Using three different models, we examine the determinants of average stock returns on the Stockholm Stock Exchange during 2012-2016. By using time-series data, we find that a Fama-French three-factor model (directed at capturing size and book-to-market ratio) functions quite well in the Swedish stock market and is able to explain the variation in returns better than the traditional CAPM. Additionally, we investigated if the addition of a Price/Earning variable to the Fama-French model would increase the explanatory power of the expected returns of the different dependent variables portfolios. We conclude that the P/E ratio does not influence the expected returns in the sample we used.

Text in Afrikaans / Summary in English / Until recently damages were only awarded in South African law for the loss of an object which was utilised for the generation of income. In Kellerman v South African Transport Services' damages were awarded for the first time for the loss of use of an object, which was used for non-business purposes. In this dissertation the writer aims to indicate that the personal loss that a plaintiff suffers by the loss of the object is so closely related to the physical possession through which it is served, that the Jaw should protect such personal interest. In such circumstances damages should be awarded in principle, irrespective of whether the plaintiff used the object for business purposes or whether he indeed hired a substitute or not. There is room in the South African law for development in the area of delictual damages for the Joss of the possibility to use a material object. / Private Law / LL.M.

Vis labiau akcentuojamas tikro ir teisingo vaizdo atspindėjimas finansinėse ataskaitose įpareigoja įmones kuo tiksliau pateikti finansinių ataskaitų elementus. Kiek įmanoma realesnės turto vertės reikalauja ir pagrindiniai apskaitos principai – finansinė informacija vartotojams turi būti pateikta kiek įmanoma realesnė. Netiksliai įvertinus turtą, pasekmės gali būti jaučiamos kelis laikotarpius. Todėl svarbu įmonei pasirinkti tokį įvertinimo būdą, kad apskaitoje būtų atspindimas tikras turto vaizdas ir tas vertinimo būdas būtų įmonei tinkamiausias. Tyrimo objektas – turto įvertinimo būdai apskaitoje. Šio darbo tikslas - išanalizavus turto įvertinimo būdus apskaitoje, nustatyti, kuris turto vertinimo būdas yra populiariausias ir tinkamiausias konkrečiai turto grupei smulkioje įmonėje, bei pateikti pasiūlymus, kurie patobulintų dabartinę įmonės turto įvertinimo apskaitoje tvarką. Šiam tikslui pasiekti iškelti šie svarbiausi uždaviniai:  išnagrinėti vertinimo sampratą, svarbiausius turto vertinimo tikslus ir problemas;  palyginti turto įvertinimo būdus apskaitoje pagal VAS ir TFAS;  ištirti VAS pateikiamų turto verčių nuoseklumą, kas padės sudaryti anketą;  palyginti VAS siūlomus ir praktiškai naudojamus turto įvertinimo būdus Lietuvos smulkiose įmonėse bei nustatyti buhalterių požiūrį apie įvertinimą šiose įmonėse. Šį darbą sudaro trys dalys. Teorinėje dalyje aptariamas turto vertinimas, tikslai, kurių siekia turto vertinimas, ir problemos, su... [toliau žr. visą tekstą] / Reflection of true and real picture in financial statements, that is more and more emphasised, commits companies to present elements of financial statements as exactly as possible. As real as possible value of assets is required by the main principles of accounting – financial information for the users has to be presented as real as possible. If assets are evaluated not exactly the consequences can be felt for several periods. Therefore for a company it is important to choose such way of valuation that the real picture of assets is reflected and this way of valuation is the most suitable for the company. The object of Work - ways of valuation of assets in accounting. The goal of Work - the analysis of the records of valuation methods, identify which valuation method is the most popular and best individual small group of property plant and submit proposals to upgrade the current enterprise valuation procedure accounted for. For this purpose the following main tasks are raised:  consider the evaluation of the concept, the main objectives of the valuation of assets and problems;  compare valuation methods of accounting under IFRS and the CPS;  CPS to investigate the consistency of reported asset values, which will help to profile;  compare CPS and suggested practical methods used in the valuation Lithuanian small businesses and the accountants' views on the evaluation of these plants. This work consists of three parts. The theoretical section... [to full text]

The thesis aims to find the market value of Alfa Ltd. on the date 1st January 2011. The company specializes in Internet sales of underwear and nightwear. The thesis is divided into several integrated parts. The first part presents the development of Internet and online stores. Another part is divided into the successive steps leading to the valuation of the company: financial analysis, strategic analysis, the values of the generators, financial plan and the final valuation. You can see the interval valuation in the thesis. For the interval final valuation is used the method DCF Equity (method of free cash flow for the owners discounted by cost of equity).

The diploma thesis deals mostly with interest rate risk issue. It describes the basic methods of interest rate risk measurement with use of analyses executing by Asset Liability Management department in banks. Such analyses as repricing GAP, net interest income analysis, market value of equity and sensitivity analyses to interest rate movements. There is an analysis of Czech crown yield curve as well, in order to deeper insight of its probability behaviour. Results of this analysis are used for advanced techniques in ALM. Especially knowledge of volatilities of particular yield points and theirs relations is used in these methods. There was also a multi equation model for predictions of yield curve development created. One of the variables in the model there is the 2-week repo rate of Czech National Bank included.

I denna studien har 97 företag på Stockholmsbörsens Large Cap undersökts för de finansiella åren 2016 och 2017. Syftet med studien har varit att förklara sambandet mellan nedskrivning av goodwill och börsvärde för företag på den svenska aktiemarknaden samt att analysera och jämföra studiens resultat med tidigare forskning som utförts på utländska marknader. Det innebär att goodwillnedskrivningens värderelevans har undersökts för att se om företagens börsvärde påverkas när nedskrivning av goodwill görs samt om informationen påverkar investerarens beslut. För att undersöka det har vi utgått från en modell som har tillämpats av andra forskare. Modellen innefattar variablerna börsvärde, eget kapital, resultat före skatt, redovisad goodwill och nedskrivning av goodwill; och information om dessa har inhämtats från företagens årsredovisningar. Undersökningen gjordes med hjälp av en multipel regressionsanalys. Det positiva sambandet mellan börsvärde och eget kapital och resultat före skatt som resultatet påvisade innebar att vi kunde anta att aktiemarknaden i stort är värderelevant. För att undersöka goodwillnedskrivningarnas värderelevans krävdes det att redovisad goodwill var en värderelevant variabel vilket resultatet visade. Ett positivt samband kunde påvisas mellan nedskrivning av goodwill och börsvärde, vilket indikerar att det inte är värderelevant. Detta tyder på att dessa nedskrivningar inte ger investerare någon tillförlitlig information i investeringsbeslut. / In this study 97 companies from Nasdaq Stockholm´s Large Cap has been examined for the financial years 2016 and 2017. The purpose of the study has been to explain the correlation between goodwill impairment loss and market value for companies on the Swedish market and to analyze and compare the study´s results with previous research that has been found on foreign markets. This means that the value relevance of goodwill impairments has been examined to see if the companies´ market value is affected when goodwill impairment loss is made and if the information affects the investors decision. A model previously used by other researchers has been applied to examine this. The model includes the variables market value, book value, pre-tax profit, carrying value of goodwill and goodwill impairment loss; and information about these has been collected from the companies’ annual reports. The study was done using a multiple regression analysis. The positive correlation between market value and the variables of book value and pre-tax profit means that we could assume that the stock market is value relevant. In order to investigate the value relevance of goodwill impairment loss it was required that reported goodwill was a value relevant variable, which the result showed. A positive correlation could be demonstrated between impairment of goodwill and market capitalization, which indicates that it is not value relevant. This indicates that these impairment losses do not give investors any reliable information in investment decisions.

Made available in DSpace on 2016-04-25T16:44:50Z (GMT). No. of bitstreams: 1 ADM - Liliam R Ferreira.pdf: 642937 bytes, checksum: bfdeee1dcf21f47f5384fa0c6e3ca81c (MD5) Previous issue date: 2006-10-05 / Inventories are an important component of companies assets in agriculture, mining, manufacturing and commerce sectors where they have a representative weight in the company valuation. The last decade was marked by important advances in inventories management, especially with Information Technology evolution. The oil industry has very peculiar challenges in inventories management due to a extensive global supply chain, with uncertainties about supply, pressures from ecologists, strong political issues and with great commodity prices variation verified during the last years. The subject has an increasing importance particularly regarding the market oil situation and with the general business environment that registers merger and acquisitions movements between companies which demands a necessary evaluation of the involved companies´ value. This work investigates the relationship between inventories´ value and companies´ value in order to identify whether or not a proper inventory management is related to company valuation by market value and also by Deducted Cash Flow (DCF). To develop this work, we carried and evaluated a quantitative research regarding performance data from 35 oil companies.. These companies are from different sizes and regions of the planet. The finding results indicate that the market does not penalize the oil companies inefficient inventories management., but the market gives a small award for the efficient companies. This award is larger than the one verified in previous studies with a wider range of activity sectors. For DCF valuation there is a small penalty for inefficient companies, however there is an excellent award for efficient companies. Considering other performance factors regarded in this study as control variables, efficient companies showed better general financial performance than the inefficient ones / Os estoques correspondem a uma parcela importante dos ativos de empresas dos setores de agricultura, mineração, indústria e comércio tendo assim peso representativo na avaliação da empresa. A última década foi marcada por avanços importantes na gestão dos estoques, especialmente com a evolução da Tecnologia da Informação. O setor do petróleo tem desafios muito peculiares na gestão dos estoques devido à extensão global da cadeia produtiva, às incertezas quanto ao fornecimento, às pressões de ecologistas, às fortes questões políticas associadas e à grande variação de preços da commodity verificada nos últimos anos. O tema possui importância crescente diante da situação do mercado de petróleo em particular e do ambiente empresarial como um topo, com movimentações de fusões e aquisições entre empresas que demandam uma avaliação precisa do valor das empresas envolvidas. Esta dissertação investiga as relações entre valor de estoque e valor da empresa identificando se uma boa gestão de estoques está relacionada com uma valorização da empresa do ponto de vista do valor de mercado e também da análise por Fluxo de Caixa Descontado (FCD). Para está avaliação é feito uma pesquisa quantitativa com dados do setor de petróleo e dados de desempenho de 35 empresas do setor, de diferentes portes e de diversas regiões do planeta. Os resultados encontrados indicam que o mercado não penaliza as empresas do setor petrolífero com gestão ineficiente de estoques, mas concede um pequeno prêmio para as empresas com gestão eficiente, maior que o prêmio verificado em estudos anteriores para uma gama maior de setores de atividade. Para avaliação com a metodologia FCD, existe uma pequena penalização para as empresas ineficientes, mas existe uma forte e relevante premiação para as empresas eficientes. Na dependência também com outros fatores tratados como variável de controle, as empresas eficientes mostraram melhor desempenho geral nos índices contábeis analisados

Made available in DSpace on 2016-04-25T18:40:16Z (GMT). No. of bitstreams: 1 ALCEU HARUO FUJI.pdf: 874606 bytes, checksum: 784890748cf255b787580fbb8e469b8e (MD5) Previous issue date: 2006-05-08 / The market value evaluation is a type of measurement in which the assets are reported, in the financial statements, by its disposing value in the market, although the selling of the assets may occur only in the future. In 2001, Banco Central do Brasil released the Circular 3.068, stating that debt and equity securities must be classified in one of the following categories: trading, available for sale and held to maturity. The securities for trading and available for sale must be evaluated and reported by its market value and the held to maturity must be reported by its historical cost. This statement diverges from what is established in Lei das Sociedades Anônimas, but it is in line with the international accounting rules. The purpose of this work is to study the accounting methods of securities adopted in Brazil, especially those rules stated to financial institutions, in comparison with the statement of FASB and IASB; analyze, through empirical research, if the market value accounting had some impact in the financial institutions return on securities and analyze the relationship between the macroeconomic variables and the return on securities. The comparison of the accounting methods of securities adopted in Brazil (Circular 3.068/01) with the statements of FASB (SFAS 115) and IASB (IAS 39) showed that, in general, the rules are in harmony, although some minor differences have been identified. The analysis of the return on securities indicated that there is a tendency of increase in the profitability, after the implementation of the market value accounting. However, the analysis of the relationship between the macroeconomic variables, specifically the dollar and the return on securities showed that there is a statistically significant relation between these variables. So, it is more likely that the tendency of increase in the return on securities is due to the changes occurred in the macroeconomic variable dollar / A avaliação a valor de mercado é um tipo de mensuração em que os ativos são reportados, nas demonstrações contábeis, pelo seu valor de venda no mercado, embora a venda do ativo possa ocorrer somente no futuro. Em 2001, o Banco Central do Brasil emitiu a Circular 3.068, determinando que os títulos e valores mobiliários fossem classificados numa das seguintes categorias: negociação, disponíveis para venda e mantidos até o vencimento. Os títulos para negociação e os disponíveis para venda devem ser avaliados e registrados pelo seu valor de mercado e os mantidos até o vencimento devem ser registrados pelo seu custo histórico. Essa norma diverge do estabelecido pela Lei das Sociedades Anônimas, mas está em harmonia com os padrões contábeis internacionais. O objetivo deste trabalho é estudar a forma de contabilização de títulos adotada no Brasil, especialmente as normas definidas para as instituições financeiras, em comparação com as normas do FASB e IASB; analisar, através de pesquisa empírica, se a contabilização a valor de mercado teve algum impacto na rentabilidade dos títulos e valores mobiliários, das instituições financeiras e analisar a relação entre as variáveis macroeconômicas e a rentabilidade dos títulos. A comparação da forma de contabilização de títulos adotada no Brasil (Circular 3.068/01) com os pronunciamentos do FASB (SFAS 115) e IASB (IAS 39) mostrou que, de forma geral, as regras estão em harmonia, embora algumas diferenças pequenas tenham sido identificadas. A análise da rentabilidade dos títulos indicou que existe uma tendência de seu aumento, após a implementação da contabilização a valor de mercado. Porém, a análise do relacionamento entre as variáveis macroeconômicas, especificamente o dólar e a rentabilidade dos títulos, mostrou que existe uma relação estatisticamente relevante entre essas variáveis. Portanto, é mais provável que a tendência de aumento na rentabilidade dos títulos seja devido às mudanças ocorridas na variável macroeconômica dólar.

The aim of this thesis is business valuation of Zabka Polska, SA. This company operates retail convenience stores in Poland. The goal of this thesis is to estimate fair market value of the Company as of December 31st 2010. DCF Equity valuation method has been used as the main valuation method. Comparable traded companies and comparable historic transaction analyses methods have been used as complementary valuation methods. Master thesis has similar structure as legal valuation report and is divided into six parts.

<p>Основни циљ истраживања у раду представља утврђивање функционалности бонитета у одређивању тржишних цена акција емитената пољопривредног-прехрамбеног сектора у Србији који су укључени на одређен сегмент тржишта Београдске берзе а.д. Београд. Превасходни циљ истраживања је да се утврди каква је међузависност бонитета и метода фундаменталне и техничке анализе цена акција пољопривредно-прехрамбеног сектора у Републици Србији, да се критички сагледају, утврде слабости и предности и да се на основу тога предложе одговарајућа решења, пре свега у смислу како бонитет утиче на тржишне цене акција. Наведено истраживање треба да представља основу за доношење правилних одлука, приликом инвестирања у акције емитената пољопривредно-прехрамбеног сектора. Полазне основе у истраживању представљају финансијски извештаји и показатељи емитената пољоприведно прехрамбеног сектора.<br />Утицај бонитета на тржишне цене акција емитената пољопривредно прехрамбеног сектора утврђена је применом дескриптивне статистике и логистичке регресије. На основу добијених резултата дескриптивне статистике и логистичке регресије за факторе на нивоу значајности 0,05 и 0,01, установљено је да бонитет нема пресудан утицај у одређивању тржишних цена акција, што указује на то да остварени финансијски показатељи и резултати немају утицај на тржишне цене акција. Наведено указује да велики утицај на тржишне цене акција имају макро фактори економског, политичког и друштвеног окружења. Са друге стране добијени резултати указује да бонитет предузећа може да пружи значајне информације приликом предвиђања пада или стагнације цена акција.</p> / <p>Osnovni cilj istraživanja u radu predstavlja utvrđivanje funkcionalnosti boniteta u određivanju tržišnih cena akcija emitenata poljoprivrednog-prehrambenog sektora u Srbiji koji su uključeni na određen segment tržišta Beogradske berze a.d. Beograd. Prevashodni cilj istraživanja je da se utvrdi kakva je međuzavisnost boniteta i metoda fundamentalne i tehničke analize cena akcija poljoprivredno-prehrambenog sektora u Republici Srbiji, da se kritički sagledaju, utvrde slabosti i prednosti i da se na osnovu toga predlože odgovarajuća rešenja, pre svega u smislu kako bonitet utiče na tržišne cene akcija. Navedeno istraživanje treba da predstavlja osnovu za donošenje pravilnih odluka, prilikom investiranja u akcije emitenata poljoprivredno-prehrambenog sektora. Polazne osnove u istraživanju predstavljaju finansijski izveštaji i pokazatelji emitenata poljoprivedno prehrambenog sektora.<br />Uticaj boniteta na tržišne cene akcija emitenata poljoprivredno prehrambenog sektora utvrđena je primenom deskriptivne statistike i logističke regresije. Na osnovu dobijenih rezultata deskriptivne statistike i logističke regresije za faktore na nivou značajnosti 0,05 i 0,01, ustanovljeno je da bonitet nema presudan uticaj u određivanju tržišnih cena akcija, što ukazuje na to da ostvareni finansijski pokazatelji i rezultati nemaju uticaj na tržišne cene akcija. Navedeno ukazuje da veliki uticaj na tržišne cene akcija imaju makro faktori ekonomskog, političkog i društvenog okruženja. Sa druge strane dobijeni rezultati ukazuje da bonitet preduzeća može da pruži značajne informacije prilikom predviđanja pada ili stagnacije cena akcija.</p> / <p>The main objective of the research work is determining the functionality of solvency in determining the market price of shares of the issuers of the agricultural and food sector in Serbia who are involved in a particular segment of the market of the Belgrade Stock Exchange ad Belgrade. The primary goal of the research is to determine what is the interdependence of solvency and methods of fundamental and technical analysis of share prices of agri-food sector in the Republic of Serbia, to critically analyze, identify weaknesses and strengths and that on that basis propose appropriate solutions, especially in terms of how worthiness affects the market price of the shares. The study should be the basis for making the right decisions when investing in shares of issuers agri-food sector. Baseline research are the financial statements of issuers and indicators for agricultural production and food sectors.<br />Influence of solvency on the market price of shares of issuers agri-food sector was assessed by descriptive statistics and logistic regression. Based on the results of descriptive statistics and logistic regression for factors at the significance level of 0.05 and 0.01, it was found that creditworthiness has no influence in determining the market price of shares, indicating that achieved financial indicators and results have uicaj the market price of shares. The above indicates that a large impact on the market price of shares have the macro factors of economic, political and social environment. On the other hand, the results indicate that the creditworthiness of companies may provide important information in predicting the decline or stagnation of share prices.</p>