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Spandler, Jeremy. "Equality, equity and the best distribution of income". Thesis, University of Bristol, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.388032.
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De, la Cruz Flores Gabriela. "Equality and equity in education: tensions and transitions". Pontificia Universidad Católica del Perú, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/117675.
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In today’s society knowledge and economic growth are interdependent. Becauseof this, the concept of equity has gained momentum in educational debate. Thispaper have the purpose to contribute to this debate. The tensions and transitionsaround educational equity in the context of Latin America are discussed. Therelationship between equality and equity is analyzed. the complementaritybetween scholar equity and systemic equity is discussed; the concept of equity showing it as dynamic and changing in accordance with social and educational contexts is examined; it is argued on the need for equity in transit from primary education to senior high school. Finally, the passage of equity focused exclusively on coverage towards equity in educational quality is examined.En la actual sociedad conocimiento y crecimiento económico se condicionan. En estecontexto, en educación el debate sobre el concepto de equidad ha cobrado fuerza.El presente documento tiene como propósito contribuir a dicho debate, para ellose discuten una serie de tensiones y transiciones en torno a la equidad educativa enAmérica Latina. Se discute la relación entre igualdad y equidad; se analiza la complementariedad entre equidad escolar y equidad sistémica; se examina el concepto de equidad mostrándolo como dinámico y cambiante en concordancia con los contextos sociales y educativos; se argumenta sobre la necesidad de la equidad en el tránsito de educación primaria hacia la secundaria alta, por último, se examina el paso de la equidad enfocada exclusivamente en la cobertura hacia la equidad en la calidad educativa
Na sociedade de hoje o conhecimento eo crescimento econômico são interdependentes. Devido a isso, o conceito de equidade ganhou impulso no debate educacional. Este artigo tem o propósito de contribuir para este debate. São discutidas as tensões e transições em torno da eqüidade educacional no contexto da América Latina. A relação entre igualdade e equidade é analisada. Discute-se a complementaridade entre equidade acadêmica e equidade sistêmica; O conceito de equidade mostrandoo como dinâmico e em mudança de acordo com contextos sociais e educacionais é examinado; Argumenta-se sobre a necessidade de equidade no trânsito do ensino primário para o ensino médio. Por fim, examina-se a passagem da equidade focada exclusivamente na cobertura de equidade na qualidade educacional.
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Högger, Marco. "Private Equity". St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03603602001/$FILE/03603602001.pdf.
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Tregler, František. "Private Equity". Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-71675.
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This final thesis analyzes and evaluates current techniques used in attribution analysis of the private equity funds. The first section defines all the relevant parameters and relationships. The second section provides the reader with a historical overview of the private equity industry together with a unique typology of private equity funds. Description of the current situation in the private equity industry is based on my discussions with investment professionals. These two sections are followed by a chapter describing the private equity investment process and the leveraged buyouts. Analysis is focused on value creation during buyouts, buyout price negotiations and the role of investment banks. I define individual phases of the private equity investment process and various valuation techniques used during the life cycle of the investment. Special attention is given to the private equity valuation process and its differences to the traditional and formal legal valuation. A special reaction function of cost of equity was derived from the traditional discounted earnings methods. Separate section is dedicated to calculation of return and efficiency of private equity funds. I analyze various methods used in the return/efficiency evaluation process, including the most frequently used Internal Rate of Return (IRR) approach. I then propose an adjustment (or several adjustments) to the IRR method and I test my proposals on several real-life case studies. In the same manner I theoretically derive and then practically prove major factors affecting the return of private equity investments. Special attention is given to the effect of company's indebtedness and operational improvements on total return of the private equity investment.
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Elsilä, A. (Anna). "Essays on executive equity-based compensation and equity ownership". Doctoral thesis, Oulun yliopisto, 2015. http://urn.fi/urn:isbn:9789526207353.
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Abstract A major proposition of the agency theory is that the conflict of interests between an agent and a principal is reduced when the agent’s wealth and compensation are tied to the performance of the firm. Apart from the direct predicted relation to corporate performance, compensating managers with equity instruments has implications for corporate risk-taking and payout policy choices. Additionally, equity-based compensation practices are to a large extent shaped by institutional factors, such as accounting regulations. This dissertation seeks to enhance our understanding of the determinants and implications of equity-based compensation and equity-based ownership of public companies’ executives through four interrelated essays. First, the dissertation re-examines the performance and risk-taking consequences of executive equity-based compensation and equity ownership using novel approaches. Second, the dissertation studies the side effects of equity-based compensation and the ways in which companies respond to the accounting regulations in the area of equity-based compensation. The empirical results of the first essay show that CEO’s equity incentives are economically more significant when measured relative to her outside non-firm wealth rather than relative to the total market value of the firm. These results also suggest that there is a positive relation between CEO’s equity incentives measured relative to her outside wealth and future accounting performance. The second essay reports that executive risk-taking incentives resulting from stock options holdings are significantly positively related to the degree of risk a firm takes when offering its customers trade credit. The third essay provides empirical evidence that companies engage in timing equity grant dates before the release of favorable earnings news in order to minimize the subsequent compensation expense. The fourth essay documents an inverse relation between the executive cash dividend receipts resulting from the holdings of equity and the level of current cash compensation of CEOs, and suggests that equity ownership is indirectly interrelated with the structure of cash compensation via dividends. Collectively, the results of the dissertation are of interest to shareholders of public companies, executive compensation consultants and boards of directorsTiivistelmä Agenttiteorian mukaan agentin ja päämiehen intressien ristiriita pienenee, kun agentin varallisuus ja palkkaus on sidottu yrityksen suorituskykyyn. Tämän suoran vaikutuksen lisäksi ylimmän johdon osakesidonnainen palkitseminen vaikuttaa sekä yrityksen riskinottoon että voitonjaon muotoon. Institutionaaliset tekijät, kuten tilinpäätöstä koskevat säännökset, vaikuttavat myös yritysten osakepohjaisten palkitsemiskäytäntöjen muotoutumiseen. Tämän väitöskirjan tarkoituksena on lisätä ymmärrystämme pörssiyritysten ylimmän johdon osakepohjaisista palkitsemisjärjestelmistä ja osakeomistuksiin johtaneita syitä ja niiden seurauksia neljän osatutkimuksen avulla. Väitöskirjassa tarkastellaan ensinnäkin osakepohjaisten palkitsemisjärjestelmien ja osakeomistusten vaikutuksia yritysten suorituskykyyn ja riskinottoon lähestymällä kysymystä uudella tavalla. Toiseksi väitöskirja tarkastelee osakepohjaisten palkitsemisjärjestelmien sivuvaikutuksia ja yritysten reagointia palkitsemisjärjestelmiä koskeviin säännöksiin. Ensimmäisen osatutkimuksen empiiristen tulosten mukaan toimitusjohtajan osakekannustimet ovat taloudellisesti merkittävämpiä silloin, kun ne on mitattu suhteessa toimitusjohtajan varallisuuteen sen sijaan, että ne olisi mitattu suhteessa yrityksen markkina-arvoon. Tulosten mukaan toimitusjohtajan osakekannustimien ja yrityksen tulevan kannattavuuden välillä on positiivinen suhde. Toisen osatutkimuksen tulosten mukaan ylimmän johdon osakeoptioiden riskinottokannustimet lisäävät yrityksen riskinottoa asiakasluotoissaan. Kolmas osatutkimus antaa empiiristä näyttöä siitä, että yritykset ajoittavat osakeluovutuspäivät minimoidakseen palkitsemiskustannuksia tilinpäätöksissään. Neljännessä osatutkimuksessa havaitaan käänteinen suhde toimitusjohtajan käteisosinkojen ja -palkan välillä, mikä viittaa siihen, että osakeomistus ja käteispalkan rakenne ovat epäsuoranaisesti yhteydessä toisiinsa osinkojen kautta. Kokonaisuudessaan väitöskirjan tulokset ovat mielenkiintoisia pörssiyritysten osakeomistajille, yritysjohtajien palkitsemisneuvonantajille sekä yritysten hallituksien jäsenille
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Fishman, Christine A. "Making Way for Equity: Elementary Principals' Interpretations of Equity". Kent State University / OhioLINK, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=kent1269042026.
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O'Malley, Siobhan. "The business case for equal opportunities : equality, equity and egalitarianism". Thesis, Cranfield University, 2001. http://hdl.handle.net/1826/3617.
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The research project reported in this thesis concerned the business case for equal
opportunity in the workplace. The project comprised three distinct but related studies:
1. Study I was a qualitative investigation into which variables employees perceived to
be associated with equal opportunity in the workplace. The over-arching fmding
was that participants had a low awareness of equal opportunity and perceived
general fairness (organisational egalitarianism) to be more important than equal
opportunity per se. Job attitude outcome variables ofjob satisfaction, organisational
commitment, intention to leave and perceived performance were proposed.
2. Study 2 qualitatively explored the issues associated with the business case for equal
opportunity as perceived by equality practitioners. Results detailed perceptions of
equal opportunity climate, employer motivations and the problems associated with
translating equal opportunity policy into practice.
3. Study 3 sought to quantitatively measure the impact of equal opportunity and
organisational egalitarianism on the job attitude outcome variables identified by
studies I and 2. A questionnaire, the Social Atmosphere at Work Survey, was
constructed and piloted to measure the perceived equal opportunity climate, the
outcome variables and an individual difference construct, equity sensitivity.
Results indicated that equal opportunity significantly contributed to job satisfaction,
organisational commitment, intention to leave and perceived workgroup, effectiveness.
Organisational egalitarianism however proved a stronger predictor of these outcome
variables than perceived equal opportunity level, as suggested by the qualitative results.
Equity sensitivity did not significantly moderate any of these relationships.
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Ryšánek, Štěpán. "Ocenění podniku Metrostav a.s. metodou DCF Equity a EVA Equity". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-192019.
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The aim of this thesis is to determine the market value of the company Metrostav a.s. as of 31th December 2011. The author uses discounted cash flow method DCF Equity and the method EVA Equity to achieve this value. The work is divided into four major parts - financial and strategic analysis, generators of the value and valuation of the company. In the first two parts the company's position in the construction market in the Czech Republic is defined. The author also sets the development of the whole market and potential future position in the market. Assuming the going concern the generators are perform and subsequently the value of the firm is determined.
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Edeen, Erik, Magnus Kassle i Pawel Wyszynski. "Private Equity : Portföljbolagsstudie". Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8865.
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Private equity-investeringar innebär kapitalsatsningar i onoterade företag med ett aktivt och tidsbegränsat ägarengagemang. Detta kan indelas beroende på tidpunkten och kapitalbehovet för investeringen och benämns: affärsänglar, venture capital och buyout. Det finns en allmän uppfattning att dessa bolag agerar som affärspirater, vilka suger ut tillgångarna i företag för att sedan sälja av det utan att tänka på konsekvenserna. Det finns en ovetskap om vad som egentligen tillför värde och på vilket sätt detta sker. På uppdrag av Svenska Riskkapitalföreningen skrivs därför denna uppsats. Syftet är att studera riskkapitalinvesteringar med avseende på hur portföljbolagen utvecklas beträffande tillväxt i omsättning och antal anställda, efter det att ett private equity-bolag blivit delägare. Undersökningen har genomförts genom en kvantitativ ansats där enkäter och bokslutsdata analyserats. Då denna del är den första av två inom en 20-poängsuppsats där teori och metod behandlas, kommer empiri, analys och slutsats behandlas i nästa del.
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Detlefsen, Kai. "Equity derivatives markets". Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2007. http://www.gbv.de/dms/zbw/561396701.pdf.
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Todorovic, Natasa. "Equity investment styles". Thesis, City University London, 2001. http://openaccess.city.ac.uk/8399/.
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The aim of this thesis is to investigate the nature of determinants of equity returns as suggested by the CAPM model, in particular, alphas, betas and equity premium and to outline implications for investment managers that statistical and structural analysis of the aforementioned variables may suggest. The thesis contributes to the existing literature in the following areas. First, it addresses the question of predictive power of historical risk-adjusted portfolio performance measures on determining future equity returns in short and long term hoirsons. Second, it investigates the stability of beta coefficients and its impact on portfolio risk and seasonality in equity returns. Third, it assesses the question of dividend yield as determinant of portfolio alphas. Finally, it addresses the question of a common factor that may be influencing movements of equity premiums across European markets. All the aforementioned empirical work is the first of this kind, at least to our knowledge, in the UK. In Chapter One we provide an indirect test of alpha stability. We test if past alphas, information ratio and alpha-to-beta ratio of positive and negative alpha portfolios can be used to determine future portfolio returns. We find that chosen portfolio performance measures do not have any predictive power in the short term investment horisons. However, in the longer term horisons of 24 to 36 months, we document the mean reversion in our portfolio returns and conclude that one can use historical measures of performance to predict returns in the longer run. In Chapter Two we proceed to investigate if stocks with higher beta (systematic risk) also exhibit higher instability in betas as well, thus causing even greater risk for investors. We also examine the seasonality effect in the UK size-based portfolios and try to relate it to seasonality in betas. Our findings suggest that higher beta stocks do have more time-variant betas. Additionally, we find that equity returns are much higher in December-April than in May-November period but we find no robust evidence that such seasonality in returns is due to seasonality in betas but rather due to investors' psychology. In Chapter Three, we assess the relationship between excess returns and dividend yields in the UK market. The econometric analysis reveals U-shaped yield-return relationship in the 1980s and quadratic, bell-shaped, relationship in the 1990s. It seems that such a change in the relationship is driven by the change in the returns pattern of small size stocks in the 1990s. We find no evidence of the tax effect as the explanation of yield-return relationship that we observe. In Chapter Four we try to identify what may be the common determinant of equity risk premium across European markets. We test for the serial correlation in the stock market returns and the results suggest that serial correlation is not in the level of returns but in the volatility of returns. Hence, if shocks to returns and in turn equity premium are persistent, there can be a scenario of a world-wide shock, which may influence the equity premium across countries in the similar manner driving them in the same direction. The overall findings of the thesis are indicating instability of CAPM determinants of UK equity returns. If investors are aware of these instabilities, they can adjust theirinvestment strategies accordingly and generate excess returns on their investment.
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Guillotte, Delphine. "Les Equity Swaps". Thesis, Paris 11, 2011. http://www.theses.fr/2011PA111005.
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L’objet de cette thèse est de déterminer la nature et le régime d’un contrat financier appelé "equity swaps".L’equity swap est un contrat bilatéral qui permet à l’une des parties d’acquérir la propriété économique d’actions indiquées par les parties. Ces actions sont appelées « actions sous-jacentes ». Elles ne forment pas l’objet des obligations du contrat. Ce dernier ne donne naissance qu’à des dettes de valeur. C’est la nature particulière de ces obligations qui permet de rattacher les equity swaps à la catégorie des contrats financiers.Les actions sous-jacentes constituent donc le support des valeurs que chacune des parties s’engagent réciproquement à se payer. Ces valeurs représentent la propriété économique des actions sous-jacentes. Cette notion permet de distinguer les equity swaps des autres contrats financiers.La propriété économique répliquée par l’equity swap est toutefois source d’incertitudes. L’equity swap ne donne certes lieu à aucun transfert de propriété et aucune des parties n’est tenue de détenir les actions sous-jacentes. Mais un actionnaire peut conclure un equity swap afin de transférer la propriété économique de ses actions. En outre les equity swaps sont souvent utilisés par les investisseurs afin d’acquérir de façon occulte les actions de sociétés cotées. Bref, les parties à un equity swap n’ont pas toujours des motivations purement financières. La détermination du régime des equity swaps commande donc de s’interroger sur les conditions d’application du droit des sociétés et du droit boursier.Enfin, en tant que contrat financier, l’equity swap est censé être régi par la réglementation financière. Cette dernière était toutefois largement inadaptée aux contrats financiers. Elle doit être repenséeThe purpose of this study is to qualify and, consequently to specify the governing laws applicable to a derivative called “equity swap”.Equity swap is a bilateral contract which allows one of the parties to acquire economic ownership of some shares indicated by the parties. Those shares are called “underlying shares”. They are not due to be delivered by the parties. The parties to an equity swap are only due to pay to each other cash amounts representing values of the underlying shares. That is these very particular obligations which enable to qualify the equity swaps as derivatives.Thus, the underlying shares are used in order to calculate those cash amount so that they represent the economic ownership of the underlying shares. That is the reason why equity swaps are an original kind of derivatives.The economic ownership created by the equity swaps results in some legal uncertainty. Equity swap do not provide for assignment of legal ownership. And none of the parties is due to be the legal owner of the underlying shares. But a shareholder may enter into an equity swap in order to transfer the economic ownership of its shares and equity swaps are often used by investors in order to acquire hidden ownership in listed companies. In other words, parties do not enter into equity swaps for financial purpose only. Determining the laws applicable to the equity swaps requires to analyze companies law and stock exchange law.At last, as a derivative the equity swap is supposed to be governed by financial regulation. This regulation does not fit with derivatives. It needs to be specified
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Rong, Wu. "Equity style investing". Thesis, Durham University, 2013. http://etheses.dur.ac.uk/7324/.
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Despite the well documented benefits of equity style investing in today’s financial markets, the academic view of the underlying cause for such benefits remains an ongoing debate. A number of theories have been proposed to explain why some asset classes earn better returns than others do under the same economic regimes. Rational finance links the outperformance of some stock groups to the equity characteristics that proxy for the common risk factors, behavioural finance, however, argues that mispricing resulting from irrational investor’s sentiment to fundamentals plays a key role. Meanwhile, a variety of business cycle variables have also suggested to contain information useful in explaining the expected stock returns. The observed style returns change all the time with predictable time-varying components, reflecting the structural and cyclical shocks to the macroeconomy. Motivated by the current ongoing controversy of anomaly versus risk compensation over interpreting equity style premiums, this thesis investigates how firm characteristics and business cycle conditions function separately to affect the style return dynamics based on the size and value-growth categorisations. It adds to the extant literature by explicitly examining the relative importance of the common risk factors versus firm-specific information as driving sources in the divergent equity style returns in the U.K. market. By identifying the dominant driving force that determines the relative style performance, it provides a further dimension to the current debate regarding the sources of style premiums and offers the choice of corresponding style investing strategies. The divergent style returns and its time-varying nature offer astute investors the opportunity to implement active style management to enhance portfolio returns. Motivated by the benefits of capitalising on such style return cyclicality and in particular the availability and popularity of Exchange Traded Funds based on market segments in leading financial markets as investment vehicle that offers low cost and high liquidity, this thesis examines a dynamic long-short tactical trading strategy by applying a binomial approach to focus on the rotation between pairs of equity styles. By answering key questions of whether equity style cycles exist in the U.K. market and whether the return dynamics of such style momentum strategy is distinct from the price and industry momentum effects, it contributes to the literature by providing valuable empirical evidence to compare with other studies in different economic and institutional environments. In response to the increasing popularity of using macro information to aid optimal style selection for the quant circles in the investment community, building on the methodology of Brandt and Santa-Clara (2006), this thesis approximates a solution of a mean-variance multi-style investor’s optimal style investing problem incorporating the business cycle predictability. This approach is parsimonious as the optimal style weights are parameterised directly on a set of pervasive business cycle predictors. By exploring how the distributions of the expected style returns and the location or the shape of the optimal style allocations are affected by given shocks to the business cycles, this thesis contributes to the extant literature by demonstrating the transmission mechanism of how business cycle volatility affects equity style return volatility and in turn a mean-variance investor’s optimal style allocation.
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Brandão, Tomás Maia Seco Reynolds. "Equity Research - Carrefour". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7833.
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Mestrado em FinançasEste projeto tem por âmbito avaliar o maior retalhista europeu e o segundo maior a nível mundial. Refiro-me ao Grupo Carrefour. Este Grupo caracteriza-se por apostar em diversos segmentos de mercado tais como hipermercados, supermercados, cash and carry, lojas de conveniência e até serviços financeiros O âmbito deste trabalho centra-se na apresentação de uma analise minuciosa, objectiva e pormenorizada não só do sector de retalho mas também da performance da empresa nos últimos anos e dos factores que foram influenciando a empresa a nível externo. Assim, o objetivo final deste projeto centra-se na busca da determinação do valor intrínseco das acções da empresa. Para tal, decidi aplicar o método Free Cash Flow to Firm, que me pareceu o mais indicado. Através desta avaliação, obtive o valor de €25, 96, à data de 31 de Dezembro de 2013, o que permitiu concluir que o valor das acções estão sobrevalorizadas.
The scope of this project to do a valuation of the largest European retailer and the second largest in the world level, I mean to The Carrefour Group. A peculiarity of this Company is to invest in many market segments such as hypermarkets, supermarkets, cash and carry, convenience stores and financial services. The ambition of this work focuses on presenting an objective and detailed analysis not only on the retail sector, but also on the performance of the company on the last years and the external factors that are influencing the company. On that way, the final goal of this project is to determine the intrinsic value of the company's shares. Thus, I decided to apply the Free Cash Flow to Firm method, that seemed to be to most appropriate. This valuation presented the value of €25, 96 at 31 December 2013 which allowed to conclude that the price of the shares is overvalued.
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Noronha, António Maria Pereira Cabral Pacheco de. "Equity Research : Nokia". Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/5113.
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Mestrado em FinançasAtualmente, o maior leque de opções de investimento bem como a incerteza e o risco a eles associado são, de fato, uma realidade. Portanto a necessidade de conhecer e ter acesso ao máximo de informação possível sobre uma empresa e o ambiente onde se insere é, cada vez mais, uma ferramenta imprescindível no momento da decisão de investir. Este Equity Research, sobre a empresa Nokia Corporation, tem como finalidade servir este mesmo propósito. Este trabalho pretende apresentar uma análise clara e profunda da situação do setor tecnológico em questão, da evolução da performance da empresa nos últimos anos e do seu ambiente interno e externo. Descreve também a sua capacidade de resposta ao momento atual que atravessa e, por fim, realiza a avaliação da empresa com base nos fluxos de caixa futuros possivelmente gerados pela empresa. Fornecer uma recomendação bem fundamentada e estruturada sobre a ação da Nokia, a todos os investidores interessados na empresa, é o objetivo final deste relatório.
Nowadays, the wider range of investment options, as well as the uncertainty and risk associated with them are, in fact, a reality. Therefore the need to have knowledge and access to as much information as possible on a company and the environment where it operates is, increasingly, an essential tool when making a decision to invest. This Equity Research, about Nokia Corporation, intends to meet this purpose. This essay seeks to present a clear and thorough analysis on the situation of the technological sector, the evolution of the company’s performance over the last years and of its internal and external environment. It also describes the ability of the company to face the current moment and, finally, makes the evaluation of the company based on future cash flows being generated by it. Providing a structured and well-founded recommendation about Nokia´s shares, to all the interested investors, is the final goal of this report.
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Coutinho, Carolina da Silva. "Equity research - CTT". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10543.
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Mestrado em FinançasCTT - Correios de Portugal é a empresa líder de mercado em Portugal na área de correio e encomendas. Sendo que a empresa também já conta com alguma experiência no mercado de serviços financeiros, sendo esta uma área com notável crescimento de vendas. Atualmente, a empresa prepara o lançamento do Banco Postal de modo a maximizar a extensa rede de lojas. Com o lançamento deste banco, a empresa pretende expandir a oferta de produtos e encorajar o cross-selling. Os CTT pretendem também usar a imagem que os consumidores têm da marca para lançar o banco, tendo como público-alvo a classe média e os consumidores mais conservadores. O objetivo deste projeto é analisar e avaliar a empresa de modo a compreender se as ações estão sub ou sobrevalorizada e, assim, poder dar uma recomendação de compra/venda ao investidor. Esta avaliação foi não só focada na empresa, mas também no seu ambiente envolvente (enquadramento macroeconómico e concorrentes). Além disso, foi realizada uma análise de sensibilidade de modo a ser possível observar como o preço da ação iria reagir a uma variação quer na taxa de crescimento perpétuo, quer no custo de capitais próprios. Com esta avaliação e tendo em consideração alguns pressupostos, foi possível chegar a um preço de €12,04 a 31/12/2014. Nesta mesma data, o preço de mercado era de €8,02, sendo assim possível concluir que as ações estavam desvalorizadas, dado que o investidor conseguiria ter ganhos. Deste modo, a recomendação final seria de comprar a ação.
CTT - Correios de Portugal is the leading company in Portugal for the mail and express business units. Having also already experience with financial services, being a growing division for the company. Currently, the company is trying to leverage the wide retail network with the launching of a Postal Bank aiming at expand the product offer and encourage the cross-selling. CTT also want to take advantage of the brand perception consumers have, targeting average-income and more conservative consumers. The goal of this project is to understand if the stocks are under or overvalued and according to this, give a final recommendation to the investor. This valuation was focused not only on the company but also on its environment (macroeconomic framework and peers). Moreover, it was performed a sensitivity analysis, in order to observe how would the stock's price respond with a variation on the perpetual growth rate and cost of equity. With this assessment and having in consideration the assumptions taken, it was possible to reach to a target price on 31/12/2014 of €12.14. Being the market value on this date of €8.02, it is possible to conclude that the stocks were undervalued, given that the investor was able to have a potential gain. Hence, the recommendation given to investors was to buy CTT's shares.
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Matos, Paulo Ricardo Oliveira de. "Equity Research - Portucel". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7631.
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Mestrado em FinançasEste trabalho final de mestrado pretende avaliar a Portucel e qual o preço alvo para as suas acções. Passando também por uma abordagem aos principais modelos de avaliação de empresas, vendo quais são os seus prós e contras e que tipo de informação é necessárioa para conseguir os melhores resultados possiveis na avaliação. Para processeguir com a avaliaçãoda da empresa foi estudada a sua história, estrutura accionista, ambiente macroeconomico e por fim foi feita uma análise SWOT e de forças de Porter. No final foi comparado com outra tese de 2013 que também avaliou a portucel e ver quais foram os pressupostos que foram utilizados de forma diferente e porquê.
This work as the objective of valuate the Portuguese pulp and paper biggest company, Portucel and elaborate what should be the target price of its shares. Also a broad review of the major valuation models will be made and look at each one strengths and weakness as well as what inputs each model needs to be useful. To carry out the valuation, the history of the company was investigated, it`s shareholders structure, the macroeconomic environment and a SWOT analysis and Porter`s strengths analysis was made. In the end this work was compared to another one of 2013, that also tried to valuate Portucel, and see what were the different assumptions made and why.
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Gordo, Bernardo Calado Mendes. "Equity reasearch - REN". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14617.
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Mestrado em FinançasEsta dissertação tem como objetivo estimar o valor patrimonial da Redes Energéticas Nacionais (REN), bem como a estimação do valor intrínseco das ações da REN. É uma empresa de serviços públicos que se caracteriza por ser um operador de rede. A empresa está cotada no PSI 20 e opera nos seguintes segmentos de mercado: eletricidade, gás natural e telecomunicações (considerado como "outros" ao longo do relatório). A avaliação é elaborada considerando os diferentes segmentos onde a empresa opera e usando o modelo dos Fluxos de Caixa Descontados, mais especificamente o Adjusted Present Value (APV). Também elaborámos uma análise de sensibilidade e uma simulação Monte Carlo para avaliar a robustez dos resultados. Elaborámos igualmente uma Avaliação Relativa com o método dos Múltiplos. Os resultados foram de encontro à Análise dos Fluxos de Caixa Descontados. A nossa análise sugere que o valor das ações transacionadas da REN no dia 31.12.2016 estão subvalorizadas. Foram transacionadas a 2.68€ e o valor intrínseco é 2.99€, apresentando uma potencial variação positiva de 11.74%.
This dissertation aims to estimate the equity value of Redes Energéticas Nacionais (REN), as well as the intrinsic value of REN's share. REN is a utility company usually referred as transmission system operator or grid operator. The company is quoted in PSI 20 and operates in the following business segments: electricity, natural gas and telecommunication. The valuation is done considering the different segments where the company operates and using the Discount Cash Flow (DCF) model, more specifically the Adjusted Present Value (APV) model. We also perform a sensitivity analysis and a Monte Carlo simulation. To check the robustness of our results, we also perform a Relative Valuation with the Multiples approach. The results were according to the DCF analysis. Our analysis suggests that REN's shares at 31.12.2016 were undervalued. The trading value of the shares in that day was 2.68€, which is below the intrinsic value of 2.99€ as calculated by DCF analysis with APV method. The superior intrinsic value represents a 11.74% upside potential in relation to the trading value of the share of 2.68€.
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Fernandes, Miguel dos Santos. "Equity Research - Portucel". Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/6501.
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Mestrado em FinançasA definição do melhor método de avaliação de empresas tem sido alvo de debate nos últimos anos. O trabalho aqui desenvolvido foca-se na avaliação da empresa Portucel – Empresa Produtora de Pasta e Papel, e pretende chegar a um modelo de avaliação que seja o mais adequado às suas características. Este objectivo é cumprido através de um estudo que inclui duas componentes. Por um lado, é realizada uma revisão de literatura baseada no conjunto de informações e estudos recolhidos a partir de publicações e artigos científicos sobre a avaliação de empresas; por outro, é feita uma análise fundamental aprofundada da empresa que se debruça sobre uma visão da situação energética nacional e sobre um estudo global da indústria da madeira, da pasta e do papel. Com base nos dados resultantes, a avaliação é realizada a partir do método Discounted Cash Flow, seguida de uma análise de sensibilidade às variáveis chave para a criação de valor da empresa. Esta análise é posteriormente complementada pelo método dos múltiplos, permitindo um estudo comparativo entre a empresa e as suas principais concorrentes. O processo aqui descrito resulta finalmente numa recomendação de compra, sustentada pela análise dos resultados obtidos através da comparação entre o Price Target definido e o valor de mercado da Portucel.
Over the last few years, the definition of the best valuation method has been the subject of debate. This paper seeks to perform a firm-valuation analysis of Portucel – Pulp and Paper Company, which implies choosing the most adequate valuation technique considering the company’s specificities. This goal is achieved through two study components. On one hand, we conduct a literature review on equity valuation that is based on surveys and data collection from articles and papers on this matter; on the other, we perform a solid fundamental analysis of the target company including an overview of both the national energy program and the wood-based industry. The valuation is finally carried out using the Discounted Cash Flow method, followed by a sensitivity analysis on the key variables that contribute to the company’s value creation. This analysis is then combined with the Multiples method, allowing a comparative study of the company and its main competitors. The process results in a buy recommendation, also sustained by the outcomes of the comparison between the Price Target and Portucel’s market value.
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Abreu, Taniuska Lisani Pestana de. "Equity research - Brisa". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/11665.
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Mestrado em FinançasO tema avaliação de uma empresa é hoje considerado de importância central para as empresas, pelo impacto que o valor obtido reflecte em determinados eventos tais como investimento e financiamento. O presente trabalho tem como objectivo a realização de um equity research sobre a empresa Brisa - Auto-estradas de Portugal S. A, de forma a obter um preço-alvo das acções da mesma com referência a Dezembro de 2012. Conforme a revisão da literatura e a análise da empresa e do sector efectuada, devido à instabilidade do rácio da dívida, será utilizado o método Adjusted Present Value (APV), e o método dos múltiplos. Esta avaliação permite concluir que as acções da Brisa, à data 31/12/2012, estavam subavaliadas, ou seja, estavam cotadas abaixo do seu valor intrínseco 5,05 euros, apresentando assim um potencial de valorização de 136%.
Nowadays, business valuation is considered crucial to the companies, for the impact that the value obtained reflects in certain events such as investment and financing. The present work aims at realization of an Equity Research about the company Brisa ? Auto ? Estradas de Portugal, S.A, in order to get a target price of the shares at December 2012. According with the literature review and the analysis of company and the sector presented, due to the variability of the debt ratio, the Adjusted Present Value (APV) method will be use, as well as, the multiples method. This valuation allows to conclude that Brisa stocks, on 31/12/2012, were undervalued, in other words, were quoted below their intrinsic value 5,05 euros, so presenting a potential appreciation of 136%.
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Mesquita, Filipa Geraldes Marques. "Equity research - Novabase". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/6541.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisA elaboração deste equity research tem essencialmente três propósitos. Em primeiro, estudar a complexidade da temática sobre avaliação de empresas que nos últimos anos tem ganho relevo, devido essencialmente às incertezas sobre a sustentabilidade económico-financeira mundial que se reflete no desempenho das empresas e consequentemente no seu valor. Em segundo, avaliar o maior grupo português em Tecnologias de Informação – a Novabase, devido à sua dimensão e destaque que tem tido nos últimos anos. Por último, tecer uma recomendação a possíveis investidores sobre o potencial das suas ações. A Novabase está cotada na Euronext Lisbon desde 2000 e em 2012 integrou a lista dos 1.000 maiores investidores europeus em I&D, tendo sido o investimento superior a 26M€ nos últimos três anos. Atua no mercado há 23 anos, trabalhou em mais de 40 países em 2012 e a sua estratégia atual passa por uma aposta na internacionalização, permitindo enfrentar a recessão económica nacional. O volume de negócios internacional do grupo nos últimos quatro anos aumentou 112%, sendo já uma referência no seu sector. No presente trabalho são estudadas diversas metodologias, segundo diversos autores, que podem ser utilizadas para avaliar um ativo, real ou financeiro, e mencionam-se também as vantagens e desvantagens de cada uma. Para a avaliação da Novabase optou-se pelo uso da abordagem dos fluxos de caixa atualizados ou Discounted Cash Flow Approach. Após uma análise estrutural e financeira da empresa, assim como a do sector onde se insere e das geografias onde atua, projetaram-se os Cash Flows futuros e determinou-se o custo médio do capital ou Weighted Average Cost Of Capital (10,15%) a que os mesmos foram atualizados, através de pressupostos e cálculos próprios devidamente fundamentados. A recomendação proposta neste trabalho é a de compra dado que se prevê um target price para 2013 de 3,93€, tendo sido a cotação a 31-12-2012 de 2,3€. Conclui-se ainda neste trabalho que a gestão da Novabase está a criar valor para o acionista dado que a rendibilidade do seu capital está acima do custo a que esse capital é investido.
The elaboration of this equity research has essentially three purposes. At first, study the complexity of the thematic on valuation of companies which in recent years has gained prominence, mainly due to uncertainties about the economic-financial sustainability worldwide that is reflected in the performance of companies and consequently in its value. Second, evaluate the largest national group in Information Technologies - the Novabase, owing to their size and prominence that has had in recent years. Finally, make a recommendation to the possible investors about the potential of its shares. The Novabase is quoted on Euronext Lisbon since 2000 and integrated the list of the 1,000 largest European investors in R&D in 2012, having been the investment exceeding 26M€ in the last three years. Operates in the market for 23 years, has worked in more than 40 countries in 2012 and its current strategy involves the internationalization, allowing confront the national economic recession. The group's international turnover in the last four years has increased 112%, being already a reference in its industry. In this study, are studied various approaches, according to various authors, which can be used to assess an asset, real or financial, and also are mentioned the advantages and disadvantages of each one. For the assessment of Novabase we decided to use the Discounted Cash Flow Approach. After a structural and financial analysis of the company, as well as the sector in which belongs and the geographies in which operates, were projected the future cash flows and it was determined the Weighted Average Cost Of Capital (10.15 %) that they were discounted, through assumptions and own calculations duly substantiated. The recommendation proposed in this work is to buy. Is expected a target price for 2013 of 3.93€, having been the share price 2.3€ in 31-12-2012. It is also concluded that the Novabase's management is creating value for the owners once the profitability of its capital is above the cost that the capital is invested.
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Guedes, Tomás Maria Mira da Silva Sousa. "Equity research - Spotify". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19558.
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Mestrado em FinançasUma Equity Reasearch consiste em determinar o preço alvo da ação de uma empresa no final de 2020 e, comparando com o preço atual, determinar se o seu valor está sobreavaliado ou subavaliado. Desta forma, é possível fazer uma recomendação aos investidores relativamente à compra ou venda da ação. Para calcular o preço alvo do Spotify, iniciámos o relatório com uma análise do modelo de negócio e das estratégias da empresa, de forma a determinar as principais fontes de valor do negócio. Além disso, é fundamental efetuar uma análise macroeconómica e da indústria onde a empresa tem atividade, com vista a avaliar o seu posicionamento competitivo. Com base nas análises enumeradas e nos dados recolhidos, o passo seguinte foi determinar os pressupostos para efetuar a previsão das contas da empresa para os próximos 6 anos. Após as previsões, aplicamos dois modelos de avaliação de empresas com o objetivo de obter o preço alvo: o modelo Discounted Cash Flow (DCF) e o modelo Subscription Based Companies (SBC). O preço alvo obtido pelo primeiro modelo foi 178,52USD com um potencial de crescimento de 34,2%, enquanto que o segundo modelo obteve um preço alvo de 174,43USD com um potencial de crescimento de 31,2%. Por fim, foi efetuada uma avaliação de risco de forma a identificar os principais riscos que poderão impactar o preço calculado.
An equity research report consists in forecast a stock's price target for the year end of 2020, and comparing it with the current price in order to conclude if the stock is over valuated or undervalued. To provide a price target for Spotify, we started to analyse the business model and the company's strategy and to identify its key drivers of profitability. Additionally, is key to study the macroeconomic framework and the industry where the company acts in order to evaluate its competitive positioning. Based on the analysis performed and the data gathered, the following step is to determine the assumptions to forecast the company's accounts for the next 6 years. Once the forecasts are performed, we applied two valuations models in order to obtain the price target: the Discounted Cash Flow method (DCF) and the Subscription Based Companies (SBC) valuation model. The price target obtained by the DCF was USD178.52, with an upside potential of 34.2%, and USD174.43 for the SBC model, with an upside potential of 31.2%. Finally, a risk assessment was performed in order to identify the main risks that impact the valuation and the company's business.
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Nunes, Daniel dos Santos. "Equity research - Pirelli". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19774.
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Mestrado em FinançasA Pirelli é um dos fabricantes de pneus mais conhecidos do mundo, que se destaca pelos produtos de alta qualidade e uma presença consistente e dominante nos desportos motorizados. A empresa atua exclusivamente no mercado de pneus para consumidores, com foco especial em pneus premium. A posição da Pirelli surge de grandes investimentos em pesquisa e desenvolvimento ao longo dos anos e retenção de talentos, permitindo que a empresa tenha alguns dos melhores pneus do mercado em termos de segurança e desempenho. Este projeto é uma avaliação completa da empresa com o objetivo de analisar o possível resultado de um investimento nas suas ações, com a ressalva de que efeitos imprevisíveis podem afetar o desempenho da empresa. Para a avaliação, foi utilizado o método dos Fluxos de Caixa Descontados (DCF), complementado com uma Avaliação por Múltiplos, no sentido de suportar a conclusão final. O modelo DCF foi construído com base numa análise completa da empresa e da indústria de pneus, e é suportado por várias análises adicionais, nomeadamente análise de sensibilidade e análise de risco. Esta tese será feita e apresentada seguindo o modelo CFA.
Pirelli is one of the best known tyre manufacturers in the world that stands out with high quality products, and a consistent and dominant presence on motorized sports. The company acts solely on the consumer tyres market, with a particular focus on high value tyres. Pirelli's position comes from large investments in R&D over the years and retaining talent, allowing the company to have some of the best tyres on the market in terms of safety and performance. This project is a complete valuation of the company with the objective of analyzing the possible outcome of an investment on its stocks, with the disclaimer that unpredictable effects may affect the company's performance. For the valuation, the Discounted Cash Flows method (DCF) was used, complemented with a Relative Valuation in order to support the overall conclusion. The DCF model was built based on a complete analysis of the company and tyre industry, and it's supported by a number of additional analysis, such as sensitivity analysis and risk analysis. This thesis will be done and presented following the CFA model.
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Rodrigues, Mariana Agostinho. "Equity research - Starbucks". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/20108.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisA presente Equity Research consiste na avaliação da Starbucks, líder de mercado na indústria do café, sendo formulada segundo as referências do CFA Institute. O principal propósito consiste em fornecer um preço alvo para o final de 2020, compreender se as ações estão sub ou sobrevalorizadas e de acordo com isso, dar uma recomendação final aos investidores. Para tal, foram desenvolvidos três modelos de avaliação, o método "Discounted Cash Flow" (DCF), "Relative Valuation" considerando os rácios comparáveis e por fim o "Dividend Discount Model" (DDM). Adicionalmente, foram definidos ainda os principais riscos de investimento e feita uma análise de sensibilidade.
The present Equity research consists in the Starbucks Valuation, market leader in the coffee industry and was elaborated following the CFA Institute references. The main purpose consists in providing a price target for the year end of 2020 understanding if the stocks are over or undervalued and according to this give a final recommendation for the investors. For that, was developed three valuation models, the Discounted Cash Flow method (DCF), a Relative Valuation considering comparable multiple ratios and the Dividend Discount Model (DDM). In addition to that was also applied a Risk Assessment, reporting to the main risks with influence in the share price and made a Sensitivity Analysis.
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Reis, Beatriz Brito. "Equity research - Inditex". Master's thesis, Instituto Superior de Economia e Gestão, 2021. http://hdl.handle.net/10400.5/22054.
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Mestrado em FinançasThe present work has been elaborated in the scope of the Master’s Final Work whose content is based on the valuation of Inditex, one of the leading companies in the fast-fashion market. Based on the CFA Institute model and standards, the aim of this project is to achieve a target price for the company’s share for the end of 2020. To this end, an analysis has been made not only of Inditex but also of the industry in which it operates, comprising a survey of its competitive positioning, which included a SWOT analysis and Porter’s 5 Forces. Afterwards, values were projected for the next 5 years, based on assumptions to estimate the determining factors for the business, such as revenues, operating costs, among others. With these assumptions, a target price was computed using the DCF model, which was reinforced with a relative valuation. Finally, a financial analysis of the firm as well as a sensitivity analysis to the variation of both perpetuity WACC and terminal growth rate was prepared. Potential investment risks were also identified.
O presente trabalho foi elaborado no âmbito do Trabalho Final de Mestrado cujo conteúdo se baseia na avaliação da Inditex, uma das empresas líderes no mercado do fast-fashion. Tendo por base o modelo e as normas do CFA Institute, o objetivo deste projeto consiste em calcular um preço alvo da ação da empresa para o final de 2020.Para tal, foi feita uma análise não só da Inditex como da indústria onde se insere, compreendendo uma pesquisa do seu posicionamento competitivo, que abrangeu uma análise SWOT e a análise das 5 Forças de Porter. De seguida, foram projetados valores para os próximos 5 anos, tendo por base premissas para a estimativa dos fatores determinantes para o negócio como vendas, custos operacionais, en- tre outros. Com estas premissas, foi determinado um preço alvo através do modelo DCF, que foi reforçado com uma relative valuation. Por fim, foi elaborada não só uma análise financeira da empresa, bem como uma análise de sensibilidade à variação da taxa de crescimento da perpetuidade como do WACC. Foram também identificados os potenciais riscos de investimento.
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Almeida, Igor Pereira de. "Social brand equity". Master's thesis, FEUC, 2011. http://hdl.handle.net/10316/18058.
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Dissertação de mestrado em Marketing, apresentada à Faculdade de Economia da Universidade de Coimbra, sob a orientação de Arnaldo Coelho.Anteriormente as pessoas só podiam ligar à Internet através do computador, mas com a vinda de dos smartphones, agora podemos comunicar em todo o mundo através da Internet. Isto implica que podemos ler, ver e partilhar mensagens, vídeos e fotos onde e quando quisermos. E graças á mídia social como o Facebook, Twitter, LinkedIn é mais fácil do que nunca de comunicar com pessoas e marcas. A vantagem destas novas tecnologias implica que os consumidores podem participar na partilha de notícias. Os consumidores podem partilhar as suas opiniões através de blogs, e ainda partilhar vídeos e fotos, e é mais facil a entrar em contacto com as empresas. A partir da perspectiva de negócios, as empresas não podem mais recusar a mídia social. Muitas empresas estavam relutantes no passado por causa dos perigos que a mídia social podiam trazer, mas agora são forçados a atender a proucura dos consumidores. Uma estratégia de mídia social bem concebida tráz enormes vantagens para as empresas, porque as empresas, podem estar mais perto do consumidor e podem assim, ligar os consumidores à marca. Um consumidor que se sente ligado a uma companhia vai promover a marca positivamente, tanto online como offline. A passa palavra tornou-se um método comprovado. É uma técnica de marketing que ajuda a aumentar a conscientização sobre um determinado produto ou marca. A mídia social é um instrumento barato para as empresas e pode aumentar esta técnica efectiva de marketing. A mídia social também oferece uma forma de construir uma comunidade á volta da marca. Pessoas com atitudes positivos (ou negativos) sobre uma marca podem partilhar as suas ideias e experiências uns com os outros, mas também com a marca. É importante manter a informação de forma correta, porque podem e devem melhorar a qualidade do serviço ou produto. Hoje em dia as necessidades dos consumidores estão em função da procura. Com outras palavras, os consumidores decidem o que querem, e as empresas cumprem os desejos dos consumidores, ouvindo-os. O investigador David Aaker criou em 1991 um modelo para as empresas gerir o valor da marca. O resultado da investigaçao é que o valor da marca é influenciado por quatro dimensões, ou seja, qualidade percebida, lealdade à marca, associações da marca e reconhecimento da marca. Keller (1993), Keller e Machado (2006) e Kotler e Keller (2006) apresentaram um modelo conceitual para o valor da marca a partir da uma perspectiva do consumidor individual. O modelo conceitual é baseado em duas componentes: o conhecimento (consciência) e a imagem (imagem). Christodoulidis e De Chernatony (2009) afirmam que Aaker (1991) e Keller (1993), têm o valor da marca conceituada, mas nunca operacionalizou uma escala de medição. Yoo, Donthu e Lee (2000) expandiram o modelo de Aaker. Estes autores separaram o conceito de valor da marca colocando-a entre as "dimensões do valor da marca" e "valores gerados para os clientes e a empresa." Além disso, eles inseriram como antecedentes de dimensões valor da marca das atividades de marketing que em sua opinião, têm efeitos significativos sobre as dimensões do valor da marca. Nesta dissertação, adotamos o modelo de Yoo, Donthu e Lee. Nós criamos um modelo para medir o valor da marca social. Para a realização da pesquisa foram utilizados itens do estudo de Yoo, Donthu e Lee, e acrescentamos duas variáveis ao modelo, ou seja, onde as pessoas procuram informação (searching), e qual conteúdo específico os fans querem ver na pagina do Facebook (fanpage). Nós experimentamos este modelo para a marca de carros Mini.
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French, Joseph Jerome. "Linkages between U.S Cross-border Portfolio Equity Flows and Equity Markets". ScholarWorks@UNO, 2007. http://scholarworks.uno.edu/td/1075.
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There is an ongoing debate over the role that equity markets play in determining and influencing international equity flows. The first chapter of this dissertation describes the large portfolio equity flows into China and India, in order to understand the buying behavior of US investors. The rapid growth of the Chinese and Indian economies, coupled with the recent development and liberalization of their financial markets has attracted significant portfolio investment from U.S. investors. It is commonly assumed that domestic investors have an informational advantage over foreign investors; however, some recent empirical literature has questioned this assumption. Essay one dissects the nature of the relationship between foreign equity flows, equity returns, and related variables. The results of my empirical investigation provides evidence that U.S. institutional investors are making investment decisions based on long-run determinants of value rather than responding to price signals or ‘chasing returns'. I anticipate that the strong relationship between equity flows and fundamentals will strengthen as information asymmetries decline and US investors continue to develop more sophisticated methods of assessing underlying value in China and India. The second essay of this dissertation explores a new panel data set based on US gross cross-border equity flows to 20 industrialized nations combined with measures of market valuation for the period of 1977-2005. Empirical evidence of imperfect integration across world equity markets indicates that valuation matters. Consistent with relative value trading as a determinant of equity flow patterns, I find that equity flows decrease sharply with host-country market valuations—in particular the component of valuation that is forecasted to revert the following year. I also find that equity flows increase sharply with US equity market valuations. These results suggest the existence of a valuation channel for cross-border equity flows. The findings of this chapter show that US investors are informed about both domestic markets and foreign markets. Peripheral findings of this essay confirm the findings of other researches, but with a longer sample period. Consistent with existing literature, I find a negative influence of interest rates spreads, and information asymmetries on cross-border trade in equities.
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Bookis, Deborah Seferiadis. "District Leadership Practices That Foster Equity: Equity Talk Through Framing Processes". Thesis, Boston College, 2020. http://hdl.handle.net/2345/bc-ir:108805.
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Thesis advisor: Vincent ChoLeading for equity is a challenging endeavor. One leadership practice that fosters equitable learning environments is engaging in dialogue and reflection. When district leaders participate in dialogue and reflection, their discourse helps them derive meaning, and in turn, shapes their understanding of the critical and complex issues related to fostering equity. As part of a group qualitative case study about district leadership practices that foster equity in one diverse Massachusetts school district, the purpose of this individual study was to better understand how district leaders used framing during dialogue and reflection. More specifically it addressed how they used framing processes (Bedford and Snow, 2000) when engaging in equity talk. Utilizing inductive reasoning for data gathered by semi-structured interviews, observations, and document review, this study identified equity talk manifesting as one of three themes: diversity as an asset, decision-making processes, and use of data and feedback. Understanding how and when specific framing processes are used can empower district leaders to be more strategic in impacting stakeholder thinking and language and maintaining an equity focus
Thesis (EdD) — Boston College, 2020
Submitted to: Boston College. Lynch School of Education
Discipline: Educational Leadership and Higher Education
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Warneke, Kirsten Ruth. "Perceptions of internal rewards equity, equity sensitivity, psychological capital and work engagement". Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/4193.
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Psychological capital and work engagement, both constructs rooted in positive psychology, have been associated with positive outcomes in the workplace, such as better job performance and organisational citizenship behaviours. The rewards practices of organisations have not been widely studied in relation to these positive psychological constructs, despite the clear importance of understanding how the way that employees are rewarded serves to motivate behaviour in the workplace. This study sought to bring together two rewards-centred constructs, namely, the perceptions of equity of rewards and the equity sensitivity of employees, and the two positive psychological constructs of psychological capital and work engagement, with the aim of understanding how these constructs relate to each other and, ultimately, discerning how reward systems might best be aligned to improve employee performance. A theoretical model was constructed based on a review of relevant literature, and eight hypotheses were set to test the model. This research took the form of a cross-sectional design, using a composite questionnaire to measure psychological capital, work engagement, equity sensitivity and perceptions of equity in rewards by means of a self-report electronic survey. Employees at a South African university were invited to participate in the study by means of an emailed invitation, and a sample of 305 respondents was achieved. Data analysis was conducted using descriptive and inferential statistics, which included frequency tables, Cronbach’s alpha testing, Pearson’s Product-Moment Correlations, chi-square tests, t-tests, analysis of variance, hierarchical regression analysis, confirmatory factor analysis, and structural equation modelling. The results of the survey showed that respondents had high levels of psychological capital with the exception of the medium scores on the Optimism dimension; levels of work engagement were high overall; responses regarding the perceptions of equity of rewards relating to promotions were most negative, with the rest of the perceptions of equity of rewards dimensions being scored neutrally; and scores for equity sensitivity showed a tendency toward a benevolent disposition. Significant differences were found between demographic groups in the sample for all of the constructs under investigation. Evidence was found in support of the hypothesised relationships in the theoretical model, with the exception of the hypothesised link between equity sensitivity and the perceptions of equity of rewards. The hypotheses regarding moderation relationships were not accepted, based on the results of the hierarchical regression analysis. Structural equation model testing resulted in unsatisfactory fit of the statistical model. Confirmatory factor analysis results provided support for the acceptability of the Equity Sensitivity Instrument, Utrecht Work Engagement Scale and Psychological Capital Questionnaire for use on a South African sample. As far as it could be ascertained, the constructs under investigation have not been examined together before. The study therefore contributes uniquely to the existing body of positive organisational behaviour research, and begins to fill the gap identified in the Rewards literature. A number of recommendations for researchers and for organisations stemming from the study are put forward.
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Xiao, Le S. M. Massachusetts Institute of Technology. "From growth equity to leveraged buyout : making private equity investments in China". Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/80672.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2013.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 99-101).
Private equity investments are divided into the five main categories: venture capital, mezzanine capital, growth equity, leveraged buyouts, and distressed investments. Currently in China, growth equity is the major type of private equity investments. The thesis will focus on the investment process of growth equity deals in China. Specifically, the thesis will analyze the challenges in deal sourcing, valuation and due diligence processes, deal structuring, and exit strategies. Private equity sector in China is in its early stage of development and evolving quickly with huge potentials untapped. While in the developed countries like the U.S., leveraged buyouts is the main stream of private equity investments, this type of deals is emerging in China. The thesis will explore the potentials of leveraged buyouts in China through analyzing the capital market landscape of the country and the case studies.
by Le Xiao.
S.M.
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Laituri, Melinda Jean. "Risk, equity and environment: A methodology for conducting an Environmental Equity Assessment". Diss., The University of Arizona, 1993. http://hdl.handle.net/10150/186147.
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This dissertation examines the relationship between risk and equity as manifested in the environment--in particular, what is the relationship of risk to social, political and economic processes. To accomplish this, I have developed a methodology, an Environmental Equity Assessment (EEA), by which to examine disproportionate impacts of environmental stress. This research acknowledges the fact that problems of environmental pollution are linked not only to business and industry practices but to issues of social justice. This dissertation is designed to contribute to a better understanding of the relationships between risk and equity, environmental philosophy and social justice, and to devise alternative methods to define and analyze risk, and help create equitable policy options and considerations. The methodology is applied to a case study related to water quality in Tucson, Arizona. The case study is primarily illustrative; it brings into focus the relationship between risk, equity and environment, providing a venue for the implementation of an Environmental Equity Assessment (EEA).
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Krebs, Pierre-Alain. "Private Equity in Wachstumsregionen". St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/99213001001/$FILE/99213001001.pdf.
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Ames, Daniel. "Private Equity Executive Compensation". Available to subscribers only, 2009. http://proquest.umi.com/pqdweb?did=1967913281&sid=1&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Gustafsson, Edvard. "Equity Crowdfunding - en delägarrevolution". Thesis, Uppsala universitet, Juridiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-343460.
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Carr, D. J. "Equity in Scots law". Thesis, University of Cambridge, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.597303.
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The aim of this thesis is to consider the development of the nature of equity in Scottish private law. Accordingly, the thesis considers the manner in which Scottish law has utilised ‘equitable’ terminology and conceptualisation in the development of different areas of Scottish private law. In considering this matter, the thesis employs an historical methodology up to a point; however, the prime objective of the thesis is to attempt to state the modern day position as regards the influence of equity within Scottish private law. Such a thesis cannot ignore the influence of English law, or at least conceptions of English law, upon Scottish law. In fact, the choice of subject matter for the thesis was inspired by a Common law idea of equitable remedies, and this starting point is reflected in the specific subject areas discussed. Accordingly, the chapters consider the institutional role of equity in Scots law, before considering the influence of equity in the following areas of Scottish law: unjustified enrichment, trusts, constructive trusts, and fiduciary liability in Scottish law. The analyses of these different areas of law demonstrate the problematic conception of equity in Scots law, insofar as they take different approaches to the substantive and linguistic employment of the term equity. The consideration of these different approaches to equity across different areas of Scots law demonstrates the inherent vagueness of the Scottish approach to equity. Such vagueness has, up to now, allowed the influence and importance of the equitable tradition to wax and wane reasonably quietly according to the prevailing epoch. The historical analysis suggests that, at least in recent times, the influence of something called equity is increasing, and with its rise there are important definitional and substantive choices ahead.
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Sousa, Miguel. "Essays on private equity". Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.530077.
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Kamthornkittikul, Napol. "Southeast Asia Equity ETFs". Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/104525.
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Thesis: S.M. in Management Studies, Massachusetts Institute of Technology, Sloan School of Management, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 47-48).
Southeast Asia countries are forming the ASEAN Economic Community (AEC), one of the largest markets in the world with an over $2 trillion economy and population of over 600 million. This represents great opportunities not only for ASEAN citizens but also for foreigners to benefit from the combined economy. As a student from Thailand with strong interest in equity investment, I am interested in exploring equity investment opportunities in the region. I particular I want to look at Southeast Asia Equity ETFs as I believe that ETFs will play an important role in allowing investors to benefit from an exposure to the region's economy. In this thesis, I developed key investment highlights of Southeast Asia. I then explained why ETFs are an attractive tool for investors based on their special characteristics that distinguish them from typical mutual funds. Next, I explored and analyzed currently available Southeast Asia regional-focused ETFs. Finally, I developed several key considerations for new entrants who might consider getting into the market in offering Southeast Asia Equity ETFs.
by Napol Kamthornkittikul.
S.M. in Management Studies
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Chen, André Filipe Pita. "Iberdrola S.A.: equity research". Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11700.
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Henriques, Sara Filipa Marques. "Equity Research - Mota Engil". Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11090.
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Mestrado FinançasA Mota-Engil SGPS, SA é a maior construtora portuguesa, líder no mercado nacional e uma referência a nível internacional. Apostando num serviço diferenciado e de qualidade, esta empresa tem conseguido juntamente através de estratégias de diversificação e internacionalização contrariar a conjuntura económica desfavorável, a sua forte concorrência e a queda do setor da construção em Portugal. Apresentando consistentemente bons resultados e consolidando a sua posição de liderança nos setores da construção, obras públicas, operações portuárias, água, resíduos e logística. Este trabalho pretende determinar o valor intrínseco das ações da Mota-Engil, através de uma análise minuciosa à performance operacional da empresa e do seu ambiente externo. A avaliação foi baseada no método Free Cash Flow to Firm, que segundo o apurado na revisão de literatura constituí a melhor metodologia para avaliar a Mota-Engil. Com esta avaliação foi possível concluir que as ações da Mota-Engil na data 31/12/2012 estavam subavaliadas, ou seja, estavam cotadas abaixo do seu valor intrínseco 3,04 euros, apresentando assim um potencial de valorização de 93,7%, foi dada a recomendação de compra a investidores interessados.
Mota-Engil SGPS, SA is the largest construction company in Portugal, leader in the national market and an international reference. Betting in a differentiated service and quality, this company has achieved together through strategies of diversification and internationalization counteract the unfavourable economic environment, the strong competition and the decline of the construction sector in Portugal. Presenting consistently good results and strengthening its leading position on the following sectors: construction, public works, port operations, water, waste and logistics. This work aims to determine the intrinsic value of Mota-Engil stocks, through a detailed analysis of the group operational performance and of its external environment. The evaluation was based on the method Free Cash Flow to Firm, which according to the established in the literature review constitutes the best methodology to evaluate Mota-Engil. With this evaluation it was possible to conclude that Mota-Engil stocks on 31/12/2012 were undervalued, i.e. were quoted below their intrinsic value 3,04 euros, thus presenting an potential appreciation of 93,7%, was given a buy recommendation to interested investors.
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Fernandes, João Maria Granger Rodrigues de Castro. "Equity Research - Teixeira Duarte". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12684.
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Mestrado em FinançasDesde a sua fundação em 1921, a Teixeira Duarte é agora líder de um dos maiores grupos económicos portugueses e uma referência internacional. Tendo como actividade principal o sector da Construção, a Teixeira Duarte desenvolve igualmente a sua actividade nos sectores das Concessões e Serviços, Imobiliário, Hotelaria, Distribuição, Energia e Automóvel, que opera em 17 países em 4 continentes e emprega mais de 11.000 pessoas. Os vários anos de experiência e reputação associados a uma estratégia de diversificação e internacionalização permitiram à empresa não só combater o recente ambiente adverso que afetou duramente o setor da construção e a economia global, como também obter resultados positivos. O principal objetivo deste projeto é determinar o valor intrínseco das ações da Teixeira Duarte, analisando o desempenho operacional do grupo, o ambiente externo e as suas perspectivas de crescimento. A avaliação baseou-se no método Free Cash Flow to Firm, que de acordo com a Revisão de Literatura, representa o método mais adequado para avaliar a Teixeira Duarte. Com esta avaliação, foi possível concluir que, em 31/12/2015, as ações da Teixeira Duarte eram cotadas abaixo do seu valor intrínseco de 0,79€ por ação, ou seja, estavam subvalorizadas, pelo que se recomendou a aquisição de ações da Teixeira Duarte a potenciais investidores.
Since its foundation in 1921, Teixeira Duarte is now leader of one of the one of the largest Portuguese economic groups and an international reference. Having as its core business the Construction sector, Teixeira Duarte also develops its activity in Concessions and Services, Real Estate, Hotel Services, Distribution, Energy and Automotive sectors, operating in 17 countries on 4 continents and employing more than 11,000 people. The several years of experience and reputation associated to a strategy of diversification and internationalization, allowed the company, not only to counteract in the recent adverse environment that affected harshly the construction sector and the global economy, but also obtain positive results. The main objective of this project is to determine the intrinsic value of Teixeira Duarte's shares, by analyzing the group's operational performance, external environment and growth prospects. The evaluation was based on the Free Cash Flow to Firm method, which accordingly to the Literature Review, represents the most appropriate method to evaluate Teixeira Duarte. With this evaluation, it was possible to conclude that at 31/12/2015 the shares of Teixeira Duarte were quoted below its intrinsic value of 0,79€ per share, i.e. were undervalued and so, a recommendation of buying shares of Teixeira Duarte was given to potential investors.
N/A
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Silva, Duarte Boissel Gago da. "Equity Research : Jerónimo Martins". Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/5136.
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Mestrado em FinançasPara realizar uma análise de Equity Research existem vários modelos possíveis para chegar ao Preço alvo de uma empresa, sendo que o modelo a considerar deve ser o que se adapte melhor a empresa em estudo e fazendo uma conjugação entre a teoria existente e o que realmente é feito na prática pelas equipas de Equity Research dos diversos Bancos de Investimento. Com base em livros de Valuation, e de informação sobre a Jerónimo Martins tentei fazer uma estimativa o mais realista possível, tendo ao preço alvo de 15,63€ para a Jerónimo Martins, aconselhando por isso a Compra aos possíveis investidores. Foi também realizada uma análise de Sensibilidade de forma a mostrar qual o efeito que variações em determinados factores( taxa de câmbio, WACC ou as margens EBITDA) podem ter no preço alvo final.
To realize an Equity Research study, there are several possible models to acquire the Price target recommendation of the company, being the considered model, the one that is best suited for the studied company, merging the existing theory with what has already been done by the Equity Research team of the varied Investment Banks. Based on the Valuation books and on the Jerónimo Martins data, I tried to achieve a realistic estimate, obtaining the Price target recommendation of 15.63€ to Jerónimo Martins, advising the possible investors to Buy. I have also done a sensibility analysis to show the variations on certain factors (exchange rate, WACC or EBITDA margin) effects on the Price target recommendation.
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Geraldes, Vítor Miguel dos Santos. "Equity research - Peugeot SA". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14597.
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Mestrado em FinançasEste projeto representa uma análise extensiva da Peugeot SA, consistindo no projeto de trabalho final do programa de Master in Finance do ISEG. Este relatório foi elaborado de acordo com as recomendações do CFA Institute. O motivo pela escolha da empresa deveu-se ao interesse na industria automóvel e a curiosidade pessoal de entender como a empresa reage as ameaças diárias. Este relatório foi elaborado de acordo com a informação publica a 20 de Julho de 2017, qualquer informação ou evento posterior a esta data não foi considerado. O preço-alvo foi obtido utilizando uma ponderação aritmética de dois métodos de avaliação, mais especificamente o método de Fluxos de Caixa Descontados e o método de avaliação relativo, mais conhecido como método dos múltiplos comparáveis. Com um preço-alvo de €20.67 a 20 Julho de 2017, representa um potencial de valorização de 3.75%. A recomendação deste trabalho académico é de reduzir, dado o alto risco da empresa na sua capacidade de entrar no mercado de carros elétricos e a sua elevada dependência do Mercado europeu. A nossa avaliação de risco estima um risco alto para a empresa.
This project represents an extensive evaluation of Peugeot SA, according to ISEG's Master in Finance final work project. This equity report was written in accordance with recommendations of the CFA Institute. The reason for choosing the company was the interest in automotive industry and the curiosity to evaluate how the company react to daily threats. This report was written in accordance with the public information available on July 20th, 2017, any information or event subsequent to this date has not been considered. The target price was obtained using an average of valuation methods, more specifically the method of Discounted Cash Flow and Relative valuation method, more known as method of Comparable Multiples. The target price was €20.67 at 20th July of 2017, representing an upside potential of 3.75%. My recommendation is to Reduce, given the high risk of the company capacity to enter e-cars market and the high dependence of European market. Our risk assessment estimates a high risk for the company.
info:eu-repo/semantics/publishedVersion
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Barbosa, Ana Sofia Lopes. "Equity research - Eaton Corporation". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14600.
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Mestrado em FinançasEste relatório contém uma avaliação detalhada da Eaton Corporation e segue o formato recomendado pelo CFA Institute. A escolha desta empresa deveu-se ao facto de ter realizado um estágio na sua sucursal em Portugal e assim tendo ficado a conhecer um pouco mais desta industria. Este relatório foi realizado através da informação pública disponível até setembro de 2017, informações e eventos após esta data não foram considerados. Para a obtenção do preço-alvo, dois métodos foram utilizados, um absoluto e um relativo. O absoluto foi o método dos Fluxos de Caixa Descontados (DCF) e o relativo foi o método dos múltiplos comparáveis. No final de 2017 o preço-alvo é de $64.91, sendo a nossa recomendação final para a Eaton Corporation de venda. A nossa avaliação do risco estima ainda um risco baixo para a empresa.
This report contains a detailed evaluation of Eaton Corporation and follows the format recommended by the CFA Institute. The choice of this company was due to the fact of having carried out an internship in its subsidiary in Portugal and thus getting to know a little more of this industry. This report was made using the public information available at September 2017, information and events after this date were not considered. To obtain the target price, two methods were used, one absolute and one relative. The absolute was the Discounted Cash Flow (DCF) method and the relative one was the multiples comparable method. At the end of 2017 the target price is $64.91, our final recommendation for Eaton Corporation is to sell. Our risk assessment still estimates a low risk for the company.
info:eu-repo/semantics/publishedVersion
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Alves, Pedro José Fernandes. "Equity Research - Luz Saúde". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12182.
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Mestrado em FinançasLuz Saúde, S.A. é uma das maiores empresas da área da saúde em Portugal. Com um serviço diferenciado a empresa tem conseguido um crescimento considerável mesmo em períodos económicos adversos. Com uma estrutura e área de negócio bastante apetecível a investidores estrangeiros, acabou por ser adquirida quase na totalidade em 2014. Este trabalho tem como objetivo determinar o valor intrínseco das ações da Luz Saúde, através de uma análise detalhada do desempenho operacional do grupo e de seu ambiente externo. A avaliação foi baseada no método dos fluxos de caixa descontados, que de acordo com o estabelecido na revisão da literatura constitui a melhor metodologia para avaliar a Luz Saúde. Com esta avaliação, foi possível concluir que o valor da ação da Luz Saúde em 31/12/2014 encontra-se subvalorizada, ou seja, foram cotados abaixo do seu valor intrínseco 3,80 euros, apresentando assim um potencial de valorização de 22,15%, foi dada uma recomendação de compra aos investidores interessados.
Luz Saúde, S.A. is one of the largest companies within the Portuguese health sector. Offering differentiated services, the company achieved considerable growth, in spite of the ongoing economic crisis. Given its structure and desirability to foreign investors, it would eventually be acquired almost entirely in 2014. This study aims to determine the intrinsic value of Luz Saúde, S.A.'s shares, through a detailed analysis of the group's operating performance and external environment. The evaluation was based on the method of discounted cash flows, which according to the literature review, is the best methodology for evaluating Luz Saúde. This evaluation suggests that the company's share price on 12/31/2014 was underestimated, i.e. the share was rated below its intrinsic value of 3.80 euros, thus presenting a potential of appreciation of 22, 15%, resulting in a recommendation to buy for interested investors.
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Coelho, Diogo Pereira. "Equity Research - Portugal Telecom". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10531.
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Mestrado em FinançasFace às recentes alterações ao nível da estrutura da Portugal Telecom, com a combinação de negócios com a OI, e posterior venda da PT Portugal à Altice pela OI, o objetivo deste estudo é determinar o valor financeiro da Portugal Telecom a 31 de Dezembro de 2014, e perceber se as ações negociadas no mercado de capitais a essa data espelham o real valor da empresa, ou se a sua valorização se encontra de alguma forma influenciada pela especulação dos acionistas em torno desses desenlaces na estrutura da empresa. Para o estudo foi feito o enquadramento das metodologias de avaliação aceites pelos autores de referência e posteriormente foram aplicadas as metodologias adequadas à natureza dos ativos e dos negócios. Após a avaliação foi determinado um preço alvo de EUR 0,40 por ação da empresa. Este valor é cerca de 54% inferior ao valor negociado nessa data, pelo que até novos desenvolvimentos na estrutura da empresa, a sua compra não é recomendada.
Given the recent changes in terms of the Portugal Telecom structure with the business combination with OI, and subsequent sale of PT Portugal to Altice by OI, the purpose of this study is to determine the financial value of Portugal Telecom at December 31, 2014 and realize if at that date, the shares traded on the capital market reflect the real value of the company, or if their valuation is somehow influenced by speculation of shareholders around these outcomes in the company structure. For the study was made the framework of the valuation methodologies accepted by reference authors and were later applied methodologies appropriate to the nature of the assets and business. After the evaluation was accomplished a target price of EUR 0,40 per share of the company. This value is about 54% lower than the value traded on that date, so even new developments in the company structure, the purchase is not recommended.
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Puerta, Ralph A. "Equity and equality in Pennsylvania public education finance /". Diss., 1999. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:9935177.
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Maasch, Lukas. "Equity research LATAM airlines group: equity report". Master's thesis, 2020. http://hdl.handle.net/10362/108488.
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This report contains the description of a valuation performed on LATAM Airlines, the largest airline in South America. This study was conducted by analyzing the factors that may affect the company’s value. In this individual part a deep-dive into the possibility of default in gwas performed. This risk is perceived as substantial. An estimated share price of 2.26$ (the target value for the 31st of December 2020) was computed, which leads us to recommend investors to sell their position in LATAM Airlines.
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Morrison, Janice A. "Equity program principals : policy mediation for equity". Thesis, 2017. http://hdl.handle.net/1959.7/uws:47354.
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This study investigates the ways in which six principals from a range of government school contexts in NSW, Australia, implemented the Smarter Schools Low SES (SSLSES) School Communities National Partnership program to achieve equity in their schools. After analysing the ways in which principals were made accountable and positioned by policy discourse underpinned by economic rationalist principles, the thesis explores how the six principals mediated policy accountabilities for student equity. Using a number of Foucauldian conceptual lenses, each principal’s practices are examined as they implemented accountability, leadership and quality teaching governmentalities of the policy reforms. The study is underpinned by constructionist epistemology to better enable an understanding of the complex interrelationships of principals, as enactors, within the contexts of their schools; and as subjects, in interaction with educational policy discourses. Its design is informed by two main methodological approaches comprising a critical policy discourse analysis, and case studies of a sample of six SSLSES National Partnership principals. The policy analysis utilised Gee’s (2005) ‘D’/’d’iscourse concepts. Case study methods utilized semi-structured interviews with each principal and staff and/or community recommended by the principal, together with analysis of relevant artefacts. Data gathered was examined using Foucauldian notions of power, governmentality, resistance, ethics and technologies of the self to investigate how principals negotiated governmentality discourses directing their implementation. By undertaking the analysis of principals’ practices in selected domains of accountability, leadership and quality teaching, the thesis demonstrates that power relations and governmentality operated on and through principals to create them as disciplined subjects who were largely compliant to specific accountability pressures. This included acceding to standardised testing regimes, entrepreneurialism, and targeted continuous school improvement practices. However, principals also demonstrated the further capacity for contestation, re-articulation and mediation of a range of other key governmentalities, designed to normalize them, but seen to be at odds with their school community’s priorities, the principal’s own subjectivities and/or their vision for equity. Foucault’s notions about power relations, ethics and resistance were important in the study to show where and how principals operated counter to the conduct required of them in their local contexts. The study also demonstrated how policy governmentalities can be appropriated in ethical ways to implement reforms for equity. The study’s importance stems from its governmentality approach which demonstrates that in key domains, principals are not only enactors wholly ‘’responsibilised’ by policy accountabilities and discourse, but are educational leaders enmeshed within complex histories, with ethical stances and acceding also to the contingencies of their local contexts. They are therefore careful and selective mediators and purveyors of both normalizing and resistant practices and principal-co-producers of complex reform in the education marketplace. Despite disciplining practices of accountability regimes, principals have seized opportunities for agency over equity practices in their complex school contexts.
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Plavec, Martin. "Private Equity". Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-348721.
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74 ABSTRACT This thesis deals with the private equity industry. Its aim is to coherently introduce private equity as a distinctive and integral part of today's economy, to provide relevant insight on the principles of functioning of private equity business model, and to analyse the mechanism of the most commonly used private equity transaction type. The thesis is structured into three chapters with each chapter being dedicated to one of the sub-aims. First chapter defines the notion of private equity and discusses the history of the industry and its economic performance. Private equity encompasses all types of equity investments into non-publicly traded companies. The industry itself has been gaining on significance since its emersion in the 1980s, mainly due to the fact that private equity investments have been consistently outperforming public markets in terms of realized returns. Second chapter is dedicated to the business model of private equity funds, their structure and lifecycle, as well as the investment process itself. Private equity funds take on the limited partnership legal form, which is managed by a professional private equity house while the investors' involvement consists solely in the provision of capital. A fund's lifetime is usually limited by a period of ten years and its lifecycle is...
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梁薺方. "Private Equity". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/36129932259552129465.
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