Dissertations / Theses: 'Social investment markets'

1

Jou, Inchausti Diego Jose, and Carlos Povoa. "An investigation into demand determinants in portuguese social investment market." Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-15361.

Full text

Abstract:

Social enterprises may be instrumental to overcome the well-known difficulties of State provision of social welfare services. Considering the impressive movement of social entrepreneurship and innovation witnessed in most European societies, coincident with the decline of economic growth and the rise of unemployment, the idea of a transition from a welfare state to a welfare mix gains interest. For social enterprises to meet the challenge, they need to scale up operations. Moreover, for that purpose they should be able to diversify the finance resources used, instead of relying mainly on subsidies and donations. However, so far not much progress has been made in that direction what led (Daggers & Nicholls, 2016) to identify as a critical research topic: how do social investment markets develop? That research question was investigated in the Portuguese context. Besides a conceptual framework, literature review allowed to identify the factors that currently are believed to determine demand in social investment markets: i) impact; ii) return; iii) double cost issue; iv) financial dead zone; v) investment readiness; vi) ecosystem. Theory development was greatly enhanced from the contacts made with the Project Manager of an ongoing applied research project launched by European Investment Bank Group on a similar topic: “Social Enterprises Access to Finance – An exploration into the constraints around social businesses access to finance in Portugal”. The importance of the research question becomes clear from the fact that, in spite of all the knowledge and attempts, for some reason not yet identified, social investment market does not grow. The investigation revealed that the key to the problem had to be looked in the demand side of the market and that there is reason to believe that social and cultural characteristics of demand agents are being overlooked. This supported the main theoretical proposition: Portuguese social investment market development will be unlikely to occur as expected from current understanding about how the market operates, unless prevailing characteristics of the social and cultural structure of demand agents are also taken into account. The investigation was conducted through case study research. A rival theory was elaborated and study propositions were defined for both main and rival theory. Multiple sources of evidence were collected and from the respective analysis the study propositions of the main theoretical propositions were corroborated. None of the study propositions of the rival theory were corroborated. The conclusion was that initiatives for growth of Portuguese social investment market will have to integrate a factor that so far has been neglected. Indeed, social and cultural characteristics are a determinant a demand that needs to be considered.

APA, Harvard, Vancouver, ISO, and other styles

2

Ho, Ching-ching Mary, and 何晶晶. "Socially responsible investment indices in Asian markets : merging stakeholder theories with social construction for improved index construction methodology." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hdl.handle.net/10722/193511.

Full text

Abstract:

The growth of the managed investment industry brings with it the potential for institutional investors to exert their influence on boards of listed companies to deliver strong and sustainable growth. The concepts of socially responsible investment (SRI), responsible investment (RI) or ethical investment (EI) have become part of mainstream investment practices in many financial markets. While SRI is largely a qualitative concept, its survival and adoption by the mainstream investment community may, in part, be due to the formalising of its concepts into language that investors, asset managers and analysts can more readily understand: the benchmark index. SRI indices may hold the key to attracting attention to ESG issues in listed corporates and to help bring about positive outcomes in sustainable development. Figures show SRI investments in emerging markets are minimal when compared to those in developed markets but emerging markets hold great potential for growth and development of these tools. This research develops a tool for bringing together social construction theory and stakeholder theory in understanding the construction of SRI Indices and in development of new indices. The core of this research is an analysis of SRI indices in three major emerging markets of Hong Kong, India and China, together with an analysis of different perspectives of SRI in Asia. The purpose is to identify opportunities to building SRI indices through a stakeholder engagement approach. The research was conducted over several phases between October 2008 and August 2010 and can be defined by three different studies: 1. a comparative study on SRI indices and their ESG criteria; 2. a comparative study on SRI indices and their stakeholder engagement approach; and 3. an analysis on the feasibility of building SRI indices in Asian markets. The findings from the three studies indicate three main arguments. First, ESG assessment and criteria of SRI indices does have an impact on the creditability and value of the SRI indices. Due to the lack of transparency on the ESG assessment and criteria, SRI investors and other stakeholder groups are deterred from adopting SRI indices as SRI tool. Second, stakeholder engagement is essential for SRI indices. And lastly, SRI indices in emerging markets, especially in the three studied markets, are attractive to both global and local SRI investors; however, these SRI indices need to include local ESG contexts to reflect the actual ESG concerns of the societies and avoid blindly following developed markets’ SRI index model, which in the end become unrealistic and unpopular to investors and stakeholder groups. We recommend that stakeholder engagement in index criteria and corporate assessment be widened and deepened; that governments and stock exchanges can play a pivotal role in SRI development and should take the lead. We also recommend that SRI indices strengthen the institution of corporate research to rely less on secondary data when making their corporate assessments.
published_or_final_version
Kadoorie Institute
Doctoral
Doctor of Philosophy

APA, Harvard, Vancouver, ISO, and other styles

3

Casasnovas, Guillermo. "Ambiguity and intermediation in the early moments of market formation : the case of the UK social investment market." Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:1eaa17f6-4e65-4fe3-a887-c4943ded9972.

Full text

Abstract:

Markets are arenas of social interaction for the exchange of products and services that are embedded in specific networks, cultures, and political relations. The study of how new markets come into being is a lively area of scholarly debate, and the purpose of this thesis is to shed light on the dynamics of these early moments of market formation. These nascent markets are characterized by the lack of shared meanings and settled rules around their participants, processes, and infrastructure. I approach them with arguments from economic sociology and from theories of organizations and institutions. The empirical context is a longitudinal study of the UK social investment market from 2000 to 2015, a field that intersects the social, financial, and public sectors. Social investment refers to the combination of financial returns and social impact, but the contest over its meaning and practice is itself a part of this analysis. The core data collection is based on interviews, reports, field events, and online sources, which provide an empirical basis to understand the social, cultural, and political processes that are shaping this market. I build on different traditions in the sociology of markets to explore changes over time in the rules, identities, practices, and dominant actors during the early moments of the UK social investment market. My first main finding is that the initial period of uncontested ambiguity is followed by efforts from mainstream organizations to reduce that ambiguity by reshaping rules and practices. This then results in a period of collaborative contestation, where peripheral actors challenge the core features of the field and hinder the path to stability. The second finding is about the role played by intermediary organizations in nascent markets, which consists of building the market infrastructure by connecting actors, developing a language, and establishing rules and practices. These findings point to the importance of theorizing about ambiguity in the early moments of markets. I contribute to this endeavor by specifying some of its features and dynamics, and by emphasizing the centrality of intermediation. I also further our understanding of those markets that span across the worlds of business, policy, and civil society.

APA, Harvard, Vancouver, ISO, and other styles

4

Hansson, Josefine, and Jennie Larsson. "Every cloud has a silver lining : Swedish social enterprises making an impact in emerging markets." Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-75786.

Full text

Abstract:

Throughout the history, different types of businesses have reflected the zeitgeist of the specific era. Today, the globalization has led to the rise of the third wave of internationalization, which has increased the importance of emerging markets in the global business environment. An additional global trend that reflects today’s businesses is to fulfill social purposes along with making profit. The latter global trend entails the rise of the social sector in industrialized countries, including social enterprises. There is currently no universal definition of social enterprises as well as a lack of theoretical contribution on those; however, there is a lot of passion for the topic. In Sweden, social enterprises are associated with work integration social enterprises (WISEs), although other types of social enterprises exist, for example those finding opportunities in social issues in emerging markets. The purpose of this thesis is therefore to increase the holistic awareness for a wider concept of social enterprises in Sweden. To be able to increase this awareness, the aim is to examine how Swedish social enterprises turn social issues in emerging markets into business opportunities. It is further interesting to emphasize the challenges social enterprises are facing, as well as how they use their business models and strategies inorder to cope with the challenges. This study is carried out through a qualitative case-study of three Swedish social enterprises that are or were operating in emerging markets to some extent. Semi-structured interviews were conducted with one representative from each enterprise. The findings show that social enterprises have the ability to turn social issues into business opportunities. In addition, being able to balance making social impact with profit-making is one main challenge for Swedish social enterprises, especially in emerging markets as the enterprises’ core mission might be questioned regarding who their operations will benefit. The findings of this thesis have also shown that social enterprises commonly are taking the whole value-chain into account. Furthermore, as emerging markets are fast-changing and uncertain, it is difficult to plan ahead for what to come. Finally, as this thesis’ purpose states, it is thus crucial to increase the awareness and knowledge of these kinds of social enterprises since this will help them improving and increase their social impact.

APA, Harvard, Vancouver, ISO, and other styles

5

Ricard-Bourget, Catherine. "The information accuracy of SRI markets : A comparative study between SRI-screening firms and Auditing firms." Thesis, Stockholms universitet, Stockholm Resilience Centre, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-45729.

Full text

Abstract:

The sustainability of Social Responsible Investments (SRI) markets is highly dependent on the accuracy of social and environmental information. Surprisingly, and in contrast to financial information, there exists no methodological standard for gathering social and environmental information in SRI markets. This work is a first contribution to the understanding of how SRI-analysts verify the accuracy of social and environmental information. A second aim of this thesis is to evaluate if SRI-analysts can produce an accurate output with their respective methodologies. To do so, a case study was performed comparing the assessment of social and environmental information at SRI-screening firms to the more regulated financial auditing process, using legal a categorization of evidence strengths as a model. The findings of this study suggest that practices are not standardized amongst SRI-analysts. Therefore, investors are unlikely to receive an equal degree of information accuracy from one analyst to the next. Moreover, when comparing SRI-screening and financial auditing using the legal categorization of evidence, it was found that screening firms tend to produce outputs that are less carefully verified than seen in their financial counterparts. Nevertheless, the findings also reveal that SRI-analysts generally acknowledge the importance of assessing sources of evidence when controlling information accuracy. In conclusion, a standardized methodology should be welcomed by SRI-analysts, and the legal categorization of evidence strengths could be a good starting point to manage information accuracy in their screening process.

APA, Harvard, Vancouver, ISO, and other styles

6

Medetbekova, Tamila. "The influence on ethical behaviour of established foreign companies when entering emerging markets - A case study of two Swedish companies in Kazakhstan." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-59500.

Full text

Abstract:

Background: Companies always look for opportunities to expand their businesses internationally as it is the way for them to grow beyond its current status. Nowadays, emerging markets seem to be very attractive in terms of economic growth. Thus, there is a tendency towards foreign direct investment inflows to emerging market economies. However, these markets can be very risky and there is no guarantee of success. Companies would have to be ready to face challenges and obstacles related to the unfamiliar environment. They would have to deal with the internal confrontation of whether to accept or reject the local rules of the game as well as to face difficulties in terms of maintaining a high standard of business ethics and promoting best corporate governance practices. Overall, the conditions of these markets can negatively affect the ethical behaviour of established foreign companies which in turn can negatively affect the reputation and brand value of these companies. This paper describes and analyzes the above issues through a case study of two Swedish companies in the market of Kazakhstan: Tele2 and TeliaSonera. Purpose: The aim of this study is to analyze the effects of emerging market economy conditions of Kazakhstan on companies control structure or code of conduct, specifically how they can handle the internal confrontation and maintain a high standard of business ethics and corporate governance practices. Therefore, the tasks were also set to describe and analyze the entry process of two Swedish telecom companies into the market of Kazakhstan in order to improve the understanding of Swedish companies’ preparations, strategy of entry and operations when entering an emerging market of Kazakhstan. Methodology: The research thesis is based on the case study approach which uses a qualitative method to obtain the necessary data. Primary data was collected through interviews with the above mentioned two Swedish telecom companies in Kazakhstan. Secondary data was collected from e-sources. Findings/ Conclusions: In this research, I found that the best entry strategy for entering Kazakhstan is to form a joint-venture with the local partner, but if the company had an earlier experience in similar markets, then the acquisition strategy can be chosen. With regard to the ethical issues, factors such as a weak legal framework, a high level of corruption, poor corporate governance and cultural differences between Sweden and Kazakhstan as well as individual factors of all stakeholders including the manager may have a negative effect on the ethical behaviour of Swedish companies entering and operating in Kazakhstan. It is revealed in this study that Swedish companies manage to confront ethical dilemmas by choosing to “go at it alone”. To be able to confront these issues, companies should set their own bar for how to act as ethically and responsibly. Also, they should ensure the enforcement of codes of conduct, corporate governance, ethics training, ethical role model of top management and whistle-blowers policy.

APA, Harvard, Vancouver, ISO, and other styles

7

Kamal, Md Rajib. "Could the Sustainable Stock Index convey any signal to the investors of Emerging Markets? An event study on Dow Jones Sustainability Index." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172382.

Full text

Abstract:

The discussion about the corporate sustainability issues getting more importance in recent days. The stock markets around the world also are affected with this subject of discussion. Investors as well as the companies theirselves are considering sustainability concepts during taking their investment decision strategies. Many index providers launched different ’Sustainable stock’ indices around the world to recognise these new investment decision choices. But do the investors actually care about the sustainability during their investment choices? The purpose of the study was to explore the answer of this unsolved question. Towards achieving the goal the study has been conducted to explore the relationships between the announcement of the ’Dow Jones sustainability Index Emerging Markets’ and the market reactions. Though there were some efforts, which were done to understand the patterns of the relationships between these two variables in developed markets, but no such study has been conducted in case of emerging markets. An event study was conducted to find out the answer of the research question. Five years panel data from 2015 to 2019 of the listed companies on the ’Dow Jones sustainability Index Emerging Markets’ were considered as the study sample to analyse the market reactions for the announcement of this index of this study period. The findings of the study did not recieve any significant influences of the announcement of inclusion, exclusion and continuation events on the stock market return at that study period. That means the investors in the emerging markets did not care about the sustainable performance of the listed companies during their investment decisions. But this study provide a deep insight about the future trend of sustainable investment, as the announcement events had some non-significant influences on the return trend. The results of the study indicate that investors are getting aware of the corporate sustainable performances day by day. Hopefully these insights give us the opportunity to anticipate that the investors will consider the sustainability issues more in their investment decision making process in the future.

APA, Harvard, Vancouver, ISO, and other styles

8

Lee, Samuel. "Information and control in financial markets." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2009. http://www2.hhs.se/efi/summary/799.htm.

Full text

APA, Harvard, Vancouver, ISO, and other styles

9

Graaf, Johan. "The Pursuit of Relevance : Studies on the Relationships between Accounting and Users." Doctoral thesis, Stockholms universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-133275.

Full text

Abstract:

Relevance has become one of the key priorities for accounting policy, and implies that accounting should have an impact on the economic decision-making of accounting users. Despite the increased importance given to users, however, little is known concerning the properties of such relevance in practice. Furthermore, the lack of insight into the practices of users has been mitigated with a theoretical perspective of decision-making which supports an insufficient understanding of how stock markets function and how accounting users behave. This dissertation contributes to the emerging interest in the sociology of financial analysis by following users in their pursuit of relevance. By theorising financial analysis as a social and institutional practice, this dissertation investigates not only how accounting is relevant but also how such relevance is influenced by the particular setting of accounting users. Furthermore, the understanding of relevance as located within the activities leading up to a decision is here extended by emphasising the continuous activities of users and therefore also the role of accounting in the management of their decisions. Based on in-depth field studies targeting the activities of (sell-side) equity research analysts and equity sales brokers, this dissertation presents four papers addressing different notions of accounting, users and relevance. Theoretical insights are drawn from sociology and include actor-network theory, dramaturgy and text-and-conversation-theory. The studies find that the organisation of the sell-side industry necessitates a use of accounting which accentuates the links between accounting, users and investments recommendations. This dissertation concludes that, in order to produce and sustain such links, relevance becomes (a) mediated by a variety of elements, (b) based on the production of differences, and (c) mutually constitutive for accounting and users.

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.

APA, Harvard, Vancouver, ISO, and other styles

10

Fransman, Madeleine, and Beatrice Häll. "Green bonds - market barriers and investor motives." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-358227.

Full text

Abstract:

This study addresses the green bond market, a young and upcoming market that has received increasing attention in recent years. Academic literature in the field is limited, therefore theaim of this study is to identify investors’ main barriers and motives behind green bondinvestments. In order to examine Swedish fund companies’ requirements to invest in greenbonds, questionnaire responses were linked to interviews. The overall result shows the importance of financial incentives in investment decisions. In terms of market barriers, the low return of green bonds was the main reason that investments were restrained. It has been stated that green bonds are issued at a premium due to an additional reporting related administrative cost for the issuers. Another defined limit was the concern for issuers not fulfilling their 'green' obligation. The main motive behind green bond investments was to invest in a sustainable environment followed by the possibility to gain a combined financial and environmental return. In addition to the financial attributes, investors find a utility function in the green bonds that account for the premium price that these investors seem to accept. Furthermore, social norms are shown to influence the investment decision to a lesser extent.

APA, Harvard, Vancouver, ISO, and other styles

11

Girel, Marc. "Approche exploratoire d’une possible évaluation multi-dimensionnelle de la performance de l’investissement socialement responsable." Thesis, Aix-Marseille, 2012. http://www.theses.fr/2012AIXM1088.

Full text

Abstract:

L'Investissement Socialement Responsable (ISR) est un mode d'investissement en pleine expansion. L'ontologie qui l'accompagne suggère que le caractère « socialement responsable » interpelle l'investisseur potentiel quant aux critères à retenir pour définir la recherche de performance. Celle-ci ne se mesure plus à travers un prisme exclusivement financier, mais s'ouvre à d'autres critères plus qualitatifs. La satisfaction de l'actionnaire bien que légitimement maximisée se trouve associée à la prise en compte d'intérêts des autres parties prenantes au processus de production. La Responsabilité Sociale de l'Entreprise (RSE) vérifie cette démarche validant ou invalidant ainsi l'éligibilité d'une entreprise à un processus d'investissement ISR. Cette thèse propose d'évaluer la performance d'un OPCVM ISR de manière multidimensionnelle en s'appuyant sur un possible triptyque de performance boursière, extra-financière et morale. Les conclusions de cette recherche soulignent la complexité de mise en œuvre d'une telle démarche tant les enjeux, les perceptions et les objectifs divergent d'une catégorie d'acteurs à l'autre. Enfin, la thèse souligne l'importance de la confiance des investisseurs à adhérer à la stratégie ISR d'un OPCVM conforme à leurs souhaits sans pour autant avoir la capacité de vérifier ou de contrôler de manière irréfutable la mise en œuvre de la démarche
The Socially Responsible Investment (SRI) is a mode of rapidly growing investment. The ontology which accompanies it suggests that the "socially responsible" character calls questions to the potential investor as for the criteria to be retained to define the research for performance. This one does not confront any more through an exclusively financial prism, but opens in the other more qualitative criteria. The satisfaction of the shareholder well that legally maximized is associated with the consideration of interests of the other stakeholders in the process of production. The Corporate Social Responsability (CSR) verifies this validating approach initiative or so invalidating the eligibility of a company in a process of investment ISR. This thesis estimates the performance of an OPCVM ISR in a multidimensional way by leaning on a possible triptych of stock-exchange, extra-financial and moral performance. The conclusions of this research underline the complexity of implementation of such an approach so much the stakes, the perceptions collections and the objectives can diverge from a category of actors in the other one. Finally, the thesis underlines the importance of the confidence of the investors to adhere to the strategy ISR of an OPCVM in compliance with their wishes without having the capacity to verify or to control in a irrefutable way the implementation of the approach

APA, Harvard, Vancouver, ISO, and other styles

12

Nguyen, Quan H. "The social structures of contracts : a case study of the Vietnamese market /." Connect to thesis, 2006. http://eprints.unimelb.edu.au/archive/0002265.

Full text

APA, Harvard, Vancouver, ISO, and other styles

13

Gasser, Stephan, Margarethe Rammerstorfer, and Karl Weinmayer. "Markowitz Revisited: Social Portfolio Engineering." Elsevier, 2017. http://dx.doi.org/10.1016/j.ejor.2016.10.043.

Full text

Abstract:

In recent years socially responsible investing has become an increasingly more popular subject with both private and institutional investors. At the same time, a number of scientific papers have been published on socially responsible investments (SRIs), covering a broad range of topics, from what actually defines SRIs to the financial performance of SRI funds in contrast to non-SRI funds. In this paper, we revisit Markowitz' Portfolio Selection Theory and propose a modification allowing to incorporate not only asset-specific return and risk but also a social responsibility measure into the investment decision making process. Together with a risk-free asset, this results in a three-dimensional capital allocation plane that allows investors to custom-tailor their asset allocations and incorporate all personal preferences regarding return, risk and social responsibility. We apply the model to a set of over 6,231 international stocks and find that investors opting to maximize the social impact of their investments do indeed face a statistically significant decrease in expected returns. However, the social responsibility/risk-optimal portfolio yields a statistically significant higher social responsibility rating than the return/risk-optimal portfolio.

APA, Harvard, Vancouver, ISO, and other styles

14

Ogman, Robert. "Crisis, hegemony, and the social investment market : the cultural political economy of an emerging governance strategy." Thesis, De Montfort University, 2018. http://hdl.handle.net/2086/17511.

Full text

Abstract:

This thesis contributes to contemporary research on neoliberalism by analysing the 'social investment market' (SIM) as part of the reproduction and remaking of hegemony since the financial crisis of 2008. It describes the modernisation attempts under the idea of 'ethical capitalism' to deal with multiple problems of market governance, by linking it with new notions of public responsibility, in order to bring about a sustainable recovery by harmonising relations between government, market, and society. My original contribution to knowledge is the fusion of a cultural political economy perspective, developed by Sum and Jessop (2013), with a historical materialist policy analysis, which allows me to explain 'moral capitalism' - defined by Clarke (2010a, p. 388) as a "muted echo of popular scepticism and outrage about the crisis of the present" - in strategic-relational terms. This is understood as an encounter, negotiation, and provisional and unstable compromise between competing projects of restructuring, namely between an effort to 'restore' neoliberal hegemony on the one side, and efforts to advance 'progressive post-neoliberal alternatives' (Peck, Theodore, & Brenner, 2010, p. 112), on the other. I demonstrate this perspective by reconstructing two cases of Social Impact Bonds - projects seeking to employ markets for the achievement of public goals, identifying both the possibilities for substantive change as well as limitations, in the ongoing context of political economic crisis.

APA, Harvard, Vancouver, ISO, and other styles

15

Dean, Tyler. "Immigrant Founder Impact on Investment Benefits: Are Immigrant Founded Firms Good Societal, Investor and Market Stability Investments Relative to Native Founded Firms within the Fortune 500." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1868.

Full text

Abstract:

Although researchers have determined that immigrants are valuable to our society and produced several studies that seek to explain immigrant benefits, little has been done to study whether or not immigrant-founded firms outperform native firms. This report determines whether or not immigrant entrepreneurs are good investments from societal, financial and market perspectives. It analyzes the impact of immigrant founders on 2017 Fortune 500 company performance from a societal, investment and market perspectives. To compile the data set, it utilizes immigration classification from the Center for American Entrepreneurship’s report on 2017 Fortune 500 company founders as a means of categorizing firm immigration status. In order to be included in the sample, there were several requirements: firms had to have a publicly listed security with a Capital IQ identification ID. These criteria resulted in 463 firms. Financial performance and innovation data were gathered through Capital IQ. The analysis seeks to prove or disprove immigrant impact on performance in three categories. The first category, social impact, determined whether or not immigrant-founded firms are good societal investments. The second category, financial impact, determined whether or not immigrant-founded firms are good financial investments. The final category, market stability, determined whether or not immigrant-founded firms are good for overall market stability. There were no statistically significant results for the dependent variables that were regressed. The was a range of R Values, regressions we run with both robust precision adjustments, and Winsor control methods were tested to no avail. This leads to the conclusion that immigrant-founded firms are not better investments than native founded firms at the Fortune 500 level. This held true in all models for each of the 3 theses compiled.

APA, Harvard, Vancouver, ISO, and other styles

16

Hedén, Fredrik, and Alexander Olofsson. "The Leasing process on the Commercial Real Market." Thesis, Malmö universitet, Fakulteten för kultur och samhälle (KS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-22856.

Full text

Abstract:

Den kommersiella fastighetsmarknaden är till skillnad från bostadsmarknaden, inte utsatt för högre efterfrågan än utbud. Istället finns det ett större utbud för hyresgästerna att välja mellan. För att locka nya kunder måste fastighetsbolagen vara tillräckligt flexibla för att tillgodose behoven hos den eventuellt nya hyresgästen. Genom att anpassa anläggningarna för kundens behov säkerställer fastighetsägaren möjligheten att maximera hyresgästens vinst vilket i sin tur ökar viljan till att betala en högre hyra. Studien syftar till att undersöka vilka faktorer fastighetsbolagen utgår ifrån gällande riskminimering vid bedömning av hyresgästanpassningar.Studien genomfördes med hjälp av en kvalitativ metod för att samla information, åsikter och erfarenheter från fem liknande men olika fastighetsbolag, som är aktiva på fastighetsmarknaden. Företagens struktur skiljer sig åt då de inte arbetar i samma område.Studien kom fram till att de flesta företag som arbetar på fastighetsmarknaden arbetar på ett liknande sätt. Vad som skiljer dem från varandra är det faktum att de undviker vissa typer av kunder, som till exempel restauranger, spa-anläggningar, eller call-center. Den gemensamma nämnaren är att samtliga fastighetsbolag försöker undvika de branscher där de besitter minst kunskap. Bristen på kunskap och erfarenhet inom vissa områden försvårar bedömningen och tvingar företagen att spendera mer tid och pengar på att minimera risken för en negativ investering. För att minimera riskerna lägger alla företag stor vikt vid att bibehålla goda relationer, skapa en god hyresgästmix, skapa rörlighet inom beståndet, samt genomför en genomgående ekonomisk prövning av hyresgästerna.
The commercial real estate market is, unlike the housing market not suffering from a higher demand than supply which gives the tenants the option of picking and choosing when considering new facilities. To attract new customers, real estate companies must be flexible enough to satisfy the needs of the possibly new tenant. By adapting the facilities to fit the needs of the customer the real estate owner ensures the possibilities of maximizing the tenants’ profits which in turn increases the will to pay a higher rent. The study aims to investigate what factors real estate companies focuses on while considering investing in facility adaptations. The study was conducted using a qualitative method in order to gather information, opinions and experiences from five, similar but different real estate companies that are present on and shaping the real estate market. The company’s business structure differs as they do not work entirely in the same field. The study came to the conclusion that most companies working on the real estate market operates similar to each other. What differentiates them from one and other is the fact that avoids certain types of customers, being restaurants, spa-facilities or call-centers. The common denominator is that they all chose to avoid the types they know the least about. The lack of knowledge, experience and confidence in certain fields prohibits companies to choose that kind of customer, or at least running the numbers an extra time to make sure to prevents future risks. The real estate companies are putting a lot of effort in maintaining good relations, a great mix of tenants, creating flexibility within their real estate portfolio and analyzing their future tenants economically.

APA, Harvard, Vancouver, ISO, and other styles

17

Bonde-Hansen, Martin. "The Dynamics of Rent Gap Formation in Copenhagen : An empirical look into international investments in the rental market." Thesis, Malmö universitet, Malmö högskola, Institutionen för Urbana Studier (US), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-41157.

Full text

APA, Harvard, Vancouver, ISO, and other styles

18

Kerscher, Alexander [Verfasser], and Wolfgang [Akademischer Betreuer] Schäfers. "Corporate Social Responsibility and the Market Valuation of Listed Real Estate Investment Companies / Alexander Kerscher. Betreuer: Wolfgang Schäfers." Regensburg : Universitätsbibliothek Regensburg, 2015. http://d-nb.info/1080030255/34.

Full text

APA, Harvard, Vancouver, ISO, and other styles

19

GU, YANHAO. "Strategies and tactics to stimulate Social enterprise business expansion-Swedish experience." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-15931.

Full text

Abstract:

Abstract Title: Strategies and tactics to stimulate Social enterprise business expansion-Swedish experience Level: Final assignment for Master’s Degree in Business Administration Author: GU Yanhao Supervisor: Maria Fregidou-Malama Examiner: Lars Ekstrand Date: 2013-10-17 Aim: This study aims to identify elements which can affect social enterprise business expansion. Based on study, suggestions for social enterprises to achieve long term development are exhibited. Method: This research is a qualitative research based on case study. Relay on previous knowledge about social enterprises, I formulate questions which serve my study’s aim. There are three companies be selected in my case company list. Those three companies are divided in two categories: one type is social enterprise consultant company whose mission is to aid regional social enterprise to make health business operation; another type is social enterprise. There are four interview used in the research to ensure that the research result contains different perspectives and opinions. Result & Conclusions: This study depicts an overall view about social enterprise business expansion. Certain suggestions have been listed relay on the combination of previous literature result with case studies. In the study, various elements have been determined which have significant impacts on social enterprise business expansion operation. They are divided in two segments, internal and external. Internal aspects include human resource and social entrepreneur. External factors include third Part Company, non-profit charity groups and authority. Social enterprise who wants business expansion needs to integrate different resources from various social institutions. Meanwhile to enhance internal product capability as well as competitive advantage social enterprise needs to more emphasize on social entrepreneurs’ characteristics. Suggestion for further research: Further study should emphasize on various sizes of social enterprises in multi-stakeholders co-operation model. This study mainly focuses on SMEs type of SE, but with the time passing by, due to SE can offer solutions to social crisis and economic crisis, SE will be popular, and this idea will spread quickly. Therefore, more and more large size SE will emerge which needs guide and help with business maintaining and expansion plans. Contribution of the thesis: This study contributes to three aspects. First, this study analyses the present situation of social enterprise, exhibit internal and external factors which affect social enterprise to make business expansion. It offers social enterprise a path to implement business expansion, and help social enterprise to identify its potential capabilities which could help them achieve long term development. Secondly, during this work, author explains the ideology of social enterprise, what are its contributions to society as well as the reason why it exists. Since the results offer an explicitly structured conclusion, they are valuable information to society as well as local municipality to re-considerate the important role social enterprise can play. Last not the least, this research presents a new model of key elements for social enterprise business expansion. It is critical and crucial for further research in academic study.

APA, Harvard, Vancouver, ISO, and other styles

20

Urquhart, Sinead. "Corporate governance, disclosure and the role of Nomads : evidence from the Alternative Investments Market." Thesis, University of Stirling, 2015. http://hdl.handle.net/1893/23299.

Full text

Abstract:

This thesis examines the different areas of agency theory including managerial discretion, corporate governance compliance, voluntary disclosure policies and regulation. The institutional setting for these studies will be the Alternative Investments Market (AIM) as this market provides a unique regulatory environment and distinctive corporate governance features that makes it suitable for analysis. Specifically, AIM, unlike its FCA-regulated main market counterpart, operates under a self-regulated environment, where application of the FCA rules and combined codes are voluntary. This allows great discretion in a firms operation leading to potential agency problems as mandatory disclosure is limited to price-sensitive information, allowing for the presence of information asymmetry. As well as agency theory, one of the main arcs of this thesis explores the role of Nomads. As principle regulator, these firms are charged with ensuring the compliance of their clients with the AIM rules, as well as ensuring the continued success of AIM itself. The first investigation creates a Nomad reputation index to test how the market responds when companies change to more reputable Nomads. To do this, event study methodology is utilised to examine the abnormal returns earned around Nomads switches. The key findings indicate that when managers switch-up to a more reputable Nomad, a proxy for managerial bonding, the market responds favourably, in spite of the costs associated with hiring a more reputable Nomad. Similarly, when managers make the unnecessary decision to switch to a Nomad of equal rank, the market responds negatively. As there is no intuitive advantage to switching to a Nomad of equal rank, it might therefore be seen as a costly and unnecessary move that will not improve the value of the firm. Therefore, the market reacts negatively, indicating the presence of market discipline as investors are punishing managers for making a decision perceived as unnecessary. The final analysis introduces the concept of ‘strict’ Nomads who are perceived to follow the AIM rules more closely than other Nomads. The reporting lag is used as a proxy and finds a positive relation with switches to a strict Nomad over a lenient one. The second study examines the determinant of corporate governance compliance with a focus on the effect of regulation. The findings document that regulation has not influenced the level of compliance, but rather there has been a convergence in governance standards over time given the increased awareness and demand for governance attributes. The findings also extend the Nomad reputation analysis with regards to governance and find a significant positive relation indicating Nomads influence governance standards as part of their monitoring role. The final study examines how the extent of voluntary disclosure is influenced by the company’s corporate governance attributes and the reputation of the Nomad. This study finds a positive relation between the level of voluntary disclosure, board independence and the presence of a nomination committee. Furthermore, this study reveals that voluntary earnings disclosure is a signal for bad news as the LS regression documents a negative relation between abnormal returns and the level of voluntary disclosure. This is corroborated in the event study where the announcement of a notification of results and the subsequent earnings announcement are associated with negative abnormal returns being earned.

APA, Harvard, Vancouver, ISO, and other styles

21

McGregor, Heather Jane. "Networks as a source of competitive advantage in investment banking: a study of the syndicated loan market inAsia 1994-1997 from a social network perspective." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B30088276.

Full text

APA, Harvard, Vancouver, ISO, and other styles

22

Pappa, Dimitra. "The Game of Success : Educational Strategies among Greek middle class parents in the education market of parapaedia." Thesis, Uppsala universitet, Institutionen för pedagogik, didaktik och utbildningsstudier, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-417162.

Full text

Abstract:

The selection process in tertiary education in Greece is characterized by a competitive and grade-oriented system that lays the foundations for the extensive use of private educational services. Family inclination towards private expenditure in education raises arguments for the conversion of public education into a private commodity. This thesis examines how a specific middle class group in an urban setting, the city of Larissa, deals with the system of private investments in upper secondary education. In particular, in the light of Bourdieusian concepts, this study attempts to analyse parental choice and strategies that families set in action for achieving educational success and the social advancement of their offspring, investigating also the role of education for middle class parents. 15 semi-structured interviews were carried out, delivering insightful narratives of parents who had experienced the national examination process. Interviews gave prominence to the unquestionable value of educational credentials for a successful educational and professional trajectory. For the accomplishment of quality education, parents deployed their cultural, economic, and social assets, which enabled them to be effective in the educational marketplace. Choice presented a complex task for parents, which presupposed an intensive devotion of time and energy. Accordingly, educational strategies started from the child’s early upbringing, being employed systematically at the upper secondary level of education. In fact, parental strategies appeared to be a “natural” process pertaining to responsible and caring parenthood. Parents took for granted that children should be satisfactorily equipped with valuable educational qualifications, which were seen as a necessity for a successful future, and an upward trajectory.

APA, Harvard, Vancouver, ISO, and other styles

23

Augustine, Tumwebaze, and Paula Augusto-Swerup. "Local Communities’ Social Needs Assessment and Adaptability by Multinational Companies Venturing into African Market : a Case Study of Epiroc AB." Thesis, Högskolan Dalarna, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:du-34360.

Full text

Abstract:

Purpose – The purpose of this study is to explore the ways multinational companies implement CSR initiatives adapted to the social needs of local communities in African countries. The paper will highlight local communities’ social needs and the appropriateness of CSR initiatives to respond to them, performed by multinational companies, using Epiroc AB as a case study. Methodology - This research was conducted using a qualitative research approach, applying a case study strategy, and empirically inquiring, seeking new insights for a deeper understanding of phenomena. The authors carried out three formal semi-structured interviews, two conducted to relevant CSR employees, and one from a community member. The authors also used secondary data by reviewing published documents containing information on local communities’ social needs in Africa. Findings – Most demanding areas of CSR to be considered by the MCN are related to poverty alleviation (food, health, and shelter) but, to avoid dependency, these need to be coupled with a capacity-building (education/training) and/or access to infrastructure (drinkable water, electricity, communications). The MNC uses specific mechanisms to assess LCSN, called systematic assessments and on-sight assessments. MNCs tend to adopt locallydriven, globally-driven, or trend-driven CSR initiatives in its subsidiary African countries to build a long term business sustainability and create a balance amongst stakeholders in the host country. Originality – An assessment of local communities' social needs and adaptability by Multinational Companies venturing into the African Market is introduced and developed by the authors. Paper type – Qualitative/Exploratory paper.

APA, Harvard, Vancouver, ISO, and other styles

24

Bahri, Adam, and Eddie Tallberg. "Socialt ansvarsfulla fonder under olika marknadsstadier: positivt eller negativt?" Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-41154.

Full text

Abstract:

Research has shown that the selection criteria, so-called screens, of socially responsible funds (SRF) affect their financial performance. The difference is particularly distinguishable during market crisis, where the exclusion of unethical industries (negative screening) has proven to be an inferior strategy compared to selecting companies with good social performance (positive screening). Few academic papers compare SRF with different screens to each other under market turmoil, instead comparing them to conventional funds. We examined the Swedish fund market during crisis and non-crisis by dividing SRF according to their screens. The results indicated that the financial performance between SRF with positive and negative screening was not significantly different during neither the crisis nor non-crisis period. In contrast to previous literature, SRF did not exhibit any risk reducing characteristics during market crisis.
Forskning som utvärderat socialt ansvarsfulla fonder (SRF) har sett indikationer på att deras investeringsstrategier som berör sociala och miljömässiga aspekter, så kallade screens, påverkar deras finansiella prestanda. Skillnaden mellan SRF med olika screeningstrategier har visat sig extra tydligt under marknadskriser, där exkluderingen av oetiska branscher (negativ screening) har visat sig vara en sämre strategi än att välja in företag med god social prestanda (positiv screening). Studier som undersöker SRF under olika marknadsstadier jämför sällan screeningstrategierna mot varandra, utan drar istället paralleller mot konventionella fonder. För att belysa hur olika screeningstrategier påverkar den finansiella prestationen undersöktes den svenska fondmarknaden under kris samt icke-kris genom att dela in svenskförvaltade SRF efter vilken typ av screening de tillämpade. Fonderna utvärderades genom regressionsanalyser för att kalkylera alpha. Resultatet indikerade att den finansiella prestationen mellan SRF med positiv och negativ screening inte var signifikant skild under varken kris eller icke-kris. I kontrast till tidigare studier uppvisade SRF inte riskreducerande egenskaper under dåliga ekonomiska tider.

APA, Harvard, Vancouver, ISO, and other styles

25

Finocchi, Emiliano. "Frogs in Hot Water| MNCs Responses to Crisis in the Frontier Market of Mozambique." Thesis, Temple University, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10791355.

Full text

Abstract:

As the world becomes more globalized, multinational corporations (MNCs) are obliged to spread and open subsidiaries in foreign countries. Unfortunately, some countries have unstable political systems that exist in a state of systematic crisis. For corporations whose subsidiaries are caught in the middle of a political crisis in foreign territories, this unrest presents high physical and economic risks. Thus, what types of threats do firms encounter, and how do they perceive them? Can their experience influence their perception of the crisis? The focus of this dissertation is to study the decision-making process of multinational corporations in times of political and economic crisis at a subsidiary level, utilizing the example of Mozambique. Two studies were conducted.

The first was drawn on prior literature on threat perception, social embeddedness and MNCs’ reaction to external threats. A conceptual model of MNCs’ response to political crises in frontier markets was developed. The antecedents or predictors of exit included influences on exit decision, past experiences, crisis perceptions and the moderator effect of social embeddedness between perception and exit.

The second study focused on MNCs that not only decided to stay in the foreign market, but seek for unique opportunities in an economic crisis. The conceptual model created is simple, and builds upon existing literature on social embeddedness, MNCs’ experience, and international staffing. Within the international staffing literature, it provides a strong contribution to the theories on parent country nationals and host country nationals, implementing new constructs such as parent company experience and subsidiary company experience.

Both models were tested using a survey data from managers of 108 MNCs’ subsidiaries in Mozambique, some of which exited due to the economic and political crisis, and some of which remained. The results indicate that both models are mostly supported. These studies contribute to the literature involving MNCs in host countries, including threat perception, social embeddedness, local content, international staffing, expatriates and past experiences. In practical terms, they provide a tool for both policymakers and private MNCs to act preemptively in times of political and/or economic crisis.

APA, Harvard, Vancouver, ISO, and other styles

26

Araújo, Rebeca Cordeiro da Cunha. "Fluxos de caixa e desempenho de fundos de investimento em ações: uma análise da habilidade de market timing dos investidores no Brasil." Universidade Federal da Paraíba, 2017. http://tede.biblioteca.ufpb.br:8080/handle/tede/9383.

Full text

Abstract:

Submitted by Maike Costa (maiksebas@gmail.com) on 2017-09-01T14:18:44Z No. of bitstreams: 1 arquivototal.pdf: 2068627 bytes, checksum: 45546765d8c38a937b45e6ec70e3fca4 (MD5)
Approved for entry into archive by Viviane Lima da Cunha (viviane@biblioteca.ufpb.br) on 2017-09-01T16:00:32Z (GMT) No. of bitstreams: 1 arquivototal.pdf: 2068627 bytes, checksum: 45546765d8c38a937b45e6ec70e3fca4 (MD5)
Made available in DSpace on 2017-09-01T16:00:47Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 2068627 bytes, checksum: 45546765d8c38a937b45e6ec70e3fca4 (MD5) Previous issue date: 2017-07-22
This study aimed to analyze how the market timing ability (HMT) influences the performance of investors to the Brazilian equity funds. For this, it was measured the performance of investors to the Brazilian equity funds, based on cumulative cash flows over the period of analysis, from 2010 to 2015. Additionally, it was quantified the investor HMT, based on the difference between the performance of managers and the performance of investors. It was also analyzed the relationship between HMT and quality of funds selected by investors, based on risk-adjusted return, determined by three and four factors models. Finally, possible determinants of investor HMT were investigated, based on the characteristics of the Brazilian equity funds, through quantile regression. The results of the first stage of the analysis indicate that, on average, investors in the Brazilian equity funds undertake their profitability due to the moment that they realized cash flows inputs and outputs. This result was also observed in specific classes of funds like Value/Growth, Small Caps and Free. However, for the other classes of funds, it was found that on average, the decisions related to the cash flows caused investors obtain superior performance to that earned by the funds. The results of the second stage of the analysis indicate that there are positive and statistically significant relationship between the adjusted performance risk and HMT. Using the two risk factors models, it was found that the funds classified in the best performance deciles showed positive HMT, which suggests that the better the fund's performance, most investors are penalized for their market timing decisions. Regarding the investigation of the determinants of HMT, the performance gap of investors was lower as the size of funds and greater as the lockup period, the growth rate of cash flows and the last return of funds. The main academic contribution of this study is to show the influence of market timing decisions, from the perspective of individual investors. The use of a individual performance measure based on cash flows, made it possible to quantify the possible gains or losses earned by investors compared to the performance provided by the funds. How market contributions, it is believed that the results of this study may help both Brazilian investors, as the financial market professionals, to take heed to the importance of market timing decisions, and how they can influence positively or negatively the performance earned by investors.
Esta tese teve como objetivo analisar como a habilidade de market timing (HMT) influencia o desempenho de investidores de fundos de ações brasileiros. Para tanto, foi mensurado o desempenho dos investidores de fundos de ações brasileiros, com base nos fluxos de caixa acumulados, ao longo do período de análise, de 01 de janeiro de 2010 a 30 de setembro de 2015. Adicionalmente, foi quantificada a HMT dos investidores, com base na diferença entre o desempenho dos gestores e o desempenho dos investidores dos fundos. Também foi analisada a relação entre a HMT e a qualidade dos fundos selecionados pelos investidores, com base no retorno ajustado ao risco, determinado pelos modelos de três e quatro fatores. Por fim, foram investigados possíveis determinantes da HMT dos investidores, com base nas características de uma amostra de fundos de ações brasileiros, por meio da regressão quantílica. Os resultados da primeira etapa da análise indicam que, em média, os investidores dos fundos de ações brasileiros comprometem sua rentabilidade devido ao momento em que realizam entrada e saída de caixa nos fundos. Esse resultado também foi observado nos fundos das classes específicas Valor/Crescimento, Small Caps e Livre. Entretanto, para as demais classes de fundos, verificou-se que, em média, as decisões relacionadas aos fluxos de caixa fizeram com que os investidores obtivessem desempenho superior àquele auferido pelos fundos. Os resultados da segunda etapa da análise indicam que há relação positiva e estatisticamente significativa entre o desempenho ajustado ao risco e a HMT. Utilizando-se os dois modelos de fatores de risco, verificou-se que os fundos classificados nos decis de melhor desempenho apresentaram HMT positiva, o que sugere que, quanto melhor o desempenho do fundo, mais os investidores são penalizados por suas decisões de market timing. Quanto à investigação dos possíveis determinantes da HMT, a lacuna de performance do desempenho dos investidores foi menor conforme o tamanho dos fundos e maior conforme o período de lockup, a taxa de crescimento dos fluxos de caixa e o retorno passado dos fundos. A principal contribuição acadêmica deste estudo é evidenciar a influência das decisões de market timing, sob a perspectiva dos investidores individuais. Como contribuições ao mercado, acredita-se que os resultados do presente estudo podem auxiliar tanto os investidores brasileiros, quanto os profissionais do mercado financeiro, no sentido de atentarem para a importância das decisões de market timing, e como elas podem influenciar positiva ou negativamente o desempenho auferido pelos investidores.

APA, Harvard, Vancouver, ISO, and other styles

27

Remias, Rachel. "President Trump’s Tweets and their Effect on the Stock Market: The Relationship Between Social Media, Politics, and Emotional Economic Decision-Making." Wittenberg University Honors Theses / OhioLINK, 2021. http://rave.ohiolink.edu/etdc/view?acc_num=wuhonors1623945585435326.

Full text

APA, Harvard, Vancouver, ISO, and other styles

28

Mangoni, Luiz Alberto. "A participação societária dos fundos de pensão nas empresas listadas na BM&FBOVESPA: fatores explicativos da atração de investimentos." Universidade do Vale do Rio dos Sinos, 2015. http://www.repositorio.jesuita.org.br/handle/UNISINOS/3851.

Full text

Abstract:

Submitted by Maicon Juliano Schmidt (maicons) on 2015-06-15T12:52:23Z No. of bitstreams: 1 Luiz Alberto Mangoni.pdf: 572503 bytes, checksum: f0c610cb939757912c746de0a4c85cbe (MD5)
Made available in DSpace on 2015-06-15T12:52:24Z (GMT). No. of bitstreams: 1 Luiz Alberto Mangoni.pdf: 572503 bytes, checksum: f0c610cb939757912c746de0a4c85cbe (MD5) Previous issue date: 2015-03-23
Nenhuma
O objetivo deste estudo foi analisar as características das empresas listadas na BM&FBOVESPA que atraem os investimentos dos fundos de pensão brasileiros no período de 2005 a 2013. Acima de tudo as organizações deveriam proporcionar resultados positivos aos seus acionistas, tanto em forma de lucro como em crescimento patrimonial. Com base nesta afirmação e somado a estudos que evidenciam a relação entre a atração de investimentos e fundos de pensão foi desenvolvida esta pesquisa. Para a análise foram utilizados dados descritivos e regressões lineares. Foram encontradas relações estatísticas positivas entre o percentual de participação societária dos fundos de pensão e o tamanho das empresas, bem como a adesão a um nível diferenciado de governança corporativa pelas mesmas. Uma relação não estatística foi observada entre os gastos em P&D e os investimentos dos fundos de pensão. A amostra deste estudo foi formada por empresas que possuíssem em sua composição acionária ao menos um fundo de pensão entre os anos de 2005 e 2013. Esta pesquisa poderá contribuir para futuros estudos a respeito de investimentos dos fundos de pensão e para a compreensão do comportamento destas empresas quanto à utilização de seus recursos.
The aim of this study was to analyze the characteristics of the companies listed on the BM&FBOVESPA that attract investments of Brazilian pension funds in the period 2005 to 2013. Above all, the organizations should provide positive results to its shareholders as profit or asset growth. Based on this statement and added to studies that evidence the relation between investment attraction and pension funds was developed this research. For analysis, descriptive data and linear regression were used. Positive statistical relations were found between the percentage of ownership interest of the pension funds and the size of companies, as well as adherence of this companies to one of the differentiated levels of corporate governance. A no statistical relation was observed between spending on R&D and pension funds’ investments. The sample consists of companies which carry on their shareholding structure at least one pension fund between the years 2005 and 2013. This research could contribute to future studies regarding pension funds’ investments and to understand the behavior of these companies on the use of its resources.

APA, Harvard, Vancouver, ISO, and other styles

29

Grootes, Pieter Brian. "The labour market drop-out rate : a new approach to estimating the returns to government investment in higher education : the case for marine science in South Africa." Thesis, Rhodes University, 2005. http://hdl.handle.net/10962/d1002684.

Full text

Abstract:

The private and social returns to education literature share the same conclusion: that education is beneficial for both the individual and society. However, the theoretical underpinnings are flawed as the literature does not account for the main feature that leads to the acquisition of education: the private demand for education. An understanding of the factors that motivate the individual to invest in education would lead to a deeper insight as to why both private and social returns to education exist, and would provide a clearer framework on which to base the government funding of education. This thesis provides a first attempt at filling this gap by introducing a method of estimating the returns to government investment in education, which is labelled the ‘labour market drop-out rate approach’. The approach focuses on the social return to education, not in terms of graduate earnings, but in terms of the interaction of the graduate with the economy. The approach introduces a measure of expertise utilisation, based on the premise that there is no social return to an individual acquiring education if he or she does not utilise the acquired knowledge base on entering the labour market. The approach is tested using the labour market for marine scientists in South Africa as a case study. In this case the private demand for education is found to be heavily influenced by the provision of student bursaries from the National Research Foundation, with a resulting estimate of the social return to a degree in marine science being a mere 20% to 25%. Owing to this, a new approach to government investment in marine science is introduced, that of graduate contribution schemes. Of broader significance is the ease of application of this approach, it may be adopted to analyse any funding programme in which a government may decide to invest. As such, the labour market drop-out rate provides an extension to the returns to education literature through its theoretical dealings of the private demand for education, as well as a practical tool which government agencies can use to evaluate the efficacy of any government funding of education.

APA, Harvard, Vancouver, ISO, and other styles

30

Pavia, Eduardo Cherez. "Fundos de investimento: estrutura jurídica e agentes de mercado como proteção do investimento privado." Pontifícia Universidade Católica de São Paulo, 2015. https://tede2.pucsp.br/handle/handle/6726.

Full text

Abstract:

Made available in DSpace on 2016-04-26T20:23:33Z (GMT). No. of bitstreams: 1 Eduardo Cherez Pavia.pdf: 894695 bytes, checksum: a970a2e19c594b709f4f4f5f0ff7501a (MD5) Previous issue date: 2015-03-05
This is a master s dissertation which aims to make a contribution to the analysis under the legal aspect of the operation of the investment fund industry in Brazil and the agents who participate in it. Accordingly, we shall analyze the historical remote precedents and the development of the structures of collective investment schemes in the world, the history of invesment funds in Brazil, as well as the financial and capital markets regulation nowadays, the regulators and the legal nature of investment funds. Also, we shall decribe the roles of each participant agent of the industry and the rules and regulation which they are submitted to. Finally, the liability of the administrator and the investment manager, essential players of investment funds, will be outlined. The purpose will be to try to conclude that the existing legal and regulatory framework, as well as self-regulation and court decisions, work as a network for investor protection and private investments
Trata-se de dissertação de mestrado que tem como objetivo trazer uma contribuição para a análise, sob o aspecto jurídico, do funcionamento da indústria de fundos de investimento no Brasil e dos agentes que dela participam. Nesse sentido, serão analisados os precedentes históricos remotos e o desenvolvimento de estruturas de investimento coletivo no mundo, o histórico dos fundos de investimento no Brasil, bem como a regulação dos mercados financeiro e de capitais atualmente vigentes, os órgãos reguladores e a natureza jurídica dos fundos de investimento. Serão descritos, ainda, os papéis de cada agente participante da indústria e as normas a que se submetem. Finalmente, será delineado o fundamento da responsabilidade civil do administrador e do gestor, agentes essenciais no fundo de investimento. A finalidade será tentar concluir que o arcabouço jurídico existente, legal e regulatório, bem como a autorregulação e as decisões judiciais, funcionam como uma rede de proteção do investidor e da poupança privada

APA, Harvard, Vancouver, ISO, and other styles

31

Špačková, Sára. "Variantní řešení investiční výstavby." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2020. http://www.nusl.cz/ntk/nusl-409909.

Full text

Abstract:

The thesis deals with the evalutation, which of the variants of the project investment is the most advantageous to the developer. The thesis is divided to the theoretical and practical part. The theoretical part is dedicaded to the explanation of terms associated with the investment, the investment project, the price determination and valuation of the real estates. There are also explained the terms related to the development projects and the real estate market. At last but not least, the theoretical part clarifies, how is the tax burden applicated to the practical part. The practical part is dedicated to the options such as sale, rent and partical sale of the real structural object, which is located in Prague, Brno and Ostrava. In conclusion, all of the variants are appraised for every city.

APA, Harvard, Vancouver, ISO, and other styles

32

Lopez, Benoît. "Les clauses sociales : contribution à l'étude des rapports entre le droit du travail et le droit international économique." Thesis, Lyon, 2018. http://www.theses.fr/2018LYSE2067.

Full text

Abstract:

Le droit international économique a pour fonction la réglementation des flux économiques internationaux. Ce dernier émane de la volonté déjà ancienne des nations d’instaurer, dans l’économie mondiale, un ensemble de règles à même de structurer leurs rapports. À la faveur de ces dernières les échanges marchands, les investissements, la circulation des capitaux ont donc progressivement étaient des faits, des réalités économiques saisies dans des qualifications juridiques. Or, l’une des difficultés majeures, qui alimente ces controverses, tient à la relation du droit international économique avec d’autres branches du droit, également appelées à structurer juridiquement le marché. Dans la mise en œuvre de sesnormes, le droit international économique est en effet appelé à rentrer en contact avec de nombreuses branches du droit. Il est toutefois remarquable que dans l’ensemble, celles-ci n’occupent pas un rôle comparable. Si certains ensembles de règles apparaissent primordiaux, en vue d’assurer le fonctionnement d’une économique mondialisée, d’autres entretiennent des rapports plus distendus. Pour les besoins de notre recherche, il convient donc de cerner la nature des liens qui existent entre le droit du travail et le droit international économique. Si la connexité de ces deux branches a induit le développement des clauses sociales, elle n’a pas eu pour conséquence, à l’heure actuelle, une réelle modification du droit international économique. À défaut, certaines des caractéristiques irréductibles du droit du travail continuent à limiter la fécondité de leurs rapports. Pour autant, l’existence de cette connexité permet d’envisager, pour l’avenir, un approfondissement des relations entre ces deux branches par des voies jusqu’ici inexploitées. Loin d’être chimérique, l’avènement de synergies nouvelles entre le droit international et le droit du travail apparaît envisageable à la lueur de la réception juridique qu’a connue le concept de développement durable. Une modification profonde des rapports entre ces deux branches du droit se donne déjà à voir et pourrait se poursuivre. L’explication de l’influence déterminante du concept peut être recherchées dans son positionnement au regard des activités économiques transnationales. Ce dernier se projette en effet sur les répercussions et plus uniquement le développement de l’économie. Se faisant, le développement durable se présente comme une voie alternative pour penser et évaluer la croissance. Au regard de l’apport du droit international économique à l’application du droit du travail, ce changement de perspective est déterminant. Il conduit eneffet à voir dans le premier un outil de diffusion du second. Cette relation se déduit en effet de l’interdépendance des piliers qui fondent le concept de développement durable. L’imbrication du pilier social et économique invite à n’envisager la croissance économique qu’à la condition qu’elle puisse, entre autres, satisfaire à une durabilité sociale impliquant le respect du droit du travail. L’existence de cette synergie est d’ailleurs signalée par l’adoption, au nom du développement durable, de nouvelles clauses sociales.Le développement durable augure également l’évolution vers une prise en compte accrue du droit du travail au vu d’une autre de ses particularités, son positionnement dans le champ juridique. Il ressort en effet des propositions de la doctrine autant que d’interprétations issues d’organes contentieux internationaux que le développement durable est susceptible d’assurer un rôle de matrice conceptuelle. À ce titre, il est en capacité et pourrait à l’avenir conduire à interpréter le droit international économique en prenant également en compte le respect du droit du travail précisément au regard de sa contribution à la recherche de durabilité
The function of international economic law is to regulate international economic flows. The latter stems from the long-standing will of nations to establish, in the global economy, a set of rules capable of structuring their relations. As a result of the latter, trade, investment and capital movements were gradually becoming facts, economic realities captured in legalqualifications. However, one of the major difficulties, which fuels these controversies, lies in the relationship of international economic law with other branches of law, which are also called upon to structure the market legally. In the implementation of its norms, international economic law is indeed called upon to come into contact with many branches of law. However, it is remarkable that, overall, they do not play a comparable role. While some sets of rules appear essential to ensure the functioning of a globalised economy, others maintain more relaxed relations. For the purposes of our research, it is therefore necessary to identify the nature of the links that exist between labour law and international economic law. While the connection of these two branches has led to the development of social clauses, it has not, at present, led to any real change in international economic law. Failing this, some of the irreducible characteristics of labour law continue to limit the fertility of their relationships. For all that, the existence of this connection makes it possible to envisage, for the future, a deepening of relations between these two branches by hitherto unexploited ways. Far from being a pipe dream, the emergence of new synergies between international law and labour law seems conceivable in the light of the legal reception of the concept of sustainable development. A profound change in the relationship between these two branches of law is already apparent and could continue. The explanation of the decisive influence of the concept can be sought in its positioning with regard to transnational economic activities. The latter projects itself on the repercussions and not only on the development of the economy. In doing so, sustainable development presents itself as an alternative way to think and evaluate growth.With regard to the contribution of international economic law to the application of labour law, this change of perspective is decisive. It leads us to see the former as a tool for disseminating the latter. This relationship can be deduced from the interdependence of the pillars that underpin the concept of sustainable development. The interweaving of the social andeconomic pillar calls for economic growth to be considered only on condition that it can, among other things, satisfy social sustainability implying respect for labour law. The existence of this synergy is also indicated by the adoption, in the name of sustainable development, of new social clauses.Sustainable development also augurs well for the evolution towards greater consideration of labour law in view of another of its particularities, its position in the legal field. Indeed, it emerges from the proposals of the doctrine as much as from interpretations coming from international contentious bodies that sustainable development is likely to ensure a role ofconceptual matrix. As such, it is capable and could in the future lead to interpret international economic law by also taking into account the respect of labour law precisely with regard to it contribution to the search for sustainability

APA, Harvard, Vancouver, ISO, and other styles

33

Pádua, Rosana Passos de. "Um estudo sobre os impactos contábeis e econômicos da marcação a mercado dos investimentos de longo prazo na definição do déficit, equilíbrio ou superávit atuarial dos fundos de pensão no Brasil (IAS 19 e IAS 26)." Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/21063.

Full text

Abstract:

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-05-07T12:56:34Z No. of bitstreams: 1 Rosana Passos de Pádua.pdf: 2042065 bytes, checksum: 9d29868f47767b9c0fc87f79b6b1a55c (MD5)
Made available in DSpace on 2018-05-07T12:56:34Z (GMT). No. of bitstreams: 1 Rosana Passos de Pádua.pdf: 2042065 bytes, checksum: 9d29868f47767b9c0fc87f79b6b1a55c (MD5) Previous issue date: 2018-03-14
Brazil is facing many discussions about the future of social security, and in this context, complementary social security becomes even more relevant; due to this, a great interest arose in studying the accounting of pension funds in the light of Brazilian and international rules, IAS 19 and IAS 26. The research problem consisted in understanding and seeking alternatives to the difficulty of pension fund managers to comply with the rules of the financial market and to mark-to-market for long-term investments with the current conditions of interest rate volatility, in the same time there is no mark-to-market of actuarial liabilities, causing an actuarial mismatching. The research was conducted through a case study based on a six-year pension fund financial statement and the outcome of the case study demonstrated that a possibility to minimize this effect and reduce the risk of sponsors and participants being called to cover the deficits, would be the accounting of the counterpart of the mark-to-market of the asset in a transitional liability account as a provision, without impacting the results of the pension funds
O Brasil está passando por um momento de muitas discussões sobre o futuro da previdência social e nesse contexto, a previdência complementar torna-se ainda mais relevante; em virtude disso, surgiu o grande interesse em estudar a contabilidade dos fundos de pensão à luz das regras brasileiras e das internacionais, IAS 19 e IAS 26. O problema de pesquisa consistiu em compreender e buscar alternativa para a dificuldade dos gestores dos fundos de pensão em obedecer às regras do mercado financeiro e marcar a mercado os investimentos de longo prazo com as condições de volatilidade de taxas de juros, sem que haja a marcação a mercado dos passivos atuariais, causando desequilíbrio atuarial. A pesquisa foi realizada através de estudo de caso, com base em demonstrações financeiras de seis anos de uma entidade privada e o resultado do estudo de caso demonstrou que uma possibilidade para minimizar esse efeito e reduzir o risco de patrocinadores e participantes serem chamados a cobrir os déficits, seria a contabilização da contrapartida da marcação a mercado do ativo em conta transitória de passivo a título de provisão, sem impactar o patrimônio dos fundos de pensão

APA, Harvard, Vancouver, ISO, and other styles

34

Gonçalves, Diego Ferreira. "Financiamento privado de longo prazo no Brasil de 2000 a 2011." Pontifícia Universidade Católica de São Paulo, 2012. https://tede2.pucsp.br/handle/handle/9204.

Full text

Abstract:

Made available in DSpace on 2016-04-26T20:48:37Z (GMT). No. of bitstreams: 1 Diego Ferreira Goncalves.pdf: 771779 bytes, checksum: 60aa5fcaac92ecc7c6aa493744579b63 (MD5) Previous issue date: 2012-12-11
This work aims to analyze the mechanisms of private long-term financing in Brazil between June 2000 and December 2011. It presents a literature review on the different justifications that explain the development of private markets for Brazilian long-term financing and describes the measures recently created by the government and private agents that aim to foster these markets. Based on the methodology of Lucchesi (2008), long-term financing series are estimated based on data from the Central Bank and the Brazilian Securities Exchange Commission. It concludes that over the period analyzed, the increasing average maturity of private financings was not enough to give the private market relevant national position regarding its capability to finance investments
Esta dissertação tem como objetivo analisar os mecanismos privados de financiamento de longo prazo no Brasil entre junho de 2000 a dezembro de 2011. Apresenta-se uma revisão literária sobre as diferentes justificativas que explicam o desenvolvimento dos mercados privados brasileiros de financiamento de longo prazo e são descritas as medidas recentemente criadas pelo governo e pelos agentes privados que objetivam fomentar os referidos mercados. Com base na metodologia de Lucchesi (2008), são estimadas séries de financiamento de longo prazo baseadas nos dados do Banco Central e da CVM. Conclui-se que ao longo do período analisado o aumento dos prazos médios não se mostrou suficiente para atribuir ao mercado privado nacional posição relevante quanto a sua capacidade de financiar os investimentos

APA, Harvard, Vancouver, ISO, and other styles

35

Ferreira, Cláudio de Araújo. "Aspectos jurídicos dos fundos de investimentos sob a ótica da governança corporativa." Pontifícia Universidade Católica de São Paulo, 2012. https://tede2.pucsp.br/handle/handle/5773.

Full text

Abstract:

Made available in DSpace on 2016-04-26T20:20:44Z (GMT). No. of bitstreams: 1 Claudio de Araujo Ferreira.pdf: 2490600 bytes, checksum: 05ccbfabc64b46173dccf484e17ff098 (MD5) Previous issue date: 2012-02-06
The aim of this work lays on working around the corporate governance history in Brazil and worldwide, besides its application to investment´s funds world. Catching a glimpse when it comes to mention the relationship between governance and capitalism, Corporations upcoming, distinct recessions by which the system had to pass through and how the evolution took place upon such scenario is exactly the path to be studied here; up to the concept of corporate governance nowadays, including taking into account the definition provided by the Instituto Brasileiro de Governança Corporativa. Comparing the existing domestic legislation is necessary in first place in order to comprehend which are the mandatory rules and among them, the ones issued by the Comissão de Valores Mobiliários and Banco Central do Brasil, such as it is also to understand the legal limitations on Brazil´s investment funds. By verifying the analysis of distinct types of funds of investments that are in place today, it will be clarified some important aspects such as administration side, management, investment policies and focusing limitations among other subjects. Choosing such subject is well justified due to the small bibliography about it existing nowadays, and also taking into account the upcoming creation and evolution of investment funds in the Brazilian market besides the shortage of decision making about it and the great relevance of such vehicles in getting the popular savings representing Brazil and their chance to grow as verified in countries where the capital markets, the ones the most developed as United Stated and England
O objetivo do presente trabalho é percorrer o histórico da governança corporativa no Brasil e no mundo e sua aplicação à realidade dos fundos de investimentos. Vislumbrar a relação entre governança e capitalismo, o surgimento das Corporations, as diferentes crises a que o sistema foi submetido e como se deu a sua evolução diante deste quadro é o percurso a ser estudado, até chegar ao conceito de governança corporativa nos dias atuais, inclusive levando-se em conta a definição dada pelo Instituto Brasileiro de Governança Corporativa. Cotejar a legislação pátria existente se faz necessário num primeiro momento para compreender quais são as normas de adoção obrigatórias, dentre elas as expedidas pela Comissão de Valores Mobiliários e pelo Banco Central do Brasil, bem como para compreender os limites legais dos fundos de investimentos no Brasil. Por meio da análise dos diversos tipos de fundos de investimentos existentes se esclarecerá aspectos importantes tais como a administração, a gestão, as políticas de investimentos e limites de concentração dentre outros. A escolha deste tema se justifica devido à pequena bibliografia sobre o assunto, tendo em vista a recente criação e evolução do mercado de fundos de investimentos no Brasil e a escassez de decisões sobre o tema, bem como devido à grande relevância que estes veículos de captação da poupança popular representam no Brasil e o seu potencial de crescimento conforme observado em países com mercado de capitais mais desenvolvidos como Estados Unidos e Inglaterra

APA, Harvard, Vancouver, ISO, and other styles

36

Gerhard, Melissa. "Governança corporativa em empresas listadas no mercado de capitais brasileiro e investidores institucionais." Universidade do Vale do Rio dos Sinos, 2013. http://www.repositorio.jesuita.org.br/handle/UNISINOS/4300.

Full text

Abstract:

Submitted by William Justo Figueiro (williamjf) on 2015-07-07T22:50:33Z No. of bitstreams: 1 13a.pdf: 561485 bytes, checksum: 1ba23cb627a2fa06d7840891e241621a (MD5)
Made available in DSpace on 2015-07-07T22:50:33Z (GMT). No. of bitstreams: 1 13a.pdf: 561485 bytes, checksum: 1ba23cb627a2fa06d7840891e241621a (MD5) Previous issue date: 2012
CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
UNISINOS - Universidade do Vale do Rio dos Sinos
O objetivo da presente dissertação foi analisar se a decisão de investimento dos investidores institucionais é suportada pelo fato das empresas pertencerem a níveis diferenciados de governança corporativa da BM&FBOVESPA. Ocorre que a separação entre propriedade e controle na empresa moderna está altamente relacionada ao problema geral de agência. A assimetria informacional, juntamente com as diferentes disposições de assumir riscos e a emergência de conflitos de interesse, compõe os pressupostos básicos da problemática de agência. A pesquisa, portanto, foi realizada apresentando este embasamento teórico, somado a estudos nacionais e internacionais empíricos cuja relação entre governança corporativa e investidores institucionais foi evidenciada. Estudos similares, visando apenas institutos de previdência privada e não investidores institucionais em sua totalidade foram encontrados em nível nacional. A dissertação aborda as evidências de forma quantitativa, e realiza as análises de forma explicativa. Para a análise dos dados foram utilizadas regressões lineares, com dados em painel. A relação positiva encontrada através de regressões econométricas é prova de que empresas listadas em níveis diferenciados de governança corporativa são mais atrativas para os investidores institucionais. O fato de outras variáveis comporem o modelo econométrico testado, além de terem sido rodados modelos com períodos diferentes (4 e 10 anos) e analisados painéis balanceados e não balanceados, demonstra a robustez da presente dissertação. A mesma poderá contribuir para estudos futuros, visto que compara informações de bolsa de valores brasileira com estudo realizado no mercado americano.
The aim of this thesis was to analyze if the investment decision of institutional investors is supported by the fact of companies which belong to different levels of corporate governance at BM&FBOVESPA. What happens is that the separation of ownership and control in modern enterprise is highly related to the general problem of agency. The asymmetry of information, along with the various provisions to take risks and the emergency of conflicts of interests, makes up the basic assumptions of the problem of agency. Therefore, the research was conducted by presenting this theoretical basis, in addition to national and international empirical studies whose relationship between corporate governance and institutional investors was evident. Similar studies, aiming at only private security institutes and not institutional investors on its totality, were found at national level. The thesis discusses the evidence quantitatively, and performs analyzes in an explanatory way. For data analysis, it was used linear regression with panel data. The positive relationship found through econometric regression is proof that companies listed on differentiated levels of corporate governance are more attractive to institutional investors. The fact that other variables compose the econometric model tested, and have been run models with different periods (4 to 10 years) and analyzed balanced and unbalanced panels, demonstrates the robustness of this thesis. The same could contribute to future studies, since compares information from the Brazilian stock exchange to a study in the American market.

APA, Harvard, Vancouver, ISO, and other styles

37

Koray, Zoé Zeynep Can. "Le préjudice de l'actionnaire." Thesis, Paris 2, 2018. http://www.theses.fr/2018PA020072.

Full text

Abstract:

Le préjudice de l'actionnaire est un sujet encore peu étudié en France alors qu'il soulève de nombreuses interrogations. A l'inverse de nombre de solutions reçues dans les droits étrangers, le droit français n'admet que peu sa réparation tant il reste lié à la distinction jurisprudentielle fondamentale entre préjudice purement personnel (réparable) et préjudice simple corollaire du préjudice social (non réparable). Pourtant, cette distinction n'est pas des plus satisfaisantes ni sur le plan théorique, ni sur le plan pratique. Elle est en outre remise partiellement en cause dès lors que le préjudice trouve sa source dans une infraction pénale, telle que la communication d'informations mensongères. Par ailleurs, l'internationalisation des mouvements de capitaux soulève de plus en plus fréquemment la question de la loi applicable ou du juge compétent (judiciaire ou arbitral également) relativement aux actions en justice des actionnaires. Cette étude se propose dès lors de fournir une appréciation critique du droit positif afin de tenter l'élaboration d'un droit prospectif. Les solutions existantes peuvent-elles et doivent-elles changer ? Pour adopter quel type de solutions ?
The subject of shareholder damages has seldom been studied in France. Nonetheless, it is a topic of much discussion and debate in legal circles. Unlike under some foreign laws, French law rarely permits the direct compensation of shareholder damages because of the summa divisio between the personal damage (recoverable) and the damage of the company (not recoverable). However, this distinction is not relevant both in terms of theory and practice. More doubt is cast on this distinction where the potential damage arises from an infringement of the penal law, such as the use of false or misleading information to induce shareholder reliance or action. Furthermore, the internationalisation of capital introduces conflicts of law and jurisdictional questions, asking the courts to first determine whether they are the proper authority to hear a shareholder’s case, and which nation’s laws to apply.This study presents a critical analysis of the positive law and proposes avenues of reforming French laws concerning shareholder damages. Should the existing remedies be changed ? Which remedies should be adopted to reverse the strict trends in French law against adequately compensating shareholders’ losses ?

APA, Harvard, Vancouver, ISO, and other styles

38

Braga, Alexandre Xavier Vieira. "Análise de desempenho das maiores administradoras de fundos de investimentos de renda fixa no Brasil." Universidade do Vale do Rio do Sinos, 2005. http://www.repositorio.jesuita.org.br/handle/UNISINOS/2795.

Full text

Abstract:

Made available in DSpace on 2015-03-05T19:11:30Z (GMT). No. of bitstreams: 0 Previous issue date: 21
Nenhuma
A indústria de fundos de investimento no Brasil está concentrada no segmento de renda fixa. Dos cerca de R$ 220 bilhões depositados em fundos, hoje, R$ 200 bilhões aproximadamente estão nesse segmento e R$ 20 bilhões em carteiras de renda variável. Observou-se que no primeiro semestre de 2002, os fundos de investimento em geral tiveram alguns problemas que diminuíram bastante os seus retornos. A mudança da métrica de avaliação dos fundos, da chamada Curva de Juros para a Marcação a Mercado, provocou profundas transformações em termos de mensuração de valor dos fundos de renda fixa. Neste contexto, verificou-se a performance das 17 maiores administradoras de fundos no período 1997-2003 com dados diários. O método empregado foi a Análise de Dados em Painel. A hipótese de que as administradoras de fundos nacionais privadas obtêm igual relação risco-retorno em suas carteiras do que as administradoras de fundos nacionais estatais e as administradoras de fundos estrangeiras não foi comprovada. As administradoras es
The industry of investment fund in Brazil is concentrated in the segment of fixed income. About R$ 220 billion are deposited in funds nowadays, from which R$ 200 billion approximately are in the fixed income segment and R$ 20 billion in variable income portfolios. In the first semester of 2002 it was observed that investment funds in general had substantially reduced their returns. In the wake of the change of the evaluation metrics of funds from yield curves to mark-to-market, caused profound transformation in the value of fixed income funds. In this context, the performance of the 17 biggest asset management firms in the period 1997-2000 in a daily basis has been assessed. The hypothesis that private Brazilian asset management firms have a similar risk-return performance in their portfolios as state and foreign firms has been rejected. Foreign asset management firms had a superior performance with respect to Brazilian private firms, while private firms sustained a superior performance vis-à-vis state firms

APA, Harvard, Vancouver, ISO, and other styles

39

Lauretti, Carlos Marcelo. "A sobre-reação do mercado à realização de informações intangíveis." Universidade Presbiteriana Mackenzie, 2008. http://tede.mackenzie.br/jspui/handle/tede/710.

Full text

Abstract:

Made available in DSpace on 2016-03-15T19:26:39Z (GMT). No. of bitstreams: 1 Carlos Marcelo Lauretti.pdf: 379237 bytes, checksum: c8dbc22b9067945f6592ba2b8da5ea4d (MD5) Previous issue date: 2008-08-13
Fundo Mackenzie de Pesquisa
Many academic studies of the last two decades are focused to explain Book-to-Market (B/M), market overreaction, and return reversal effects observed on empirical researches data. This research replicates to Brazilian stock market recent researches that bring new explanations to these data. We show that these effects are results of market overreaction to what may be named intangible information. We decompose returns into one component that can be named tangible, which can be explained by accounting measures, and another one, orthogonal to it, that can be named intangible. This research demonstrates that market overreacts to intangible and not to tangible information, and this explains Book-to-Market effect and return reversals. Many financial researchers look for explanations to exceeding gains on stock market beyond what would be expected by risk prize. Exceeding gains are grounded, against to Efficient Market Hypothesis, that returns would follow predictable patterns. These patterns are: first, returns tend to reverse and, second, future returns are related to variables associated with past accounting performance scaled to market stock price. The most important of these ratios is B/M ratio. One research branch, leaded by Fama and French, argues that high B/M firms are likely to be riskier, and hence investors require higher expected returns. None of these explanations gives us complete answers to data gathered by empirical researches. We show that in Brazilian stock market there isn t a significant relation between future returns and past fundamental firm growth. Instead, we found a strong negative relation between returns and realization of intangible returns. We find intangible return reversal and not tangible. We find evidences that market overreacts to intangible information.
Explicar os conhecidos efeitos Book-to-Market (B/M), sobre-reação dos investidores e reversão de retornos tem sido uma grande preocupação dos estudos acadêmicos nas últimas décadas. Esta dissertação reproduz, para o mercado de ações brasileiro, recentes estudos feitos para o mercado norte-americano que demonstram que estes fenômenos, há muito tempo observados empiricamente, têm uma mesma origem: a sobre-reação do mercado às informações que podemos chamar de intangíveis. Decompomos o retorno em uma parcela, denominada tangível, que é explicada pelo crescimento das métricas contábeis, ou pelo que se chama de informação tangível, e outra, o retorno denominado intangível, ou a parcela do retorno não esperada pelo desempenho contábil. Esta pesquisa demonstra que o mercado sobre-reage à informação intangível e não à informação tangível. Isto explica o efeito B/M e reversão de retornos. Inúmeros estudos acadêmicos procuram explicações para os ganhos excessivos nos mercados de ações, entendendo-se como tais os retornos adicionais obtidos pelos investidores além daqueles que seriam esperados apenas pelos prêmios de risco. Estratégias para obtenção de ganhos econômicos normalmente estão fundamentadas, em oposição à Hipótese de Mercado Eficiente, em que os retornos das ações seguiriam padrões previsíveis. Estes padrões têm suas origens em duas observações feitas pelos economistas financeiros. A primeira é que em horizontes mais longos os retornos futuros apresentam a tendência a sofrer efeitos de reversão. A segunda observação é que os retornos futuros estão negativamente relacionados a variáveis associados ao desempenho passado das empresas escaladas ao preço de mercado. A mais significativa destas métricas é razão Book-to-Market (B/M) ou razão entre o valor patrimonial contábil e o valor de mercado. Uma linha de estudos, liderada por Fama e French, argumenta que o altos índices B/M sinalizam um fator de risco que não está presente no modelo CAPM, e por isto, os investidores requerem um prêmio de risco maior. Nenhuma destas interpretações oferece explicações completas para a constatação desta anomalia que é encontrada empiricamente. Esta pesquisa mostra que não há relações discerníveis entre o retorno das ações e o desempenho passado dos fundamentos econômicos das firmas. Os resultados encontrados no mercado de ações brasileiro permitemnos concluir que não há evidências de relação entre o desempenho contábil passado e os retornos futuros. Ao invés disto, encontramos evidências que emergem os efeitos B/M e de reversão dos retornos porque os retornos futuros estão negativamente relacionados com a realização de informações intangíveis, que é o componente do retorno ortogonal ao desempenho contábil passado. De fato, encontramos reversão dos retornos intangíveis e não dos retornos tangíveis, o que é consistente com os resultados empíricos da literatura acadêmica prévia. Encontramos evidências que o mercado sobre-reage às informações intangíveis.

APA, Harvard, Vancouver, ISO, and other styles

40

Jardim, Diana Indiara Ferreira. "Investimento de capital estrangeiro em hospitais brasileiros: o ambiente institucional e os prováveis cenários para 10 anos." Universidade do Vale do Rio dos Sinos, 2016. http://www.repositorio.jesuita.org.br/handle/UNISINOS/5448.

Full text

Abstract:

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2016-07-15T15:44:58Z No. of bitstreams: 1 Diana Indiara Ferreira Jardim_.pdf: 1813573 bytes, checksum: 652d3ceb38f92055404f6a8ea2834105 (MD5)
Made available in DSpace on 2016-07-15T15:44:58Z (GMT). No. of bitstreams: 1 Diana Indiara Ferreira Jardim_.pdf: 1813573 bytes, checksum: 652d3ceb38f92055404f6a8ea2834105 (MD5) Previous issue date: 2016-04-27
Nenhuma
Esta pesquisa procurou mapear os cenários que se desenvolverão nos próximos dez anos no mercado hospitalar brasileiro, considerando o ambiente institucional do País a partir da mudança da Lei nº 8.080/1990, art. 23, que permitiu, em janeiro de 2015, investimento externo direto em serviços de assistência à saúde. Foi realizado um painel de experts com 13 representantes de projeção nacional dos grupos de hospitais, operadoras, governo, trabalhadores da área de saúde e investidores estrangeiros. A partir destas informações, foram construídos cenários, por meio de uma survey para uma amostra de 134, em que atores da área de saúde brasileira indicaram o grau de probabilidade de cada variável, para a construção final dos cenários prospectivos. Os principais resultados de estudo indicam que a complexidade do mercado hospitalar será o maior desafio para o investidor estrangeiro. Não há sinais de barreiras que impeçam o investimento de estrangeiros em hospitais, entretanto, não se sabe se haverá algum tipo de regulação e qual órgão será responsável. Os modos de entrada que serão utilizados pelos investidores de capital estrangeiro será joint venture, em um primeiro momento, e alguns investimentos de brownfield, ou aquisição. Entretanto, todos prezam por cautela e têm comprometimento gradual, atuando, principalmente, em cidades com alto PIB per capita e com forte atuação da saúde suplementar.
This research attempts to map the probable scenarios that may develop over the next ten years in the Brazilian hospital market, considering the institutional environment of the country from the Law change No 8080/1990, art. 23, which allowed in January 2015, foreign direct investment in health care services. This research was released to a panel of experts comprised of 13 national representatives of Hospitals groups, operators, government, health workers and foreign investors. The information derived from this panel, scenarios were built and submitted through a survey to a sample of 134 stakeholders who indicated the probability of each variable to the final constructor of prospective scenarios. The main results of the study indicate that the complexity of the hospital market will be the biggest challenge for the foreign investor. Currently, there are no signs of barriers that would prevent foreign investment in hospitals, however, in the future, whether there will be regulations and which agency will be responsible. The entry modes adopted by foreign equity investors will be joint venture with Brazilian companies at first, then, potentially brownfield investments, or acquisitions. Investments will be implemented gradually, mainly in cities with high GDP per capita and strong performance of private health insurance companies.

APA, Harvard, Vancouver, ISO, and other styles

41

Serrão, Cristiano Ramponi. "A crise brasileira de 2002: Uma abordagem baseada na teoria do racionamento de crédito." Pontifícia Universidade Católica de São Paulo, 2005. https://tede2.pucsp.br/handle/handle/9308.

Full text

Abstract:

Made available in DSpace on 2016-04-26T20:48:48Z (GMT). No. of bitstreams: 1 Cristiano Serrao.pdf: 265704 bytes, checksum: ddff2ca9e6d556d812ab50127beca2f2 (MD5) Previous issue date: 2005-05-10
This paper s objective is to study the Brazilian crisis of the year of 2002. We believe that, as this is a recent event, there is room to new perceptions and interpretations. This paper will propose a new view on this crisis, based on the Credit Rationing Theory. Initially, we will do a brief review of the Credit Rationing Theory. We will focus on the key aspects of that theory, specially the ones that will allow us to apply such theory in the case study that we are working on. After that, we will analyze the historical context that led Brazil to that crisis. Initially, this study will be focused on the increase of the size of the flows that transited through Brazilian Financial Account in the period that precedes the crisis. We will also take a look in the historical context itself, and analyze the external influence in this crisis. Afterwards, this paper will study the Mark-to-Market crisis, which was the starting point of the Brazilian crisis of 2002. This event was responsible to raise doubts about the sustaintability of Brazilian public debt. Additionally we will study the dynamics of Brazilian public debt in the crisis period, which, in our opinion, had a highly relevant role in such event.
Essa dissertação pretende lançar um olhar mais detalhado à crise brasileira de 2002. Acredito que esse evento, por ser ainda recente, ainda não foi compreendido em toda a sua magnitude, e esse trabalho tem o objetivo de lançar uma interpretação plausível para o mesmo. Para isso, utilizaremos o instrumental teórico da Teoria do Racionamento de Crédito. Inicialmente, iremos fazer uma revisão da Teoria do Racionamento de Crédito, nos atendo aos pontos que serão úteis na aplicação dessa teoria ao caso prático. Em seguida, iremos expor os principais condicionantes da crise brasileira de 2002, nos atendo inicialmente ao movimento de flexibilização da conta Financeira brasileira nos anos que antecedem a crise. É dada especial ênfase à Conta de Investimento em Carteira. É também analisado o contexto histórico no qual a crise está inserida. O passo seguinte foi investigar em que medida essa crise foi originada também por motivos externos, ao comparar a piora dos indicadores de risco-país não só do Brasil, mas dos demais países emergentes também. A dissertação, por fim, irá se deter no período de crise em si. Iremos analisar a Crise da Marcação a Mercado , que foi o ponto inicial da crise brasileira de 2002, estudando suas origens e impactos na credibilidade da dívida pública brasileira. Segue-se a análise da dinâmica da dívida pública brasileira no período de crise, o que na nossa opinião possui um poder explicativo muito forte com relação ao evento em questão.

APA, Harvard, Vancouver, ISO, and other styles

42

Pereira, Carlos Alberto Esteves. "The use of recognition heuristic as an investment strategy in European stock markets." Dissertação, 2015. https://repositorio-aberto.up.pt/handle/10216/81304.

Full text

APA, Harvard, Vancouver, ISO, and other styles

43

Pereira, Carlos Alberto Esteves. "The use of recognition heuristic as an investment strategy in European stock markets." Master's thesis, 2015. https://repositorio-aberto.up.pt/handle/10216/81304.

Full text

APA, Harvard, Vancouver, ISO, and other styles

44

Kim, Byung-Soo. "The effect of social structural factors on foreign market entry." 2005. http://catalog.hathitrust.org/api/volumes/oclc/78786954.html.

Full text

APA, Harvard, Vancouver, ISO, and other styles

45

Moura, Pedro Campos. "Changes in Dividend Policies after PE Investment in the European Market." Dissertação, 2018. https://hdl.handle.net/10216/116698.

Full text

APA, Harvard, Vancouver, ISO, and other styles

46

Moura, Pedro Campos. "Changes in Dividend Policies after PE Investment in the European Market." Master's thesis, 2018. https://hdl.handle.net/10216/116698.

Full text

APA, Harvard, Vancouver, ISO, and other styles

47

Hsu, Ming-Chun, and 許銘峻. "The Performance of Socially-Responsible- Investment in Taiwan Listed Stock Market." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/n5wz55.

Full text

Abstract:

碩士
國立中央大學
財務金融學系在職專班
105
In the areas where people have stronger civic consciousness, like Europe and Canada, SRI accounted for a relatively high proportion of total investment in the region. Furthermore, in these areas, the performance of SRI does not lag behind of those of the market or other investment targets. Investors can arouse the concern of enterprises about social responsibility through SRI, therefore, selecting companies that implement social responsibility as investment targets become the investors’ social responsibilities. There are few literatures related to SRI in domestic. Most of the literatures aim to investigate how corporate social responsibility affects corporate governance or corporate financial performance. For this purpose, this study uses Taiwan listed companies that issued CSR (corporate social responsibility) report in 2015 as research subjects. This study forms investment portfolios by companies which issued CSR reports in 2015 (CSR portfolios) and by companies which issued higher quality CSR reports (high-quality CSR portfolios), and tries to investigate if the performance of CSR investment portfolios could beat that of the control group or the market. The result suggests that the annual rate of return and the annual standard deviation of CSR investment portfolios are both better than that of the control group and the market. Moreover, if we use above terms to build a stock pool and pick stocks based on specific financial index to form an investment portfolio, although the performance of the portfolio could not necessarily beat that of the market, but could always beat that of the control group. The result suggests that if the investors choose investment targets based on if companies do great corporate social responsibility, then investors could not only satisfy their personal values related to social responsibility, but also gain higher return.

APA, Harvard, Vancouver, ISO, and other styles

48

Jamil, Mehdi. "Currency hedging in emerging market investments." Master's thesis, 2019. http://hdl.handle.net/10362/73504.

Full text

Abstract:

This paper investigates whether currencies enhance performance of portfolios diversified over a number of different international markets from the perspective of an American based investor and determines what is the source and the extend of the added value. While the US market is considered to be the largest in the world, emerging markets are smaller, more volatile and contain more inherent risks but they do present huge potential and diversification opportunities for investors. Hence adding these foreign investments into their portfolios present risk reduction benefits for investors but it exposes them to the notion of currency risk. Hedging currency exposure could help mitigate those risks but it at what cost? It is indeed shown that hedging levels have different impacts on performance but also on the volatility associated with those investments. This paper aims at showing this risk-return dilemma, and explore optimal hedging strategies to mitigate against currency exposures in American emerging markets.

APA, Harvard, Vancouver, ISO, and other styles

49

Amado, Francisco de Carvalho Tavares Galvão. "Hybrid investment strategy active portfolio management–US stock market." Master's thesis, 2016. http://hdl.handle.net/10362/120206.

Full text

Abstract:

This thesis aims to develop an alternative active managed portfolio strategy based on companies‟ Fundamental and Technical Analysis and analyze its finals results. There is a big distinction between the two approaches and the main objective is to understand if it is possible to take advantage of both. With this in mind a Hybrid Investment Strategy for the US stock market, due to its dimension and liquidity, which was able to outperform the S&P 500 index, the benchmark, during both Bear and Bull Markets between 2000 and 2015.

APA, Harvard, Vancouver, ISO, and other styles

50

Dias, Miguel Avelar Morgado Mourinho. "Private equity investment committee paper on Pestana Hotel Group ? Market overview, investment thesis and operating model." Master's thesis, 2020. http://hdl.handle.net/10362/114631.

Full text

Abstract:

This Work Project, take nin the context of a Private Equity Challenge, was developed by a group of four Nova Master’s in Finance students to meet only academic purposes and consists on a simulation of an Investment Committee Paper on Pestana Hotel Group. As the Portuguese based Group was the target of the developed project, the work coverssal the qualitative and quantitative aspects sof the company. A possible strategy, focusing on the operational side of the Hospitality segment, appears a san attractive Private Equity investment. This specific part focuses on the chapters of the capital structure and due diligence.

APA, Harvard, Vancouver, ISO, and other styles

Dissertations / Theses on the topic 'Social investment markets'

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles