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1
Voge, Garrett Daniel. « Investor Valuation : LGBTQ Inclusion and the Effect on a Firm's Financials ». Thesis, The University of Arizona, 2013. http://hdl.handle.net/10150/297778.
Texte intégralRésumé :
This study examines whether institutional investors value LGBTQ workplace initiatives differently than common investors. To investigate this issue, I analyze the stock market reaction to the release of the 2012 Corporate Equality Index (CEI) scores from the Human Rights Campaign to identify the difference for firms depending on the level of institutional ownership. My findings suggest that firms with a higher ownership percentage of institutional investors have a significantly positive increase in stock prices when they release high CEI scores. This suggests that institutional investors see value in corporate LGBTQ policies.
2
SIGNORI, Andrea. « The evalutation of IPOs and its influence on a private firm's exit decision ». Doctoral thesis, Università degli studi di Bergamo, 2014. http://hdl.handle.net/10446/30392.
Texte intégralRésumé :
The current research investigates the valuation of companies going public in different phases of the IPO process, and unveils its implications on a private firm’s exit decision. The first paper focuses on how underwriters select comparable firms when valuing IPOs. We document that they perform a biased, left-truncated selection, as they omit peers with the poorest valuations compared to those selected by sell-side analysts or obtained from matching algorithms. IPOs are priced at a discount compared to peers selected by underwriters, but at a premium with regards to alternatively selected peers, even by considering peers chosen by the same underwriter acting as analyst.
The second paper deals with aftermarket valuation of IPOs, focusing on the relation between the fees paid to underwriters and the services they provide to the issuer, such as price stabilization. We study whether a formal commitment by underwriters to provide ancillary services allows them to charge higher fees, and find that asking underwriters to support aftermarket valuation (i.e., stabilize stock price) is costly to the issuer, while to support liquidity is not. Underwriters stabilize IPOs that really need it, whereas the drivers of the provision of liquidity support are less clear.
The third paper examines how the possibility to go public and be subsequently acquired at a higher valuation alters a private firm’s initial exit trade-off between IPO and acquisition. Firms suffering from greater information asymmetry and more severe financial constraints are more likely to go public before being acquired, rather than be directly acquired as private. These firms receive a higher valuation than that obtained by similar private targets. On the other hand, there are risks associated with two-stage exits. Less successful firms face a higher probability of delisting, with a valuation similar to what they would have obtained by selling out as private.
3
Raoli, Elisa. « Market misvaluation and earnings management. Evidence from Italian financial market ». Doctoral thesis, Luiss Guido Carli, 2012. http://hdl.handle.net/11385/200809.
Texte intégralRésumé :
Classical and behavioural finance theory overview. Classical finance theory. Market Inefficiencies. Behavioural Finance Theory. Investors’ Sentiment. Stock market overvaluation and undervaluation. Earnings management. Earnings management definition. The relationship between earnings and stock market. The relation between earnings management and stock market incentives. Detecting Earnings Management. The agency theory of overvalued equity and earnings management. Empirical evidences supporting the Jensen’s agency cost of overvalued equity and earnings management. Hypothesis Development. The Italian Insider System. The Italian institutional contest. Earnings management in Italy. Sample, Data and Variables’ Description. Sample description and data gathering. Variables’ description. Dependent variable: Change in Current Accruals and Change in Discretionary Accruals. Independent variable: Change in Market to Book Ratio. Control Variables. Model Specification and Descriptive Statistics. Model Specification. Descriptive statistics. Primary test – Changes in Total Accruals as a Dependent Variable. Robustness checks. Alternative sample composition. Alternative model specification.
4
Brimble, Mark Andrew, et m. brimble@griffith edu au. « The Relevance of Accounting Information for Valuation and Risk ». Griffith University. School of Accounting, Banking and Finance, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20030829.120234.
Texte intégralRésumé :
A key theme in capital markets research examines the relationships between accounting information and firm value. Two concerns relating to the value relevance of accounting information are: (1) concerns over the explanatory and predictive power of the evidence presented in the prior literature (Lev, 1989); and (2) the evidence of a deterioration in the association between accounting information and stock prices over the past four decades (Collins, Maydew and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999). These concerns provide the key motivation for this thesis which examines: (1) the usefulness of the clean surplus accounting equation in valuation; (2) the role of accounting information in estimating and predicting systematic risk and; (3) the changing nature of the relationship between accounting information, stock prices and risk over time. The empirical research provides evidence of the value-irrelevance of the clean surplus equation and that controlling for the functional form of the earnings-returns relationship is more important. Evidence is also provided that accounting variables are highly associated with M-GARCH risk betas and also possess predictive ability relative to these risk measures. Finally, the relationships between stock prices, risk models and accounting information are shown to have not deteriorated over time, contrary to prior evidence. Rather, the functional form of the relationship has changed from linear to a non-linear arctan association. Overall, accounting information continues to play the central role in the determination of stock prices and risk metrics.
5
Brimble, Mark Andrew. « The Relevance of Accounting Information for Valuation and Risk ». Thesis, Griffith University, 2003. http://hdl.handle.net/10072/365276.
Texte intégralRésumé :
A key theme in capital markets research examines the relationships between accounting information and firm value. Two concerns relating to the value relevance of accounting information are: (1) concerns over the explanatory and predictive power of the evidence presented in the prior literature (Lev, 1989); and (2) the evidence of a deterioration in the association between accounting information and stock prices over the past four decades (Collins, Maydew and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999). These concerns provide the key motivation for this thesis which examines: (1) the usefulness of the clean surplus accounting equation in valuation; (2) the role of accounting information in estimating and predicting systematic risk and; (3) the changing nature of the relationship between accounting information, stock prices and risk over time. The empirical research provides evidence of the value-irrelevance of the clean surplus equation and that controlling for the functional form of the earnings-returns relationship is more important. Evidence is also provided that accounting variables are highly associated with M-GARCH risk betas and also possess predictive ability relative to these risk measures. Finally, the relationships between stock prices, risk models and accounting information are shown to have not deteriorated over time, contrary to prior evidence. Rather, the functional form of the relationship has changed from linear to a non-linear arctan association. Overall, accounting information continues to play the central role in the determination of stock prices and risk metrics.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Accounting, Banking and Finance
Full Text
6
Mbokodo, Oupa. « Customer equity as a firm’s valuation technique ». Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24699.
Texte intégralRésumé :
Return on marketing investment has received attention for a long period of time. On the other hand, customers and the value that they bring to a company have enjoyed increased attention lately. Concepts like customer obsession, customer life time value, customer delight, customer equity and other topics have been researched by a number of scholars. Customer equity as a marketing concept is the latest in marketing research. The concepts purport that management of a company should be able to calculate the value added to the company by its current and future customers. Such value is then discounted using the appropriate discount rate i.e. weighted average cost of capital (WACC). This research focused on the possibility of using Customer Equity to calculate enterprise value. The purpose was to determine whether any variance between results of the two methods is statistically significant and whether or not a relationship between CE based enterprise value and discounted cash flow (DCF) based enterprise value exist. From the analysis conducted it was concluded that no statistically significant variance existed between Customer Equity based enterprise value and DCF enterprise value. It was also noted that a relationship exist between customer equity and an enterprise value calculated using the DCF model. CopyrightDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
7
Ronnie, Lo Hok-Leung. « Voluntary corporate governance disclosure, firm valuation and dividend payout : evidence from Hong Kong listed firms ». Thesis, University of Glasgow, 2009. http://theses.gla.ac.uk/1357/.
Texte intégralRésumé :
The disclosure of Corporate Governance (CG) information by firms has been found in prior studies to have an impact on the market value of firms. This thesis extends the research by studying the impact of voluntary CG disclosure by firms in Hong Kong, a market which provides a strong legal investor protection but characterized by a high insider ownership, on company valuation, as proxied by Tobin’s q. This thesis also examines the role of dividend payout on the CG of Hong Kong firms. Based on hand-collected data for a sample of 258 firm-years over the 2003-2005 period, the empirical results show that, firstly, voluntary CG disclosure is positively and significantly related to market valuation for small firms, but the relationship is not significant for large or medium firms. Combining large firms and small firms in a pooled sample, as done in most previous studies, thus misses the differential value relevance of voluntary CG disclosure for small versus large firms. Secondly, firms with higher CG disclosure are associated with lower dividend payout ratios, ceteris paribus. The evidence appears to suggest that CG disclosure can substitute for dividend payout. Thirdly, those small firms with medium levels of insider ownership are found to pay lower dividends than small firms with either low or very high levels of insider ownership, suggesting that investors would expect higher dividends from small firms that are prone to, or have either agency problems or entrenchment problems. Furthermore, controlling for the level of insider ownership, a small firm with high CG disclosure is always associated with a higher market valuation. The empirical evidence suggests that voluntary CG disclosure has a much stronger impact on the reduction of information asymmetry between investors (i.e., the outsiders) and managers (i.e., the insiders) for small firms than for large firms. Hence, by voluntarily disclosing more CG information, a small firm can be expected to enjoy the double benefits of receiving a higher market valuation and a lower demand for dividend payout from investors. This study contributes to the research of value relevance of CG disclosure in several ways. It provides clear evidence that voluntary CG disclosure enhances the valuation of small firms, which previous research may have overlooked. It also shows that voluntary CG disclosure and the level of insider ownership jointly affect a firm’s valuation and dividend payout. Voluntary disclosure of corporate governance information, even under a strong legal regime for investor protection, seems to be a company attribute very much appreciated by outside investors.
8
Chan, Kelly Australian Graduate School of Management Australian School of Business UNSW. « Accounting-based composite market multiples and equity valuation ». Awarded By:University of New South Wales. Australian Graduate School of Management, 2010. http://handle.unsw.edu.au/1959.4/44596.
Texte intégralRésumé :
In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.
9
McCallig, Michael John. « The valuation of loss making firms and accounting conservatism ». Thesis, Lancaster University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.418858.
Texte intégral
10
Mangwengwende, Tadiwanashe Mukudzeyi. « International joint ventures and firm value : an empirical study of South African partner firms ». Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1004174.
Texte intégralRésumé :
This study investigates international equity joint ventures (IJVs) and South African partner firm value creation at formation. In addition, it tests whether four contentious formation characteristics, namely, the geographical location of the IJV partner, the level of economic development in the IJV partner’s home country, the level of equity held by the South African firm and the industry of the South African firm, can explain when South African IJVs are value enhancing and when they are value diminishing. IJVs are a popular business mode and an important channel for infrastructure and skills investment in developing countries. However, despite their popularity and potential social benefits, these IJVs are predominantly created by the decisions of private firms to collaborate with foreign firms and governments. Consequently the preservation and development of the IJV investment channel is dependent on the encouragement of private firm IJV participation. It is at uncovering potential tools to encourage IJV participation by South African firms that IJV firm value creation becomes important because it stands as a motivator for South African firms’ involvement in IJVs. Existing literature on IJVs and partner firm value has presented conflicting evidence with support for the views that they are value enhancing, value diminishing or of no immediate consequence to their partners’ firm value. Consequently, previous research offers limited firm value support for IJVs. For South African firms considering joint ventures and national policy makers determined to promote IJVs there is a need for an investigation of South African partner IJV firm value effects. Moreover, it is also necessary to test potential explanatory variables that may help to explain when the IJVs are value enhancing and when they are not as this will inform IJV contract negotiations and how limited national government resources are used to promote IJVs. In order to assess firm value creation for South African firms this study performed event studies on IJV formation announcements from 1998 to 2011 using daily share returns from the Johannesburg Securities Exchange taking care to incorporate recent developments in the event study methodology. The study found that while the market responds to IJV announcements, its responses do not, on average, reflect that IJVs are firm value enhancing for their South African partners at formation. This stands in contrast to considerable empirical literature and IJV firm value creation theory. In addition, factoring in formation characteristics, argued to potentially help explain cases of value creation and destruction from IJVs, provided limited explanation for positive and negative wealth effectsfor South African firms entering IJVs. This result has important value for IJV participants, national economic policy makers and IJV researchers. For IJV participants and national policy makers, the results caution unfettered entry/support for IJVs and challenge the role of equity distribution in determining the value of the IJV to its partner firms. For IJV researchers, the results present new evidence questioning IJV firm value creation at formation and provide a potential explanation for the conflict in previous IJV research. The study makes four key contributions to the existing knowledge of IJV firm value creation. Firstly, it assesses IJV wealth effects for the hitherto untested South African IJVs. Secondly, in doing so it adds a new data set (South African IJVs) to the current IJV literature. Thirdly, in reviewing the literature on IJV firm value creation the study presents a disaggregated model of IJV firm value creation from which to develop IJV research and potentially solve the persistent conflict in empirical results on IJV partner wealth effects. Finally, it informs future South African IJV agreements by uncovering factors that influence and do not influence partner wealth effects for South African firms.
11
Hao, Shengquan. « Two essays on value generation and market valuation of firms / ». View abstract or full-text, 2008. http://library.ust.hk/cgi/db/thesis.pl?ACCT%202008%20HAO.
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Häussler, Carolin. « Inter-firm collaboration : valuation, contracting, and firm restructuring / ». Wiesbaden : Deutscher Universitäts-Verlag, 2005. http://opac.nebis.ch/cgi-bin/showAbstract.pl?u20=3824483335.
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13
Lajmi, Amira. « CSR governance practices : interactions and implications for the firm’s market valuation ». Thesis, Le Mans, 2020. http://www.theses.fr/2020LEMA2002.
Texte intégralRésumé :
Cette thèse propose d'examiner l'impact des pratiques de gouvernance RSE sur la valeur de marché de l’entreprise. En particulier, nous analysons le rôle modérateur que joue le comité RSE et l’assurance RSE, en tant que deux mécanismes de gouvernance axés sur le développement durable, dans la relation entre le reporting en matière de responsabilité sociale et la valeur de marché de l’entreprise. En utilisant un échantillon de sociétés françaises appartenant à l'indice SBF 120 sur deux périodes différentes de 2001 à 2011 et de 2007 à 2017, nos résultats montrent que le comité RSE et l’assurance RSE peuvent constituer un outil stratégique de premier plan pour améliorer la capacité de l’entreprise à divulguer davantage de renseignements sur ses obligations en matière de RSE. L’investigation de terrain permet de conclure que le comité RSE et l’assurance RSE puissent se substituer l’un à l’autre. En étudiant leur impact sur la valeur de marché de l’entreprise, les résultats indiquent que l’avantage de disposer d’un comité RSE et/ou d’une assurance RSE ne provient pas de son effet direct sur la valeur de marché telle que mesurée par le Q de Tobin, mais plutôt de son rôle modérateur entre le reporting RSE et la valeur de marché. En effet, l’impact d’un reporting RSE de qualité sur la valeur de marché de l’entreprise est positif lorsque les entreprises optent pour un comité RSE. En revanche, pour les entreprises faisant recours à l’assurance RSE, l’impact d’un reporting RSE de qualité sur la valeur de marché de l’entreprise n’est positif que pour les entreprises exposées à des risques environnementaux élevés, démontrant un besoin sans équivoque de gérer leur image et de gagner en légitimité. Notre recherche est complétée par l’examen du rôle modérateur de la mise en place des services de l’assurance RSE de qualité, dans la relation entre la divulgation d'un rapport de développement durable autonome et la valeur de marché de l'entreprise. Le résultat trouvé renforce la contribution des services d'assurance de qualité à la pertinence des rapports RSE autonomesThis thesis attempts to examine the impact of CSR practices on firm market value. Particularly, we analyze the moderating role of the two sustainability-oriented corporate governance mechanisms, CSR committee and CSR assurance on the relationship between CSR reporting and the firm’s market value. Using a sample of French firms belonging to the SBF 120 index over two different periods from 2001 to 2011 and from 2007 to 2017, our results show that both CSR committee and CSR assurance act as a strategic tool to enhance the company’s ability to disclose more on CSR duties. We also show that the creation of a CSR committee and the demand for CSR assurance may substitute for each other. By studying their impact on firm market value, we conclude that the advantage of having a CSR committee and/or CSR assurance does not stem from their direct effect on market value, but from their moderating role between CSR reporting and firm’s market value. Our results show that while a higher level of CSR reporting is relevant for shareholders when firms have a CSR committee in the board, CSR assurance is specifically relevant only for firms exposed to environmental risks, demonstrating an unequivocal need to enhance the credibility of their CSR reporting. Our research is not limited to evaluating the effects of the presence or absence of external assurance but alos investigates the relationship between the issuance of a standalone CSR report and the firm’s market value, depending on the quality of assurance services. The result highlights the contribution of higher-quality assurance services to the relevance of standalone CSR reports. This thesis covers several disciplines namely accounting, accountability and corporate governance with may be a great interest for regulators, investors, managers and shareholders
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Morawiec, Jan. « Oceňování firmy ». Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75715.
Texte intégralRésumé :
The diploma thesis deals with setting of market value of the company Budejovicky Budvar as of 31. December 2009. The theoretical part of this thesis describes risks and difficulties that can be encountered by each professional valuator while evaluating a particular business. Practical part of the thesis consists of strategic analysis, which focuses on assessing and estimating of the target's market. Financial analysis covers financial position of the company and leads in analysis of the value generators and compilation of a financial plan. The actual valuation is based on discounted cash-flows attributable to the shareholders. The business valuation also estimates the value of the brand.
15
Lei, C. H. Adrian. « Corporate governance, connected transactions and firm valuation ». Click to view the E-thesis via HKUTO, 2005. http://sunzi.lib.hku.hk/hkuto/record/B36863944.
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Maeseneire, Wouter De. « Essays on Firm Valuation and Value Appropriation ». [Rotterdam] : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Rotterdam : Erasmus University Rotterdam [Host], 2005. http://hdl.handle.net/1765/6768.
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Lei, C. H. Adrian, et 李卓雄. « Corporate governance, connected transactions and firm valuation ». Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2005. http://hub.hku.hk/bib/B36863944.
Texte intégral
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Chan, Ling-Ching. « Accounting conservatism, earnings quality, and firm valuation ». Thesis, University of Manchester, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.629937.
Texte intégralRésumé :
This thesis explores the relation between conservatism and earnings quality, and its economic consequences. The principle of conservatism has played an important role in dealing with uncertainties in the process of financial reporting. In the past ten years, substantial market-based accounting research has been devoted to the study of conservatism but few studies have attempted to examine how the nature of conservatism affects earnings quality from an information perspective and whether conservative accounting provides information that is useful in helping investors make investment decisions. The present work provides UK evidence on the relation between accounting conservatism and several earnings attributes and on how this relation affects investors' required rates of return. It comprises three major pieces of empirical work. First, I investigate the effect of earnings components--cash flow from operations, operating and non-operating accruals--on earnings conservatism using three different regression models. These are the augmented forward and reverse return--earnings regressions, and the earnings persistence regressions. The results show that non-operating accruals has the most significant effect on estimates of conservatism in all three models. Second, I examine the association between ex-ante/ex-post conservatism and several earnings characteristics: the value-relevance, informativeness, persistence, and predictability of reported earnings. These earnings attributes are important determinants of earnings quality from an information perspective and greater values of these earnings attributes imply that reported earnings are more useful for decision-making purposes. The results show that ex-ante (balance sheet) conservatism has a positive relation with earnings quality. However, there is no direct relation between ex-post (earnings) conservatism and earnings quality, and extreme ex-post conservatism may undermine the quality of reported earnings. Third, I examine how the relation between conservatism and earnings quality affects investors' required rates of return. I find that higher ex-ante conservative earnings are related to lower costs of equity capital and that there is no significant relation between ex-post conservatism and investors' required rates of returs. Based on the findings in this thesis, I conclude that accounting conservatism is an essential concept in financial reporting and that investors understand the nature of conservatism and price firm value rationally.
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Goins, Samantha. « Corporate governance and firm valuation in Brazil ». reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/20223.
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This paper investigates the relationship between the quality of a firm’s corporate governance and firm valuation, as measured by Tobin’s Q, for Brazilian firms listed on the BM&FBovespa from 2010 to 2014. A corporate governance index is constructed from a set of five sub-indices which were compiled from publicly available information. The indices have been used to determine how corporate governance practises have evolved over the period. The results of the study show a positive and significant relationship between firm value and greater overall corporate governance in Brazilian listed firms, as well as the component sub-indices.
Esta tese investiga a relação entre a qualidade da governança corporativa das empresas e o seu valor de mercado, como é medido pelo Q de Tobin, para empresas brasileiras listadas no BM&FBovespa entre 2010 e 2014. O índice de governança corporativa utilizado foi construído a partir de um conjunto de cinco sub-índices que foram compilados a partir de informação disponível publicamente. Estes índices foram utilizados com o intuito de determinar como as práticas de governança corporativa evoluíram durante o período em estudo. O resultado desta tese mostra uma relação positiva expressiva entre o valor de mercado das empresas e a manutenção de uma melhor governança corporativa nas empresas brasileiras listadas, assim como com os sub-índices referidos.
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BARQUET, MARIA THEREZA ADRIANO. « ANALYSIS OF DIFFICULTIES IN PRIVATE FIRMS VALUATION IN BRAZIL : A CASE STUDY ». PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2016. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=28385@1.
Texte intégralRésumé :
O crescente interesse em estimar o custo de capital e, consequentemente, o
valor da firma é fundamental para que a empresa conheça o risco do negócio em
que atua. Nesse sentido, os problemas na estimativa de empresas de capital
fechado, devem-se ao fato de não possuírem ações negociadas na Bolsa de
Valores. A inexistência de valor de mercado para elas faz com que dados contidos
nos seus demonstrativos financeiros sejam utilizados. A não obrigatoriedade de
divulgação de resultado faz com que essas empresas operem sob normas contábeis
mais brandas, o que pode acarretar distorções da realidade. A presente pesquisa
tem por objetivo apresentar as dificuldades na adoção de premissas e as oscilações
que essas provocam nos resultados, fazendo um estudo de caso da LBQ
Engenharia Ltda., empresa privada atuante no setor de construção civil.The growing interest in estimating the cost of capital and thus, the firm value, is critical for the company to know the risk of the business in which it operates. In this sense, the problems in estimating private firms, are due to the fact they do not have shares traded on the Stock Exchange. The lack of market value for them makes the data contained in their financial statements are used instead of. They are not obliged to disclosure their results, therefore operates by loose accounting standards, which may result in distortions of reality. This study aims to present the difficulties in the adoption of assumptions and fluctuations that these cause the results, making a case study of LBQ Engenharia Ltda., a private company that operates in the construction industry.
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Ullah, S., S. Ahmad, Saeed Akbar, D. Kodwani et J. Frecknall-Hughes. « Governance disclosure quality and market valuation of firms in UK and Germany ». Wiley, 2020. http://hdl.handle.net/10454/17933.
Texte intégralRésumé :
YesThis study develops a 'comply or explain' index which captures compliance and quality of explanations given for non-compliance with the corporate governance codes in UK and Germany. In particular, we explain, how compliance and quality of explanations provided in non-compliance disclosures, and various other internal corporate governance mechanisms, affect the market valuation of firms in the two countries. A dynamic generalised method of moments (GMM) estimator is employed as the research technique for our analysis, which enabled us to control for the potential effects of endogeneity in our models. The findings of our content analysis suggest that firms exhibit significant differences in compliance, board independence and ownership structure in both countries. The 'comply or explain' index is positively associated with the market valuation of UK firms suggesting that compliance and quality governance disclosure is value relevant in the UK. Institutional blockholders' ownership is however, negatively associated with the market value of firms, which raises questions about the monitoring role of institutional shareholders in both countries. We argue that both compliance and explanations given for non-compliance are equally important, as long as valid reasons and justifications for non-compliance are provided by the reporting companies. These findings thus imply that the 'comply or explain' principle is working well and that UK and German companies could benefit from the flexibility offered by this principle. With respect to the role of board size, board independence, ownership structure, and institutional ownership of firms, this study offers policy implications.
22
Keienburg, Georg. « Venture capital investments financial contracting and the valuation of innovative growth firms ». Münster Verl.-Haus Monsenstein und Vannerdat, 2009. http://d-nb.info/995654085/04.
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23
Landström, Joachim. « The theory of Homo comperiens, the firm’s market price, and the implication for a firm’s profitability ». Doctoral thesis, Uppsala universitet, Företagsekonomiska institutionen, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8268.
Texte intégralRésumé :
This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market. In the theory, the subjects are allowed to gain knowledge about something that they previously were unaware of. As the discovery proceeds, the arbitrage opportunities disappear, and the market prices regress towards the intrinsic values. The theory is applied to firms and market-pricing models for a Homo comperiens environment is a result. The application of the theory to firms also leads to testable propositions that I test on a uniquely comprehensive Swedish accounting database that cover the years 1978—1994. Hypotheses are tested which argues that risk-adjusted residual rates-of-returns exist. The null hypotheses argue that risk-adjusted residual rates-of-returns do not exist (since they assume a no-arbitrage market). The null hypotheses are rejected in favor of their alternatives at a 0.0 percent significance level. The tests use approximately 22,200 observations. I also test hypotheses which argue that risk-adjusted residual rates-of-returns regress to zero with time. The null hypotheses are randomly walking risk-adjusted residual rates-of-returns, which are rejected in favor of the alternative hypotheses. The hypotheses are tested using panel regression models and goodness-of-fit tests. I reject the null hypotheses of random walk at a 0.0 percent significance level. Finally, the results are validated using out-of-sample predictions where my models compete with random-walk predictions. It finds that the absolute prediction errors from my models are between 12 to 24 percent less than the errors from the random walk model. These results are significant at a 0.0 percent significance level.
24
Gundogdu, Didem. « The role of social and human capital in assessing firm value : a longitudinal study of UK firms ». Thesis, University of Exeter, 2017. http://hdl.handle.net/10871/30194.
Texte intégralRésumé :
This study examines the role of board social and human capital in assessing the market value of firms in the UK context. As the world economy has shifted from manufacturing to service and knowledge-based economies, attributes such as knowledge, expertise, skills, ability and reputation are increasingly fundamental to the success of business enterprises. There is a growing consensus that these attributes are an increasingly valuable form of capital, asset or resource, despite their intangibility. In accounting, there are a number of problems arising from the accountability of non-physical, non-financial capital. Firstly, some forms of capital and certain assets are neither recognised nor presented in the statement of financial position. Secondly, some accounting practices relating to intangible assets are very conservative, resulting in undervalued assets and overstated liabilities. Consequently, there is an increasing gap between the book value and market value of firms. This gap restricts the relevance of information presented in financial statements and suggests that there is something missing in financial statements. This is the research problem being addressed in this study. While prior literature demonstrates that it has proven difficult to operationalise intangible forms of capital, there has been significant empirical attention and theoretical development in social and human forms. This thesis aims to contribute to accounting theory and practice by exploring the impact that board social and human capital have on firm market value. In light of extant research, it is hypothesised that social and human capital possessed at board level are positively related to the market value of firms. This study employs the Ohlson’s (1995) residual income valuation model to test the impact of social and human capital using a sample of UK firms listed on the FTSE All Share index for a period of 10 years (2001-2010). Social and human capital measures are derived from interlocking directorate ties and detailed biographic information of board directors. This study benefits from Pajek and Ucinet network packages to generate network maps and calculate positional metrics such as centrality and structural hole measures.
25
Berggren, Dennis. « IPO Underpricing and tech valuation : An empirical study of the Swedish IPO market ». Thesis, KTH, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-209453.
Texte intégralRésumé :
The closing price first day of trading has historically been found to exceed the offer price set in IPOs, implying that many issuing firms tend to leave money on the table in their IPO. This thesis examines the level of IPO underpricing in Sweden using unique data of IPO transactions on the largest Swedish stock exchanges during 2010-2016. It further discusses the valuation difficulties using the most common valuation methods for firms exhibiting characteristics commonly shared by technological firms. Univariate and multivariate tests confirm the existence of underpricing on Swedish stock exchanges during the period of study. Firms in the technological sector are found to experience both high average levels of underpricing and great variance in initial returns, suggesting potential difficulties valuing technological firms. Robust univariate tests do however not yield a significant result of greater variance in initial returns compared to rest of the sample. By using regression analysis, I find capital raised relative to market capitalization to have significant negative effect on initial returns.
26
Hassan, Abeer Mohamed El-bakry Abd El-gawad Hassan. « An empirical investigation of the investment behaviour of UK venture capital firms in the investee companies : an accounting emphasis ». Thesis, Keele University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.269180.
Texte intégral
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Inger, Kerry Katharine. « Relative valuation of alternative methods of tax avoidance ». Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/27623.
Texte intégralRésumé :
This paper examines the relative valuation of alternative methods of tax avoidance. Prior studies find that firm value is positively associated with overall measures of tax avoidance; I extend this research by providing evidence that investors distinguish between methods of tax reduction in their valuation of tax avoidance. The impact of tax avoidance on firm value is a function of tax risk, permanence of tax savings, tax planning costs, implicit taxes and contrasts in disclosures of tax reduction in the financial statements. My empirical results suggest that tax avoidance resulting from stock option tax benefits is positively associated with firm value, accelerated depreciation is not associated with firm value and deferral of residual tax on foreign earnings is negatively associated with firm value. Prior studies that find the positive association between firm value and tax avoidance is attenuated in poorly governed firms suggest the discount results from investor concern of managerial opportunism. Self-serving managers conceal diversion of tax savings from investors under the pretext that aggressive tax positions must be hidden from tax authorities in the financial statements. Under this theory transparent tax reduction methods that are clearly supported by the law should not be discounted by investors of poorly governed firms. However, I find that tax avoidance resulting from transparent stock option tax deductions is discounted in poorly governed firms, while tax avoidance derived from opaque deferral of the residual tax on foreign earnings is not, inconsistent with investors believing that managers are exploiting the compromised information environment associated with complex tax transactions.Ph. D.
28
Hartychová, Jana. « Stanovení hodnoty firmy Viko, s.r.o ». Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193082.
Texte intégralRésumé :
The thesis deals with the valuation of the company Viko s.r.o. The aim of this thesis is to set a value of the firm which refers to 30. 4. 2015 for both owners and creditors. Based on the DCF method which is proceeded from free cash flows to firm (FCFF) generated in a particular year, an internal value of private equity is determined in addition to the company value. First of all is made a theoretical part and an analytical part of the thesis comes after. Strategic analysis of the macroeconomic and microeconomic environment, financial analysis and the prognosis of a financial plan for a period of 2015--2019 are applied in the process of valuation. After delivery of the statement of the enterprise value the attention is focused on defining the impact of factors that affect the resulting value of the company. The conclusion summarizes the analytical part of the thesis and suggestions resulting in increase of the enterprise value in the future are presented.
29
Tsang, Yick-tat, et 曾億達. « Modelling and forecasting the general financial performance of listed construction firms in Hong Kong ». Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/198814.
Texte intégralRésumé :
It is well recognised that construction firms encounter risk and are sensitive to trends and volatility in the business environment. Measuring the financial performance of a firm serves as the basis of monitoring and evaluating its management competence, resource allocation and corporate strategy in response to environmental change. Forecasting is paramount in responding to potential problems and perpetuating positive developments that result in sustainable competitiveness. Thus, an enriched understanding and prediction of the financial performance of construction firms are desirable for decision makers and other industry stakeholders. Notwithstanding that, little research attention has been paid to this premise conceptually and empirically. Thus, the overall aim of this study was to model and forecast the general financial performance of Hong Kong construction firms under the dynamic influence of the business environment.
This study involved the application of quantitative modelling using various statistical and econometric techniques. Multidimensional firm financial performance was first approximated using factor analysis based on the financial data of local publicly listed construction firms from 1992 to 2010. The factor model uncovers five common financial factors: liquidity, asset, leverage, profitability and activity. The time trends of these factors display diverse and cyclical patterns with irregular cycle periods.
Autoregressive integrated moving average (ARIMA) models were then constructed based on the Box-Jenkins approach, which provided univariate forecasts of the financial factors. The results reaffirmed that ARIMA models were highly effective in forecasting.
In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed.
In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed.
This study is among the first to apply advanced econometric techniques to develop reliable performance measurement and forecasting models. The results improve the theoretical framework by explaining the dynamic relationships between the financial performance and business environment of construction firms. The empirical findings of the quantitative analysis offer new implications for firms’ financial performance and the significant leading determinants in a local context. The outcomes of this study make seminal contributions to current knowledge and practice.published_or_final_version
Civil Engineering
Doctoral
Doctor of Philosophy
30
Bartlett, Brian D. « The Effect of Corporate Sustainability Reporting on Firm Valuation ». Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/489.
Texte intégralRésumé :
The topic of corporate sustainability reporting has seen rapid growth in the past couple of years as more firms are placing a greater emphasis on becoming sustainable. However, the true impact of sustainability reporting on firm value has been widely debated, often due to the nature of the qualitative data in sustainability reports. This thesis uses a normalized sustainability scoring system to examine the effects of sustainability reporting on firm value. In particular, this paper analyzes these effects during the Great Recession to note if there was any change in the effects on a year-by-year basis due to macroeconomic differences. This study finds that not only is superior corporate sustainability reporting positively correlated with increased firm value, but also that the degree of the impact greatly drops during the recession. These findings suggest that sustainability could be an advantageous business tool during stable economic times but not nearly as important in terms of increasing firm value during times of recession. Therefore, the results of this thesis have important practical uses and serve as a basis for analyzing the financial effects of corporate sustainability initiatives as this type of reporting becomes more prevalent in the future.
31
Kopecká, Barbora. « Ocenění rodinné firmy Pekařství Kopecký s.r.o ». Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-199784.
Texte intégralRésumé :
This thesis presents a comprehensive valuation of small manufacturing business. The thesis includes strategic and financial analysis, prediction of value generators, developing a financial plan and valuation.
32
Alexander, Justin. « Short-Termism and Corporate Myopia : The Values Assigned by the Market to Short-Term and Long-Term Firms ». Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1499.
Texte intégralRésumé :
Short-termism and myopia on the part of corporate managers, analysts, and investors have created a business environment driven by the excessive focus on short-term results and the need to meet earnings targets at the expense of long-term value creation. These are accompanied by numerous consequences, including the potential for short-term-oriented firms, particularly in the U.S., to lag behind global long-term-oriented firms, as well as the potential for short-term mindsets in the corporate world to catalyze financial crises. In this paper, I demonstrate that the market generally assigns higher values to long-term firms rather than short-term ones. This is evidenced by the fact that firms characterized to be long-term according to various financial metrics have higher valuation multiples than their short-term counterparts. The results suggest that the market has a degree of sophistication that rewards investments for the future rather than earnings management and present gratification, and that the corporate world should therefore increasingly develop a long-term mentality.
33
Kroc, Vratislav. « Stanovení hodnoty stavební firmy ». Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-125183.
Texte intégralRésumé :
The theme of this diploma thesis is a business valuation of a family company STAV-INVEST Roof Systems Ltd. according to standard procedures for the business valuation. At the beginning, there is a description of the business valuation in general and also of the specifics of business companies and of the Czech Republic itself. The next section is the description of all important aspects of the company -- from basic information, through the organizational structure, product and service portfolio, customer base, to the seasonality of sales. The next chapter talks about the analysis of the environment from the macro and microeconomic aspect and also the SWOT analysis. The company is valuated quantitatively with the financial indicators. Among standard tools which are used belong the horizontal and vertical analysis, ratio indicators, EVA and also internal measurement methodology of efficiency. Further, the financial plan, from which it derives its own business valuation. The most appropriate method of business valuation are than selected, applied and commented.
34
Čepera, Vít. « Ocenění firmy - STATEK BŘEŽANY ». Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-162343.
Texte intégralRésumé :
The thesis deals with searching of Statek Břežany company value as of 31.12. 2012. The introduction describes history of the company and its field of business. Financial analysis tests health of the company. Strategic analysis examines internal and external potential for growth in business. The goal of these analyses is to determine appropriate valuation method. Based on the valuation method the prediction of value generators is drawn up. Final valuation includes two different methods and values for comparison.
35
Woods, Maef. « The Valuation and Contracting Roles of Restated Earnings ». University of Cincinnati / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1249607063.
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36
Čížek, Martin. « Ocenění firmy Kofola, a. s ». Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-18176.
Texte intégral
37
Šrytrová, Ladislava. « Stanovení hodnoty firmy Madeta, a.s ». Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-205654.
Texte intégralRésumé :
The aim of the thesis is the valuation of Madeta, a. s. Company on 31.4.2016 for owners and company creditors. The theses is divided in two parts: theoretical and practical. In the theoretical part is devoted to definitions relating to business valuation. The practical part is focused on strategic analysis that determines the company´s position on the market. Folowing finance analyses that expresses the financial health. Based on these knowledges is set the financial plan and provided valuation by Discounted Cash flow method.
38
Lel, Ugur. « Political risk in Quebec, firm valuation, and business relocation announcements ». Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0004/MQ43642.pdf.
Texte intégral
39
Lin, Ting-Yu, et 林亭妤. « A case study of firm's valuation of Prerecorded Disc Industry ». Thesis, 2005. http://ndltd.ncl.edu.tw/handle/22158185351859558894.
Texte intégralRésumé :
碩士輔仁大學
科技管理學程碩士在職專班
93
When a company needs to expand their business or to change the business strategy, it will use the financial leverage to raise the fund from outside. The valuation is the key to determine whether or not the fund raising will be successful. The prerecorded disc industry is not well-known by the public and rarely being reported or studied. This study is to valuate a target company of the prerecorded disc industry. The DCF method highly recommended by scholars adopted in this study to valuate the firm. The first step is to fully analyzing the target company by the ROIC-WACC, earning quality, and finance decision quality. The second step is to use DCF method based on both sales-driven and earning-driven approaches to perform the business valuation under different scenarios. The third step is to do the sensitivity analysis. The final step is to summit the conclusions and suggestions according to the study results. This results shows that the earning-driven DCF method cannot be used as references when the ROIC-WACC is negative. In addition, the risk-premium will affect the result greatly, therefore we must be very cautious when making assumptions.
40
Yi-Cheng, Chen, et 陳沂爭. « Valuation of Negative Earnings Firms ». Thesis, 2001. http://ndltd.ncl.edu.tw/handle/38402965903663954393.
Texte intégralRésumé :
碩士輔仁大學
金融研究所
89
The number of loss firms is increasing in recent years. The stock prices of loss firms are going down reflecting difficulties in transforming traditional industries to become globally competitive. This paper addresses the issue of valuing loss firms by accounting valuation models. First, we divide all Taiwan Stock Exchange listed companies into two groups based on whether their earnings numbers are positive or negative, and estimate the value of firms by Ohlson’s valuation model. The conclusion shows that the value of firms with negative earnings cannot be reasonably explained by Ohlson’s valuation model. That is, the value of negative earnings firms cannot be accounted for by the two most important accounting variables─earnings and the book value of equity. This paper then focuses on the two most severely depressed industries, banking and construction, for further analysis. We use an adjusted version of Ohlson’s valuation model by replacing the book value of equity with what we considered the most valuation relevant financial variables of the two industries. The empirical results show that earnings, inventories, and interest bearing debts are relevant information for valuing the construction industry. In addition, fees, collateralized loans, unsecured loans, non-performance loans, and allowance for non-performance loans are relevant information for valuing the banking industry. As a result, we conclude that information contained in the balance sheet is indeed relevant in firm valuation and the relative importance of various balance sheet items varies across industries.
41
Patrão, Miguel Santos Fonseca. « Equity valuation : Grupo Semapa : firm valuation theory applied ». Master's thesis, 2013. http://hdl.handle.net/10400.14/11677.
Texte intégralRésumé :
This dissertation aims to value the intrinsic value of the holding Semapa, applying the Equity Valuation theory. In order to apply the most suitable methods and appropriate assumptions, this paper firstly outlines the existing valuation frameworks and techniques, along with the academic debates on the most relevant valuation topics. The valuation is done as the sum of the parts of the companies owned by Semapa – Portucel, Secil, ETSA and Supremo – using a Discounted Cash Flow approach and the Multiples approach. Lastly, this dissertation compares the methods used and the results obtained to those of an investment bank, analyzing the differences with the purpose of understanding the reasons behind the dispersions of values obtained from different valuation methods.
42
Chen, Hai-Chi, et 陳海琪. « The Effect of Tax Integration in Firms Valuation ». Thesis, 2002. http://ndltd.ncl.edu.tw/handle/76239406129909645128.
Texte intégralRésumé :
碩士中國文化大學
會計研究所
90
Because of the execution of Tax Integration in 1998, the implicit taxes of the firm’s retained earnings exceed those after changing to a new system. In order to make a successful decision, investors should recognize and apply this change when they value the firm. From the perspective of investors’ dividend taxes, the main purpose of this study is to investigate whether dividend taxes has incremental information after Tax Integration. Year 1991 to 2000 are selected as testing sample due to data availability. The empirical results suggest three main conclusions. First, we ignore both of the effects of dividend taxes and Tax Integration, but only focus on entity-level taxes. We find that book value of shareholders’ equity decrease in the ratio of retained earnings to total book value and net income increase in the ratio of retained earnings to total book value. Second, after adding in the effect of dividend taxes, we find that dividend taxes reduce the value of retained earnings. Last, combining with the effects of dividend taxes and Tax Integration, taxes on dividends increase the value of retained earnings after Tax Integration.
43
Pereira, António João Dinis. « Consulting firm - company valuation ». Master's thesis, 2019. http://hdl.handle.net/10362/73208.
Texte intégralRésumé :
ConsultingFirm is a 5-year old fast-growing service providing company, quickly increasing its relevance in the Portuguese market and sparking the interest from third parties. Hence, ConsultingFirm wishes to know the market value of the company and have a simple valuation model to be used in the future. Following an industry and value creation analysis, the value of the company was determined through 3 well-known valuation models. Ultimately, a valuation model for the future was developed, allowing the management to attain an approximation of the market value of the company at any given time, through an easy but substantiated manner.
44
Chen, Ling Kuang, et 陳凌光. « Expansionary Path and Valuation of Taiwan Notebook Computer Firms ». Thesis, 2011. http://ndltd.ncl.edu.tw/handle/wnyb3c.
Texte intégralRésumé :
碩士輔仁大學
科技管理學程碩士在職專班
99
Starting in 2008, the Taiwan notebook computer foundry industry (ODM, Original Design Manufacturer) exports accounted for about 90% (source, DigiTime) of the world market share. In Taiwan notebook computer company has Compal, Inventec computer company, Quanta Computer, Wistron, etc. in additional to above company have added a new competitors, the company in 2009, Hon Hai Precision officially entered the foundry industry, more than the sum Taiwan's five large-scale power leading manufacturer of business, and its total revenue in 2009 will account for 38.3% of the country the proportion of GDP. Economies of scale on the good company Hon Hai Precision, the use of low cost strategy into the NB grab foundry industry, and its 2009 annual consolidated financial statements despite an increase in adjusted operating expenses 0.24%, but the operating margin has increased by 0.9%, that result showing its competitive strategy Applied properly, as opposed to laptop foundry business strategy, continue to expand the operation scale and operating leverage, operating leverage and take action to increase the higher return on assets, debt strategy and even laptops will have a greater economic foundry Benefits.
45
張家瑋. « Valuation of Negative-earnings Firms : Earnings V.S. Book Value ». Thesis, 2007. http://ndltd.ncl.edu.tw/handle/29522099322965754549.
Texte intégralRésumé :
碩士國立政治大學
會計研究所
95
This paper investigates the evaluation of negative-earnings firms by their earnings and book values, which are two of the most important accounting figures in financial statements. Following Joos and Plesko (2005), we classify the sample firms into two categories: transitory negative earnings and persistent negative earnings. The empirical results show that cash flows from operating activities are more value relevant for the negative-earnings firms in electronics industry, especially for those with transitory negative earnings. For the non-electronic industry, decomposed book values are more value relevant for those firms with transitory negative earnings. In performing sensitive analyses, this study further classifies negatives-earnings firms with the actual persistence of their negative earnings as well as the firm size. For the actual persistence of negative earnings, decomposed book values demonstrate no significant difference in the valuation of transitory negative earnings firms and persistent negative earnings firms, and decomposed earnings show little value relevance in either group. When considering the size effect, decomposed earnings aren’t value relevant in transitory and persistent negative earnings firms and decomposed book values are more value relevant for the firms with persistent negative earnings. We also test the industry effect by dividing the sample firms into electronics and non-electronics. The results show that net cash flows from operating activities are more value relevant for transitory negative earnings firms and their relevance is higher than accruals. And decomposed book values show no significant difference in value relevance for both groups.
46
Lu, Jun-Jie, et 陸俊杰. « A Case Study on Venture-backed Technology Firms Valuation ». Thesis, 2015. http://ndltd.ncl.edu.tw/handle/23507497697800442244.
Texte intégralRésumé :
碩士國立臺灣大學
會計學研究所
103
This thesis focuses on the research and exploration on valuation with regard to venture-backed technology firms and intends to apply traditional valuation methods and modified real option valuation model to re-examine valuation on technology firms with assistance of a case. In the beginning, this thesis describes the origin, development and current status of venture capital. By the analysis on characteristics of the technology firms and industry, this thesis reveals the close interlinkages between technology firms and venture capital. Then, this thesis discusses the traditional valuation methods and identifies limitations when these methods are applied to the valuation of technology firms in startup or growth stage. Therefore, this thesis revises traditional real option valuation approach for the purpose of better meeting valuation characteristics of venture-backed technology firms. In addition, this thesis establishes a venture capital valuation model in terms of quantitative and qualitative aspects in order to further complete the research. The model takes the level of investment expertise and professional judgment into account. Thereafter, the thesis discusses a case to illustrate the valuation model into concrete venture capital circumstances. Finally, the thesis points out limitations of model and complementarity effect of the model user-‘human’ boundaries and in the venture capital model cannot replace expertise of venture capital institutes and venture capitalists’ capacity and experience.
47
Hsiao, Chun-Yu, et 蕭鈞煜. « Business Valuation ─ An Empirical Study of Taiwan Public Firms ». Thesis, 2010. http://ndltd.ncl.edu.tw/handle/u79gkr.
Texte intégralRésumé :
碩士國立虎尾科技大學
經營管理研究所
98
This study is the first paper to employ the price-to-earnings (P/E) ratio, price-to-book ratio, price-to-sales amount ratio and the Black-Scholes valuation models for free cash flow sales and free cash flow earnings, respectively, to conduct valuation of companies listed on the Taiwan Stock Exchange (TAIEX) or OTC-traded companies. This study first focuses on the valuation of TAIEX-listed or OTC-traded companies as a whole, and continues with the analysis of the valuation of TAIEX-listed companies, OTC-traded companies, the electronics industry, non-electronics industries, the financial industry and non-financial industries. The results show that for TAIEX-listed or OTC-traded companies as a whole, the P/E ratio approach provides better explanatory power and predictive accuracy than the other five valuation models. In addition, for OTC-traded companies, the electronics industry and non-financial industries, the explanatory power and predictive accuracy of the P/E ratio valuation method also provides better explanatory power and predictive accuracy than the other five valuation models. On the other hand, the empirical results for TAIEX-listed companies and non-electronics industries show that the P/E ratio valuation method provides the highest explanatory power, while the share price-to-net worth ratio valuation method has the best predictive accuracy. As for the financial industry, the Black-Scholes valuation method provides the highest explanatory power while the share price-to-net worth ratio method gives the best predictive accuracy.
48
Tseng, Yu-chia, et 曾郁嘉. « Implied Volatility and Firm Valuation ». Thesis, 2013. http://ndltd.ncl.edu.tw/handle/78458367455975703606.
Texte intégralRésumé :
碩士國立高雄第一科技大學
金融系碩士班金融組
101
In the call option, it has a higher option prices and the implied volatility get higher. The firm value gets better or not. Also in the put option, it has a higher put option prices and the implied volatility get higher. The firm value gets worse or not. In this study, we focus on the relation between the implied volatility and firm valuation. The implied volatility is divided into Vega implied volatility and Elasticity weighted implied volatility. A simple approximation of Tobin’s q displaces the firm value. We study call and put implied volatility relate to the firm value by cross-sectional regression and panel regression. Finally, we use the lag implied volatility to further discussion with firm value. The results are whether call or put implied volatility are positive to firm value and lag implied volatility to firm value has not relationship.
49
Halsey, Robert F. « Earnings cycles and firm valuation ». 1997. http://catalog.hathitrust.org/api/volumes/oclc/38011733.html.
Texte intégralRésumé :
Thesis (Ph. D.)--University of Wisconsin--Madison, 1997.Typescript. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 124-129).
50
Chen, Lie-Hui, et 陳麗慧. « Intellectual Capital, Research and Development Expenses, andthe Valuation of Firms ». Thesis, 2004. http://ndltd.ncl.edu.tw/handle/04237007776564728584.
Texte intégralRésumé :
碩士朝陽科技大學
財務金融系碩士班
92
This study uses the variables of intellectual capital, R&D, innovation, firms’ scale, capital structure, dividend policy, and ownership structure to build firms’ valuation models- Tobin’s Q and EPS Models. The models are applied to the data of the Taiwan stock market from 1996 to 2002 to investigate how the firms’ value is influenced by the above variables. The major findings are as follows: (1) General speaking, the firms’ valuation in Taiwan stock market is based on EPS. (2) The way how firms’ value is influenced by the variables is different from industry to industry. (3) The current R&D was not a significant factor to explain the variation of firms’ value in most industries. (4) To raise the competitive advantage of traditional industries, government’s policy must adjust according to industrial characteristics. (5) From the experimental results, financial accounting information still provide considerable explanation to firm’s valuation. Keywords: intellectual capital, R&D, innovation, Tobin’s Q, EPS.