. The case in my research, Y company, expanded its investment in Compact Integrated Steel Mill project which was announced in 1992. However, after Asian Financial Crisis in 1997, Y company¡¦s operation was getting worse and was unable to repay its bank loans. Y company then became a financial-distress corporation. The top management was changed after the majority shareholdings of Y company were transferred to C company. Since ownership change, Y company made organization reforming with ¡§Theory E¡¨ first and ¡§Theory O¡¨ second. We adopt EVA as the vehicle to assess the performance of new management¡¦s improvement. In our research, EVA of Y company was turnaround after C company¡¦s acquisition of Y company¡¦s shareholdings and its top management was totally changed. Keywords: Financial distress, Change management, Theory E, Theory O, Economic Value Added, EVA, Residual income.

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¡iAbstract¡j After the disregulation of the telecommunication in Taiwan, Strategy Alliances become the hit among the companies. And the M&A is a great mass fervor in advanced countries. What we concern are if the alliance performance is the same with what the manger expect and how to measure the value of the enterprise. As we know, Sometimes the financial reports can¡¦t reflect the market value of a company. EVA (Economic Value Added) is a new indicator in financial field. It is aimed at the new hi-tech companies, which have little asset and high R&D abilities. The research is focused on the Excite@Home, the biggest broadband internet service provider (ISP) in the USA. Excite, the sixth internet content provider (ICP) in America, was merged by @Home in 1999. According to the conclusion, the marketing cost affect FGV so much, both of them are direct proportion. It means the marketing makes sense and increases the market value of the business when the merger occurred. But the margin advertising revenue didn¡¦t increase for a long time. Why? Because the integration of the merger didn¡¦t work out very well and people anticipate negatively for the company¡¦s future. Thus it can be seen the value drivers reflect the success or failure of their strategic decision. The result also shows the business model drives FGV. Taking the Excite@Home for example, FGV has huge variation accompany COV just a ripple when the company makes vast investment. In a word, when the strategic planning matches with the market expectation and it implement successfully, the FGV goes up so that the market value of the enterprise increases. On the contrary, either the failure operation or the wrong strategy makes FGV slump, even lower than COV.

S. David Young and F. O¡¦Byren (2000) divided the economic value added (EVA) into two parts, current operating value (COV) and future growth value (FGV). From financial markets, it was found out that the fluctuations of stock prices of businesses were mainly based on the expectation of the investors to the operation performance and future growth of the businesses. Hence, the businesses can create higher market value only their substantial growth rate exceeds expected growth rate from the market. This study adopts O¡¦Byren¡¦s theory (2000) to do the empirical case study of IC design industry in Taiwan. Firstly, the relationship between future growth value of business and their long term equity input rate (LTEI/IC), net operating profit after tax (NOPAT(G)%), Gross Profit/OE were examined. Secondly, by paradigm empirical case study, this study tries to find out the relationship between the factors that affect future growth value of business and the innovation strategy. Thirdly, this study tries to figure out recommendations for the business to enhance its future growth value. This study finds out the factors that affect the future growth value (FGV), in stock market, of business of IC design industry in Taiwan. The investors focus on NOPAT(G)% for on-growing businesses; they focus on continuous growth of Gross Profit/OE for expanding businesses; and they focus on higher expectation of investment performance from LTEI/IC for mature business sectors. In addition, the results of this empirical study of investors¡¦ expectation on the growth of MediaTek Inc. are as follows: 1. Its Gross Profit/OE and NOPAT(G)% are obviously superior to the other sample business sectors. 2. There is positive correlation between Gross Profit/OE and NOPAT(G)% for killer applications (high market-share products) resulted from applying disruptive innovation strategy. In conclusion, this study provides some recommendations for the businesses pursuing incremental growth or constant growth, as below: 1. Competition strategy decision: To take the innovation strategy in accordance with the performance and specification of the products, target customers and business models. 2. Effective cost control: Continuous improvements by innovative concepts and managements to reduce the costs in marketing, R&D, management, risk from material acquiring, yield rate and operation costs, etc. 3. Profit maximization: It is the key for business success and profit to apply correct innovation strategy as well as effective cost management.