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Abdel-Jalil, Tawfiq Hasan. "Book-to-market value of equity ratios and earnings realization." Thesis, Bangor University, 2000. https://research.bangor.ac.uk/portal/en/theses/booktomarket-value-of-equity-ratios-and-earnings-realization(48ae90b1-c8a9-44c9-b2ca-e030783c2f04).html.
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This thesis increases our understanding of the book-to-market ratio via a detailed examination of how and when earnings are realised in relation to firms' "capitalisation" and "average useful-life of assets". Book-to-market ratios (BMRs) are regressed as a function of changes in market value of equity ratios for British industrial companies registered on the London Stock Exchange from 1987 to 1996. Data from a prior period (1976-1986) is also employed to stabilise for effects of earnings realisation before the regression period. The "average useful-life assets" for the firms in the sample determines the time horizon of the analysis. The path of abnormal earnings over this horizon reflects the pattern of expiration of the useful-lives of assets in place. The analysis finds that an accrual measurement effect dominated in BMRs increases over the analysis period and also that accrual measurement is more influential in BMRs for firms with short than with long "average useful-life assets". Changes in market value ratios are found to inform about future earnings up to at least six years, except for highlycapitalised firms with long useful-life assets (for which the relationship lasts up to 4 years). The length of the informative period is found to be inverse to the average useful-life of firms' assets. The effect of differences between annual changes in market value of equity ratios on BMRs across time diminishes soon (two years) after the initial market shock' occurs. Long useful-life assets have no further effect on BMRs evolution at more distant lags. Contrary to previous research (in the USA), changes in market value of equity ratios (for UK firms) are found to be associated more with short than with long useful-life assets. Although not specially tested for, this result supports the notion of "short-terminism" of which the UK stock market is sometimes accused. The apparent "short-terministic" outlook by investors in UK firms coincides with improved predictability of BMRs in the UK compared with the US market. The high coefficients of determination from changes in market value of equity ratios as a function of BMRs, identified in the study, motivates a further test for a prediction model which is able to predict 29.2% of the variation in book-tomarket value of equity ratios 8 years in advance.
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Ballas, Apostolos A. "The use of accounting information in the valuation of equity securities." Thesis, London Business School (University of London), 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.261684.
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Krishnan, Ormala. "Value versus growth in the Asian equity markets." Thesis, City, University of London, 2006. http://openaccess.city.ac.uk/16237/.
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There has been considerable empirical research on style investment in the United States and a fair amount in Europe but relatively little published research in the Asian markets. It is commonly believed that fundamental stock valuation and style analysis works only in developed markets like the United States and that more qualitative methods should be used in inefficient markets such as Asia (including developed economies and emerging economies in Asia). We therefore determine whether style investment strategies can be applied consistently in the Asian Equity Markets. Our study encompasses markets in developed Asia which includes Japan, Hong Kong and Singapore as well as markets in emerging Asia comprising Indonesia, Korea, Malaysia, Philippines, Taiwan and Thailand. We also investigate the significance of the theoretical drivers behind the valuation ratios which are used as proxies for classifying value and growth stocks. The traditional valuation ratios, which are influenced by the 'Price' factor, may contain systematic errors and may not reflect the underlying intrinsic valuations of both value and growth' companies. This raises the question whether they are valid ratios for screening value and growth stocks. We therefore analyse a style investment strategy using a combination of theoretical drivers of the proxies based on historical data or a mix of historical and forecast data. We also investigate the reasons behind the existence of 'value-growth premiums'. We focus on elements of behavioural finance based on expectational error to explain the superior performance of value strategies. There may be many different sources of expectational error which range from investors and analysts extrapolating past earnings/sales growth too far into the future, to reliance on analysts' earnings forecasts, to portfolio flows or various cognitive errors/research biases. To date, there has not been a consensus on the sources of extreme expectations. Our thesis determines whether extreme expectations are driven by extrapolation of past performance, portfolio flows and/or analysts' forecast errors to explain the value/growth effect. The results of the thesis aim to provide a deeper understanding of style investment in the Asian Equity Markets and enable a fund manager to better implement active style strategies.
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Hunter, John, and Jakob Westin. "Credit risk management : Possibilities for a housing price insurance on the Swedish market - lessons from Canada." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-76091.
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The deregulation of the financial markets that started over two decades ago in the developed countries has led to increased house prices and loan to value ratios. Home owners in western countries have over the last two decades steadily decreased their savings and at the same time increased the size of their mortgages and the amount of leverage used to purchase their homes. This development has increased the financial risk for homeowners which recently became clear in the United States when prices on homes started to fall rapidly in 2007. Due to this development Finansinspektionen in Sweden has enforced new regulation on mortgage lending making it more expensive for home owners to use high leverage ratios. Finansinspektionen is responsible for consumer protection in terms of financial products and the new regulation aims to protect mortgage borrowers. Finansinspektionen suggests that an insurance that protects the borrower from loss could be used as an alternative to the regulation restricting the amount of leverage. Finansinspektionen also mentions the Canadian mortgage market as an example where compulsory mortgage insurances are enforced today. In Canada the borrower must take out a mortgage insurance when the mortgage exceeds 80 percent of the house value. However, we find that the Canadian mortgage insurance system would not fulfil the aim of Finansinspektionen’s regulation. The Canadian mortgage insurances are constructed to protect the lender against default and there purpose was initially to increase lending. When examining the basic structure of mortgage and home value insurance products we find that such products and systems are complicated to construct to match the Finansinspektionen requirements and purpose due to issues such as moral hazard, adverse selection, price, willingness to pay and systemic risk.
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Wang, Shiheng. "Timing equity issuance in response to mandatory accounting standards change in Australia and the European Union." Thesis, Kingston, Ont. : [s.n.], 2008. http://hdl.handle.net/1974/1308.
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Dickinson, J. Barry Anderson Rolph E. "The role of business process capabilities and market-based assets in creating customer value and superior performance /." Philadelphia, Pa. : Drexel University, 2008. http://hdl.handle.net/1860/2995.
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Kucukozmen, Cumhur Coskun. "The empirical distribution of equity returns and value-at-risk." Thesis, University of Exeter, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.324032.
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Hýža, Petr. "Ocenění podniku Edenred CZ s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193519.
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The aim of this diploma thesis is to estimate the market value of the company Edenred CZ s.r.o.. The thesis consists of two parts, theoretical and practical. In theoretical part is described applied methodology for valuation of company. Practical part contains analysis of market potential and company's business potential, financial analysis and analysis of value drivers. Subsequently, there is prepared financial plan as the company is evaluated in long-term perspective. As main valuation method is used DCF Equity and as complementary method Capitalized Net income.
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Motter, Junior Mario Divo. "A prospective study on the dimensions of global brands, brand equity and brand value." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/16578.
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Previous issue date: 2016-02<br>This doctoral thesis is about global brands under several perspectives, starting this study with and overview on the matter, followed by a 'step ahead' in the conceptualization of brand equity and brand value. As the global marketplace dynamically increases, there are theoretical and empirical challenges concerning the global brands that ask for more branding researches, trying to tune and to contextualize meanings and attributes. Thereafter, the thesis intends to provide a discussion about the industry and country-of-origin effects (and their interactions) on the brand value and the firm market value. Finally, the thesis offers an interesting comparison about the practitioners’ perspectives on the dimensions of global brands, the brand equity and the brand value, branding and marketing, including highlights on the brand internationalization process. The thesis offers a general approach on the extant literature in the first chapter, and a specific literature review for each other chapter.
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Nilsson, Henrik. "Essays on the value relevance of financial statment information." Doctoral thesis, Umeå University, Business Administration, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-195.
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<p>This thesis consists of an introductory chapter and four self-contained essays on the value relevance of financial statement information.</p><p>Essay 1: The purpose of this essay is to examine relevance of environmental information from an investor’s perspective. The study proposes that the market value of companies will reflect both financial and environmental performance. The theoretical foundation of the study is the accounting based valuation theory outlined by Ohlson (1995). This study provides new insights into how environmental performance is reflected in the market value of Swedish companies listed on the Swedish Stock market.</p><p>Essay 2: In financial accounting research, much effort has been devoted to study the relation between accounting earnings and stock prices. The primary purpose of the second essay is to investigate the effect of alternative return-earnings model specifications to the estimated returns-earnings relation, that is, the earnings response coefficients. The returns-earnings models investigated include the traditional earnings levels and changes, and models including analysts’ earnings forecasts based on Ohlson’s (1995) extended residual income model.</p><p>Essay 3: Fundamental analysis research that focuses on the use of accounting information to estimate equity value, has surfaced as a central theme in market based accounting research of the 1990s (Lee, 1999). The purpose of third essay is to compare two different approaches to valuation based on the theory presented in Ohlson (1995) in terms of explanatory and predictive power of the value estimates. Both approaches are implemented with and without the use of analysts forecasts. </p><p>Essay 4: In this essay data from the Swedish stock market is used to investigate the profitability of two different types of investment strategies based on fundamental-to-value ratios and past insider trading activity. The purpose of the research is to explore four related research questions: (i) Do accounting based trading strategies generate abnormal returns on the Swedish stock market?; (ii) Do trading strategies based on insider trading behaviour generate abnormal returns on the Swedish stock market?; (iii) Do insiders who buy stocks tend to favour value stocks and do insiders who sell stocks tend to dispose growth stocks?; and (iv) Are insiders able to discriminate between temporary high/low fundamentals and temporary low/high prices when buying/selling value stocks and growth stocks? </p>
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Ferreira, Jorge Miguel Cunha. "Equity Research Zon Optimus SGPS." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/6264.
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Mestrado em Finanças<br>O propósito do presente estudo é investigar empiricamente o valor do novo operador do mercado de comunicações eletrónicas português, ZON Optimus S.G.P.S., S.A., resultante da recente fusão da Optimus na ZON Multimédia. Começamos por realizar uma análise ao mercado, passando depois à introdução das empresas fusionadas. Posteriormente realizou-se um diagnóstico estratégico à empresa, sendo este a base para a determinação de todas as componentes de valor na aplicação do modelo de cash flows descontados. Os resultados sugerem que a operação criará inúmeras sinergias e ganhos de eficiência, culminando num operador mais completo e competitivo, refletindo-se no valor da empresa apurado de 11.569.690 Milhares de euros.<br>The purpose of this study is to investigate empirically the value of the new Portuguese operator of the electronic communications market, ZON Optimus SGPS, SA(Public company), arising from the recent merger of Optimus and ZON Multimédia. I started by performing a market analysis, then I introduce the merged entities and present a strategic diagnostic of the company, which is the basis for the determination of all value components required when applying the discounted cash flow model. The results suggest that the operation will create many synergies and increase the cost efficiency, resulting in a more complete and competitive operator, reflected in the company's value estimated of 11.569.690 thousands Euros.
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Kumpamool, Chamaiporn. "Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand." Thesis, University of Hull, 2018. http://hydra.hull.ac.uk/resources/hull:16883.
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Market timing is an infant theory of capital structure used to explain concealed motivation of managers. Equity market timing refers to equity issuance when the stock market is favourable to reduce the cost of capital, while debt market timing refers to debt financing when the interest rate is particularly low to minimize the cost of capital. However, there is no consensus in the literature as to whether firms can take such advantages in real markets, especially in Thailand. Furthermore, it is far from settled as to what the determining factors of market timing are. Additionally, the success of the decrease in cost of capital remains ambiguous. This study investigates market timing theory through three empirical studies. The first study examines the presence of equity market timing in Thailand with 285 IPO firms and 1,038 SEO issuances from 2000 to 2014. The results reveal that IPO and SEO firms tend to take advantage in the stock market when the market is in a good condition, such as a hot period, economic expansion, and bullish time. In addition, the study finds that timers obtain higher proceeds and maintain these proceeds as cash after offering. Moreover, this is the first study to explore how the corporate governance dimension is the potential determinants of equity market timing. The second study looks at the existence of debt market timing in Thailand with 189 corporate bond's issuances from 2001 to 2014. The results indicate that the firms tend to time the debt market when the market is hot and there is a low interest rate. Likewise, we find that timers gain more proceeds and pay lower interest rates. Moreover, this is the first study to reveal that timers retain the proceeds as cash after issuance and that the corporate governance and board structure are significant determinants of debt market timing. The third study investigates the influence of market timing on cost of capital and firm performance. We find that market timing policy can lead to both success and failure of cost reduction and performance increment, depending on the types of issued securities, the strategy of market timing, and the method of cost of capital and firm performance estimation. Furthermore, this study provides some suggestions for managers, shareholders, investors, regulators and other stakeholders to comprehend the cause and effect of market timing and to prepare in order to protect their benefits. Also, this study informs regulators and policy makers to improve the efficiency of stock and bond markets in Thailand.
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Barnard, Kevin John. "Value and size investment strategies: evidence from the cross-section of returns in the South African equity market." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1001606.
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Value and size related equity investment strategies are supported by a large body of empirical research that shows a persistent premium, both longitudinally and crosssectionally. However, the competing rational and behavioural finance explanations for the success of these strategies are a subject of debate. The rational explanation is that the premium earned on value shares or shares of small companies can be attributed to higher risk. Behaviouralists argue that such shares are not riskier and attribute the premium to cognitive errors and biases in human decision making. The purpose of this study is to determine, firstly, whether the value and size premium exist in South Africa during the period July 2006 to June 2012, which includes one of the worst equity market crises in history. Secondly, this study sets out to determine whether the premium earned on value and size strategies are adequately explained by the principles of rational finance theory. To provide evidence regarding the existence of the value premium and size effect, returns are analysed, cross-sectionally, on portfolios of shares sorted by value and size. For evidence of a rational explanation, returns are regressed on value and size variables, and the relative riskiness of value and small companies is analysed. The results show evidence of a value premium in portfolios of small companies, but not big companies. The size effect is found not to be statistically significant. While regressions do show significant relationships between value and size variables and returns, these variables are found not to be associated with higher levels of risk. The conclusion is that the evidence does not support a rational, risk based explanation of the returns
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Bakaj, Michal. "Ocenění vybraného podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-81863.
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The aim of my thesis is an assessment of market value of a chosen company as of December 31, 2010. The appraisal was proceeded both by assumption of going concern and by assumption of limited duration of the company (in relation to prognosis of depletion of oil reserves).
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Ryan, Paul. "The economic value of the sell-side analyst in UK equity markets." Thesis, City, University of London, 2000. http://openaccess.city.ac.uk/17612/.
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This thesis is primarily concerned with the economic value of the sellside analyst in the UK equity markets. Fundamental to the sell-side analyst's economic value is the concept of market efficiency. If markets are fully efficient in the absence of the analyst then his/her investment recommendations and earnings forecast revisions would not generate abnormal returns as the information content of such earnings forecast revisions and recommendations would already have been absorbed by the market through other sources. Though analysts' investment recommendations may generate abnormal returns, it does not necessarily follow that the sell- side analyst plays a major role in keeping the equity markets efficient. Analysts' earnings forecast revisions and investment recommendations may, in fact, explain such a small proportion of company prices changes and trading volume activity that their investment recommendations and earnings forecast revisions may be dominated by other forms of firm-specific news in explaining company share price changes and trading volume activity. In such circumstances the economic value of the sell-side analyst may indeed be limited. Central to the analyst's role in keeping the markets informationally efficient is the nature of the information impounded into his/her investment recommendations. Is the analyst a superior processor of publicly available information and! or is the analyst privy to private information not generally available to the market as a whole? In addition is the nature of some "information" such that, in the absence of the sellside analyst, the information may otherwise go unreported in the marketplace perhaps arising from its intangibility (Roll, 1988)? In this thesis we undertake three empirical investigations into the economic role of the sell-side analyst in the equity markets. Firstly, we test the "absolute" value of sell-side analysts' investment recommendations by analysing the abnormal return performance associated with the new buy and new sell recommendations made by six leading UK based stockbroking houses over the 18 month period January, 1994 to June, 1995. Secondly, we explore the "relative" value of analysts' recommendations and earnings forecast revisions by determining the size (proxying for information content) of company "large" market-adjusted price changes and trading volume movements that are triggered by analysts' recommendations and earnings forecast revisions vis-a-vis other firm specific information categories. We perform this test on 215 London Stock Exchange FTSE 100 and FTSE Mid 250 companies covering the two-year period January, 1994 to December, 1995. Thirdly, we directly test the nature of the analyst's informational advantage, and in particular hislher ability to act as a conduit for the flow of "nonpublic" information to the market. We perform this test for a sample of 1 00 companies drawn predominantly from the upper regions of the FTSE Mid 250 Index. In addition, in performing this test, we examine the nature of the information not apparently in the public domain and whether it differs in nature from its "publicly -available" counterpart (Roll, 1988). Our results show that analysts' investment recommendations have value in an "absolute" sense. We fInd that share prices are significantly influenced by analysts' recommendation changes, not only at the time of the recommendation change but also in subsequent months. We also find that the magnitude of the abnormal return performance generated is influenced cross-sectionally by factors associated with firms' information environments and the analysts' incentives literature. In addition, we report that analysts' earnings forecast revisions and recommendations not taking place concurrently with other firm specific information releases account for 18 % of large "explained" price changes and 160/0 of large "explained" trading volume movements thus suggesting that sell-side analysts have a major role to play in keeping the equity markets efficient. Finally, we find that the sell-side analyst is able to explain in excess of 90% of those price movements not traceable to "publicly-available" information which is consistent with a high degree of market knowledge. We find that a significant proportion of these price changes (17%) are attributable to factors unrelated to information per se thus providing support for Roll's (1988) hypothesis that a significant proportion of company price changes are triggered by "soft" events relating to fads, fashions, sentiment etc. In summary, therefore, the sell- side analyst plays a major role in the UK equity markets. His/her investment recommendations and earnings forecast revisions communicate valuable information to the market. In addition, an important aspect of the analyst's role in the market is to communicate information to the market that may not be available from other more conventional sources, thus suggesting that tests of the investment value of analysts' company recommendations and earnings forecast revisions may, at least in part, be tests of strong-form efficiency. A substantial proportion of this information may be classified as "soft" information which in the absence of the sell-side analyst may otherwise go unreported.
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Hasler, Mathias. "Essays in Empirical Asset Pricing:." Thesis, Boston College, 2021. http://hdl.handle.net/2345/bc-ir:109083.
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Thesis advisor: Jeffrey J.P. Pontiff<br>My dissertation includes three chapters on the value premium. In the first chapter, I study whether seemingly innocuous decisions in the construction of the original HML portfolio (Fama and French, 1993) affect our inference on the value premium. I find that the value premium is dramatically smaller than we thought. In sample, the average estimate of the value premium is 0.09% per month smaller than the original estimate of the value premium. Out of sample, however, the difference is statistically insignificant. The results suggest that the original value premium estimate is upward biased because of a chance result in the original research decisions. In the second chapter, I propose an estimate for intangible assets and growth opportunities and examine if this estimate improves book-to-market equity as a measure of value. I find that portfolios sorted on book equity plus the estimate to market equity have lower returns than portfolios sorted on book-to-market equity. The results suggest that intangible assets and growth opportunities diminish book-to-market equity as a measure of value because investors value intangible assets and growth opportunities in an overly optimistic way. In my third chapter, I simultaneously study nine explanations of the value effect to better understand what the dominant value explanation is. I find that duration accounts for most of the value effect and that the eight other explanations account for a negligible part of it. The results suggest that duration is the dominant explanation of the value effect<br>Thesis (PhD) — Boston College, 2021<br>Submitted to: Boston College. Carroll School of Management<br>Discipline: Finance
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Jančová, Adéla. "Ocenění výrobního podniku HET spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201837.
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The diploma thesis is focused on the valuation of the HET spol. s r.o. The company´s core business is production of paints and varnishes. The aim of the valuation is to estimate the market value of the company while using the methods of DCF Entity and Branch Multipliers. The parts of the thesis are financial and strategic analysis, operational asset allocation, value drivers and the estimated financial plan. The text is supplemented by arranged tables and graphs. At the end of the text there is an estimated of final market value of the company.
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Síleš, Radek. "Ocenění sázkové kanceláře SAZKA a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264576.
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The aim of the master thesis is to assess market value of equity of SAZKA a.s. company as at January 1, 2015. There are used three various methods for the valuation because each of them stresses different aspects of valuation theory. There is used DCF equity method, comparable company analysis and liquidation value method. The thesis is divided into six parts. The first two parts summarize general information about valuation concept and company SAZKA a.s. Then follows a strategic analysis, a financial analysis, a prognosis of main economic measures and a financial plan. In the last chapter is carried out the valuation of equity of SAZKA a.s. company.
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Zakieva, Yana. "Ocenění podniku Alza.cz." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194673.
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The master thesis is devoted to the market value estimation of the company Alza.cz, a.s. by 1.1.2014. The company is valuated with help of discounted cash flow to equity approach (DCF equity) and branch multipliers method. Thesis consists of financial and strategic analysis, operational asset allocation, value drivers determination, financial plan creation and business valuation.In conclusion the estimated business value is calculated.
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Pinto, Tânia Filipa Gomes. "O impacto da introdução da IFRS 13 na divulgação sobre o justo valor : o caso das stock options." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17784.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>A necessidade de uma informação clara, fiável e comparável levou à emissão de normas que permitiram melhorar a qualidade e a transparência da informação financeira. A IFRS 13 "Fair Value Measurement" assume um papel importante no que concerne à definição do conceito do justo valor e dos requisitos de divulgação exigidos que visam contribuir para a divulgação de informação contabilística mais transparente. Este estudo tem por objetivo analisar o impacto da introdução da IFRS 13 sobre o cumprimento dos requisitos de divulgação obrigatórios exigidos pela referida norma em empresas do FTSE 100 para o caso das stock options. Para tal, construiu-se um índice de cumprimento dos requisitos de divulgação de forma a verificar se variáveis como o setor de atividade, a dimensão da empresa, o endividamento e a rendibilidade têm algum tipo de impacto na divulgação da informação sobre o justo valor. Verificou-se que a dimensão, o sector de atividade, a alavancagem e o rácio market-to-book-value não se revelaram estatisticamente significativos. Quanto ao ROE verificou-se uma relação positiva sendo esta estatisticamente significativa o que reforça estudos anteriormente realizados. Por último, no que respeita à variável IFRS 13, pode concluir-se que a mesma confere um maior nível de transparência à informação disponibilizada pelas empresas, nomeadamente após a sua entrada efetiva em janeiro de 2013. Adicionalmente, conclui-se que a obrigatoriedade de aplicação desta norma se traduz efetivamente no aumento do cumprimento dos requisitos de divulgação por ela exigidos.<br>The need of a reliable, clear and comparable information was in the origin of new international standards that allowed the improvement of the quality and transparency of financial information. The IFRS 13 has an important role in the application of the fair value but also in the disclosure requirements which had a major contribution in the accounting information transparency. This paper analyses the compliance of the mandatory fair value disclosure requirements enforced by IFRS 13 to companies of FTSE 100 and more specifically for the case of stock options. I conclude that ROE has a positive impact in the level of fair value disclosure, while firm ́s size, the sector, firm ́s leverage and market-to-book ratio were factors without any statistically significant impact. Finally, results show that there is a higher level of transparency to the disclosure information by companies, after the enforcement of IFRS13. Therefore, mandatory application of IFRS 13 can effectively increase the compliance of mandatory requirements enforced by this standard.<br>info:eu-repo/semantics/publishedVersion
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Wuilmart, Adam, and Erik Harrysson. "Assessing the Operational Value Creation by the Private Equity Industry in the Nordics." Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-275693.
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More and more capital is being directed towards the private equity industry. As a result, private equity owned firms make up an increasingly large share of the economy. Therefore, it is becoming more important to understand the nature of how the operational performance of firms change under private equity ownership. This study looked at how the operational efficiency in terms of EBIT-margin changed over a three-year period after a private equity acquisition in the Nordic market. The study found that companies which had an initial positive EBIT margin behaved differently from companies with an initial negative EBIT margin and therefore two separate models where created. It was found that in the case where the company had a positive EBIT margin before being bought by a private equity firm saw an average decrease in EBIT margin of 1.14% units. In the case of a firm with initial negative EBIT-margin a private equity acquisition led to an average increase in EBIT margin by 1.99% units compared to the reference data. This study thus shows that private equity ownership affects the operational efficiency of companies. Moreover, it shows that one should make a distinction between PE ownership in profitable growth cases and turn-around cases of inefficient companies and that the impact of PE ownership in terms of effect on operational profitability can be vastly different depending on the nature of the acquisition in this regard.<br>Private Equity industrin ser ökande inströmning av investeringskapital, vilket resulterat i att en allt större del av ekonomin utgörs av private equity-ägda företag. Därmed ökar vikten av att förstå hur private equity firmor påverkar sina portföljbolag under ägandeperioden. Denna studie undersöker hur EBIT-marginalen i företag förändrats över en treårsperiod efter att företagen blivit förvärvade av ett nordiskt private equity-bolag. Studien hittade en signifikant skillnad mellan hur företag med initialt positiv, respektive negativ EBIT-marginal påverkades under treårsperioden och två separata modeller skapades för att utvärdera effekten. Resultaten påvisade med signifikans att företag med initial positiv EBIT-marginal minskade sin EBIT-marginal med 1.14% relativt jämförbara företag efter ett private equity förvärv. För företag med initialt negativ EBIT-marginal påvisades med signifikans en ökning av EBIT-marginalen med 1.99% relativt jämförbara företag efter ett private equity förvärv. Studien påvisar därmed att private equity ägande har en påverkan på operationell lönsamhet och att den skiljer sig markant beroende på ifall företaget initialt är operativt lönsamt eller ej.
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Söderlund, Nathalie. "Equity Valuation : An examination of which investment valuation method appears to attain the closest value to the market price of a stock." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15341.
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PURPOSE- This paper empirically evaluate the ability among various types of parsimonious equity valuation models in order to ascertain which model represents the value of equity the best and thereby manage to withstand factors causing valuation errors. The more complicated models applied, the more underlying assumptions are needed. The trade-off here, which will be investigated, is if the benefit of using more difficult models outweighs the cost of including the extra assumptions. Further on the empirical research´s results will be compared with the results provided by this previous studies examinating American companies. METHOD- Six valuation models using a discounting valuation method are evaluated; the Present Value of Expected Dividends (PVED), Residual Income Valuation (RIV), Residual Income Valuation Terminal Value Constrained [RIV(TVC)], Abnormal Earning Growth approach (AEG), Abnormal Earning Growth Terminal Value Constrained approach [AEG(TVC)] and Free Cash Flow to the Firm model (FCFF). The five latter investment models are all based on the first model. FINDINGS- The aim of finding the smallest absolute valuation error in the empirical study is given to PVED, a model including little underlying assumptions and inputs. Hence, the implication of the application of valuation models can be summarized as that there are no clear benefits of applying complex models for Swedish companies, and the trade-off between using more complex models and thereby including more assumptions is not compelling given that the benefit does not exceed the cost. All the earnings methods are all found to be superior to the FCFF model, while the constrained RIV and AEG methods provide higher valuation errors than the unconstrained versions. The superiority of the PVED model is inconsistent with the previous results examining American firms, in which the RIV model is preferred. One of the reasons for the difference is the use of different accounting standards in the counties, and thereby the companies´ capital structure and the inputs used in the investment valuation may be somewhat unlike.
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Červenková, Anna. "Ocenění podniku GZ Media a.s. na globálním trhu." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205725.
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The aim of the thesis is to determine the market value of the company GZ Media, a.s. to 1.1.2015. The first part provides the basic information about the company. This chapter is than followed by financial analysis which is assessing the overall financial health of the company for the years 2010 to 2014. Strategic analysis focuses on the market and competitive position of the company and provides the forecast of the sales. The next chapter analyzes and forecasts the value generators and defines the main indicators later used for financial plan. The value of the company is calculated based on the DCF Equity method.
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Pipek, Šimon. "Ocenění Rodinného pivovaru Bernard a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-206700.
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The primary task of the diploma thesis is the valuation of the company Family brewery Bernard corp. The corporation belongs among the biggest Czech manufacturers of beer. The goal of the valuation is to independently determine market value of the company on 1.1.2015. Taking into account the specifics of the market and the company itself it is used discounted cash flow method DCF Equity. This main method is supported by the alternate method of market comparison. The diploma thesis comprises of financial and strategical analysis, value drivers, financial plan and final valuation.
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Ferreira, Rickus. "The application of fundamental indexing to the South African equity market for historical data dating back to 1996." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/3022.
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Thesis (MComm (Business Management))--University of Stellenbosch, 2009.<br>Measuring the performance of any financial portfolio is only relevant if
compared relative to another similar portfolio. Over the years the norm in the
industry has been to use market capitalisation indices as benchmarks to
measure performance.
Market capitalisation indices, such as the FTSE/JSE ALSI, create a natural
return drag because of the overweighting of overvalued stocks and the
underweighting of undervalued stocks. It is this return drag that led to the
creation of the Fundamental Indexing concept by Research Affiliates in 2005.
Fundamental Indexing weights stocks based on their economic footprint in the
market rather than their market capitalisation. The Fundamental Indexing
approach uses four metrics, namely sales, book values, dividends and cash
flows to calculate this economic footprint. The Fundamental Index is referred
to as the RAFI (Research Affiliates Fundamental Index) Index
The Fundamental Index concept delivered very good results when applied to
the South African stock market. The South African RAFI Composite Index
outperformed the FTSE/JSE All Share Index by 5.55% p.a. compounded
annually during the period 1995 to 2006. This return was achieved with a
similar risk profile as the FTSE/JSE All Share Index. This index also had
similar turnover rates relative to the FTSE/JSE All Share Index. The South
African RAFI Composite Index also outperformed the FTSE/JSE All Share
Index by 5.48% p.a. compounded during the measurement period when
investment income is included.
The Fundamental Index outperformance clearly disproves the efficient market
hypothesis. According to modern portfolio theory it is impossible to earn
abnormal profits in excess of a market capitalisation index. The success of
Fundamental Indices proves that market capitalisation indices are not optimal
and deliver sub-optimal returns. Specifically, it can be seen that the South
African market is inefficient and that the FTSE/JSE All Share Index is not the
best tool for measuring the performance of the financial markets in South
Africa.
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Persson, Pontus, and Tatiana Dykina. "A European CSR study about the deviation of valuation." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185719.
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For the last decades, public authorities and private firms have emphasized their focus on integrating sustainability into corporate disclosure. The shift towards CSR instead of the traditional profit maximization narratives is evident in increased demand among various stakeholders for sustainability awareness. Thus, financial and non-financial disclosure legislation have become stricter, forcing companies to be more transparent (European Commission, n.d.). This thesis aims to examine CSR research by arguing from a previously unattended perspective of valuation. Thus, the formulated purpose “is to examine if CSR affects the deviation between intrinsic and market value of firms in the energy sector in Europe”. This sector is highly blamed for contributing to global warming by exhausting a large amount of greenhouse gas emissions (Mezher et al., 2010). Furthermore, this thesis distinguishes itself from other valuation articles by arguing from the paradigm of realism. In doing so, we argue that the intrinsic value is the independent reality instead of the market value. The market value is, in contrast, based on investors aggregated perception of the intrinsic value through information. This separation of the two values becomes theoretically evident from the perspective of irrationality. For this aim, a few well-established theories such as the market equilibrium theory and the efficient market hypothesis have been used to theoretically explain the deviation. To establish the empirical difference of deviation, a T-test was conducted on the ten most extreme ESG score firms in the European energy sector. The applied method for calculating the intrinsic value is a perpetuity version of the Residual Earning Method with an aggregated Capital Asset Pricing Model as the discount rate. In accordance with the implied result, we argue for a significant difference in both an absolute and relative deviation in this sector. Contradicting, our second test, regression analysis, could not validate if the stated finding depends on ESG and its components. Instead, the deviation could be viewed from the control variables: Size, risk, and profitability. Thus, a theoretical explanation could be an indirect relationship of ESG towards the deviation; however, further research is needed to verificate the finding. Ultimately, we contribute on two fronts, both towards theoretical and pragmatic knowledge by arguing from an un addressed research perspective, realism and establish that high ESG firms are undervalued compared to low ESG firms.
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Chit, Ngwe Lin Myat, and Feiran Wang. "Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-95253.
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Market Timing Strategy is an active investment strategy, which is based on the signals of indicators, for the investors to make their investment decisions. However, there has always been the question on which variable is a good indicator, that would provide superior returns for the investment. Bond to Equity Yield Ratio (BEYR) is a new indicator widely researched by many academics in the field of finance and extensively applied by practitioners of the financial markets during the last two decades. Efficient Market Hypothesis (EMH) is a theory in finance which states that stock prices are always reflected with the relevant information and beating the market from predicting the trend of future stock prices is not possible. Therefore, if the market is in accordance with EMH, market timing strategy is not useful and passive investment strategy is better than active investment strategy. Although extant literatures have proved BEYR as a good indicator to be used in market timing strategy, the focus of the existing research is on the financial markets in the United States, the United Kingdom, and the Europe; the study on Asian financial markets is very limited. The main objective of the research is mainly motivated by this knowledge gap. This study will use extreme value strategy as an active trading strategy to conduct research on the market timing ability of BEYR in three Asian financial markets: Japan, Malaysia and Singapore. In addition, passive trading strategy will be used to compare with active trading strategy in each country to identify whether the markets comply with weak form of EMH. Deductive approach of quantitative research is conducted and three main hypotheses are developed to achieve the research objective. The empirical findings from our research and the responses to the main hypotheses can be summarized as active trading strategy does perform better than passive trading strategy for all countries and the market timing ability of BEYR is not as good as the traditional indicators: dividend yields and earning yields for all countries. Therefore, the financial markets of all counties under scrutiny do not comply with weak form of EMH. However, it is worthy to take note that the sample period chosen for this research includes the period when the Global Financial Crisis occurred in 2008. Therefore, it is assumed that the impact of the financial crisis is the main reason contributing the difference between the findings from our research and the existing literatures. Moreover, the difference in the nature of financial market can be considered as another underlying factor for the new perspective on BEYR resulting from our empirical results.
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Gökce, Banu, and Hakan Gökce. "Ersättning-prestation eller storlek? : En sambandsmätning mellan ersättning och prestations-/storleksbaserade variabler." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-11336.
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Bakgrund: Bonussystem är något som började växa fram på 1980-talet och har sedan dess varit ett omdiskuterat ämne, både här hemma i Sverige och internationellt. Många forskare, politiker och invånare har uppmärksammat de höga ersättningarna som delas ut inom företagen i både bra och dåliga dagar. Det som drog mest uppmärksamhet var att företag trots en finanskris fortsatta med sina utdelningar och t.o.m. ökade sina rörliga ersättningar. Detta fick människor att undra vad företagen egentligen baserar sina ersättningar på. Å andra sidan försvarar företag sig med att dessa ersättningar ger motivation och ökad effektivitet hos de anställda som i sin tur presterar bättre, vilket utvecklar och driver företagen framåt. Problemformulering: Väljer företagen att basera sina ersättningar på prestationsbaserade eller/och storleksbaserade variabler? Syfte: Syftet med denna studie är att kartlägga vilken av de teoretiska traditionerna som bonussystem baseras på genom att undersöka hur sambandet ser ut mellan utvalda bonusmått och verkställande direktörers och ledande befattningshavarnas totala ersättning under en femårsperiod. Metod: Uppsatsen bygger på en kvantitativ metod där datainsamlingen har skett genom sekundärdata i form av företagens årsredovisningar. Vi har även valt att anta den deduktiva ansatsen som innebär att våra valda teorier ska appliceras på det reslutat som undersökningen visar. Reslutat: Utifrån de tester som gjordes i SPSS programmet visade resultatet att det framgick ett signifikant samband mellan total ersättning och företagets prestation samt företagets storlek. Slutsats: Studien visar att både prestationsbaserade och storleksbaserade variabler visar samband med den totala ersättningen, en övergripande variabel som utformar bolagens ersättningssystem kunde inte konstateras i vår undersökning. Utformningen av ersättningssystem påverkas av inre och yttre faktorer, bl.a. som landets välfärdssystem, företagskultur, konjunkturförändringar.
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Harding, Donald. "Volatility forecasting in the Swedish hedge fund market : A comparison of downside-risk between Swedish hedge funds and the index S&P Europe 350." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-19141.
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The purpose of this thesis is to examine whether Swedish Equity L/S hedge funds present a lower market risk than the index S&P Europe 350 over our holding period using a GARCH/EGARCH Value-at-Risk model. The sample consists of 96 monthly observa- tions between March 2004 and February 2012. The examination shows that the hedge funds in general hold a lower market risk than the index for the next holding period and al- so present a lower estimated loss if our VaR loss is exceeded. This implies that hedge funds would be a good choice for investors to have in a portfolio to reduce the risk.
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AlMakrami, Ali Hussein. "An investigation into brand value dimensionality and its effects on loyalty : evidence from the high-tech brandscape in Saudi Arabia." Thesis, Brunel University, 2013. http://bura.brunel.ac.uk/handle/2438/13011.
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This thesis investigates the dimensionality of brand value from the consumer perspective and tests how value dimensions relate to loyalty at the brand level. Firstly, a novel conceptualisation of perceived brand value is offered based on consumption values theory. Five dimensions are deployed to constitute the brand value scale; functional value, economic value, social value, emotional value and epistemic value. These dimensions are then tested in a holistic model to assess i) the reliability and validity of the scale, ii) the impact of brand leadership and corporate image on relative value dimensions, and iii) the segregated influence on value dimensions on repurchase intentions and positive word-of-mouth. Qualitative and quantitative methods are used to collect data from the high-technology market segment in Saudi Arabia owing to the country’s strong economic situation along with the accelerated penetration of high-tech brands into the Saudi market. First, four rounds of focus group discussions with university students conducted to confirm and enhance existing scales of brand value dimensions and developing new scale for the epistemic value construct at brand level. A self-administrated questionnaire was developed from both literature and focus groups and content and face validated by academics and subject matter experts. Then, 1020 questionnaires were distributed to several college-level schools in the city of Jeddah, 771 were returned, and 510 completed responses were used for final analysis. Exploratory and confirmatory factor analyses used to validate the dimensionality and reliability of the integrated scale of brand value. Structural equation modelling techniques applied to test the conceptual model and research hypotheses. Twenty-one items are retained to represent five dimensions of brand value scale and fourteen out of sixteen hypotheses are accepted. Thus, findings of empirical research confirm theory in that i) consumers perceive value of brands from multiple perspectives, ii) brand associations significantly contribute to value of brands, and iii) value dimensions encourage brand loyalty at dissimilar levels. At academic level, researchers can use the developed scales to study the mutual relationships between other brand associations and various dimensions of brand value. The newly developed measure of epistemic value can also be used to examine the impact of added high-tech features on aspects of consumer behaviour e.g. consumer-brand relationship. At managerial level, brand managers can use the developed scale to assess the strengths and weaknesses of their brands. According to the relevant importance of functional, economic, social, emotional and epistemic values to customers, loyalty programmes and customer relationship management can be tailored to match consumer needs. Finally, market segmentation can adapt value-based strategies to tap into new markets more successfully.
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Komujuni, Ernest, and Parisa Aenehband. "Hur arbetar charterföretagen för att stärka sitt varumärke?" Thesis, University of Gävle, Department of Business Administration and Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-570.
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<p>Syfte: Syftet med denna uppsats är att undersöka och utreda hur tjänsteföretag inom charterbranschen arbetar för att stärka sitt varumärke, samt att utreda hur och vilka associationer som skapas kring varumärket.</p><p>Metod: Försöka implementera en modell för att få en klarare bild över hur charter företag arbertar för att stärka sina varumärken, författarna använder sig olika litteratur käller samt emperiska studier.</p><p>Resultat: Resultaten visar hur viktigt det för företag att hitta nya metoder för att stärka sitt varumärke, samt betydelsen för tjänsteföretag av att hitta sin egen plats i en konkurrenskraftig marknad.</p><p>Avgränsning: Genom att begränsa vår undersökning valde vi att koncentrera oss på endast två charterföretag, detta för att skapa en bättre och djupare inblick på vår frågeställning. De två charterföretagen som vi har valt att undersöka och utgå ifrån är; Apollo och Ving. Anledningen till detta är att de är marknadsledande och har lyckats skapa ett starkt varumärke.</p><p>Nyckelord: Varumärkeskapital, kärnvärde av tjänst, postionering, märkesidentitet, marknadskommunikation, intern märkeslojlitet, associationer.</p><br><p>Purpose: The purpose with this study is to evaluate how leading companies in the “charter branch” create brand equity and associations related to the brand.</p><p>Methodology: To test the anticipated model in the context of how charter companies work to establish a stronger brand, the authors use data collected from different literature sources and empirical findings.</p><p>Findings: The results underline the importance of always finding new methods to establish a strong brand, and the value for service companies have to find their own place on a competitive market.</p><p>Research limitations: We choose to limit our study by choosing two different charter companies, this choice made it able for us to get deeper understanding to our purpose. The two companies that we choose to investigate where: Apollo and Ving. The reason was because these two companies are market leaders and they have managed to create a strong brand.</p>
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Bosman, Pieter Willem. "Stakeholder value in South Africa : an empirical study / P.W. Bosman." Thesis, North-West University, 2007. http://hdl.handle.net/10394/1817.
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Vallandro, Luiz Felipe Jostmeier. "Estrutura de capital: um estudo empírico sobre a ocorrência de equity market timing nas decisões de financiamento das companhias abertas listadas na Bolsa de Valores de São Paulo." Universidade do Vale do Rio do Sinos, 2009. http://www.repositorio.jesuita.org.br/handle/UNISINOS/2849.
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Made available in DSpace on 2015-03-05T19:14:42Z (GMT). No. of bitstreams: 0
Previous issue date: 29<br>Nenhuma<br>Este estudo teve como pressuposto investigar a ocorrência da teoria de equity market timing na formação da estrutura de capital das companhias abertas brasileiras. Equity market timing, ou janela de oportunidades de mercado, pode ser definido como o momento apropriado para a emissão de ações, que ocorre quando o quociente entre o valor de mercado e o valor contábil das empresas – market-to-book ratio (MB) − é alto, indicando que a firma está sobrevalorizada e que, respectivamente, seu custo de capital está baixo.
Baker e Wurgler (2002) foram os expoentes dessa teoria e desenvolveram um modelo para testar a existência e a persistência de equity market timing na formação da estrutura de capital das companhias abertas americanas. Ao aplicarem o modelo no mercado norte-americano, nele constataram a existência de market timing, bem como sua persistência por cerca de uma década, a contar da data da oferta pública inicial de ações (IPO) das respectivas empresas, comprovando que as empresas norte-americanas se<br>This study examines the implications of the theory of equity market timing on the capital structure in the Brazilian public companies. Equity market timing, or windows of opportunities, can be defined as the right moment to issue equity when the market value is high, relative to book value, indicating that the firm is overvalued and the cost of capital is low.
Baker and Wurgler (2002) developed a model to test the equity market timing theory in the American capital market. The results are consistent with the hypothesis that market timing has large and persistent effects on capital structure. Furthermore, they found out that the impacts persist for a decade after the IPO of the firms, proving that companies in United States take advantage of the windows of opportunities to form their capital structures. Assuming the Baker and Wurgler’s propositions, the equity market timing theory was tested in Brazilian capital market for a group of companies that went public between 1997 and 2007. Both market and book lever
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Šimáčková, Iveta. "Ocenění podniku Metroprojekt Praha a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74296.
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The aim of this thesis is to estimate market value of the company METROPROJEKT Praha a.s. as of December 31, 2010. To determine the value I used the DCF Equity method and the market comparison. These parts were preceded by a basic company introduction. The rest of the thesis contains the following parts - strategic analysis, financial analysis, generators of value and financial plan.
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Kořistková, Martina. "Ocenění podniku Mlékárna Hlinsko, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-76026.
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The aim of the thesis is to estimate the market value of Mlékárna Hlinsko, s.r.o. as of 1. 1. 2009. At first, a strategic analysis of the company was performed resulting in the sales forecast, and a financial analysis assessing the financial condition of the company. Based on the results of strategic and financial analyses going-concern assumption was assumed to be justified. Then, an analysis and projection of value generators was carried out and a financial plan was created. Valuation itself was performed using the DCF Equity method and a market comparison approach, in particular the Guideline Public Company method.
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Ljungström, Divesh. "B-Values : Risk Calculation for Axfood and Volvo Bottom up beta approach vs. CAPM beta." Thesis, University of Skövde, School of Technology and Society, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-141.
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<p>The aim of this thesis is to study the risk for two Swedish companies, Axfood and Volvo. To test the required return on equity, a bottom-up beta approach and a CAPM regression beta are used. This thesis concludes that the bottom-up beta gives a truer reflection and a more updated beta value than a CAPM regression beta on the firm’s current business mix, the CAPM beta takes only the past stock prices into consideration. The empirical results for Volvo conclude that the levered bottom-up beta is 1.09 and the CAPM β is 0.52 for Volvo. The empirical results for Axfood which is categorized as consumer goods sector implies that the levered bottom-up beta is 0.87 while the CAPM regression beta is 0.29.</p>
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Jansson, Markus, and Calle Grundkvist. "Bolagsskattens påverkan på marknadsvärdet : En eventstudie kopplad till kapitalstruktur." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-19217.
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Sverige genomförde vid årsskiftet 2012/2013 ytterligare en sänkning av bolagsskatten. Denna gång från 26,3 till 22 procent. Målet med sänkningen var att hamna under EU’s genomsnittliga bolagsskattenivå vilket skulle minska företags incitament till att fly Sverige för lågskatteländer. Samtidigt ville regeringen minska företagens skuldsättningsgrad. I teorin sjunker värdet på skatteskölden vid en bolagsskattesänkning och därmed också värdet på företagen. Från företagens och ägarnas perspektiv innebär sänkt skatt högre nettovinst och således en högre utdelning. Hur reagerar marknaden? Ett försök att besvara frågan görs genom att gruppera företagen efter skuldsättningsgrad och undersöka vad som händer med aktierna under den dag nyheten om bolagsskattesänkningen publiceras. Detta undersöks genom en eventstudie vilken avgränsas till Norden och andra marknader med liknande finansiellt system samt liknande lagstiftning. Till grund för undersökningen ligger aktier representerade på Stockholm OMX Large Cap. Studien finner en signifikant positivt reaktion sett till hela marknaden när nyheten om bolagsskattesänkningen blir offentlig. Vid indelning efter skuldsättningsgrad visar företagen med lägst skuldsättning den högsta positiva reaktionen, medan företagen med högst skuldsättning visar en negativ reaktion, dock inte signifikant.<br>At the end of 2012 Sweden implemented a further reduction in corporation tax, this time from 26.3 to 22 percent. The goal of the reduction was to reach a lower corporate tax level then the EU’s average. This would reduce the company’s incentive to flee Sweden for low-tax countries. At the same time, the Swedish Government wanted to reduce the debt ratio. In theory, the value of the tax shield is lowered and hence the value of the companies. From corporate and shareholder perspective this reduced tax means higher net income and thus a higher dividend. How does the market react? An attempt to answer this question is made by splitting the companies by leverage and examine what happened to the shares on the day the news of the company tax cut was published. This is examined through an event study, which is bounded to the Nordic countries and to other markets with similar financial systems and similar legislation. The study is based on shares represented at the Stockholm OMX Large Cap. The study finds a significant positive reaction over the entire market when the news about the corporate tax becomes public. On account of the debt-equity ratio, the firms with the lowest leverage show the highest positive response, while the companies with the highest debt show a negative reaction, however not a significant one.
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Tatár, Dávid. "Ocenenie skupiny AAA Auto Group N.V." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-149801.
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The objective of diploma thesis is about to define a value of a international group AAA Auto Group N. V. which operates on the czech, slovak and russian market with used cars and analysis of an ability to increase shareholder's value in the future. It is structured as an expert opinion. It defines purpose, subject and exact date of valuation, valuation method's overview, strategic (macro and micro) and financial group analysis on the main markets. Consolidated financial plan was created as a prediction with a quick financial analysis. Group was evaluated by three discounted-based method - free cash flow to firm, free cash flow to equity, discounted economic value added as they were compared to market capitalization method. Final group value AAA Auto Group N. V. to 7th of December 2012 was defined by free cash flow to equity method and compared to market capitalization method, which is determined by the market.
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Kapinusová, Milena. "Ocenění společnosti Moira CZ, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76297.
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The aim of the thesis is valuation of the company Moira CZ, a.s. on the date 1.1.2009. The thesis consist of strategic analysis, financial analysis, analysis and prognosis of generators of value and financial plan. The value of the company is determined by the yield method DCF Equity and by the method of market multipliers.
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Osláčová, Miloslava. "Ocenění čistého obchodního majetku společnosti Pragoprojekt, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114685.
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The aim of my thesis is to estimate market value of the company PRAGOPROJEKT, a.s. on the date 1st January, 2010. The work is divided in 5 main parts. The first part begins with an overview of basic information about the company. After that strategic analysis and financial analysis have been done. Strategic analysis defines relevant market and gives the company forecast of the sales. Financial analysis verifies the financial health of companies valued and reveals their financial risks alternatively. In the third part generators of value have been analysed and predicted. On the basis of the generators of value the complete financial plan has been set up. Finally, the DCF valuation methods Equity and the market comparison have been implemented.
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Šťastný, Vojtěch. "Ocenění obchodního závodu společnosti Bankovní akademie - Gymnázium a Střední odborná škola, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-358800.
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The aim of the master thesis named Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s. is to estimate market value of the company as at the date of August 31, 2015. The common valuation methods are used in the process of determination of the value. At first, the company is being shortly introduced, which is followed by a strategic and a financial analysis in order to examine the companys financial soundness and assess the perspective of the companys future. The conclusions of the analysis are used for value drivers prognosis and financial plan elaboration, which is followed by valuation of the company. Taking into account the good prospects of the company I choose the DCF equity method to determine its value. The comparable transactions method is used as a supplemental valuation method.
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Ballout, Rami, and Fredrik Nygård. "Can intangibles lead to superior returns? : Global evidence on the relationship between employee satisfaction and abnormal equity returns." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73263.
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Subject background and discussion: In recent decades, issues of human rights, labor and environmental change has been hot topics world wide, which also has influenced the financial market. More and more investors use socially responsible investing (SRI) screens when constructing their portfolios. One form of SRI screen is to choose companies that have satisfied employees. Existing theory says that employee satisfaction is an intangible asset to the firm that will positively affect a firm’s performance in the future. Intangible assets are often unrecognized by the market and thereby not incorporated in the stock price. The efficient market hypothesis has been studied and debated for several decades. Proponents of the EMH argue that all available information is incorporated in the stock price, thus it is not possible to systematically beat the market. However, EMH is controversial, since research has shown different results regarding the possibility to make abnormal return from various investing strategy. Research question: Is it possible to make abnormal returns by investing in a portfolio of worldwide firms with top scores on the SRI screen employee satisfaction? Purpose: The main purpose of this study is to examine investor’s possibility to make abnormal return with controls for multiple risk factors by investing in worldwide firms with top scores in employee satisfaction. One sub-purpose is to examine how the market values intangibles depending on the degree of market efficiency. Another sub-purpose of the study is to test two different portfolio weighting methodologies, equally- and value weighted, and observe the differences between them. Theory: This study deals with the efficient market hypothesis and the concepts of SRI, employee satisfaction, intangible assets and several risk-adjusted measurements. Method: We have chosen to perform a quantitative study with a deductive approach to answer our research question. We used a sample size of 696 firms based on “Great Place to Works”- lists of companies with high employee satisfaction to construct sex portfolios with different holding periods and strategies. These portfolios have been explored and tested significantly with both equally and value weighted methods. Result/Analysis: The study finds significant evidence of an average annual abnormal return of 3,66% and 2,43% for our main portfolio over the market for equally- and value weighted, respectively, using the three-factor model. When adjusting for momentum, thus employing the four-factor model, all the predictive variables still identify strong persistence in the abnormal return, with statistical significance. Conclusion: The results show that it is possible to make abnormal returns, during the observed time period, regardless of the weighing methodology, although the equally weighted received higher abnormal returns. Thus, the market efficiency appears to be in weak form and does not fully value intangibles.
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Prášilová, Jitka. "Ocenění podniku Makovec, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-76067.
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The aim of this diploma thesis is to estimate the Market Value of the company MAKOVEC a.s. as of 1. 1. 2010. The diploma thesis is devided into 5 parts - information about the company, financial analysis, strategic analysis, the value generators and financial plan and the valuation of the company. The financial analysis assesses the financial health of the company, the result of the strategic analysis is the forecast of the company's sales. Next steps are analysis and projection of value generators and construction of the financial plan. Using the DCF Equity method and the market comparison approach the market value of the company was set.
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Skogsvik, Stina. "Redovisningsmått, värderelevans och informationseffektivitet." Doctoral thesis, Handelshögskolan i Stockholm, Centrum för redovisningsbaserad finansiell analys och kostnadsintäktsanalys (BFAC), 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-580.
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På vilket sätt är redovisningsmått som publiceras i företagens årsredovisningar relevanta för att bestämma aktievärden? Kan redovisningsmått användas för att utforma lönsamma placeringsstrategier i aktier? Frågor som dessa är av intresse för såväl akademiker som professionellt verksamma placerare. I denna avhandling utreds huruvida publicerade redovisningsmått är värderelevanta, i betydelsen att de kan användas för prognoser av företagens framtida räntabilitet på eget kapital. Statistiska modeller för prognos av räntabilitet på eget kapital med hjälp av redovisningsbaserade nyckeltal har estimerats och utvärderats. Det empiriska datamaterialet har utgjorts av årsredovisningar för svenska rörelsedrivande företag under perioden 1970-1985. Vidare studeras om placeringsstrategier baserade på prognoser av framtida räntabilitet på eget kapital kan ge en aktieavkastning utöver vad som motiveras av placeringens risk. I denna del av studien prövas huruvida den svenska aktiemarknaden är informationseffektiv med avseende på offentligt tillgänglig årsredovisningsinformation. Placeringstrategier har utvärderats på aktier som fanns noterade på Stockholms fondbörs under perioden 1983-1994. Den empiriska kartläggningen indikerar att redovisningsmått kan användas för att prognostisera framtida räntabilitet på eget kapital och att placeringsstrategier baserade på offentligt tillgänglig årsredovisningsinformation har genererat en avkastning utöver vad som motiveras av olika mått på placeringsrisk. I studien observeras dock betydande tidsmässiga instabiliteter beträffande såväl möjligheterna att prognostisera framtida räntabilitet på eget kapital, som förekomsten av avkastning utöver vad som motiveras av placeringsrisk.<br><p>Diss. Stockholm : Handelshögskolan, 2002</p>
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Novák, Petr. "Ocenění firmy Tank ONO, s.r.o. (lowcost čerpací stanice)." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261769.
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The output of this Master´s Thesis on the theme "Valuation of the company Tank ONO, s.r.o." is the estimation of market value of company as at the date of December 31, 2014, with the goal of selling off the company to a hypothetical general investor in the future. The theoretical part includes metodology and instruments used for company valuation, eg definition of main terms, explanation of valuation proces and methods, that are recognised as valid by specialised public. Afterwards, the second part (eg practical part) is aimed at applying the metodology in practice. First, the valuated company is shortly introduced and it is followed by financial and strategic analysis in order to evaluate the financial soundness and assess the perspective for company future. The conclusions of the above analysis are used for elaborating the value drivers and complex financial plan, that is followed by valuation of Tank ONO, s.r.o. In light of the company capital structure, there is chosen DCF equity method for final valuation, in this Thesis.
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Narang, Anish. "Mitigating high ‘equity capital’ risk exposure to ‘small cap’ sector in India: analysing ‘key factors of success’ for ‘Institutional Investors’ whilst Investing in small cap sector in India." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13469.
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Previous issue date: 2014-10-30<br>This paper deals with the subject of mitigating high ‘Equity Capital’ Risk Exposure to ‘Small Cap’ Sector in India. Institutional investors in India are prone to be risk averse when it comes to investing in the small cap sector in India as they find the companies risky and volatile. This paper will help analyse ‘Key Factors of success’ for ‘Institutional Investors’ whilst investing in Small Cap sector in India as some of these Indian small cap stocks offer handsome returns despite economic downturn. This paper has been harnessed carefully under the influence of expert investors, which includes Benjamin Graham (Security Analysis); Warren Buffet; Philip Fisher (Common Stocks and Uncommon Profits); and Aswath Damodaran.
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Dratva, Martin. "Ocenenie spolocnosti Zabka Polska, SA." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113229.
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The aim of this thesis is business valuation of Zabka Polska, SA. This company operates retail convenience stores in Poland. The goal of this thesis is to estimate fair market value of the Company as of December 31st 2010. DCF Equity valuation method has been used as the main valuation method. Comparable traded companies and comparable historic transaction analyses methods have been used as complementary valuation methods. Master thesis has similar structure as legal valuation report and is divided into six parts.
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Louženská, Jaroslava. "Ocenění podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-73247.
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The thesis aims to find the market value of Alfa Ltd. on the date 1st January 2011. The company specializes in Internet sales of underwear and nightwear. The thesis is divided into several integrated parts. The first part presents the development of Internet and online stores. Another part is divided into the successive steps leading to the valuation of the company: financial analysis, strategic analysis, the values of the generators, financial plan and the final valuation. You can see the interval valuation in the thesis. For the interval final valuation is used the method DCF Equity (method of free cash flow for the owners discounted by cost of equity).
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Jackson, Andrew Rhys. "Market participant behaviour and equity market dynamics." Thesis, London Business School (University of London), 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.408644.
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Morando, Christine. "Market Value." FIU Digital Commons, 2015. http://digitalcommons.fiu.edu/etd/1936.
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MARKET VALUE is a collection of stories about people in Southwest Florida struggling to make sense of their lives when faced with shifting economic realities.
The characters in the collection reevaluate their relationships and uncover secrets, forced to navigate a new American landscape of stalled opportunities and uncertain futures. In “Call the Storage King,” Walt assumes that his girlfriend has total faith in their relationship, but accidentally discovers evidence to the contrary. In “Luxury Living,” a resident of a mostly-empty riverfront condo gives a guided tour to a prospective buyer, revealing the building’s short but sordid history along the way.
Influenced by the suburban satire of Tom Perotta and A.M. Homes, MARKET VALUE presents a changing landscape where characters form unexpected alliances and sever old ties, in order to come closer to their downsized American Dreams.