No / This study assesses whether the widely documented momentum profits can be ascribed to time-varying risk as described by a GJR-GARCH(1,1)-M model. Consistent with rational pricing in efficient markets, we reveal that momentum profits are a compensation for time-varying unsystematic risks, common to the winner and loser stocks. We also find that, because losers have a higher propensity than winners of disclose bad news, negative return shocks increase their volatility more than it increases that of the winners. The volatility of the losers is also found to respond to news more slowly, but eventually to a greater extent, than that of the winners. Following Hong et al. (2000), we interpret this as a sign that managers of loser firms are reluctant to disclosing bad news, while managers of winner firms are eager to releasing good news

The thesis presents an evaluation of the Facebook page of the Italian non-profit organization Oxfam Italia from November 2013 to March 2014. The research’s aim is to analyze the community which follows the organization, how this community interacts with it and how the moderators of the page communicate with its followers. The research aims also to find ways to increase Oxfam Italia’s performance on Facebook. The theoretical framework focuses on non-profit marketing and its peculiarities, Social Media Marketing and notions such as engagement and brand community. The methods used in the research consist in data mining and content analysis. Data have been gathered from Facebook Insights and through the issuing of FQL queries from the Facebook Graph API. The research found out that Oxfam has more female followers than male (62% vs 36,5%), the age range of them is 25-44 years. Oxfam’s presence, in particular, is very rooted in the region of Tuscany (where its headquarter is). Facebook followers showed a very good attitude toward the organization, even though criticisms are common, and Oxfam used its social media presence mainly to update the followers concerning ongoing activities and to urge to on-line activism. The users’ favourite engagement method was “liking” photographic contents.

Este trabalho examina a disciplina legal do dividendo mínimo obrigatório, a partir da compreensão de suas funções dentro da organização societária e das implicações práticas de sua existência, manifestáveis ao longo do procedimento de formação e partilha do lucro social. Trata-se de estudo que, embora gravite em torno do art. 202 da Lei das Sociedades por Ações, estende-se para os fundamentos do direito societário, excursionando por temas que vão desde as razões da celebração do contrato de sociedade e da função empresarial do lucro até as mais modernas reflexões a respeito do conflito de interesses e do papel dos administradores e dos controladores na sociedade. Além de uma análise detalhada das etapas de apuração, declaração e pagamento do dividendo mínimo obrigatório, o estudo oferece as seguintes principais proposições: (i) a de que o dividendo mínimo obrigatório consiste em solução contratual, estimulada pela lei, para redução dos custos da decisão de partilha do lucro social; (ii) a de que o direito ao dividendo é diverso do direito de participação nos lucros sociais e de que aquele, ao contrário deste último, é tanto derrogável, quanto renunciável; e (iii) a de que o dividendo mínimo obrigatório possui natureza substancialmente específica, reclamando análise autônoma de seu funcionamento. Entre as contribuições esperadas, estão o aperfeiçoamento da aplicação da disciplina legal do dividendo mínimo obrigatório e a retomada da investigação científica da matéria, inexplicavelmente negligenciada pela doutrina brasileira. Estruturalmente, o texto encontra-se dividido em oito capítulos, além da introdução e das considerações finais. O primeiro apresenta o papel do lucro e do dividendo na sociedade. O segundo reproduz o raciocínio doutrinário que conforma o direito do acionista ao dividendo mínino obrigatório, examina as justificativas para sua tutela jurídica e analisa a necessidade contemporânea da manutenção dessa tutela. No terceiro capítulo são discutidas as questões relacionadas à titularidade do dividendo mínimo obrigatório. Os capítulos quarto e quinto tratam, respectivamente, da apuração e da declaração do dividendo mínimo obrigatório. As hipóteses de retenção regular e irregular de lucros sociais são tratadas nos capítulos sexto e sétimo. Do capítulo oitavo constam explicações sobre o pagamento do dividendo mínimo obrigatório. As considerações finais retomam as principais conclusões obtidas ao longo dos capítulos e arrematam o trabalho. / This thesis examines the legal discipline of the minimum mandatory corporate dividend, based on an analysis of its functions within organizations and on the practical implications of its existence, reflected in the procedures for social profits formation and distribution. Although this study centers on article 202 of the Brazilian Corporations Law, it also touches on corporate laws foundations, covering subjects ranging from the reasons for settling a corporate contract and the corporate functions of profits to modern thinking on conflicts of interest and the roles of managers and controlling shareholders. Besides a detailed analysis of the steps in accounting for, declaring, and paying the minimum mandatory dividend, this study also suggests these main propositions: (i) that the minimum mandatory dividend consists of a contractual solution, stimulated by law, that aims to reduce the costs related to the decision to share social profits; (ii) that the right to the minimum mandatory dividend and the right to participate in social profits are not equivalent and that the former, as distinct from the latter, is as revocable as it is renounceable; and (iii) that the minimum mandatory dividend has a substantially singular nature, which requires an independent analysis of its mechanisms. The expected contribution of this study is twofold: to improve the application of the minimum mandatory dividends legal discipline, and to bring to light the scientific investigation of dividend subjects, which inexplicably has been neglected by Brazilian legal doctrine in recent decades. The text is divided into eight chapters, besides the introduction and the final remarks. The first chapter presents the role of profits and dividends in companies. The second explains the doctrinal rationality that sustains the right of shareholders to the minimum mandatory dividend, examines the justifications for its jurisdictional protection, and analyzes the contemporary necessity for this protection. In the third chapter, issues related 181 to the minimum mandatory dividends ownership are debated. The fourth and fifth chapters concern, respectively, accounting for and declaring minimum mandatory dividends. The hypotheses of regular and irregular retention of social profits are discussed in the sixth and seventh chapters. Explanations of the rules for paying the minimum mandatory dividend are given in the eighth chapter. The final remarks section distills the main conclusions from the eight chapters.

Univ., Diss.--Frankfurt am Main, 2006. / Literaturverz. S. 15 - 39.

Nous nous intéressons dans cette thèse à la résolution du problème de tournées sélectives (Team Orienteering Problem - TOP) et ses variantes. Ce problème est une extension du problème de tournées de véhicules en imposan tcertaines limitations de ressources. Nous proposons un algorithme de résolution exacte basé sur la programmation linéaire en nombres entiers (PLNE) en ajoutant plusieurs inégalités valides capables d’accélérer la résolution. D’autre part, en considérant des périodes de travail strictes pour chaque véhicule durant sa tournée, nous traitons une des variantes du TOP qui est le problème de tournées sélectives multipériodique (multiperiod TOP - mTOP) pour lequel nous développons une métaheuristique basée sur l’optimisation par essaim pour le résoudre. Un découpage optimal est proposé pour extraire la solution optimale de chaque particule en considérant les tournées saturées et pseudo saturées .Finalement, afin de prendre en considération la disponibilité des clients, une fenêtre de temps est associée à chacun d’entre eux, durant laquelle ils doivent être servis. La variante qui en résulte est le problème de tournées sélectives avec fenêtres de temps (TOP with Time Windows - TOPTW). Deux algorithmes exacts sont proposés pour résoudre ce problème. Le premier est basé sur la génération de colonnes et le deuxième sur la PLNE à laquelle nous ajoutons plusieurs coupes spécifiques à ce problème. / We focus in this thesis on developing new algorithms to solve the Team Orienteering Problem (TOP) and two of its variants. This problem derives from the well-known vehicle routing problem by imposing some resource limitations .We propose an exact method based on Mixed Integer Linear Programming (MILP) to solve this problem by adding valid inequalities to speed up its solution process. Then, by considering strict working periods for each vehicle during its route, we treat one of the variants of TOP, which is the multi-period TOP (mTOP) for which we develop a metaheuristic based on the particle swarm optimization approach to solve it. An optimal split procedure is proposed to extract the optimal solution from each particle by considering saturated and pseudo-saturated routes. Finally, in order to take into consideration the availability of customers, a time window is associated with each of them, during which they must be served. The resulting variant is the TOP with Time Windows (TOPTW). Two exact algorithms are proposed to solve this problem. The first algorithm is based on column generation approach and the second one on the MILP to which we add additional cuts specific for this problem. The comparison between our exact and heuristic methods with the existing one in the literature shows the effectiveness of our approaches.

Este trabalho examina a disciplina legal do dividendo mínimo obrigatório, a partir da compreensão de suas funções dentro da organização societária e das implicações práticas de sua existência, manifestáveis ao longo do procedimento de formação e partilha do lucro social. Trata-se de estudo que, embora gravite em torno do art. 202 da Lei das Sociedades por Ações, estende-se para os fundamentos do direito societário, excursionando por temas que vão desde as razões da celebração do contrato de sociedade e da função empresarial do lucro até as mais modernas reflexões a respeito do conflito de interesses e do papel dos administradores e dos controladores na sociedade. Além de uma análise detalhada das etapas de apuração, declaração e pagamento do dividendo mínimo obrigatório, o estudo oferece as seguintes principais proposições: (i) a de que o dividendo mínimo obrigatório consiste em solução contratual, estimulada pela lei, para redução dos custos da decisão de partilha do lucro social; (ii) a de que o direito ao dividendo é diverso do direito de participação nos lucros sociais e de que aquele, ao contrário deste último, é tanto derrogável, quanto renunciável; e (iii) a de que o dividendo mínimo obrigatório possui natureza substancialmente específica, reclamando análise autônoma de seu funcionamento. Entre as contribuições esperadas, estão o aperfeiçoamento da aplicação da disciplina legal do dividendo mínimo obrigatório e a retomada da investigação científica da matéria, inexplicavelmente negligenciada pela doutrina brasileira. Estruturalmente, o texto encontra-se dividido em oito capítulos, além da introdução e das considerações finais. O primeiro apresenta o papel do lucro e do dividendo na sociedade. O segundo reproduz o raciocínio doutrinário que conforma o direito do acionista ao dividendo mínino obrigatório, examina as justificativas para sua tutela jurídica e analisa a necessidade contemporânea da manutenção dessa tutela. No terceiro capítulo são discutidas as questões relacionadas à titularidade do dividendo mínimo obrigatório. Os capítulos quarto e quinto tratam, respectivamente, da apuração e da declaração do dividendo mínimo obrigatório. As hipóteses de retenção regular e irregular de lucros sociais são tratadas nos capítulos sexto e sétimo. Do capítulo oitavo constam explicações sobre o pagamento do dividendo mínimo obrigatório. As considerações finais retomam as principais conclusões obtidas ao longo dos capítulos e arrematam o trabalho. / This thesis examines the legal discipline of the minimum mandatory corporate dividend, based on an analysis of its functions within organizations and on the practical implications of its existence, reflected in the procedures for social profits formation and distribution. Although this study centers on article 202 of the Brazilian Corporations Law, it also touches on corporate laws foundations, covering subjects ranging from the reasons for settling a corporate contract and the corporate functions of profits to modern thinking on conflicts of interest and the roles of managers and controlling shareholders. Besides a detailed analysis of the steps in accounting for, declaring, and paying the minimum mandatory dividend, this study also suggests these main propositions: (i) that the minimum mandatory dividend consists of a contractual solution, stimulated by law, that aims to reduce the costs related to the decision to share social profits; (ii) that the right to the minimum mandatory dividend and the right to participate in social profits are not equivalent and that the former, as distinct from the latter, is as revocable as it is renounceable; and (iii) that the minimum mandatory dividend has a substantially singular nature, which requires an independent analysis of its mechanisms. The expected contribution of this study is twofold: to improve the application of the minimum mandatory dividends legal discipline, and to bring to light the scientific investigation of dividend subjects, which inexplicably has been neglected by Brazilian legal doctrine in recent decades. The text is divided into eight chapters, besides the introduction and the final remarks. The first chapter presents the role of profits and dividends in companies. The second explains the doctrinal rationality that sustains the right of shareholders to the minimum mandatory dividend, examines the justifications for its jurisdictional protection, and analyzes the contemporary necessity for this protection. In the third chapter, issues related 181 to the minimum mandatory dividends ownership are debated. The fourth and fifth chapters concern, respectively, accounting for and declaring minimum mandatory dividends. The hypotheses of regular and irregular retention of social profits are discussed in the sixth and seventh chapters. Explanations of the rules for paying the minimum mandatory dividend are given in the eighth chapter. The final remarks section distills the main conclusions from the eight chapters.

Thesis (MBA.) -- University of Limpopo, 2022 / This research aimed to find out if there is a link between government financial assistance to small-scale hotels and their financial performance in Limpopo province, South Africa. The objectives of the study is to examine the impact of government financial assistance on three financial performance measures, namely, sales turnover, net profits and net asset growth of the small scale-hotels. The research used a quantitative approach. Secondary panel data was collected from the financial statements of six small-scale hotels from 2015 to 2018. Data were analyzed using multiple regression model to arrive at the conclusion. The findings from the data analysis reveal that government financial assistance positively and significantly impact the growth in sales turnover and net profits of the small-scale hotels. Furthermore, the findings show that there is no significant relationship between government financial assistance and net asset growth of small scale hotels. The findings of this research have practical implications for the companies operating in the small-scale hotel sector. In addition, the findings of this study is important for the policy makers, as it highlights the policy gaps existing in the sector. The study recommends further research to examine the relationship between government financial assistance to small-scale hotels and their financial performance.

Study project (MAcc)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Earnings per share and headline earnings per share are two popular performance measures, in spite of a number of shortcomings. This assignment argues that an additional performance measure ought to be disclosed in the financial statements, namely maintainable earnings. The objective of maintainable earnings is to give an indication of the core earnings of the company, excluding the effect of non-recurring items that are not expected to influence the financial results in future years. The reason for this performance measure is mainly based on the needs of the users of financial statements and the application that it finds in their analises. There is circumstancial evidence that shows that users want an indication of maintainable earnings per share. It is also argued that the disclosure of maintainable earnings is in the interest of the users of financial statements, as they do not necessarily have the knowledge or time to make the necessary calculations for themselves. The recommendations made are, among others, that non-recurring items be excluded from the calculation of headline earnings and that changes in accounting estimates be done retrospectively. Recommendations for comprehensive disclosure are also made to be of help in the evaluation of earnings. / AFRIKAANSE OPSOMMING: Verdienste per aandeel en wesensverdienste per aandeel is twee gewilde prestasiemaatstawwe, ten spyte van 'n aantal tekortkominge. Hierdie werkstuk lewer 'n betoog dat 'n addisionele maatstaf in die finansiële state geopenbaar behoort te word, naamlik handhaafbare verdienste. Die doelstelling van handhaafbare verdienste is om 'n aanduiding te gee van die kernverdienste van 'n maatskappy, geskei van die effek van eenmalige items wat na verwagting nie die resultate in toekomstige jare sal beïnvloed nie. Die beweegrede vir so 'n maatstaf word in hoofsaak gebaseer op die behoeftes van gebruikers van finansiële state en die aanwending wat dit in hul analises kan vind. Daar is omstandigheidsgetuienis wat daarop dui dat gebruikers In aanduiding verlang van die handhaafbare verdienste per aandeel. Daar word ook In betoog gelewer dat die openbaarmaking van handhaafbare verdienste in die belang van gebruikers is, aangesien die moontlikheid bestaan dat gebruikers nie noodwendig die kennis of tyd het om self so In berekening te maak nie. Die voorstelle wat gemaak word, behels onder andere die uitsluiting van eenmalige items uit die berekening van handhaafbare verdienste en dat veranderinge in rekeningkundige ramings terugwerkend aangepas behoort te word. Daar word ook voorstelle gemaak vir omvattende openbaarmaking ten einde die oorweging van verdienste te vergemaklik.

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business / Master / Master of Philosophy