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Möller, Eva, and Samuel Öquist. "Investing for a sustainable future : drivers and barriers for sustanable venture capital investement decisions." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388409.
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Venture Capital can play a key role for our future by placing their capital in sustainable investments. They have the capacity to fuel new ventures, sprung from ideas on how to solve the sustainability challenges we face today. In this paper we research the drivers and barriers for sustainable venture capital investment decisions. Our findings show that increased knowledge on sustainability issues is affecting the general public opinion, policies and governance and the way we choose to live, consume and do business. This in turn increases the market potential for sustainable businesses. Therefore, sustainable investments are more and more considered as a good investment, not only in regard to social and ecological aspects but also financial returns. A model with our findings showing the drivers and barriers for sustainable venture capital investment decisions will be presented aiming encourage and push toward a more sustainable future.
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Binsaeed, Rima Hassan. "Foreign direct investment drivers with regard to Saudi financial services." Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/13585.
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The economy of Saudi Arabia is rich in oil. It is the world’s leading oil exporter and a prominent member of the Organization of Petroleum Exporting Countries (OPEC), and a country which embraces Foreign Direct Investment (FDI). FDI is core to increasing the capital and the economic wealth of a country. It is a platform for innovative technologies, advanced management practices, investment, and for the development of an unrestricted market for generating goods and services. Host nations struggle to attract FDI because of the difficulty in recognising FDI drivers that shape FDI inflows. This study identifies significant drivers that influence financial services. These are market drivers, economic drivers, infrastructure drivers and political drivers. Noticeably, previous studies have failed to discuss the complexity of these drivers’ effectiveness in terms of a particular business and a particular country. The objective of this study, therefore, is to analyse the effect of different FDI drivers on FDI inflows with regard to Saudi financial services. This study finds that market drivers are the most effective FDI drivers in terms of Saudi financial services, followed by economic and political drivers. This study supports the findings of previous studies that suggest that infrastructure drivers are not effective in terms of FDI inflows with regard to Saudi financial services.
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Shoai, Tehrani Bianka. "Electricity investments and development of power generation capacities : An approach of the drivers for investment choices in Europe regarding nuclear energy." Phd thesis, Ecole Centrale Paris, 2014. http://tel.archives-ouvertes.fr/tel-01020273.
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In a context of growing energy prices and climate change mitigation, the thesis addresses the issues of investments in power generation capacities and in particular nuclear capacities. Given that the Generation IV of nuclear reactors is supposed to be ready in 2040 for industrial deployment, the purpose of the thesis is to study the conditions for electricity investments in France and Europe within this horizon, in order to assess development perspectives for nuclear energy and for potential emergence of Generation IV on the European market. To do so, it is necessary to study the mechanisms at stake in investment choices taking into account all power generating technologies. Economic theory usually bases the choice on long-term economic rationality, which does not allow explain the actual choices observed in European electricity mix. The objective of the research work is thus to identify investment choice drivers and to propose an approach describing the behavior of investors in a more realistic way. A multidisciplinary approach was adopted to explore the question. It combines a historical analysis of drivers evolution according to historical context, a structural analysis of these drivers to identify favorable scenarios for future nuclear reactors, a value creation approach to replicate investors' preferences in those scenarios, and last, a value option approach focusing on nuclear technologies and comparing competitiveness of Generation IV reactors with current reactors. As a result, only strong climate policy combined to government support to nuclear energy could allow industrial development of Generation IV, while high progress of renewables does not lessen the attractiveness of nuclear energy.On a international level, such analysis could be broaden by taking into account the drivers specific to each area of the world, such as highly growing demand in developing countries.
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Cruz, Alemán Guillermo Alberto. "The drivers of foreign direct investment in telecommunications among developing countries : the role of government." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/58168.
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Thesis (S.M. in Technology and Policy)--Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program, 2009.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references (p. 78-83).<br>During the late 1980s, globalization of the world's economies and technological development created the conditions for the expansion of Foreign Direct Investment (FDI) in telecommunications. This tendency has been further boosted by different economic reforms that countries have implemented, which have included the liberalization of FDI regimes and the opening of the infrastructure sectors, including telecommunications, to private investment and competition. As a result, developing countries have received considerable inflows of FDI in telecommunications through multinational companies, headquartered in developed countries that either have purchased state-owned telecom providers or have entered mobile markets. In this context, since the late 1990s a few domestic companies from emerging economies have also emerged as successful players in the international markets, generating a new wave of investment, commonly called "South-South" FDI, that currently represents nearly one-third of foreign capital inflows in telecommunications in developing economies. This thesis explores the country-level drivers of the recent wave of South-South FDI in telecommunications and how these drivers have shaped domestic companies' competitive advantages. Specifically, I address two research objectives: First, to determine what country-level factors have enabled a few domestic companies from developing countries to emerge as successful players in the international telecommunications markets.<br>(cont.) Second, to identify the role governments have played in the rise of this type of investment. Using economic and regulatory information on 145 developing countries I built a cross-section econometric model of the determinants of this wave of FDI during the period 1998-2007. The results indicate that multinational telecommunications companies from developing economies tend to originate in relatively large countries with maturing telecommunications markets. These companies' operations tend to be located in nearby countries whose markets exhibit large potential, where they find favored access conditions and where they are able to exploit their superior knowledge of emerging markets. Also, these companies are more likely to emerge in countries that have both incorporated competitive forces and provided these companies some protection from full liberalization. In this regard, government intervention has created particular pressures, sources of advantage and business opportunities that have resulted in additional incentives for these companies' internationalization.<br>by Guillermo Alberto Cruz Alemán.<br>S.M.in Technology and Policy
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Schmidt, Daniel. "Corporate syndicated loan pricings in Germany : an exploration of the hidden drivers." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/4809/.
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Syndicated loans are a common debt financing format for large corporations in general. For those situated in Germany—with its bank-based financial system—such loans play a vital role. Given the multibillion volumes raised annually, the pricing of syndicated loans is economically significant, with its levels, structure, and determination having attracted the interest of researchers around the world. A critical review of the existing worldwide literature of syndicated loan pricing revealed notable gaps, including an almost complete absence of studies on the German corporate market. The overall research aim was to address this gap by exploring and analysing the “hidden drivers” of banks’ pricing of syndicated loans to German corporate borrowers, thereby developing an enriched understanding of the elements and determinants of pricing and its underlying processes and decisions. Adopting a pragmatist research paradigm, I chose a sequential mixed-methods approach, with a limited quantitative analysis preceding an extensive qualitative study. The first stage of the research was designed to evaluate the availability of reliable quantitative pricing data in the public domain—this being the main data source for the clear majority of extant studies. I found the availability and quality of pricing data for the German corporate market to be extremely limited, particularly in comparison to that available relating to the U.S. market. There was clearly much that remained unexplained; hence, primary research was required to illuminate syndicated loan pricing and the decision processes that contribute to it. The main element of the qualitative study was a series of semi-structured, in-depth interviews with a sample of bank lending professionals and key informants. The purpose of these interviews was to explore the complex realities of syndicated lending through the eyes and experiences of the people involved and to interpret the socially constructed phenomena surrounding the pricing of German corporate syndicated loans. The study succeeded in revealing and substantiating important and to date hidden phenomena concerning numerous dimensions of syndicated lending in general and pricing in particular. An explanation was developed for the relative opacity of the German corporate syndicated loan market. The study enabled significant enhancements to the understanding of the concept of pricing and its complex and interwoven elements. More broadly, a new and richer perspective was developed of syndicated lending as a behavioural phenomenon, involving a complex interplay of relationships and strategies, and involving individuals and departments within banks, between banks as members of the syndicate, and between lenders and borrowers. The insights gained informed the development of a comprehensive model of the pricing elements of syndicated lending and their determinants. This research is the first to conduct and produce an in-depth study of the internal workings of syndicated corporate lending in the German market and a study that does not rely on secondary data that are at best incomplete. It has resulted in many rich and original insights and a conceptualisation of syndicated lending that differs radically from the classical understanding of lender-borrower relationships as founded on theories of asymmetric information. The research presented here, therefore, makes significant contributions to the literature, in helping to close notable gaps in the banking and financial intermediation literature.
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Virmani, Swati. "Grow to internationalise or internationalise to grow : essays on drivers & effects of outward foreign direct investment." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/grow-to-internationalise-or-internationalise-to-grow-essays-on-drivers-and-effects-of-outward-foreign-direct-investment(8086838f-b1c0-410f-884b-dd92a8c7b833).html.
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This thesis explores three important factors that have been central to the pursuit of economic growth, particularly in the developing and emerging economies. These are Outward Foreign Direct Investment, Reverse Technology Spillovers, and Total Factor Productivity. Chapter 2 examines whether India’s Outward Foreign Direct Investment (OFDI) pattern is consistent with Dunning’s Investment Development Path (IDP) sequence using macro data over the period 1980-2010. It tests whether the level of development - proxied by GDP per capita - is the main factor explaining OFDI, and augments the IDP by studying other major determinants such as exports, Inward FDI, human capital, and R&D using the Cointegration and Error Correction Model techniques. The results support the main proposition of the IDP, but also highlight the importance of other factors. We also find that OFDI granger-causes R&D, suggesting a possibility of reverse technology spillover. Chapter 3 analyses the ‘feedback effect’ of Foreign Direct Investment (FDI) on Total Factor Productivity (TFP) growth of emerging economies via technology spillovers across borders. We study the effect of R&D spillovers resulting from Outward FDI flows from 18 emerging economies into 34 OECD countries over the 1990-2010 period, comparing the impact with that of spillovers resulting from Inward FDI flows. The result confirms that FDI enhances productivity growth in the home country; however the impact is much larger when R&D-intensive developed countries invest in the emerging economies than the other way round. The country-specific bilateral elasticities also support this outcome. Finally, Chapter 4 studies twofold stages of OFDI – determinants and effects – at a disaggregated level, using data on OFDI undertaken by 34 countries in 10 major sectors of US during 1990-2010. The main aim of this essay is to provide micro evidence in support of outcomes of Chapter 2 & 3. The first stage concentrates on the driving forces of OFDI to understand its macroeconomic determinants, by distinguishing the factors into 3 broad categories: country specific, sector specific and time specific variables. In the second stage, we then study how the home countries benefit from the OFDI that they undertake in the US, in terms of the impact of induced reverse technology spillovers. This stage entails the creation of a foreign R&D capital term as the weighted average of R&D intensity of US with the OFDI undertaken by the home countries into US. It investigates both direct and interaction effects of such R&D spillovers on the growth of home country’s TFP. The analysis also considers a lag structure to allow for a time lag in the transfer and effect of foreign R&D capital. Results for both the stages confirm the set hypotheses.
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Keulertz, Martin. "Drivers and impacts of farmland investment in Sudan : water and the range of choice in Jordan and Qatar." Thesis, King's College London (University of London), 2014. http://kclpure.kcl.ac.uk/portal/en/theses/drivers-and-impacts-of-farmland-investment-in-sudan(6a04cda8-70db-4e6f-8e28-d8d44bda213e).html.
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The spiking food prices in 2007/08 and 2010/11 and the absence of local food water prompted Jordanian and Qatari decision-makers to look for ways to achieve food security. They needed alternatives to domestic food production and food commodity imports via the global trading systems. A new policy-choice was to invest in water and land in Sudan. These so-called “land grabs” have been widely criticised because of their potential impacts on livelihoods and on ecosystem services in the target countries. By deploying an analytical framework from a pragmatic philosophical perspective, referred to here as -a range of policy-choices to achieve food and water security-this study makes an original contribution by analyzing how the goal of “importing” virtual water is a distinct choice for both Jordan and Qatar. The study is also original in examining the politics of policy-making in Jordan and Qatar. The respective politics are shown to determine whether or not a policy-choice is adopted -in this case foreign direct investment in water and land overseas. In addition, questions on the influence of the corporate global “food regime” and global food supply value chains will be answered. These answers will further illustrate how politicised the range of choice is in Jordan and Qatar. The thesis is the outcome of extensive qualitative research in East Africa and the Middle East between August 2010 to November 2012. In total 40 key-informants were interviewed to provide an understanding of water resources and policy- choice in Jordan and Qatar. The principal findings are that the range of choice of decision-makers in Jordan and Qatar is determined first, by strategic international food geopolitics, and second, domestic neo-patrimonial power games over water and rents and anticipated rents. Severe environmental and social constraints in Sudan are shown to make farmland investment a costly strategy to achieve food and water security. The study contributes new knowledge on the international food politics that affect the Middle East as a region as well as on the role of food in domestic political decision-making in Qatar and Jordan. It shows that even if the potential investors can develop effective policies to “grab” or “responsibly invest in land and water” in East Africa the approach is not a feasible option. Alleviating water insecurity in Jordan and Qatar through virtual water imports from Sudan is a costly and risky option because of the environmental, political and social constraints in Sudan.
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Cottin, Arredondo Randall Ismael, and Enzo Garry. "The Venture Capital behavioral bias and the ecosystem investment flows : A comparative quantitative study about the relationship between Venture Capitalist's drivers and their investment behavior in Stockholm and Silicon Valley." Thesis, Umeå universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-137128.
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The purpose of this study is to test if there is bias in the Venture Capital investment decision-making process towards ecosystems. To guide the research and ensure the fulfillment of the study’s main purpose, we will analyze two specific ecosystems (Stockholm and Silicon Valley). This choice is motivated by their respective importance (Worldwide and Nordics reference) in the global entrepreneurial landscape. The aim is to make an empirical contribution regarding how a herding behavior from Venture Capital investments can drive irrational investment flows towards specific ecosystem such a Silicon Valley, regardless available information towards other ecosystems, in this case, Stockholm. Most researches until today have been focusing on the assessment of startup-focused factors which we believe only picture partly the attractiveness of a startup ecosystem. In our perception, environmental factors in which the ecosystem take place also play an essential role in the attractiveness of an ecosystem to invest in. Is there a behavioral bias in the investment decision processes of Venture Capital regarding startup ecosystems? To assess the presence or absence of a behavioral bias in the investment decision of Venture Capital investors, we are first going to establish an objective attractiveness score using environment-based factors. These factors are going to be combined into six main variables that picture the environmental attractiveness of both ecosystems. In a second time, we are going to submit these six variables to two populations of investors operating in each ecosystem. To do so, we will operate a quantitative study of Stockholm and Silicon Valley-localized private Venture Capital investors towards our different environmental variable. This will enable us to obtain their specific drivers toward these variables and therefore adapt our objective attractiveness scores to obtain weighted attractiveness scores. In a third time, we are going to compare our obtained weighted attractiveness scores per ecosystem with the investment flows effectuated respectively in both ecosystems in 2016. To be able to compare both settings on the same range, we are going to calculate both investment flow data: investment volumes and number of deal closed per capita. The results of this comparison will then bring us either a correlation relation between weighted attractiveness and investment flows per capita for both ecosystems, infirming our theory or a non-correlative relation, which would confirm our theory. Indeed, a non- correlative relation will show that investors do no follow a rational investment behavior based only on the attractiveness of their ecosystem.
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Plosky, Willyanne DeCormier. "An Investment Case for Addressing Social Drivers of Structural Stigma and Discrimination Against Refugees in Resource-Poor Urban Areas." Thesis, Columbia University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10637474.
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<p> Investment in addressing structural stigma and discrimination against refugees in resource-poor urban areas is both needed, and possible. The large population of refugees residing in resource-poor urban areas is likely to grow, and tensions in a number of settings are now documented. Without interventions to adequately address such tensions, both the protection needs of refugee populations and the stability of hosting countries could be affected. Through qualitative analysis of an urban refugee dataset in Uganda, this dissertation identified community-level drivers of structural stigma and discrimination as safeguarding one’s body and property, defending status, and perpetuating exploitation. The designs of potentially successful programs to address these drivers were then identified though systematic review, and included one or more of the following: 1) the utilization of multiple intervention components; 2) direct information provision (e.g., lecture, role-play, other active engagement) or direct contact with stigmatized groups; 3) cooperative work between community members and stigmatized groups to better livelihoods; 4) popular opinion leaders who have authority to make change, and 5) traditional ceremonies valued by the communities for cleansing and healing. One such design involving an agricultural livelihood program in a resource-poor urban area of the Northeast United States was costed, utilizing a primarily bottom-up approach and a societal perspective in the collection of both financial and economic costs. The unit cost per participating family was significantly lower than government services that provide comparable nutritional support, but did not include components of working with the community to reduce stigma and discrimination. Thus, the studied program provided more services for a lower cost. In addition, it empowered stigmatized refugees to advocate for and support themselves, and engendered goodwill in the community by involving community members to work alongside refugee participants, improving upon a neglected piece of land, and providing fresh produce. Further research is needed to better measure the social and financial dividends of programs to address structural stigma and discrimination, particularly against urban refugees. Such research can only come in tandem with further investment, the imperative and potential of which are compellingly clear.</p><p>
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Staples, Daryl Nolan. "An investigation of the barriers and drivers to CDM renewable energy investment at the Metro, Kouga and Jeffreys Bay windfarms." Thesis, Rhodes University, 2016. http://hdl.handle.net/10962/d1021316.
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This research is presented in three sections. Section 1 presents the research report in an academic journal article format. Section 2 provides a comprehensive literature review and Section 3 describes the research methodology and methods employed during the research. Climate change is the most urgent challenge facing planet earth today. The Intergovernmental Panel on Climate Change (IPCC) fifth assessment report (AR5) clearly states, “Human influence on the climate system is clear, and recent anthropogenic emissions of greenhouse gases are the highest in history. Recent climate changes have had widespread impacts on human and natural systems” (IPCC, 2014:2). The Renewable Energy Policy Network for the 21st Century (REN21) published the 10th annual edition of the Renewables 2015 Global Status Report, which illustrates the importance of a zero emissions energy sector (REN21, 2015). Despite the world’s average annual 1,5% increase in energy consumption in recent years, and average 3% growth in Gross Domestic Product, carbon dioxide (CO2) emissions in 2014 were unchanged from 2013 levels (REN21, 2015). The report findings state, “For the first time in four decades, the world economy grew without a parallel rise in CO2 emissions” (REN21, 2015:17). Renewable energy and improved energy efficiency is key to limiting global warming and avoiding dangerous impacts from climate change (REN21, 2015). With a view to the successful outcome of the 21st Conference of the Parties (COP21) in December 2015, renewable energy could contribute significantly in mitigating climate change and supporting the Sustainable Development Goals (SDGs), specifically SDG 7, on Sustainable Energy for All (SAIREC, 2015). South Africa has been rated the 15th most attractive destination for investment in the renewable energy sector and could become a renewable energy leader in the African continent, according to the Renewable Energy Country Attractiveness Index of EY (Ernest and Young) (EY, 2015). And more...
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Dimitriadis, Alexandros. "Ressources et Leviers Stratégiques des Fonds d'Investissement Socialement Responsable." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30091/document.
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Cette thèse traite des fonds d’Investissement Socialement Responsables (ISR) français. D’après la Théorie Moderne du Portefeuille leur performance devrait être inférieure à celle des fonds traditionnels. Cependant des recherches antérieures présentent des résultats contradictoires. Nous choisissons de faire appel à la Resource Based View (RBV) pour interpréter cette incohérence entre théorie et pratique.Nous employons une méthodologie qualitative exploratoire, combinant des entretiens avec une analyse lexicale. Nous validons quantitativement une partie de nos résultats qualitatifs en modélisant la performance d’un fonds ISR par rapport à son indice de référence à l’aide d’une régression linéaire multiple. En se basant sur notre grille de lecture nous pensons avoir identifié deux ressources stratégiques à la disposition des fonds ISR, transformées en avantage compétitif par le biais de deux leviers stratégiques. Les deux ressources sont la compétence du gérant du fonds ISR et la subvention indirecte des frais du fonds ISR par leur Société de Gestion de Portefeuille (SGP). Les deux leviers sont la disposition de la SGP à la différentiation et l’apprentissage organisationnel à l’intérieur de la SGP.Notre recherche présente un triple apport : pour les universitaires, elle offre un cadre théorique alternatif au MEDAF qui expliquerait mieux la performance erratique des fonds ISR ; pour les praticiens, elle nous permet de faire des propositions aux fonds ISR concernant leur organisation ; pour les consommateurs, elle décortique les fonds ISR dans leurs composantes, leur proposant un aperçu non-conventionnel de leurs fonctionnements et leurs motivations<br>The focal interest of this doctoral thesis is French Socially Responsible Investment (SRI) funds. According to Modern Portfolio Theory (MPT) their performance should be inferior to “traditional” fund performance. The results from previous research however have been contradicting; we have thus chosen to make use of the Resource Based View (RBV) in order to interpret this incoherency between theory and practice and shed some light into the complex interactions that govern their behavior.We approach the field using an exploratory qualitative methodology, combining interviews with lexical analysis. We validate part of our qualitative results quantitatively through a multiple linear regression of SRI funds’ performance relative to their benchmark. Based on our framework, we believe we have identified two strategic resources available to SRI funds, leveraged into competitive advantage by two drivers. The two resources are the fund manager’s competency and the indirect subsidizing of the fund’s fees by its Asset Management (AM) company. The two drivers are the tendency of AM companies to diversify their services and organizational learning inside AM companies.Our research should appeal to three types of readers: researchers, since RBV offers a more compelling (as per Occam’s Razor) interpretation of SRI funds’ erratic performance than MPT; managers, since it enables us to formulate proposals for SRI funds’ organization; and laymen, since it breaks down SRI funds to their components, offering a rarely seen view of their inner workings and ulterior motivations
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Habrnal, Marek. "Faktory hodnoty start-up projektů pro investory v České republice a metody oceňování." Doctoral thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-204783.
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The main objective was to create a normative model of determining the value of early stage for companies in the seed and start up stage. The model should be applicable to entrepreneurs and investors, taking into account the assessment of the value of qualitative factors. Another aim was to identify the significant factors affecting the value of early stage companies in the seed and start up stage, i.e. at a time when there are no or very little revenues. Based on a research among investors and other experts on the valuation of early stage companies and venture capital, the most significant factors were not only identified, but also determined by their weight. The quality of evaluating investment opportunities has a major impact on the profitability of the investor´s capital. Current knowledge of the key value drivers and the mechanisms of valuation can help businesses to set realistic expectations when trying to raise capital to finance the startup of the project. It is therefore necessary to provide a clear methodological framework applicable to both parties of investing. The actual research was divided into two phases - individual interviews with investors and questionnaires. It was confirmed that the most crucial factors are those associated with quality management and company founders.
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Engenheiro, Rodrigo Pereira. "Liability-driven investments." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20989.
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Mestrado em Mathematical Finance<br>Diversas crises financeiras tiveram sobre os fundos de pensões efeitos de decréscimo do valor dos ativos, redução do funding level e, por vezes, necessidade de contribuições adicionais por parte do sponsor ou de intervenção de organismos regulatórios. No ambiente descrito, fundos de pensões cuja estratégia de investimento passa apenas pela diversificação dos ativos parecem condenados a fracassar no longo-prazo, apesar de este continuar a ser um princípio financeiro basilar.
É como resposta a este contexto que surgem os Liability-Driven Investments, estratégias especialmente preparadas para proteger os fundos de pensões de fatores de risco como como o risco de taxa de juro. Neste trabalho, apresentam-se quatro modelos pertencentes a essa categoria e comparam-se os resultados por eles produzidos. Os modelos são o Modelo Tradicional de Duração, o Modelo Vetorial de Duração, o Modelo de Duração Key-Rate e o Modelo de Duração da Componente Principal.
Todos os modelos mostram um bom desempenho na reprodução da trajetória das responsabilidades, mas o Modelo de Duração Key-Rate destaca-se pelo facto de ter necessitado de menos contribuições para atingir um funding level mais elevado.<br>Pension schemes suffered from the same effects in various financial crisis. These effects were the reduction of the value of assets, the reduction of the funding level and, sometimes, the necessity for additional contributions from sponsor or for intervention from regulatory organisms. In the described environment, pension schemes whose investment strategy is based only on asset diversification are condemned to fail in the long-term, even considering that this is a valuable financial principle.
Liability-Driven Investments appear as an answer to this context. These are strategies prepared to protect pension schemes from risk factors like interest rate risk. In this work, the author presents four models from this category and compares the results produced by them. The models are Traditional Duration Model, Duration Vector Model, Key-Rate Duration Model and Principal Component Duration Model.
Each model shows a good performance on following the liabilities path, but the Key-Rate Duration Model stands out by the fact that it needed less contributions in order to achieve a higher funding level.<br>info:eu-repo/semantics/publishedVersion
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Rochla, Jiří. "Návrh podnikového finančního plánu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377990.
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This diploma thesis focuses on the proposal of a financial plan for a company. The first part of the thesis focuses on theoretical knowledge in financial planning. The second part introduces the company Travel Wine and an analysis of the current state is carried out. The last part is concerned with the financial plan for 2017-2019 in two variations.
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Yusuf, Mukhtar Abubakar. "What drives individual decision-making of Foreign Direct Investments (FDI) to Sub-Saharan Africa." Case Western Reserve University School of Graduate Studies / OhioLINK, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=case1595283544911804.
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Hetmánková, Gabriela. "Návrh podnikového finančního plánu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241217.
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This diploma thesis aims to create a draft of a Corporate Financial Plan for a chosen company. It describes the procedure of analysis making, which precedes the financial plan, it explains necessary calculations which are vital for the plan creation and evaluation of both possible variants from the financial point of view.
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Palánová, Šárka. "Návrh podnikového finančního plánu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319454.
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The main topic of this master´s thesis is the proposal of Financial Plan in the selected company for years 2016 – 2018. This proposal is based on analysis of company´s data from years 2011 – 2015. Financial planning is a comprehensive set of analyses and calculations that precede the financial plan itself. The thesis also deals with corporate strategy, the company´s goals and objectives that help to reach its goals. Besides the above-mentioned, this work implements the theory in current dynamic period and gives the feedback on the strategic financial plan.
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De, Kock Justin. "Inflation modelling for long-term liability driven investments." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/18602.
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Includes bibliographical references.<br>A regime-switching model allows a process to switch randomly between different regimes which have different parameter estimates. This study investigates the use of a two regime-switching model for inflation in South Africa as a means of determining a hedging strategy for inflation linked liabilities of a financial institution. Each regime is modeled using an autoregressive process with different parameters and the change in regimes is governed by a two state Markov chain. Once the parameters have been estimated, the predictive validity of the regime-switching process as a model for inflation in South Africa is tested and a hedging strategy is outlined for a set of inflation linked cash flows. The hedging strategy is to invest in inflation linked bonds, the number of which is determined through the use of a Rand-per-point methodology that is applied to the inflation linked cash flows and inflation linked bonds. Over the period from January 2008 to June 2013 this hedging strategy was shown to be profitable.
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Mehra, Chetan Saran. "Constructing smart financial portfolios from data driven quantitative investment models." Thesis, University of Southampton, 2016. https://eprints.soton.ac.uk/404673/.
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Portfolio managers have access to large amounts of financial time series data, which is rich in structure and information. Such structure, at varying time horizons and frequencies, exhibits different characteristics, such as momentum and mean reversion to mention two. The key challenge in building a smart portfolio is to first, identify and model the relevant data regimes operating at different time frames and then convert them into an investment model targeting each regime separately. Regimes in financial time series can change over a period of time, i.e. they are heterogeneous. This has implications for a model, as it may stop being profitable once the regime it is targeting has stopped or evolved into another one over a period of time. Changing regimes or those evolving into other regimes is one of the key reasons why we should have several independent models targeting relevant regimes at a particular point in time. In this thesis we present a smart portfolio management approach that advances existing methods and one that beats the Sharpe ratio of other methods, including the efficient frontier. Our smart portfolio is a two-tier framework. In the first tier we build four quantitative investment models, with each model targeting a pattern at different time horizon. We build two market neutral models using the pairs methodology and the other two models use the momentum approach in the equity market. In the second tier we build a set of meta models that allocate capital to tier one, using Kelly Criterion, to build a meta portfolio of quantitative investment models. Our approach is smart at several levels. Firstly, we target patterns that occur in financial data at different time horizons and create high probability investment models. Hence we make better use of data. Secondly, we calculate the optimal bet size using Kelly at each time step to maximise returns. Finally we avoid making investments in loss making models and hence make smarter allocation of capital.
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Tor, Osman Bulent. "Congestion-driven Transmission Planning Considering Incentives For Generator Investments." Phd thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12609625/index.pdf.
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This thesis study focuses on transmission expansion planning (TEP) problem for restructured power systems and addresses challenges specifically in countries where electricity market is in developing phase after liberalization of power industry for establishing a competitive market, like Turkey. A novel multi-year TEP approach is developed which considers generation investment cost and transmission congestion level in the planning horizon. The model assesses the impact of generation investments on TEP problem. Benders decomposition methodology is utilized successfully to decompose the complex mixed-integer programming TEP problem into a master problem and two subproblems. Security subproblem assesses single-contingency criteria. Transmission congestion cost is considered within operational subproblem given that congestion level is a proper criterion for measuring competitiveness level of an electricity market. The proposed approach is applied to the Turkish power system.
The proposed approach could be utilized to provide indicative plans, which might be quite necessary particularly during development of a competitive market. However, there is no guarantee that independent power producers (IPPs) will follow those plans which concern the maximization of social-welfare. Given the necessity of coordinating monopoly transmission and decentralized generator investment decisions, the proposed approach is improved further to include promoting decentralized generator investments through incentive payments. Such incentives might be necessary to trigger IPPs earlier than their projections, as illustrated by numerical examples including IEEE 30-bus system.
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Mulder, Sunette. "The role of emotional intelligence in the investment management industry : a case study of a South African investment manager." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/990.
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Thesis (MBA (Business Management))--University of Stellenbosch, 2009.<br>ENGLISH ABSTRACT: The investment management industry is a challenging, exciting and rewarding environment to be employed in. The financial markets and global economies that form the playground for this industry are continually changing and evolving. Firms place a high premium on the intellectual capabilities of their staff and the continued development of those capabilities. However, the perceived soft skills are very often overlooked within the recruitment and development process. The question arises, whether these soft skills have a place within such a highly performance driven environment and does the existence of above average cognitive ability imply the existence of above average emotional ability as measured by emotional intelligence? Adam Smith, who is widely regarded as the father of modern economic theory stated, “If you don’t know who you are, the market is an expensive place to find out”.
The rationale of the study is to determine the individual and group emotional intelligence profile for the investment team of an investment manager and the role emotional intelligence plays within their daily operations. The resulting profile will enable the investment management firm to train and develop individual staff members and the group accordingly to improve performance. The result can also be used to build a profile of an ideal candidate that can be used in future recruitment.
Data for the case study was collected from an investment management firm where 11 individuals out of the investment team volunteered to take part in the testing. The instrument used was the online BarOn EQ-i. The service of an accredited firm of consulting psychologists was used to conduct the testing. With the help of a trained EQ specialist, the writer compiled and interpreted the results.
All results showed an average group composite EQ score below the target score put forward by the writer and EQ specialist and also below the South African standard score, with only a few individuals scoring on or above target for some of the subsections and components of EQ.
This study concluded with recommendations to the firm for EQ development on the individual and group level. At an individual level the development should be constructed around the specific needs identified in the EQ results. At an organisational level the recommendations focused on creating organisational acceptance for the development initiative. The study also made proposals regarding future research.<br>AFRIKAANSE OPSOMMING: Die beleggingsindustrie is ‘n uitdagende, opwindende en lonende omgewing om in te werk. Die finansiële markte en wêreld ekonomieë wat op ‘n deurlopende basis verander vorm die arena waarbinne die industrie moet bestaan. Firmas heg groot waarde aan die intellektuele vaardighede van werknemers en die voortgaande ontwikkeling van daardie vaardighede. Die sogenaamde sagte vaardighede word egter gereeld oor die hoof gesien as nuwe werknemers aangestel word en bestaande werknemers ontwikkel word. Die vraag ontstaan of die sagte vaardighede ‘n bestaansreg het binne so ‘n hoogs kompeterende omgewing en of die bestaan van bogemiddelde intelligensie noodwendig ‘n aanduiding is van bogemiddelde emosionele intelligensie? Die sogenaamde vader van die moderne ekonomiese teorie, Adam Smith, het gesê: “Indien jy nie jouself ken nie, is die markte ‘n duur plek om jouself te vind”.
Die beweegrede vir die studie is om die profiel te bepaal vir emosionele intelligensie vir beide die individu en die groep binne die beleggingspan van ‘n batebestuurder en te bepaal wat die rol is wat emosionele intelligensie speel binne die daaglikse aktiwiteite van die firma. Die profiel wat volg uit die resultaat sal die batebestuurder in staat stel om individue en die groep op te lei en ontwikkel om sodoende hul prestasie te verbeter. Die resultaat kan ook gebruik word om ‘n profiel te vorm van ‘n ideale kandidaat wat gebruik kan word in toekomstige werwing.
Data vir die gevallestudie is vanaf ‘n batebestuurder verkry nadat 11 individue uit dit beleggingspan aangebied het om deel te neem aan die studie. Die aanlyn BarOn EQ-i is gebruik vir die toetsing. ‘n Geakkrediteerde fima konsulterende sielkundiges is gebruik om die toetse af te neem. Met die hulp van ‘n opgeleide spesialis in die veld van emosionele intelligensie en die BarOn EQ-i, het die skrywer die resultate saamgestel en vertolk.
Alle resultate het getoon dat die gemiddelde group saamgestelde EQ telling laer is as die teiken telling wat deur die skrywer en spesialis voorgestel is en ook laer as die Suid-Afrikaanse Standaard telling met slegs enkele individue wat die teiken of hoër as die teiken telling behaal het vir sekere van die onderafdelings en komponente van EQ.
Die studie is afgesluit met aanbevelings aan die firma om EQ te ontwikkel op beide die groep en individuele vlak. Aan die individuele kant moet die ontwikkeling bepaal word met inagneming van die spesifieke resultate van die EQ toetsing. Uit die oogpunt van die firma fokus die aanbevelings op inisiatiewe om aanvaarding vir die ontwikkeling in die firma te bewerkstellig. Die studie maak ook voorstelle aangaande verdere navorsing wat onderneem kan word.
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Prater, Edmund. "Essays on the globalization of supply chains and the financial drivers of logistics outsourcing." Diss., Georgia Institute of Technology, 1999. http://hdl.handle.net/1853/29511.
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Mortazavi-Alavi, Reza. "A risk-driven investment model for analysing human factors in information security." Thesis, University of East London, 2016. http://roar.uel.ac.uk/5379/.
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Information systems are of high importance in organisations because of the revolutionary industrial transformation undergone by digital and electronic platforms. A wide range of factors and issues forming the current business environments have created an unprecedented level of uncertainty and exposure to risks in all areas of strategic and operational activities in organisations including IT management and information security. Subsequently, securing these systems, which keep assets safe, serves organisational objectives. The Information Security System (ISS) is a process that organisations can adopt to achieve information security goals. It has gained the attention of academics, businesses, governments, security and IT professionals in recent years. Like any other system, the ISS is highly dependent on human factors as people are the primary concern of such systems and their roles should be taken into consideration. However, identifying reasoning and analysing human factors is a complex task. This is due to the fact that human factors are hugely subjective in nature and depend greatly on the specific organisational context. Every ISS development has unique demands both in terms of human factor specifications and organisational expectations. Developing an ISS often involves a notable proportion of risk due to the nature of technology and business demands; therefore, responding to these demands and technological challenges is critical. Furthermore, every business decision has inherent risk, and it is crucial to understand and make decisions based on the cost and potential value of that risk. Most research is solely concentrated upon the role of human factors in information security without addressing interrelated issues such as risk, cost and return of investment in security. The central focus and novelty of this research is to develop a risk-driven investment model within the security system framework. This model will support the analysis and reasoning of human factors in the information system development process. It contemplates risk, cost and the return of investment on security controls. The model will consider concepts from Requirements Engineering (RE), Security Tropos and organisational context. This model draws from the following theories and techniques: Socio-technical theory, Requirements Engineering (RE), SWOT analysis, Delphi Expert Panel technique and Force Field Analysis (FFA). The findings underline that the roles of human factors in ISSs are not being fully recognised or embedded in organisations and there is a lack of formalisation of main human factors in information security risk management processes. The study results should confirm that a diverse level of understanding of human factors impacts security systems. Security policies and guidelines do not reflect this reality. Moreover, information security has been perceived as being solely the domain of IT departments and not a collective responsibility, with the importance of the support of senior management ignored. A further key finding is the validation of all components of the Security Risk-Driven Model (RIDIM). Model components were found to be iterative and interdependent. The RIDIM model provides a significant opportunity to identify, assess and address these elements. Some elements of ISSs offered in this research can be used to evaluate the role of human factors in enterprise information security; therefore, the research presents some aspects of computer science and information system features to introduce a solution for a business-oriented problem. The question of how to address the psychological dimensions of human factors related to information security would, however, be a rich topic of research on its own. The risk-driven investment model provides tangible methods and values of relevant variables that define the human factors, risk and return on investment that contribute to organisations’ information security systems. Such values and measures need to be interpreted in the context of organisational culture and the risk management model. Further research into the implementation of these measurements and evaluations for improving organisational risk management is required.
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Baginski, Jan Paul [Verfasser], and Christoph [Akademischer Betreuer] Weber. "Key drivers and barriers for energy efficient and sustainable household investments / Jan Paul Baginski ; Betreuer: Christoph Weber." Duisburg, 2019. http://d-nb.info/1196967873/34.
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Samuelsson, Mattias. "What are the drivers and forces for companies within the energy sector to invest in renewable energy technologies." Thesis, KTH, Entreprenörskap och Innovation, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-189286.
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Climate change and renewable energy technologies are internationally discussed topics. Recently the subject was discussed during the Paris climate conference, COP21. Which lead to the establishing of the first ever universal agreement, legally binding climate deal, which include 195 countries around the world. With the goal to decrease global warming by 1.5 degrees Celsius the need of new innovative technologies are increasing dramatically. This thesis will examine the characteristics of renewable energy technology investment behavior by identifying drivers and forces for companies to invest in relatively new and less mature technologies, which are usually associated with high investment costs. Is it possible to financially justify investments in renewable energy technologies during the current market situation with historically low energy prices and with a production surplus? By examining the market and investments the aim is to identify and understand what drives companies to invest in renewable energy technologies and if it is profitable from a financial sustainable perspective. The main results and derived conclusions are that RET investments behavior are influenced by several forces and drivers. The findings indicate that investments in RETs aren’t necessarily economical sustainable but rather that other objectives are of more importance than profitability in the short term.
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Öhman, Ben Sebastian. "Energy efficiency investments in the commercial real estate business : A study of decision drivers on the Swedish market." Thesis, Uppsala universitet, Industriell teknik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-355254.
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The International Energy Agency has stated that it is more sustainable to improve the energy efficiency of already existing buildings than increasing the national energy production to provide inefficient buildings with even more energy, which would result in that an increased amount of resources required to power the existing energy inefficient building stock. Taken into consideration that buildings in Sweden consume about 40% of Sweden’s final energy consumption and count for about 36% of the total greenhouse gas emissions it becomes evident that in order to decrease Sweden’s carbon foot print, it is important to understand real estate investors decision-making process. The aspiration is to provide stakeholders both on a micro and macro level with a better understanding of the real estate investors decision making process. This will enable companies (micro level) in the field to better customize their value propositions and there by enable companies to contribute to decreasing the primary energy consumption of buildings in Sweden. The macro level, referring to governmental institutions, will be provided with a better understanding of what kind of measures can be taken, to increase investments into buildings energy efficiency. It could be found from the literature reviewed for the study that there is a gap in research what comes to the Swedish market. Majority of the existing literature covers bigger markets e.g. the USA and UK but very little or if at all the Swedish market. During the literature study an existing framework on decision drivers for real estate investors was developed. The study uses mixed method consisting of qualitative and quantitative methods to answer the research questions. The study showed that the most prominent drivers on the Swedish market were the customers strategic decisions, environmental and energy certificates, reporting protocols, investment horizon, rental agreements, internal investment policies decreased property costs and building specific characteristics. It was found that the Swedish real estate investors experience very little pressure from the government to increase the energy efficiency of their buildings. It was also found that governmental subsidies are more considered a gamble than an encouragement to invest in energy efficiency due to long processing times and heavy bureaucracy.
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Günther, Siloni. "What Drives Firm Investment? : A Closer Look at the Role of Interest, Exchange and Bank Lending Rates." Thesis, Umeå universitet, Nationalekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-161071.
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Using both an OLS as well as VAR model approach, this study investigates the role of interest, exchange and bank lending rates in aggregate firm investment in Sweden, based on quarterly data from 2008 to 2018. While an initially strong and positive relationship between policy-controlled interest rates and bank lending rates reports evidence for efficient monetary policy transmission, aggregate firm investment rates seem to respond to changes in interest and previous periods’ investment rates only, suggesting exchange rates to be insignificant for aggregate firm investment spending decisions.
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Hahm, Sung-Pil. "Co-Branding as a Market-Driven Strategic Financial Investment Option in the Hospitality Industry." Diss., Virginia Tech, 2001. http://hdl.handle.net/10919/37666.
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The purpose of this study was to examine the trends in co-branding, especially when one brand is linked with another brand through a business strategy, in order to investigate the factors that lead to co-branding as a strategic investment option in the hospitality industry. Of primary interest was whether co-branding strategies are significant issues in the hospitality industry. This study also investigated the relationship between explicit and implicit requirements and timing of entry for co-branding investment. The co-branding investment model developed for this study could be a valuable asset for the hospitality industry.
The results of this study indicated that there were some relationships among implicit and explicit requirements and the timing of co-branding entry, especially the finding that restaurateurs who had a strong market share emphasis and long franchising experience were more willing to invest in co-branding. Also restaurateurs who were not satisfied with prior sales performance were more likely to invest in the co-branding concept. We also discovered that investors in co-branding, no matter whether early or late movers, are usually satisfied with the performance of their co-branded stores. This study clearly showed that co-branding investment activities were widely practiced among franchisees, regardless of how many years of experience they had, or if they were large, or small local companies.<br>Ph. D.
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Altzinger, Wilfried. "Austria's foreign direct investment in Central and Eastern Europe. "supply based" or "market driven"?" Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 1998. http://epub.wu.ac.at/1566/1/document.pdf.
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Since 1989 Austria's investment activities in Central and Eastern Europe has intensified. Investments are concentrated in adjacent countries. Geographical proximity and close historical and cultural ties have enabled even small and medium-sized Austrian enterprises to achieve a 'first mover advantage'. Investments have been performed to a large extent in industries that are typically not connected with outsourcing activities (trade, finance and insurance, construction). Market-driven factors and strategic considerations are the ultimate objective of these investments. Only a few sectors, in particular a so-called 'core' industrial sector (metal products, mechanical products, electrical and electronic equipment), indicate that low labour costs are of importance. Trade and sales data of the affiliates support the dominance of the local market. Whilst on average 66% of the affiliates output was sold locally this share was only 39% for the "core" industrial sector. This sector indicates particular patterns of relocation. Nevertheless, until now this part of Austria's FDI has only been of minor importance. (author's abstract)<br>Series: Department of Economics Working Paper Series
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Owusu-Nyamekye, Dwobeng. "Determinants of Foreign Direct Investment| Natural Resources a Driven Factor| The Case of Ghana, Nigeria, and Togo." Thesis, Keiser University, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10841615.
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<p> The disappointing economic performance of Nigerian, Ghanaian, and the Togolese economies, coupled with the globalization of activities in the world economy, have forced them to look outward for development strategies. Many studies have been attempted to estimate the impact of natural resources on foreign direct investment (FDI) inflows around the world, but very few have been focused on Ghana, Nigeria and Togo. This study departed from previous studies and employed a gravity-type framework to explicitly explore the question of whether natural resource endowments was a more relevant factor that explained the FDI’s attraction to the countries under study. The study also included other FDI determinants. Accordingly, this study served to investigate whether natural resources attracted FDI inflows in Ghana, Nigeria, and Togo. Using time series data from 1980–2015, the study was conducted to answer two research questions. Two models were established utilizing the pooled ordinary least square method to estimate the coefficients of the models. Preliminary results were obtained using both the random effect and fixed effect models. The results of the study yielded by both techniques registered natural resources to be significant as a driven factor for FDI inflows to the countries under review. Other factors such as GDP per capita, trade openness, political stability, and economic liberalization were also found to be significant in FDI determination. </p><p>
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Troosters, Wim. "Demand driven rural agricultural development in South Africa: the case of the agricultural sustainable community investment programme." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/d1021149.
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Food security is high on the development agenda in South Africa. A wide range of agricultural interventions exist across the country initiated by various stakeholders at different levels of society. While many interventions focus on production related constraints of food security, there are far fewer that focus on the integration of smallholder farmers in the supply chain. The research subject is the Agricultural Sustainable Community Investment Project (Agri-SCIP), operating on the south coast of the Kwa-Zulu Natal Province. As a demand driven alternative market model, the focus of the project is on the integration of local smallholder farmers in the fresh produce supply chain. The main research question is whether the participation of smallholder farmers in the fresh produce supply actually has actually improved for participants of the test case. Existing barriers to entry for smallholder farmers are mitigated in the project. Through a literature review five critical factors for market participation by smallholder farmers are identified, namely transport and distance to markets, product quality, product quantity, the buyer-seller relationship and market information. A literature review and empirical data are applied to test the impact of the Agri-SCIP project on the participation of smallholder farmers in the fresh produce supply chain based on these five critical factors. The data indicate that many of the existing barriers to entry in the fresh produce supply chain for the smallholder farmers are mitigated, and have been shifted to a collectively owned co-operative. Therefore, as an alternative market model, Agri-SCIP has the potential to provide a sustainable solution for smallholder development in South Africa with a strong focus on supply chain participation. The development of a strong smallholder farmers base and the development of smallholder farmers into semi-commercial farmers are potential long term results of the Agri-SCIP alternative market model.
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Griffiths, Paul David Richard. "The application of market power theory as a value driver for information technology investment decisions : a study of six Chilean banks." Thesis, Henley Business School, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.427667.
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Straňák, Peter. "Ocenění podniku společnosti Beznoska s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75152.
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This master's thesis deals with the valuation of BEZNOSKA, s.r.o. Situated in Kladno, the Czech Republic, this company engages in the development and production of instruments and implants for bone surgery. The company was established on the basis of the "surgery" division of then POLDI Kladno at the beginning of the nineties, during the "big privatisation" period. The aim of this thesis is to estimate the market value and investment value of the company as of 31 December 2009 as defined in the International Valuation Standards. The valuation is carried out using two basic methods. The focus of the work is based on the DCF method the result of which is verified by a method based on the market analysis, in particular the similar public company method. The book value method is only complementary. The thesis is divided into six chapters. Sequenced logically, it contains the basic information on the company valued, financial analysis, strategic analysis, analysis and forecast of the value drivers, financial plan and the valuation itself based on the method mentioned above. These topical units are further divided into several subchapters as necessary. Various analyses and statistical methods needed to successfully meet the set objective are applied throughout the text.
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Marby, Josephine, and Ying Chen. "Ranking risks and opportunities of African cities : - A data-driven model to support MNE’s FDI strategies." Thesis, KTH, Industriell Management, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-210315.
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The purpose of this paper is to build a model that incorporates current data of Africa, both regarding risks and opportunities into a strategic framework that should enable a more informed foreign direct investment decision for multinational enterprises (MNEs). The parameters used in the model were carefully chosen as determinants to foreign direct investment (FDI) based on extensive literature reviews. The model currently covers 101 major cities in 40 African countries. The model calculates and ranks indexes of African cities in terms of prospective investment opportunities. It is a general model with the flexibility of adapting to the user’s specific needs, since they can be highly heterogeneous depending on the industry and the type of to FDI considers. To test the validity of the model, standardized weights were used and the results were compared to current reports of FDI inflows to Africa. The results given by the model were to some extent compliable with the result of current FDI inflows, which thereby can be seen as sign of validity.
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Musvibe, Ray. "COIN : a customisable, incentive driven video on demand framework for low-cost IPTV services." Thesis, Rhodes University, 2012. http://hdl.handle.net/10962/d1006650.
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There has been a significant rise in the provision of television and video services over IP (IPTV) in recent years. Increasing network capacity and falling bandwidth costs have made it both technically and economically feasible for service providers to deliver IPTV services. Several telecommunications (telco) operators worldwide are rolling out IPTV solutions and view IPTV as a major service differentiator and alternative revenue source. The main challenge that IPTV providers currently face, however, is the increasingly congested television service provider market, which also includes Internet Television. IPTV solutions therefore need strong service differentiators to succeed. IPTV solutions can doubtlessly sell much faster if they are more affordable or low-cost. Advertising has already been used in many service sectors to help lower service costs, including traditional broadcast television. This thesis therefore explores the role that advertising can play in helping to lower the cost of IPTV services and to incentivise IPTV billing. Another approach that IPTV providers can use to help sell their product is by addressing the growing need for control by today's multimedia users. This thesis will therefore explore the varied approaches that can be used to achieve viewer focused IPTV implementations. To further lower the cost of IPTV services, telcos can also turn to low-cost, open source platforms for service delivery. The adoption of low-cost infrastructure by telcos can lead to reduced Capital Expenditure (CAPEX), which in turn can lead to lower service fees, and ultimately to higher subscriptions and revenue. Therefore, in this thesis, the author proposes a CustOmisable, INcentive (COIN) driven Video on Demand (VoD) framework to be developed and deployed using the Mobicents Communication Platform, an open source service creation and execution platform. The COIN framework aims to provide a viewer focused, economically competitive service that combines the potential cost savings of using free and open source software (FOSS), with an innovative, incentive-driven billing approach. This project will also aim to evaluate whether the Mobicents Platform is a suitable service creation and execution platform for the proposed framework. Additionally, the proposed implementation aims to be interoperable with other IPTV implementations, hence shall follow current IPTV standardisation architectures and trends. The service testbed and its implementation are described in detail and only free and open source software is used; this is to enable its easy duplication and extension for future research.<br>TeX output 2012.03.02:1241<br>Adobe Acrobat 9.2 Paper Capture Plug-in
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Forslind, Maja. "Finding the Dollar Language : Drivers and rationales for monetising corporate environmental and social impacts– practices in counting the true value of business operation from ecosystem services perspective." Thesis, Stockholms universitet, Stockholm Resilience Centre, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-85855.
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The thesis explores how monetisation of corporate externalities, can be carried out in order to provide investors, policy makers and consumers with accurate pictures of the true costs and benefits of business operations from a resilience and ecosystem services perspective. By drawing conclusions from company cases, and previous research – methods, drivers and monetary values of impacts such as carbon dioxide, water usage, pollutants and land use are analysed. The findings reflect opportunities that open up with monetisation, in terms of tools for guidance and support in internal corporate decision making, by making the actual impacts visualised and understandable. Findings from company cases, show that monetisation of corporate effects has potential to contribute to visualising impacts – and add knowledge that may close information gaps internally as well as externally. It can guide and facilitate strategic choices at corporate level. It may also have a role in bridging information asymmetries in the picture of a firm’s operation, to consumers and investors. Monetising effects may facilitate identification of risks arising from ecosystem services dependencies, visualising the actual impacts by, assed costs in losses in ecosystems’ production (yields e.g.) caused by corporate harm.Providing relevant information to policy makers, on obstacles and where regulative incentives are needed, and investors and consumers with guidance, monetisation of impacts potentially can play a part in bridging market information gaps toward better incentive structures and possibly facilitating effective market transformation in favor of sustainable production and consumption patterns.
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Flodin, Charlotte. "Equity in rural water resource development and management : A case study of Kilombero Valley, Tanzania, and the investments delivered by a participatory and demand-driven NGO." Thesis, Stockholms universitet, Institutionen för naturgeografi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-133812.
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The demand-driven and participatory approach to water resource development and management in Tanzania has been both praised and criticized; some see progress where others see increased inequalities. This study focuses on one progressive, demand-driven NGO which has a participatory approach to water resource development and management. This NGO, MSABI, is active in Kilombero Valley in southern Tanzania, and can be considered successful as it manages to keep 91 % of its water points functional, whilst the national average for pump functionality is just above 50 %. To study the performance of MSABI from a user perspective, it was decided that two sites in Kilombero Valley should be investigated in terms of users’ views on water access and quality. The identification of sites is based on population density and landcover change, so that the issues of scale and urban bias, as well as changes in the landscape affecting hydrological processes, are accounted for. In total, 29 interviews were conducted (October to November 2014), 15 at the Ifakara study site, the more densely populated location, and 14 at the Mchombe Ward study site. The interviews were semi-structured, using a participatory approach, focusing on users’ perspectives on water sources and the access to and quality of those water sources in dry and rainy seasons. The information gathered was used to construct definitions for water access and quality. These definitions, as well as the two locations and categorization of participants according to socio-economic status, were then used to sort and analyse the collected material. The results show that MSABI does not manage to make water accessible in an equitable way because of its demand-driven and participatory approach to water resource development and management. However, MSABI offers the only improved water source at the Mchombe Ward study site, except for one improved open well. MSABI manages to counter urban-bias better than any of the other water resource development and management facilitators encountered at the two study sites. The seasons influence water access, especially at the more peripheral locations, where improved water sources are less common and, as open water sources, are more prone to drought and contamination. When participants in Ifakara seasonally migrate for farming, during 4-5 months per year, the majority’s access to improved water sources is lost. At the distant seasonal fields, open water sources are more common and few report that they treat the unsafe water. The migration to peripheral farmlands coincides with the rainy season, causing open water sources to have their lowest water quality when seasonal migrants utilize them. This underlines the importance of securing safe water supply for people at remote locations, and the important role MSABI plays as water resource developer at those locations. In conclusion, if the current demand-driven and participatory approach to water resource development and management is to be retained, regardless of the heavy criticism it has received with regards to equity, this study suggests that the practices of MSABI should be spread further based on MSABI’s ability to increase safe water access at remote locations. Another recommendation is to further look into the effects of seasonal migration on access to safe water. The effect seasonal migration has on water access in Kilombero could exist in other areas in Tanzania or in other countries. The aspect of seasonal migration might show that water access statistics are misleading, as the seasonal water consumption in remote locations risks being omitted in official statistics.
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Kunčík, Pavel. "Budoucí vývoj automobilky Volvo se zaměřením na novou strategii značky." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-165257.
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The aim of this thesis is to collectively define and analyze new business Volvo car strategy with regard to its growth ambitions and therefore comprehensively outline its future development of the automotive industry. Under this objective, I have primarily focused on several key areas of automaker's current direction, which were crucial for Volvo in the last few years.
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Alwohaibi, Maram. "Modelling the risk of underfunding in ALM models." Thesis, Brunel University, 2017. http://bura.brunel.ac.uk/handle/2438/16337.
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Asset and Liability Management (ALM) models have become well established decision tools for pension funds. ALMs are commonly modelled as multi-stage, in which a large terminal wealth is required, while at intermediate time periods, constraints on the funding ratio, that is, the ratio of assets to liabilities, are imposed. Underfunding occurs when the funding ratio is too low; a target value for funding ratios is pre-specified by the decision maker. The risk of underfunding has been usually modelled by employing established risk measures; this controls one single aspect of the funding ratio distributions. For example, controlling the expected shortfall below the target has limited power in controlling shortfall under worst-case scenarios. We propose ALM models in which the risk of underfunding is modelled based on the concept of Second Order Stochastic Dominance (SSD). This is a criterion of ranking random variables - in our case funding ratios - that takes the entire distributions of interest into account and works under the widely accepted assumptions of decision makers being rational and risk averse. In the proposed SSD models, investment decisions are taken such that the resulting short-term distribution of the funding ratio is non-dominated with respect to SSD, while a constraint is imposed on the expected terminal wealth. This is done by considering progressively larger tails of the funding ratio distribution and considering target levels for them; a target distribution is thus implied. Different target distributions lead to different SSD efficient solutions. Improved distributions of funding ratios may be thus achieved, compared to the existing risk models for ALM. This is the first contribution of this thesis. Interesting results are obtained in the special case when the target distribution is deterministic, specified by one single outcome. In this case, we can obtain equivalent risk minimisation models, with risk defined as expected shortfall or as worst case loss. This represents the second contribution. The third contribution is a framework for scenario generation based on the "Birth, Immigration, Death, Emigration" (BIDE) population model and the Empirical copula; the scenarios are used to evaluate the proposed models and their special cases both in-sample and out-of-sample. As an application, we consider the planning problem of a large DB pension fund in Saudi Arabia.
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Korpel, Isabeau Richard. "Identifying a leverage point to improve business performance through eLearning a case study in a financial institution /." Thesis, Pretoria : [s.n.], 2004. http://upetd.up.ac.za/thesis/available/etd-03022005-151856/.
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Carvalho, Tiago Lima de. "Asset-liability management in pension funds." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21054.
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Mestrado em Mathematical Finance<br>Os fundos de pensão têm uma participação representativa nos mercados financeiros, seja considerando o capital investido ou o perfil de escolha de ativos. Nos planos de pensão de benefício definido, o foco é assegurar cobrir os passivos com os ativos existentes.
A gestão de ativos e passivos (em inglês ALM) é o conjunto de métodos e ferramentas projetadas com a finalidade de orientar como os fundos devem investir seus ativos a fim de que, em determinada data, seja possível pagar seus passivos. Este conceito é amplamente utilizado em empresas seguradoras e fundos de pensão. O portfolio de investimentos é construído de acordo com análises de mercado, definição dos riscos em que o fundo deseja se expor e os objetivos de retorno.
O propósito deste projeto é, aplicando a teoria de investimentos orientados a passivos, recuperar o nível de financiamento de um fundo de pensões, a fim de cumprir com as metas do esquema e se expondo ao menor risco possível. Este projeto terá como informação base a estimativa dos passivos, da taxa de juros e da inflação. A partir deles, contruiremos o portfolio de investimentos, projetaremos o fluxo de caixa e monitoraremos o risco de não cumprimento dos objetivos. Para validar a consistência do modelo, iremos comparar contra uma estratégia mais arriscada.
As conclusões, após contextualização (prática e teórica), demonstram que é possível recuperar o nível de financiamento, de acordo com prazos estabelecidos e com um nível moderado de risco.<br>Pension funds have a very representative role in the financial markets, considering investments made and the asset allocations profile. In defined benefit pension schemes, the major focus is to secure the participants future payments with the accumulated contributions. Or, in other words, to cover the liabilities with the assets.
Asset Liability Management (ALM) is a collection of methodologies and tools structured to guide the assets investments in order to protect the liabilities. This concept has been used largely in insurance companies and pension funds. It analyzes market expectations, scheme risks and objectives, in order to create the best asset investment option.
The purpose of this project is, using a Liability Driven Investment (LDI) technique, recover the Funding Ratio of a pension fund, achieve the scheme goals and minimize the risk. Project liabilities, interest rate and inflation are the bases of this work. Build the asset portfolio, project the fund cashflow and track the risk are the principal steps to achieve the goal. To check the results adherence, the output will be compared with a bold recovery strategy.
To conclude, after setting the context (theoretical and practical perspectives), the work will show how to recover a Funding Ratio using a developed model and keeping the risk inside pension plan limits.<br>info:eu-repo/semantics/publishedVersion
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Křížovská, Eliška. "Modelování vývoje hodnoty středního stavebního závodu v reálné konkurenci ČR." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2020. http://www.nusl.cz/ntk/nusl-410310.
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The dissertation thesis is elaborated to the theme “The Modelling of The Development of The Middle-Size Building Enterprise Value in The Real Competition of The Czech Republic“. In the introduction of the dissertation thesis, a relation of the chosen theme to the branch of Forensic Engineering is defined and a survey about a contemporary state of the solved problems is elaborated. Further on, the objectives of the dissertation thesis are stated there namely including a formulation of a problem. The dissertation thesis contains the basic data about the examined middle-size building enterprise of a regional significance and its competitive building enterprises. At all enterprises, a property evaluation by an assessment of a substantial value and a returns’ evaluation by a method DCF Entity are carried out. The component of the dissertation thesis is a proposal of a simple expert standard containing methodical recommendations at an assessment of a value of a building enterprise of a regional significance. This is the essential contribution of the dissertation thesis for the branch Forensic Engineering whose starting ascertainments are practical pieces of knowledge and experience with the behaviours of the middle-size building enterprises in a period of a financial crisis.
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Kuen-Tah, Chuang, and 莊坤達. "Drivers of Stock Momentum, Investment Behavior,And Momentum Investment Strategies." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/87052955924977744000.
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碩士<br>國立交通大學<br>經營管理研究所<br>91<br>A market analysis procedure is developed to analyze drivers of stock momentum and characteristics of the stock market. First, we decompose the four sources of momentum profits, including the serial correlation in the excepted returns, the risk factors, the industry factors, and the firm-specific components, in order to identify the primary source of the profits. Then, we analyze the market factors that have effects on momentum trading profits, including business/bull-bear market cycle, trading turnover, and seasonal patterns, in order to understand the investment behavior. Applying the proposed procedure, it is possible to define the optimal trading rules and evaluate the effectiveness of momentum strategies on the stock market.
The empirical analysis shows that the serial correlation in the industry component is the primary source of momentum profits during bull market periods. Rather, there doesn’t exist any driver of stock momentum during bear market periods. The results suggest that the payoffs of the optimum momentum strategy are positive only during bull market periods. Moreover, the market characteristics have impacts on returns of momentum strategies. Our results show that investors initially tend to under-react to good news about a firm during bull market periods and overreact to bad news during the whole periods studied. Overall, early strategy, which buys low trading volume winners and sells high trading volume losers, earns higher returns than simple momentum strategy. Analysis for the investment behavior during bear market periods is the key to reduce investment risk. There exists significantly negative “January effect” during bear market periods and “September effect” during bull market periods. Reversing the buy and sell portfolios in those calendar months can eliminate the investment risk during bear market periods and improve the investment performance during bull market periods.
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Baloyi, Livhuwani. "An analysis on drivers of international investment decisions in South Africa." Thesis, 2018. http://hdl.handle.net/10386/2382.
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Thesis (M. Com. (Economics)) -- University of Limpopo, 2018<br>Many developing countries are trying to make their business environment more attractive to foreign investors. They try this by relaxing rules regarding market entry and foreign ownership; improving infrastructure and making other efforts to enhance their chances of becoming a destination country for foreign direct investment (FDI). Among the characteristics of globalisation is the unrestricted capital flow and access to world market. Global FDI stocks have been on the increase and many more African countries are becoming more open to FDI, even though it still remains low. Therefore, the main objective of this study is to provide an analysis of the driving factors towards foreign direct investment in South Africa. The ARDL approach is used to investigate drivers of international investment decisions in South Africa using quarterly data from 2007Q1 to 2017Q1. The bounds cointegration method was chosen to analyse the long and the short run relationship amongst the variables of interest. In addition, the Granger Causality test was used to determine causal relationships between FDI and other variables. The study found that household income level had an effect in the stock of FDI. It also found that labour productivity increased the total output of goods and services and therefore impacted on the stock of FDI in the country. Public infrastructure investment and interest rates are also among the important factors that determine FDI inflow. Furthermore, the dummy variable has a significant negative effect and it shows that labour strikes and unrests affect FDI negatively. Although South Africa has implemented strategies to attract more FDI, recent political instability and labour disputes has left investor weary of the future of the economy therefore a refinement of some of these policies is needed if the country is to be successful in this regard. The county should also focus on developing and maintaining quality infrastructures in terms of, roads, telephones, internet access, water and electricity supply.
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Ghebregergis, Bana. "Investment strategies in the scope of takeovers : drivers of Mergers & Acquisitions success probability." Master's thesis, 2020. http://hdl.handle.net/10400.14/35260.
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Mergers and acquisitions (M&A) are a fundamental part of corporate finance activity and one of the most prevalent inorganic growth instruments in the corporate landscape. However, less than 50% of all announced transactions are closed, either because the parties involved do not find a satisfactory agreement, because the target successfully adopts defensive techniques, or because the target finds an alternative acquirer. Understanding why deals are abandoned permits us to assess the likelihood of a planned transaction better to succeed, reducing the costs of an announcement and allowing investors to profit from merger arbitrage. Therefore, the present work is dedicated to this fundamental topic and analyzes various microeconomic factors that influence the probability of M&A success. The study makes two contributions to the existing literature: First, a machine learning approach is used to determine whether an individual variable impacts M&A closing. Second, the relationship between the target’s capital structure and M&A success likelihood is observed. The results of this study provide empirical evidence that deal-specific variables, such as the nature of the bid and the payment method, have significant explanatory power explaining M&A success, while the targets leverage only shows moderate impact. The data set used in this study includes 8,649 M&A deals in the period from January 1990 to April 2019.<br>As fusões e aquisições (F&A) são uma parte fundamental da actividade financeira das empresas e um dos instrumentos de crescimento inorgânico mais prevalecentes no panorama empresarial. Contudo, menos de 50% de todas as transacções anunciadas são encerradas, quer porque as partes envolvidas não encontram um acordo satisfatório, quer porque o alvo adopta com sucesso técnicas defensivas, quer porque o alvo encontra um adquirente alternativo. Compreender por que razão as transacções são abandonadas permite-nos avaliar melhor a probabilidade de uma transacção planeada ser bem sucedida, reduzindo os custos de um anúncio e permitindo aos investidores lucrar com a arbitragem da fusão. Portanto, o presente trabalho é dedicado a este tópico fundamental e analisa vários factores microeconómicos que influenciam a probabilidade de sucesso das fusões e aquisições. O estudo faz duas contribuições para a literatura existente: Em primeiro lugar, é utilizada uma abordagem de aprendizagem mecânica para determinar se uma variável individual tem impacto no encerramento de F&A. Segundo, observa-se a relação entre a estrutura de capital do alvo e a probabilidade de sucesso das F&A. Os resultados deste estudo fornecem provas empíricas de que variáveis específicas do negócio, tais como a natureza da oferta e o método de pagamento, têm um poder explicativo significativo que explica o sucesso das F&A, enquanto os alvos só mostram um impacto moderado. O conjunto de dados utilizados neste estudo inclui 8.649 operações de F&A no período de Janeiro de 1990 a Abril de 2019.
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Tseng, Te-Wei, and 曾德瑋. "Fair value or cost-based model? Drivers of choice for accounting method of investment properties." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/52511882499747594242.
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碩士<br>國立臺北大學<br>會計學系<br>103<br>This study investigated the investment property continued after the accounting measure of the fair value method or the cost basis of the deciding factor. This part to accounting choice theory is discussed based on the development of hypotheses, expected debt ratio, size and market value net worth ratio and whether the use of having a correlation between the fair value and the consideration of our ownership structure is more special than the included control seats as experimental variables. 2014 for the first time adoption of IAS 40, sample selection for listed and OTC has recognized investment property of the company, the number of samples in which the fair value accounting method adopted a total of 25 pens. In this study, logistic regression test, the empirical results for the debt ratio and the ratio of seats to control the level of statistical significance, supporting the hypothesis, some accounting theory and equity selection determines the structure and the accounting treatment of investment property with a correlation between the factors. Decided to study abroad for the past investment property accounting treatment of factors, display size and price ratio as the main determinant of the net, while the debt ratio is Africa, there are considerable differences between the degree of empirical results this Research.
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Chen, Hsiang-Ling, and 陳相菱. "The Drivers of Taiwanese Firms' Direct Investment in Mainland China : From the perspective of RBV and MBV." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/10110664270984991912.
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碩士<br>國立暨南國際大學<br>國際企業學系<br>97<br>Since 1987 Taiwan open the visit China’s relative, it brought the trend toward Taiwan investment in China. But the China investment is changed fast, we can not decide to invest China is a correct decision. However, we found that business’s inside resource ability and outside market ability could judge if a business fits to invest China or not.
We focus on Taiwan’s business, which had invest in China from 1998 to 2009. There are 12420 data by unit of firm-year. The outcome of my research showed that the organization ability and marketing ability affect Taiwan’s business investment firm number and geography area number. Because of these knowledge like internal knowhow, Taiwan’s business can face any difference by this knowhow. The research ability can affect Taiwan’s business in the number of investment in China. Because Taiwan’s business usually wants cheaper labors, they come to China looking for cheaper labor, not better research ability. Besides, in China the business with high centralization is usually controlled by government. For Taiwan’s business, they like to invest the industry, not controlled by government.
In management concept, enterprises are accepted the chance or restriction that the external environment condition bring passively in the environment of the change, to determine the development trend abroad of enterprise. But it is subordinate to a ministry whether administrators have situation found out about instantly clearly and inside resource? So, face when environment uncertain face to face, we advise administrator should positive development foundation, obtain and the ability subordinate to a ministry of resources inside the enterprise, to mould the external environment condition that enterprises want; When the external environment condition is steady, resource should assign on foundation, market of strength equally, help to drive the behavior of overseas investment of enterprise with the competition advantage of enterprises.
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LEE, CHIU HSIA, and 李秋霞. "Key Drivers to Distribution Channel Performance for Investment Trust Companies-A Case Study from HSBC Asset Management Taiwan." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/52625970042916598377.
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碩士<br>致理技術學院<br>服務業經營管理研究所<br>99<br>Distribution channel is the most valuable asset for asset management companies. This research aimed to identify the key drivers for sales performance through analyzing sales representative’s personalities, advertising expenses, sales incentives, and product categories. By understanding the essential drivers, we hope to provide effective recommendations to enhance sales performance and improve the development and management of distribution channels in market practice.
The data collected for this research was regarding advertising expenses, sales incentives, and individual product's sales results and categorized into direct sales force and external distribution channels. A survey was conducted targeting 51 sales representatives in the case company and received 51 responses. After removing 8 responses from sales assistants, the 43 valid responses led to a successful response rate of 84%.
The research utilized SPSS for quantitative data analysis. For primary data, Big Five Personality Type by McCrae & Costa (1986) was applied. For the secondary data, analysis was done on case company’s relevant financial figures. The conclusions and recommendations were reached after using Descriptive Statistics Analysis, Independent t Test, Two-Way ANOVA Analysis, and Regression Analysis.
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MacDiarmid, Jack Augustus. "Analysis of key value drivers for differing value performance of major mining companies for the period 2006 - 2015." Thesis, 2017. http://hdl.handle.net/10539/23520.
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A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Engineering.
Johannesburg, 2017<br>The period from 2006 to 2015 was a turbulent one for mining companies. The end of the 2000s commodity super cycle resulted in all-time high market values for most commodity based companies, followed by a rapid decline in value with the onset of the Global Financial Crisis in 2008 and a similar rapid recovery following this. Whilst much of this change in value was driven by commodity prices, the inconsistent performance between companies suggests that there are other factors affecting mining company value.
To determine the key drivers of company value, four diversified and international mining companies which represent close to 50% of the 2006 industry revenue were selected for analysis. These were Anglo American, BHP Billiton, Rio Tinto and CVRD-Vale. Financial and production data was collected to analyse different potential value drivers. Because of its suitability for comparison of company value, the market based valuation approach was selected as the company valuation technique. Enterprise value (EV) was the metric used for company value since this provides a measure of the real market value of a firm as a whole business. Eight potential value drivers, which include production output, commodity price, revenue, EBITDA margin, EBITDA multiple, gearing ratio, net debt to EBITDA ratio and ROCE, were selected for analysis. Each potential value driver was tracked against EV to determine if there was any correlation between the value driver and EV. Also, the Pearson correlation method was used to determine correlation between each potential value driver and EV.
Production output and commodity price in isolation were found not to drive company value. However, when combined to calculate revenue, had a very high correlation to EV with an average Pearson coefficient of 0.8. EBITDA multiple was also found to be a key driver of company value, with this metric closely aligned to revenue (Pearson coefficient of 0.6). The two debt metrics, gearing ratio and net debt to EBITDA were found to only have a correlation to EV in times of declining commodity prices and revenue. EBITDA margin and ROCE were found to have no correlation to EV and as such were not considered to be key drivers of company value. Mining companies must ensure that they focus on the correct value drivers to ensure those they influence do impact the company value.<br>MT 2017
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Plosky, Willyanne Thankful DeCormier. "An Investment Case for Addressing Social Drivers of Structural Stigma and Discrimination Against Refugees in Resource-Poor Urban Areas." Thesis, 2017. https://doi.org/10.7916/D88344MS.
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Investment in addressing structural stigma and discrimination against refugees in resource-poor urban areas is both needed, and possible. The large population of refugees residing in resource-poor urban areas is likely to grow, and tensions in a number of settings are now documented. Without interventions to adequately address such tensions, both the protection needs of refugee populations and the stability of hosting countries could be affected. Through qualitative analysis of an urban refugee dataset in Uganda, this dissertation identified community-level drivers of structural stigma and discrimination as safeguarding one’s body and property, defending status, and perpetuating exploitation. The designs of potentially successful programs to address these drivers were then identified though systematic review, and included one or more of the following: 1) the utilization of multiple intervention components; 2) direct information provision (e.g., lecture, role-play, other active engagement) or direct contact with stigmatized groups; 3) cooperative work between community members and stigmatized groups to better livelihoods; 4) popular opinion leaders who have authority to make change, and 5) traditional ceremonies valued by the communities for cleansing and healing. One such design involving an agricultural livelihood program in a resource-poor urban area of the Northeast United States was costed, utilizing a primarily bottom-up approach and a societal perspective in the collection of both financial and economic costs. The unit cost per participating family was significantly lower than government services that provide comparable nutritional support, but did not include components of working with the community to reduce stigma and discrimination. Thus, the studied program provided more services for a lower cost. In addition, it empowered stigmatized refugees to advocate for and support themselves, and engendered goodwill in the community by involving community members to work alongside refugee participants, improving upon a neglected piece of land, and providing fresh produce. Further research is needed to better measure the social and financial dividends of programs to address structural stigma and discrimination, particularly against urban refugees. Such research can only come in tandem with further investment, the imperative and potential of which are compellingly clear.