Several writers in the field of capital budgeting have charged that present day literature on the subject fails to adequately address the post audit phase of capital expenditure programs. This study is essentially a survey of current literature designed to determine the validity of this charge. To accomplish this task, the study compares each author’s published views on selected post audit factors with other responses from the literature and analyzes collective agreements and differences. Armed with this information, an attempt is made to provide answers to three pertinent questions: l. Does general agreement exist among writers on what constitutes the basic elements of post auditing? 2. Within each of these basic elements, has the literature established a generally accepted set of operating principles to guide the practitioner? 3. In general, has the literature to date, individually or collectively, presented an approach to post auditing which is sufficiently structured to enable the practitioner to develop an effective post auditing program and to proceed with implementation?

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In this thesis, I study the variance risk premium in Gold VIX market. Using synthetically created variance swaps, I quantify the variance risk premium to be average -0.068 in absolute terms and -0.358 in log return terms, meaning that purchasing volatility in Gold VIX is generally unprofitable. Although the average negative risk premium is not statistically significant, the mean log return of risk premium is robust with Newey-West test. Furthermore, I attempt to test whether risk premium vary with time or the level of the swap rate, but obtain unclear results.

As corporate sponsorship of sporting events becomes a more popular marketing tool, the price tag associated with these sponsorship agreements has steepened considerably. Over the past thirty years, sponsorship has become an integral part of the Olympic Games. In this paper, we employ an event study methodology to assess the impact of both the Vancouver 2010 Winter Olympic Games and the performance of Canadian Olympic athletes on the shareholder value of national Olympic sponsors. We hypothesize, in line with current behavioral finance research, that the national Olympic sponsors will capitalize on the positive mood and attention associated with the Games in such a way that Olympic sponsorship will positively impact shareholder value. However, we find that, from a stock return perspective, corporate sponsorship of the Vancouver 2010 Olympic Games is not a value-adding investment. We find that while the market index is positively impacted by both the Olympic Games and Canadian medalists, there is a negative and significant impact of the Olympic Games on national sponsors. Furthermore, Canadian medalists have a positive impact on the stock returns of three individual sponsors, but these winners' effects are negative for two sponsors and insignificant for another two sponsors.

This paper uses timer series panel data from Bloomberg to ascertain the affects that carbon prices and other factors have on European oil and steel companies. This paper finds inconclusive evidence of carbon price return correlation with oil and steel company equity return. However it does find a strong positive correlation between the market portfolio excess return, which is the return on the DJS 600 EUR index minus the German three-month T-bill rate, and oil and steel excess equity return.

Technological innovation is a key process for the modern enterprise to gain competitiveness. Technological innovation let United States companies become the leader of the world, and the well developed capital market is the source to promote technological innovation. Science and Technology is the goal of Japan. Japan learns from technology and innovation to become a technological power. But the financial structure is different from United States and Japan. The difference for supporting technological innovation is the subject of this research. The study found that stock market is the most important funding outside the banking system. The mature stock markets in the United States gave birth to the successful technological innovation of the modern enterprise. Whether it the patent application and the export of new products and technologies are the highest in the world. The stock market of Japan is not develop enough, it can¡¦t give enough support to technological innovation. But the tight relation between the companies and banks make up for the immaturity of the stock market. And the relation promotes the enterprises to obtain the outstanding achievements in technological innovation. Overall, the mature stock markets of United States support the development of technological innovation, and achieve a higher degree of technological innovation.

In the first essay, I show that the transition to public equity markets have important implications to firms’ innovative process. To establish a causal effect of the IPO, I compare the long-run innovation of firms that completed their filing and went public with that of firms that withdrew their filing and remained private. I use NASDAQ fluctuations during the book-building period as a source of exogenous variation that affects IPO completion but is unlikely to affect long-run innovation. Using this approach, I find that the quality of internal innovation declines by 50 percent relative to firms that remained private. The decline in innovation is driven by both an exodus of skilled inventors and a decline in productivity among remaining inventors. However, going public allows firms to attract new human capital and purchase externally generated innovations through mergers and acquisitions. In the second essay, we explore the effects of private equity investments on the industries they invest at. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. Finally, in the third essay we model situations in which a principal offers a set of contracts to a group of agents to participate in a project. Agents’ benefits from participation depend on the identity of other participating agents. We show that when assuming multilateral externalities, the optimal contracts’ payoff relies on a ranking of the agents, which can be described as arising from a tournament among the agents. Rather than simply ranking agents according to a measure of popularity, the optimal contracting scheme makes use of a more refined two-way comparison between the agents. We derive results on the principal’s revenue extraction and the role of the level of externalities’ asymmetry. / Economics

Brandenburgische Techn. Universiẗat, Diss., 2004--Cottbus.

84 p. / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2012-12-18T19:48:27Z No. of bitstreams: 1 101010.pdf: 931634 bytes, checksum: 009806e890599dc4561d15bad175f14f (MD5) / Made available in DSpace on 2012-12-18T19:48:27Z (GMT). No. of bitstreams: 1 101010.pdf: 931634 bytes, checksum: 009806e890599dc4561d15bad175f14f (MD5) Previous issue date: 2010 / A governança corporativa pode ser entendida como a capacidade das companhias alcançarem seus objetivos estratégicos envolvendo aspectos referentes à relação com investidores, à estrutura de gestão das companhias, aos mecanismos de gestão de riscos e transparência. Durante a crise de 2008, diversas empresas brasileiras acumularam perdas bilionárias, como resultado de uma exposição cambial elevada e de falhas na utilização dos instrumentos de gestão de riscos e governança corporativa. O objetivo deste trabalho é identificar os fatores que contribuíram para que as companhias Sadia e Perdigão seguissem trajetórias distintas na crise financeira de 2008. Para compreender melhor o assunto, fez-se uma breve análise dos fundamentos da governança corporativa, das exigências das listagens da BM&F BOVESPA, dos princípios de gestão de riscos, sobretudo os financeiros, e do segmento de negócios das companhias. Para a realização desse propósito, utilizouse uma abordagem qualitativa, escolhendo-se o método do estudo de caso e recorrendo, sobretudo, à análise documental. A pesquisa identificou que a prática de gestão de riscos é fundamental na aplicação das boas práticas de governança corporativa e que, apesar das inúmeras iniciativas de diversas instituições reguladoras e auto -reguladoras em estabelecer mecanismos que garantam a boa utilização dessas práticas, o sistema ainda apresenta falhas estruturais capazes de permitir que empresas até então consideradas sólidas incorram em atividades especulativas capazes de comprometer a sua própria existência. / Salvador