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Estratégia para gestão de ativos e minimização de riscos operacionais em sistema de geração hidroelétrica; Asset management strategies and operation risk minimization for hydroelectric generation systems

Ítalo Tadeu de Carvalho Freitas Filho
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 28/08/2014 Português
Relevância na Pesquisa
56.12%
Os agentes reguladores do setor elétrico brasileiro têm como requisito básico garan-tir o adequado balanço entre oferta e demanda com o melhor preço da energia por meio de negócios sustentáveis. Por outro lado, o mercado, cada vez mais exigente e competitivo, em que a busca pela disponibilidade e preço da energia são fatores decisórios tanto para grandes quanto para pequenos consumidores, faz que os investidores busquem a gestão ótima dos riscos operacionais visando garantir os retornos do capital investido. Para tanto, uma metodologia de gestão de ativos físicos é essencial ao bom desempenho financeiro das empresas de geração de energia no Brasil, pois uma má estratégia de gestão de ativos pode acarretar prejuízos consideráveis, tanto para o empreendedor quanto para o sistema elétrico nacional. Esta pesquisa propõe a identificação de requisitos básicos para gestão ótima dos ativos, por meio da avaliação dos riscos operacionais considerando as várias dimensões que afetam uma empresa de geração de grande porte, atualmente com projetos em diferentes estágios do ciclo de vida. Foi feita uma análise de indicadores de desempenho e a identificação dos modos de falhas, e respectivas causas mais comuns que afetam as características de seus ativos em determinadas etapas dos ciclos de vida. A proposta foi criar subsídios à elaboração de uma metodologia para otimização dos conflitos de prioridades entre a utilização e cuidado com os ativos...

Propuesta metodológica para mejorar la gestión del mantenimiento en una industria de transformación de plásticos para productos escolares, con base en Asset Management y RCM

Plata Prada, Manuel Leonardo
Fonte: Pontifícia Universidade Javeriana Publicador: Pontifícia Universidade Javeriana
Formato: application/pdf
Português
Relevância na Pesquisa
66.43%
Esta investigación presenta una integración de la gestión de activos (Asset Management) y el mantenimiento centrado en confiabilidad (Reliability Center Maintenance - RCM), como una propuesta para plantear una metodología o plan estructurado en la gestión del mantenimiento, en una industria de transformación de plásticos. Se busca establecer si dicha metodología lograría ser aplicada a medianas y grandes industrias colombianas, caracterizadas por tener producciones ininterrumpidas, donde una falla puede representar el paro de la producción, con las implicaciones que esto conlleva. De esta manera el Asset Management utiliza técnicas y herramientas de análisis de confiabilidad para optimizar el desempeño de los activos. Por otra parte, el RCM es una estrategia de análisis sistemática, objetiva y documentada, que se centra en la función que realizan los equipos, donde el objetivo principal es hacer que los esfuerzos de mantenimiento sean dirigidos a mantener dicha función, más que los equipos mismos. Aún así, el tema de la gestión del mantenimiento, se ha visto opacada en las compañías por ser un área que consume grandes cantidades de recursos, que desde el punto de vista contable solo refleja gastos y que no es visto como una inversión a largo plazo. Con esta propuesta se analiza si es posible cambiar...

Upgrading Investment Regulations in Second Pillar Pension Systems : A Proposal for Colombia

Castaneda, Pablo; Rudolph, Heinz P.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.43%
The passivity of the demand for pension products is one of the striking features of mandatory pension systems. Consequently, the provision of multiple investment alternatives to households (multifund schemes) does not ensure that contributions are invested efficiently. In addition, despite the theoretical findings that short term return maximization is not conductive to long-term return maximization, the regulatory framework of pension fund management companies puts excessive emphasis on short-term maximization. Therefore, it is not obvious that typical regulatory framework of pension funds is conductive to optimal pensions. By establishing a set of default options on investment portfolios, this paper proposes a mechanism to align the incentives of the pension fund management companies with the long-term objectives of the contributors. The paper provides a methodology, which is subsequently applied to Colombia.

The Long and the Short of Emerging Market Debt

Opazo, Luis; Raddatz, Claudio; Schmukler, Sergio L.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.42%
Emerging economies have tried to promote long-term debt because it reduces maturity mismatches and the probability of crises. This paper uses unique evidence from the leading case of Chile to study to what extent there is domestic demand for long-term instruments. The authors analyze monthly asset-level portfolios of Chilean institutional investors (mutual funds, pension funds, and insurance companies) and compare their maturity structure to that of US bond mutual funds. Despite being thought to invest long term, Chilean asset-management institutions (mutual and pension funds) hold large amounts of short-term assets relative to US mutual funds and Chilean insurance companies. Short-termism is not driven by lack of instrument availability or tactical behavior. Instead, it seems to be explained by the desire to minimize inflation risk and, more importantly, by manager incentives that tilt demand toward short-term instruments. Extending the maturity of emerging market debt may require reducing risk and reshaping investor incentives.

Corporate Governance Country Assessment : Slovenia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
46.4%
This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in Slovenia. The country has already upgraded its legislation to meet European Union (EU) Directives, and, its legal and regulatory framework dealing with corporate governance issues is now comparable to that of many EU member states. Strengths and weaknesses are highlighted, and policy recommendations are made where appropriate. The major issues are driven by the continuing transformation of Slovenian companies. Ownership of smaller companies and some blue chips will likely continue to consolidate, as strategic investors, and holding companies acquire control and 100 percent ownership; investor protection in these companies will require the diligent enforcement of takeover rules. For the remaining listed companies and others that will continue to have relatively dispersed ownership, related party transaction protection, and improved periodic disclosure are important. The report recommends that policymakers: 1) require a formal approval and disclosure process for related party transactions; 2) consider methods to increase minority representation on boards; 3) require the disclosure of shareholder agreements; 4) require that the SMA review the content of public company disclosure; 5) require an audit committee of the supervisory board for listed companies; and...

Financial Sector Assessment Program : Nigeria - Basel Core Principles for Effective Banking Supervision

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.42%
The assessment of the current state of the implementation of the Basel Core Principles (BCP) for effective banking supervision in Nigeria, against the BCP methodology issued by the Basel Committee on Banking Supervision (BCBS) in October 2006, was completed between August 27 and September 19, 2012, as part of a Financial Sector Assessment Program (FSAP) update, undertaken jointly by the Fund (IMF) and the World Bank, and reflects the regulatory and supervisory framework in place as of the date of the completion of the assessment. An assessment of the effectiveness of banking supervision requires a review of the legal framework, both generally and as specifically related to the financial sector, and a detailed examination of the policies and practices of the institutions responsible for banking supervision. Banking systems differ from one country to another, as do their domestic circumstances. The BCPs are capable of application to a wide range of jurisdictions whose banking sectors will inevitably include a broad spectrum of banks. The co-ordination of the activities of the Nigerian banking sector supervisory authorities is conducted under the aegis of the Central Bank of Nigeria (CBN)/Nigeria Deposit Insurance Corporation (NDIC) executive committee on supervision which should ensure that operations of the two supervisory authorities are coordinated to remove overlaps...

The Use of "Asset Swaps" by Institutional Investors in South Africa

Dimitri Vittas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.38%
Leading financial economists have proposed the use of international asset swaps (Merton 1990, Bodie and Merton 2002) as a way of efficiently achieving international diversification without eroding the level of foreign exchange reserves and weakening local market development. International asset swaps entail limited foreign currency flows (only net gains or losses need to be exchanged). They protect foreign investors from market manipulation and expropriation risk and have much lower transaction costs than outright investments. But asset swaps are constrained by the attractiveness of local markets to foreign investors, and by various regulatory issues covering counterparty risk and collateral considerations, and accounting, valuation, and reporting rules. Institutional investors are well developed in South Africa. Their total assets corresponded in 2001 to 159 percent of GDP, a level that was surpassed by only four high-income countries. But because of the imposition of exchange controls, they lacked international diversification. In July 1995 South Africa was the first developing country that explicitly allowed its pension funds and other institutional investors to make use of "asset swaps." But the South African authorities did not authorize the use of properly specified swap contracts as described by Bodie and Merton...

Pension Risk and Risk-Based Supervision in Defined Contribution Pension Funds

Randle, Tony; Rudolph, Heinz P.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.4%
Defined contribution pension systems have faced criticism in the wake of the financial and economic crisis for not delivering adequate and sustainable pension incomes at retirement. Much of the problem has centered around the misalignment of pension fund management companies and the interests of pension fund members, with the focus on short-term volatility rather than delivering adequate pension income over the long term. Although pension fund supervisors in emerging economies have attempted to correct for these market failures, they have not focused sufficiently on the ultimate long-term pension income objective. The paper suggests that in order to have a meaningful impact on future pensions, the supervision of defined contribution pension systems needs to take a more proactive role in minimizing pension risk. This objective would require ensuring that investment risks are aligned with the probability of achieving a target pension at retirement age. The paper also suggests that a proper institutional design of the pension fund industry and intensive use of market surveillance are efficient tools for dealing with most of the operational risks of funded pension fund schemes in emerging economies.

Republic of Korea Financial Sector Assessment Program Technical Note : Crisis Preparedness and Crisis Management Framework

International Monetary Fund; World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
56.39%
Korea experienced a financial crisis in the late 1990s, which it overcame successfully. The rich experiences gained in handling past crises have helped in the establishment of a broad crisis management framework in Korea. The successful management of the 1997 financial crisis is reported to have been guided by the following principles: (i) bold and decisive measures are required to regain market confidence, rather than incremental ones; (ii) though Government will take the lead in crisis management initiatives, private capital should be encouraged to fully participate in the process; (iii) bank recapitalization and creation of a bad bank are not mutually exclusive options; the crisis management measures should be politically acceptable and have built-in exit strategies with clear time-frames; (iv) moral hazard should be minimized; and (v) all forms of financial protectionism must be rejected. Korea responded to the 2008 global financial crisis with certain policy measures that helped the Korean financial and real sectors to weather the immediate effects of the global crisis. These included policy and financial support to stabilize the money...

The Use of Asset Management Companies in the Resolution of Banking Crises

Klingebiel, Daniela
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
96.58%
Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking systems assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives...

Towards an Understanding of Lodging Asset Management and its Components

Jackson, Leonard Anthony
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
66.29%
Lodging asset management has emerged as one of the most important areas of strategic hotel management. Increasingly, lodging companies are soliciting the services of asset management firms or developing internal asset management competencies. This article synthesizes and discusses the essential components of dynamic lodging asset management. The article provides a detail background on asset management and its importance and explains the role of lodging asset managers and their working relationships with ownership and operators. The article also discusses the competencies and skills of asset managers.

Executive information systems and German asset management companies

Sassmann, Thomas; Jahnke, Bernd
Fonte: Universität Tübingen Publicador: Universität Tübingen
Tipo: ResearchPaper
Português
Relevância na Pesquisa
66.09%
The utilization of Information Technology in the present business environment is, surely one of the most important success factors. However, conventional Information Systems often do not sufficiently cover the extremely complex information needs of Executives. This essay deals with this problem. It presents the latest results as well as an internet compatible Prototype, on how to reduce the existing information deficit especially at German Asset Management Companies through Executive Information Systems.

Decentralized Creditor-Led Corporate Restructuring : Cross-Country Experience

Dado, Marinela E.; Klingebiel, Daniela
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.31%
Countries that have experienced banking crises have adopted one of two distinct approaches toward the resolution of non-performing assets-a centralized or a decentralized solution. A centralized approach entails setting up a government agency-an asset management company-with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve non-performing assets. The authors study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve non-performing assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position...

A Practical Guide to Managing Systemic Financial Crises : A Review of Approaches Taken in Indonesia, The Republic of Korea, and Thailand

Scott, David
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.3%
The author examines experiences in Indonesia, the Republic of Korea, and Thailand in confronting systemic financial crises during the 1990s. He draws on the knowledge and experience of World Bank staff who managed the Bank's financial and technical assistance to those countries. In reviewing the principal actions taken by the governments to resolve the crises, the author describes key challenges that governments face in tackling crises, defines basic guidelines and principles for responding to those challenges, and proposes steps to improve the ability of governments to deal with crises when they do occur, as well as to mitigate the risk of crises in the first place. The author addresses matters such as the provision of liquidity, institutional arrangements for crisis resolution, use of public funds, diagnosis of problems, resolution, recapitalization, restructuring of banks, privatization of banks, restructuring of troubled debt, and use of asset management companies. He goes on to develop the conceptual underpinnings for two fundamental improvements in crisis management practices...

Nigeria : Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
56.26%
This note elaborates on the recommendations made in the Financial Sector Assessment Program (FSAP) for Nigeria in the areas of contingency planning, crisis management, and bank resolution. It summarizes the findings of the FSAP mission undertaken during September 4 to 19, 2012 and is based upon analysis of the relevant legal and policy documents and extensive discussions with the authorities and private sector representatives. The Nigerian financial system experienced a banking crisis in 2008-2009, partly triggered by the global financial crisis and by domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy and to strengthen the resolution framework. This note is structured as follows: chapter one sets out an overview of the banking crisis of 2009; chapter two analyses the institutional framework and coordination arrangements for systemic risk monitoring, crisis management, and cross-border coordination; chapter three assesses the approaches to intervene with potential problem institutions at an early stage; chapter four covers crisis management tools including official financial support...

Financial Sector Assessment Program : Nigeria - Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
56.26%
This note elaborates on the recommendations made in the Financial Sector Assessment Program (FSAP) for Nigeria in the areas of contingency planning, crisis management, and bank resolution. It summarizes the findings of the FSAP mission undertaken during September 4 to 19, 2012 and is based upon analysis of the relevant legal and policy documents and extensive discussions with the authorities and private sector representatives. The Nigerian financial system experienced a banking crisis in 2008-2009, partly triggered by the global financial crisis and by domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy and to strengthen the resolution framework. This note is structured as follows: chapter one sets out an overview of the banking crisis of 2009; chapter two analyses the institutional framework and coordination arrangements for systemic risk monitoring, crisis management, and cross-border coordination; chapter three assesses the approaches to intervene with potential problem institutions at an early stage; chapter four covers crisis management tools including official financial support...

A Taxonomy of Financial Crisis Resolution Mechanisms: Cross-Country Experience

Calomiris, Charles W; Klingebiel, Daniela; Laeven, Luc
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.23%
The goals of financial restructuring are to re-establish the creditor-debtor relationships upon which the economy depends for an efficient allocation of capital, and to accomplish that objective at minimal cost. Costs include direct costs to taxpayers of financial assistance and the indirect costs to the economy that result from misallocations of capital and incentive problems resulting from the restructuring. The authors review cases in which countries employed alternative mechanisms to restructure their financial and corporate sectors. Countries typically apply a combination of tools, including decentralized, market-based mechanisms and government-managed programs. Market-based strategies seek to strengthen the capital base of financial institutions and/or borrowers to enable them to renegotiate debt and resume new credit supply. Government-led restructuring strategies often include the establishment of an entity to which non-performing loans are transferred or the government's sale of financial institutions...

Competition and Performance in the Polish Second Pillar

Rudolph, Heinz; Rocha, Roberto
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
46.44%
This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. The paper suggests that...

Digital asset management : la gestión de información multimedia en las organizaciones

Jiménez López, Àngels
Fonte: Universidade Autônoma de Barcelona Publicador: Universidade Autônoma de Barcelona
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em //2003 Português
Relevância na Pesquisa
66.19%
Se explica el concepto Digital asset management (DAM) o gestión de activos digitales, su significación en la creación de archivos multimedia, así como en la explotación y distribución del capital intelectual acumulado por numerosas organizaciones en forma de imágenes, gráficos, ilustraciones, ficheros de audio y vídeo, a lo largo de años de actividad. Se exponen las principales características y requisitos de las aplicaciones DAM. Se describe, a partir de la revisión de documentación obtenida en gran parte de los propios fabricantes, Cumulus, Teams, MediaBin y Documentum, cuatro de las soluciones mejor valoradas y más adoptadas internacionalmente. Finaliza con la enumeración y breve comentario de otras empresas y software de tecnología DAM. Se explica el concepto Digital asset management (DAM) o gestión de activos digitales, su significación en la creación de archivos multimedia, así como en la explotación y distribución del capital intelectual acumulado por numerosas organizaciones en forma de imágenes, gráficos, ilustraciones, ficheros de audio y vídeo, a lo largo de años de actividad. Se exponen las principales características y requisitos de las aplicaciones DAM. Se describe, a partir de la revisión de documentación obtenida en gran parte de los propios fabricantes...

Digital asset management - a closer look at the literature

Frey, Franziska; Williams-Allen, Shellee; Vogl, Howard; Chandra, Levy
Fonte: Printing Industry Research Center at RIT Publicador: Printing Industry Research Center at RIT
Tipo: Monograph Formato: 4942484 bytes; application/pdf
Português
Relevância na Pesquisa
66.34%
Digital asset management (DAM) is one of the value-added services many printers provide. It often is included in the top tier along with e-commerce, finishing, and fulfillment. Since DAM is a relatively new concept, certain technical and business issues need to be investigated. Today, DAM is an integral organizational component that companies must adopt if they are to compete in the marketplace. However, many companies find it difficult to implement technological strategies to meet the marketplace challenges of increased competition, increased customer demands, and the demands of Internet revolution. To implement DAM solutions, traditional companies must be able to adapt. Organizational success in technological initiatives hinges on whether or not companies can make the transformation from managing tangible products to storing intangible data as a service. As asset management becomes a mounting concern, total communication across the organization will become increasingly relevant. Today’s integrated digital workflows require all workers to be aware of what is happening upstream and downstream from them (Core, 2003, p. 35). A company’s DAM strategy has to revolve around the optimal creation, use, reuse, and repurposing of its assets. Printers are becoming more savvy about repurposing; the next step is to “co-purpose” at the time a digital object is created. DAM plays a crucial role in the cross-media integration and migration in this endeavor. A thorough literature review will set the stage for future surveys in the area of DAM...