Thèses : « Assets managers »

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Malefo, Boikanyo Kenneth. « Do money managers outperform their respective benchmark ? Evidence from South African Unit Trust industry ». University of the Western Cape, 2015. http://hdl.handle.net/11394/4957.

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>Magister Scientiae - MSc
Motivated by the growing attraction of the mutual fund industries across the world, this research seeks to explore the economic benefits contributed by the South African equity unit trust managers over the period from 1 January 2002 to 2 September 2012. The performance is examined over two sub-periods and the overall examination period, where the first sub-period captures the performance of the unit trusts before the 2007/2008 global financial crisis and the second sub-period captures the devastation in performance of the unit trusts after the crisis. Active fund managers are usually presumed to possess superior abilities in asset allocation, security selection and market timing that assist them to consistently generate abnormal returns on a risk-adjusted basis. This research attempts to test this claim by making a distinction in performance attribution between returns generated as a result of managerial skills and those generated as a result of random chance. The study emerges by first examining the risk-adjusted performance of the South African unit trust managers against the performance of a broad market index proxied by FTSE/JSE All Share Index (ALSI). Six different risk-adjusted performance measures are employed for this purpose. Regardless of the different applications of risk parameters employed by each performance measure, the results reveal that on average, most of the South African unit trust managers do not outperform the market on a consistent basis. The majority of the unit trust managers show good performance during the first sub-period, with subsequent inferiority in performance during the second sub-period. The study further examines the performance of the South African unit trust managers relative to the pre-specified sector benchmarks constructed by following a set of performance attribution techniques proposed by Yu (2008) and Hsieh (2010). The objective of this test is to determine whether the equity unit trust managers are able to create value through their security selection skill in addition to their asset allocation decisions. Consistent with international evidence, the results reveal that returns generated by South African unit trusts are driven mainly by asset allocation activities and stock picking of asset managers do not add significant value. In addition, test results also indicate that South African equity unit trust managers are not good at managing risk as the majority of the unit trusts exhibit higher standard deviation compared to their benchmarks. Furthermore, the study examines the economic value contribution of the South African equity unit trust managers through their market timing activities. In particular, the study attempts to determine whether or not unit trust managers possess the ability to correctly anticipate future market movements. To achieve this, two market timing performance models developed by Treynor-Mazuy (1966) and Henrikson-Merton (1981) are employed. The results reveal that, regardless of the changes in market conditions, South African equity unit trust mangers delivered significantly inferior timing performance in both sub-periods and the overall examination periods that actually destroyed fund values. The paper concludes by stating that investors are better off by investing in cost-effective passive investment vehicles such as exchange traded funds (ETF's).

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Achilles, Wendy Walston. « An Experimental Analysis of the Impact of Goal Orientation, Ethical Orientation, and Personality Traits on Managers' And Accountants' Abilities to Recognize Misappropriation of Assets ». VCU Scholars Compass, 2006. http://scholarscompass.vcu.edu/etd/699.

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This study examines the impact of knowledge, experience, goal orientation, ethical orientation, and personality traits on managers' and accountants' abilities to recognize misappropriation of assets. Participants included students and professionals. The student group included upper-level accounting majors and upper-level management majors. The professional group included students enrolled in an introductory accounting course for their MBA program and internal auditors from a variety of organizations. Findings in the study show that accounting students assessed the possibility that fraud was in progress at a higher level than the management students, suggesting that the accounting students acquire basic knowledge about fraud from the accounting curriculum, which improves performance. The effect of reading articles was marginally significant for assessing the possibility of fraud, showing that students who have read or who are required to read articles better identify the clues associated with employee theft. For the professional group, the effects of academic major and fraud specific training led to identifying the possibility of employee theft at a higher level. It appears that training sessions help professionals in identifying the risk factors associated with fraudulent activity, producing benefits to organizations that far outweigh the costs. Full-time work experience was marginally significant (p Several findings of the additional analysis using structural equation modeling extend the audit decision making literature by showing certain factors that enhance knowledge and improve decision making as experience increases. Higher learning goal orientation scores, mediated by experience and ethical position, should lead to more accurate identification of risk factors that are commonly associated with fraudulent activity. These findings should encourage firms to draw upon the knowledge of experts as they develop expert decision aids and training sessions for internal audit departments. Organizations should also integrate actual instances of misappropriation of assets into training sessions on fraud prevention and detection while developing and improving models of training sessions and expert decision aids for unstructured, complex tasks.

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Ansar, Atif. « 'New departures' in infrastructure provision : an ongoing evolution away from physical assets to user needs ». Thesis, University of Oxford, 2010. http://ora.ox.ac.uk/objects/uuid:1f938334-bf4e-45cc-81fc-be50afa5dc9e.

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Infrastructure—communications, energy, transport, waste, and water networks—is critical for economic activity and social well-being. Practitioners, politicians, and economists advocate high levels of investment in infrastructure under the rubric of 'planning for growth' (or the 'push' paradigm). This paradigm relies on complex public-private arrangements in the name of public interest. These seemingly reasonable arrangements are, however, not delivering their promise. Evidence shows that the needs of infrastructure users in rich and poor countries are not being met, many private providers of infrastructure earn rich returns, assets are rarely built in time or on budget, and there is tremendous waste in the operation of many infrastructure industries. No other sector could survive the profligacy and slack common in infrastructure. I distil the following primary propositions of the accepted wisdom, which is inspired by mainstream economics: First, infrastructure assets necessarily entail high sunk costs and large economies of scale. Consequently, assets last for very long periods of time, and they cannot be readily moved. Second, infrastructure outputs are homogeneous. Third, one network fits all users (large and small). Fourth, infrastructure users, even large ones, are likely to have weak bargaining power in procurement of infrastructure outputs. I challenge these four propositions of the conventional wisdom by putting forward alternative hypotheses. First, instead of being monolithic and costly, infrastructures can be assembled (and disassembled) as flexible modules for specific users in specific places. Drawing on option pricing theory in quantitative finance, I recast infrastructures as 'portfolios of real options'. Second, infrastructure outputs are, in fact, heterogeneous and differentiated services. Third, one infrastructure network cannot fit all users, either today or in the future. Users are remarkably heterogeneous, not only in terms of unique user preferences but also in terms of spatial location. Infrastructure networks need to evolve in tandem with user needs or risk spatial, temporal, and relational obsolescence. Finally, users, large and small, are adept at exerting strong bargaining power in procuring infrastructure both prior to and after rendering durable and immobile investments. Users also strategically deploy intermediaries, e.g. futures and Over-the-Counter (OTC) exchanges, and real estate developers, to negotiate private contracts for infrastructure services. These findings are supported by two case studies. The first case study details the process by which ThyssenKrupp, a large steel company, bargained for its infrastructure by locating to a manufacturing site in the U.S. The second case study focuses on residents of Lavasa, one of the largest property developments in India. Here, small users of infrastructure exert strong bargaining power with the aid of intermediaries—the real estate developer and the property asset manager. New departures in infrastructure provision are urgently needed at a practical level. Poor investments rendered today—particularly if costly, inflexible, and durable—will suffocate tomorrow’s possibilities. The spatial, temporal, and relational approach proposed in this dissertation begins to offer an alternative account of how tomorrow can be modularly shaped.

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Santos, Ricardo Meléndez, Anthony Aguilar Gallardo et Jimmy Armas Aguirre. « Reference Model to Identify the Maturity Level of Cyber Threat Intelligence on the Dark Web ». Repositorio Academico - UPC, 2021. http://hdl.handle.net/10757/653788.

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El texto completo de este trabajo no está disponible en el Repositorio Académico UPC por restricciones de la casa editorial donde ha sido publicado.
In this article, we propose a reference model to identify the maturity level of the cyber intelligence threat process. This proposal considers the dark web as an important source of cyber threats causing a latent risk that organizations do not consider in their cybersecurity strategies. The proposed model aims to increase the maturity level of the process through a set of proposed controls according to the information found on the dark web. The model consists of three phases: (1) Identification of information assets using cyber threat intelligence tools. (2) Diagnosis of the exposure of information assets. (3) Proposal of controls according to the proposed categories and criteria. The validation of the proposal was carried out in an insurance institution in Lima, Peru, with data obtained by the institution. The measurement was made with artifacts that allowed to obtain an initial value of the current panorama of the company. Preliminary results showed 196 emails and passwords exposed on the dark web of which one corresponded to the technology manager of the company under evaluation. With this identification, it was diagnosed that the institution was at a “Normal” maturity level, and from the implementation of the proposed controls, the “Advanced” level was reached.
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Friis, Leonarda B. « Are some fund managers better than others : the relationship between manager characteristics and fund performance ». Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/49749.

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Thesis (MBA)--Stellenbosch University, 2003.
ENGLISH ABSTRACT: This paper investigates fund manager performance in order to determine whether some fund managers are better than others. The focus of the paper is to examine if fund performance is related to the characteristics of fund managers that may indicate ability, knowledge, or effort. The data consists of South African regulated unit trust growth and growth-and-income funds investigated over a seven-year period, and comprehensive and detailed information on the various fund managers supplied by the MoneyMate database from the University of Stellenbosch. The research objective has been to find out whether fund manager characteristics help explain fund performance and risk. Stepwise regression analysis as the research methodology is applied, where the two dependent variables, performance and risk, are regressed on the eight independent variables; manager age, tenure of the manager with the fund, years of education, whether the manager hold a MBA or CA/CFA qualification, management team size, fund age and fund objective. The findings of the study are highly significant and show that fund performance and risk are impacted upon by managers' qualifications. One can expect better risk-adjusted performance from a fund manager who holds a CA/CFA and/or MBA qualification. Results show that these managers outperform managers without these qualifications.
AFRIKAANSE OPSOMMING: Hierdie studie ondersoek fondsbestuurder prestasie met die doel om te bepaal of sommige bestuurders beter is as ander. Die fokus van die studie ondersoek of fondsprestasie verband hou met die eienskappe van fondsbestuurders. Die data bestaan uit Suid-Afrikaanse effektetrust groei en groei-en-inkomste fondse bestudeer oor 'n periode van sewe jaar, en omvattende besonderhede van die fondsbestuurders soos verskaf deur die MoneyMate databasis van die Universiteit van Stellenbosch. Die doel van die navorsing is om bewyse te vind wat mag aandui dat fondsbestuurdereienskappe wel fondsprestasie en risiko's kan beïnvloed en verduidelik. Die metode van stapsgewyse regressie word toegepas, waar die impak van die agt onafhanklike veranderlikes (ouderdom van die fondsbestuurder, sy jare by die fonds, sy aantal jare van tersiêre onderrig, of die bestuurder 'n MBA of CA/CFA kwalifikasie besit, spangrootte, ouderdom van die fonds en die fonds se doelstelling) op die twee afhanklike veranderlikes (prestasie en risiko) ondersoek word. Die bevindinge van die studie is hoogs betekenisvol en dui daarop dat 'n fonds se prestasie en risiko's wel beïnvloed word deur die kwalifikasies van die fondsbestuurder. Beter risiko aangepaste prestasies kan verwag word van bestuurders wat 'n MBA en/of CA/CFA kwalifikasie besit. Die resultate toon wel dat fonds bestuurders ander bestuurders uitpresteer wat nie daardie kwalifikasie besit nie.

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Burri, Silvan. « Asset Allocation including Currency Managers ». St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01649268002/$FILE/01649268002.pdf.

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Boadi, Richard S. « Integrated asset management framework : using risk-based decision-support systems to manage ancillary highway assets ». Diss., Georgia Institute of Technology, 2015. http://hdl.handle.net/1853/53562.

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Risk assessment is an essential part of an effective transportation asset management program. The 2012 surface transportation bill, Moving Ahead for Progress in the 21st Century, requires state departments of transportation (DOTs) to establish risk- and performance-based asset management programs for the National Highway System. While the bill’s provisions include requirements only for pavement and bridge assets, they also recommend that DOTs consider other ancillary highway assets such as culverts and earth retaining structures, and hazards such as rockfalls and landslides. This research introduces an integrated risk framework with supporting algorithms to provide for the integration of ancillary assets and hazards into existing transportation asset management systems, and facilitate budget planning and resource allocation. The framework, Highway Assets Risk Management Decision-Support System (HARM-DSS), adopts a system-of systems perspective in defining and evaluating performance, and analyzing and addressing risk. The algorithms are developed using multi-criteria decision analysis (MCDA) and risk analysis methods; value functions are applied to scale performance attributes, and additive weighting to integrate multiple risk criteria. The methodology is applied at the corridor-level to analyze three different case studies using data with notable variability from New York, Minnesota and Oregon. The cases demonstrate the process for developing descriptive and visual information on multi-asset/hazard corridors, with sparse to medium data, in order to identify corridors that are vulnerable to failure, as well as exhibit high risk of failure within a transportation network. The results demonstrate that HARM-DSS can be applied across competing corridors or alternatives to produce descriptive and intuitive results that decision makers can use in budget planning and resource allocation. This research extends the risk-based thinking on transportation asset management, by moving it from a silo-ed to an integrated analytical platform that considers multiple non-homogenous assets and hazards simultaneously. It identifies data deficiencies and offers recommendations on the requisite data collection on asset inventory and condition to improve objectivity in the analytical process and confidence in the analysis results. In addition, it offers recommendations on the appropriate use of expert knowledge in supplementing existing data deficiencies in the interim. This work is potentially useful to decision makers involved in distributing resources to preserve the reliability and resiliency of transportation systems, as well as meet the existing performance- and risk-based Federal mandates for transportation asset management.

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Husain, Shakir, et Emre Yilmaz. « The Transfer Pricing Problem in a Service Firm : A Case Study on a Swedish Multinational Enterprise ». Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-260559.

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The purpose of this study is to answer the research question of how a service company (ServiceCo) could achieve a transfer price of its services. This is of particular interest, due to the growth of service firms that have rapidly increased and surpassed the manufacturing firms, as well as the dominant logic shifting towards services. However, the problem with this field of study is that transfer pricing with regards to the service industry, is a rather unexplored phenomenon in which the guidelines and theories are mostly directed towards manufacturing firms. This study uses a single case study approach where ServiceCo’s organizational characteristics were analyzed in order to attain the information required to understand how ServiceCo could achieve a transfer price of its services. Furthermore, this study uses the Eccles (1983) MAP and the OECD Guidelines, as well as incorporating Porter’s (1985) value chain. This study assesses that ServiceCo, in its current state, uses a sub-optimal transfer pricing method of its services. Therefore, a change in the transfer pricing method was suggested to ServiceCo. Given the organizational characteristics of ServiceCo, the results led to the conclusion that ServiceCo could benefit from a residual analysis in the profit split method, in which an actual full cost plus mark-up compensation could be used on its routine functions, and the residual profit could be split between the entities based on the intangible assets employed, functions performed and the risks carried.

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Corte-Real, M. « The risk management within European equity asset managers ». Thesis, City, University of London, 2017. http://openaccess.city.ac.uk/17566/.

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The objective of this research is to understand what risk management processes are currently in place amongst active European equity asset managers, and to determine which practises are most effective. The focus of this research is on active equity portfolios within the European markets. The thesis is divided in five chapters: 1) Introduction, 2) Introduction and literature of risk management in financial institutions, 3) How risk management is currently used in European funds; a survey of 200 asset managers and hedge funds is undertaken to identify current approaches to risk management, and identify what might need to be improved, chapter, 4) using a unique survey, a comprehensive analysis of the level of risk that pension fund clients (Board Members, Chief Financial Officers, and upper management of organisations with pension funds under third-party management), family offices that invest in hedge funds and Intermediate Financial Advisors (IFAs in UK) are willing to accept, and 5) Conclusions. This will cover the financial crisis and the on-going subsequent recovery. The key findings from Chapter 2 are that there is limited literature in this subject, from Chapter 3 that there is significant issues within the risk management systems utilized by the various asset managers and that there is a need to improve considerably these systems and from Chapter 4 using a unique survey we gather a comprehensive analysis of the level of risk that pension fund clients (Board Members, Chief Financial Officers, and upper management of organisations with pension funds under third-party management), family offices that invest in hedge funds and Intermediate Financial Advisors (IFAs in UK) are willing to accept. To the best of our knowledge, this is the first comprehensive study of current risk management practices within active European equity asset managers.

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Sheen, Peter Bernard. « Managing Intellectual Property and Licensing : A Study on Cooperative Research Centres ». Queensland University of Technology, 2005. http://eprints.qut.edu.au/16010/.

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This thesis examines the perceived importance by two-tiered management of Cooperative Research Centres (CRCs) for managing a range of intellectual property issues. Fifty survey items are presented to the executive directors and commercialization managers of 62 CRCs. The survey items are categorized under four themes: relationships with collaborators, project management; design and implementation of agreements; and specific licensing issues. An analysis of the data, using a series of independent samples t-tests, repeated measures t-tests, chi-square tests for independence or relatedness and goodness of fit, shows a range of results. There are significant differences between executive directors and commercialization managers on a number of issues. There are particular emphases or trends about certain issues for the whole sample of managers. These findings are compared with text analyses of 23 CRC strategic planning documents. This is done in order to explore any similarity, difference or nuance between what the managers say in response to the survey items, compared with what is stated in the codified policies of the CRCs. While there is a high degree of consistency among certain themes between the two sets of findings, the overall analysis points to the need for the CRCs to have a better understanding and practice of commercialization opportunities, especially through the involvement of third party commercial interests. It is argued that accommodating third party commercialization interests involves the application of an important knowledge economy principle that has an important bearing on the future economic viability and competitiveness of the CRCs.

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Hassan, Ahmed. « Mining Software Repositories to Assist Developers and Support Managers ». Thesis, University of Waterloo, 2004. http://hdl.handle.net/10012/1017.

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This thesis explores mining the evolutionary history of a software system to support software developers and managers in their endeavors to build and maintain complex software systems. We introduce the idea of evolutionary extractors which are specialized extractors that can recover the history of software projects from software repositories, such as source control systems. The challenges faced in building C-REX, an evolutionary extractor for the C programming language, are discussed. We examine the use of source control systems in industry and the quality of the recovered C-REX data through a survey of several software practitioners. Using the data recovered by C-REX, we develop several approaches and techniques to assist developers and managers in their activities. We propose Source Sticky Notes to assist developers in understanding legacy software systems by attaching historical information to the dependency graph. We present the Development Replay approach to estimate the benefits of adopting new software maintenance tools by reenacting the development history. We propose the Top Ten List which assists managers in allocating testing resources to the subsystems that are most susceptible to have faults. To assist managers in improving the quality of their projects, we present a complexity metric which quantifies the complexity of the changes to the code instead of quantifying the complexity of the source code itself. All presented approaches are validated empirically using data from several large open source systems. The presented work highlights the benefits of transforming software repositories from static record keeping repositories to active repositories used by researchers to gain empirically based understanding of software development, and by software practitioners to predict, plan and understand various aspects of their project.

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Nitti, Alessandro. « The Italian Asset Management market from an Asset Servicer’s perspective ». Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-195837.

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The asset management industry constitutes a vital part of the economy thanks to its financing role. The sector has profoundly changed since its establishment and, nowadays, changes in organization, investors’ behaviour and regulatory framework are deeply reshaping the industry. In this context, also the Italian market, which has traditionally been characterised by some distinguishing features, is being influenced by a series of modifications at both European and national level. The purpose of this paper is to analyse the Italian Asset Management industry’s structure and organisation, understand how it is evolving and grasp the factors that can affect its market to then draw implications influencing the business and operations of an asset servicer. This work divides the Italian Asset Management market into two parts, the Asset Managers segment, including collective management and discretionary mandates, and the Pension Schemes segment. These two composing parts are analysed from an Asset Servicer’s perspective, presenting data over the financial instruments they contain. The paper follows the Case Study approach employing mainly secondary quantitative data. In Italy, the distribution of Asset Management products as well as trading activities remain based on banking networks. In recent years, among collective management products, foreign-law mutual funds are the ones that grew the most. This, along with the fact that the asset servicers’ market is dominate by few specialized players operating on a global scale, puts the spotlight on asset servicers’ cross-border level of integration. Even tough discretionary mandates are struggling to recover and have grown at a slower pace, due to “MiFID II” upcoming rules, financial intermediaries will be encouraged to place these products on the market. Lastly, the Italian pension system is underdeveloped if compared to other European countries and few players own the majority of the complementary pension schemes market. The paper highlights how technology innovations, policies of the ruling governments, interest rates levels and national and communitarian regulation are the factors driving the asset management industry.

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Dani, Mercedesz, et Johanna Sterner. « Management & ; Valuation of Intangible Assets in Swedish Holding Companies : An integrative model on how Swedish holding companies assess, evaluate and manage their intangible assets to maintain old and create new knowledge within their subsidiaries ». Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-36557.

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Background: Companies operate in a dynamic and challenging business environment with a constant battle to become and stay competitive and achieve sustainable growth. The business environment has transformed rapidly in the past decade due to major globalization and internationalization processes, which have created a demand for mapping and understanding business value and core competences. Parting from the traditional, the focus within companies and research is shifting from tangible assets to human capital, such as knowledge, as the primary competitive resource. Knowledge is a concept that is both complex and volatile. Knowledge emerges and develops through processes of each individual and also from individuals merging together into groups – making it hard to manage. Sadly, without proper management of such resources and processes, it is competitive advantage cannot be exerted. Nowadays, most companies can be identified as knowledge intensive firms, where competitive advantage is related to the ability to create and apply new knowledge through mergers and acquisitions. For about 3 decades, researchers, governments and companies have been trying to develop methods to evaluate and measure intangible assets, but there is a lack of research on how it is done in reality. Purpose: The purpose of the study is to investigate Swedish holding companies’ approach to working with intangible assets, primarily knowledge; investigating the way it is leveraged and used in the holding structure to create knowledge as a competitive resource across the entire corporation. Method: A qualitative research is used with a sample of 10 Swedish holding companies varying in size, structure and sector in order to test a proposed integrative model formulated on theory. Purposive sampling is used for participant selection based on personal networks. Conclusion: Firstly, we found that the majority of the Swedish holding companies do not have a method for evaluating intangible assets in general. In the event of mergers and acquisitions, on the other hand, human capital is emphasized as a main factor for decision making. From the managerial point of view, there is an elevating need for developing a systematic approach to assess human capital when acquiring new subsidiaries, primarily in order to understand the value and context of knowledge. Secondly, Swedish holding companies have internal structures and work-approaches to identify key persons within the newly acquired subsidiaries and transfer their knowledge to the mother company. Furthermore, they try to maintain and create knowledge by investing on education and leadership, but in general, knowledge management is done subconsciously. Therefore, the general finding of this research is that the concept of knowledge management is in the beginning of its lifetime and there is a clear need to put more managerial emphasis on restructuring processes.

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Manning, Paul. « Social capital processes : an owner-manager perspective ». Thesis, Royal Holloway, University of London, 2012. http://repository.royalholloway.ac.uk/items/da49555d-5f42-d3f5-3b65-0ce3d00dd6cc/9/.

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This thesis investigates the management of social capital processes as they are accomplished-understood, experienced and shaped-by owner-managers. The aim of the thesis is to develop a deeper understanding of the management of social capital processes, to achieve a greater congruence between real-life perspectives and experiences and social capital literature. The thesis argues that social capital is situational, and in the economic situation the theory has been bounded by rational choice framing assumptions. The research problem is that claims for the universality of the economic way of looking at life, and for looking at social capital processes are over-stated. Predicated on this insight the research investigates economic notions of rationality, and low and non-rationality, as well as their inter-dependence in the management of social capital processes. The research follows a qualitative approach for data collection, with flexible pre-coding to guide the research where to look, while retaining an inductive openness to emergent data. The research population is drawn from SME owner-managers in the service and retail sectors, who were researched over two years using semi-structured interviews, observation, and by researcher participant observation. The thesis presents a number of contributions to knowledge. First, the thesis offers an in-depth, single source review explicating the meaning of the economic form of social capital, with reference to its intellectual antecedents, conceptual debates and key theoretical authors. The second (emergent research) contribution is to identify the significance of ethics and autodidactic reading for managing social capital processes. The third (theoretical) contribution argues for an expanded social capital perspective, beyond the prevailing and over-confident rational framing assumptions, and also for a new holistic ontological understanding. The fourth contribution is to identify a number of generic processes which can guide the management of social capital processes.

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Majoch, Arleta A. A. « Identifying sources of salience among global asset owners and asset managers : three essays on the principles for responsible investment ». Thesis, University of Reading, 2017. http://centaur.reading.ac.uk/73778/.

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The subject of this thesis formed of three essays is the sources of stakeholder salience in the responsible investment (RI) movement. The unifying elements of the essays are the focus on the UN backed Principles for Responsible Investment (PRI) as a voluntary RI code whose salience we examine, and the theoretical framework ofstakeholder salience theory (Mitchell et al., 1997, Gifford, 2012) guiding the analyses. The first essay is an exploration of a confidential dataset of investor self-reporting on the adoption of the PRI. It asks the question: what are the sources of salience of the claim to sign the PRI? The application of the theoretical model in this essay and the findings from it guide the following two essays. The second essay focuses on asset owners as the drivers of responsible investment in the financial industry. It applies the stakeholder salience model to a public dataset to identify the determinants of asset owner endorsement of the principles. The third essay examines the differences between the declared and practical adoption of the principles by asset managers. It compares the sources of salience of the claims to sign and to implement the Principles for Responsible Investment, finding limited overlap. All three studies find evidence of the dynamism of stakeholder relationships, and their distinctiveness between investor types. Highlighted sources of salience include management values, societal and pragmatic legitimacy, normative and utilitarian power, coalition building and relative stakeholder size. The research project makes contributions to stakeholder theory and to the literature studying voluntary sustainability codes, as well as broadening our knowledge of responsible investment and the drivers of its development.

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Clark, W. Andrew, Andrew J. Czuchry et James A. Hales. « University Managed Technology Business Incubators : Asset or Liability ? » Digital Commons @ East Tennessee State University, 2004. https://dc.etsu.edu/etsu-works/2525.

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University managed technology-based business incubators (UMTIs) have become increasingly popular. Some universities are forming private corporations and are encouraging professors/researchers to commercialize intellectual property (IP) based upon research conducted in their laboratories. The UMTI provides the infrastructure, access to high-tech laboratories, libraries, students and faculty, and a coalition of like-minded entrepreneurs. Universities face uncertainties when establishing UMTIs and need to minimize risk while maximizing benefits. This paper discusses results of a benchmarking study of eleven technology incubators and their risk mitigation policies. Experience with technology transfer and use of the UMTI as a living laboratory for students is presented.

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Williams, Sarah Elizabeth M. C. P. Massachusetts Institute of Technology. « Understanding urban assets : using remote sensing to manage stormwater run-off ». Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33603.

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Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.
Includes bibliographical references (p. 155-160).
Many small suburban and rural communities have experienced increased growth as businesses and families leave city center is search of affordable land prices available at the cities periphery. As one might expect this increased growth is have an effect on the visual and environmental character of these communities. In some areas the rapid growth is also causing increases in stormwater run-off. High levels of run-off are in turn having adverse effects on these communities environment health, as it is degrading local water quality and damaging stream channels. Development in many of these same communities is causing them to fall under the regulation requirements of the Phase II, National Pollutant Discharge Elimination System (NPDES). Phase II has caused several of these small communities to think about the effects of stormwater for the first time. At the same time new high-resolution satellite imagery, with resolutions ranging from 4 to 1 meter square, became available from a series of satellites launched between 1999 and 2003. These new systems, with their increased resolutions, hold the potential to help small communities identify and manage their town's land resources. Of particular relevance is the possibility of using data acquired from these satellites to identify impervious surface coverage. Having a better understanding of impervious surfaces, which is directly correlated to volume of stormwater run-off, could help suburban communities manage their stormwater. Quantified impervious surfaces can be used in hydrologic models to predict effects of increased stormwater. An inventory of these surfaces might also assist towns in determining where stormwater Best Management Practices (BMPs) could implemented.
(cont.) This study therefore tested whether suburban/rural communities could use new high resolution satellite imagery to map and measure impervious surfaces, in order to better manage and control the effects of stormwater run-off. The test performed in Billerica and Boxborough, MA found that although impervious cover measurements from satellite data are not as precise as planimetrics, the rough estimates provided, are a good resource for understanding the effects, mitigating, and planning for impervious coverage in growth communities.
by Sarah Elizabeth Williams.
M.C.P.

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Guerts, Renate. « Interviewing to assess and manage threats of violence ». Thesis, University of Portsmouth, 2017. https://researchportal.port.ac.uk/portal/en/theses/interviewing-to-assess-and-manage-threats-of-violence(41fa70b0-73cd-452f-9cb9-4c2ebdcf56a1).html.

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Persons who pose threats of violence can be rich sources of information for professionals charged with ensuring safety and security. The interviewing of threateners is thus considered important among such professionals, but research on the topic is scarce. This thesis seeks to advance current knowledge by proposing a scientific perspective on effective threat assessment and management (TAM) interviewing. What are the expected dynamics when interacting with persons who threaten to cause harm and, given these dynamics, which interview methods work best? A novel experimental paradigm was developed and employed in Studies I, II, and III. Participants were given a fictitious case describing two conflicting parties and were then asked to take on the role of the threatening party in a subsequent interview with the conflicting party. Study I (N = 157) examined whether individuals’ intent to actualise a threat becomes evident in how they verbalise that threat. Intent was manipulated across three conditions through the likelihood to actualise the threat: low likelihood (no intent: bluffers), medium likelihood (weak intent: conditional actualisers), and high likelihood (strong intent: decisive actualisers). Based on theory and research in cognitive psychology, it was predicted that decisive actualisers would provide the most detail about the implementation of the threat, followed by conditional actualisers, and bluffers would provide the least. The opposite trend was found: Persons more likely to actualise a threat were found to be less informative about its implementation. Study II (N = 179) tested the effect of two interview techniques (low vs. high suspicion-oriented) on the information provided by bluffers and actualisers. Drawing on psychological research examining lie detection, it was theorised that the need to be believed would be more urgent for bluffers than for actualisers. Hence, bluffers were expected to be more forthcoming when questioned about their threats and, in particular, when the questions communicated suspicion. As expected, bluffers provided more information in response to specific questions as compared to actualisers, especially with regard to implementation details (replicating Study I). However, the difference between bluffers and actualisers was not further accentuated by the use of suspicion-oriented questions. Furthermore, Study II explored whether threatening participants had used counter-interview strategies. Participants were found to be forthcoming, while also being strategic and adaptive to interviewers’ responses. Study III (N = 120) tested the hypothesis that rapport-based interviewing would be more effective for threat assessment and management purposes than direct interviewing. Against expectations, no differences were found between interview protocols pertaining to the threateners’ use of counter-interview strategies, their information provision, or their willingness to pursue/discuss the threat. Furthermore, the study advanced Study II by exploring what types of counter-interview strategies threateners employ. Again, threateners were found to be both forthcoming and strategic. The most frequently reported strategies were to prove capability and to conceal information. Study IV was an online study that investigated whether threat assessments made by professionals were of higher quality than those made by non-professionals. Threat assessment professionals, university students, and laypersons assessed the risk for violence in three fictitious cases. In alignment with the literature on expert decision-making, it was predicted that professionals (vs. students and laypersons) would agree more with one another with respect to risk assessments and that their information search would more resemble empirically supported threat cues. The results supported both hypotheses. Taking the results of the studies together, it could be concluded that threateners are semi-cooperative interviewees, whose attitudes may not be impacted by general interview approaches (e.g. rapport-based, suspicion-oriented). Instead, the findings suggest that more strategic techniques developed from the perspective of threateners (which result in their motivation to be informative prevailing over their need to be strategic) are needed.

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Beckmann, Daniela. « From early warning systems to asset managers' behavior : evidence for mature and emerging markets / ». Frankfurt am Main [u. a.] : Lang, 2008. http://www.gbv.de/dms/zbw/549497323.pdf.

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Beckmann, Daniela. « From early warning systems to asset managers' behavior evidence for mature and emerging markets ». Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2007. http://d-nb.info/986248029/04.

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Worthington-Smith, Matthew. « An inductive analysis of ESG practices and assumptions of materiality amongst South African asset managers ». Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/32307.

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South Africa is a country burdened by the overhang of apartheid and recent state capture, and desperately trying to balance economic growth with well-being of all stakeholders. This has opened the door for ESG practices to provide holistic solutions for both society and business. This is made particularly relevant by applying business resources to the most relevant ESG issues facing companies, the focus of this study. To achieve the objective of promoting positive societal outcomes through better corporate engagement with ESG, the study analysed 22 asset managers, 25 companies and 25 earnings call transcripts for the opinions of asset managers, companies and analysts on which issues were material to them across five industries. Alongside this analysis, asset managers were interviewed for their opinion of ESG as it is currently practiced in the South African market, where they saw barriers to its practice and where potential improvements could be made. The study found alignment between asset managers and companies on the majority of material issues, but little alignment with analysts, suggesting a break-down in conversation between investors and companies. In particular, the issue of governance was stressed as the most important issue category by asset managers across all industries, but was given little air-time by both companies and analysts. These findings were consistent with the literature on investor perspectives of ESG, company ESG disclosure and materiality. The author suggests a model for materiality be developed to gauge company response to material ESG issues more consistently and aide engagement. Key words: ESG, sustainability, materiality, decoupling, disclosure

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Al, Mandlawi Lina. « Digital Technology Adoption In The Context Of Asset Management : Organizational change and the impact of managers ». Thesis, KTH, Skolan för industriell teknik och management (ITM), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-279585.

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Digitalization and adaptation of technology are the current and future areas for organizations to gain efficiency within. Nevertheless, in a context where digitalization is an uprising trend, this research is needed now more than ever due to the COVID 19 Pandemic in the world. Many companies are having a hard time with the complexity of the digital age, facing challenges, and searching for support. This research will aim to solve these obstacles by collaborating with company X, who currently are in a similar situation. In order to understand the reasons of managerial resistance to adapt to new digital technology, the investigation also looked at the impact of managers and how it affects the digital technology adoption in the organization. This is done by considering the specific context of asset management (AM) since AM systems substitute to part of the control that is used by managers to support operations and maintenance processes. The research was explorative in the research approach in order to delimit the study after analysing the findings. The research is conducted through a literature review and empirical data that was conducted through a pre-study and interviews with company X. Many theories from the literature and findings from the analysis of the interviews shed some light on the contingency factors influencing the adoption of digitalization in the context of AM. The empirical and theoretical findings also supported the impact that managers have towards an organization's ability to go towards a more digitalized organization. The conclusion from this research found that the factors that affect the adoption of technologies are organizational capabilities and the underlying factors of task complexity and internal capability. The second factor is the organizational culture with the underlying factors of decision-making and management by fear. And lastly, the organization's business model with the underlying factor of customer orientation. All these factors are overlapping each other, and are essential to focus on in a changing environment in order to manage a digital transformation. The conclusion that was drawn for managers' implications that are Managerial behavior and Managerial communication, and therefore stated that they have an impact. This research recommends steps for a company to leverage the identified factors that affect the ability to adapt to digitalization. These were first to go toward a digital transformation, by revising work methods. Then to construct a global IT strategy in order to strategize the internal strategies. Then in order to align the strategy and bridge the gap between business and IT, it is through a balanced scorecard. Another critical step is to involve middle managers in decision making by implementing a change management plan. Benefit management will help to engage the entire organization towards change. Lastly, all steps need to be supported with digital solutions by taking into consideration the established actions as analysing risks, creating a digital roadmap, identifying a clear process owner, following up on digital interventions, and working with customers and politicians towards an integrated AM solution.
Digitalisering och anpassning av teknik är de nuvarande och framtida områdena för organisationer att effektivisera sig med. Men i ett sammanhang där digitalisering är en uppåtgående trend behövs denna forskning nu mer än någonsin på grund av COVID 19- pandemin i världen. Många företag har det svårt med den digitala tidens komplexitet, står inför utmaningar och söker support. Denna forskning representerar det exemplet genom att samarbeta med företaget X som befinner sig i den aktuella situationen. För att förstå orsakerna till ledarens motstånd att anpassa sig till ny digital teknik såg utredningen också på effekterna av chefer och hur det påverkar antagandet av digital teknik i organisationen. Detta görs genom att beakta det specifika sammanhanget för kapitalförvaltning (AM), eftersom AM-system ersätter en del av kontrollen som används av chefer för att stödja drift och underhållsprocesser. Forskningen var förklarande i forskningsmetoden för att avgränsa studien efter att ha rat resultaten. Forskningen utförs genom en litteraturöversikt och en empirisk data som genomfördes genom en förstudie och intervjuer med företaget X. Många teorier från litteraturen och fynd från n av intressena, kastar lite ljus på beredskapsfaktorer som påverkar antagandet av digitalisering i samband med AM. De empiriska och teoretiska fynden stödde också effekterna som chefer har för en organisations förmåga att gå mot en mer digitaliserad organisation. Slutsatsen från denna forskning av de faktorer som påverkar han antagande av teknik är organisatoriska förmågor, med de underliggande faktorerna av uppgift komplexitet och intern kapacitet. Den andra faktorn är organisationskulturen med de underliggande faktorerna för beslut och förvaltning av rädsla. Och slutligen organisationens affärsmodell med den underliggande faktorn för kundorientering. Alla dessa faktorer överlappar varandra och är viktiga att fokusera på i en föränderlig miljö för att hantera en digital transformation. Slutsatsen som drogs för chefsimplikationer som är ledningsbeteende och ledningskommunikation, och bekräftade därför att de påverkar organisationen. Denna forskning rekommenderar åtgärder för ett företag för att utnyttja de identifierade faktorerna som påverkar förmågan att anpassa sig till digitaliseringen. Dessa var först för att gå mot en digital transformation genom att revidera arbetsmetoder. För att sedan konstruera en global IT-strategi för att strategisera de interna strategierna. För att anpassa strategin och överbrygga klyftan mellan affär och IT är det sedan genom ett balanserat resultatkort. Ett annat kritiskt steg är att involvera mellanledare i beslutsfattandet genom att implementera en plan för förändringshantering. Förmånshantering hjälper till att engagera hela organisationen mot förändring. Slutligen måste alla steg stöds med digitala lösningar genom att ta hänsyn till de etablerade åtgärderna som att ra risker, skapa en digital färdplan, identifiera en tydlig processägare, följa upp digitala interventioner och arbeta med kunder och politiker mot en integrerad AM-lösning.

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Wang, Jeffrey J. « Asset Managers and Financial Instability : Evidence of Run Behavior and Run Incentives in Corporate Bond Funds ». Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17417581.

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Asset managers may be a source of systemic risk due to their risk-taking strategies and vulnerability to dramatic outflows. Investor withdrawals trigger asset sales and redemption costs that only impact remaining investors in the fund. Liquidation lag and mark-to-market lag translate these redemption costs into run incentives. This paper first tests for run-like behavior in corporate bond mutual funds and then tests for the underlying run incentive, measured by the NAV impact. I find that illiquid bond funds are significantly more sensitive to past performance than liquid funds and experience up to 43.6% more outflows given a 1% decrease in returns. Furthermore, net flows into bond funds held primarily by institutional investors are less sensitive to performance but more sensitive to illiquidity than flows into funds held by retail investors, suggesting that institutional bond funds may be more vulnerable to runs. Finally, using a novel dataset, I proxy for the illiquidity of a fund’s underlying bonds and quantify the run incentive. Given 10% net outflows, funds that have insufficient cash and hold bonds of illiquidity 3-5 deviations from the mean experience a significant decrease in NAV of about 34-49 basis points. This paper contributes to the mutual fund and runs literature by offering new empirical evidence of run behavior and run incentives in corporate bond funds.
Applied Mathematics

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Meyer, Regine. « Kennzeichen erfolgreicher europäischer Asset Manager : Implikationen von Börsenboom und -einbruch auf die Geschäftsmodelle von Fondsgesellschaften / ». Berlin : Mensch-und-Buch-Verl, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=016308244&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Aprajita, Fnu. « Guidelines for Implementing Risk-Based Asset Management Program to Effectively Manage Deterioration of Aging Drinking Water Pipelines, Valves and Hydrants ». Thesis, Virginia Tech, 2018. http://hdl.handle.net/10919/84459.

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There is an unprecedented need to manage our deteriorating water infrastructure systems effectively to mitigate the enormous consequences of their premature failure such as loss of service, money, time, damage to other infrastructure, and damage to property. Most of the water utilities understand this need and are implementing asset management approaches and technologies to increase the overall service life of their assets. However, to indeed achieve sustainable water infrastructure systems, there is a requirement to implement a risk-based asset management program which provides a more comprehensive approach to manage these aging assets. A risk-based asset management program assesses and manages the risk of failure associated with the water infrastructure assets and helps water utilities in prioritizing their assets for renewal. This program identifies the critical assets for renewal and saves the money and time invested in the renewal of 'not so critical' assets. This research incorporates an extensive literature and practice review on risk-based asset management of pipes, valves, and hydrants. The risk-based asset management consist of the following four major components: (1) understanding the deterioration modes and mechanisms, (2) implementing risk assessment and management approaches, (3) implementing condition assessment approaches and technologies, and (4) implementing asset renewal approaches and technologies. This research aims to provide enhanced guidelines based on the EPA 10 step asset management program which will help water utilities in developing a risk-based asset management program as well as in improving their existing asset management program. This research combines the in-depth knowledge gained through a state-of-the-art literature review and practice review. The practice review is conducted to capture the real world application of the risk-based asset management through interviews with the water utilities across the united states. This research has also compiled the knowledge gained by already published case studies to provide a more comprehensive overview of the current practices and trend in the risk-based asset management of drinking water pipelines, valves, and hydrants.
Master of Science

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Andersson, Tobias, et Mattias Martinson. « Licenshantering : - Är företag medvetna om sin licenshanteringssituation ? » Thesis, University of Kalmar, School of Communication and Design, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hik:diva-1940.

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I ett samhälle där upphovsrätten och immaterialrätten blir allt mer uppmärksammad är det viktigt för företag att vara medvetna om sitt innehav av licenser för mjukvaror. I detta arbete kommer företags medvetenhet om deras licenshanteringssituation att undersökas. I den här rapporten kommer problemställningen att undersökas med hjälp av intervjuer med företag. Dessa intervjuer kommer att ske via telefon och per e-post. Ett liknande arbete har tidigare inte gjorts och därför känns det relevant samt intressant att göra denna undersökning.

Arbetet resulterade i intervjusvar från 11 företag. Det visade sig att företagens medvetenhet om deras licenshantering varierade stort, vilket även att storleken på företagen och innehav av en policy för licenshantering bland företagen gjorde. Metoden för licenshantering och licensinventering skiljde sig åt bland företagen.

Ett flertal program, tillammans med pärmar och Excel-listor var de dominerande licenshanteringsmetoderna bland företagen. Mjukvarutillverkarna och deras intresseorganisationer däribland BSA ställer krav på att företag som använder deras licensierade programvaror skall ha en strukturerad licenshantering. De ser gärna att företagen följer någon vedertagen metod för detta, en sådan metod är Software Asset Management, SAM.

Det är svårt att rekommendera någon licenshanteringsmetod och program som fungerar för samtliga företag, då användandet av dessa är väldigt företags- och organisationsspecifikt. De flesta större mjukvaror som finns i dagsläget följer en vedertagen metod för licenshantering och fungerar därmed bra att tillförlitligt inventera licenser med.

In a community where copyright and intellectual property law is getting more attention in the media, it is important for companies to be aware of their possession of software licenses. In this thesis we are going to investigate the awareness of the software licensing situation in some companies. To collect data that can be analyzed, we are interviewing companies. The interviews are performed by phone or e-mail. A similar report hasn’t been done before therefore it’s an interesting subject to look at.

The interviews resulted in answers from 11 companies. The answers showed that the awareness about software licensing among the companies had big variations. Some other things that varied among the companies were the size of the companies and the usage of software licensing policy within the companies. The way and method of handling software licensing also varied among the companies.

A lot of software programs, along with folders and Excel-lists dominated the method of handling software licenses among the companies. Software developing companies together with their interest organization for example BSA has demands on companies using their software to have a foreseeable documentation for the software licenses. They gladly see that the companies uses a best practice method to manage their license possessions, one best practice method is Software Asset Management, SAM.

It is hard to recommend a method for software license management to a non-specific company, because every company has a unique organization and computer network structure. Most of the big license management software is following a best practice method for software license management.

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Ndebele, Nontokozo. « South African asset manager perceptions on the integration of climate change risks into equity investment decision-making processes ». Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/20120.

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The growing interest responsible investing strategies driven by bodies such as the United Nations Principles for Responsible Investing Initiative has resulted in issues such as climate change and its impact on investment portfolios becoming part of the asset management industry discourse. However, the degree to which these issues are perceived by asset managers to be significant has not been expanded upon extensively in literature. This study was undertaken to evaluate South African asset manager perceptions regarding the integration of climate change risks within equity investment decision-making processes. The study was further aimed at providing an understanding of preferred methods of climate change risk integration, where integration does take place, and the perceived barriers to integration within the South African Asset Management industry. To achieve the above-mentioned aims, an online survey of South African asset managers was conducted. The questions in the survey comprised a combination of open ended and closed ended questions with Likert and ranking scales being used. The data which was both quantitative and qualitative in nature was analysed using descriptive statistics and thematic analysis methods involving the identification of trends.

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Tee, Kai Hong. « The use of off-shore managed futures, as a distinctive asset class, within a traditional asset portfolio : evidence of potential benefits to the UK investors ». Thesis, Heriot-Watt University, 2006. http://hdl.handle.net/10399/204.

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Hadgi, Gulistan, et Keziah Petersson. « Faktorer som påverkar integrering av kriterierna för miljö-, socialt och styrning inom Private Banking ». Thesis, Högskolan i Halmstad, Akademin för företagande, innovation och hållbarhet, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-45039.

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Bakgrund: I takt med klimatförändringarna har EU publicerat nya förordningar som syftar till att begränsa den sektor som har högst koldioxidutsläpp. Private Banking-sektorn omfattas av de nya förordningarna och tidigare forskning lyfter fram olika faktorer som påverkar en Private Bankers integrering av ESG i investeringsprocessen i arbetet mot att uppnå Parisavtalet och de globala målen 2030. Forskningsfråga: Hur arbetar Private Bankers med miljö-, sociala och styrningskriterier? Syfte: Syftet med denna studie är att analysera vilka faktorer som påverkar en Private Banker att integrera miljö-, sociala och styrnings (ESG-) kriterier i investeringsprocessen. Studien avgränsar till Private Banking-sektorn i Sverige. Metod: Studien har genomfört på ett kvalitativt tillvägagångssätt i kombination med en abduktiv ansats. Intervjuerna har genomförts med fem olika respondenter från tre olika storbanker i Sverige från Halmstad, Göteborg och Stockholm. Teoretisk referensram: Den teoretiska referensramen behandlar tre olika teorier; aktieägarteori, intressentteori, nyinstitutionell teori. Resultat: Det görs tydligt att trenden inom storbankerna är hållbarhet. De olika faktorerna visar sig ha ett samband i hur en Private Banker integrerar ESG i investeringsprocessen genom att faktorerna påverkar varandra. De formella reglerna har störst påverkan i en Private Bankers investeringsbeslut inom storbankerna, men är även formad efter samhällets normer och värderingar. En utmaning inom sektorn är att få sina kunder mer medvetna om den påverkan deras placeringar har.

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Sakuma, Kyoko. « Conformance and non conformance of asset managers to the environment, social and governance pressures : sensemaking capacities and the use of externally defined information ». Doctoral thesis, Universite Libre de Bruxelles, 2012. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209675.

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This thesis focuses on a central behavioral paradox in the asset management community. Recent decades have brought an upsurge in initiatives throughout the investment community to voluntarily integrate sustainability issues into investment decisions. The financial crisis has however revealed behavioral inconsistency and deepening irresponsibility. Today, sustainable investments represent USD 10.7 trillion, or 7% of the entire market, of assets under management and it is growing steadily.

One important driver of this growth was the emergence of specialized research agencies that standardized measurement of companies’ environment, social, and governance (ESG) performance and sold such information as a tool to evaluate or pressure corporate conducts. More recently, sell-side research, financial news, and market-index providers joined the ESG information market, where they aim to support more mainstream asset managers in integrating ESG information into investment decisions.

A dominant assumption has taken hold in a large part of the investment and regulatory circles: asset managers’ use of ESG information will induce a behavioral change so that they automatically integrate companies’ sustainability to investment return concerns. Understandings of what constitutes sustainable investment have been largely practitioner-driven. The academic community took little interest to challenge the assumption. Remarkably, more scholars have come to assume that conformance to institutional pressures to add ESG information to investment strategies will induce more sustainable and long-term behavior of investors and companies. ESG information integration is believed to be a behavioral enabler for mainstream investors to systematically embed sustainability in investment strategies. Because of the assumption, theory building of asset manager intrinsic motivations to engage in sustainable investment remains unexplored. Main contribution of this research is to generate a deep theoretical understanding of asset manager non-conformance to the ESG pressure to engage in sustainable investment.

The research starts by questioning the dominant assumptions made in the sustainable investment field. While working in the industry, I witnessed some asset managers’ practices of replacing the externally defined ESG information with their own research based on narratives to better understand investee companies. The research question came out of this experience: why do some asset managers use ESG information to engage in sustainable investment while others do not? Do pressures to integrate ESG information really induce more sustainable behaviors on the part of asset managers? These self-inquiries led to a wide array of literature review to search for conformance and non-conformance drivers. Surprisingly, non-conformance was an under-researched theme. Given the scarcity of the research, I sought a method that would enable grounded theorizing based on asset managers’ own experience and interpretations.

Grounded theory research draws on asset manager interviews, archival documents, expert and practitioner consultations and feedback during 2007 and mid-2011. To reflect the global nature of sustainability, I focused on global equity asset managers working in thirteen institutions in three lead markets with most geographically diversified sustainable investment, UK, the Netherlands and Belgium.

Theory building from the ground up does not happen in vacuum. I developed a framework to study conformance and non-conformance drivers to facilitate the concept elicitation. The question of conformance and non-conformance has been studied by institutional, resource-based view of the firm, behavioral finance, cognitive and sensemaking theorists but in a disintegrated manner. I enhanced insights by way of aggregating and exploring the drivers. The framework illuminates the viability of both conformers and non-conformers in sustainable investment practices. Both are leadership activities of asset managers based respectively on explicit and implicit motivations. It illustrates short-term and opportunistic motivations of conforming managers, as opposed to long-term and substantial motivations of non-conforming managers to integrate sustainability and return-making in their investment decisions.

The research results presented hereafter provide a significant theoretical and empirical contribution. Drawing from insights and perspectives from the practitioners, a grounded theory model of asset manager conformance and non-conformance highlights a pivotal concept of sensemaking capacities. It reveals a counter intuitive pattern of asset manager learning. Non-conforming asset managers have developed a distinctive capacity to integrate sustainability and investment return concerns regardless of public pressures to do so. This distinctive sensemaking capacity, founded on behavioral integration of external expectations with own motivation, goal, competence and know-how, was the strategic resource for the organization. Their behavioral integration of sustainability and return generation is so highly developed, that adding the ESG information in their investment strategy would actually impair their capacity to make sense of sustainability. Indeed, I find that non-conforming asset manager teams have sustained consistent returns and increased client assets throughout the financial crisis. In absence of such behavioral integration and sensemaking capacities, conforming managers failed to sustain consistency or suffered from under-funding. To stay competitive, the latter managers have fervently demonstrated the ESG information use in their investment strategies. However, such explicit demonstration of leadership has not been accompanied by distinctive sensemaking capacities. I find that conforming managers were less capable of integrating sustainability and return-generation, which subsequently reinforced their short-termism and opportunism.

The finding of this thesis points to the importance of ‘behavioral integration’ instead of ‘explicit conformance’ of asset managers. The academic community may need to shed a more critical eye on ESG integration by asset managers. Institutional pressures to adopt such information may not induce more sustainable behavior, as ESG know-how is likely to deprive a chance to develop distinctive sensemaking capacities. Furthermore, it may even hurt the sensemaking capacities of managers who have behaviorally integrated sustainability and return-generation. While I hope to trigger a re-think amongst academics how to promote sustainable investment, my findings has theoretical and empirical contributions. The most important theoretical contribution is identification of non-conformance variables to engage intrinsically in sustainable investment. Empirical evidence on non-conformers, corroborated with resource-based view of the firm, also enhances the understanding of non-conformers’ motivation to sustain competitive advantage.

Findings also lead to managerial and policy implications. I carried out this research in the midst of the financial crisis, a time of mounting European policy debates how to build investor capacity to induce long-term and sustainable behaviors. The European Commission’s Internal Market Directorate-General is set to publish a directive proposal that mandate ESG information disclosure to companies and ESG reporting by investors. This adds weight to already published procedural measures to strengthen corporate governance at financial institutions. These policy initiatives emerged largely because of expert consultation and anecdotal evidences. In addition to recommendations to specific pieces of legislative proposals, this research makes an overarching policy proposal. The EU Commission needs to reexamine if the current policy measures lead to further symbolic demonstrations of ESG usage without accompanying sustainable behavior at the cost of real economy. EU equally needs to pay more attention to non-conforming asset managers’ distinctive capacities and enabling mechanisms. Reporting burdens may inadvertently impair non-conforming managers’ capacities to sustain long-term performance and may induce a contradictory policy consequence of increased public distrust.

Doctorat en Sciences économiques et de gestion
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Rudschuck, Norman [Verfasser]. « Theoria cum praxi – essays in times of crisis on Solvency II, yield forecasts and alternatives for asset managers in the low interest environment / Norman Rudschuck ». Hannover : Gottfried Wilhelm Leibniz Universität Hannover, 2018. http://d-nb.info/1172414114/34.

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Hagberg, Niklas, et Viktor Johansson. « Working Capital Management : A study about how Swedish companies manage working capital in relation to revenue growth over time ». Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-246448.

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A shift in focus from growing revenues towards managing working capital could be observed in many companies in the recession that followed the financial crisis of 2008. This thesis therefore investigates the relation between working capital management (WCM) and revenue growth by examining 36 Swedish companies within the IT & Telecom, Wholesale, and Manufacturing industries. The results show that there currently is a general gap between the perceived and actual performance regarding WCM and the effects on revenue growth. The studied companies report a belief that no trade-off between WCM and revenue growth exists. However, the actual performance in the studied industries indicates that increases in revenues often are not justifiable in proportion to the increases in net working capital (NWC). The study also shows that responsibility for WCM and implementation of WCM decisions are to a high extent assigned to a centralized organizational level. Recommendations derived from this study are that while companies need a centralized responsibility for WCM decisions, the responsibility also needs to be decentralized for successful implementation. Furthermore, the NWC development in relation to revenue growth needs to be continually monitored.

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Gasparelo, Luiz Eduardo. « Análise dos fatores motivacionais dos gestores e administradores de fundos mútuos de investimentos ». Pontifícia Universidade Católica de São Paulo, 2012. https://tede2.pucsp.br/handle/handle/1026.

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The aim of this study is to raise and assess the main factors in the motivation of professionals who provide services related to management, administration and custody of mutual funds, using a descriptive research based on characteristics of a representative sample of these professionals in the city of Sao Paulo. The survey was developed from epistemologically validated methodology, driven to the sample recognized in the professional area (certified professionals ANBIMA) and their responses were compiled into a multidimensional matrix to evaluate the explanatory variables related to the level of motivation of professionals, including their remuneration level. It was concluded that, despite the importance given by these professionals to remuneration and reward for performance, several other factors are equally or more relevant, even showing that motivational factors of such professionals are dynamic and subject to alternations related to their career success
O objetivo deste estudo é levantar e avaliar os principais fatores determinantes na motivação dos profissionais que prestam serviços ligados à gestão, administração e custodia de fundos mútuos de investimentos. Para tal avaliação, será utilizada uma pesquisa descritiva baseada nas características de uma amostra representativa da população desses profissionais na cidade de São Paulo. A pesquisa foi elaborada com base em metodologia epistemologicamente validada, direcionada à amostra reconhecida no meio profissional (profissionais certificados pela ANBIMA), e suas respostas foram compiladas em uma matriz multidimensional que permitiu avaliar as variáveis explicativas relacionadas ao nível de motivação dos profissionais da área aqui investigada, inclusive seus patamares de remuneração. Conclui-se que, apesar da importância dada por tais profissionais ao patamar de remuneração e à recompensa pelo desempenho, diversos outros fatores são igualmente ou mais relevantes na motivação. Além disso, foi possível verificar que os fatores motivacionais desses profissionais apresentam dinamismo e alternâncias em função do sucesso de suas respectivas carreiras

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Baloyi, Maggy Tlakale. « The degree of project manager's project system compliance and project performance in Eskom distribution asset creation project execution department in the Limpopo Operating Unit ». Thesis, University of Limpopo, 2016. http://hdl.handle.net/10386/2576.

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Thesis (MBA.) -- University of Limpopo, 2016
Project systems allow project managers to carry out work in a professional and well organised manner. These systems are created and maintained to advance project performance. Eskom spends a lot of resources on the creation and maintenance of project systems. The literature on project systems shows that, in spite of advancement in project managements processes, systems and tools, project success has not significantly improved. This problem raises questions about the value and effectiveness of project systems. Therefore this paper reports about the correlation between the degree of project manager’s compliance to project systems and project performance in Eskom Distribution Limpopo Operating Unit. The study looked at the performance of 10 projects and used empirical data on designers, planners, managers and project managers working in Eskom Distribution LOU to measure the compliance level of employees to project systems when carrying out the 10 chosen projects or any other projects not listed. A total of 45 completed questionnaires were analysed. Correlation analysis tests found a negative correlation between project manager’s project systems compliance level and project performance in terms of schedule and cost. The conclusion found was that as the compliance level on project systems increases, project performance decreases. Meaning there is an inversely proportional relationship between project system compliance level and project performance. Additionally, a lower level of knowledge than expected on the project managers, designers, and planners was found. Keywords: Project performance, Project systems, Correlation, Adherence,

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McArdle, Elizabeth. « Online communities and their evaluation : creation of a method to assist Online Community Managers to evaluate the performance of their own communities : executive summary ». Thesis, University of Warwick, 2008. http://wrap.warwick.ac.uk/2854/.

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Online Communities have existed for a number of years but evaluation methods allowing their managers to make decisions are limited. These decisions can take the form of resource prioritisation, choice of specific future development areas or termination of Online Communities. This research document introduces a novel 4-step method that can be used to assist this decision-making. A number of interpretations as to what is meant by the term ucommunity" are presented from a variety of disciplines before moving onto the newer concept of "Online Community". The literature does not provide one common meaning for these terms so a definition appropriate for this study was proposed. In this case an Online Community is defined as "a social or business space, supported by technology and Internet tools, in which people with common interests, objectives or values can meet and satisfy their needs". Next, current evaluation techniques were reviewed. From this, and from responses from interviews with Online Community Managers, it was clear that a new evaluation method that could answer business questions in a non-resource intensive manner was required. 4 requirements were identified as key to developing a new evaluation method that would provide benefit to the Online Community practitioners: " It must be simple to implement with minimum use of already limited resources " It must be flexible to allow custornisation for each unique Online Community " It should allow action to be taken to improve the day-to-day management " The measures collected must help answer business questions. To enable an efficient process to be utilised it was proposed to use a classification of Online Communities to reduce the complexity of the problem and to condense large amounts of information into a manageable format. After establishing that no existing classification was appropriate a new one with 4 classes was developed, based on data from literature and interviews with Online Community practitioners. After simplifying the problem by the use of the classification above, attention was turned to generating a new method that would meet the requirements identified previously. This was achieved by extracting key aspects from 3 specific techniques and frameworks, namely The Performance Prism, Performance Measurement Questionnaire and the Extended Web Assessment Method. The resulting method takes account of multiple stakeholders, facilitates definition of measures and recognises the use of perception data in relation to performance evaluation. Supporting material, in the form of flowcharts and templates, was also created to enable the customised measures to be developed in a rapid and resource efficient manner. The method was tested with two Online Communities and the results discussed. Feedback was captured from the participants and changes were subsequently made to improve the method. In addition it became clear that there was a need to explicitly address the "health" of the community aspect in the supporting material. From this research it is clear that the performance of Online Communities can be considered on many levels through this 4-step evaluation method; it takes account of the aspects that are important to a specific community, in a rapid manner. It also confirms that it is possible to engage stakeholders in a dialogue about Online Community performance, thus providing data from them to facilitate future decisions.

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Jardim, Mara Publio de Souza Veiga. « O guardião da Memória ». Pontifícia Universidade Católica de Goiás, 2004. http://localhost:8080/tede/handle/tede/2279.

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After a survey on the feast of the Holy Ghost, carried out in the city of Santa Cruz de Goiás, a small city in the interior of the State, it was possible to see the shaping of a figure who became both the theme and the object of this dissertation. Centering the discussion upon cultural assets, memory and identity, I identified and nominated a character who represents a new category: the NATIVE MANAGER. It is known that the activity carried out by this manager has always existed and that he has already been recognized by organizations such as UNESCO and IPHAN, even though they might have given him a different title. Cognizant of the rituals, with a view of his own, often times acrimonious and disparaging, of the society where he lived, the character did not possess political power which would give him status, but he exerted a specific kind of power that emanated from his acknowledged wisdom, albeit not an erudite or academic one. Cultural manifestations were kept alive because within the community there was this manager who recognized the importance of their cultural asset. His unchallenged leadership and charisma, along with the ability to administrate people and events made his actions possible. Within a simple and resourceless universe, deep in the hinterland, the manager promoted scenically elaborate feasts, commemorations and pageants, challenging congeneric activities held by the erudite city dwellers. I was able to see for myself these characteristics, bearing witness throughout more than 20 years, in this community, of the way in which he was respected and followed by everyone. The manager interpreted and analyzed not only the History, but also his own history, thereby preventing documents, music, rites and mores from becoming lost. The person who incorporated this character was Alberto da Paz. His life history has its origins in his slave ancestors and is still in the making as even blind, he persists in his role as manager. An indispensable figure in rehearsals, chants, performances, in fact, everywhere, he is the "the guardian of memory" who gives these people their identity.
A partir de uma pesquisa sobre a festa do Divino Espírito Santo realizada em Santa Cruz de Goiás, pequena cidade do interior do Estado, foi se delineando uma figura que se tornou tema e objeto desta dissertação. Centrando a discussão em patrimônio cultural, memória e identidade, identifiquei e nomeei o personagem que representa uma categoria nova: o GESTOR NATIVO. É sabido que a atividade exercida por este gestor sempre existiu e órgãos como a UNESCO e o IPHAN o reconheceram, ainda que com outras denominações. Conhecedor dos rituais, com uma visão própria, muitas vezes mordaz e crítica da sociedade em que vivia, não era detentor do poder político que lhe conferiria status, mas exercia um poder que emanava de sua reconhecida sabedoria, não erudita e não acadêmica. Manifestações culturais se mantiveram vivas porque dentro da comunidade existia este gestor que percebeu a importância do patrimônio cultural. Sua inconteste liderança e grande carisma, aliadas à capacidade de administrar pessoas e acontecimentos possibilitaram suas ações. Dentro de um universo simples, interiorano e sem recursos, realizou festas, comemorações e representações de grande riqueza cênica, desafiando atividades congêneres realizadas por eruditos citadinos. Pude comprovar estas características, testemunhando ao longo de mais de vinte anos de vivência nesta comunidade a maneira como era respeitado e seguido por todos. Interpretou e analisou não só a História como também a sua própria história e não permitiu que se perdessem documentos, músicas, ritos e costumes. A pessoa que incorporou este personagem foi Alberto da Paz. Sua história de vida remonta à sua ascendência de escravos e alcança os dias de hoje, quando cego, persiste atuando como gestor. Figura imprescindível em ensaios, cantorias, representações, em tudo afinal, é "o guardião da memória" que confere identidade a um povo.

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Desai, Mayur S. « Longitudinal Study to Assess the Impact of Instructor-Based Training Versus Computer-Based Training on User Performance : A Field Experiment ». Thesis, University of North Texas, 1996. https://digital.library.unt.edu/ark:/67531/metadc278808/.

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The purpose of this study is to investigate the relationships between selected end-user training programs corporations provide to their employees and subsequent employee performance based on these opportunities.

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Börjesson, Marcus, et Marcus Holm. « Överavkastning hos svenska aktiva kapitalförvaltare : En studie om hur svenska kapitalförvaltare arbetar för att skapa och mäta överavkastning ». Thesis, Högskolan i Halmstad, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-44536.

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Få studier är genomförda på området om hur kapitalförvaltare skapar och mäter överavkastning i praktiken, och ännu färre avseende svenska kapitalförvaltare. Det finns främst kvantitativa studier inom detta område vilket har lett till ett forskningsgap avseende kvalitativt inriktad forskning. Vidare är oroligt börsklimat en stor faktor för kapitalförvaltare att hantera, vilket innebär att de fortfarande behöver prestera under dessa perioder för att behålla sina kunder. Detta har lett till forskningsfrågan “Hur arbetar svenska kapitalförvaltare i praktiken för att skapa överavkastning och skiljer sig detta vid oroligt börsklimat?”. Kapitalförvaltare behöver också mäta prestationen för att kunna analysera den, men även för att visa befintliga och potentiella kunder tidigare resultat. Detta har resulterat i studiens andra forskningsfråga “Vilka prestationsmått används för att mäta överavkastning av svenska kapitalförvaltare och varför har de valt att använda dem?”. Denna studie är på grund av de två forskningsfrågorna både kvalitativ och kvantitativ. Detta åstadkoms genom att intervjua kapitalförvaltare men även genom en enkätundersökning för att besvara båda forskningsfrågorna. Sex kapitalförvaltare har deltagit i intervjuundersökningen och 37 kapitalförvaltare har svarat på enkätundersökningen. För enkätundersökningen motsvarar detta en svarsfrekvens om 38,5 % av de företag som kontaktats. Respondenterna i studien är anonyma och har tilldelats fiktiva namn, deras deltagande har dessutom varit frivilligt. Resultatet av denna studie visar att svenska kapitalförvaltare använder olika investeringsstrategier för att skapa överavkastning. Både fundamental och kvantitativ analys används, även om de används i kombination med varandra i olika utsträckning. Gällande ett oroligt börsklimat fokuserar respondenterna på att minska den tagna risken och att se till att vara väl diversifierad. För att mäta överavkastning är Sharpekvot och Informationskvot de mest frekvent använda prestationsmåtten i praktiken, i absoluta respektive relativa termer. Dessa har valts på grund av de är enkla och generellt sätt lätta att förstå även för mindre kunniga kunder.
Few studies have been made on the subject of how asset managers in practice create and measure performance and even fewer regarding Swedish asset managers. There are mainly quantitative studies made in this area, which has left a qualitative gap to research. Furthermore, a troubled stock market climate is a big factor for asset managers to deal with, which means that they still need to perform during these periods of time to keep their customers. This has led to the research question “How do Swedish asset managers work in practice to create excess return and does it differ during a troubled stock market climate?”. Asset managers also need to measure their performance to be able to analyze it, but also show existing and potential customers past results. This resulted in the study's second research question “Which performance measures are used to measure excess return by Swedish asset managers and why are they chosen?”. This study is as a result of the two research questions both qualitative and quantitative. This is accomplished by having interviews with asset managers and also by performing a survey to answer both research questions. Six asset managers have participated in the interview survey and 37 asset managers have answered the survey. The survey has had a participation rate of 38,5 % of the companies that were contacted. The respondents in this study are anonymous and have been given fictional names, their participation have in addition been voluntarily. The result of this study shows that Swedish asset managers are using different investment strategies to create excess return. Both fundamental and quantitative analysis are used, though these strategies are commonly used combined to varying extent. Regarding a troubled stock market climate, the respondents focus on lowering the risk taken and to make sure they are well diversified. To measure excess return Sharpe ratio and Information ratio are the most commonly used performance measures in practice, in terms of absolute and relative performance. These are chosen due to their simplicity and are overall easy to grasp even for less knowledgeable customers.

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Truong, Thuong. « La responsabilité des associés des sociétés commerciales ». Thesis, Paris 2, 2017. http://www.theses.fr/2017PA020051.

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La responsabilité des associés est une notion peu évoquée dans les enseignements du droit des sociétés. Dans les sociétés in bonis, et s’agissant de rapports externes, la responsabilité personnelle des associés pourrait être engagée pour faute détachable. Mais le principe d’un engagement de la responsabilité personnelle des associés, dans les rapports avec des tiers, est contesté, compte tenu du caractère essentiellement interne de leur activité. Dans une procédure collective, la non-responsabilité de la mère des actes de sa filiale, est contestée. Le développement de cette contestation est favorisé grâce à des armes de poursuite efficaces de l’arsenal répressif, des armes à utiliser dans un environnement hautement dérogatoire des procédures collectives. On constate une certaine tendance aggravante de la responsabilité de la mère, notamment dans le domaine social et dans l’environnement. La recherche d’une meilleure protection des victimes, pousse le législateur à légiférer dans des ilots en difficulté, distillant le caractère irréversible des solutions partielles et spécifiques, et forçant de ce fait, le passage vers l’instauration d’une présomption de responsabilité de la mère des actes de sa filiale. Pourtant, un arsenal répressif important et efficace existe, et des pistes permettent d’adoucir la responsabilité de la mère tout en la faisant participer aux difficultés de sa filiale
The liability of shareholders is a notion not often referred to in coursebook. In in bonis companies, and in the case of external relationships, the shareholder personal liability could be engaged for ‘ fault detachable’. However, the principle of a commitment to personal liability on the part of shareholders in relations with third parties is contested, due to the essentially internal nature of their activity In a collective procedure, the non-liability of the parent company for the acts of their subsidiary is challenged. The development of this challenge is facilitated by powerful weapons of the repressive arsenal, weapons to be used in a highly derogatory environment of collective procedures. There is an aggravating trend in the parent company responsibility, particularly in regard to social and environmental domains. The search for a better protection of the victims pushes the legislator to legislate on isolated problematic issues, distilling the irreversible character of partial and specific solutions, and thus forcing the passage towards the establishment of a presumption of liability of the parent company for the acts of their subsidiary. However, there is a large and effective repressive arsenal, and there are avenues to limit the parent company’s liability while involving them in their subsidiary problems

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Soares, Mariana Flor Eiras. « UK pension funds : fund portfolio performance analysis ». Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20707.

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Mestrado em Mathematical Finance
No UK, indivíduos recebem uma pensão após a reforma, ou se falecer sua/seu esposa/o. Esta pode ser oferecida pelo estado, mas um dos casos mais comuns é; as pessoas recebem-na do seu fundo de pensão ocupacional (derivado do seu caminho de trabalho). Este tipo de pensão é fornecido pelo empregador e acumula benefícios que irão gerar o salário do empregado após a reforma. Para financiar as pensões, os empregadores devem criar um portfólio de investimento, que inclui diversos fundos e classes de ativos (alguns que pretendem gerar maiores retornos, assumindo maiores riscos, e outros que pretendem gerar retornos seguros, mas mais baixos). De modo a monitorizar o desempenho destes fundos, com o fim de entender se está a ser feita uma gestão adequada dos mesmos, é necessário ter em conta os seguintes fatores: gestão de risco, alocação dentro das diferentes classes de fundos e seleção de fundos. Para este efeito é utilizado o método de analise de atribuição, que nos diz o valor que foi adicionado ao portfolio proveniente das decisões do gestor. No atual período de pandemia, que afetou os mercados financeiros de forma considerável, o estudo desenvolvido neste projeto, visa perceber qual foi o impacto desta situação em quatro portfolios diferentes, com diferentes estratégias de investimento, e maioritariamente estudar as diferentes posições que foram assumidas pelos diferentes gestores, com o objetivo de manter a estabilidade do desempenho dos portfolios depois da grande queda dos mercados que se deu com o fecho da economia no inicio de 2020.
In the UK, individuals receive a pension after their retirement or their spouse's death. This pension can be provided by the state, but one of the most common cases is that people will receive it from their occupational pension fund (in result of their work path). This type of pension is sponsored by the employer and it accumulates benefits that will generate the income of a person after their retirement. To fund the pensions of the employees, employers need to create investment portfolios, that include different funds and asset classes (some seek higher growth while assuming higher risk, and others seek guaranteed, but lower returns). To monitor the performance of these portfolios and understand if the management is being done efficiently, one needs to take into consideration: risk management, asset allocation and selection decisions. For this effect, we use the attribution analysis method, which tells us the value that has been added to the portfolio by the active management decisions. In a period of pandemic, that affected the financial markets considerably, the study practiced in this project, aims to understand what was the impact of the situation in four different portfolios, with different investment strategies, and mainly to study the different positions that were assumed by the different managers, in order to keep the portfolios stability after the rough market crash that came with the economic shutdown in the beginning of 2020.
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Paiva, Eduardo Antonio Pedreira. « A participa??o cidad ? no Conselho Municipal (2015-2016) e sua contribui??o para gest?o da Pol?tica de Assist?ncia Social de Feira de Santana-BA ». Universidade Estadual de Feira de Santana, 2017. http://localhost:8080/tede/handle/tede/615.

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Question Of The AmpliedState , Civil Society : one of the classiques about brazilian reality . The Relations Of Power Between Interests And Disputes .In sequel Brief Track Records Of Public Policy In Social Assistance In Brazil ,Structure And Runnings Of Manager Counsil Of Social Assistance And Participation Pedagogy . The methodology taken in question has followed the field of descriptive nature and qualifying aproach , since the main public were participating the city council of social assistance meetings and to them were aplied semi structured interviews and assistematic observation , considerating the ethical principles that normalizes researches envolving human beings . For the analysis and discussion of the results the technique of contents analysis has been used , that will enable the apprehension of the meaning that the participants of the city counsil of social assistance tributes to what they see and/or do about the city counsil of public assistance politics management .Finally the secundary data assemblance was realized through a documental and biographical cashback. Finally, it was verified that the contribution of the citizen participation in the municipal council in the management of the assistance policy is characterized by actions directed to the improvement and emptied of force for transformation.
Esta disserta??o analisa a participa??o cidad? no Conselho Municipal (2015-2016) e sua contribui??o para gest?o da Pol?tica de Assist?ncia Social de Feira de Santana- BA, e pretende demostrar a gest?o participativa como processo tra?ado e compreendido ? luz das rela??es de poder. Na perspectiva de estabelecer as fases da investiga??o, elegeu-se como objetivos espec?ficos: caracterizar como os participantes das reuni?es do Conselho Municipal de Assist?ncia Social definem e identificam as demandas sociais que s?o levadas para a pauta; averiguar com s?o negociadas e formalizadas as contribui??es da participa??o cidad? na gest?o da pol?tica municipal de Assist?ncia Social, e verificar se as delibera??es emitidas pelo Conselho Municipal de Assist?ncia Social t?m acompanhamento para sua realiza??o efetiva. Para tanto, o estudo em quest?o apoiou-se em um referencial te?rico que considerou de suma import?ncia discorrer sobre a quest?o do Estado ampliado, Sociedade Civil: dos cl?ssicos ? realidade brasileira, as Rela??es de Poder Entre Interesses e Disputas. Na sequ?ncia, Breve Hist?rico da Pol?tica P?blica de Assist?ncia Social no Brasil, Estrutura e Funcionamento dos Conselhos Gestores de Assist?ncia Social e a Pedagogia da Participa??o. A metodologia utilizada configurou-se com um estudo de campo de natureza descritiva e abordagem qualitativa, sendo que o p?blico alvo foram os participantes das reuni?es do Conselho Municipal de Assist?ncia Social, e a eles foram aplicadas entrevistas semi-estruturadas e observa??o assistem?tica, considerando os princ?pios ?ticos que normatizam pesquisas envolvendo seres humanos. Para a an?lise e discuss?o dos resultados, foi utilizada a t?cnica da an?lise de conte?do, o que permitir? a compreens?o do significado que os participantes das reuni?es do Conselho Municipal de Assist?ncia Social atribuem ao que v?em e/ou fazem no que diz respeito ? gest?o da Pol?tica Municipal de Assist?ncia Social. A coleta de dados secund?rios foi realizada atrav?s de um levantamento bibliogr?fico e documental. Finalmente, verificou-se que a contribui??o da participa??o cidad? no conselho municipal, na gest?o da pol?tica de assist?ncia, caracteriza-se por a??es direcionadas ao aprimoramento, e esvaziadas de for?a para transforma??o.

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Triegaardt, Myra. « Picture archiving and communication systems in the South African public healthcare environment : a suitable structure and guidelines to assist implementation and optimisation ». Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/85615.

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Thesis (MScEng)-- Stellenbosch University, 2013.
ENGLISH ABSTRACT: South Africa has a great number of patients and not enough medical expertise to attend to their patient needs. The South African Department of Health (DoH) has recognised the potential benefit of the Picture Archiving and Communication System (PACS) to address the health needs of rural patients who do not have access to specialised medical care. PACS allows specialist remote access to patient information to assist the diagnosis and treatment process remotely. South African healthcare institutions have been implementing PACS for over a decade, in an attempt to address the health needs of rural patients that do not have access to specialised medical care. Despite numerous deployment attempts, and the DoH’s support for PACS, the system is not operating successfully in South Africa. PACS was chosen due to its proven success as an appropriate technical system in most international hospitals of first and third- world countries (van Wetering, 2008) (Horri, 2010). However, specifications, guidelines and best practice operational methods for the appropriate PACS technical structure are lacking in South African literature and in governmental strategies. Additionally, there are no guidelines for implementation or support for hospital decision makers to manage the system and enterprise change. The purpose of this thesis is to (a) define a PACS technical and operational structure suited for the South African public healthcare environment and, (b) to develop guidelines for implementation and optimisation of PACS for managing the system and the enterprise change and progressively reach the defined structure. A combination of literature research, field observations and focus group discussions led to the understanding of the current (“As-Is”) PACS healthcare delivery system in South Africa and its barriers. Three types of PACS structures were found to be currently available: a DICOM-only image management system; a vendor supplied PACS; and a super-PACS. It was found that currently very few PACS systems in South Africa are operational and integrated with other healthcare institutions. This was due to a combination of factors: a) the complex, long chain of interdependent process steps and domains; b) vendor imposed limitations and propriety data formats; in combination with c) a lack of governing standards to ensure integration of digital PACS systems within the healthcare delivery environment; and lastly d) key decision makers lack the expert knowledge necessary to make informed decisions to deploy and manage PACS optimally. Further research led to establishing the (“To-Be”) PACS technical and operational structure suited for the South African public healthcare environment. Research has shown that the suited PACS technical and operational structure is a hospital-owned PACS system, free from vendor-imposed limits. The system consists of two databases, one with patient information and the other with patient images. The two databases are integrated by a hospital-owned server, which accesses the separate data files by means of patient identity keys. The requirements for the PACS implementation and optimisation guidelines for managing the system and the enterprise change to progressively reach the defined structure were developed. Different Enterprise Architectural Frameworks, as improvement and optimisation guidelines, were considered and compared in accordance with the requirements established. A maturity model (MM) was deemed as the appropriate framework to offer guidelines for managing PACS implementation and optimisation in the public medical sector of South Africa. After establishing that the available MMs were not sufficient in process or technical system detail, a new MM was developed for the deployment and maturation of PACS. The study was validated by means of usability study, user acceptance and goal checking, through focus group discussion and expert review. Users found the model to be a suitable deployment and optimisation guide, as well as a strategic planning tool. Verification was achieved by means of requirement analysis and consistency checking through the focus group discussions. It was found that it is needed to define a PACS technical and operational structure is suited for the South African public healthcare environment and that the guidelines for implementation and optimisation of PACS for managing the system and the enterprise needs to change to reach the defined structure functional. Implementing the use of PACS MM to reach the defined structure in South Africa will assist in improving healthcare delivery in South Africa and improving PACS system operation.
AFRIKAANSE OPSOMMING: Suid-Afrika het 'n groot aantal pasiënte en nie genoeg mediese kundiges om aan hul pasiënt behoeftes te voorsien nie. Die Suid-Afrikaanse Departement van Gesondheid (DvG) erken die potensiële voordeel van ‘n Foto Argief en Kommunikasie Stelsel (PACS) om die gesondheidsbehoeftes van alle Suid-Afrikaners aan te spreek – tot die landelike pasiënte wat nie toegang tot gespesialiseerde mediese sorg het nie. PACS laat spesialiste toe om toegang te kry tot afgeleë pasiënt inligting, en daardeur fasiliteer dit die diagnose- en behandelingsproses. Suid-Afrikaanse gesondheidsorginstellings poog al vir meer as ‘n dekade om PACS te implementeer, om daardeur die gesondheidsbehoeftes van landelike pasiënte wat nie toegang tot gespesialiseerde mediese sorg het nie, aan te spreek. Ten spyte van talle ontplooiings pogings, en die DvG se steun vir PACS, is die stelsel steeds nie suksesvol in Suid-Afrika nie. PACS is gekies as ‘n oplossing, as gevolg van die sisteem se bewese sukses as 'n geskikte tegniese stelsel in meeste internasionale hospitale in eerste en derde wêreld lande (van Wetering, 2008) (Horri, 2010). Suid-Afrikaanse regering strategie en literatuur het egter ‘n gebrek aan spesifikasies, riglyne en beste- praktyk operasionele metodes vir die toepaslike PACS tegniese struktuur. Benewens is daar geen riglyne vir die implementering en ondersteuning van die stelsel en die onderneming se verandering vir hospitaal besluitnemers nie. Die doel van hierdie tesis is om (a) 'n PACS tegniese en operasionele struktuur, geskik vir die Suid-Afrikaanse openbare gesondheidsorg omgewing te definieer, en (b) riglyne vir die implementering en afronding van PACS vir die bestuur van die stelsel en die onderneming se verandering teen doel om progressief die gedefinieerde struktuur te bereik. 'n Kombinasie van literatuur navorsing, veldwaarnemings en fokusgroepbesprekings het gelei tot die begrip van die huidige ("as- is") PACS gesondheidsorg proses in Suid-Afrika en die hindernisse daarvan. Drie tipes PACS strukture is tans beskikbaar in SA: 'n DICOM (net-mediese- beelde) beheer stelsel, 'n verkoper verskafde PACS, en 'n super-PACS. Deur uitgebreide navorsing is daar gevind dat baie min PACS stelsels in Suid-Afrika tans operasioneel en geïntegreer is met ander gesondheidsorg instellings. Dit was te danke aan 'n kombinasie van faktore: a) die kompleks, lang ketting van interafhanklike proses stappe en gebiede; b) ondernemer opgelê beperkings en ordentlikheid data formate; in kombinasie met c) 'n gebrek aan beheer standaarde integrasie van digitale PACS stelsels om te verseker binne die lewering van gesondheidsorg-omgewing, en laastens d) sleutel besluitnemers nie die deskundige kennis wat nodig is om ingeligte besluite te sit en te bestuur PACS optimaal te benut. Verdere navorsing het gelei tot die vestigting van die geskikde("to-be") PACS tegniese en operasionele struktuur, vir die Suid-Afrikaanse openbare gesondheidsorg omgewing. Die geskik PACS tegniese en operasionele struktuur bestaan uit ‘n hospitaal-besitde PACS stelsel, vry van ondernemer-opgelegde grense. Die stelsel bestaan uit twee databasisse, een met 'n pasiënt inligting en die ander met dei pasiënte se mediese beelde. Die twee databasisse geïntegreer deur 'n hospitaal-besitde-rekenaarbediener, wat toegang tot die afsonderlike data lêers het deur middel van die unieke pasiënt nommers. Die vereistes vir die PACS implementering en afrondings riglyne, vir die bestuur van die stelsel en die ondernemings veranderinge, is ontwikkel. Verskillende ondernimings argitektuur raamwerke is oorweeg en vergelyking in terme van hulle vermoe om aan die gesigde vereistes et voldoen. As ‘n resultaat is die volwassenheid model (MM) beskou as die toepaslike raamwerk om riglyne vir die bestuur van PACS implementering en afronding in die openbare mediese sektor van Suid-Afrika te bied. Na die beskikbare MMs geasseseer was en nie voldoende bewys is, was 'n nuwe MM ontwikkel vir die implementeering en afronding van PACS. Die studie was gevalideer deur middel van die bruikbaarheid studie, gebruikers aanvaarding en doelwit asseseering, deur middel van fokusgroep besprekings en kundige oorsig. Gebruikers het gevind dat die model geskikte as implementeerings en afrondings gids, sowel as 'n geskikte strategiese beplanning hulpmiddel is. Verifikasie is bereik deur middel van vereiste-ontleding en konsekwentheid analiseering deur die fokusgroep besprekings en spesifikasie analise. Die PACS tegniese en operasionele struktuur wat definieer was, is geskik vir die Suid-Afrikaanse openbare gesondheidsorg omgewing en dat die riglyne vir die implementering en afronding van PACS funksioneel is . Die implementering en gebruik van die gedefinieerde struktuur deur mideel van die PACS MM in Suid-Afrika, sal help in die verbetering van gesondheidsorg dienslewering en die verbetering van PACS stelsel operasie.

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Pais, Manuel Alexandre Pinto Caldeira. « Valorização do Activo Imobiliário dos Fundos de Investimento Imobiliário Portugueses e suas Características ». Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/3770.

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Mestrado em Finanças
Os Fundos de Investimento Imobiliário são um veículo de investimento indirecto em activos imobiliários, não cotados, tendo na valorização dos imóveis o ponto central do seu desempenho. A regulamentação portuguesa vigente, para além de ter em conta as avaliações realizadas por peritos avaliadores externos, concede à entidade gestora margem para decidir o valor a apresentar pelo fundo. Efectivamente, o gestor dos fundos pode fixar o valor do imóvel entre o seu valor de aquisição e a média das duas avaliações realizadas por avaliadores externos. Este paradigma pretende ser modificado com a proposta de alteração da valorização do activo imobiliário, pretendendo-se utilizar exclusivamente as avaliações dos peritos externos na valorização dos activos imobiliários. Neste sentido, para perceber melhor as alterações introduzidas por esta proposta, sugerimos neste trabalho estudar as características das rendibilidades, pelo processo de valorização vigente, bem como pelo processo proposto, tendo em conta, não só as especificidades do activo imobiliário e as questões levantadas com os valores baseados em avaliações, como também a natureza, gestão e regulamentação próprias destes fundos. Para comparação com o mercado bolsista, são analisadas conjuntamente com o índice accionista português. Realizamos às rendibilidades uma análise gráfica, de estatística descritiva, da função distribuição, das características de previsão, assim como testes de correlação e comparação entre as diferentes séries. Nos resultados obtidos, encontramos diferenças entre as duas formas de contabilização dos activos, principalmente no aumento da volatilidade, sendo mais divergente nos fundos abertos, sugerindo factores endógenos, principalmente a questão da influência dos gestores como explicação para essa disparidade. Relativamente ao índice accionista as diferenças são evidentes e vão de encontro com o já descoberto.
Real Estate Investment Funds are an unlisted vehicle of indirect investment on real estate assets, being funds' unit price based on accounting net asset values. The current Portuguese legislation allows fund managers to fix the value of the property at any value between the acquisition cost and the average of the appraisal values assigned by two independent appraisers. Nevertheless, the Portuguese Securities Market Commission (CMVM - Comissão do Mercado de Valores Mobiliários) has recently placed on public consultation a draft amendment to the regulation on REIFs which proposes changing this accounting method to the pure fair value system, being properties registered at appraisal values. In this context, in order to investigate the differences introduced by this proposal, we compare returns' characteristics of the current valuation process with the proposed process as well, taking into account not only the specifics of real estate asset and the issues raised with vales-based assessments, but the nature, management and regulation of funds too. For comparison with the stock market we also analyze funds' series in conjunction with the Portuguese stock index. Therefore, through graphical analysis, descriptive statistics, return distribution analysis, as well as correlation and comparison tests, we conduct a study that compare the characteristics of REIFs' returns series before and after the changes proposed. According to the results, we find differences between the two forms of asset accounting, specially an increase of volatility, being more pronounced in open-end REIFs, suggesting endogenous factors, like managers' influence as an explanation for this disparity. Regarding the comparison with a stock index, differences are evident and are in line with the existing literature.

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Adolfssson, Alexander, et Marie Åström. « Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives ». Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124744.

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Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process. This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.

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Coelho, Alexandre Ramos. « A indústria de fundos de investimento no Brasil : um estudo teórico e empírico sobre a relação fiduciária entre o administrador-gestor e os respectivos cotistas de fundos de investimentos ». reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/13779.

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According to data, from the Brazilian Association of Financial and Capital Market – ANBIMA, accumulated of 12 months, as of July 7, 2014, the sum of investments, redemptions and capital raised, the fund industry in Brazil transacted more than 11 billion Brazilian Reais. It is a considerable financial value, making the industry fund an important tool to channel savings and to invest in the most diverse projects of the economy. In addition, the collapse of some financial conglomerates in Brazil in recent years involving investment funds managed by companies belonging to such conglomerates has highlighted the importance of rules and studies addressing the relationship between the asset manager / fund administrator and the respective investors in those funds. In fact, the research conducted over the years 2013 and 2014 with regulators, academics and other participants in the securities market have demonstrated that there are few studies that can provide assistance in solving problems of this nature, including situations involving conflicts of interest between asset managers / fund administrator and investors. Thus, in face of the economic importance of the fund industry to Brazil and the relevance of the rights of investors / shareholders in the fund industry, and also due to the lack of studies, this work aims at conducting a theoretical and empirical research on the fiduciary relationship between the fund administrator, the asset manager and the respective shareholders of the investment funds. Along these lines, the goal will be to identify the origin, the essential characteristics of this relationship, the risks it can bring to the investor, and the duties it imposes on administrators and managers. We propose to evaluate the historical origin of the fiduciary relationship and understand the theoretical foundations that support its application to investment funds in the United States and Brazil. Based on this theoretical knowledge and under the focus of fiduciary duties applicable to administrators and managers, we develop an evaluation of the standards of conduct contained in the rulings of the Brazilian Securities Commission (CVM), to test the fiduciary relationship characteristics on the CVM rules. Finally, was conducted a study of cases where administrators and managers were convicted for breaking the fiduciary relationship and for failing to comply with specific duties embedded in the standards of conduct previously evaluated. On the basis of theoretical and empirical studies described, it is finally concluded that there are, indeed, essential characteristics in determining a fiduciary relationship between fund administrator / asset manager and the shareholder, and once this relationship is established, fund administrators and asset managers will have to observe the duty of diligence and loyalty to the shareholder. Also on the basis of theoretical and empirical studies, it is possible to say that the CVM standards establish the fiduciary relationship between the fund administrators / asset managers and the shareholder of investment funds, as well as fiduciary duties related to this relationship.
De acordo com dados de 07.10.2014 da Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA, no acumulado em 12 meses, entre aplicações, resgates e captações, a indústria de fundos movimentou mais de 11 bilhões de reais no Brasil. É um volume financeiro considerável, fazendo dos fundos de investimento importantes instrumentos de captação de poupança e de direcionamento de recursos para os mais diversos projetos de financiamento da economia. Além disso, as quebras de determinados conglomerados financeiros no Brasil nos últimos anos envolvendo fundos administrados e geridos por sociedades pertencentes a esses conglomerados colocou em evidência a importância de regras e estudos direcionados à relação entre o administrador-gestor e o cotista de fundos de investimento. De fato, pesquisa conduzida ao longo dos anos de 2013 e 2014 demonstrou que acadêmicos, reguladores e demais participantes do mercado de valores mobiliários possuem poucos estudos que possam assisti-los na solução de problemas relativos a essa relação, inclusive diante de situações envolvendo conflitos de interesses entre administradores-gestores e cotistas. Assim, diante da importância econômica dos fundos de investimento para o Brasil, da relevância dos direitos dos investidores dentro da indústria de fundos, e também em razão da escassez de estudos, este trabalho tem por finalidade realizar investigação teórica e empírica sobre a relação fiduciária entre o administrador, o gestor e os respectivos cotistas dos fundos de investimento. Dessa forma, o objetivo será identificar a origem, as características essenciais dessa relação, os riscos que ela pode trazer para o investidor e os deveres que ela impõe aos administradores e gestores. Para tanto, propõe-se avaliar a origem histórica da relação fiduciária e os fundamentos teóricos que a suportam aplicados aos fundos de investimento nos Estados Unidos e no Brasil. Com base nesse conhecimento teórico e sob o enfoque dos deveres fiduciários aplicáveis aos administradores e gestores, parte-se para a avaliação das normas de conduta contidas nas instruções da Comissão de Valores Mobiliários (CVM), visando testar as características da relação fiduciária diante das regras da CVM. Por fim, realiza-se estudo sobre casos em que administradores e gestores foram condenados por quebra na relação fiduciária e por inobservância de deveres específicos embutidos nas normas de conduta avaliadas anteriormente. Com fundamento nos estudos teóricos e empíricos descritos, conclui-se que existem características essenciais na configuração de uma relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento e que, uma vez formada essa relação, administradores e gestores obrigam-se a observar o cumprimento de deveres de diligência e de lealdade perante o cotista. Igualmente, ainda é possível afirmar que as normas da CVM de fato instituem a relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento, bem como os deveres fiduciários conexos a essa relação.

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Chang, Yuan-Yu, et 張源育. « Fund Managers How to Allocate Assets : Considering Internal Factors and External Factors ». Thesis, 2014. http://ndltd.ncl.edu.tw/handle/tgbsf8.

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碩士
國立東華大學
財務金融學系
102
This study analyzes asset allocations of mutual funds, considering internal and external factors, in which fund managers concern investable assets’ risk degrees and outside economic conditions for their investment strategies in the fund managements. We have following results. Expected return rates, volatility rates, and asset correlations have significant impacts on the stock holdings. That is, fund managers tend to increase the holding rate of high risky assets and to decrease the holding rate of low risky assets as the expected rate is high and the volatility rate is low. We also find that the holding weights of risky stocks decrease, if the intensity and influenced degree of financial crisis increase. Next, fund managers tend to take aggressive strategies for fund investor’s redemptions. In addition, we suggest that a high rate of risky assets appears in the portfolio selection of aggressive fund. We also find that the speculative demands and liquidity demands perform more sensitive in the asset weights.

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Huang, Chao-Hsin, et 黃朝信. « The Disposal of Assets to Manage Earnings after the Prohibition of Asset Impairment Reversals in China ». Thesis, 2013. http://ndltd.ncl.edu.tw/handle/91750206466182264782.

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博士
國立臺灣大學
會計學研究所
101
Firms that experience asset impairment generate a reverse account to determine the extent of impairment. If the accounting standards permit the reversing of a previously recognized impairment loss, this reversal provides an opportunity for earnings management. In this case, the impairment losses serve as a “cookie jar.” However, if the accounting standards prohibit the reversing of an impairment loss, managers can still utilize this cookie jar reversal with the subsequent sale and disposal of the impaired assets. The listed firms in China have abused the provision for the reversal of impairment losses to manage earnings. Thus, the Chinese government announced a new accounting standard—with effect from the reporting periods beginning on or after January 1, 2007—that prohibits the reversal of long-term asset impairments to limit the opportunistic reporting by managers following asset impairment recognition and reversal. This new standard gives an opportunity to examine whether managers would dispose of impaired assets to manipulate earnings based on overestimated asset impairments. Additionally, I also examine whether a corporate governance mechanism can mitigate this opportunistic behavior. Data were selected from China’s listed A shares between 2003 and 2009. The income from sales of assets before and after the change of this accounting standard is analyzed using the regression method. The abnormal accumulated impairment, which excludes the normal write-downs under the economic factors, is calculated in order to differentiate between managers’ opportunistic behaviors. Since the stock exchanges in China label firms in financial trouble as special treatment firms if they have a negative net income for two consecutive years, managers have an incentive to report a profit when their firm has reported losses in the prior year. The results show that firms that previously reported losses with higher abnormal accumulated impairments have a higher income from the sale of assets in the periods when accounting standards prohibit the reversal of impairments than in the periods when accounting standards permit the reversal. Specifically, firms that reversed impairment losses to manage earnings could still utilize the overestimated asset impairment by disposing of the impaired asset. The empirical findings also show that firms that previously reported losses with higher abnormal accumulated impairments and less corporate governance have a higher income from the sale of assets after the prohibition of the reversals. Further analysis finds that a mitigating effect comes from the shareholder structure. These findings could provide insights into policies for regulators and accounting standard setters.

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Belder, Marcus. « Relational market based assets (of a firm) and their role in innovation adoption ». 2008. http://arrow.unisa.edu.au/vital/access/manager/Repository/unisa:36825.

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Χρυσανθοπούλου, Δέσποινα. « Does culture influence asset manager's views and behavior ». Thesis, 2014. http://hdl.handle.net/10889/8299.

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Η έρευνα αυτή παρουσιάζει συγκριτικά στοιχεία ερευνών σχετικά με τις απόψεις και τη συμπεριφορά των διευθυντικών στελεχών στις Ηνωμένες Πολιτείες, τη Γερμανία , την Ιαπωνία και Ταϊλάνδη. Στηριζόμενη στις τέσσερις πολιτιστικές διαστάσεις του Hofstede , διαπιστώνουμε ότι οι πολιτισμικές διαφορές είναι χρήσιμες για την κατανόηση των διαφορών μεταξύ των χωρών, οι οποίες δεν μπορούν να εξηγηθούν από καθαρά οικονομική και μόνο πλευρά. Οι διαχειριστές περιουσιακών στοιχείων που διαχειρίζονται τεράστιες ποσότητες συνήθως δισεκατομμύρια δολάρια για τις τράπεζες , τις ασφαλιστικές εταιρείες και τα αμοιβαία κεφάλαια, επενδύουν τα περιουσιακά στοιχεία που τους έχουν ανατεθεί σε παγκόσμιο επίπεδο ως κάτι το αυτονόητο . Επιπλέον , οι αποφάσεις τους λαμβάνονται με βάση τη θεωρίες για την κεφαλαιαγορά και για τη βέλτιστη κατανομή του χαρτοφυλακίου που είναι παγκοσμίως ομοιόμορφη. Έτσι, αναμένουμε ότι η συμπεριφορά των διαχειριστών περιουσιακών στοιχείων θα επηρεάζεται από ερεθίσματα που προκύπτουν από την ηλικία , την εμπειρία ,την εκπαίδευση κλπ και από τα θεσμικά στοιχεία και όχι από πολιτισμικές διαστάσεις. Στην έρευνα αυτή , αναλύονται οι απόψεις και οι συμπεριφορές των διαχειριστών περιουσιακών στοιχείων στην αγορά, εξετάζονται τα χαρακτηριστικά των ερωτηθέντων, όπως είναι το φύλο, η πείρα , η θέση ή το μέγεθος της επιχείρησης τους καθώς και τα χαρακτηριστικά του κεφαλαίου. Στο επίκεντρο της έρευνας είναι το ερώτημα , κατά πόσον οι πολιτισμικές διαφορές , όπως προβλέπει η πολιτισμική θεωρία, έχουν κάποια συστηματική επίδραση στη διεθνή βιομηχανία της διαχείρισης περιουσιακών στοιχείων. Διαπίστωσαν μάλιστα ότι πράγματι η διαχείριση περιουσιακών στοιχείων είναι μια παγκόσμια επιχείρηση που έχει κάποιες κοινές παγκόσμιες διαστάσεις. Ωστόσο, βρήκαν και ιδιαίτερες διαφορές μεταξύ των χωρών που δύσκολα μπορούν να εξηγηθούν από τη θεωρία της κεφαλαιαγοράς , αλλά αντ’ αυτού συνάδουν με την πολιτιστική επιρροή στις απόψεις και στις συμπεριφορές. Η δομή της διπλωματικής εργασίας ξεκινάει με το πρώτο κεφάλαιο στο οποίο θα ασχοληθούμε με τις κοινές παραδοχές στο διεθνές asset management όπως αναφέρονται από τους Beckmann, Menkhoff και Suto (2007). Στη συνέχεια, θα εστιάσουμε στις τέσσερις πολιτισμικές διαστάσεις του Hofstede, θα παραθέσουμε τα αποτελέσματα της έρευνας για κάθε μία από αυτές, στο δεύτερο κεφάλαιο θα δούμε μέσω μιας έρευνας του Hofstede ότι η κουλτούρα των ατόμων είναι αυτή που επηρεάζει περισσότερο τη συμπεριφορά και τη στάση τους, πάρα η ηλικία, το φύλο, η θέση τους μέσα στην επιχείρηση και γενικά την κατανόηση των εθνικών πολιτισμικών αξιών και η επίδρασή τους στη συμπεριφορά και στις αποφάσεις των managers. Στο τρίτο και τελευταίο κεφάλαιο θα αναλύσουμε πως αντιμετωπίζεται ο πολιτισμός και η κουλτούρα στην περίπτωση που δυο εταιρείες ενσωματωθούν και στο τέλος, θα αναφερθούν τα συμπεράσματα της μελέτης αυτής. Ορισμένα συμπεράσματα που πρόεκυψαν από την έρευνα αυτή είναι τα εξής : ότι ο υψηλότερος ατομικισμός εξηγεί τη λιγότερο αγελαία συμπεριφορά, η μεγαλύτερη απόσταση εξουσίας οδηγεί σε σχετικά μεγαλύτερους σε ηλικία διαχειριστές που είναι σε υψηλότερη ιεραρχία, η αρρενωπότητα οδηγεί τους άντρες σε υψηλές θέσεις και συνεπάγεται ισχυρή επιρροή του φύλου στον υπό διαχείριση όγκο περιουσιακών στοιχείων υπό προσωπική ευθύνη και η υψηλότερη αποφυγή της αβεβαιότητας σχετίζεται με υψηλότερα περιθώρια ασφάλειας έναντι του επιτρεπόμενου tracking error και με μεγαλύτερη ερευνητική προσπάθεια. Αυτές οι συνέπειες, επηρεάζουν εμφανώς την επενδυτική συμπεριφορά. Επίσης , η πολιτισμική διαφορετική σημασία της αγελαίας συμπεριφοράς, της ηλικίας, της εμπειρίας, του φύλου, του στυλ της ενεργούς διαχείρισης περιουσιακών στοιχείων και της προσπάθειας για έρευνα για πληροφορίες επηρεάζει και γενικότερα την οργανωτική συμπεριφορά των μάνατζερ. Οι μάνατζερ μπορούν να διαπιστώνουν τις αξίες που υπερισχύουν στις διάφορες χώρες και παράλληλα να ομαδοποιήσουν χώρες που έχουν τις ίδιες αλλά και πολλές φορές διαφορετικές αξίες. Η καλύτερη κατανόηση των αξιών, των πεποιθήσεων, των προτύπων, της κουλτούρας δηλαδή, όπου ανήκουν οι υπάλληλοι, θα τους βοηθήσει να γίνουν αποτελεσματικότεροι στο έργο τους. Ο Πολιτισμός αποτελείται από κοινές μακροχρόνιες αξίες , πεποιθήσεις και παραδοχές που επηρεάζουν τη συμπεριφορά κάποιου , τη στάση , και το νόημα σε μια εταιρεία ή και σε μια κοινωνία. Η κουλτούρα επηρεάζει το πώς οι άνθρωποι συμπεριφέρονται και πώς κατανοούν τις δικές τους ενέργειες. Νέες πολιτιστικές αξίες που επιβάλλονται στους ανθρώπους σπάνια μπορούν να αντικαταστήσουν υποκείμενες αξίες και τις πεποιθήσεις κάποιων σε μια μακροπρόθεσμη βάση.
This research presents comparative survey data on attitudes and behavior of managers in the United States, Germany, Japan and Thailand. Based on the four cultural dimensions of Hofstede, we find that cultural differences are useful for understanding the differences between countries, which can’t be explained by purely economic and side only. The asset managers that manage huge amounts usually billions of dollars for banks, insurance companies and mutual funds, investing the assets entrusted to them worldwide as a matter of course. Furthermore, decisions are taken based on theories of capital and optimal portfolio allocation that is globally uniform. Thus, we expect that the behavior of asset managers will be influenced by stimuli arising from age, experience, education, etc., and by institutional factors rather than cultural dimensions. In this study, analyzed the opinions and attitudes of asset managers in the market, looking at the characteristics of respondents, such as gender, experience, position or size of their business and the characteristics of the capital. The focus of research is the question of whether cultural differences, such as providing cultural theory, have a systemic impact on the international industry of asset management. They found that indeed even asset management is a global company that has some common global dimensions. However, they found specific differences between countries can hardly be explained by the theory of capital, but instead are consistent with their cultural influence on the opinions and attitudes. The structure of the thesis begins with the first chapter in which we will deal with the common assumptions in international asset management as reported by Beckmann, Menkhoff and Suto (2007). Then we will focus on four cultural dimensions of Hofstede, we will describe the survey results for each of these, the second chapter will look through a survey of Hofstede that culture of people is that most affects the behavior and attitudes , too, the age, location within the enterprise and general understanding of national cultural values and their influence on the behavior and decisions of managers. In the third and final chapter will analyze how should civilization and culture where two companies incorporated in the end, will be reported to the conclusions of the study.That higher individualism explains the less gregarious behavior, greater power distance leads to relatively older managers who are at a higher hierarchy, masculinity leads men in high places and implies a strong influence in the volume under management assets under personal responsibility and higher uncertainty avoidance is associated with higher safety margins against the permissible tracking error and greater research effort. These effects clearly affect investment behavior. Also, the different cultural importance of herd behavior, age, experience, gender, style of active asset management and effort for research and general information affects organizational behavior manager. Managers can find the values that prevail in different countries, and to group countries are the same and sometimes different values. A better understanding of the values, beliefs, standards, namely culture, where employees belong, will help them become more effective in their work. Culture consists of shared long-term values, beliefs and assumptions that affect one's behavior, attitude, and meaning in a company or a society. Culture influences how people behave and how they understand their own actions. New cultural values imposed on people seldom can replace the underlying values and beliefs of some on a long term basis.

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Wang, Ling-ya, et 王怜雅. « Application of Managed Volatility in Asset Allocation ». Thesis, 2018. http://ndltd.ncl.edu.tw/handle/2mdgcv.

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碩士
國立中山大學
財務管理學系研究所
106
After the Global Financial Crisis in 2008, many academic research papers on asset allocation began to focus on the risk of asset allocation, not on the return of a portfolio. The pattern of asset allocation has gradually shifted from static to dynamic adjustment. The purpose of this study is to determine whether the Taiwan market can effectively use dynamic adjustment of managed volatility to control the volatility of a portfolio. The study is based on the research of Dopfel and Ramkumar (2013). First, we calculate the volatility cutoff, and classify the monthly volatility of the risky asset as normal volatility or high volatility by using a volatility cutoff. Second, according to different investors, we calculate the performance of different volatility regime transitions using historical data. Third, we calculate the holdings of the risky asset for different investors to construct our portfolios. Finally, we use different portfolios to determine whether the managed volatility portfolio is valid. The empirical results show that the methodology of managed volatility effectively controls the volatility of portfolios in Taiwan. A methodology that uses a rolling window plus expanding window and assumes an 85th percentile volatility cutoff performs well in Taiwan.

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Thèses sur le sujet « Assets managers »

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