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1
Morando, Christine. "Market Value." FIU Digital Commons, 2015. http://digitalcommons.fiu.edu/etd/1936.
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MARKET VALUE is a collection of stories about people in Southwest Florida struggling to make sense of their lives when faced with shifting economic realities.
The characters in the collection reevaluate their relationships and uncover secrets, forced to navigate a new American landscape of stalled opportunities and uncertain futures. In “Call the Storage King,” Walt assumes that his girlfriend has total faith in their relationship, but accidentally discovers evidence to the contrary. In “Luxury Living,” a resident of a mostly-empty riverfront condo gives a guided tour to a prospective buyer, revealing the building’s short but sordid history along the way.
Influenced by the suburban satire of Tom Perotta and A.M. Homes, MARKET VALUE presents a changing landscape where characters form unexpected alliances and sever old ties, in order to come closer to their downsized American Dreams.
2
Ibrahim, Muhd Kamil. "Market value, book value and goodwill." Thesis, Bangor University, 1999. https://research.bangor.ac.uk/portal/en/theses/market-value-book-value-and-goodwill(51c367e7-9e9d-4acb-bcf7-e33933c4b76c).html.
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This thesis examines the value relevance of goodwill that has been eliminated through reserves in the year of acquisition. Specifically, it investigates the association beiween goodwill reserve write-off and the value placed on the firm by the stock market. In so doing, the thesis describes the relationship between the implied value of purchased goodwill and that of other assets, and we seek to explain the underlying paffern of the amortisation of goodwill over time. The empirical method uses cross-sectional equity valuation models for the period 1994- 6. Based on the modified balance sheet identity, the equity valuation model parameterises purchased goodwill and other assets separately, and a more meaningful interpretation is given of the intercept term than in previous studies relating to purchased goodwill. The results confirm that the market incorporates information on the goodwill reserve write-off in the valuation of a firm, and the results also show that the market: book ratio is similar to tangible assets but its behaviour suggests a relatively higher amortisation rate. Although the present study provides evidence supporting the requirement in FRS 10 (Goodwill and Intangible Assets) to capitalise purchased goodwill, the findings also show that the incremental value of capitalised goodwill declines far more quickly than FRS1O suggests, thus placing particular importance on the impairment test required by FRS 10.
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Yadav, Shailendra. "Analysis of value creation and value capture in microfluidics market." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/59276.
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Thesis (S.M. in System Design and Management)--Massachusetts Institute of Technology, Engineering Systems Division, 2010.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references (p. 63-65).<br>Advances in microfluidics in the last two decade have created a tremendous technological value which is shaping genomics; drug discovery; proteomics; and point-of-care diagnostics. The positive impact has resulted in faster analysis time, increased throughput and reduced cost amongst other important benefits. Yet, the life sciences end-users and the microfluidics players themselves are far from fully capturing the value. Author's own observation based on the experience at a leading genomics research institute, where multiple efforts to implement microfluidics technologies hardly succeeded, supports this fact. The failure to fully capture value has serious implications for the vendors developing microfluidics and the researchers employing these technologies. What are the reasons for this failure? What could be done to increase the value capture? Using well-established management frameworks, such as, s-curve, adopter's distribution model, the thesis studied the nature of value creation and value capture. Survey was used to quantify the impact and the diffusion and adoption of microfluidics technologies, as the respective indicators of value creation and value capture. The data support the insight obtained from the conceptual frameworks that microfluidics is still an immature technology. It also shows that immature technology is the primary reason for lack of full value capture rather than the lack of killer application or niche market - commonly reported reasons in the literature. As an immature technology, microfluidics is thus far still only in the hands of users who are innovators and early adopters - the academic laboratories and the research institutes. The application segments which have seen the most value capture are Genomics and Point-of-care diagnostics. The application segment which has seen the least value capture is Drug discovery. This thesis concludes with the recommendations for short and long term strategies for increasing value capture and accelerating the adoption of microfluidics.<br>by Shailendra Yadav.<br>S.M.in System Design and Management
4
Brege, Harald. "Exploring Proactive Market Strategies : Managing the Market to Create Value." Licentiate thesis, Linköpings universitet, Industriell ekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-147771.
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How can firms become more successful and achieve higher business performance? How can they manage more complex and dynamic markets and maintain a high competitiveness? The answer is: through a more proactive approach to managing the market and creating customer value. This thesis explores proactive market strategies, which are firm’s proactive strategies for creating, communicating, and delivering superior value to their customers, thereby achieving superior business performance. Prior literature in market orientation has touched the area of proactiveness in firms’ approach to the market, but never properly defines proactiveness and lacks a clear connection to actual firm activities. Thus, in order to better understand how firms can gain the performance benefits from proactiveness, this thesis sets out to explore what proactiveness in a market-strategic context entails and what proactive activities firms perform in implementing their proactive market strategies. The research is based on two papers, each detailing one of the two complementary branches of the research. The first paper presents the conceptual work, focusing on a typology of marketoriented strategic behaviors, which are important for understanding how firms can gain the potential performance benefits of market orientation and how they can achieve behavioral fit among their activities. The second paper presents the empirical work, focusing on the qualitative case study performed and the themes of proactiveness that emerged from it. These papers are then synthesized into a holistic view of proactive market strategies in the thesis. The thesis finds that proactiveness at the firm level in a marketing context means a firm is future-oriented, initiative-taking, change-inducing, and creative. With a basis in this definition and the extensive literature on market orientation, the thesis presents conceptual developments that are important for understanding proactiveness in market strategy, such as a framework for understanding market strategies through firm activities and one for identifying and categorizing different types of proactive activities. Furthermore, the thesis gives more detailed descriptions of the case firms and how their proactive activities help them achieve success. This results in a thorough exploration of proactive market strategies, which contributes to the marketing and strategic management literatures by clearly defining proactiveness, conceptualizing and describing proactive market strategies, and delineating proactive firm activities to better understand how firms are being proactive. In doing so, the thesis provides interesting directions for future research and presents interesting implications for managerial practice.
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Said, Emanuel. "The value of market research information : how do clients of market research services construct value from their usage of market research information?" Thesis, Cranfield University, 2011. http://dspace.lib.cranfield.ac.uk/handle/1826/7096.
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A significant global industry, the provision of market research is a business to business service where market research organizations provide market research information to customers, who in turn, need to make informed decisions about marketing strategy alternatives.
This study involves a systematic literature review of the influences impacting on the use of market research information. It expounds the conditions, factors and mechanisms that induce or hinder the process of use among client organization users. In so doing, this investigation provides a descriptive assessment of the body of knowledge from which this study draws.
This study proposes a theoretical framework of the reported conditions, factors and mechanisms that enhance or hinder the process at different stages of usage of market research. Influences like (user) organization’s strategy, structure, market philosophy, stance in the market and access to market research suppliers have a direct effect on how user organizations seek and apply market research information. The process of usage features seven phases, contrasting against the four or five phases that are typically reported in literature. Application of market research information in marketing decisions may follow one of three possible types of application: instrumental, conceptual and symbolic.
This study also explores the various limitations in our understanding of this phenomenon. Relying on a number of published positivist contributions, our understanding of this process is composed of narrow views of specific causalities, each investigated independently from the rest. These result in an incomplete, inconsistent picture about a phenomenon. For instance, influences impacting on transformation and dissemination steps remain largely unknown, as are the factors impacting on application of market research information like symbolic use. Equally, published positivist researchoften relies on a single informant approach that is assumed to represent the reality of an entire organization.
The study concludes with considerations about future work that may form part of my PhD research, intended to address a selection of gaps in the existing body of knowledge about this phenomenon.
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Särnblad, Sara, Nora Ekström, Katarina Vanky, and Agnes Bråve. "The Value of Value Factors : Time-dependent Development of Value Factors on the Swedish Electricity Market." Thesis, Uppsala universitet, Institutionen för samhällsbyggnad och industriell teknik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-411831.
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This bachelor thesis investigates the development of value factors on the Swedish electricity market and how the development can be explained. Value factor is a parameter that indicates how well an energy source’s market price corresponds to the average spot price for the electricity mix. Value factors for nuclear-, thermal-, wind-, solar- and hydropower are calculated for the years 2014-2019. Electricity production- and spot price data has been sourced from Svenska Kraftnät, Nord Pool and Uppsala University. The influence of weather conditions, spot price, production and consumption on the development of the value factors is discussed. The Pearson correlation coefficient is used for analytical purposes, showing the correlation between two specific variables. The conclusion is that the value factor for each power source is the result of the conditions present during the specific time period. The value factors for solar- and thermal power are discontinuous since they are temperature-dependent. For nuclear-, wind- and hydropower, the value factors are more continuous during the time span. This is due to, for instance, their important roles in the Swedish energy system and their ability to match demands.
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Lam, Ka Lai. "The market value of Esprit Holdings Limited." Thesis, University of Macau, 2007. http://umaclib3.umac.mo/record=b1637042.
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Kumsta, Rene-Christian. "An analysis of value investing determinants under the behavioural finance approach." Thesis, Loughborough University, 2016. https://dspace.lboro.ac.uk/2134/21266.
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WHAT WAS DONE? This study researches the success of several value investment strategies in the stock markets of the United Kingdom and Germany based on nine firm fundamentals that are extracted from listed firms annual financial statements. In this regard, we first examine alternative forecast combination methods in a novel way to utilise fully the financial information at hand. Second, we examine the drivers of investment returns, particularly the role of information uncertainty, for which a new direct measure is developed. Finally, we evaluate the performance of these financial health investment strategies in alternative institutional environments by focusing on the differences between the two markets regarding both their corporate culture and their legal environment. WHY WAS IT DONE? Similar to economics, the discipline of finance is a social science because its observations emanate from economic transactions between humans. Nevertheless, a significant part of the research in this area is undertaken by means that are almost exclusively applied to the natural sciences, such as mathematics or physics. Although the reasons seem manifold, an increased form of scientificity, in conjunction with greater credibility of the research process and results, is deemed to be of primary importance. However, the benchmark for evaluating these research outcomes differs from those used in the natural sciences. From the example of the efficient market hypothesis one can see that alternative research results that cast serious doubt upon efficiency per se are disregarded as aberrations, leading to the assumption that the hypothesis in its entirety is more or less valid. This study assumes that inefficiencies in the stock market do exist for prolonged periods of time and investors are actually able to benefit from them. HOW WAS IT DONE? Secondary financial statement data of listed companies in the United Kingdom and Germany were downloaded from Datastream for the period between 1992 and 2010. A quantitative analysis of the significance of the correlation between groups of firms with similar financial characteristics and their one-year-ahead stock returns was subsequently performed. Various combination methods for differential weighting of individual financial statement items were conducted. The aim was to increase the profitability of the investment strategy. WHAT WAS FOUND? In general, a classification of stocks according to certain internal criteria of financial health is capable of separating future winners from losers and at the same time confirms the results of a previous US study. More specifically, we first show that a wide range of combination methods generate profitable investment strategies whereby especially measures of profitability are the central indicator of a firm s future performance. Secondly, the more complex methods neither consistently nor substantively outperform the simpler methods. Thirdly, information uncertainty does not seem to be the prime driver of the profitability of an investment strategy. Lastly, we show that financial health investment strategies are profitable both in market-oriented, common law settings and in bank-oriented, code law settings.
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Omura, Teruyo. "The relationship between market value and book value for five selected Japanese firms." Thesis, Queensland University of Technology, 2005. https://eprints.qut.edu.au/16150/1/Teruyo_Omura_Thesis.pdf.
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Studies of the value relevance of accounting number in capital market research are consistent with the simple view that, in equilibrium, book values are equal to or have some long-term relationship with market values, and that market returns are related to book returns.
This dissertation examines the value relevance of annually-reported book values of net assets, earnings and dividends to the year-end market values of five Japanese firms between 1950 and 2004 (a period of 54 years). Econometric techniques are used to develop dynamic models of the relationship between markets, book values and a number of macro-economic variables. In constructing the models, the focus is to provide an accurate statistical description of the underlying relationships between market and book value. It is expected that such research will add to the body of knowledge on factors that are influential to Japanese stock prices.
The significant findings of the study are as follows: 1) well-specified models of the data generating process for market value based on the information set used to derive the models are log-linear in form. Additive, linear models in untransformed variables are not well-specified and forecast badly out of sample; 2) the book value of net assets has relevance for market value in the five Japanese firms examined, in the long run.
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Omura, Teruyo. "The relationship between market value and book value for five selected Japanese firms." Queensland University of Technology, 2005. http://eprints.qut.edu.au/16150/.
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Studies of the value relevance of accounting number in capital market research are consistent with the simple view that, in equilibrium, book values are equal to or have some long-term relationship with market values, and that market returns are related to book returns. This dissertation examines the value relevance of annually-reported book values of net assets, earnings and dividends to the year-end market values of five Japanese firms between 1950 and 2004 (a period of 54 years). Econometric techniques are used to develop dynamic models of the relationship between markets, book values and a number of macro-economic variables. In constructing the models, the focus is to provide an accurate statistical description of the underlying relationships between market and book value. It is expected that such research will add to the body of knowledge on factors that are influential to Japanese stock prices. The significant findings of the study are as follows: 1) well-specified models of the data generating process for market value based on the information set used to derive the models are log-linear in form. Additive, linear models in untransformed variables are not well-specified and forecast badly out of sample; 2) the book value of net assets has relevance for market value in the five Japanese firms examined, in the long run.
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To, Wai Nga. "A study of the market value of CEM." Thesis, University of Macau, 2003. http://umaclib3.umac.mo/record=b1636261.
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Elgebali, Marwa. "Relationship value in the Russian wholesale carpet market." Thesis, University of Huddersfield, 2008. http://eprints.hud.ac.uk/id/eprint/6953/.
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The importance of studying the Russian market stems from several characteristics such as experiencing transition from a command to a market economy that is seen in its business networks, being the biggest emerging stock market and high potential for business. The ‘command period’, where the government control all aspects of life, has caused the lack of academic research which makes this study an important addition to the body of knowledge on the Russian market specially the business to business market. It becomes an important reference for business practice and a guide for future research. Desk research revealed problems in the wholesale market such as the inability of managers to build long-term successful relationships and lack of value-added collaborative relationships. The wholesale market has also been experiencing several problems such as lack of domestic supply and dominance of importers and the carpet market is one those markets that shares these problems. The fact that the wholesale market is dominated by importers raised the interest in researching relationships where wholesalers/distributers are suppliers. This was supported by the fact that research is lacking from the wholesalers point of view, it is always either manufacturers or retailers view. To help businesses in the Russian wholesale carpet market establish a relationship value perspective, it is important to understand how customer think of their supplier relationships in terms of what constitutes valuable in their supplier relationships. the trade off factor which is at the heart of relationship value is the centre of this research as it is targeting at understanding how customer trade off different relationship value attributes to evaluate their relationships with suppliers. Using a pragmatic approach, the research attempts to identify the most valuable attributes for the customer organization in their relationship with suppliers. A pragmatic approach to research is using a mix of both a positivistic and a relativistic approach in the same research, conjoint analysis as a tool for measurement was chosen for the field study. The nature of conjoint measurement involving two stages; the elicitation phase where exploratory semi structured interviews was used to elicitation relationship value attributes to be used in the next stage, conjoint cards suited the research approach adopted. Conjoint measurement also has many advantages that matched research objectives such as attributes of relationship value used in the elicitation phase were adopted from the literature of relationship value. Data were collected using conjoint questionnaire which gives an accurate estimation of the attribute and the attribute level importance to each respondent. A total 59 were usable questionnaires were collected out of which 48 included the second answered the second and the third part of the questionnaire (conjoint cards). The unit used in the analysis of the Russian carpet distribution network is the triad distributor-distributor-retailers. The conjoint questionnaire was distributed to retailers to evaluate what they value in their suppliers (distributor) relationship and to distributors to evaluate what they value in their supplier (distributor) relationship. From the exploratory semi structured interviews at the elicitation phase it was found that the most important attribute that Russian companies saw valuable in their relationship with suppliers are price discounts, communication, adaptability, relationship length, delays of operations, and terms of payment. Relationship value attributes. The research reveals important characteristics of the Russian wholesale carpet such as the fact that Russian carpet wholesalers have a high preference for long-term relationships while retailers have a high preference for short-term relationships. Also wholesalers have a very high preference for “no delays at all’ while retailers have a tolerance rate for acceptable delays. The most important contribution of this research is what we called “the relationship value concept” which is the sum of utilities of all relationship value attributes. The relationship utility concept could be used to assess how valuable existing relationships are as well as the value of new ones or new offerings to customers. The research provides reference tables with utility values that can be used in calculating the value of a customer relationship. The reference tables include values of attributes and their levels depending on whether the organization is a retailer or wholesaler and also depending on the type of carpets sold by the organization. Another contribution is to the literature of segmentation in business to business markets operational method for segmenting the market was found. The relationship value concept is introduced as an operational method for segmenting the market. It is also thought that this research contributes to the lacking literature from wholesalers’ point of view in distribution networks research.
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Fagulha, Bernardo Moura Gonçalves. "Banif Bank: Value creation in the Maltese market." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9468.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics<br>The entry in a new market is always a major strategic challenge for a firm:
competing in different regions and dealing with the specific conditions. This work
project describes the entry of a new bank in the Maltese market, by exploring a new
positioning. Through the real case of Banif Bank, this case intends to evaluate the
potential of value creation in that industry, by first assessing its attractiveness and
profitability. Then, Banif Bank positioning is analized to conclude if it can create a
competitive advantage that would be sustainable in the long term.
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Turner, Elizabeth H. "The Market Value Implications of Pension Asset Allocation." FIU Digital Commons, 2013. http://digitalcommons.fiu.edu/etd/944.
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Pension funds have been part of the private sector since the 1850’s. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers’ Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09.
This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense.
In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors’ ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals.
Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value.
In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.
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Боронос, Дарина Володимирівна, Дарина Владимировна Боронос, and Daryna Volodymyrivna Boronos. "Environmental component of the market value estimation model." Thesis, Видавництво СумДУ, 2011. http://essuir.sumdu.edu.ua/handle/123456789/9970.
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In recent years business increasingly has been viewed as a major cause of social, environmental, and economic problems. Companies are widely perceived to be prospering at the expense of the broader community. Even worse, the more business has begun to embrace corporate responsibility, the more it has been blamed for society's failures. A big part of the problem lies with companies themselves, which remain trapped in an outdated approach to value creation that has emerged over the past few decades.
Companies must take the lead in bringing business and environment back together. The recognition is there among sophisticated business and thought leaders, and promising elements of a new model are emerging.
The solution lies in the principle of shared value of business, which involves creating economic value in a way that also creates value for society by addressing its needs and challenges. Businesses must reconnect company success with its influence for environment.
When you are citing the document, use the following link http://essuir.sumdu.edu.ua/handle/123456789/9970
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Issar, Rajiv Issar. "Market Capitalization and Firm Value: The Size Factor." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4224.
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Current multifactor valuation pricing models use size (measured by market capitalization) of a firm as one factor to determine the value of a security. The problem with current standard models was that none of them could explain the value of a security consistently and accurately based on current factors and in particular the size factor. The purpose of this quantitative study using existing time-series data over a 10-year period from 2006 to 2015 was to examine the impact of size factor on the realized rate of return of financial securities, while controlling for the impact of market rate of return. There are currently many valuation models but there is no 2-factor model or a model that uses a size factor that includes mid-cap sized securities. The research questions examined mid-cap sized securities for the size factor in a 2-factor model to determine the accuracy of predicting financial returns compared to the current standard Fama-French 3-factor model. The main theoretical framework that guided the study was the efficient market hypothesis that postulates that the price of a stock reflects all relevant available information. Data were collected for historical returns of 15 individual firms and portfolios of securities based on size. Multiple regression analysis methodology was used to examine the impact of size factor on the realized rate of return of financial securities, while controlling for the impact of market rate of return in the modified 2-factor model that included mid-caps. The results of the study indicate that size is a statistically significant factor in a 2-factor model that included mid-caps. The positive social impact of this study is that it could provide greater confidence in financial markets by providing a fair and equitable means of investment and flow of capital for a robust economy.
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Vallortigara, Jacopo <1988>. "Football Clubs brand value in the Asian market." Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/6922.
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Lo scopo della tesi è di analizzare la valorizzazione del marchio delle società di calcio nei mercati asiatici.
Nella prima parte è analizzata l'importanza dei ricavi economici delle prime dieci società sportive al mondo e di come i loro profitti siano aumentati negli ultimi anni.
Nella seconda parte si analizzano i ricavi di natura commerciale sul totale degli introiti annuali. Sono quindi analizzate le rendite legate a sponsor e merchandising di questo gruppo di club.
Nella terza parte si analizza il mercato europeo e si evince come esso sia saturo da un punto di vista della disponibilità di acquisto del consumatore. Inoltre, si evidenzia come i mercati asiatici siano potenzialmente attrattivi per investimenti da parte delle società di calcio, in particolare quelle europee. Infatti, i paesi asiatici sono in costante crescita dal punto di vista economico e la disponibilità di spesa è molto maggiore rispetto a quelli europei. Inoltre le società di calcio europee sono molto conosciute e la loro notorietà è in crescita anno dopo anno.
Nella quarta parte sono analizzati due casi di studio: Juventus F.C. e Paris Saint-Germain F.C. In questo capitolo si evince come grazie alle tournée estive il loro fatturato sia aumentato nei mercati del sud-est asiatico.
Nel capitolo conclusivo sono messi in correlazione i dati raccolti in precedenza. Grazie ad essi è possibile trarre un legame diretto tra investimenti in marketing delle società di calcio nei paesi asiatici e un ritorno economico in termini di vendite e notorietà del marchio. In questo modo, è evidente una valorizzazione del marchio in un mercato parzialmente nuovo ma dal ritorno economico potenzialmente molto elevato.
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Vlček, Michal. "Practical differences in business valuation using the market value, value in use and the value for price negotiations." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-82035.
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This thesis aims to explain the basic characteristics of valuation method in practice use. The first chapter is about basic character of each method of valuation and factors which influence its applicability. The second chapter mentions estimation of market value/appraisal, includes affecting factors. Then, the third and fourth parts aim to comparing these appraisals (market. vs. price bargaining, subjective and objective, complex appraisal) and price formation for price bargaining in the Czech a EU market. Chain of model facets in appraisal is demonstrated by fair example in the fifth part. Mainly prefeasibility appraisal and bargaining based on the categories of value are followed. These entire complexes comparing of advantages and disadvantages of each category of value with a focus on valuation methods, in particular the consequences of their use are gone to conclusion of my thesis. At the very end of the thesis there are the main points of practical differences and their benefits to it and their contributions summarized.
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Chang, Chun-chung Winston, and 張振中. "Applicability of value-at-risk methodology in managing market risk forHK stock market investors." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31268626.
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Rakestraw, Joseph Raymond. "International Evidence on Product Market Competition and Firm Value." Diss., Virginia Tech, 2015. http://hdl.handle.net/10919/73029.
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Economic theory and empirical research suggests product market competition can result in both positive and negative capital market effects. Specifically, research suggests competition reduces agency costs, but also reduces profitability. I examine the relation between product market competition and firm value in an international setting, focusing on how the relation varies with firm- and country-specific characteristics. I document lower values for firms in more competitive industries. However, the negative relation between competition and firm value is less pronounced for firms with higher firm-level liquidation risk, stronger country-level investor protection mechanisms, and higher firm-level transparency. These findings are consistent with an agency cost benefit resulting from product market competition.<br>Ph. D.
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Zuzáková, Barbora. "Exchange market pressure: an evaluation using extreme value theory." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199589.
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This thesis discusses the phenomenon of currency crises, in particular it is devoted to empirical identification of crisis periods. As a crisis indicator, we aim to utilize an exchange market pressure index which has been revealed as a very powerful tool for the exchange market pressure quantification. Since enumeration of the exchange market pressure index is crucial for further analysis, we pay special attention to different approaches of its construction. In the majority of existing literature on exchange market pressure models, a currency crisis is defined as a period of time when the exchange market pressure index exceeds a predetermined level. In contrast to this, we incorporate a probabilistic approach using the extreme value theory. Our goal is to prove that stochastic methods are more accurate, in other words they are more reliable instruments for crisis identification. We illustrate the application of the proposed method on a selected sample of four central European countries over the period 1993 - 2012, or 1993 - 2008 respectively, namely the Czech Republic, Hungary, Poland and Slovakia. The choice of the sample is motivated by the fact that these countries underwent transition reforms to market economies at the beginning of 1990s and therefore could have been exposed to speculative attacks on their newly arisen currencies. These countries are often assumed to be relatively homogeneous group of countries at similar stage of the integration process. Thus, a resembling development of exchange market pressure, particularly during the last third of the estimation period, would not be surprising.
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Hartmann, Anne. "Market Women of Northern Ghana within Value Chain Development." Doctoral thesis, Humboldt-Universität zu Berlin, 2019. http://dx.doi.org/10.18452/19656.
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Eine geringe Wertschätzung von Zwischenhändlern wie in vielen Entwicklungsländern ist auch in Ghana vorzufinden, was einerseits aus geschichtlichen Gründen aber auch aus Unwissenheit entsteht. Der Bereich der Zwischenhändler ist vorwiegend durch Frauen aus ruralen Gebieten betrieben, die Analphabeten und Autodidakten sind. Der Handel ist auf jeder Ebene organisiert, von den Kommunen über die Distriktstädte, die regionalen Hauptstädte und auch über die Grenzen des Landes hinaus. Die Händlerinnen organisieren damit den Warenfluss von den entlegenen Plätzen der Produktion oder aus dem Ausland, um es zu den Märkten mit der Nachfrage in den Ballungszentren und den großen städtischen Märkten zukommen zu lassen. Nichtsdestotrotz werden bei diversen Programmen der Entwicklungsorganisationen die Händler und vor allem Händlerinnen außen vor gelassen, die Konzentration und Aktivitäten wird auf die Produktion und teilweise auf die Handhabung nach der Ernte fokussiert. Der Wertschöpfungsketten-Ansatz verfolgt jedoch per definitionem alle Akteure in der Kette der Wertschöpfung, allein hierbei fehlen die Händler in der Umsetzung. Die Arbeit soll daher aufzeigen, welche Funktionen die Händlerinnen in den drei ausgewählten Fällen übernehmen und wie somit die Entwicklung von Wertschöpfungsketten optimiert werden und letztendlich die beteiligten Händlerinnen zu einer Verbesserung der Wertschöpfungskette beitragen können.<br>Trade is a widespread occupation for women in West Africa; such as petty traders that are involved with informal trade mainly. The case in Ghana is different as most of these traders are facing hostile treatment and harassment from many sides. Nevertheless, in development cooperation projects, rural economic development and development of its population is often targeted; whereas solely rural development projects have become projects to support value chains and its stakeholders. These value chains start at agricultural production, further on to processing and altering the raw product until its final condition for sale to the end consumer. The entire value chain deals with many diverse actors in rural and urban areas and also diverse areas of economies, such as micro and small enterprises, and other in private sector or public sector. Therefore, development cooperation dealing with value chain enhancement would address all actors. In Ghana, mainly production side and post-harvest management are dealt with and trade or intermediary trade is circumvented. Some projects openly state that they leave out traders from their interventions in value chains.
Most prejudices of this type have derived from historical events and official institutions, also a lack of knowledge. Traders are by contrast those who are coordinating streams of goods from beyond borders to supply to domestic markets and vice versa, manage large quantities for export. The reason that women continue to work in trade is that they barely have alternatives.
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Darweesh, Mohamed Saleh. "Correlations Between Corporate Governance, Financial Performance, and Market Value." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/1618.
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Corporate governance can play a significant role in financial market stability and economic development. Corporate governance scholars have provided controversial results with respect to the relationships between corporate governance and both corporate financial performance and market value. Based on agency theory and institutional theory, the purpose of this correlational study was to investigate the relationship between corporate governance mechanisms, financial performance, and market value in Kingdom of Saudi Arabia's 116 firms from 2010 to 2014. Financial performance was measured by return on assets and return on equity, while market value was measured by Tobin's q. Corporate governance mechanisms involved in this study were board size, board independence, board committees, ownership structure, and executive compensation. The financial statements and corporate governance mechanisms collected from the websites of sampled firms and the Saudi stock market (Tadawul). The findings of multiple regression tests revealed a statistically significant relationship between corporate governance mechanisms and both corporate financial performance and market value. This study may contribute to social change by building confidence in the Saudi capital market and improving the lives of stakeholders and community in general. The results may help business leaders understand the influence of corporate governance on their firms' success and the country's growth. Academic researchers, investors, regulatory bodies, practitioners, and experts in the area of corporate governance may benefit as well.
24
Lollo, Matilde <1996>. "The Value of Sponsorship Agreements in the Skiboots Market." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/18167.
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La tesi si pone l'obbiettivo di investigare le varie tecniche di misurazione del ritorno che una sponsorizzazione tecnica, in particolare quella degli scarponi da sci nel circuito di Coppa del Mondo, ha in termini di vendite e di immagine per le aziende. Per arrivare a questo risultato, è stata affronata un'analisi su diversi livelli: inizialmente il fenomeno sponsorizzazione è stato studiato nelle sue componenti, concentrandosi soprattutto nei diversi metodi elaborati per la misurazione e la valutazione; poi, effettuando un'analisi verticale, sono stati interrogati i consumatori finali di attrazzatura sciistica per capire come e quanto il loro comportamento d'acquisto viene influenzato dai fattori esterni (come le sponsorizzazioni ma anche consigli dei rivenditori e altri opinion leader). In seguito anche i negozianti, ovvero il collegamento tra le aziende e i consumatori finali, sono stati interpellati per conoscere i loro processi decisionali e cosa li influenza nel consigliare un determinato ptodotto. Unendo i risultati di queste due analisi si è poi risalito al contesto aziendale per avere una visione completa dell'intero processo e capire come i risultati vengono misurati e valutati tenendo in considerazione i diversi fattori che caratterizzano questo segmento particolare.
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Chang, Chun-chung Winston. "Applicability of value-at-risk methodology in managing market risk for HK stock market investors /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19877274.
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King, Brayden G. "CONSTRUCTING PERCEPTIONS OF VALUE: CORPORATE ACQUISITIONS IN THE COMMUNICATIONS INDUSTRIES, 1997-2002." Diss., Tucson, Arizona : University of Arizona, 2005. http://etd.library.arizona.edu/etd/GetFileServlet?file=file:///data1/pdf/etd/azu%5Fetd%5F1176%5F1%5Fm.pdf&type=application/pdf.
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MARTINS, FLAVIA COUTINHO. "EXTREME VALUE THEORY: A CONDITIONAL APPROACH FOR VALUE AT RISK ESTIMATION IN THE BRAZILIAN STOCK MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2000. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=2207@1.
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CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICO<br>Um dos fatos estilizados mais pronunciados acerca das
distribuições de retornos financeiros diz respeito à
presença de caudas pesadas. Isso torna os modelos
paramétricos tradicionais de cálculo de Valor em Risco
(VaR) inadequados para a estimação de VaR de baixas
probabilidades (1% ou menos), dado que estes se baseiam
na
hipótese de normalidade para as distribuições dos
retornos.
Tais modelos não são capazes de inferir sobre as reais
possibilidades de ocorrência de retornos atípicos. Sendo
assim, o objetivo do presente trabalho é investigar o
desempenho de modelos baseados na Teoria dos Valores
Extremos para o cálculo de VaR, comparando-os com modelos
tradicionais. Um modelo incondicional, proposto a
caracterizar o comportamento de longo prazo da série, e
um
modelo condicional, sugerido por McNeil e Frey(1999),
proposto a caracterizar a dependência presente na
variância
condicional dos retornos foram utilizados e testados em
quatro séries de retornos de ações representativas do
mercado brasileiro: retornos de Ibovespa, retornos de
Ibovespa Futuro, retornos das ações da Telesp e retornos
das ações da Petrobrás. Os resultados indicam que os
modelos baseados na Teoria dos Valores Extremos são mais
adequados para a modelagem das caudas, e conseqüentemente
para a estimação de Valor em Risco quando os níveis
de probabilidade de interesse são baixos. Além disso, o
modelo condicional é mais adequado em épocas de crise,
pois, ao contrário do modelo incondicional, tem a
capacidade de responder rapidamente a mudanças na
volatilidade. Medidas alternativas de risco, como a perda
média e a perda mediana também foram propostas, a fim de
fornecer estimativas para as perdas no caso do VaR ser
violado.<br>The existence of fat tails is one of the striking stylized
facts of financial returns distributions. This fact makes
the use of traditional parametric models for Value at Risk
(VaR) estimation unsuitable for the estimation of low
probability events (1% or less). This is because
traditional models are based on the conditional normality
assumption for financial returns distributions, making them
unsuitable to predict the actual probabilities of
occurrence of atypical returns. The main purpose of this
dissertation is to investigate the performance of VaR
models based on Extreme Value Theory (EVT), and to compare
them to some traditional models. Two classes of models are
investigated. The first class is based in an
unconditional model, which characterizes the long-term
behavior of the time series of returns. The other class of
models is a conditional one, which incorporates the short-
term behavior of the return series, characterized by the
strong dependency observed on the conditional variance of
the returns.Both models were applied to four representative
time series of the Brazilian stock market: The Bovespa
Index, Future of Bovespa Index, Telesp stocks and Petrobrás
stocks. The results indicates that EVT based models are
suitable for low probability VaR estimation. Besides that,
its possible to conclude that the conditional model is more
appropriate for crisis periods, because of its capacity to
quickly respond to volatility changes. Alternative risk
measures are also used, to give estimates of the losses
magnitudes in the case of VaR violation.
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Mosseby, Per, and Björn Petter Made. "Innovating Customer Value : A study in creating uncontested market space." Thesis, Stockholm University, School of Business, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-6130.
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<p>A number of new companies are rapidly becoming successful in established markets, or are creating new markets for themselves where there is little or no competition. Their services and products seem to knockout their competition by offering significantly higher value compared to older products. The main purpose of this thesis is to choose a few fast-growing consumer focused companies, and study their business models’ comparative customer value, value creation and viral marketing components in relation to existing theory in the field. The thesis is a qualitative investigation, based on case studies, using an abductive approach. Important theories include Richard Normann’s ecogenesis, prime movers, and the concept of bundling/rebundling; W Chan Kim & R Mauborgne’s ”Blue Ocean Strategy”; J. P Womack & Jones D. T‘s “Lean Consumption”, and Malcolm Gladwell’s “Tipping point”. The four case studies are based on eBay, Google, Ryanair and Skype, all sharing similarities in terms of market-creation (or being a prime mover in an existing market), extraordinary success and market penetration. The most important conclusion is that all four companies have created their own markets, an ecogenesis, instead of fighting head-on with competitors. Furthermore, they all bear resemblance with the emerging theories of “Lean Consumption”, giving the customer what they want, where they want it and when they want it. In order to exploit new opportunities, one must find a business model that creates maximum “customer value” at an attractive price level (“value innovation”). The strength of the customer value in the service or product offering will decide whether a “tipping point” is reached and thereby how fast the marketing message spreads and to how many. The companies that continually think “outside the box” will be the winners in the race to attract customers and find or create new market space.</p>
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Lutz, Alexandra, and Van Nguyen. "Important attributes influencing B2B customer value in the EMS market." Thesis, Karlstads universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-7521.
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The thesis presents a study on important attributes which should be considered by the supplier in buying situations in the electronic manufacturing services (EMS) market. Hence, the importance level of attributes is investigated to see which attributes are more or less important when business-to-business (B2B) customers place an order. This can be interpreted as the relationship between the created value and the accompanying cost. For the success of this research work, both the qualitative and quantitative methods need to be applied. The importance of nine aspects is examined including: payment term, warranty, brand, product quality, delivery, packaging, certificates, supporting service and after-sales service. To identify which one is significant, a classification of the twenty-three attributes covering the nine aspects is conducted using Kano’s evaluation table. The findings through this research indicate that delivery, product quality and supporting service are the three most important aspects. A focus on these aspects is supposed to help the company to get value for the customers and also bring significant benefits for that company.
30
Styvén, Maria. "Exploring the online music market : consumer characteristics and value perceptions /." Luleå, 2007. http://epubl.ltu.se/1402-1544/2007/71/.
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Fantino, Davide. "Innovation activity, R&D incentives, competition and market value." Thesis, London School of Economics and Political Science (University of London), 2010. http://etheses.lse.ac.uk/166/.
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This thesis examines some characteristics of the interaction between innovation activity of firms, in particular R&D, and economic system. The first main chapter analyses a mechanism of interaction between R&D and market structure, in a horizontally differentiated market where firms invest to increase differentiation among varieties. R&D activity declines over time; prices, output and short-run profits of firms producing the differentiated product move towards the higher steadystate values, production of the non-differentiated good falls. The increasing specialization improves the overall utility of consumers. The comparison with the socially optimal solution shows that firms underinvest in R&D. The second main chapter evaluates the effectiveness of the incentives to development of innovations provided by the Italian Ministry for Economic Development through the Fund for Technological Innovation. We analyse the subsidies to firms supplied by the general and the special sections of this Fund, using a difference-in-differences framework and a regression discontinuity one. We find no hints of effect on investments, dimension, labour productivity, labour costs, financial structure and profitability. For the general section, the effect on assets is positive, suggesting that firms used the subsidy to finance current expenditures. The third main chapter examines the relationship between R&D and market value of firms. We find high heterogeneity in the coefficients of different US manufacturing sectors between 1975 and 1995; sometimes the effects of current R&D on market value are very small or negative. We develop a model with uncertain R&D, where we decompose market value in two components, due to the already concretized assets and to work-in-progress R&D. Risk aversion may cause different evaluations of these components: when investors are risk-averse and managers maximize the long-run firm value, the risk associated with work-in-progress R&D reduces the short-run firm value even if its expected long-run value grows.
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Lowrance, Roy E. "Predicting the Market Value of Single-Family Residential Real Estate." Thesis, New York University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3685886.
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<p> This work develops the best linear model of residential real estate prices for 2003 through 2009 in Los Angeles County. It differs from other studies comparing models for predicting house prices by covering a larger geographic area than most, more houses than most, a longer time period than most, and the time period both before and after the real estate price boom in the United States. In addition, it open sources all of the software. We test designs for linear models to determine the best form for the model as well as the training period, features, and regularizer that produce the lowest errors. We compare the best of our linear models to random forests and point to directions for further research.</p>
33
Jones, Edward Anthony Eton. "Company investment decisions and the market value of the firm." Thesis, Heriot-Watt University, 2002. http://hdl.handle.net/10399/1179.
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Hung, Ling-Chun. "Market entry and market value : linking biotechnology innovation to value creation /." 2007. http://proquest.umi.com/pqdweb?did=1296103621&sid=1&Fmt=2&clientId=10361&RQT=309&VName=PQD.
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Almeida, Luís Guilherme Mendonça de. "Market value of corruption." Master's thesis, 2015. http://hdl.handle.net/10362/15384.
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This paper studies the impact of the Brazilian anticorruption legislation, PL 6826/2010, on stock returns. I show that, around the law approval date, the greater the link between the corporate and political worlds, the worse is the companies’ performance. Companies awarded with public contracts in 2012 suffer more with the new legislation approval. Firms with above median contract values have 2.9% lower returns than its peers. The negative effect is more pronounced for bigger and more complex entities, associated with higher levels of Corporate Responsibility and Governance and not subject to the US FCPA.<br>UNL - NSBE
36
YEN, KUEI-SHENG, and 顏貴森. "Pu'er Tea Storage and Market Value." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/97np83.
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碩士<br>靜宜大學<br>管理碩士在職專班<br>106<br>In recent years, both in mainland China, Taiwan, Hong Kong have set off a Pu'er tea hot, of course, including the Pu'er tea. In the auction market price is repeated peak, the reasons for speculation there are also reasons. But the characteristics of old tea is not renewable, can not be copied, and sustained consumption. But also many people sought after the old tea, think of the old Pu'er tea one of the reasons for profit. However, in the way of preservation of old tea, the accumulation and sharing of experience, but it is in the mortal beings in the possession of the old Pu'er or drink old Pu'er tea in the rare. But the study of the preservation of Pu'er tea is very important, which is the original study of this paper. It is expected that the publication of this paper will provide some reference materials for those who are interested in drinking Pu'er tea, Tibetan Pu'er tea, and selling Pu'er tea. More hope to have more people, can better understand the preservation of Pu'er tea and its value. More able to make people who want to invest in Pu'er tea can have the right idea to avoid losses. Loss is not expensive!
In the preservation of old tea, but also because of the geographical relationship between the tea stored in the south and the north is not the same effect because the relationship between humidity and temperature have an impact on the tea, the south is relatively wet, the north is relatively dry, so The south of the wet more suitable for storage, the new tea for some time and then go to the north to stay out of the warehouse so that the South, the advantages of the north to play a role, you can put the south, the north to avoid the disadvantages of the tea can be stored for a long time and more Save the better, the more the higher the price. The storage of Pu'er tea. According to the different regions of the special geographical environment and conditions, respectively, different storage methods, in order to achieve more and more fragrance, the more the better, the more expensive the more expensive way to store.
The market value of Pu'er Tea can varied by its classification and the market (economy)condition.Owing to its limited quantity, dry-storage aged tea over 30 years will still maintain a good market value during poor market economy; however, it is the wet-storage semi-aged tea, with faster distribution and higher turnover rate, that has take on the market mainstream instead. As for the new tea, whether dry or wet storage, would mostly remain in the warehouse during the poor market seasons, until for later distribution.
37
王君文. "Value-at-Risk：Applying the Extreme Value Approach to Stock Market Indices." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/21307677724092357033.
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Ho, Pei-Ying, and 何佩穎. "How does Intellectual Capital Affect Market Value: A Value Chain Perspective." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/18580517297347947607.
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碩士<br>亞洲大學<br>財務金融學系碩士班<br>97<br>The purpose of this research is to identify the influence of intellectual capital on corporate value, and if its cantain the value-relevant information of intellectual capital on the difference between market price and book value, aiming to clarify if intellectual capital can be used to precisely measure the value of a company. Focuse on information and electronic companies listed in Taiwan during the period 1998 to 2007, which are classified in accordance with the upstream, midstream and downstream companies for the study. The analysis was made based on Ohlson’s (1995) residual income evaluation model.
1. Tthere is a significant positive influence for innovation capital, irrespective of upstream, midstream or downstream companies. For human capital, however, a significant negative influence was found. The findings suggest that, apart from improving internal procedures and corporate value, the industries need to make further efforts to enhance their human resources management.
2. There is no value-relevance exists within each intellectual capital elements, regardless of whether upstream, midstream or downstream companies. Suggested that enterprisese should to exposure these factors of the difference between the market value and book value strengthently, and lists these factors by the supplementary statement of intangible assets.
39
Warren, Richard. "City planning and property values : bringing market value impacts into neighbourhood analysis." 2009. http://hdl.handle.net/1993/22315.
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CHIU, CHI-MIN, and 邱琪閔. "A Study on the factor of Book-to-Market effect-An view of book value and market value." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/19101518441109209438.
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碩士<br>東海大學<br>財務金融學系<br>96<br>After Rosenberg, Reid and Lanstein(1985) introduced the Book-to-Market effect, the explanations of cause of Book-to-Market effect are quite diverse. However, its existence can be proved in many capital markets and be considered as a variable in many articles. Still, the reason why Book-to-Market effect exists is unclear. Therefore, Book-to-Market will be divided into two parts which are book value and market value to explain and examine in this paper.
After controlling two factors individually, evidence shows that causes of Book-to-Market are most resulting from market factors; in other words, book value has smaller influence on Book-to-Market effect. Furthermore, it points out that asset category is related to the cause of Book-to-Market effect after market value be controlled and classified by tangible and intangible assets. In this knowledge-based economy era, investors have different evaluation about intangible assets, for examples, some investors think that intangible assets can bring more value for company in the future; however, intangible assets will be underestimated if general accounting rules are keeping conservative. Hence, it can be concluded that Book-to-Market effect is not remarkable when tangible assets have higher proportion; on the contrary, lower tangible assets proportion results in outstanding Book-to-Market effect.
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Li, Sin-Cih, and 李焮慈. "Transparency, Pyramid, Cross-Shareholding and Market Value." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/23241401593132189343.
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碩士<br>國立高雄第一科技大學<br>財務管理所<br>92<br>This study investigates the agency problems between the largest shareholders and minority shareholders. We use voting rights and board ratio to measure control rights in Taiwan. At the same time, we bring up new ways to measure the separation of ownership and control. We find that control rights frequently exceed cash flow rights in the electronics industry. Obviously, there is still agency problems in Taiwan. Furthermore, the firm value falls when the control rights exceed cash flow ownership through the use of pyramid and cross-shareholding. However, the firm value increases with the cash flow ownership and the transparency and disclosure about annual reports.
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CHENG, CHUNG-MIN, and 鄭仲閔. "FOREIGN EXCHANGE MARKET VALUE TRADING ANALYSIS ANDARBITRAGE." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/57345236971158819898.
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碩士<br>國立臺北大學<br>國際財務金融碩士在職專班<br>101<br>In nearly decades, following the rapid development of compute-tech and
internetwork, the regional markets are able to be combined in a whole without any
concern of the time difference or barrier, therefore, the financial market is moving
forward to globalized and liberalization. Furthermore, under the evolution of the
financial engineering, all kinds of financial products and derivatives are innovated
promptly. Thus, those products and derivatives are prompted to all clients, and surely
the main stream in profit making among all financial industries.
By interpreting the actual cases of offshore banking, applicable derivatives, and
relative trading transactions made within the foreign exchange market, this research is
divided into three steps,
- introducing the capability of offshore company’s investments by SWOT
analysis,
- evaluating the financial instruments with scenario analysis,
- determining the opportunities of value trading and arbitrage by generating the
information from the markets.
Therefore, in order to ensure the profit making from FX investments, all reliable
suggestions from technical analysis, momentums, and hedging activities should be
considered into the decision making process of investing strategy. Under the
consideration of risk control management, all market participators, such as company
itself, banks, and FX brokers should be able to create the professions and certified the
moral standards by following opinions.
- For traders, sale representatives, auditors, and anyone who involves the
trading transactions, the understandings of risk and professional ethics should
be well trained and take into a checking system.
- For all counterparties and FX traders, the concepts of risk management and
the standards of professional ethics should be enforced and executed.
- For sale representatives, the pricing models and the strategy of investments
should rely on the actual needs from clients under serious consideration of
risks and returns. All complicated products should be avoided, and aggressive
strategy should be made based on clients’ potentials and risks taken.
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Geyser, Deon. "Value engineering within a changing telecommunication market." Thesis, 2011. http://hdl.handle.net/10210/4117.
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M.Ing.<br>The telecommunications industry worldwide is experiencing massive downsizing activities as the mobile telecommunications market is flooded with mobile operators. In Europe and other leading countries world wide, fixed line operators are able to cover more than 90% of the population of the country and there is not such a necessity for a mobile service as in a country such as South Africa, where less than 50% of the population is connected to a fixed line operator. Together with many investors, planning to create substantial returns on investments saturated the communication market in these worldleading countries. When mobile data transfer, in the form of GPRS (General Packet Radios Services) and UMTS (Universal Mobile Telecommunication System), was developed it was estimated that the amount of mobile data transferred (via mobile operators) per annum would exceed the amount of data transferred by normal fixed line transport (fixed line operators). Many mobile cellular operators worldwide have invested in these technologies but their ROI (Return on Investment) is not nearly as good as was estimated in the initial feasibility study of the technologies. Together, these issues have had a negative impact on all the world leading mobile communication infrastructure suppliers, which had to downsize to accommodate the decrease in world business. Only 3rd world countries (such as in Africa) are still expanding their mobile networks and are creating some business opportunities for the world leading suppliers, but it is unfortunately not sufficient to sustain the current business. With the initial roll out of GSM (Global system for mobile communication) network infrastructure suppliers could ask what they want for the equipment and services supplied, as these were hard to imitate, but as the market grew, more competitors were able to meet their standards in equipment quality and better the price and service.
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Tsai, Wen-Feng, and 蔡文峰. "Non-Market Value Valuation in Yehliu Geopark." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/2cd2ap.
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碩士<br>國立政治大學<br>財政學系<br>107<br>This paper explores the effect of tourism characteristics, recreational resources and personal characteristics variables on Yehliu Geopark’s entry tickets. The second part of the study uses the contingent valuation method to conduct descriptive statistical analysis, factor analysis, reliability analysis, variance analysis, stepwise regression analysis and Logistic regression analysis.
The empirical evidence shows that the different types of transportation used by the respondents have a significant influence on the current price of the entry ticket. Gender and occupations have a significant difference in the price of the entry ticket after the environment and service quality are improved. Higher scores of the tourism demand are positively correlated with the willingness to pay the current entry ticket price. Higher monthly income and greater satisfaction with the facilities and quality in the park are also positively correlated with the willingness to pay the current entry ticket price after the environment and service quality are improved. The factors affecting the willingness to pay the increased entry ticket price include monthly income and residential areas. Compared to the residents in the eastern regions (Ilan, Hualien and Taitung), the residents in the southern regions (Yunlin, Chiayi, Tainan, Kaohsiung and Pingtung) are much more willing to pay for the higher entry ticket.
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Kipp, Steven J. "A comparison between the investment value and market value of Kansas agricultural land." 1985. http://hdl.handle.net/2097/27524.
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Chen, Shing-Yan, and 陳星彥. "Evaluate the difference between market value and book value among East Asian Countries." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/66554112507900913303.
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碩士<br>銘傳大學<br>會計學系碩士班<br>100<br>Financial crisis is not a unique phenomenon in recent years. On the other hand,
Banking industry experienced tremenderous competition among East-Asia
region. This paper attempts to explain the relationship between market value and
financial information of banking industry, and its connection with banking
competition and efficiency. Previous literature focused on the correlation of
market value and efficiency among banking industry. (Jordan, Rice, Sanchez
and Wort, 2011); or explore the of effect financial and nonfinancial information
on market value of internet industry.(Trueman, Wong and Zhang, 2000) We try
to incorporate the market value, competition, and efficiency into the Ohlson
model. We have come to the important conclusion. First, we find that while
book value or net income of bank is high, increasing assessment the value of
bank. Second, bank efficiency and bank margins will improve assessment the
value of bank. Third and the Last, this paper finds that the relationship between
market competition and the value of bank is negative. While market competition
is high, it will affect assessment the value of bank.
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Sheppard, Michael. "The Effects of Environmental Innovation on Market Value." Thesis, 2007. http://hdl.handle.net/10012/3329.
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This paper describes the effects of environmental innovation, or EI, on the market value of a firm. EI involves the creation or enhancement of ‘green’ products or ‘eco-efficient’ production processes which result in improved environmental performance. The study involves the selection of a number of press releases related to EI and environmental performance. These form the basis of an event study to determine the effect of these announcements on share prices. Results indicate that the market recognizes the value of EI, especially for product-driven initiatives. It is also found that the market values good environmental performance, particularly when it has been recognized externally through an award, membership, or certification. Implications for policy and for management are discussed.
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Simmons, Emily. "Contextualizing Value: Market Stories in Mid-Victorian Periodicals." Thesis, 2012. http://hdl.handle.net/1807/42599.
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This dissertation examines the modes, means, and merit of the literary production of short stories in London periodicals between 1850 and 1870. Shorter forms were derided by contemporary critics, dismissed on the assumption that quantity equals quality, yet popular and respectable novelists, namely Charles Dickens, Anthony Trollope, Elizabeth Gaskell and Margaret Oliphant, were writing and printing them. Navigating discourses about literature and writing to delineate and ascertain the implications of the contextual position of certain short stories, this study characterizes a previously unexamined genre, here called the Market Story. Defined by their relationship to a publishing industry that was actively creating a space for, demanding, and disseminating texts based on their potential to generate sales figures, draw attention to a particular organ, author, or publisher, or gather and hold a captive audience, Market Stories indicate their authors’ self-aware commentary on the relativity of literary and generic value, and ultimately constitute a discourse on value.
Following an outline of the historical field in which market stories were produced, Chapter One reads Trollope’s six “Editor’s Tales” as intensely comic and interrogative of extant conceptions of cultural and literary value; Trollope glories in the exposure and dismantling of seemingly-reliable externality. Chapter Two considers “Somebody’s Luggage” as Dickens’s argument for the contrivance of literary genre insofar as it constructs an exaggerated system of exchanges whereby the short story generates unprecedented income. Chapter Three moves to Gaskell’s “Cranford Papers” to argue that their diligent tracing of the careful consumption of small wholes and cultivation of irregular habits constitutes an insistence on the plurality of appropriate models of consumption and value. Shifting the discussion from content to form, Gaskell’s text throws the shape of the market story into relief. Finally, Chapter Four considers Oliphant’s “Dinglefield Stories” as a figurative argument that generic and literary value is always inextricably contextualized. As literary works and cultural products, these stories embody the tensions between the utilitarian and the ‘purely’ artistic that underwrote much nineteenth-century discussion of art and culture, and these authors were unmistakably aware of the external conditions enabling and affecting the production and valuation of literary work.
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"Extreme value analysis of Hong Kong's stock market." 2000. http://library.cuhk.edu.hk/record=b5890390.
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Kam Ying Chuen.<br>Thesis (M.Phil.)--Chinese University of Hong Kong, 2000.<br>Includes bibliographical references (leaves 81-83).<br>Abstracts in English and Chinese.<br>Chapter 1 --- Introduction --- p.1<br>Chapter 2 --- Overview of Hong Kong Stock Market --- p.3<br>Chapter 2.1 --- Stock Exchange of Hong Kong --- p.3<br>Chapter 2.2 --- Hang Seng Index --- p.4<br>Chapter 2.3 --- Influences of the United States --- p.5<br>Chapter 2.4 --- Hong Kong Government's Intervention --- p.6<br>Chapter 3 --- Literature Review --- p.8<br>Chapter 3.1 --- Stable and Student t Distributions --- p.8<br>Chapter 3.2 --- Generalized Distribution --- p.10<br>Chapter 3.3 --- Socio-economic Model --- p.11<br>Chapter 3.4 --- Extreme Value Analysis --- p.11<br>Chapter 4 --- Methodology --- p.14<br>Chapter 4.1 --- Homogeneous Model --- p.15<br>Chapter 4.2 --- Inhomogeneous Model --- p.15<br>Chapter 4.3 --- Model Validity --- p.16<br>Chapter 4.3.1 --- Exceedance Rate --- p.17<br>Chapter 4.3.2 --- Distribution of Excesses --- p.17<br>Chapter 4.3.3 --- Independence --- p.18<br>Chapter 5 --- Data --- p.19<br>Chapter 5.1 --- Minute-by-minute Returns --- p.20<br>Chapter 5.2 --- Daily returns --- p.21<br>Chapter 5.3 --- Explanatory Variables for the Inhomogeneous Model --- p.21<br>Chapter 6 --- Empirical Results: Minute-by-minute Returns --- p.24<br>Chapter 6.1 --- Shape Parameter k --- p.24<br>Chapter 6.2 --- Location Parameter μ --- p.25<br>Chapter 6.3 --- Scale Parameter σ --- p.26<br>Chapter 6.4 --- Conditional Scale Parameter ψ --- p.27<br>Chapter 6.5 --- Specification Test --- p.29<br>Chapter 7 --- Empirical Results: Daily Returns --- p.29<br>Chapter 7.1 --- Homogeneous Model --- p.30<br>Chapter 7.2 --- Inhomogeneous Model --- p.31<br>Chapter 7.2.1 --- Constant Term --- p.32<br>Chapter 7.2.2 --- Dow Jones Industrial Average Returns --- p.33<br>Chapter 7.2.3 --- Volatility Indicators --- p.34<br>Chapter 7.2.4 --- Monday Dummy --- p.35<br>Chapter 7.2.5 --- Time Trend --- p.36<br>Chapter 7.2.6 --- Duration Dummy --- p.37<br>Chapter 7.2.7 --- Indicator for the Behavior of the Previous Trading Day --- p.38<br>Chapter 8 --- Conclusion --- p.39
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HONG, KAI-LUN, and 洪凱倫. "Value and Momentum Strategies：Evidence from Taiwan Stock Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/twwx2y.
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碩士<br>東海大學<br>財務金融學系<br>101<br>This study examines how the interaction of momentum strategy and value strategy can impact return in Taiwan stock market. Empirically, despite that the momentum strategy does not generate statistically significant excess return, it enhances he return profit from value strategy. We find that excess returns from value strategy are boosted the most for the winner portfolio. Further, we find that the momentum-value strategy can still generate the excess risk-adjusted returns from the four factor asset pricing model. These results suggest that investors may possibly profit from holding value-winners selling growth-losers.