Dissertationen zum Thema „Investment risks“

This thesis is concerned with supply disruption risks and robust investment strategies in petroleum markets. We study two research areas: modelling oil and gas supply disruption risks, and robust portfolio management in financial and petroleum markets under supply disruption. Petroleum supply disruptions are persistent and financially catastrophic. Quantitative modelling of supply disruption risks is essential for energy market participants. We model petroleum supply disruptions using extreme value theory (EVT) and copula. Using EVT, we describe univariate oil and gas supply disruptions in terms of volumetric and financial losses. Copula functions are used to model the multivariate dependence between the supply disruptions. Our empirical results indicate that multivariate financial losses exhibit stronger positive dependence than multivariate volumetric losses. Portfolio management under uncertainty has been the central topic of extensive research in finance. Single and multi-period asset allocation models have been developed under several assumptions on the underlying price dynamics. It is well known that statistical measurements do not unfold the complete dynamics of the market, and inherently involve estimation errors. Robust optimization has been introduced to reduce perturbations arising in estimations of random parameters. Within the robust optimization framework, we first study the single period Markowitz mean-variance portfolio allocation problem under discrete assets choice constraints. Special emphasis is placed on worst-case robust optimal strategies which yield reduction on discontinuity with guaranteed performance. We are also concerned with robust investment strategies in petroleum markets. We formulate three different but related problems in context of portfolio management within energy markets. The first model considers standard energy trading strategies using futures contracts under price and demand uncertainty while the second one uses swap contracts under price uncertainty for hedging purposes. The last model integrates energy and weather derivatives for hedging price and weather uncertainties in petroleum markets. A tractable robust approach to the portfolio allocation problems is proposed to reduce parameter estimation errors arising in stochastic price and demand processes as well as supply disruption and weather uncertainties. The robust counterpart of the underlying problem involves worst-case outcome of the stochastic data in terms of spot price, demand or temperature within the uncertainty sets. We investigate modelling implications of symmetric and asymmetric uncertainty sets and analyze the impact of parameter estimation error within the portfolio allocation problems.

Attracting foreign direct investment (FDI) is of utmost importance for African countries in order to create employment opportunities, reduce poverty and to ensure sustainable economic growth. Despite Africa’s exceptional FDI performance during the past decade, the majority of FDI inflows have been directed to a few selected countries. As investors face many risks when investing in developing countries it is argued that risk perception plays a vital role in the FDI inflows into Africa. This thesis focuses on the relationship between risk and FDI. A structural equation model is used to analyse this relationship with a dataset of ten risk categories and FDI data from 42 African countries. The importance of SEM for this study lies in the capability of modelling data from multiple groups. Hence, the four sectors used comprise metals, automotive, communications and the real estate sector. Overall results indicate that government effectiveness and legal and regulatory risks produce the biggest concern for investors. The conclusion is that there are different risk patterns regarding FDI in Africa. The empirical results further imply that if African countries wish to attract the levels of FDI required to stimulate economic growth, policies are needed to reduce risks in order to create a favourable investment climate for investors.
Thesis (MCom (International Trade))--North-West University, Potchefstroom Campus, 2013.

The aim of the article is to discuss the main problems in land-development activity. The study focuses on land acquisition problem. In the article we describe possible implications of difference between real estate market and investment value, and enumerate major sources of investment risk. (author´s abstract)
Series: SRE - Discussion Papers

Due to the low interest rates and uncertainty in the economic outlook investors seek alternative investments to achieve a satisficing return. Real estate is the third largest asset class and represent a large amount of physical capital with a unique risk. For an investor's utility-maximizing real estate should be a natural part of a portfolio. The thresholds for investing in real estate has generally been very high but thanks to digitisation, the emergence of Internet-based platforms facilitated and enabled capital seekers to exploit small private investors. The intermediate method is called crowdfunding. Through observations, interviews, questionnaires to potential investors in crowdfunding for real estate and literature studies, a triangulation from an investor perspective has allowed an investigation of crowdfunding of real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest growth in recent years. The first crowdfunding platform within real estate on the Swedish market was introduced in 2014. So far, projects presented on the platform have been successful and generated returns. For an investor, the phenomenon also implies risks. Today there is no legal definition of crowdfunding and the market is only partially regulated. In many respects, the consumer protection is not equivalent to the ones available for regulated investment vehicles. The new phenomenon also implies limited liquidity and lack of a secondary market. Crowdfunding is facing both challenges and opportunities in the future.
På grund av det låga ränteläget och den osäkra konjunkturutsikten söker investerare alternativa investeringar för att nå en tillfredställande avkastning. Fastigheter utgör den tredje största tillgångsklassen och representerar en stor mängd av fysiskt kapital med unik risk. För en investerare som är utility-maximerande borde fastigheter vara ett självklart inslag i en portfölj. Trösklarna till att investera i fastigheter har vanligtvis varit mycket höga men tack vare digitaliseringen har uppkomsten av internetbaserade plattformar underlättat och möjliggjort kapitalsökare att exploatera små privata investerare. Den intermediära metoden kallas crowdfunding, eller gräsrotsfinansiering som det också benämns. Genom observationer, intervjuer, en enkätundersökning med potentiella investerare i fastighetscrowdfunding samt litteraturstudier har en triangulering ur en investerares perspektiv möjliggjort en kartläggning och utredning av crowdfunding av fastigheter. Inom crowdfunding är fastighetsbranschen det område som har haft störst tillväxt de senaste åren. Sveriges första digitala crowdfundingtjänst för fastigheter infördes på kapitalmarknaden under 2014. Hittills har projekten för fastighetscrowdfunding i Sverige varit framgångsrika och generat avkastning men för en investerare innebär crowdfunding också en hel del risker. Idag finns ingen legal definition av crowdfunding och marknaden är bara delvis reglerad. I flera avseenden saknas ett konsumentskydd motsvarande det som finns för reglerade investeringsformer. Det nya fenomenet innebär också en begränsad likviditet och avsaknad av andrahandsmarknad. Crowdfunding står inför både utmaningar och möjligheter i framtiden.

nÃo hÃ
In this article, was analyzed the capacity of valuation and forecast on the main stock investment funds in the Brazilian market, using the Capital Asset Pricing Model (CAPM), the Fama e French (1993) factor model and the Carhart (1997) four-factor model. According to the results, we have a better performance of the CAPM vis-Ã-vis the factor models, even for the investment funds that over perform the market. This result can be seen as an evidence of the necessity to develop a factor model a la Fama and French, but specific for investment funds.
Neste estudo foi analisada a capacidade de apreÃamento e previsÃo de retorno para os principais fundos de investimento em aÃÃes no mercado brasileiro, utilizando o modelo Capital Asset Pricing Model (CAPM), o modelo de trÃs fatores desenvolvido por Fama e French (1993) e o modelo de quatro fatores apresentado por Carhart (1997). Os resultados mostram uma melhor performance do CAPM vis-Ã-vis os demais modelos de fatores usados, mesmo para fundos de investimento que tenham âsuperado o mercadoâ. Esta pode ser uma evidÃncia da necessidade de se derivar um modelo de fatores a la Fama e French, mas especÃfico para fundos de investimento.

Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2012.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 154-157).
The effects of the recent financial crisis have been devastating. Its causes are not well understood, but most people agree that incentive structures led to behaviors which are not captured by the standard theoretical paradigms of finance and economics. In this thesis, I analyze two models in which incentive structures cause deviations from such standard paradigms; one model focuses on the investment allocation process at the portfolio level and the other focuses on the investment allocation process at the financial system level. These two models are unified by the theme that incentive structures affect investment and risk in ways which are not captured by prevailing theoretical paradigms; my goal is to analyze these models so as to propose tools for identifying and/or mitigating their effects on risk and investment allocation. In analyzing the results of the asymmetric compensation incentive structure at the portfolio level, I propose a statistical inference tool which is able to decouple the information components of a portfolio allocation due to an equilibrium asset pricing model from the components due to the portfolio manager's proprietary views. Such information is useful for risk management purposes as it allows one to examine whether the portfolio manager has implemented "outrageous" views in his portfolio. To explore the effects of incentive structure at the financial system level, I analyze an agent based model of the financial system inspired by recent empirical evidence of levered financial intermediary procyclical balance sheet management practices and propose an optimal rate setting rule for the Federal Reserve which mitigates some of the undesired effects on investment allocation and risk which arises from the endogenous financial system agent interactions.
by Stavros Athans Valavanis.
Ph.D.

На сьогоднішній день інвестиційна діяльність прямо пов’язана з будь- яким ризиком. Адже досить часто виникають непередбачувані втрати в процесі управлінської діяльності. Присутність ризику є обов'язковим компонентом підприємницької діяльності і виступає як фактор просування фінансової системи. Інвестори можуть зіткатися з різноманітними проблемами, бо вкладаючи кошти в виробництво певних товарів чи послуг, вони не мають точної впевненості, що саме ця діяльність принесе успіх, а головне прибуток.

Thesis (PhD)--University of Stellenbosch, 2002.
ENGLISH ABSTRACT: As the title suggests, the major challenge that this study faces is to set out and design a model for analysing and enabling the management of political risk as investment risk - a model that is both sensitive to and reflective of the comprehensive business and investment climate in a country, not only credit or country risk, or only pure political risk in its narrowest definition. In reading about past and more recent research in the field of political risk analysis, it becomes clear that many authors begin by noting the diversity and the discrepancies of the existing definitions of political risk, but evidence in political risk insurance shows that the major perceived political risks that investors insure their interests against seem to be confiscation, expropriation and nationalisation. In the light of this study's findings though, a case can be put forward for urging that the conceptualisation of political risk be extended to further include any or all of the micro political risk factors and their indicators that have been identified to ensure that political events do not impact negatively on a foreign company's profitability. Foreign investors put assets at risk to achieve their objectives and the assessment of these risks, including political risks, is the key to successful operations. Opportunities and risks are often two sides of the same coin and political risk comprises a large part of the environmental forces in terms of the management challenges a Multinational Company (MNC) faces in any investment climate. A firm's foreign investment strategy deals with the positioning of the organisation in an uncertain host country environment and investment climate. This study attempts to explain how a firm's political risk exposure, which refers to the sensitivity of a firm's projected profitability and operationability in a host country to changes in the investment climate, could be managed and reduced. It is hoped that political risk analysis and management can assist foreign operations in managing the risks that might have otherwise proven to be destructive to profitability and operationability. It is irresponsible to present a potential investor with a risk assessment that does not incorporate political risk factors and their indicators, let alone environmental, societal and socio-economic risk factor indicators. Ultimately any business climate, regardless of the country being studied, is underwritten by a political system, political climate, political culture and business culture of the system in which foreign business wishes to operate profitably. What is often labelled as unnecessary and irrelevant detail in risk analysis often results in a lack of using micro risk factors and their indicators and an underestimation of the importance of such micro risk indicators. Hopefully this study takes up the challenge of showing that political risk can be managed and political risk analysis can be made more precise - that it is possible to measure and manage political risk.
AFRIKAANSE OPSOMMING: Soos die titel van hierdie studie voorstel is een van die grootste uitdagings die ontwerp van 'n model vir die analise van politieke risiko as beleggingsrisiko - 'n model wat ter selfde tyd sensitief is vir en weerspieëlend van 'n land se algemeen omvattende besigheids- en beleggingsklimaat, en nie slegs suiwer politieke risiko in die nouste sin van die woord nie. 'n Literatuurstudie van meer onlangse navorsing, asook navorsing wat in die verlede gedoen is oor politieke risiko en die analise daarvan, dui daarop dat baie outeurs melding maak van die diversiteit en teenstrydighede in die bestaande definisies van politieke risiko. Die teenwoordigheid van versekering teen politieke risiko wys egter daarop dat die primêre politieke risiko's waarteen beleggers hulle belange verseker meesal nasionalisering en onteiening is, asook die beslaglegging op beleggings. Teen die agtergrond van hierdie studie se bevindinge, kan daar egter 'n saak uitgemaak word vir die verbreeding van die konseptualisering van politieke risiko om enige of alle van die mikro-politieke risiko faktorindikatore wat in hierdie studie identifiseer word in te sluit, om sodoende te verseker dat die negatiewe gevolge wat politieke gebeure moontlik mag inhou vir 'n buitelandse maatskappy se belange, sover moontlik beperk word. Buitelandse beleggers stel bates bloot aan risiko's ten einde voorafgestelde doelwitte te bereik en die assessering van hierdie risiko's, insluitende politieke risiko's, is 'n groot bydraende' faktor tot die suksesvolle bedryf van buitelandse beleggings. Geleenthede en risiko's is dikwels twee kante van diesIefde muntstuk en politieke risiko maak 'n groot deel uit van die uitdagende beleggingsomgewing waarin die bestuur van 'n multinasionale korporasie (MNK) daagliks moet funksioneer. 'n Maatskappy se buitelandse beleggingstrategie handel met die posisionering van die organisasie in die onvoorspelbare beleggingsklimaat van 'n vreemde land. Hierdie studie poog ook om te verduidelik hoe die mate waarin 'n firma blootgestel word aan politieke risiko, met ander woorde die sensitiwiteit van 'n firma se voorgenome winsgewendheid en bedryf teenoor veranderinge in die beleggingsklimaat van 'n vreemde land, bestuur en verminder kan word. Daar word gehoop dat politieke risiko analise en die bestuur daarvan 'n bydra kan lewer tot buitelandse besighede se bestuur van hierdie risiko's, wat andersins 'n vemietgende impak kan hê op die winsgewendheid van buitelandse bedrywighede. Dit is onverantwoordelik om aan 'n buitelandse belegger 'n risiko analise voor te lê wat nie politieke risiko faktore en die daarmee gepaardgaande indikatore insluit nie. Die studie argumenteer verder dat faktorindikatore wat die fisiese omgewing, sosiale asook sosio-ekonomiese faktore aanspreek ook in 'n risiko analise ingesluit moet word. Oplaas is enige besigheidsklimaat, nieteenstaande die land wat bestudeer word, onderskryf deur 'n politieke stelsel, politieke klimaat, politieke kultuur en besigheidskultuur van die stelsel waarin die buitelandse besigheid winsgewende resultate as doelwit het. Wat dikwels beskou word as onnodige en irrelevante detail in risiko analise lei dikwels tot 'n gebrek aan die insluiting van mikro-risiko faktore en hulle indikatore weens 'n onderskatting van die noodsaaklikheid daarvan om juis sulke mikro-risiko faktorindikatore in 'n risiko analise in te bou. Hierdie studie aanvaar hopelik die uitdaging om te wys dat politieke risiko tog bestuur kan word en dat politieke risiko analise tog meer eksak gemaak kan word - dat dit wel moontlik is om politieke risiko te meet en bestuur.

The objective of this thesis is to contribute in the understanding of both the induced behavior and the underlying risks of a decision maker who is rewarded through option-like compensation schemes or who is subject to risk tolerance constraints. In the first part of the thesis we consider a risk averse investor who maximizes his expected utility subject to a risk tolerance constraint expressed in terms of the risk measure known as Conditional Value-at-Risk. We study some of the implicit risks associated with the optimal strategies followed by this investor. In particular, embedded probability measures are uncovered using duality theory and used to assess the probability of surpassing a loss threshold defined by the risk measure known as Value-at-Risk. Using one of these embedded probabilities, we derive a measure of the financial cost of hedging the loss exposure associated to the optimal strategies, and we show that, under certain assumptions, it is a coherent measure of risk. In the second part of the thesis, we analyze the investment decisions that managers undertake when they are paid with option-like compensation packages. We consider two particular cases: • We study the optimal risk taking strategies followed by a fund manager who is paid through a relatively general option-like compensation scheme. Our analysis is developed in a continuous-time framework that permits to obtain explicit formulas. These are used first to analyze the incentives induced by this type of compensation schemes and, second, to establish criterions to determine appropriate parameter values for these compensation packages in order to induce specific manager's behaviors. • We consider a hedge fund manager who is paid through a simple option-like compensation scheme and whose investment universe includes options. We analyze the nature of the optimal investment strategies followed by this manager. In particular, we establish explicit optimal conditions for option investments in terms of embedded martingale measures that are derived using duality theory. Our analysis in this case is developed in a discrete-time framework, which allows to consider incomplete markets and fat-tailed distributions -such as option return distributions- in a much simpler manner than in a continuous-time framework.
Business, Sauder School of
Graduate

The final aim of this thesis is to evaluate opportunities and risk factors of investing in China, in terms of pros and cons, and also to elaborate an optimal portfolio strategy. The pros regarding investments in China are (1) the economic liberalisation and reforms of the institutional framework; (2) the Chinese market’s huge potential and the high-growth IT and telecommunications sectors; (3) a favourable macroeconomic climate and an impressive development. The cons are (1) the mismanagement of the state-run companies; (2) the mainland exchanges’ intra-year volatility; (3) the export sector’s performance might decline; (4) the institutional framework is largely responsible for many risk factors; (5) a tougher competition climate after the entry in the WTO. Also, our calculations on an optimal portfolio strategy suggest that less risk-averse investors may want to consider the World/Shanghai portfolio, whereas the World/Shenzhen portfolio might instead suit the preferences of more risk-averse investors.

The link between Environmental, Social and Governance (ESG) shareholder engagement and financial risk and/or return is a very novel topic within the wider relevant literature. While prominent theoretical and empirical research has studied shareholder activism in the form of raising shareholder proposals, literature specifically pinpointing shareholder engagements, a rapidly growing alternative form of activism, is scarce. This thesis provides a quantitative analysis of a leading UK activist’s (Hermes Equity Ownership Services) ESG shareholder engagement and its impact on investment risk as well as the role of additional determining engagement factors lying behind these financial impacts. First, I investigate the issue of the ESG engagement effect on investment risk by examining the respective differences between target firms and control firms during the entire engagement period. The main finding is that ESG shareholder engagement creates a demonstrable value protection effect. The engagement targets have significantly less downside risk and Value at Risk than control firms. This result holds for subsamples of engagements related to governance theme, the combination of governance and social themes, and the combination of governance and environmental themes. However, this risk reduction effect disappears for environmental or social engagements alone. Moreover, I find that reduced risk only manifests for engagement targets that take actions/strategies to meet the investors’ requirements. Secondly, I analyse ESG engagement effects on investment returns and find little evidence of a strong association between the two. This conclusion holds for subsamples created by theme, industry or geography. I argue that ESG engagement hardly delivers any abnormal returns in the long run when the market learns the anomalies associated with ESG information. Thirdly, I further explore the financial impacts of ESG engagement and the mechanisms underlying it, focusing on the extractive industry only. I find that a successful engagement produces in average lower downside risk than a less successful engagement.

Philosophiae Doctor - PhD
There is considerable theoretical and empirical research devoted to the study of infrastructure investment and development and how they relate to economic growth. There is also evidence in developed economies that their economies grew following infrastructure investment. The inference can be made that infrastructure investment plays a positive role in economic growth. Sub-Saharan Africa (SSA) is immensely well-endowed with natural resources yet is the poorest region in the world. Furthermore, SSA countries have similar experiences of public infrastructure investment, such as not having enough transportation infrastructure or the lack of an adequate power supply. Where public infrastructure exists in SSA can be described as ageing, decaying, inappropriate, incomplete or dysfunctional to some degree. The study conducted both qualitative and quantitative analyses to evaluate infrastructure investment in three SSA countries – Angola, Democratic Republic of Congo and Ghana – to determine what levels of investment, challenges and needs are currently experienced in private and public infrastructure investment in the region, particularly pertaining to transportation, energy and ICT infrastructure, and what factors may be influencing investors to avoid investing in SSA infrastructure. The research found that the DRC has the least infrastructure investment while Ghana is ahead of the three countries. The research also found that while Ghana is ahead of the three countries, its governance system is also better and is less corrupt compared to the other two economies with the DRC being at the bottom. As a result, infrastructure investment in SSA has fallen far behind its trading partners due to poor governance and corruption.
2021-11-30

Thesis (MA)--University of Stellenbosch, 2003.
ENGLISH ABSTRACT: Instability in foreign political and social systems, changing power structures in international relations, and growing demands by host countries for a greater control over the operations of multinational enterprises (MNEs) have all led to the necessity of an improved way in which to determine foreign investment opportunities. Not surprisingly therefore, political risk assessment has become one of the fastest growing fields of study. Being concerned with the identification, analysis, management, and reduction of socio-political risks for foreign investors. The focus of this study is that of political risk analysis and the way in which it impacts on investor perception and consequently determines levels of foreign direct investment received by a particular country. Numerous definitions for the term "political risk" exist. Consequently, no specific definition is regarded as being completely correct since consensus still needs to be reached. One of the definitions used within this study is that political risk analysis is the analysis of the possibility that factors caused or influenced by governmental political decisions or other unforeseen events in a country will affect business climates in such a way that investors will lose money or not make as much profit as they expected when the initial decision to invest was made. These factors can be of internal (from inside the host country) or external origin, and can pose macro or micro risks. Foreign Direct Investment in brief is an investment involving a long-term relationship and reflecting a lasting interest and control of a resident entity in one economy in an enterprise resident in an economy other than that of the foreign direct investor. This study is a comparative between South Africa and Nigeria. South Africa and Nigeria share many similarities, they are both resource based, African countries. They are both fairly recent democracies, although some may contest the status of Nigeria as being a democracy. They are also both heterogeneous states, both consisting of various ethnic groups. Nigeria offers investors a low-cost labour pool, abundant natural resources, and a large domestic market. However, Nigeria suffers from an inadequate and poorly maintained infrastructure, confusing and inconsistent regulations, endemic corruption, and a lack of confidence in the rule of law. Despite all of this, Nigeria alone accounts for a quarter of FDI flows to Africa. In comparison, South Africa's FDI potential has not been fully exploited. This study will discuss the possible reasons why this is the case. The labour market in both countries and the challenges they face are discussed in depth within this study. Due to the fact that aside from investment, the economic growth within a country is dependent on a variety of factors, the backbone of which is the labour market. In determining levels of risk within both South Africa and Nigeria, this study made use of a political risk model. Although the intention has been to be as accurate and as thorough as possible, it should be noted that as yet, no generalised systematic method of conducting political risk assessment exists. Results, although extensively substantiated, remains the interpretation of the researcher and as such remains open to debate.
AFRIKAANSE OPSOMMING: Onstabiliteit in buitelandse politieke en sosiale stelsels, veranderende mag strukture in internasionale betrekkinge, en die groeiende behoeftes van gasheer lande om meer beheer uit te oefen oor die funksioneering van buitelandse maatskappye het alles gelei na die noodsaaklikheid van 'n beter manier om buitelandse investering te bepaal. Dus is dit nie verbasend dat politieke risiko analise deesdae een van die vinnigste ontwikkelende onderwerpe is wat bestudeer word nie. Politieke risiko analise is belangrik vir die identifikasie, analise, bestuur en vermindering van sosio-politieke risiko vir buitelandse investering. Hierdie studie fokus op die impak wat politieke risiko' analise het met betrekking tot belegger waarneming en hoe dit dan ook moontlik die bedrag van buitelandse investering wat 'n land ontvang, kan bepaal. Daar is verskeie definisies wat die term "politieke risiko" beskryf en gevolglik moet konsensus nog bereik word oor 'n "korrekte" een. Een van die definisies wat in hierdie studie gebruik word is dat politieke risiko die analise is van die moontlikheid dat sekere faktore wat veroorsaak is of wat beïnvloed is deur die regering se politieke besluite, asook ander onvoorspelbare gebeurtenise in 'n land wat die investerings klimaat so kan beïnvloed dat die buitelandse beleggers moontlik geld kan verloor of miskien nie die verwagte winste behaal wat hulle aanvanklik gereken het, sou behaal nie. Hierdie faktore kan of intern (binne die gasheer land) of ekstern van aard wees en kan dus makro of mikro risiko behels. Direkte buitelandse investering in 'n land is 'n belegging wat In lang termyn verhouding insluit en dit reflekteer ook 'n blywende belangstelling en beheer van 'n buitelandse maatskappy in 'n gasheer land in. Hierdie studie is 'n vergelykende studie tussen Suid-Afrika en Nigerië. Suid-Afrika en Nigerië deel baie ooreenkomste. Beide lande is ryk aan natuurlike bronne en beide is nog "jong" demokratiese lande. Sommige mense stem nie saam dat Nigerië wel aan al die vereistes van 'n demokrasie voldoen nie. Suid-Afrika en Nigerië is ook heterogene state wat uit verskeie etniese groepe bestaan. Nigerië bied vir die buitelandse belegger billike arbeid, oorvloedige natuurlike bronne, asook In groot binnelandse mark. Ten spyte hiervan, moet dit ook in ag geneem word dat Nigerië onder onvoldoende en In swak instandhouding van infrastruktuur, wispelturige regulasies, korrupsie en ook In swak regsisteem ly. Ten spyte van al hierdie faktore, ontvang Nigerië In kwart van alle buitelandse investering in Afrika. Suid-Afrika se buitelandse investerings potensiaal in vergelyking met ander lande moet nog ontwikkel word. Hierdie studie sal die moontlike redes vir Suid Afrika se oneksploiteerbare buitelandse investerings potensiaal bespreek. Die arbeidsmark en die uitdagings wat gestel word het In groot invloed op buitelandse investering. Hierdie studie het ten doelom beide lande se arbeidsmark te bespreek en te vergelyk met betrekking tot buitelandse investering. Om die moontlike risiko in altwee lande te bepaal, maak hierdie studie gebruik van In politieke risiko analise model. Die navorser het gepoog om so deeglik en akkuraat as moontlik te wees. Dit moet ook in ag geneem word dat daar nog geen veralgemeende metode van politieke risiko analise ontwikkel is nie.

Досліджено інвестиційні ризики в українській економіці, характерні для рецесії, та проблеми економічного зростання й економічної безпеки.
.
The investment risks in the Ukrainian economy, characteristic of the recession, and the problems of economic growth and economic security are studied.

Thesis (MDF (Business Management))--University of Stellenbosch, 2009.
ENGLISH ABSTRACT: The risk of operating in a foreign investment climate is a subject of interest to most investors looking for opportunities to expand their international footprint. There are many organisations that provide risk assessments of the levels of threat of specific risks in foreign countries. However, most focus on political or what is commonly known as country risk or they provide a summary of ranking providing a comparison of different countries’ investment climate attractiveness. The make-up of the variables used in coming up with the ranking or a view on a particular country do not usually provide a level of detail that allows an analyst to understand the qualitative issues that give a country a particular rating assessment or ranking. This research has tried to address this gap by coming up with a detailed qualitative model that provides understanding of the key sources of information required for each major category of risk. The research also attempts to integrate as many aspects of the business environment that could affect a country. A particular case of Malawi has been chosen to demonstrate the level detail and understanding the investors need to reach before making a decision on whether to invest in a country. The research focuses on three major areas. The first is to provide a good understanding of what is currently available for analysts to use in determining risk factors of a particular environment or risk category. The second is to illustrate the uses and limitations of the options available in the form of assessment reports or assessment models. The third is to develop a model and demonstrate its use in the context of Malawi’s investment climate.
AFRIKAANSE OPSOMMING: Die meeste van die beleggers op soek na geleenthede om hul internasionale voetspoor uit te brei, stel ook in die risiko belang wat besigheid in ’n buitelandse beleggingsklimaat inhou. Talle organisasies verskaf risiko-assesserings van die bedreigingsvlakke van spesifieke risiko’s in die buiteland. Die meeste van hulle kyk egter na politieke of landspesifieke risiko’s of hulle verskaf ’n opsomming waarin die ranglysposisies van die aanloklikheid van verskillende lande se beleggingsklimate vergelyk word. Die samestelling van die veranderlikes in hierdie ranglysposisies of oorsig van ’n spesifieke land verskaf gewoonlik nie voldoende detail aan die ontleder om die kwalitatiewe kwessies te verstaan wat aan ’n land ’n spesifieke assessering of ranglysposisie gee nie. Hierdie navorsing fokus op hierdie gaping deur ’n breedvoerige kwalitatiewe model te verskaf vir ’n beter begrip van die vernaamste inligtingsbronne wat vir elke groot risikokategorie vereis word. Hierdie navorsing poog ook om soveel aspekte van die sakeomgewing te integreer wat ’n land kan beïnvloed. Die spesifieke geval van Malawi is gekies om die vlak van detail en begrip te demonstreer wat beleggers nodig het voordat hulle ’n beleggingsbesluit ten opsigte van ’n land kan neem. Die navorsing lê op drie belangrike areas klem. Die eerste is om ’n goeie begrip te bied van die inligting wat tans aan ontleders beskikbaar is om die risikofaktore van ’n spesifieke omgewing of risikokategorie te bepaal. Die tweede is om die gebruike en beperkings te illustreer van die opsies wat in die vorm van assesseringsverslae of assesseringsmodelle beskikbaar is. Die derde is om ’n model te ontwikkel en die gebruik daarvan in die konteks van Malawi se beleggingsklimaat te demonstreer.

Dissertation (PhD)--Stellenbosch University, 2001.
ENGLISH ABSTRACT: Notwithstanding the importance of institutional financial investments and labour to the South African economy, relatively little attention has been paid by researchers to the interdependence of these two issues. As a result of this gap in the existing literature, a potential exists for inefficient financial investment decision-making by institutional investors with a resultant non-optimal allocation of valuable capital on the JSE Securities Exchange South Africa (previously known as Johannesburg Stock Exchange). The objective of this study thus embodies the evaluation of the impact of labour-related risks on financial investment decision-making regarding long-term insurance assets, given the basic theory available in this regard, so that the resultant recommendations can lead to a better utilisation of the theory by investors in general. The resulting tasks of the study are as follows: • To do a literature study of the basic theory available in this regard. • To obtain information about the relevant aspects, by means of personal interviews with investment practitioners responsible for financial investment decision-making, as far as long-term insurance assets are concerned. • To develop a tool that can be used to measure the degree of labour-related risk at enterprises for the purpose of financial investment decision-making. • To make suitable recommendations based on the critical analysis of the obtained information. Twenty-three interviews were conducted during March and the first half of April 1999 to cover the financial investment decision-making practices of the 47 participating long-term insurers, resulting in a 100 per cent response rate. The personal interviews were structured by using a written discussion guideline that was drafted with reference to the literature study. A distinction was made between the perceived labour-related risks in manual and knowledge worker enterprises. In addition to general information, the discussion guideline required the participating institutions to disclose information about the financial investment decisionmaking process in use at their institutions and to respond with regard to the perceived importance of various labour-related risk factors. The discussion guideline also required the participants to rank certain aspects in order of their significance when the degree of labourrelated risk at enterprises is determined. Finally, questions were asked to determine the relative importance of labour-related risks in general when financial investment decisions are taken. The information obtained during the interviews was summarised on an Excel spreadsheet and subjected to an elaborate statistical analysis to satisfy the objectives of the study. The majority of the data that were obtained during the survey are ordinal, because the discussion guideline made use of an ordinal level of measurement. With this in mind, the mean (as a measure of central tendency) and the range (as a measure of dispersion) are used to describe the data. Spearman's rank correlation coefficient is used as a measure of correlation. The sign test, being one of the simplest non-parametric tests, is used throughout the study to investigate whether the observed differences in opinion regarding manual worker and knowledge worker enterprises are significant. The study highlights the significant role of long-term insurance assets on the JSE Securities Exchange South Africa, as well as the significant differences between manual and knowledge worker enterprises regarding the perceived importance of labour-related risk factors for the purpose of financial investment decision-making. The large number of labour-related risk factors and the existence of significant correlation between many of them reflects the complicated nature of labour-related risks. The respondents regard labour-related risks between moderately and highly important for manual and knowledge worker enterprises when financial investment decisions are taken. Classification trees are introduced as the preferred method to deal with these complexities and to measure labour-related risks in manual and knowledge worker enterprises for the purpose of financial investment decisionmaking. These classification trees are constructed based on the wealth of experience of investment practitioners active in the long-term insurance industry at the time of the survey and with reference to the literature study. Generally, the most critical labour-related aspects to consider when the degree of labourrelated risk at manual and knowledge worker enterprises is determined, are internal to these enterprises and can be managed. Management and the labour force of enterprises should take cognisance of their responsibilities in this regard and the perceived ability they have to significantly influence the degree of labour-related risk at manual and knowledge worker enterprises. Other role players also have important roles to play in this regard, given the impact of the external environment on the degree of labour-related risk. The responsibility of enterprises to disclose the information required by investors to determine the prevailing degree of labour-related risk at enterprises is matched by the responsibility of investment practitioners to request and rationally assess this information. The resulting conclusions and recommendations of this study and the tool that is developed to measure the degree of labour-related risk at enterprises for the purpose of financial investment decision-making are largely based on the perceptions of investment practitioners active in the long-term insurance industry at the time of the survey. With this in mind, it is recommended that future research activities be aimed at enhancing the value of the classification trees developed in this study by applying the tree-growing method on actual cases where the variables can be measured and the eventual outcomes are determined.
AFRIKAANSE OPSOMMING: Desnieteenstaande die belangrikheid van institusionele finansiele beleggings en arbeid vir die Suid-Afrikaanse ekonomie, het navorsers tot dusver relatief min aandag aan die interafhanklikheid van hierdie twee aspekte gegee. Die leemte in die bestaande literatuur kan lei tot oneffektiewe finansiele beleggingsbesluitneming deur institusionele beleggers met die gevolg dat waardevolle kapitaal nie optimaal op die JSE Sekuriteitebeurs Suid-Afrika (voorheen bekend as die Johannesburgse Effektebeurs) verdeel word nie. Die doelstelling van hierdie studie behels dus die beoordeling van arbeidsverwante risiko's se invloed op finansiele beleggingsbesluitneming met betrekking tot die bates van langtermynversekeraars, gegewe die basiese teorie beskikbaar in hierdie verband, sodat die voortspruitende aanbevelings kan lei tot 'n beter benutting van die teorie deur beleggers in die algemeen. Die take van die studie is as volg: • Om'n literatuurstudie te doen van die basiese teorie wat in hierdie verband beskikbaar is. • Om inligting rakende die relevante aspekte te bekom deur middel van persoonlike onderhoude met beleggingspraktisyns wat vir beleggingsbesluitneming rakende die bates van langtermynversekeraars verantwoordelik is. • Om'n hulpmiddel te ontwikkel wat gebruik kan word om die graad van arbeidsverwante risiko in ondememings te meet vir die doeleindes van beleggingsbesluitneming. • Om toepaslike aanbevelings te maak op grond van die kritiese ontleding van die verkrygde inligting. Drie en twintig onderhoude is gedurende Maart en die eerste helfte van April 1999 gevoer om die beleggingsbesluitnemingspraktyke van die 47 deelnemende langtermynversekeraars te dek. 'n Een honderd persent reaksiekoers is dus behaal. Die persoonlike onderhoude is gestruktureer deur gebruik te maak van 'n geskrewe besprekingsriglyn wat na aanleiding van die literatuurstudie opgestel is. 'n Onderskeid is tussen die waargenome arbeidsverwante risiko's gemaak waar hande-arbeiders en werknemers wat kennis aanwend in ondememings werksaam is. Bo en behalwe algemene inligting, het die besprekingsriglyn ook van die deelnemende instellings gevra om inligting te openbaar rakende die beleggingsbesluitnemingsproses deur hulle gebruik en om 'n mening uit te spreek orntrent die belangrikheid van 'n verskeidenheid arbeidsverwante risikofaktore. Die besprekingsriglyn het ook versoek dat die deelnemers sekere aspekte rangskik in terme van hul belang wanneer die graad van arbeidsverwante risiko by ondememings bepaal word. Ten slotte is vrae gestel ten einde die relatiewe belangrikheid van arbeidsverwante risiko's in die algemeen te bepaal wanneer finansiele beleggingsbesluite geneem word. Die inligting wat tydens die onderhoude verkry is, is op 'n Excel sigblad opgesom en aan 'n omvattende statistiese ontleding onderwerp ten einde die doelstellings van die studie te verwesenlik. Die data wat tydens die opname verkry is, is hoofsaaklik volgens 'n rangorde, aangesien die besprekingsriglyn van 'n ordinale vlak van meting gebruik gemaak het. Met dit in gedagte, is die gemidde1de (as 'n maatstaf van lokaliteit) en die variasiewydte (as 'n maatstaf van spreiding) gebruik om die data te beskryf. Spearman se rangorde korrelasiekceffisient is as 'n maatstaf van korrelasie gebruik. Die tekentoets, een van die mees eenvoudige nie-parametriese toetse beskikbaar, is in die studie gebruik om ondersoek in te stel of die waargenome verskille in mening rakende ondernemings waar hande-arbeiders en werknemers wat kennis aanwend, betekenisvol is. Die studie beklemtoon die betekenisvolle rol wat die bates van langtermynversekeraars op die JSE Sekuriteitebeurs Suid-Afrika speel, sowel as die betekenisvolle verskille rakende die waargenome belangrikheid van arbeidsverwante risiko's vir die doeleindes van beleggingsbesluitneming waar ondernemings hande-arbeiders en werknemers wat kennis aanwend, in diens het. Die groot aantal arbeidsverwante risikofaktore en die betekenisvolle korrelasie wat tussen talle van hulle bestaan, dui op die komplekse aard van arbeidsverwante risiko 's. Die respondente beskou arbeidsverwante risiko' s as tussen redelik belangrik en hoogs belangrik vir sowel ondernemings met hande-arbeiders en die met werknemers wat kennis aanwend wanneer beleggingsbesluite geneem word. Klassifikasiebome word bekend gestel as die gewenste metode om vir hierdie kompleksiteite voorsiening te maak en om arbeidsverwante risiko's in ondernemings wat hande-arbeiders en werknemers wat kennis aanwend, in diens het, vir die doeleindes van beleggingsbesluitneming te meet. Die klassifikasiebome word op grond van die omvangryke ervaring van beleggingspraktisyns (wat ten tye van die opname in die langtermynversekeringsbedryf bedrywig was) en met verwysing na die literatuurstudie opgestel. Oor die algemeen is die mees kritiese arbeidsverwante aspekte wat oorweeg moet word ten einde die graad van arbeidsverwante risiko te bepaal by ondernemings met hande-arbeiders en die met werknemers wat kennis aanwend, intern tot hierdie ondernemings. Sodanige aspekte kan gevolglik bestuur word. Bestuur en die arbeidsmag van ondernemings moet kennis neem van hul verantwoordelikhede in hierdie verband sowel as die waargenome vermoe wat hulle het om die graad van arbeidsverwante risiko by ondernemings wat handearb eiders en werknemers wat kennis aanwend, in diens het wesenlik te beinvloed. Ander rolspelers speel ook 'n belangrike rol in hierdie verb and vanwee die invloed wat die eksterne omgewing op die graad van arbeidsverwante risiko het. Die verantwoordelikheid van ondernemings om die nodige inligting aan beleggers te openbaar ten einde hulle in staat te stel om die heersende graad van arbeidsverwante risiko by die ondernemings te bepaal, stem ooreen met die verantwoordelikheid van beleggingspraktisyns om die inligting te versoek en rasioneel te beoordeel. Die voortvloeiende gevolgtrekkings en aanbevelings van die studie en die hulpmiddel wat ontwikkel is om die graad van arbeidsverwante risiko by ondernemings te meet vir die doeleindes van beleggingsbesluitneming, is grotendeels gebaseer op die persepsies van beleggingspraktisyns wat ten tye van die opname in die langtermynversekeringsbedryf bedrywig was. Met dit in gedagte, word aanbeveel dat toekomstige navorsingsaktiwiteite gerig word op die verhoging van die waarde van die klassifikasiebome wat in hierdie studie ontwikkel is deur die boom-groei metodiek toe te pas op werklike gevalle waar die veranderlikes gemeet en die finale uitkomste bepaal kan word.

The venture capital (VC) contract prescribing various deal terms and conditions is considered vitally important to the VC investment process and should provide incentives for the entrepreneur whilst managing the venture capitalists (VCs) financial risk. This aspect of venture capital has not been extensively studied in South Africa especially amongst public sector funding agencies which have become an important source for early-stage VC funding. The objective of this study was to determine whether public sector VC investment terms in South Africa have been effective in supporting entrepreneurs and managing risk. The effectiveness of government‟s VC intervention was gauged through assessing various perceptions of entrepreneurs and public sector VCs on typical deal terms and conditions put in place between them. The perception study focused on 14 terms or provisions in relation to its frequency of use, importance to stakeholders, effectiveness in managing risk, rationale for inclusion and acceptance by entrepreneurs. The research found that VCs and entrepreneurs alike generally agree on the typical terms that should be included in the VC contract. Most of the terms which entrepreneurs considered to be important for the enterprise were also frequently used in VC contracts suggesting that the terms were generally effective in supporting entrepreneurs. Nevertheless, the research points towards a greater need for VCs to use incentivising terms such as the clawback provision in their contracts since the terms most frequently used were perceived to be effective in managing investment risk. Copyright
Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted

Thesis (MA)--Stellenbosch University, 2003.
ENGLISH ABSTRACT: The study addresses the topic of foreign direct investment in the People's Republic of China (P.Re.) by South African companies, focusing on opportunities and risks in the context of 'South-South Co-operation' between the P.RC. and South Africa. Relations between the two developing countries have only been forged since January 1998 when South Africa recognised the P.RC. government as the dejure representative of China. With the Chinese market of 1.3 billion potential consumers proving to be a lucrative opportunity for all international, multinational and transnational companies, it is imperative for South African companies to gain a foothold in the Chinese market. Therefore, entry requirements as well as impediments that could emerge have to be scrutinised. Analysis of governmental relations currently being forged between the two states is assessed as well as the wider context of 'Sino-Africa' co-operation. China's recent entry into the World Trade Organisation (WTO) has and will continue to have a substantial effect on the international trading system. The implications of this for South African companies is given considerable attention in order to highlight resulting opportunities. Apart from assessmg the current state of relations and identifying investment and business opportunities, the study also focuses on the method of conducting business in China which has highly complex rules and regulations for companies entering the P.RC. An analysis of the different modes of entry is conducted, coupled with a focus on the cultural sensitivities and norms that are associated with building relationships when negotiating possible business partnerships. The study finally identifies potential risks that foreign direct investors need to continually assess, namely, the transfer of political power to a new generation of relatively young leaders, corruption that is spreading within China and the restructuring of State Owned Enterprises (SOE's) and the inevitable consequence of job losses.
AFRIKAANSE OPSOMMING: Hierdie studie spreek die onderwerp van buitelandse direkte investering in die Volksrepubliek van Sjina (VRS) deur Suid-Afrikaanse maatskappye aan, en fokus op geleenthede en risikos in die konteks van 'Suid-Suid samewerking' tussen die VRS en Suid-Afrika. Betrekkings tussen die twee ontwikkelende lande is eers onlangs gesmee nadat Suid-Afrika in Januarie 1998 die VRS as die dejure verteenwoordiger van Sjina erken het. Met In Sjinese mark van meer as 1.3 miljard potensiële verbruikers wat In winsgewende geleentheid vir alle internasionale, multinasionale en transnasionale maatskappye skep, is dit imperatief vir Suid-Afrikaanse maatskappye om hulself in die Sjinese mark te vestig. Dus moet toegangsvereistes asook moontlike hindernisse noukeurig ondersoek word. Die studie doen 'n analise van betrekkings wat huidiglik tussen die twee state se regerings gesmee word, en die breër konteks van samewerking tussen Sjina en Afrika word ook geëvalueer. Die VRS se onlangse toetrede tot die Wêreldhandelsorganisasie (WHO) het en sal aanhou om 'n wesenlike impak op die internasionale handelsstelsel te hê. Daar word ook aansienlike aandag geskenk aan die implikasies hiervan vir Suid-Afrikaanse maatskappye om sodoende geleenthede uit te lig. Bo en behalwe 'n evaluering van die huidige stand van betrekkings en 'n identifisering van beleggings- en besigheidsgeleenthede, fokus hierdie studie ook op die manier waarop besigheid in Sjina onderneem word, wat uiters gekompliseerde reëls en regulasies insluit vir maatskappye wat die land betree. 'n Analise van die verskillende wyses van toegang is onderneem, tesame met 'n fokus op die kulturele sensitiwiteite en norme wat 'n invloed op die bou van verhoudings tydens die onderhandeling van moontlike besigheidsvennootskappe kan hê. Laastens identifiseer die studie potensiële risikos wat buitelandse direkte beleggers voortdurend in ag moet neem, naamlik die oordrag van mag na 'n nuwe generasie van relatief jong leiers, die verspreiding van korrupsie, die herstrukturering van staatskorporasies en die onvermydelike gevolge van werksverliese.

Thesis (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Nuclear Engineering, 2006.
Includes bibliographical references (p. 222-225).
Since the late 1970s, the US electric power industry has been undergoing major changes. The electric utility industry had mainly consisted of highly regulated, vertically integrated, local monopolies, providing customers with all electric services at rates determined by the state regulatory agency. Deregulation and restructuring in the power industry triggered a transition towards competition in electricity generation, due to the formation of competitive markets at the wholesale level - in some states, at the retail level as well. Since utilities can no longer price at cost-of-service rates, investors in electric generation capacity, like nuclear power, will face a different set of financial risks. Moreover, the economic context of volatile coal and gas prices, increasingly stringent NOx, S02 and mercury regulations, and growing support for C02 regulations will likely positively impact the value of nuclear capacity. Conversely, unresolved issues in the nuclear industry inherent to radioactive waste disposal, decommissioning and public opposition related to security concerns will likely penalize the building of new nuclear capacity. More importantly, regulatory delays in construction, mainly caused by the plant approval process by the Nuclear Regulatory Commission, undoubtedly negatively affect nuclear power because of its capital-intensiveness.
(cont.) This thesis evaluates the main drivers impacting investments, and especially new investments, in nuclear power technologies to meet the increase in electricity demand in the United States. For that purpose, the ongoing change in the electric power sector and the potential evolution in all regulations concerning nuclear energy are assessed. The new risk factors facing investment in nuclear power, as well as the possible financing options, are examined. The company characteristics that most favor investment in new nuclear power plants in the United States are sketched. The specific issue of plant construction, regulations and licensing is considered with closer attention. An analytic investment model in power generation estimates the impact of the extended construction time caused by regulatory delay in licensing on investment in nuclear power in a context of uncertainty on demand. The case study compares the dynamics of investment in nuclear power plants with gas-fired power plants - which have a much shorter construction time.
by Raphael Berger.
S.M.

Magister Commercii - MCom
Market Segmentation and style investing have become an essential part of security management over the past 40 years. There are many factors that separate the market, these include economy, investor behaviours, and specific anomalies. Apart, from the segmentation, investors lean towards a few tested investment styles and sectors, which hinder growth, while, dividing the market further. Thus, a major question arises on what really drives asset performance in the South African equity market. An evaluation of the relationship between sector performance and style anomalies over time is essential.

The current international monetary system is very different from that of a few decades ago. Many of the old restrictions that had been placed on currency and capital movements between countries have fallen away in favour of a much more liberal international payment and investment system. The global financial arena is now characterized by greater currency instability, volatility and heightened financial risks. Exchange Rate risk is one of the complex topics in the economic world. Since there are so many factors in the financial market that influence a country's currency value, it becomes very risky for importers, exporters and portfolio investors to be involved in the international trade and financial markets. The purpose of this study is to gain an understanding on how the major economic indicators have an impact on the decision-making of the importers, the exporters and investors, to further influence the volatility of the Rand; and to provide various hedging and arbitraging strategies to reduce foreign exchange rate risks. The layout of the study is based on six chapters. Chapter 1 focuses on the background and scope of the study, mainly explaining the reasons, objectives and methodology of this study. An historical overview takes place in chapter 2, where a number of different exchange rate systems will be discussed. Chapter 3 reviews different exchange rate theories in order to support the empirical study in the next chapter. Chapter 4 focuses on an investigation and comparative study on how foreign investments and trade with developed countries have an impact on currency values and visa-versa. A number of management strategies for reducing exchange rate risks are introduced in chapter 5. Chapter 6 is the summary and conclusion of the research.
Thesis (M.Com. (Economics))--North-West University, Vaal Triangle Campus, 2009.

Інвестиційний ризик – це ризик можливих фінансових втрат в процесі інвестиційної діяльності. Для зниження цього ризику існують декілька способів, серед яких диверсифікація, страхування, самострахування, хеджування, створення резервних фондів та розподіл ризику між учасниками інвестиційного проекту. Всі ці способи в сукупності діють як загальна система, що дає можливість суттєво знизити інвестиційний ризик інвестора.

Текущая стабилизация российской экономики постепенно активизирует рынок инвестиционных вкладов, позволяющий получать более высокий доход по сравнению с традиционными срочными депозитами. Являясь комплексным продуктом, потенциально такой депозит имеет больше шансов компенсировать вкладчику не только инфляционные потери, но и получить премию. Если инфляция в России по самым оптимистическим прогнозам по итогам 2012 года не должна превысить в 7 % годовых, то средние ставки по вкладом сегодня составляют 4–7 %.

Background

Out of the different fund categories hedge funds have had the highest development in Sweden since 1994. Swedish investors’ interest in hedge funds doubled from 2005 to 2006. Hedge funds are said to be an investment with a low risk and not being dependent upon business cycle movements. Historically there have been high initial investments, most often over 100 000 SEK, required to invest in hedge funds. This has started to shift towards lower initial investments. This is a reason why hedge funds start to become interesting to private investors and not only to institutional, and wealthy private investors.

Purpose

The purpose of this thesis is to explore what different investment strategies and sub strategies that are used within Swedish hedge funds. Also specific risks and risk measurements, depending on investment strategy, will be investigated and compared.

Method

In order to meet the purpose of this thesis a qualitative approach has been used. A questionnaire, with both closed and open-end questions, was sent to 13 hedge fund managers operating in the Swedish hedge fund market. Afterwards, four semi-structured interviews were conducted. Two of the interviewees are hedge fund managers who also answered the questionnaire. The others were with a person who is a hedge fund analyst and a person working at the Swedish Financial Supervisory Authority (SFSA).

Conclusion

Out of the five different investment strategies investigated the two most widely used in Swedish hedge funds are funds of hedge funds and equity hedge. The sub strategies that are used within the Swedish hedge fund market are those with a focus on low risk. Within Swedish hedge funds there are some specific risks and risk measurements that are useful. Sharpe ratio is best used to compare similar funds. Standard deviation is useful to evaluate each specific hedge fund. How much leverage capital that can be used is decided by SFSA. Yet, the risks depend on the hedge fund manager rather than the investment strategy used. This, due to the fact that the hedge fund managers have an own interest in the hedge fund.

Thesis (MBA)--Stellenbosch University, 2012.
Poverty reduction, employment creation and economic growth are priorities in the development of Namibia. Although Namibia has a relatively high domestic savings rate in the form of long-term insurance, unit trust and pension contributions, these savings do not translate into economic growth and job creation. Under Regulation 28 of the Pension Funds Act, Namibian pension funds are required to invest a minimum of 35% of pension fund assets in the domestic economy, with a minimum of 5% of assets to be invested in unlisted entities. Both measures are aimed at using domestic savings to stimulate economic growth. Regulation 28 also requires pension funds to diversify the investments of assets across different asset classes, both domestically and internationally, in order to reduce exposure to the risk posed by a specific asset class. Taking cognisance of the additional risks involved in investment in unlisted entities, Namibian legislators drafted Regulation 29 through which these pension fund investments in unlisted entities are to be made once Regulation 29 is promulgated. Such investments will take the form of private equity investments, although provision is made for debt financing of unlisted entities. This research paper investigates the potential risks and benefits associated with the requirement to invest in unlisted entities, and whether draft Regulation 29 will provide sufficient safeguards to mitigate the risks to pension funds of investing in this asset class. Regulation 29 has been drafted taking into consideration lessons learned from the experience of the Government Institutions Pension Fund in investing in unlisted entities. In order to invest in unlisted entities, draft Regulation 29 requires pension funds to invest in a special purpose vehicle through which investments are made in portfolio companies that have been identified by unlisted investment managers. Pension funds will not be allowed to make direct investments in unlisted entities. The draft regulation details the contractual relationship between the pension fund and the various parties to the unlisted investment. It imposes strict reporting requirements on the pension fund, the special purpose vehicle and the unlisted investment manager, and creates a heavy regulatory burden for the Namibian Financial Institutions Supervisory Authority as the regulator. In addition to access to sufficient funds for private equity investments, adequate investment opportunities, appropriate experience and skills of managers in the industry, and a supportive regulatory environment, private equity investors require ways to exit their investments, either through listing on a stock exchange or disposing of investments on a secondary market.

The growing interest responsible investing strategies driven by bodies such as the United Nations Principles for Responsible Investing Initiative has resulted in issues such as climate change and its impact on investment portfolios becoming part of the asset management industry discourse. However, the degree to which these issues are perceived by asset managers to be significant has not been expanded upon extensively in literature. This study was undertaken to evaluate South African asset manager perceptions regarding the integration of climate change risks within equity investment decision-making processes. The study was further aimed at providing an understanding of preferred methods of climate change risk integration, where integration does take place, and the perceived barriers to integration within the South African Asset Management industry. To achieve the above-mentioned aims, an online survey of South African asset managers was conducted. The questions in the survey comprised a combination of open ended and closed ended questions with Likert and ranking scales being used. The data which was both quantitative and qualitative in nature was analysed using descriptive statistics and thematic analysis methods involving the identification of trends.

The world we live in is getting more and more global and this development carries many affects, not least for the business environment. During the last decades foreign direct investments have increased rapidly. Historically speaking, foreign direct investments were primarily undertaken by large corporations with high turnover and financial strength. However, with the alleviation of investment regulations smaller companies now also have an opportunity to reap the benefits of international business. Jönköping County is known for its entrepreneurial spirit and high density of small- and medium sized companies. We found that it would be interesting to discover the reason why these, usually successful, firms conducted foreign direct investments.

The purpose of this thesis is to describe the reasons and factors behind a foreign direct investment undertaken by mediumsized manufacturing firms in the Jönköping region.

The research was carried out by using a qualitative method. We found five firms within this region that were of medium size and wanted to participate in our study. The companies that we interviewed were; Eldon AB, Carlfors Bruk AB, AB Pettersons Järn-förädling, IDAB WAMAC International AB, and RH Form AB.

The main reason for conducting a foreign direct investment mentioned by these firms was market seeking motives. The companies wanted to enter new markets in order to grow and widen their customer base. The firms were mainly seeking markets that were large and had a good potential for growth. The remaining company based their decision on a resource seeking motive. The firms have decided to enter these markets through different entry modes. The firms that saw risks and lack of knowledge as important factors have chosen to use a joint venture as an entry mode. The companies that wanted a quick entry chose acquisitions as their form of entry. The two firms that have done green-field investments have done so for different reasons. One had knowledge and contacts already and did not see the need to acquire another firm and the other wanted to keep the full control of its technology. We have found that the factors in the host markets are most influential in the decision to invest abroad, and that push factors from the domestic market has had little significance. The firms are aware of the risks involved but do not choose location based on them.

The purpose of this paper is to build a model that incorporates current data of Africa, both regarding risks and opportunities into a strategic framework that should enable a more informed foreign direct investment decision for multinational enterprises (MNEs). The parameters used in the model were carefully chosen as determinants to foreign direct investment (FDI) based on extensive literature reviews. The model currently covers 101 major cities in 40 African countries. The model calculates and ranks indexes of African cities in terms of prospective investment opportunities. It is a general model with the flexibility of adapting to the user’s specific needs, since they can be highly heterogeneous depending on the industry and the type of to FDI considers. To test the validity of the model, standardized weights were used and the results were compared to current reports of FDI inflows to Africa. The results given by the model were to some extent compliable with the result of current FDI inflows, which thereby can be seen as sign of validity.

Governments in the sub-Saharan African region are facing enormous pressure to remedy the deficiencies in infrastructure facilities and to improve the efficiency of public services. However due to budgetary and fiscal constraints nearly all governments in the region are unable to raise the massive financing needed for large-scale investment in the rehabilitation and expansion of public infrastructure facilities and to achieve improvements in services provision. The rising demand for infrastructure facilities and public disenchantment as a result of the inefficiencies and poor services provision in the face of severe capital shortages have compelled many governments in the region to look to the private sector as a means of financing infrastructure development and public services provision to supplement public expenditure. The options for private financing and provision of infrastructure facilities and services is broad ranging from public sector provision to public/private partnership to fully privately owned and operated infrastructure. Concession contracts under the Build Operate and Transfer (BOT) option have become the popular and most widely applied method for financing the expansion, rehabilitation and raising the efficiency of infrastructure facilities and public services provision in sub-Saharan Africa. The required debt and equity finance for BOT projects in sub-Saharan Africa is raised from abroad due to undeveloped financial markets. Overseas construction organisations have been the prime investors of the equity finance; the essential requirement for raising the necessary debt finance for the implementation of BOT infrastructure projects in the region. This research reviews the potential of equity foreign direct investment in BOT infrastructure projects in sub-Saharan Africa and identifies and evaluates the major risks of investing in such projects in the region. The research shows that that project specific risks (including cost overruns, design and technical and construction related delays and risks, operational risks and the uncertainty of the revenue stream) and country risks (including political, economic, financial payment, legal, corruption and market risks) are the greatest challenge facing overseas construction firms seeking to invest in BOT projects in sub-Saharan Africa. The research develops a framework within which overseas contractors seeking to invest in BOT infrastructure projects can identify, evaluate and manage these risks. The equity foreign direct investment risk management process model has been developed. using the fundamentals of the standard risk management process and the flow chart technique. The model captures and evaluates the risks with the view of putting in place suitable and effective countermeasures. An evaluation of the model demonstrates that it can be a useful tool for managing equity foreign direct investment risks from the early stages when the critical decisions to invest in a project are being made up to and including the operating stage of the facility. It provides a foundation that could be applied on BOT projects in sub-Saharan Africa in general.

The development of the Foreign Oil and Gas Investment (FOGI) Database permitted a systematic study of all reported upstream projects involving foreign investors throughout FSU, in order to assess the reaction of western capital to the opening up of the FSU's oil industry. While we identified 292 upstream projects either under discussion or development and representing a potential investment of $231 - $308 billion, there is a wide dichotomy between the high level of interest and the low level of investment incurred. It is misleading to assess potential levels of investment in the FSU in isolation of global upstream investments which are estimated at $106 billion per year over the next decade. Of this amount western IOCs are expected to contribute approximately $55 billion per year. The challenge for the FSU is to attract its share (or increase its share) of global upstream capital expenditures. The latter implies a transfer of productive capacity from elsewhere in the world.International efforts vis-ä-vis the World Bank, IFC, EBRD, OPIC and various export credit agencies have failed to inject substantial credits into the FSU's petroleum industry. Disbursements remain slow and their claimed catalytic role appears to be overstated. As the FSU ranks very poorly on a scale of political/country risk, western commercial banks remain wary of extending credits. We believe the rejuvenation of the FSU's oil industry, particularly outside Russia, is pre-conditional upon the involvement of the `Major' IOCs who possess the requisite capital and technology to initiate the necessary projects. But, our research indicates that IOCs are pursuing a cautious policy of self-financing and staggered development. Thus the real onus of financing lies with the host-governments to provide the economic, legal and fiscal environment which will permit these projects to earn sufficient profits for reinvestment. Should such conditions be created in Russia, where a large domestic oil industry already exists, then the domestic industry would likely contribute a large portion of the needed investment as they would themselves be in a position to reinvest their own earnings. There is a strong correlation between levels of potential FDI and the location of known reserves as IOCs seek to minimise geological risk. In Central Asia and the Caspian Sea region where $55 - $75 billion in potential upstream investments have been reported, transportation uncertainty is singled out as the most critical impediment to growth. There are no realistic alternatives to the construction of new pipeline capacity which will act as the ultimate regulator of foreign upstream investment. For the time being large volumes of western investment capital remains cautious and beyond the reach of the FSU's petroleum industry.

In March 2018 the European Commission published the Action Plan on Financing Sustainable Growth. One of the main objectives with the actions presented in the action plan is to reorient capital flows towards sustainable investments, i.e. to influence more investors to invest sustainably. The action plan was followed by three proposals for transparency regulation regarding an EU taxonomy on sustainability, sustainability benchmarks and sustainability disclosures. Furthermore, the action plan included actions regarding two other transparency measures – sustainability labels and sustainability ratings. The first purpose of the thesis is to investigate if transparency regulation in the EU can be used as a tool to influence investors to choose sustainable investment funds. One of the main aims of the actions presented in the Action Plan on Financing Sustainable Growth, as well as the accompanying regulation proposals, is to reorient capital flows towards sustainable investments, i.e. to influence more investors to invest sustainably. In light of this, the Commission’s three proposed transparency regulations, as well as the concept of sustainability labels and ratings, are used as a basis for the investigation. The second purpose of the thesis is therefore to critically review the three regulation proposals and the concept of sustainability labels and ratings in order to gain an understanding of how different transparency measures can influence investors to choose sustainable investment funds. The transparency regulations and measures are analysed and critically reviewed in light of their objective to influence more investors to invest sustainably. A behavioural economics perspective, as well as consumer behaviour theories and decision-making models, are applied in order to analyse the transparency regulations and measures from an external perspective. Based on the analysis there are many indicators that transparency regulation can be used as a tool to influence investors to choose sustainable investment funds. However, to what extent transparency regulation can influence investor behaviour varies depending on which transparency measures are used and how they are designed. Sustainability benchmarks seem to have the least potential to influence investor behaviour, while the EU taxonomy on sustainability and sustainability labels seem to have the best potential to influence investor behaviour.

Mestrado em Finanças
A indústria de fabricação de eletrodomésticos chineses fez conquistas notáveis no mundo com o seu baixo custo de mão-de-obra, suporte de clusters industriais perfeitos e economias de escala, e estabeleceu a posição de "grande país da indústria de fabricação de eletrodomésticos". Com a adesão da China à organização mundial do comércio, os princípios de igualdade, reciprocidade e abertura ao comercio mundial, bem como a influência da onda de globalização, proporcionam uma boa oportunidade para a indústria de fabricação de eletrodomésticos da China, implementar a estratégia global e participar da competição no mercado global. A avaliação de valor, não apenas ajuda as empresas a conhecer melhor as suas capacidades, mas também ajuda os investidores a tomar decisões de investimento. Como o sistema financeiro do país não é sólido, os canais de investimento são limitados. Uma grande quantidade de capital é acumulada no mercado de ações e com muitos preços das ações se desviam do valor real, a avaliação do valor da empresa torna-se cada vez mais importante. Este projeto analisa a condição financeira e o valor da empresa de eletrodomésticos GREE, permitindo sugestões construtivas mais rigorosos.
The Chinese household appliance manufacturing industry has made remarkable achievements in the world with its low labor cost, perfect supporting industrial cluster and scale economy, and laid the position of "big country of home appliance manufacturing industry". With China's accession to the world trade organization, the world trade organization's principles of equality, reciprocity and openness, as well as the influence of the wave of globalization, provide a good opportunity for China's home appliance manufacturing industry to implement the global strategy and participate in the global market competition. Value assessment not only helps enterprises understand themselves, but also helps investors make investment decisions. Because the country's financial system is not sound, the investment channel is limited, a large amount of capital is backlog into the stock market, and many stock prices deviate from the actual value, so the evaluation of enterprise value becomes more and more important. This project analyzes the financial condition and company value of GREE electric appliances, and puts forward constructive suggestions accordingly.
info:eu-repo/semantics/publishedVersion

Функціонування підприємства в сучасних умовах господарювання знаходиться під дією сукупності різноманітних факторів як внутрішнього, так і зовнішнього прояву, що обумовлюють певний алгоритм управління даним підприємством з метою забезпечення стійкості та ефективного його розвитку в ринковому економічному середовищі. Сукупність таких факторів впливу як: політико-економічна ситуація в країні, ступінь науково-технічного прогресу, потенціал конкурентів, насиченість ринків збуту, фінансова нестабільність, розвиток глобалізаційних процесів, кредиторська, дебіторська заборгованість, інвестиційна політика, внутрішня конкурентоспроможність виробництва тощо, – вводять підприємство в стан невизначеності та ризику.

Cette thèse examine l’impact de l’investissement socialement responsable sur le risque et la performance des portefeuilles. Elle s’articule autour de quatre études, dont trois études empiriques. La première étude propose un état des lieux et une analyse critique des risques RSE des portefeuilles. Elle indique que les risques RSE évalués de diverses manières selon les acteurs existent toujours au sein des portefeuilles et évoluent en fonction du contexte institutionnel. Leur niveau peut être plus au moins élevé selon les pratiques RSE des entreprises dans lesquelles les capitaux sont placés. La deuxième étude porte sur l’analyse comparative du risque financier des fonds ISR et des fonds conventionnels. Sur un échantillon de fonds commercialisés en France sur la période 2002-2012, nos résultats montrent que les fonds ISR peuvent avoir un niveau de diversification plus élevé que les fonds conventionnels appariés, quelles que soient les conditions de marché. Il s’agit des fonds ISR investis dans la zone euro et à l’international. Cependant, les fonds ISR investis dans la zone euro, en Europe et en France ont un risque systématique plus important que celui de leurs homologues classiques contrairement aux fonds ISR investis à l’international. La troisième étude analyse le risque financier des portefeuilles construits selon le niveau de performance ESG des entreprises sur la période2002-2014. Ces portefeuilles portent sur des entreprises de la zone euro, mais aussi sur des entreprises américaines. Nos analyses montrent que les portefeuilles américains qui sur-performent globalement ou individuellement sur les trois critères ESG ont un risque financier plus faible que ceux qui sous-performent sur ces dimensions. Pour les mêmes types de portefeuilles, la zone euro affiche un risque spécifique plus faible. Les résultats sur le risque systématique sont influencés par les effets relatifs au secteur d’activité pour les portefeuilles américains et par ceux relatifs au pays pour les portefeuilles de la zone euro. La quatrième étude examine la persistance de la performance financière des fonds ISR et des fonds conventionnels. Elle indique à travers les tests non-paramétriques qu’il n’existe pas de persistance de la performance pour les fonds ISR et les fonds conventionnels
This thesis examines the impact of socially responsible investment on the risk and performance of portfolios. It is based on four studies, including three empirical studies.The first study proposes an inventory and a critical analysis of the portfolios' CSR risks. It indicates that CSR risks assessed in different ways by the actors still exist within the portfolios and evolve with the institutional context. Their level may be low or high depending on the CSR practices of the companies in which the resources are invested. The second study deals with the comparative analysis of the financial risk of SRI funds and conventional funds. On a sample of funds distributed in France over the period 2002-2012, our results show that SRI funds may have a higher level of diversification than matched conventional matched regardless of market conditions. These are SRI funds invested in the Eurozone and globally. However, regardless of market conditions, SRI funds invested in the Eurozone, Europe and France have a greater systematic risk than their traditional counterparts, contrary to SRI global funds. The third study analyzes the financial risk of portfolios built according to companies’ level of ESG performance over the period 2002-2014. These portfolios cover the Eurozone and the U.S. firms. Our analysis shows that the U.S. portfolios which over-perform on the aggregate ESG criteria or individually on the three ESG criteria have a lower financial risk than those that underperform on these dimensions. For the same types of portfolios, the Eurozone exhibit a lower specific risk. The results on the systematic risk are influenced by the industry-specific effects for the U.S. portfolios and the country-specific effects for the Eurozone portfolios. The fourth study examines the financial performance persistence of SRI and conventional funds. It shows through non-parametric tests that there is no performance persistence for both SRI and conventional funds

Com o desenvolvimento do presente estudo busca-se investigar a exequibilidade, no Brasil, do Anexo II da Convenção de Seul, que instituiu a MIGA. Para tanto, procedese a uma análise detalhada dos sistemas jurídicos brasileiro e chileno. A MIGA consta como enfoque principal desta dissertação, em especial por se tratar do único acordo internacional sobre investimento estrangeiro assinado e ratificado pelo Brasil até o momento. Este fato eleva a Convenção de Seul a um status especial, o que demandou uma análise mais densa sobre suas bases históricas, organização e funcionamento. A comparação entre Brasil e Chile tende a incitar uma reflexão sobre a postura brasileira frente aos padrões internacionais para a solução de controvérsias envolvendo investimentos estrangeiros e o Estado. Como resultado da pesquisa percebe-se a necessidade da reformulação do direito interno brasileiro, a exemplo do que vem sendo realizado no Chile.
This research intends to investigate the enforceability in Brazil of Annex II to the Convention of Seul, which established MIGA. In order to proceed with said research it was developed a detailed analysis of the Brazilian and Chilean legal systems. MIGA is the main focus of this study, especially because it is the only international agreement related to foreign investment signed and ratified by Brazils so far. This fact ensures the Convention of Seul a special status, which demanded a deep analysis of MIGAs historical bases, organization and operation. The comparison between Brazil and Chile incites a reflection about Brazilian attitude toward the international standards for the settlement of disputes involving foreign investments and a State. As a result it was concluded that Brazil domestic legal system must be reformulated following Chiles example.

The aim of this thesis is to analyze the economical and financial strategy od EISBERG company and to create an ecologically oriented investment project based on acquired findings. Output of this work consists of future economical strategy suggestion and evaluation of benefits and risks of planned investment.

The Master thesis contents a propsal and evaluation of an investment project. The master thesis is divided into a theoretical and a practical part. The theoretical part describes the investment project together with an investment plan. The investment plan is further developed in more details and deals with a market analysis, a marketing plan, a size and a location of a company, its human resources, an operating plan, a financial plan, a financial analysis and above all with methods of assessment of investment projects. The practical part focues on a specific investment project proposal and its subsequent evaluation. The proposal offers a marketing research with a financial plan and financial analysis. The assessment of the project is carried out by using different methods of assessment of investment projects.

У дисертаційному дослідженні визначені суть, значення, мета, завдання регіональної інвестиційної політики. Обгрунтовано необхідність удосконалення структури і каналів мобілізації фінансових ресурсів для легалізації регіональних інвестиційних програм. В роботі запропоновано принципову схему управління регіональним івестиційним процесом. Розглянуто механізм залучення фінансових потоків в інвестиційну діяльність через організацію муніципальних позичок і діяльності промислово-фінансових груп. Запропоновано методологічний підхід щодо визначення ефективності регіональних інвестиційних проектів та рекомендації щодо вдосконалення бюджетно-податкового механізму для стимулювання регіональної івестиційної діяльності.
In the dissertation the essence, meaning, purpose and tasks of the regional investment policy are defined. The necessity for improving the structure & the channels of the mobilization of financial resources for the realization of regional investment programmes is well-grounded. In the research the principal scheme of how to manage the regional investment process is given. The mechanism of drawing financial flows in investment activity through the organization of the mechanism of the municipal loans and the activity of the industrial-financial groups is examined. The methodological approach to defining the efficiency of regional investment projects and some recommendations concerning the improvement of the budget-taxation mechanism to stimulate the regional investment activity are suggested.
В диссертационном исследовании определены суть, значение, цель, задачи региональной инвестиционной политики. Обоснована необходимость совершенствования структуры и каналов мобилизации финансовых ресурсов для легализации региональных инвестиционных программ. В работе предложено принципиальную схему управления региональным инвестиционно процессом. Рассмотрены механизм привлечения финансовых потоков в инвестиционной деятельности через организацию муниципальных займов и деятельности промышленно-финансовых групп. Предложено методологический подход к определению эффективности региональных инвестиционных проектов и рекомендации по совершенствованию бюджетно-налогового механизма для стимулирования региональной инвестиционной деятельности.

Com o crescimento da economia e a globalização dos mercados financeiros mundiais, produtos novos, formatados de uma maneira profissional que permitam ao investidor maior liquidez potencial, segurança no conceito de lastro imobiliário e rentabilidades atraentes, são, cada vez mais, o alvo dos investidores. A presente tese estabelece critérios de governança dos recursos aplicados pelos investidores em fundos imobiliários durante o ciclo de implantação do empreendimento, no intuito que seja possível proteger esses recursos até o momento no qual o empreendimento esteja em plenas condições operacionais para produzir resultados financeiros que remunerarão os mesmos investidores. Através desses critérios de governança, os empreendedores e demais agentes atuantes no segmento econômico do real estate poderão identificar quais os instrumentos mais adequados a serem associados às ofertas públicas de quotas de fundos imobiliários no intuito de atrair eficientemente a poupança acumulada de parte da sociedade, em especial, de pequenos e médios investidores. Nessa linha, a melhor aceitação no mercado deverá repercutir numa ampliação da quantidade de investidores e do volume de recursos captados.
With economy growth and globalization of world financial markets, investors seek news products, formatted in professional manner that meet potential liquidity requirements, safety of real estate and attractive returns. This thesis establishes governance criteria for investors capital put into fundos de investimento imobiliario (real estate closed-end mutual funds) during construction phase, in order to protect them up to completion e opening when property can produce income to investors. Through these criteria, developers and other real estate players can identify which instruments are more suitable to be used in public offerings of real estate mutual funds shares to attract efficiently the savings from small and medium private investors. Better market acceptance must implicate in a broader investor base and more raised funds by issuing shares.

У роботі досліджено функціонування сучасного ринку альтернативних інвестицій, зокрема інвестицій SWAG. Проведений аналіз основних показників альтернативних активів SWAG. Основною метою цього дослідження є розробка рекомендацій щодо вдосконалення інвестиційного портфеля інвестора у частині нетрадиційних реальних активів, зокрема активів SWAG.
The master’s thesis focuses on the functioning of the modern alternative investment market, in particular SWAG investments. The analysis of the main indicators of alternative SWAG assets was conducted. The main aim of this research is to develop practical recommendations for improving the investor’s investment portfolio in terms of unconventional real assets, in particular SWAG assets.

This Master´s thesis is focused on optimizing the financing of the selected company. The thesis is divided into three main chapters. The theoretical part explains later used terms. The analytical part calculates the current financial situation of the company. The analysis detected that the selected company is managing a large money supply, which is not being utilised. Therefore the proposal shows prepared materials and the recommendation of financial products to utilise these funds.

The aim of the thesis is to create a business plan for the construction of a house for the elderly. The thesis consists of two sections, wherein the first one is dealing with the basic terms such as entrepreneurship and structure of a business plan. The second part of the thesis presents the specific business plan. This section describes in detail the intention of the plan and includes a thorough analysis of the surrounding environment. Subsequent marketing analyses forms the basis for creating the right marketing tools to reach clients. The following financial part forms an important basis for the evaluation of the investment into the presented business plan. The following part of the thesis consists of methods for assessing the return of the investment. In the final part of the Master´s thesis are mentioned project risks and there are also included possible measures to mitigate the intensity of their impact.

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.

This thessis determines return of investments for energetic improvements. Theoretical chapter introduces term definitions for investments, assessing and energetic improvements domains. Practical part compares several possibilities of energetic improvements applied on real estate. Comparsion that is based on amount of initial investment, effectivity and return time determines optimal solution for particular estate.

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.