2011, Volume XVI, nº 2
URI permanente para esta coleção:
Navegar
Entradas recentes
- Evaluating the performance of an AGV fleet in an FMS under minimizing part movement and balancing workload rulesPublication . Pereira, Alberto FerreiraThe performance of an FMS with respect to AGV utilization is assessed using a simulation model. AGV fleets of different sizes are evaluated. Under OOM, an assignment rule designed to decrease time in system by minimizing part movements among machine tools, AGV utilization is lower than under WINO, an assignment rule that seeks to balance machine workload. For a given AGV fleet, machine utilization imbalance is more levelled under WINO than OOM, however comparing across the three AGV fleets, the maximum machine imbalance is smoother under OOM than under WINO. AGV utilization consistently decreases as the number of AGVs increases from eight to nine and then to 10. The system performance is adversely affected not only by too many AGVs but also by surplus spots in both inbound and outbound queues placed in front of the machine tools.
- Perceived diversity among italian employeesPublication . Garib, GeethaThe paper tests the diversity typology associations with organisational outcomes set out by Harrison & Klein (2007) based on variety, separation and disparity. The main finding is that variety has a positive significant association with positive organisational outcomes, as well as on organisational performance. The way diversity is perceived in an organisational setting can have important relations with how organisational performance is perceived. This study has a strong practical implementation as in organisations where diversity is viewed as variety, diversity can have positive associations and thereby diversity can have an added value for society and organisations. The study is unique in providing empirical evidence for a diversity typology, operationalising this typology and providing evidence for links with organisational outcomes and organisational performance. No current study contains an operationalisation of the diversity typology of Harrison and Klein (2007) while linking it to organisational outcomes.
- The value of hedging through corporate governance : a literature review and directions for future researchPublication . Jorge, Maria João; Augusto, Mário GomesPrevious empirical studies concerning corporate hedging have investigated several arguments that have been suggested to explain why corporate hedging is value-enhancing. Another stream of research examined the direct impact of hedging on firm value. Also in line with this, recent studies show that the corporate governance environment could be an important factor in understanding the value of hedging activities. This paper aims to present a comprehensive overview of the theoretical and empirical literature on these issues. We draw three main conclusions. First, it is necessary to identify appropriate measures of hedging activity beyond the use of derivatives. Second, it is essential to get more evidence on the effect of corporate governance in the value of hedging, not disregarding the possibility that these decisions can be undertaken simultaneously. Finally, it is important to expand empirical evidence to non-US firms.
- Liquidity risk premia : an empirical analysis of european corporate bond yieldsPublication . Gaspar, Raquel M.; Pereira, PatríciaIn this study we highlight the importance of liquidity risk, especially in periods of market stress, and advocate in favour of an explicit consideration of a liquidity premium when using mark-to-model methodologies to value financial assets. For European corporate bonds, we show that the liquidity premium, calculated as the difference between the yield spread of corporate bonds and the spread of credit default swaps, grew significantly during the recent market turmoil not only in absolute terms but also in relative terms. Although liquidity premiums were far from stable during the time frame of analysis-from 1 January 2005 to 31 December 2009 - on average roughly 40% of corporate yield spreads can be interpreted in terms of liquidity premia. We propose direct matching between the CDS and the underlying reference assets when computing liquidity premia. This differs from what seems to be the industry standard, which is simply to use indices when trying to infer market implied liquidity premia. Although computationally more demanding, the method we use is sounder from a theoretical point of view and produces richer results and analysis. With this method we are able present an analysis of liquidity risk premia per sector of activity.