This thesis presents an alternative approach for the Best Estimate of Liabilities (BEL) approximation in life insurance. The work summarizes the basic theoretical knowledge about reserving in life insurance and deterministic or stochastic projection of future cash flows which is a method commonly used to model the value of BEL. This thesis also presents the theory about durations. We use partial key rate durations to approximate the value of BEL. The proposed approach is tested on a real example life insurance product with profit share. The resulting approximations are close to real values and when partial durations obtained by deterministic calculations are used, the preparation of the approximation is not computationally demanding. 1

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Por el presente trabajo pretende mostrar como objetivo principal, mostrar los resultados de la valorización económica realizado a la Empresa Minsur S.A. al cierre del período del año 2018. Para llegar a esa meta, se han analizado data histórica de la Empresa, información relacionada a ingresos, gastos e inversiones por un período de acuerdo a la vida útil de las minas, incluyendo supuestos utilizados en las metodologías de valorización con el propósito de sensibilizar los datos obtenidos. Como resultado final, se ha obtenido que el valor fundamental de la Empresa es de miles de USD $ 2,154,042 y el precio por acción es de S/. 1.584, los mismos que se han obtenido utilizando información tanto pública y de la propia Empresa, entre otras fuentes confiables de información, y por supuesto en el uso de herramientas financieras. Finalmente, el valor fundamental obtenido en el presente trabajo es de carácter conservador, debido a que no se está dentro de la misma, la valorización relacionada con nuevos proyectos mineros. Así mismo, en el desarrollo del presente trabajo hubo una ligera volatilidad en el precio de los commodities, con proyecciones basados en pronósticos que indicarían una turbulencia de los mismos en el futuro, de acuerdo a proyecciones del Banco Mundial publicadas en enero del año 2019. / For the present work it intends to show as its main objective, to show the results of the economic valuation made to the Minsur S.A. Company. at the end of the 2018 period. To reach this goal, historical data of the Company, information related to income, expenses and investments for a period according to the useful life of the mines have been analyzed, including assumptions used in the methodologies of recovery in order to sensitize the data obtained. As a final result, it has been obtained that the fundamental value of the Company is USD $ thousand 2,154,042 and the price per share is S /. 1,584, the same ones that have been obtained using both public information and that of the Company itself, among other reliable sources of information, and of course in the use of financial tools. Finally, the fundamental value obtained in this work is of a conservative nature, because it does not include the valuation related to new mining projects. Likewise, in the development of this work there was a slight volatility in the price of commodities, with projections based on forecasts that would indicate turbulence in the future, according to World Bank projections published in January 2019. / Trabajo de investigación

Bakgrund: Cirkulär Ekonomi är ett begrepp som växt sig starkare under senare år i takt med att hållbara frågor fått en större roll i samhället. Till följd av detta har olika affärsmodeller som främjar CE blivit allt vanligare, och däribland återfinns funktionsförsäljning. Det finns en stor mängd forskning kring hur en implementering av funktionsförsäljning påverkar olika delar i en affärsmodell och vad som bör has i åtanke för att det ska bli ett lyckat skifte. Något som inte diskuteras lika mycket är de finansiella implikationerna som medförs vid övergången till funktionsförsäljning, och vad de får för betydelse ur ett finansiellt perspektiv och företags kassaflöde. Syfte: Syftet med studien är att undersöka hur olika delar i affärsmodellen förändras vid ett skifte till funktionsförsäljning samt vilka finansiella implikationer det får, med särskilt fokus på kassaflödesförändringar. Vidare avser studien att studera vilken betydelse förändringarna i kassaflöden får med avseende på lönsamhet och risk. Metod: Studien är en kvalitativ fallstudie som har utförts med en abduktiv ansats och pragmatism som vetenskaplig utgångspunkt. Det empiriska materialet har dels samlats in genom semistrukturerade intervjuer och dels genom dokumentstudier. I val av fallföretag användes två urvalsmetoder, bekvämlighetsurval samt målstyrt urval. Slutsats: Studiens resultat visar på att flera förändringar sker i kassaflödet vid ett skifte till funktionsförsäljning, både i form av att befintliga kassaflöden förändras och att nya kassaflöden tillkommer. Förändringarna som sker berör både stora utbetalningar på grund av ett större ansvar och åtagande mot kund, samt betydande inbetalningar till följd av nya inkomstmöjligheter. Vidare har det framgått att förändringarna medför ett väsentligt större risktagande till följd av att ägarskapet stannar kvar hos säljaren, men att det även finns god potential till att uppnå en högre lönsamhet än vid en traditionell affärsmodell. / Background: Circular Economy is a concept that has grown in recent years as sustainability issues have been given a greater role in society. As a result, various business models that encourage CE have become increasingly common, including functional sales. There is a large amount of research regarding how the implementation of functional sales affects different parts of a business model and what should be considered to make the shift successful. Something that has not been discussed as much is the financial implications that come with a transition to functional sales, and what significance they have from a financial perspective and for the cash flows of companies. Research aim: The aim of this study is to investigate how different parts of the business model change in a shift to functional sales and what financial implications it causes, with a special focus on the cash flow changes. Furthermore, the study intends to study the significance of the changes in cash flows with regards to profitability and risk. Method: The study is a qualitative case study that has been carried out with an abductive approach and pragmatism as a research paradigm. The empirical material has been collected partly through semi-structured interviews and partly through document studies. In the selection of case company, two sampling methods were used, convenient sampling and targeted sampling. Findings: The result of the study implies several changes that occur in the cash flow at a transition to functional sales, both in the case of already existing cash flows, but also that new are added. Changes that occur partly affect the payments of the company due to a greater responsibility and commitment towards customers, and also partly the received payments due to new income-opportunities. Furthermore, the study indicates that the changes lead to a significantly greater risk as a result of the ownership remaining with the seller, but it also indicates that there is good potential for achieving higher profitability compared to the traditional business model.

The Co-Alignment Principle is a strategic management framework that guides value-added management. The model suggests that firms will perform successfully if they scan the environment for forces driving change and allocate their resources to industry-leading competitive methods that address environmental trends. When financing and managing a capital project, a firm's managers must think strategically and consider the "four pillars" of project valuation and management: (1) estimating future cash flows over the project's life cycle, (2) determining an appropriate cost of capital/rate of return, (3) assessing and managing operational and financial risk, and (4) investing in the appropriate materials and resources. The four pillars of project valuation and management act as a framework to guide this investigation on university conference center financing. The overall research question of this study asks how university officials make conference center investment decisions based on the four pillars of project valuation and management. To answer the research questions posed by this investigation, this study adopted a multiple case study approach, in which officials at five universities were interviewed about their universities' conference center projects. Interviews with two executive-level personnel at each university along with multiple sources of written documentation provided the basis for conclusions. Evidence from the data collection phase of this project indicates that universities follow similar procedures for financing their conference centers. For instance, they take advantage of low-cost, tax-exempt debt and private contributions to fund these capital projects. In addition, they place little emphasis on sensitivity analyses for cash flow projections and ignore the opportunity costs of capital. University conference center financing practices with respect to the four pillars of project valuation and management are not consistent with the recommendations set forth by traditional financial principles. This study concludes that universities should improve their strategic thinking and pay more attention to the four pillars in order to increase the viability of their conference center businesses. / Master of Science

The diploma thesis deals with the creation of loans provisions in banks. The need for adjustments is based on the existence of credit risk and this thesis presents techniques of credit risk measurement and applied credit risk indicators. Before calculating provisions, it is necessary to classify receivables, whose parameters are also discussed in the thesis. The practical part focuses on methods of calculating provisions. The method of coefficients, discounted cash flow method and statistical methods are compared. Markov model and gross roll rate model were selected from statistical methods. The findings were evaluated and recommendations were made based on the findings.

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This research is aimed to discover and test the potential influencing factors on stock buybacks for Chinese listed companies. 11 new influencing factors hypotheses are developed based on several prevailing hypotheses, such as the information signaling hypothesis, the free cash flow hypothesis, the optimal leverage hypothesis and the takeover deterrence hypothesis. The research will test 11 factors that potentially influence listed companies to buy back stocks. The regression and independent variables will be adjusted. The testing sample is from all the companies listed on the Shanghai Stock Exchange that had stock buyback transactions in 2019. Suggestions will be given according to the regression result regarding the potential influencing factors on stock buybacks for Chinese listed companies in 2019. Due to different influencing factors on stock buybacks, different operating methods may have different effects to achieve different goals. Therefore, the determinants of buyback methods in practice will be discussed. The advantages and disadvantages will be discussed from different perspectives, which can be very useful suggestions in stock buyback practice. / Business Administration/Finance

In Statement No. 33, "Financial Reporting and Changing Prices," the FASB requires that some large companies disclose their historical cost/constant dollar and current cost information in the published financial statements. One of the purposes of these disclosures is to help users of the financial statements in assessing future cash flows. This study was directed toward the examination of the effects of the different levels of disclosures on cash flow projections.

Med en kvalitativ metod genom intervjuer har denna studie undersökt kreditgivares bedömningsprocess för kommersiella fastighetskrediter. Ett område av intresse att studera då det handlar om att bedöma risken att kreditgivaren inte återfår de pengar som lånats ut. Syftet har varit att undersöka processen i sin helhet, kassaflödet och värderingsflödet samt hur bådadera spelar in i bedömningen. Kassaflödet syftar på kredittagarens återbetalningsförmåga medan värderingsflödet syftar på värderingen av säkerheter.  Studiens empiri undersöker bedömningsprocessens olika delar med hänsyn till syftets fyra frågeställningar. Det framkommer att kredittagarens återbetalningsförmåga mäts genom ett detaljerat kassaflöde med relativt kort kalkylperiod. Värderingsflödet är ett mindre detaljerat kassaflöde med längre kalkylperiod för värdering av säkerheter. Studiens analys konstaterar att kassaflödet nästan uteslutande är det centrala i alla bedömningar och bland annat att nyckeltal kopplade till kassaflöde, som historiskt sett använts i bedömningen av rörelsedrivande bolag, kommit att användas även för kommersiella fastighetskrediter. Säkerheters marknadsvärden visar sig vara mindre betydelsefulla även under tider av ekonomisk kris då kovenanter kopplade till dessa ofta bryts men ändå accepteras, så länge återbetalningsförmågan kvarstår. Detta tycks vara naturligt då affärens välgång ligger i kassaflödens förmåga att försörja avtalsenlig ränta och amortering, inte i säkerheters värden. Ianspråktagande och likvidation av säkerheter leder i bästa fall enbart till återbetalning av utestående lånebalans. Ett fåtal fall då säkerheters värden får en större betydelse har dock under studien identifierats. / The study has, using a qualitative research method through interviews investigated creditors assessment procedure for commercial real estate mortgages. An area of interest to study since the purpose of credit risk assessment is about evaluating the risk of the creditor not getting back the money that’s been lent. The purpose has been to investigate the overall procedure and the assessment of cash flow for both repayment ability and valuation of collateral purposes and their roles in the credit risk assessment process. The study investigates the different parts of the procedure with regards to the four questions. It appears that the debtor’s repayment ability is measured through a detailed cash flow projected over a relatively short horizon. Valuation of property collateral is done using a less detailed cash flow projected over a longer horizon. The study concludes that the short-term cash flow almost exclusively is the central part in every assessment and among other findings that ratios referring to cash flow, that’s historically been used in the assessment of operating companies, are now being used for commercial real estate mortgages. The market value of collateral has proven to be less significant even during times of economic crisis when financial covenants referring to these are often broken, but still accepted, if the repayment ability withstands. This seems natural since the prosperity of the engagement lies within the ability of the cash flow to cover the loan servicing, not within the value of the collateral. A claim and liquidation of collateral in the best of cases only results in repayment of the outstanding loan balance. A few cases where the value of collateral receives a greater importance have however during the study been identified.