Browsing by Issue Date, starting with "2020-06-30"
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- Equity valuation : Ferrari N.V.Publication . Morsiani, Simone; Martins, José Carlos TudelaThe aim of this dissertation is to determine the target price of Ferrari, a leading player in the luxury performance car industry and the most successful race team in the Formula 1 history, in order to issue an investment recommendation relative to its market price. First, analyzing the state-of-art of the equity valuation techniques, it was concluded that the WACC-based DCF valuation represented the most suitable approach for the valuation of Ferrari. In addition, it was than complemented by a relative valuation, using forward-multiples. The valuation itself is based on a detailed analysis of the industry in which the company is positioned, the forces that it faces in this environment, and its historical performance and future prospects. It results in a median target price of EUR 157.33 within the range of EUR 153.44-161.30. Compared to the trading price as of 30th April 2020, at EUR 143.40, this represents an upside potential of 9.71%, which is then translated in a BUY recommendation. Finally, the main assumptions and the stock rating obtained are confronted with an equity report issued by a leading investment bank, namely UBI Banca, and the general consensus in the market. Despite minor differences in some basic assumptions, the recommendations share numerous commonalities and appear in line with the mean consensus.
- Engagement on Instagram : emotions and content of picture posts in the luxury marketPublication . Mazzante, Elisa; Farias, Ana RitaThe peculiar public health crisis (Covid-19) we are currently living stresses the importance of digital media, enhancing the fundamental role of these channels in communication and selling activities. In the present work relevance of a continuous customer-brand dialogue established on Instagram is under examination, specifically a particular quantitative measure: the engagement, reflected by liking and commenting on brand posts. The effects of Content Typologies and Emotions on Adjusted Engagement have been analysed, while simultaneously considering Luxury Product Categories identified by the most prominent luxury conglomerate, LVMH, with the purpose to understand the most engaging post characteristics. I studied 610 brand posts from 8 international luxury brands across 4 product categories. I discovered statistically significant differences in Adjusted Engagement for different Content Typologies in the luxury market. In particular, differences in Adjusted Engagement between Content Typologies slightly differed when considering Product Categories, the presence of Faces and Emotions in the post. Unlike results of previous research (Bakhshi et al., 2014), posts showing faces received a statistically significant lower Adjusted Engagement than posts not showing faces. While, in accordance with previous researches, posts showing Emotions captured statistically significant higher Adjusted Engagement than posts with model-like faces (Lewinski et al., 2014). Additionally, Luxury Product Categories experienced statistically significant differences in Adjusted Engagement, in line with past researches studying the engagement of multiple product categories (e.g. De Vries et al., 2012). Social media managers can be guided by my research with regards to deciding which characteristics and/or content typology to place in brand posts.
- Your Google Maps for digital transformation initiativesPublication . Pohl, Konstantin Sebastian; Pinho, AndréWith upcoming technologies and new players disrupting industries' business environments, the urge for companies to digitally transform their processes gained lots of popularity over the last years. Given its immense complexity, current research solely provides generalized frameworks, leaving many companies with a lack of guidance when conducting a digital transformation. The purpose of this teaching case, introducing how process mining from Celonis is conducted, illustrates how the technology can help organizations optimize operations and its advantages within a digital transformation. To explore the practical perspective, the case demonstrates how the process mining technology is implemented within companies, how inefficiencies are detected and eliminated, and which results in companies can derive its application. Also, throughout the case, critical enablers of process mining to reap the best results are characterized. With the depth of transparency process mining unfolds, companies can link strategic goals to what is currently being executed. Knowing where digital transformation initiatives are really needed and how those can be implemented and monitored is crucial when undergoing a digital transformation process, which is why process mining from Celonis can be seen as an enabler to steer digital transformation initiatives in the right direction.
- Business model benchmarking : how a machine learning-based tool can support business model innovationPublication . Lenz, Luca Erhard; Bohnsack, RenéAn increasing body of literature has developed around business models and business model innovation in recent years, establishing the concepts’ relevance for the competitiveness of a firm. The process of innovating a business model is less researched and still constitutes a com-plex and challenging task for businesses. Despite the advancements of technology, only few tools have been developed to support said process. Thus, present work focuses on how this process can be facilitated by introducing the concept of benchmarking and complementing it through a machine learning model. A machine learning supported multi-case theory building approach was followed to indicate how benchmarking business models might benefit compa-nies and to arrive at a machine learning model supporting this endeavour. The business models of 306 firms were evaluated to do so. Benchmarking business models can benefit a company by monitoring and learning from other organizations to spark innovation and support idea cre-ation. The machine learning model predicts business model patterns which are used to make processes across companies comparable. The present thesis results in a business model bench-marking tool which supports managers and entrepreneurs alike in their quest of business model innovation.
- VR Conferencing : a business opportunity underlying virtual reality participationPublication . Markussen, Andrè Eftedal; Bohnsack, RenéAdvancements in digital technologies continuously prompt changes to both academic and business ecosystems. And by bringing opportunities for sustainable and economically feasible developments in parallel, the organizing capabilities of such technology have received an increasing amount of interest. Building on this momentum, this dissertation sought to investigate the viability of a business opportunity underlying the idea of virtual reality participation at events such as conferences. For the purpose of this research, data were collected through two online surveys. These surveys targeted those who would ultimately provide the participation option (event-organizers) and those who would drive its demand (eventparticipants). The results, through an expressed measure of interest among the respective samples of 31.6% and 51.5% accompanied by a fair demand and willingness to supply the option, seem to encourage the pursuit of an underlying business opportunity. The analysis further directs future effort by making distinctions in demographics and attitudes in terms of interest and finds thereof that the concept appears to show at least as, or even more, prominence amidst short educational programs. It also shows that the concept can be extended to serve other purposes, for instance, business meetings. Additionally, a business model configuration that could potentially exploit the opportunity is explored, and the model suggested by this work is presented as an intermediate platform. However, more research of which is required prior to the development of a defined business plan.
- Artificial Intelligence leadership : how trust and fairness perceptions impact turnover intentions through psychological safetyPublication . Moreira, Patrícia Roque; Almeida, Filipa deArtificial intelligence agent’s intervention in decision making at organizational environments has been increasing rapidly. These agents bring advantages in decision making due to their objectivity, efficiency, and superior capacity of information processing while lacking human weaknesses such as fatigue or self-interest. However, their perception by organizational employees might be less optimistic, as artificial intelligence leaders might be perceived as less fair and just. This dissertation intends to study the effects that this new type of leadership has on employees' turnover intentions, an important variable as high levels of voluntary turnover cause several losses for companies both in terms of cost increase and loss of talented human resources. Additionally, I propose the decrease in employee’s psychological safety to mediate this relationship. Finally, I propose a way to overcome this effect by manipulating the perceptions of trust and justice of these leaders, in order to try to counter the negative effect of non-human leadership. The results of this study revealed a significant effect of the leader agent on the employees' exit intentions as well as on their psychological safety, including as a mediator of the former. Regarding the moderation of trust and justice perceptions, the results showed that these testimonials have a direct effect on psychological safety, and an indirect one in turnover intentions through psychological safety.
- Business plan for a shared kitchen start-up : Cozinha PartilhadaPublication . Berdini, Fabio; Xavier, RuteThe primary purpose of this dissertation is to verify the business adequacy of Cozinha Partilhada in the food-industry of Lisbon. Shared kitchens are a relatively unspoiled concept in Portugal, offering opportunities for enhancing young food-initiatives in the realm of the shared economy. The scrutiny of the market showed that best practices come from American and North European organizations. As regards Portugal, four direct competitors and four indirect competitors have been found. Leveraging its novelty, Cozinha Partilhada seems to have the potential of gaining a competitive advantage over its rivals. Innovativeness and professionalism of the kitchen could be maximized to position the brand as more attractive than competitors. A survey and six in-depth interviews evidenced that Cozinha Partilhada needs to face two target segments: professional workers in the food industry, and individuals interested in transforming their cooking activity into a profession. Two regression analyses suggest the correlation between dissatisfaction of working in a non-professional kitchen, willingness to move to a more professional working environment, with the desire of joining Cozinha Partilhada. Accessibility, convenience, space size, professional equipment, and the provision of additional services, have been found as valued by potential customers. In conclusion, the costs and revenues have been estimated, showing a breaking-even point from the first year. The derived outcome of the thesis will not just be helpful for a safe starting of Cozinha Partilhada in Lisbon, but also give a convenient overview of the shared kitchens industry in Europe and Portugal.
- The effect of User-Generated Content to promote tourism destinations : the importance of perceived authenticity and trustPublication . Bandinelli, Camilla; Costa, Cláudia Isabel de SousaNowadays, choosing the right travel destination is not easy. Destinations are numerous, as well as the information available, thanks to Internet and the User-Generated Content shared. Moreover, as a shift towards experiential tourism is taking place, accommodation alone is no longer enough to create an experience. A search for authenticity grows, together with the need to trust that what is advertised is actually real. This thesis aims to examine if destinations can increase their competitive advantage if the destination is advertised with UGC and if the effect on travel and sharing intention would be grater due to the perceived authenticity and trust of the content presented. The hypotheses were tested through an online experimental study using a promotional video created by the firms’ professional or by travellers. The data have been collected through MTurk measuring perceptions of authenticity, trust and travelling and WOM intentions. A significant higher preference for travelling and recommend were showed when the promotional ad was UGC and a mediation effect was found both for trust and authenticity. Four types of travellers were identified, and the perceived authenticity was found to be higher for the Drifter just compared to the Individual Mass Tourist. Our findings can assist travel companies and tourism bodies to promote their destinations by using UGC in their marketing strategy. Such strategies are perceived as more authentic and overcome consumers mistrust in firm generated marketing communications consequently increasing the intention to visit and to recommend. Limitations and future research are also discussed.
- Exploring Customers’ Willingness to Pay for online legacy planning services using the Lean Entrepreneurship Method : a case study based on NineBarcPublication . Horstmann, Cedric Alexander John; Conti, RaffaeleThe Lean Startup Methodology has gained wide recognition among entrepreneurs. A recentevolution of this methodology has underlined the importance of a scientific approach toentrepreneurship: to assess whether a business model is valid, hypotheses about the valueproposition of a startup should be explicitly formulated and tested via sound empiricalapproaches. This thesis applies such a scientific approach to the case of Ninebarc, a newventure that offers an online legacy planning service. A survey is used to assess customers’willingness to pay for the value proposition offered by the startup. Respondents were exposedto different treatments: the first treatment was about the company type (generic company vs.start-up company), and the second treatment was about a feature (automated vs. manualcredential updates). The findings prove a general willingness to pay for an online legacyplanning service. However, the Ninebarc business model is only partially validated, whichwould indicate the need for some pivoting.
- What if we could live forever? : a forward-looking analysis on Artificial Intelligence and its impact on the longevity industryPublication . Schoepf, Vivien; Pinho, AndréImmortality might be fiction. The industry surrounding it however is very real. With new technologies such as AI, scientific processes in the longevity industry reach new levels of speed, cost and sophistication, possibly enabling a fundamental breakthrough in the efforts to extend human lifespan. This thesis addresses the question how AI will impact the future of the longevity industry. The impact of AI on the industry was observed through a use case analysis which identified five AI-driven growth segments: aging research (AR), drug development (DD), digital health products (DHP), medical devices (MD) and research services (RS). The construction of a Market-Potential-to-Risk Matrix for these segments enabled a forecast of longevity market movements: in the next 2 to 5 years, firms in DHP, RS and enhanced MD will create new healthcare standards by uplifting quality of life and workforce productivity amongst the elderly. The adoption of AI in the next 5 to 10 years will likely lead to major advances in DD and AR, replacing firms which have not been able to capture the benefits of AI. The timeline and direction of these developments will depend on the political, economic and social acceptance and support for the industry. This thesis provides a first insight into the longevity industry from a business perspective, the power of AI and its accelerative impact on emerging industries. Further research could address the implications of these findings for ethics, healthcare and workforce productivity as well as for financial, fiscal and pension systems.