Thesis (Ph. D.)--University of Chicago, Faculty of the Graduate School of Business. / Includes bibliographical references. Also available on the Internet.

Thesis (M.S.)--Brigham Young University. Dept. of Statistics, 2008. / Includes bibliographical references (p. 34).

M.Phil. / To achieve growth, most corporations invest a large portion of their turnover in new business ventures or in expanding current operations. These initiatives imply capital and thus a return is essential in order to ensure survival. Research indicates that capital projects seldom realize their full potential. The value that is released by a project is often unacceptably lower than the value that was initially forecast and for which the board granted approval. Furthermore, a number of projects achieved radical improvement within a relatively short period of time, when they embarked on an initiative focusing on improving the project. This indicates that, due to the relatively low cost and the rather large prize at stake, it is imperative to investigate and actively seek improvement potential. Value Engineering proves to be a methodology capable of unleashing these otherwise hidden opportunities. Three basic steps describe the value engineering process: analysis to understand the project; design to find the optimum or a better solution; and the implementation thereof. Before a team can embark on an improvement initiative an initiation study will determine the target, required focus of the exercise and set up an enabled team. This study also describes the integration of value engineering with the existing processes using a case study. In order for value engineering to work, skilled members are required, the initiative has to be timed and complement the existing processes.

No description available.

The thesis deals with the search of the company market value - Madeta, PLC. The introduction presents the basic data about the company - its history and current business. The strategic analysis evaluates the chances and risks at the market and also company competitive position in the branch. The financial analysis examines the financial health of the company and at the same time it serves as the basis for the financial plan. The objective of these analyses is to verify or overcome the presumption of the perpetual existence the company. The analysis and prediction of value generators focuses on the chief enterprise quantities prognosis that determine the business value. This part also provides the numeral basis for the final estimation. The conclusion presents the result company value and the methods evaluation.

No description available.

Este trabalho segue a premissa de que a administração financeira tem por objetivo maximizar a riqueza dos proprietários. Assim, se for considerado que a diversificação exerce algum tipo de influência no valor das empresas, é porque o mercado entende que existe um impacto no fluxo futuro de caixa e/ou no risco de mercado percebido. Segundo Li e Jin (2006, p. 20), existem diversos estudos sobre o efeito da diversificação dos negócios das empresas. Os estudos podem se distinguir entre aqueles que apontam para o benefício, para o custo e para insignificância da diversificação no desempenho das empresas. As vantagens da diversificação representam os motivos, para diversificar, que aumentam o valor de uma empresa e os custos da diversificação representam os motivos, para diversificar, que reduzem o valor de uma empresa. Considerando isso, as empresas deveriam diversificar os negócios até o ponto em que as vantagens de diversificar se igualem aos custos e vice-versa. Assim, este trabalho tem por objetivo geral verificar a existência de impactos da diversificação de produtos/negócios sobre a performance das empresas industriais listadas na Bovespa. Para este propósito, utilizaram-se duas metodologias: o Modelo I adaptado de Berger e Ofek (1995) foi aplicada em 37 empresas nos anos de 1997 a 2006, num total de 278 observações, cujo objetivo é avaliar o impacto da diversificação do portfólio de produtos/negócios no valor de mercado das empresas; o Modelo II adaptado de Li e Jin (2006) foi aplicado em 15 empresas, nos anos de 2000 a 2006, num total de 68 observações, cujo objetivo é avaliar o impacto da diversificação do portfólio de produtos/negócios das empresas no retorno para os acionistas. Com base nos testes do Modelo I, considera-se como mais forte a hipótese de relação curvilínea em U entre diversificação dos produtos/negócios das empresas e o valor de mercado destas. Os testes para o Modelo II apontaram para fortes evidências de relação curvilínea em U invertido da diversificação dos produtos/negócios das empresas e o retorno que estas proporcionam aos seus acionistas. Como pode ser percebido pelos testes dos modelos (I e II) existem fortes evidências de que à medida que a empresas se diversificam, elas perdem valor de mercado e aumentam o retorno para os acionistas até certo ponto, quando então passam a ganhar valor de mercado e reduzir o retorno para os acionistas. Seguindo o argumento de Li e Jin (2006) as empresas com maior retorno para os acionistas têm menor valor de mercado em função do desconto pelo maior risco percebido e as empresas com menor retorno têm maior valor devido ao menor risco percebido. Este argumento justifica a curva inversa para os testes para a relação entre valor de mercado e diversificação do Modelo I e retorno para os acionistas e diversificação do Modelo II. / This work follows the assumption that financial management aims to maximize the wealth of shareholders. Thus, if we consider that diversification exerts some kind of influence on the value of the firm this is because the market understands that there is some impact on its expected future cash flow and (or) risk. According to Li and Jin (2006, p.20), there are many studies on the effects of firms business diversification. These can be distinguished between those that focus on the benefits, costs and ineffectiveness of diversification on firms performance. The advantages of diversification represent the reasons to diversify that increase the firms value. On the other hand, the costs of diversification represent the reasons to diversify that reduce the firms value. Considering this, firms should diversify theirs business until the point in which the advantages of diversification equal the costs and vice versa. Bearing this in mind, this work aims to verify what the impacts of diversification of products / business lines are on the performance of firms listed on the São Paulo Stock Exchange (Bovespa). To do so, two methodologies were applied: (I) Model I, adapted to Berger and Ofek (1995), was applied on a set of 37 companies between the years 1997 and 2006 totalizing 278 observations, the purpose being to evaluate the impact of diversification of these companies products / business lines portfólio on their value; (ii) Model II, adapted to Li and Jin (2006), was applied on a set of 15 firms between the years 2000 and 2006, totalizing 68 observations, the purpose being to evaluate the impact of diversification of these companies product / business lines portfólio on the returns to shareholders. Based upon the tests of the Model I, the stronger hypothesis considered was that of a curved-line U-shaped relationship between the diversification of these companies products / business lines and their market value. The test carried out for Model II point to strong evidence of a curved-line inverted U-shaped relationship between the diversification of these companies products / business lines and their market value. As can be observed by the tests of Models I and II there is strong evidence that suggests that as firms diversify they lose market value and increase the return to shareholders, this until a certain point in which they start gaining market value and reduce return to their shareholders. Following the argumentation of Li and Jin (2006), firms with higher returns to shareholders have lower market value, this resulting from the discount associated to higher perceived risk. On the other hand, firms with lower returns have higher market value given lower perceived risk. This argument justifies the inversed curve result for the tests for the relationship between market value and diversification of the Model I and the returns to shareholders and diversification of Model II.

Este trabalho segue a premissa de que a administração financeira tem por objetivo maximizar a riqueza dos proprietários. Assim, se for considerado que a diversificação exerce algum tipo de influência no valor das empresas, é porque o mercado entende que existe um impacto no fluxo futuro de caixa e/ou no risco de mercado percebido. Segundo Li e Jin (2006, p. 20), existem diversos estudos sobre o efeito da diversificação dos negócios das empresas. Os estudos podem se distinguir entre aqueles que apontam para o benefício, para o custo e para insignificância da diversificação no desempenho das empresas. As vantagens da diversificação representam os motivos, para diversificar, que aumentam o valor de uma empresa e os custos da diversificação representam os motivos, para diversificar, que reduzem o valor de uma empresa. Considerando isso, as empresas deveriam diversificar os negócios até o ponto em que as vantagens de diversificar se igualem aos custos e vice-versa. Assim, este trabalho tem por objetivo geral verificar a existência de impactos da diversificação de produtos/negócios sobre a performance das empresas industriais listadas na Bovespa. Para este propósito, utilizaram-se duas metodologias: o Modelo I adaptado de Berger e Ofek (1995) foi aplicada em 37 empresas nos anos de 1997 a 2006, num total de 278 observações, cujo objetivo é avaliar o impacto da diversificação do portfólio de produtos/negócios no valor de mercado das empresas; o Modelo II adaptado de Li e Jin (2006) foi aplicado em 15 empresas, nos anos de 2000 a 2006, num total de 68 observações, cujo objetivo é avaliar o impacto da diversificação do portfólio de produtos/negócios das empresas no retorno para os acionistas. Com base nos testes do Modelo I, considera-se como mais forte a hipótese de relação curvilínea em U entre diversificação dos produtos/negócios das empresas e o valor de mercado destas. Os testes para o Modelo II apontaram para fortes evidências de relação curvilínea em U invertido da diversificação dos produtos/negócios das empresas e o retorno que estas proporcionam aos seus acionistas. Como pode ser percebido pelos testes dos modelos (I e II) existem fortes evidências de que à medida que a empresas se diversificam, elas perdem valor de mercado e aumentam o retorno para os acionistas até certo ponto, quando então passam a ganhar valor de mercado e reduzir o retorno para os acionistas. Seguindo o argumento de Li e Jin (2006) as empresas com maior retorno para os acionistas têm menor valor de mercado em função do desconto pelo maior risco percebido e as empresas com menor retorno têm maior valor devido ao menor risco percebido. Este argumento justifica a curva inversa para os testes para a relação entre valor de mercado e diversificação do Modelo I e retorno para os acionistas e diversificação do Modelo II. / This work follows the assumption that financial management aims to maximize the wealth of shareholders. Thus, if we consider that diversification exerts some kind of influence on the value of the firm this is because the market understands that there is some impact on its expected future cash flow and (or) risk. According to Li and Jin (2006, p.20), there are many studies on the effects of firms business diversification. These can be distinguished between those that focus on the benefits, costs and ineffectiveness of diversification on firms performance. The advantages of diversification represent the reasons to diversify that increase the firms value. On the other hand, the costs of diversification represent the reasons to diversify that reduce the firms value. Considering this, firms should diversify theirs business until the point in which the advantages of diversification equal the costs and vice versa. Bearing this in mind, this work aims to verify what the impacts of diversification of products / business lines are on the performance of firms listed on the São Paulo Stock Exchange (Bovespa). To do so, two methodologies were applied: (I) Model I, adapted to Berger and Ofek (1995), was applied on a set of 37 companies between the years 1997 and 2006 totalizing 278 observations, the purpose being to evaluate the impact of diversification of these companies products / business lines portfólio on their value; (ii) Model II, adapted to Li and Jin (2006), was applied on a set of 15 firms between the years 2000 and 2006, totalizing 68 observations, the purpose being to evaluate the impact of diversification of these companies product / business lines portfólio on the returns to shareholders. Based upon the tests of the Model I, the stronger hypothesis considered was that of a curved-line U-shaped relationship between the diversification of these companies products / business lines and their market value. The test carried out for Model II point to strong evidence of a curved-line inverted U-shaped relationship between the diversification of these companies products / business lines and their market value. As can be observed by the tests of Models I and II there is strong evidence that suggests that as firms diversify they lose market value and increase the return to shareholders, this until a certain point in which they start gaining market value and reduce return to their shareholders. Following the argumentation of Li and Jin (2006), firms with higher returns to shareholders have lower market value, this resulting from the discount associated to higher perceived risk. On the other hand, firms with lower returns have higher market value given lower perceived risk. This argument justifies the inversed curve result for the tests for the relationship between market value and diversification of the Model I and the returns to shareholders and diversification of Model II.

For half a century, the central tenet of protein science has been grounded on the idea that the three-dimensional structure of a protein underlies its function. However, increasing evidence of natively unstructured but functional proteins is accumulating. Termed as intrinsically disordered proteins (IDPs), they populate a number of different conformations in isolation. Interestingly, as part of their function, some IDPs become fully or partly structured upon interaction with their binding partners. This process, known as coupled folding and binding raises the question what comes first - folding of the IDP or binding to its partner protein followed by folding. This thesis focuses on understanding the role of disorder in protein- protein interactions using biophysical characterization. Over-representation of IDPs in complex network and signalling pathways emphasizes the importance of disorder. Conformational flexibility in IDPs facilitates post-translational modifications, which provides a neat way to modulate the residual structure. This can alter affinity of IDPs to their partners and it is speculated that bound like structures of IDPs speed association. The impact of phosphorylation was explored in the KID/KIX system: phosphorylation modulates only the dissociation kinetics increasing the lifetime of the bound complex, which may be important in signalling processes. Further, phi-value analysis applied to investigate the mechanism of interaction reveals that non-native interactions play a key role in this reaction, before the IDP consolidates its final structure in the bound complex. Promiscuous interaction of IDPs with their partners often results in complexes with differing affinities. Members of BCL-2 family were explored, and the results indicate that IDPs bind to the same partner protein with marginal variation in the association rates, but significant differences in dissociation rates are observed. Thus, it seems that in such homologous but competing network of proteins, disorder facilitates complexes with differing affinities by modulating dissociation rate, again altering the lifetime of the bound complex. The work presented here demonstrates that disorder plays a role in altering complex lifetimes. Perhaps being disordered permits a level of plasticity to IDPs to adapt the rates at which they bind/unbind to many target proteins. This may be why disorder is conserved and abundant in proteins involved in intricate signalling networks.

<p>Due to a rising debate concerning corporate governance that has caused increasing demands for companies’ transparency, several codes of conduct have been introduced. The Swedish Code for Corporate Governance is obliged to companies with a turnover exceeding three billions. There are companies that voluntarily apply the Swedish Code. Possible causes to this phenomenon ought to be that the code for corporate governance conveys legitimacy through the insight into the affairs of a company the public receives, through the report of the corporate governance that is published in the annual report and on the home page of the company. This insight increases the confidence and faith in the company that furthermore results in increased competitiveness and increased stock value. This Thesis inquires into how the market values the new information the use of the Swedish code convey.</p><p>To carry out this problem we have preformed two different surveys. The first one maps out how frequent the use of the code is in the small cap segment on the Stockholm Stock Exchange. Whereas the second survey inquire into how the share prices have evolved in two different segments, in companies that have implemented the code respectively in companies that have chosen not to put the Code into practice. The result of the second survey is tested in a Wilcoxcon Signed Rank Test for Matched Pair Experiment to determine whether there exists a relation between the Code and stock value.</p><p>Our study point out that there is not a specific branch of trade that prioritizes the code in a higher extent than another, in the small cap segment. Regarding the relation between use of Code and stock value our survey proves that companies that have implemented the code have a higher development of relative share price. The Wilcoxcon Signed-Rank Test proves that the median for companies using the code is higher than for companies without the code, with 97,5 percentage points certainty. The voluntarily implementation indicates that if relevant facts are communicated correctly the share value increases.</p>