The Price is Book-built: The Decision to Use Book-building Pricing Mechanisms for IPOs in the Philippines

In 1998, the Philippines introduced book-building pricing mechanisms for Initial Public Offerings. Almost all capital raised through IPOs in the Philippines is done using a book-building pricing method, however a significant number of IPOs still occur using non-book-building methods. Understanding why book-building has become the dominant pricing mechanism but yet non-book-building methods still survive is the aim of this paper. I find that unlike other countries where the introduction of book-building leads to higher total issue costs for individual issuers and unlike theory which suggests the increased effort of book-building should come with increased costs, IPOs that use book-built pricing in the Philippines actually have a lower total issue cost as a percentage of the total issue size compared to issuers who use non-book-building methods. This being the case, explaining why non-book-built IPOs still occur is even more interesting. I find that the large variance in size and the low volume of IPOs in the Philippines creates a bifurcated market where it is uneconomical for underwriters to use book-building to service small firms who want to IPO. The harder phenomenon to explain is the choice by firms who are large enough to book-build to use non-book-built methods. I suggest that the developing sophistication of the local market as well as the relationship driven aspect of business in the Philippines are two possible explanations

Inclusive Business at the Base of the Pyramid: A Multiple-case study of the Water and Sanitation and Energy Sectors

This thesis addresses the topic of inclusive business by analyzing and comparing the strategy adoption process led by top managers, the level of cocreation, and challenges of Swedish organizations operating in low-income contexts within the water and sanitation and energy sectors. Inclusive business is a novel concept built upon Prahalad and Hart’s (2002) proposition of doing business with the Base of the Pyramid (BOP), or people living under US$8 per day. This research is designed as a qualitative multiple-case study and aims to provide insight into the experience of organizations already engaged in inclusive business. Semi-structured interviews were conducted with top-level managers from ten different Swedish organizations that have incorporated or plan to incorporate inclusive business strategies in their operations. Findings show that managers drive the adoption of inclusive business strategies in similar ways regardless of the sector. In terms of level of cocreation, in the water and sanitation sector, it varies considerably and can be sought at different stages. In the energy sector, the cocreation level is particularly homogeneous. Finally, findings indicate that challenges are essentially similar between sectors, however, one difference was identified

El liderazgo en las organizaciones de alto desempeño

El Liderazgo es el conjunto de competencias organizacionales fundamentales que el líder de hoy debe tener inmersa en su personalidad. Este debe ser enfocado a los objetivos de la organización a la consecución, motivación, retroalimentación de equipos de alto rendimiento. El liderazgo debe basarse, en el ejemplo sin fundamentarse en un estatus organizacional, en la autoridad o un poder delegado

LEMoRe: A lifelog engine for moments retrieval at the NTCIR-lifelog LSAT task

Semantic image retrieval from large amounts of egocentric visual data requires to leverage powerful techniques for filling in the semantic gap. This paper introduces LEMoRe, a Lifelog Engine for Moments Retrieval, developed in the context of the Lifelog Semantic Access Task (LSAT) of the the NTCIR-12 challenge and discusses its performance variation on different trials. LEMoRe integrates classical image descriptors with high-level semantic concepts extracted by Convolutional Neural Networks (CNN), powered by a graphic user interface that uses natural language processing. Although this is just a first attempt towards interactive image retrieval from large egocentric datasets and there is a large room for improvement of the system components and the user interface, the structure of the system itself and the way the single components cooperate are very promising.Postprint (published version

Transfusiones en pediatría

La transfusión es la infusión de componentes de la sangre o sangre total en el torrente sanguíneo, considerada una medida terapéutica, de la cual se debe tener un conocimiento fisiológico claro y preciso en la edad pediátrica. El objeto de las transfusiones es aportar los elementos de la sangre en cantidad suficiente y con la mayor capacidad funcional posible en una situación de emergencia. Los conocimientos inmunohematológicos logran evitar, en la mayor parte de los casos problemas de incompatibilidad y sensibilización. En nuestro país no existen registros claros acerca de los requerimientos transfusionales por edades, o los más solicitados. Hacemos una revisión sistemática sobre los diferentes componentes sanguíneos, indicaciones, características y dosis y por último los efectos transfusionales adversos

The top right coupling in the aligned two-Higgs-doublet model

We compute the right top quark coupling in the aligned two-Higgs-doublet model. In the Standard Model the real part of this coupling is dominated by QCD-gluon-exchange diagram, but the imaginary part, instead, is purely electroweak at one loop. Within this model we show that values for the imaginary part of the coupling up to one order of magnitude larger than the electroweak prediction can be obtained. For the real part of the electroweak contribution we find that it can be up to three orders of magnitude larger than the standard model one. We also present detailed results of the one loop analytical computation

The Snowline and 0°C Isotherm Altitudes During Precipitation Events in the Dry Subtropical Chilean Andes as Seen by Citizen Science, Surface Stations, and ERA5 Reanalysis Data

Understanding the variability of the snowline and the closely related 0°C isotherm during infrequent precipitation events in the dry Andes in Chile is fundamental for precipitation, snow cover, and discharge predictions. For instance, it is known that on the windward side of mountains, the 0°C isotherm can be several hundreds of meters lower than on the free air upwind counterpart, but little is understood about such effects in the Andes due to missing in situ evidence on the precipitation phase. To bridge this gap, 111 photographs of the snowline after precipitation events between 2011 and 2021 were gathered in the frame of a citizen science programme to estimate the snowline altitude. Since photographs of the mountain snowline are in good agreement with Sentinel-2 imagery, they have great potential to validate empirical snowline estimations. Using the snowline altitude from the photos, we evaluated different methods to estimate the snowline and 0°C isotherm altitude during precipitation events based on surface meteorological observations and ERA5 reanalysis data. We found a high correlation between the observed snowline altitude and the extrapolated 0°C isotherm based on constant lapse rates (−5.5 to −6.5°C km−1) applied to air temperature from single, near stations. However, uncertainty increases for distances >10 km. The results also indicate that the linear regression method is a good option to estimate ZSL, but the results strongly depend on the availability of high-elevation station datasets. During half of the precipitation events, the 0°C isotherm lies between ∼1,800 and ∼2,400–2,500 m asl. in winter, and the snowline is on average ∼280 m below this altitude. Our results indicate the presence of a mesoscale lowering of the 0°C isotherm over the windward slopes compared to the free-air upwind value during precipitation events and a possible isothermal layer of near-freezing air temperatures comparable to other mountain ranges. Due to this mesoscale and local behavior, ERA5 data generally overestimate the snow–rain transition in high-elevation areas, especially for relatively intense events. On the other hand, the 0°C isotherm altitude is underestimated if only low-elevation valley stations are considered, highlighting the importance of high-altitude meteorological stations in the network.Fil: Schauwecker, Simone. Centro de Estudios Avanzados En Zonas Áridas; ChileFil: Palma, Gabriel. Centro de Estudios Avanzados En Zonas Áridas; ChileFil: MacDonell, Shelley. University of Canterbury; Nueva Zelanda. Centro de Estudios Avanzados En Zonas Áridas; ChileFil: Ayala, Álvaro. Centro de Estudios Avanzados En Zonas Áridas; ChileFil: Viale, Maximiliano. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales. Provincia de Mendoza. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales. Universidad Nacional de Cuyo. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales; Argentin

Gestión del talento humano y motivación trascendente en los negocios de comercialización de productos de ferretería, Ventanilla, 2022

La presente investigación realizada se propuso como objetivo el determinar la relación entre la Gestión del Talento Humano y la Motivación Trascendente en los negocios de comercialización de productos de ferretería, Ventanilla, 2022. Para lo cual se aplicó una metodología correlacional-cuantitativa, con un diseño no experimental de carácter transversal y de tipo descriptivo. Para lo cual se usó un cuestionario dividido en dos partes, enviado mediante Google Forms y correo electrónico, en el que se recolecto los datos de un total de 55 trabajadores de las organizaciones participantes, y que conto con respuestas múltiples de escala de Likert, a fin de poder determinar de manera óptima la relación existente entre las variables, finalmente los datos recolectados fueron procesados mediante el programa estadístico, Spss 26. La investigación llego a la conclusión de que existe una relación positiva moderada entre la variable Gestión del Talento Humano con las dimensiones: Reclutamiento y Selección, Recompensas y Evaluación de Desempeño y una relación positiva baja con la dimensión Capacitación. Y en referencia a la relación entre las variables de estudios se concluyó que existe una relación positiva moderada demostrada por el coeficiente de correlación de Rho de Spearman de 0,46 además significativa, (Sig = 0.000 < alfa = 0.05)