Tesi sul tema "Valuation"
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Baarsma, Barbara Elisabeth. "Monetary valuation of environmental goods alternatives to contingent valuation /". [Amsterdam : Amsterdam : Thela Thesis] ; Universiteit van Amsterdam [Host], 2000. http://dare.uva.nl/document/83364.
Testo completoLeung, Chi-wah, e 梁志華. "Performance management of valuation officer in Rating and Valuation Department". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B46758112.
Testo completoBild, Magnus. "Valuation of takeovers". Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/471.htm.
Testo completoFujiki, Maso-Hiko. "Pension fund valuation". Thesis, City University London, 1994. http://openaccess.city.ac.uk/7545/.
Testo completoChernyakova, Irina. "Systems of valuation". Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81659.
Testo completoCataloged from PDF version of thesis.
Includes bibliographical references (p. 69-75).
The 1972 publication of The Limits to Growth marked a watershed moment in ongoing environmental debates among politicians, economists, scientists, and the public in the postwar period. Sponsored by the Club of Rome, an influential think-tank established in 1968, the report was published against the backdrop of the progressive activism of the 1960s, and prefigured the neo-conservative politics of the 1980s. It represented a decisive moment in that it appeared to reconcile critiques of consumerism and capitalism by linking the limits of global consumption to a finite totality of resources on the planet. As a pre-history to current systems of valuation, this thesis looks at some of the intellectual tendencies that under-girded mindsets such as those manifest in the report. More importantly, it follows the intricate logics and narratives buried within the enigmatic web of geometric symbols and snaking lines that suffuse the writings of systems thinkers, tracing a genealogy of this mode of thought that begins with semiotic language of ecologists Eugene and Howard T. Odum, and of Jay Wright Forrester and the Systems Dynamics Group at MIT, to its manifold ends. These actors will ground the implications of systems theory-in-practice, its implications, and its biases. In doing so, the thesis reconstructs how "environment" was first defined and captured by systems thinking. Navigating through a series of international conferences in which these principles were substantiated, the thesis looks at the ramifications of systems thinking in the present.
by Irina Chernyakova.
S.M.
Buchsteiner, Henri. "Valuation and bubbles". Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610800.
Testo completoAcharya, Dixhant. "Transportation Asset Valuation". University of Toledo / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=toledo1418387965.
Testo completoCasagrande, Federico <1994>. "Big Data Valuation". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19687.
Testo completoJonsson, Emma, e Linda Samuelsson. "Business Valuation : Valuation of IT-companies in the area of Jönköping". Thesis, Jönköping University, JIBS, Business Administration, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1322.
Testo completoBackground:
In Sweden Internet was introduced in 1983 and IT became a popular phe-nomenon in the 1990s. In the middle of this decade IT-companies had a prosperous period. Many companies acquired competitors frequently dur-ing these years in order to build brand names and stay competitive. More than 400 IT-companies went bankrupt during 2001, due to the burst of the IT-bubble. Today, there is no doubt that IT-companies are willing to acquire other companies in the industry. Before an acquisition both the purchaser and seller do a careful valuation of the current company, using different valuation methods. Lately, there are some IT-companies in the area of Jönköping and its surroundings that have carried out acquisitions.
Purpose:
In this thesis IT-companies in the area of Jönköping are considered in or-der to describe what valuation methods that are used when valuing these before an acquisition. Intangible assets are of great importance for this in-dustry. Therefore the aim is also to find out which these are and how they are valued.
Method:
In order to fulfill the purpose a qualitative research is maintained. Primary data is collected from two telephone interviews and six face-to-face inter-views. Three of the interviews are conducted with people working at IT-companies that have carried out an acquisition between 2006 and 2008. The other interviews were performed with people working with business valuation on a daily basis.
Conclusion:
When valuing IT-companies as well as the intangible assets, where good-will is significant due to synergies, the net present value approach is most commonly used. The relative valuation approach is also useful, especially for companies in the early phase of the life cycle since these do not show any historical facts. Within the IT-industry; P/S, P/E, and value per em-ployee, are all useful. The net asset value approach is the most common before a direct acquisition. In this research indirect acquisitions are most often applied.
Bakgrund:
I Sverige introducerades internet 1983 och IT blev ett populärt fenomen under 1990-talet. I mitten av decenniet hade IT-företagen en blomstrande period. Många företag förvärvade konkurrenter ofta för att skapa varu-märke och fortsätta vara konkurrenskraftiga. Över 400 IT-företag gick i konkurs under 2001 på grund av IT-bubblan. Idag är det ingen tvekan om att IT-företag är villiga att förvärva andra företag i denna industri. Innan ett förvärv genomför både förvärvaren och säljaren en noggrann värdering av det aktuella företaget med användning av olika värderingsmetoder. Det finns några IT-företag i Jönköpingsregionen som genomfört företagsför-värv på sista tiden.
Syfte:
Syftet i denna uppsats är att beskriva vilka värderingsmetoder IT-företag i Jönköpingsregionen använder vid värdering innan ett företagsförvärv. Immateriella tillgångar är viktiga i denna industri. Därför är syftet även att identifiera dessa och se hur de värderas.
Metod:
För att uppfylla syftet används en kvalitativ metod. Primärdata är insamlad från två telefonintervjuer och de andra sex på intervjuobjektens kontor. Tre intervjuer genomfördes med personer som arbetar på IT-företag som genomfört företagsförvärv mellan 2006 och 2008. De andra intervjuerna genomfördes med personer som arbetar med företagsvärdering dagligen.
Slutsats:
Vid värdering av IT-företag såväl som de immateriella tillgångarna, främst goodwill tack vare synergier, används i första hand avkastningsvärdering. Relativvärdering är också användbar, särskilt för företag i det tidiga skedet av livscykeln då ingen historisk information finns att tillgå. Inom IT-industrin är; P/S, P/E och värde per anställd, alla användbara. Substans-värdering är vanligast vid ett direkt förvärv. I denna studie är indirekta förvärv oftast förekommande.
McParland, Clare. "European investment valuation practices and implications for the harmonisation of valuation standards". Thesis, University of Ulster, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.342318.
Testo completoMarques, Marcelo Sequeira. "Environmental resources valuation in environmental impact assessment: towards an efficient valuation system". Master's thesis, ISA, 2017. http://hdl.handle.net/10400.5/14834.
Testo completoEach European Union state member performs analysis on certain projects possible impacts on the environment through the instrument of Environmental Impact Assessment. This procedure has been implemented on each member state level, being altered and improved e several occasions, finding itself under constant evolution. The content of that assessment verified in the correspondent documents of the EIA, specifically in the Environmental Impact Statement, appear to be somewhat subjective, being that the description of the affected environmental resources by the project implementation under that procedure is presented with a certain level of abstraction. This work looks forward to present ways to enhance the objectivity and consequently the clearness of those Environmental Impact Assessments, focusing mainly on demonstrate the valuation the environmental resources affected by the Environmental Impact Assessment project, allowing a better comprehension by the stakeholders about the real value of the pre-existent resources in the area of the project. The great problematic directly linked to the resources valuation is centred in the easy monetary value attribution whenever a resources has a market price counter pointing the remaining non-marketed resources. Such approach involves the adoption of a classification system of ecosystem goods and services, particularly in this case the Common International Classification of Ecosystem Services that comprises the environmental resources considered in the Environmental Impact Assessments Finally the application of the Common International Classification of Ecosystem Services approach integrated in the Environmental Impact Assessment is demonstrated and the valuation of the environmental resources is performed through the benefit transfer method serving as example for the potentiality of this procedure
N/A
Mezentsev, Anton, e Anton Pomelnikov. "Valuation of Installment Options". Thesis, Halmstad University, School of Information Science, Computer and Electrical Engineering (IDE), 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-3271.
Testo completoArmerin, Fredrik. "On cash flow valuation". Licentiate thesis, KTH, Mathematics, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-1508.
Testo completoA fundamental fact in finance and economics is that moneyhas a time value, meaning that if we want to value an amount ofmoney we get at some future date we should discount the amountfrom the future date back to today. When facing a stream ofcash flows occurring at di®erent times we discount each ofthe cash flows using suitable discount rates and then sum thecontributions. This sum of discounted cash flows defines thevalue today of this stream. Most future cash flows that appearin models in finance and economics are assumed to be stochastic(nondefaultable bonds being a counter example). To be able tovalue these stochastic cash flows we also have to takeexpectations. In some cases even the discount rate should bemodelled as a stochastic object. The purpose of the two papersin this licentiate thesis (On the Valuation of Cash FlowsDiscrete Time ModelsandOn the Valuation ofCash FlowsContinuous Time Models) is to establishgeneral properties of the value process. As time passes twothings happen. Firstly, the cash flows that are realised are nomore parts of the value and secondly, the information we canuse to determine the expected cash flows and discount ratesincreases.
The two papers consider discrete time models and continuoustime models respectively.Of course any continuous time modelis necessarily an idealisation. Thus one could argue from amodelling point of view that we should use discrete timemodels. The main reason for using continuous time models isthat we have the powerful machinery of stochastic calculus athand. Discrete time models are mostly used in practice whenvaluing a firm or a project, while the continuous time settingis more frequently used in thoretical approaches to valuation.Most of the results are parallelled in the two papers. Adi®erence is that we discuss some convergence results forthe value in discrete time which do not occur in the continuoustime paper. The reason for not including this in the continuoustime paper is because we find it a more important question indiscrete time. On the other hand the Brownian models incontinuous time, where the Martingale Representation Theorem isan important tool, make the analysis much more transparent.
In both papers we first define the underlying objects: thediscount process and the cash flow process. We then define,using these two processes, the value process (i.e. the expecteddiscounted value of the cash flow stream). We show that thediscounted value tends to zero almost surely, and that thereare three equivalent ways of writing the value process, each ofwhich has its own merits. We also extend this result to thecase when the cash flow process and the value process areevaluated at a stopping time. The first paper, on discrete timemodels, then continues by showing examples from finance,economics, and insurance where the discounted value processplays an important role. Finally we present two propositionswith necessary conditions for the value process to convergealmost surely. The second paper, on continuous time models,discusses some properties of the local dynamics of the valueprocess and then continues with Brownian models. We show thatthe value process can equivalently be expressed as a solutionto a forward-backward stochastic di®erential equation.Finally we show that under some additional assumptions there isa one-to-one correspondance between the cash flow process andthe value process. We also investigate the inverse problem offinding a cash flow process generating a given value processand discuss applications to real options.
Li, Yun. "Natural Gas Storage Valuation". Thesis, Georgia Institute of Technology, 2007. http://hdl.handle.net/1853/19695.
Testo completoTopshee, Dugald. "Nietzsche's theory of valuation". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape9/PQDD_0001/MQ43330.pdf.
Testo completoLevin, Joakim. "Essays in company valuation". Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-660.
Testo completoOlsson, Per. "Studies in company valuation". Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/494.htm.
Testo completoWong, Shy Kuo. "Valuation of financial institutions". Thesis, Lancaster University, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.403782.
Testo completoLyashevska, O. "Quantifying biodiversity for valuation". Thesis, Queen's University Belfast, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.557664.
Testo completoMollaret, Sébastian. "Collateral choice option valuation". Thesis, KTH, Matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-161068.
Testo completoRees, William Page. "Accounting, expectations and valuation". Thesis, University of Glasgow, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.395085.
Testo completoPatrão, Miguel Santos Fonseca. "Equity valuation : Grupo Semapa : firm valuation theory applied". Master's thesis, 2013. http://hdl.handle.net/10400.14/11677.
Testo completoBraga, Maria Anjos Lopes dos Reis. "Kering’s valuation". Master's thesis, 2014. http://hdl.handle.net/10071/10279.
Testo completoO presente projecto tem como objectivo a avaliação da empresa Kering, com vista a chegar a um preço-alvo e fazer uma recomendação de investimento. A Kering é uma empresa multinacional francesa que opera no sector dos bens de luxo e está presente em todo o mundo. A empresa está dividida em duas divisões: a divisão de luxo e a de desporto e estilo de vida, possuindo um portfolio diversificado de marcas bem conhecidas, como a Gucci, Yves Saint Laurent, PUMA, entre outras. Nos últimos anos, a Kering tem passado por um processo de reestruturação com a venda de todas as empresas do segmento de retalho, com o objectivo de se tornar num grupo mais coeso, integrado e internacional. Para avaliar a empresa foram escolhidos o Método de Fluxo de Caixa Descontado e o Método dos Múltiplos de Mercado. Para tal, é necessário analisar cuidadosamente os fundamentais da empresa, assim como estimar as principais variáveis. Todas as análises e projecções foram elaboradas com a informação disponível até Dezembro de 2013. Através do desenvolvimento do modelo de avaliação, chegou-se a um valor de € 184.50 por acção, que comparado com o valor de mercado de € 153.65 à data de 31 de Dezembro de 2013, significa que a Kering estava a negociar com um desconto de 20%. Desta forma, a recomendação de investimento seria então de compra da acção.
The present project aims to evaluate Kering company in order to make an investment recommendation. Kering is a French multinational holding company, with a worldwide presence. The company operates in the luxury goods sector and is divided into two divisions - the Luxury Division and the Sport & Lifestyle Division - having a wide brand portfolio with some well-known brands like Gucci, Yves Saint Laurent, PUMA, among others. Through the past years, Kering has been restructuring itself to become a more cohesive, integrated and international Group. In order to see if the company is trading at a premium or at a discount, the company’s fundamentals are deeply evaluated and the main variables are estimated to apply Discounted Cash Flow and Market Multiples Method. The purpose is to reach a price target and to make an investment decision. All the analysis and projections were only prepared with the information available until December 2013. The valuation model points to a value of € 184.50 per share, which compared to the market value of € 153.65, in 31th December 2013, meaning that Kering share was trading at a discount of 20%. Thus, and according to this analysis, the investment recommendation at that time would have been to buy the share.
Anand, Prathivadi B. "Environmental valuation". 2012. http://hdl.handle.net/10454/8919.
Testo completoLin, Yuting, e 林育葶. "Development of Taiwan Valuation Standards and Comparison with International Valuation Standards & China Valuation Standards". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/zqv4gq.
Testo completo國立臺灣大學
會計學研究所
106
Taiwan valuation standards are published one after another by Accounting Research and Development Foundation from 2007. In order to comprehend the formulation of Taiwan valuation standards, this paper will use International valuation standards (IVS) and China valuation standards as comparison subject. The comparison will base on Taiwan valuation standards and therefore the comparison will divide into twelve standards and one guideline. Moreover, in order to understand the amendment of Taiwan valuation standards, IVS and China valuation standards, this paper will compare new edition with old version of each one. Finally, this paper will introduce foreign valuation credentials and Taiwan valuation credentials to understand regulations and requirements about valuation credentials. The results show that, there are fewer differences between Taiwan valuation standards and IVS in the standards of equipment, financial instruments and discount cash flow than the others. There are fewer differences between Taiwan valuation standards and China valuation standards in the standards of engagement letter and working paper than the others. In addition, the extent of amendment of IVS and China valuation standards is larger than that of Taiwan valuation standards. Finally, when comparing foreign valuation credentials with Taiwan valuation credentials, the result shows that there are some deficiencies in Taiwan valuation credentials.
Dan, Fred, e 鄧福瑞. "Convertible bonds valuation". Thesis, 1996. http://ndltd.ncl.edu.tw/handle/09095675877564538738.
Testo completo輔仁大學
金融研究所
84
This paper mainly investigate domestic prices of convertible bonds. By deriving partial differential equations, we can obtain the value of convertible bonds through numerical analysis. Through model modification and foreign convertibles'' pricing, we convey whether the difference between market prices and theoretical prices arise from domestic structural factors and market inefficiency. In the analysis of empirical research, there are differences between unmodified theoretical prices prices and market prices. After modification, theoretical prices can better explain the trend of market prices. In the test of foreign convertible bonds, we obtain the theoretical prices very close to market prices if we apply this model to foreign price samples. Therefore, we conclude that owing to conversion restrictions, short sale restrictions, and market inefficiency, domestic prices of convertible bonds cannot fully explain market prices.
Gabrielli, Gianluca. "Netflix inc. valuation". Master's thesis, 2017. http://hdl.handle.net/10362/23690.
Testo completoRoque, Rui Pedro Mendes. "Fountaine pajot valuation". Master's thesis, 2019. http://hdl.handle.net/10362/68135.
Testo completoSousa, Bruno Filipe Soares dos Santos. "Credit valuation adjustment". Master's thesis, 2016. http://hdl.handle.net/10071/13443.
Testo completoO objetivo desta dissertação é proporcionar uma visão mais abrangente da técnica de Credit Valuation Adjustment (CVA). A visão que se pretende transmitir vai desde a origem do tema às diferentes abordagens para a implementação do ajustamento, passando obrigatoriamente pela temática das diferentes regulamentações produzidas pelos organismos reguladores europeus. Depois de explicados alguns conceitos chave sobre o tema em apreço, o foco da dissertação será sobre os aspetos de pricing do CVA. O CVA e Debt Valuation Adjustment (DVA) unilateral são obtidos no caso em que é assumida que uma das partes envolvida numa transação pode entrar em default, e o CVA bilateral é adotado quando ambas as partes envolvidas na transação assumem que podem entrar em default. Neste contexto, aspetos de cobertura vão ser examinados e o risk-neutral pricing do CVA irá ser analisado. Esta dissertação analisa em detalhe dois métodos de apuramento de CVA - standard e semi-analítico (swaption approach). As diferenças de apuramento dos dois métodos vão ser explicadas e analisadas matematicamente. Esta comparação é suportada por simulações a uma operação de um contrato de swap de taxa de juro. A segunda parte desta dissertação visa explicar a relação entre a perspetiva de CVA regulatório, i.e. a necessidade de apuramento de CVA para requisitos de capital introduzida pelo acordo de Basileia, o CVA numa perspetiva contabilística, i.e. requisitado pela IFRS, e o CVA numa perspetiva de mercado, i.e. como um ativo que pode ser transacionado.
Köppl, Stefan. "Valuation of Phoenics". Master's thesis, 2013. http://hdl.handle.net/10071/6964.
Testo completoEsta dissertação apresenta uma base teórica para diversos métodos de avaliação, com especial atenção para o método de opções reais e as suas vantagens em relação aos métodos tradicionais de avaliação de entidades jovens. Além disso, apresenta um case study de uma empresa start-up, cujo o seu valor é encontrado usando diversos métodos. O resultado principal mostra que o valor da empresa obtido com a utilização de opções reais é muito maior do que o encontrado com o método tradicional de fluxos de caixa descontados (DCF). Também mostra que a diferença entre as valorizações obtidas, leva a diferentes decisões estratégicas: de acordo com DCF determinados projectos não devem ser realizados, no entanto segundo as opções reais, a empresa deve expandir suas operações
Lebreiro, Afonso Paisana de Vilas-Boas. "Carrefour enterprise valuation". Master's thesis, 2014. http://hdl.handle.net/10071/10251.
Testo completoEsta tese consiste numa avaliação do Carrefour, um dos maiores retalhistas do Mundo, usando três métodos de avaliação, Discount Cash Flow (DCF), Economic Value Added – Market Value Added (EVA-MVA) e os Múltiplos. O Carrefour está presente em três continentes e mais de 15 países, estudar a sua presença histórica em termos de posição de mercado em cada país onde está inserido é crucial para perceber como é que um retalhista francês se tornou numa das maiores e mais influentes empresas de retalho alimentar. O modelo de negócio por detrás da sua expansão internacional bem como a influência cultural que foi imposta em muitos países através das suas estratégias de marketing foi uma das chaves para o sucesso. Os resultados dos modelos DCF e EVA-MVA foram atingidos através de uma projeção para o período de 2013-2017, com base num conjunto de pressupostos e previsões que incluem conceitos macroeconómicos e rácios financeiros que suportam os resultados obtidos. Utilizando o modelo DCF, a decisão quanto a investir é COMPRAR a ação. O modelo dos Múltiplos mostra que a performance do Carrefour é inferior ao valor de referência em todos os indicadores. Quando comparado com outras empresas, o Grupo também apresenta valores baixos, o que significa que acção do Carrefour pode eventualmente estar subavaliada.
Silva, Tiago Alexandre Adão. "Vivo´s Valuation". Master's thesis, 2011. http://hdl.handle.net/10071/4335.
Testo completoThe purchase of Vivo by Telefonica was one of the main economical and financial events of 2010. In this deal, Telefonica, a Spanish company, purchased 29.71% shares of Vivo, a Brazilian mobile telecommunication company. The shares were sold by PT that received in exchange 7.5 billions of EUR. So this work consists in valuing Vivo. The valuation of Vivo was made by the use of two methods, DCF valuation and Multiples. The application of these two methods involved the analysis of the historical performance of the company, the performance of some comparable companies and the forecasts for the Brazilian market. Through the DCF valuation we arrive at a value of 77633.21 millions of BRL, which results from the forecasts of cash flows for a period of ten years plus the continuing value. In the valuation by Multiples we arrive to a value of 54323.94 millions of BRL through the Multiple , using the value of EBITDA referred to the tenth year of the explicit forecast period. Among the Multiples analyzed, the multiple which show a value closer to the results of DCF was the with a value of 80726.13 millions of BRL for the enterprise value. As mentioned, Telefonica purchased 29.71% shares of Vivo by 7.5 billions of EUR. The 77633.21 millions of BRL at the exchange rate of December 31 are equivalent to 35 billion of BRL. So the 29.71% worth 10.4 billion of EUR, from which we conclude that Telefonica purchase Vivo by a lower value than the value expected for the company, according to the valuation performed in this work.
Morais, Rui Miguel Caldeira. "Equity valuation : Sainsbury". Master's thesis, 2016. http://hdl.handle.net/10400.14/21057.
Testo completoThe company valuation assumes a complex, challenging and surrounded by uncertainty process, comprising a huge set of dynamic variables, subject to different theoretical models of evaluation, from which is expected to reach a value close to the fair value of the company. The dissertation focused on Sainsbury’s valuation, a British retail company. The objective centralized on the establishment of an investment strategy through a buy or sell recommendation as a result of the prior determination of the fair price per share and respective comparison with the current market price. For this purpose, it was pursued a literature review, seeking a diversity of perspectives on the subject. Subsequently, was proceeded the analysis of the company as well as the industry analysis in which it operates. For the evaluation of the retail business of Sainsbury, was considered the "Discounted Cash -Flow" valuation model. Additionally, it was also considered Multiples to corroborate the results from the first model. In turn, for the evaluation of Sainsbury’s banking was considered the DuPont model as well as Multiples. Whereas the assessment as a whole, the price per share obtained amounted to 404.10 GBP. As at March 31, 2015, the price per share Sainsbury's was being traded to 259.20 GBP. Thus, we recommend investors to adopt a strategy of buying these shares.
Monteiro, Artur dos Santos. "Morrisons : equity valuation". Master's thesis, 2019. http://hdl.handle.net/10400.14/26887.
Testo completoEsta dissertação visa avaliar a Wm Morrison Supermarkets PLC, uma das maiores empresas da indústria de retalho do Reino Unido. A empresa detém cerca de 500 lojas espalhadas pelo Reino Unido e está presente em toda a cadeia de valor. O objetivo é determinar o preço por ação justo da empresa, tendo como base o dia 31 de Dezembro de 2018. Os métodos utilizados para avaliar a empresa são o Fluxo de Caixa Descontado usando o Custo Médio Ponderado do Capital, e uma Avaliação Relativa. Por demais, é feita uma comparação entre os resultados da dissertação e os resultados de um relatório de investimento produzido pelo J.P. Morgan Cazenove, de forma comparar os pressupostos utilizadas. Após a execução das previsões (tendo em conta os pressupostos do autor), concluiu-se que com a utilização do FCD, a Wm Morrison Supermarkets PLC apresenta uma avaliação de 306 GBX por ação.
Fakhfakh, Mariem. "Equity valuation : Sotipapier". Master's thesis, 2016. http://hdl.handle.net/10400.14/20649.
Testo completoEsta dissertação tem como objectivo avaliar o capital próprio de uma empresa Tunisina: Sotipapier. Tal como indicado na revisão de literatura de Finanças Corporativas – na primeira parte da dissertação -, métodos de avaliação financeira distintos normalmente conduzem a diferentes resultados. Para aumentar a robustez do valor justo de mercado do preço das ações, utilizo o método DCF e a abordagem da avaliação relativa. De facto, cada método aplicado resulta em avaliações ligeiramente distintas. Por isso, considero uma média do preço de ação de dois métodos que resultanum preço de ação de 4.54 TND – para o fim do ano financeiro de 2015. Num passo seguinte, comparo na última parte os resultados que obtenho com uma avaliação recente do capital próprio da Sotipapier realizada pela KPMG – Tunísia em meados de 2015. A comparação destaca uma divergência de 5,3% que se encontra numa margem de erro razoável dado o contexto particular de cada avaliação.
Garcia, Miguel Pereira da Silva Stapleton. "Equity valuation : Amadeus". Master's thesis, 2012. http://hdl.handle.net/10400.14/20581.
Testo completoRomatif, Vincent Jean-Claude Herve. "AAA : equity valuation". Master's thesis, 2015. http://hdl.handle.net/10400.14/18251.
Testo completoCarvalho, Pedro José Simões. "Equity valuation : Amazon.com". Master's thesis, 2015. http://hdl.handle.net/10400.14/17981.
Testo completoGonçalves, Sofia Sá. "Equity Valuation : IMPRESA". Master's thesis, 2012. http://hdl.handle.net/10400.14/11876.
Testo completoGouveia, Rute. "COFINA : equity valuation". Master's thesis, 2011. http://hdl.handle.net/10400.14/7629.
Testo completoMartins, Diogo Filipe. "Equity valuation : Galp". Master's thesis, 2011. http://hdl.handle.net/10400.14/7714.
Testo completoCardoso, Pedro David Gonçalves. "Equity valuation of Mota-Engil S.G.P.S., S.A. : case study on equity valuation". Master's thesis, 2011. http://hdl.handle.net/10400.14/7716.
Testo completoShu-Jiun, Su. "Game Option Valuation Model". 2005. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-0407200519390800.
Testo completoWang, Tianyang. "Multivariate real options valuation". Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-05-2797.
Testo completotext
Ma, Lala Xun. "Topics in Hedonic Valuation". Diss., 2014. http://hdl.handle.net/10161/8736.
Testo completoEnvironmental goods such as clean air and water are integral to human quality of life. However, because these amenities are not priced, their monetary values are not directly apparent. As a result, Hedonic methods have been employed as a tool to recover household Marginal Willingness To Pay (MWTP) for these goods to inform policy-making given constrained public resources. This thesis consists of three chapters tied to the Hedonic valuation of a particular environmental `bad,' a brownfield site. Brownfield properties are lands that cannot be used due to the presence of a low-risk, hazardous substance.
The first chapter uses property value hedonics to reveal household willingness to pay for brownfield cleanup (joint work with Kevin Haninger and Christopher Timmins). We exploit variation in space and time to deal with the potential bias in estimating MWTP due to unobservable variables that are correlated with both housing prices and site cleanup. Furthermore, there has been recent work showing that if equilibrium price functions change over time, the capitalization of changes in neighborhood amenities into property values over time (e.g. brownfield cleanup) may neither represent the preferences of those living in the neighborhood before changes occurred or after. To address this, we provide a way to estimate cleanup without assuming that the hedonic price function is stable over time, an assumption that would likely be violated if site cleanup brought about significant changes to the community populations around the sites.
The second chapter considers two sources of distortions in the valuation of non-marketed goods - an expectations bias and a learning bias. If consumers suspect that cleanup of a brownfield is likely before it is cleaned (expectation) or gain new information about the severity of the brownfield contamination (information), then baseline period prices need to be adjusted to account for these potential distortions to the MWTP estimate. To address this, I collect a new data set on brownfield contamination information over time from Massachusetts, and recover hedonic values from a dynamic neighborhood choice framework that allows agents to learn about brownfield hazards in a Bayesian fashion. I find a MWTP estimate of \$888.38 per unit of site contamination when accounting for learning and forward-looking behavior, which is more than double the simple hedonic estimate. Furthermore, parameters from my model can be used to calculate the average value of information provided by a site assessment.
The final chapter, joint work with Gabrielle Inder, examines whether different types of information about brownfield contamination capitalize into property values differently. More specifically, we estimate a property value hedonic model to test if housing prices are impacted differently if information about nearby contamination is released as a continuous measure as opposed to a binary measure (i.e. exceeding a threshold value or not). We do this by exploiting variation in contaminant thresholds used, holding constant the contaminant level, due to regulatory requirements for brownfield investigations in the State of Massachusetts. As the variation in threshold levels are tied to the level of human exposure of the areas in which these contaminated sites exist, threshold exceedance is potentially endogenous to unobserved neighborhood characteristics that also impact housing values. To deal with this, we take an Instrumental Variables approach using variation in threshold exceedance due to the location of underground water sources. After instrumenting for threshold exceedance with the presence of an aquifer underground, our estimates indicate a 10\% decrease in housing values from exceeding contaminant thresholds, but that continuous toxicity levels have a negative but insignificant effect. These findings suggest that polices aimed to improve public awareness about pollution should be cognizant of how information is conveyed, as it may allow for better design of information provision programs aimed to improve environmental quality.
Dissertation
Wu, Shou Yi, e 吳守鎰. "Valuation of synthetic CDO". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/ukb37q.
Testo completoChen, Sam Yu-Jen, e 陳宇任. "Patent Management and Valuation". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/82165265008715178313.
Testo completo國立臺灣大學
財務金融學研究所
95
Abstract In the past few years, due to the change of the market environment, intellectual property has become a very important asset for many companies. Patent is especially important compared to other types of intellectual property. In high technology industries, a well-designed and creative patent can bring a company great advantage and big profit. How to correctly value and manage the patent becomes a very important issue for a company. This thesis first introduces the basic concept of intellectual property which can be divided into four different types: Patent, Copyright, Trademark, and Trade Secret. It then discusses the different strategies that may be used in the different periods of the life-cycle. Furthermore, the different patent valuations and license are explained. The patent valuations include Cost Approach, Market Approach, Income Approach and Real Option Approach, which are very useful when a company wants to buy, sell, or license the patent, as well as merge or acquire other companies.
Su, Shu-Jiun, e 蘇淑君. "Game Option Valuation Model". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/58102480004394598125.
Testo completo國立臺灣大學
國際企業學研究所
93
In Kifer (2000), a new derivative security called game option was introduced. Game option, also called Israeli option, is a contract which enables both its holder (buyer) and writer (seller) to stop it at any time before expiration. That is, its buyer can exercise the right to buy (for a call) or to sell (for a put) a specified underlying asset at a predetermined price, and its seller can cancel the contract by paying the buyer the early exercise payoff plus an amount of penalty. Although some literatures probed into the valuation model of this new derivative, efficient numerical methods have not been developed yet, and both its free boundary problem and the corresponding variational inequalities have not been constructed. Throughout this thesis, we only consider the most general case of game-type contingent claims for its valuation. First we propose the rules of penalty format, choose a more practical one, and apply the familiar binomial tree method. Then we construct its free boundary problem, formulate the corresponding variational inequalities, and use finite-difference method to solve it. Finally, we compare the above results and bring up some discussions.
Chow, Warren Hsiao-ping, e 周笑平. "Valuation of Internet Shares". Thesis, 2000. http://ndltd.ncl.edu.tw/handle/83052337450186130059.
Testo completo國立臺灣大學
財務金融學研究所
88
Title of Thesis: Valuation of Internet Shares Total pages: 103 Name of Institute: Graduate Institute of Finance, National Taiwan University Graduate Date: June 2000 Degree Conferred: Master Name of Student: Warren Hsiao-ping Chow Advisor: Dr. Tsun-siou Lee Abstract The puzzle for Internet stocks valuation continues to confound investors, analysts and academics alike. Pundits, their wise commentary notwithstanding, are hard put to explain the irrational exuberance prompting the Internet rally. Classical financial valuation tools are not adequate for expressing the true value of an Internet company. Understanding how the internet has affected the way these companies evolved and do business and relating this understanding to an Internet company''s valuation remains essential to those who are concerned yet perplexed. This study presents a collection of unique phenomena and new mechanisms developed only in the Internet business world. There is also a discussion about what are the key successful factors of an Internet business. Using this information, the author selected several metrics for evaluating their association with company’s market capitalization. The author examined the consequences of applying several multiple regression models (Simple Linear Model, Power of 2 Model, Lin-log Model, etc.) onto both MV(n) and PSG as dependent variables, and observed the changes of contributing ability of factors toward them under various combinations of influential factors. The empirical evidence suggests that several factors heavily influence the stock price performance. The author also discusses the implications of the findings for Internet investors. Finally, the study suggests some new factors and more complicated methodologies that investors might use to assess Internet shares. Keyword: Internet, view time, winner-take-all, first-to-scale
Huang, Chuan-Chien, e 黃詮鑑. "Valuation of Internet Corporates". Thesis, 2000. http://ndltd.ncl.edu.tw/handle/97929150230998166946.
Testo completo