Does Corporate Control Transactions’ Type and Focus really Create Value? Evidence from an Emerging Market

The failure of corporate-control transactions as strategic-oriented transactions to create significant values for their stockholders has triggered the management to deal with these phenomena by setting the right and best strategies and at the same time, to ensure company's growth in the future. This study tests empirically the implication of corporate-control transaction announcement on companies’ abnormal returns. Particularly, this study investigates the effect of the announcement of corporate-control transactions’ type (merger and acquisition, sell-off, joint venture, alliance) and focus (transformative or expansionist). It used the event study of 94 corporate-control transactions, which contains of transactions’ type and focus of during 1991-2001 periods. By using multivariate regression analysis, the results show that the announcement of corporate-control transactions significant and positively influence the cumulative abnormal return. Meanwhile, the announcement of the corporate-control transactions’ type and focus does not significantly influence stockholders' benefit. Generally, the characteristic of the independent and control variables in this study due to their implications to cumulative abnormal return are in-line with previous studies. In addition, this study has proven that the characteristic of investors in Indonesia's stock markets are very different with the ones in many other places like Europe or United States. In other words, this reflects the unstable and inefficiency of Indonesia's stock market as an emerging market

La innovación ¿Una estrategia para la competitividad en el mercado global?

Con la globalización la innovación se ha convertido en un factor clave para la competitividad y el crecimiento económico de los países, como lo demuestran los estudios aquellos países que hacen mayor inversión en investigación y desarrollo, pero en los que esta inversión se ve reflejada en una alta cantidad de patentes de ideas innovadoras encaminadas a mejorar procesos y productos en las empresas con el fin de aumentar la competitividad, son aquellos que hoy en día son potencias económicas, en América Latina un ejemplo visible es Brasil que tiene la mayor inversión en investigación y desarrollo de la región, por ello se ubica en el puesto N° 7 de las economías mas grandes del mundo, de acuerdo con lo anterior se hace necesario que países emergentes como Colombia generen una cultura de la innovación y adaptabilidad a las nuevas tecnologías con el objetivo de ser mas competitivos, vía educación de mejor calidad, con mayor cobertura y facilidades de acceso, mas aun cuando tienen el reto de enfrentar una serie de TLC firmados con países desarrollados, este ensayo tiene como objetivo analizar los principales planteamientos acerca del rol de la innovación como el principal motor de los países para ser competitivos en el ámbito internacional.to the above it is necessary that emerging countries such as Colombia generated a culture of innovation and adaptability to new technologies in goal of becoming more competitive through better education, more coverage and accessibility, even when they have the challenge of taking a series of FTAs with developed countries, this essay is to analyze the major issues about the role of innovation as the main driver of countries to be competitive internationally

Aplicacion de tecnologias de informacion emergentes para apoyar la autocapacitacion intensiva : desarrollo de un ambiente prototipo

74 p.La presente memoria se refiere a la modelación del proceso de autoaprendizaje centrado en el autocontrol y, al diseño de una interfaz como solución tecnológica con nombre de fantasía "i-AP" (interfaz para el autoaprendizaje personalizada) orientada a la implementación de cursos de educación a distancia enfocados a aquellos contenidos denominados "menos complejos" caracterizados por la mínima supervisión del profesor (tutor) en el proceso de enseñanza-aprendizaje. Particularmente se utilizara el modelo propuesto de autoaprendizaje centrado en el autocontrol y la plataforma de diseño y explotación de aplicaciones orientada a redes de trabajo "Lotus Notes" para el diseño de un prototipo de alto nivel de la solución tecnológica i-AP

Computer Science and Philosophy

There is a widely extended image of computer software as some sort of ‘black box,’ where it does not matter how it internally works, but rather what sort of results are obtained given certain input values. By approaching computer software this way, many philosophical issues are hidden, neglected, or simply misunderstood. This article discusses three units of analysis of computer software, namely, specifications, algorithms, and computer processes. The aim is to understand the scientific and engineering practices supporting each unit of analysis, as well as to analyze their methodology, ontology, and epistemology

Cultural Capital and Achievement Goals in Hispanic College Students at Two- And Four-Year Educational Institutions

The purpose of the study was to determine whether there were differences in the achievement goals and cultural capital between Hispanic students attending a two- or a four-year educational institution. A sample of 58 subjects were surveyed, 29 from each educational institution. The instrument used to measure achievement goals was the Attitude Toward Learning and Performance in College this Semester Scale (ATL) (Miller & Sundre, 2008). Cultural capital was measured by an adaptation of the Cultural capital questionnaire proposed by Noble and Davies (2009). The results showed that there were not statistically significant differences in the achievement goals. Concerning cultural capital, statistically differences were found in personal cultural capital between the two types of college. The cultural capital index was statistically different when students at different campuses were compared. Concerning demographic information, it was found that students at two-year college were living with their families of origin in a higher proportion than students at a four-year college. The source to fund college appeared to be different for both groups. The proportion of students that use loans to fund college was significantly higher in those who are attending a four-year college. The results suggest that decision to attend one or other type of post-secondary institution may be related to economic resources or aspects of cultural capital.School of Teaching and Curriculum Leadershi

Red neuro-difusa para el relleno de datos faltantes en la estación meteorológica Chapingo

Esta investigación presenta la aplicación de un modelo de red neurodifusa llamado ANFIS para el problema de estimación de datos faltantes meteorológicos: temperatura, velocidad del viento, humedad relativa y radiación solar en la estimación de la Evapotranspiración de referencia ETo. ANFIS es un método que permite crear la base de reglas de un sistema difuso, utilizando el algoritmo de retro propagación a partir de los datos de un proceso. La estructura de la red neuro-difusa para cada variable meteorológica consiste en dos entradas y una salida. La evaluación del relleno de datos faltantes se realiza mediante la Raíz Cuadrada del Error Cuadrático Medio (RMSE). Los resultados muestran que al usar un mayor número de iteraciones y variación de datos en el entrenamiento puede ayudar a la ANFIS a obtener resultados más preciso