Este trabalho apresenta um modelo integrado de gestão econômico-financeira de sistemas produtivos agropecuários, que destina-se (a) a fornecer ferramentas de gestão para o sistemas produtivos agropecuários, (b) proporcionar a avaliação do uso dos seus recursos e (c) contribuir para o desenvolvimento econômico-financeiro desse setor. Para tanto, realizaram-se (i) uma revisão da literatura sobre a gestão econômico-financeira do agronegócio; (ii) uma revisão sobre ferramentas que deem subsídio a essa gestão; (iii) uma apresentação de um modelo integrado dessas ferramentas e (iv) a sua aplicação. A primeira revisão da literatura revela a diversificação e a integração de culturas como fontes para o aumento da lucratividade dos empreendimento rurais através do compartilhamento de recursos. A segunda revisão bibliográfica aponta como sistema de custos, fluxo de caixa e compartilhamento de recursos auxiliam no aumento da lucratividade. A integração dessas três ferramentas é apresentada através de um modelo conceitual e de uma sistemática de operacionalização, que, posta em prática em um sistema produtivo que integra lavoura e pecuária, apresenta o impacto do compartilhamento de recursos nos custos, nos pontos de equilíbrio, no fluxo de caixa e na utilização de recursos. Os resultados sustentam o compartilhamento de recursos como alternativa para o aumento da lucratividade. O modelo de gestão demonstra ser um conjunto de ferramentas relacionadas, com possibilidade de detalhamento a fim de suprir necessidades específicas. / This paper presents an integrated model of rural enterprise economic-financial management. This model is intended (a) to provide management tools for agriculture production systems, (b) to provide a review of the use of their resources and (c) to contribute to the economic and financial development of this sector. To achieve this objetives it was made: (i) a literature review on agribusiness economic and financial management, (ii) a review of tools that give allowance to such management, (iii) a presentation of an integrated model of these tools and (iv) the implementation of this model. The first action reveals diversification and integration of cultures as sources for increasing the profitability of rural development through the sharing of resources. The second literature review points out how the cost systems, the cash flow and the shared resource assist in increasing profitability. The integration of these three tools is presented through a conceptual model and a its systematic operationalization, which, implemented in a production system that integrates crops and livestock, presents the impact of resource sharing at costs, at the break even points, at cash flow and at resource utilization. The results support the sharing of resources as an alternative to increased profitability. The management model proves to be a set of tools related, whi the possibility of detail in order to meet specific needs.

Master’s thesis deals with the evaluation of investments efficiency in company. The first part of thesis summarizes theoretical piece of knowledge from area of evaluation of investments efficiency, describes the order evaluation of projects and methods used by evaluation. In next chapters thesis deals with the planned investment project in the concrete company, his characteristic and subsequently evaluate his efficiency. Outcome of thesis is formulation of proposal advices.

The master’s thesis deals with the subjective value of stock company IFE-CR, a.s. via selected revenue method. Value estimation will be made to 31. December 2013. The teoretical part explains the main concepts and describes the methodological approaches, related to the company value estimation. Theoretical basis of literature search are developed and applied to specific businness entity in practical part. This part introduces the evaluated company, includes the results of the strategic and financial analysis and in the final stage also the suggestion of value estimation.

Purpose:This thesis is examining two of the most common valuation methods put into practice on firms of different sizes in order to see if the market capitalization has any impact on said valuations. Relevance: Despite the widespread use of the intrinsic valuation methods both in academia and the professional world the amount of coverage concerning real life usage and analysis seems to be somewhat lacking. The numerous studies that cover the pros and cons of different valuation models and their supposed accuracy towards current stock prices. The studies rarely try to analyze whether or not the invisible hand of the market treats the firms differently depending on the market capitalization. Method: In this thesis the Free Cash Flow to Equity and Dividend Discount Model have been applied to 10 different firms of different sizes. The 10 firms were from a market capitalization perspective viewed as  5 “large”  and 5 “small”. For comparison matter, for each of the “large”  firms there was one corresponding “small” firm that operates in a similar line of business. The future growth projections were based on historical data and for the discount rate the Capital Asset Pricing Model (CAPM) was used. Conclusion: The two valuation models showed remarkably similar results, even when applied to firms of greatly different market capitalizations. Within the constraints and delimitations of this thesis, the conclusion is that according to Free Cash Flow to Equity model and Dividend Discount Model models the market does not value the firms differently with regards to market capitalization. In fact the divergencies in terms of absolute numbers of the valuations as a whole only show a 1% percentage unit difference in the Dividend Discount Model and a 2% percentage unit of difference in the Free Cash Flow to Equity model between the large and small cap segments.

Due to increasing skill and awareness of overall functions in programs such as Excel, an increasing number of analysts at real estate firms and consultancies have started developing "desktop" versions of valuation models used for professional appraisal of property value. Due to personal preferences, differences in schools and professional backgrounds, these so called desktop models vary in quality, robustness, accuracy, design and user friendliness. Professional software suites are not suitable either, as they are expensive, hard to learn, hard to adapt to specific needs of the business, outdated design and need of additional IT resources. At a multinational Real Estate consultancy such as Jones Lang LaSalle, requirements on tools used for professional opinions on questions as important as property value, are rigorous. Therefore, decision was made to develop a new DCF model which would be closely monitored by management and have a prismatic approach meaning that the model would satisfy the needs of more than one division at Jones Lang LaSalle. When reviewing existing models and practices at the company, the result became a tailored DCF valuation model that was focused on increasing efficiency of appraisers at Jones Lang LaSalle. Aside from being robust and technically sophisticated, the result also suited the specific needs of Jones Lang LaSalle in terms of features and user interface. Development of the model involved several divisions to ensure that the needs were met for Research & Valuation, Capital Markets, Corporate Solutions and Asset Management at Jones Lang LaSalle.

In spite of the well-accepted belief of the relationship between cash flow and stock price, there are some controversies about whether cash flow is a good value driver in terms of explaining the volatility of stock prices, when compared with other value drivers, such as earnings or dividends. Most of the previous studies that have focused on the relationship between stock price and cash flow have used cross-industries data, primarily S&P 500 index. These studies do not distinguish service industry from manufacturing industry. However, the service industry is different from manufacturing in many ways. These differences make cash play different roles in the daily operation between the service industry and the manufacturing industry. Given these factors, whether the relationship between stock price and cash flow identified in previous studies will hold in the casual theme restaurant industry is the question this study tries to answer. Therefore, a set of 20 casual theme restaurant companies are selected through the COMPUSTAT database as the sample of this study. In this study, the performance of cash flow, earnings and dividends helping to explain the stock price move will be compared and ranked under the setting of casual theme restaurants. This result will provide the management of casual theme restaurants a guideline, which explains how to maintain the stock price increase and minimize the volatility by monitoring the most important value driver of the industry. The methodology of this study will follow the traditional multiple valuation model. The logic of this model is to compare the pricing error of different value drivers and determine which one is the best. The results of this study show that operating cash flow outperformed earnings and dividends in the multiple valuation tests. This is different from the results of previous studies that earnings has the strongest explanatory power in the variance of share price. / Master of Science

This doctoral thesis focuses on modelling as an efficient tool in industrial practice in the field of power industry and environmental engineering. It represents the modelling for technical as well as for economic part and their combination. Industrial companies do not evaluate only technical solutions in terms of investment costs, however, they search for optimized technical-economic solutions. The doctoral thesis describes the modelling of individual equipment as well as technological units in various levels of complexity. Case studies utilising various levels of modelling are represented herein.

Share repurchases reached a decade-high level in 2019, just as US equity indices reached a historical zenith, a move in tandem that supports more than merely a correlative relation. However, this relationship moves beyond that of just a close tandem move in indices alongside share repurchases, but to the behavior of firms which began to leverage themselves in order to promote the evermore profitable strategy of large buyback programs. Those repurchases indicate an idiosyncratic and procyclical leveraging that, while much smaller in scope and less combustible by lack of derivative amplification, led to the gorging on unsustainable debt described by Hyman Minsky and experienced in the Great Financial Crisis in the banking industry. In this case, the 'Minsky moment' that may have inevitably popped the self-promotion bubble came in the form of the 'black swan' event of the coronavirus outbreak. This paper aims to historically frame the issues, with delimitation of the effect of buybacks from 2009 to early 2020 with scant reference to historical factors influencing the increased usage of share repurchase programs. The analysis within this historical scope will reflect empirical measures on the market-wide level of share buybacks and debt levels alongside the concurrent equity index acceleration....

I examine whether sales news and cash flow news are more informative in valuation when they are consistent with earnings news. Prior studies show that earnings response coefficient (ERC) is larger when the earnings surprise is consistent in sign with the sales surprise or the cash flow surprise because the consistency suggests higher earnings persistence. I provide new evidence that indicator consistency increases sales response coefficient and cash flow response coefficient as well as ERC. This consistency effect for sales and cash flow cannot be explained by the standard persistence argument from prior studies. I propose a new argument that can explain the consistency effects for all three indicators. I posit that investors perceive consistent indicators to each be more precise and thus rely more on each indicator. Under this precision argument, I predict and show that indicator consistency is particularly useful when there is high uncertainty about indicator precision. / Business Administration/Accounting

I measure the influence of ESG activities on Free Cash flow to the Firm and Free Cash Flow to Equity. I find that ESG activities primarily benefit the cash flows to creditors of firms in developed markets. The ESG effect predominantly comes from the excess spending of the firm on communicating how it integrates the economic (financial), social and environmental dimensions into its day-to-day decision-making processes. For developed market firms, the additional factor of excess spending on conditions for the workforce plays a role in boosting Free Cash Flow to the Firm.