Дисертації з теми "Capital investments"
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1
Shchur, K. A. "Methodology for capital investments audit." Thesis, Київський національний університет технологій та дизайну, 2019. https://er.knutd.edu.ua/handle/123456789/14064.
2
Pfeffer, Mary Graves. "Venture Capital Investment and Protocol Analysis." Thesis, North Texas State University, 1987. https://digital.library.unt.edu/ark:/67531/metadc331014/.
Анотація:
This study used protocol analysis to identify key variables in the venture capital investment decision-making process. The study used a fictional business plan which was based on six actual business plans. This fictional business plan was presented to ten venture capitalists who were asked to review it to decide whether to interview the investee. The protocols obtained from these subjects were analyzed to determine patterns within the subjects' review. The sections of the business plan which were commonly reviewed first were the deal structure, the executive summary, and the management section. The management section was used by the greatest number of subjects. The market section was used the greatest number of times. The data were also organized by type of operators used in each subject's protocols. Information Search/Retrieval operators were most common, followed by Task Structuring/Set Goal operators. When classified into the four major categories of Task Structuring/Set Goal, Information Acquisition, Analytical/ Inferential, and Choice operators, Analytical/Inferential operators were used most frequently. Choice operators were least used. The phrases were analyzed by the relevant section in the business plan. The market received the greatest number of references, followed by references to the product and to management. However, when references to the income statement and balance sheet were combined as phrases relevant to the financial statements, the financial statements were referred to more frequently than the product or the people. The subjects appeared to use an unidentified choice program within which certain models could be identified as subroutines. The subjects used an elimination-by-aspects model to screen the business plan. If the business plan met the criteria within the elimination-by-aspects model of the subject, the subject used an additive/nonlinear model for the remainder of the review. The results of this study indicate that financial statements provide information important in the venture capital investment decision-making process. This finding is contrary to the advice usually given to potential venture capital investees.
3
Rasmussen, Josefine. "The Investment Process for Capital Investments : The case of industrial energy-efficiency investments and non-energy benefits." Licentiate thesis, Linköpings universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-126367.
Анотація:
Capital investments play a crucial role for the business of every firm. In an industrial context, energy efficiency is an important means to meet future energy needs and in the same time reduce climate impact. In this thesis, the investment process for capital investments is therefore studied by addressing the case of industrial capital investments improving energy efficiency. The thesis specifically aims to illuminate how additional benefits, i.e. non-energy benefits, are and can be acknowledged in the investment process by applying an ex-ante perspective. The thesis holds the decision-making process as unit of analysis and aims to contribute with insights on firm level. Especially in an energy-efficiency context, such a process perspective has only been scarcely applied. The thesis is based on a literature review and two empirical studies. The literature review is the starting point of the thesis and reviews the literature on benefit concepts and investment behaviour of energy-efficiency investments. It is then followed by an explorative study in which thirteen industrial Swedish firms are interviewed on how they consider non-energy benefits. Investment motives and critical aspects for adopting energy-efficiency investments are also addressed. It also includes a questionnaire, distributed and collected during a networking event for energy-intensive firms within Swedish manufacturing industry. The second empirical study is a case study conducted at a Swedish pulp and paper firm. It aims to take a comprehensive perspective on the investment process as well as to analyse how and when non-energy benefits are acknowledged in the investment process. This case study approach enables participants at different levels in the organisation to be engaged in the study and new perspectives to be addressed. The results indicate a general investment process passing through the phases identification, development and selection. Investment motives, information, internal coordination and external actors appear as key aspects of the investment process. Energy-efficiency investments are primarily initiated due to cost-savings motives. However, the subsequent investment process appears as consistent for all investment categories; the investment process described here is thus not specific for energy-efficiency investments only. The results instead indicate an investment process influenced by investment size; it influences the extent to which information is collected and assessed before making the decision, i.e. level of procedural rationality, as well as how the investment project is coordinated within the firm. Last, suppliers are involved in the investment process to a large extent from an early stage. Regarding non-energy benefits, the results indicate that various benefits have been observed but far from all are acknowledged in the investment process. They are to a larger extent acknowledged for larger investments when more resources are devoted to the investment process. Quantifiable non-energy benefits improve the business case for energy-efficiency investments and non-energy benefits should thus be quantified to the extent possible. Yet, nonenergy benefits characterised by a lower level of quantifiability could still be important, such as benefits related to work environment, and should therefore be considered. However, the findings indicate a frequent use and reliance upon an investment manual, implicating a need for simplicity when addressing the additional benefits. This indicates that there should be an emphasis on a limited number of main benefits, rather than seeking to acknowledge all possible benefits.
4
Field, Richard J. "Planning capital investments in Navy Forces." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1999. http://handle.dtic.mil/100.2/ADA375126.
Анотація:
Thesis (M.S. in Operations Research) Naval Postgraduate School, December 1999."December 1999". Thesis advisor(s): Robert F. Dell. Includes bibliographical references (p. 61-63). Also available online.
5
Yates, Ian C. (Ian Charles). "Identifying successful corporate venture capital investments." Thesis, Massachusetts Institute of Technology, 1991. http://hdl.handle.net/1721.1/13822.
6
Bardolet, David. "New perspectives on capital allocation." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1568984781&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
7
Hesse, Rainer. "Patentinformationen als Risikoindikator für Venture-Capital-Investments." Master's thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2009. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-23743.
Анотація:
Der Erfolg von Innovationen ist unsicher. Wer Kapital in Innovationen investiert, möchte etwas über die Risiken wissen. Mit diesem Wissen können Fondsmanager von Venture-Capital-Gesellschaften ihre Investitionsentscheidung begründen und die Höhe ihrer Renditeforderung ermitteln. In der vorliegenden Arbeit wird untersucht, wie Patente über Investitionsrisiken von Venture-Capital-Beteiligungen informieren. Fondsmanager können die Patente der eigenen Portfoliounternehmen und die Patente der Wettbewerber nutzen, um systematisch Risiken in der Entwicklung ihrer Portfoliounternehmen zu erkennen und zu bewerten. Der Autor definiert und klassifiziert zunächst sowohl Patentdaten als auch Risiken. Er erklärt, wie die relevanten Informationen durch die Verknüpfung von Patentdaten, Risiken und Portfoliounternehmen entstehen und welche Rolle Indikatoren spielen. In der Hauptuntersuchung prüft er, durch welche Patentinformationen sich konkrete Gefahren erkennen lassen und welche Indikatoren sich zu diesem Zweck eignen. Für die Prüfung nutzt er in explorativer Weise die theoriebildende und empirische Literatur bisheriger Patentindikatorenforschung. Im Ergebnis zeigt sich, dass eine Reihe rechtlicher Risiken gut durch Patentinformationen erkennbar ist. Teilweise ist für ihre Bewertung jedoch nach wie vor qualitatives Fachwissen spezialisierter Patentanwälte unumgänglich. Risiken des technologischen Wandels lassen sich nach Meinung des Autors kaum durch Patentinformationen im Voraus erkennen. An einem Beispiel werden die theoretischen und methodischen Schwächen in der Literatur vorherrschender Technologielebenszyklusmodelle verdeutlicht. Wettbewerbsrisiken hingegen können mit Patentinformationen nicht nur gut erkannt werden, sondern die indizierenden Patendaten lassen sich auch statistisch gut erfassen, auswerten und direkt in Scoringmodelle übertragen. Abschließend hinterfragt der Autor kritisch die Zuverlässigkeit und Aussagekraft der Befunde durch grundlegende Klassifizierungsprobleme und gibt Anstöße für weiterführende Forschung auf dem Gebiet der Risiko- und Performancemessung von Venture-Capital-InvestmentsThe success of innovations is uncertain. People investing capital in innovations would like to know something about their risks. If fund managers of venture capital firms knew these risks, they would be able to justify their investment decisions and to determine the height of their claim for yield. In this thesis, the author examines how patents inform about investment risks of ven-ture capital participations. Fund managers can use those patents of their own portfo-lio companies and the patents of the competitors in order to recognize and evaluate risks systematically in the development of their ventures. First, the author defines and classifies both patent data and risks. He explains how the relevant information arises by linking patent data, risks and venture and he ex-plains the importance of indicators. In the main part of this thesis, he examines by which patent information concrete dangers could be recognized and which indicators are suitable to this purpose. For this examination, he uses theory grounding and em-pirical literature of past patent indicator research in an explorative way. It shows up that a couple of legal risks are well recognizable by patent information. However, in part, the qualitative knowledge of specialized patent lawyers is still needed. According to the author's opinion, risks of technological changes are hardly to recognize by patent information in advance. An example shows the theoretical and methodical weaknesses of the technology life cycle models, predominating in the lit-erature. However, competitive risks can be well recognized by patent information. Furthermore, the indicating patent data can be well seized statistically, evaluated and transferred directly in scoring models, too. Finally, the author discusses the reliability and explanatory power of the results using basic classification problems and gives hints for further research in the area of risk and performance measuring of venture capital investments
8
Schrøter, Joensen Juanna. "Determinants and consequences of human capital investments /." Aarhus : School of Economics and Management, 2007. http://www.gbv.de/dms/zbw/55735238X.pdf.
9
Fargher, Neil Lawrence. "The association between unexpected earnings and capital expenditure." Diss., The University of Arizona, 1992. http://hdl.handle.net/10150/185980.
Анотація:
It has been well established in the literature that there is a positive relationship between unexpected earnings and subsequent abnormal returns. There has been little research as to whether current unexpected earnings influence investment decisions which are known to be associated with abnormal returns. The objective of this dissertation is to test whether unexpected changes in earnings are associated with changes in investment, and then whether changes in investment are associated with abnormal returns. Specifically, the empirical tests examine (i) the association between investment and subsequent unexpected earnings, (ii) the association between unexpected earnings and subsequent changes in investment, and (iii) the association between changes in investment and abnormal security returns. The results are mixed. The results do not support an association between investment and subsequent unexpected earnings. The results also fail to support an association between changes in actual investment and abnormal security returns. The evidence is generally consistent with a positive association between unexpected earnings and subsequent changes in investment. This association is stronger for firms with available debt capacity.
10
Tong, Yum-li Benjamin. "Financing schemes for investment in China : identifying the optimal capital structure /." [Hong Kong] : University of Hong Kong, 1989. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12718452.
11
Matziorinis, Ken N. (Kenneth N. ). 1954. "Replacement investment : a new view." Thesis, McGill University, 1988. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=75840.
Анотація:
The conventional approach in the theory and econometrics of investment is the partition of gross capital investment in two components: expansion (or net) investment and replacement investment. This thesis examines the latter component. A critical assessment of the literature and the empirical evidence reveal that the prevailing view of replacement known as the "proportional replacement hypothesis" is incorrectly specified and unsatisfactory.This thesis examines a variety of data brought together under the same focus for the first time and comes up with two important findings. First, firms maintain the operating capacity of their equipment not by replacing the whole of the machine but by replacing worn out or defective parts. The cost of new parts along with that of labour and materials incurred in restoring the operating efficiency of machines are known as "repair expenditures". Data on these expenditures have been collected by Statistics Canada in its investment survey since 1947. Although in effect replacement expenditures, these data are not capitalized by firms and hence do not appear in our conventional investment statistics. Although they account for a significant proportion of capital expenditures they are completely ignored in the theory and econometrics of replacement. Second, expansion and maintenance of production capacity are not the only purposes for which firms invest funds. They also invest for a variety of other purposes, such as modernization, upgrading, retooling, revamping and pollution abatement, for example. These activities lower unit costs of production and enhance the profitability of the firm by initiating or responding to changes in the structure of demand, technology, the prices of factor inputs or the market structure. Such capital expenditures entail changes in capital-output and capital-input specificity. As the real world is characterized by capital and output heterogeneity, structural change therefore implies structural investment.
Important policy implications arise from the above findings. Tax incentives may be more effectively utilized when targeted toward firms undertaking structural investment rather than either expansion or replacement. Since repair expenditures are not included in standard investment statistics, the level of investment spending is significantly higher than conventionally thought. Also our capital stock data, particularly net capital figures, may be more deficient than previously presumed.
12
Möller, Eva, and Samuel Öquist. "Investing for a sustainable future : drivers and barriers for sustanable venture capital investement decisions." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388409.
Анотація:
Venture Capital can play a key role for our future by placing their capital in sustainable investments. They have the capacity to fuel new ventures, sprung from ideas on how to solve the sustainability challenges we face today. In this paper we research the drivers and barriers for sustainable venture capital investment decisions. Our findings show that increased knowledge on sustainability issues is affecting the general public opinion, policies and governance and the way we choose to live, consume and do business. This in turn increases the market potential for sustainable businesses. Therefore, sustainable investments are more and more considered as a good investment, not only in regard to social and ecological aspects but also financial returns. A model with our findings showing the drivers and barriers for sustainable venture capital investment decisions will be presented aiming encourage and push toward a more sustainable future.
13
Seidel, Holger [Verfasser], and Detlev [Verfasser einer Einleitung] Hummel. "Innovative Venture Capital-Investments über Dachfonds. / Holger Seidel." Berlin : Duncker & Humblot GmbH, 2020. http://d-nb.info/1238496148/34.
14
Martinovic, Milan. "Venture capital investments, exits and post-IPO performance." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3232/.
Анотація:
Chapter 1. We examine the determinants of success in venture capital transactions using the largest deal-level data set to date, with special emphasis on comparing European to US transactions. Using survival analysis, we show that for both regions the probability of exit via initial public offering (IPO) has gone down significantly over the last decade, while the time to IPO has gone up – in contrast, the probability of exit via trade sales and the average time to trade sales do not change much over time. Contrary to perceived wisdom, there is no difference in the likelihood or profitability of IPOs between European and US deals from the same vintage year. However, European trade sales are less likely and less profitable than US trade sales. Venture success has the same determinants in both Europe and US, with more experienced entrepreneurs and venture capitalists being associated with higher success. The fact that repeat or ‘serial’ entrepreneurs are less common in Europe and that European VCs lag US VCs in terms of experience completely explains any difference in performance between Europe and the US. Also, contrary to perceived wisdom, we find no evidence of a stigma of failure for entrepreneurs in Europe. Chapter 2. Association of insiders’ selling decision of VC-backed initial public offerings (IPOs) with the post-IPO long-run performance is analyzed. I find that the selling decision by insiders, measured as a fraction of shares sold by the selling stockholders to total shares sold in the offering, has significant positive association with the long-run profitability and negative association with the risk after the IPO. Furthermore, when venture capitalists sell shares in the IPO there is positive concave parabolic association between the selling decision and the post-IPO long-run market performance. However, venture capitalists selling of over-allotted shares and stock redemptions are not associated with superior post-IPO performance. Evidence on selling decision of venture capitalists confirms the importance of reputation as a factor affecting insiders’ selling decisions.
15
Sadleir, Christopher. "On the Frontier : Australia's policy approach to foreign direct investment 1968 - 2004 as a case study in globalisation, national public policy and public administration /." full text via ADT database, 2007. http://erl.canberra.edu.au/public/adt-AUC20080304.145454/index.html.
16
Nivorozhkin, Eugeniy. "Essays on capital structure." Göteborg, Sweden : Dept. of Economics, Göteborg University, 2001. http://catalog.hathitrust.org/api/volumes/oclc/49281266.html.
17
Eichler, Dirk. "Capturing the value of corporate real estate portfolios : separate or integrate? /." Thesis, Hong Kong : University of Hong Kong, 2002. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940909.
18
Aigner, Dietmar Johannes. "Kapitalanlagefonds im Recht der Doppelbesteuerungsabkommen /." Wien : Linde, 2001. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009496446&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
19
Zuo, Xuejin. "China's Investments in Human Capital and Long-Term Development." Graduate School of International Development. Nagoya University, 2002. http://hdl.handle.net/2237/6294.
20
Thiengtham, Dolruedee. "Legal, regulatory, and fiscal determinants of venture capital investments." Thesis, University of Exeter, 2010. http://hdl.handle.net/10036/117945.
Анотація:
The question whether and how a country’s institutional environment affects unilateral and bilateral venture capital flows in an international context has so far received little attention in the academic literature although it has been the subject of much political debate. Using data on VC investments in 55 countries from 1995 to 2008, this dissertation contributes to that debate by examining the effect of a country’s legal, regulatory, and fiscal environment on VC investments. In addition, I explore whether governments can establish a domestic VC industry or attract foreign VC funding via targeted policy reforms. The results of this study suggest that VC investment flows are significantly affected by a country’s institutional environment. In addition, they suggest that the judicial independence of a country’s courts and the adaptability of its laws have a strong influence on the country’s attractiveness for VC investors. Moreover, VC investments are strongly affected by macroeconomic, political, and cultural factors, confirming the results of prior studies in the VC literature. Finally, I show that bankruptcy law reforms, VC-related pension fund regulations, and fiscal reforms are important tools whereby governments can attract and retain domestic and foreign VC investors – a result that should be of much interest to policy makers. A series of sensitivity checks reveals that my results are highly robust to alternative sample compositions, estimation methods, and variable definitions.
21
Chin, Aimee Yee Ying. "Essays on the economic effects of human capital investments." Thesis, Massachusetts Institute of Technology, 2001. http://hdl.handle.net/1721.1/8654.
Анотація:
Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2001."June 2001."
Includes bibliographical references.
This thesis is a collection of three essays analyzing the economic effects of human capital investments. The first chapter evaluates the effects of a major educational reform in India called Operation Blackboard. The teacher component of Operation Blackboard increased the number of primary school teachers by ten percent. I find that despite substantial misallocation of teachers appointed under the program, on balance the program reduced the prevalence of single-teacher schools and increased the number of teachers per school. Moreover, the program significantly raised primary school completion and literacy for girls but had no effect on boys. Finally, two-stage least squares estimates obtained using the exogenous variation in school quality provided by the program suggest a higher returns to school quality than their ordinary least squares counterparts. The second chapter, co-authored with Hoyt Bleakley, examines the returns to language skills. We take advantage of the fact that younger children learn languages more easily than older children to generate exogenous variation in language skills. We find a significant positive effect of English-language skills on wages among individuals from the 1990 Census who immigrated to the U.S. as children. We control for non-language effects of age at arrival with immigrants from English-speaking countries. Our estimated effect of English-language skills on wages is larger than the effect suggested by estimates that do not correct for endogeneity. Much of this effect appears to be mediated by years of schooling and occupational choice.
(cont.) The third chapter investigates the long-run economic consequences of a labor market withdrawal induced by the Japanese-American internment during World War II. Internees spent an average of three years in internment camps. I use the Hawaiian Japanese, who were not subject to mass internment like the West Coast Japanese, as a control group. I find that the labor market withdrawal lowered the earnings of Japanese-American men twenty-five years afterwards. Additionally, it raised the probability of self-employment, and reduced the probability of holding higher-status occupations. These findings are consistent with the predictions of economic models involving a loss of civilian labor market experience or a loss of advantageous job matches.
by Aimee Chin.
Ph.D.
22
Prata, Ginja R. C. S. "Essays in private and public investments in human capital." Thesis, University College London (University of London), 2011. http://discovery.ucl.ac.uk/1322964/.
Анотація:
This thesis comprises three chapters on the study of investments in human capital. The first chapter analyzes the effects of Head Start, a preschool program for poor children, on adolescents' behaviors. As program is means-tested, its effects are identified using discontinuity in the probability of program participation induced by eligibility rules. Since there is a range of income thresholds, which vary with family size, state and year, the effect is identified for a large set of individuals in the neighborhood of each discontinuity. Participation in Head Start reduces the incidence of behavioral problems, grade repetition, obesity, depression and criminal behavior. Among others, the first chapter leaves two questions unanswered: the first concerns the low take-up of social programs; the second relates to changes in parents' investments in their children when they face income shocks. To first question is addressed in the context of a program launched in Chile in 2002 - the Chile Solidario. The aim of this program is to provide psycho-social support to indigent families. As Head Start, Chile Solidario is a means-tested program and its effects are identified using a RD design. The program increases the take-up of subsidies and employment programs. However, information provided by Chile Solidario about other programs increases take-up only among those with less (direct or indirect) previous contact with the welfare system. The last chapter studies the ability of parents to insure investments in their children's human capital against income shocks. Parental investments in children are central to their development over the entire period of childhood. During this period families are potentially hit by a variety of shocks to their resources, which can impact investments in children. Understanding parental reaction is relevant for the design of anti-poverty programs that target vulnerable families with children and it may shed light on the mechanisms behind the effects found for child care programs and income transfers. The approach used builds on a life-cycle model that accounts for within and across periods nonseparability in parents' problem introduced by the accumulation of human capital of children (Cunha, Heckman and Shennach, 2010). I account for the fact that parents have an array of possible investments available. In particular, time maybe a suitable substitute for some types of goods/expenditure investments. I implement my analysis using the Children of the National Longitudinal Survey of the Youth 1979 (CNLSY79). Ignoring the multiplicity of investment that parents have in each moment and the cumulative nature of skills may produce biased estimates. I reject the hypothesis that time use and consumption towards children are separable over time; time use is complement to child's expenditures when children are less than six (for children of worse o families), but it is substitute of expenditures for school-age children.
23
Schmidt, David E. "Capital markets and the market structure of foreign investments." Thesis, Aston University, 2010. http://publications.aston.ac.uk/15787/.
Анотація:
Contrary to the long-received theory of FDI, interest rates or rates of return can motivate foreign direct investment (FDI) in concert with the benefits of direct ownership. Thus, access to investor capital and capital markets is a vital component of the multinational’s competitive market structure. Moreover, multinationals can use their superior financial capacity as a competitive advantage in exploiting FDI opportunities in dynamic markets. They can also mitigate higher levels of foreign business risks under dynamic conditions by shifting more financial risk to creditors in the host economy. Furthermore, the investor’s expectation of foreign business risk necessarily commands a risk premium for exposing their equity to foreign market risk. Multinationals can modify the profit maximization strategy of their foreign subsidiaries to maximize growth or profits to generate this risk premium. In this context, we investigate how foreign subsidiaries manage their capital funding, business risk, and profit strategies with a diverse sample of 8,000 matched parents and foreign subsidiary accounts from multiple industries in 38 countries.We find that interest rates, asset prices, and expectations in capital markets have a significant effect on the capital movements of foreign subsidiaries. We also find that foreign subsidiaries mitigate their exposure to foreign business risk by modifying their capital structure and debt maturity. Further, we show how the operating strategy of foreign subsidiaries affects their preference for growth or profit maximization. We further show that superior shareholder value, which is a vital link for access to capital for funding foreign expansion in open market economies, is achieved through maintaining stability in the rate of growth and good asset utilization.
24
Bettoni, Andrea. "Capital market imperfections and investment : evidence from firm-level panel data." Thesis, University of Oxford, 2000. http://ora.ox.ac.uk/objects/uuid:25daf380-c66f-4567-bf80-ff5a2e622b38.
Анотація:
Recent work in macroeconomics argues that imperfections in capital markets may magnify business cycle fluctuations by propagating relatively modest shocks. This thesis investigates evidence for such a mechanism (also known as the "financial accelerator") by analysing two empirical models of investment in physical capital that test for the importance of capital market imperfections on firms' investment decisions. These models are, respectively, an error correction specification augmented with an additional cash flow term, and an Euler equation model explicitly derived from dynamic optimisation in the presence of symmetric, quadratic costs of adjustment. Chapters 4 and 5 use a large panel of individual Italian manufacturing firms to investigate the impact of capital market imperfections on investment expenditures. Regression results from a system Generalised Method of Moments (GMM) estimator appear to be consistent with the hypothesis that firms that are in a strong informational or liquidity position (large firms, group members, RandD performers) are less likely to face binding financing constraints than firms in a weak informational or liquidity position (small firms, independent firms, non-RandD performers). Investment regressions in Chapter 6, based on consolidated accounting data for three samples of UK, US and Italian companies, show that the sensitivity of investment spending to financial variables is greater in the UK and the US than in Italy. This finding is consistent with the suggestion that outsider control financial systems perform less well in channelling investment funds to firms with profitable investment opportunities than do insider control financial systems. Finally, the empirical analysis in Chapter 7, based on two samples of UK and US firms, provides some preliminary evidence that a less concentrated ownership structure and a high level of institutional ownership may increase the sensitivity of investment to the availability of low-cost internal funds.
25
Eckermann, Matthias. "Venture capitalists' exit strategies under information asymmetry evidence from the US venture capital market /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://www.springerlink.com/content/qp7332/.
26
Deng, Lin. "Critical assessment of the reform in respect of the statutory minimum registered capital system of the company law of China (2005) in dealing with undercapitalization with reference to Hong Kong's experience." Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B42664226.
27
Dadd, Deneise Anson Donna. "Learning and applying financial metrics to evaluate human capital investments : the case of return on investment." Thesis, Open University, 2016. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.701083.
Анотація:
Return on investment (ROI) is one of several financial metrics increasingly advocated and used to evaluate expenditures on hum~n capital initiatives. This thesis explored empirically the discrepancy between growing interest in, and uptake of, ROI for human capital investments on the one hand; and evidence to date that implementation is problematic and actual usage limited, on the other. From within a constructivist/interpretivist paradigm, ten attempts to apply ROI were identified and reconstructed using the qualitative techniques of observations, interviews and document analyses. These attempts were drawn from three different contexts - corporate, health service and international development. Concepts from seminal theories on learning and skills acquisition, knowledge, practice, context and their relationship with each other, as well as the introduction of new technical approaches, were selected to provide a framework to guide the enquiries and interpretation of data. The study found the term ROI was used as a bridging metric and understood in three ways - metaphorically, as an aspiration of value; literally, as a metric; and procedurally, as a method for planning and evaluating human capital investments. The metaphorical use of ROI was widespread as a way of expressing a common goal when dealing with key stakeholders. However, the metric was rarely utilised to measure human capital investments because applying it was difficult and time consuming; particularly linking the investment and service system performance through people performance. Methodically, ROI seemed to-function as an aspirational map for planning and evaluating human capital investments. Learning and applying the method, even partially, was valued and tended to lead to changed behaviour and organisational culture. Significant variations between the three contexts were noted, and it is argued that the contingencies affecting the uptake and appropriateness of ROI in different settings would likely affect the appropriateness of other financial metrics for evaluating human capital investments.
28
Anuar, Melati Ahmad. "Appraisal techniques used in evaluating capital investments : conventional capital budgeting and the real options approach." Thesis, Loughborough University, 2005. https://dspace.lboro.ac.uk/2134/7713.
Анотація:
Firms have been found to use different methods when evaluating their capital investments, and may also be using multiple appraisal methods. Few explanations have been provided to adequately account for the differences in the firms' choice of appraisal techniques. The purpose of this research is to empirically investigate and to explain the existing capital budgeting practice by Malaysian manufacturing firms, particularly when faced with real options situations and advanced manufacturing technology (AMT) investments, and to understand the factors that contribute to the selection of the appraisal techniques. The main motivation and focus is provided by the literature on options theoty. Given previous evidence of the general non-usage of options theory, the research will consider whether the theoretical reasons for the use and non-use of options theory apply to the selection of capital investment appraisal techniques in general. Two theoretical frameworks, contingency theoty and technology acceptance model (TAM), were adapted for this purpose. Using postal questionnaires, responses from eighty-eight firms were found usable. It was discovered that few firms consider real options theory when evaluating options situations. Thus, the complementary hypotheses based on the use of sophisticated capital investment appraisal techniques were used, instead of the real options usage. Interviews were also conducted to supplement the findings from the survey. Tests on the validity and reliability were conducted. The contingent variables largely factored in an acceptable way except for strategy, but technology acceptance modelling (TAM) was rejected as an overall theory because of its poor results of factor analysis. However, the TAM variables were used in the analysis as individual variables since their reliability does not appear to be a problem. The results indicated that majority of the Malaysian firms both prefer and use the techniques of payback, personal judgement, internal rate of return and net present value. The findings also showed that these techniques were also used when faced with options situation and in the evaluation of AMT investments. Multiple regression analysis was carried out on the contingent variables. As the firms were known to use more than one technique in their investment selection process, cluster analysis was used t9 group firms that share usage patterns, and were analysed based on these groupings. The results from the analysis showed that there was little evidence of the contingency factors affecting the firms' usage of appraisal techniques. However, the analysis of individual TAM variables revealed some interesting findings. These cluster groups are found to be significantly different for the usefulness and satisfaction gained from using the techniques. In summary; this study has reported the techniques frequently used by a majority of the Malaysian manufacturing firms, and actions taken when faced with options situation and AMT investment decisions. It showed that there was some consideration and barriers in improving their capital investment appraisal practice.
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Kaplan, Alan S. "Essays on financing decisions redemption features and the joint capital structure/debt maturity decision /." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0022/NQ39276.pdf.
30
Elston, Julie Ann. "Tax reform and corporate investment: Theory and evidence of a Q theoretic approach /." Thesis, Connect to this title online; UW restricted, 1992. http://hdl.handle.net/1773/7433.
31
Chen, Ching-Yi. "Human Capital Investment in Taiwan." Thesis, North Texas State University, 1987. https://digital.library.unt.edu/ark:/67531/metadc500299/.
Анотація:
This thesis attempts to analyze the relationship between economic growth and human capital investments in Taiwan. The study's general hypothesis is that increases in human capital investments will stimulate the growth of gross national product. The data were drawn from official Taiwanese publications from different sources. The first chapter emphasizes the importance of human capital investments. Chapter II reviews the related literature. Chapter III specifies the model and research methods. Chapter IV analyzes the impact of human capital investments on gross national product. The study is summarized and conclusions are drawn in Chapter V. Materials collected to analyze the above problem reveal that human capital investments have a positive and significant effect on economic growth. In fact, human capital investments and economic growth are mutually affected.
32
Wang, Lanfang. "Four essays on venture capital /." View abstract or full-text, 2007. http://library.ust.hk/cgi/db/thesis.pl?ECON%202007%20WANG.
33
Kraska, Bernhard-Michael. "Exiting Clean Energy Venture Capital Investments IPO vs. Trade Sale /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/00646158002/$FILE/00646158002.pdf.
34
HELLGREN, ERIK, and FREDRIK UGGLA. "Asset allocation under Solvency II : Adjusting investments for capital efficiency." Thesis, KTH, Entreprenörskap och Innovation, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-189494.
Анотація:
Solvens II är ett nytt regelverk för försäkringsbolag inom EU som ska träda i kraft 2016. Tidigare forskning har diskuterat effekterna av det nya regelverket och förutspår att det kommer att påverka försäkringsbolagens tillgångsallokering. Syftet med denna studie är att studera optimala tillgångsallokeringar för livbolag, både med avseende på interna krav på risk och avkastning och externa kapitalkrav i Solvens II. En fallstudie utförs på ett svenskt livbolag för att ta fram en modell för optimala tillgångsallokeringar, som även tar hänsyn till livbolagets framtida utbetalningar. En optimal allokering tas fram med hjälp av kvadratisk optimering på risk och kapitalkrav givet en viss förväntad avkastning och den nuvarande allokeringen jämförs med olika optimala portföljer. Resultaten visar att det är möjligt att optimera allokeringen både ur ett risk- och avkastningsperspektiv samt apitalkravsperspektiv, men att de optimala tillgångsportföljerna skiljer sig åt markant. Detta arbete påvisar att det finns en betydande skillnad på risk, mätt genom antingen historisk volatilitet eller kapitalkrav. Ett exempel är tillgångsklassen hedgefonder som har en låg historisk volatilitet men har ett högt kapitalkrav i Solvens II. Denna studie bidrar till befintlig forskning genom att utveckla ett ramverk för investeringar för ett livbolag i Solvens II som tar hänsyn till kapitalkrav för olika tillgångar.Solvency II is a new regulatory framework concerning insurance companies in the European Union, to be introduced in 2016. The effects of the regulation have been discussed and previous literature believes it will have a significant effect on insurance companies’ asset allocation. The aim of this thesis is to investigate the optimal asset allocation for a life insurer with respect to internal risk-return requirements and external capital requirements imposed by Solvency II. The thesis performs a case study on a Swedish life insurer for the purpose of developing and evaluating an asset allocation model which incorporates future liabilities of the life insurer. Through quadratic optimization, the asset allocation is optimized for portfolios associated with a certain expected return and the current allocation is compared to optimal portfolios. The results show that it is possible to optimize the asset allocation from both a risk-return and capital requirement perspective. However, they are subject to large shifts in asset allocation. The thesis also shows that there is a large discrepancy of risk from a standard deviation standpoint and regulatory capital charges. One example are hedge funds which have shown a low historical volatility but are classified as an asset with high risk in Solvency II. This study contributes to theory by providing an investment decision framework for life insurers that includes capital charges for asset allocation.
35
Pernaudet, Julie. "Essays on the Role of Information in Human Capital Investments." Thesis, Université Paris-Saclay (ComUE), 2017. http://www.theses.fr/2017SACLX118.
Анотація:
Cette thèse cherche à évaluer le rôle des politiques d’information dans la réduction des inégalités de capital humain.Dans le premier chapitre, co-écrit avec Bruno Crépon, nous étudions l’impact d’une expérimentation visant à augmenter le recours aux soins des jeunes chômeurs en France. Les jeunes en situation de précarité ont plus de risque de sous-investir dans leur santé, ce qui peut avoir des conséquences économiques et sociales à court et long terme. Dans cette étude, nous examinons deux barrières possibles : le coût des soins, et la mauvaise perception des besoins. A l’aide d’une expérience randomisée, nous trouvons qu’informer individuellement ces jeunes sur leurs besoins ainsi que sur le système d’assurance santé permet d’augmenter leurs investissements, en doublant notamment la probabilité de consulter un psychologue. Nos résultats suggèrent également qu’une telle intervention permet de favoriser les entrées en formation. Afin de distinguer les barrières relevant du coût des soins des barrières relevant d’une mauvaise perception des besoins, nous testons aussi une intervention dans laquelle les jeunes reçoivent uniquement l’information sur le système d’assurance santé. A la différence de l’intervention combinée, cette intervention ne permet pas d’augmenter le recours aux soins, ce qui souligne le rôle crucial des perceptions subjectives dans les décisions de santé.Dans le second chapitre, issu d’un travail avec Marc Gurgand, Nina Guyon et Marion Monnet, nous évaluons une politique consistant à orienter des enfants vivant en zones urbaines sensibles (ZUS) en France vers des structures répondant à leurs difficultés. Dans les ZUS, certains enfants ont tendance à cumuler difficultés scolaires, problèmes de santé, de socialisation, et parfois problèmes familiaux. La politique étudiée consiste à mettre en place des interventions individualisées et multidimensionnelles pour les enfants, impliquant leurs parents et leur enseignant. Ces interventions consistent par exemple à inscrire l’enfant dans un club de sport, à réaliser un bilan de santé, à offrir aux parents une assistance administrative, et reposent sur les ressources disponibles au niveau de la commune. Afin d’identifier un effet causal, nous mettons en place des méthodes d’appariement que nous combinons avec un estimateur en différence-de-différences. Nous trouvons que le dispositif n’a d’effet ni sur le comportement des enfants, ni sur leurs compétences cognitives, et un effet négatif sur la socialisation et la motivation scolaire. Il réduit en revanche l’absentéisme. Une comparaison avec d’autres dispositifs suggère qu’il est nécessaire d’intervenir dès le plus jeune âge et de manière plus intensive pour améliorer la situation de ces enfants défavorisés.Dans le troisième chapitre, j’examine dans quelle mesure les politiques d’information destinées à guider les lycéens dans la transition vers le supérieur permettent d’augmenter le recours aux bourses parmi les étudiants défavorisés au Canada. Les doutes de plus en plus nombreux quant à la capacité des politiques d’aides financières à réduire les inégalités d’accès à l’enseignement supérieur conduisent à s’interroger sur leurs conditions d’efficacité. Cette étude vise à mieux comprendre les barrières informationnelles auxquelles les étudiants sont confrontés. Sur la base d’une expérience contrôlée, je modélise la demande de bourse comme étant fonction de l’utilité perçue de l’université, qui elle-même dépend du niveau d’information des jeunes. J’utilise ensuite le modèle pour simuler différentes politiques d’information souvent mises en œuvre, mais rarement évaluées. Informer les jeunes sur le système d’aides financières s’avère particulièrement efficace. Rencontrer un conseiller scolaire ou faire un test de compétences et d’orientation permet également d’augmenter le recours aux aides. Les simulations suggèrent que de tels dispositifs pourraient égaliser la demande entre étudiants favorisés et défavorisésThis dissertation attempts to assess the role information policies may play in the reduction of human capital inequalities.In the first chapter, which is a joint work with Bruno Crépon, we study the impact of an experiment aimed at increasing the use of healthcare services among unemployed youth in France. Economically disadvantaged youth are particularly at risk of under-investing in their health, which can have short and long term negative consequences on a variety of socioeconomic outcomes. In this study, we investigate two possible factors of under-investment: cost of healthcare, and misperception of health needs. Relying on a randomized experiment, we find that providing them with personalized information on their health needs as well as on public health insurance raises their health investments, in particular it doubles the proportion of people consulting a psychologist. Our results suggest that such policies also have a potential for increasing participation to training programs. To distinguish between financial constraints and misperception of health needs, we also test a program providing information on public health insurance only. In contrast, this limited program does not induce any health investments, which highlights the crucial role of subjective perceptions of needs in health decisions among disadvantaged youth.In the second chapter, which is based on a joint work with Marc Gurgand, Nina Guyon and Marion Monnet, we evaluate a policy that consists in directing 2 to 16 year-old children living in deprived areas in France to the local resources they need. In deprived areas, some children tend to cumulate academic difficulties with health, social and sometimes family difficulties. In this paper, we evaluate a policy consisting in individualized and comprehensive programs that involve both the child, the parents and the teacher. Interventions range from sport activities or health diagnosis for the child to administrative assistance for the parents, and use existing local resources. Our identification strategy relies on propensity score matching combined with difference-in-differences estimation. We find no impact of the policy on children behavior and cognitive skills, and on their parents’ relation to school, and negative impacts on the relation to other children and on school motivation. By contrast, school attendance increases among treated children. Comparison with other comprehensive programs suggests that more intensive or earlier interventions might be required to significantly improve the situation of deprived children.In the third chapter, I assess the extent to which information policies aimed at guiding high school students in their transition to higher education can raise the take-up of grants among disadvantaged students in Canada. Growing concerns about the capacity of grant policies to reduce the socioeconomic gap in college enrollment call to investigate the conditions required for these policies to reach their target. This paper aims at better understanding the information barriers disadvantaged students may face. Based on a lab-in-the-field experiment, I model the demand for grants as a function of the perceived utility of university, which depends on the level of information on higher education and on the labor market students have. I use the model to simulate several information policies that are commonly implemented in high schools, but rarely studied. While receiving information on the financial aid system demonstrates to be particularly effective, meeting a school counsellor or taking a skills and interests test also significantly raises the take-up of grants among disadvantaged students. Simulations suggest these policies could close the take-up gap with their more advantaged counterparts
36
De, Luca Roberto. "Brand value, marketing investments and capital structure. An empirical analysis." Doctoral thesis, Universita degli studi di Salerno, 2011. http://hdl.handle.net/10556/263.
Анотація:
2009 - 2010An ever growing number of businesses is becoming aware that one of the highest value business assets in the current competitive context is the brand associated with a company’s products or services. In a world which is becoming ever more complex and turbulent, individuals and businesses today find themselves having to confront a wider range of choices than ever before, while having less and less time in which to consider their buying decisions. Consequently, the ability of a brand to simplify consumer choices, reduce perceived risk and create expectations has significant value. The aim of the present work is to take an in depth look at some aspects relating to brands, placing particular emphasis on brand equity, on the process relating to brand valuation, and on the influence of brand equity on corporate finance, normally considered to be unrelated to factors not themselves closely connected to financial logics. The first part of the research, of a theoretical type, is dedicated to a wide literature review, with the aim of analysing the contributions on the subject already present in the academic world, providing, in addition, some innovative ideas, especially regarding: - The evolution of brand and brand equity and the role of the aforementioned over the years, moving from a customer-based viewpoint to a stakeholder-based perspective. - The problems connected to brand valuation and the most used techniques, making an attempt, moreover, to offer an innovative viewpoint and enrichment of the methodologies and techniques used up until now for brand valuation. - Implementation of the first borderline models which connect the brand equity aspect with finance and accounting profiles. - The influence of brand and brand-building investments on corporate finance, including aspects such as IPOs, the value of shares on the stock market, company value etc. The second part of the research paper, detailed in the fourth and final chapter, is reserved for empirical analysis with the purpose of evaluating whether or not some of the hypotheses theoretically outlined previously find a basis in reality. Through a prevalently quantitative investigation an attempt will be made to demonstrate the existence of a link between marketing spend, especially investments aimed towards brand building, brand value expressed in monetary terms and business capital structure. The examination of this correlation, which has not yet been explored in existing literature, constitutes an important plus, and hopefully is an element of great originality. In addition, if the output of the analysis should prove to be statistically significant, it will be possible to attribute ulterior scientific relevance to the research activities carried out. [a cura dell'Autore]
IX n.s.
37
湯任彌 and Yum-li Benjamin Tong. "Financing schemes for investment in China: identifying the optimal capital structure." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31264499.
38
Torab, Shadi. "Factors affecting the selection of capital facilities projects." Thesis, Georgia Institute of Technology, 2002. http://hdl.handle.net/1853/21682.
39
Shindo, Yumi. "Office prices in Hong Kong and impact of capital flows." Thesis, Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25803700.
40
Höglund, Alexander, and Jonathan Mellblom. "Impact investments - Investing with a twofold incentive : A qualitative study of impact investors´ investment evaluation process." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388073.
Анотація:
This study is within the field of impact investments. Impact investors relates to a twofold requirement of both financial return and positive impact from investments. The purpose of this study is to investigate how impact investors assess impact in their investment evaluation processes and how impact is aligned with the requirement on financial return. Literature have addressed the problem of assessing and quantifying impact, but it fails to tell us how impact is incorporated in the pre-investment evaluation of different investment opportunities. The field of impact investments is increasing in popularity among investors and through a qualitative study based on eight semi-structured interviews with impact investors in Sweden, we try to gain insight in how they address the twofold incentive of both financial return and impact.Our findings show that impact investors apply similar evaluation processes as mainstream venture capitalists with the additional assessment of social impact. We find that investors approach the impact assessment in different ways and that there are split views on the ability of measuring impact in the pre-investment phase. The task of combining the financial measurements with impact is found to be challenging due to the contradicting characteristics of the two, as well as the difficulty of measuring social impact. Often the impact aspect is integrated as a pre-investment evaluation “gate”, where a subjective assessment is central. We contribute to literature by addressing the identified research gap and we aim to contribute to social entrepreneurs’ understanding of how investors relate to impact in their investment decision making processes.
41
Wu, Yi-Tsung. "Essays on international investment holdings and risk sharing." Diss., Online access via UMI:, 2007.
42
Inoue, Tomoo. "Business fixed investment and non-linear time series analysis /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 1997. http://wwwlib.umi.com/cr/ucsd/fullcit?p9804524.
43
Noda, Rafael Falcão. "Custo de capital ex-ante: variáveis explicativas e prêmio pelo risco de mercado no Brasil." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-01042014-150329/.
Анотація:
Este trabalho propõe um modelo para estimativa do custo de capital próprio ex-ante baseado no índice lucro/preço, E/P, na taxa de crescimento esperada para o lucro na perpetuidade, g, e no coeficiente ?, o qual mede a taxa de conversão de crescimento em rentabilidade e, portanto, em valor. Tal modelo é testado com base em uma amostra brasileira, utilizando metodologia econométrica de regressões multivariadas em primeira diferença de séries temporais. São utilizadas como variáveis explicativas medidas alternativas para a taxa livre de risco e para a taxa esperada de crescimento do lucro na perpetuidade. Diversas das medidas utilizadas foram relevantes para explicar os índices E/P no Brasil, corroborando as hipóteses formuladas. Os resultados mostram, também, que as medidas mais individualmente adequadas para a taxa livre de risco a serem utilizadas para precificação de ações no Brasil são aquelas baseadas em yields de títulos soberanos emitidos pelo governo dos EUA adicionados do prêmio pelo risco Brasil, medido com base no índice EMBI+ Brazil. Identifica-se que as taxas de juros locais, apesar de apresentarem poder explicativo individualmente inferior, são fatores com poder explicativo conjunto significativo, resultando em um modelo com uma taxa livre de risco média ponderada. Quanto à taxa esperada para o crescimento na perpetuidade, a variável mais significativa foi a projeção de consenso de mercado de curto prazo para o crescimento do PIB. Por fim, estima-se o prêmio pelo risco de mercado ex-ante no Brasil, com base no modelo proposto, utilizando coeficientes e variáveis identificadas nos testes econométricos. Tal estimativa mostrou-se substancialmente mais precisa quando comparada àquelas baseadas em retornos ex-post, inclusive em mercados internacionais, bem como quando comparada a outras metodologias ex-ante no Brasil.This work proposes a model for the estimation of the implied cost of equity. Such model is based on earnings/price ratios, E/P, on the expected perpetual earnings growth rate, g, and on the ? coefficient, which measures the rate of conversion of growth to return, and, therefore, to value. The proposed model is tested on a Brazilian sample, using multivariate first-difference time series regressions. The explanatory variables include several alternative measures for the risk-free rate and the expected perpetual earnings growth rate. The results show that most of the selected measures were relevant in explaining E/P ratios in Brazil, confirming the proposed hypothesis. The results also show that US sovereign bonds, combined with a measure for the Brazilian risk premium, the EMBI+ Brazil index, are the most relevant measures for the risk-free rate to be used in equity valuation in Brazil. Additionally, we conclude that local interest rates, albeit having individually lower explanatory power, remain relevant in conjunction with international bond yields, resulting in a weighted average risk-free rate. The most significant measure for the expected perpetuity growth rate was the short term consensus forecast for the GDP. Finally, we estimate the ex-ante market risk premium in Brazil, using the proposed model with coefficients and variables selected based on the econometric results. Such estimate is substantially more accurate when compared to ex-post estimates, including those for international markets, as well as other ex-ante estimates for the Brazilian market.
44
Noda, Rafael Falcão. "Laudos de avaliação: metodologias utilizadas, erros e vieses." Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-20072018-100047/.
Анотація:
Este trabalho se baseia na análise de 125 Laudos de Avaliação emitidos no contexto de Ofertas Públicas de Aquisição (OPAs) no Brasil realizadas no período entre 2006 e 2017. As OPAs movimentaram dezenas de bilhões de Reais, envolvendo companhias avaliadas, no total, em mais de R$ 300 bilhões. Os objetivos principais são três: (i) mapear as metodologias de avaliação utilizadas, (ii) identificar erros cometidos, comparando as metodologias utilizadas com o referencial teórico e (iii) medir vieses de posição na preparação das avaliações. Os resultados indicam (i) diversidade de metodologias aplicadas, o que pode gerar inconsistência e viés nos resultados, (ii) existência de erros, inclusive relacionados a conceitos básicos de avaliação de empresas e (iii) viés de posição por parte dos avaliadores, especialmente empresas independentes de consultoria, que tendem a emitir resultados consistentes com os interesses dos contratantes, potencialmente causando expropriação dos minoritários. Tais resultados mostram a necessidade de aumentar tanto a qualidade técnica dos avaliadores como o nível de controle sobre possíveis conflitos de agência. Possíveis mitigadores incluem a aplicação de legislação e regulação mais rigorosas, com maior controle do processo de avaliação pelos minoritários, e exigências relacionadas à qualificação técnica dos avaliadores, às metodologias aplicadas e à responsabilização do avaliador.This work is based on the analysis of 125 valuation reports (Laudos de Avaliação) issued in the context of tender offers (OPAs) in Brazil during the 2006-2017 period. Such offers had a total value of tens billions of Reais, with firms valued at over R$ 300 billion. The main objectives are (i) describe the valuation methodologies, (ii) identify errors, comparing the adopted methodologies with the theoretical framework and (iii) measure valuation biases. The results indicate (i) diversity of methodologies used by practitioners, possibly causing inconsistencies and biases in the results, (ii) existence of errors, some of them related to basic valuation concepts and (iii) valuation biases, especially in reports prepared by independent consulting firms, which tend to issue results consistent with the controlling shareholders\' interests, potentially causing expropriation of the minority shareholders. Such results indicate the need to improve the practitioners\' technical quality as well as the controls against agency conflicts. Possible mitigators include stricter legislation and regulation, with greater control by minority shareholders of the valuation process, and minimum requirements regarding the practioners\' technical qualification, acceptable methodologies and accountability of the report\'s issuer.
45
Oliveira, Bruno Cals de. "Fatores determinantes para abertura de capital de empresas brasileiras." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-15122011-170553/.
Анотація:
A literatura internacional sobre abertura de capital é ampla e vários artigos foram publicados a respeito do tema. No entanto, no Brasil, ainda são poucos os pesquisadores que se dedicam ao estudo de tal fenômeno, haja vista que o crescimento relevante do mercado de capitais nacional ainda é recente. O objetivo deste trabalho é identificar, com base em indicadores contábeis, de mercado e características das empresas, quais são os fatores determinantes para a abertura de capital de empresas brasileiras. A metodologia utilizada no estudo foi de regressão logística com dados agrupados e de regressão logística com dados em painel. A amostra total contém 1720 empresas-ano entre os anos de 2004 e 2010, dos quais 182 são relativos a empresas que abriram o capital no período. Os resultados apontados indicam que as firmas que fizeram oferta de ações no período foram aquelas que vinham investindo significativamente, que possuíam maior nível de rentabilidade e aquelas que aumentaram seu nível de endividamento. O IPO foi uma alternativa para adequar a estrutura de capital e/ou captar recursos para continuar investindo no seu crescimento. Adicionalmente, as empresas que abriram o capital foram aquelas que aproveitaram janela de oportunidade (Market timing) oferecida no período e iniciaram a negociação de suas ações em Bolsa de Valores. O tamanho das empresas não foi estatisticamente significante para o IPO, haja vista que algumas companhias relativamente pequenas e outras pré-operacionais iniciaram a negociação de suas ações. Além disso, diversas outras empresas com porte suficiente, por algum motivo, não fizeram IPO. A pesquisa apontou que o tempo de mercado da empresa (idade desde a fundação) afeta negativamente a probabilidade de abertura de capital, tendo em vista que o mercado já dispõe de regras de governança corporativa bem estabelecidas e que tais regras contribuiriam para que investidores tivessem confiança mesmo em empresas com pouco tempo de mercado. Outro resultado da pesquisa aponta que as companhias localizadas na região Sudeste do país tem maior propensão para realizar o IPO, uma vez que os empresários de outras regiões estão mais distantes do polo financeiro do país, vivem em um ambiente de negócios menos intenso, e, consequentemente, têm menos atitude para buscar alternativas de financiamento (menor importância é dada por eles aos benefícios de captar recursos em mercado de capitais). Por fim, o trabalho identificou que empresas subsidiárias e estatais são menos propensas à abertura de capital, conforme esperado. O trabalho abrange a discussão de possíveis argumentos para diminuição do potencial de crescimento do mercado de capitais e das razões pelas quais muitas empresas ainda não se motivaram a vender suas ações no mercado.IPO has a wide international literature with many papers published on this subject. However, in Brazil, there are a few researchers who are dedicated to study this phenomenon, considering that the relevant growth of the national capital market is still recent. The objective of this study is to identify, based on accounting and market indicators and firm characteristics, which are the determining factors for the IPO of Brazilian companies. The methodology used in this study was the pooled logistic regression and the panel logistic regression. The total sample contains 1720 firm years between 2004 and 2010, of which 182 belongs to companies that went public on this period. The results indicate that the companies which made an equity offering in the period were investing on their expansion, increased their debt structure and/or had higher profitability. IPO was an alternative to adjust their capital structure and/or to raise funds to continue investing on their growth. In addition, the firms that went public took advantage of the windows opportunity (market timing) they had in the period to sell their shares. The size of companies was not statistically significant, since relatively small and preoperating firms began trading their shares. Also, several other companies with relevant size did not do their IPO due to any specific reason. Moreover, the age of the company affects negatively the probability of going public, since the Brazilian market already has well established corporate governance regulation and these rules contribute to increase investor\'s confidence on the companies, even if they are still young firms. Another result of this research indicate that firms located in the Southeast of Brazil are more likely to go public, because the entrepreneurs of other regions are far away from the Brazilian financial center, with a less intense business environment and, consequently, with less attitude to search for funding alternatives (less importance is given for the benefits to go public). Finally, the study has identified that subsidiaries and state-owned companies are less likely to go public, as expected. This work also includes the discussion of possible arguments of the potential growth decrease of stock markets in Brazil and the reasons why many companies are still not motivated to sell their shares in the market.
46
Frye, David Carl. "Heuristic robustness in capital rationing with uncertain data." Diss., Georgia Institute of Technology, 1999. http://hdl.handle.net/1853/30761.
47
Al, Wahaibi Mahmood Ali Khalfan. "Investigating three aspects of corporate finance within the context of GCC markets." Thesis, Brunel University, 2017. http://bura.brunel.ac.uk/handle/2438/14479.
Анотація:
This thesis investigates three aspects of corporate finance, namely the determinants of firm’s long term investment represented by the net capital expenditures, the determinants of firm’s short term investment represented by working capital requirements and the capital budgeting practices - all within the context of Gulf Cooperation Council (GCC) markets. Despite the importance of these interrelated topics to decision makers and despite the great emphasis given to teach them in universities, few researchers investigated the determinants of both long and short term investments and out of those, most focused on developed markets. Moreover, almost all the existing studies investigated these determinants at the firm level with little evidence about macroeconomic factors. Besides, none have provided a comprehensive investigation of capital budgeting practices from a single market whether developed or emerging. Hence, this thesis completed three independent investigations. The first and second investigation presented in chapters three and four respectively, explores three categories of factors that are found in the existing literature, or predicted by this thesis to be associated with firm’s long and short term investments. These first two investigations utilize a pooled OLS regression for a panel data set covering the period from 2000 to 2014. Furthermore, the third investigation presented in chapter five explores a wide set of capital budgeting practices from a single frontier market within the GCC. Precisely, the investigation covers the development, the selection and the post completion stage of capital budgeting. It also, explores factors that are found in the existing literature or predicted by this thesis to influence the use of such practices. This investigation utilizes a survey questionnaire containing 23 questions to gather the required data. Finally, this thesis makes various contributions to the corporate finance literature. Specifically, chapter three and four extend the existing literature on the determinants of firm’s long and short term investments by examining it in the context of new emerging markets namely the GCC markets. Beside, revealing the positive effect of macroeconomic factors on firm’s investments. Chapter five extends the existing literature on capital budgeting practices by investigating three stages of these practices from the Omani market. Additionally, it provides new evidence related to the significant relation between capital budgeting practices and new firms characteristics.
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Fitzpatrick, Gregory Mark. "The human side of value adding in Australian venture capital investments." University of Western Australia. Faculty of Business, 2009. http://theses.library.uwa.edu.au/adt-WU2009.0150.
Анотація:
[Truncated abstract] This thesis investigates the influence the interpersonal relationship between the venture capitalist and the entrepreneur has upon the performance of the venture capitalist's investment. Its aim was to explore how venture capitalists add value (as opposed to what they do) to their investments in order to arrive at a fuller explanation of investment performance than that offered by agency theory the current paradigm for the value adding relationship. The qualitative study that underpins this thesis found that in Australia, the quality of the interpersonal relationship between the venture capitalist and the entrepreneur during the value adding phase of the venture capital investment cycle positively predicts the performance of the venture capitalist's investment. The study was prompted by the researcher's personal experiences (as both a venture capitalist and as an entrepreneur in Australia) which suggested that the interpersonal relationship may influence the effectiveness of the venture capitalist's attempts to add value. Whilst the prior research had explored in depth the provision of value adding services (e.g. strategic advice, recruitment of key personnel, board participation), less progress appears to have been made in understanding the role of the interpersonal processes. Although several studies have attempted to fit an established social exchange theory to the value adding process, a published explanation of investment performance (process outcome) that includes interpersonal processes has not been identified. ... The exercise of power was found to be a negative predictor of investment performance. Power was typically exercised as the last resort measure in a failed interpersonal relationship and either precipitated or consolidated inferior investment performance. The failure of the venture capitalists to exercise their formal power in time to arrest underperformance was often due to their fear of the 'hold up' power of (threat of abandonment by) the entrepreneur. Agency theory's contribution to the explanation of investment performance was limited to (adverse) selection, at which point the combined competence of the dyad was determined. In addition to the new explanatory theory, some other insights into value adding were provided, including the key role of mutuality and the lack of explanatory power of the contract, information asymmetry, or goal alignment. The thesis offers contributions to knowledge and practice. Its contributions to knowledge include: the generation of new theory about value adding and investment performance in venture capital deals and some new theoretical concepts, the application of a methodological approach that is new to the area of interest, and a new insight into the Australian venture capital sector. It outlines the implications of the study findings for venture capitalists, entrepreneurs and policy makers, providing some fresh ideas for their consideration. It particularly highlights the need for cultural change in value adding relationships and the influence of heritage on the likelihood of the venture capitalist being successful.
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Rapera, Corazon L. "Potential impacts of various capital gains tax structures on forest investments." Diss., This resource online, 1990. http://scholar.lib.vt.edu/theses/available/etd-07282008-135205/.
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Rinne, Ulf [Verfasser]. "Post-school human capital investments : training and lifelong learning / Ulf Rinne." Berlin : Freie Universität Berlin, 2009. http://d-nb.info/1023709112/34.