Dissertationen: „Evaluation of investments“

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Aarenstrup, Jesper, und Adam Lagerström. „Evaluating Business Intelligence Investments : is comparative evaluation enough?“ Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-355171.

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The purpose of the study is to evaluate and describe how three large companies with Swedish presence have coped with the investment appraisal ex-ante a purchase of a BI system. Further, the paper strives to investigate how the companies evaluated the perceived benefits, which are of intangible nature and hence difficult to quantify.

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Svavarsson, Daniel. „Evaluation of IT platform investments /“. Göteborg : Företagsekonomiska institutionen, Handelshögskolan, 2005. http://www.handels.gu.se/epc/archive/00003915/01/Svavarsson%2C%5FAMCIS.pdf.

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3

Hallikainen, Petri. „Evaluation of information system investments /“. Helsinki : Helsinki School of Economics, 2003. http://aleph.unisg.ch/hsgscan/hm00085003.pdf.

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4

Hoepner, Andreas G. F. „Essays on responsible investment, research output analyses and investment performance evaluation“. Thesis, University of St Andrews, 2010. http://hdl.handle.net/10023/2130.

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This thesis includes four essays, of which each comprises two original contributions. Based on this thesis’ eight contributions, we add knowledge or understanding to the literatures on responsible investment, research output analyses and investment performance evaluation. First, we develop the first generic, reliable approach to benchmark research area output (e.g. journal articles or books), which we expect to appeal to governments’ increasing interest in monitoring their research funding investments. Second, we apply this approach to the research area of responsible investment, which is currently backed by an about $ 7 trillion industry. We find that the (quality weighted) quantity of responsible investment’s research output is statistically significantly under-proportional compared with peer research areas. One of several explanations for this result lies in the intransparency of the current responsible investment literature. Third, we develop an approach to research synthesis, which improves a research area’s transparency without experiencing many weaknesses of conventional literature reviews. We title this approach Influential Literature Analysis (ILA). Fourth, we apply ILA to the relatively intransparent responsible investment literature. One of our many findings is that responsible assets with their ceteris paribus under-proportional total risk might appear artificially unattractive when assessed by the most common investment performance measure, the Sharpe ratio, which is biased in favour of high risk assets due to its currently unsolved negative excess return problem. Fifth, we develop a generic, reliable and robust solution to the negative Sharpe ratio problem, which investors can customise according to their specific increasing incremental disutility of risk functions. Six, we generalise our solution to the negative Sharpe ratio problem, which allows us to solve the negative (excess) return problems of over twenty other investment performance measures. Seventh, we develop independent, statistically sophisticated tests of the sufficiency and quality of suggested solutions to the negative Sharpe ratio problem, since all existing tests a-priori assume the superiority of a specific solution. In contrast, our tests are only based on the Sharpe ratio itself and two basic axioms of investment theory. Hence, they are conceptually unrelated to our solutions. Eighth, we apply these tests using two different data samples to all existing solutions to the negative Sharpe ratio problem. We find that investors are best advised to use our solutions, the H⁶-, H⁷- or H⁸-measure, in their evaluation of investment performance from a Sharpe ratio like perspective.

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Mandl, Jochen. „Quantitative Ansätze zur Evaluation von Hedgefonds-Investments /“. Lohmar ; Köln : Eul, 2008. http://d-nb.info/990259242/04.

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6

Tuten, Paul M. „A Model for the Evaluation of IS/IT Investments“. NSUWorks, 2009. http://nsuworks.nova.edu/gscis_etd/327.

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Evaluation is a vital--yet challenging--part of IS/IT management and governance. The benefits (or lack therefore) associated with IS/IT investments have been widely debated within academic and industrial communities alike. Investments in information technology may or may not result in desirable outcomes. Yet, organizations must rely on information systems to remain competitive. Effective evaluation serves as one pathway to ensuring success. However, despite a growing multitude of measures and methods, practitioners continue to struggle with this intractable problem. Responding to the limited success of existing methods, scholars have argued that academicians should first develop a better understanding of the process of IS/IT evaluation. In addition, scholars have also posited that IS/IT evaluation practice should be tailored to fit a given organization's particular context. Of course, one cannot simply tell practitioners to "be contextual" when conducting evaluations and then hope for improved outcomes. Instead, having developed an improved understanding of the IS/IT evaluation process, researchers should articulate unambiguous guidelines to practitioners. The researcher addressed this need using a multi-phase research methodology. To start, the researcher conducted a literature review to identify and describe the relevant contextual elements operating in the IS/IT evaluation process: the purpose of conducting the evaluation (why); the subject of the evaluation (what); the specific aspects to be evaluated (which); the particular evaluation methods and techniques used (how); the timing of the evaluation (when); the individuals involved in, or affected by, the evaluation (who); and the environmental conditions under which the organization operates (where). Based upon these findings, the researcher followed a modeling-as-theorizing approach to develop a conceptual model of IS/IT evaluation. Next, the conceptual model was validated by applying it to multiple case studies selected from the extant literature. Once validated, the researcher utilized the model to develop a series of methodological guidelines to aid organizations in conducting evaluations. The researcher summarized these guidelines in the form of a checklist for professional practitioners. The researcher believes this holistic, conceptual model of IS/IT evaluation serves as an important step in advancing theory. In addition, the researcher's guidelines for conducting IS/IT evaluation based on organizational goals and conditions represents a significant contribution to industrial practice. Thus, the implications of this study come full circle: an improved understanding of evaluation should result in improved evaluation practices.

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Mironova, Anastasia, und Lovisa Kynäs. „Ethical investing - why not? : An evaluation of financial performance of ethical indexes in comparison to conventional indexes“. Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-57115.

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Problem: Do ethical investments perform better than conventional investments? Purpose: To evaluate whether Shariah-compliant indexes and/or socially responsible indexes can improve financial performance of an investment portfolio. Sub-problem: What kind of relationship exists between socially responsible investments and faith-based investments, represented by Shariah-compliant investments? Sub-purpose: To discover how two types of ethical investments, socially-responsible and Shariah-compliant, are related. Method: Quantitative study, covering three types of investment styles of four index families during the period from 2000 until 2011. Financial performance evaluation through the Sharpe ratio, Treynor ratio and Jensen’s alpha. Conclusions: Conventional, socially responsible, and Shariah-compliant indexes do not have any significant differences in financial performance on a global basis. However, Shariah-compliant indexes could slightly over-perform conventional and socially responsible indexes during financial downturns. In the same time socially responsible indexes were noticed to be the most volatile during the whole period of study, to compare with conventional and Shariah-compliant. Regarding relationships, high correlations were found between ethical indexes, as well as between ethical and conventional indexes.

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Assadi, Pooria. „Evaluation of information technology investments in the wood industry“. Thesis, University of British Columbia, 2008. http://hdl.handle.net/2429/5828.

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Manufacturing industry is the largest business sector in Canada. It has contributed significantly to the Canadian prosperity in terms of employment and economic growth. However, this industry has faced increased competition from low-price producing regions. Also, appreciation of Canadian dollar and increasing price of energy and other resources lowered the profit margins of the Canadian manufacturing industry. In order to survive and gain higher profit margins, Canadian manufacturers have adapted various strategies one of which is to offer high-value customized products to best meet the changing needs of their customers. To that end, there have been significant investments made in advanced technologies such as information and communication technology (ICT) in Canadian manufacturing companies. Due to expensive cost of acquiring ICT and its long term effect, it is important to use suitable holistic approaches for evaluation of this type of investments. The evaluation should involve inclusion of multiple tangible and intangible criteria. It may also include consideration and aggregation of different decision makers’ viewpoints. Unlike some other sectors in the manufacturing industry, systematic approach for assessing ICT investments have not often been used in the forest products industry. In this research project, the evaluation and selection of a design and manufacturing software package at a Canadian cabinet manufacturing company is addressed. A list of design and manufacturing software selection criteria is presented which could be modified and used by any other goods/service producing companies. The impact of interdependencies among the selection criteria on the results of the decision making process is also investigated. Various sensitivity analyses were performed to investigate the stability of the decision when the decision parameters changed. The results show that the inclusion of intangible criteria would yield to a better decision than that of revealed by just considering tangible factors. In the case study presented in this research, a software package with reasonable cost and good features (Software D) was chosen over the cheapest software which did not offer these features. Furthermore, the results show that the inclusion of interdependencies among the evaluation criteria would impact the decision outcome. In the considered case study, the inclusion of such interdependencies not only changed the weights of the alternatives, but also partially changed the ranking of the alternatives. In our case, the ranking of the top alternative (Software D) did not change. Finally, sensitivity analyses which were performed in this research project revealed that the choice of Software D (top ranked software) was stable upon changes in the influence of decision makers. Also, it was determined that this choice was stable upon changes in the importance of selection criteria for the decision makers.

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Höglund, Alexander, und Jonathan Mellblom. „Impact investments - Investing with a twofold incentive : A qualitative study of impact investors´ investment evaluation process“. Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388073.

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This study is within the field of impact investments. Impact investors relates to a twofold requirement of both financial return and positive impact from investments. The purpose of this study is to investigate how impact investors assess impact in their investment evaluation processes and how impact is aligned with the requirement on financial return. Literature have addressed the problem of assessing and quantifying impact, but it fails to tell us how impact is incorporated in the pre-investment evaluation of different investment opportunities. The field of impact investments is increasing in popularity among investors and through a qualitative study based on eight semi-structured interviews with impact investors in Sweden, we try to gain insight in how they address the twofold incentive of both financial return and impact.Our findings show that impact investors apply similar evaluation processes as mainstream venture capitalists with the additional assessment of social impact. We find that investors approach the impact assessment in different ways and that there are split views on the ability of measuring impact in the pre-investment phase. The task of combining the financial measurements with impact is found to be challenging due to the contradicting characteristics of the two, as well as the difficulty of measuring social impact. Often the impact aspect is integrated as a pre-investment evaluation “gate”, where a subjective assessment is central. We contribute to literature by addressing the identified research gap and we aim to contribute to social entrepreneurs’ understanding of how investors relate to impact in their investment decision making processes.

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Yang, Ying, und Irina Sollén. „Investments in the Swedish Cleantech Sector : A Case Study of Swedish Public and Private Venture Capital Investments in Cleantech“. Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81850.

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The ever-growing awareness of sustainable living brings us to Cleantech - a technology that aims to reduce pollution and enhance efficiency by developing environmentally friendly products and services. Investors nowadays claim they are moving towards investments incorporating CSR and ESG issues, which is closely connected to Cleantech investments. As a growing sector, the most concerning issue is the financing. Since Cleantech was introduced around 2006, the market has seen investors with different profiles. Among them venture capitalists (VC) have played a vital role in supporting Cleantech growth. It is noticeable that state-owned VCs, together with private VCs, have been actively participating in Swedish Cleantech investments. This study sets out to evaluate how public VCs differ from private VCs in terms of investment strategies, in Swedish Cleantech context. The results of the study aim to give an understanding of roles of different VCs in investment evaluations, which affect the decision making of their Cleantech investments. Through Cleantech Scandinavia’s database we have collected information regarding previous investments made in Swedish Cleantech between 2007 and 2011. The results showed that public VCs and private VCs had similar stage preferences, focusing at seed and commercialization stages with little touch on expansion stages. The co-investing activities were mainly targeted at energy related segments in Cleantech. Based on this rough understating about Swedish Cleantech investments we conducted semi-structured interviews with 11 VCs, both public and private, to gain a deeper understanding on their investment strategies. We found that the difference between public and private VCs lies merely in the sense that public VCs operates under governmental guidelines, which they have to comply with when making an investment decision. The majority of the public VCs must co-invest with private investors, which opens a door for private VCs seeking co-financing for Cleantech projects. Particularly public VCs with a regional focus work under both local governments’ and EU’s regulations, which make them restricted to some degree. On the contrary private VCs have the freedom to decide whatever they want under different circumstances. Apart from that, public and private VCs share a great deal of similarities in their investment strategies and evaluations in Cleantech investments.

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Hewitt, Richard. „Evaluation of strategic software investments for the Canadian cabinet industry“. Thesis, University of British Columbia, 2011. http://hdl.handle.net/2429/40368.

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Manufacturing is the single largest sector of the Canadian economy, accounting for 12.7% of the nation’s GDP in 2009 (Statistics Canada 2011). Over the past decade, this sector has faced numerous challenges such as a stronger Canadian dollar, increased foreign competition, and the recent decline of the US economy. One of the ways Canadian manufacturers have responded to these challenges is through increased information technology (IT) investments (Baldwin & Sabourin 2004). Wood products industries, though, generally invest much less in IT than the sector as a whole (Atrostic & Gates 2001). When wood manufacturers do invest in IT, it is often at a very basic level (Hewitt et al. 2011). Consequently, more intensive and sophisticated use of IT presents an opportunity for the cabinet industry to improve their competitive position. The first research objective was to determine the types of software products currently available to the cabinet industry and their associated functionalities. This was done using simple proportions, cluster analysis, and association rule learning. Next, a strategic analysis of which types of software applications are most important for the industry’s future competitiveness was done using the analytic network process. Lastly, any large gaps between what is currently represented in the industry and what is important for future competitiveness were identified. Operations & Engineering functionalities were found in 65.7% of all observed functionalities, whereas Content, Collaborative, and CRM functionalities were found in less than 10% each. Operations & Engineering and ERM software were determined to be the most important for future competitiveness because of their contribution to the Quality strategy. While Operations & Engineering software is important for the industry, they may be overrepresented because the current market is highly saturated with these functionalities. ERM, Collaborative, and CRM software are underrepresented as their future priority is higher than their current presence. The sensitivity analysis shows that the final priorities of software applications are most sensitive to the weighting of the Customer Service strategy. If an individual firm places a high emphasis on customer service and marketing, then CRM and Collaborative software become most critical for success.

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12

Serafeimidis, Vasileios. „Interpreting the evaluation of information systems investments : conceptual and operational explorations“. Thesis, London School of Economics and Political Science (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.267780.

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13

Jongsaguan, Salakjit. „Green IT/IS investments evaluation within the aviation industry : a focus on indirect costs“. Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/14516.

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Worldwide concerns over environmental issues and air travel’s continuous expansion have increased in recent years. This is due to rising carbon emissions caused by the aviation industry’s reliance on information technology and systems (IT/IS), which affects the environment. The review of the IT/IS and Green IT/IS investments evaluation literature has highlighted that there is a dearth of research on Green IT/IS evaluation regarding to the aviation industry. Most Green IT/IS evaluation studies focus mainly on benefits; however, cost is reported as one of the most crucial difficulties preventing organizations from adopting Green IT/IS. Generally, the focus is on the direct costs rather than the indirect costs because the latter are intangible and therefore hard to identify and quantify. However, they can have a great impact on the overall cost/budget and possibly on profitability. Although the traditional IS appraisal techniques are being used in the evaluation process, their incapability to capture the impact of intangibles and non-financial issues are apparent, which noticeably affects overall projects’ success. This research aim is to develop a model for Green IT/IS investments evaluation that enhances the understanding and management of the indirect cost associated with Green IT/IS investments within the aviation industry. The novel aspect of the model is its incorporation of the institutional theory, key internal organizational factors, together with human, organizational and environmental indirect cost factors into one model. This model was validated in the aviation industry in Thailand which had adopted and implemented Green IT/IS. The findings from an in-depth case study reveal that despite, Green IT/IS indirect costs not being perceived as costs and hence not being incorporated into the evaluation process, their effects remain, and lead to issues such as costs overruns, under-optimized budgets, and consequently projects failure. In addition, new Green IT/IS indirect cost factors have emerged which were missing from the current normative literature. Therefore, this research provides decision-makers with a useful model, a comprehensive taxonomy, a set of indirect cost factors that can be utilized during the evaluation process, and management strategies to assist in managing and controlling the impact of Green IT/IS indirect costs. Keywords: Green IT/IS Investments Evaluation, Indirect Costs, Costs Management, Costs overrun, Sustainability, Aviation Industry.

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Pfosser, Stefan [Verfasser], und Hans Ulrich [Akademischer Betreuer] Buhl. „Determining Optimal Investment Strategies – On the Economic Evaluation and Analysis of Investments / Stefan Pfosser ; Betreuer: Hans Ulrich Buhl“. Augsburg : Universität Augsburg, 2019. http://d-nb.info/1198679190/34.

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VELASCO, ANA MARIA ZUNIGA. „EVALUATION OF INVESTMENTS IN RETROFIT OF WIND FARMS BY REAL OPTIONS“. PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2017. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=30877@1.

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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO
COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
Com o objetivo de reduzir o efeito estufa e atender a alta demanda de energia elétrica, muitos países desenvolvidos e emergentes têm optado pelo uso de energias essencialmente de origem renovável, incluindo energia eólica, biomassa e solar fotovoltaica. Para determinar a viabilidade econômica dos projetos de energias renováveis é necessário capturar as variáveis de maior interesse. As opções reais ao considerar a dinâmica e incertezas, típicas dos mercados de eletricidade, surgem como uma alternativa para a tomada de decisões neste tipo de projetos. Este trabalho aplica a técnica tradicional de avaliação de projetos através do fluxo de caixa descontado (FCD) e a teoria de opções reais (TOR) para avaliação de um parque eólico. A flexibilidade foi incluída ao considerar a opção de fazer um investimento em retrofit para atualizar a tecnologia das turbinas eólicas e estender o contrato de operação. A opção real analisada é análoga a uma opção de compra europeia, seu valor é calculado através de uma árvore binomial recombinante com barreira no preço da energia eólica, principal fonte de incerteza do modelo. Realizaram-se análises de sensibilidade para avaliar o comportamento do preço da opção frente às mudanças em alguns parâmetros do modelo. Conclui-se a viabilidade econômica de estender a operação do parque eólico através de um investimento em retrofit, utilizando a TOR, uma vez que o seu valor é muito superior frente ao calculado pelo FCD, apesar do valor da opção ter uma forte correlação com o limite da barreira e a volatilidade do preço.
In order to reduce the greenhouse effect and meet the high demand of electricity, many developed and emerging countries have opted for the use of renewable energies, for example, wind energy, biomass and solar photovoltaic. To determine the economic viability of renewable energy projects it is necessary to capture the most relevant variables that suggest greater interest. Real options allows to consider the dynamic and uncertainties present in the power markets, therefore it is an attractive tool for decision-making in this kind of markets. In this work we apply the traditional technique of project evaluation, the discounted cash flow (DCF), as well as the real real options theory (ROT) for the financial evaluation of a wind farm. The flexibility is the option of making a retrofit investment that allows upgrading the wind turbines technology in order to extend the operating contract. The real option analyzed is analogous to a european call option and its value was calculated through a recombinant binomial tree with barrier in the wind energy price, considered the main source of uncertainty in the model. Sensitivity analyzes were performed to assess the option price behavior when some parameters of the model change. We finally conclude for the economic viability of extending the operation of the wind farm through an investment in retrofit, using the ROT, since its value is much higher than the calculated by the DCF, even though the option value is strongly dependent on the barrier and the volatility of electricity prices.

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Yun, Taesik. „The evaluation of power plant investments in the Korean electricity industry“. Thesis, University of Salford, 2010. http://usir.salford.ac.uk/26983/.

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The purpose of this thesis is to use real option methodologies to assess capital investment decisions of near future projects that will be made in Korea. I compare two base load plants burning different fuels such as coal and uranium within the CO2 allowance trading context to provide prominence to a nuclear power plant. Nuclear power plants have recently been rising to the surface as one of the leading alternatives to the generation plants using fossil fuels. To consider the flexibilities and uncertainties in a competitive market environment, I employed the real options approach, due to its superiority in dealing with uncertainties and incorporating management's flexibilities into the valuation process. Furthermore, I tried to evaluate the investment opportunity contingent on at least two underlying assets featuring different price evolution behaviours. As main pricing skeletons, I adopted the mean reversion model for the evolution of electricity prices and the gBm model for that of the COi allowance prices and construction costs of a nuclear power plant. In addition, I used the Monte Carlo simulation approach as the approximation tool to overcome a limitation of the analytic approach. Our findings confirmed that the real options approach uncovered hidden strategic value and provided critical insights to the investment decision making process. Keywords: Investment Analysis, Real Option Approach, Base Load Plant, CO2 Allowance, Electricity Price

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Benedělová, Martina. „Efektivnost investičního záměru“. Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-223175.

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The object of this diploma thesis is to make economical evaluation of the investment. This investment is aimed at the area of improving the quality of environment in surroundings of Cementary Plant, a.s. by realisation of by-pass investment into separate dust-exhausting of rotary kiln at the same time. Cementary Plant, a.s. has a place in a market of cementary products especially with dry coat-plasters and mortary mixtures. Environment requirements are extremely strict and their following is highly costly because of the established emission limits. In this diploma thesis I am going to attend an analysis of elaborated investment project, its evaluation and defining realisation benefits.

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McCowan, Alison Kate, und n/a. „Decision Support System for the Evaluation and Comparison of Concession Project Investments“. Griffith University. School of Engineering, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20050321.123306.

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Governments of developed and developing countries alike are unable to fund the construction and maintenance of vital physical infrastructure such as roads, railways, water and wastewater treatment plants, and power plants. Thus, they are more and more turning to the private sector as a source of finance through procurement methods such as concession contracts. The most common form of concession contract is the Build-Operate-Transfer (BOT) contract, where a government (Principal) grants a private sector company (Promoter) a concession to build, finance, operate and maintain a facility and collect revenue over the concession period before finally transferring the facility, at no cost to the Principal, as a fully operational facility. Theoretically speaking, these projects present a win-win-win solution for the community as well as both private and public sector participants. However, with the opportunity for private sector companies to earn higher returns comes greater risk. This is despite the fact that concession projects theoretically present a win-win-win solution to the problem of infrastructure provision. Unfortunately, this has not been the case in a number of countries including Australia. Private sector participants have admitted that there are problems that must be addressed to improve the process. Indeed they have attributed the underperformance of concession projects to the inability of both project Principals and Promoters to predict the impact of all financial and non-financial (risk) factors associated with concession project investments (CPIs) and to negotiate contracts to allow for these factors. Non-financial project aspects, such as social, environmental, political, legal and market share factors, are deemed to be important; but these aspects would usually be considered to lie outside the normal appraisal process. To allow for the effects of such qualitative aspects, the majority of Principal or promoting organisations resort to estimating the necessary money contingencies without an appropriate quantification of the combined effects of financial and non-financial (risks and opportunities) factors. In extreme cases, neglect of non-financial aspects can cause the failure of a project despite very favourable financial components; or can even cause the failure to go-ahead with a project that may have been of great non-financial benefit due to its projected ordinary returns. Hence, non-financial aspects need careful analysis and understanding so that they can be assessed and properly managed. It is imperative that feasibility studies allow the promoting organisation to include a combination of financial factors and non-financial factors related to the economic environment, project complexity, innovation, market share, competition, and the national significance of the project investment. While much research has already focused on the classification of CPI non-financial (risk) factors, and the identification of interdependencies between risk factors on international projects, no attempt has yet been made to quantify these risk interdependencies. Building upon the literature, this thesis proposes a generic CPI risk factor framework (RFF) including important interdependencies, which were verified and quantified using input provided by practitioners and researchers conversant with risk profiles of international and/or concession construction projects. Decision Support Systems (DSSs) are systems designed to assist in the decision making process by providing all necessary information to the analyst. There are a number of DSSs that have been developed over recent years for the evaluation of high-risk construction project investments, such as CPIs, which incorporate the analysis of both financial and non-financial (risk) aspects of the investment. However, although these DSSs have been useful to practitioners and researchers alike, they have not offered a satisfactory solution to the modelling problem and are all limited in their practical application for various reasons. Thus, the construction industry lacks a DSS that is capable of evaluating and comparing several CPI options, taking into consideration both financial and non-financial aspects of an investment, as well as including the uncertainties commonly encountered at the feasibility stage of a project, in an efficient and effective manner. These two criteria, efficiency and effectiveness, are integral to the usefulness and overall acceptance of the developed DSS in industry. This thesis develops an effective and efficient DSS to evaluate and compare CPI opportunities at the feasibility stage. The novel DSS design is based upon a combination of: (1) the mathematical modelling technique and financial analysis model that captures the true degree of certainty surrounding the project; and (2) the decision making technique and RFF that most closely reproduces the complexity of CPI decisions. Overall, this thesis outlines the methodology followed in the development of the DSS produced as a stand-alone software product and demonstrates its capabilities through a verification and validation process using real-life CPI case studies.

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Fielding, Sarah (Sarah Tabbals). „Nonprofit disease foundation investments in biotechnology companies : an evaluation of venture philanthropy“. Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68463.

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Thesis (S.M.)--Harvard-MIT Division of Health Sciences and Technology, 2011.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 50-52).
In the past decade, the practice of venture philanthropy, defined in this research as the provision of capital by a nonprofit entity to a for-profit company, has become an increasingly common asset allocation strategy for nonprofit disease-focused foundations.' Both nonprofit organizations and biotechnology firms alike have praised these funding relationships as instruments that help enable, de-risk, and ultimately accelerate the development of new therapies. However, data on the composition and performance of these venture philanthropy investment portfolios remains scarce. While the field of venture philanthropy is too young to have robust outcome data as of yet, we attempted to understand the methodologies for venture philanthropy portfolio construction, the historical mix of projects funded, and the performance of these portfolios thus far. We hypothesized that our independent assessment of grant portfolio composition would be congruent with stated portfolio policy. Instead, we found that organizations did not have a predetermined asset allocation framework against which to compare their investments. We collected data on industry-funding portfolios from three major participants in venture philanthropy in three different disease areas: the Cystic Fibrosis Foundation (CFF), the Juvenile Diabetes Research Foundation (JDRF), and the Michael J. Fox Foundation for Parkinson's Research (MJFF). Data was gathered from organization websites, annual reports, and financial filings. Interviews were conducted with grant program executives at each of the three organizations. While it was not possible to confirm or reject our hypothesis on the basis of portfolio congruence, we were able to show that in the absence of articulated portfolio policy, investment choices may not be aligning with stated program aims to fund earlier-stage, risky projects.
by Sarah Fielding.
S.M.

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Kristová, Zuzana. „Posouzení efektivnosti investičního projektu“. Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223635.

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Master´s thesis is focused on efficiency analysis of two investment projects of the company JKZ Bučovice, a.s. These investments are aimed at purchase of modern technologies which extended manufacturing capacity of the company and which increased the added value of products for customers. The first part includes theoretical knowledge of investment and investment actiities and also defines the possible methods of evaluation. The second part describes the company, investments projects and there is also analyzed the financial situation. The next part shows calculations associated with the investment project efficiency. The conclusion will provide evaluation of projects and formulation of possible propositions for next investment projects.

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Pernaudet, Julie. „Essays on the Role of Information in Human Capital Investments“. Thesis, Université Paris-Saclay (ComUE), 2017. http://www.theses.fr/2017SACLX118.

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Cette thèse cherche à évaluer le rôle des politiques d’information dans la réduction des inégalités de capital humain.Dans le premier chapitre, co-écrit avec Bruno Crépon, nous étudions l’impact d’une expérimentation visant à augmenter le recours aux soins des jeunes chômeurs en France. Les jeunes en situation de précarité ont plus de risque de sous-investir dans leur santé, ce qui peut avoir des conséquences économiques et sociales à court et long terme. Dans cette étude, nous examinons deux barrières possibles : le coût des soins, et la mauvaise perception des besoins. A l’aide d’une expérience randomisée, nous trouvons qu’informer individuellement ces jeunes sur leurs besoins ainsi que sur le système d’assurance santé permet d’augmenter leurs investissements, en doublant notamment la probabilité de consulter un psychologue. Nos résultats suggèrent également qu’une telle intervention permet de favoriser les entrées en formation. Afin de distinguer les barrières relevant du coût des soins des barrières relevant d’une mauvaise perception des besoins, nous testons aussi une intervention dans laquelle les jeunes reçoivent uniquement l’information sur le système d’assurance santé. A la différence de l’intervention combinée, cette intervention ne permet pas d’augmenter le recours aux soins, ce qui souligne le rôle crucial des perceptions subjectives dans les décisions de santé.Dans le second chapitre, issu d’un travail avec Marc Gurgand, Nina Guyon et Marion Monnet, nous évaluons une politique consistant à orienter des enfants vivant en zones urbaines sensibles (ZUS) en France vers des structures répondant à leurs difficultés. Dans les ZUS, certains enfants ont tendance à cumuler difficultés scolaires, problèmes de santé, de socialisation, et parfois problèmes familiaux. La politique étudiée consiste à mettre en place des interventions individualisées et multidimensionnelles pour les enfants, impliquant leurs parents et leur enseignant. Ces interventions consistent par exemple à inscrire l’enfant dans un club de sport, à réaliser un bilan de santé, à offrir aux parents une assistance administrative, et reposent sur les ressources disponibles au niveau de la commune. Afin d’identifier un effet causal, nous mettons en place des méthodes d’appariement que nous combinons avec un estimateur en différence-de-différences. Nous trouvons que le dispositif n’a d’effet ni sur le comportement des enfants, ni sur leurs compétences cognitives, et un effet négatif sur la socialisation et la motivation scolaire. Il réduit en revanche l’absentéisme. Une comparaison avec d’autres dispositifs suggère qu’il est nécessaire d’intervenir dès le plus jeune âge et de manière plus intensive pour améliorer la situation de ces enfants défavorisés.Dans le troisième chapitre, j’examine dans quelle mesure les politiques d’information destinées à guider les lycéens dans la transition vers le supérieur permettent d’augmenter le recours aux bourses parmi les étudiants défavorisés au Canada. Les doutes de plus en plus nombreux quant à la capacité des politiques d’aides financières à réduire les inégalités d’accès à l’enseignement supérieur conduisent à s’interroger sur leurs conditions d’efficacité. Cette étude vise à mieux comprendre les barrières informationnelles auxquelles les étudiants sont confrontés. Sur la base d’une expérience contrôlée, je modélise la demande de bourse comme étant fonction de l’utilité perçue de l’université, qui elle-même dépend du niveau d’information des jeunes. J’utilise ensuite le modèle pour simuler différentes politiques d’information souvent mises en œuvre, mais rarement évaluées. Informer les jeunes sur le système d’aides financières s’avère particulièrement efficace. Rencontrer un conseiller scolaire ou faire un test de compétences et d’orientation permet également d’augmenter le recours aux aides. Les simulations suggèrent que de tels dispositifs pourraient égaliser la demande entre étudiants favorisés et défavorisés
This dissertation attempts to assess the role information policies may play in the reduction of human capital inequalities.In the first chapter, which is a joint work with Bruno Crépon, we study the impact of an experiment aimed at increasing the use of healthcare services among unemployed youth in France. Economically disadvantaged youth are particularly at risk of under-investing in their health, which can have short and long term negative consequences on a variety of socioeconomic outcomes. In this study, we investigate two possible factors of under-investment: cost of healthcare, and misperception of health needs. Relying on a randomized experiment, we find that providing them with personalized information on their health needs as well as on public health insurance raises their health investments, in particular it doubles the proportion of people consulting a psychologist. Our results suggest that such policies also have a potential for increasing participation to training programs. To distinguish between financial constraints and misperception of health needs, we also test a program providing information on public health insurance only. In contrast, this limited program does not induce any health investments, which highlights the crucial role of subjective perceptions of needs in health decisions among disadvantaged youth.In the second chapter, which is based on a joint work with Marc Gurgand, Nina Guyon and Marion Monnet, we evaluate a policy that consists in directing 2 to 16 year-old children living in deprived areas in France to the local resources they need. In deprived areas, some children tend to cumulate academic difficulties with health, social and sometimes family difficulties. In this paper, we evaluate a policy consisting in individualized and comprehensive programs that involve both the child, the parents and the teacher. Interventions range from sport activities or health diagnosis for the child to administrative assistance for the parents, and use existing local resources. Our identification strategy relies on propensity score matching combined with difference-in-differences estimation. We find no impact of the policy on children behavior and cognitive skills, and on their parents’ relation to school, and negative impacts on the relation to other children and on school motivation. By contrast, school attendance increases among treated children. Comparison with other comprehensive programs suggests that more intensive or earlier interventions might be required to significantly improve the situation of deprived children.In the third chapter, I assess the extent to which information policies aimed at guiding high school students in their transition to higher education can raise the take-up of grants among disadvantaged students in Canada. Growing concerns about the capacity of grant policies to reduce the socioeconomic gap in college enrollment call to investigate the conditions required for these policies to reach their target. This paper aims at better understanding the information barriers disadvantaged students may face. Based on a lab-in-the-field experiment, I model the demand for grants as a function of the perceived utility of university, which depends on the level of information on higher education and on the labor market students have. I use the model to simulate several information policies that are commonly implemented in high schools, but rarely studied. While receiving information on the financial aid system demonstrates to be particularly effective, meeting a school counsellor or taking a skills and interests test also significantly raises the take-up of grants among disadvantaged students. Simulations suggest these policies could close the take-up gap with their more advantaged counterparts

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John, Peter K. „Facets of managerial evaluation of foreign direct investment in a developing country an investigation of Australian firms investing in India /“. Phd thesis, Australia : Macquarie University, 2002. http://hdl.handle.net/1959.14/71423.

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Thesis (PhD)--Macquarie University, Macquarie Graduate School of Management, 2002.
Bibliography: p. A291-A332.
Overview and problem definition -- Theoretical context -- Facets of firm's evaluation of FDI and IJV formation -- Analytical framework and results -- Summary.
This dissertation investigates managerial evaluation of FDI and IJV formation in a developing country. The assessment is likely to be influenced by a country's factor endowments, created assets and policy framework. The efficiencies of the processes relating to decision-making, IJV formation and FDI implementation in a particular country can also impact a firm's evaluation of the country. Further, all the above variables are assessed by a firm in the context of its motives and organisational characteristics. -- After an initial growth period, driven by the country's economic reforms, FDI in India seems to have stagnated at relatively low levels. In addition, the conversion of FDI proposals (approved by Indian authorities) into direct investment in the country remains low. Empirical research on FDI outflows has typically focussed on large economies. A limited industrial base and market size differentiates Australia from these countries. -- This thesis contributes to the understanding of managerial assessment of a potential FDI destination in the context of Australian firms investing in India - a recent phenomenon that has not been previously explored. This research also differentiates itself from other studies in its investigation of FDI-related processes that are virtually overlooked in earlier empirical literature. Earlier empirical studies have explored some of the dimensions affecting a firm's assessment of an FDI location in isolation. Investigating these issues on the same set of sample firms renders the findings of this research more holistic. Through exploring the impact of a firm's organisational context on its assessment of a potential FDI location, this study also addresses the inadequate attention given to a firm's 'operational and strategically-based variables' and to 'managerial' rather than 'market' processes in existing empirical literature on FDI (Dunning, 1988, p. 8; Buckley, 1996, p. 18). At a practical level, this research provides guidance to decision makers in India to improve its FDI appeal. It also identifies the key issues potential investors should consider in making FDI in the country. -- The theoretical base of this research is inter-disciplinary, incorporating explanations for FDI and IJV formation based on economics, behavioural science, organisational learning and strategic perspectives. Multiple perspectives are used in this exploratory study, primarily to extend our knowledge of FDI and IJV-related processes and decisions. The findings are also compared with the expectations of the alternative theoretical frameworks. -- The data for this research was collected from 25 Australian firms that have invested in India already or have FDI proposals approved by Indian authorities during 1993-1998. A questionnaire was completed in personal meetings with CEOs or other senior executives of the firms in the sample. This data collection was supplemented by interviews with these officers from a sub-sample of 16 firms. -- This research finds that Australian firms are primarily driven by the aggressive motive of market growth in the liberalising economy. The overall FDI attractiveness of India's location-specific factors is perceived by firms to be in the significantly attractive class, albeit close to its lower bound. It is inhibited by unfavourable perceptions of the country relating to eleven location-specific factors which are important to a firm's FDI location decision. These factors are categorised into economic/financial (six), political/legal (three) and IJV-related (two). Firms, which have already invested in India, tend to rate the overall attractiveness of these country factors lower than other firms.
The study finds that, despite recent reforms, India's FDI-related policy framework is still perceived as not sufficiently friendly by Australian investors. Unfavourable assessments of the country, relating to eight policy variables, inhibits its overall policy friendliness for FDI. Regulatory controls on FDI are perceived as the most unfriendly feature of India's FDI regime. The study also shows that the scope to improve the friendliness of its policy regime, through building better awareness of the policies among investors, is limited. Thus improvements in policies are needed before the country undertakes extensive promotional efforts of its policies. -- A firm's FDI decision-making process is materially hampered by delays resulting from cumbersome approval requirements and obtaining responses from the country's authorities. Discussions with potential IJV partners are the only source of information that firms find useful relating to FDI in the country. This suggests that improvements may be needed in India's communication strategies. This research also shows that the host country needs to focus separately on improving some of the country's locationspecific factors, policies and FDI processes to improve its appeal to investors. -- The FDI implementation process in the country is significantly hindered by bureaucratic delays within its various agencies. Firms that have already invested in the country emphasise the severity of this hindrance more than other firms. -- Ownership interest of Australian firms in FDI ventures tends to be lower than the host country's regulatory hurdles. The perception that a local partner can add value to the FDI operation is a major reason for forming IJVs. However, large, non-Australian owned, capital-intensive or well-internationalised firms tend to show more confidence in assuming higher ownership in FDI ventures. -- The study also identifies some important effects of the three dimensions of a firm's organisational context - its attributes, internationalisation behaviour and host country experience - on its assessment of FDI and IJV formation in a country. -- More emphasis on aggressive FDI motives, less concerns relating to cultural dissimilarity with the host country, greater expectation of contributions from IJV partners and an inclination to accept lower ownership interest in IJVs tend to differentiate the FDI behaviour of Australian firms from others dealt with in some earlier studies. Having identified, a suitable partner, Australian firms have a positive perception of the IJV formation process in India, with no issues presenting any significant hindrance to FDI. -- The target audience of this study includes potential Australian and other investors in India, policy planners in India and other developing countries and academics involved in FDI and IJV research.
Mode of access: World Wide Web.
xli, 556, A332 p., ill

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Berényi, Zsolt Endre. „Risk and performance evaluation with skewness and kurtosis for conventional and alternative investments /“. Frankfurt am Main [u. a.]: Lang, 2003. http://www.gbv.de/dms/zbw/363282351.pdf.

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Szubartowicz, Eva [Verfasser], Guido [Akademischer Betreuer] Schryen und Günther [Akademischer Betreuer] Pernul. „Planning and Evaluation of Information Security Investments / Eva Szubartowicz ; Guido Schryen, Günther Pernul“. Regensburg : Universitätsbibliothek Regensburg, 2018. http://d-nb.info/1165869055/34.

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Cúth, Matouš. „Hodnocení investičního projektu“. Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162571.

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The thesis is focused on an evaluation of an investment project. Company Lazne Podebrady is making a decision whether to reconstruct one of its main accommodations facilities, hotel Libensky. There are many ways how to evaluate an investment project. Realization of an investment project, as well as its non-realization, has a great impact to a whole company. If the investment is separated from the company, the result could be inaccurate. For this reason the evaluation of the whole company Lazne Podebrady in the case of realization of the investment project and in the case of its non-realization was done. The final value of the investment project was made by simple subtraction of the two sub-results. The result of the thesis is a recommendation to a management of the company, whether the investment project is worthwhile or not.

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Gammelgård, Magnus. „Business Value Assessment of IT Investments : An Evaluation Method Applied to the Electric Power“. Doctoral thesis, KTH, Industriella informations- och styrsystem, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4505.

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s the dependence of IS/IT has grown in modern organizations, IT investments have soared in the last couple of decades. Large amounts of money are spent with the hope that the investments will generate value for the business organizations using the systems. It is hence easy to understand the needs for methods to assess the business value of IT-investments. The investment decision is basically about selecting the best IT-system or the best combination of IT-systems, i.e. the system(s) that provides the most business value in dimensions that are important business-wise. However, a problem with many of the avail-able methods is that they often fail to concretely explain what technical characteristics the IT systems(s) should have to achieve the business value desired. A complicating aspect of IT-investment evaluations is also that the evaluations usually include a high degree of un-certainty. In this thesis, an IT investment evaluation method is presented that indicatively assesses the differences in contribution to business value from IT-investment alternatives. The method provides, at a relatively low cost of investigation, indications of not only the technical differences between the IT-investment alternatives in a specific investment situation, but also an assessment of the differences in types and amounts of their business value. The presented method has been applied in a large case study at an electric power company. Furthermore, it also incorporates concepts found within Enterprise architecture (EA), particularly in how the information used in the evaluation is collected. The presented thesis is a composite thesis that, besides an introduction, includes five papers (paper A-E). Paper A presents an outline of the method as well as its application in the case study. It also presents the theoretical fundaments for the criteria used for the technical evaluation and the business value assessment including the method’s applications in relation to Enterprise architecture. The following two papers primarily present necessary steps in the development of the method. First, paper B presents the process to develop a functional reference model (used for the functional assessments in the method), including its application in the case study. Second, a breakdown of the term business value into a set of IS/IT-affected value dimension is presented in paper C. The last two papers present the final steps, i.e. the technical evaluation of the investment alternatives (paper D) and the final business value assessment (paper E). The papers include the methods to perform these analyses as well as the application of the method in the case study and the results of the case study.
QC 20100608

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De, Wet Ronel. „The evaluation of Omega as an effective tool for portfolio evaluation in the South African context“. Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/70664.

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Thesis (MBA)--Stellenbosch University, 2006.
ENGLISH ABSTRACT: The Omega function is a relatively newly developed performance measure, falling within the class of downside risk measures. This measure does not make any assumptions regarding the return distributions evaluated, but incorporates the actual return distribution in its calculation. The sensitivity of this measure to simulated changes within the class of stable distributions was tested, within the range of parameters that was evident in the South African investment environment. The Omega and Sharpe ratios that were calculated for these distributions were ranked and compared. Even though the rankings were similar, discrepancies did occur. On investigation it was found that these discrepancies were caused by the inability of the Sharpe measure to differentiate between increased volatility caused by higher probability weighted gains (or positive skewness) and losses, as the Sharpe ratio penalises funds for volatility. The simulated tests were extended to various distributions, which have different risk profiles and distribution shapes, and ranked. A higher incidence of ranking differences occurred due to the inability of the Sharpe ratio to differentiate between gains and losses, correctly account for the risk of positively skewed distributions and lastly due to negative Sharpe ratios, caused by the average realised returns being exceeded by the threshold (target) rate, resulting in incorrect rankings. Comparison of rankings based on the Sharpe and Omega measures was performed on the class of general equity unit trusts over a five-year period, which resulted in statistically similar rankings. In extending the evaluation over shorter periods, the ran kings were still statistically similar, even though some differences were noteworthy. As the returns became more variable, the Omega measure captured this variation and risk whilst the Sharpe ratio was unable to, as its formulation is limited to two statistics, thus losing all this additional information. Normally performance evaluation is not initiated with a detailed analysis of the return distributions in order to determine which performance measure is more appropriate. The Omega measure incorporates the distribution into the calculation, which is not the case with the Sharpe measure. Therefore, even if the distributions are normal, the Omega measure gives exacty the same result as the Sharpe measure. However, where return distributions diverge from normality, we can be certain that the Omega measure will correctly incorporate the divergence, whilst it has been shown that in certain instances the Sharpe measure does not. The Omega measure adds another dimension to risk-adjusted performance evaluation and should be incorporated in the evaluation process.
AFRIKAANSE OPSOMMING: Die Omega-funksie, wat as 'n afwaartse risikomaatstaf geklassifiseer word, is 'n relatiewe nuut-ontwikkelde prestasiemaatstaf. Hierdie maatstaf maak nie enige aannames ten opsigte van die opbrengsverdelings wat ge-evalueer word nie, maar inkorporeer die werklike opbrengsverdeling in die berekening. Die sensitiwiteit van hierdie maatstaf tot gesimuleerde veranderinge in die klas van stabiele verdelings is getoets, binne die parameters van toepassing in die Suid Afrikaanse beleggingsomgewing. Die Omega- en Sharpe-maatstawe is bereken, georden en vergelyk. Alhoewel die rangordes meestal dieselfde was, het verskille in sommige gevalle voorgekom. Hierdie verskille is veroorsaak deur die onvermoe van die Sharpe-maatstaf om te onderskei tussen verhoogde volatiliteit veroorsaak deur 'n hoer waarskynlikheidsgeweegde wins, of positiewe skeefheid en verliese. Die Sharpe-maatstaf penaliseer alle volatiliteit. Die gesimuleerde toetse is uitgebrei na alternatiewe verdelings wat verskillende risikoprofiele het en is weereens georden. Weereens was die rangordes meestal dieselfde. Die verskille wat plaasgevind het, is veroorsaak deur die onvermoe van die Sharpe-maatstaf om tussen winste en verliese te onderskei, positiewe skeefheid korrek te verdiskonteer en laastens om negatiewe Sharpe-verhoudings in die korrekte rangorde te plaas. 'n Vergelyking van die rangordes van die Sharpe- en Omega-maatstawe is gedoen op die algemene effektetrusts oor 'n tydperk van vyf jaar. Die rangordes in geheel was statisties dieselfde. Hierdie toetse is vervolgens uitgebrei om korter tydperke in te sluit, wat weereens in geheel statisties dieselfde korrelasie getoon het, maar 'n paar individuele portefeuljes se rangordes het heelwat verskil. Soos die opbrengste gevarieer het, kon die Omega-maatstaf hierdie variasies en risiko verdiskonteer terwyl die Sharpe-maatstaf nie in staat was om hierdie risiko te verdiskonteer nie, aangesien sy formulering beperk is tot twee statistieke wat 'n verlies van inligting tot gevolg het. Normaalweg word prestasie-beoordeling nie begin met 'n gedetailleerde analise van die opbrengsverdelings om te bepaal watter prestasie-maatstaf meer toepaslik is nie. Die Omega-maatstaf inkorporeer die verdeling in die berekening, wat nie die geval is met die Sharpe-maatstaf nie. AI is die opbrengsverdelings normaal, gee die Omega-maatstaf dieselfde resultate as die Sharpe-maatstaf. Waar die verdelings egter afwyk van normaal, weet ons dat die Omega-maatstaf die afwykings korrek verdiskonteer, terwyl dit bewys is dat die Sharpe-maatstaf in sekere omstandighede nie die afwykings korrek verdiskonteer nie. Die Omega-maatstaf voeg 'n verdere dimensie by risiko-aangepaste prestasiemeting en behoort dus ingesluit te word in die evauleringsproses.

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Rockler, Nicolas O. „Regional economic performance and public infrastructure investment“. Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/69757.

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Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2000.
"February 2000."
Includes bibliographical references.
Three studies were conducted to analyze the relationship between public infrastructure investment and regional economic performance. The first study examines the literature on economic development and productivity growth. I show that conflicting results from studies by other analysts are the likely result of poor public capital data spanning to short an interval, and an inadequate modeling framework. Public investment may generate small improvements in productivity, but models understate economic impacts owing to the public goods character of some forms of public capital. The second study explores the relationship between economic distress and public infrastructure investment. I use a sample of U.S. counties to analyze public investment according to level of economic distress. With simple investment models, I estimated infrastructure needs for counties with apparent shortfalls. I analyzed the needs-estimates in a series of case studies in which jurisdiction planning and budget personnel were consulted about the accuracy of the estimates. I show that short-run economic distress is not to be linked to public infrastructure investment. Over the long-run, investment varies by level of distress, but as a consequence of private residential investment. The needs-estimating models were reasonably accurate, but missing investment data proved troublesome. Counties proved to be a poor unit of analysis for infrastructure needs, as since significant variation was observed among jurisdictions within counties. The third study demonstrates the need for better estimates of public infrastructure capital stock. I prepared new capital stock estimates for two regions using local investment data and survey-based public capital service lives. I surveyed one thousand jurisdictions in the New England region and the state of Texas. Survey-based service-lives seem to differ significantly from estimated lives. Stock estimates using local investment data and survey-based service-lives produce dramatic differences compared to estimated stocks at the state and regional level. The new data, however, performed just as poorly as other series when used to estimate aggregate production functions. Prior analysts' understanding the relationship between economic performance and public infrastructure investment has been limited because of poor data, and inadequate appreciation of infrastructure's inherent complexity. The research presented here demonstrates that significant improvements are possible and worth undertaking.
by Nicholas O. Rockler.
Ph.D.

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Lugube, Annie. „Evaluation of Greenfield strategies of retailers in Sub Saharan Africa : a two case study approach“. Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/30621.

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This research seeks to provide a more concise understanding of multinational Greenfield strategies in emerging markets. A lot has been written pertaining to their conduct in established markets and this has proven inadequate as far as application to emerging markets is concerned. Scholars have developed theories on how multinationals operate but how practical are they on the ground?A two case study approach was seen as the most effective way to grasp the complexities involved in managing multinational firms in emerging markets. The scope was limited to sub Saharan Africa with two retail giants Shoprite and Game being the subject of scrutiny. Literature was developed on the basis of results of previous research and enhanced by in-depth interviews with top retail managers directly involved in the expansion process. Similarities and contrasts between the two firms’ strategies where examined with the aim of acquiring insights on retail Greenfield investments in emerging markets.The findings revealed that in emerging markets successful MNEs are the ones that target customers at the bottom of the pyramid whilst internalising risk and constraints within the context of institutional voids.
Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted

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Gammelgård, Magnus. „Business value assessment of IT investments : an evaluation method applied to the electrical power industry /“. Stockholm : Elektro- och systemteknik, Kungliga Tekniska högskolan, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4505.

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Rathnam, Sharad. „Designing an environmentally conscious decision support tool for capital investments in small and medium enterprises“. Thesis, Georgia Institute of Technology, 2003. http://hdl.handle.net/1853/18922.

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Yang, Mirng Bih. „A financial system for capital investment decisions in a manufacturing environment“. Diss., Georgia Institute of Technology, 1992. http://hdl.handle.net/1853/24940.

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Smolarski, Jan M. (Jan Mietek). „Environmental Determinants and Choice of Project Evaluation Techniques in US and UK Firms“. Thesis, University of North Texas, 1996. https://digital.library.unt.edu/ark:/67531/metadc277767/.

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The purpose of this dissertation is to develop a theory that helps explain the conditions under which firms select certain project evaluation techniques. This study uses contingency theory to analyze the impact of environmental uncertainty on the choice of project evaluation techniques. In addition to a direct measure of uncertainty, several dimensions of uncertainty are included in this study. These dimensions of uncertainty include control structure, method of financing, foreign assets, method of growth, and product domination. This study also analyzes the use of project evaluation, management science and risk management techniques in US firms over time and in UK firms over time in order to compare to prior research. A comparison of firms in the two countries are also provided. The primary method of data collection was a survey instrument. Data were also collected from annual reports and various other public sources. The variables that appear significant in the choice of project evaluation technique in US firms are environmental uncertainty, control structure, method of financing, foreign assets, and product domination. The variable that appear significant in the choice of project evaluation technique in UK firms is method of financing. US firms favor discounted cash flow techniques although this study detected a slight decrease over time. UK firms continue to use non-discounted cash flow techniques, although the use of discounted cash flow techniques is widespread. There are significant differences between US and UK firms. US firms tend to use discounted cash flow techniques to a greater extent than UK firms. This research makes a significant contribution in attempting to develop a theory explaining the use of project evaluation techniques in firms in the US and UK. In addition, several other developments relating to project evaluation, management science and risk management are discussed. The results of this study can be used by managers in refining and improving their existing project evaluation processes.

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De, Villiers H. O. „Risk-adjusted performance : an overview“. Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50442.

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Thesis (MBA)--Stellenbosch University, 2005.
ENGLISH ABSTRACT: Investors accept that actual investment pertormance differs from anticipated pertormance. The difference between the two is attributed to investment risk. Professional investment managers charge significant fees for active investment management. Investors funding this industry should evaluate the risk-adjusted investment pertormance to determine if it justifies the associated costs. A number of research papers have presented various methods for adjusting investment pertormance for the risk assumed in the generation thereof. This study presents an overview of techniques available for measuring riskadjusted pertormance of listed equity related investments. The classic pertormance measures of Treynor, Sharpe and Jensen are discussed. Alternative ways of quantifying risk offer different methods for risk-adjusting periormance. This leads to the discussion of more modern approaches to risk-adjustment, such as the Sortino ratio and the Omega measure. The lack of risk-adjusted pertormance reporting within the South African investment management industry is highlighted. An overview of guidelines for risk-adjusted pertormance reporting is presented. As such, it is relevant to investment managers, policy makers of the industry and the financial press reporting on investment management. A comparison of risk-adjusted pertormance figures between unitised-, indexand direct equity investment approaches show that a simple direct equity investment strategy outpertorm on risk-adjusted basis for the five year period reviewed.
AFRIKAANSE OPSOMMING: Beleggers aanvaar die feit dat gerealiseerde beleggings opbrengste van verwagte opbrengste verskil. Die verskil word aan beleggings risiko toegeskryf. Professionele beleggingsbestuurders hef aansienlike fooie om beleggings aktief te bestuur. Beleggers wat hierdie industrie befonds behoort die risiko-aangepaste beleggingsprestasie te evalueer ten einde vas te stel of dit die kostes regverdig wat daarmee gepaardgaan. 'n Aantal navorsingsverslae het reeds verskeie metodes voorgestel vir die aanpassing van beleggingsprestasie vir risiko aanvaar tydens die najaag van prestasie. Hierdie studie bied 'n oorsig van beskikbare tegnieke vir die meet van risiko aangepaste prestasie van genoteerde aandeel- en verwante beleggings. Die klassieke metodes van Treynor, Sharpe en Jensen word bespreek. Alternatiewe metodes om risiko te kwantifiseer bied verskillende metodes om prestasie vir risiko aan te pas. Dit lei tot die bespreking van meer moderne benaderings tot risiko aanpassing, soos die Sortino verhouding en die Omega maatstaf. Hierdie studie bring die tekort van risiko aangepaste prestasie verslaggewing in die Suid-Afrikaanse beleggingsbestuur industrie aan die lig. 'n Oorsig van riglyne vir risiko-aangepaste prestasie verslaggewing word gelewer. Die studie is gevolglik relevant vir beleggingsbestuurders, industrie beleidmakers en die finansiele pers wat oor beleggingsbestuur verslag doen. 'n Vergelyking van risiko-aangepaste opbrengs syfers tussen kollektiewe-. indeks- en direkte aandele beleggings benaderings lig uit dat 'n eenvoudige direkte aandele belegging strategie op 'n risiko-aangepaste basis oor die vyf jaar periode ondersoek, uitpresteer het.

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Wessels, Daniel Rossouw. „Active investing versus index investing : an evaluation of investment strategies“. Thesis, Stellenbosch : Stellenbosch University, 2004. http://hdl.handle.net/10019.1/49816.

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Thesis (MBA)--Stellenbosch University, 2004.
ENGLISH ABSTRACT: The two investment strategies, active and passive (index) investing, were evaluated by comparing the average performance of actively managed funds in the general equity category of the South African unit trust sector with its benchmark, the ALSI index. Various comparative methodologies were followed in the analysis and covered the period 1988-2003. When the upfront costs applicable to the active funds were excluded it was found that active funds on average outperformed the index benchmark. However, when including these costs the index outperformed the average of active fund returns. Similarly, on a risk-adjusted basis the index benchmark fared better than the average of actively managed funds. Index investing, despite its superior performance on average, would not have been a low risk strategy and investors would have experienced volatile returns. Over time index investing and active management repeatedly replaced one another as the dominant investment strategy. A fundamentalist approach about any one of the strategies is not prudent and it is argued that an integration approach of both strategies would have yielded the highest reward per unit risk, based on past experience. When following a strategy of combining both strategies in various combinations over different investment periods, it was found that the highest reward to risk ratio was attained by increasing index investing relative to active investing with an increase in the investment horizon. Simply put, the longer one’s investment term, the more index investing should be followed. Hereby it can be argued that over the long run it is difficult for active management to consistently beat the market. Therefore, investment strategies should be aligned with one’s faith in the efficiencies of markets over time and not be overly influenced by short-term performance records of active managers.
AFRIKAANSE OPSOMMING: Die twee verskillende beleggingsbenaderings, naamlik aktiewe en passiewe (indeks) beleggingsbestuur, is beoordeel deur die gemiddelde opbrengste van die aktief-bestuurde fondse in die algemene aandeelkategorie van die Suid-Afrikaanse effektetrustbedryf met hul beleggingsmaatstaf, die ALSI indeks, te vergelyk. Verskillende vergelykende metodes is in die ontleding gebruik wat die oorsigtydperk 1988-2003 gedek het. Indien aanvangskoste by die aktief-bestuurde fondse buite rekening gelaat word, het hul gemiddelde opbrengs oor die algemeen die opbrengste van die indeks oorskry. Wanneer dié koste wel in ag geneem word, het die indeks egter die gemiddeld van die aktief-bestuurde fondse geklop. Soortgelyk, het die indeks beter as die gemiddelde van die risiko-aangepaste opbrengste van die aktief-bestuurde fondse vertoon. ‘n Indeksbenadering sou ten spyte van sy beter opbrengste oor die algemeen nie ‘n lae risiko strategie verteenwoordig nie en beleggers sou wisselvallige opbrengste ondervind het. ‘n Indeksbenadering en aktiewe bestuur het mekaar oor die verloop van tyd herhaaldelik afgewissel as die dominante beleggingstrategie. ‘n Eensydige benadering ten opsigte van enige van die strategieё sal nie deug nie en dit word eerder voorgehou dat ‘n integrasie van beide strategieё in die verlede die hoogste opbrengs per risiko-eenheid sou opgelewer het. Deur verskillende kombinasie-moontlikhede oor verskillende beleggingsperiodes te toets, is bevind dat die hoogste opbrengs per risikovlak verkry word deur die indeksbenadering te verhoog met ‘n toename in die beleggingshorison. Eenvoudig gestel, hoe langer die beleggingstermyn, hoe meer passiewe bestuur moet in die beleggingsportefeulje gevolg word. Hierdeur kan aangevoer word dat aktiewe bestuur oor die langer termyn moeilik die mark gaan uitpresteer. Indien ‘n belegger in die langtermyn doeltreffendheid van die mark glo, behoort die beleggingstrategie dienooreenkomstig daarby aangepas te word en nie volgens die korttermyn prestasies van aktiewe bestuurders nie.

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Kim, Tae Hyun. „An Evaluation of Hospital Capital Investment after the Balanced Budget Act“. Also available online at:, 2006. http://hdl.handle.net/10156/1578.

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Daňhel, Marek. „Hodnocení investičního záměru“. Master's thesis, Vysoké učení technické v Brně. Fakulta strojního inženýrství, 2012. http://www.nusl.cz/ntk/nusl-230352.

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The project elaborated within the follow-up master´ s study programme of the M-STM Manufacturing Technology and Management in Industry branch presents an evaluation of a company investment project and recommendations whether to realize the intended investment. The diploma work sets forth an overview of theories in the field of company investment activities, company analysis, details of the investment project and its evaluation. Technical economic analysis of a part fabrication with utilization of new machine equipment, together with conclusions related to the proposed technology, form a part of the project.

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Roček, Jan. „Investice do nemovitosti před vlastním prodejem nemovitosti“. Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240300.

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Thesis deals with appreciation of real estate investment before sale. Theoretical part of the thesis is describing basic concepts from the field of valuation of property and basic concepts of investment. There were also summarized basic types of investments, evaluation methods and financial expenses related to investment. Practical part of the thesis is focused on specific property, where were realized construction work. First of all were researched financial expenses of construction work, i.e. investment cost. The property was evaluated by three hypothetical variants of investment. Calculation of expenses related to borrowed capital followed. At the end of the thesis, the survey data were evaluated and compared.

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Bosáková, Dana. „Hodnocení investičního projektu - RRC Rancířov“. Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75206.

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The topic of the thesis is an evaluation of an investment project with application to a real investment project. The aim is to decide whether to realize the project or not with regard to the current and projected macroeconomic situation, tourism and particularly the results of financial indicators. The theoretical part focuses on the specifics of the investment decisions and the parameters entering into the investment evaluation. This part is also focused on different stages of the investment project and the methods used to evaluate the effectiveness of the investment. The theoretical part ends with a risk analysis. The practical part is dedicated to the fullfilment of the defined objectives. After the initial introduction to the investment project comes the analysis of the current and forecasted macroeconomic situation, the analysis of tourism and the project evaluation in terms of defined dynamic methods. The conclusion in the practical part includes a sensitivity analysis of the project on two major risk factors.

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Zhang, Duoxing Evans John L. „Real options evaluation of financial investment in flexible manufacturing systems in the automotive industry“. Auburn, Ala, 2008. http://repo.lib.auburn.edu/EtdRoot/2008/SPRING/Industrial_and_Systems_Engineering/Dissertation/Zhang_Duoxing_20.pdf.

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Jeleníková, Judita. „Posouzení investičního záměru na výstavbu výrobní haly“. Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-232898.

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The diploma thesis analyzes the current situation of a flowmeters production company. Embraces the investment plan for a purchase of the construction hall including also calibration equipment. The second purpose is the expected opportunity to realize production in own facility. As the assignment of thesis we should target to formulate recommendations whether to realize the intended investment.

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Giaglis, George M. „Dynamic process modelling for business engineering and information systems evaluation“. Thesis, Brunel University, 1999. http://bura.brunel.ac.uk/handle/2438/5258.

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This research is concerned with the pre-implementation evaluation of investments in Information Systems (IS). IS evaluation is important as organisations need to assess the financial justifiability of business change proposals that include (but usually are not limited to) the introduction of IS applications. More specifically, this research addresses the problem of benefits assessment within IS evaluation. We contend that benefits assessment should not be performed at the level of the IS application, as most extant evaluation methods advocate. Instead, to study the dynamics and the interactions of the IS applications with their surrounding environment, we propose to adopt the business process as the analytic lens of evaluation and to assess the impacts of IS on organisational, rather than on technical, performance indicators. Drawing on these propositions, this research investigates the potential of dynamic process modelling (via discrete-event simulation) as a facilitator of IS evaluation. We argue that, in order to be effective evaluation tools, business process models should be able to explicitly incorporate the effects of IS introduction on business performance, an issue that is found to be under-researched in previous literature. The above findings serve as the central theme for the development of a design theory of IS evaluation by simulation. The theory provides prescriptive elements that refer both to the design products of the evaluation and the design process by which these products can come into reality. The theory draws on a set of kernel theories from the business engineering domain and proposes a set of meta-requirements that should be satisfied by business process models, a meta-design structure that meets these requirements, and a design method that provides guidance in applying the theoretical propositions in practice. The design theory is developed and empirically tested by means of two real-life case studies. The first study is used to complement the findings of a literature review and to drive the development of the design theory's components, while the second study is employed to validate and further enhance the theory's propositions. The research results support the arguments for simulation-assisted IS evaluation and demonstrate the contribution of the design theory to the field.

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Nilsson, Henrik, und Emma-Lisa Pettersson. „Venture Capital Firms Investments: Clean and Green? : A Qualitative Study of how Venture Capital Firms in Sweden Evaluate Cleantech Companies“. Thesis, Umeå universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-57119.

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Erikmats, John, und Johan Sjösten. „Sustainable Investment Strategies : A Quantitative Evaluation of Sustainable Investment Strategies For Index Funds“. Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160941.

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Modern society is faced with the complex and intractable challenge of global warming, along with other environmental issues that could potentially alter our way of life if not managed properly. Is it possible that financial markets and equity investors could have a huge part to play in the transformation towards a greener and more sustainable world? Previous studies about investment strategies regarding sustainability have for the most part been centered around possibly less objective ESG-scores or around carbon and GHG-emissions only, with little or no consideration for water usage and waste management. This thesis aims to amend to the previous work on carbon reducing strategies and ESG-investing with the addition of water usage and waste management, especically using raw data of these measures instead of ESG-ratings. Index replicating portfolios have become more and more popular as it proves harder and harder to beat the index, offering good returns along with cheap and uncomplicated portfolio construction and management. In a trending market, the fear of missing out and the demand for market return can make an index replicating strategy a way for investors to have market exposure but still remain diversied and without confusion about which horses to bet on. This thesis studies the relationship between tracking-error and the increase of sustainability in a portfolio through reduction of the intensity of carbon emissions, water usages and poor waste management. To be able to make a fair comparison, these measures are normalized by dividing each measure by the reported annual revenue. These three obtained intensities are then implemented individually, as well as all together into index replicating portfolios in order to study the effect from decreasing them. First and foremost we study the effect on the tracking-error, but also the effects on returns and volatility. We also study the effect on liquidity and turnover in the portfolios to show that it is possible to implement extensive sustainability increasing methods into an index replication equity portfolio. We follow the UCITS-directory to avoid overweightin specic companies and only allow the portfolios to overweight a sector with maximum 2%, in order to avoid an unwanted exposure to sectors with naturally lower intensities. The portfolios are obtained by using a multi-factor risk model to predict the expected statistical behaviour in relation to the chosen factors. Followed by applying Markowitz Modern Portfolio Theory through a convex optimization problem with the objective function to minimize tracking-error. All displayed portfolios had stable and convex optimization and were compliant with the UCITS-directory. We limited our study to only North American stocks and chose the index "MCSI NA" to replicate. Only stocks that were a part of the index were allowed to invest in and we did not allow negative weights for any stocks. The portfolios were constructed and backtested for the period 2014-12-01 until 2019-03-01 with rebalancing quarterly at the same points in time that the index is rebalanced by MCSI. We found that it was possible to implement extensive sustainability considerations into the portfolios and still keep a high correlation with the index whilst keeping low tracking-errors. We believe that most index replicating investors should be able to implement reductions of above mentioned intensities of about 40-60% without compromising tracking-errors,returns and volatility too much. We found evidence that during this time and in this market our low-intensities portfolios would have overperformed the index. We also found that returns increased and volatility decreased as we increased the reduction of each individual measure and all three collectively. Reducing carbon intensity seemed to drive positive returns and lower volatility the most, but we also observed apositive effect from reduction of all intensities. Our belief before conducting this study was that sustainability should have a negative effect on returns due to the limitation of the feasible area of investing. This motivated us to build portfolios with intent to makeup for these lesser returns and hopefully "beat the index". This failed in almost all cases and the only way we were able to beat the index were through implementing sustainability in our portfolios.

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Daswa, Khumbudzo Ashley. „Perfomance evaluation of the tracking ability and pricing efficiency of Exchange Traded Funds (ETFS) in South Africa“. University of the Western cape, 2016. http://hdl.handle.net/11394/5562.

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Magister Commercii - MCom
Since the listing of the Satrix 40 in November 2000, Exchange Traded Fund (ETFs) have grown to become an investment vehicle of choice amongst retail and institutional investors of the Johannesburg Securities Exchange (JSE). Albeit gaining such an enormous traction, investors' remains curious about ETFs ability to successfully replicate the movements of their target benchmark indices and also their capability to yield arbitrage profit opportunity through mispricing. In addition to that, investors are also interested to know whether ETFs as an index tracking investment vehicle are resilient in variously cycles of the economy. Motivated by this gap in the body of knowledge, this research undertakes to evaluate the tracking ability and pricing efficiency of 19 ETFs listed on the JSE over various cycles of the economy. According to Faulkner, Loewald and Makrelov (2013) South African economy experienced the effect of the 2008 global financial crisis between 1 September 2008 and 30 June 2009. For that reason, the examination period of this research is segmented into four main categories namely: full examination period which spans from the launch date of each of the ETF under review until 30 September 2015, pre-crisis period that is between the launch date and 29August 2008, crisis-period dated 1 September 2008 and 30 June 2009 and the post-crisis or the recovery phase being 1 July 2009 through 30 September 2015. The tracking ability results across all the sub-periods suggested that, on average, ETFs yields daily returns which closely resemble that of their target benchmark indices but with relatively high level of volatility. With regard to the tracking error as another tracking ability measurement, it was discovered that the ETFs under review were inadequately replicating the movements of their target benchmark indices irrespective of the economic cycle. In tandem with the evidence documented by Mateus and Rahmani (2014) from the London Stock Exchange (LSE), tracking errors were substantially high during the 2008 global financial crisis as opposed to the prior and the post crisis period. Across all the examination periods, sizeable amount of tracking error was found to be associated to the ETFs which mimics the international broad-market access underlying indices. Amongst other things, the diversity of these indices as well as the trading hours overlap between the JSE and their host market were found to be the key attributing factors. On the contrary, ETFs which replicates most liquid target benchmark indices such as the FTSE/JSE Top 40 index appeared to have lower tracking error on relative basis. In this regard, the liquidity of the FTSE/JSE Top 40 index proved to be the main attribute. Apart from the diversity or the liquidity of indices, the length of the examination period also had a significant influence towards the magnitude of tracking errors. In this instance, shorter examination period were found to be characterised by noise or volatility in the market which makes it difficult for the ETFs providers to promptly rebalance their portfolios and align them to their target benchmark indices. Over and above these factors, this research discovered that tracking errors across all the sub-periods were largely driven by management fees and daily volatility of the ETFs market prices, more especially during the crisis period. On the one hand, trading volume and the effect of dividends distribution had a negative influence towards the magnitude of tracking errors. On the question of how efficient these 19 ETFs are, the empirical findings revealed that significant deviation between the ETFs closing price and the Net Asset Value (NAV) does exist either being a discount or premium. In line with the prior work on the JSE by Charteris (2013), ETFs which mimics local based indices were found to be trading mostly on a discount to the NAV whilst the opposite was true in the case of the international broad-market access ETFs. At the same token, international broad-market access ETFs portrayed sizeable amount of premiums across all the cycles of the economy. In line with the analysis of tracking errors, such enormous premiums were mainly driven by lack of synchronicity in the trading hours between the JSE and host market wherein these ETFs target benchmark indices are listed. Empirical literature suggests that ETFs that exhibit discount and premium which fails to persist for more than one trading day are deemed to be efficiently priced since there is limited opportunity to arbitrage. On that note, this research found that mispricing of ETFs which mimics most liquid indices such as the domestic broad-market access and sectorial indices disappears within a period of one trading day. For that reason, majority of these ETFs were considered to be efficiently priced against their NAV. Contrarily, discounts and premiums exhibited by ETFs which mostly replicate style based and the international broad-market access indices appeared to be persistent even to the fifth trading day. From the attribution point of view, the complexity of these ETFs underlying indices as well as the trading hours overlap between the JSE and the host market of these indices were found to be the main drivers of such level of mispricing. In addition to that, attribution analysis through linear regression proved that transaction cost (bid-ask spread), daily volatility of the ETFs market prices as well as the impact of trading volume had a positive influence towards the existence of discounts and premiums observed across all sub-periods.

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Van, der Westhuysen Gideon. „A critical evaluation of the use of concentrated portfolios in the South African market“. Thesis, Stellenbosch : Stellenbosch University, 2007. http://hdl.handle.net/10019.1/21111.

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Thesis (MBA)--Stellenbosch University, 2007.
ENGLISH ABSTRACT: The Brandes Institute and Global Wealth Allocation developed a measure of concentration to investigate whether more concentrated portfolios will give better returns. The Concentration Coefficient of a portfolio is defined as the inverse of the sum of the squares of the weights of the different shares within a given portfolio. As such it describes the concentration of the portfolio as if the investor invested in a number of equally weighted shares. Using the Concentration Coefficient the Brandes Institute investigated the relationship between a number of portfolio characteristics and portfolio concentration for a number of portfolios in the United States market. This study firstly looks at the literature available on portfolio concentration. To this end it discusses a number of different measures of portfolio concentration, and give the pros and cons of each. The author then attempts to recreate the study that was done by the Brandes Institute for the South African Market. The analysis shows that there are some similarities in behaviour between the South African and United States markets, even though the South African market is much smaller. The findings of the above analysis concurs with that of the Brandes Institute, in that there does not seem to be a significant relationship between return and portfolio concentration. The author further investigates how concentration would have impacted returns, had each portfolio manager used his chosen strategy, but only in a more concentrated fashion. In order to do this the return of the actual portfolio was calculated and compared with the return from an idealized portfolio. TIlls idealized portfolio was taken as consisting only of the top ten equity investments in which the portfolio manager invested for the gi yen period. Again the result showed no significant relationship between the perfonnance of the portfolio and portfolio concentration. The inruitive result thus holds, in that increased portfolio concentration does not necessarily lead to higher returns, but that it does lead to more volatility in perfonnance. In conclusion the author makes a number of recommendations for future research that will contribute to the understanding of the effect of portfolio concentration.
AFRIKAANSE OPSOMMING: Die Brandes lnstituut en Global Wealth Allocation het 'n maatstaf van konsentrasie ontwikkel om te bepaal ofmeer gekonsentreerde fondse beter opbrengste sal1ewer. Die Konsentrasie Koeffisient van 'n fonds word gedefinieer as die invers van die sam van die kwadrate van die gewigte van die verskillende aandele in die fonds. Dil beskryf dus die konsentrasie van 'n fonds asaf die beJegger in 'n aantal ewewigte aandele bele het. Die Brandes lnstituut het die Konsentrasie Koeffisient gebruik om die onderlinge verband tussen 'n aanta! fonds eienskappe en die konsentrasie van fondse in die markle van die Verenigde State van Amerika te ondersoek. Hierdie ondersoek deen eerstens 'n literatuur studie oor fonds konsentrasie. Die verskillende maatstawwe van fonds konsentrasie word bespreek, en rue voor- en nadele van elk word gegee. Die skrywer poog verder om die studie soos gedoen deur die Brandes Instituut te dupliseer vir die Suid Afrikaanse mark. Die analise toon dat alhoewel die Suid Afrikaanse mark heeJwat kleiner is as die van die Verenigde State van Amerika. daar tog duidelike ooreenkomste in die resultate is. Die bevindinge van die bogenoemde analise stroak met die resultate verkry deur die Brandes lnstituut, aangesien daar geen duidelike verb and tussen ophrengs en fonds konsentrasie blyk te wees nie. Die skrywer ondersoek verder hoe konsentrasie opbrengs sou be'invloed het indien elke fonds bestuurder sy gekose strategie gevolg het, maar net meer gekonsentreerd. Ten einde dit te doeo word die oprengs van die werklike fonds vergeJyk met die opbrengs van 'n geYdialiseerde fonds. Die geYdialiseerde fonds bestaan slegs uit die top tien ekwiteit aandele waarin die fonds bestuurder in die betrokke periode bele het. Weereens toon die reultate geen noemenswaardige verband tussen opbrengs en fonds konsentrasie nie. Die intuitiewe resultaat geld dus steeds, aangesien verhoogde fonds konsentrasie nie noodwendig tot beter opbrengste lei rue, maar dat dit wei hoer volatiliteit tot gevolg het. Ten slotte maak die skrywer 'n aantal aanbevelings vir verdere navorsing wat sal bydrae tot die begrip van die invloed van fonds konsentrasie.

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Chou, Tzu-Chuan. „Managing strategic investments decisions : the impacts of their IT content, the effectiveness of decisions and a protocol for evaluation“. Thesis, University of Warwick, 1998. http://wrap.warwick.ac.uk/78798/.

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The strategic potential of information technology (IT) is now well recognised, but strategic IT projects have high failure rates. The present study proposes the concept of the degree of IT intensity of SIDs and aims to answer the question of whether the degree of IT intensity matters in relation to the decision process, decision content, decision outcome and evaluation methods. Furthermore, critical factors which impact on the effectiveness of SIDs are explored, and a protocol is proposed by mapping the quantitative findings to state-of-art evaluation approaches. A structured questionnaire was developed, and empirical work was undertaken among Taiwanese manufacturers. Experts in two professional associations, the Chinese Association for Industrial Technology Advancement and the Chinese Productivity Centre, helped to identify organisations considered to be representative of the population. 270 organisations were selected and 94 responded. Of these, 80 were valid for further analysis. Several variables are found to be significantly correlated to IT intensity. The Hypotheses testing shows that interaction, the accuracy of information and strategic considerations are mediators in the linkage of IT involvement and the effectiveness of SIDs but the direct link from IT intensity to the effectiveness of SIDs proved to be weak. Consequently, the stepwise variable selecting procedure was employed to reveal the critical variables which impact significantly on the effectiveness of SIDs. The present study seeks to develop a protocol which addresses the practical aspect of SIDs and SITIDs in terms of rules and to integrate these rules to form a model for evaluation. Five major mechanisms of this model are discussed: the scanning mechanism, the strategic flexibility mechanism, the evaluation mechanism, the proactive mechanism, and the feedback mechanism.

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Bacela, Bandile Sakhekile. „An evaluation of changes in capital investment by automotive companies in preparation for the Automotive Production and Development Programme (APDP)“. Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1016075.

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To thrive, developing countries depend on high levels of protection being given to key industries such as manufacturing; specifically the automotive and textile industries. South Africa, as a developing country and especially under the emergence of globalisation, has followed suit in terms of developing policies and structures to protect certain critical industries. During an era (1980 to 1989) of high political instability, South Africa experienced isolation from the rest of the world, which resulted in declines in industrial revenues as well as the country’s automotive industry undergoing a stage of perilous stagnation. It was through a protection regime that the automotive industry realised growth, a regime which started slowly in 1989 and accelerated in 1995 with the introduction of the Motor Industry Development Programme (MIDP) (Black, 2001). Through this regime the South African government sought to integrate the South African automotive industry into the global market by improving the competitiveness of this industry (The DTI, 2010). This led to the automotive industry becoming one of the most successful export sectors in South African manufacturing and a large net consumer of foreign currency, totalling R20 billion and R10 billion in imports and exports respectively by 1998 (Damoense and Simon, 2004). Reviews of the government legislation called the MIDP were held in year 1999 and 2002 and in 2008, a successor to the MIDP was named, the Automotive Production Development Programme (APDP) and is set to commence in year 2013 until 2020. Unlike its predecessor, the APDP policy promises to bring greater and more inclusive benefits to the automotive industry as a whole, provided organisations have prepared well to receive it. This study investigated whether organisations have prepared for the upcoming 2013 - 2020 APDP, with specific reference to capital investment in equipment. It determined whether automotive organisations have spent and are going to spend resources in securing equipment and technology in preparation for the introduction of the APDP.

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Hanus, Jan. „Hodnocení efektivnosti investic“. Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-442562.

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The diploma thesis deals with the evaluation of the investments realization and financing of the investment to build the new hall with production line to achieving the expansion of production. The thesis includes assessment of the company´s financial situation, evaluation of the effectiveness of the investment plan. The essence of the thesis is to appropriate way of realizing the investments and determine economic benefit.

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Halvord, Erik, und Fagerberg Maja Wassén. „Systematising early evaluation of potential acquisition targets of PE investments : A research model for decision making influenced by information asymmetry“. Thesis, KTH, Skolan för industriell teknik och management (ITM), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-264089.

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Acquisitions are a major part of the growth and evolution of companies within varying markets. They are conducted under various circumstances with differing aims and rationales, and for different purposes. This thesis focuses on acquisitions carried out by serial investors acting in a private equity market. These acquisitions are characterised by a highly competitive nature, where access to a large pipeline of potential targets is believed to be a key success factor. As such, deal origination and sourcing of potential targets become important factors to facilitate a high-paced deal flow. Earlier research suggests that this is well researched with regards to venture capital, but to a large extent lacking within private equity. This thesis analyses and discusses the possibility of systematising early evaluation of potential acquisition targets within private equity. The aim is to suggest a framework that may be utilised, consisting of the criteria deemed important for early evaluation. Through utilising multi criteria decision making, the framework allows for a relative importance between criteria to contribute to assessment, while fuzzy set theory allows for a degree of uncertainty to be incorporated. This thesis is conducted through data collection from a number of professionals within private equity, selected from a non-probability sample. Semi-structured interviews and a 3 pairwise comparison is utilised to allow for analysis and discussion with regards to earlier research and theory, while allowing for comparison between respondents. The results of the thesis indicate that utilising a framework for early evaluation of potential targets may be beneficial. The key dimensions to consider are financial, commercial and market capabilities. However, the criteria constituting the dimensions may be firm or industry specific.
Förvärv är en viktig del av tillväxten och utvecklingen av företag i en rad olika marknader. De genomförs under varierande förutsättningar med olika mål och avsikter, och med olika syften. Denna uppsats fokuserar på förvärv utförda av serieinvesterare på en riskkapitalsmarknad. Dessa förvärv karaktäriseras av en konkurrensutsatt marknad, där tillgång till en bred pipeline av potentiella förvärvsmöjligheter förväntas vara en viktig framgångsfaktor. Således är hantering av leadsgenerering och sourcing av möjliga förvärvsobjekt viktiga faktorer för att främja ett aktivt förvärvsflöde. Tidigare forskning tyder på att detta är ett välutforskat område inom venture capital, men saknas i stor utsträckning inom riskkapital. Denna uppsats analyserar och diskuterar möjligheten att systematisera tidig utvärdering av potentiella förvärvsobjekt inom riskkapital. Avsikten är att föreslå ett ramverk som kan användas, bestående av de kriteria som anses viktiga vid tidig utvärdering. Genom att använda multi criteria decision making möjliggör ramverket en relativ betydelse mellan kriterier att påverka bedömningen, medan fuzzy set-teori möjliggör för en grad av osäkerhet att inkorporeras. Denna uppsats utförs genom datainsamling från ett antal yrkesverksamma inom riskkapital, utvalda från en icke-sannolikhetsprovtagning. Semi-strukturerade intervjuer och en parvis 5 jämförelse används för analys och diskussion i relation till tidigare forskning och teori, och tillåter även jämförelse mellan svarande. Resultaten av denna uppsats indikerar att användande av ett ramverk för tidig utvärdering av potentiella förvärvsobjekt kan vara positiv. De viktigaste dimensionerna att ta i beaktning är finansiella, kommersiella och marknadsmässiga förmågor. Kriterierna som utgör dessa dimensioner kan dock vara bolags- eller industrispecifika.

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