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Waldenström, John. "Crowdfunding as an investment alternative - Why Crowdfunding?" Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-152595.
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Today it is extremely hard to get funding for different projects trough the ordinary channels such as banks, VC or Business angels etc. In recent years this has opened up for other alternatives, one of them is Crowdfunding. A few of the questions this paper attempt to answer is, which companies is Crowdfunding suited for? How do you succeed with your Crowdfunding campaign? What is the money used for? What’s the outlook on the future for Crowdfunding? The purpose of this study is to increase the knowledge of Crowdfunding and how it is used today, plus shine some light on how the future for Crowdfunding looks. Hopefully this will help the reader gain knowledge about why Crowdfunding is chosen as a mean to get investments. The purpose of the interviews is to get an inside look on Crowdfunding from those who work with it and those who have used it. What has the money been used for, what makes a successful campaign etc. The method that has been used to gather information is via internet and interviews, where the main content is rendered. The different kinds of Crowdfunding There are four types of Crowdfunding, Donation, Reward, Equity and Loan-based. Donation means that you give away your money and get nothing in return. In Reward based you get something (the product, a t-shirt etc…) in return for the investment. In Equity you get equity in the company. Loan gives you your money back with interest. Analysis and conclusion The main finding in the study is that most companies think that they will use Crowdfunding to gain capital to produce a product, which actually could be of less importance than the free marketing they get. Therefore the campaign, already from the start, should have the market in mind, together with the actual fund rising. Another conclusion is that Crowdfunding usually benefits the smaller companies, and the success of the campaign is strongly dependent on the many qualities of a skillfull entrepreneur.Då det i dagens samhälle är mycket svårt att finna finansiering till olika projekt genom de klassiska investeringsalternativen, banker, affärsänglar m.fl. har detta gjort att det på senare tid kommit nya alternativa vägar att få finansiering, ett utav dessa alternativ är Crowdfunding. Några frågor som kommer att försöka besvaras i denna uppsats är: Vilka företag passar Crowdfunding för? Hur lyckas man med sin Crowdfunding kampanj? Vad använder företagen pengarna till? Hur ser framtiden ut? Syftet med denna studie är att öka kunskapen om Crowdfunding och hur det används idag samt hur framtiden för denna förhållandevis nya form av finansiering ser ut. Förhoppningsvis hjälper detta läsaren att skapa en förståelse varför Crowdfunding väljs före de klassiska alternativen. Syftet med intervjuer är att skaffa sig en inblick i Crowdfunding från insidan, dvs. hur har pengarna använts, finns det några gemensamma nämnare som gör att vissa kampanjer lyckas medan andra inte gör det. Metod som använts är informationssök via internet och intervjuer, intervjuerna bandades och transkriberades för att sedan kunna återge huvudinnehållet. De olika typerna av Crowdfunding Det finns fyra olika typer av Crowdfunding, dessa är Donation, Reward, Equity och Loan Based Crowdfunding. Donation innebära att ger en gåva och inte får något i utbyte. Reward funkar genom att man får en gåva eller något symboliskt för att man stöttat kampanjen. I Equity får man en andel i företagen och i Loan så lånar man ut pengar mot ränta. Analys och slutsats De flesta företag går in med inställningen att de ska samla in pengar för att kunna genomföra sitt projekt men det kan faktiskt vara mindre viktigt än den gratis marknadsföring de får. Därför bör kampanjen redan från början ha marknaden i åtanke tillsammans med insamlingen av kapital. En annan slutsats är att det är oftast mindre företag som gynnas av Crowdfunding och för att få en lyckad kampanj krävs många av de egenskaper som man letar efter hos en klassisk entreprenör.
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Thomas, Vincent. "Is Fine art a viable alternative investment?" Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-134942.
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This paper will study the Art market as an investment opportunity. We will forget about the artistic characteristics of the market (history of art, aesthetic, technic...) and focus only on the business and economic aspects of the market treating art works as tradable goods. Our goal will be to determine whether or not the art market would be a suitable investment vehicle, offering some interesting outlook to investment diversification. This paper will pay a closer look at the recent financial crisis period, trying to understand the mechanism which bonds the financial industry and the Art industry. This will be the key to introduce an investment portfolio including Art as an asset class for investment. Focusing on the performance of such portfolio we will give some further recommendation on how to reach a better than expected performance.
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Brito, Hugo Miguel de Jesus. "Econometric study of alternative operators' investment decisions." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10796.
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Mestrado em Econometria Aplicada e PrevisãoA relação entre a intervenção regulatória, as decisões de investimento dos operadores alternativos e o grau de concorrência nos mercados de comunicações eletrónicas tem sido intensamente discutida. O debate centra-se na possibilidade de obter um compromisso entre concorrência baseada em serviços e concorrência baseada em infraestruturas. A teoria da escada do investimento defende a conciliação destes dois objetivos pela intervenção adequada do regulador. Usando uma base de dados bastante completa e atendendo às fragilidades apontadas a outros estudos conclui-se que a informação sobre o mercado português comprova alguns pressupostos teóricos associados à teoria da escada do investimento: (i) a criação de condições para que os operadores alternativos entrem no mercado é um passo importante para que invistam em infraestrutura, e (ii) o regulador possui instrumentos para neutralizar o custo de oportunidade criado ao investimento em infraestruturas pelos lucros da concorrência baseada em serviços. O investimento em redes de fibra ótica pelos operadores alternativos é também considerado, avaliando os determinantes deste investimento e o respetivo efeito no nível de cobertura de uma área geográfica. É dada particular atenção à obtenção de uma especificação adequada para o modelo. Conclui-se que é preferível utilizar um modelo a duas partes em detrimento de um modelo a uma parte, pois os conjuntos de determinantes da decisão de investir numa área geográfica e da decisão relativa ao nível de cobertura a atingir nessa área não são idênticos. As características demográficas, económicas e sociais intrínsecas às áreas geográficas influenciam significativamente as decisões de investimento dos operadores alternativos.
The relation between regulation, the alternative operators' investment decisions and the degree of competition in the markets, has been an important policy issue over time. The discussions on this matter are mostly related with the possibility to achieve service-based competition in the short run, without compromising infrastructure-based competition in the long run. The investment ladder theory argues that both goals are achievable by appropriate regulatory intervention. By using a rich dataset and taking into account flaws pointed out in other studies, the present study finds reasonable evidence that the Portuguese market's data supports theoretical assumptions of the investment ladder theory: (i) creating conditions for alternative operators entering the market is an step in creating conditions for investment in infrastructure; (ii) the regulator has the tools to neutralise the opportunity cost for infrastructure investment created by service-based competition profits. The investment in fibre networks by alternative operators is also taken into consideration, with an evaluation of the investment determinants and their effect on coverage level of alternative operator's fibre networks. Particular attention is given to achieve an appropriate model specification. It is concluded that it is preferable to use a two-part model over a one part-model, which provides evidence that the determinants of the decision to invest in a geographical area are not entirely similar to the determinants of the decision on the coverage level in that area. The present study found that the intrinsic demographic, economic and social characteristics of a given geographical area influence investment decisions of alternative operators.
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Small, Rachel. "Alternative investments in social projects why grant-makers participate in program-related investment /." CONNECT TO ELECTRONIC THESIS, 2008. http://hdl.handle.net/1961/6985.
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Usenko, A. V. "Alternative investment as a Tool of Risk Diversification in international Business: SWAG investments." Master's thesis, Sumy State University, 2019. http://essuir.sumdu.edu.ua/handle/123456789/75551.
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У роботі досліджено функціонування сучасного ринку альтернативних інвестицій, зокрема інвестицій SWAG. Проведений аналіз основних показників альтернативних активів SWAG. Основною метою цього дослідження є розробка рекомендацій щодо вдосконалення інвестиційного портфеля інвестора у частині нетрадиційних реальних активів, зокрема активів SWAG.The master’s thesis focuses on the functioning of the modern alternative investment market, in particular SWAG investments. The analysis of the main indicators of alternative SWAG assets was conducted. The main aim of this research is to develop practical recommendations for improving the investor’s investment portfolio in terms of unconventional real assets, in particular SWAG assets.
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Costa, Jorge Filipe Baptista da. "Portfolio Insurance : a comparison of alternative investment strategies." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/10260.
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Mestrado em FinançasEste estudo realiza uma comparação entre as estratégias mais populares de Portfolio Insurance, através da Simulação de Monte Carlo. Este trabalho tem como objectivo definir a melhor estratégia através de diversas comparações e dar um contributo para resolver algumas divergências na literatura. A maioria das comparações realizadas anteriormente não têm em consideração todas as estratégias presentes neste estudo e esta análise pretende acrescentar algumas conclusões relevantes. As estratégias OBPI, CPPI e SLPI são avaliadas através dos momentos da distribuição, rácios de desempenho (Sharpe ratio, Sortino ratio, Omega ratio e Upside Potential ratio) e dominâncias estocásticas nas diversas condições de mercado representadas pelo activo subjacente que segue um movimento Browniano geométrico. De forma a ter uma compreensão da realidade dos mercados financeiros, as estratégias também são aplicadas a três dos maiores índices de acções. Concluímos que as estratégias CPPI 1 e SLPI devem ser preferidas em todos os cenários devido aos elevados rácios de desempenho, elevadas rendibilidades esperadas e a outras medidas. A escolha entre as duas estratégias é feita com base nas preferências do investidor ou gestor, mas também concluímos que a estratégia CPPI 1 domina estocásticamente, a segunda e terceira ordem, todas as restantes estratégias em cenários de mercado bear. De acordo com os resultados obtidos podemos afirmar que um floor de 100% deve ser escolhido devido aos resultados dos rácios de desempenho, rendibilidades esperadas e outras medidas. Esta comparação permite melhorar a eficiência da tomada de decisão de um investidor ou gestor num investimento de Portfolio Insurance.
This study makes a comparison between the most popular strategies of Portfolio Insurance based on Monte Carlo simulation. This work aims to define the best strategy at comparing different strategies and provide a contribution to solving some divergences in literature. Most of the previous comparisons do not take into consideration all the strategies discussed in this study and this analysis intends to add some relevant findings. The OBPI, CPPI and SLPI strategies are evaluated in terms of moments of the distribution, performance ratios (Sharpe ratio, Sortino ratio, Omega ratio and Upside Potential ratio) and stochastic dominance in different market conditions represented by an underlying asset that follows a geometric Brownian motion. In order to have a perception of a real situation in financial markets, the strategies are later also applied to three major stock indices. We find that CPPI 1 and SLPI strategies should be preferred in all scenarios according to the higher performance ratios, the higher expected returns and other measures. The choice between them is based on the preferences of the investor or manager, but we also find that the CPPI 1 strategy stochastically dominates, on second and third order, the others strategies in bear market scenarios. From our results we can state that a value of 100% for the floor should be preferred in terms of performance ratios, expected returns and other measures. This comparison allows improving the efficiency of decision making of an investor or manager in a Portfolio Insurance investment.
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Herbert, Wilson Eziefule. "New forms of international investment : a study of alternative strategies to foreign investment." Thesis, University of Glasgow, 1992. http://theses.gla.ac.uk/6611/.
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This study is concerned with recent developments in international investment and the theory of the firm. The proposition that markets and hierarchies are alternative governance structures for completing related sets of transactions is less contentious. However, the view that foreign direct investment is the most efficient governance structure, in transaction-cost economizing terms, remains controversial. This research identifies with this contention. The premise of the study is that the governance structure of foreign transactions cannot be confined to or decided within the framework of hierarchy alone. The study presents a number of market mechanisms firms use to accomplish foreign transactions. Termed "New Forms of International Investment", these strategies involve non-equity (i.e. contractual/cooperative) and minority-equity arrangements. Hypotheses concerning the transaction cost nature and the impact of managerial perceptions of several explanatory factors were developed and tested using data gathered from a questionnaire survey of, and interviews with, executives from 66 MNCs and 31 MNBs. The results of the research provide evidence that while firm-specific characteristics offer firms opportunities to evaluate their strengths and weaknesses in relation to given overseas markets, host country-specific characteristics offer a complementary platform for assessing the optimum mode of entry. Also, managerial perceptions of the nature and importance of these factors and their impact on the diversification strategy of the firm were found to be significant in entry mode choices. The greater the perception of distortion propensities in a host country, the more likely resources, insofar as they would be transferred at all, would be transacted via new forms. There was no evidence to support the literature contention that the use of the new forms is a particular phenomenon of developing countries. These findings were reinforced by the interview results.
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Harper, Jeffrey D. (Jeffrey David). "Alternative investment opportunities in real estate for individual investors." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68187.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (p. 79-80).
This thesis will evaluate whether an unsatisfied need to access private commercial market real estate investment opportunities exists on the behalf of individual investors via their Individual Retirement Accounts (IRAs) and 401(k)s and, if so, what the optimal investment structure is to accommodate that need given certain investment parameters. Institutional Investors, with few exceptions, maintain some percentage of their investment portfolios in commercial real estate assets. That allocation to real estate assets can be achieved in any combination of the following investment vehicles: direct ownership (separate accounts), public real estate investment trusts (REITs), closed and open-ended commingled private equity funds, and joint ventures with local partners or developers. According to the Pension Real Estate Association (PREA), the average institutional investor currently allocates approximately 9% of its investment portfolio to real estate, with public REITs only serving as 5% of that allocation. The remaining 95% is composed of direct investment, closed and open-ended commingled funds, and joint ventures. Institutional investors have a long time horizon and a myriad of resources at their disposal to optimize their asset allocations. But can individual investors with similar long-term liabilities replicate institutional real estate strategies within their own retirement portfolios? Individual investors are increasingly becoming their own fiduciaries through defined contribution programs; defined benefit plans' percentage of total retirement assets in the US has been in significant decline for decades, with no sign of reversal. Real estate is an important asset class for pension plans in terms of providing current yield, inflation protection and diversification; it should be equally important in individual investors' portfolios. This thesis argues that one way for individual investors to efficiently gain private market commercial real estate investment exposure is through a multi-manager core fund held within a collective investment trust.
by Jeffrey D. Harper.
S.M.in Real Estate Development
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Gouveia, André Gonçalves Pinto de. "An alternative stock index for benchmarking portuguese investment funds." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/10136.
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Mestrado em FinançasO índice PSI 20 é o padrão de referência por excelência da Euronext Lisboa. No entanto, os gestores de fundos portugueses que investem em ações nacionais podem não ter a possibilidade de replicar a carteira do PSI 20, devido às restrições ao investimento impostas pela regulação europeia para os mercados financeiros, nomeadamente as Diretivas UCITS. Este trabalho vai analisar até que ponto estas limitações podem ser impeditivas da performance dos fundos de investimento. É feita uma caracterização da legislação aplicável, bem como do segmento de fundos de investimento em ações nacionais que atuam no mercado nacional. Criou-se um índice alternativo ao PSI 20 para o período 2004-2011, respeitando os limites legais ao investimento, que servirá como benchmark da performance da amostra de fundos de investimento, que inclui todos os fundos em atividade durante o período completo em análise. Verificou-se que a nova série de rendimentos do mercado obtida, conquanto não sendo estatisticamente diferente do PSI 20, apresentou um retorno superior e volatilidade ligeiramente inferior. Procedeu-se à avaliação da performance utilizando indicadores clássicos. Os resultados obtidos sugerem que a maior diversificação imposta pela legislação não tem necessariamente um impacto negativo sobre os retornos obtidos, e que a comparação com um índice sujeito às mesmas regras dos fundos não leva a conclusões mais favoráveis à gestão ativa. Não se encontrou qualquer prova que os gestores de fundos, enquanto grupo, consigam obter de forma consistente uma performance acima do retorno do mercado, ajustado pelo risco.
While the PSI 20 blue-chip index has been widely used as a benchmark for the Portuguese stock exchange, it may not be replicable by fund managers due to investment limits imposed in UCIT European regulation. This dissertation compares the relative performance of a set of Portuguese mutual funds against both the standard PSI 20 benchmark and a modified version which fully respects said limits. Results show that the greater diversification imposed by the legal rules does not necessarily imply a sacrifice in terms of returns, and that no evidence was found of consistent, abnormal returns by active management, when evaluated by the modified benchmark.
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Rezec, Michael. "Alternative approaches in ESG investing : four essays on investment performance & risk." Thesis, University of St Andrews, 2016. http://hdl.handle.net/10023/8127.
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ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.
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Yläinen, E. (Emilia). "Evaluation of alternative capital investment projects:authoring a fictional teaching case." Master's thesis, University of Oulu, 2017. http://urn.fi/URN:NBN:fi:oulu-201706062569.
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The aim of this thesis is to create a framework to analyze capital investment projects. The teaching case was designed as a byproduct of this thesis which is targeted to be used as a teaching material in a university level investment management course. The goal of the fictive teaching case is to encourage students to become enthusiastic about making investment decisions and in all challenge the process. The case should help students to generally observe problems around investment decision-making, and make it easier to analyze investment projects. This thesis presents a solution approach to consider the investment opportunities of the fictive teaching case.
The capital investment possibilities of the case are evaluated through cash-flow estimation. This thesis suggests that first when evaluating alternative capital investment projects, the firm’s management should consider the firm’s own goals for the future. The goal reveals also much about the risk bearing capacity of the firm. For example, if the firm’s goal is to grow it acts differently than when it is just trying to survive to the next month. After recognizing the future goals and analyzing the risks of the possible investment opportunities, the net present values of the possible investment opportunities are calculated. Generally, it can be said that one should invest in every project that is worth more than its cost. This thesis proposes that managers should consider risks and their own firm’s goals along with the firm’s net present value after choosing one new investment opportunity.
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Buettner, Haiko R. M. "The European Alternative Investment Fund Manager Directive (AIFMD) : impacts on existing alternative fund managers' traditional business models." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/5445/.
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This thesis investigates the impact of an EU-directive (directive 2011/61/EU) regarding the administration of alternative investments by fund managers (AIFMs) on the business models of AIFMs which became effective on June 22, 2013. This new fund regulation is expected to affect the business models of traditional AIFMs that were not previously subject to regulation but now have to comply with these rules. The potential effect of the Alternative Investment Fund Manager Directive (AIFMD) has been subject to contentious debate in the past. However, the outcomes of the AIFMD have not previously been considered post implementation and so will be investigated for the first time by this research thesis. This thesis explores the changes already driven by the AIFMD to understand its impact on traditional business models. These changes are currently initiated by fund managers in order to ensure a sustainable business. This thesis also investigates how the marketplace in which fund managers operate will change as a result of the AIFMD and how this change will impact traditional business models. Since the AIFMD only recently became effective, no quantitative data is available. Therefore, this research is based on exploratory research starting with an online survey sent to 200 fund managers managing different types of small, medium and large Alternative Investment Funds. The online survey asks general questions about the fund manager’s business, such as size, jurisdictions, investment types, etc. It also reveals the extent to which business models have been adapted to the requirements, in particular the operating conditions of the AIFMD and which requirements still need to be employed by the respective fund manager. Based on the results of the online survey, a small number of fund managers were chosen for personal interviews representing different types and size of managed funds as well as a variety of country locations. The samples were chosen in that way to allow generalization of the research findings for a broad range of different fund managers with different business models. The personal interviews enable confirmation of the findings achieved by the online survey as well as providing a deeper understanding of how fund managers perceive the impact of the AIFMD on their business model. The form of the interviews is flexible with open and spontaneous questions appropriate to the specific interview situation. This enables a more complex and sophisticated view of the change of traditional business models. Since the AIFMD was only recently realized and currently several AIFMD documents, such as specific guidance, is still outstanding, additional research is needed. Additional research could consider more quantitative data that is not yet available.
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Boyce, Gizelle Marie. "An examination of whether the protection of Investment Act represents a successful alternative to bilateral investment treaties." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25200.
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The aim of this thesis is to examine whether South Africa's recently promulgated Protection of Investment Act represents a viable alternative to the bilateral investment treaty regime. In undertaking this examination, the bilateral investment treaty regime which preceded the Protection of Investment Act was first reviewed and some of the typical clauses found in these treaties were examined. Pursuant to this examination, the Foresti arbitration, through which a group of Italian and Luxembourgish investors challenged South Africa's affirmative action measures in the mining industry on the basis of the bilateral investment treaties that South Africa had entered into, was then introduced. The author examined the claim made in Foresti, South Africa's response and the final award. The next Chapter then turned to the effects of the Foresti arbitration, which set in motion South Africa's review of the BITs it had entered into, and then the eventual termination of these BITs and replacement with the Protection of Investment Act. In answering the central question of this thesis, a clause by clause analysis of the Protection of Investment Act was conducted in order to determine whether that Act is able to satisfy the deficiencies highlighted in the BIT review pursuant to Foresti. In conducting this analysis, the author highlighted some notable omissions in the Protection of Investment Act. Through this review and comparison, it was concluded that the Protection of Investment Act fails as a viable alternative to the bilateral investment treaty regime for a number of reasons, and in particular for crystallising the flawed BIT regime through a legislative savings provision. A better alternative for South Africa would have been renegotiating historical BITs based on a Model BIT incorporating the necessary amendments to rectify the perceived BIT limitations as highlighted in South Africa's BIT review.
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Alkhataybeh, Ahmad Abdallah. "Determinants of research and development on the alternative investment market (AIM)." Thesis, University of Birmingham, 2018. http://etheses.bham.ac.uk//id/eprint/8343/.
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This doctoral thesis investigates the incentives that affect the decisions of firms to undertake R&D investment and examining the impact of financial constraints on the levels of R&D expenditure of AIM-listed firms in the UK. The thesis comprises six chapters. The first chapter provides an introduction to the research, followed by an overview of the Alternative Investment Market in Chapter 2. Chapter 3 investigates the incentives that influence a firm’s decision to carry out R&D investment. The key empirical findings from a dynamic logistic regression suggest that large sized firms are better at generating innovative activities, that young firms tend to be more likely to innovate, that competitive markets are better at stimulating innovative activities, and that corporate income tax rates have a positive impact on this probability. Chapter 4 explores the impact of financing constraints on the levels of R&D expenditure. Using a system GMM estimator, the empirical findings suggest that working capital buffers R&D levels from transitory financial shocks, thus avoiding the high adjustments costs associated with any change in levels of R&D investment. Chapter 5 investigates the impact of the proceeds from the disposal of fixed assets on R&D expenditure. In contrast to prior literature, the main findings of this chapter suggest that there is a negative association between R&D expenditure and the cash raised from voluntary asset sales, indicating severe binding financing constraints. Practical implementations, promising ideas for future research, and the main findings of this research are summarized in the concluding chapter of the thesis.
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Mamani, Sanabria Israel. "Blockchain: An alternative approach for recognition and enforcement of Investment Treaty Arbitration awards." Thesis, Uppsala universitet, Juridiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-443526.
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An issue in investment treaty arbitration is the extreme effort needed to obtain recognition and enforcement of an arbitral award. Even though the 1958 New York Convention was signed to simplify the process of recognition and enforcement of a foreign arbitral award, in the new digital world, the recognition and enforceability risks of authenticating an investment treaty arbitral award need to be reconsidered. Ultimately, it is the enforceability of the award that gives credence to the entire arbitration process and justifies the costs and time that the parties of a dispute have invested in the resolution process. Thus, upcoming technologies like blockchain could be a part of the future in Investment Treaty Arbitration (ITA) to provide more efficiency and benefits for the rendering an arbitral award. With blockchain, ITA awards could be rooted in digital code, stored in a transparent platform, and protected from removal, tampering, and modification, resolving the necessity to prove the existence of a duly rendered award, previnting additional costs and procedures. The thesis discusses how blockchain could solve recognition and enforcement issues in an investor-state dispute resolution (ISDS) scenario. It introduces legal aspects of the possible application of blockchain technology in investment treaty disputes. It has the purpose to study the possible benefits that blockchain could bring to Investment Treaty Arbitration with particular attention to the recognition and enforcement of investment treaty arbitration awards. The peculiarity of blockchain technology is that it might represent an opportunity to restructure the investments protection paradigm by implementing a trustworthy, transparent, more affordable, highly standardized, time-stamped and automated recognition and enforcement of ITA arbitral awards. Finally, blockchain might not be the solution to all the problems of ISDS. However, it offers a foundation that can bring a new entire value chain by guaranteeing immediate recognition and enforceability of arbitral awards and getting rid of the deficiencies that the actual system has. This would give more legal certainty to the parties of the ITA in the recognition and enforcement of award on investor-state disputes.
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Kujenga, Tinodiwanashe. "Alternative fixed income indexation: A study on fundamental indexes in the South African corporate bond market." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15566.
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Indexation serves as a cornerstone of the asset management field. As such, asset managers across the globe are constantly testing different methodologies to find one which provides consistent superior performance against the rest. While previously, market capitalization weighted indexes have been the popular and simpler method to implement, the search of outperformance has evolved from only focusing on picking securities from larger institutions and has expanded to trying out various weighting methods so as to maximize on the best performing instruments. As yet, there is no definite winner, with the success of most methods being largely influenced by the type of market for which the index is intended as well as the macro-economic environment prevailing during the period. However, the fundamental indexation method has recently gained popularity, particularly in the global equity markets. This research paper explores the method of fundamental indexation and applies it to the corporate fixed income section of the South African market. The main aim is to determine whether the significant outperformance, which has been found in global fixed income markets as well as global and domestic equity markets, will hold true when the method is implemented on domestic bonds. This investigation uses the current domestic market corporate bond index, the OTHI, as a benchmark against two alternative bond indexes created using the fundamental indexing methodology. The first alternative index is a direct replication of the OTHI and has identical constituents to those of the original. This is called the OTHI_ALT. However, finding that the OTHI is heavily influenced by the debt issues of the government and other parastatal companies, a second more diverse index is created. This is named the SAFI_ALT, which maintains the same number of constituents in each period as the OTHI, but uses different universe selection methods and thus has different constituents. The study creates four sub-indexes for both the OTHI_ALT and the SAFI_ALT, using the fundamental metrics of the companies whose securities are included in the index. The fundamentals used are Sales, Cash Flow and Book Value, and in addition a Composite of all three fundamentals.
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Inal, Vedi Nuri. "The investment function : an examination of the neoclassical conception of the interest elastic aggregate investment demand function and a proposed alternative." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.627490.
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Madigele, Loago Thabang wa ga Mmamogapi Banking & Finance Australian School of Business UNSW. "Relative performance of alternative investment vehicles: hedge funds, funds of funds, and CTA funds." Awarded by:University of New South Wales. School of Banking and Finance, 2005. http://handle.unsw.edu.au/1959.4/32313.
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This thesis examines the degree to which alternative funds deviate from their style-benchmark and how this is related to past performance and fund size, and how it impacts future risk and returns. Additionally the thesis examines how security selection and market timing skills differ across varying degrees of deviation from the benchmark. The thesis uses data for hedge funds, funds of funds, and CTA funds from the Center for International Securities and Derivatives Markets and employs fund???s tracking error relative to their style-benchmark to estimate the level of drift. The style-benchmarks used are the median return for all reporting funds that follow a particular style and funds are assigned a benchmark based on their self-reported style. First, this thesis documents statistically significant differences in the tracking errors of portfolios of funds with the highest tracking error versus funds with the lowest tracking error, implying that some managers drift from their self-reported style-benchmarks. Second, funds??? benchmark-inconsistency is less severe in the case of funds that have a regulatory obligation to disclose their performance, suggesting that the absence of regulation fosters an environment where managers can be more flexible with their investment approach. Third, the tendency to drift from the benchmark is most prevalent amongst funds with superior past performance as well as small funds. Fourth, future total portfolio risk increases as funds display more benchmarkinconsistency, suggesting that managers adopt riskier strategies as they attempt to enhance returns. Fifth, the thesis demonstrates that CTA funds that display drift from their benchmark produce higher absolute and relative returns in subsequent periods regardless of the direction of the general market. In contrast, the findings show for hedge funds and funds of funds, benchmark-inconsistent funds are likely to outperform in bull markets and underperform in bear markets. Finally, this thesis shows that more benchmark-consistent managers have better security selection skill. The main contribution of this thesis is in identifying the group of hedge funds, funds of funds, and CTA funds that are likely to deviate from their self-reported style-benchmark and the risk-return consequences of such deviations. The findings have implications for investors and regulators.
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Bainbridge, Bronwen. "An alternative private sector investment approach to achieve independence and resilience in KwaZulu Natal." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33666.
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Local and foreign aid and investment has been ploughed into Africa for many years with an intended purpose of eradicating poverty. Despite significant capital inputs, certain parts of Africa continue to suffer from symptoms of poverty evidenced by inequality, hunger and social decay. This study evaluated an alternative approach to investing in poverty eradication, examine the quality of life and economic impacts of family units in Kwazulu Natal, South Africa. The study employed the exploratory sequential mixed methods research approach on a sample of seven cases across four sectors. The results of the qualitative analysis identify the Inputs, Activities, Outputs, Outcomes, Measurement and Impact. The results of the quantitative analysis show that in every family unit, their poverty status reduced over the 12- month measurement period. Further analysis on specific aspects of the family's poverty status are discussed, including consumer spending and debt ratios. The findings The findings show significantly positive over the investment period. Income increased, savings increased, monthly spending power increased, and monthly debt obligations decreased. Recommended studies fo further findings are required to determine long-term impact as the investment period for the cases studies was only 12 months. Further study is also required on the internal motivation of each human involved that propels them to escape poverty at different rates using the resources available within their ecosystem. Further research on cases that use differing investment approaches is recommended in order to compare results under each research objective.
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Cardoso, Pedro Miguel Martins. "Exchange-traded funds as an alternative investment option : evidence from the portuguese fund industry." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14324.
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Mestrado em Economia Monetária e FinanceiraUma análise comparativa da rentabilidade através de estatística descritiva, regressões e capacidade replicação do benchmark foi realizada para Exchange-traded Funds (ETFs), fundos de investimento de índices e de ações e o respetivo benchmark (PSI 20) para o período compreendido entre 2010 e 2015 para a indústria portuguesa de fundos de investimento. Para um horizonte temporal mais alargado (2010 - 2017), foi analisada a existência de diferenças (e a sua persistência) entre o preço do ETFs e o seu respetivo valor de unidade de participação (VUP). Concluiu-se que o ETF analisado não apresenta sempre uma melhor rentabilidade relativa (diferença entre a rentabilidade do fundo e do benchmark) por comparação com fundos de investimento de índice. Não obstante, o ETF exibe uma maior capacidade não só de replicar o benchmark quando este varia negativamente, como também de diminuir a volatilidade das diferenças entre a sua rentabilidade e a do benchmark. Ainda relativamente ao ETF, verifica-se que o mesmo se encontra, em termos médios, a negociar a um valor baixo de desconto (0,00007 €), existindo evidência de persistência destes desvios para pelos menos dois dias de negociação.
A comparative descriptive statistics, regression and index tracking return investigation between Exchange-traded Funds (ETFs), Index and Equity mutual funds and their respective benchmark during the 2010-2015 period is conducted for the Portuguese fund industry. For a larger interval (2010 - 2017), ETFs are tested for price inefficiency (existence of deviations between prices and the Net Asset Value) and its persistence. It is found that ETF do not always outperform index funds in replicating the variations of the PSI 20 index, despite exhibiting better tracking ability when facing downside deviations of the benchmark and a better capacity of smoothing tracking deviations. Regarding ETFs price efficiency and its persistence, the study reveals that the analyzed ETF is priced at a low average discount of €0.00007 with evidence of deviations persistence of at least two days.
info:eu-repo/semantics/publishedVersion
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Aidoo, Richard. "China-Ghana Engagement:An Alternative Economic Liberalization in SubSaharan Africa." Miami University / OhioLINK, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=miami1279069734.
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Niklewski, Jacek. "Multivariate GARCH and portfolio optimisation : a comparative study of the impact of applying alternative covariance methodologies." Thesis, Coventry University, 2014. http://curve.coventry.ac.uk/open/items/a8d7bf49-198d-49f2-9894-12e22ce2d7f1/1.
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This thesis investigates the impact of applying different covariance modelling techniques on the efficiency of asset portfolio performance. The scope of this thesis is limited to the exploration of theoretical aspects of portfolio optimisation rather than developing a useful tool for portfolio managers. Future work may entail taking the results from this work further and producing a more practical tool from a fund management perspective. The contributions made by this thesis to the knowledge of the subject are that it extends literature by applying a number of different covariance models to a unique dataset that focuses on the 2007 global financial crisis. The thesis also contributes to the literature as the methodology applied also enables a distinction to be made in respect to developed and emerging/frontier regional markets. This has resulted in the following findings: First, it identifies the impact of the 2007–2009 financial crisis on time-varying correlations and volatilities as measured by the dynamic conditional correlation model (Engle 2002). This is examined from the perspective of a United States (US) investor given that the crisis had its origin in the US market. Prima facie evidence is found that economic structural adjustment has resulted in long-term increases in the correlation between the US and other markets. In addition, the magnitude of the increase in correlation is found to be greater in respect to emerging/frontier markets than in respect to developed markets. Second, the long-term impact of the 2007–2009 financial crisis on time-varying correlations and volatilities is further examined by comparing estimates produced by different covariance models. The selected time-varying models (DCC, copula DCC, GO-GARCH: MM, ICA, NLS, ML; EWMA and SMA) produce statistically significantly different correlation and volatility estimates. This finding has potential implication for the estimation of efficient portfolios. Third, the different estimates derived using the selected covariance models are found to have a significant impact on the calculated weights and turnovers of efficient portfolios. Interestingly, however, there was no significant difference between their respective returns. This is the main finding of the thesis, which has potentially very important implications for portfolio management.
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Ou, Jitao. "A study of forecasting performance of alternative option pricing models on option return and market volatility." HKBU Institutional Repository, 2018. https://repository.hkbu.edu.hk/etd_oa/546.
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In this thesis, we investigate the forecasting problem for option return and future volatility in financial market. The first part of this thesis is to study the option return skewness effect and the negative correlation between asset return and volatility. We propose a measure of ex-ante measure of option return skewness which accommodates the negative return-volatility relationship in asset returns. We investigate how time-to-expiration and moneyness affect the skewness and return of an option. Furthermore, we show that our proposed measure has extra benefits in forecasting option returns. In the second part, we test the information contents of implied volatility derived from stochastic volatility option pricing model and also examine the potential benefit of including the model's implied volatility of volatility in forecasting future volatility and volatility risk premium. Our study finds that the inclusion of volatility of volatility factor has significantly reduced the downward bias of the slope coefficients. Most importantly, the ex-ante volatility of volatility has significant predictive power on the ex-post volatility premium. In the third part, we study the incremental benefit of adding skewness in predicting future realized volatility. The study finds that consistent with the empirical findings in the first part, realized volatility is negatively related to their skewness measure which provides a downward adjustment of the implied volatility forecast.
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Martignier, Romain Paul. "Private equity regulation: what are the consequences of the alternative investment fund managers directive (AIFMD) on private equity managers?" reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/14093.
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The recent global financial crisis brought significant regulatory changes in the worldwide financial industry. In Europe and in the alternative asset sector specifically, a new regulation by the name of Alternative Investment Fund Managers Directive saw the daylight in 2010. This far-reaching and complex Directive with the main goal of regulating and overseeing alternative investment funds has triggered many discussions and represents an industry game-changer. Thus, this research will focus on the impact and consequences of the Directive on private equity fund managers and the role of regulators. In other words, what are the effects, what does that mean in a quantitative and qualitative sense, and how is it likely to influence the outlook of this asset class? In order to provide the reader with an extensive view on the topic, the paper will first discuss relevant theory and literature, using mix-methods and legal-dogmatic approaches. Further, descriptive case studies, analysis of existing surveys, and interviews with industry experts will supplement the paper in order to understand primary implications of the Directive with the goal of providing useful insights for further private equity regulation research.
A recente crise financeira global trouxe mudanças regulatórias significativas no setor financeiro em todo o mundo. Na Europa e no setor de ativos alternativos especificamente, um novo regulamento com o nome de Directiva Gestores de Fundos de Investimento Alternativos viu a luz do dia em 2010. Este abrangente e complexa directiva, com o principal objetivo de regulamentar e fiscalizar os fundos de investimento alternativos provocou muitas discussões. Assim, esta pesquisa vai se concentrar sobre o impacto e as consequências da directiva relativa aos gestores de fundos de private equity e o papel dos reguladores. Em outras palavras, quais são os efeitos, o que isso significa em um sentido quantitativo e qualitativo, e como ele é susceptível de influenciar as perspectivas de esta classe de activos? A fim de fornecer ao leitor uma ampla visão sobre o tema, o papel vai primeiro discutir teoria e literatura relevante, usando mixmétodos e abordagens jurídico-dogmático. Além disso, estudos descritivos de caso, análise de inquéritos existentes e entrevistas com especialistas da indústria irá complementar o papel de forma a compreender as implicações principais da directiva com o objetivo de fornecer informações úteis para pesquisas futuras private equity regulamento.
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Thomas, Nordia D. "Time frame and its impact on commodity trading advisor performance." Link to electronic thesis, 2004. http://www.wpi.edu/Pubs/ETD/Available/etd-0503104-183909/.
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Britain-Renecke, Cézanne. "Potential alternative sources of funding South Africa's land redistribution programme in its agricultural sector." University of the Western Cape, 2011. http://hdl.handle.net/11394/3048.
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Kyei-Mensah, Justice. "Wealth effects of mergers and acquisitions for US firms : using alternative pricing models." Thesis, Aston University, 2011. http://publications.aston.ac.uk/15737/.
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This empirical study employs a different methodology to examine the change in wealth associated with mergers and acquisitions (M&As) for US firms. Specifically, we employ the standard CAPM, the Fama-French three-factor model and the Carhart four-factor models within the OLS and GJR-GARCH estimation methods to test the behaviour of the cumulative abnormal returns (CARs). Whilst the standard CAPM captures the variability of stock returns with the overall market, the Fama-French factors capture the risk factors that are important to investors. Additionally, augmenting the Fama-French three-factor model with the Carhart momentum factor to generate the four-factor captures additional pricing elements that may affect stock returns. Traditionally, estimates of abnormal returns (ARs) in M&As situations rely on the standard OLS estimation method. However, the standard OLS will provide inefficient estimates of the ARs if the data contain ARCH and asymmetric effects. To minimise this problem of estimation efficiency we re-estimated the ARs using GJR-GARCH estimation method. We find that there is variation in the results both as regards the choice models and estimation methods. Besides these variations in the estimated models and the choice of estimation methods, we also tested whether the ARs are affected by the degree of liquidity of the stocks and the size of the firm. We document significant positive post-announcement cumulative ARs (CARs) for target firm shareholders under both the OLS and GJR-GARCH methods across all three methodologies. However, post-event CARs for acquiring firm shareholders were insignificant for both sets of estimation methods under the three methodologies. The GJR-GARCH method seems to generate larger CARs than those of the OLS method. Using both market capitalization and trading volume as a measure of liquidity and the size of the firm, we observed strong return continuations in the medium firms relative to small and large firms for target shareholders. We consistently observed market efficiency in small and large firm. This implies that target firms for small and large firms overreact to new information resulting in a more efficient market. For acquirer firms, our measure of liquidity captures strong return continuations for small firms under the OLS estimates for both CAPM and Fama-French three-factor models, whilst under the GJR-GARCH estimates only for Carhart model. Post-announcement bootstrapping simulated CARs confirmed our earlier results.
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Lim, Jongha. "Three essays on the effect of alternative investors on corporate finance." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1311002674.
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Altinsoy, Gozde. "Time Varying Beta Estimation For Turkish Real Estate Investment Trusts: An Analysis Of Alternative Modeling Techniques." Master's thesis, METU, 2009. http://etd.lib.metu.edu.tr/upload/3/12611309/index.pdf.
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This study investigates the time varying behavior of the betas (systematic risk) for the Turkish REIT sector in an attempt to identify whether the betas for the Turkish REITs are stable and if not whether the declining trend valid for the REIT betas of many developed and developing countries is also observed for the Turkish REITs. Three different techniquesnamely, Diagonal BEKK (DBEKK) GARCH model, the Schwert and Seguin model and the Kalman Filter algorithm, are employed in order to estimate and analyze the time varying betas of the Turkish REIT sector over the period 2002-2009. The empirical results suggest that, similar to many other countries, betas are not stable in the Turkish REIT sector. The general view of a declining beta trend for the REITs appears to prevail for Turkish REITs as well, reinforcing the defensive characteristics of these publicly traded real estate companies. Comparing the relative forecast accuracy of the three techniques employed, Schwert and Seguin model performs the worst both for weekly and daily data
whereas the Kalman Filter and the DBEKK Garch models provide the lowest forecast errors for the weekly and the daily data, respectively. This study also shows that the use of the data sets with different frequency could lead to different empirical findings.
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Ali, Arshad. "Implications of international financial reporting standards on small and growing sector : the alternative investment market experience." Thesis, University of Liverpool, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.569116.
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This study evaluates the extent to which the adoption of International Accounting Standards has affected the small and growing companies quoted on the Alternative Investment Market (AIM). Following the 2002 EU regulation, companies listed on the main London Stock Exchange have adopted International Accounting Standards from 2005, while for AIM companies this requirement to comply with international standards was extended until 2007. At the same time, these companies were allowed to follow International Financial Reporting Standards (IFRS) on a voluntary basis from 2005, resulting in the provision of a unique setting to investigate the pre and post mandatory regime. In addition, AIM companies are comparatively different with respect to size, regulation, and ownership structure. It has been observed in previous literature that accounting rules will provide different :esults in different economic and institutional settings. This study takes this opportunity to analyse the importance and magnitude of implications of the International Accounting Standards to the companies quoted on the Alternative Investment Market by using -a dual theoretical lens: positive accounting theory and decision usefulness theory. A multi-method approach IS applied 111 the pursuit of discovering the implications of international accounting standards on small quoted companies. A questionnaire survey was used as the main research tool for collecting data from the senior financial executives of the sampled companies. This was followed by analysis of the reconciliation statement: a mandatory transitional document produced upon each company's adoption of International Financial Reporting Standards (IFRS). Finally, semi-structured interviews were conducted to supplement and check the reliability of the findings of the questionnaire survey and the reconciliation statement analysis. Both parametric and non-parametric statistics were applied to examine any variation between the opinions of the respondents. The results suggest that the senior financial executives of the sampled companies perceive the introduction of International Accounting Standards as nothing more than a technical accounting exercise, due to its effects on the outside world. The findings also reveal that the companies have not observed the purported benefits of reporting under IFRS. Moreover, the results demonstrate that voluntary adopters, relatively bigger in size, have been benefiting to some extent. On the other hand, most of the companies who waited until the adoption of IFRS became obligatory consider it as an additional burden and a costly exercise for very little or no benefit. More specifically, the results suggest that these implications are closely associated with the size of companies and conclude that size matters in both the adoption and implications of IFRS. These results would be useful for non-listed small and medium size entities and large private entities likely to use IFRS on a mandatory basis on or after 2014. As later evidence than 2005 listed companies, implementation reflects system learning and increased regulatory convergence of the UK and IFRS. This study therefore contributes to the impact of adoption in terms of compliance costs and improved disclosures rather than just reporting measurement differences for AIM quoted companies. As such, this study provides cost-benefits information on a major change in accounting regulations, which may inform future regulatory changes, including the introduction of IFRS for private companies.
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Levy, Jeffrey Elliot. "Financing alternative development through double bottom line private equity funds & a real estate social investment framework." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33049.
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Thesis (M.C.P. and S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.Includes bibliographical references (p. 150-156).
The post-WWII period has seen a radical change in the growth patterns and composition of American cities, as a decentralized form of real estate development, conventional development, has become the dominant real estate development paradigm. As conventional development has become pervasive it has contributed to a host of negative economic, social, and environmental impacts. Growing dissatisfaction and concern over these negative impacts has given rise to development models that seek to accommodate the demand for new built space through alternative spatial forms, development locations, development practices, and development products. Collectively called "alterative development", these development models seek to minimize or eliminate potential negative social and environmental externalities caused by real estate development. While alternative development has gained some traction in the real estate development industry, it still faces significant barriers. Chief among these barriers is the lack of access to reasonably priced debt and equity capital. As the availability of financial capital is one of the key factors determining what gets built, when, and where, the lack of access to capital for alternative development has profound effects on the economic, social, and environmental health of our communities.
(cont.) This thesis argues that one solution to overcoming the financing barrier, and expanding access to capital for alternative development projects, is through the development of a "real estate social investment" framework and the use of this framework to guide the investment decisions of capital delivery vehicles that can deliver reasonably priced capital to alternative development projects that produce financial returns plus social and environmental returns (the double bottom line). This thesis offers suggestions on what a real estate social investment framework might entail and how the financial, social, and environmental return components could be measured and evaluated. This framework is then used as a lens through which to examine the existing practice of double bottom line (DBL) real estate private equity investment funds. Through analyze of existing theory and practice surrounding social investing and double bottom line real estate private equity funds, recommendations are proposed to advance both the practice of DBL real estate private equity funds and the development and maturation of a real estate social investment industry.
by Jeffrey Elliot Levy.
M.C.P.and S.M.
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Khalil, Rosette. "Finance alternative : quels sont les avantages?" Thesis, Pau, 2021. http://www.theses.fr/2021PAUU2090.
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L’Investissement Socialement Responsable (ISR) qui est qualifié d’investissement « éthique », « vert » ou « durable » est établi sur un principe similaire qui repose sur le principe des investissements ESG. Ainsi, la finance islamique, à travers le filtrage sectoriel qu’elle impose, représente une option d’investissement socialement responsable intéressante. On considère qu’à travers le développement durable, les objectifs de l’ISR et de la finance islamique sont convergents. Créé en Janvier 2009, par « Satoshi Nakamoto », de nombreuses devises virtuelles comme Bitcoin sont fortement intéressés à faire partie du portefeuille de services du système financier islamique.La thèse est divisée en quatre chapitres. Dans le premier chapitre, nous illustrons l’histoire et l’expansion de la finance islamique dans le monde entier. Nous montrons la croissance de la finance islamique dans les pays musulmans et les pays non musulmans également. Nous mentionnent également les principales transactions appliquées par les institutions financières islamiques et qui sont fondées sur la loi islamique « Shariah ». Nous mentionnons en conséquence de manière simplifiée les articles interdits dans l’Islam.Dans le deuxième chapitre, nous étudions l’efficacité de 41 banques islamiques pures opérant dans 5 pays du CCG pour la période 2004 et 2017. Nous évaluons la rentabilité de nos banques en tenant compte de trois intrants et de trois extrants. Nous comptons sur deux orientations différenciées en termes de contraintes : orientation des entrées et orientation des sorties. Pour ce faire, nous nous appuyons sur la méthode du coût stochastique frontière et de l’enveloppe des données. De nos résultats, nous voyons que les banques islamiques opérant dans la région du CCG ne fonctionnent pas sur la frontière des coûts efficaces peut-être en raison de l’inefficacité de la gestion et de l’utilisation abusive des facteurs de production. L’utilisation d’une approche axée sur la production ne modifie pas de façon significative les résultats obtenus. Dans ce contexte, les résultats ont montré que les scores d’efficacité ne pouvaient pas être expliqués uniquement par des ratios financiers, car ils sont liés à des facteurs externes correspondant à l’inefficacité X et à l’environnement économique.Dans le troisième chapitre, nous étudions les caractéristiques de Bitcoin comme monnaie virtuelle par rapport à quatre indices islamiques. Nous nous appuyons sur les modèles de la famille Garch pour détecter le niveau et la persistance de la volatilité pendant la période de 2010 à 2018. Nous comptons également sur le modèle de commutation de Markov pour étudier la durée de persistance des indices pendant le régime à faible risque et le régime à haut risque. De nos résultats, nous remarquons que les indices islamiques et Bitcoin ne sont pas immunisés contre les chocs financiers. Cependant, la persistance de la volatilité du Bitcoin est plus importante que le cas du marché boursier islamique. En outre, nous confirmons le rôle de Bitcoin comme couverture pendant les moments normaux et comme refuge pendant les moments d’anxiété.Dans le quatrième chapitre, nous étudions l’interaction entre trois indices islamiques et leurs homologues durables. Nous appliquons le modèle de décalage réparti autorégressif pour voir l’existence de la relation à court et à long terme entre indices. Dans la deuxième étape, nous utilisons la causalité de fréquence de domaine pour étudier la causalité dynamique et sa directe entre chaque indice islamique et sa contrepartie. Nos résultats montrent l’existence d’un équilibre à long terme et la position des marchés boursiers comme compléments principalement à court terme et substituts à long terme. Les résultats de causalité « fréquence par fréquence » montrent l’existence d’une relation de causalité à court terme entre les trois marchés boursiers viables et leurs homologues islamiquesSocially Responsible Investing (SRI) which is described as “ethical”, “green” or “sustainable” investing is established on a similar principal which is based on the principle of ESG investments. Thus, Islamic finance, through the sector filtering it imposes, represents an interesting socially responsible investment option. It is considered that through sustainable development, the objectives of SRI and Islamic finance are converged. Created in January 2009, by “Satoshi Nakamoto”,many virtual currencies like Bitcoin are strongly interested to be a part of the services portfolio of the Islamic Financial system.The thesis is divided into four chapters. In the first chapter, we illustrate the history and the expansion of Islamic finance worldwide. We show the growth in terms of Islamic finance in Muslim countries and non-Muslim countries as well. Wealso mention the main transactions applied by Islamic financial institutions and which are based on the Islamic law “Shariah”. We mention accordingly in a simplified manner the prohibited items in Islam.In the second chapter, we study the efficiency of 41 pure Islamic banks operating in in 5 GCC countries for the period 2004 and 2017. We estimate the cost efficiency of our banks by considering three inputs and three outputs. We rely on twoorientations which differentiate in terms of constraints: input orientation and output orientation. In order to do this, we rely on the cost stochastic frontier and data envelopment method. From our results, we see that the Islamic banks operating in the GCC region do not operate on the efficient cost frontier maybe due to managerial inefficiency and misuse of production factors. The use of the output-oriented does not change the obtained results significantly. In this context, the results showed that the efficiency scores could not be explained solely by financial ratios, as they are related to external factors corresponding to the X-inefficiency and economic environment.In the third chapter, we study the characteristics of Bitcoin as a virtual currency versus four Islamic indices. We rely on Garch family models to detect the level and the persistence of volatility during the period 2010 until 2018. We also rely onthe Markov switching model to study the duration of persistence of the indices during low risk regime and high risk regime. From our results, we notice that Islamic indices and Bitcoin are not immune to financial shocks. However, thevolatility persistence of Bitcoin is more important than the case of Islamic stock market. In addition, we confirm the role of Bitcoin as a hedge during normal moments and as a safe haven during moment of anxiety.In the fourth chapter, we study the interaction between three Islamic indices versus their sustainable counterparts. We apply the autoregressive distributed lag model to see the existence of the short-run and long-run relationship between theindices. In the second step, we use the Domain frequency causality to study the dynamic causality and its directness between each Islamic index and its counterpart. Our results show the existence of a long-run equilibrium and the position of the stock markets as complements mainly on the short term and substitutes on the long-term. The “frequency-byfrequency” causality outputs show the existence of a causal relationship on the Short-term between the three sustainable stock market and their Islamic counterparts
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Puplampu, Suzy Aku Akpene. "Product Diversification to Improve Investment Returns for High-Net-Worth-Individuals in Ghana." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4675.
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The population of high-net-worth-individuals (HNWIs) in Ghana is projected to increase from 2,400 in 2015 to 4,900 by 2024. HNWIs in Ghana desire to have access to alternative investment instruments to enhance diversification and improve investment returns on their portfolios. Guided by the product-market-grid-model, the purpose of this qualitative multiple case study was to explore diversification strategies some fund managers use to improve returns for HNWIs. Twelve participants from 3 investment firms in the Greater Accra Region of Ghana, including CEOs and fund managers with more than 5 years of professional and industry experience, participated in semistructured interviews. Observations and company documents served as secondary sources of data collection. Five themes emerged from the analysis of interview and document data: investment objectives and risk appetite level, product availability, asset allocation, limited knowledge and lack of sophistication, and, performance benchmarking. Findings may be used by fund managers to combine knowledge and innovation in identifying alternative investment options for HNWIs and improving investment returns. HNWIs may use their disposable income from returns to engage in entrepreneurial activities that may create employment opportunities and improve the economic environment in Ghana.
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Buxton, Mark Edward. "ESCALATION OF COMMITMENT AND THE EFFECTS OF THE PRESENCE OF AN ALTERNATIVE INVESTMENT, MAGNITUDE OF LOSS AND MONITORING: STOPPING A PROJECT WHICH IS 90% COMPLETE." OpenSIUC, 2008. https://opensiuc.lib.siu.edu/dissertations/248.
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Previous studies have shown the continuation of a failing project occurs in many aspects of business and government, and that the commitment to and continuation of a previous decision can even apply to waiting on a bus, attending a play and mountain climbing. The continuation of a failing project or decision has also been called escalation of commitment. Several theories have been suggested to explain the reasons managers continue failing or doubtful projects. Among those theories are Agency Theory, Self-Justification Theory, Prospect Theory, Approach Avoidance Theory, Self-Efficacy Theory and National Culture Theory. This study incorporates Agency Theory, Approach Avoidance Theory and Self-Justification Theory to explain the effects of an alternative investment, magnitude of loss and monitoring on the likelihood of continuing a project. The experimental design of the study was a 2 (presence of an alternative investment: yes or no) x 2 (monitoring: low or high) x 3 (magnitude of loss: low, medium or high) between-subjects factorial design. Likelihood of continuing a project was measured in two ways: first, dichotomously (either "yes" the subjects continued the project, or "no" they did not) and second, on a 0-100 continuous scale. Data were analyzed using an analysis of variance for both dependent variables, as well as a priori contrasts to make planned comparisons. As predicted, main effects were found for the presence of an alternative investment and magnitude of loss. However, no significant effect was found for monitoring. It was also hypothesized that the combination of the presence of an alternative investment, "high" monitoring and "high" magnitude of loss would be enough of a psychological deterrent to cause decision makers to stop the project, even though it was 90% complete. However, this prediction was not validated. Interestingly, though, the combination of the presence of an alternative investment, "high" magnitude of loss and "low" monitoring was enough to cause decision makers to stop the project at a level significantly less than by chance for the continuous dependent variable, and marginally significant less than by chance for the dichotomous dependent variable. Most importantly, these findings suggest for the first time that decision makers are willing to stop a project even though it is 90% complete.
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Lekander, Jon. "Institutional Real Investments : Real Estate in a Multi-Asset Portfolio." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-196536.
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The purpose of this thesis is to analyze real estate investments from the vantage point of an institutional multi asset investor perspective, both in terms of the potential benefits real estate can bring as well as the challenges it can pose. The thesis consists of six papers and approaches the research question from three distinct perspectives. The quantitative papers consists of paper 1 and 5. Paper 1 analyses the portfolio characteristics of domestic and international real estate in a mean variance framework over seven investor domiciles. It is found that the optimal allocation to real estate is in the range of 15-25 percent depending on domicile of the investor. The fifth paper expands the analysis in paper one by expanding the data. Furthermore, the analysis is extended to investigate how the structure of the real estate portfolio can support a diversification objectives best. Papers 2, 3 and 4 are the market related papers. Paper 2 compares the suggested allocation weights with the allocation to real estate of institutions in four countries, and finds that the actual allocation is significantly lower and that all investor domiciles have a significant home bias. The third paper discusses changes in the institutional framework of real estate markets and the size of the investment universe. Paper 4 discusses various entry points to the real estate market, and how an investor can utilize these in order to adjust the characteristics of the real estate portfolio. The sixth and last paper is qualitative, and investigates how institutions managing pension capital handle real estate. QC 20161115
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Pretorius, Anri. "Investigating the financial implications of alternative water heating systems / Anri Pretorius." Thesis, North-West University, 2012. http://hdl.handle.net/10394/8450.
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Background: Electricity tariffs charged by Eskom have sharply increased over the past three years, with a 25% annual increase approved by Nersa until April 2012. There is no indication on what to expect in the future with regard to electricity tariffs. Many South Africans are searching for ways to save on their monthly electricity bills by seeking out alternative water heating systems. Solar geysers became a popular investment option, but this might not be the best options available on the market.
Purpose: The purpose of this study is to determine the most financially viable investment option in order to reduce electricity cost when it comes to water heating systems for use in households. This is done by comparing the capital expenditure and operational cost needed with the financial benefits generated by the investment, taking into consideration the size of the household.
Design and method: A literature study was done on the different alternative water heating systems in order to obtain a better understanding of how these systems operate and what savings they can generate. Different investment appraisals were identified and a literature review was performed in order to identify the most appropriate investment appraisals for the purpose of this study. It was found that the net present value, equivalent annual annuity, internal rate of return, modified internal rate of return, accounting rate of return, discounted payback period and the economic value added were the best investment appraisal methods to use for the purpose of this study.
Findings and conclusion: It was found that the five investment options identified in the literature review would all, to some extent, be financially viable to implement within households with high as well as low volume hot water consumption. All the investment appraisals gave positive outcomes. The conclusion was made that a saving will be generated on the monthly electricity bill no matter what alternative water heating system were to be installed in the place of a conventional geyser.
Recommendations: It is recommended that a household with low volume hot water consumption should install a time switch as this investment option renders the highest IRR, MIRR, ARR and discounted payback period. The second best investment option for a household with low volume hot water consumption is a heat pump and the third best option is a gas geyser. For a household with high volume hot water consumption, the best investment options is again a time switch, as this renders the best IRR, MIRR, ARR and discounted payback period. The second best investment option is a heat pump, with a gas geyser as the third best investment option.
Value of the research: This study focuses on five alternative water heating systems for a household within South Africa in times where electricity charges sharply increase. The financial viability of each of the alternatives is determined through various investment appraisals and the best option can be identified by comparing the outcomes of the alternatives. Furthermore, each individual is able to determine the viability of the alternatives by using the Excel model attached to this study and by inputting his/her own variables, where applicable.
Research limitation: Limited literature was available on the different alternative water heating systems. No indication could be found of the maintenance cost of the different water heating systems. Assumptions had to be made with regard to households, although no two households are the same.
Areas for further research: The same study could be performed, but with the focus on small businesses and large organisations. Furthermore, a study could be performed to determine the appropriate discount rate for individuals as well as the maintenance cost for water heating systems.Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2012
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Flores, Saul Domingo. "Cost benefit analysis of wind turbine investment in Oberlin, Ohio." Oberlin College Honors Theses / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1354547391.
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Kálalová, Jana. "Řízení tvorby umělecké sbírky jako investiční příležitosti." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-195512.
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This diploma thesis is dedicated to the phenomenon of art collecting, which under certain circumstances can be considered as an alternative investment. The aim of the thesis is to examine the possibilities of art collecting and investing in the context of both Czech and world art markets, and determine whether art collecting is a form of investment that can generate future profit. Another goal of the thesis is the creation of recommendations that can help collectors create a quality collection while increasing its value over time, no matter if the collection is to be sold afterwards or not. The thesis is divided into several parts. In the first part I describe the collecting itself, various types of collections, significant collectors and also the institutionalized forms of collections in the Czech Republic and abroad. After that I talk about the art market regarding its selling channels together with their advantages and disadvantages for collectors. Subsequently I focus on the price-making process on the art market which creates the base for the next chapter about investing in art where I describe types and rules of investing in art, and afterwards I define the rules regarding the management of an art collection in general with emphasis on its appreciation. In the end I show a practical example of the artworks price development using the artworks of one well-known Czech artist, where some of the formal theoretical statements are applied about investing in art and building an art collection. The whole thesis is assembled together with the opinions of experts from the art field in the form of expert interviews by adding their practical notes continuously to the text.
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Lapointe, Vincent. "Essays on corporate social responsibility and socially responsible investment." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1093/document.
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Notre thèse traite des thématiques de la responsabilité sociétale des entreprises (RSE), de sa relation avec la performance économique et financière de l’entreprise, et de l’investissement socialement responsable (ISR). Ces thématiques ont récemment gagné en popularité, favorisées par un contexte de crise économique et environnementale. Notre thèse se compose de quatre principaux chapitres. Notre premier chapitre est une revue de la littérature académique sur la RSE et l’ISR. Nous proposons une revue interdisciplinaire de la littérature académique partagée entre l’économie et les sciences de gestion (éthique appliquée aux entreprises, stratégie et finance). Notre second chapitre est une analyse empirique de la relation entre RSE et performance financière de l’entreprise sous l’angle du coût du capital. Nous nous intéressons à l’impact de la publication d’une notation de la politique de RSE d’une entreprise sur la liquidité de ses titres et la taille de sa base d’actionnaires. Nos troisième et quatrième chapitres sont des analyses des propriétés de portefeuilles d’ISR construits à l’aide de nouvelles méthodes d’allocations. Ainsi nous analysons comment des stratégies d’allocations basées sur le risque modifient la performance des portefeuilles d’actifs financiers émis par des émetteurs ayant une politique de RSE, et réciproquement comment un univers d’investissement composé uniquement d’émetteurs ayant une politique de RSE modifie les propriétés de ces allocations alternativesOur thesis examines corporate social responsibility (CSR) and how it is linked to a firm’s economic and financial performance, as well as socially responsible investment (SRI). With the current environmental and economic uncertainty, these issues are attracting increasing interest. Our thesis is organized in four chapters. Chapter 1 is a literature review on CSR and SRI. We propose an interdisciplinary review of the academic literature in both economics and management sciences (ethics applied to business, strategy and finance). Chapter 2 is an empirical analysis of the relationship between CSR and a firm’s financial performance in terms of cost of capital. We look at the impact of publishing an evaluation of the firm’s involvement in CSR on the liquidity of its stocks and the size of its investor base. Chapter 3 and Chapter 4 are analyses of the characteristics of SRI portfolios built according to new allocation methodologies. We analyze how risk-based allocations impact the performance of the portfolios of financial products of issuers involved in CSR, and reciprocally, how a universe of investment composed of the financial products of issuers involved in CSR impacts the properties of these alternative allocations
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Sangray, Sudesh Ram. "Semi-strong form efficiency of lowly capitalized firms : the case of the alternative investment market, (AIM) UK : an investigation of event study based abnormal returns using the single index market model." Thesis, University of Bedfordshire, 2004. http://hdl.handle.net/10547/550404.
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This thesis examines the impact of company announcements on the daily stock returns of lowly capitalised companies. A total of 105 companies comprise the sample and 1464 events are examined over the period 21110/97 to 03/0412000. The methodology employed is primarily, empirical in nature. Event studies are conducted to gauge the impact of company announcements on stock returns using the single index market model (SIMM) as the chosen equilibrium market model for modelling abnormal returns. The study professes three mam contributions to knowledge. The empirical evidence suggests that financial announcement have a more timely impact on stock returns than non-financial announcements. Secondly, there appears to be significant over-reaction and mean-reversion exhibited by lowly capitalised firms. Thirdly, the speed of adjustment of stock prices to new information is increased in cases where shareholder concentration is high while over-reactions appear inversely proportionate to shareholder concentration. This may be a consequence of smaller firms experiencing leakage of boardroom level information prior to public announcement days.
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Zouioueche, Dalil. "Les hedge funds : "Contribution à la connaissance des acteurs de la compétitivité réglementaire." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01D068.
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Les hedge funds sont devenus des acteurs incontournables des marchés financiers et, pourtant, ils demeurent toujours inconnus ou «mal connus» à la fois par le grand public, les régulateurs et les juristes. À l’heure du bilan de la directive AIFM qui avait pour ambition de proposer une réglementation ambitieuse de l’industrie des hedge funds au sein de l’Union européenne, il convient de revenir sur ces entités dont l’histoire, les stratégies, le statut juridique, les caractéristiques et le régime juridique demeurent, encore, flous. La thèse vise à proposer une définition et un portrait-robot précis des hedge funds via leur identification par leurs caractéristiques, qu’elles soient propres ou empruntées à d’autres entités. Un hedge fund n’est pas un fonds de gestion collective ni une forme juridique à part entière. Un hedge fund peut revêtir tout type de forme sociale et sera communément considéré comme tel dès lors que l’entité s’emploiera à adopter certaines stratégies d’investissement et disposera d’une structure de rémunération et organisationnelle particulière. Ces dernières sont des indices permettant la caractérisation d’un hedge fund dont la nature juridique est quasi-exclusivement celle d’un fonds.Le hedge fund en tant que fonds est, selon le droit français, dépourvu, à tort, de la personnalité juridique alors même qu’il dispose de tous les attributs juridiques nécessaires à une telle reconnaissance. La présente étude démontre que le législateur français a ôté la personnalité juridique à la forme sociale originelle du hedge fund en droit français alors que les arguments en faveur de cette reconnaissance étaient plus convaincants. Un hedge fund en tant que fonds s’apparente davantage à une société hybride qu’à un numéro de compte. Cette théorie s’appuie principalement sur l’argument selon lequel il existe une personnalité morale embryonnaire où la personnalité juridique serait graduelle selon l’entité concernéeHedge funds have become key players in financial markets and are still unknown or « poorly known » by the general public, regulators and lawyers. At the time of the review of the AIFM directive which aimed to propose an ambitious regulation of the hedge fund industry within the European Union, it is necessary to return to these entities whose history, strategies, legal status, characteristics and legal regime remain, still, unclear. The thesis aims to propose a definition and an accurate robot portrait of hedge funds through their identification by their characteristics. These characteristics are both specific to hedge funds and borrowed from other entities. A hedge fund is not a collective fund or a legal form in its own right. A hedge fund can take any legal form and will be commonly considered as such when the entity strives to adopt certain investment strategies and will have a particular compensation and organizational structure. These characters are clues allowing the characterization of a hedge fund whose legal nature is almost exclusively that of a fund. However, the hedge fund as a fund is, under French law, wrongly deprived of legal personality even though it has all the legal attributes necessary for such recognition. The present study demonstrates that the French legislature removed the legal personality from the original social form of the hedge fund in French law while the arguments in favor of this recognition were more convincing. A hedge fund as a fund is more like a hybrid company than an account number. This theory is based mainly on the argument that there is a cohabiting legal personality where the legal personality is gradual depending on the entity concerned
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Zavadil, Marek. "Alternativní investice v soudobém období nízkých úrokových sazeb." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319429.
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The subject of the diploma thesis is to evaluate the development in post-crisis years and to determine the impacts that affect the current financial investment environment in the USA but also its future and create the prerequisites for other risks, which the market can affect in the next perspective and influence the global development. On this basis, a portfolio of the mutual fund will be drawn up, according to the assignment of its manager with an alternative investment component, which can adequately complement it in the current period of low interest rates.
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Roihjert, Samuel, and Viktor Åhlander. "Real estate as an investment alternative in an environment with low interest rates and inflation – A comparison between Japan and Sweden." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190176.
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Today’s market situation for real estate and property developers in Sweden is very unique. It is characterized by low to negative interest rates and low to no inflation. However, many of the existing economic theories are based on positive interest rates and a positive inflation. This has resulted in uncertainties for investors and market players how to assess this new situation and be able to adequately predict how this will affect the real estate market. The purpose of this thesis has been to investigate how a low interest rate and inflation environment affects real estate, as an investment alternative. The thesis looks closer on the Japanese market since they have had a low interest rate and inflation environment from the middle of 1990’s. The thesis has investigated what kind of relationship that exists between the return but also the prices from real estate and different macroeconomic variables such as the interest rate, the inflation and the GDP growth. The thesis has been performed at Vasakronan, a leading property company in Sweden. Vasakronan management has provided valuable guidance and assisted in making prioritizations of the very extensive data material. Real estate can be considered a good investment alternative and that they still generate a rate of return over time in a low interest rate and inflation environment. Furthermore the findings show that the interest rates and the inflation do not have any direct effect on the real estate returns in a low interest rate and inflation environment. However, we have found that it exist other variables that affect the real estate returns which in turn are affected by the interest rates and the inflation meaning that the returns for real estate are indirectly influenced by the interest rates and inflation. One of the most important variables is the GDP growth, which has an influential impact on the real estate returns. The demand and supply for real estate as well as the expectation concerning the future is also variables that influence the real estate market and returns. As long as the economy is growing as well as the demand is high and future expectations is positive, real estate can still be considered to be a relative secure and good investment.Dagens situation på fastighetsmarknaden är väldigt unik. Den är präglad av låga och negativa räntor och låg inflation. Många av de existerande ekonomiska teorierna är baserade på positiva räntor och en positiv inflation. Detta har resulterat i osäkerheter på marknaden hur denna situation kan komma att påverka fastighetsmarknaden i framtiden. Syftet med detta arbete är att undersöka hur fastigheter som ett investeringsalternativ uppför sig i en miljö med låga räntor och inflation. I arbetet undersöker vi närmare Japans fastighetsmarknad eftersom de har haft låga räntor och inflation enda sedan mitten av 1990-talet. Vi kommer vidare undersöka vad för relation som existerar mellan både avkastningen på fastigheter och fastighetspriserna gentemot olika makroekonomiska variabler. De makroekonomiska variablerna är räntan, inflationen och ekonomisk tillväxt i form av BNP. Detta arbete har skrivits i sammarbete med Vasakronan, Sveriges största fastighetsbolag där de har assisterat oss I nödvänding vägledning under arbetsprocessen. Beträffande hur fastigheter uppför sig i en miljö med låga räntor och inflation som är observerat idag har vi funnit att de fortfarande genererar en avkastning över tid och kan anses som ett bra investeringsalternativ. Vi har funnit att räntorna och inflationen inte verkar ha samma direkta effekt som kunde förväntas gällande avkastningarna för fastigheter i en miljö med låga räntor och inflation. Däremot har vi funnit att det existerar andra variabler som påverkar fastigheters avkastning, vilka är direkt påverkade av räntorna och inflationen. Det betyder att räntorna och inflationen ändå indirekt påverkar fastigheters avkastningar. En av de viktigaste faktorerna är den ekonomiska tillväxten som har en tydlig påverkan på fastigheters avkastning och priser. Utbud och efterfråga tillsammans med framtida förväntningar är också viktiga variabler som påverkar fastighetsmarknaden och deras avkastningar. Så länge det existerar ekonomisk tillväxt tillsammans med optimistiska förväntningar på framtiden och en hög efterfrågan så kan fastigheter betraktas som en god och ett säkert investeringsalternativ
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Romão, Ana Lúcia da Silva. "O investimento e a estratégia das empresas portuguesas em Moçambique." Master's thesis, Instituto Superior de Economia e Gestão, 1998. http://hdl.handle.net/10400.5/4087.
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Mestrado em Gestão/MBAPotenciar e sustentar, a prazo, a competitividade empresarial pela via da internacionalização é um desafio e uma inevitabilidade, num enquadramento de interdependência das economias, globalização dos mercados e mundialização da concorrência. Num mundo onde a competição é simultaneamente causa e efeito de investimentos adicionais, o envolvimento em negócios internacionais parece ser condição fundamental para atingir uma massa crítica necessária ao sucesso empresarial. Com efeito, a economia portuguesa está presente deste desafio e as empresas nacionais sabem que terão que enfrentar novas realidades, num crescente processo de globalização, em que as novas estratégias a adoptar são factores cruciais da sua dinâmica. Moçambique reúne hoje condições que fazem do país um destinatário privilegiado do investimento português no exterior, podendo as empresas nacionais aí encontrar oportunidades para desenvolver com sucesso a sua competitividade, baseada numa estratégia de liderança ao nível dos custos. Neste contexto, propomos uma abordagem do DDE implementado pelas empresas portuguesas em Moçambique, efectuando uma análise integrada do tema entre 1985 e 1998. Depois de uma reflexão na óptica económica do processo histórico recente de Moçambique, procedemos a uma análise dos principais instrumentos legais de enquadramento e dos incentivos ao investimento, merecendo também o ambiente de investimento atenção especial na estrutura do presente trabalho. Para além de alguma contribuição que venha a ter em termos teóricos, a utilidade deste estudo, ao propor-se identificar tais elementos, reside na possibilidade de poder confrontar as empresas e os potenciais investidores com as realidades macro e micro económicas e em fazer uma análise comparada das várias experiências das empresas que estão já a operar no mercado moçambicano.
In the short term, empowering and supporting the entrepreneurial competition by internationalization is a challenge and inevitable in an interdependent context of economies, globalization of markets and worldview of the competition. In a world where the competition is a simultaneous cause and effect of additional investments, the involvement in international business seems to be a fundamental condition to achieve a critical mass necessary to entrepreneurial success. In this context, the Portuguese economy is aware of this challenge and national enterprises know that they have to face new realities in a growing process of globalization, where new strategies still to adopt are crucial factors of its success. Today Mozambique gathers conditions that make the country a privileged destiny of Portuguese investments abroad, where national enterprises can find opportunities to develop their competition based on the adoption of a cost leader strategy. In this context, we propose a study of direct investment abroad followed by Portuguese enterprises in Mozambique, with an integrated analysis of this theme from 1985 to 1998. Afterwards, we reflect upon Mozambique's recent history in an economic optic, analyzing the most important legal instruments and investments incentives. More than just a theoretical contribution, this study is also important because we can compare enterprises and potential investors with macro and micro realities and we can also make a comparative analysis of various experiences of the enterprises that are already operating in Mozambique's market.
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Kozáková, Kateřina. "Mezinárodní obchod s uměleckými předměty." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-199902.
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The present diploma thesis deals with international art trade. It is divided into four chapters. The first chapter introduces key market agents and describes briefly the art market history. It also shortly evaluates the current market situation. The second chapter describes major international art trade centers and analyses key market patterns and electronic trading. The third chapter provides overview of regulations and rules at the US, EU, and Chinese art markets. The last chapter compares investment into art with selected other investment options. This chapter includes also a case study concerning Picasso's late works on paper. The theoretical part of the thesis aims to provide comprehensive overview of the international art trade. The objective of the case study is to analyze evolution of a narrowly defined art market segment in a given period and to compare it with the development of global art market and also with the presumptions resulting from the theoretical part. The other objective of the case study is to compare the return on investment of this art market segment with respect to the S&P 500 shares and gold.
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Buxton, Mark E. "Escalation of commitment and the effects of the presence of an alternative investment, magnitude of loss and monitoring : stopping a project which is 90% complete /." Available to subscribers only, 2008. http://proquest.umi.com/pqdweb?did=1674088891&sid=10&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Thesis (Ph. D.)--Southern Illinois University Carbondale, 2008."Department of Accountancy." Keywords: Alternative investments, Escalation, Magnitude of loss, Monitoring. Includes bibliographical references (p. 104-112). Also available online.
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Liljeström, Oskar. "Efficiency of cryptocurrency exchanges : Risk exposure analysis of identical assets." Thesis, Högskolan Kristianstad, Fakulteten för ekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-20048.
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The cryptocurrency market is continuously growing but is still a relatively unexplored field within academic research. The ambition with this thesis is to increase existing research on market efficiency of cryptocurrencies, by studying the risk exposure of identical investments between different cryptocurrency exchanges. The study includes four cryptocurrencies and nine different exchanges, the data is tested on a full sample period and two subsample periods. The results reveal significant Sharpe ratio differences for identical investments on selected exchanges, but also improved efficiency between the first and second subsample periods. The study concludes that there are significant market inefficiencies on the cryptocurrency market, but the results also suggests that the market is becoming more efficient over time.
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Гаврилова, В. В. "Перспективи розвитку альтернативної енергетики в Україні." Thesis, Сумський державний університет, 2017. http://essuir.sumdu.edu.ua/handle/123456789/64280.
Full textAbstract:
Тема альтернативної енергетики актуальна вже не один рік, навіть не одне
десятиліття. Перехід до відновлюваних джерел енергії критично важливий
для всього світу, крім того, міра цієї необхідності навіть частково перекриває
кризу інвестиційної привабливості таких проектів.
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Rydberg, Elias. "Bolånefonder – Framtidens bolånefinansiering? : En jämförelse med säkerställda obligationer." Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276751.
Full textAbstract:
Målet med denna rapport är att undersöka vad bolånefonder är, och hur de skiljer sig mot säkerställda obligationer. Avgränsningar görs till att endast ta upp svenska aktörer, och framförallt bostadskreditinstitutet Stabelo. Arbetet baseras på en kvalitativ metod där skillnader i säkerhet för bolånen, finansieringsstruktur, risk, avkastning samt tillsyn, kapitalkrav och riskhantering analyseras genom att bland annat studera bankers och bostadskreditinstitutet Stabelos belåningsgrad och avkastningskurvor. Skillnaderna mellan de två finansieringsformerna är, sett till vad de åstadkommer, inte stora. En slutsats är däremot att det finns en väsentlig skillnad i hur finansieringssätten är strukturerade, och att denna skillnad kan attrahera olika investerare.The goal with this bachelor thesis is to examine what an alternative investment fund is, and how it differs from covered bonds. The report is limited to only covering Swedish market participants, and therein especially the alternative investment fund by Stabelo. The report takes a qualitative approach, where differences in financing structure, risk, yield as well as governance, capital requirement and risk management are being analysed, through studying the yield and underlying loan-to-value of banks and Stabelo. The differences between the two forms of financing, in the perspective of what they accomplish, are not immense. However, a major conclusion is that the difference lies in the way they are structured, and that this difference might suits different investors.
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Al-Abdulla, H. A. "Qatar's investment alternatives." Thesis, University of Bradford, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.381047.
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