Herbert Kimura

Ativos intangíveis, ciclo de vida e criação de valor

The economic value of a company is a result of the sum of its tangible and intangible assets. The placing of significant importance on companies that use intangible assets intensively has shown the growing importance of these assets in the maintenance of their competitive advantages, and consequently of their economic values. This outlook is consistent with the Resource-based View. The relative influence of intangible assets on the value of companies can vary for several reasons: due to the industry, the life cycle of the product and company, the mission of companies and others. The main objective of this essay is to develop a theoretical analysis of the strategies that companies can develop in relation to their intangible assets, especially taking into account issues related to the life cycle of the product. In other words, the objective is to analyze how the life cycle can affect the strategies concerning each type of intangible asset, and consequently, the value creation process. The analysis suggests that different intangible assets influence the value of the company, depending on the life cycle phase of a given product.

Paradoxos em finanças: teoria moderna versus finanças comportamentais

This study discusses the Behavioral Finance, one of the most important and controversial innovations in finance, that confronts the traditionally accepted paradigm based on the Modern Finance Theory. Initially, a synthesis of potential problems of decision-making is carried through, with examples of some non-rational aspects that make up important paradoxes in finance. After a discussion of the prospect theory, the seminal experiments of Kahneman and Tversky are replicated in a Brazilian sample. Many situations that violate premises of the theory of the expected utility, base of the Modern Finance Theory, are presented. Empirical results show that evidences of many perception biases in decisionmaking are consistent, independently of aspects related with the evolution of the market and the culture or nationality of individuals. The separation between theory and practice in financial decisions suggests the Behavioral Finance as an alternative to explain attitudes of economic agents.

Acquisitions, joint ventures or arm's-length alliances? Analyzing the determinants of the choice of growth strategy in Brazil from 1996 through 2007

This paper analyses the determinants of the choice among different firm growth strategies: acquisitions, joint ventures or arm’s-length alliances. Several theoretical perspectives offer a background to understanding how firms make this choice. However, most empirical studies in this field have been derived from firms in developed countries. In contrast, we turn our attention to the analysis of the growth process of firms in a particular developing country, Brazil. The results mostly support the learning perspective of the firm’s choice. In general, a firm’s previous experience in a specific strategy (e.g.: joint ventures) is significant to determine its future choice for the same strategy as a path to grow. Extending previous studies, we introduced some financial factors as explanatory variables but they showed no statistical significance.

Redes sociais, valores e competências: simulação de conexões

This article intends to develop an algorithm that represents the dynamics of the interactions that lead to the establishment of ties between individuals within a group. Through a procedure involving a computer simulation, a mathematical criterion for the scoring of opinions related to an individual is defined, in order to identify how different characteristics, in special the consensus on the skills of an individual and the weight attributed to personal values, influence the structure of social networks. Results show that, when consensus on skills is high, the network has more density, leading to more complex relationships within the organization, and eventually implying synergies and even inertia. Conversely, when the consensus is low, conflicts in small groups might be communication barriers among individuals.

Modelo de otimização da gestão de risco em empresas não financeiras

This research presents an optimization model for risk management, through the development of a hedge strategy that maximizes the expected profit of a company. The model is based on the premise that a risk factor, besides affecting the results of the company, can also be correlated with future investment opportunities. The model incorporates the costs of an additional debt as well as the benefits of the availability of internal resources. The work is structured in the following way: (1) discussion of the theoretical aspects related to the theme of risk management in the context of the financial theory; (2) presentation of the methodology adopted for the development of the model; (3) derivation of the fundamental steps that guided the mathematical model, detaching the specifications of the important variables and the simulation mechanisms and (4) discussion of the main results of the hedge model, among which we highlight: increase in profit expectations, reduced uncertainty in relation to the investments, larger stability of investment and debt levels and smaller fluctuation of company results, due to lower financial risk levels.

ommodity price forecasting using ARIMA-GARCH models and neural networks with wavelets: old technologies - new results

The main objective of this study was to explore the possibility of applying a methodology capable of decomposing a time series through wavelets, in conjunction with econometric and neural network models, to forecast variables. The authors also compared the quality of the forecasts of chronological successions as applied to the study of a commodity, soy. The distinguishing feature of this study is based on the realization of the forecasts within the subseries decomposed by a wavelet and on obtaining estimates through reconstruction of the time series. From the analysis of the data for a 60 kg sack of soy, the results obtained were particularly satisfactory when using a wavelet filter in a recurrent neural network.

Complexity theory and adaptation landscapes: aplicaciones en estrategia

En este articulo, se tiene como objetivo investigar la dinamica de la posicion estrategica de empresas, segun el punto de vista de la teoria de la complejidad. Por medio de la aplicacion del concepto de paisaje adaptativo, se desarrolla un algoritmo basado en el modelo NK(C) de Kauffman, que posibilita, a partir de una analogia con la evolucion en biologia, evaluar como elementos asociados a las complejidades organizacionales afectan la estructura competitiva de una industria. En este estudio, se simulan varias combinaciones de escenarios, en los que variables relevantes de las organizaciones son interdependientes internamente, asi como dependientes de variables externas. Los resultados sugieren que: cuando hay alta complejidad interna, ventajas competitivas sustentables pueden ocurrir, en funcion de la habilidad de gestion de competencias y recursos; cuando hay complejidad externa, la dificultad de optimizacion en un paisaje adaptativo accidentado puede implicar la necesidad de adopcion de una estrategia de integracion vertical; cuando las barreras de entrada son altas, la industria esta caracterizada por carga genetica elevada, lo que implica gran diversidad estrategica y baja eficacia; y la posibilidad de reestructuracion puede evitar inercia, llevando a que, en ambientes complejos, se alcancen puntos de mayor desempeno.

Takeover, intangibility and value creation: an event study

Recentes pesquisas sugerem que uma das principais motivacoes para a realizacao de operacoes de fusoes e aquisicoes seja a tentativa das empresas adquirentes em incorporar ativos intangiveis de propriedade das empresas-alvo. Isso porque tais ativos proporcionam importantes fontes de vantagem competitiva sustentavel e oportunidades de crescimento. Este artigo analisa a relacao entre a intangibilidade e a criacao de valor nos eventos de aquisicao de empresas brasileiras. O metodo aplicado neste artigo e o estudo de eventos, com o qual se verifica a influencia do anuncio de aquisicoes sobre os retornos anormais acumulados das empresas adquirentes. Essa analise e feita em duas subamostras. Uma delas e composta por eventos envolvendo empresas intangivel-intensivas e a outra por tangivel-intensivas. Os resultados da analise de variância mostram significativas diferencas dos retornos entre essas duas amostras, sempre indicando retornos positivos para as empresas intangivel-intensivas e negativos para as tangivel-intensivas.