Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / This article analyzes the effect of decisions on resource allocation among items of operating expenses, administrative and otherwise, in the unilateral moments of the distribution of returns on Brazilian stock mutual funds. We follow methodologically Chambers, Chung and Fare (1996, 1998), using the Directional Distance Function (DDF) technique, which allows us to measure the behavior of the average value, and semicurtose semivariance of returns of funds, together with inputs associated with the internal allocation of resources. The boundary of "production" was constructed from the observation of the accounting entries monthly and daily returns for a panel of 59 mutual funds within the class of Ibovespa Activity during 2005 to 2009. We are able to evidence a high level of persistence in terms of efficiency, corroborating the evidence reported in Castro and Matos (2012). The more efficient funds have higher levels of cumulative return, except in 2008, lower levels of undesirable products associated with the risk and composition of operating expenses, such that the value of the ratio of non administrative expenses/ administrative expenses is approximately half of the observed for the most inefficient funds. / Este trabalho estuda os nÃveis de eficiÃncia do processo produtivo dos fundos de investimento em aÃÃes no Brasil, visando acomodar as crÃticas de Murthi et al. (1997) e Basso e Funari (2001). Analisa-se o efeito das decisÃes em termos de alocaÃÃo de recursos dentre rubricas de despesas especificamente operacionais ou administrativas nos nÃveis de ganho e de risco mensurado pela semivariÃncia e semicurtose, a partir da FunÃÃo DistÃncia Direcional proposta por Chambers, Chung e FÃre (1996, 1998). A observaÃÃo do comportamento conjunto dos inputs e outputs e a construÃÃo da fronteira de produÃÃo para um painel de 59 fundos mÃtuos de investimento em aÃÃo, categoria Ibovespa Ativo, durante 2005 a 2009, permitem evidenciar um elevado nÃvel de persistÃncia em termos de eficiÃncia, corroborando a evidÃncia de persistÃncia de performance reportada em Matos e Castro (2012). Os fundos sistematicamente eficientes sÃo todos administrados por instituiÃÃes financeiras privadas, possuem uma tendÃncia de alocar proporcionalmente mais em cotas de outros fundos que os fundos ineficientes e atendem essencialmente clientes institucionais, private ou de alta renda, enquanto os fundos ineficientes sÃo direcionados essencialmente para o pÃblico em geral. A eficiÃncia està associada ainda a maiores nÃveis de retorno acumulado, exceto em 2008, menores nÃveis de produtos indesejÃveis associados ao risco e a uma composiÃÃo dos gastos tal que, o valor da razÃo de gastos nÃo administrativos/gastos administrativos à aproximadamente a metade do evidenciado para os fundos sistematicamente ineficientes. Os resultados parecem robustos quando comparados aos tradicionais rankings de performance risco-retorno. Evidencia-se uma maior heterogeneidade de eficiÃncia no turbulento ano de 2008, caracterizada por uma maior quantidade de fundos na fronteira, quase 30%, e pelos maiores nÃveis de ineficiÃncia.

No description available.

This dissertation consists of three essays: essay 1, Underwriting Use of Credit Information and Firm Performance ‐ An Empirical Study of Texas Property‐Liability Insurers, essay 2, Prediction of Ratings in Property‐Liability Industry when The Organizational Form Is Endogenous, and essay 3, A Discussion of Parsimonious Methods Predicting Insurance Companies Ratings. The purpose of the first essay is to investigate the influence of underwriting use of credit information on variation in insurers’ underwriting performance. Specifically, this study addresses the following two research questions: first, what firm‐level characteristics are associated with the insurers’ decision to use credit information in underwriting? second, is there a relationship between the use of credit information and variation in insurers’ underwriting performance? The empirical results indicate that larger insurance companies, companies having more business in personal auto insurance, and those with greater use of reinsurance are more likely to use credit information in underwriting. More importantly, the results indicate that use of credit information is associated with lower variation in underwriting performance, consistent with the hypothesis that use of credit information enables insurers to better predict their losses. The purpose of the second essay is to resolve the inconsistent relationship between the organizational forms (i.e., stock versus mutual insurers) and insurers’ financial strength ratings. Specifically, this study takes into account the potential endogenous nature of organizational forms to investigate the influence of organizational forms on insurers’ financial strength ratings. The empirical results from the models employed indicate that the stock dummy variable is indeed a significant predictor of insurers’ ratings and that the relationship between the stock dummy and insurers’ financial strength ratings is not affected after the endogenous nature of organizational forms is considered. However, such relationship flips to be negative when additional rating predictors are included into the models. The purpose of the third essay is to investigate whether a logistic model is consistent in its predictions within one data set and compare the predictability and classificatory performance between the regression with a set of financial variables and the regression with principal components derived from this set of financial variables. The empirical results indicate that the models’ predictability is consistent within one data set which includes two different groups of observations. Also, the findings suggest that the principal components regression as a parsimonious model achieves the similar accuracy of estimation and fit while providing clearer interpretation of the role of the significant predictors.

The aim of this study was to critically analyse the visual and verbal language used on printed adverts by some selected banks in Zimbabwe. A semiotic theory was used to analyse the printed adverts. The study revealed that all the banks use stereotyped language in communicating their messages to potential customers. Some audiences identified with this stereotyped languages, though others were also critical of stereotyped adverts. This paradox is dependent on the uneven levels of social consciousness of the audiences. The study argues that communication between banks and the potential customers is a product of negotiation of meaning at the point of reception of the printed adverts. The study then recommended the use of gender, race and class neutral language in order to enhance the effectiveness of advertisements. Future research into the study of the language of advertisement should focus on the problem of copyright infringement in advertising. / African Languages / M.A. (African languages)

No description available.

The aim of this study was to critically analyse the visual and verbal language used on printed adverts by some selected banks in Zimbabwe. A semiotic theory was used to analyse the printed adverts. The study revealed that all the banks use stereotyped language in communicating their messages to potential customers. Some audiences identified with this stereotyped languages, though others were also critical of stereotyped adverts. This paradox is dependent on the uneven levels of social consciousness of the audiences. The study argues that communication between banks and the potential customers is a product of negotiation of meaning at the point of reception of the printed adverts. The study then recommended the use of gender, race and class neutral language in order to enhance the effectiveness of advertisements. Future research into the study of the language of advertisement should focus on the problem of copyright infringement in advertising. / African Languages / M.A. (African languages)

Cette thèse propose une analyse économique de la qualité et de l'efficience des universités et des systèmes universitaires au niveau international, à travers l'utilisation des indicateurs intrants et extrants et la méthode d'enveloppement des données (Data Envelopment Analysis DEA). La thèse est composée de quatre chapitres. Le premier chapitre intitulé "les classements des universités : une mise en perspective critique" présente et évalue la pertinence des indicateurs intrants/extrants les plus utilisés par les classements des universités. Il est l'occasion d'exposer un certain nombre de critiques présentes dans la littérature et de focaliser sur un problème méthodologique répandu dans les classements. Il s'agit de l'utilisation des inputs (intrants) comme des mesures de la qualité des universités. Une telle pratique confond moyen et résultat et fait l'impasse sur les concepts de base des modèles de comptabilité en termes de fonction de production et d'efficience. Le deuxième chapitre intitulé "caractéristiques et classements des universités : autour de quelques facteurs capables d'expliquer les différences de performance entre les universités", compare les résultats de deux classements: QS-Times et Shanghai et propose une liste de facteurs capables d'expliquer pourquoi il existe de telles différences de qualité, selon ces classements, entre les universités. [...] Le troisième chapitre intitulé "la performance et l'efficience des universités et leurs déterminants: une évaluation à partir des classements mondiaux des universités et de la méthode DEA" évalue sur la base d'une méthode DEA l'efficience de 214 universités issues de 13 pays différentes afin de savoir si les universités les mieux classées parmi les classements traditionnels sont aussi les universités qui utilisent le mieux leurs ressources. [...] Enfin, le quatrième chapitre, titré "l'efficience des systèmes universitaires de 35 pays et leurs déterminants: une évaluation par la méthode DEA et le calcul des indices de Malmquist (2006-2012)" évalue l'efficience et les performances des systèmes universitaires de 35 pays. Il propose de nouveaux scores d'efficience globale qui viennent compléter les deux premières études sur ce sujet d’Agasisti (2011) et St. Aubyn et al (2009). Les nouveautés par rapport à l'article d'Agasisti (2011) sont au nombre de cinq: l'échantillon est plus important (35 pays au lieu de 18), la période d'observation est actualisée, l'évolution de l'efficience entre deux périodes est calculée, le nombre des intrants et des extrants incorporé dans chaque modèle est plus élevé et un modèle spécifique d'évaluation de l'efficience de la recherche est proposé. Il conforte la thèse selon laquelle les systèmes universitaires de la Suisse et du Royaume-Uni sont les plus efficients. Il montre aussi sur la base d'un calcul des indices de Malmquist qu'entre 2006 et 2012 l'efficience en matière d'enseignement des 35 systèmes universitaires évalués a eu tendance à diminuer alors que l'efficience de la recherche et de l'attractivité- réputation de ces mêmes systèmes a plutôt eu tendance à augmenter. Ce qui permet de mieux évaluer l'effet des réformes inspirées par l'usage du classement de Shanghai sur les systèmes universitaires. Ces réformes conduisent les enseignants-chercheurs à délaisser l'enseignement pour la recherche. / This thesis aims to economically analyze the quality and efficiency of universities and university systems at an international level of comparison, by using input/output indicators and the Data Envelopment Analysis (DEA) method. The thesis is composed of four chapters. The first chapter entitled "university rankings: a critical perspective" presents and evaluates the relevance of inputs/outputs indicators used by most university rankings. It is the opportunity to present a number of criticisms found in the literature and focus on a common methodological problem in the rankings. It is the use of inputs as measures of university quality. This practice confuses means and results and ignores the basic concepts of accounting models in terms of production functions and efficiency. The second chapter entitled "characteristics and rankings of universities : around some factors that can explain the differences in performance between universities", compares the results of two rankings: QS-Times and Shanghai and offers a list of factors that may explain why there are such differences in quality, according to these rankings between universities. [...] The third chapter entitled "performance and efficiency of universities and their determinants: an evaluation using world university rankings and DEA methodology" evaluates on the basis of a DEA methodology the efficiency of 214 universities from 13 different countries, in order to find if the top ranked universities among traditional rankings are also universities that best utilize their financial and human resources. [...] The fourth chapter titled "efficiency of university systems in 35 countries and its determinants: an assessment by DEA methodology and the calculation of Malmquist indices (2006-2012)" assesses the efficiency and performance of university systems of 35 countries. It offers new scores for overall efficiency that complement the first two studies on this topic in the literature by Agasisti (2011) and St.Aubyn et al (2009). Compared to the article of Agasisti (2011), we identify five new developments in our study : the sample is higher (35 countries instead of 18), the observation period is updated, the evolution of efficiency between two periods is calculated, the number of inputs and outputs incorporated into each model is higher and a specific model for evaluating the efficiency of research is proposed. Our study confirms the thesis that the university systems of Switzerland and the United Kingdom are the most efficient. It also shows based on the calculations of Malmquist indices between 2006 and 2012 that teaching efficiency of 35 reviewed university systems has a tendency of declining while the research efficiency and that of attractivity-reputation is rather increasing. This allows a better assessment of the impact of reforms inspired by the Shanghai ranking on university systems. These reforms led the academic staff of universities to abandon their focus on teaching in favor of research activities.

Chapter 1: The Determinants of the Production of Research by US Universities<p>Chapter 2: Investment in Vocational and General Human Capital: A Theoretical Approach<p>Chapter 3: Urban Migrations and the Labor Market<p>Chapter 4: Local social capital and geographical mobility<p>Chapter 5: Social Supervision and Electoral Stability on the Geographical Scale in Belgium / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Tesis por compendio / [ES] Esta tesis doctoral tiene como objetivo general analizar la influencia de los Sistemas de Medición del Desempeño (SMD) en actividades de exploración y explotación del conocimiento en Instituciones de Educación Superior (IES) de Iberoamérica. El objeto de estudio son los SMD desde una perspectiva de gestión. La sociedad se enfrenta a cambios sin precedentes en la economía y en la gestión de las organizaciones, las cuales se basan en el conocimiento como el motor de cambio más poderoso. Constantemente se amplía y crea conocimiento que es aplicado en la producción de bienes y servicios a un ritmo cada vez más acelerado. De esta manera, el conocimiento en continua evolución cada vez más acelerada se convierte en un recurso estratégico para el desarrollo, lo que trae consigo que se exija mucho más de las universidades dada su capacidad de creación y absorción de conocimiento. Hoy en día las universidades amplían su misión tradicional basada en la docencia e investigación, convirtiéndose en centros de no sólo de creación, sino también de transferencia, transformación y distribución del conocimiento. Sin embargo, sin una adecuada gestión, el conocimiento puede quedar circunscrito solo a la exploración (la búsqueda de nuevas ideas), en lugar de llagar a tener un resultado en la explotación (transferencia de tecnologías). Para adecuarse a las demandas actuales y mejorar sus resultados en áreas tan importantes como la docencia, investigación y trasferencia de tecnología, las universidades necesitan herramientas adecuadas de gestión, entre las que se encuentran los SMD. Esta tesis analiza los SMD en las universidades para la gestión de la explotación y exploración del conocimiento a través de tres estudios. El primer estudio se titula "Ambidexterity in entrepreneurial universities and performance measurement systems" e incluye una revisión sistemática de la literatura que analiza la exploración y la explotación del conocimiento en las universidades que apoyan la innovación y el emprendimiento en su entorno. El segundo estudio, Influence of the balanced scorecard on the science and innovation performance of Latin American universities tiene como objetivo principal analizar la influencia del Cuadro de Mando Integral (CMI) sobre el desempeño de las universidades latinoamericanas en materia de investigación e innovación. El tercer estudio presentado se titula University-industry collaboration and absorption capacity in knowledge creation in Latin America. Este estudio explora las relaciones causales que condicionan la creación de conocimiento en Latinoamérica. Para finalizar se presentan las conclusiones generales de la investigación. En primer lugar, esta investigación presenta un enfoque novedoso de la evaluación del desempeño universitario al dar una visión multifacética que incluye el desempeño investigador, la transferencia tecnológica y el desempeño académico como resultados de la exploración y la explotación del conocimiento. En segundo lugar, el análisis pone de manifiesto que la colaboración U-I puede jugar un papel central en economías en vías de desarrollo, las cuales no tienen la capacidad de liderar el desarrollo tecnológico, pero al menos pueden absorber el conocimiento existente y aplicarlo en su contexto industrial y emprendedor para obtener progreso económico. En tercer lugar, el estudio describe los elementos del SMD que pueden conducir a un desempeño ambidiestro de las universidades. Los resultados sugieren que las universidades deben implementar estrategias, estructuras, sistema de indicadores y sistemas de recompensas que tenga como objetivo potenciar las actividades de exploración y explotación de manera coordinada. Este estudio enfatiza la importancia del sistema de indicadores como condición necesaria para la exploración y la explotación del conocimiento. Por lo tanto, para la ambidestreza universitaria, un sistema de indicadores que refleje medidas de exploración y explotación es de vital importancia. / [CA] Aquesta tesi doctoral té com a objectiu general analitzar la influència dels Sistemes de Mesurament de l'Acompliment (SMA) en activitats d'exploració i explotació del coneixement a Institucions d'Educació Superior (IES) d'Iberoamèrica. L'objecte d'estudi són els SMA des d'una perspectiva de gestió. La societat s'enfronta a canvis sense precedents a l'economia i a la gestió de les organitzacions, les quals es basen en el coneixement com el motor de canvi més poderós. Constantment s'amplia i crea coneixement que és aplicat a la producció de béns i serveis a un ritme cada vegada més accelerat. D'aquesta manera, el coneixement en contínua evolució cada cop més accelerada es converteix en un recurs estratègic per al desenvolupament, cosa que comporta que s'exigisca molt més de les universitats atesa la seva capacitat de creació i absorció de coneixement. Hui en dia les universitats amplien la seua missió tradicional basada en la docència i la investigació, convertint-se en centres de no només creació, sinó també de transferència, transformació i distribució del coneixement. La universitat té un paper determinant en el desenvolupament de recerques que donen suport activament als interessos de la indústria i la societat a través de la transferència tecnològica. No obstant això, sense una gestió adequada, el coneixement pot quedar circumscrit només a l'exploració (la recerca de noves idees), en lloc de arribar a tenir un resultat a l'explotació (transferència de tecnologies). Per adequar-se a les demandes actuals i millorar els seus resultats en àrees tan importants com la docència, investigació i transferència de tecnologia, les universitats necessiten eines adequades de gestió, entre les quals hi ha els SMA. Aquesta tesi analitza els SMA a les universitats per a la gestió de l'explotació i l'exploració del coneixement a través de tres estudis. El primer estudi es titula "Ambidexterity in entrepreneurial universities and performance measurement systems" i inclou una revisió sistemàtica de la literatura que analitza l'exploració i l'explotació del coneixement a les universitats que donen suport a la innovació i l'emprenedoria al seu entorn. El segon estudi, "Influence of the balanced scorecard on the science and innovation performance of Latin American universities", té com a objectiu principal analitzar la influència del Quadre de Comandament Integral (CMI) sobre l'exercici de les universitats llatinoamericanes en matèria de recerca i innovació. El tercer estudi presentat es titula "University-industry collaboration and absorption capacity in knowledge creation in Latin America". Aquest estudi explora les relacions causals que condicionen la creació de coneixement a Llatinoamèrica. Per finalitzar es presenten les conclusions generals de la investigació. En primer lloc, aquesta investigació presenta un enfocament nou de l'avaluació de l'exercici universitari en donar una visió multifacètica que inclou l'exercici investigador, la transferència tecnològica i l'exercici acadèmic com a resultats de l'exploració i l'explotació del coneixement. En segon lloc, l'anàlisi posa de manifest que la col·laboració U-I pot jugar un paper central en economies en vies de desenvolupament, les quals no tenen la capacitat de liderar el desenvolupament tecnològic, però almenys poden absorbir el coneixement existent i aplicar-lo en el context industrial i emprenedor per a obtenir progrés econòmic. En tercer lloc, l'estudi descriu els elements de l'SMA que poden conduir a un exercici ambidiestre de les universitats. Els resultats suggereixen que les universitats han d'implementar estratègies, estructures, sistema d'indicadors i sistemes de recompenses que tinga com a objectiu potenciar les activitats d'exploració i explotació de manera coordinada. Aquest estudi emfatitza la importància del sistema d'indicadors com a condició necessària per a l'exploració i l'explotació del coneixement. / [EN] The general objective of this doctoral thesis is to analyze the influence of Performance Measurement Systems (PMS) in activities of knowledge exploration and exploitation in Higher Education Institutions (HEI) in IberoAmerica. The object of study is the PMS from a management perspective. Society is facing unprecedented changes in the economy and in the management of organizations, which are based on knowledge as the most powerful engine of change. Knowledge is constantly created and expanded and is applied in the production of goods and services at an ever-accelerating rate. In this way, knowledge in continuous increasingly accelerated evolution becomes a strategic resource for development, which means that the role of universities in society gains relevancegiven their capacity to create and absorb knowledge. Today, universities are expanding their traditional mission based on teaching and research, becoming centers not only for creation, but also for the transfer, transformation and distribution of knowledge. However, without proper management, knowledge can be confined to exploration (the search for new ideas), instead of having a result in exploitation (technology transfer). To adapt to current demands and improve their results in areas as important as teaching, research and technology transfer, universities need adequate management tools, among which are the PMS. This thesis analyzes the PMS in the universities for the management of the knowledge exploitation and exploration through three studies. The first study is entitled "Ambidexterity in entrepreneurial universities and performance measurement systems" and includes a systematic review of the literature that analyzes exploration and exploitation in universities that support innovation and entrepreneurship in their environment. The second study, "Influence of the balanced scorecard on the science and innovation performance of Latin American universities", has as its main objective the analysis of the influence of the Balanced Scorecard on the performance of Latin American universities in terms of research and innovation. The third study presented is entitled "University-industry collaboration and absorption capacity in knowledge creation in Latin America". This study explores the causal relationships that condition the creation of knowledge in Latin America. Finally, the general conclusions of the research are presented. First of all, this research presents a novel approach to the evaluation of university performance by giving a multifaceted vision that includes research performance, technology transfer and academic performance as results of the exploration and exploitation of knowledge. Second, he analysis shows that U-I collaboration can play a central role in developing economies, which do not have the capacity to lead technological development, but can at least absorb existing knowledge and apply it in their industrial and entrepreneurial context to obtain economic progress. Third, the study describes the elements of PMS that can lead to an ambidextrous performance of universities. The results suggest that universities should implement strategies, structures, indicator systems and reward systems that aim to promote exploration and exploitation activities in a coordinated manner. This study emphasizes the importance of the indicators system as a necessary condition for the effective exploration and exploitation of knowledge. Therefore, for university ambidexterity, a system of indicators that reflects exploration and exploitation measures is of vital importance. / This work was supported by National Counsel of Technological and Scientific Development (CNPq), Brazil [304618/2019-5]. / García Hurtado, D. (2022). Estudio comparativo de los Sistemas de Control en el contexto estratégico de las Instituciones de Educación Superior en Iberoamérica [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/185901 / Compendio