Submitted by Diogo Anunciação Reis (diogoanunreis@gmail.com) on 2015-02-24T02:27:24Z No. of bitstreams: 1 007293707_MPE_Dissertacao_V10.pdf: 747515 bytes, checksum: 91e13be0bac80e71972e87a4567cbc0b (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-24T16:06:57Z (GMT) No. of bitstreams: 1 007293707_MPE_Dissertacao_V10.pdf: 747515 bytes, checksum: 91e13be0bac80e71972e87a4567cbc0b (MD5) / Made available in DSpace on 2015-02-24T16:11:35Z (GMT). No. of bitstreams: 1 007293707_MPE_Dissertacao_V10.pdf: 747515 bytes, checksum: 91e13be0bac80e71972e87a4567cbc0b (MD5) Previous issue date: 2015-01-26 / Este trabalho tem por objetivo contribuir para a discussão acerca do diferencial relativo de preços entre duas classes de ações - ordinárias nominativas (ON) e preferenciais nominativas (PN) - no Brasil e os seus determinantes no período compreendido entre 2002 e 2014. Considerando-se a disseminada utilização de duas classes de ações (com e sem direito de voto) por empresas listadas na BMFBovespa – permitindo a separação entre controle e propriedade - e a elevada concentração do controle, este trabalho contribui para o entendimento dos potenciais conflitos de interesse entre acionistas majoritários e minoritários. Utilizou-se o método de mínimos quadrados ordinários (MQO) e os procedimentos de efeitos fixos (EF) e aleatórios (EA) para um painel formado por 46 companhias listadas resultando em 1.653 observações. Foram encontradas evidências de que as ações ON (com direito a voto) são negociadas com prêmio em relação às PN (sem direito a voto) e de que o prêmio (pelo voto) apresenta leve tendência de alta durante o período. Por fim, em relação aos determinantes, foram encontradas evidências de que o maior grau de proteção aos acionistas minoritários, o tamanho da empresa e a maior proporção de ativos tangíveis (imobilizados) estão negativamente associados ao prêmio pelo voto. / This paper aims to contribute to the discussion about dual-class premium (voting and non-voting shares) and its determinants in Brazil from 2002 to 2014. Considering the disseminated issuance of voting and non-voting shares by Brazilian listed firms – allowing the separation of ownership and control – and concentrated ownership, this paper contributes to the understanding of potencial conflicts of interest between majority and minority shareholders. This paper applies the ordinary least square (OLS) method and the procedures of fixed (FE) and random effects (RE) for a panel of 46 listed companies resulting in 1.653 observations. We found evidence that supports a premium of voting shares over non-voting shares (voting Premium). Furthermore, this premium presented a slight upward trend during the period. Finally, regarding the determinants, we found evidence that higher protection levels of minority shareholders rights, firm’s size and higher proportion of tangible assets are negatively associated to voting premium.

Submitted by Renata Ferreira da Rosa (renatafrosa@gmail.com) on 2016-03-15T13:54:22Z No. of bitstreams: 1 Renata Rosa - Ecommerce as Internationalization Strategy.pdf: 6115288 bytes, checksum: 8a7d99af826e68ad0e5589c5c23a1251 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Prezada Renata, Somente a numeração das páginas está incorreta, a numeração deve contar da 1 pagina mas só aparecer o numero na introdução. exemplo: introdução pagina 11 na pagina anterior não aparece o numero. Ana Luiza Holme 37993492 on 2016-03-15T14:02:33Z (GMT) / Submitted by Renata Ferreira da Rosa (renatafrosa@gmail.com) on 2016-03-15T14:28:30Z No. of bitstreams: 1 Renata Rosa - Ecommerce as Internationalization Strategy.pdf: 6109671 bytes, checksum: 0eea98d4f3f18d5fdb7e73ec531e5751 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-16T12:18:58Z (GMT) No. of bitstreams: 1 Renata Rosa - Ecommerce as Internationalization Strategy.pdf: 6109671 bytes, checksum: 0eea98d4f3f18d5fdb7e73ec531e5751 (MD5) / Made available in DSpace on 2016-03-16T12:25:34Z (GMT). No. of bitstreams: 1 Renata Rosa - Ecommerce as Internationalization Strategy.pdf: 6109671 bytes, checksum: 0eea98d4f3f18d5fdb7e73ec531e5751 (MD5) Previous issue date: 2016-02-22 / As stated by Hoffmann and Coste-Manière (2012) 'The web is a mass medium that contrast completely with the traditional codes of exclusivity associated with the luxury industry, and has long been simply rejected by the luxury industry for being an illegitimate distribution channel.' Meanwhile this market presents an incomparable pace of growth and is gradually changing the existing retailing business model and companies must be aware of this change and capable to adapt to it. The internet and cross-border sales already changed the competition throughout retailing and it will increase even more, so companies must be ready to face it. Internet has shown its great opportunity for all markets, although luxury/premium market is not yet taking the proper advantage of its potential, but the necessity to be an omnichannel business strategy is growing. This paper presents an exploratory research based on a case study of how premium fashion Brazilian brands are using Farfetch, e-commerce, as an entry market strategy and how this affects them. The research question of this study is: How is Farfetch helping on the internationalization of Brazilian premium fashion brands?, and in order to answer it was conducted an in-depth interview with the Brazilian head of business development of Farfetch, apart an extensive secondary data research. As expected the study found a list of trade-offs of using an e-commerce, luxury specialized, with a marketplace approach to the brands willing to internationalize. As stated by Altagamma and McKinsey (2015) study '[...] luxury brands have no choice but to embrace the digital era and become truly omnichannel. This will require them a radical rethinking of both their customer experience of their consumer engagement strategy.' Looking either from the Farfetch point of view, trying to understand why they offer this opportunity to the brands, or also from the brand side if this is a manageable approach. This study presents a contribution for both sides, trying to give tools to the brands on understanding the internationalization reasons and approach, as well as explaining Farfetch business model, and the advantages it can bring to them, at the same time of a general market trend analysis for Farfecth. / Hoffmann e Coste-Manière (2012) afirmaram em seu estudo que 'A web e um meio de massa e contrasta completamente com os códigos tradicionais de exclusividade associados a ndústria de luxo, e por isso foi por muito tempo simplesmente rejeitada pelo mercado de luxo por não ser um canal de distribuição legitimo.' Enquanto isso o mercado apresenta um ritmo de crescimento incomparável e gradualmente esta mudando o modelo de negócios existente para o varejo, portanto as empresas precisam estar consciente das mudanças e serem capazes de se adaptarem a elas. A internet e as vendas além-fronteiras já alteraram as formas de competição no varejo e vão aumentar ainda mais e as empresas têm de estar preparadas para enfrentar isso. Internet já mostrou a sua ótima oportunidade para todos os mercados, no entanto os mercados de luxo/premium ainda não estão tirando o total proveito do seu potencial, mas a necessidade de adotar uma estratégia de negocio omnichannel esta crescendo e se mostra fundamental. Esse trabalho apresenta um estudo exploratório baseado em estudo de caso de como as marcas de moda premium brasileiras estão usando a Farfetch, e-commerce, como uma estratégia de entrada de mercado e como isso as afeta. A questão de pesquisa desse estudo é: Como a Farfetch esta ajudando no processo de internacionalização das marcas de moda premium brasileiras?, e para responder essa pergunta foi conduzida uma entrevista em profundidade com a responsável por desenvolvimento de novos negócios da Farfetch, alem de uma extensa pesquisa de dados secundários Conforme esperado, o estudo encontrou uma lista de trade-offs de usar e-commerce, mesmo especializado em luxo, mas com uma estratégia de marketplace, como estratégia de internacionalização para as marcas que assim o desejam. Conforme o estudo da Altagamma e McKinsey (2015) '[…] marcas de luxo não tem mais escolha senão abraçar a era digital e se tornar um verdadeiro canal omnichannel. Isso vai exigir uma atenção redobrada tanto na experiencia do consumidor como na estratégia de engajamento do consumidor.' Com um olhar tanto da perspectiva da Farfetch, tentando entender o porquê oferece essa oportunidade para as marcas, como das próprias marcas para entender se essa e uma abordagem viável. O estudo apresenta contribuições para os dois lados, oferecendo ferramentas para as marcas analisarem as razões e melhor abordagem para internacionalização, assim como a explicação do modelo de negócios da Farfetch, e as vantagens que ele pode trazer, assim como uma analise geral do marcado com suas tendências para a Farfetch

This paper estimates the zero coupon yield curve for the Peruvian government bond market. We employ two methods of estimation proposed by Nelson y Siegel (1987) and Svensson (1994). Model performance is evaluated based on criteria of goodness of fit, flexibility and parameter stability, by using alternative objective functions for parameter estimation. The Svensson model shows on average a better adjustment; however, parameter estimates are more unstable when data availability is limited —for example when there is a small number of transactions in the secondary market— in which case is better to use the Nelson y Siegel estimates. At the end of the paper, yield curve estimates are used to derive market expectations of future short term interest rates, that are valuable sources of information for central bank’s monetary policy. / En el presente documento se estiman dos modelos para la curva de rendimiento en soles para el Perú, el modelo de Nelson y Siegel (1987) y el modelo de Svensson (1994). Se compara el desempeño de ambos modelos en términos de ajuste, flexibilidad y estabilidad de sus parámetros, y se evalúan funciones objetivo de estimación alternativas. El modelo de Svensson tiene el mejor ajuste, sin embargo, es más inestable cuando no se dispone de datos suficientes para los diferentes plazos de la curva de rendimiento —por la ausencia de emisiones o de precios cuando la negociación en el mercado secundario es incipiente— en cuyo caso es preferible el uso del modelo de Nelson y Siegel. En la parte final se muestra el uso de las curvas de rendimiento cupón cero estimadas como fuente de información de los bancos centrales sobre las expectativas del mercado para la evolución futura de la tasa interbancaria.

Sedan 2013 har allt fler börjat använda sig av streamingtjänster för film och TV på internet (Findahl,2014). I takt med att användningen ökar är det viktigt att tjänsterna är välutvecklade och lättillgängliga för användaren. I denna uppsats undersöker vi funktioner på de tre största Video on Demand-tjänsterna (VoD) i Sverige ur ett användarperspektiv. Med hjälp av befintliga teorier och litteratur diskuterar vi användarbarhet och genomför en områdesanalys av de utvalda VoD-tjänsterna. Utifrån analysen har vi gått vidare med tio funktioner för att avgränsa studien. Uppsatsen innehåller två metoder; fokus grupper och enkätundersökning. Resultatet från dessa metoder presenteras i en rankningslista som ska fungera som rekommendation till operatörerna. Slutsatsen som kan dras från resultatet är att en VoD-tjänst som har flera eller alla av funktioner från rankningslistan tillgängliga, kommer ge användare en betydligt bättre användarupplevelse på webbplatsen. / The development of streaming media services has rapidly evolved since 2013 (Findahl, 2014). As the usage of video on demand (VOD) services increases, it becomes more important that the services are well developed and accessible to its users. In this essay we study the functionality of the three most used VOD-services in Sweden, from a user perspective. Using existing theories and literature, we discussusability and conduct a field evaluation, analysing the three VOD services. Based on the conducted evaluation, we decided to move forward with ten features that, we found, were the most useful from a user perspective. It also helped delimit the study. The essay contains two research methods, a questionnaire survey and focus groups. The results from the study are presented in a ranking-list that will serve as a recommendation to the operators of the VOD services. The conclusion we made from the ranking-list is that a VOD service that take most of these functions into account will make for a better user experience.

Personer med kognitiva nedsättningar tillhör en av de största grupperna av funktionsnedsatta personer. Premium Comai är ett hjälpmedel för att hjälpa personer med kognitiva nedsättningar att bli mer självständiga i deras vardag. Denna målgrupp har framförallt svårigheter med de exekutiva funktionerna så till exempel att minnas saker de ska genomföra eller att uppfatta hur lång tid aktiviteter tar. Denna studie undersöker hur användandet av en digital kalender som hjälpmedel för personer med kognitiva nedsättningar ser ut och hur användare av upplever hjälpmedlet, om de upplever att det hjälper dem planera sin tid och att komma ihåg. För att undersöka detta intervjuades användare av Premium Comai, där intervjutekniken var semistrukturerade intervjuer. Användare upplever att hjälpmedlet är enkelt att använda och att det hjälper dem planera sin tid. Premium Comai skapar trygghet. / People with cognitive impairments belong to one of the largest groups of disabled persons. Premium Comai is a tool to help people with cognitive impairments to become more independent in their daily lives. These peoples have particular difficulties with the executive functions such as remembering things or to perceive the time an activity will take. This study examines how the use of a digital calendar that is accessible for people with cognitive impairments, how users perceive the means, if they feel it helps them manage their time and to remember. To examine this, users of Premium Comai were interviewed, using semi-structured interviews. Users perceive that the device is easy to use and it helps them to plan their time. Premium Comai makes users feel safe.

This dissertation seeks to contribute to the policy discussion on how to design efficient and sustainable energy policies. In three self-contained chapters, it applies microeconomic theory and empirical analysis to identify three market failures in European energy markets and to evaluate specific policy measures that strive to overcome these failures in order to increase market efficiency and to enhance environmental or societal sustainability. Chapter 1 and 2 study European electricity markets, which play an important role in the transition towards a carbon-neutral energy future. Overcoming barriers to efficient electricity markets is a crucial step to keep the costs of this transition as low as possible to society. Both chapters focus on obstacles to electricity market efficiency that have recently been highlighted by the European Commission. On the supply side, subsidies for renewable electricity may distort production incentives and competition in wholesale electricity markets. Chapter 1 applies a theoretical model to study the effect of different subsidies on producer strategies and competition in wholesale electricity markets. On the demand side, the European Commission seeks to overcome the reluctance of residential electricity consumers to switch electricity supplier in order to ensure effective competition in the retail electricity market. Chapter 2 empirically quantifies different reasons for switching inertia using a structural discrete choice model and performs counterfactual analysis to study the effect of different policy measures that seek to overcome switching inertia. Chapter 3 looks at the building sector, which accounts for 40% of final energy consumption in Europe and is a major emitter of carbon emissions. In the residential housing market information asymmetries hamper incentives to invest in energy efficiency improvements of rental property. This chapter empirically analyzes the effect of a European policy that mandates the use of energy performance certificates aiming at establishing an efficient market for energy efficient dwellings. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Subsidising investment in lagging regions is an important regional policy instrument in many countries. Some argue that this instrument is not specific enough to concentrate the aid towards the regions that are lagging behind most, because investment subsidies benefit capital owners who might reside elsewhere, possibly in very rich places. Checking under which conditions this is true is thus highly policy relevant. The present paper studies regional investment subsidies in a multiregional neoclassical dynamic framework. We set up a model with trade in heterogeneous goods, with a perfectly integrated financial capital market and sluggish adjustment of regional capital stocks. Consumers and investors act under perfect foresight. We derive the equilibrium system, show how to solve it, and simulate actual European regional subsidies in computational applications. We find that the size of the welfare gains depends on the portfolio distribution held by the households. If households own diversified asset portfolios, we find that the supported regions gain roughly the amounts that are allocated to them in the form of investment subsidies. If they only own local capital stocks, a part of the money is lost through the drop in share prices. From the point of view of total welfare, the subsidy is not efficient. It can lead to a welfare loss for the EU as a whole and definitely leads to welfare losses in the rest of the world, from where investment ows to the supported EU regions.

Submitted by Rafael Morettini (rafaelmorettini@gmail.com) on 2018-09-18T15:00:35Z No. of bitstreams: 1 FGV_MPA_Dissertação_RafaelMorettini_3.pdf: 587393 bytes, checksum: 8b68f37dd1ece569ba24bbfeed8272f1 (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-09-18T15:03:19Z (GMT) No. of bitstreams: 1 FGV_MPA_Dissertação_RafaelMorettini_3.pdf: 587393 bytes, checksum: 8b68f37dd1ece569ba24bbfeed8272f1 (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-09-18T15:18:48Z (GMT) No. of bitstreams: 1 FGV_MPA_Dissertação_RafaelMorettini_3.pdf: 587393 bytes, checksum: 8b68f37dd1ece569ba24bbfeed8272f1 (MD5) / Made available in DSpace on 2018-09-18T15:18:48Z (GMT). No. of bitstreams: 1 FGV_MPA_Dissertação_RafaelMorettini_3.pdf: 587393 bytes, checksum: 8b68f37dd1ece569ba24bbfeed8272f1 (MD5) Previous issue date: 2018-08-28 / Este trabalho tem como tema central as diferentes estratégias de construção e comunicação de marcas de cervejas especiais no Brasil. Apesar do mercado cervejeiro nacional ser maduro, antigo e internacionalmente competitivo, ainda existe uma carência de estudos no que se refere às suas marcas. Muito pouco se sabe sobre as diferentes estratégias utilizadas para a idealização e sustentação das marcas locais nesse segmento. Por isso, o objetivo desse estudo é o de identificar e estudar as principais estratégias de construção e posicionamento de marca de três empresas no segmento de cervejas especiais atuantes no mercado brasileiro, Cervejaria Dádiva, Cervejaria Eisenbahn e Cerveja Praya, além de avaliar como estes planos são concebidos pela alta administração dessas empresas. Através de revisão da literatura, o primeiro passo dessa pesquisa para atingir o seu objetivo é a contextualização do tema, para depois, através da base teórica, termos a definição exata do que é marca, como é feita a construção da mesma, o que é segmentação, posicionamento e posicionamento premium. A etapa seguinte compreende o estudo de caso das três cervejarias citadas, de modo a entender como elas estruturaram ou aplicaram as suas marcas em nosso território. Para depois fazermos uma análise comparativa entre as mesmas, que avalie missão, valores, personalidade de marca, posicionamento, comunicação e gestão de marcas, de modo a relacionar como a teoria é utilizada para dar significado ao mundo real. Espera-se que este trabalho possa contribuir com informações relevantes e atuais sobre o estudo de marcas de bebidas brasileiras. Para a prática empresarial, acredita-se que esse estudo possa auxiliar todos aqueles que, em futuros projetos, necessitem da criação de marca para o lançamento de novos produtos, especialmente dentro do mercado de cervejas. / This research has as central theme the different strategies of brand building and communications for premium beers in Brazil. Despite the fact that the Brazilian market is mature, traditional and internationally competitive, there is still a lack of studies regarding its brands. Little is known about the different strategies used to idealize and sustain local brands in this segment. Therefore, the objective of this study is to identify and study the main strategies of brand building, positioning and communications of the companies in the segment of special beers operating in the Brazilian market, Cervejaria Dádiva, Cervejaria Eisenbahn and Cerveja Praya, besides evaluating how these plans are designed by the top management of the selected companies. Through a literature review, the first step of this research to reach its objective is the contextualization of the theme, and then, through the theoretical framework, have the exact definition of what is a brand, how it is constructed, what is brand positioning, and premium positioning. The next step comprises the case study of the three mentioned breweries, in order to understand how they structured and applied their brands in our territory. Then there is a comparative analysis, which evaluates mission, values, brand personality, positioning, communications and brand management, in order to relate how the theory is used to give meaning to the real world. It is expected that this work can contribute with relevant and current information about the study of Brazilian beverage brands. For the business practice, it is believed that this study can help future projects that need to brand building for new products, especially in the beer market.

Motivation: Syftet med denna studie är att undersöka huruvida Country-of-Origin (COO) påverkar svenska konsumenters Willingness to Pay (WTP) & Willingness to Buy (WTB). Vidare kommer studien även undersöka om svenska konsumenter besitter någon kännedom kring produktionsländer vid köp av klädprodukter inom premiumsektorn. Problemdiskussion: Utifrån den nuvarande ökade trenden mot en mer medveten kund önskar studien att undersöka vilka aspekter som har en avgörande roll i köpbeslutet för premiumprodukter samt hur vetskapen om produktionsland påverkar företagets image, kundens köp-och betalvilja. Denna studie kommer därmed fylla en klar funktion eftersom det finns få tidigare studier som flätar samman begreppen COO, WTB & WTP i relation till Premium Branding i modesammanhang på den svenska marknaden. Metod: Studien är genomförd med en kvantitativ metod med fokus på en stor empirisk enkätundersökning där 200 svenska respondenter deltog. Frågorna var tagna från de valda huvudbegreppen COO, Brand Image, Premium, WTP/WTB samt kvalitet. Respondenterna var systematiskt tillfrågade på olika geografiska platser runt Stockholmsområdet. Resultat: Genom att enskilt testa hypoteserna som är utvecklade från tidigare teori, finner denna studie att svenska konsumenter värderar kvalitet som den viktigaste faktorn när de handlar kläder samt att deras WTB/WTP förändras vid vetskapen om produktionsland. Svenska konsumenter värderar samtidigt produkterna utifrån produktionsland samt anser sig ha en låg kännedom var produkterna är tillverkade. Implikationer: Studien kan agera som lösning för företag som vill hitta nya konkurrenskraftiga fördelar samt skapa ett större omfång av värdeskapande aktiviteter som kan locka in en större andel av marknaden. / Motivation: The purpose of this study is to examine whether Country-of-Origin (COO) affects Swedish consumers' Willingness to Pay (WTP) & Willingness to Buy (WTB). Furthermore, the study will also focus on whether Swedish consumers have any knowledge of production countries when purchasing clothing products in the premium sector. Problem statement: Based on the current increased trend towards a more conscious consumer, the study intends to investigate which aspects have a crucial role in the purchasing decision for premium products. Also, how the knowledge of production country affects the company's image, the consumers WTB/WTP. This study will thus fulfil a clear function as there are few previous studies that merge the concepts of COO, WTB & WTP in relation to Premium Branding in fashion context in the Swedish market. Methodology: The study was conducted with a quantitative method focusing on a large empirical survey in which 200 Swedish respondents participated. The questions were conducted from the selected main concepts of COO, Brand Image, Premium, WTP / WTB and quality. Respondents were systematically asked at various geographical locations around the Stockholm area. Results: By separately testing the hypotheses conducted from previous theory, this study finds that Swedish consumers value quality as the most important factor when purchasing premium fashion and their WTB / WTP changes based on the knowledge of production countries. Swedish consumers at the same time value the products along the COO and consider themselves to have a low knowledge of where the products are manufactured. Implications: The study can act as a solution for companies that want to find new competitive advantages and create a larger range of value-creating activities that can attract a larger share of the market.

The aim of this thesis is to determine the premium of motor third party liability insurance. Thesis explores both direct approach to premium cal- culation and calculation using separately calculated claims frequency and claims severity. Emphasis is put on the use of generalized linear models whose theory is also present. Described approaches to calculation are applied on real world data, compared with each other and then final model for premium calculation is selec- ted. Premium is determined with the inclusion of IBNR reserves and expenses. Keywords: generalized linear model, claims frequency, claims severity, net pre- mium, gross premium, motor third party liability insurance, bonus-malus. 1