Дисертації з теми "Investment groups"
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1
Ang, Nicole Pamela Accounting Australian School of Business UNSW. "The utilisation of quantitative information in groups' capital investment decisions." Publisher:University of New South Wales. Accounting, 2009. http://handle.unsw.edu.au/1959.4/44426.
Анотація:
One explanation for the increased use of interactive groups in organisations is that benefits are obtained from pooling individuals?? differing knowledge and abilities. However, prior experimental research has established that groups often do not discuss and use information effectively, exhibiting a bias toward information that is commonly known by all group members, rather than information that is unique to individual group members (common information bias). This dissertation investigated whether the provision of quantitative information resulted in improved group performance in two respects. First, it investigated whether quantitative information was discussed and used more than qualitative information. Second, it examined whether the quantification of information reduced the common information bias. This is important because a basic purpose of managerial accounting is to provide information that improves employees?? abilities to make optimal decisions. This dissertation utilised an experimental task known as a ??hidden profile?? to achieve the research objectives. In a hidden profile experiment, each group member receives some information that is common to everyone in the group, and some information that is unique to them. The group must discuss and use members?? unique information in order to uncover the optimal task solution. This dissertation examined the effect of information availability (common or unique) and information type (quantitative or qualitative) on information discussion and use. There were two stages to the experiment. First, individual group members had to make a capital investment decision, and write down their reasons for that decision. Second, groups had to discuss the information, come to a group decision, and write down their reasons for that decision. The results confirmed a common information bias at the group decision level, with groups significantly favouring common information over unique information, for all measures of discussion and information use. In contrast, while a preference for quantitative information was found at the individual decision level, at a group decision level there were no significant differences in the discussion or use of quantitative and qualitative information, with only one exception: significantly more statements were made about quantitative information.
2
Hodgkinson, Lynn. "The impact of taxation on the capital budgeting decision of corporate groups." Thesis, University of Plymouth, 1987. http://hdl.handle.net/10026.1/2531.
Анотація:
The United Kingdom Tax system is not neutral with respect to a Company’s investment and financing decisions, that is incentives and disincentives to invest in particular projects or use particular types of financing arise through the imposition of taxation. Such biases may increase or decrease the value of capital projects, and if a company is to be certain of making accurate investment decisions the incremental tax flows arising due to the project must be included in the evaluation. The tax flows arising through the acceptance of a project may differ depending on the company's or group's tax profile, and therefore the overall tax position of the company or group must be considered. The thesis explains the legislation relating to the taxation of corporate groups and suggests that because the tax system is so complicated, a computerised model is probably necessary. The author's computerised model is developed and tested in the thesis, comparing evaluations conducted using the procedures and assumptions of groups in the surveys, with those of the simulation model. It is shown that both understatements and overstatements occur through incorrectly allowing for taxation. The results of two empirical surveys are presented. The first, a postal survey, discusses the methods used by companies to incorporate tax in their project appraisals, and the second, based on interviews, provides a review of the whole capital budgeting process.
3
Endress, Tobias. "Quality of stock price predictions in online communities : groups or individuals?" Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/4674/.
Анотація:
Group decision-making and equity predictions are topics that are interesting for academic research as well as for business purposes. Numerous studies have been conducted to assess the quality of forecasts by financial analysts, but in general these studies still show little evidence that it is possible to generate accurate predictions that in the long run create, after transaction costs, profits higher than the market average. This thesis investigates an alternative approach to traditional financial analysis. This approach is based on Internet group decision-making and follows the suggestion that a group decision is better than the decision of an individual. The research project follows a mixed-methods approach in the form of a sequential study with a field experiment. Different groups—consisting of lay people, but also financial professionals—were formed purposefully in different group designs to generate equity forecasts. The field experiment was conducted following an e- Delphi approach with online questionnaires, but also in-depth interviews with all participants. Data from financial analysts was used to compare the predictions from the groups with actual results of share prices. The data from the experiment suggests that there are different variables, in terms of the individual characteristics of the participants, which indicated significant impact on the quality of equity predictions. The predictions of some participants (e.g. “PID-S-plus” rated participants) are apparently of significantly higher accuracy. The findings from the study indicate that intuition plays a significant role in the decision-making process not only for lay people, but also for financial analysts and other financial professionals. However, there are observable differences in the intuitive decision-making of lay people and experts. While it was possible to observe that intuition is interpreted as “random guess” by poor predictors, it was found that good predictors base their intuition on several factors—even including fundamental and macroeconomic considerations. The findings of the experiments led to an explanatory model that is introduced as the ‘Deliberated Intuition’ Model. The model of deliberated intuition which is proposed here views prediction as a process of practice which will be different for each individual. The model proposes that a predictor will decide, consciously or semi-consciously, when they feel ready to rely on gut-feeling, or to undertake more analysis. Generally, it appears to contribute to a good prediction to think about the problem in different ways and with various techniques. The experiment indicated that (online-) groups are not per se better than individuals. The Deliberated Intuition Model might help to prepare better group settings and improve prediction quality. Apparently a combination of rational and intuitive techniques leads to the best prediction quality.
4
Pleis, Letitia Meier. "Investment decisions: Influence of an Internet stock message board." Thesis, University of North Texas, 2007. https://digital.library.unt.edu/ark:/67531/metadc5130/.
Анотація:
The Internet provides many sources of financial information that investors can use to help with investment decisions and in interpreting companies' accounting information. One source of information is Internet stock message boards such as those at Yahoo! Finance. This source allows for anonymous postings and information exchange. Despite the possibility of the information being incorrect many individuals visit these message boards. The purpose of this study is to investigate Internet stock message boards and address the primary question: From an individual investor perspective, do message boards, which contain accounting information, influence investment decisions? The question is addressed using psychology rumor literature and attitude theories. Message board postings are a type of rumor, since not all the information is verified and is usually intended to persuade a belief or influence a decision. Further, the messages may influence an investor by causing a change in attitude about the investment. Using an experiment, message board influence on an investment decision and attitude was tested. The results indicated that individuals that received negative message board postings did have a significantly higher change in investment amount as compared to a control group that did not receive any message postings. The positive message board group and the control group were not significantly different in their amount of investment change. The results of the study also show that message board postings influenced attitude, those that received negative (positive) postings had a negative (positive) attitude about the investment. It was further found that those with a negative (positive) attitude decreased (increased) their investment. Finally, contrary to expectations, investment experience did not lead to an individual being less influenced by message board postings. This study contributes to the accounting literature by investigating an additional source of Internet financial reporting that may or may not contain correct information. The SEC is concerned over the manipulative opportunities that are available within these message boards and many investors are exploring these new sources of information instead of relying on traditional accounting information. This study finds that negative postings have an influence on investment decision and possibly should be investigated as manipulative techniques.
5
Liljevern, Jennie, and Emil Karlsson. "ICT Investment and the Effect on Economic Growth : A Comparative Study across Four Income Groups." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-36156.
Анотація:
The purpose of this study is to investigate if growth in ICT investments affects output growth differently across four income groups. Our panel data analysis is based on a sample of 101 countries in the period 1995-2015, where we conduct an augmented Cobb-Douglas production function with GDP growth as dependent variable. We divide the regression sample into high-, upper middle-, lower middle- and low-income countries to account for income disparities across countries. The outcomes are measured by estimating both ordinary least square and a fixed effects model. The impact of capital investments is measured by using two variables; growth of ICT capital services and non-ICT capital services. In addition, we control for exports and the growth in labor quality. Our major findings show that there are only significant contributions to growth in the top-three richest countries, with exception for the middle-income countries when controlling for fixed effects.
6
Ortmann, Regina, and Caren Sureth-Sloane. "Can the CCCTB alleviate tax discrimination against loss-making European multinational groups?" Springer Berlin Heidelberg, 2016. http://dx.doi.org/10.1007/s11573-015-0780-6.
Анотація:
In March 2011, the European Commission submitted a proposal for a Council Directive on an optional common consolidated corporate tax base (CCCTB). If this proposed CCCTB system comes into force, taxes calculated under the currently existing system of separate accounting might be replaced by a system of group consolidation and formulary apportionment. Then, multinational groups (MNGs) would face the decision as to whether to opt for the CCCTB system. Prior research focuses mainly on the differences in economic behaviour under both systems in general. By contrast, we study the conditions under which one or the other tax system is preferable from the perspective of an MNG, with a particular focus on loss-offsets. We identify four effects that determine the decision of an MNG: the
tax-utilization of losses, the allocation of the tax base, the dividend and intragroup interest taxation. We find mixed results, e.g., that the CCCTB system proves advantageous for increasing loss/profit streams (e.g. from start-ups or R&D projects) of the individual group entities, whereas the system of separate accounting is beneficial for decreasing profit/loss streams (e.g. caused by a decrease in return from a mature product). The results of our analysis are helpful for MNGs facing the decision as to whether to opt for the CCCTB system and can also support legislators and politicians in the EU but also in other regions in their tax reform discussions. (authors' abstract)
7
Amberg-Blyskal, Patricia. "Public Pensions: Retrenchment or Investment? Evidence from the States." Diss., Temple University Libraries, 2018. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/484027.
Анотація:
Political SciencePh.D.
The “Great Recession” of 2008 decimated many facets of the U.S. economy in the short-term but the long-term effect of the recession on the retirement security of millions of Americans is a story in progress. This study investigates the impact of the 2008 recession on the public pensions of state and local government employees. Prior to the recession, the 19 million current state and local government employees enjoyed the prospect of a retirement built on the tradition FDR’s three “legs”: a private pension from their employer, personal savings, and Social Security. Although the “first leg” of retirement, the private pension, disappeared in the late 20th century for the majority of American workers, state and local public sector employees were the exception-with about 90% eligible for a defined benefit pension at the beginning of the 21st century (GAO 2008). The 2008 recession, effected all U.S. states, however the response to reduced investment earnings for state-administered public pensions varied. The National Conference of State Legislatures (NCSL) noted in one year, 44 states enacted 269 pension bills (NCSL 2013). The changes enacted in state legislation, all involved a reduction in benefits. The retrenchment actions ranged from suspended cost-of-living allowance (COLA) increases and increased employee contributions to the loss of the defined pension benefit. Several states, after the 2008 recession, terminated the defined pension benefit for future employees, one state (Rhode Island) changed to a hybrid plan for current employees. Scholars seeking to understand retrenchment of benefits argue the lack of a “public outcry” permit elected officials to act without fear of a backlash (Pierson 1994). Conversely, conditions that prevent political opponents to transfer costs to a losing coalition and instead compromise on a long-term sharing of costs, is considered policy investment (Jacobs 2011). This study seeks to use retrenchment and investment theories to explain the public pension actions U.S. states took following the 2008 recession. The quantitative analysis confirms several expectations of retrenchment theory, such as the importance of interest groups, represented by the number of public sector employees in a state and the level of unionization within a state’s public sector. Investment theory predictions are not confirmed in the quantitative analysis, however a case study analysis of Delaware does find conditions of political compromise resulting in long-term stability for the pension plans. The quantitative analysis expected to find a strong “mirror” relationship between a pension plan’s funded ratio (assets to liabilities) and the state’s annual required contribution (ARC). The relationship between the two key measures, while positive and significant, is small. The unexpected finding led to a focus on ARC payments and the political conditions surrounding the decision to fund or not fund a state’s annual contribution. Delaware and Oklahoma are examples of states with adequate ARC payments yet contradictory public pension actions. Rhode Island and New Jersey are states with inadequate ARC payments, yet also contradictory public pension actions. Understanding the conditions that led to a state’s decision to pay or not pay the ARC also uncovers a host of actions states take to manipulate their required contributions. Regardless of similar institutions and budget processes across the 50 states, not every political institution gets the same results. Politics and state norms will change the outcome.
Temple University--Theses
8
Sinyard, David B. "The Investment Process Used By Private Equity Firms: Does The Affect Heuristic Impact Decision-Making?" Digital Archive @ GSU, 2013. http://digitalarchive.gsu.edu/bus_admin_diss/25.
Анотація:
Individuals utilize heuristics in order to simplify problems, which may lead to biases in decision-making. The research question of this study is: “How does the affect heuristic impact the investment process of private equity decision-makers reviewing proposals?” Through an exploratory multi-case analysis, insight is provided into complex private equity decisions by studying biases in the investment process. This is a study of private equity groups’ (PEG) decision-making process when they consider businesses for investment. Qualitative data was generated from semi-structured interviews with twenty private equity decision-makers. The deliberative heuristics applied in the teaser review are learned from process experience and guide the deliberation on whether to proceed. Simplifying heuristics are applied in the more informal review process. Organizational learning was exhibited as the PEGs have modified their investment structures based on previous experiences. The study indicates that experience and learning lead to the construction of an affect heuristic that subsequently impacts investments. It also confirms the need for strategic decision-makers to recognize their own biases and adjust their processes accordingly.
A significant practical implication of this study is the insight provided into the views of the PEG decision-makers as they anticipate the need to supplement the management team is helpful to business owners and their advisors. The study highlights the opportunities for biases in PEG decision-making processes. Accessing decision-makers at larger PEGs and approaching more middle market firms would broaden the results.
9
Mohammed, Moftah. "The capital investment appraisal process : the case of Libya." Thesis, University of Dundee, 2013. https://discovery.dundee.ac.uk/en/studentTheses/863c06e2-6491-4065-b472-ba05041c49f2.
Анотація:
This thesis aims to explore and investigate the state of current investment appraisal practices within Libyan firms. In particular, the thesis attempts to answer four research questions: (1) How do Libyan firms appraise capital investments? (2) Do Libyan firms incorporate risk into their capital investment appraisal processes? (3) Do Libyan firms face capital rationing and, if so, is it externally or internally imposed? and (4) Does the availability of Islamic Finance affect Libyan firms' view of the capital investment appraisal process? This study is based on a qualitative empirical approach, with a subjectivist orientation but a main concern with the sociology of regulation; the interpretive paradigm is employed in this thesis. Rather than simply providing a simple description of the phenomena under investigation, the aim of this thesis is to interpret and understand the issues surrounding the problem being considered. Thus, this study seeks to establish a better understanding about the nature of the capital investment appraisal process in Libyan corporations, and how it differs across Libyan economic sectors. In order to provide evidence and contribute to our knowledge about this topic, two research methods, both compatible with the interpretive paradigm and consistent with the methodology and the researcher’s beliefs about the topic under investigation, are employed. The research methods used are: (i) a semi-structured interviews; then (ii) a questionnaire survey based upon the literature review and on the key results from (i). For the former, 20 interviews were conducted, involving two groups: firm-based interviewees (‘insiders’ working in firms) in five economic sectors with different size and ownership structures and ‘outsider’ interviewees (bankers, academics and chartered accountants). In the second phase, 45 questionnaires were collected from firms which operate in five economic sectors, again with various size and ownership patterns. The main findings indicate that non-financial criteria (e.g. political priorities, State development plan and personal experience) play a more important role than financial factors. While Libyan companies use multiple techniques to appraise capital investments, usage of discounted cash flow techniques (DCF), although increasing is not yet as high as in developed nations, with payback remaining the most popular. The evidence shows that the source of the funding (followed by project size and nature of the project, respectively) also plays a role in choosing the appraisal techniques. Typically, the process of capital investment appraisal in Libya appears to have five stages (determination of budget, research and development, evaluation, authorisation, and monitoring and controlling). Libyan firms consider the first of these as the most important stage. The majority of the respondents employ a post-audit phase of two years or less; about half the sampled firms conduct the post-audit by comparing the actual performance with the feasibility study on which the project was based. The companies consider real options when looking at flexibility, but they have no effect on the choice of the appraisal techniques or the process generally. Similarly, there are no changes in the techniques or the process when advanced manufacturing technology investments are considered. Regarding risk evaluation, this is mostly subjective although scenario analysis and sensitivity analysis are employed to some extent. Around 50% of the firms calculate the cost of capital, but most of these firms do so subjectively (e.g. via interest rate observations), while the rest use CAPM to calculate the cost of capital. Fewer than one in ten of the firms that calculate the cost of capital employ project-specific rates. The majority of the companies noted their experience of capital rationing, mostly of the external variety (primarily reflecting State actions). The majority of the firms claimed to be considering the Libyan Stock Market as source of funding, but not in the near future, essentially because of a lack of knowledge among Libyan companies about its functioning. The findings suggest that use of Islamic finance is not yet common among Libyan firms. However, two thirds of the firms suggested that they would use Islamic financial products to finance their future projects for several reasons; mainly religion, to avoid paying interest or demurrage, plus risk sharing though the use of Islamic financial products such as Musharakah. Those firms, which did not view Islamic finance positively, mentioned the incompatibility of the current products with Islamic Shariah law, suggesting that in reality they are just traditional financial products with Islamic names. Some notable differences between theory and practice emerged in this research. For instance, certain non-financial criteria (e.g. political priorities) were more important than financial factors. Relatedly, there was evidence of external interested parties such as academics seeing practice and ideals differently. This type of finding suggests a key contribution of this study as highlighting the need for contextual specificities to be carefully considered when investigating an issue as (theoretically) straightforward as investment decision-making in practice.
10
Ortmann, Regina, and Caren Sureth. "Can the CCCTB Alleviate Tax Discrimination Against Loss-making European Multinational Groups?" WU Vienna University of Economics and Business, Universität Wien, 2014. http://epub.wu.ac.at/4168/1/SSRN%2Did2442820.pdf.
Анотація:
In March 2011, the European Commission submitted a proposal for a Council Directive on an optional common consolidated corporate tax base (CCCTB). If this proposed CCCTB system comes into force, taxes calculated under the currently existing system of separate accounting might be replaced by a system of group consolidation and formulary apportionment. Then, multinational groups (MNGs) would face the decision as to whether to opt for the CCCTB system. Prior research focuses mainly on the differences in economic behaviour under both systems in general. By con-trast, we study the conditions under which one or the other tax system is preferable from the per-spective of an MNG, with a particular focus on loss-offsets. We identify four effects that determine the decision of an MNG: the tax-utilization of losses, the allocation of the tax base, the dividend and intragroup interest taxation. We find mixed results, e.g., that the CCCTB system proves ad-vantageous for increasing loss/profit streams (e.g. from start-ups or R&D projects) of the individual group entities, whereas the system of separate accounting is beneficial for decreasing profit/loss streams (e.g. caused by a decrease in return from a mature product). The results of our analysis are helpful for MNGs facing the decision as to whether to opt for the CCCTB system and can also support legislators and politicians in the EU but also in other regions in their tax reform discussions. (authors' abstract)Series: WU International Taxation Research Paper Series
11
Cummine, Angela. "A citizen's stake in Sovereign Wealth Funds : the management, investment and distribution of sovereign wealth." Thesis, University of Oxford, 2013. https://ora.ox.ac.uk/objects/uuid:5c3b8fa7-768e-445f-b4f1-54297dca9582.
Анотація:
Over the past five years, Sovereign Wealth Funds (SWFs) have become a prominent phenomenon in contemporary capitalism. Described as government investment vehicles that invest state wealth in financial markets, the majority of the world's 60-plus funds have been established since the year 2000. Despite extensive treatments of SWFs' geopolitical and international significance, ethical and domestic level analyses are sparse. In response, this thesis interrogates three key normative questions raised by the funds for the domestic citizen-state relationship: (1) How (and by whom) should sovereign funds be managed? (2) How should sovereign wealth be invested? (3) How should the earnings of sovereign fund investment be distributed? In answering these questions, this thesis aims to dispel ambiguity over the ownership status of sovereign funds, evident in popular and academic discourse and within communities that establish these entities. For this task, it draws on recently revived fiduciary theory of the citizen-state relationship to argue that the rightful owner of these funds is the citizenry - not states or governments who enjoy physical and legal possession of SWFs. It goes on to examine the implications of this fiduciary state conception of SWF ownership, asking how citizen-owners should enjoy control over and benefit from the distinct constituent parts of their SWF property: the institution of the fund, the underlying sovereign wealth and the financial returns earned on the investment of its assets. The model of citizen ownership defended demands substantially increased popular control over SWF management and the investment of sovereign wealth, as well as direct benefit rights for citizen-owners to fund income through individualised distribution of investment returns. Examination of existing practice among SWFs demonstrates that this normative ideal is far, although not impossibly distant from current institutional practice.
12
Hjelström, Tomas. "The closed-end investment company premium puzzle : model development and empirical tests on Swedish and British data." Doctoral thesis, Handelshögskolan i Stockholm, Redovisning och Finansiering (B), 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-480.
Анотація:
For decades, business press and researchers have observed and investigated the premiums/discounts on closed end investment companies. Proposed explanations for the phenomenon have been poor performance, high expenses (due to agency relationships), inefficient internal capital markets and excess volatility in the returns of the shares of the closed-end investment companies. Some, but not conclusive, empirical evidence support these theories. Most empirical evidence is based on American data. This study uses British and Swedish data on closed end investment companies. Some, but not conclusive, empirical evidence support these theories. Most empirical evidence is based on American data. This study uses British and Swedish data on closed end investment companies from 1972 – 2004 to investigate the premiums/discounts. Three areas of explanations are examined: performance, agency costs and diversification. In contrast to previous studies this study uses detailed data on quoted and unquoted securities respectively to investigate the relationship between performance and premiums/discounts. Evidence is found for a relationship between the performance on unquoted securities and premiums/discounts, but not for quoted securities. Indications that measurement biases in unquoted securities are properly priced are also found. The agency problem is analyzed in two ways, formal and controlling power, to investigate if actions taken by the company substantiating agency behavior have additional effects on prices. Such actions are measured as large investments in other portfolio companies (controlling power). The empirical evidence suggests that the existence of formal power creates additional discounts. The marginal effect on discounts is even deeper when proposed agency actions are identified. Diversification is argued to decrease the value of a portfolio of securities when heterogeneous beliefs are present. This study provides evidence that portfolio diversification deepens discounts.Diss. Stockholm : Handelshögskolan, 2007
13
Elsworth, Jill. "A Women's Investment Club: A Case Study Investigating the Process of Empowerment by Active Participation in a Group Learning Environment." Queensland University of Technology, 2005. http://eprints.qut.edu.au/16075/.
Анотація:
Over the last two decades research into the notion of empowerment has been focused on the three primary dimensions of process, outcomes and environment within the contexts of the individual, community groups and business organisations. As a psychological attribute, empowerment at the individual level has been investigated significantly by such theorists as Rappaport (1995) and Zimmerman (2000). However, studies in this field neglect deep understanding of the reality of the individual's experiences of the empowerment process. Definitions within the literature refer to empowerment as being a process which occurs over time for the individual who is personally challenged to achieve power and control within his/her own life context by the application and reflection of learning new knowledge and skills. The purpose of this investigative case study is to examine the reality of the empowerment process as it occurs in the individual lives of a group of women who have actively participated in the learning environment of an investment club over a 2 year period in Brisbane. The three dimensions of empowerment support the structure of the study with the findings evidencing 'authentic empowerment' is achieved when the individual seeks to operate within the dual learning environments of the supportive group as well as the solo learning environment. The reality of individual authentic empowerment proved to be a continuum of experience dependent upon the individual's levels of motivation, energy, decision-making abilities, knowledge, risk taking, confidence, time and goals. Sustainability of empowerment related to the participant's level of active involvement in the dual learning environments while accepting complete responsibility for actions and consequences.
14
Tornéus, Federico, and Daniel Davallou. "Lita inte på någon : Sociala mediers roll i investeringsbeslut." Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-177798.
Анотація:
BAKGRUND: Investeringssektorn för privata investerare har i takt med digitalisering transformerats. Nya investerare lockastill aktiemarknaden genom ökad fritid, FoMO och TINA.Storamängderinformationhar visat sig varasvårhanterligför en oerfaren investerare vilket resulterar i att investeraren gör fler misstag.Det är därmed naturligt att oerfarna söker sig till erfarna för att utvecklas, i detta fall på sociala medier. Professionellainvesterare lyckasintesystematiskt överavkastamarknadenöver tid. Utöver detfinns inga belägg för att den kollektiva gruppen genererar en överavkastning.Detta väcker frågan om vilket värde deltagandet i investeringsgrupper ger investerare. SYFTE:Syftet med denna studie är att undersöka investerares perspektiv av investeringsgrupper på sociala medier och hur de reflekterar kring investeringsgruppernas inverkan på deras investeringsbeslut. Samt analysera hur deras perspektiv och reflektioner relaterar till deras erfarenhet och tidigare forskning. METOD:Studiens forskningsmetod är kvalitativ.Tio semi-strukturerade intervjuer har genomförts med investerare som har varit eller är medlemmar iinvesteringsgrupper samt har noll till fem års erfarenhet av aktiehandel. SLUTSATS:Studiensresultat finner att investerare som ingått i studiensöker sig till investeringsgrupper på sociala medier för att observera andra medlemmars åsikter.Resultaten indikerar även att investerare ökar sin kompetens i att hantera informationen i investeringsgrupperna. Studien finner även tendenser för investeringsgruppernas påverkan påurvaletsinvesteringsbeslut.Därav föreslås en egenutveckladinformationshanteringsmodellför att förklara hur urvalet kan tänkas processa informationen de utsätts för.BACKGROUND: The private investment sector has seen a transformation as a result of digitization. Increased spare time, FoMO, and TINA attractsnew investors to the stock market.For an inexperiencedinvestor, large amounts of information have proven difficult to handle, resulting in the investor making more mistake. Therefore,it is only reasonable for the inexperienced to seek help from experienced to develop, in this case on social media. Professional investors have not been able to consistently outperform the market over time.Furthermore, no evidence exists that the collective group can do it better. This raises the question of what value investment groups could provide investors. AIM: The purpose of this thesisis to examine investors perspectives oninvesting groups on social media and how investing groups affectstheir investment decisions. In addition, thethesiswill examine how their perspectives and reflections are related to previous studies and their experience. METHOD: Tofulfill the study's purpose, thethesis wasconducted usinga qualitative research method. Investors with zero to five years of stock trading experience were interviewedin ten semi structuredinterviews. CONCLUSION: The results of the study find that investors who have been included in the study mainly seek out investment groups on social media to observe other members' opinions. The findings also suggest that investors improve their ability to handle information in investment groups overtime. The analysis also identifies tendencies in the influence of investing groups on respondents' investing decisions. As a result, a self-developed information management model is offered to describe how the sample might process the information they are exposed to.
15
Ceccarelli, Aron. "International Airlines Group: Equity Investment Report." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9873.
16
Korpel, Isabeau Richard. "Identifying a leverage point to improve business performance through eLearning a case study in a financial institution /." Thesis, Pretoria : [s.n.], 2004. http://upetd.up.ac.za/thesis/available/etd-03022005-151856/.
17
Chantasasawat, Busakorn. "Foreign direct investment and growth in East Asia." Diss., Digital Dissertations Database. Restricted to UC campuses, 2004. http://uclibs.org/PID/11984.
18
D’Amico, William P. "LEVERAGING GOVERNMENT AND COMMERCIAL INVESTMENTS." International Foundation for Telemetering, 1999. http://hdl.handle.net/10150/608713.
Анотація:
International Telemetering Conference Proceedings / October 25-28, 1999 / Riviera Hotel and Convention Center, Las Vegas, NevadaIt is tempting to conceive a program that is self-contained and to fiscally control the all the necessary developments. Such a path will lead to a program that is technically stovepiped and extremely expensive. For the test and evaluation (T&E) community, products are often developed only for single application. We do not exist in such times. The use of other program’s products and commercial products is basically required. This is the path that the Hardened Subminiature Telemetry and Sensor System (HSTSS) has taken. The HSTSS philosophy required that the technologies common to telemetry systems be examined for reduction in cost, size, ease of use, and above all the survivability under high-g or high shock environments. It was clear that HSTSS could not support all of these requirements for transmitters, batteries, electronic packaging, and sensors and be realistically affordable with a good return on investment. This paper describes how the HSTSS program has accomplished the development of new batteries, transmitters, and data acquisition devices based upon a leveraged acquisition strategy.
19
Chen, Ching-Yi. "Human Capital Investment in Taiwan." Thesis, North Texas State University, 1987. https://digital.library.unt.edu/ark:/67531/metadc500299/.
Анотація:
This thesis attempts to analyze the relationship between economic growth and human capital investments in Taiwan. The study's general hypothesis is that increases in human capital investments will stimulate the growth of gross national product. The data were drawn from official Taiwanese publications from different sources. The first chapter emphasizes the importance of human capital investments. Chapter II reviews the related literature. Chapter III specifies the model and research methods. Chapter IV analyzes the impact of human capital investments on gross national product. The study is summarized and conclusions are drawn in Chapter V. Materials collected to analyze the above problem reveal that human capital investments have a positive and significant effect on economic growth. In fact, human capital investments and economic growth are mutually affected.
20
Goma, Ophelia D. "An investigation of the behavior of replacement investment /." free to MU campus, to others for purchase, 1997. http://wwwlib.umi.com/cr/mo/fullcit?p9841143.
21
Dudová, Martina. "Hodnocení investičního projektu společnosti Moravia Sport Group s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162567.
Анотація:
The topic of the thesis is an evaluation of a real investment project of the company Moravia Sport Group s.r.o. with regard to the current and projected development of macro area, competitive environment and financial analysis results. The aim of this thesis is to give recommendations for the management of the company in order to decide whether to realize or reject the intended project. The theoretical part summarizes the basic analysis, the stages of the investment decision, the parameters entering into the investment evaluation and methods of their evaluation. In its practical part, the thesis initially presents the analysis of the external environment and inner potential of the company performed at first. Subsequently the investment project including its input parameters is introduced and an evaluation of the investment on the basis of defined methods is performed. The conclusion of the practical part is devoted to the sensitivity analysis and overall assessment of the investment plan.
22
Salvador, João Ricardo Alves. "Internationalization strategy: Dom Pedro Hotel Group - São Paulo." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9805.
Анотація:
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThis paper has the purpose of study the possible entry of Dom Pedro Hotels in São Paulo. Resources and capabilities of the company were scrupulously assessed and the research revealed that Dom Pedro needs to review its strategic approach and professionalize its internal processes to succeed in its internationalization plans. The internal scanning of Dom Pedro together with an environmental and hotel industry analysis helps the company to find out the best opportunity on the market. A detailed analysis determined the most suitable mode of entry and an implementation plan was recommended. Opening a hotel in São Paulo can be a good investment opportunity, but it should be the first step for a bigger expansion plan in Brazil.
23
Faltus, Milan. "Analýza investičního cyklu v ČR v letech 2000 - 2012." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-197650.
Анотація:
The theme of this thesis is to analyze the development of the investment cycle in the Czech Republic in the years 2000-2012 and clarify the impact of defined development determinants of the investment. In the thesis, the investment environment in, which investors make decisions, is described and which the economic policy of the state affects. After the contribution analysis of individual growth components of GDP, the following statistically oriented section examines the level of investment, investment determinants and their mutual connection with GFCF. The work also contains an alternative view on the investment in the production sector, with the help of G. Reisman's GDR indicator. Finally, there are introduced others, not so well quantifiable factors that may also influence the formation and development of the investment cycle.
24
Bydžovská, Ivana. "Klady a zápory investičních pobídek (srovnání se zahraničím)." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-11446.
Анотація:
This paper is focused on Investment Incentives. First, a historical development, a legal framework and types of Investment Incentives in the Czech Republic are described. Paper analyses positive and negative effects of the Investment Incentives. This part is followed up by a comparison of systems of the Investment Incentives in Visegrad Group countries and Ireland. The last part is devoted to an analysis of business environment in the Czech Republic.
25
Felisberto, Francisco Luís. "Equity research - The Goldman Sachs Group, Inc." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14632.
Анотація:
Mestrado em FinançasEste relatório contém uma avaliação do grupo financeiro The Goldman Sachs Group, Inc., elaborado como Projeto Final do Mestrado em Finanças do ISEG - Universidade de Lisboa. O estudo segue o formato recomendado pelo CFA Institute (Pinto, Henry, Robinson, e Stowe, 2010). Para efetuar a avaliação, foi considerada informação pública a 5 de outubro de 2017, recolhida de diversas fontes, tais como relatórios anuais ou Bloomberg L.P. Consequentemente, eventos ocorridos após esta data não são considerados nesta análise. As razões que levaram à escolha da Goldman Sachs foram essencialmente duas: devido à complexidade que empresas financeiras apresentam, é um maior desafio quando comparando com empresas industriais (como realizado durante o mestrado); e é, na opinião do autor, uma das empresas mais interessantes a nível mundial por toda a sua história, controvérsias e poder nos principais mercados financeiros. Para obter uma recomendação, foi utilizado um modelo de Excesso de Retorno para valorizar o capital próprio do banco e uma avaliação por múltiplos para complementar o modelo principal. Com um preço-alvo de $ 230.25 e potencial de desvalorização de -5.0% a partir do preço atual de $ 242.55, a nossa recomendação final para The Goldman Sachs Group, Inc. (NYSE: GS) é "Reduzir".
This report encompasses a valuation of The Goldman Sachs Group, Inc. elaborated as a Master's of Finance Final Work Project at ISEG - University of Lisbon. The study follows the format recommended by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). To conduct this research, we considered public available data on October 5th, 2017, collected from various sources, such as company reports and Bloomberg L.P., among others. Therefore, events after this date are not reflected in this analysis. We decided to conduct a valuation of Goldman Sachs for two main reasons, them being: conducting this type of work on financial service firms represents, in my opinion, a greater challenge compared to industrial companies (as it was previously performed during the master degree); the second reason is because, in my opinion, The Goldman Sachs Group, Inc. is one of the most interesting companies in the world for all its history, controversies and power in the major financial markets. To reach a recommendation, we used an Excess Return model to value the equity of the firm, as well as a multiples analysis to complement the previous model. With a price target of $ 230.25 for YE18 and a downside potential of -5.0% from the current price of $ 242.55, our final recommendation for The Goldman Sachs Group, Inc. (NYSE: GS) is "Reduce".
info:eu-repo/semantics/publishedVersion
26
Jansson, Victor. "A Prioritization Model for Investments : A Case Study at Volvo Group Trucks Operations." Thesis, Uppsala universitet, Industriell teknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-387892.
Анотація:
Volvo’s plant in Umeå has a constant need for development, where to start new activities like projects and investments are important tools, where the competition on the market is increasing. The need for investments are major compared to the resources available, both in terms of human resources and economic resources. The plant needs to prioritize trying to choose what kind of investments are the best for the plant’s future. The problem is that there is a lack of reliable priority model for investments that consider several different parameters. To solve this issue the goal is to create a useful model that can work as a tool to prioritize projects and investments in an appropriate and reliable way. The study began with a literature review to make the researcher approach the subject and gather the knowledge needed for this study. After this, qualitative semi-structured interviews were made with different managers at the plant, to acquire their expertise and knowledge regarding the selection of criteria and their preferences of how the model should work. The next step was to analyze the old model used at the plant, its strengths, and weaknesses. At the same time, constant discussions were held with the supervisor and his manager but as well with the university, mainly through seminars. When the researcher felt he was ready he started to create the new model. There were 30 criteria included in the model, mainly collected through interviews. The large number of criteria collected were sorted into Volvo’s catchwords SQDCEP (Safety, Quality, Delivery, Cost, Environmental, People). These were decided to function as the main criteria in the model, and all the 30 criteria were called sub-criteria. The model itself originates from a process called the Analytical Hierarchy Process (AHP). It is an established and wellknown methodology to make prioritizations. Its main idea is to compare every single project against each other which makes the method very thoughtful, solid and probably better than other ones. The conclusion is that the model is complete and should work perfectly to be used for Volvo and other companies in the complex manufacturing industry. Furthermore, the criteria chosen for the model should also be applicable for other similar companies to Volvo, as the criteria are not unique.
27
González, Guve José Bertil. "Making up ones mind without ground - on judgment and conviction in venture capital investments." Doctoral thesis, KTH, Industrial Economics and Management, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-3657.
28
Karlsson, Henrik. "Uplift Modeling : Identifying Optimal Treatment Group Allocation and Whom to Contact to Maximize Return on Investment." Thesis, Linköpings universitet, Statistik och maskininlärning, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-157962.
Анотація:
This report investigates the possibilities to model the causal effect of treatment within the insurance domain to increase return on investment of sales through telemarketing. In order to capture the causal effect, two or more subgroups are required where one group receives control treatment. Two different uplift models model the causal effect of treatment, Class Transformation Method, and Modeling Uplift Directly with Random Forests. Both methods are evaluated by the Qini curve and the Qini coefficient. To model the causal effect of treatment, the comparison with a control group is a necessity. The report attempts to find the optimal treatment group allocation in order to maximize the precision in the difference between the treatment group and the control group. Further, the report provides a rule of thumb that ensure that the control group is of sufficient size to be able to model the causal effect. If has provided the data material used to model uplift and it consists of approximately 630000 customer interactions and 60 features. The total uplift in the data set, the difference in purchase rate between the treatment group and control group, is approximately 3%. Uplift by random forest with a Euclidean distance splitting criterion that tries to maximize the distributional divergence between treatment group and control group performs best, which captures 15% of the theoretical best model. The same model manages to capture 77% of the total amount of purchases in the treatment group by only giving treatment to half of the treatment group. With the purchase rates in the data set, the optimal treatment group allocation is approximately 58%-70%, but the study could be performed with as much as approximately 97%treatment group allocation.
29
Lesotlho, Patrick. "An investigation of the determinants of private investment: the case of Botswana." Thesis, University of the Western Cape, 2006. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_3369_1189596802.
Анотація:
Private investment in Botswana as well as a ratio to Gross Domestic Product has been falling in some periods of 1976-2003. Viewed against the background of growing evidence of a link between investment and economic growth, an inconsistent and downward trend in Botswana's private investment is a matter of concern. Several studies in developing countries emphasize the importance of macroeconomic policy in explaining variations in investment, an in particular, identify the microeconomic determinants of private investment to include interest rates, output growth, public investment, bank credit to the private sector, inflation, real exchange rate, and the level of trade. This study evaluated the macroeconomic determinants of private investment in Botswana by means of a regression analysis based on the co-integration and Error Correction Model of Engle and Granger (1987).
30
Igbokwe, Okezie. "The impact of infrastructure investment on real growth in Nigeria." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97461.
Анотація:
Thesis (MDF)--Stellenbosch University, 2015.ENGLISH ABSTRACT: The Nigerian economy has suffered huge infrastructure deficits since her independence in 1960, thereby limiting economic growth potential of the country considerably. This research conducted a Granger causality test between Real Gross Domestic Product, infrastructure investment and productivity across manufacturing, agriculture and industrial sectors in Nigeria for the period 1981 – 2012 using multivariate vector error correction model. The co integration test shows that there is a long run relationship between infrastructure investment and economic growth at both at 1 percent and 5 percent levels of significance. Further, the granger causality test indicated a one way causal relationship between infrastructure investments and economic growth in Nigeria running from infrastructure investment to Real Gross Domestic Product growth. We equally established a one way causality relationship between agriculture sector productivity and gross domestic product growth, a one way causal relationship between manufacturing sector productivity and Real Gross Domestic Product growth and a very significant one way causal relationship that runs from infrastructural investment to agriculture sector productivity, all running from the former to the latter. The economic implication of this is that the existing level of infrastructure investment in Nigeria is a significant contributing factor to growth in the level of rea gross domestic product. However, despite the sustained real gross domestic product growth, the Nigerian government has been unable to translate this growth to physical infrastructure development. We conclude that in order to achieve the double digit economic growth needed for a comprehensive economic transformation of Nigeria, the Nigerian government needs to accord greater priority to infrastructure development, particularly in the agricultural and manufacturing sectors.
31
Cameron, Stuart. "Great hopes, good jobs, affordable investments, and becoming a real person : education decisions of the urban poor in Dhaka, Bangladesh." Thesis, University of Sussex, 2013. http://sro.sussex.ac.uk/id/eprint/45276/.
Анотація:
Urban poverty is rising as economic development is accompanied by rural-urban migration and the majority of the world's population becomes urbanised. Policymakers and researchers are only now coming to grips with the implications for education. Educational deprivation still tends to be seen as a primarily rural problem, especially in a historically rural economy such as Bangladesh's. Little is known about educational access and outcomes for the urban poor, what resources they need to use to get children admitted to school and keep them there, and what benefits they can expect to get in return. This thesis examines how poor households living in slums of Dhaka city, Bangladesh, make decisions about their children's education. In particular it asks what aspects of education are valued by parents and children; what the costs of education are; and how these costs and valued outcomes combine to influence the decisions that parents and children make with regard to school. The study is based on a survey of 1599 households and in-depth interviews with 34. Quantitative methods are used to examine associations of different household and individual characteristics with educational outcomes, and qualitative methods to explain the underlying processes. The data show that the slum environment is far from being an easy one to live in, and most households live below the poverty line. They face high rents and food prices, are time-pressed, and have limited support from friends and relatives. Households had to draw on their resources to cover the costs of school, support their children's learning, and manage the relationship with the school. Direct financial costs of education were substantial compared to income. More than half of children in primary school took private tuition, despite the low incomes of their parents. There were also important opportunity costs. Children could work instead of going to school, especially at older ages. Parents and children valued a range of aspects of education. They aspired to professional or formal-sector employment and saw education as key to this, but were ambivalent about whether a small amount of primary education would bring substantial benefits. School education was enjoyed in its own right and also seen as the way that one ‘becomes a real person,' respected in the community and by a future spouse, with correct moral and social behaviours. It was seen as useful, if not strictly necessary, for a girl to marry and fulfil her expected future role as a wife and mother. Households had to balance these valued benefits of education against the resources they needed to use for it, and the resulting decisions – to enrol in school, to stay in or drop out, to spend more, and to go to a government, non-government organisation, or private school – were strongly influenced by the wealth, location, social connections, and education of the parents. Children from wealthier households tended to stay in school longer, but location was also important, probably reflecting the different availability of schools in different slums. Drop-out decisions were sometimes made by children themselves, especially for boys. The thesis concludes by summarizing the findings, reflecting on the conceptual model used, and putting forward policy implications. It argues that the framework based on a mixture of livelihoods and human capital theory is broadly a useful one for considering education decisions. Among the priority areas for education policy for the urban poor, it highlights the lack of government provision of school places, problems caused by evictions and uncertain legal status of slum dwellers, poor coordination between government and non-government organizations, and the inequitable effects of widespread private tuition.
32
Mukuya, Prisca R. "The impact of financial development on private investment in south Africa." Thesis, University of Fort Hare, 2014. http://hdl.handle.net/10353/d1018210.
Анотація:
Empirical evidence and theoretical propositions suggest that financial development is strongly correlated to private investment because financial development positively affects investments by affecting capital accumulation, altering savings rate or by channelizing savings to various capital producing technologies. This study empirically investigated the impact of financial development on private investment in South Africa using quarterly data for the period 1994/01 to 2011/04. This study assess whether the theoretical and empirical propositions can be supported in South Africa. Cointegration tests using the Johansen approach (1988) were conducted to examine if there is a stable relationship in the level of private investment and financial development in South Africa. As a proxy for financial sector development, credit to private sector as per cent of GDP and stock market development were employed. Other variables that affect investment such as real interest rates and real GDP were also included in the model. Results of the study indicate that stock market development and real GDP have a positive relationship with private investment. Bank credit to the private sector however showed a negative relationship with private investment. A negative relationship was also noted for the relationship between private investment and real interest rates.
33
Mattson-Prieto, Raquel. "Identity, Discursive Positioning, and Investment in Mixed-Group Spanish Language Classes: A case study of five heritage speakers." Diss., Temple University Libraries, 2019. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/553710.
Анотація:
SpanishPh.D.
Research in identity and heritage language (HL) education focuses on the experiences of heritage speakers (HS) and how certain classroom discourses can devalue the skills and proficiencies that they bring with them to the class (García & Torres-Guevara, 2010; Leeman, 2012; Showstack, 2016). These dominant and monoglossic language discourses often focus on the teaching and acquisition of a “standard Spanish language” (Train, 2007; del Valle, 2000). Although scholarship on HL education has long advocated for separate specialized courses to meet the needs of HSs (Potowski, 2002; Valdés, 1997), many HSs remain in courses designed for second language (L2) learners because institutions do not consistently offer specialized instruction. Some research has investigated the experiences of HSs in mixed L2-HL classes (Harklau, 2009; Potowski, 2002), but there is a need for an examination of the classroom discursive practices in courses tailored for L2 learners and how those practices shape how HSs of diverse backgrounds position themselves as Spanish speakers within and outside of the classroom. The present study explores the representation of identity among HSs enrolled in university-level Spanish language classes. This investigation examined the relationship between HSs’ perceived instructional objectives in a Spanish as a second language class, the ways HSs positioned themselves as knowledgeable of the language concerning these objectives, and finally, their subsequent investment in their Spanish studies. The data come from a classroom ethnography and were analyzed within a grounded theory methods approach (Glasser & Strauss, 1967) and showed the extent to which classroom activities were inclusive to HSs’ pedagogical needs. Further, from a social identity and positioning lens, I considered how language ideologies that value the standard linguistic repertoires of monolingual native speakers’ affected individuals’ perceptions and relationships to their heritage community, and the expert or novice identities they negotiated during social interaction. Classroom observations and interviews revealed that the instruction that HSs received often promoted a linguistic hierarchy that devalued the non-standard language forms that reflected the participants’ ethnolinguistic backgrounds. The findings show that each HS navigated classroom discursive practices and negotiated multilingual identities in interaction with their peers, teachers, and the curriculum in different ways. Some of the participants became ambivalent toward the language and its speakers as their backgrounds went unacknowledged in classroom practice, while others found value in the Spanish classes because of past experiences. Findings suggest that there is a need for methodologies in mixed-group classrooms that reflect and acknowledge the sociolinguistic variation of the class (Gutiérrez & Fairclough, 2006).
Temple University--Theses
34
CARLSSON, LINNEA, and CAROLINE JOHANSSON. "How to measure Return on Investment on Voice of the Customer - A case study at the ASSA ABLOY Group." Thesis, KTH, Maskinkonstruktion (Inst.), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-192479.
Анотація:
Innovation är idag en välkänd framgångsfaktor för företag att skaffa sig konkurrensfördelar (Mansury & Love, 2008; Sicotte, Drouin & Delerue, 2014). En bra utgångspunkt för innovation är att samla kundinsikter genom en metod som kallas Voice of the Customer (VoC) där det har visat sig att användningen av metoden kan leda till en hel del förbättringar, både finansiella och icke-finansiella, t.ex. högre lönsamhet och kortare ledtider (Cooper, 2013). Trots dessa identifierade positiva effekter har ingen tidigare forskning undersökt sambandet mellan VOC och Return on Investment (ROI). Därför är syftet med denna studie att hitta relationen mellan VoC och ROI. Studien genomfördes som en fallstudie på ASSA ABLOY och inkluderade flera källor för insamling av data. En omfattande litteraturstudie utfördes följt av en empirisk datainsamling i form av intervjuer och enkäter. De viktigaste områdena som undersöktes var innovation, VoC, kunskapshantering samt mätetal kopplade till innovation. Den kvalitativa delen bestod av 16 intervjuer med chefer och den kvantitativa delen av 155 användbara enkätsvar från ASSA ABLOY globalt. Resultaten från intervjuerna transkriberades och analyserades genom ett kvalitativt analysverktyg. Resultaten från enkäterna analyserades både statistiskt med hjälp av linjär regression och T-test samt en kvalitativ beskrivande analys. Denna studie har hittat en relation mellan ROI och VOC, på projektnivå, genom en värdekedja där immateriella tillgångar och kunskapshantering har en central roll. Resultatet av studien visar att det är av stor betydelse hur värdet av att utföra en VOC tas tillvara på i ett antal nivåer. Detta inkluderar hela kedjan från insamling av kundinsikter till hur dessa driver innovationsprojekt och till slut ger resultat. Mer konkret så utformades en modell för att kunna se effekterna från VoC på ROI på projektnivå. Den utformades för att ge implikationer till ASSA ABLOY om hur man kan följa upp investeringar, processer samt resultat av de projekt som drivs av insikter från VoC. Detta gavs med ett förslag om hur en kunskapsdatabas för VoC skulle kunna utformas.Innovation management is today a well-known success factor for companies to gain competitive advantage (Mansury & Love, 2008; Sicotte, Drouin, & Delerue, 2014). One useful starting point for innovation is to gather information about customers wants and needs through a method called Voice of the Customer (VoC). It has been shown that the use of VoC lead to several improvements, both in financial and non-financial terms, among them higher profitability and a shorter time to market can be gained (Cooper, 2013). Despite these positive effects, no previous research has investigated the link between VoC and Return of Investment (ROI). Therefore, the aim of this paper is to find the relationship between VoC and ROI. The study was conducted as a case study at ASSA ABLOY including multiple sources of data. An extensive literature review was performed followed by an empirical data collection through interviews and questionnaires. The main areas investigated were innovation, VoC, knowledge management and innovation measurements. The qualitative part consisted of 16 interviews with managers and the quantitative part of 155 useful questionnaire answers, at ASSA ABLOY globally. The results from the interviews were transcribed and analysed through qualitative data analysis software. Furthermore the results from the questionnaires were analysed statistically using linear regression and T-test. The analysis of the questionnaires was also carried out qualitatively. This study found a relationship between ROI and VoC, on a project level, through a value chain where intangible assets and knowledge management have a central role. It was found to be of great importance for the final outcome how the value of performing a VoC is captured in a number of levels, from the beginning where insights are gathered to how these drive innovation projects and give tangible results. More concrete, a model towards how to see the impact VoC has on ROI of projects. It was designed to give managerial implications to ASSA ABLOY on how to track investments, the process and outcome of projects driven by insights from VoC. This including a proposal of how a knowledge database regarding VoC could be designed.
35
Bolani, Lindelwa Mandisa. "The interrelationships between foreign direct investment and economic growth in Africa." Thesis, Rhodes University, 2015. http://hdl.handle.net/10962/d1019885.
Анотація:
There has been a long search for the keys to development and economic growth in Africa. This study investigates the relationship between FDI and economic growth over the period 2000-2012 using data from 48 African countries. On the aggregate regional level FDI and economic growth were found to be positively correlated during this period. Using panel data econometric techniques and the Panel Granger Causality test, results revealed that a bi-directional causality relationship existed between FDI and GDP. Thus, the results suggest that GDP is a requirement for increased investment, and at the same time is the result of increased foreign investment. Thus, the conclusion is that African policy makers are justified in increasing their attempts to create an attractive business environment for foreign investors, as it is beneficial for economic growth.
36
Joyez, Charlie. "Heterogeneous Firms and Foreign Direct Investment Strategies." Thesis, Paris Sciences et Lettres (ComUE), 2017. http://www.theses.fr/2017PSLED061/document.
Анотація:
Cette thèse se propose d’étudier le rôle de l’hétérogénéité des entreprises multinationales dans leurs stratégies d’investissements directs à l’étranger (IDE). Si de précédents travaux soulignent l’importance de la productivité individuelle des entreprises dans le fait de devenir une multinationale, peu évoquent l’hétérogénéité restante entre ces entreprises pour expliquer les différences de choix de mode d’entrée ou de motif d’implantation à l’étranger. A travers des approches théoriques et empiriques innovantes, basées sur l’utilisation de données confidentielles d’entreprises françaises, nous montrons que l’hétérogénéité des entreprises détermine chacun des trois aspects stratégiques détaillés dans cette thèse : Le taux de contrôle à l’étranger, le motif d’implantation et la structure du réseau de filiales. Plus précisément, la productivité et l'expérience de la firme favorisent un contrôle accru des filiales étrangères, leur importance relative dépendant du pays hôte. Ces caractéristiques sont également associées à une intégration plus profonde dans les chaînes de valeur mondiales, ainsi qu’à la constitution d'un réseau d’implantations plus original. Ces résultats permettent une meilleure compréhension des choix des multinationales, au-delà de l’apparente complexité des flux d’IDEThis thesis examines the role of firms´ heterogeneity in the Foreign Direct Investments (FDIs) strategies. We already know firms’ heterogeneity to sharply distinguish between domestic firms, exporters and multinationals (MNEs). Yet, to what extent it impacts their foreign direct investments (FDIs) strategies among MNEs is rarely evoked, while several entry mode choices and FDI motives coexist. Mixing both theoretical and empirical innovating approaches using French firm-level data, the four chapters of this PhD dissertation reveal that the firm heterogeneity influences all of the three dimensions of strategies we review: foreign ownership mode, FDI motive and structure of the overall network of affiliates. Specifically, firm-level productivity and international experience foster deeper integration with a changing relative importance according to the host country. They are also associated with production motives and vertical integration into the global value chains. The more productive firms also display original affiliates’ network structure. These findings allow a better understanding of multinationals’ choices underneath the ``complex’’ global picture of FDI flows
37
Idhenga, Salome Ngwedha. "Exchange rate and foreign direct investment inflows: a case of Namibia 1990-2014." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/6762.
Анотація:
Purpose - this study is aimed at to investigating the effects exchange rate and other variables on foreign direct investment (FDI) inflows have on the Namibian economy. Methodology -The model comprises of the unit root test, the co-integration test, the long run equation co-efficient, an error correction model, the normality test and the stability test, were employed to estimate and interpret the results. Finding and recommendations - The results of the study have revealed that a relationship exists between exchange rate and FDI. However, this relationship is said to be statistically insignificant. It cannot therefore be used as a tool to influence FDI in Namibia. The results further indicated that GDP and trade openness were the most significant determinants of FDI in Namibia. The recommendations of this study thus suggest that the government should implement policies to diversify its production across all sectors and increase the manufacturing of finished goods, so as to enhance the GDP growth. Namibia should further advance its trade open through in-creased and fast-tracked trade agreements at both bilateral and multilateral levels.
38
Kasongo, Atoko. "Essays on savings in South Africa." University of the Western Cape, 2019. http://hdl.handle.net/11394/7616.
Анотація:
Philosophiae Doctor - PhDSavings is essential for boosting economic growth. Low savings in a country will have negative consequences for both investment and economic growth. South Africa has continued to expe rience declining saving rates and in recent years, accompanied by declining economic growth. The study evaluated savings in South Africa by decomposing it into household saving, cor porate saving and public saving. The focus was to investigate the determinants of household savings, corporate and public savings. In addition to examining the determinants of savings, the research has also analysed the saving-investment relationship for South Africa. The study used a Bayesian vector auto regressive model to investigate the determinants of household sav ing from 1980Q1 to 2017Q4. The results of the investigation on household saving showed that GDP, inflation rate, and financial deepening determine household saving in South Africa. The Bayesian VAR was also used to identify the determinant of budget deficit between 1980Q1 to 2017Q and found Real GDP, inflation rate, total government debt, investment by general government and the inflation rate to be determinants. The Blundel-Bond Generalized Method of Moment (GMM) was used to investigate the determinants of corporate saving in form of cash holding for 80 non-financial firms listed on the JSE between 2007 and 2017. The results showed leverage, cash flow, debt maturity and previous amounts of cash holding to have significant effect on cash holding in SA. Lastly, the study examined the saving-investment nexus for South Africa using yearly data from 1980 to 2016. Using the Autoregressive Distributed lag (ARDL) and the Error Correction Model, (ECM), the study found a cointegrating relationship between domestic saving and domestic investment. It further found a positive relationship between domestic saving and domestic investment in both the short and long run. Causality analysis showed a unidirectional causality from domestic saving to domestic investment.
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Petkova, Polina. "Porovnání investičního prostředí České republiky, Slovenska, Maďarska a Polska." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-164000.
Анотація:
This thesis focuses on the topic of foreign direct investments in the Visegrád Group, members of which are the Czech and Slovak Republics, Hungary and Poland. These four countries are involved in strong competition in attracting FDI. The main purpose of this thesis is to review the investment attractiveness of these countries and provide an overview about the available investment incentives. Therefore, the first part of the paper defines the term of "foreign direct investment"including its types. Subsequently the author provides an overview about the most relevant FDI theories and the factors which determine FDI localization. The second part of the thesis analyses the investment environment of each country, for the purpose of which the following factors were taken in consideration: macroeconomic stability, investment incentives available to potential investors, labor market, transportation infrastructure and tax system. Finally, the last part concludes all finding and revises the relevancy of the theories. The methodology of this thesis is based on the traditionally used methods of economic analysis and in particular the methodology of comparison. Expert technique was used in the form of discussions and consultations with investors and investment consultants focusing on FDI in the region.
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Calver, Robin Barnaby. "Macroeconomic and Political Determinants of Foreign Direct Investment in the Middle East." PDXScholar, 2013. https://pdxscholar.library.pdx.edu/open_access_etds/1074.
Анотація:
This study argues that governments with sustained GDP growth, open markets, low country risk, high levels and low standard deviation of government performance, and few or no occurrences of war, will see larger levels of foreign direct investment (FDI) over time. Scholarship on the determinants of FDI variously argues the influence of GDP growth, the openness of a country's economy, a government's level of political capacity, the level of country risk, and the negative effects of inter-, intra- and extrastate conflict. These studies on the various effects on FDI, while providing insightful and substantial statistical results, fail to capture the simultaneous effects of macroeconomic, government performance, country risk, and war variables. The present study attempts to resolve this gap in the literature on FDI by proposing a multi-dimensional model of the combined effects of un-weighted macroeconomic, political, country risk, and war variables on FDI flows over time. The empirical results confirm the expected multi-dimensional nature of FDI flows over time and provide insight into the macroeconomic and political effects on regional and country-level yearly flows of FDI, as well as yielding some unexpected and counter-intuitive results of the role war plays on FDI flows over time.
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Kwong, Peng-Chien, and 鄺芃蒨. "Foreign Direct Investment, Export and the Role of Business Groups." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/86854074394655582539.
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Lin, Yung-Ping, and 林勇斌. "The Investment of Taiwan’s Business Groups in Mainland China---The Case Study of Formosa Plastics Group." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/99402380450163244746.
Анотація:
碩士國立東華大學
大陸研究所
90
The medium and small enterprises have played important roles in Taiwan’s economic development, and this is the so-called “Taiwan experience.” However, the weight of business groups in Taiwan’s economy has been increasing in recent years. Especially after the globalization of the world economy, enterprises tend to be more capital-intensive and more technology-intensive in order to face competition. Business groups that expand their production/business overseas and diversify their products over time, therefore, can integrate more resources to grow and compete internationally. In addition, the behaviors of business groups have their social implications and demonstration effects. Our paper focuses the investment behaviors of business groups in Mainland China. We choose Formosa Plastics Group, the leader of Taiwan Petrochemical industry, as an example for our analysis. We would like to investigate the factors that foster/dampen the investment in China, as the business groups expand internationally. Based on the data from China Credit Information Service and Taiwan Economic Journal, the case of Formosa Plastics shows that they open subsidiaries in accordance with their investment strategy of vertical integration. However, due to the governmental restrictions on Mainland China’s investment, Formosa Plastics has been only investing on those downstream industries with lower capital intensity and lower technology. Recently their investment projects have moved toward newer and higher value-added industries.
43
Walker, Mark D. "Internal capital markets and investment efficiency evidence from Japanese industrial groups /." 2001. http://catalog.hathitrust.org/api/volumes/oclc/52210755.html.
44
Lin, JIh-Chieh, and 林智傑. "Factors of Oversea Direct Investment Valued by Different Groups of Manufacturers." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/47192373361702643116.
Анотація:
碩士東吳大學
經濟學系
91
Abstract Globalization in today’s business trend and climate has significantly shortened distance among countries. As a result, resources sharing and reallocation are being handled at a much more efficient pace with positive progress. Therefore, in moving towards business globalization, planning for business continuous and being more competitive have become the primary areas of focus for many of corporations. The Logistic Regression Analysis made in this thesis is based upon the forecast theory stated in ‘Foreign Direct Investment’ and the 2001 survey results by Department of Statistics, Ministry of Economic Affairs, R.O.C, in which targeted at the manufacturers who have directly involvement in foreign investment. In addition, this thesis provides the comparisons and discussions of investment options that valued by different groups of investors. Below is an overview of analytical findings described in this document: 1.Unlike manufacturers who invest in Asiana (Indonesia, Malaysia, Philippine, Singapore, and Thailand) areas, majority of investors who invest in China and USA have confident in local business climate and believe the environment has induced great business opportunity and potential. 2.Manufacturers who invest in China believe it is easier to obtain land in China. However, such thought is not supported by the investors who choose to invest in a different region, such as USA or Asiana. 3.Cheap labor in China is another factor that encourages foreign manufacturers for investment in China. On the other hand, labor is not a determine factor for manufacturers to invest in USA. 4.Unlike investing in USA, diminishing local business climate is one of the major factors for manufacturers to choose to invest in China and Asiana. 5.Manufacturers who invest in China have been identified to have follow trends of their Taiwanese clients to go investing in China, while manufacturers invest in USA because of the requests from their clients. 6.Majority of manufacturers who invest in China are more in the area of mass producing of final products, while semi products is more of the concentration for manufacturers who invest in Asiana. 7.Manufacturing Investors from high density of Research and Development (R&D) regions tend to invest in USA. On the other hand, less such investors choose to invest in China. In conclusion, developing countries and well-developed countries have different factor endowments that attract and impact different groups of manufacturing investors’ decisions. Analysis described in this thesis has clearly shown that investors consider not only the pros and cons from corporation’s aspects, but also from the pros and cons of the target regions to select the final region of interests for investment.
45
Mykhayliv, Dariya, and K. G. Zauner. "The Impact of Equity Ownership Groups on Investment: Evidence from Ukraine." 2017. http://hdl.handle.net/10454/11601.
Анотація:
yesWe empirically investigate the impact of different ownership groups on companies’ investment in Ukraine with a novel dynamic investment model where investment is based on present and historical levels of profitability (market-to-book value of equity) and lagged investment. Groups include state, insider, non-domestic, financial and financial and industrial group (FIG) ownership. Contrary to the literature, we find that the past level of profitability significantly affects investment; the presence of and increases in state ownership have a negative impact on firms’ investment, as is the case for non-domestic and financial companies’ ownership. Insider and FIG ownership have no impact on investment. We explain the results by the extent of liquidity concerns (hard and soft budget constraints) and the extent of asset stripping for the corresponding ownership group and relate them to over- and underinvestment, and to the free cash flow or cash constraint hypothesis.
46
Huang, Che-Hui, and 黃哲暉. "A Case Study on Fubon Groups’ Investment on Taiwan Mobile Company." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/00745327073581062087.
Анотація:
碩士國立交通大學
管理學院碩士在職專班科技管理組
98
After the worldwide financial crisis in 2009, the net income of Fubon financial holding company was the best among that of the fourteen others in Taiwan. The industrial domain of Fubon group does not only include the financial businesses, which are banking, securities, insurance and investment trust, etc., but also extends their realm into the business of real estate and telecommunications. With an ample capital, Fubon Groups could stretch itself into many kinds of industries. Among all the industries, they developed real estate business due to the restrictions on the capital usage of insurance companies. Fubon Groups’ decision to become an owner instead of being just a pure investor has not been discussed in the literature. This thesis discusses Fubon groups’ investment strategy on Taiwan Mobile Co. from various perspectives such as the shareholder structure, the ownership transferring process, and management risk during the period of ownership transfer.
47
LEE, JUN-YONG, and 李峻鏞. "The Investment Strategy of Four Biggest Korean Business Groups in Mainland China." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/17066333737612304104.
Анотація:
碩士國立臺灣大學
商學研究所
85
THE ABSTRACT GRADUATE INSTITUTION OF BUSINESS ADMINISTRATION NATIONAL TAIWAN UNIVERSITY NAME : LEE, JUN - YONG MONTH / YEAR : JUNE , 1997 ADVISOR : WEI , CHI - LIN THE INVESTMENT STRATEGY OF FOUR BIGGEST KOREAN BUSINESS GROUPS MAINLAND CHINA The purpose of this thesis is to study the motive and characteristicof direct investment of Korean four biggest business groups in mainland china. Additional, reserach about the investment situation and longterm investment strategy of Korean four biggest business groups in mainland china.The studyobject is Korean four biggest business group , SAMSUNG,HYUNDAI,LG,DAEWOO in mainland china. The main findings can be summarized as follows : １．About motives and purpose of investment , The Korean four biggest business group in mainland china are「promote globallization strategy」 .Additional , In the near futer , make the mainland china become a 「Second domestic investment market」. ２．About investment strategy , Korean four biggest groups promote direct inv- estment with developed technology and company advantage in mainland china. The research explain that Korean four biggest business group invest heavy industry and high-technology industry in mainland china . Additional, expand marketing channel of mainland china domestic market with M&A strategy . About locational strategy , Korean four biggest business group will invest in inland area of mainland china .３．About industry strategy , Korean four biggest business group will expanding the heavy industry and high-technology industry continue . Additional , They will enlarge service and distributive industry . In the near future , they try to become a leader in the mainland china market .
48
陳蓮珍. "An analysis of investment and development of the Chinese business groups for the past ten years." Thesis, 1988. http://ndltd.ncl.edu.tw/handle/p267fv.
49
SU, Tancheng, and 蘇丹成. "Competitive Conducts of Strategic Groups of Securities Investment Trust Industry in Taiwan- A Research on Onshore Funds." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/54957739241647852131.
Анотація:
碩士中原大學
企業管理研究所
97
The government of Republic of China planned to deregulate SITEs (Securities Investment Trust Enterprises) industry since 1983 to stabilize as well as to internationalize Taiwan financial market. The development over the last 25 years of this financial market has expanded from 4 firms in the beginning to nearly 40 firms at present time. Because of the regulatory restrictions, firms in this industry provide similar products and services, along with the situation of limited and overlapping market, firms are facing severe competition in nowadays. Therefore the utilization of business strategy to upgrade firm’s competitive advantage in a tough environment is the utmost issue for the top management. This research takes “strategic group” of the onshore funds as the core concept of the analysis and then uses Co-plot (Common plot) method to draw “strategic group map” of this industry by collecting useful secondary data. Research findings from structural perspective (industry, strategic groups and firms) as well as dynamic perspective (development, movement and trend) are mostly visualized by Co-plot method to demonstrate the competitive conducts of each strategic group within this industry in Taiwan. Several recommendations for firm’s competitive strategy are made afterward for both theoretical and practical purposes. The authors try to analyze strategic and competitive variables based on six years’ data (2003-2008) and then disclose the following research findings. 1. Equity fund / bond fund – the market share of bond fund is positively correlated with total market share, therefore the growth of bond fund contributes to total sales directly. 2. Domestic fund / overseas fund – the market share of domestic fund is positively correlated with total market share, consequently the growth of domestic fund has a direct contribution to total sales. 3. Institutional client / individual client – the market share of institutional client has a positive correlation with total market share, thus the increasing procurement by institutional clients will contribute to total sales directly. 4. Strategic group – two distinctive strategic groups are found. The first is consisted of bond fund, domestic fund and institutional client, and the other is consisted of equity fund, overseas fund and individual client. 5. Bond fund and domestic fund – positive correlation between these two funds is increasing. 6. Institutional client and total market – positive correlation between the market shares of institutional client and total market is decreasing. 7. Equity fund, overseas fund and total market – positive correlations among these three variables (amount of market share) are increasing. According to seven aforementioned analytical dimensions of strategic groups, some interesting findings, based on the concepts of market position and strategic type, are found. 1. “Prospect strategy” does help a firm to enhance market position no matter where the firm stands at the first place. 2. When becoming to be a member of leader’s group, it is easier to maintain its own market position as a “leader-analyzer” than a “leader-prospect.” 3. It is important for any player in the “leader-analyzer” group to preserve its originated strategy, or else it will lose its competitive advantage and then turn out to be a challenger.
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Liao, Pei-Chun, and 廖珮均. "The Impacts of the Internal Capital Markets and Ownership Structure on Investment Decisions: Evidence from Business Groups." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/hg25ah.
Анотація:
碩士國立交通大學
財務金融研究所
104
Previous studies have made a lot contributions to the investment-cash flow sensitivities; however, few papers focus on the relationship between business groups and the investment-cash flow sensitivities. In Taiwan, around one in third of firms listed on Taiwan Stock Exchange and Taipei Exchange are affiliated firms, yet they account for around 60% of the market shares according to their market value in 2012. Affiliated firms plays an important role in the performance of Taiwan’s Economy. Our study focus on the internal capital markets and ownership structure of business groups in Taiwan. We acquire 1279 listed affiliated firms and 4718 listed unaffiliated firms in total four years including 1997, 2002, 2007, and 2012. Our empirical results shows that affiliated firms have lower investment-cash flow sensitivities than unaffiliated ones have. The internal capital markets of affiliated firms function as a role of financing advantage so that the more resources received from internal capital markets, the less reliance of investments on cash flow. Concerning ownership structure of affiliated firms, higher (increased) insider’s direct shareholdings decrease the sensitivities between investment and cash flow. An increase in insider’s pyramid shareholdings, higher (increased) cross-shareholdings, and higher (increased) divergence between board control rights and cash flow rights lead to overinvestment due to the agency costs.