A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

For the evaluation of mineral development projects, it is imperative to consider the risks involved in mineral exploration and development and to bear in mind that an adjustment for these risks is a common practice which implies raising the minimum discount rate. A company may for instance use different discount rates depending on the different risks involved so as to compensate for the variability of success. In determining a discount rate, an organization should follow this rule “The greater the risk, the higher the discount rate should be. The discount rate will have a great influence on the economic evaluation of mineral projects. All other factors used for calculating the NPV (Net Present Value) being equal, the project at hand may be accepted or rejected depending upon the discount rate, and the fluctuation of the NPV from positive to negative. It must be pointed out that the determination of the discount rate is the most difficult and vital aspect of “cash-flow analysis.” In practice however the discount rate is usually fixed by top management and then delegated to the respective departments responsible for actual economic evaluation of the investment alternatives. A major problem in determining the appropriate discount rate is that it effectively depends more on subjective perception of the degree of risk or other past experience factors than on a systematic approach. By using a risk-free rate of return, plus a subjectively determined risk premium, a discount rate may be developed, which is expected to compensate the investor for the extra risk involved. In practice the selection of risk-free rate of return is relatively simple. In most cases, the yield on government bonds, under non-inflationary conditions, is adopted as the risk-free rate of return. The real problem lies in the choice of the risk premium which must be adequately adapted to compensate for the additional risks associated with the investment under consideration. Consideration of proper conditions in respect of a specific project under economic evaluation should help to determine the risk premium. The risk premium should be entirely dependent on the risks influencing the mineral development project. All possible risks affecting a mineral development project under consideration should be taken into account, when determining an appropriate risk premium. This is a stupendous task and will imply a large number of risks, which will no doubt make the determination very difficult to tackle and use. Furthermore, there are naturally numerous difficulties in structuring an analysis with many factors, because it is complex and multi-faceted. In order to facilitate the implementation of the determination, there are usually a definite number of key risks to be observed. Risks, crucial for success of the mineral development project, are classified as follows: -- Technical risk - reserve, completion, production -- Economical risk – price, demand, foreign exchange -- Political risk – currency conversion, environment, tax, nationalization From the review of factors influencing the determination of discount rate carried out (Section 4), it is concluded that the quantitative methodology for discount rate should be a process of identifying potential factors (risks), analyzing factors to determine those that have the greatest impact on mineral development, and determining discount rate. It is therefore imperative to find a method whereby all mining risks, together with their probability and impact, and an understanding of the combined effect of all risks attached to the cash flow and the rate of return. Thus then a way of a procedure calculating risk scores is required. Existing knowledge should therefore be used optimally to determine discount rate. / Dissertation (MSc)--University of Pretoria, 2009. / Mining Engineering / unrestricted

The aim of this thesis is to determine the market value of the company CARLA spol. s.r.o. to April 30, 2014 for external investor. The theoretical part details the metodologie for valuation the company. In practical part is presented the company, then is performed strategic and financial analysis. An important part of the evaluation process is a analysis of the value generators on the basis of which the financial plan is built. An essential assumption for evaluation is determining a discount rate. As a valuation method was chosen the yield method of discounted free cash flow to the firm.

We consider two game-theoretic settings to determine the optimal values of an issuer's interchange fee rate, an acquirer's merchant discount rate, and a merchant's retail prices for multiple products in a credit card network. In the first setting, we investigate a two-stage game problem in which the issuer and the acquirer first negotiate the interchange fee rate, and the acquirer and the retailer then determine their merchant discount rate and retail prices, respectively. In the second setting, motivated by the recent U.S. bill "H.R. 2695," we develop a three-player cooperative game in which the issuer, the acquirer, and the merchant form a grand coalition and bargain over the interchange fee rate and the merchant discount rate. Following the cooperative game, the retailer makes its retail pricing decisions. We derive both the Shapley value- and the nucleolus-characterized unique rates for the grand coalition. Comparing the two game settings, we show that the participation of the merchant in the negotiation process can result in the reduction of both rates. Moreover, the stability of the grand coalition in the cooperative game setting may require that the merchant should delegate the credit card business only to the issuer and the acquirer with sufficiently low operation costs. We also find that the large, highly-specialized merchants and banks are more likely to join the cooperative negotiation whereas the small firms may prefer the two-stage game setting. Our numerical experiments demonstrate that the acquirer's and the issuer's unit operation costs more significantly impact both rates in the cooperative game setting than in the two-stage game setting.

Tato diplomová práce je zaměřena na zhodnocení ekonomické efektivnosti dvou konkrétních návrhů k investici na základě příslušných metod vhodných k hodnocení efektivnosti investic. První část práce obsahuje teoretický základ potřebný k hodnocení efektivnosti investic. Druhá, analytická část je zaměřena na aplikování metod na dané investiční projekty. Ve třetí části, na základě těchto metod, je navrženo přijetí jednoho ze z těchto investičních projektů spolu s přihlédnutím k riziku investice.

Master´s thesis deals with the evaluation of economic efficiency and risk analysis of change of two investment projects conducted in company Lucidum Millennio s. r. o. The thesis is divided into three main parts, which are theory, analysis and proposal. The theoretical part specifies the essential knowledge needed to evaluate the economic efficiency of investment. Analytical part is focused on the evaluation of the financial health of the company (strategic and financial analyses). The proposal is concerned with the introduction of investments, evaluating the economic efficiency of construction of the new production plan and analysing risks related to diesel generator.

This thesis deals with the determination of economic efficiency of business project, whose subject is the reconstruction of outbuildings at the hospital. The theoretical part is devoted to the business plan and its affiliates. There are also characterized by cash flows, the discount rate. The practical part describes the chosen project, determining cash flows, the assessment of economic efficiency and sensitivity to potential risks.

No description available.

Bakgrund: Betydelsen av investeringsbedömningen kan inte överbetonas till följd av dess långsiktiga fördelar för företagets giltighet och operativa funktionalitet. Beräkningsmetoder som används för investeringsbedömning bistår med nödvändig kunskap för att underlätta beslutsfattande samt för att skapa sig en tydligare bild över det föreslagna investeringsprojektet. Företag investerar för att upprätthålla sina ekonomiska mål och värderingen av olika investeringsalternativ spelar således en central roll för företagets ekonomiska fortlevnad och utveckling. Kapitalinvesteringar är ofta omfattande och förväntas generera värde på lång sikt, vilket formar företagets ekonomiska fokusområden. Detta belyser viktigheten av en kvalitativ bedömning för olika investeringsalternativ och deras respektive utvecklingsmöjligheter. Syfte: Genom att undersöka användningsområdet för kalkylräntan avser studien att öka kunskapen för sambandet mellan kalkylräntebestämningen och investeringsbedömningen. Detta som ett delsyfte till att undersöka vilka metoder som några svenska industri- och fastighetsföretag använder. Studien avser även vidare att beskriva och analysera företagens investeringskalkylering och kapitalstruktur. Metod: Studien har antagit en kvalitativ forskningsansats med semistrukturerade intervjuer med svenska industri- och fastighetsbolag. Respondenterna valdes ut genom ett målstyrt urval och vidare beskriver metoden hur insamling av det empiriska materialet har gått till. För att besvara studiens problemformulering har det empiriska materialet analyserats med den teoretiska referensramen. Slutsats: Studiens resultat visar tydliga skillnader i relation till den klassiska kapitalteorin och att långsiktiga strategiska investeringar i viss utsträckning tenderar att inkräkta på investeringar som kan generera en högre internränta och således vara mer ekonomiskt lönsam, men som är av mindre strategisk betydelse för bolaget. Detta strider mot teorins förutsättningar om att uppnå en normativt optimal kapitalstruktur. En viktig aspekt av det är att företagen försöker bibehålla en helhetlig bild av investeringarna där förutsättningar för nyutveckling ska uppmärksammas, vilket i regel inte strider mot kapitalteorins antaganden. Men i relation till det kan dock investeringskalkyler endast förse bolag med en begränsa uppfattning av investeringens ekonomiska konsekvenser. / Background: The importance of the investment appraisal cannot be overemphasized as a result of its long-term benefits to the company's validity and operational functionality. Calculation methods used for investment assessment assist with the necessary knowledge to facilitate decision-making, as well as to create a clearer picture of the proposed investment project. Companies invest to maintain their financial goals and the valuation of different investment alternatives thus plays a central role for the company's financial survival and development. Capital investments are often extensive and expected to generate value over the long term, shaping the company's financial focus areas. This highlights the importance of a qualitative assessment for different investment options and their respective development opportunities. Purpose: By examining the area of use for the discount rate, the study intends to increase knowledge of the connection between the discount rate determination and the investment assessment. This as a partial aim to investigate which methods some Swedish industrial and real estate companies use. The study also intends to describe and analyze the companies' investment calculation and capital structure Method: The study has adopted a qualitative research approach with semi-structured interviews with Swedish industrial and property companies. The respondents were selected through a targeted selection and the method further describes the collection of the empirical material. In order to answer the study's problem formulation, the empirical material has been analyzed with the theoretical frame of reference. Conclusion: The results of the study show clear differences in relation to the classic capital theory and that long-term strategic investments to a certain extent tend to encroach on investments that can generate a higher internal rate of return and thus be more financially profitable, but which are of less strategic importance for the company. This goes against the theory's prerequisites for achieving a normatively optimal capital structure. An important aspect of it is that the companies try to maintain a holistic view of the investments where the conditions for new development must be noticed, which as a rule does not contradict the assumptions of the capital theory. However, in relation to that, investment calculations can only provide companies with a limited idea of the financial consequences of the investment.