Determinants of Mergers and Acquisitions : the influence of executive compensation and risk-taking incentives

Esta dissertação discute a relação entre a compensação de executivos e os incentivos de risco sobre fusões e aquisições, ou seja, a influência que têm a respeito da conclusão de um acordo de fusão e aquisição (F&A). Eu sugiro, com base na minha revisão de literatura, que as componentes individuais da compensação dos executivos, que são à base de dinheiro ou capital próprio, têm um impacto positivo na conclusão de uma F&A. Além disso, eu sugiro que a compensação executiva tem uma influência positiva na diversificação corporativa. A amostra usada na análise econométrica inclui 2,581 fusões e aquisições concluídas entre 1995 e 2007. Os meus resultados suportam a hipótese de que as opções sobre ações induzem tomadas de risco e, portanto, têm uma influência positiva sobre a conclusão de F&A. As compensações através de bónus têm também um impacto positivo. No entanto, o salário está apenas positivamente relacionado quando em conjunto com outros elementos de compensação. Por outro lado, de acordo com os resultados obtidos, os planos de incentivo de longo-prazo são o oposto da respetiva hipótese, visto que o sinal obtido é negativo, e as ações restritas não têm uma relação com fusões e aquisições na maioria dos modelos estudados. Por fim, eu crio uma pequena amostra, cuja análise sugere que as compensações dos executivos das empresas com baixo nível de diversificação têm um crescimento mais elevado após uma F&A do que as empresas com maior nível de diversificação. Por isso, as empresas com baixo nível de diversificação, em comparação com as empresas de maior nível, têm maiores incentivos associados à compensação dos executivos para adotar uma estratégia de diversificação corporativa.This dissertation discusses the relationship between executive compensation and risk-taking incentives on mergers and acquisitions, i.e. their influence in the completion of M&As. I hypothesise that the individual components of executive compensation which are either cash-based or equity-based have a positive impact on M&As. Further, I expect executive compensation to have a positive influence on corporate diversification. My sample includes 2,581 completed M&As between 1995 and 2007. My findings support the hypothesis that stock options induce risk-taking, and therefore, have a positive influence in the completion of M&As. Bonus compensation also has a positive influence, however salary it is only positively related when in combination with other individual compensation components. By contrast, long-term incentive plans go against what it is hypothesised and restricted stock has no relationship in most of the regressed models. Finally, after creating a small sample, I illustrate that compensation for executives from low diversified firms have a greater growth post-acquisition than those from high diversified firms. Therefore, low diversified firms comparatively to high diversified firms have more incentives associated with executive compensation to adopt a corporate diversification strategy

Automatic human action recognition from video using Hidden Markov model

Posture classification is a key process for evaluating the behaviors of human being. Computer vision techniques can play a vital role in automating the overall process, however, occlusions, cluttered environment and illumination changes can make the whole task difficult. Using multiple cameras and warping known object appearance into the occluded view can solve the occlusion problem. In this paper, we present an automatic human detection and action recognition system using Hidden Markov Model and bag of Words. Background subtraction is performed using Gaussian mixture model. The algorithm is able to perform robust detection in the cluttered environment and severe occlusions. The novelty of this work is the dataset used. A private dataset has been created for this research at university of Minho. The experimental results show promising results

Structured manipulable material versus applet in the development of algebraic thinking at the 1st cycle of basic education

This investigation was conducted in the framework of the master's degree in Preschool Education and teaching of the first cycle of basic education, with students of a class of third-year elementary schooling in a Castelo Branco elementary school. Through this study, we intend to examine whether digital technology improving the number of success cases and decisionmaking in solving mathematical tasks involving repetition patterns, compared the tasks solved by using the standard blocks. This research, comparative in nature, was based on a mixed approach (quantitative and qualitative) data processing level. Our intervention was structured in 3 phases. In the first phase, the 23 students who made up the class solved 4 tasks with repeating patterns through a work record (repeating Patterns: ABAB, ABCABC, ABBABB e ABBCCABBCC). The responses of students, in the schedule of work, were analyzed through a holistic scale focused adaptation of [1], in which it was ranked each response between 0 to 2 points. From the ratings obtained by students, the class was divided into 2 homogenous groups. On the other hand, in the second phase, the students who were part of the Group (11 students) solved the same tasks using an applet, while students who comprised the Group B (12 students) solved the same tasks through manipulable material (standard blocks). To proceed to correction of the tasks of the group, we ran the ‘screenshots’ to computer screens for each task. On the other hand, the answers of the students of Group B were analyzed using not only to work but also the photos of the compositions performed. In the third stage we proposed the same tasks, in which all students in the class, decided the issues through a worksheet. After the data analysis we found that there were no statistically significant differences between the results obtained by the students who worked with the applet compared students who worked with manipulable materials. Although both groups of the 1st to the 3rd stage have improved substantially in terms of decision-making, as well as the number of replies considered assertive, but not so complete that work with the applet was better for the work with manipulable materials.info:eu-repo/semantics/publishedVersio

Automatic visual detection of human behavior: a review from 2000 to 2014

Due to advances in information technology (e.g., digital video cameras, ubiquitous sensors), the automatic detection of human behaviors from video is a very recent research topic. In this paper, we perform a systematic and recent literature review on this topic, from 2000 to 2014, covering a selection of 193 papers that were searched from six major scientific publishers. The selected papers were classified into three main subjects: detection techniques, datasets and applications. The detection techniques were divided into four categories (initialization, tracking, pose estimation and recognition). The list of datasets includes eight examples (e.g., Hollywood action). Finally, several application areas were identified, including human detection, abnormal activity detection, action recognition, player modeling and pedestrian detection. Our analysis provides a road map to guide future research for designing automatic visual human behavior detection systems.This work is funded by the Portuguese Foundation for Science and Technology (FCT - Fundacao para a Ciencia e a Tecnologia) under research Grant SFRH/BD/84939/2012

Desafios para a implementação da Rede de Cuidados à Pessoa com Deficiência em uma região de saúde: um olhar a partir das dimensões política, organização e estrutura

People with Disabilities (PWD) experience profound inequalities both social and in the access to health. The Network of Care for Persons with Disabilities (RCPD) was instituted in 2012, with the goal of improving this access in an equitable and equal manner. This article aims to analyze the implementation and constraints of the implementation and the conditionings of the RCPD in the health region of São José do Rio Preto. This is an exploratory case study, of qualitative and quantitative approach, anchored in the instrumental of public policy analysis. The dimensions of policy, organization, and structure guided the analysis of results. Interviews were conducted with 37 key players from management, providers, and society. The Ministry of Health is considered the protagonist in defining policy and transferring financial resources. The state is the service provider and conciliator of municipal demands by the RCPD direction group. The lack of an assistance regulation system is an obstacle to the organization of the network. Contracted services decide who will have access to care, not respecting agreed flows. The structure of rehabilitation services, with the exception of the Specialized Rehabilitation Center, was not guided by health needs but by the existence of services in the territory. Barriers to guaranteeing the right to health are evident, perpetuating the inequalities experienced by PWD.Pessoas com deficiência (PCD) vivenciam profundas desigualdades sociais e no acesso à saúde. A Rede de Cuidados à Pessoa com Deficiência (RCPD) foi instituída em 2012, com o objetivo de melhorar esse acesso de forma equânime e igualitária. O objetivo deste artigo é analisar a implementação e os condicionantes da RCPD na região de saúde de São José do Rio Preto. Este é um estudo de caso exploratório, de abordagem qualitativa e quantitativa, ancorado no instrumental de análise de políticas públicas. As dimensões política, organização e estrutura nortearam a análise dos resultados. Foram realizadas entrevistas com 37 atores-chave da gestão, prestadores e da sociedade. O Ministério da Saúde é considerado protagonista pela definição da política e repasse de recursos financeiros. O ente estadual é prestador de serviços e conciliador de demandas municipais através do grupo condutor da RCPD. A inexistência de um sistema de regulação assistencial é um entrave para a organização da rede. Serviços contratualizados decidem quem terá acesso a seu atendimento, não respeitando fluxos pactuados. A estrutura dos serviços de reabilitação, com exceção do Centro Especializado em Reabilitação, não foi orientada pelas necessidades de saúde, mas pela existência dos serviços no território. Evidenciam-se barreiras para a garantia do direito à saúde que perpetuam desigualdades vividas pelas PCD

Moving object detection unaffected by cast shadows, highlights and ghosts

IEEE Copyright Policies: This material is presented to ensure timely dissemination of scholarly and technical work. Copyright and all rights therein are retained by authors or by other copyright holders. All persons copying this information are expected to adhere to the terms and constraints invoked by each author's copyright. In most cases, these works may not be reposted without the explicit permission of the copyright holder.This paper describes a new approach to perform segmentation of moving objects in real-time from images acquired by a fixed color video camera and is the first tool of a major project that aspires to recognize abnormal human behavior in public areas. The moving objects detection is based on background subtraction and it is unaffected by changes in illumination, i.e., cast shadows and highlights. Furthermore it does not require a special attention during the initialization process, due to its ability to detect and rectify ghosts. The results show that with image resolutions of 380x280 at 24 bits per pixel, the time spent in the segmentation process is around 80ms, in a 32 bits 3GHz processor based computer.Fundação para a Ciência e a Tecnologia (FCT

Previsão de eventos anormais em sistemas de vídeo-vigilância

Este trabalho tem como propósito a detecção e previsão de comportamentos passíveis de originar uma quebra de segurança. Tais comportamentos são reconhecidos por meio da observação de padrões de actividade humana, extraídos de sequências de imagens digitalizadas adquiridas por intermédio de uma câmara de vídeo a cores, monocular e fixa. A aferição dos comportamentos é suportada pela informação resultante dos processos de detecção, classificação e seguimento de objectos em movimento, minimizando a utilização de informação de contexto na cena observada, e sem recurso a descrições de comportamentos previamente definidos. Para a detecção e previsão automática de comportamentos desenvolveu-se um novo classificador (Dynamic Oriented Graph) proposto no âmbito deste trabalho e que, utilizando os dados provenientes das funções de processamento e análise de imagem, permite modelar sequências temporais. O sistema, constituído pela junção das várias componentes desenvolvidas e implementado numa câmara de vídeo inteligente, foi testado com um conjunto de dados sintéticos

N-ary trees classifier

This paper addresses the problem of automatic detection and prediction of abnormal human behaviours in public spaces. For this propose a novel classifier, called N-ary trees, is presented. The classifier processes time series of attributes like the object position, velocity, perimeter and area, to infer the type of action performed. This innovative classifier can detect three types of events: normal; unusual; or abnormal events. In order to evaluate the performance of the N-ary trees classifier, we carry out a preliminary study with 180 synthetic tracks and one restricted area. The results revealed a great level of accuracy and that the proposed method can be used in surveillance systems.Fundação para a Ciência e a Tecnologia (FCT)