Dissertations / Theses: 'E valuation de la performance'

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Leung, Chi-wah, and 梁志華. "Performance management of valuation officer in Rating and Valuation Department." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B46758112.

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Elshahat, Islam M. "Market Valuation of Environmental Performance." FIU Digital Commons, 2010. http://digitalcommons.fiu.edu/etd/309.

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This research investigated the general association between corporate environmental performance and the firms’ annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results indicated that while some environmental variables were significantly associated with firms’ returns, the majority were not. The results also indicated that environmental concerns were more likely to be associated with increase in the firm value than were environmental strengths; however, there were no mean differences between firms whose environmental performance increased as compared with those whose performance deteriorated. Overall, the results provided support for the perspective that environmental strengths require firm expenditures that place additional financial burdens on firms, resulting in lower stock returns.

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Bild, Magnus. "Valuation of takeovers." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/471.htm.

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Nordlund, Bo. "Valuation and Performance Reporting in Property Companies Accouding to IFRS." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-9243.

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Applying a historical cost accounting (HCA) concept in property companies led on many occasions to a situation where everyone knew that the figures in balance sheets and income statements were wrong from a market perspective, but the analysts knew how the figures had arisen. Applying a fair value accounting (FVA) concept has led to a situation, on many occasions, where almost everyone believes that the figures in balance sheets and income statements accurately and fairly reflect reality, whereas few have sufficient knowledge how these figures have arisen.Appraisal of property is a complex issue. One of the most important conclusions from the research reported in this thesis is that disclosure regarding applied methods, significant assumptions in property valuations and statements about the connections between appraised values and market evidence needs refinement in financial reports, according to International Financial Reporting Standards (IFRS). As the uncertainty in property valuations cannot be removed, it has to be managed. Providing explicit disclosure about valuations is one important way to manage this issue by reducing the gap of information asymmetry between those who perform valuations and those who are users of financial statements.Other findings reported are connected to issues of consistent application of IFRS other than disclosures about valuations. Such an issue is the border between maintenance expenses and capitalised costs regarding component replacements. On many occasions companies seem to interpret IFRS accounting rules differently in this respect. This could lead to distorted reporting of net operating income (NOI) levels.Another conclusion reported is that NOI for financial reporting purposes are not equivalent to NOI used for real-estate appraisal purposes. In this thesis it has been shown that differences may turn up regarding rental income and maintenance costs in this respect.Fair value adjustments in income statements are another issue handled in this thesis. Empirical studies showed that a majority of the property companies studied reported such adjustments above financial items in the income statement, which seems to be in line with the intentions of the IFRS rules.
QC 20100831

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Hutagaol, Yanthi. "IPO valuation and performance : evidence from the UK main market." Thesis, University of Glasgow, 2005. http://theses.gla.ac.uk/1674/.

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Selling stock to the general public is one important method by which firms are able to raise new equity capital. If the firm sells stock for the first time to the general public, it is called an initial public offering (IPO). Subsequent to the IPO, firms may seek to raise further equity capital by offering to sell new shares through a seasoned equity offering (SEO). In the UK, most young/small firms initially raise equity capital from a small number of investors through private placements. If a firm prospers and needs additional equity capital, it may choose at some point to go public by selling stock through an IPO. By issuing publicly traded equity, the firm establishes both a market value for the firm and a market for its common stock. There have been many IPO studies that record the so-called “Underpricing anomaly” as a primary stylised fact of IPOs. The underpricing refers to the significance increase of the IPO market price over the first few days after the initial listing. This fact suggests that the IPO pricing is not simple very few information about the issuing firm is available to the market prior to IPO. This study is to examine the IPO valuation based on the prospectus information, which is perceived as comprehensive information about the firm prior to the IPOs. Furthermore, this study is also to observe the impact of the prospectus information on the IPO after market performances.

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Childers, Carla Yvonne. "LINKING SERVICE ENCOUNTERS TO FINANCIAL PERFORMANCE: AN EXTENDED APPROACH TO VALUATION." Lexington, Ky. : [University of Kentucky Libraries], 2009. http://hdl.handle.net/10225/1173.

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Thesis (Ph. D.)--University of Kentucky, 2009.
Title from document title page (viewed on June 2, 2010). Document formatted into pages; contains: ix, 147 p. : ill. Includes abstract and vita. Includes bibliographical references (p. 118-146).

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Du, Toit Stefanus Gerhardus. "Value investing versus growth investing in South Africa : valuation disparities and subsequent performance." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/71873.

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Thesis (MComm)--Stellenbosch University, 2012.
ENGLISH ABSTRACT: Investment styles and more particularly the relative outperformance of certain styles under differing market conditions have been widely researched. Furthermore, investment professionals are constantly on the lookout for factors that could possibly be indicative of the subsequent outperformance of certain investment styles. With the value-growth phenomenon at the centre of this debate, there is an attempt in this study to shed some light on this anomaly from a purely South African perspective. Using monthly data for the period 1991 to 2011, and calculating price-to-book value (P/B) ratios for all the stocks included in the FTSE/JSE All-Share Index, the methodology employed by The Brandes Institute (2009A), based on work of Lakonishok, Shleifer and Vishny (1994), will be utilised in this study in order to determine whether the relative outperformance of value stocks over growth stocks can be anticipated in advance. Stocks were ranked monthly on the basis of their relative P/B ratios and subsequently four new portfolios were created each month, with the growth portfolio consisting of the highest 25% P/B ratio stocks and the value portfolio capturing the lowest 25% P/B ratio stocks. After portfolio creation, quartile-by-quartile performance was tracked over the following five years. The relative performance of the value versus growth portfolio was compared to the valuation difference multiple, calculated as the median P/B ratio of the growth portfolio divided by the median P/B ratio of the value portfolio, to determine if a relationship existed between valuation disparities and the subsequent relative performance of value and growth stocks. The all-cap (FTSE/JSE All-Share Index) segment was further divided into large-cap (FTSE/JSE Top-40 Index), mid-cap (FTSE/JSE Mid-cap Index) and small-cap (FTSE/JSE Small-cap Index) segments in order to determine if a consistent relationship could be identified within different market capitalisation sectors of the market. A significant relationship was found between the valuation difference multiple and subsequent performance of value and growth stocks in all segments of the JSE Mainboard. Historically, the higher the valuation difference multiple, the higher the subsequent outperformance of value stocks over the subsequent five-year period, as compared to growth stocks. This was found to be significant within the FTSE/JSE All-Share Index, the FTS/JSE Top-40 Index, the FTSE/JSE Mid-Cap Index and the FTSE/JSE Small-Cap Index. An exception to the above findings was the post-2002 period within the FTSE/JSE Top-40 Index. During this period it was not possible to identify a relationship between the valuation difference multiple and subsequent value stock outperformance.
AFRIKAANSE OPSOMMING: Verskillende beleggingstyle en meer spesifiek, die relatiewe uitprestering van sekere style onder verskillende mark omstandighede, is wyd nagevors oor die afgelope paar dekades. Professionele beleggers is ook gedurig op die uitkyk vir moontlike faktore wat die uitprestering van sekere beleggingstyle vooraf kan aandui. Met die waarde-groei verskynsel sentraal in hierdie debat, is die doelwit in hierdie studie om die waarde-groei verskynsel te ondersoek vanuit 'n eg Suid-Afrikaanse mark perspektief. Deur maandelikse data vir die periode 1991 tot 2011 te gebruik en daaropvolgende prys-tot-boekwaarde (P/B) verhoudings te bereken vir al die aandele wat deel was van die FTSE/JSE Alle-Aandele Indeks, sal daar in hierdie studie die metodologie van 'The Brandes Institute' (2009A) in die Verenigde State van Amerika, gebaseer op die werk van Lakonsihok, Shleifer en Vishny (1994), toegepas word om te probeer bepaal of die relatiewe uitprestering van waarde aandele oor groei aandele vooraf voorspel kan word. Aandele is maandeliks ingedeel op die basis van hul onderskeie P/B verhoudings. Deur hierdie proses is daar maandeliks vier nuwe portefeuljes geskep, met die groei portefeulje wat die hoogste 25% van P/B verhouding aandele bevat het en die waarde portefeulje wat die laagste 25% van P/B verhouding aandele verteenwoordig. Prestasie beoordeling van die nuut geskepde portefeuljes was die volgende stap in die navorsingsproses waar kwartiel-tot-kwartiel prestasie beoordeling oor die daaropvolgende vyf-jaar periode na portefeulje ontstaan, plaasgevind het. Die relatiewe prestasie van die waarde en groei portefeuljes is vergelyk met die waardasie pariteit maatstaf, wat bereken is as die mediaan P/B verhouding van die groei portefeulje gedeel deur die mediaan P/B verhouding van die waarde portefeulje. Hierdie vergelyking is gebruik om te bepaal of 'n verhouding tussen die onderskeie waardasies van groei en waarde aandele en daaropvolgende prestasie bestaan. Die alle aandele segment is verder ook opgedeel in drie onderskeie indekse om te bepaal of 'n verwantskap binne al die verskillende markkapitalisasie sektore bestaan. Die grootste markkapitalisasie aandele is verteenwording deur die FTSE/JSE Top-40 Indeks; die medium markkapitalisasie aandele deur die FTSE/JSE Mid-Cap Indeks; en die kleinste markkapitalisasie aandele wat deel vorm van die FTSE/JSE Alle-Aandele Indeks is verteenwoording deur die FTSE/JSE Small-Cap Indeks. 'n Beduidende verwantskap is gevind tussen die waardasie pariteit maatstaf en daaropvolgende vyf-jaar prestasie van waarde en groei aandele. Histories hoe hoër die waardasie pariteit maatstaf, hoe groter die relatiewe uitprestering van waarde aandele oor die daaropvolgende vyf-jaar periode. Hierdie verskynsel is beduidend gevind vanuit 'n FTSE/JSE All-Share Indeks, FTSE/JSE Top-40 Indeks, FTSE/JSE Mid-Cap Indeks en FTSE/JSE Small-Cap Indeks perspektief. 'n Uitsondering was die FTSE/JSE Top-40 Indeks vir die periode na 2002, waar dit nie moontlik was om 'n beduidende verwantskap te identifiseer nie.

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Abdulai, Mohammed Sani. "Valuation, Pricing, and Performance of Initial Public Offerings on the Ghana Stock Exchange." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/389.

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In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled IPOs. The dataset, obtained from IPO prospectuses, trading data, and financial statements, was analyzed using both logistic and multiple regressions. IPO valuation methods, first-day returns (R(1st day)), absolute forecast errors (AFE), and discretionary current accruals (DCA) served as dependent variables and firm characteristics of size, age, profitability, dividends, price-to-value (P/V) ratios, owner-manager, and auditors' reputation served as independent variables. Results revealed that firm characteristics were not significant predictors of the choice of IPO valuation methods, IPOs were underpriced and their R(1st day) were significantly predicted by P/V ratios, the financial projections were over forecasted and their AFE were not predicted by the independent variables, and the pre-IPO financials experienced earnings management and their DCA were significantly explained by the owner-manager variable. This research contributes to positive social change by assisting regulators, investment bankers, corporations, and institutional investors in improving their respective roles in the valuation and pricing of IPOs on the GSE, thus reducing the observed IPO undersubscriptions in the stock market.

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Sandström, Edvin. "The Convaluation of Performance Art : A Study of Peer Recognition Among Performance Artists." Licentiate thesis, Uppsala universitet, Sociologiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-345083.

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Processes and forms of valuation, evaluation and valorization are important for bringing contemporary social life in order. In this thesis, I study the values of the small and autonomous avant-garde of the art-world, performance art. In art worlds, arguably, we can expect to find the most extreme cases of activities which constantly aim at transgressing existing ideas of what is valued in this world, i.e., art. Performance art is an activity that contemplates the border between art and non-art, and that as an activity contributes to the constitution of this border. My focus is on the ongoing process, which is seen in a historical light. I look at the social structure that both enables and constitutes values. I argue that this process should be understood as a convaluation (Aspers 2008), a partial order with some temporal extension that enables coordination based on valuation and evaluation processes. I find that the convaluation of performance art is characterized by a switched role structure––meaning that actors operate as both artists and curators and as such, switch from being evaluated to evaluating others. The central value that constitutes the convaluation of performance art is bodily presence.

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Gutierrez, Ivan. "The Proper Accounting and Valuation of Convertible Debt in the Modern Market." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/439.

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Under current GAAP principles convertible debt is valued and accounted for using an outdated practice. Only one aspect of these complex financial instruments are valued at a time resulting in flawed financial statements. Although the Accounting Principles Board agreed with this sentiment, originally proclaiming that both the debt and equity aspects be valued together, significant resistance by the public forced the Board to amend its Opinion to the current standard. In this paper three ratios that measure company performance and health will be tested against the amount of convertible debt in selected companies in the hopes that a correlation will be found that shows the impact of the current accounting method.

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Nel, Willem Soon. "The development of optimal composite multiples models for the performance of equity valuations of listed South African companies : an empirical investigation." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/95808.

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Thesis (PhD)--Stellenbosch University, 2014.
ENGLISH ABSTRACT: The practice of combining single-factor multiples (SFMs) into composite multiples models is underpinned by the theory that various SFMs carry incremental information, which, if encapsulated in a superior value estimate, largely eliminates biases and errors in individual estimates. Consequently, the chief objective of this study was to establish whether combining single value estimates into an aggregate estimate will provide a superior value estimate vis-á-vis single value estimates. It is envisaged that this dissertation will provide a South African perspective, as an emerging market, to composite multiples modelling and the multiples-based equity valuation theory on which it is based. To this end, the study included 16 SFMs, based on value drivers representing all of the major value driver categories, namely earnings, assets, dividends, revenue and cash flows. The validation of the research hypothesis hinged on the results obtained from the initial cross-sectional empirical investigation into the factors that complicate the traditional multiples valuation approach. The main findings from the initial analysis, which subsequently directed the construction of the composite multiples models, were the following: Firstly, the evidence suggested that, when constructing multiples, multiples whose peer groups are based on a combination of valuation fundamentals perform more accurate valuations than multiples whose peer groups are based on industry classifications. Secondly, the research results confirmed that equity-based multiples produce more accurate valuations than entity-based multiples. Thirdly, the research findings suggested that multiples models that are constructed on earnings-based value drivers, especially HE, offer higher degrees of valuation accuracy compared to multiples models that are constructed on dividend-, asset-, revenue- or cash flowbased value drivers. The results from the initial cross-sectional analysis were also subjected to an industry analysis, which both confirmed and contradicted the initial cross-sectional-based evidence. The industry-based research findings suggested that both the choice of optimal Peer Group Variable (PGV) and the choice of optimal value driver are industry-specific. As with the initial cross-sectional analysis, earnings-based value drivers dominated the top positions in all 28 sectors that were investigated, while HE was again confirmed as the most accurate individual driver. However, the superior valuation performance of multiples whose peer groups are based on a combination of valuation fundamentals, as deduced from the crosssectional analysis conducted earlier, did not hold when subjected to an industry analysis, suggesting that peer group selection methods are industry-specific. From this evidence, it was possible to construct optimal industry-specific SFMs models, which could then be compared to industry-specific composite models. The evidence suggested that composite-based modelling offered, on annual average, between 20.21% and 44.59% more accurate valuations than optimal SFMs modelling over the period 2001 to 2010. The research results suggest that equity-based composite modelling may offer substantial gains in precision over SFMs modelling. These gains are, however, industry-specific and a carte blanche application thereof is ill advised. Therefore, since investment practitioners’ reports typically include various multiples, it seems prudent to consider the inclusion of composite models as a more accurate alternative.
AFRIKAANSE OPSOMMING: Die praktyk om Enkelfaktor Veelvoude (EFVe) te kombineer in saamgestelde veelvoudmodelle word ondersteun deur die teorie dat verskillende EFVe oor inkrementele inligting beskik, wat, indien dit in ’n superieure waardeskatting opgeneem word, grootliks vooroordele en foute in individuele skattings elimineer. Gevolglik was die hoofdoel van hierdie studie om vas te stel of die kombinering van verskeie enkelfaktor waardeskattings in ’n totale waardeskatting ’n superieure waardeskatting sal verskaf vis-á-vis enkelfaktor waardeskattings. Dit word voorsien dat hierdie proefskrif ’n Suid-Afrikaanse perspektief, as ’n ontluikende mark, sal bied aangaande saamgestelde veelvoudmodellering en die veelvoud-gebaseerde ekwiteitswaardasie-teorie waarop dit gebaseer is. Hiermee ten doel, sluit hierdie studie 16 EFVe in, gebaseer op waardedrywers wat al die vernaamste waardedrywerkategorieë, naamlik verdienste, bates, dividende, omset en kontantvloeie, verteenwoordig. Die bevestiging van die navorsingshipotese is afhanklik van die resultate soos bekom vanuit die aanvanklike dwarsdeursnee-empiriese ondersoek na die faktore wat die tradisionele veelvoudwaardasieproses kompliseer. Die hoofbevindinge van die aanvanklike ontleding, wat daarna rigtinggewend was vir die komposisie van die saamgestelde veelvoudmodelle, was die volgende: Eerstens, dui die bewyse daarop dat, wanneer veelvoude saamgestel word, veelvoude waarvan die portuurgroepe op ’n kombinasie van fundamentele waardasieveranderlikes gebaseer is, meer akkurate waardasies lewer as veelvoude waarvan die portuurgroepe op industrie-klassifikasies gebaseer is. Tweedens, het die navorsingsresultate bevestig dat ekwiteitsgebaseerde veelvoude meer akkurate waardasies lewer as entiteitsgebaseerde veelvoude. Derdens, toon die navorsingsbevindinge dat veelvoudmodelle wat saamgestel word uit verdienstegebaseerde waardedrywers, veral wesensverdienste (WV), hoër grade van waardasie-akkuraatheid bied in vergelyking met veelvoudmodelle wat saamgestel word uit dividend-, bate-, omset- of kontantvloei-gebaseerde waardedrywers. Die resultate van die aanvanklike dwarsdeursnee-ontleding is ook onderwerp aan ’n industrie-ontleding, wat die aanvanklike bevindinge van die dwarsdeursnee-ontleding beide bevestig en weerspreek het. Die bevindinge vanaf die industrie-ontleding dui daarop dat beide die keuse van optimale Portuurgroepveranderlike (PGV) en die optimale keuse van waardedrywer, industrie-spesifiek is. Soos met die aanvanklike dwarsdeursnee-ontleding, het verdienste-gebaseerde waardedrywers die top posisies by al 28 sektore wat ondersoek is, gedomineer, terwyl WV weer as die akkuraatste individuele waardedrywer bevestig is. Die superieure waardasie-resultate van veelvoude waarvan die portuurgroepe gebaseer was op ’n kombinasie van fundamentele waardasie-veranderlikes, soos afgelei uit die aanvanklike dwarsdeursnee-ontleding, het egter nie dieselfde resultate gelewer op ’n per sektor basis nie, wat aandui dat portuurgroep seleksiemetodes industrie-spesifiek is. Vanuit hierdie bevindinge was dit moontlik om optimale EFV-modelle saam te stel, wat dan vergelyk kon word met industrie-spesifieke saamgestelde veelvoudmodelle. Die bevindinge het voorgestel dat saamgestelde modellering gemiddeld jaarliks, tussen 20.21% en 44.59% meer akkurate waardasies gelewer het as optimale EFVmodellering oor die tydperk 2001 tot 2010. Die navorsingsresultate dui aan dat ekwiteitsgebaseerde saamgestelde modellering aansienlike toenames in waardasie-akkuraatheid mag bewerkstellig bo dié van EFVmodellering. Hierdie toenames is egter industrie-spesifiek en ’n carte blanche toepassing daarvan is nie aan te beveel nie. Gevolglik, aangesien beleggingspraktisyns se verslae tipies verskeie veelvoude insluit, blyk dit redelik om die insluiting van saamgestelde modelle as ’n meer akkurate alternatief te oorweeg.

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Tsang, Yick-tat, and 曾億達. "Modelling and forecasting the general financial performance of listed construction firms in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/198814.

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It is well recognised that construction firms encounter risk and are sensitive to trends and volatility in the business environment. Measuring the financial performance of a firm serves as the basis of monitoring and evaluating its management competence, resource allocation and corporate strategy in response to environmental change. Forecasting is paramount in responding to potential problems and perpetuating positive developments that result in sustainable competitiveness. Thus, an enriched understanding and prediction of the financial performance of construction firms are desirable for decision makers and other industry stakeholders. Notwithstanding that, little research attention has been paid to this premise conceptually and empirically. Thus, the overall aim of this study was to model and forecast the general financial performance of Hong Kong construction firms under the dynamic influence of the business environment. This study involved the application of quantitative modelling using various statistical and econometric techniques. Multidimensional firm financial performance was first approximated using factor analysis based on the financial data of local publicly listed construction firms from 1992 to 2010. The factor model uncovers five common financial factors: liquidity, asset, leverage, profitability and activity. The time trends of these factors display diverse and cyclical patterns with irregular cycle periods. Autoregressive integrated moving average (ARIMA) models were then constructed based on the Box-Jenkins approach, which provided univariate forecasts of the financial factors. The results reaffirmed that ARIMA models were highly effective in forecasting. In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed. In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed. This study is among the first to apply advanced econometric techniques to develop reliable performance measurement and forecasting models. The results improve the theoretical framework by explaining the dynamic relationships between the financial performance and business environment of construction firms. The empirical findings of the quantitative analysis offer new implications for firms’ financial performance and the significant leading determinants in a local context. The outcomes of this study make seminal contributions to current knowledge and practice.
published_or_final_version
Civil Engineering
Doctoral
Doctor of Philosophy

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Tregler, František. "Private Equity." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-71675.

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This final thesis analyzes and evaluates current techniques used in attribution analysis of the private equity funds. The first section defines all the relevant parameters and relationships. The second section provides the reader with a historical overview of the private equity industry together with a unique typology of private equity funds. Description of the current situation in the private equity industry is based on my discussions with investment professionals. These two sections are followed by a chapter describing the private equity investment process and the leveraged buyouts. Analysis is focused on value creation during buyouts, buyout price negotiations and the role of investment banks. I define individual phases of the private equity investment process and various valuation techniques used during the life cycle of the investment. Special attention is given to the private equity valuation process and its differences to the traditional and formal legal valuation. A special reaction function of cost of equity was derived from the traditional discounted earnings methods. Separate section is dedicated to calculation of return and efficiency of private equity funds. I analyze various methods used in the return/efficiency evaluation process, including the most frequently used Internal Rate of Return (IRR) approach. I then propose an adjustment (or several adjustments) to the IRR method and I test my proposals on several real-life case studies. In the same manner I theoretically derive and then practically prove major factors affecting the return of private equity investments. Special attention is given to the effect of company's indebtedness and operational improvements on total return of the private equity investment.

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Smith, Moira I. "The design, verification and valuation of generic electro-optic sensor model for system performance evaluation." Thesis, University of Glasgow, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.301506.

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Rangra, Subeer. "Performance shaping factor based human reliability assessment using valuation-based systems : application to railway operations." Thesis, Compiègne, 2017. http://www.theses.fr/2017COMP2375/document.

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L'homme reste l'un des éléments essentiels des opérations de transport modernes. Les méthodes d'analyse de la fiabilité humaine (HRA) fournissent une approche multidisciplinaire pour évaluer l'interaction entre les humains et le système. Cette thèse propose une nouvelle méthodologie HRA appelée PRELUDE (Performance shaping factor based human REliability assessment using vaLUation-baseD systems). Les facteurs de performance sont utilisés pour caractériser un contexte opérationnel dangereux. Le cadre de la théorie des fonctions de croyance et des systèmes d'évaluation (VBS) utilise des règles mathématiques pour formaliser l'utilisation de données d'experts et la construction d'un modèle de fiabilité humaine, il est capable de représenter toutes sortes d'incertitudes. Pour prédire la probabilité d'erreur humaine dans un contexte donné, et de fournir une remontée formelle pour réduire cette probabilité. La deuxième partie de ce travail démontre la faisabilité de PRELUDE avec des données empiriques. Un protocole pour obtenir des données à partir de simulateurs, et une méthode de transformation et d'analyse des données sont présentés. Une campagne expérimentale sur simulateur est menée pour illustrer la proposition. Ainsi, PRELUDE est en mesure d'intégrer des données provenant de sources (empiriques et expertes) et de types (objectifs et subjectifs) différents. Cette thèse aborde donc le problème de l'analyse des erreurs humaines, en tenant compte de l'évolution du domaine des méthodes HRA. Elle garde la facilité d'utilisation de l'industrie ferroviaire, fournissant des résultats qui peuvent facilement être intégrés avec les analyses de risques traditionnelles. Dans un monde de plus en plus complexe et exigeant, PRELUDE fournira aux opérateurs ferroviaires et aux autorités réglementaires une méthode permettant de s'assurer que le risque lié à l'interaction humaine est compris et géré de manière appropriée dans son contexte
Humans are and remain one of the critical constituents of modern transport operations. Human Reliability Analysis (HRA) methods provide a multi-disciplinary approach: systems engineering and cognitive science methods to evaluate the interaction between humans and the system. This thesis proposes a novel HRA methodology acronymed PRELUDE (Performance shaping factor based human REliability assessment using vaLUation-baseD systEms). Performance shaping factors (PSFs) are used to characterize a dangerous operational context. The proposed framework of Valuation-based System (VBS) and belief functions theory (BFT) uses mathematical rules to formalize the use of expert data and construction of a human reliability model capable of representing all kinds of uncertainty. PRELUDE is able to predict the human error probability given a context, and also provide a formal feedback to reduce the said probability. The second part of this work demonstrates the feasibility of PRELUDE with empirical data from simulators. A protocol to obtain data, a transformation and data analysis method is presented. An experimental simulator campaign is carried out to illustrate the proposition. Thus, PRELUDE is able to integrate data from multiple sources (empirical and expert) and types (objective and subjective). This thesis, hence address the problem of human error analysis, taking into account the evolution of the HRA domain over the years by proposing a novel HRA methodology. It also keeps the rail industry’s usability in mind, providing a quantitative results which can easily be integrated with traditional risk analyses. In an increasingly complex and demanding world, PRELUDE will provide rail operators and regulatory authorities a method to ensure human interaction-related risk is understood and managed appropriately in its context

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Leung, Tak Yan. "Performance evaluation on the acquisition cases in Hong Kong." HKBU Institutional Repository, 1998. http://repository.hkbu.edu.hk/etd_ra/206.

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Al-Ja'fari, Mohammed Lutfi. "Stock market valuation of company performance and growth potential : a study of value creation and investment." Thesis, University of Manchester, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.617094.

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This thesis provides an explanation of the market valuation of company performance and growth potential, and examines the determinants of corporate investment. It suggests a new approach that explains the market value that companies create for shareholders above the opportunity cost of capital by their performance relative to factor cost and the ability to exploit future investment potential. The empirical examination of the suggested approach provides a better explanation of value and return than traditional accounting-based models. The association, however, reveals significant inter- temporal, cross industry and cross sectional variations. As this instability impedes the ex ante predictive power of any association, potential sources of the variations are suggested and examined. The results show that temporal variations are related to macro-state variables, namely: inflation, interest rate, changes in risk premium. and the business cycle stage. Industrial variations are related to competition in the product market and growth potential. The identification of variation sources enables the investors to hedge separately against sources of temporal variations, and enhances the diversification considerations in portfolio selection. The research design along with the empirical evidence, based on UK data, emphasises the importance of company growth on its value, showing that company exploitation of investment potential is at least as important as its performance in value creation. Accordingly, individual-company investment-expenditure determinants are empirically examined. The analysis concludes that investment expenditure is affected more by product market conditions than by variations in the user's cost of capital and, moreover, investment spending for UK companies is generally robust in respect of capital market conditions and is unlikely to be affected by financial constraints.

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Isidro, Helena de Oliveira. "The practice and implications for performance measurement and equity valuation of dirty surplus accounting flows : international evidence." Thesis, Lancaster University, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.435879.

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Sang, Fangjun Sang. "The Ripple Effect of Major Customer Litigation Risk on Suppliers’ Firm Valuation, Operating Performance, and Strategic Decisions." Kent State University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=kent1576790987634493.

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Klobucnik, Jan [Verfasser]. "Company Valuation and Bankruptcy Prediction : Forecasting of Companies’ Future Performance Through Analyst Assessments and Stochastic Modeling / Jan Klobucnik." München : GRIN Verlag, 2013. http://d-nb.info/1177392836/34.

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Guo, Fei. "Related party transactions and firm performance : evidence of tunnelling and propping in China." Curtin University of Technology, School of Economics and Finance, 2008. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=118672.

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Concentrated corporate ownership prevails in most countries, so the relationship between controlling shareholders and minority shareholders is an important principle-agent problem. Tunnelling, the transfer of assets and profit for the benefit of controlling owners, is the most important way of expropriating small shareholders. While tunnelling is rampant in emerging economies and even some developed countries, related research lacks convincing evidence. On the other hand, large shareholders sometimes use private funds to prop up firms in financial distress. Although there is plenty of anecdotal and indirect evidence on propping, it lacks direct large-sample examination. This study presents a pooled cross-sectional analysis of 4373 publicly listed companies in China between 2001 and 2004. The analysis not only examines the effects of various variables on the exploitation of related party transactions by controlling owners for tunnelling and propping, and also investigates the effects of tunnelling and propping on firm performance and valuation. The study reveals that the presence of controlling shareholders and higher control rights lead to higher levels of tunnelling. Conversely the existence of other large shareholders reduces the magnitude of tunnelling. In addition, the study shows that pyramidal-controlled firms and firms owned by the State display more incidences of tunnelling. When firms have better investment opportunity, however, their controlling shareholders tend to divert fewer funds for their private gains. It is also found that controlling shareholders offer funds to financially stricken firms under their control. This is the first study that finds direct evidence on the occurrence of propping although not all badly-performing firms are propped up.
While tunnelling negatively affects operating performance and firm valuation, propping has a positive effect on firm valuation. The occurrence and magnitude of tunnelling is greater than that of propping. Propping only occurs to partial firms in financial distress, yet there is no improvement in those firms’ performance. As propping from new controlling owners is more a way of back-door listing, they tend to engage in tunnelling when their control is secure. In short, when legal protection of minority shareholders is weak, controlling owners tend to tunnel for private benefit. Hence policymakers and regulators must recognise that to eliminate widespread expropriation, the establishment of strong corporate governance in well-functioning institutions and strong legal enforcement is important. Lower levels of tunnelling in years 2003 and 2004 justify the positive effect of stringent regulation. Yet, more needs to be undertaken beyond the legal and regulatory level such as an allowance for diversified corporate ownership and the transformation of non-floatable shares to be floated on the exchange to align interests of large and minority shareholders.

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Kazachenko, Sergey, and Diana Paz. "Stockperformance indicators post recession : - A Study of valuation tools and strategies during recovery." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-23181.

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Problem: What are the most useful techniques to indicate the stocks that will outperform the market 12 month post the recession period? Purpose: The purpose is to find out which method(s): P/B, EV/EBIT, level of debt and so on, will offer investors the highest returns on the investments post the recession period based on the example of the IT crisis of 2000/2001. Method: Quantitative study, covering the Swedish OMX Index from 2001 until December 2002. Conclusions: Three variables should be reconsidered when making an investment decision post the recession period. These variables were earlier 12 months returns, dividend yield and P/E ratios. However, it is crucial to understand that these three tools should not be viewed all together.

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Van, der Merwe F. C. (Frederik Christian). "Defining key performance indicators to manage the value chain in virtual enterprises." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/52754.

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Thesis (MScEng)--University of Stellenbosch, 2002.
ENGLISH ABSTRACT: This thesis is about the principles and practices of the emergmg discipline of virtual enterprising within the context of supply chain management. This type of enterprise makes it possible for Southern African companies to compete in the global marketplace against global players. Value chain analysis is firstly discussed to help the business units, within the virtual enterprise, identify their competitive advantage. This competitive advantage will secure the position of these business units within the virtual enterprise. Electronic commerce is described as the vehicle for data communication within the virtual enterprise, and the supported enterprise resource planning (ERP) software as the transaction capturing software. A performance measurement system is proposed that will assist with the management of virtual enterprises at a macro level. Some conclusions and recommendations are made as to how the management of performance can assist the business units, within the virtual enterprise, to grow financially and obtain sustainability. Recommendations are also made for the implementation of the proposed structure within the 3-D Business Simulator.
AFRIKAANSE OPSOMMING: Hierdie tesis handeloor die beginsels en gebruike van die ontluikende dissipline van virtuële ondernemend binne die konteks van toevoerkettingbestuur. Hierdie tipe ondernemings maak dit moontlik vir Suid-Afrikaanse ondernemings om in die globale mark teen globale, multinasionale spelers te kan meeding. Waardekettinganalise is eerstens gedefinieer, om die besigheidseenhede, wat deel vorm van die virtuële onderneming, te help om hul kompeterende voordeel te identifiseer, en sodoende te kan aanwend om hul posisie binne die virtuële onderneming te verseker. Elektroniese handel word bespreek as die middel van data-kommunikasie binne die virtuële onderneming, en ondernemingshulpbronbeplanning (ERP) sagteware as die sagteware wat verantwoordelik is vir die vasvang van alle transaksies. 'n Prestasiemetings-struktuur word voorgestel wat met die bestuur van die virtuële onderneming op makro-vlak sal help. Gevolgtrekkings en aanbevelings word gemaak vir die aanwending van prestasiemeting om met die bestuur van die besigheidseenhede binne die virtuële onderneming van hulp te wees, en sodoende hierdie besigheidseenhede te help om finansieël te groei en volhoubaar te ontwikkel. Aanbvelings word ook gemaak vir die toepassing van die voorgestelde struktuur binne die konteks van die 3-D Besigheidsimulator.

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Ali, Heba Ahmed Abass. "Timing, valuation and post-issue stock performance of the initial public offerings (IPOs) and rights issues in the UK." Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3584.

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The issuance activity of IPOs and rights issues has shown substantial time-varying fluctuations. These fluctuations are conceptually related to the so-called ‘timing, and ‘hot issues’ markets. This thesis conducts a comprehensive examination of the determinants of timing of IPOs and rights issues in the UK, seeking to inspect and compare the main factors that drive these fluctuations. Specifically, I compare the extent to which the favourable business and economic conditions, bull market timing, investor sentiment, and decreasing adverse selection costs can explain these fluctuations. For IPOs, the overall findings show a strongly and robustly significant evidence in support of adverse selection costs hypothesis. Economic conditions, bull market timing and investor sentiment hypotheses are also important determinants of IPOs timing, but of less significance and robustness. For rights issues, the timing story appears different. The empirical evidence is mostly consistent with the bull market timing hypothesis. Investor sentiment proxy is supported but not robustly consistent across various tests. By contrast, the economic conditions and information asymmetry proxies generally exhibited inconsistent findings. It has been recently posited that equity-issuing firms behaviourally time their offerings to exploit stock mis-valuations and investor over-optimism. If so, this behavioural timing is expected to be reflected in a direct relation between mis-valuation of IPOs and right issues and poor post-issue stock returns. This mis-valuation is examined (i) directly via calculating a ratio of the price to an intrinsic value of the firm (as a proxy for relative overvaluation) and (ii) indirectly via looking at the intensity of equity issuance activity since investor over-optimistism and stock over-valuations are expected to substantially differ between hot and cold issues markets. The findings suggest that both IPOs and rights issues are significantly over-valued compared to other non-issuing firms. More importantly, the post-issue stock returns are found to be significantly and robustly different between IPOs and rights issues launched during hot issues markets compared to those launched during cold and normal issues markets, which strongly supports the behavioural timing hypothesis. However, the overall findings derived based on the post-issue stock returns conditional on relative overvaluation are less consistent with the behavioural timing hypothesis.

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Tran, Ha Thu. "Three essays on the composition of boards of directors and their contribution to effective corporate governance." Thesis, Limoges, 2018. http://www.theses.fr/2018LIMO0044/document.

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L’objectif de cette thèse est d’étudier quelle composition du conseil d’administration permet d’assurer l’efficacité de ses fonctions de surveillance et de conseil. Dans le chapitre 1, nous étudions si la présence d’administrateurs qui sont liés à des actionnaires minoritaires peut constituer un mécanisme efficace de gouvernance d'entreprise pour limiter l'expropriation par les actionnaires majoritaires, sans exacerber les risques. L’étude empirique de ce chapitre est réalisée sur un échantillon de banques avec un actionnariat concentré. Les résultats indiquent que la présence d’administrateurs minoritaires permet d’augmenter l'efficacité du conseil d'administration des banques dans la mesure où elle entraîne une valorisation de marché plus élevée, sans augmentation du risque. Le chapitre 2 complète le premier chapitre afin de déterminer les facteurs, tant au niveau de la banque que du pays, qui peuvent favoriser la présence d’administrateurs minoritaires dans les conseils de banque. Les résultats montrent que: (i) l’importance des droits de vote des actionnaires majoritaires, la qualité des recommandations envers le conseil d'administration dans les codes de gouvernance d'entreprise et le niveau de protection des actionnaires sont des facteurs qui favorisent la présence d’administrateurs minoritaires au sein des conseils des banques; (ii) des régimes de surveillance stricts et une forte opacité réduisent la présence d’administrateurs minoritaires dans les conseils d'administration des banques. Nos travaux suggèrent que les autorités bancaires devraient recommander aux banques avec un actionnariat concentré d'inclure un minimum d’administrateurs minoritaires dans leur conseil d'administration. Dans le chapitre 3, nous examinons l'impact de l’imposition d’un quota minimum de membres de chaque sexe sur la performance des entreprises et leurs décisions, en prenant le cas de la Belgique, la France et l'Italie comme expérience naturelle. Notre analyse statistique montre que le pourcentage de femmes augmente de manière significative et que les caractéristiques des membres du conseil d’administration changent considérablement après la mise en place du quota. Les résultats empiriques montrent que les quotas n’ont pas d’impact significatif sur la performance des entreprises et leurs décisions. Nos résultats appuient la mise en place d’un quota afin d’assurer une représentation équilibrée des hommes et des femmes au sein des conseils d’administration des entreprises. Ils montrent cependant que les régulateurs créent des attentes irréalistes quant à la capacité des femmes à améliorer les performances des entreprises, du moins à court terme lorsque les effets négatifs de l’imposition d’un quota sont potentiellement les plus importants
His thesis aims to provide some answers to the question of what makes a board effective in carrying out its monitoring and advising functions. In Chapter 1, we examine whether board structures that include directors that are related to minority shareholders can be an effective corporate governance mechanism to limit expropriation by controlling shareholders, without exacerbating risk. We focus our empirical analysis of this chapter on banks with a concentrated ownership structure. We find that the inclusion of such minority directors does indeed increase the effectiveness of bank boards, as it results in higher market valuations, without increasing risk. Chapter 2 complements the first chapter to determine the factors, at the bank and at the country level, that could favor the presence of minority directors on bank boards. We find that: (i) the voting rights of controlling shareholders, the quality of recommendations for boards of directors in Corporate Governance Codes and higher shareholder protection are factors that promote the presence of minority directors on bank boards; (ii) the degree of opacity and stronger supervisory regimes reduce the presence of minority directors on bank boards. Our work suggests that bank authorities should recommend banks with concentrated ownership structure to include a minimum of minority directors in their board. In Chapter 3, we investigate the impact of gender quotas on firm performance and corporate decisions using Belgium, France and Italy as a natural experiment. Our statistical analysis shows that the percentage of female directors significantly increases, and board members characteristics significantly change after the implementation of the gender quota. The results of our empirical analysis show evidence that gender quotas do not have a significant impact on both firm outcomes and corporate decisions. Our findings support the decision of policy-makers to use mandatory rules to force firm to achieve gender balance on corporate boards. Our results suggest that policy-makers create unrealistic expectations for women to boost firm performance, at least in the short-run when negative side effects of mandatory rules are potentially strongest

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Sanderford, Andrew R. "Bridging the Diffusion of Innovation Chasm for Green Housing." Diss., Virginia Tech, 2013. http://hdl.handle.net/10919/51843.

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Limited transaction and unit attribute information curtail the diffusion potential of green homes and create significant valuation and underwriting problems for the housing debt capital markets, more specifically mortgage originators (lenders) and appraisers. Put into the context of the technology adoption life cycle this missing information prevents green homes from crossing the chasm into the mainstream market. As lenders and appraisers are the gatekeepers of the mainstream mortgage markets, they will be key stakeholders in any strategy for green homes to cross this chasm. The missing transaction and attribute data creates two opportunities for scholarship. The first opportunity is to create and provide preliminary evidence of the chasm in the green housing market place. The second opportunity is to analyze, in the context of this chasm, what information and tools appraisers are using, at present, to estimate the value of high performance homes.
Ph. D.

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Elzahar, Hany. "Determinants and consequences of Key Performance Indicators (KPIs) reporting by UK non-financial firms." Thesis, University of Stirling, 2013. http://hdl.handle.net/1893/19767.

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The study examines the level of quantity and quality of Key Performance Indicators (KPIs) reporting for a sample of FTSE 350 UK listed companies over the period (2006-2010). Furthermore, it identifies the determinants of KPIs reporting and investigates its impact upon firm value. Based upon the guidance of the best practice recommended by the Accounting Standard Board (2006), the study develops a measure of disclosure quality by considering the main qualitative attributes of information which, arguably, makes KPIs information more useful to stakeholders. The distinction between disclosure quantity and quality in the study enables the researcher to get greater insights into the drivers and implications of KPIs reporting quantity and quality. The study finds a variation between UK firms in the number of KPIs disclosed with a notable low level of reporting quality, especially for non-financial KPIs. It also finds that corporate governance mechanisms play an important role in improving KPIs reporting. In particular, it shows that directors’ compensations affect the quantity and quality of KPIs disclosure. Furthermore, the study provides evidence that quantity and quality of KPIs disclosure are not derived by the same factors, and both have different impacts on firm value. Whereas, the study finds a negative association between the numbers of KPIs disclosed and firm value, a non-significant relationship is reported between KPIs reporting quality and firm valuation. Overall, this study provides evidence that disclosure quantity is not a good proxy for disclosure quality.

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Jamal, Majd. "Using K-Nearest-Neighbor with valuation metrics to detect similarities between stock performances." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-281962.

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Algorithmic trading has increased in popularity since the publication of Agent-Human Interactions in the Continuous Double Auction by IBM researchers Das et al. (2001). Today many investors acquire algorithms that act on their behalf on the stock markets. Most of the algorithms have worked on predicting stock prices and making transactions when price thresholds are triggered. This project has a different objective and aims to construct a machine learning algorithm to cluster stocks with similar stock performances, and ultimately test the possibility if such stocks continue to perform similarly in the future. The KNN-model succeeds in its mission to cluster stocks with similar market performances. Statistical measurements highlighted a moderate correlation amongst stocks and their neighbors. Furthermore, some stocks did not continue to perform similarly in the short-term future, and the main reason has been of natural causes, such as management changes, and not meeting market expectations. Those factors impose a possibility for stocks to break their developing pattern at any time and move in a different direction than expected, which imposes a substantial limitation when clustering stocks that are expected to perform similarly in the future
Algoritmer har fått en ökad popularitet i aktiemarknaden sedan publikationen av Agent-Human Interactions in the Continuous Double Auction av IBM forskarna Das m.fl. (2001). Många investerare anskaffar sig algoritmer som utför marknadsanalyser och transaktioner när prisnivåer bryts. Detta projekt har en målsättning om att skapa en annan typ av algoritm, där i stället för att predicera aktiepriser så grupperar den aktier som har liknande aktieutvecklingar. Projektet testar även möjligheten om huruvida aktier med liknande nyckeltal och kursutvecklingar fortsätter att utvecklas likadant i framtiden. En KNN-modell lyckades med att gruppera aktier som har liknande kursutvecklingar. Statistik påvisar en moderat positiv korrelation mellan kursutveckling bland aktier och dess närmsta grannar. Vissa aktier fortsatte inte att utvecklas likadant i framtiden, av naturliga skäl, som ändringar i styrelsemedlemmar, eller redovisa finanser som inte bemöter marknadens förväntningar. Dessa faktorer leder till att aktier kan bryta sina mönster och röra sig åt en annan riktning än förväntat, vilket leder till en begränsning när en maskininlärningsalgoritm ska gruppera aktier som förväntas utvecklas likadant i framtiden.

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Erasmus, Petrus Daniel. "Evaluating value based financial performance measures." Thesis, Stellenbosch : University of Stellenbosch, 2008. http://hdl.handle.net/10019.1/1407.

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Thesis (PhD (Economics))--University of Stellenbosch, 2008.
The primary financial objective of a firm is the maximisation of its shareholders’ value. A problem faced by the shareholders of a firm is that it is difficult to determine the effect of management decisions on the future share returns of the firm. Furthermore, it may be necessary to implement certain monitoring costs to ensure that management is focused on achieving this objective. A firm would, therefore, benefit from being able to identify those financial performance measures that are able to link the financial performance of the firm to its share returns. Implementing such a financial performance measure in the valuation and reward systems of a firm should ensure that management is aligned with the objective of shareholder value maximisation, and rewarded for achieving it. A large number of traditional financial performance measures have been developed. These measures are often criticised for excluding a firm’s cost of capital, and are considered inappropriate to be used when evaluating value creation. Furthermore, it is argued that these measures are based on accounting information, which could be distorted by Generally Accepted Accounting Practice (GAAP). Studies investigating the relationship between these measures and share returns also provide conflicting results. As a result of the perceived limitations of traditional measures, value based financial performance measures were developed. The major difference between the traditional and value based measures is that the value based measures include a firm’s cost of capital in their calculation. They also attempt to remove some of the accounting distortions resulting from GAAP. Proponents of the value based measures present these measures as a major improvement over the traditional financial performance measures and report high levels of correlation between the measures and share returns. A number of studies containing contradictory results have been published. On the basis of these conflicting results it is not clear whether the value based measures are able to outperform the traditional financial performance measures in explaining share returns. The primary objectives of this study are thus to: • Determine the relationship between the traditional measures earnings before extraordinary items (EBEI) and cash from operations (CFO), and shareholder value creation; • Investigate the value based measures residual income (RI), economic value added (EVA), cash value added (CVA) and cash flow return on investments (CFROI), and to determine their relationship with the creation of shareholder value; • Evaluate the incremental information content of the value based measures above the traditional measures. The information content of the traditional measures and the value based measures are evaluated by employing an approach developed by Biddle, Bowen and Wallace (1997). The first phase of this approach entails the evaluation of the relative information content of the various measures in order to determine which measure explains the largest portion of a firm’s market-adjusted share returns. The second phase consists of an evaluation of the incremental information content of the components of a measure in order to determine whether the inclusion of an additional component contributes statistically significant additional information beyond that contained in the other components. The study is conducted for South African industrial firms listed on the Johannesburg Securities Exchange for the period 1991 to 2005. The data required to calculate the measures investigated in the study are obtained from the McGregor BFA database. This database contains annual standardised financial statements for listed and delisted South African firms. It also contains EVA, cost of capital and invested capital amounts for those firms listed at the end of the research period. Including only these listed firms in the research sample would expose the study to a survivorship bias. Hence these values are estimated for those firms that delisted during the period under review by employing a similar approach to the one used in the database. The resulting sample consists of 364 firms providing 3181 complete observations. Since different information is required to calculate the various measures included in the study, different samples are compiled from this initial sample and included in the tests conducted to evaluate the information content of the measures. The results of this study indicate that the value based measures are not able to outperform EBEI in the majority of the relative information content tests. Furthermore, the measures EVA, CVA and CFROI are also not able to outperform the relatively simple value based measure RI. The results from the incremental information content tests indicate that although some of the components of the value based measures provide statistically significant incremental information content, the level of significance for these relatively complex adjustments is generally low. Based on these results, the claims made by the proponents of the value based measures cannot be supported. Furthermore, if a firm intends to incorporate its cost of capital in its financial performance measures, the measure RI provides most of the benefits contained in the other more complex value based measures.

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Cassone, Deandra Tillman. "A process to estimate the value of a company based on operational performance metrics." Diss., Manhattan, Kan. : Kansas State University, 2005. http://hdl.handle.net/2097/66.

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Bohman, Mickael. "Real Estates Stocks' correlation to their underlying property portfolio and the stock market." Thesis, KTH, Fastigheter och byggande, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-183414.

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Chauhan, Lokendra Pratap Singh. "Modelling stock market performance of firms as a function of the quality and quantity of intellectual property owned." Thesis, Georgia Institute of Technology, 2007. http://hdl.handle.net/1853/16218.

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This thesis attempts to analyze a part of the big and complex process of how intellectual property ownership and technological innovation influence the performance of firms and their revenues. Here I analyze a firm's stock market performance as a function of the quantity and quality of intellectual property (patents) owned by the firm in context of the three US high-technology sectors, Pharmaceuticals, Semiconductors and Wireless. In these sectors, value of a firm is predominantly driven by the technologies which a firm owns. I use citation based indicators and number of claims to measure the quality of patents. This research presents empirical evidence for the hypothesis that in high-tech sectors, companies which generate better quality intellectual property perform better than average in the stock market. I also posit that firms which are producing better quality technologies (good R&D) invest more in R&D regardless of their market performance. Furthermore, though smaller firms get relatively less returns on quality and quantity of innovation, they tend to invest a bigger fraction of their total assets in R&D when they are generating high quality patents. Larger firms enjoy the super-additivity effects in terms of market performance as the same intellectual property gives better returns to them. In addition, returns to R&D are relatively higher in the pharmaceutical industry than semiconductor or wireless industries.

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Thiart, G. D. "A numerical procedure for predicting the effects of distorted inflow conditions on the performance of axial flow fans." Thesis, Stellenbosch : University of Stellenbosch, 1991. http://hdl.handle.net/10019.1/5747.

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Thesis (PhD (Mechanical Engineering))--University of Stellenbosch, 1990.
Leaves printed on single pages, preliminary pages i- viii and numbered pages 1-1-R5. Includes bibliography, list of tables and figures and list of appendices. Digitized at 330 dpi black and white PDF format (OCR),using KODAK i 1220 PLUS scanner.
ENGLISH ABSTRACT: A numerical procedure for predicting the effect of inlet flow distortions on the performance of axial flow fans is proposed. The study is aimed specifically at fans of low solidity and low hub-to-tip ratios, which have attained some importance with the advent of large directly air-cooled power stations in certain arid regions of the world. The numerical model is an extension to cylindrical polar coordinates of the SIMPLEN algorithm that has been developed by the author previously. The algorithm is implemented in a computer code, FLOVAX, which solves the incompressible Navier-Stokes equations, augmented by the k-Ɛ model of turbulence, on a computational domain that is aligned with the cylindrical polar coordinate system. Several relatively simple flow problems are solved to verify the code: laminar stagnation flow, laminar flow near a rotating disk, turbulent flow near a propeller, turbulent flow through an abrupt axisymmetric expansion, and turbulent swirling flow in an annulus. Good agreement is obtained between the numerical solutions and the corresponding analytical, empirical or published experimental and numerical results. Some experimental results are also presented: measurements of shaft power, volume flow rate and static pressure rise were taken in a setup comprising an axial flow fan mounted in the wall of a wind tunnel. The wind tunnel was used to provide flow across the fan intake, thus establishing distorted inflow conditions. Detailed measurements of the velocity and static pressure distributions in the duct downstream of the fan rotor were also performed. It is clear from the results that flow across the intake of the test fan has a detrimental effect on its performance in that an increased amount of power is necessary to deliver the same flow rate as with no crossflow. In the numerical predictions, blade element theory is used to model the thrust and torque exerted by the fan blades on the air. The numerical results generally confirm the results of the experiment, although the increase in power is underestimated: an increase of only approximately half of the measured increase is predicted. Several recommendations for improvement of the numerical procedure are made.
AFRIKAANSE OPSOMMING: 'n Numeriese prosedure vir die voorspelling van die invloed van versteurings in inlaatvloei op die werking van aksiaalwaaiers word daargestel. Die studie is spesifiek gemik op waaiers van lae soliditeit en lae lempunt-tot-naafverhoudings. Waaiers van hierdie tipe het belangrikheid verwerf sedert die onlangse totstandkoming van groot lugverkoelde kragstasies in sekere droe werelddele. Die numeriese model is 'n uitbreiding na silindriese poolkoordinate van die SIMPLEN-algoritme wat voorheen deur die skrywer ontwikkel is. Die algoritme word geimplementeer in 'n rekenaarkode, FLOVAX, wat die onsamedukbare Navier-Stokes-vergelykings, aangevul deur die k-Ɛ-turbulensiemodel, oplos op 'n berekeningsgebied wat saamval met die silindriese poolkoordinaatstelsel. Verskeie relatief eenvoudige vloeiprobleme word opgelos ter verifikasie van die kode: laminere stagnasievloei, laminere vloei op 'n roterende skyf, turbulente vloei deur 'n propeller, turbulente vloei deur 'n aksiaalsimmetriese vernouing, en turbulente roterende vloei in 'n annulus. Goeie ooreenstemming tussen die numeriese oplossings en die ooreenstemmende analitiese, empiriese of gepubliseerde eksperimentele en numeriese resultate is verkry. Eksperimentele resultate word ook aangebied: metings van asdrywing, volumevloei en statiese drukstyging is geneem in 'n opstelling wat bestaan het uit 'n aksiaalwaaier wat in die wand van 'n windtonnel gemonteer is. Die windtonnel is gebruik om versteurde-invloei-toestande te genereer in die vorm van dwarsvloei oor die waaier-inlaat. Snelheids- en statiese drukverdelings in die kanaal stroom-af van die waaierrotor is ook gemeet. Dit blyk duidelik uit die resultate dat die dwarsvloei oor die inlaat van die toetswaaier 'n nadelige uitwerking het op die werking daarvan in die opsig dat meer drywing nodig is om dieselfde vloeitempo te handhaaf as wat die geval is sonder dwarsvloei. Vir die numeriese voorspellings word van lem-element-teorie gebruik gemaak om die stukrag en draaimoment wat deur die waaier op die lug uitgeoefen word, te modelleer. Die numeriese resultate bevestig oor die algemeen die eksperimentele resultate, alhoewel die drywingstoename onderskat word met sowat die helfte van die gemete toename. Verskeie aanbevelings ter verbetering van die numeriese prosedure word gemaak.

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SANTOS, Cleber Roberto dos. "Transa????es entre partes relacionadas, governan??a corporativa e desempenho das empresas brasileiras." FECAP, 2017. http://tede.fecap.br:8080/jspui/handle/jspui/746.

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This paper investigates the relationship between related party transactions and firm performance for Brazilian companies. Additionally, we analyze the relationship between these transactions and corporate governance quality. In order to measure these relationships, it was adopted a statistical model of panel data for a sample of 107 companies in the period from 2011 to 2015. The results indicate that related party transactions are frenquent and have significant amounts among the companies in our sample. There was a substantial increase in the incidence and value of these operations between 2011 and 2014, with a same proportion decrease in 2015, that is possibly related to the disclosure of new instruction CVM 552/14, which became effective in 2015. Futrthermore, we found a negative and significant relationship between the firm performance and the financial relevance of the related party transactions. Furthermore, a negative and significant association was observed between corporate governance and related party transacions. Overall, the results corroborate the conflict of interest hypothesis, it indicating a possible market disapproval for related party transactions and/or an undestanding of the potential of minority shareholder expropriation mechanism provided by such transactions.
O presente trabalho investiga a rela????o entre transa????es entre partes relacionadas e o desempenho das companhias brasileiras. Adicionalmente, ?? analisada a rela????o da incid??ncia destas transa????es e as pr??ticas de governan??a corporativa. Para mensurar estas rela????es utilizou-se do modelo de dados em painel para uma amostra de 107 empresas no per??odo de 2011 ?? 2015. Os resultados indicam que as transa????es entre partes relacionadas s??o frequentemente utilizadas e possuem montantes significativos nas empresas que comp??em a amostra. Verifiou-se um aumento substancial na incid??ncia e valor destas opera????es entre 2011 e 2014, com um decr??scimo de mesma propor????o em apenas um ano em 2015, relacionado poss??velmente pela divulga????o da nova instru????o CVM 552/14, que passou a vigorar em 2015. Adicionalmente, observou-se rela????o negativa e significante entre o desempenho das companhias e a relev??ncia das transa????es entre partes relacionadas frente o ativo e a receita das empresas. Al??m disso, foi observada rela????o negativa e significante entre governan??a corporativa e a vari??vel relativa a transa????es entre partes relacionadas com o ativo total das companhias. No geral, os resultados da pesquisa corroboram com a hip??tese de conflito de interesse, indicando poss??vel desaprova????o do mercado para as transa????es entre partes relacionadas e/ou entendimento do potencial mecanismo para expropria????o dos minorit??rios propiciados por tais transa????es.

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CAETANO, Adriana. "An??lise de demonstra????es cont??beis: uma estrutura de avalia????o de desempenho das companhias brasileiras pelos private equity a partir das informa????es divulgadas." FECAP, 2015. http://tede.fecap.br:8080/jspui/handle/jspui/760.

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The objective of this study was to develop a performance analysis structure of the Brazilian companies, based on the literature, corroborated by the information disclosed in their financial statements in order to support the private equity investors estimate the value of an entity. To meet the proposed goal it was made a bibliographic research, aiming to identify the relevant elements to valuate a company concerning accounting and financial information. In this sense, it was developed the referred structure. It was conducted a research based on the document analysis technique, attempting to identify in the content of the financial statements of the selected companies the terms presented in the developed performance analysis structure. The research was descriptive and it was applied the qualitative and quantitative approach, to analyze the content of the four companies registered in the BOVESPA MAIS, part of the Clean Energy and Information Technology segments. The proposed goal of this study was reached, as the performance analysis structure was developed based on the literature and, the items of the strucuture had a high level index of presence in the financial statements of the companies analyzed, indicating that is possible to apply such structure in the process of estimating the value of a company.
O objetivo deste estudo foi desenvolver uma estrutura de avalia????o de desempenho de companhias brasileiras, a partir da bibliografia, corroborada com as informa????es divulgadas em suas demonstra????es financeiras, a fim de auxiliar os investidores de private equity em estimar o valor de uma entidade. Para se atingir o objetivo proposto, realizou-se uma pesquisa bibliogr??fica, com a finalidade de identificar os elementos relevantes na avalia????o de uma empresa no que se refere ??s informa????es cont??beis e financeiras e, a partir da??, desenvolveu-se a referida estrutura. Efetuou-se uma pesquisa baseada na t??cnica de an??lise documental, que buscou identificar no conte??do apresentado nas demonstra????es cont??beis das empresas selecionadas os elementos contemplados na estrutura de avalia????o de desempenho desenvolvida. A pesquisa tem car??ter descritivo e usou abordagem quantitativa e qualitativa, para avaliar o conte??do das demonstra????es financeiras das quatro empresas registradas no BOVESPA MAIS, dos segmentos de Energia Renov??vel e Tecnologia da Informa????o. O objetivo proposto neste estudo foi alcan??ado, visto que se desenvolveu uma estrutura de avalia????o de desempenho a partir da bibliografia e os itens contemplados nessa estrutura apresentaram um alto ??ndice de presen??a nas demonstra????es financeiras das empresas analisadas, corroborando a possibilidade da utiliza????o de tal estrutura no processo de estima????o do valor de uma empresa.

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Traldi, Ottone Alexandre. "Políticas de atendimento para servidores Web com serviços diferenciados baseadas nas características das requsições." Universidade de São Paulo, 2008. http://www.teses.usp.br/teses/disponiveis/55/55134/tde-28052009-104819/.

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Este trabalho propõe mecanismos de diferenciação de serviços para servidores Web, visando a melhorar o desempenho desses sistemas quando são consideradas as características das requisições Web nas políticas de atendimento. Optou-se por adotar o contexto do comércio eletrônico para a realização das pesquisas, uma vez que esse ambiente é um dos mais impactados negativamente quando há um comportamento inadequado do servidor em situações de sobrecarga. Para isso, foi realizada uma investigação das características das requisições Web típicas do e-commerce, para que tais características pudessem ser usadas como diretrizes para os mecanismos e melhorar o desempenho dos servidores. Em seguida, foram propostos um modelo de carga de trabalho e um modelo de simulação para a realização dos experimentos. Com isso, foi possível avaliar os resultados obtidos com a inserção dos diversos mecanismos no Servidor Web com Diferenciação de Serviços (SWDS), um modelo de servidor cuja arquitetura o torna capaz de fornecer serviços diferenciados a seus usuários e aplicações. Foram propostos novos mecanismos de escalonamento de requisições bem como novos mecanismos de controle de admissão. Diversas simulações foram realizadas e os resultados obtidos mostram que a exploração das características das requisições Web, além de ser fundamental para um bom entendimento do comportamento do servidor, possibilita a melhoria de desempenho do sistema
This work proposes differentiated services mechanisms for Web servers, aiming at improving their performance when the features of Web requests are considered. The electronic commerce (e-commerce) context was adopted to develop the researches once this environment is one of the most negatively influenced when there is an inadequate behavior of the server under overload situations. Thus, it was realized an investigation on the features of ecommerce Web requests, so that these features could be used both as guidelines for the mechanisms and to improve the performance of the servers. Afterwards, a workload model and a simulation model were proposed to implement the experiments. Thus, it was possible to evaluate the results obtained with the insertion of several mechanisms in the Web Server with Differentiated Services (WSDS), a server model with an architecture that makes it capable of supplying differentiated services to its users and applications. New request scheduling mechanisms were proposed as well as new mechanisms for admission control. Several simulations were realized and the obtained results show that the exploration of the Web request features, besides being fundamental for a good understanding of the server behavior, makes possible to improve the system performance

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Gewehr, Daniel Henrique. "Avaliação relativa de ações baseada em múltiplos de mercado projetados e passados : um estudo comparativo de performance na Bovespa." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2007. http://hdl.handle.net/10183/8643.

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O principal objetivo da dissertação é verificar se é possível superar o principal índice acionário brasileiro (Ibovespa) no longo prazo utilizando indicadores relativos (múltiplos de mercado), baseados em dados passados ou projetados. Foram escolhidos quatro indicadores, advindos de uma pesquisa com relatórios de 33 instituições que operam no mercado brasileiro e na disponibilidade de dados históricos e projetados. São eles: Preço/Lucro (P/L), Enterprise Value/Ebitda (EV/Ebitda), Preço/Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL). A comparação entre portfolios passados e projetados procura verificar se é válido o que o mercado aplica na prática, de melhor performance dos dados futuros em relação aos históricos. Considerando limitações inerentes ao mercado financeiro e ao período da pesquisa, os resultados sugerem que é possível obter um desempenho superior ao principal benchmark nacional, o Ibovespa, principalmente usando carteiras de Valor baseadas em menor Preço/Lucro (P/L) projetado e/ou passado. Os indicadores de menor Preço/ Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL) desempenharam bem, inclusive acima do Ibovespa, contudo foram estatisticamente menos significantes do que o P/L em diversos testes. Em relação ao múltiplo EV/Ebitda, os resultados para o portfolio de menor índice projetado foram um tanto quanto decepcionantes. O segundo indicador mais utilizado pelo mercado não teve significância estatística em seus retornos se comparado com zero. A montagem de portfolios considerou um caso base com 12 ações igualmente ponderadas. Também foram feitas sensibilidades de porfolios compostos de diferentes números de ações, bem como com ponderação por valor de mercado, exames de consistência através de portfolios randômicos e testes de retornos diários/mensais.
The main goal of this dissertation is to verify if it is possible to outperform the Brazilian stock index (Ibovespa) over the long term using relative valuation, based on past and predicted data. It was chosen four market multiples, according to a survey done with 33 brazilian investment firms: Price/Earnings (P/E), Enterprise Value/Ebitda (EV/Ebitda), Price/Book (P/B) and Enterprise Value/Net Sales (EV/Sales). Considering the limitation of time and data availability, the results suggest that it is possible to beat the market index using relative valuation, mainly with projected and past Value Price/Earnings portfolios. The P/B and EV/sales portfolios also had a good performance, but in smaller proportion when compared against P/E. Regarding to EV/Ebitda, the results were a little disappointing as the pure returns were not statistically different from zero. The base case portfolios were compounded by 12 stocks equally weighted. It was also run a sensitivity analysis using portfolios with different compositions (ranging from 5 to 18 stocks), randon portfolios and with value weighted.

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Beltrão, Jorge de Lima. "O desempenho das escolas de referência no litoral sul de Pernambuco." Universidade Federal de Juiz de Fora, 2014. https://repositorio.ufjf.br/jspui/handle/ufjf/1346.

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O Programa de Educação Integral no estado de Pernambuco foi implementado pela Lei Complementar 125/2008 como estratégia de melhoria do ensino médio e qualificação profissional, em regime integral ou semi-integral, ofertando a preparação para o trabalho e a inclusão social. Atualmente existem em Pernambuco 260 Escolas de Referência em Ensino Médio (EREMs), e destas, cinco estão localizadas no Litoral Sul de Pernambuco, objeto de estudo, além de 3 unidades de ensino regulares semi-integrais. Nesse contexto, impulsionado pela melhoria dos índices nas avaliações externas, este estudo de caso tem como objetivo geral verificar quais as ações adotadas pelos gestores dessas EREMs que, possivelmente, influenciaram na melhoria dos resultados educacionais. No Plano de Ação Educacional (PAE) foram propostas ações que poderão ser adotadas pela SEE/PE para favorecer o aprimoramento do desempenho das escolas estaduais regulares, com base naquilo que foi verificado como relevante nas unidades estudadas. Através da pesquisa realizada neste estudo conclui-se que as escolas de referência da GRE litoral sul apresentam melhores resultados que outras com o mesmo perfil pelo diferencial da gestão pedagógica voltada para os resultados educacionais.
The Education Program in full time in the state of Pernambuco was implemented by Complementary Law 125/2008 as an improvement in the average education and professional qualification, full or semi-integral strategy, offering preparation for work and social inclusion. Currently there are 260 schools in Pernambuco Reference in High School (EREMs), and of these, five are located in the South Coast of Pernambuco, object of study, plus 3 units of semi-regular integral education. In this context, driven by improved indices in external reviews, this case study has as main objective to verify that the actions taken by the managers of these EREMs that possibly influenced the improvement of educational outcomes. Educational Action Plan (SAP) shares that may be adopted by SEE / PE to promote the improvement of the performance of regular state schools, based on what was seen as relevant in the studied units were proposed. Through the research conducted in this study concluded that schools reference the southern coast GRE have better results than others with the same profile by differential educational management oriented educational outcomes.

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Lucena, Igor Macedo de. "What characteristics influence the future performance of the investment funds of shares in Brazil?" Universidade Federal do CearÃ, 2014. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=12523.

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nÃo hÃ
Segundo Jensen (1968), a indÃstria de fundos mÃtuos de investimento, cuja expansÃo estÃ prevista teoricamente pelo Teorema da SeparaÃÃo enunciado em Sharpe (1964), teria limitaÃÃes no sentido de bater o mercado em termos de performance risco-retorno mensurada pelo alfa de Jensen. Nesta ampla discussÃo, esta dissertaÃÃo se posiciona em sugerir um exercÃcio empÃrico aplicado a um cross-section contendo 243 fundos de investimentos em aÃÃes, categoria Ibovespa Ativo, o qual visa identificar que variÃveis financeiras, contÃbeis e administrativas se mostram capazes de prever no ano seguinte o sinal e a significÃncia do alfa de Jensen. Foram extraÃdos retornos diÃrios para todos os fundos nos anos de 2011 e 2012, e calculadas mÃtricas clÃssicas de retorno, risco e performance, bem como os 24 balancetes mensais e informaÃÃes administrativas do perÃodo em questÃo. Metodologicamente, as variÃveis explicativas consistem em estatÃsticas descritivas obtidas a partir de dados financeiros diÃrios e contÃbeis mensais, enquanto as performances a serem modeladas sÃo estimadas por meio do Capital Asset Pricing Model (CAPM). Dessa maneira, foi possÃvel ordenar os fundos em trÃs grupos, composto por Loosers, Draw e Winners, de acordo com suas performances em relaÃÃo ao Ãndice Ibovespa. Sendo assim, foi identificado que apenas 71 dos fundos foram capazes de performar melhor que o Ãndice Ibovespa durante o ano de 2012. Os resultados obtidos com a estimaÃÃo do arcabouÃo de Probit ordenado sugerem que fundos com maiores performances mensuradas pelos alfa de Jensen e Ãndices de Calmar e Sortino, associados a menores taxas de administraÃÃo, tendem a bater o mercado no ano seguinte. Entretanto, mÃtricas clÃssicas como desvio-padrÃo, taxa de performance e Ãndice de Sharpe (1964) nÃo se mostraram significantes. O modelo sugere, tambÃm, que a variÃvel Drawdown seja apresentada como mÃtrica eficiente de mensuraÃÃo de risco.
According to Jensen (1968), the mutual funds industry expansion is theoretically predicted by the Separation Theorem stated by Sharpe (1964), however with limitations in order to exceed the market in terms of risk-return performance measured by Jensen's alpha. In this broad discussion, this dissertation suggest an empirical exercise applied to a cross-section containing 243 stock funds, within the Ibovespa Active category, which aims to identify which financial, accounting and administrative variables are capable to predict the next year's value and the significance of the Jensen's alpha. Daily returns were extracted for all funds in 2011 and 2012, and were calculated classic metrics such as return, risk and performance. There were also extracted 24 monthly accounting balances and administrative informations for the period in question. Methodologically, the explanatory variables consist of descriptive statistics obtained from daily financial data and monthly accounting data, while the performances to be modeled are estimated using the Capital Asset Pricing Model (CAPM). Using this technic it was possible divide the funds into three groups, consisting of Loosers, Draw and Winners, according to their performances in relation to the Ibovespa index. Thus, it was discovered that only 71 funds were able to perform better than the Ibovespa Index during the year 2012. The estimation results of the ordered probit framework suggests that funds with higher performances measured by the Jensen's Alpha and with higher Sortino and Calmar ratios, associated with lower management fees tend to surpass the market in the next year. However, classical metrics like standard deviation, performance fees and Sharpe ratio (1964) were not significant. The model also suggests that the drawdown variable should be used as an efficient risk metric.

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Gillett, Jessica C. "Monetizing truck freight and the cost of delay for major truck routes in Georgia." Thesis, Georgia Institute of Technology, 2011. http://hdl.handle.net/1853/42907.

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This research provides an example delay calculation for long-haul single unit and combination trucks on Interstate-75 (I-75) in Georgia. Truck profiles on Georgia interstates are used to calculate the value of freight by truck type and commodity moved. Determining the types of trucks and commodities moved within the state of Georgia allows the researcher to monetize the effect of recurring congestion by location in addition to the cost of lost time. A more accurate calculation of delay based on truck type and commodity moved will better inform the Georgia Department of Transportation about the performance of Georgia's major truck routes and its potential effect on the local economy. A review of past research on this topic found that the calculated cost of delay in previous studies varied widely based on truck and commodity type. The identification of the types of commodities moved can assist in better monetizing the value of truck freight. Using forecast data on future truck traffic volume increases in the corridor, the growing importance of putting a value on different types of truck freight delay costs are demonstrated.

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41

Zachar, Dávid. "Vliv aplikace českých účetních předpisů a IFRS na analýzu finanční výkonnosti firmy ČD Cargo." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-166017.

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This study sought to analyze and compare financial statements prepared in accordance with IFRSs and Czech accounting principles of the company ČD Cargo focusing on the impact of the results of the financial analysis. Basic characteristics of IFRSs and Czech accounting principles are defined and described in the thesis. Emphasis is placed on the most contrasting rules of the systems. Different methods of financial analysis, their use, and informative value are characterized in the next section. Consequently, the methods have been applied and the results are shown with differences based on specific accounting harmonization. The aim is not only to show different results of the financial analysis, but to also explain the reasons behind the differences, based on the applied rules.

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Santos, Frederico Maria Pinto Pereira Dos. "Equity valuation under armour." Master's thesis, 2020. http://hdl.handle.net/10362/105635.

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A company’s valuation is based on theoretical models and analysts’ assumptions that intend to predict future events in the most reliable way. The present work project aims to estimate the fair value of Under Armour’s stock at December 31st, 2020.To perform this valuation, the Discounted Cash-Flow (DCF) was the primarily method used accompanied by a Multiples valuation. The DCF valuation output is that Under Armour is under valued by the market, having a target price of $24.09comparing to the price of $21.85as of 06/01/2019. Hence, the recommendation of Under Armour’s equity valuation is a BUY recommendation.

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Ling, Ming Sheng, and 林明生. "January Effect and International Stocks Portfolio Performance Valuation." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/56445935073162292743.

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Chin-Yu, Hsiao, and 蕭金玉. "Performance Valuation of the Restaurants Using Data Envelopment Analysis." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/09066314995617982629.

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碩士
大葉大學
工業工程與科技管理學系碩士在職專班
94
This study focuses on a famous domestic cater train enterprise, including 3 brands, an outlet and 11 branches, to proceed Data Envelopment Analysis. The first level are enterprise department, the second level are outlets. Each of them includes labor, material, equipment, management and marketing as the input items, and income as the output item. These items model the main structure of performance evaluation system, and the factors of input items which contribute to the output items are constructed as the quantity indicator. The output items are specific presentation of organization management goals. In this study, CCR model and BCC model from DEA are applied to analyze efficiency and improvement target and direction of the case company, to promote enterprise performance. Through the research and the computing result of Data Envelopment Analysis in the general performance model, we find the relatively efficient policy-making units. By the way, the relatively inefficient policy-making units in the affair department should cut down the investments of human power, equipments, managements and marketing, etc. The relatively inefficient units in the regular chains should cut down the investments in research and development, management and marketing, etc. For the affair department and the regular chains, the policy-making units which are relatively below the average should expand the scale in order to upgrade the production efficiency.

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45

Chiang-Li-Chung and 蔣理中. "Valuation and Performance Evaluation of Enterprises Composing a Group." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/45744224918015060038.

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碩士
輔仁大學
金融研究所
92
Abstract The beginning of enterprises development in Taiwan is a distance later than the advanced countries in Europe and America, but the “economic miracle” achieved in Taiwan has accompanied the success of many international well-known domestic enterprises. Many small companies have evolved into business groups and played an important role in economic contribution to the world. As enterprise groups getting bigger and bigger, their managements and owners keep on expanding just for the sake of ripping the benefits of accumulated specialized expertise and utilizing precious resources generated through internationalization and diversification. At the same time, they are facing a severe challenge and must adopt effective management control and business analysis to make both parent company and subsidiaries achieve the desired operating results expected by their shareholders. The principles of valuation and methods of analysis adopted in the past by enterprises are mostly relying on financial statement analysis. The tool of traditional financial statement analysis is easy and widely used for many years, but the analytical results often lack in thoroughness and rigor. The topic of my thesis is to use the tool of valuation to measure economic values added by major subsidiaries of a business group in Taiwan to address the benefits of diversification versus integration for the purpose of generating future strategic recommendations for the group. The focuses of the thesis are as follows： 1. To analyze the contribution of diversified as well as integrated investments to the enterprise group as a whole. 2. To evaluate the performances of strategic investments by attributing and adjusting resources employed in the appropriate time to provide strategic relevant information to home-office decision-makers. 3. To find out the applicability of various methods of valuation to recommend to the valuation professionals of the enterprise group. 4. To complement quantitative analysis with qualitative analysis by collecting data of both types to evaluate the effect on the results of valuation. Because of the complexity of a large number of valuation relevant factors involved, it is not possible to consider all aspects. The quantitative data collected are limited to those essentially required by the EVA(Economic Value Added) and FCF(Free Cash Flow) model. The qualitative data collected, on the other hand, are limited to those related to the evaluation of value creation process, differences in recognition, growth potential and financial innovations. Finally, the development of Taiwan enterprise groups will trace the same path as the advanced countries in Europe and America. That is to say, enterprise groups have to focus on core competence and strategy investments will always be an important growth consideration in generating profits and expanding business scope.

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46

張智琦. "A relevant loss function in option valuation- Hedging performance." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/96168328048384878945.

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碩士
國立交通大學
財務金融研究所
93
In this thesis, we investigate the adequacy of different loss functions when evaluating option pricing models. Our analysis shows that it is important to have a reasonable yardstick to assess the relative merits of competing models. Based on the viewpoint of a hedger, we recommend the hedging error to be the loss function in judging out-of-sample performance. We illustrate the effect on the three types of error in an application of the Black-Scholes model to TAIEX index options and compare with the constant elasticity of variance model. Our empirical results show that a better model may be rejected when using an inappropriate criterion. Thus, it is vital to choose a relevant loss function.

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47

Lin, Chao-Hsiang, and 林朝祥. "Forecasted performance of valuation methods in Taiwan stock market." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/15393553003877522900.

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48

Romeiro, Tomás Barbosa. "Equity valuation using accounting numbers : valuation models in the banking context : empirical performance and analysis of Broker’s reports." Master's thesis, 2015. http://hdl.handle.net/10400.14/20010.

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This study investigates the performance of the Dividend Discount Model (DDM), the Residual Income Valuation Model (RIVM) and two multiples based valuation methods, Forward Price to Earnings (P/E) and Price to Book (P/B) ratios, when analysing bank equity. Additionally, the role of Other Comprehensive Income (OCI) in the difference between the outputs of the DDM and the RIVM is analysed as a possible cause of this difference. Although the sample is relatively small, OCI is not found to be the driver of the difference between the output of the aforementioned mentioned models. The analysis also concludes that the performance of Dividend Discount Model and the Residual Income Valuation Model is highly sensitive to the inputs used, especially growth rates. The second part of this study investigates the valuation methods used by analysts in bank valuation, compares the findings with what literature proposes and analyses if the period of the most recent financial crisis had any impact on the methods used by analysts. It finds that in their majority, analysts conform to what literature proposes and that there was a noticeable change in valuation models used during the 2006-2011 period. Although many of the reports do not provide clear explanations as to why this happened, the analysis tries to fit in-report information with the theoretical framework.

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49

Chang-Chun, Chen, and 陳昶均. "Comparing the Performance of TXO Valuation under Alternative Volatility Models." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/13251491694002047002.

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碩士
東吳大學
企業管理學系
92
The option pricing model has become a very mature tool that has been extensively used in practice. However, the TXO has been on the market for only two years and is still an extremely novel financial derivative. There have so far been very few studies in relation to the TXO. Therefore, the purpose of this study is to estimate option prices by using alternative volatility models to find out which volatility model is the most suitable for evaluating the TXO.In this paper six models are used to estimate the volatility and the estimated values are incorporated into the Black-Scholes option pricing model to calculate the theoretical prices. Furthermore, the difference between the theoretical price and the market price is calculated using the statistical error measures to find the optimum volatility model. The results show that the theoretical price with VEGA-weighted implied volatility is closest to the market price, and therefore the VEGA-weighted implied volatility model is the optimum volatility model for evaluating the TXO. For short-term options, the performance of the TXO valuation using the implied volatility models is better than in the case of the time series models.

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50

Lo, Hui-Yu, and 羅慧瑜. "The relations between brand valuation, production quality and business performance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/44183453855884778169.

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碩士
輔仁大學
會計學系碩士班
98
The purpose of this study is to examine the relation between brand value, production quality and business performance. The sample consists of Taiwan top 10 and 20 global brand value companies during 2003 to 2007. This study applies Interbrand model (Brand Valuation Approach, BVA) to conduct the empirical test. The empirical results of this study are summarized as follows: 1. The hypothesis that business performance is significantly positive-associated with brand value isn’t hold. 2. The hypothesis that business performance is significantly positive-associated with product quality isn’t hold. 3. This study replace current period business performance measures by next period business performance measures and redo the previous empirical test. The previous empirical results remain unchanged.

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