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1
Selas, Duarte Nuno Gonçalves da Costa. „The value relevance of investment property fair value“. Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9500.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsThis paper examines if the use of the fair value model is value relevant in companies where the investment properties are not their core business. An analysis is also made into whether the disclosed fair value of investment property is perceived by investors. The sample includes Portuguese listed companies subject to the mandatory adoption of IAS/IFRS since 2005. The results achieved indicate that investors price shares differently when companies choose either the cost model or the fair value model. However, results do not show evidence that investors significantly valuate differences between the historical cost and disclosed fair value in the notes for companies adopting the cost model.
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Stockhammer, Engelbert. „Stock markets, shareholder value and investment“. Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2003.
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The paper explores the effects of stock markets on business investment. Next to the direct finance effect several indirect channels are identified and discussed. These are the allocation of investment, the effects through balance sheets on the stability of the financial systems, the wealth effect on consumption and corporate governance effects. Among these the intuitively appealing direct effect and the indirect corporate governance effect are discussed most extensively. The empirical evidence regarding the financing effect is clear, if surprising. Stock markets play little role in financing investment and investment reacts little, if at all, to changes in share prices. Changes in corporate governance have gotten prominent recently. The paper proposes a post-Keynesian model thereof and presents evidence that the increase in shareholder power may have reduced investment. (author's abstract)Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"
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Schepp, Ferrada Friedrich Florian. „The investment value of sustainable building design“. Thesis, University of Nottingham, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.546569.
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4
Wang, Fengyu. „The value of analyst recommendations evidence from China /“. Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42841379.
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5
Janse, Van Rensburg Roedolf Arnoldus. „Superior investment returns : the role of value-based investment / R.A. Janse van Rensburg“. Thesis, North-West University, 2009. http://hdl.handle.net/10394/4792.
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The strong form of the efficient market hypothesis (EMH) puts forward that it is impossible to achieve better than market results. Yet there are very famous investors, particularly a famous value based investor named Warren Buffett that have achieved better than market returns. The primary objective of this study is to investigate the role of value based investment in generating better than market or superior investment returns. The study was conducted both as a literature study and an empirical study. The objectives of the literature study were threefold. Firstly, to discover value based investment as part of a discussion on investment strategies. Secondly, to investigate the possibility of achieving better than market returns. Lastly, to investigate the role of value based investing in achieving better than market returns. Through the literature study, value based investment parameters were also identified for empirical testing. It was found in the literature that value based investing has a role to play in achieving superior returns. By way of the application of correlation-based research, as well as regression analysis it was found that there is significant statistical evidence to underscore that value based investment parameters can lead to superior returns.Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.
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Clacher, Iain. „Fair value pension accounting, corporate risk and investment“. Thesis, University of Leeds, 2008. http://etheses.whiterose.ac.uk/629/.
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The purpose of this research is to analyse the impact of defined benefit pension schemes on UK corporations. In doing so the analysis contributes to a number of existing literatures in Accounting and Finance. First the thesis contributes to the accounting literature by analysing the adoption of fair value pension accounting. Second, I contribute to the extant bterature on market efficiency and firm risk by analysing whether measures of systematic risk, financial risk and operational risk reflect the underlying risk of the pension scheme. Finally, the thesis contributes to the literature on internal capital markets and investment decisions through analysing the relationship between pension contributions, capital expenditures and firm profitability. In analysing how fair value accounting of pensions has been implemented I consider the extent to which managers exercise discretion under fair value accounting and the value relevance of these disclosures. My main findings can be summarised as follows. First, despite little variation in the underlying economic inputs, differences in stated assumptions across companies, auditors and actuaries are significant. Further, I find that the adoption of fair value pension accounting provides value relevant disclosure and so share prices reflect the value of the underlying pension scheme. However, managers display considerable variation in conservatism when implementing fair value accounting and this variation is related to scheme-specific characteristics, such as asset allocation and pension scheme solvency. Consequently, the chapter argues that the observed inconsistency in reporting across firms brings into question the efficacy of fair value accounting for assessing corporate risk. The second research area considers the relationship between measures of systematic risk, firm distress and pension risks. My results show that systematic, default, financial and operational risks reflect the underlying risk of the pension scheme. Further, pension scheme asset allocation is consistent with active pension risk management. Managers therefore choose to undertake risk management of pension risks as opposed to risk-shifting through asset substitution. The final research area investigates the impact of pension contributions on firm capital expenditure and profitability. Pension contributions are shown to be a function of the size of the pension scheme, pension asset allocation and scheme funding. My results also suggest that firms who pay the highest contributions have lower capital expenditure and higher profitability. Lastly, I find that contributions are unrelated to the level of dividends paid or to fixed asset disposals.
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List, Hans-Fredo. „Limited risk arbitrage investment management“. Thesis, Imperial College London, 1996. http://hdl.handle.net/10044/1/8651.
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Mühlhofer, Tobias. „Trading constraints and the investment value of real estate investment trusts : an empirical examination“. Thesis, London School of Economics and Political Science (University of London), 2005. http://etheses.lse.ac.uk/328/.
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This study focuses on the property-derived cash flows that a REIT investor earns. We observe that, in the short run, REIT investors are only exposed to the income cash flows of a REIT's underlying portfolio and not to its property price fluctuations. Specifically, investors miss out on the component of appreciation returns not contained in income. Chapter 3 observes this phenomenon and argues, without proof, that this is due to the trading restrictions that REITs face in order to operate tax free, which impose minimum holding periods on properties in REITs' portfolios. Chapters 4 and 5 show that the trading-restrictions explanation is indeed the reason for this phenomenon. Specifically, chapter 4 tests how REITs with different firm characteristics are differently affected by the trading constraints. Firstly, we test for size effects and find that medium-sized and large firms offer investors better exposure to short-term fluctuations in property appreciation than small firms. This supports the trading restrictions hypothesis, as large firms are less affected by these. Secondly, we test for the effects of the degree of diversification in a REIT's portfolio and find that, while investing in a REIT which is diversified by property type gives an investor better exposure to appreciation cash flows, investing in one whose portfolio is merely geographically diversified does not. Finally, we test whether UPREITs give an investor better exposure to property appreciation cash flows and find strongly that this is so. Since the partnership that holds the property in an UPREIT is not subject to selling constraints, we find our hypothesis strongly supported. Chapter 5 analyzes holding periods and selling decisions. We firstly simulate a possible filter-based market timing strategy which significantly outperforms a simple buy-and-hold strategy, and demonstrate to what extent holding periods shorter than what is allowed are required. We then analyze actual holding periods of properties in REITs' portfolios and model the decision to hold a property beyond four years, finding strong evidence that there is an incentive to do so in a rising market. This gives strong support to the trading-restrictions explanation.
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Wang, Fengyu, und 王风雨. „The value of analyst recommendations: evidence from China“. Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B42841379.
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Li, Feng. „Venture capital investment in China : monitoring and value-added“. Thesis, Cardiff University, 2009. http://orca.cf.ac.uk/55848/.
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This dissertation seeks to contribute to the body of literature covering the field of inter-organizational relationships of entrepreneurial firms in developing economies. More specifically, this study attempts to fill a significant gap in the research into relationships between entrepreneurial firms and their venture capital investors in China. Even though it has been recognized that social capital embedded in inter-organizational relationship may be more important in imperfect completion characterized by weak institutional support and distorted information, there is little rigorous, theory-based, empirical research that focuses on the factors influencing the monitoring and value-added that start-up companies receive from their venture capital investors in developing countries. This dissertation contributes to the literature by developing and empirically testing a model of the monitoring and the value-added mechanisms and of the factors influencing those mechanisms. Based on a review of the literature covering venture capital and related domains of research into inter-organizational relationships, this dissertation identifies formal and informal monitoring as the primary mechanism through which venture capital oversee their investees, and classifies resource and knowledge access as the major mechanisms through which venture capital investments add value to technology-based new firms beyond financing. Building on received theories, an integrated model of the monitoring and value-added mechanisms, and the factors influencing those mechanisms is developed. The model draws on the agency theory and the asymmetric information and resource-based view of the firm in order to understand the factors influencing both mechanisms. These theories are complemented by social capital theory in identifying the factors facilitating monitoring and sharing resource/knowledge across organizational boundaries. In order to test the model empirically, primary data were collected from fund managers of active Chinese venture capital using two sequential mail surveys. The primary data were complemented by archival data. The hypotheses were tested using multivariate statistical techniques, including multiple regression analysis and structural equation modelling. The model and the hypotheses received support from the empirical data. This dissertation makes important contributions to the literature in the area of venture capital and inter-organizational relationships of technology-based new firms in the Chinese business environment. The findings have important practical implications for venture capital either seeking investment opportunities in China or already managing an existing investor relationship with a Chinese investee. In addition to venture capitalists, the findings have important implications for entrepreneurs.
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Assiri, Batool K. „The simultaneous determination of corporate investment and shareholder value“. Thesis, University of Manchester, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.633688.
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This study is concerned to examine the connection between signals in stock market prices and investment announcements. The intention was to establish the degree to which investment response was fully (efficiently) discounted into share prices and whether the stock market signals actually resulted in real resource consequences. This study investigated the following three questions: 1. Do companies translate high stock returns into increased investment expenditure either with or without increased access to external funds? If the answer is affirmative, then what are the time lags involved? 2. Additionally, does investment expenditure, presumably on the basis of forward looking, in response to future opportunities, influence subsequent stock market returns? In other words, are stock market returns a function of prior investment expenditure? If yes, then how long does it require to be effective? 3. Are there any significant differences across and within sectors? The existence of these relationships was examined in terms of 640 UK public companies over the period 1979-1988. Using cross section time series data, regression analysis shows that prior abnormal returns have a significant positive influence on subsequent investment expenditure. In simple regression, there is also a strong positive link between investment and abnormal returns but within a simultaneous specification the result is a small but positive feedback of investment into abnormal returns. This supports a conclusion that allocation of more resources to investment is an anticipated consequence when abnormal returns arise and secondly that there is, even then, a small positive impact when the anticipated investment occurs. As a result, the market efficiency was confirmed with 2-3% inefficiency, and the idea of market effectiveness was also confirmed. In answering the third question, a variety of issues arose. First, in terms of investment response to abnormal returns, it was observed that there are differences in the behaviour of managers and investors given the different status of firms, size, type and period of projects. Managers are more attentive to the signals from the market during the growth stage and react negatively when the firm is in a decline stage. The reaction of investors, on the other hand, is strongly negative when they anticipate that firms are in a decline stage and positive when they anticipate that firms are in a growth stage. The weaker response of investors to long-term projects compared to short-term ones supported the idea of short-termism. On the other hand, managers were found to react more strongly to abnormal returns in sectors characterized by long-term projects.
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Gluszak, Michal. „Land acquisition in development projects: investment value and risks“. Institut für Regional- und Umweltwirtschaft, WU Vienna University of Economics and Business, 2008. http://epub.wu.ac.at/980/1/document.pdf.
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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
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De, Witt Sarel Jacobus. „Selecting common stocks for investment by utilising the Graham-Buffett contrarian focus value investment approach“. Thesis, Stellenbosch : Stellenbosch University, 2007. http://hdl.handle.net/10019.1/85262.
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Theses (MBA)--Stellenbosch University, 2007.ENGLISH ABSTRACT: This study project concentrated on the investment approach of one individual that consistently achieved above average investment returns over a period of fifty years and became the second richest person in America primarily through the use of his unique investment skill and philosophy. He managed to increase a $100 personal investment in 1956 into a personal net worth of $46 billion in 2006. This person is Warren Buffett, and the primary goal of the study project was to integrate and summarise the main features of his investment approach and philosophy as described in the many books, articles and essays written about him . The study project further strove to use findings from contemporary scientific works to support and validate the scientific soundness of his investment approach and principles. Finally, the investment approach and techniques described in the study project were used to systematically analyse and select a common stock for future investment. In the author's opinion, the study project was successful at identifying and highlighting the essential principles of Warren Buffett's investment approach . The investment framework presented in Chapter 3 could serve as a guideline for an investor to apply Buffett's investment approach in a systematic manner. The framework was successfully utilized by the author to analyse and identify a so-called "Buffett company" that was trading at a significant discount to its underlying value. A hypothetical purchase decision by an investor in this company's common stock would have yielded a significant return on investment over the long term. An investor that had knowledge of this investment framework at the time could have "spotted" this opportunity and capitalised on it. The above conclusion assumed that this hypothetical investor had been operating within the same "circle of competence" as the author. What might seem "simple" or "logical" to one investor, might seem completely complex or irrational to another. In the author's opinion, Buffett's unique "circle of competence" is the missing "ingredient" to his success formula. A person's "circle of competence" evolves as a result of the unique blending of that person's knowledge, experience, personality, attitude, intelligence and external influences. It is thus unique to an individual and almost impossible to duplicate by others. Buffett's "circle of competence" could be viewed as his durable competitive advantage that gave him the insight to invest successfully. To lend credibility to the merits of Buffett's approach, the author presented scientific literature that supported Buffett's investment principles. Many of Buffett's principles were related to concepts that were named differently, but essentially had the same meaning. It appeared that Buffett's investment success stemmed from integrating and utilizing these concepts in an effective and coherent way, consistent with his "circle of competence" principle.
AFRIKAANSE OPSOMMING: Hierdie studieprojek fokus op die beleggingsbenadering van 'n individu wat konstant oor 'n tydperk van vyftig jaar bogemiddelde beleggingsopbrengste behaal het. Hy het deur sy unieke beleggingsvermoens en filosofie die tweede rykste man in Amerika geword. Hy het dit reggekry om 'n $100 persoonlike belegging in 1956 te vermeerder na 'n persoonlike nettobatewaarde van $46 biljoen in 2006. Sy naam is Warren Buffett en die primere doel van hierdie studie is om die belangrikste kenmerke van sy beleggingsbenadering en filosofie, soos beskryf in vele boeke, artikels en verhandelings te integreer en op te som. Hierdie studie streef ook om van kontemporere wetenskaplike bevindings gebruik te maak om te bewys en te ondersteun dat sy beleggingsbenadering wetenskaplik gegrond is. Daarna is hierdie beleggingsbenadering en tegnieke prakties gebruik in die stelselmatige analise en seleksie van 'n gewone aandeel vir 'n moontlike toekomstige belegging. Volgens die skrywer se mening slaag hierdie studie daarin om die belangrikste beginsels van Buffett se beleggingsbenadering te identifiseer en uit te lig. Die beleggingsraamwerk in Hoofstuk 3 kan dien as 'n riglyn vir 'n belegger om Buffett se beleggingsbeginsels stelselmatig toe te pas. Hierdie beleggingsraamwerk is suksesvol deur die skrywer toegepas om 'n sogenaamde "Buffett maatskappy", wat verhandel het teen 'n aansienlike afslag tot sy onderliggende waarde, te analiseer en te identifiseer. 'n Hipotetiese aankoopbesluit deur 'n belegger van hierdie maatskappy se gewone aandele sou oor die lang termyn 'n beduidende opbrengs gelewer het. 'n Belegger wat kennis gedra het van hierdie beleggingsraamwerk kon die beleggingsmoontlikheid ge"identifiseer het en so daarop gekapitaliseer het. Die bogenoemde gevolgtrekking veronderstel dat die hipotetiese belegger binne dieselfde "kring van bevoegdheid" as die skrywer funksioneer. Wat logies en eenvoudig vir een belegger voorkom, Iyk dalk totaal kompleks en irrasioneel vir 'n ander. Na die skrywer se mening is Buffett se unieke insigte en vermoens (kring van bevoegdheid) die ontbrekende bestanddeel tot sy suksesformule. 'n Persoon se "kring van bevoegdheid" ontwikkel as gevolg van 'n unieke vermenging van daardie persoon se kennis, ervarings, persoonlikheid/ houding, intelligensievlak en eksterne invloede. Dit is dus uniek tot elke individu en bykans onmoontlik om deur 'n ander te dupliseer. Buffett se "kring van bevoegdheid" kan dus gesien word as sy volhoubare kompeterende voordeel wat aan hom die insig verskaf om suksesvol te belê. Om geloofwaardigheid aan Buffett se benadering te verleen, het die skrywer wetenskaplike literatuur verskaf wat sy beleggingsbeginsels ondersteun. Baie van Buffett se beginsels stem ooreen met reeds bestaande konsepte, slegs met ander benamings. Dit wil voorkom of Buffett se beleggingssukses uitvloei vanaf sy integrasie en gebruik van hierdie konsepte in 'n doelmatige en samehangende manier, wat verenigbaar met sy "kring van bevoegdheid" beginsel is.
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Lee, Siu Kuen Raymond. „An analysis of value relevance of book value and earnings“. HKBU Institutional Repository, 2001. http://repository.hkbu.edu.hk/etd_ra/307.
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Yates, Marinus. „Fundamental momentum as an investment timing indicator for value portfolios“. Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23068.
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The problem associated with value shares is that they may remain undervalued for an extended period of time. Therefore, determining when to buy value shares has been the focus of many investors and academics. Studies have determined fundamentals provide valuable information when selecting shares while price momentum provides a decent timing indicator. This research examines a novel share selection approach which seeks to combine fundamentals with momentum to obtain a leading timing indicator.This research seeks to determine if the fundamental momentum indicator can successfully and consistently separate value winners from value losers. The value portfolios were formed using a composite valuation measure made of three separate indicators. The Value portfolio was then ranked based on the strength of the fundamental momentum indicator.This research identified that Leverage Factor and Current Ratio momentum was able to separate value winners from losers in a consistent manner. However, only Current Ratio momentum was capable of creating portfolios which could consistently outperform the market. Therefore, this research identified that fundamental momentum could be used as a timing indicator when acquiring value shares.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
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Min, Junhong. „Relationship memory and performance an empirical test of governance value determinants in inter-firm relationships /“. Diss., Online access via UMI:, 2008.
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Jones, Edward Anthony Eton. „Company investment decisions and the market value of the firm“. Thesis, Heriot-Watt University, 2002. http://hdl.handle.net/10399/1179.
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Gullickson, Travis R. „Net present value analysis of plant investment to add capacity“. Thesis, Manhattan, Kan. : Kansas State University, 2008. http://hdl.handle.net/2097/1051.
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CORREA, CLARISSA PALU. „THE VALUE OF LEARNING OPTIONS IN A PETROCHEMICAL INVESTMENT PROJECT“. PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2013. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=21889@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROA avaliação de projetos de PeD é uma das mais difíceis de determinar devido à existência de incertezas tanto na fase de investimento, quanto na fase de comercialização. Neste trabalho foi analisado o uso da avaliação por opções reais para o caso do investimento em um projeto petroquímico onde existem importantes opções de aprendizagem que podem ser derivadas de investimento em P&D. Para avaliar estas opções foi proposto um modelo que organiza as incertezas pela lógica técnica de resolução e quantifica o seu impacto sobre o valor do projeto usando as probabilidades de sucesso ligadas a cada fase da decisão, além das diferentes combinações possíveis entre elas. Com este modelo, observou-se que um projeto de investimento considerado inviável pelas técnicas tradicionais de avaliação torna-se atrativo quando seu valor positivo é identificado através do valor que as opções reais adicionam a ele. Além disso, notou-se que algumas das opções identificadas não agregam valor ao projeto, porque, embora a flexibilidade tenha valor positivo, o custo de implementação supera os benefícios esperados.
The valuation of ReD projects is one of the most difficult endeavors due to the existence of uncertainty both in the investment phase as well as in the market phase. We analyze the use of the real options valuation approach to the case of an investment in a petrochemical project where there are significant learning options that can be derived from further R&D investment. To evaluate these options we propose a model that organizes the uncertainties by technical resolution logic and quantifies their impact on the value of the project using the probabilities of success tied to each stage of the decision and the different possible combinations between them. We observed that in an investment project that was considered unfeasible under traditional valuation techniques, its value becomes positive when the embedded real options were taken into consideration. Moreover, it was noticed that some of the options identified did not add value to the project because, although flexibility has positive value, the implementation cost outweighed the expected benefits.
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Jones, S. „Information systems investment and value appraisal in the public sector“. Thesis, University of Salford, 2002. http://usir.salford.ac.uk/26741/.
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This thesis develops the hypothesis for a new interpretive approach to the evaluation of information systems (IS), termed situated hermeneutic IS evaluation. The thesis adds to the body of knowledge in this area as this new approach moves away from the dominant evaluation paradigm based upon functionalism and introduces a new interpretive IS evaluation approach based upon hermeneutics and situated action, which incorporates a post-modern perspective on the nature of IS. This approach is particularly appropriate in the UK public sector, where traditional IS evaluation methods based upon economic, functional and mechanistic principles are largely irrelevant. The nature of information systems, information systems investment, information systems evaluation and the role of information systems evaluation in public sector organisations form a major part of the thesis. In particular, the study reviews the area of IS evaluation by considering the methods available for use and their underlying assumptions. Another major element of the study is the empirical work. This involved two UK local authorities where two in-depth interpretive case studies were undertaken. The results from the study are presented in terms of learning and are analysed to help understand, conceptually, the appropriateness of the new evaluation approach and to elicit salient issues and lessons for IS practice. A conceptual, practical framework for undertaking situated hermeneutic evaluation is also presented. In addition, an analysis is undertaken with regard to developing the key themes arising from the literature and the empirical work, with the aim of informing IS theory and practice. The case studies were undertaken using the Grounded Theory method in an interpretivist paradigm to explore issues from a rich, contextual and experiential perspective. As such it provides a view on the IS evaluation issues from a position rarely adopted by other researchers, as interpretivism is an emerging paradigm for research into IS evaluation An analysis is presented to help understand the underlying assumptions of the researchers that utilise Grounded Theory in IS research, and to help increase the understandinu of the Stephen Jonex I'niver.Mlv of'SalforJ Information Systems Research Centre I'hD Resetin. 7i Thesis July 2002 I'age Kiimher 11application of the method. The pitfalls and the opportunities that such a methodological approach could have in future IS evaluation studies is also presented. The outcomes of the research argue for a new complementary interpretive IS evaluation approach based on situated practice, which provides a richer view and a more practically oriented approach, especially within the public sector domain, and explores the use of a social science methodology, Grounded Theory, in information systems research.
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Rickens, Carl. „An investigation into South African property unit trusts: do active managers add value to investors?“ Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33011.
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Active vs passive management is a central debate within asset management, with active managers promising superior market beating performance after fees through their superior knowledge and stock selection. This study investigates the performance of 34 South African property unit trusts over multiple periods between 2005 and 2018. Fund performance was evaluated using three risk-adjusted measures, namely the Sharpe ratio, information ratio and Jensen's alpha, in order to determine whether there is significant outperformance amongst the funds. The benchmark used to compare performance was the South African Listed Property index (SAPY), which is the most common and well established proxy for the South African property market. The sample was divided into three periods, long term 2005-2018, medium term 2008-2018 and short term 2015-2018. In all periods, outperformance of active funds were shown to be inconclusive, with only a small number of funds showing significant positive alphas and significantly high Sharpe and information ratios. A small number of funds achieved outperformance across multiple periods. On average significant outperformance was uncommon and inconsistent. Furthermore, a number of funds achieved significant underperformance over multiple periods, with inferior risk-adjusted returns and alphas compared to the benchmark. However, the volatility of fund returns were shown to be less than the benchmark on average in all periods, indicating that active managers were able to reduce volatility compared to the benchmark. In the more recent short term period, performance of the active funds were especially low with many negative alphas' present. The best performing fund across multiple periods was shown to be a risk parity portfolio of property stocks, which achieved significantly higher returns whilst having lower volatility than the benchmark and other funds. Ultimately the results suggest that active managers in the sector do not provide sufficient evidence for outperformance. Hence investors are better of making use of passive indices or a risk parity portfolio if they are looking for exposure to South African listed property. This is in line with other international studies which have also found that active management in the property industry does not provide significant and consistent outperformance. These results provide useful insight to property investors in South Africa and contribute to the debate between active vs passive management within the financial literature.
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Oberli, Adrian. „Fragmentation of the Investment Fund Industry Value Chain in Continental Europe“. St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01652924002/$FILE/01652924002.pdf.
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Song, Sangcheol. „The Value Of Switching And Growth Options In Foreign Direct Investment“. The Ohio State University, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=osu1218472668.
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Gan, Huiqi. „CEO Managerial Ability, Corporate Investment Quality, and the Value of Cash“. VCU Scholars Compass, 2015. http://scholarscompass.vcu.edu/etd/3695.
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This study investigates how CEO managerial ability affects investment quality, investment efficiency, and the value of cash. Specifically, I examine whether higher managerial ability is associated with higher M&A quality, more efficient capital investments, and higher value of cash. Investment decision-making and implementation can signal a CEO’s managerial ability (Stein 2003), and shareholders assign more value to the cash of those firms with high ability CEOs. Thus, I predict that more able CEOs conduct higher quality M&A and make more efficient capital investment decisions. I also propose that the value of cash is higher for firms with more able CEOs. Using the methodology developed in Demerjian et al. (2012) to estimate CEO managerial ability, I find that the M&As conducted by more able CEOs are less likely to experience goodwill impairment and divestitures in the post-acquisition period. I also find that managerial ability, to a certain extent, can improve capital investment efficiency when firms have a higher likelihood of over- or under-investment. Furthermore, I provide evidence that cash has higher value if it is managed by more able CEOs. Overall, my findings suggest that while managerial ability plays a limited role in improving M&A quality, it significantly increases capital investment efficiency and the value of cash.
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Weber, JoÃŒ?rg. „Value based investment and surplus management in German life insurance companies“. Thesis, Henley Business School, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.270228.
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Taliaferro, Thomas. „Accounting for Value : Using Social Return on Investment (SROI) to measure the value created by CSR initiatives“. Thesis, Stockholms universitet, Stockholm Resilience Centre, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-78445.
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The role of the corporation is shifting from an entity focused on making monetary profits to an organization focused on creating value for all of its stakeholders. Despite of this many of the guidelines, standards and reporting frameworks that have been developed to take into account the increasing stakeholder expectations only capture corporate inputs and outputs relating to social initiatives. By not understanding the value created by social initiatives information is missed that could be useful to the organization and its stakeholders. The purpose of this study has therefore been to see if the Social Return on Investment (SROI) methodology can be a viable tool for companies to use for measuring the value created by CSR activities. This has been accomplished via a case study of a CSR initiative funded by a multinational wind power company in India, and more specifically the building and use of a traditional water harvesting structure called a taanka. Having gone through the six steps of SROI, including monetization of all non-market social, environmental and economic values, the results show that for every Indian Rupee (INR) invested into the studied CSR initiative 29 INR of social value have been created for the stakeholders. The results also show the relation between different inputs and outcomes for the stakeholders affected by the initiative. By analyzing the results several lessons for the construction of future taankas can be learnt. Each taanka should for instance be constructed for as many households as possible and ownership should be shared by the users. More resources should also be allocated to following up the outcomes created by CSR initiatives to help to maximize the efficiency of the resources used to create social value. The methodology can also be used to understand the shared corporate and societal values created by measuring the value created for both the company and the stakeholders, which in turn is useful when deciding on the allocation of corporate resources.
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Kishore, Rohit, University of Western Sydney, College of Law and Business und of Construction Property and Planning School. „The Impact of size and value effects on listed property trust performance“. THESIS_CLAB_CPP_Kishore_R.xml, 2004. http://handle.uws.edu.au:8081/1959.7/468.
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The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct.Doctor of Philosophy (PhD)
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Gui, Hairong Karen. „Real Options Methodology in Sportswear Retail Investment Valuation“. PDXScholar, 2011. https://pdxscholar.library.pdx.edu/open_access_etds/145.
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The net present value (NPV) approach has been widely accepted by corporate practitioners and academics as the principle tool for evaluating the feasibility of corporate financial investment opportunities. It conceptually provides an estimate in present value terms of a proposed investment's incremental contribution to the firm, enabling the company to pursue its goal of value maximization with more assurance. NPV uses a discount rate that in theory captures market risks. In the stable growth or mature industries, NPV works well. However, in high investment/high risk-return (HI/HRR) industries, where the investment environment is often profiled as highly uncertain with high returns, NPV is insufficient to reflect the multidimensional risks, hence unable to capture the extensive investment returns that may consist of non-financial values. This dissertation applies the real option (RO) valuation methodology, supplementing the NPV method to evaluate the return of the sports retail industry (SRI) flagship stores investments. This study further demonstrates that there are strategic values captured by the RO valuation method, complementing the financial values attained by the NPV. To test this assertion, we use case methodology to analyze four flagship investment activities (proprietary business data are concealed). These investments represent various investment options, including growth, expansion, staging, and delay. The cases include projections made prior to the investment, the retrospective application of RO to estimate strategic value, and the actual returns from these investments. Findings demonstrate convincingly RO methodology can and should be usefully applied to supplement the NPV method in HI/HRR industries, and SRI in particular.
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Wang, Chia-Ling, und 王佳鈴. „Valuation of Housing Investment Value“. Thesis, 2010. http://ndltd.ncl.edu.tw/handle/99945583927512637177.
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碩士國立臺北大學
不動產與城鄉環境學系
98
Housing is a unique commodity in the economy in that it possesses the characteristics of a basic consumption good as well as an investment vehicle. According to the concept of Home Appreciation Participation Notes (HAPNs), the purpose of the study is developing the methods to decompose the housing value into consumption and investment value. Through literature review and demand of actual market, the definition of consump¬tion value in this study is as " the cash value of providing residen¬tial housing services (area, floors, age of housing, neighborhood environment etc.) and the rights of housing (right to use). " The definition of investment value is as " the cash value of potential capital gains or losses due to housing prices change in the economy." This study established the valuation models of the discounted cash flow method and the Sharpe ratio method, and the price range of valuation methods on surface right. The results show that discounted cash flow method is more suitable than the other two for actual practice. The price range of valuation methods on surface right can be used as the reference to other valuation methods, it can also as a trade negotiation basis. Sharpe ratio method is limited by model assumptions and results presentation, while reducing the use of the method. Using the data of the major cities and counties in Taiwan from 1980 to 2008, holding period from 1 year to 20 years, the results of the discounted cash flow method show that the average (maximum, minimum) of investment value ratio are 15.13% (54.79%，-32.78%) in Taipei City, 12.01% (51.07%，-34.90%) in Taipei County, 12.04% (50.42%，-21.61%) in Taichung City ,and 9.98% (52.03%，-33.09%) in Kaohsiung City. Although the average drop of 12%, the value of the annual average investment ratio: the ratio are 20% to 50% when the economy rises; the ratio are -10% to -20% when the economy falling. Variations of investment value ratio are result from economic fluctuation of holding period and the location features presenting in the local rents and house prices.
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HUANG, SONG-XIANG, und 黃頌翔. „Investment Strategy in Value Investing“. Thesis, 2019. http://ndltd.ncl.edu.tw/handle/785s8s.
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碩士國立高雄科技大學
財務管理系
107
Stock price is determined according to company's operating and market conditions, but the intrinsic value of the company is relatively stable and easy to calculate. In order to examine which type of stock portfolio will have less risk and relatively certain reward, we focus on undervalued stocks and apply the P/E, P/B and dividend yield as reference indicators. In this study, we examine whether the average return of value stocks from 2009 to 2018 is consistent with the conclusion of literatures based on P/E, P/B and dividend yield. We also construct a portfolio for 2018 refer to Buffett's investment strategy. During the sample period, the company's value is obtained by DCF to find undervalued stocks. The value stocks are classified based on low P/E, low P/B and high yield, respectively, and have higher average rate of returns than other classification intervals. In order to examine performance to the third year in holding period, taking 2015 as an example, we compare portfolios with single indicator, double indicator and triple indicator. Most portfolios reveal profit during one quarter and half year period. Portfolios with single indicator have the highest profit, but are more difficult to achieve in reality. Also, performance of portfolios with triple indicator is not as good as expected. Therefore, the double indicator (P/B and dividend yield) is the ideal combination based on research results.
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„Stock markets, shareholder value and investment“. Inst. für Volkswirtschaftstheorie und -politik, 2003. http://epub.wu-wien.ac.at/dyn/dl/wp/epub-wu-01_4dc.
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Lee, Ming-Te, und 李明德. „Human Capital Investment and Firm Value“. Thesis, 2005. http://ndltd.ncl.edu.tw/handle/28747916382549058641.
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碩士淡江大學
會計學系碩士班
93
This paper investigated whether the capitalization of human capital investment influences firm values. We first classified Taiwan listed companies’ employees into two groups (i.e. general employees, directors and officers) and then explored the relationship between companies’ historical human capital investment and reported earnings. Then, based on Feltham and Ohlson’s (1995) and Bernard’s (1995) valuation models, this study examined whether the prediction accuracy of valuation model with human capital capitalized was greater than that with human capital expended. The major findings of this study are as follows: (1) Human capital investment on the listed firms’ general employees does not affect future earnings substantially. (2) The benefits of human capital investment on the listed orporations’ directors and officers are realized after one year but no later than two years. On average, additional NT$1 investment on the humnan capital can increase earnings over NT$2. (3) Capitalizing human capital does not provide a greater amount of value-relevant information to investors than expensing human capital. The research can provide insights to corporations in making decisions on human capital investment, and to accounting professional organizations in setting accounting standards.
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TSAI, PO-JEN, und 蔡博任. „The Performance Analysis of Value Investment“. Thesis, 2018. http://ndltd.ncl.edu.tw/handle/j558m2.
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碩士國立臺灣大學
財務金融學研究所
106
This thesis examines whether portfolio composed of low price to book value stocks can beat the market. The answer is yes. In addition, the performance of this portfolio can be further improved by building a new portfolio with stocks having high current ratio or low volatility in the original portfolio.
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Hsiao, Bing-Jen, und 蕭昺禎. „Dual class, Investment, and firm value“. Thesis, 2018. http://ndltd.ncl.edu.tw/handle/nz33vk.
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碩士元智大學
財務金融暨會計碩士班(財務金融學程)
106
This study aims to examine the relationship between the dual class of ownership structure, firm investment, and firm valuation. We first discuss the advantages and disadvantages of dual class companies and then propose the research hypotheses. We suggest that the relation between firms with dual class ownership and firm investment is an empirical question and should be investigated. We collect data of S&P1500 firms in the United States from 1994 to 2016 and manually check if firms conduct dual class ownership structure. We also follow Eisdorfer(2011) to measure the investment efficiency. Our empirical findings suggest that a dual class firm has significantly lower investment efficiency and firm value.However, a dual class firms is observed to have higher investment efficiency when it has higher growth opportunities or is in higher competitive industries. in
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„Options, the value of capital, and investment“. Sloan School of Management, Massachusetts Institute of Technology], 1995. http://hdl.handle.net/1721.1/2592.
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36
Yen, Yu-Nan, und 顏毓男. „A system of Fund Value Averaging Investment“. Thesis, 2014. http://ndltd.ncl.edu.tw/handle/48437051472799272404.
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碩士國立高雄應用科技大學
資訊管理研究所碩士班
102
In the wake of the financial turmoil crisis, many investors have therefore started to doubt about the performance persistence of the fund investment strategy. In order to verify the performance persistence of the fund investment strategy, there are many fund investment related systems developed based on statistical software or mathematical software, launched on the market. Even in recent years, while Web technology is mature, many companies have launched web-based fund investment system. These are all effective tools for investors. However, in ease of user-friendly and usefulness, these systems still have much room for improvement. In general, the financial investment systems need to consider much more critical factors, such as macro-economic variables, technical indicators and etc. It is helpful for investors to dynamically adjust these relevant policy factors conveniently. Therefore, this study is to develop a web-based fund investment system to improve the shortage of current investment system. And also expect to provide investors and future relevant researchers with a valuable reference.
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Tsou, Shu-Fen, und 鄒淑芬. „Investment Efficiency and Value of Cash Holding“. Thesis, 2017. http://ndltd.ncl.edu.tw/handle/62945121207286095277.
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碩士逢甲大學
商學院商學專業碩士在職專班
105
This paper examines the relationship between investment efficiency and value of cash holding. Using the data collect from U.S capital market during 1990 and 2015. We find that firms with over-investment have lower value of cash holding. We find the consistent results after we change the model of Dittmar and Mahrt-Smith (2007) into Faulkender and Wang (2006). Moreover, we also find that when firms with lower dividend payout ratio, higher free cash flow or larger firms have lower value of cash holding under over-investment. Finally, we do not find that life cycle based on free cash flow method have impact on the relationship between investment efficiency and value of cash holding.
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Chen, Hsiu-Fen, und 陳秀芬. „Media Coverage, Capital investment and Firm Value“. Thesis, 2014. http://ndltd.ncl.edu.tw/handle/39331348659584724600.
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碩士國立高雄第一科技大學
財務管理研究所
102
In this study, a sample of listed companies in Taiwan to explore how media exposure affect capital spending and corporate value relationship. In this paper, empirical model of media exposure and capital expenditures cross multiply as the primary explanatory variables and found that media exposure and capital expenditure items for the company&;apos;&;apos;s value multiplied by the turn of a significant positive relationship; This showed that the higher the intensity of exposure by the media Company, its capital expenditures will have a higher value for the company&;apos;&;apos;s contribution, the results support open media exposure with external oversight functions of corporate governance, which has prompted the company to improve the efficiency of capital investment argument. In addition, we also found that low information transparency serious problems with the agency, media exposure and capital expenditure items for the company&;apos;&;apos;s value multiplied by the turn of the positive impact of the more obvious, implied media exposure monitoring results in high information asymmetry Company or the Company&;apos;&;apos;s high-agent problem compared to play.
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CHANG, CHIA-CHUN, und 張佳君. „Study on Comparability and Value Relevance of Investment Property Fair Value Option“. Thesis, 2016. http://ndltd.ncl.edu.tw/handle/11509736241177107375.
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碩士東吳大學
會計學系
104
This study takes the first year (2014) opening listed and OTC firms up to adopt fair value option on investment property as the research period, and discusses if there is any significant difference on the value relevance of fair value through revealing (cost principle) or measurement (fair value model), and if using different investment property valuation model will promote the comparability of the statements of financial position between firms. We found that only less than 5% firms changed their valuation model on investment property to fair value option in the first year of opening up, which is contrary to the initial anticipation resulted from recognizing no depreciations and unrealized holding gain between book value and fair value in advance provided by fair value option. So this study further discusses the reason of unchanging. The empirical results indicate that the fair values through revealing and measurement do have value relevance, and there are significant differences between those two. However, there is no significant difference in the comparability of statements of financial position between the cost principle and the fair value option valuation on investment property, which is probably owing to the one year research period. Eventually, when the listed firms have lower liability ratio, board seat control rights, the divergence between the ultimate owners' voting and cash flow rights, and the investment property holding ratio, would tend to take the cost principle as the valuation of property investment and give up the probable benefits from the fair value option.
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Lin, Hsiao-Tien, und 林筱甜. „Empirical Study on the Investment Performanceof Firm Reputation Value and Brand Value“. Thesis, 2012. http://ndltd.ncl.edu.tw/handle/82240913335464236141.
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碩士國立中興大學
財務金融系所
100
The development of the brand and reputation-building are long-term competitive advantage of companies. This study analyzes the stock performance of the America''s Best brands following the annual survey by brand consultancy firm, Interbrand Group, and reported in Business Week and America''s Most Admired Companies through the annual survey by Fortune magazine. The study also examines the performance of the two portfolios relative to Standard & Poor 500 Index (S&P 500 Index). Due to the rising concern of corporate social responsibility (CSR), enterprises should be responsible for not only shareholders but also stakeholders, including employees, community environment and consumers. Therefore, enterprises should make a whole plan and assess effectiveness in order to make the right policies and make CSR implemented. Based on the database in regard to the rating of CSR by Kinder, Lydenberg, Domini & CO, Inc. (KLD), this study had investigated whether there is a better long-term investment portfolio from how enterprises apply CSR to employees, environment and products. An empirical result showed that the performance of a portfolio of America Best brands and America''s Most Admired Companies is better than the S&P 500 Index with a substantial excess return. In addition, from the portfolio, employees, environment and products in no negative image, which conducted by KLD indicates that more returns are gained than the original portfolio. This result can explain that the companies must not have a negative image. As long as a negative image comes out, enterprises will face a disaster resulting from the small gossip. Finally, this study is based on the portfolio conducted by KLD which is a suitable reference for the investors who pursuits long-term and steady return on investment. This paper also reminds enterprises to fulfill their social responsibility and to do the right things which are the responsibility of enterprises. Moreover, never doing bad things is the principle which companies must comply with.
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„Show Me the Green: Revealing Value in Green Buildings“. Tulane University, 2012.
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42
Lin, Hung-Hsu, und 林泓旭. „Investment Strategy Value Investment Law and its application in the Taiwan stock market's“. Thesis, 2015. http://ndltd.ncl.edu.tw/handle/34087691735393827293.
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碩士元智大學
管理碩士在職專班
104
ABSTRACT This study will be based on the value approach, the development of combined value investing and financial indicators of stock-picking strategy, during the study sample was from April 2005 to April 2014, a total of 10 years. First, the first phase to earnings ratio, price-to-book value of the type classified as investment portfolio, compare these two value-based investment strategy what is good, the results show a low price-to-book value of the type formed by a combination of the best performance. The second phase at low price book ratio as a further screening samples, the lower price than the combination of net return on equity in accordance with 1, 2 are arranged financial indicators. Current ratio, 3. gross margin, 4. debt ratios, etc., to give rank number, and add the sum total draw rankings, pick the lowest rank sum and the sum of the highest ranking group to compare the investment performance showed that the index via the filter after, really effectively distinguish the low price is better than the net difference between the performance and the performance of the stock, and makes the rate of return compared with only a single filter mode indicators improved. Key words: value investing, price-earnings ratio, Price-Book Ratio
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Chen, Hui-Feng, und 陳彙芳. „The Value Relevance of China Investment Information Disclosures“. Thesis, 2011. http://ndltd.ncl.edu.tw/handle/00372330035245189657.
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碩士雲林科技大學
會計系研究所
99
Taiwan companies started to invest in China since 1980s. After the related law and regulations were in place in 1992, listed companies increase their investment in China significantly despite of government’s policy trying to cool it off. Investment in china has significant influence on parent company’s income and has become the spot light of investors. Previous studies in the field of value relevance addressed different types of financial information, but little has done on the issue of China investment. This study investigates the value relevance of China investment information disclosed by public companies from 2000 to 2009. The empirical results show that China investment information is value relevant. However, the value relevance of book value is lower for firms with higher percentage of investment in China.
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Wei, Wu Ju, und 吳若瑋. „Do Newspaper and Investment Consultant’s Recommendation Add Value?“ Thesis, 2005. http://ndltd.ncl.edu.tw/handle/89259108634919218764.
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Yu, Wang Shao, und 王邵佑. „Empirical research of stochastics (KD value) investment performance“. Thesis, 2000. http://ndltd.ncl.edu.tw/handle/85281926277108926137.
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碩士國立臺北大學
企業管理學系
88
Due to the high exposition on the media and the promotion made by portfolio manager, technical analysis has been learned and utilized more often by the investors. This thesis tries to find out whether the usage of analytical and strategic decisions making rules to prove stochastics buy/sale decision making can bring over-average profit. The research period used in this research include 1989 to 1998, total of 10 years, which includes bulls, bears, and flat periods. In the process of research, the samples include on bull period,buy forward and both and long term strategy, using virtual investing, to prove the differences in the returns from the investments made during different periods. Furthermore, indicative parameter is contained in the stochastics formula, therefore the parameter movement and indication value has absolute correlation, and the indicative value can directly affect the decisions made by investors, so the other important point of this thesis is to make virtual investment according to the stochastics values caused by the combinations of different parameter to find out the relation of return on investment and combination of different parameter. Later use daily, weekly and monthly KD value buy/sell signal’s appearance to find out the best buy and sell timing. Through this analysis the following conclusions can be made: 1. Despite using which indication to make buy/sell decisions in the bear and bull period, the return on investment on bull period is clearly higher than buy forward. 2. Without taking transaction cost into consideration, using daily KD value for indication can bring investors higher values, but with the existence of transaction costs, weekly KD value can be used for gaining higher return on investment because usage of KD value can cause the frequency of buy/sell too high, therefore the transaction costs can reduce the profits made by investors. 3. The 10 years cumulative ROI, withα=1/4,M=24 ,is more superior than others. If the same smooth coefficient α, ROI with M=9 is the worse. 4. When the short term stock price volatility is changing in a trend, the indication value would be over sensitive to the stock price change, and therefore cause false buy/sell signal, one must also utilize deactivation indication to gain higher on investment. 5. The research shows different indication along with return on investment, when monthly, weekly, and daily KD value all indicate buy signal will cause highest return on investment. In conclusion, the 10 years virtual investment shows the ROI could be as high as 1386% with yearly ROI of 30%
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LIU, CHIA-YEN, und 劉佳燕. „The Influences of Investment Efficiency on Corporate Value“. Thesis, 2019. http://ndltd.ncl.edu.tw/handle/25rn8d.
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碩士逢甲大學
商學專業碩士在職學位學程
107
This study describes and discusses the influences of investment efficiency on corporate value. This study wants to know if corporate value will be affected when companies overinvest or underinvest by using Tobin's Q as the proxy variable. In addition, it wants to understand whether companies that invest in inefficiently influence corporate value or not when they adopt different competitive strategies. The data provided by listed companies of Taiwan from 2005 to 2017 was used as samples. The empirical results indicate: (1) There is no significantly negative correlation between investment efficiency and corporate value; there is no significantly positive correlation between overinvestment and corporate value; there is a significantly negative correlation between underinvestment and corporate value. (2) The companies are divided into overinvestment companies and underinvestment companies; their respective investment efficiency has no influence on corporate value. (3) Cost leadership strategy or differentiation strategy used by overinvestment companies or underinvestment companies have no influence on corporate value. In summary, the influences on corporate value in terms of investment efficiency have little effect.
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WU, PIN-HSIEN, und 巫品嫻. „The Influences of Investment Factor on Corporate Value“. Thesis, 2019. http://ndltd.ncl.edu.tw/handle/s66mgk.
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碩士逢甲大學
商學專業碩士在職學位學程
107
This study explores the influences of investment factor on corporate value. This article uses Tobin’s Q as a proxy variable for corporate value and wants to understand whether different capital investments and labor investments will also have an impact on the company's corporate value. In addition, this study also wants to understand whether different capital investments affect the relevance of labor investment and corporate value. The sample was collected from Taiwan Economic Journal (TEJ) database and data is based on the Taiwan listed company from 2009 to 2017. The results of the testimony: (1) Capital investment and enterprise value, where the fixed asset rate of change is the proxy variable, it has a positive correlation with the enterprise value. (2) Labor investment and corporate value, in which the number of employees (EL), operating income per employee (EINV), and gross profit per employee (EGPP) are the agent variables, the results are significantly positively correlated. (3) Capital investment the correlation between labor investment and corporate value has a positive adjustment effect.
48
WU, QING-FENG, und 吳清豐. „The value effect of foreign direct investment announcement“. Thesis, 1993. http://ndltd.ncl.edu.tw/handle/46990484148447052346.
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碩士國立臺灣大學
商學研究所
81
This study discuss the information effect of foreign investment announcement, the variation of stock price in the information, and the variation with different kinds and sizes cases. The empirical data includes fifty cases on twelve companies between 1987 and 1992, the empirical results show: 1.There isn''t information effect on foreign direct investment announcement. 2.There is negative information effect on non-controlled cases, no information effect on controlled cases. 3.There is negative information effect on small-size cases, no information effect on big-size cases. 4.Taiwan stock market is a semi-strong form efficient capital market for foreign direct investment announcement.
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„Downward Wage Rigidity, Corporate Investment, and Firm Value“. Doctoral diss., 2017. http://hdl.handle.net/2286/R.I.43981.
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abstract: Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages downward. I construct DWR measures and exploit staggered state-level changes in minimum wage laws as an exogenous variation in DWR to document this fact. Following a minimum wage increase, firms reduce their investment rate by 1.17 percentage points. Surprisingly, this labor market friction enhances firm value and production efficiency when firms are subject to other frictions causing overinvestment, consistent with the theory of second best. Finally, I identify increased operating leverage and aggravation of debt overhang as mechanisms by which DWR impedes investment.Dissertation/Thesis
Doctoral Dissertation Business Administration 2017
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Wang, Sing-Yu, und 王幸餘. „Investment Portfolio Construction- The Use of Value Investing“. Thesis, 2016. http://ndltd.ncl.edu.tw/handle/26658028013225571205.
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碩士亞洲大學
財務金融學系碩士在職專班
104
Our study focuses on entire non-financial companies in Taiwanstock exchange, including OTCand the companies that went private. First, this research uses higher book-to-market ratio to choose companies with good price. Second,this paper extends the F_SCORE by Piotroski (2000) and proposes a new portfolio(Y_SCORE) with an application to the stock market in Taiwan. Y_SCORE incorporates ownership structure, treasury announcement, and Research & Development Intensity, which attract great attention in recent financial literatures. An investment strategy that buys winners under Y_SCORE generates an excess return during financial crisis and non-financial crisis period. The empirical results also show that buys winner and sells losers under Y_SCORE have good expected returns and relative lower risks.