Dissertations / Theses on the topic 'Premium to NAV'

Listed property companies trading at a discount or premium to their Net Asset Value (NAV) is a widely recognized phenomenon. Previous research within this field has primarily applied OLS-regressions and is mainly focused on U.K. and U.S. markets. This study is the first to empirically assess discounts and premiums in Swedish-listed property companies. By applying a fixed effect model controlling for panel data, this study also expands previous work and contributes to more knowledge about company-specific effects. The study covers 14 Swedish-listed property companies between the years of 2008 to 2015. Two OLS regression models and one fixed effect model were applied on cross-sectional data. Overall, the results show that the size, reputation, portfolio concentration and debt to asset ratio of a firm are negatively correlated with discount to NAV. The overall market sentiment and stock volatility are positively correlated with discount to NAV. Moreover, the overall market sentiment in tandem with firm-specific factors is believed to significantly impact discounts and premiums. Board size, insider ownership, administration costs and cross-border investments were found to not have a significant impact on discounts and premiums. Last it was also found that discounts and premiums are not determined by within variations in the subject companies, rather it is determined by across variations in the firm-specific variables.
Noterade fastighetsbolag som handlas till rabatt eller premium av sitt substansvärde är ett känt fenomen. Tidigare studier har huvudsakligen fokuserat på data från Storbritannien och USA. De studier som gjorts har primärt varit regressionsmodeller av typen OLS. Den här studien är den första som kvantitativt undersöker substansrabatt och substanspremier i svenska fastighetsbolag. Vi applicerar också en regressionsmodell av typen fixed effect, där vi kontrollerar för paneldata. Därför kan denna studie ses som en utökning gentemot tidigare studier. Denna studie omfattas av 14 noterade fastighetsbolag. Datan som används sträcker sig mellan perioden 2008 till 2015. Generellt kan sägas att storlek, rykte, portföljfokus och skulder i förhållande till totala tillgångar hos ett företag är negativt korrelerade med substansrabatt. Vidare så visar resultaten tydligt på att aktuellt marknadsförhållande tillsammans med bolagsspecifika faktorer, spelar en stor roll för skillnaden mellan aktiekurs och substansvärde. Volatilititen i en aktie och det aktuella marknadsförhållandet är båda positivt korrelerade med substansrabatt. Styrelsens storlek, insiderägande, kostnad för administration och internationella investeringar har däremot inte någon statistiskt signifikant påverkan på rabatter och premier i svenska noterade fastighetsbolag. Slutligen kan sägas att nästan inga företagsspecifika effekter hittades. De faktorer vi konstaterar ha en påverkan på substansrabatter och substanspremier varierar över hela datasetet.

This research investigates the factors that impact on South African Real Estate Investment Trusts (REITs) listed on the JSE trading at a discount or premium to their net asset value (NAV), known as the NAV spread. Globally, REITs have become an increasingly popular means for investing in real estate representing 41% of the global listed property industry and reaching a total market capitalisation of US$ 1.3 trillion as at June 2017 (EPRA, 2017). In South Africa, as at November 2017, there were 31 SA REITs listed on the JSE, representing a market capitalisation of over R422 billion (PropertyWheel, 2017). There are broadly two approaches to understanding and explaining the NAV spread, namely, the rational approach and the irrational approach (Morri et al., 2005; Mueller and Pfnuer, 2013). Factors under each approach were identified and discussed in the literature review. A quantitative research methodology was adopted in which 12 REITs were investigated between 1 July 2012 and 30 June 2017. A regression analysis using a linear mixed effects model was carried out in order to test whether the factors identified in the literature impacted on the NAV spread of SA REITs. Five rational and four irrational factors were regressed against two versions of NAV discount, namely, using a Traditional NAV Discount formula and an Unlevered NAV Discount formula which accounts for the effect of debt on the discount. Model diagnostics were carried out on two regressions and an outlying observation was found for each NAV Discount formula and hence each model was run twice, namely, the regression was run with the Traditional NAV Discount formula using the full set of observations (Model 1) and with one outlying observation removed (Model 2). Thereafter the regression was run with the Unlevered NAV Discount formula using the full set of observations (Model 3) and with one outlying observation removed (Model 4). The results of the regression analysis found only one factor, Dividend Yield (DY), to have a statistically significant impact on REITs trading at a discount or premium to their NAV in all four models employed. Sector Average Discount (SAD) was found to be statistically significant in Models 2, 3 and 4. Size (SIZE) was found to be statistically significant in Models 1 and 2. Return on Equity (ROE) was found to be statistically significant in Models 3 and 4. Consumer Confidence Index (CCI) was found to be statistically significant in Model 4. The SA Property Index (SAPI) was found to be marginally statistically significant in Model 1. Based on the model diagnostics Models 2 and 4 showed a better fit with the regression model and hence were the preferred models. The statistically significant variables in Model 2 were DY, SIZE and SAD; and in Model 4 were DY, SAD, ROE and CCI. This suggests that both rational factors (DY, ROE and SIZE) and irrational factors (SAD, CCI and SAPI) impact on South African REITs trading at a discount or premium to their NAV, however, the factors are dependent on whether debt is accounted for or not in the NAV Discount Formula. The results also suggest that the factors are partly influenced by the outlying observations, as was the case for SAD, CCI and SAPI.

Bakgrund: Investmentbolag hanterar kapital och investerar i huvudsak i andra aktiebolag. Ett vanligt tillvägagångssätt när det kommer till att värdera ett investmentbolag är att analysera substansvärdet. Trots att information om marknadsvärden på investmentbolagens innehav finns tillgängliga, avviker ofta börsens värdering av investmentbolagen från det så kallade substansvärdet och det uppkommer rabatter och premier. Genom den forskning som gjorts på området saknas det en genomgående uppfattning för vilka förklaringar som påverkar investmentbolagens substansrabatter och premier. Syfte: Syftet med studien är att analysera och undersöka vad som orsakar att investmentbolagen noterade på Nasdaq Stockholm i perioder värderas till en substansvärdepremie/-rabatt. Metod: En kvantitativ forskningsmetod har använts för att besvara studiens syfte. För att besvara studiens syfte har fyra potentiella förklaringar till substansrabatterna/-premiernas uppkomst undersökts. Data har samlats in och kategorisats under respektive investmentbolag under den undersökta tidsperioden. Paneldataanalyser har utförts för att studera eventuella samband mellan potentiella förklaringar och värderingens avvikelse från substansvärdet. Slutsats: I sju av nio fall visade studien att avkastningen på OMXSPI kan förklara substansvärdesförändring med en positiv koefficient. Det vill säga att substansvärdepremie/-rabatten rör sig i en positiv riktning vid en en-procentig förändring i index. Utifrån det lir slutsatsen att det finns relativt starka underlag för att OMXSPI delvis kan förklara investmentbolagens avvikelser från substansvärdet. Studien visar att det inte går att med statistisk signifikans att härleda övriga förklaring till avvikelsen. Därför kan vi inte med säkerhet säga att några av förklaringarna förutom OMXSPI besitter statiska samband med substansvärdepremie/-rabatten i investmentbolagen.
Background: Closed-end funds manage capital and invest mainly in other listed companies. A common approach when it comes to valuate a closed-end fund is to analyse the net asset value. Although information about the closed-end fund holdings is available, the market valuation of the closed-end funds often deviates from the so-called net asset value and discount and premiums arise. Through the research done in this area, there is no comprehensive understanding of which explanations actually affect the closed-end funds NAV discount and premiums. Purpose: The purpose of this study is to analyse and investigate what causes the closed-end funds listed on Nasdaq Stockholm to be valued at a NAV discount or premium during certain periods of time. Method: A quantitative research method has been used to answer this papers purpose. To answer the purpose of the paper, four potential explanations for emerge of NAV discount and premiums have been investigated. Data has been collected and categorized under respectively closed-end fund during the examined period. Panel data models were built to analyse the possible relationship between potential explanations and the valuation deviation to the net asset value. Conclusion: In seven out of nine cases, the study showed that the return on OMXSPI can explain net asset value change with a positive coefficient. That is, the NAV premium / discount moves in a positive direction in the event of a one percent change in the index. Based on this, it is concluded that there is relatively strong evidence that OMXSPI can partly explain the closed-end funds’ deviations from the net asset value. Furthermore, the study shows that it is not possible to derive other explanations for the deviation with statistical significance. Therefore, we cannot say with certainty that the explanations besides OMXSPI have a statistical relationship with the NAV premium / discount in the closed-end funds.

Tese de Mestrado em Comunicação Social na especialização de Comunicação Estratégica
Este estudo exploratório pretende analisar e compreender a evolução recente das estratégias de comunicação das marcas. Num período em que Portugal atravessa uma grave crise económica e uma forte contenção ao nível do consumo, várias marcas optaram por abdicar de uma comunicação aspiracional e preferiram reintroduzir o elemento preço na sua comunicação como forma de atrair novos clientes, fidelizar os habituais e aumentar a sua notoriedade junto do público-alvo. Mas será a comunicação do preço transversal a todas as categorias de produto? Qual a opinião do consumidor sobre esta alteração? Será esta uma tendência a manter-se no futuro? Para responder a estas questões foram analisados artigos e relatórios e realizadas entrevistas a profissionais e académicos das áreas de estudos de mercado, publicidade, marketing, comunicação e consumo e a consumidores. Foram ainda estudados casos práticos das marcas Adagio, Chicco, Mercedes-Benz, Renova e Skip de forma a sustentar e complementar a abordagem teórica da investigação. Os resultados obtidos revelam que o preço influencia as decisões atuais de comunicação das marcas, em diversas categorias de produto. Contudo, os especialistas acreditam que, no futuro, as marcas optarão por uma estratégia que junte o lado emotivo e glamoroso da comunicação às menções ao preço.
This exploratory study aims to analyse and understand the recent evolution concerning brands’ communication strategies. Under a period of serious economic crisis and decrease in consumption levels in Portugal, several brands opted to abdicate from aspirational communication preferring to reintroduce the mention to the price in its communication as a way to attract new customers, maintain the usual customers and increase their reputation along the target audience. But will the communication of price become transversal to all product categories? What is the consumer opinion about this change? Will this be a trend in the future? To answer these questions, articles and reports have been analysed and interviews with experts and academics of market research, advertising, marketing, communication and consumption and with consumers have been conducted. Practical cases of Adagio, Chicco, Mercedes-Benz, Renova and Skip brands have also been studied in order to support and complement the theoretical approach of the research. The results show that price influences the current decisions of brands’ communication in several product categories. However, the experts believe that, in the future, brands will choose a strategy that combines the emotional and glamorous aspects of communication with references to the price as well.

MBA Professional Report
Within the Navy, married active duty service members and unwed single sailors with dependents are entitled to receive additional benefits compared to their single counterparts. The majority of these benefits are received through increases in the service member's Basic Allowance for Housing, Family Separation Allowance and medical coverage for spouses and dependents. This study estimates how much these increases cost the Navy. Data acquired from the Center for Defense Manpower Data Center and the Center for Naval Analyses are used to determine the average increase in BAH, FSA and medical coverage costs for married sailors and unwed single sailors with dependents. Surprisingly, the pay premium for being married or having dependents ranges from only 4 percent to only 10 percent for all enlisted ranks of E-5 and above and for all officer ranks. This premium is well below the marriage premium in the civilian labor market. Also, it is far below the pay increment received from advancement to the next paygrade.

Les écoles spéciales de marine (Brest et Toulon) sont créées par le décret du 27 septembre 1810 par Napoléon et son ministre de la marine Decrès. Après une période révolutionnaire qui fragilise le corps des officiers de marine, cette création s’inscrit dans la réforme du système éducatif de l’empire mais aussi dans la tradition de la formation de l’officier de marine en France. Seulement ces écoles spéciales sont fermées dès la Restauration : seule une génération d’officier a été formée, et seul un tiers de ces élèves est conservé dans la marine. L’étude de leur carrière nous montre que malgré l’épuration de la marine à la Restauration, l’ambition élitiste de Napoléon est conservée et poursuivie à travers les élèves qui parviennent à demeurer dans la marine. La deuxième partie porte alors sur les missions de la marine à travers les yeux et les actions de ces officiers. Ces derniers se démarquent par une véritable vitalité dans les projets et études scientifiques menés, mais aussi à travers les opérations militaires qui marquent l’époque. Cette étude nous montre aussi des hommes qui sont à la fois un lien entre la France métropolitaine et les territoires extra européens par leur métier, et savent s’adapter aux conjonctures politiques de leur époque : politique intérieure et politique extérieure. Une approche plus individuelle est particulièrement développée dans une troisième partie à travers leur vie de famille, l’aspect sanitaire de ce métier très exigeant pour la santé et les rapports que ces officiers entretiennent avec les autorités politiques et la hiérarchie militaire
The Navy « Écoles spéciales » (in Brest and Toulon) were created by a bill on Septembre 27th 1810 by Napoleon and his minister of Navy, Decrès. The revolutionary era had weakened the Naval officers corps ; therefore, this decision fit into the larger education reforms by Napoleon but calls back as well to the traditional schooling of Naval officers. But those schools were shut down during the Restauration : Only one generation of officers benefited from these schools and one third of those officers remained in the Navy. Studying their career shows that, in spite of the Navy being purged during the Restauration, Napoleon’s ambition to create an elite was kept alive by those alumni who managed to stay in the Navy. The second part tackles the key objectives of the Navy as seen through the eyes and actions of these officers. These men stand out through the energy they deploy in scientific endeavours and studies, but also through their service in the military operations of the time. This study shines a light on men who, thanks to their chosen profession, are a bridge between France and oversea territories, and know how to navigate the changing politics of their time, both domestically and overseas. Thanks to their logs and reports, we can also take a closer look at the men under the uniform, studying in a third part their family life, the health aspects of their profession and the relationship those officers have with civilian authorities and their hierarchy

Mestrado em Ciências Empresariais
A concepção do presente estudo pretendeu dar resposta à questão "como avaliar empresas numa óptica de aquisição hostil?", recorrendo para tal ao estudo do caso único da aquisição da Brasilcel. A metodologia adoptada foi o estudo de um caso único (Yin, 1994), que procura responder a questões do tipo "como?" e "porquê?". A avaliação realizada recorreu aos métodos dos fluxos de caixa livre e dos múltiplos, acrescida de um prémio de aquisição. Observou-se que o valor da participação na Brasilcel é de aproximadamente 4,078 mil milhões de euros, segundo o método dos fluxos de caixa livre, e que o mercado de capitais subavalia a empresa. Foi também apurado um prémio de aquisição de 83,93% de acordo com este método de avaliação. A conclusão a que foi possível chegar é que, no caso de aquisições hostis, a avaliação deve ser feita recorrendo ao método dos fluxos de caixa livre acrescido de um prémio de aquisição.
The purpose of this study was to answer "how to value firms in an hostile acquisition perspective?". To do so it was examined the unique case of the acquisition of Brasilcel. The methodology used was the unique case study (Yin, 1994) which tries to answer for "how" and "why" type of questions. The valuation performer resorted to the free cash flow and multiples methods plus an acquisition premium. The results of the study were that the value of the share of Brasilcel is approximately 4,078 million euros and the stock market undervalues the company according to the free cash flow valuation method. It was also determined an acquisition premium of 83,93%. The main conclusion is that in the case of hostile acquisitions the valuation should be made using the free cash flow method plus an acquisition premium.

Mestrado em Gestão/MBA
A Marinha Portuguesa implementou em 2011 um novo sistema de gestão estratégica baseado na metodologia Balanced Scorecard. Esta encontra-se amplamente disseminada, quer no sector público quer no privado, com reconhecida utilidade para a gestão estratégica e controlo do desempenho organizacional. O presente trabalho de investigação aborda, de forma exploratória, a adoção da metodologia Balanced Scorecard pela Marinha e o impacto daí decorrente sobre o desempenho da organização. Durante a investigação foi efetuada uma revisão bibliográfica exaustiva sobre os temas da avaliação de desempenho organizacional, Balanced Scorecard e desempenho operacional. Foi analisada a documentação estruturante da gestão estratégica da Marinha e recolhidas opiniões de peritos e decisores através de instrumentos qualitativos e quantitativos. Com a análise da informação coligida, foi possível caracterizar a implementação do novo sistema como um sucesso, na medida em que traduz um balanço positivo para a Marinha em termos de custo-benefício agregado. Quanto ao desempenho operacional da Marinha, considera-se que houve um acréscimo potencial de eficiência, que significa que o mesmo nível de output passou a poder ser sustentado por menos recursos, fundamentalmente, dada uma melhoria do alinhamento interno e do controlo estratégico. No entanto, ainda não foi observada uma melhoria significativa, qualitativa ou quantitativa, do produto institucional disponibilizado pela Marinha ao Estado e à sociedade, como resultado da adoção do novo sistema de gestão estratégica. Por fim, é apresentado um modelo conceptual aplicável à Marinha Portuguesa, que propõe uma ligação teórica entre a adoção da metodologia Balanced Scorecard e a melhoria do desempenho operacional.
The Portuguese Navy implemented in 2011 a new comprehensive strategic management system based on the Balanced Scorecard. This methodology is widely used, both in the private as in the public sector, with recognized benefits for the strategic management and the organizational control functions. The present paper studies, with an exploratory approach, the adoption of the Balanced Scorecard methodology by the Navy and its effect on the performance of that organization. For this study a thorough literature review was conducted on the themes of organizational performance management, balanced scorecard and operational performance. The navy?s strategic management doctrine was analysed, and the opinions of experts and decision makers were collected, through both qualitative and quantitative methods. By analysing the collected data, it was possible to characterize the implementation of the new system as a success in a cost-benefit analysis. Regarding the operational performance of the navy, it is considered that efficiency has been potentially improved, which signifies that the same output can now be supported by fewer resources, mainly, due to improvements in internal alignment and strategic control. Notwithstanding, there are yet to be observed significant qualitative or quantitative improvements on the aggregate operational output offered by the navy to the State and to society, as a result of the adoption of the new strategic management system. Finally, a conceptual model applicable to the Portuguese Navy is presented. This model proposes a theoretical connection between the adoption of the Balanced Scorecard and the improvement of operational performance.

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Brazil is considered one of the countries with the greatest number of environmental legislation in the world, ingroducing as Governmental strategy the use of command-and-control standards in the conservation of areas of permanent preservation and legal reserve located in rural properties. However, the so-called environmental punishment rules (command and control) have been showing an ineffective result, discouraging rural producers in the care of their environmental areas because the reforestation (planting, cleaning the land, fencing in the area, pest control, seedlings) presents itself very costly for producers. Some economic instruments, however, have been being used in the preservation of resources, in particular the payment for environmental services (PSA), used by many countries in Latin America and in Brazil, this payment model is gaining economic strength. The payment for environmental services is presented as a Prized Punishment, one that does something positive for the environment, should be awarded a prize or reward for the option of keeping the forest standing, taking care and pricing the marginalised services by the market. The work had as main objective to present the importance of payment for environmental services in areas of permanent preservation (APP) in an area located in the basin of the Confusão stream within Rancharia- SP city. At first, the bibliographic survey was about the topic and from seized theories and concepts raised, mapping were held as: arboreal vegetation, water resources and permanent preservation areas. Secondly, we conducted a survey of data through documental research (satellite images and data from the IBGE) in Rancharia city, focusing on the properties located on the banks of the Confusão basil. The hypothesis adopted in this work is that the payment for environmental services in the city of Rancharia is viable and this will facilitate the awareness of farmers in conservation of natural resources within the municipality. The research here adopted, was based on a qualitative research, using the bibliographical and documentary research and techniques of direct intensive observation. It was concluded that the implementation of the payment for environmental services in the areas of permanent preservation located in the basin of the Confusão, would contribute to the formation of public policy focused on the management of natural resources located in the city of Rancharia, in order to restore these forests, due to the multitude of ecosystem services that they provide to all collective. However, the results of the survey showed that it will only be possible through the installation of public policy adhered by municipal bodies.
O Brasil é considerado um dos países que mais possuem legislação ambiental do mundo, apresentando como estratégia governamental a utilização de normas de comando e controle na conservação das áreas de preservação permanente e reserva legal localizadas nas propriedades rurais. Porém, as referidas normas de penalização ambiental (comando e controle) vêm se apresentando de maneira ineficaz, desestimulando os produtores rurais no cuidado de suas áreas ambientais, pois a reposição florestal (plantio, limpeza do terreno, cercamento da área, controle de pragas, mudas) se apresenta muito onerosa aos produtores. Alguns instrumentos econômicos, entretanto, vêm sendo utilizados na preservação dos recursos, em especial o pagamento por serviços ambientais (PSA), utilizado por muitos países da América Latina e no Brasil, este modelo de pagamento econômico vem ganhando força. O pagamento por serviços ambientais consiste na sanção premial, ou seja, aquele que faz algo positivo para o meio ambiente deve ser agraciado com um prêmio ou recompensa pela opção de manter a floresta em pé valorando e precificando os serviços ambientais marginalizados pelo mercado. O trabalho teve como objetivo principal em apresentar a importância do pagamento por serviços ambientais em áreas de preservação permanente (APP) em uma área localizada na Bacia da Confusão dentro do Município de Rancharia SP. Num primeiro momento da pesquisa, fez-se o levantamento bibliográfico sobre o tema e a partir da teoria apreendida e dos conceitos levantados, foram realizados os mapeamentos de aspectos como: vegetação arbórea, recursos hídricos e áreas de preservação permanente. Num segundo momento, foi realizado um levantamento de dados através de pesquisa documental (imagens de satélite e dados do IBGE) no Município de Rancharia, enfocando as propriedades localizadas as margens Bacia da Confusão. A hipótese adotada no trabalho é que o pagamento por serviços ambientais no município de Rancharia seja viável e com isso venha possibilitar a conscientização dos produtores rurais na preservação dos recursos naturais dentro do município. A pesquisa aqui adotada foi baseada sob uma investigação qualitativa, utilizando-se do levantamento bibliográfico e da pesquisa documental e com técnicas da observação direta intensiva. Foi possível concluir que a implementação do pagamento por serviços ambientais nas áreas de preservação permanentes localizadas na Bacia do Ribeirão da Confusão, contribuiria para a formação de uma política pública voltada para o gerenciamento dos recursos naturais localizados no município de Rancharia, de modo a restaurar essas matas, pela infinidade de serviços ecossistêmicos que elas prestam a toda coletividade. Contudo os resultados da pesquisa mostraram que só será possível, mediante a instalação de políticas públicas aderidas pelos órgãos municipais.

Confronto tra i diversi paradigmi di implementazione ERP on premise e cloud based, con riferimento a Microsoft Dynamics, e sviluppo di un’applicazione in Dynamics NAV ed una extension in Business Central. Si è proceduto delineando le due diverse modalità di programmazione delle due soluzioni software, in modo da creare due diverse applicazioni che rappresentano i due diversi paradigmi di sviluppo che differenziano soluzioni di tipo on premise rispetto a soluzioni cloud based, evidenziando i relativi vantaggi ed evoluzioni.

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
The main objective of this study is to contribute to the critical debate about the compromise established between community actions and the non-governmental organizations through which these actions are developed. Considering that the NGO discourse shows a preference towards the participation of the population and the construction of democratic spaces, with privileged loci for learning about "citizenship", aiming for a transformation in the social reality, it is necessary to understand the logic contained in the daily relationships established by the NGO practice, with regard to their proposals and actions that address and enforce these changes. In order to analyze the issues involved in the compromise between the communities and the NGOs, as well as the reverberation of the actions undertaken in these communities, this research used assessment procedures, currently used in many studies in Brazil, as a way to understand what to look for, how to look for it and the reasons for looking for it, knowing that these issues are indicative of the value attributed to the community actions. The assessment procedures will be used from an ethical point of view, in which the role of the assessment is to integrate the planning and everyday practice, creating permanent spaces for reflection on the practice, correction of the paths undertaken and reorientation of action strategies aimed towards changes that need to be built on the grounds of social reality, aiming to strengthen the movement towards the transformation on behalf of citizenship and human rights. Through the commitment set out in Psicologia Social Comunitária , the focus of which is the strengthening of the community as a generator of citizenship, this study sought to look at the processes of assessment and intervention in the community, considering the aspects valued by this subject, related to the changes that must occur with regard to power relationships if the construction of sustainable democratic spaces are to be enforced. The evaluation process examined is the Itaú-Unicef Award, which, under the technical coordination of CENPEC, aims to recognize and encourage the work of nonprofit organizations which, in conjunction with public schooling, contribute towards the full education of Brazilian children and adolescents and, through the visibility of these actions, help to promote public education policies. The analysis aims to understand the capacity of the Award for setting up a social and collective action for protection, inclusion and citizenship, and its commitment in the development of these actions
O principal objetivo deste estudo é contribuir para o debate crítico sobre o compromisso estabelecido entre as ações de base comunitária e as Organizações Não-Governamentais que as desenvolvem. Considerando principalmente que as ONGs trazem em seu discurso a preferência pela participação popular e construção de espaços democráticos, e locus privilegiado para o aprendizado da cidadania , visando à transformação da realidade social, faz-se necessário apreender a lógica contida nas relações cotidianas instituídas por estas práticas das ONGs, no que diz respeito às suas propostas e ações que visem e efetivem tais transformações. Para a análise das questões sobre o compromisso estabelecido entre as comunidades e as ONGs, tal como a reverberação das ações desenvolvidas nestas comunidades, a presente pesquisa utiliza-se dos processos de avaliação, hoje em ascensão no Brasil, como forma de compreender o que se olha, como se olha e para que se olha, entendendo que estas questões são reveladoras do valor atribuído às ações desenvolvidas. Os processos de avaliação serão olhados do ponto de vista ético, no qual o papel da avaliação é integrar o planejamento e a práxis cotidiana, criando espaços permanentes de reflexão sobre a prática, correção de rumos e reorientação de estratégias de ação dirigidas para mudanças que precisam ser construídas no chão da realidade social, visando fortalecer o movimento de transformação em prol da cidadania e dos direitos humanos. Mediante o compromisso estabelecido na Psicologia Social Comunitária, cujo foco de atuação volta-se ao fortalecimento comunitário como forma geradora de cidadania, buscou-se olhar para os processos de avaliação e intervenção comunitária, considerando os aspectos valorados por esta disciplina, os quais estão relacionados às mudanças nas relações de poder que devem ocorrer para que a construção de espaços sustentáveis democráticos seja efetivada. O processo de avaliação analisado é o Prêmio Itaú-Unicef que, sob a coordenação técnica do Cenpec, tem como objetivo reconhecer e estimular o trabalho de organizações sem fins lucrativos que contribuam, em articulação com a escola pública, para a educação integral de crianças e adolescentes brasileiros e, a partir da visibilização destas ações, fomentar políticas públicas de educação. A análise pretende compreender a capacidade do Prêmio em configurar-se como uma ação social e coletiva a serviço da proteção, inclusão e cidadania, e o compromisso com o desenvolvimento de suas ações

Dual asset markets are unique to real estate. When the assets are held by a real estate investment trust (REIT), properties trade in property markets while claims on cash flows from these assets trade in a public equity market. If the two parallel markets are in disagreement regarding the total market value of underlying assets, then REIT managers are faced with inter-market arbitrage opportunities. If a REIT’s shares trade at premium in the stock market relative to the net asset value (NAV) of the underlying assets, the arbitrage opportunity can be exploited by issuing new equity in the stock market and purchasing assets in the property market with the proceeds from new equity. If a REIT’s shares trade at a discount to NAV, the arbitrage opportunity is achieved by selling assets in the local property market and repurchasing shares of common equity. In this dissertation, I investigate whether REIT managers attempt to exploit such opportunities. Specifically, I identify whether share price premiums or discounts to NAV influence the propensity of REIT managers to purchase versus sell assets in the property market. In addition, I investigate whether the market-wide premiums to NAV influence the relative transaction prices paid for the property while carefully controlling for the sample selection issue in the analyses. Further, since this information is feasible to evaluate by analysts, I investigate how investors in the stock market react when REIT managers issue new equity during periods of premiums to NAV. The analyses use property level transaction data for commercial real estate asset values and stock price data for REITs.

Market segmentation is one important Marketing technique addressed by companies in order to understand who are their potential clients in the market in general and afterwards develop an effective marketing campaign focused on those clients with the objective of increasing their sales, maximize their profits and in this way guarantee their sustainability and growth. This dissertation has the objective of helping NAU beer, a Portuguese start-up in the alcoholic beverages sector in Portugal. The main purpose is to understand on which segments should NAU focus its strategy. In order to address this objective, the Portuguese Market was analyzed and divided according to alcoholic drinks consumption habits, alcoholic drinks purchasing habits and characteristics most valued in alcoholic drinks. To do this analysis, two Focus Groups were conducted, as well as an Online Survey and afterwards a Cluster Analysis that ended up dividing the market into 5 segments. The results of this dissertation identify two potential segments for NAU beer. Additionally, analyses were conducted for all the 5 segments.
A segmentação de clientes é uma técnica de Marketing utilizada pelas empresas de forma a perceber quem são os seus potenciais clientes no mercado em geral e posteriormente preparar uma campanha de marketing eficiente focada nesses clientes com o objectivo de aumentar as suas vendas, maximizando o seu lucro e deste modo garantir a sua sustentabilidade e crescimento. Esta dissertação tem como objectivo ajudar a Cerveja NAU, uma start-up Portuguesa na indústria das bebidas alcoólicas em Portugal. O principal objectivo é perceber quem são os segmentos nos quais a NAU deve focar a sua estratégia. Para tal, foi analisado e segmentado o mercado Português relativamente a hábitos de consumo e compra das bebidas alcoólicas bem como principais características valorizadas nas bebidas alcoólicas. De forma a segmentar o mercado, foram realizados dois Focus Groups, um Questionário Online e posteriormente conduzida uma Análise de Clusters que acabou por dividir o mercado em 5 segmentos. Os resultados desta dissertação identificam dois potenciais segmentos para a Cerveja NAU. Adicionalmente, foram realizadas análises para todos os segmentos.

Entrepreneurship has been on the agenda, and the younger generations are the ones that are making it relevant. People are becoming versatile and adaptable to the market, and the Youngers are the ones who seem to be best trying to shape the market, and adapting the innovative ideas to the trends. This case is a real story of three young entrepreneurs that, guided by this energy to do and to change, created the NAU beer, a handcraft premium beer that pretends to be on the table, where the wine normally is. In this case, it is presented all the timeline of the product conception, until the first introduction of the batch. The case intends to provide all the information required for the reader to analyze and define the strategic view of the market, and of the product, and from then to conclude what is the best continuation of project by the founders. They have a product ready to be launched in the market, but they need guidance for the next steps, since the capital limitations of the founders. The case has an interesting approach of some concepts that are commonly used in start-up business, as an external analysis, success factors and obstacles, pricing strategy and also an overall view of the potential of the business on the investor’s eyes. Also, after all this important review of several clusters of the business, the ultimate decision of what to do next to the product, taking into account the situation of the founders.
Empreendedorismo é cada vez mais falado e são as gerações mais novas que o estão a tornar relevante. As pessoas estão a ficar versáteis e adaptáveis, e são os mais novos, que melhor se estão a moldar ao mercado e a adaptar as suas idéias inovadoras às actuais tendências. Este caso é uma história veridica de três jovens empreendedores que, guiados por essa energia de fazer e acontecer, criaram a cerveja NAU, uma cerveja premium artesanal que pretende estar à mesa onde o vinho normalmente está. É apresentado no presente caso, todo o cronograma desde a concepção do produto, até à introdução primeiro lote no mercado. O caso fornece todas as informações necessárias para que o leitor possa analisar e definir a visão estratégica do mercado e do produto, para que daí consiga concluir qual a melhor continuação do projeto pelos fundadores. Eles têm um produto pronto para ser lançado no mercado, mas precisam de orientação para os próximos passos, dadas as suas limitações de falta de capital. A presente tese tem uma abordagem interessante de alguns conceitos que são normalmente abordados em start-ups, tem uma análise externa, fatores de sucesso e obstáculos, estratégia de preços e também uma visão global do potencial do negócio nos olhos do investidor. Além disso, depois de toda esta abordagem dos vários sectores do negocio, é necessário tomar a decisão final sobre o que fazer à primeira produção, para que melhor se defina a maneira mais eficiente de introduzir o producto no mercado.