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Lucha, Christopher Ryan. "Virginia Agritourism: A Profitability Analysis." Thesis, Virginia Tech, 2014. http://hdl.handle.net/10919/50498.
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Agritourism in Virginia is a rapidly growing industry that adds additional income to a farming operation, and helps mitigate risk. Therefore it has become a good strategy for farmers to generate higher levels of profit, but much of the literature in Virginia and surrounding states focuses more on the motivations of operators for starting their agritourism venture. Thus, the purpose of this paper is to empirically analyze demographic, operational, and financial factors and evaluate their correlation with higher levels of profit. The first step was to apply key factors in industrial location discussed by Sloagett and Woods (2003) to agritourism in Virginia.
Next, a survey was conducted to produce primary source data on Virginia agritourism operators and how these success factors relate to their ventures. Initial findings suggest a very homogenous demographic amongst operators. In addition, there were four other main findings. First, promotion is highly important and there is a need for increased road signage in Virginia. Second, additional income is a large motivator among operators and 76% of operations indicated their business was somewhat profitable. Third, those near the metropolitan areas of Virginia Beach, Roanoke, and Washington, D.C. tended to have the highest perceived profitability. Finally, operators are highly afflicted by obstacles such as road signage, finding qualified employees, and taxation, all of which can be addressed or mitigated by the state government.
The final portion of this paper tests the relationship between these factors and profitability of agritourism operations in Virginia. The empirical results reveal that those operators with a motivation for addition income and higher levels of education, with more acreage, with a higher percentage of their gross farm income attributed to agritourism, and those, on average, that have greater money spent per visitor all correlate with higher levels of profit. On the other hand, the following characteristics appear to have a negative effect on agritourism profits: wineries, greater estimated time to the nearest interstate and difficult access to capital. Assuming operators of agritourism venues seek to maximize profits, these findings illustrate to current and future operators how to adjust procedures and improve their business strategies.Master of Science
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MORENO, MENDAZA JOSEBA. "SOLAR COLLECTORS FOR AIR HEATING : PROFITABILITY ANALYSIS." Thesis, Högskolan i Gävle, Avdelningen för bygg- energi- och miljöteknik, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-16963.
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Solar energy constitutes one of the main alternatives for facing the energy problems of the future, taking into account the foreseeable depletion of the fossil fuels. Transpired solar air collectors are relatively simple alternatives, which do not need a continuous supervision and are mostly maintenance free. Their life cycle is relatively high, around 25 years, and the total investment can be fully recovered in the short-term. The aim of this master’s thesis is to analyze the feasibility of installing transpired solar air collectors as secondary systems in big industrial buildings, for heating purposes. The collectors would be designed for compensating the heat losses of a building which is mainly heated up by a heat pump system. Precisely, this work tries to evaluate the profitability of installing these collectors in Gävle, taking into account the particularities of this location in the considered study. This project work is focused on testing if these systems can provide enough thermal energy for heating up big-sized industrial buildings. For this purpose, firstly, the heat demand of the building for each month was calculated; secondly, the maximum output from the collector was estimated, using WINSUN simulator; and, finally, the energy difference that had to be covered by the main system was calculated. Once this was done, the yearly running cost for the main system and the total investment for the transpired air solar collector were estimated. Due to the lack of experimental data, the obtained results can only be taken as approximations. All the calculations and estimations have been made using WINSUN, a simulator that has been configured according to the particularities of the project. The results show that the solar collector provides a total thermal output of 29.700 kWh/year (system which has a total investment of 77.000 SEK). The total heat demand of the building is estimated to be of 87.100 kWh/year, being 51.800 kWh/year fulfilled by the heat pump system (which has a yearly running cost of 24.000 SEK/year). The collector has an average efficiency of 51,04%.
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Whang, Eunyoung. "Profitability Ratio Analysis for Professional Service Firms." Diss., Temple University Libraries, 2010. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/104035.
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Business Administration/AccountingPh.D.
The DuPont analysis is one of the most commonly used financial analysis tools for traditional businesses. It disaggregates return on equity (ROE) into profit margin (PM), asset turnover (ATO), and leverage (LEV) thereby providing value-relevant information relative to aggregated profitability. In this paper, I extend the use of the DuPont model to the professional service industry. The professional service industry has recently become one of the fastest growing segments driving the U.S. economy (USITC 2009, U.S. Census Bureau of Economic Analysis 2009). Unlike traditional businesses whose key business assets are their physical assets, professional service firms rely on human capital assets that are not recognized in the balance sheet. I introduce a profitability ratio analysis model that focuses on human capital. I validate the model by examining whether the disaggregated profitability ratios for professional service firms add relevant information over aggregated ratio in the same way as they do for traditional businesses. I use law firms as a representative segment of the professional service sector to empirically evaluate my model. I collect financial and human resource data for 81 of the 100 largest U.S. law firms from 2000 to 2007 then disaggregate profit per equity partner (PPP) into the three profitability ratios: profit margin (PM), revenue per lawyer (RPL), and leverage (LEV). I compare the absolute forecasting error (AFE) of the simple AR (1) model that uses only the current year profit per equity partner (PPP) to forecast one-year ahead profit per equity partner (PPP) and my model that uses the three profitability ratio model (PM, RPL, and LEV) of current year to forecast one-year ahead profit per equity partner (PPP). I find that using the disaggregated profitability ratios significantly improves forecasting of future profitability relative to using only profit per equity partner (PPP), analogous to similar results documented for the DuPont model in Fairfield and Yohn (2001) and Soliman (2004). I examine which firm characteristics are associated with the profitability ratios. I include four firm characteristics variables (STRUCTURE, SCOPE-INTL, SCOPE-RGNL, and SCALE) that are commonly used in economic analysis of industrial organizations. I find that the profitability ratios are systematically associated with firm characteristics that reveal information on the business models of individual firms. Leverage (LEV) is higher in law firms with non-equity partners (STRUCTURE), international focus (SCOPE-INTL), regional focus (SCOPE-RGNL), or large size (SCALE). Law firms that are large sized (SCALE) or regional focused (SCOPE-RGNL) command premium fee (high RPL) on average, but law firms with international focus or with non-equity partners do not.
Temple University--Theses
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Costa, Raquel Ferreira dos Santos Duarte. "Exploring profitability diversity through financial statement analysis." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/11622.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThe present work intends to serve Financial Statement Analysis courses’ improving students’ learning process, applying real-life examples in assessing and evaluating the ability to use and interpret fundamental data. Common-sized financial statements and other financial ratios for Portuguese and Brazilian companies, operating in three different industries, are provided. Common-sized, used for identifying the industries, allow comparisons between companies that differ in size and whose reports are presented in different currencies. Additional ratios allow a deeper understanding on Return on Equity’s drivers. Case discussion questions include industries’ structure and ROE breakdown analysis, using a variation of the DuPont Model.
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Charneca, Diogo Fernando Aurélio Semião. "Operating profitability in branded pharmaceutical firms." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/11612.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThis work project focuses in operating profitability of branded pharmaceuticals, measured by return on assets (ROA). It gives insights about key ROA drivers, by breaking down this ratio into gross sales margin, assets turnover and operating risk. Data from consolidated financial statements of 26 US- and European-based firms for the period 2007-2011 is used in univariate and bivariate analyses. Results suggested that firm size and country-membership do not significantly correlate with ROA. However, differences between branded pharmaceuticals’ regions are explored and significant correlations are found between operating profitability and strategic choices variables, namely product portfolio diversification, growth choices and investment.
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Piyasil, Pan. "Risk and Profitability of Photovoltaic Technology in Thailand." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-181032.
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Thailand possesses high potential for solar energy, which has been given more attention from both government and the private sector lately. While the major investment in solar energy has gradually shifted from governments to private sectors, this paper aims to compare private investment's net present value (NPV) and production risks of grid-connected photovoltaic (PV) projects. The scope of this paper includes PV projects on three different scales: 3 kW, 5 MW and 73 MW installed capacity in 74 locations across Thailand. The study utilizes RETscreen software to estimate means and variability in electricity productions in Thailand. Cost-benefit analysis is the method used to measure projects’ NPV and profitability, while portfolio theory is applied to capture the profit variability or production risk. The analysis also includes 3 feed-in-tariff (FIT or adder) scenarios that are likely to happen in the solar energy policy in Thailand; which are 8 baht/kWh, 6.5 baht/kWh and the case where there is no support at all. The study finds that 3 kW PV projects yield negative NPV, which means investment losses, in all scenarios and locations in the country. On the other hand, 5 MW PV projects result in positive NPV in all scenarios and locations and it is concluded to be the most profitable scale among three. 73 MW PV projects are considered as policy dependenceas the projectsyield negative NPV without the supports. Sensitivity analysis shows that the costs of 3 kW projects have to reduce at least by 60% in order to turn the projects to profits. With respect to allocation of risk, the production risks of 73 MW projects are slightly higher compared to the other two scales. Also, it is shown that the technologies located in north of Thailand have higher production risks, but yield approximately the same expected net benefits as technologies located in the rest of the country. As for conclusions, the future of PV technology in Thailand is still bright, but the investors should intensely consider about scale and location of the implementation. Further researches can examine other scales of PV technology and the drives behind the risk characteristics in Thailand.
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Young, Darin Clifton. "Profitability Analysis of Forage Based Beef Systems in Appalachia." Thesis, Virginia Tech, 2006. http://hdl.handle.net/10919/33187.
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The largest agricultural enterprise in the Appalachia region of Virginia is livestock production, particularly beef cow calf operations. However; topography and land holding patterns have resulted in a majority of small farms operating part time on less than 150 acres. These farms, while abundant, are not necessarily profitable. Management intensive grazing has been suggested as an alternative to traditional production practices to increase profitability. A profitability analysis was conducted by comparing a traditional style of cow-calf management where hay was produced on farm with a full machinery complement to a management intensive grazing farm where forages are stockpiled and all hay was purchased on farm, requiring minimal machinery investment.
Four farms were simulated using Finpack Farm Management software by utilizing production data from the Virginia Tech Shenandoah Valley Agriculture Research and Extension Center and secondary financial data. The first two farms were listed as having a traditional style of management with hay production and two different stocking rates, 1.75 acres per cow-calf unit and 2.25 acres per cow-calf unit, respectively. Farm 3 and Farm 4 were simulated utilizing management intensive grazing and the two socking rates. It was found that while none of the farms actually show a profit the management intensive farms did outperform the traditional style farms. Farm 3 with the 1.75 acre per cow-calf unit stocking rate was the best performing farm financially. With these findings, beef cow producers will be able to make better management decisions and explore more profitable alternatives.Master of Science
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Hines, Christopher A. "Profitability drivers of farmer cooperatives: a Dupont model analysis." Thesis, Kansas State University, 2014. http://hdl.handle.net/2097/17561.
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Master of AgribusinessDepartment of Agricultural Economics
Brian Briggeman
“Skyscrapers of the plains” is a term which refers to the country elevators spread throughout Kansas and the Midwest, along with the elevators are farmer cooperatives. Farmer cooperatives have been around for more than a century to serve the area farmers as a place to store and market their grain and to purchase their farm inputs. The objective of this research is to identify key profitability drivers of farmer cooperatives of different sizes throughout time. This will be done by using a unique data set gathered from the CoBank’s RiskAnalysis database and examining it with the DuPont model. The project breaks down the data by size, large vs. small, and location. If a cooperative has done more than 100 million dollars in sales in 2010, it was classified as large for the entire time period, all other cooperatives were small. Location was either Kansas or Midwest. In this model, operating profit margin or earns, asset turnover ratio or turns, debt-to-equity ratio or leverage, and spread are examined. Also examined are Return on Assets, the operating performance, and Return on Equity, the financial performance, of the cooperative. Board of Directors and cooperative managers will be able to take this information and hopefully make decisions which make their respective cooperatives more profitable. With the information provided, cooperative managers and Board of Directors will be able to financially compare themselves versus other cooperatives of similar size whether they are in Kansas or in other Midwestern states.
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Andersson, Krohn Robert. "Biomethane via Woodroll® - Investigation of Revenues & Profitability Analysis." Thesis, KTH, Skolan för kemivetenskap (CHE), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-206383.
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Woodroll® is a gasification technology developed by Cortus that produces synthetic gas (syngas) from biomass. Syngas can be used in several different applications. One interesting option is to convert it further into biomethane, which can be used as automotive fuel or replace natural gas in gas grids. The revenues and profitability of biomethane production is heavily dependent on policy instruments and support schemes. These subsidies can be either direct, where the producer receives a feed-in tariff for biomethane production, or indirect, where consumption rather than production is stimulated. This work has investigated which revenues that can be expected from biomethane production via Woodrooll® in Sweden, the Netherlands, Germany, the UK, France and Italy, both in terms of amounts and risks. A profitability analysis have also been carried out to preliminary compare the returns in the different countries, where two different scenarios for different revenues have been analyzed for two different feedstock prices. The results showed that the Netherlands and Italy provides the potentially highest revenues. However, there are uncertainty factors associated with all cases. Sweden and Germany offers indirect support and negative market trends. The Netherlands and the UK are the only options that provide a feed-in tariff for biomethane production via gasification. In the Netherlands the tariff can be secured before making investment decision but is only disbursed for 12 years. The UK offers a fixed feed-in tariff for 20 years but the tariff is secured first after plant start-up and the tariff may be reduced on a quarterly basis. In fact, the tariff has been reduced with 40 % over the last 24 months, but there are discussions on introducing a separate tariff for gasification. Italy has the support schemes that potentially offer the highest revenues, but gasification is currently not eligible for support. The latter also holds for France, which may be an interesting case in the future. If risk is to be minimized, Cortus may either focus on the Netherlands or await the discussions in the UK and France on introducing a gasification tariff. The work on standardization of biomethane use should also be followed since Italy offers the potentially highest return of the investigated countries. It is also recommended to look further for other cases. The best-case scenario for the risk averse is the one that provides a fixed tariff for 20 years and in which the tariff can be secured before an investment decision is taken.Woodroll® är en förgasningateknik som utvecklats av Cortus som producerar syntesgas (syngas) från biomassa. Det finns en rad olika användningsområden för gasen. Ett intressant sådant är att omvandla den till biometan, vilket kan användas som drivmedel eller ersätta naturgas i gasnät. Dock så är intäktern och lönsamheten starkt beroende av stödsystem. Dessa subventioner kan antingen vara i form av en inmatningstariff, där biometanproducenten får en fast peng för biometanproduktion, eller i form av indirekt stöd där konsumtion snarare än produktion stimuleras. I detta arbete har det utretts vilka intäkter som kan förväntas för biometan-produktion genom Woodroll® i Sverige, Nederländerna, Tyskland, Storbritanninen, Frankrike och Italien, både i termer av belopp och risk. En lönsamhetsanalys har också gjorts för att preliminärt jämföra avkastningen för de olika länderna. Två olika scenarier för olika intäkter har analyserats för två olika råvarupriser. Resultatet visade att samtliga länder kan erbjuda attraktiv avkastning. Dock är samtliga fall förknippade med osäkerhetsfaktorer. Sverige och Tyskland erbjuder indirekt stöd och negativa marknadstrender. Nederländerna och Storbritannien är de enda alternativen som ger en feed-in-tariff för biometanproduktion. I Nederländerna kan tariffen säkras innan investeringsbeslut fattats men betalas endast i 12 år. Storbritannien ger en fast tariff i 20 år men kan justeras kvarstalsvis och nivån säkras först efter uppstart av anläggningen. Tariffen har reducerats med 40 % de senaste 24 månaderna, men det pågår diskussioner om att introducera en särskild tariff för förgasning. Italien erbjuder stödsystemet som ger högst potentiella intäkter men biometan från förgasning är inte berättigat för stödet. Det senare gäller också för Frankrike som kan bli ett intressant fall i framtiden. Om det önskas att minimera risken så bör Cortus fokusera antingen på Nederländerna eller invänta diskussionerna om förgasningstariffen i Storbritannien och Frankrike. Arbetet kring standardisering av biometan-användning bör också följas eftersom Italien erbjuder de potentiellt högsta intäkterna. Det rekommenderas också att Cortus tittar vidare på andra alternativ. Det bästa fallet för den risk-aversiva är fallet som ger en fast tariff i 20 år och där stödet kan säkras innan investeringsbeslut fattas.
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Nguyen, James. "An Empirical Analysis of Commercial Bank Profitability in Financially Liberalized Markets." ScholarWorks@UNO, 2006. http://scholarworks.uno.edu/td/1048.
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Chapter 1 of the dissertation investigates the determinants of bank interest margin (NIM) and noninterest income (NII) using a system estimation approach for all commercial banks in a group of 28 financially liberalized countries during the period between 1997 and 2004. The empirical results generally suggest that NIM is directly influenced by operating costs, risk aversion, credit risk, the interaction between interest rate risk and bank risk, bank size, volume of credit, and NII. NIM is negatively related to interest rate risk and capital adequacy. NII is found to correlate positively with NIM, total assets, credit risk, liquidity risk, overhead expenses, and pre-tax profit. The study also finds that NII is inversely related to the level of bank deposits and interest rate risk. The influence of bank concentration on NIM and NII is positive, but generally insignificant. Chapter 2 analyzes the factors that influence two popular bank performance measures: return on equity (ROE) and pre-tax operating income (PTOIAA). Another objective is to test whether the Structure-Conduct-Performance hypothesis holds in a period when banks are increasingly relying on profits from nontraditional activities. Overall, the study finds that both ROE and PTOIAA are positively related to capital adequacy and non-interest income. PTOIAA is directly influenced by non-interest expenses and credit risk. Bank size does not appear to have an impact on ROE and PTOIAA. NII is an increasing function of both ROE and PTOIAA. There appears to be a net gain in overall bank performance associated with banks' increasing involvement in nontraditional activities. Finally, bank market share has no significant impact on ROE or PTOIAA.
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Kockan, Sinem. "Admission control and profitability analysis in dynamic spectrum access data networks." Thesis, Boston University, 2013. https://hdl.handle.net/2144/21194.
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Thesis (M.Sc.Eng.) PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you.Recent regulations by the Federal Communication Commission (FCC) enable network service providers to lease their spectrum to short-term leased secondary users for opportunistic usage. Driven by earlier studies on spectrum leasing for voice and streaming traffic, this thesis derives optimal policies for the admission control of secondary users carrying data traffic. Additionally, it establishes profitability conditions of spectrum leasing. We consider a processor sharing network where bandwidth is equally shared among all users with no partitioning. We further consider homogeneous and elastic data traffic: All the users have the same traffic characteristics and adjust their access rate to the available bandwidth in the network. The contributions of this thesis are the following: First, we analyze the joint problem of bandwidth allocation and admission control of secondary users. Under the assumption of Poisson session arrivals and balanced bandwidth allocations, we show that the steady state distributions of the number of active users in the network are insensitive to track characteristics beyond their means. This result holds for arbitrary occupancy-based admission control policies. Next, we prove that the optimal occupancy-based admission control policy of secondary users is of threshold type, which means that secondary user arrivals are accepted when the total number of active users in the network is below a certain threshold; otherwise, they are rejected. Finally, under optimal occupancy-based admission control, we characterize profitable prices. We show that profitability is insensitive to the secondary demand function. We identify a price, referred to as the break-even price, that makes opening the network for secondary spectrum access profitable. Thus, we show that admitting secondary users when the network is empty is profitable for any price greater than the break-even price. Remarkably, all of our results hold for realistic data traffic models assuming Poisson session arrivals and general flow size distributions.
2031-01-01
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Muroyiwa, Mildreat. "An Analysis of the Profitability of Savings Groups in South Africa." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30399.
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This research investigated the factors that determine the profitability of Savings Groups in South Africa using the Ordinary Least Squares model (OLS). Over the years, savings groups have increased their reach within the rural poor in South Africa who are often not reached by financial services. Financial inclusion has been a topical issue in South Africa over the past two decades due to the legacy created by apartheid, which deliberately excluded much of the population from economic participation. Specifically, the research analysed savings groups specific factors such as number of members in a group, savings as a percentage of loans outstanding, average annualised savings per member, total savings among others and how they affect profitability which is proxied by, return on assets (ROA) and return on savings (ROS). The sample data was made up of purely of secondary data from 31 projects representing 3477 Savings Groups in South Africa, that with a total membership of approximately 66 911 and was extracted from the Savings Groups International Exchange (SAVIX), an international data platform. The data used was annualised cross-sectional data. The main findings were that, total number of members (TNM) and total assets (TA), are positive and significant in explaining return on assets (ROA), while total number of groups (TNG), and total savings (TS) are negative and significant in explaining return on assets (ROA). When return on savings (ROS) was used instead as a dependent variable, total number of members, and total assets remained positive and significant in explaining return on savings. Total number of groups, total savings, total value of outstanding loans, dropout rate and average number of members per group were all significant but negative in explaining return on savings. All other variables were insignificant for both dependent variables. Return on assets and return on savings were both adopted as profitability measures in the study to cater for the possible differences in constitution of the two variables. Also considering that the research was based on savings groups, it was deemed suitable to see if the independent variables posed any significant effect on the core business of the groups, which is savings. The study contributes to the currently limited literature on profitability of savings groups. The results show that there could be some factors that can be manipulated to enhance the profitability of savings groups hence the results can inform policy formulation and regulation. The results also give an indication that some of the factors that affect the profitability of banks may also be the same for savings groups.
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Stepanova, Maria. "Using survival analysis methods to build credit scoring models." Thesis, University of Southampton, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.364729.
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Ryals, Lynette. "The total value of the customer and targeted marketing strategies." Thesis, Cranfield University, 2002. http://dspace.lib.cranfield.ac.uk/handle/1826/10618.
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The literature shows some recent calls for an end to 'unaccountable' marketing (Rust et al., 2001; Sheth and Sharma, 2001) and the use of customer lifetime value as an appropriate marketing metric (Rust et al., 2001). Some commentators recommend the application of shareholder value measures to the valuation of customer relationships (Uyemara, 1997; Mariotti, 1996). The thesis evaluates the application of shareholder value measures to the valuation of customers. Shareholder value involves both risk and return; therefore, the thesis argues, the risk of the customer or segment has to be identified before that customer's role in creating shareholder value for an organisation can be assessed. In addition, Relationship Marketing suggests that customer relationships have value in ways that are not easy to capture using traditional customer profitability analysis. The thesis explores different methods of valuing relationship benefits. As a result of the literature review, a model of the total value of the customer is developed which defines the Total Value of the Customer as the lifetime economic value of the customer (customer lifetime value adjusted for risk), plus the value of relationship benefits (Referral and Reference Effects, and Learning and Innovation). The model is operationalized using shareholder value measures and then tested in two collaborative research projects. The research finds that managers in the participating companies do not have good information about the lifetime value of their customer relationships. Evidence of changes in strategy as a result of a better understanding of the value of the customer is found. The research contributes to theory and knowledge through defining and calculating the Total Value of the Customer; demonstrating the application of shareholder value measures to the valuation of customers; finding and measuring relationship benefits measuring customer risk; and finding a link between the value of the customer and targeted marketing strategies.
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Saraiva, Sandra Manuela Liz. "Potencial económico do aproveitamento das águas pluviais para uso doméstico na Região de Lisboa." Master's thesis, ISA/UL, 2015. http://hdl.handle.net/10400.5/9208.
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Qu, Shuo. "Models and software for improving the profitability of pharmaceutical research." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:1a73a652-9e85-4952-b6ef-8aeb83917cdf.
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Pharmaceutical R&D is time-consuming, extremely costly and involves great uncertainty. Although there is a broad range of literature on statistical issues in clinical trials, there is not much that focuses directly on the modelling of pre-clinical research. This thesis investigates models and associated software for improving decisionmaking in this area, building on earlier work by the same research group. We introduce a class of adaptive policies called forwards induction policies for candidate drug selection, and show that these are optimal, with a straightforward solution algorithm, within a restricted setting, and are usually close to optimal more generally. We also introduce an adaptive probabilities model that allows the incorporation of learning from a project’s progress into the planning process. Real options analysis in the evaluation of project value is discussed. Specifically, we consider the option value of investing in clinical trials once a candidate drug emerges from pre-clinical research. Simulation algorithms are developed to investigate the probability distributions of the total reward, total cost, profitability index and the required future resource allocations of a pharmaceutical project under a given allocation plan. The ability to simulate outcome distributionsmeans that we can also compare the riskiness of different projects and portfolios of projects.
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Malgesini, Joseph. "A Smart Beta Approach to Fama-French and Profitability." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1789.
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The Fama and French five-factor model is molded into a smart beta investment strategy with strong exposure to the profitability factor. This constructed portfolio outperforms the market significantly despite an unintentional negative correlation with profitability that can be attributed to the intra-factor return correlations. The second portfolio, constructed by investing directly in profitability as represented by gross profit over total assets, outperforms both the market and the first portfolio.
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Yeung, Matthew Chi Hei. "Linking customer satisfaction to profitability : an econometric analysis of firm level data." Thesis, University of Nottingham, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.397585.
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Wesley, Gordon Brian. "Multiple Regression Analysis of Factors Concerning Cardiovascular Profitability Under Health Care Reform." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/1468.
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Cardiovascular (CV) patients receive one-third of the care and account for $444 billion of the health care costs in the United States. The cardiovascular service line (CVSL) in hospitals contributes to the profitability influenced by elements of resource dependence theory (RDT). The purpose of this study was to understand whether the regression model of hospital characteristics and outcomes would predict profitability in a CVSL through the cost-to-charge ratio (CCR). The use of a general linear model and multiple regression analysis to examine the 2012 National Inpatient Sample from the Healthcare Cost and Utilization Project allowed estimates from a weighted sample of discharges from all hospitals in participating states. Transformation to dichotomous, independent variables preceded analysis of CV-conditions by discharges. An analysis of variance included in the validated model of grouped strata predicted a level of profitability through the CCR, (4, 509) = 129.83, p < .001, R2 = .505. Mortality was not a significant predictor in the regression model. The 3 characteristic variables with an inverse relationship to the CCR, which resulted in favorable profitability for CVSL, included large, academic, and private for-profit institutions. Prior research aligns well to the study, which emphasized the importance of RDT. Leaders in health care organizations may choose to employ decision making that is dependent upon big data and reference to internal resources to achieve reform expectations. Predictive modeling may aid in the strategic direction of health care organizations. Social implications of this study include hospitals striving to enhance the value proposition by centering care activities around the person over rationing finite resources by condition.
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KOSSI, YAO. "Cultural-Centric Globalization Strategies for Increasing Companies’ Profitability." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7688.
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Contemporary business leaders require suitable leadership strategies, skills, capabilities, and competencies to lead individuals with culturally diverse backgrounds effectively. Local retail business executives have experienced complex leadership challenges leading international and intercultural teams when expanding business operations into global markets. The objective of this multiple case study was to explore leadership strategies local retail business leaders used to lead a global workforce. The target population included 3 local retail business leaders from Minnesota who had 6 to 8 years of global leadership experience. The composite conceptual framework that grounded this study was leadership and transformational leadership. Data were collected from semistructured, face-to-face interviews and organizational documents. Member checking was used to ensure trustworthiness of findings. The data analysis followed Yin’s 5-phase process: compiling, disassembling, reassembling, interpreting, and concluding. Three themes emerged from the data analysis: cross-cultural awareness, cross-cultural challenges and competence, and cross-cultural leadership strategies. The findings from the study might contribute to positive social change by encouraging business leaders to explore business opportunities locally and globally, resulting in an understanding of cross-cultural differences, enhanced quality of cross-cultural work environments, increased job creation, and improved living standards for communities’ citizens.
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Lee, Kin Pui. "Growth, profitability, merger and de-merger in UK brewing 1989-2000." Thesis, University of Sunderland, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.390660.
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Yucal, Elif. "Profitability study of the annuities of EY-Insurance." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11279.
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Mestrado em Ciências ActuariaisEste trabalho procura analisar a rentabilidade obtida com a venda de anuidades e produtos anuais renováveis, na seguradora Vida onde decorreu o estágio. As questões relacionadas com os desvios observados na mortalidade e a necessidade de encontrar um modelo de sobrevivência mais ajustado à experiência da companhia foram aspetos de crucial importância. Procurou assim encontrar-se bases técnicas mais adequadas para o cálculo de prémios e reservas, tanto para os produtos já em comercialização, como para novos produtos que venham a ser lançados, pois também a taxa de juro e as despesas foram afloradas, ainda que brevemente. Por motivos de confidencialidade de dados, procedeu-se a uma distorção dos valores reais. Isto não teve obviamente qualquer consequência do ponto de vista das metodologias e técnicas aplicadas no estudo. Estavam disponíveis dados para um período de quatro anos, na sua maioria relativos a rendas imediatas e rendas imediatas reversíveis. Com base nisso, foi possível detetar que a tábua de mortalidade mais adequada será 108.95% da GKF95, o que talvez permita eliminar a maior parte dos desvios. Em complemento, foi ainda feita uma análise de sensibilidade, com diferentes cenários, para se estudar o efeito sobre o nível das reservas das diferentes possibilidades consideradas. Um exercício final de profit testing revelou que as responsabilidades continuam insuficientemente cobertas, pelo que trabalho adicional é necessário para resolver o problema.
This study aims to evaluate the profitability of the life annuities in the insurance company where the internship took place by concentrating on finding the best mortality table for the company portfolio to quote the price for the new annuity businesses and reserving for the ones already sold. The project is based on real data that was intentionally transformed for the purpose of this text because of confidentiality reasons. The distortion conceals reality in an appropriate manner and has obviously no effects on the methodologies applied. Data concerns immediate and immediate reversible life annuities for four years, since these products comprise the most significant part of the company population of policy holders. The best mortality table for this data is 108.95% of GKF95 table, by least square fitting. In order to forecast the future mortality, the Gompertz-Makeham mortality model was applied and there were no systematic evolution through time for the future mortality. A Sensitivity analysis was performed to show the effects of different scenarios on mathematical reserving. Finally, a profit testing revealed that the technical bases for the annuities are not enough to cover the liabilities. 108.95% of GKF 95 table can be assumed as the initial table and 104.29% of GKF 95 table can be assumed to hold extra reserve, in order to guarantee an adequate mathematical reserve.
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Wehrle, Caroline. "Analysis of the Chinese consumers' attitudes towards credit cards and consequences on profitability." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04605820002/$FILE/04605820002.pdf.
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Elizondo, Giacoman H. A. "An analysis of profitability and productivity in the Mexican sugar industry, 1994-2002." Thesis, University of Essex, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.433547.
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Gandee, Jesse E. "Modeling direct farm marketing in West Virginia a spatial, policy, and profitability analysis /." Morgantown, W. Va. : [West Virginia University Libraries], 2003. http://etd.wvu.edu/templates/showETD.cfm?recnum=2842.
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Thesis (M.S.)--West Virginia University, 2003.Title from document title page. Document formatted into pages; contains ix, 87 p. : ill. (some col.). Includes abstract. Includes bibliographical references (p. 84-87).
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Grudzien, Piotr. "Comparative Analysis of Energy Intensity and Profitability in Emerging E-Grocery Retail Models." Thesis, KTH, Energiteknik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-278013.
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The supermarkets account for approximately 3% - 4% of the electricity consumption in the industrialisedcountries which makes them one of the main contributors to climate change. Food retail, similarly toother energy intensive industries requires deep changes that would reduce its negative environmentalfootprint. Online grocery (e-grocery), recording three-digit growth globally in the times of COVID-19pandemic, has the potential to disrupt the market and bring opportunities for energy intensity reduction.Brick & mortar retailers adapting to this trend not only experience technical challenges with orderfulfilment and last-mile logistics, but also they struggle to achieve profitability of e-grocery. Therefore,there is a need for guidance in this transformation. This thesis aims to help retailers choose the leastenergy intensive and profitable e-grocery configuration by comparing the emerging fulfilment models(in-store, omni store, dark store) and last-mile delivery options (click & collect, home delivery).The scope of this thesis includes a literature and market review, where an overview of e-grocery market,logistics, technologies, energy intensity and economics is given. The review is followed by methodologyexplaining the tools and assumptions used for analyses. Then, energy intensity analysis is performed whereenergy intensity per order is calculated using CyberMart software for three fulfilment models and twodelivery options. After that, the operating costs and profitability of e-grocery models is analysed. Finally,the results from analyses are discussed, concluded and recommendations for the retailers are given.The results of this thesis suggest that e-grocery may indeed reduce energy intensity of food retail but theenergy consumption has little impact on the operational costs of the e-grocers. Labour fulfilment andorder delivery costs optimisation play the biggest role in achieving profitability of online retail. Thus, it isrecommended that the retailers, along with the growing penetration of e-grocery, develop automatedfulfilment and click & collect solutions that would reduce the operational costs and allow for anincremental, yet future-proof adaptation to the e-grocery revolution.Stormarknaderna står för cirka 3% - 4% av elförbrukningen i de industrialiserade länderna, vilket gör demtill en av de främsta orsakerna till klimatförändringarna. Livsmedelsbutiker kräver, på liknande sätt somandra energikrävande industrier, stora förändringar som kan minska dess negativa miljöpåverkan.E-handel av livsmedel, som har registrerat tresiffrig tillväxt globalt under tiderna förCOVID-19-pandemin, har potential att störa marknaden och ge möjligheter till minskning avenergiintensitet.Traditionell verksamhet som anpassar sig till denna trend upplever inte bara tekniska utmaningar medorderhantering och leverans till slutkund, utan de kämpar också för att uppnå lönsamhet. Därför finns detbehov av vägledning i denna omvandling. Denna avhandling syftar till att hjälpa återförsäljare att välja deminst energikrävande och lönsamma alternativen för e-handel av livsmedel genom att jämföra de nyamodellerna för orderhantering (in-store, omni store, dark store) och leveransalternativ till slutkund (click& collect, hemleverans).Avhandlingen omfattar en litteratur- och marknadsstudie, där en överblick ges över e-handel av livsmedel,logistik, teknik, energiintensitet och ekonomi. Studien följs av ett avsnitt om metodik som förklararverktyg och antaganden som används för analysen. Därefter utförs en analys av energiintensitet därenergiintensitet per order beräknas med hjälp av programvaran CyberMart för tre modeller förorderhantering och två leveransalternativ. Därefter analyseras driftskostnaderna och lönsamheten förmodeller för e-handel av livsmedel. Slutligen diskuteras resultaten från analyserna ochrekommendationerna till detaljhandlarna presenteras.Resultaten av denna avhandling tyder på att e-handel av livsmedel verkligen kan minskaenergianvändningen i livsmedelsindustrin men energiförbrukningen har liten inverkan pådriftskostnaderna för e-handlarna. Att optimera arbetet för orderhantering och kostnaden för leveransspelar störst roll för att uppnå lönsamhet för e-handeln. Det rekommenderas därför att detaljhandlarna,tillsammans med den växande andelen av e-handel, utvecklar automatiserad lösningar för orderhanteringoch click & collect som skulle minska driftskostnaderna och möjliggöra en stegvis, men ändåframtidssäker anpassning till e-handeln av livsmedel.
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Salisbury, Karli A. "Examining Market Channels for Local Produce: Consumer Affordability and Producer Profitability." DigitalCommons@USU, 2018. https://digitalcommons.usu.edu/etd/7408.
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This study examines the price differences of commonly consumed produce between farmers’ markets and grocery stores in Utah. Our first objective is to compare price differences of a basket of produce between farmers’ markets and grocery stores. We compare these price differences in terms of low-income consumer affordability and if an individual can afford a market basket of produce using a combination of Farmers’ Market Nutrition Program (FMNP) dollars and Double Up Food Bucks (DUFB) incentive dollars. Our second objective for this study is to establish the price premiums of individual produce items based on where the produce was sold, time of season, market channel (farmers’ market versus grocery store), as well as production method used (conventional versus organic).
The findings from this research can inform policy makers of the affordability of farmers’ market produce and apply incentive programs more effectively. We can inform consumers of the price differences so they can maximize their food budgets. We can use the research to help producers make market strategies that can then maximize their profits.
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Hallett, Austin P. "Finding Profitability of Technical Trading Rules in Emerging Market Exchange Traded Funds." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/375.
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This thesis further investigates the effectiveness of 15 variable moving average strategies that mimic the trading rules used in the study by Brock, Lakonishok, and LeBaron (1992). Instead of applying these strategies to developed markets, unique characteristics of emerging markets offer opportunity to investors that warrant further research. Before transaction costs, all 15 variable moving average strategies outperform the naïve benchmark strategy of buying and holding different emerging market ETF's over the volatile period of 858 trading days. However, the variable moving averages perform poorly in the "bubble" market cycle. In fact, sell signals become more unprofitable than buy signals are profitable. Furthermore, variations of 4 of 5 variable moving average strategies demonstrate significant prospects of returning consistent abnormal returns after adjusting for transaction costs and risk.
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Shanahan, Yvonne Petronella. "A Contingent Examination of Strategy-Cost System Alignment: Customer Retention and Customer Profitability Analysis." Thesis, University of Canterbury. Accountancy, Finance and Information Systems, 2002. http://hdl.handle.net/10092/865.
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This research undertakes a contingency theory examination of strategy and cost system alignment based on customer retention and customer profitability analysis. Previous research and consultancy advice has promoted the benefits of a firm following a customer retention strategy. They claim that in order to support the strategy a firm should have a customer profitability analysis system in place. Yet often what is prescribed as good practice is not observed in firms. This inconsistency is explained using contingency theory. Initial qualitative evidence was collected from four industry sites to determine whether the above strategy-cost system alignment was present. An analysis of these findings suggested that the customer retention-customer profitability analysis system relationship was contingent on a range of factors. As a result, a contingent theory of this relationship was developed from the four sites, and this theory was then tested in a survey of 862 people from 431 firms. The survey results provide support for the propositions developed from the qualitative evidence. It is likely that firms will follow multiple operational marketing strategies and have cost management systems in place to support those strategies. Although customer retention is a very important operational marketing strategy, a significant number of firms do not have customer profitability analysis systems in place to support the strategy. Many contingent factors were identified. Customer profitability analysis implementation is dependent on industry type; size; the difficulties involved in determining customer costs; whether the organisation has a champion for the system; the relationship between the marketing and accounting functions in a firm; and the available labour resources to facilitate implementation. Further, it is apparent that customer profitability analysis information is not essential to support a customer retention strategy. Customer revenue information can be substituted and the firms are satisfied with the level of management accounting system support for their operational marketing strategies. However, many respondents see the value of customer revenue, customer cost and customer profitability information, providing opportunities for future design of such systems as well as research into their development.
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Glancey, Keith Sean. "Determinants of growth and profitability in small entrepreneurial firms in the manufacturing sector in Tayside." Thesis, University of Abertay Dundee, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.246191.
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Kushnarevich, Olga. "Analýza ziskovosti zákazníků v sektoru služeb." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360121.
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"Customer Profitability Analysis in the Service Industry" aims to describe the practical application of customer profitability analysis techniques in holding XYZ, which provides ICT services to the hospitality industry. The thesis starts with a theoretical part. It describes several management accounting techniques for measuring customer profitability. The second part of the thesis demonstrates the application of some of these techniques in a real-life environment. Implementing management accounting tools, business processes and changing the accounting data structure are described step by step.
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Mourani, Amid-George. "Productivity, profitability and innovation in the UK, 2000-2006 : an econometric firm level analysis." Thesis, University of Warwick, 2009. http://wrap.warwick.ac.uk/2284/.
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Orozco, Gomez Roberto Alejandro. "Digitization in the music industry in Sweden : An analysis on the profitability of music companies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-19184.
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Wang, Ren-De, and 王人德. "Profitability Analysis on Digital Game Industry." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/04679192645151961262.
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碩士中國文化大學
經濟學系
99
As the time goes by, the noun---P.C. Game is not to belong to the killer of school work. Instead of it, GAME is a noun of a new industry .This industry that helped South Korea going through the Asia Financial Crisis is creating billions Dollars value of outputs. The Game has been NOT A SMALL industry. In Taiwan, the Game is a new born industry. There is a huge space for growing up. Basic on this, this research is going to probe into if the management achievement could be the factor of the game company’s profit. In this research, there are data for 6 Quarters of 11 public companies, using input-led DEA mode, researching costs and advertising cost would be the input variable, earning of the quarter would be the output variable, to analyze efficiency belong to different quarters in each company. Then, to probe into what the fixed-effects and time-effects would be. And the result shows that the digital game in Taiwan is in a learning phase, researching inputs haven’t been real benefits. Therefore, we still need to depend on agent. But this is the necessary process. Lasting making progress of each union, I believe that the game industry in Taiwan will go in its way.
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Hane-Chung, Chen, and 陳漢忠. "An Analysis of Profitability in Taiwan Manufactures." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/96169580136691912679.
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碩士國立臺灣科技大學
管理技術研究所
86
There are many factors to affect the return of business. These studies usually focus on industrial environment or the internal factors of business, but few researches considerate the factors simultaneously. The purposes of this study are as follow: 1.How do the macroeconomic, industry and business factors affect the return of business? 2.Are the return of business related to the firm size, capital-structure and asset turnover ratio? Is the profitability of the manufacture depending on exporting different with those independent on exporting? Would the age of firm affect his profitability? Therefore, this study adopts variance component model and linear regression model. Information on a total of 36 different corporations was collected for the years 1991-1996. In this empirical study, we get the conclusions︰ 1.There are significant strongly business effects and industry effects in Taiwan manufacturing activities. The variance among business-unit effect that closes the macroeconomic and industry effect approximates thirty percent. Compared with the other researches in United States, the industry effect is stronger in Taiwan manufacturing activities. The reason could be that most of manufactures in Taiwan depend on exporting. 2. The study finds that the asset structure and turnover ratio have significant positive correlation with profitability.
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LUN, YU CHANG, and 張綸宇. "Profitability Analysis of Commercial Banks In Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/22976287593814389110.
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碩士國立交通大學
管理學院碩士在職專班經營管理組
94
Finding out the next blue ocean of the financial industry is the key factor that makes a high profit in the future while the consumer financial business has reached the extreme limit.No matter financial holding companies or local banks and foreign banks, all banks are constructing the customer risk and value system, trying hard for ticket of obtaining the financial finals.In regard to the latest trend of the international top, it’s a really important topic to grow the fees proportion. Banks have developed the consumer financial business in the last few years. The card storm has caused moral risk and delinquent debts. The primary objective of this research was to find out the factors influencing the profitability of the banks. The changes of the Taiwanese financial industry structure, the concentration degree of banks, deposits structure, mutual funds, and the consumer financial business proportion were all discussed. The data gathered from the websites of banks, the finance statistics monthly bulletin, and the quarterly reports of trust business, etc. The theory of Bain’s was the foundation to test the degree of concentration. Those factors (consisting of earnings before tax, fees, saving deposits, time deposits, foreign exchange deposits, government deposits, mutual funds, consumer loans, total loans and so on) were also tested by using regression method. The data consisting of 560 samples of 80 banks from 1999 to 2005(total 7 years). We know that the corporate finance business, credit card business, or consumer finance business, any business all impossibly makes a profit over a long period of time. While all banks pursuing the wealth management market, the supervisor organization should draw up more seriously system about closing banks which are not good, strengthening the merger and acquisition laws, solving overbanking, raising the concentration degree of banks. If the banks put more attention on the risk controlling, the analyzing of customer value, a bank executive who has intelligence can certainly come out the special features of the bank, acquiring the customer trust, steady development, and winning the victory of bank, customer, and the society.
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Li, Ya-Fang, and 李雅芳. "Variance Decomposition Analysis of Taiwan Business Groups Profitability." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/18222218254879202547.
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碩士銘傳大學
國際企業學系碩士在職專班
98
Intellectual capital is increasingly hailed as a key factor of competitive advantage in the knowledge economy. Along with the evolution of knowledge-based economy, traditional accounting system cannot meet the requirements of modern companies anymore because it cannot measure the businesses value that the core capably creating. Thus this study examines the relative importance of industry, corporate, year, and transient industry effects on ROA, Tobin’s Q, EVA and VAICTM as the profitability measures from 1996 to 2008. The purpose of the study expore the differences in the importance of various effects among four measures.We further divide the sample into two subsamples: business groups and non-business groups. We explore whether various effects might be different between business groups and non-business groups. The results indicate that the impact of firm effect on business profitability is much more significant than other effects in all measuring indicators. The emerging markets and mainland China grew; besides, companies in Taiwan faced the industrial development to a mature stage since 2000s. The competitive ability of Taiwan manufacturing declining under the highly competitive industrial environment. Thus the variant of industrial structure has the less impact on business profitability in Taiwan. In addition, this paper also finds that during the year of 2001 to 2008, regardless of business groups or non-business groups, the results of VAICTM measuring indicators indicate considerable interpretation. It may show that, both of business groups or non-business groups need to utilize available resources such as R&D, technical development and human resource to absorb its know-how so as to rise firm''s market value added with the maturity of markets and the knowledge industry emerging in 2000s. For complicated modern business groups or large companies, ROA profitability indicator may have no longer represent their true profitability. Our finding suggest that VAICTM is much suitable to use as the indicator of firm''s profitability than other profitability indicators, and can more really present firm''s values.
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Arora, Parth. "Macroeconomic Study of Construction Firm's Profitability Using Cluster Analysis." Thesis, 2012. http://hdl.handle.net/1969.1/ETD-TAMU-2012-08-11728.
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This research aims to identify important factors contributing to a construction firm's profitability and to develop a prediction model which would help in determining the gross margin/profitability of a construction firm as a function of important parameters. All the data used in the research was taken from U.S Census Bureau reports. The novelty of the research lies on its focus at a state level, by dividing states into pertinent clusters and then analyzing the trends in each cluster independently.
The research was divided into two phases. Phase 1 of the research focused on identification of the most important factors contributing to gross margin of a construction firm. The variables used were derived from the U.S Census Bureau data. Based on the independent variables and gross margin, all the states were divided into three clusters. Subsequently, a prediction model was developed for each cluster using step-wise backward elimination, thus, eliminating non-significant variables.
Results of Model 1 gave impetus to developing Model 2. Model 1 clearly showed that labor productivity was the most important variable in determining gross margin. Model 2 was developed to predict gross margin as a function of single most important factor of labor productivity. Similar to Model 1, states were clustered based on their labor productivity and gross margin values. Prediction model was developed for each cluster.
In this study, an excel embedded decision support tool was also developed. This tool would aid the decision-makers to view the state's level of gross margin and labor productivity at a glance. Decision support tool developed was in the form of color-coded maps, each of which was linked to a spreadsheet containing pertinent data.
The most important conclusion of the research was that there exists a positive linear relationship between labor productivity and gross margin at a state level in the construction industry. The research also identified and quantified other important factors like percent of rental equipment used, percent of construction work sub-contracted out and percent of cost of materials, components and supplies which affect gross margin.
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Wu, Tsung-Hau, and 吳聰皓. "Analysis of Stop Loss Profitability on Stock Index Futures." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/39044000831465846152.
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Wang, Hsinchung, and 王信崇. "Empirical Study of Size Effect And Technical Analysis Profitability." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/55871434277266182092.
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碩士東海大學
財務金融學系
100
Unlike technical analysis study of the profitability index as the main subject of the sample, the study of individual companies listed in 2010 as the main subject matter, and according to the size of its market value at the end of 2009, the total sample of 743 companies divided into 10 groups. Using Brock, et al (1992) moving average rules (MA) empirical its profitability and its whether the market value is different and the differences affect the results. This paper studies found that the profitability of the MA technical trading strategies of effectiveness, and can beat buy and hold strategy,and showed the 2010 all listed companies on the market value of the greater, the MA technical trading strategies and buy and hold characteristics of the larger strategy differences, that is, the market value of the greater group, the MA is more effective. In SPA, we found the MA (1,150) strategy is the best trading strategy in small market capitalization of the group, MA (1,100) strategy is the best trading strategy in large market capitalization of the group. At the total sample of 731 companies beat buy and hold strategy perspective, MA (1,150) technical trading strategy is the optimal trading strategy.
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LIN, CHIN-WEI, and 林青慰. "The Profitability of Technical Analysis for the Gold Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/59480664160653314796.
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碩士東海大學
財務金融學系碩士在職專班
100
We adopt technical trading rules to test if they own predictive ability for the gold markets. After the correlation tests, we use the information reflected in S&P500 index, U.S. dollar index, the CRB index, the federal funds rate, the VIX index, the AMEX Gold Bugs index, the Brent oil prices, the New York platinum futures prices, and the New York silver futures prices to examine if the trading of gold generate excess returns compared to buy-and-hold strategy. Then we adopt Hansen’s (2005) Superior Predictive Ability to determine which moving average method can help to produce better excess returns. Our methodology is based on the research of Metghalchi, Chang, and Marcucci (2007) in which four long-day moving average rules (50, 100, 150, 200 days) and one-day short day moving average rule are used. The empirical results show that：(1) In the 2002-2011 study period, the technical analysis sell remuneration are unable to beat buy-and-hold strategy and earn excess returns. (2) Excluding federal funds rate that prefers 50-day moving average rule, the rest of the other price series show the 200-day moving average as the best rule for excess returns. In other words, longer term moving average rules seems more helpful than shorter term moving average rules. (3) The results support Fama’s weak-form efficiency market hypothesis for that technical analysis fails to produce excess returns for the gold markets.
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Chiu, Cheng-Hao, and 邱政豪. "Components of Variance Analysis in Taiwan Business Groups Profitability." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/hh274f.
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碩士國立臺灣科技大學
財務金融研究所
95
This study discusses about the accounting profit and market value measurement of component of variance analysis associated with Taiwan business groups which are divided into industry effects, business group effects, subsidiary company effects, year effects, and transient industry effects in listed companies, OTC listed companies, and emerging companies from the years 2000 to 2005. The results reveal that subsidiary company effects are the most important factor and substantial business group effects. That situation is similar to Korea and business groups in Taiwan play an important role. The difference that total industry effects of market value measurement are more than theirs of accounting profit measurement indicates market value made a discre- pancy between industries. Because the electronic industries in Taiwan are the most one, the transaction amount is more than seventy percentages in capital market suggesting industry effects of market value measurement are higher. Besides, we partition our simple into two subsamples, highly-internationalization and lowly-internationalization. The former is almost high-tech microelectronic indu- stries that we find these results are in accordance with the entire simple, and the latter is the main of traditional and non-manufacturing industries which imply that the most important source is subsidiary company effects and industry effects are as substantial as business group effects. In the other words, highly-internationalization companies have lower industry effects and business group effects and higher subsidiary company effects.
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Wang, Jin-kye, and 王藎愷. "The profitability analysis of Taiwan FPC’s public offer firms." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/17621797961528339737.
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碩士國立中山大學
財務管理學系研究所
94
The Flexible Print Circuit industry now is difficult to earn profit, because of few results , such as, homogeneous products, main materials depending on import of foreign country, rapidly lower down price for competition and being the OEM firm of the main computer producers. If you are not the leading firm in this industry, you will go bankrupt or make loss all the time. My thesis try to find out which factors will influence firm’s profit by compositing eight financial ratio indexes which use principle component analysis and compositing five industry factors in order to provide FPC’s managers to control their cost and profit. Our research subjects are eight public offer companies, which include Career Tech., SUNFLEX, NEOFLEX, UNIFLEX, FLEXIUM, YHI, ICHIA and MKS. Research period is from 2001 to 2005. Data is annual report of financial statement and prospectus from TEJ, Market observation post system and SFI. We use SAS software to analyze data. To consider the difference between operating profit and Non-operating profits, using two financial ratios, Capital-operating income ratio and capital-net profit ratio, as the proxy of company’s profit are the regressors and above mentioned thirteen factors are regressive. By processing two stepwise regressions, we could find out the following empirical results： First of all, FPC’s operating profit will be significantly related to mobile phone volume, enterprise risk, credit policy and the ability of asset’s turnover. Adjusted R-square is 0.8236. Second, FPC’s total profit will be significantly related to mobile phone volume, enterprise risk, credit policy, the ability of asset’s turnover and activity. Adjusted R-square is 0.8328.
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Garcia-Martinez, Salvador. "Demand and profitability for albacore products : a multi-attribute analysis." Thesis, 1996. http://hdl.handle.net/1957/34370.
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The main purpose of this research is to provide the
commercial seafood industry of the Pacific Northwest
information on preferences of restaurateurs, retailers, and
wholesalers for whole albacore, low-value added albacore
products (chunks, medallions, and steaks), albacore loins,
and high-value added albacore products (hot smoked and lox).
All of these products were categorized as non-traditional
market forms of albacore products, except whole albacore.
The empirical analysis was based on self explicated and
conjoint analysis. The demand models for albacore products
were estimated using weighted least squares. Profitability
equations for albacore products were estimated using a two-limit Tobit model. From the self explicated section, it was
found that the attributes of price, flavor, blood
spots/bruising, and bleeding of whole albacore were
considered highly important by respondents. From the
conjoint analysis section, it was found that, as expected a
priori, price had a statistical significant effect on the
demand and profitability models for all albacore products.
Other variables, such as location of the firm, type of firm,
experience with tuna species, and ranking of albacore had
statistical significant effects on the demand and
profitability equations. Wholesalers, restaurateurs, and
retailers agreed that quality is a major concern and will
influence their preferences when purchasing albacore
can products. Overall, the findings from this research
provide guidance to the commercial seafood industry of the
Pacific Northwest to enhance the markets for albacore
products.Graduation date: 1997
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Wu, Chia-Lung, and 吳佳龍. "Technical Analysis Profitability in Taiwan Stock Market—KD and MACD." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/98124993106241616539.
Full textAbstract:
碩士朝陽科技大學
財務金融系碩士班
98
The purpose of the present study is to investigate the efficiency of applying technical analysis method to the Taiwan stocks market. We employ KD and MACD to invest stocks over the periods from June 30, 2003 to December 31, 2009. Our results show that KD is appropriate tool for monthly data, while MACD for the weekly data. Therefore, investors prefer to using KD and MACD as technical indicators for long-term investment in Taiwan.
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Hung, Tang-Cheng, and 洪堂城. "An Analysis of Top Executive Compensation, Earnings Management, and Profitability." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/30445562744578733881.
Full textAbstract:
碩士國立暨南國際大學
財務金融學系
99
The main purpose is to investigate the relationships among top executive compensation, earnings management, and profitability. We adopted Taiwan Listed companies to be our samples during the period from January 1997 through December 2009. The empirical results show that, the higher top executive compensation of wage, there is a lower degree for the top executive to earnings management in the t-1 term; the greater earnings management, there is a lower degree of top executive wage in the t+1 term, indicating that there is a negative correlation in before or after the occurrence period between top executive wage and earnings management. Top executive compensation has extremely close and inseparable relations with profitability, the higher top executive compensation, the higher profitability is. The manager can only manipulate controllable profitability, without altering accounting performance that is uncontrollable. The number of board and the board duality dummy can increase the function of supervision externally.
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Lee, Kun-Chen, and 李昆正. "Consumer Profitability Analysis with Marketing Information : A Portfolio Theory Approach." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/47783773582970741039.
Full text
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Lai, Chin-Chang, and 賴錦章. "An Analysis of Taiwan Financial Holding Company’s Profitability and Risk." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/89818131183679708465.
Full textAbstract:
碩士國立高雄第一科技大學
風險管理與保險所
90
With the trend of financial liberation and internationalization, Taiwan’s financial institutes have formally executed the ‘Financial Holding Company Law’ since November 1st, 2001. And the financial holding company model has become the main model of Taiwan financial institutes for cross-enterprise management. There are three directions in the study. First, is it available for Taiwan to adopt the financial holding company model? Second, what is the value of reference for Taiwan financial integration strategies from the advantages and disadvantages of building up the cross-enterprise management in Europe and America? Third, through the analysis of Taiwan financial holding company’s profitability and risk, it is expected that the analysis will bring the value of reference for future development of financial holding company. There are a lot of domestic and foreign data that analyze the profitability and risk of the cross-enterprise management. But these data do not have the same results. The main reason is the applied information and study methods are different. This study applies the accounting data from13 financial holding companies which were approved to establish by the financial department in 2001 to analyze the result of the profitability and risk of the members from universal financial holding company and individual financial holding company. From the analysis result of this study, it is found out that members join financial holding company will spread the risk and the profitability of the universal financial holding company, but not raise the profitability. Moreover, the capital of Taiwan financial holding companies is too small. Only through the second stage of recombination, increasing the profitability, and spreading the risk, Taiwan financial holding companies will be able to take the challenge of fighting with the international financial groups.
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Chen, Weitien, and 陳緯恬. "An Analysis of working capital management efficiency and corporate profitability." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/41838728807878337781.
Full textAbstract:
碩士國立彰化師範大學
商業教育學系
94
Most firms have a large amount of cash invested in working capital, as well as substantial amounts of short-term payables as source of financing. Efficient working capital management is an integral component of overall corporate strategy to create shareholder value. On the average, the length of firm’s cash conversion cycle in Taiwan was longer than Occident’s. This meant that the opportunity of financing for firms in Taiwan is higher than Occident’s. Accordingly, it is possible to take place bankruptcy and effected firm’s profitability in Taiwan. The main purpose of this study was to analyze the corporate profitability based on the efficiency of working capital management. Several searches pointed out that firm’s working capital management had a significant impact on its profitability. The sample of this study was selected from Information Electronic industry in Taiwan from year 2000 to 2004 through Taiwan Economic Journal. For realizing whether firm’s working capital management impacted its profitability, this study used descriptive statistics, Pearson correlation analysis, regression analysis and one-way ANOVA to have the tests. The results and suggestions are as follows: First, this study provide an evidence that the more efficient of working capital management, the better of corporate profitability. Second, firm’s working capital management proxies had a significant negative impact on its profitability. Finally, these results suggest Information Electronic companies in Taiwan should keep their cash conversion cycle around 13.053 days, days in inventory around 13.331 days, days in accounts receivable around 38.372 days and days in account payable around 77.689 days in order to maximize corporate profitability.
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Chang, Yu-Mei, and 張玉梅. "The Profitability Analysis for Sudden Rising or Falling of TAIMEX." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/523jfv.
Full textAbstract:
碩士淡江大學
管理科學學系企業經營碩士在職專班
102
This study investigates whether investors would profit for trading index futures right after the sudden rising or falling of TAIFEX (Taiwan Futures Exchange) emitted by employing the intraday data in 2011. While observing index futures deliberately, we define four sudden rising or four sudden falling cases for TAIMEX in this study. We take long or short position in TAIMEX after these cases shown, and then close the positions as making profits points hit, cutting losses points touched, or closing the position one minute before the market close. Thus, there are eight intervene cases including four sudden rising and four sudden falling cases, two investing strategies such as taking long or short positions, and three cases for closing the positions. In sum, we then measure whether investors could make profits for 48 combination cases (i.e. 8*2*3 =48). The results reveal that investors would make profits in some combination, but investors might suffer losses even huge losses if the TAIMEX falling considerable points in a minute. In addition, the strategies employed and the positions closed would not be the same for various sudden rising or sudden falling in TAIMEX. Thus, the investors should trade prudently by observing TAIMEX deliberately for enhancing the profitability.