Browsing by Issue Date, starting with "2019-10-08"
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- The influence of risk aversion on the entrepreneur’s incubation preferences : a quantitative studyPublication . Dias, Pedro Miguel de Carvalho; Costa, Cláudia Isabel de SousaRisk is a concept that is intrinsically related with the concept of entrepreneurship. Decisions are taken in context where there is little precedent on the outcomes and conditions. This means that the ability of an individual to manage and the way he perceives and reacts to risk will have an impact on the likelihood of him becoming an entrepreneur and his performance. The purpose of this study is therefore to establish a connection between an individual’s relationship with risk with organizations that aim to help entrepreneurs reduce the risk and potentiate the growth of their ventures: incubation mechanisms. More precisely we look into the perception of value and the willingness to engage with these mechanisms and try to see if these are influenced by an individual’s aversion or propensity to risk. We’ve chosen 4 different incubation mechanisms: Accelerator, Incubator, Venture Capital Firm and Start-up Studio. An online survey was conducted among Entrepreneurs and individuals who are considering starting their business. There were 68 valid responses. With this study we were not able to find a significant difference between the choices of incubators by risk averse and risk propense individuals. Similarly, we were not able to confirm that an individual’s risk aversion is able to significatively predict the amount of equity he/she is disposed to exchange for the support given by different types of incubators. Lastly, our result found that there was no significant difference in risk profile between entrepreneurs who had engaged in start-up competitions and incubation programs and those that didn’t.
- Airbus SE : equity valuationPublication . Carmo, Henrique António Costa da Silva; Martins, José Carlos TudelaThis dissertation performs an estimation of the fair value of Airbus SE’s common stock to verify whether the share price is fairly priced. The Discounted Cash Flow (DCF) model, the relative valuation and the dividend discount model were the three methodologies chosen to estimate the firm’s fair value. The multiples estimated were the P/E, EV/EBITDA and the EV/Revenues. The valuation results are then compared with an equity report published by UBS. The DCF model approach, applied to Airbus SE, yielded a price per share of €125.42 which resulted in a HOLD recommendation. This recommendation is only driven by the DCF method, since the prices obtained by the relative valuation differ across the different multiples. The DCF valuation takes into account the future perspectives for the industry and the strategy followed by Airbus SE in the last five years which will influence the future. Esta dissertação pretende estimar o justo-valor de cada acção da Airbus SE e verificar se o preço actual está adequado.
- Equity valuation : Marriott International, Inc.Publication . Guerra, João Caria Henriques; Martins, José Carlos TudelaThis dissertation aims to value the equity of Marriott International, Inc. (MAR), the world’s largest hospitality company. A variety of methodologies that can be applied in equity valuation will be presented, out of which a Discounted Cash Flow approach using Free Cash Flow to the Firm (FCFF), along with an analysis using Price and Enterprise multiples, will be the preferred ones. An in-depth overview of the Tourism and Hospitality industries will also be provided. The information used and the analyses developed are laid out in the main part of the dissertation, which allows for the issue of a HOLD recommendation with a target price of $124.03/share for December 31st, 2019. Sensitivity and scenario analyses are also carried out, and they allow for a clearer understanding of how the target price can be influenced by key valuation parameters. Through the use of Price and Enterprise multiples, a valuation range between $136.71 and $119.77 is obtained. The conclusions obtained and processes followed were then compared against a report issued by SunTrust Robinson Humphrey, which issued a HOLD recommendation with a target price of $131.00.
- From Meat 1.0 to Industry 4.0 : understanding digitalisation implementation : a case study of Raporal S.A.Publication . Ferreira, Luís Manuel Bettencourt Adão Gomes; Fel, FabienneIn 2011, the term Industry 4.0 (I4.0) emerged by a German research initiative. All these years later many companies are still trying to understand how and where to invest along the entire supply chain, therefore, there is the need to rapidly understand how to go through the process. First of all, a research on how I4.0 will impact business as we know and what technologies are part of it was needed to better construct the case study. This research work, under a case study perspective, allows us to understand clearly what kind of results digitalisation on the supply chain can yield. With a clear focus on understanding the main drivers and obstacles in the implementation of digitalisation, this thesis aims to provide better insights on how to go through this process. The case study shows us that is not an easy process and the results might not be exactly what was anticipated. However, great advantages can be attained. In conclusion, the digitalisation process offers a wide range of advantages for companies that undergo this process. Reduction of the lead time or reduction of human labour dependence are just two of them.
- A case study of Lava Jato investigated firms : corruption and financial distressPublication . Zambiazzi, Maísa Alana; Reis, Ricardo César Ribeiro Ventura FerreiraLava Jato investigation revealed a scheme of bribes involving many businesspersons and public officials that benefited from fraudulent contracts for years, supported by public policies focused on infrastructure investment. This study analyses whether corruption was the driving force behind the success of the private construction companies investigated or not and how the revelation of these corrupt acts is taking the benefits away. Firms liquidity and debt structure before the revelation of the case as well as their strong positioning in the sector suggest that even for an economic downturn their financial positions would probably be enough to pass through a crisis caused by external factors. Much of the financial robustness before the investigations may have come from the corrupt acts itself but subsequent reputational damage deteriorated the companies’ ability to acquire debt and to negotiate new contracts, making them more susceptible to the economic downturn and penalizations applied by justice.
- Reshaping business modelling with artificial intelligence : how machine learning and business model patterns can facilitate business model innovationPublication . Astl, Michael; Bohnsack, RenéBusiness model innovation has gained high relevance in practice and academia in the last two decades and constitutes a challenging task for innovating firms. The application of business model patterns can facilitate this process but is also subject to several limitations. Artificial intelligence and in particular machine learning can address these challenges while utilizing the systematic structure of business model patterns as a basis. Hence, this work focuses on the development of an information technology artifact which facilitates business model innovation and supports decision making. The artifact consists of two different machine learning models, a company database and an online version of the business model canvas as a user interface. Based on the user generated value proposition, the artifact generates the innovating firm’s ecosystem as well as suggestions for relevant business model patterns, which can be automatically added to the corresponding components in the business model canvas. This work contributes to a better understanding of implementation possibilities regarding artificial intelligence in business model innovation and provides further insights into the application of business model patterns. The developed artifact can be practically applied as a supporting tool in every phase of the business model innovation process.
- Motor control and variability of gait in adults and childrenPublication . Martins, Sofia da Conceição Novais; Stagni, Rita; Bisi, Maria CristinaA presente tese tem como objetivo avaliar experimentalmente a variabilidade cinemática das variáveis ângulos articulares e centro de massa dos adultos e crianças saudáveis. A trajetória do centro de massa corporal é um parâmetro relevante no estudo da marcha humana, pois reflete o movimento de todo o corpo. Uma alteração na trajetória do centro de massa do corpo pode indicar uma manifestação clínica de uma patologia subjacente. Uma vez que reflete todo o movimento do corpo, o centro de massa pode fornecer parâmetros úteis para a avaliação global da marcha e, em combinação com outros dados cinemáticos e cinéticos, dar uma análise mais precisa, permitindo assim a aplicação prática. A maturação da marcha é frequentemente modelada como um pêndulo invertido, e parece estabilizar na idade de 7-8 anos. A variabilidade das variáveis da marcha em adultos e crianças podem ajudar a compreender a importância da cinemática do centro de massa no desenvolvimento de marcha durante a maturação. Para a realização deste estudo foram selecionados dois grupos (adultos e crianças) num total de 20 indivíduos sendo estes fisicamente ativos, sem qualquer disfunção traumático-ortopédica e sem dificuldades na marcha independente. Os participantes caminharam ao longo do laboratório para a análise da marcha realizando 15 caminhadas, divididas em grupos de 5 suportando em vários pontos anatómicos marcadores refletores e ainda um sensor inercial possibilitando desta forma a obtenção dos ângulos articulares, a trajetória do centro de massa e aceleração do centro de massa para cada caminhada-teste. Os resultados mostram que durante a marcha, as crianças apresentam maior variabilidade que os adultos devido ao facto que o controlo do sistema nervoso central está focado na progressão do centro de massa e não sobre a sua estabilização lateral, pois, através desde estudo pode-se concluir que nas crianças a variabilidade no eixo médio-lateral é maior do que nos adultos.
- Location of electric vehicles charging stations for professionals : Mobiletric casePublication . Dias, Rafael José Ferreira; Lino, Rute Sofia Barbosa XavierThe project developed for Mobiletric was conducted to improve one of their core business, ProStations, which is a network of electric vehicles charging stations hubs with exclusive access for professionals. The goal was to find the factors affecting the optimal locations for their new charging stations hubs. Mobiletric plans to be the market leader of this segment that is expected to increase exponentially from 2025 onward when the three major barriers for electric vehicles are overcome – price, range, and charging infrastructure. During the project, interviews were conducted to major players in the electric mobility industry with the purpose of better understanding the current dynamics of the market and questionnaires were conducted to potential clients – electric vehicles drivers. We found out that the optimal location for new fast-charging stations in Lisbon is close to main roads and usual routes, like home-work route or TVDE drivers usual working routes. When compared with the distance to the center (Terreiro do Paço), those charging stations should be located in the peripheries of the city, with a distance, on average, between 4,5 kilometers and 5,5 kilometers to that center. However, drivers value more the charging station being available than its location (availability over location) and are not price-sensitive due to the lack of fast-charging infrastructure in the city.
- Business ideation in the coffee market : validation of customer profiles to verify the market opportunity for a portable coffee makerPublication . Rabe, Fabian; Lino, Rute Sofia Barbosa XavierInvolving customers in the process of developing new products and services promises to reduce the uncertainty of the environment in which start-ups operate. This dissertation investigates the market opportunity of a portable coffee maker through customer feedback. By following the principles of the Lean Startup Approaches, the study verifies the founder’s assumptions about customer profiles, and (re-)designs the start-up’s value propositions in a way that creates a match – the Problem-Solution Fit. The launch of a customer discovery survey helped to identify customer‘s desires and needs in their coffee break. As the results show, customers do not consider mobility as a key characteristic for their coffee maker. However, the findings indicate that customers value aspects like convenience, sustainability, the act of socializing while drinking a coffee, and a feeling of self-satisfaction from brewing coffee themselves. Even though customer feedback did not validate that mobility creates much customer value, the findings on customer’s preferences will be used to revise the founder’s business idea. A pivot to an innovative coffee experience will initiate a second feedback cycle of customer discovery. To summarize, the study proves the value of early customer feedback because it prevented wasting the founder’s resources for product development when there is no market opportunity, and increased the validity of customer profiles.
- Responsabilidade pelo risco das infeções nos hospitaisPublication . Lourenço, Rute Alexandra Vaz Gonçalves; Faria, Maria Paula Bonifácio Ribeiro deEsta dissertação irá debruçar-se sobre a responsabilidade pelo risco das infeções nos hospitais. Sabemos que existe um regime geral de responsabilidade civil, no entanto, aqui será feita uma distinção da responsabilidade em hospitais públicos e em hospitais privados. As infeções hospitalares têm uma elevada taxa de mortalidade e é importante perceber quem pode ser responsabilizado nestas situações, pelo que vamos analisar diversos casos da jurisprudência portuguesa, para melhor consolidar este estudo.