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1
Pfeffer, Mary Graves. „Venture Capital Investment and Protocol Analysis“. Thesis, North Texas State University, 1987. https://digital.library.unt.edu/ark:/67531/metadc331014/.
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This study used protocol analysis to identify key variables in the venture capital investment decision-making process. The study used a fictional business plan which was based on six actual business plans. This fictional business plan was presented to ten venture capitalists who were asked to review it to decide whether to interview the investee. The protocols obtained from these subjects were analyzed to determine patterns within the subjects' review. The sections of the business plan which were commonly reviewed first were the deal structure, the executive summary, and the management section. The management section was used by the greatest number of subjects. The market section was used the greatest number of times. The data were also organized by type of operators used in each subject's protocols. Information Search/Retrieval operators were most common, followed by Task Structuring/Set Goal operators. When classified into the four major categories of Task Structuring/Set Goal, Information Acquisition, Analytical/ Inferential, and Choice operators, Analytical/Inferential operators were used most frequently. Choice operators were least used. The phrases were analyzed by the relevant section in the business plan. The market received the greatest number of references, followed by references to the product and to management. However, when references to the income statement and balance sheet were combined as phrases relevant to the financial statements, the financial statements were referred to more frequently than the product or the people. The subjects appeared to use an unidentified choice program within which certain models could be identified as subroutines. The subjects used an elimination-by-aspects model to screen the business plan. If the business plan met the criteria within the elimination-by-aspects model of the subject, the subject used an additive/nonlinear model for the remainder of the review. The results of this study indicate that financial statements provide information important in the venture capital investment decision-making process. This finding is contrary to the advice usually given to potential venture capital investees.
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Renzi, J. Tyler. „Sustainable Investment and Analysis“. Thesis, The University of Arizona, 2010. http://hdl.handle.net/10150/146637.
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As sustainability becomes increasingly more important to large, multi-national corporations, it has become just has significant to investors and their investment strategies. As both students and investors for the University of Arizona Foundation, we believe that sustainability -- like most financial data -- is extremely important when making an investment decision. Our research showed that sustainability is very different from corporate social responsibility in that the sustainability approach does not focus solely on fixing environmental or social problems. Rather, sustainable companies have a keen eye for keeping these issues in mind while delivering sustainable products that ultimately add to shareholder value. With such a wide range of issues in mind, sustainable companies consistently proved to have management teams that effectively and successfully dealt with these problems simultaneously. In order to understand why companies are considered "sustainable", we found it necessary to examine the Dow Jones Sustainability Index (DJSI), what qualifies a company for the DJSI, and how companies are ranked within the index. Finally, we used the sustainability criteria recommended by fellow classmate Long Hoang Diep to evaluate the financial impact that sustainability aspects have had on Intel Corporation.
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Choi, Nicole Yunjeong. „Institutional investors and financial statement analysis“. Pullman, Wash. : Washington State University, 2009. http://www.dissertations.wsu.edu/Dissertations/Spring2009/N_Choi_041709.pdf.
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Saboo, Jai Vardhan. „An investment analysis model using fuzzy set theory“. Thesis, Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/50087.
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Traditional methods for evaluating investments in state-of-the-art technology are sometimes found lacking in providing equitable recommendations for project selection. The major cause for this is the inability of these methods to handle adequately uncertainty and imprecision, and account for every aspect of the project, economic and non-economic, tangible and intangible. Fuzzy set theory provides an alternative to probability theory for handling uncertainty, while at the same time being able to handle imprecision. It also provides a means of closing the gap between the human thought process and the computer, by enabling the establishment of linguistic quantifiers to describe intangible attributes. Fuzzy set theory has been used successfully in other fields for aiding the decision-making process.
The intention of this research has been the application of fuzzy set theory to aid investment decision making. The research has led to the development of a structured model, based on theoretical algorithms developed by Buckley and others. The model looks at a project from three different standpoints- economic, operational, and strategic. It provides recommendations by means of five different values for the project desirability, and results of two sensitivity analyses. The model is tested on a hypothetical case study. The end result is a model that can be used as a basis for promising future development of investment analysis models.Master of Science
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Joffrion, Justin Louis. „Determinants of foreign direct investment entry into China“. Thesis, Georgia Institute of Technology, 2003. http://hdl.handle.net/1853/30560.
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Rubio, Jose F. „Analysis of investment strategies: a new look at investment returns“. ScholarWorks@UNO, 2013. http://scholarworks.uno.edu/td/1759.
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Chapter 1:
Intuition suggests that constraint investment strategies will result in losses due to a limited portfolio allocation. Yet prior research has shown that this is not the case for a particular set of constraint mutual funds so-called Socially Responsible Investing, SRI. In this paper I show that such assets do face loses to portfolio efficiency due to their limited asset universe. I contribute to the literature by employing two techniques to estimate asset performance. First, I estimate a DEA based efficiency score that allows for direct comparison between ex-post efficiency rankings and test the ex-ante relevance of such scores by including them into asset pricing models. Second, I further check if these results are consistent when comparing the performance of ethical funds based on the alphas of traditional asset pricing models even after adjusting for coskewness risk. Overall, the results suggest that ethical funds underperform traditional unconstraint investment assets.
Chapter 2:
Starting after the turn of the millennium, inflation has been persistently higher than the short term T-Bill rate. Following the traditional view, this will imply a negative real rates of return that have become commonplace in the US economy. This paper examines the possibility that if an inflation risk discount contained in nominal rates exist and can explain low or negative real rates, using consumption based asset pricing model. Evidence suggests using the traditional Fisher equation to calculate real rates leads to an overestimate of real rates due to a modest inflation risk premium. To achieve non-negative real rates in a consumption based asset pricing framework the covariance between consumption growth and inflation innovations would have to be at least thirty times larger than empirically found, and in opposite direction, for the Post-Volker era. Still, though the after 2000’s covariance is positive, which suggest a discount on risk free, the magnitude is still too small to explain negativity of real rates.
JEL Classification : E21, E31
Key Words : Mutual Funds, Performance, Data Envelop Analysis, Coskewness, Risk Factors, Real Returns, Consumption Bases Asset Pricing Models, Inflation
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Yu, S.-M. „Information in property investment analysis“. Thesis, University of Reading, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.233712.
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Brito, António Rui Gonçalves. „Case Study : olive investment analysis“. Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/14011.
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Mestrado em FinançasNos últimos anos, tem vindo a verificar-se um grande investimento, nacional e estrangeiro, na cultura do olival no Alentejo. Assistiu-se a um nascer de um novo tipo de compasso entre as oliveiras, surgindo o olival intensivo e mais tarde o superintensivo. Auxiliado pelas novas mecanizações na agricultura e pela possibilidade de rega, surgiu a dúvida sobre qual o melhor tipo de olival em termos financeiros. Como tal, este trabalho tem como principal objetivo determinar qual o olival que representa uma melhor oportunidade de investimento. Para analisar esta questão serão utilizados os métodos tradicionais de avaliação de projetos, nomeadamente o NPV, TIR, IR e Payback, métodos estes que serão fundamentais para nos proporcionar uma análise profunda a nível financeiro. Adicionalmente, será realizada uma análise micro e macroenómica recorrendo às 5 forças de Porter e à análise SWOT, deste modo conseguimos explorar os riscos da empresa e do respetivo setor.
In recent years, Alentejo has seen an increase in national and international investment in olive groves. New types of olive groves were created, first on intensive density and later on superintensive density. With the development of agriculture mechanization as well as the possibility of irrigation, the doubt of which kind of olive grove provides the best results in financial terms has appeared. This study aims to determine which olive grove provides the best investment opportunity. To analyse this investment, we used the traditional methods of project evaluation, such as the Net Present Value (NPV), Internal Rate of Return (IRR), Payback and Profitability Index (PI). Additionally, we also applied a microeconomic and macroeconomic analysis in order to explore the industry and company's business risks according to Porter's five forces and SWOT analysis
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Keffeler, Bryce Thomas. „Security Investment Analysis: Meritage Homes“. Thesis, The University of Arizona, 2014. http://hdl.handle.net/10150/320203.
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Young, Jared Jeffrey. „Security Investment Analysis: Meritage Homes“. Thesis, The University of Arizona, 2014. http://hdl.handle.net/10150/322109.
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Wolfarth, David Allen. „An Analysis of Investment Strategies“. Thesis, The University of Arizona, 2015. http://hdl.handle.net/10150/578900.
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This thesis discusses two separate lectures conducted by investment professionals for the students of FIN 498H Applied Investment Management at the University of Arizona's Eller College of Management. Both lectures focused on stock-picking strategies, but offered different approaches to investing. As a University of Arizona alumnus and Financial Advisor for Merrill Lynch in Tucson, Ken Morris exposes common investment pitfalls and suggests criteria for a concentrated equity portfolio. His main suggestion is to maintain a long-term investment horizon and hold a concentrated basket of companies that feature a sustainable competitive advantage at a margin of safety. As a hedge fund manager, CFA, and MBA from the GSB, Peter Brimm reveals his exhaustive and meticulous investment research process that he uses to make large bets on only a few stocks.
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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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Wang, Jing. „Investment analysis in practice : evidence from Chinese financial analysts“. Thesis, Heriot-Watt University, 2006. http://hdl.handle.net/10399/176.
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Cilliers, Johanna Judith. „Investment potential assessment : an analysis model / by Judy Cilliers“. Thesis, North-West University, 2004. http://hdl.handle.net/10394/2391.
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Ciller, Berk (Berk U. ). „Turkish residential real estate investment analysis“. Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42013.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 59-61).
This paper examines the investment potential for Turkish Residential Real Estate Market, focusing mainly on Istanbul. With a stable economy since 2002, dynamic population, geo-political location and the potential accession to EU, Turkey provides exciting opportunities to local and international investors. Turkish economy, worldwide, ranks at twentieth in terms of GDP level and in 2005, ULI/ PriceWaterhouseCoopers has ranked Istanbul as the top development market. The question the paper is trying to answer is: Does Turkey's Residential Real Estate Market provide an attractive investment opportunity? To determine this I have reviewed the following factors: economic forecasts, political stability, newly enacted mortgage market, FDI forecasts, potential for foreign real estate ownership, current status & future predictions of real estate sector, potential of EU accession and comparison to Spanish & Romanian real estate markets. The method I used to accomplish this was mainly literature review and interviews with real estate brokers/developers. Turkey's economic stability, developing mortgage market, continuing FDI, foreigners' investment in vacation houses, improving legal transparency and potential accession to European Union makes Turkey, especially Istanbul, an increasingly attractive market. On the other hand, political stability is crucial for economic stability. In addition, slow legal system, unregistered construction activity, insufficient quality of some buildings and limited infrastructure in certain parts of the country remain to be problematic issues. Considering Turkey's opportunities and risks, it is a top investment destination in Europe, dependent on sustainable political stability, an improved mortgage & legal system and successful implementation of EU accession plan.
by Berk Ciller.
S.M.in Real Estate Development
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Barkei, Christian L. „Foreign direct investment in Syria : an analysis of Investment Law No. 10“. Thesis, Durham University, 2004. http://etheses.dur.ac.uk/3165/.
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This thesis examines the economic situation in Syria during the 1980's and 1990's and assesses the reasoning behind the introduction of Investment Law No. 10. It discusses the validity of the general assumption that Investment Law No. 10 marked the first step in the opening-up of the Syrian economy. It firstly examines the structure of the Syrian state to ascertain whether the regime would have any particular interest in promoting such legislation apart from a general wish to increase the economic well-being of its population, placing the discussion of investment vehicles within a more general economic framework. It then places the economic and political situation in Syria at the time of the introduction of the legislation within its particular political and economic historical context and then examines the legislation and its actual implementation and operation in detail to try to obtain an accurate picture of projects operating under Investment Law No 10. This is of particular relevance as prior to this study no overarching view of the actual implementation of Investment Law No 10 has been attempted. The wider economic picture in Syria is then scrutinized to evaluate the overall economic situation for investment projects operating under Investment Law No. 10. In conclusion, the links between economics and politics in Syria are examined in order to establish the actual motives and reasoning of the regime in introducing this particular piece of legislation.
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Patel, Sunaina Kilachand. „An analysis of foreign direct investment and portfolio investment into developing countries“. Oberlin College Honors Theses / OhioLINK, 1996. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1347648507.
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Visser, Retief. „An analysis of the systems requirements of the Africa Centre for Investment Analysis“. Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/49686.
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Thesis (MBA)--Stellenbosch University, 2001.ENGLISH ABSTRACT: The lack of easy access to consistent, timely and reliable information is perceived to be one of the major barriers to investment on the African continent and the aim of this study is to provide the Africa Centre for Investment Analysis with a systems analysis, to enable it to populate their African Capital Markets Database with sufficient data to address this issue. The study aims to provide: • Program expertise to facilitate the automation of share price data capturing into a central database at the Centre • Systems analysis expertise to develop the necessary systems to capture and report the published company financial results of all listed companies in the African stock markets (excluding South Africa's JSE) • An evaluation of the existing products that ACIA offers, and an analysis of the effectiveness of the existing product mix • Recommendations on possible future changes and additions to the product portfolio to increase ACIA's profile in the market place • An analysis of the marketing environment that ACIA operates in, with recommendations about different marketing strategies that should be considered During this study, conversion programs has been written in the Visual Basic programming language to extract and update several years worth of share price data for the following countries. • Namibia • Swaziland • Zimbabwe • Botswana • Zambia • Nigeria • Malawi • Mauritius Kenya • Ghana • Tunisia • Egypt A total of 90000+ data points were created via this conversion process. It is envisaged that the data that has been loaded into the African Capital Markets Database will become one of the best research resources on African investment opportunities, and that the results of this study will have a wide impact on the continent in terms of attracting foreign capital investments, when researchers globally start to use this information.
AFRIKAANSE OPSOMMING: Die gebrek aan genoegsame, akkurate en vinning bekombare inligting word gesien as een van die hoof redes waarom daar 'n gebrek aan buitelandse investering in Afrika plaasvind. Die doel van hierdie studie is om 'n ontleding te maak van die stelsel behoeftes wat bestaan by die Afrika Sentrum vir Beleggings Ontleding, en om tergelykertyd ook die sentrum se Afrika Kapitaalmark Databasis met data te populeer, sodat die gebrek aan deursigtige en akurate inligtings probleem geadreseer kan word. Die studie beoog om die volgende kennis daar te stel: • Verskaffing van rekenaar programmerings kennis om die opdatering van aandeel prys data in die databasis te outomatiseer. • Om stelselontledings kennis te verskaf om die databasis verder uit te brei sodat die gepubliseerde state van genoteerded Afrika maatskappye ook in die stelsel gestoor kan word. (Suid Afrikaanse maatskappye word uitgesluit uit die databasis, omdat daar alreeds voldoende inligting oor die Johannesburgse Aandele beurs beskikbaar is) • Die evaluering van die bestaande produkte en dienste wat deur ACIA verskaf word, tesame met 'n analise om te bepaal of die bestaande reeks produkte en dienste aan die mark behoeftes van alle moontlike geinteresseerde partye voldoen. • Aanbevelings aangaande moontlike toekomstige veranderings en toevoegings tot die bestaande produkte en dienste om ACIA se dienste meer bekend te maak in die internasionale kapitaal markte. • 'n Ontleding van die marksegment waarin ACIA kompeteer, asook aanbevelings rondom moontlike bemarkings strategieë wat oorweeg behoort te word. Gedurende hierdie studie is verskeie data omskeppings programme geskryf om 'n groot hoeveelheid data punte in die databasis te laai. Die Visual Basic programmerings taal is vir hierdie doeleindes gebruik. Aandeel prys data van die volgende lande word databasis oorgeplaas. • Namibië • Swaziland • Zimbabwe • Botswana • Zambië • Nigerië • Malawi • Mauritius • Kenya • Ghana • Tunisië • Egipte Meer as 90 000 data punte is deur middel van hierdie proses in die Oracle databasis opgedateer. Die verwagting is dat die Afrika Kapitaalmark Databasis een van die toonaangewendste bronne van Afrika markaanwysers sal word. Hierdie studie het 'n geweldige groot bydrae gelewer om die databasis van 'n moontlikheid na 'n werklikheid te omskep. Die geloof, hoop en vertroue bestaan dat hierdie studie 'n wesentlike bydrae sal maak om meer direkte buitelandse belegging na Afrika aan te trek, sodra finansieële navorsers die data uit hierdie nuwe bron begin ontgin.
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McIntosh, Lee Michelle. „International investment and the environment, an analysis of the Multilateral Agreement on Investment“. Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape10/PQDD_0023/MQ47927.pdf.
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Behrens, Jeffrey S. „Investment performance of life-science venture capital investment funds, persistence, and subsector analysis“. Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/38334.
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Thesis (S.M.)--Harvard-MIT Division of Health Sciences and Technology; and, (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2007.Vita.
Includes bibliographical references (leaf 28).
Venture capital investment performance data and performance attribution are not typically published. Venture investors articulate (and sell to LPs) conflicting strategies; the popular business literature and culture is rife with rapidly changing beliefs about the relative attractiveness of healthcare venture subsectors, particularly therapeutics and devices. To examine these issues in a more rigorous format I developed a dataset of healthcare venture deals, scored each deal with a new metric ("jb-score"), and assigned each portfolio company to appropriate subsectors. This dataset was then used to examine subsector performance, persistence, and fund strategy attribution (pure vs. mixed healthcare strategies.) Specifically, I found that the performance characteristics of device and therapeutic (aka biotech or drug) investments are similar: both subsectors evidence similar jb-scores and firms who invest heavily in these subsectors show similar levels of persistent overperformance with devices showing somewhat higher persistence. Firms that focus on one subsector do not perform as well as firms that follow a more balanced strategy. Finally, I examine the validity of the jb-score and offer some suggestions for future improvements.
by Jeffrey S. Behrens.
M.B.A.
S.M.
21
Myung, Young-soo, und Dong-wan Tcha. „Return on Investment Analysis for Facility Location“. Massachusetts Institute of Technology, Operations Research Center, 1991. http://hdl.handle.net/1721.1/5306.
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We consider how the optimal decision can be made if the optimality criterion of maximizing profit changes to that of maximizing return on investment for the general uncapacitated facility location problem. We show that the inherent structure of the proposed model can be exploited to make a significant computational reduction.
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Muller, Jonathan. „Analysis of KiwiSaver Investment Fund Choice Behavior“. Thesis, University of Canterbury. Psychology, 2013. http://hdl.handle.net/10092/7911.
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The popularity of KiwiSaver, combined with a demographic shift to an ageing population, will make savings invested in KiwiSaver an important source of income in retirement. To investigate the investment fund choices by KiwiSaver members a survey was circulated among 134 people; 87 KiwiSaver members, and 47 non-members. Respondents answered questions on their investment behavior, knowledge, and risk attitudes towards investment in general, and KiwiSaver. The results show investment in KiwiSaver tends to be conservative as a result of low levels of involvement, knowledge, and risk tolerance, and is more common among females. Investment in riskier growth funds is mostly by younger people and those who are risk tolerant as measured by the KiwiSaver Risk Profile.
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LEVY, NATALIA CORDEIRO. „INVESTMENT ANALYSIS UNDER UNCERTAINTY: AN ANALYTICAL APPROACH“. PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2009. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=14911@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
A avaliação de oportunidades de investimentos é sem duvida um tema de grande interesse, pois é o modo pela qual as firmas norteiam suas decisões de investimento ao avaliar que este ou aquele projeto cria ou não valor para esta firma. A teoria de avaliação de investimentos produtivos inicia seu caminho partindo do Valor Presente Líquido (VPL) e vai se ramificando ao longo se sua literatura, percorrendo sempre o objetivo de incorporar a incerteza nos modelos. O estágio atual desta caminhada é a avaliação por opções reais, e tudo que a antecede passou a ser chamado de teoria clássica. Mas muitos problemas enfrentados nas abordagens encontradas na literatura de avaliação de opções reais são antigos. Em função da analogia com as opções financeiras, a metodologia proposta para avaliação das opções reais originaram dos modelos de apreçamento de opções financeiras. Mas esta extensão metodológica é em si problemática, pois os ativos ditos reais e os ativos financeiros guardam entre si importantes diferenças como: risco privado, completude dos mercados, diferenças de liquidez, reversibilidade e uma profunda diferença entre os níveis de assimetria de informação. Estas diferenças comprometem a significância dos resultados finais desta avaliação, pois violam algumas hipóteses que estão por de trás da teoria de apreçamento de opções financeiras, além de não incorporar a parcela de risco privado na avaliação, apenas risco de mercado. Outras abordagens para avaliação de opções reais surgiram para tentar resolver o problema da incompletude dos mercados, mas também retornam a outros problemas já discutidos na teoria clássica como, por exemplo, a dificuldade da escolha da taxa de desconto e a subjetividade da estimativa de um fluxo de caixa equivalente certo. Apesar de ter criado um novo paradigma na concepção de valor dos projetos de investimento, a literatura da teoria de opções reais é ainda divergente quanto aos métodos de avaliação. Este trabalho tem como objetivo discutir as dificuldades práticas de se avaliar/ quantificar as opções de um ativo real que se dá tanto pela inadequação dos métodos de apreçamento próprios para derivativos financeiros, quanto pela subjetividade que se incorre com a utilização de métodos alternativos.
The valuation of investment opportunities is undoubtedly a topic of great interest as it is the manner by which firms guide their investment decisions and assess whether this or that project creates or not value. The valuation theory of productive investments starts its way on the Net Present Value Rule (NPV) and branches along its literature, pursuing always the goal of incorporating the uncertainty into the models. The current stage of this path is the valuation of real options, and so everything that precedes it is now called classical theory. Nevertheless, many problems in the approaches found in literature for assessing real options are old. As the analogy with financial options is common, the proposed methodology for pricing real options bases itself in the financial options models. But this methodological extension is in itself problematic, as the so-called real assets and financial assets retain important differences between themselves such as private risk, completeness of markets, differences in liquidity, reversibility and a dramatic difference in the levels of information asymmetry. These differences undermine the significance of the valuation’s final results, as they violate some of the assumptions behind the pricing theory of financial options. As well as that, only the market component of risk is considered in the assessment, leaving private risk unattended. Other approaches for pricing real options have emerged in order to tackle the problem of market incompleteness, but are not able to prevent other issues already discussed in the classical theory, such as the difficulty in choosing the discount rate and the subjectivity of the certainty equivalent cash flow estimation. Despite having created a new standard in the understanding of what does the value of an investment project represent, real options literature is still uneasy with regards to valuation methods. The aim of this dissertation is to discuss the practical difficulties in the valuation/ quantification of the options present in a real asset. These are given both by the inadequacy in the methods that were designed specifically for financial derivatives, and by the subjectivity that is incurred when one makes use of alternative methods.
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Meave-Flores, Gerardo 1953. „Investment portfolio analysis: Energy and gold-minerals“. Thesis, The University of Arizona, 1987. http://hdl.handle.net/10150/291766.
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The purpose of this research is to analyze the impact that a sample of securities blended together would have upon the variance of the expected returns of an energy and a gold-minerals portfolio. A framework based on the Markowitz model, but solved linearly, has been constructed in which the optimal weight of each security in its respective portfolio is determined in order to minimize variance given the expected portfolio returns. The data elaborated for each stock (price, return and dividend) were on an annual basis for a period of 16 years and are the basis from which the projections of both the energy and the gold-minerals portfolio expected returns were derived. The results show that the variance in both portfolios is considerable, because stocks as a group show co-movement, meaning that stocks tend to do well or poorly as a group.
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Корява, Діана, und Diana Koriava. „Analysis of the investment climate in Ukraine“. Thesis, Національний авіаційний університет, 2020. http://er.nau.edu.ua/handle/NAU/43596.
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Nowadays, one of the global indicators of sustainable development of the country is the level of transparency of the economics and its attractiveness to foreign investors. In the context of economic growth and enhanced integration processes, the issue of attracting foreign investments in the country's economy is quite urgent.
It is worth noting that the investment climate is a set of social, economic, organizational, legal, political, socio-cultural prerequisites, which determines the attractiveness and feasibility of investing in a particular industry of the country.
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Gjata, Enkeleida. „Investment analysis for "Tomorri Ltd.", Berat, Albania“. Master's thesis, This resource online, 1995. http://scholar.lib.vt.edu/theses/available/etd-03302010-020540/.
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Söderbom, Måns. „Investment in African manufacturing : a microeconomic analysis /“. [Göteborg : Nationalekonomiska institutionen, Handelshögskolan vid Göteborgs universitet], 2000. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009002322&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Clatworthy, Mark Anthony. „Transnational equity analysis : evidence from UK investment analysts and institutional investors“. Thesis, Cardiff University, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.432665.
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This thesis responds to calls for research into transnational investment decisionmaking by institutional investors and investment analysts. This issue has assumed a growing significanceo ver recent decadesd ue to the internationalisationa nd institutionalisationo f equity markets. Transnationald ecision-makingp rocessesa re also of import to the debate on the harmonization of international accounting. Using a questionnaires urvey and semi-structuredin terviews, the thesis investigates three related issues. First, it examines and compares the analysis techniques used by UK analystsa nd fund managersin analysingd omestica nd oversease quities. Second, it investigatesth e sourcesu sedb y fund managersa nd investmenta nalystst o inform domestic and transnational equity decisions, placing particular emphasis on accounting information and direct company contact. Finally, the research examines the attitude of the investment community to the international harmonization of accounting. In particular, it assessews hether fund managers'a nd investment analysts' decisions are affected by international accounting differences and gauges the views of these important users of accounting information on the harmonization process. The main findings are that fundamental analysis is the predominant appraisal technique in domestic and transnational equity analysis, irrespective of the country of domicile of the company being analysed. However, in order to facilitate international accountingc omparisons,a nalystsa nd fund managersu se ratios and measuresw hich are largely unaffected by international accounting differences when analysing overseasc ompanies. In particular, earningsb efore interest,t ax, depreciationa nd amortisation (EBITDA) is perceived as useful for cross-border comparisons. In respect of the information sources used to analyse overseas companies, direct company contact and the annual report remain the most influential overall. The financial statementsa rc clearly the most heavily utilised componentso f the annual report, yet there is some evidence that qualitative information in the annual report is more useful in overseasc ompanya nalysis. UK fund managersa lso rely on locallybaseda nalystsi n overseasc ompanya nalysisi n order to overcomep ossible information asymmetriesa nd for assistancew ith internationala ccountingd ifferences. However,f und managerse xpressedc oncerno ver analysts' independenced ue to analysts'r eluctancet o j eopardiseth eir relationshipw ith companym anagement. Although international accounting differences are not perceived to have a material effect on transnational investment decisions, the findings demonstrate substantial support from the financial community for harmonization. Indeed, analysts' and fund managersd' ecisionsa re themselvesa market-basedfo rce for harmonization,a s companiesu sing opaquea nd 'unfamiliar' accountings tandardsa re penalisedt hrough higher capital costs imposed to allow for additional accounting risk.
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Min, Junhong. „Relationship memory and performance an empirical test of governance value determinants in inter-firm relationships /“. Diss., Online access via UMI:, 2008.
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Zeise, Carl Eric. „Analysis of trade dependence and correlation of market returns to hedge portfolio risk“. CSUSB ScholarWorks, 2006. https://scholarworks.lib.csusb.edu/etd-project/3036.
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The project examines the relationship between trade interdependency and correlation of market returns between the United States and the four emerging economies of Singapore, Malaysia, Thailand and the Philippines. The author analyzed statistical data for trade interdependency and market return to determine if there is a pattern that would provide the basis for increasing the return of a security portfolio without increasing the risk to the investor. The project analysis relied on mathematical formulas to measure the trade relationships between the selected countries and to calculate the measure of return and measure of risk of investing in each emergent market.
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Annan-Diab, Fatima. „Multinational enterprises and investment motivations : a strategic analysis of inward direct investment into Ireland“. Thesis, Royal Holloway, University of London, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.586729.
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From both a firm and country perspective understanding the nature of multinational investment decisions is an important topic in understanding the contribution it makes to the economic growth, development of national prosperity and wealth creation of individual countries. The corporate decision as to where to invest, the resources and core competences to commit to each location is crucial for the creation of a firm's sustainable competitive advantage. Understanding the process of corporate investment decisions contributes to generating effective managerial recommendations to be adopted by multinational enterprises and to generating appropriate economic policies for host countries to enhance their attractiveness as investment destinations. The objective of this thesis is to develop a conceptual framework that provides insights into the strategic decision-making behaviour of multinational firms. It seeks to advance the understanding of the link between multinationals' foreign direct investment behaviour and location-specific considerations, which influence their ultimate investment decisions. The underlying assumption of this research is that in a changing global economy, resources and core competences of the multinational firm drive its decision making process with respect to international investment; furthermore multinational investment decisions are influenced by the changes in the environment of the host country. The notion that the manner in which a firm utilises its resources contributes to the development of its core competences directly influences its strategic and investment decisions. As a consequence, firms must examine and understand the resources and capabilities that enable them to generate above-normal 'rates of return'; this process will help the organisation to compete in the most effective manner in dynamic global markets. This research adopts a resource-based view with relevant key insights drawn from International business theory to understand multinational foreign direct investment decisions and motivations. The development of a theoretical framework for . multinational investment motivations bridges the resource-based view and international business literature; additionally it addresses a key challenge for the two literatures by reducing fragmentation and synthesising different theoretical perspectives.
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Chan, Chun Keung. „A study of the relationship between volatility premium and option returns over different time horizons: an ex-post and ex-ante empirical analysis using bid-ask data“. HKBU Institutional Repository, 2016. https://repository.hkbu.edu.hk/etd_oa/307.
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There are three distinct avenues of empirical research relating to option returns. (1) attempts to explain option returns; (2) analysis of models forecasting option implied volatility (IV) versus alternative forecasts of futures realized volatility (RV); and (3) estimation of the economic benefit of volatility forecasting. This study shows that the three apparently disparate fields of research are closely related since option returns are positively related to volatility spread, and asset returns are negatively related to volatility shock. We show that IV outperforms, and indeed subsumes, a subset of time-series historical volatility (TS-HV) forecasts in predicting RV, although the finding that TS-HV does not provide incremental information in forecasting RV, the use of the alternative predictor can enhance the economic profit to option traders. The study also shows that option horizons significantly affect the impact of option mispricing and market direction on option returns. We provide incremental evidence that puts are more expensive than calls and reinforce the argument that pricing asymmetry can be attributed to the greater skewness of put returns due to a negative return-volatility relationship.
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Dangl, Thomas. „Investment and capacity choice under uncertain demand“. SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 1999. http://epub.wu.ac.at/1422/1/document.pdf.
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This paper extends the real options literature by discussing an investment problem, where a firm has to determine optimal investment timing and optimal capacity choice at the same time under conditions of irreversible investment expenditures and uncertainty in future demand. After the project is installed with a certain maximum capacity, this capacity is fixed as an upper boundary to the output and cannot be adjusted later on. It turns out that, in the framework of this once and for all decision, uncertainty in future demand leads to an increase in optimal installed capacity. But on the other hand it causes investment to be delayed to an extent that even small uncertainty makes waiting and accumulation of further information the optimal decision for large ranges of demand. Limiting the capacity which may be installed weakens this extreme effect of uncertainty. (author's abstract)Series: Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science"
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Muchinguri, Tawanda. „Investment Promotion; Foreign Direct Investment Determinants and Policy Framework Analysis for India: Lessons for Zimbabwe“. Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28389.
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Today Zimbabwe finds itself on the cusp of a new era, an inflection point which should set the country on a path towards recovery and sustainable economic growth, after years of being in a socio-economic quagmire yet extravagantly endowed with natural resources and extraordinary human capital. This study seeks to examine how best to unlock this untapped and embedded value for the emancipation of Zimbabwe’s people by looking at how other countries have extricated themselves from similar situations by the use of foreign direct investment. Pursuant to this cause, the author identified India as a case study from which Zimbabwe can learn and thus seeks to identify and measure the determinants of foreign direct investment and understand the policy framework underlying these determinants. Gross domestic product, trade, the exchange rate, inflation, foreign reserves and the foreign direct investment restrictiveness index were employed as variables in the research using annual data over a 27 year period from 1990 to 2016. This period was deliberately chosen to capture the impact of the liberalisation and reform efforts which set India on a growth path and today is the biggest recipient of greenfield foreign direct investment. The autoregressive distributed lag cointegration framework was employed as an estimation technique to examine the long-run relationship between foreign direct investment and the chosen explanatory variables. The findings reveal that the exchange rate and the foreign direct investment restrictiveness index are the key determinants of FDI in India with a negative relationship, thus a stronger Indian rupee and better restrictiveness index rating lead to more foreign direct investment inflows. Based on the results, placed in the context of India’s foreign direct investment policy framework, the study makes bespoke and befitting recommendations to the Zimbabwean authorities on how to use the import and the tenets of the foreign direct investment restrictiveness index as a basis for devising far reaching reforms needed to attract foreign direct investment for the sustainable development of Zimbabwe.
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Rios, Cesar G. „Return on investment analysis of information warfare systems“. Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 2005. http://library.nps.navy.mil/uhtbin/hyperion/05Sep%5FRios.pdf.
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Taheri, Kayvan, Daniel Bergman und Filip Henriksson. „The role of sustainability reports in investment analysis“. Thesis, Jönköping University, JIBS, Accounting and Finance, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12405.
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Bergman, Daniel, Kayvan Taheri und Filip Henriksson. „The role of sustainability reports in investment analysis“. Thesis, Jönköping University, JIBS, Accounting and Finance, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12878.
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Eriksson, Emil. „Wind farm layout : a reliability and investment analysis“. Thesis, Uppsala universitet, Institutionen för teknikvetenskaper, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-162498.
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Investment and maintenance costs are higher for offshore wind power compared to onshore. Also, wind turbine components offshore are subjected to higher physical stresses compared to components onshore, due to harder winds. These strong winds often lead to longer outage times of failed offshore components compared to onshore. The reliability of the Swedish offshore wind farm Lillgrund is analysed in this report. The consequence of a component failure might be a smaller energy production than expected. This loss of energy is called expected energy not supplied (ENS) [GWh/year]. High ENS-values risks the profitability of the investment. Thus, the ENS-value of Lillgrund has been calculated with a reliability analysis and is then used as input in an investment analysis, to see how the reliability of the farm affects the investment proposal. Three alternative layouts, where the transformer is placed on land instead of on a platform offshore, are compared to the original layout. The results show that all layouts have positive net present values (NPV), but there are not that big relative differences between the NPVs of the layouts compared to the total investment outlay. The result shows that a transformer on land is preferable when the distance from farm to the shore is 7.5 km or less, while for longer distances a platform is preferable. A sensitivity analysis shows that the NPV is most sensitive to long outage times of the turbines, compared to long outage times for cables and transformer. Results and views in the report are my own conclusions, based on the input parameters used. The views are not necessarily the views of Vattenfall. Also, it is important to notice that some data have been changed because of confidentiality. However, the qualitative results and conclusions still remain the same.
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Yang, Jinbin. „Economic analysis of blueberry investment in British Columbia“. Thesis, University of British Columbia, 2010. http://hdl.handle.net/2429/26231.
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The objective of this thesis is to examine reasons for boom-and-bust cycles of blueberries in British Columbia as a case study by performing financial analysis, estimating a price elasticity of blueberry supply, and simulating changes in the price and acreage of blueberries. In order to achieve the above stated objectives, three models will be constructed. First, a business planning spreadsheet model is constructed in order to analyze the profitability of blueberry investment in British Columbia. The model studies the profitability of blueberry production with high prices during the boom period and low prices during the bust period. The results demonstrate that farmers make fairly good returns on investment during times of high prices in the blueberry boom, while the returns in the bust period can barely cover their production costs.
Second, the dynamic supply response model of Nerlove (1958) is adopted in order to estimate a reduced form supply function for blueberry producers in British Columbia. The results show that blueberry farmers had an inelastic response to price changes in the short run and a highly elastic response to price changes in the long run. These findings help to explain why the acreage of blueberries has rapidly expanded over the past decade. Third, on the basis of the estimated price elasticities of blueberry supply, the cobweb model is used in order to simulate boom-and-bust cycles in the price and acreage of blueberries. The simulation adopts the convergent type of cobweb because the demand elasticity of blueberries is expected to be elastic. The result of simulations indicates that the more elastic the demand curve is, the quicker the price and acreage of blueberries converge to a steady state.
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Baum, Andrew Ellis. „An analysis of property investment depreciation and obsolescence“. Thesis, University of Reading, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.329097.
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McKoin, Pamela. „Investment analysis of a research and development park“. Thesis, Massachusetts Institute of Technology, 1985. http://hdl.handle.net/1721.1/75972.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1985.MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH
Bibliography: leaf [112].
by Pamela McKoin.
M.S.
42
Jackson, Kevin Edward Koonce Lisa Lynn. „An examination of investors' use of nonfinancial measures“. 2004. http://repositories.lib.utexas.edu/bitstream/handle/2152/2020/jacksonke042.pdf.
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LEE, YING-SHENG, und 李盈昇. „Sports investment analysis platform“. Thesis, 2017. http://ndltd.ncl.edu.tw/handle/36ss27.
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碩士國立雲林科技大學
創業管理碩士學位學程
105
This study is the research on feasibility to invest in sports lottery of Taiwan. It explores the difference between investment in sports lottery and common investment tools. Thus, besides the well-known investment tools, the public with intention of investment have sports lottery as the option. According to earnings announcement of sports lottery of Department of Physical Education, in 2016, revenue of sports lottery broke through NT$30 billion. This year, it is expected to be NT$35 billion. It shows that more and more people participated in investment of sports lottery. If the public with intention of investment and have insufficient knowledge of sports lottery obtain simple introduction and those who have purchased sports lottery acquire higher probability to obtain profits from sports competitions, it reveals the potential of market and it should be valuable innovative service. In fact, investment should be analyzed. Currently, in the market, there is no sports lottery analysis related industry. Based on above, analytical platform of sports investment is developed. This program of entrepreneurship is based on the members’ long-term experience and knowledge of sports competition. It not only analyzes sports competition to allow buyers to obtain profits, but also, more importantly, enhances people’s continuous support of sports activities.
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CHUN-NAN, KUO, und 郭軍男. „Superficies Investment Decision Analysis“. Thesis, 2014. http://ndltd.ncl.edu.tw/handle/15134422789313038641.
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碩士東吳大學
企業管理學系
102
The superficies investment decision faces challenging future uncertainties. It possesses a sequence of decisions including bid-or-not, product planning, and timing selection. In each stage, high risk choices must be made in prior to realization of uncertain events under which benefits are marginal because the superficies are not perceived as high value due to traditional land ownership thinking in Taiwan. The current practice relies on expert experiences and thus demands a comprehensive decision analysis model that supports high decision quality. Therefore, this study aims to develop a UNISON decision analysis framework that integrates qualitative scenario planning and quantitative decision tree analysis to evaluate multi-stage superficies alternatives. This study specially applies the min-max regret concept in the multi-stage decision so that the uncertainties of superficies decisions can be handled. A case study result shows that it would be better if the case company has not decided to bid the superficies and to invest in the following real estate projects which turned out a negative impact. This case study shows the viability of the proposed model to superficies practice.
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Wang, Yü-po. „Is momentum path-dependent? : judgment biases towards patterns in financial data /“. 1999. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:9934131.
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Wang, Wan-Ting, und 王琬婷. „Investor Sentment and Momentun Investment Strategy for Investment Portfolio Analysis“. Thesis, 2016. http://ndltd.ncl.edu.tw/handle/81873545811571673550.
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碩士南華大學
財務金融學系財務管理碩士班
104
Using monthly data on Taiwanese public-listed firms in TSE from Janauary 1991 to December 2015, this thesis empirically investigate the umpacts of investor’s sentiment states on the portfolios of moementum starategies. The empirical findings indicate that price momentum in all periods show significantly positive returns at announcement date (t=0), the winer-losser potfolios present the significantly positive returns. During the pesemistic period of investor’s sentiment, all potifolio at anouncement date show significantly positive returns in the short-term, while kepping the significance in the long-run of 5-6 and 8-9 months.
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Baloyi, Livhuwani. „An analysis on drivers of international investment decisions in South Africa“. Thesis, 2018. http://hdl.handle.net/10386/2382.
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Thesis (M. Com. (Economics)) -- University of Limpopo, 2018Many developing countries are trying to make their business environment more attractive to foreign investors. They try this by relaxing rules regarding market entry and foreign ownership; improving infrastructure and making other efforts to enhance their chances of becoming a destination country for foreign direct investment (FDI). Among the characteristics of globalisation is the unrestricted capital flow and access to world market. Global FDI stocks have been on the increase and many more African countries are becoming more open to FDI, even though it still remains low. Therefore, the main objective of this study is to provide an analysis of the driving factors towards foreign direct investment in South Africa. The ARDL approach is used to investigate drivers of international investment decisions in South Africa using quarterly data from 2007Q1 to 2017Q1. The bounds cointegration method was chosen to analyse the long and the short run relationship amongst the variables of interest. In addition, the Granger Causality test was used to determine causal relationships between FDI and other variables. The study found that household income level had an effect in the stock of FDI. It also found that labour productivity increased the total output of goods and services and therefore impacted on the stock of FDI in the country. Public infrastructure investment and interest rates are also among the important factors that determine FDI inflow. Furthermore, the dummy variable has a significant negative effect and it shows that labour strikes and unrests affect FDI negatively. Although South Africa has implemented strategies to attract more FDI, recent political instability and labour disputes has left investor weary of the future of the economy therefore a refinement of some of these policies is needed if the country is to be successful in this regard. The county should also focus on developing and maintaining quality infrastructures in terms of, roads, telephones, internet access, water and electricity supply.
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Wu, Chien-Tai, und 吳建臺. „Analysis of Momentum Investment Strategies“. Thesis, 2006. http://ndltd.ncl.edu.tw/handle/31873338546286259685.
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博士國立中央大學
財務金融研究所
94
This thesis is consisted of two essays that investigate various aspects of the momentum investment strategies. The first essay investigates the sources of individual stock-based and portfolio-based momentum profits by decomposing the portfolio-based momentum profits into time-series predictability of individual stock returns, and brings out the explanations of different performances of the two different kinds of momentum strategies in different investment horizons. Empirical findings reveal that the effects of cross-autocorrelation on portfolio-based momentum are divided into two parts; regardless signs of the cross-autocorrelations, this two parts will cancel out each other partly. Besides, the formation of portfolio will dilute the effects of autocorrelation on portfolio momentums and reduce the cross-sectional variation in expected returns. The characteristics of portfolio-based momentum mentioned above, and the time-series characteristics of individual returns, are the main reasons that cause different performance. The second essay analyzes global momentum strategies. Using Datastream database, we found that momentum profits exist in global stock markets as a whole, no matter individual stock-based or portfolio-based momentum. The profits of individual stock-based momentum mostly come from cross-sectional variation in expected returns, but a large part of portfolio-based momentum returns comes from time-series predictability. For country momentum, it is autocorrelation that contributes momentum profits, and for industry momentum, it is cross-autocorrelation that contributes momentum profits.
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Mohapatra, Debasish. „Investment Analysis in Mining Industry“. Thesis, 2009. http://ethesis.nitrkl.ac.in/36/1/10505002.PDF.
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Mining used to be a business primarily focused on the technical aspects of getting
valuable ore out of the ground and extracting the minerals in a metallurgical efficient way. Although
the importance of these skills cannot be denied, a narrow focus on technical issues is no longer
sufficient to guarantee success, even in the richest ore bodies. Skill in economics is an essential
partner to technical skill in every step of the mining process. The economic way of thinking starts
from before the first drill hole is put in the ground. It includes not just the most economic way of
mining, but also the most economic way of going about assessing mining projects. It directs mining
strategy and takes equal notice of the forces of world progress and the forces governing individual
human action. The scope of this project includes what is meant by a cost-effective mining scheme. It
includes the economics of information, as well as the procedures for rational evaluation of mining
projects under uncertainty. It reexamines the definition of ore from an economic perspective .The
application of DCF techniques in an operating mine environment is given expanded coverage,
and examples are drawn from real-life studies. A real life case study of a mine (Bhubaneswari
O.C.P) is taken and the balance sheet is analyzed to prepare a cash flow statement for the same.
This paper also throws light on the computational approaches that can be used for investment
analysis. Few computer programs show some aspects of capital budgeting techniques
calculations in form of C&C++ programs.
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Von, Reibnitz Anna. „Active opportunity and fund performance“. Phd thesis, 2013. http://hdl.handle.net/1885/151702.
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The active funds industry is large and growing. However empirical evidence suggests that the average active fund produces negative risk-adjusted performance after expenses. This is commonly taken as evidence that active fund managers lack the skills to justify the fees they charge. Existing studies look at performance over a sample period as a whole, without conditioning on the active opportunity set faced by fund managers. Yet active opportunity is not constant and has a major influence on the success of active strategies. This dissertation investigates the impact of active opportunity, as measured by cross-sectional dispersion in stock returns, on active fund performance. I find that a positive relation exists between active opportunity and the average performance of active funds. During periods of high return dispersion, in which active strategies have the greatest impact on returns, active fund performance on average significantly exceeds that achieved during lower dispersion months, in which active strategies are of lesser effect. Stratifying my sample based on the activeness of funds' strategies reveals that the positive relation between dispersion and fund performance is increasing in the activeness of the fund. A portfolio comprising the least active funds significantly underperforms when dispersion is low and does not improve when dispersion is high. A portfolio of the most active funds, on the other hand, does not significantly underperform in low dispersion months and achieves significantly higher performance in high dispersion months. Moreover, the outperformance of the most active funds relative to the least active funds documented in the literature is largely concentrated in months of high return dispersion. Bootstrap simulations performed to distinguish skill from luck in fund performance confirm that the prevalence of managerial skill significantly increases with fund activeness. Regardless of the performance metric employed, the least active fund portfolio contains the lowest prevalence of manager skill, with the highest prevalence of skilled managers contained within the most active portfolio of funds.