This thesis explores the effect of disclosure on risk management policies. Following recent theory on risk management, with market imperfections, risk management creates value by reducing the volatility of the cash flows. Those risk policies are conditioned by actual disclosure rules that reduce information asymmetry between managers and shareholders, providing a comprehensive view of the firm. However, disclosure gives different accounting choices, hence affecting the decision-making process of managers. The purpose of this thesis is to establish if managers adapt their actual risk policy to disclosure rules. Specifically, we discuss how managers make decisions regarding exchange rate risk in forecasted transactions. In addition, we discuss how hedging affects valuation by using an investor perspective. This is done through the analysis of the automotive industry in Sweden, Germany and France and the considerations of analysts and auditors. We found that risk management policies are affected by accounting rules and that analysts are aware of those effects but have problems to measure them. However, not enough evidence was found to prove that managers try to avoid the volatility the fair value option brings when hedging a forecasted flow.

This paper explores if there is an independent South American employment relations’ model or it can be classified as an extension of the Mediterranean one, framed in last decades. It analyses the main features of the South American Model of employment relations and its resemblance with the Mediterranean one. It focuses on the analysis of the role of the state as a promoter of legislation, the unions’ identity and their bargaining structure, and the employers’ organisations’ role and corporate governance structure in South America. Additionally, it compares these patterns with the main features of the Mediterranean Model of employment, to conclude that both models have a close correlation regarding the employment relations systems, despite the cross national differences of size, economic performance and social-politic context. Through the classification of the South American model of employment as an extension of the Mediterranean one, this paper provides a theoretical and practical insight in the research of the employment relations.

The excavation for the 53-story reinforced concrete One Museum Park West building (OMPW) in Chicago was constructed using combined support systems. The building was supported by caissons and a perimeter wall formed by secant piles which transitioned to tangent piles below the bottom of the cut. After installing the perimeter wall and deep foundations for the building, the excavation for the reinforced concrete central core was supported by a circular cofferdam made of sheet piles and steel ring beams. This excavation was made using conventional bottom-up excavation techniques. The excavation for the rest of the building was made using a top-down method and was laterally braced with reinforced concrete floor slabs structurally connected to the secant pile walls and the reinforced concrete core. Field performance data during construction of the OMPW basements were collected with settlement points, inclinometers and strain gages installed in the concrete basement slabs. Significant settlements were observed adjacent to the excavation during wall and deep foundation installation, central core construction and top-down excavation. The influence of concrete material time-dependence of the floor slabs on the performance during top-down excavation is evaluated and a method for the separation of temperature-related strains from the excavation-induced strains in the concrete is described. The construction of the basements is simulated with a 3D numerical structural model to study the influence of the concrete material time-dependence of the floor slabs in the excavation-induced movements resulting from top-down construction. Computed strains in the floor slabs are compared with the observed performance data collected from the strain gages. For use in numerical simulation of the entire excavation process, hypoplasticity constitutive parameters for clays (HC model) at the element test level were calibrated with tests conducted on high quality block samples obtained from the excavation of Block 37 project in Chicago. They included oedometer tests, bender element measurements, and triaxial tests following different stress probes, and were further refined with seismic cone penetration results.  The entire OMPW excavation is simulated with the calibrated parameters with a fully coupled-flow deformation, three-dimensional finite element model. Influence of the construction of secant pile walls, concrete material time-dependence, and nonlinear concrete behavior of the perimeter pile walls on the performance of the OMPW excavation is determined. Conclusions about top-down construction are drawn in light of the measured and simulated performance of the OMPW excavation.

Concessional agreements have been to many developing countries the keystone to reach development. Since the middle twentieth century up to now roads, water - wastewater systems, electricity’s generation and distribution have been operated under arrangements that foster the private sector participation. Concessional agreements seem to be an advantageous feature of project finance for a country as a whole and perhaps that is why governments have mostly opted for this option. The foregoing sum up to developing world problems, as lack of own recourses to build, operate or maintain infrastructure and inexperience of public sector in these affairs, have arisen the utilization of concessional agreements. Developing countries use to follow the models pre-established by developed countries embracing either slightly or substantial changes in the schemes. Concessions have not been the exception. The questions then, rise from two sides. From the developed countries view it is appropriate to inquire: Did concessional agreements contributed to third world countries development? Are they still been utilized? If so, what made them work? What failed? On the other hand we should ask ourselves: Have developing countries followed carefully the third world concessional schemes? Have they settled new schemes? What were developing countries’ purposes when establishing concessional agreement schemes as public policies? Have those schemes worked or not? What is the landscape in a developed country such as Germmany and in a developing country such as Colombia? A concessional agreement as a project finance´s feature depends heavily on its preparation. Structuring phase plays a major role to reach success. Project finance is a matter of risk. Implementation of concessional agreements is as well a matter of risk. Parties assume their own project responsibility and therefore they relay in the project risks allocation. Risks allocation is the first mitigation measure. A proper structuration supposes an accurate allocation of risks and a better performance of each party. This research as of an appraisal between the role of infrastructure concessions in developed and developing countries, and has as a purpose to make a comparison between both schemes regarding the management of infrastructure concessions in their structuring phase paying special attention in the risks allocation and mitigation. The foregoing study would focus in Germany and Colombia´s scenarios principally, but using as reference other cases in specific issues, if necessary.

El presente trabajo pretende llamar la atención sobre las transformaciones que pueden ser generadas en el espacio familiar a partir de la participación política en espacios políticos de las mujeres que son esposas y/o madres. El objetivo del mismo es dejar planteadas algunas bases para que se evalúe si la participación política activa de las mujeres en organizaciones políticas genera cambios directos o indirectos en la epistemia y en los roles de los integrantes de su familia, en la familia misma y en particular en ellas mismas, iniciando con el proceso de reconocerse como sujetas políticas e históricas.

Summit Aseo es una Empresa dedicada a prestar servicios de aseo a empresas, el plan de mercadeo establecido está dirigido a potenciar la línea de Aseo profundo en Hogares, esto con el fin de aumentar la rentabilidad de la empresa y aumentar el número de clientes.

Understanding and solving transportation issues is a pressing need for governments in Latin America and the Caribbean region. An increasing number of private vehicles, chronically deficient public transport systems, and a lack of infrastructure that guarantees the safety of non-motorized transport users characterize most of the major urban centers in this region, including Bogotá. – capital of Colombia –, the city in which the present study is focused. As a result, there is the emergence of economic, social and environmental problems including congestion, loss of time, informality, inequality, growing greenhouse gas emissions and pollution, public health problems, etc. An approach that can greatly contribute to solving Bogot.’s dire transport situation is the combination of bicycle and public transport use. This approach can have a substantial impact in people’s mobility, motivate a shift in mindset that can potentially lead to a car-free lifestyle, and improve the overall system’s sustainability. These outcomes have been evidenced not only in developed cities like Munich but also in other cities within Colombia like Medellín.  The overarching goal of the present study is to reveal the attitude of Bogot. residents towards cycle-transit integration, gather insights from existing cycle-transit users, and formulate strategies to address the system’s structural deficiencies.The study includes an extensive review of existing literature on accessibility to public transport and the concept of cycle-transit integration, commonly known as bike-and-ride, as well as a description of the current mobility situation in Bogotá. This is combined with face-to-face and online surveys to determine cycle-transit users’ demographic profile and trip characteristics, understand their perception of the current system’s performance and issues, and identify how they prioritize measures aimed at improving the whole cycle-transit integration. The combination of a deep-dive in cycle-transit integration theory and first-hand verification and understanding of the reality faced by cycle-?transit users in Bogot. leads to the development of a set of specific recommendations organized in a three-step course of action: i) incentives ii) soft measures iii) physical infrastructure enhancements. The study finalizes with an outline of the actions that should follow this thesis.

Las mujeres jefas de hogar en general son consideradas un gmpo vulnerable debido a que están expuestas a condiciones más difíciles de sobrevivencia, y no obstante entre el sector de pobres no difieren mucho de las mujeres no jefes. La jefatura femenina constituye un gmpo heterogéneo, tanto de edades como de condición social y económica. El presente proyecto se ocupará de las mujeres con jefatura femenina de mayor pobreza.

This paper explores the participation of non-state providers in public service delivery in post-conflict reconstruction societies particularly for the provision of education. Using a qualitative research method the literature regarding state capacity and governance in war-to-peace transitions is assessed to identify the pros and cons of private sector intervention. As a case study the model of public-private partnerships (PPPs) in education in Colombia is analysed in order to examine the extent to which engagements with non-state actors can be a complementary strategy to assist former combatants and victims during the implementation of a potential peace agreement between the Colombian government and the Revolutionary Armed Forces of Colombia – FARC. The Colombian model developed through the Familiar Compensation Fund – Cajas de Compensación Familiar – may be an alternative to offering educational programmes for children and youth ex-combatants. In the light of the plausible signing of a final peace agreement the provision of effective incentives in terms of basic public services will be a key driver for peacebuilding. The importance of education in development and processes of reintegration is well known, but the challenge is how to deliver adequate teaching services for children and young fighters in a context characterized by low state capacity and resource constraints. According to institutional frameworks, the model of PPPs in Colombia has served to deliver social programmes to poor communities, former combatants and victims of the armed conflict. Therefore, the case study is framed in four regions: Bogotá, Antioquia, Putumayo and Caquetá where the majority of the municipalities of the post-conflict will be concentrated except for Bogotá. The Familiar Compensation system, also known as Social Security Institutions, is a fundamental actor in the development of the Colombian social policy. Apart from providing social welfare services to workers and targeted communities, these institutions are key allies of the government in the implementation and execution of public programmes regarding the delivery of education, housing and health services given their experience, infrastructure, good practices and national coverage to reach the population in urban and rural regions. This innovative coordination between the public and private sector is also seen in the active role the Family Compensation Fund has in the articulation and definition of public policies at national and regional levels. Likewise, the SSIs have participated actively in the delivery of public education through different type of contracts under specific socio-economic requirements and governmental policies in order to benefit disadvantaged children and adults including demobilized and victims. The SSIs CAFAM, COMFAMILIAR PUTUMAYO, COMFACA and COMFAMA operate a variety of educational and complementary programmes according to the needs of each region. Some of them have worked together to deliver non-traditional educational services in municipalities intensely affected by the internal conflict, which are funded by both governmental and international agencies. In a post-conflict setting, the intervention of the SSIs as non-state providers would be crucial for state building as a result of the coordination mechanisms developed so far between the state and the private sector; the institutional and operational capacity of the SSIs in the provision of social services; and the accountability mechanism created to supervise and control the Family Compensation system through the Superintendence of Family Subsidy. Hence strengthening engagements with non-state actors in Colombia may contribute to restoring legitimacy and accountability in marginalized regions exercising the state an indirect role in service delivery via regulation and monitoring. Still accountability will need to be reinforced since some SSIs have been intervened due to political clientelism and local elite capture of decision-making, which have undermined their social impact in the communities where they operate. Nonetheless, the successful experiences of the Family Compensation Funds – among which are entrepreneurship, housing, microcredit, and education services – can be replicated and articulated in rural areas following the alternative model of PPPs in service delivery.

Las filas, en general son algo que no le gusta a la gente, sin embargo, para muchos temas sociales son necesarias, en particular si hablamos de eventos de entretenimiento como funciones de cine, obras de teatro e incluso conciertos musicales, los espectadores en general se ven obligados a hacer filas para adquirir o reclamar sus boletas fisicas, y luego generalmente para ingresar a los eventos debes hacer nuevamente una fila. El objetivo es mejorar la experiencia de los clientes implementando procesos innovadores que cambien la forma en la que actualmente acceden a este tipo de eventos, en principio se buscara eliminar la necesidad de hacer filas para adquirir la boletería, este proceso entregará una boleta electrónica que evitara que el cliente deba hacer una nueva fila para reclamar su boleta fisica, esto ya aporta mejoras en el tiempo que debe invertir el cliente para adquirir y obtener su boleta. Seguido a esto se implementará un método novedoso y ágil que permita la validación y entrada rápida de los usuarios a los eventos en los que se utilice ésta tecnología, motivando un incremento en el uso y asistencia a estos servicios.