Segundo a teoria da firma, uma empresa é um nexo de relações contratuais entre os seus diversos participantes. Nessas relações contratuais, que não são perfeitas, surgem os problemas de agência, decorridos da assimetria informacional e dos conflitos de interesses entre o contratado e o contratante, no caso, agente e principal. Neste caso, quando se tem a intenção de alinhar os interesses entre eles, aparece a governança corporativa, atuando como um meio de minimizar os conflitos e diferenças existentes e corrigir as falhas presentes no processo de comunicação e informação das firmas. No Brasil, diante da fraca proteção legal aos acionistas minoritários, da alta concentração de propriedade nas empresas e da separação dos acionistas entre ordinários e preferenciais, algumas medidas institucionais e governamentais têm sido tomadas ao longo dos anos com o objetivo de contribuir com a evolução das práticas de governança corporativa no país. Uma dessas iniciativas foi a criação em 2000 do segmento Novo Mercado pela Bovespa, composto por regras e exigências crescentes em relação às boas práticas de governança. Nesse sentido, é coerente pensar que a política de dividendos, antes influenciada pela necessidade de atuar também como instrumento de redução de conflitos entre os acionistas, passou a ser decidida a partir de um foco preponderantemente gerencial pelas companhias deste segmento, ou seja, tomada do ponto de vista financeiro de maximização da riqueza dos acionistas. Para testar esta suposição, adotou-se o modelo conceitual da Teoria Residual dos Dividendos, estabelecidos pioneiramente por Modigliani e Miller (1961) e revisitado por Jensen (1986) na Teoria Free Cash Flow. Assim, conduziu-se um levantamento do Fluxo de Caixa Livre do Acionista (FCLA) para todas as companhias listadas no Novo Mercado da BM&FBovespa desde a sua criação até o ano de 2011. O objetivo foi investigar o perfil da política de dividendos dessas empresas, a partir da avaliação de como elas administram o FCLA. Além disso, foi testado se as decisões sobre a destinação do saldo de FCLA impactaram na rentabilidade do acionista, expressa pela Taxa de Retorno da Ação (TRA). Como proposta secundária, foram pesquisados também os fluxos de reinvestimento dos lucros destas companhias, buscando verificar se os acionistas são recompensados por maiores ganhos de capital em contrapartida pelo não recebimento de dividendos e, também, onde são alocados os lucros reinvestidos. Como resultado, constatou-se que grande parte das companhias apresentaram elevados níveis de sobreinvestimento no período, provocado pela retenção do FCLA, e que este problema pode ter sido a causa de uma Taxa de Retorno da Ação menor em alguns setores. Adicionalmente, foi observado que as empresas que mais retiveram lucro, ao longo do tempo, foram também as que proporcionaram os maiores retornos de ganhos de capital aos seus acionistas. Por fim, detectou-se que os lucros retidos pelas companhias foram reaplicados, em sua grande maioria, em investimentos relacionados à expansão ou manutenção de suas capacidades produtivas (capital fixo), embora a maior parcela deles acabasse não sendo identificada em nenhum dos ativos expressos pelo balanço patrimonial contábil. / According to the theory of the firm, the firm is a nexus of contractual relationships between its various participants. Such contractual relations, which are not perfect, agency problems arise, elapsed the information asymmetry and conflicts of interest between the engaged and the contractor, where, agent and principal. In this case, when it is intended to align the interests between them, appears to corporate governance, acting as a means to minimize conflicts and differences existing and correct the faults present in the process of communication and information firms. In Brazil, due to the weak legal protection for minority shareholders, the high concentration of ownership in firms and the separation between common and preferred shareholders, some institutional and government measures have been taken over the years in order to contribute to the evolution of corporate governance practices in the country. One such initiative was the creation in 2000 of the Novo Mercado segment by the Bovespa, composed of rules and increasing requirements in relation to good governance practices. Therefore, it is coherent to think that the dividend policy before influenced by the need to act as an instrument for reducing conflicts between shareholders, has to be decided from a managerial focus by companies in this segment, that is, the financial point of view of maximizing shareholder wealth. To test this assumption, we adopted the conceptual model of the Residual Theory of Dividends, established pioneered by Modigliani and Miller (1961) and revisited by Jensen (1986) in the Free Cash Flow Theory. Thus, we conducted a survey of Free Cash Flow to Equity (FCFE) for all companies listed on the Novo Mercado of the BM&FBovespa since its inception until the year 2011. The aim was to investigate the profile of the dividend policy of these companies, based on the evaluation of how they manage the FCFE. Furthermore, was tested whether if decisions on the allocation of the balance of FCFE impacted the profitability of the shareholder, expressed by the Rate of Stock Return (RSR). As proposed secondary, were surveyed the flows of reinvestment of profits these companies, seeking first check whether the shareholders are rewarded by higher capital gains in return for non-receipt of dividends, and also where they are allocated reinvested earnings. As a result, it was found that most companies had high levels of overinvestment during the period, caused by retention of FCFE and that this problem may have been the cause of a Rate of Stock Return lower in some sectors. Additionally, it was observed that companies that retained earnings, over time, were also the ones that provided the highest returns of capital gains to its shareholders. Finally, it was found that profits retained by the companies were reapplied mostly in investments related to the expansion or maintenance of their productive capacity (capital assets), while the largest portion of them end up not being identified in any of the assets of the balance sheet accounting.

Cette thèse comporte trois chapitres qui se rattachent aux relations entre les migrants et leur communauté d'origine sur le cas de la Chine et le Vietnam. Le premier chapitre étudie la relation entre les transferts de fonds envoyés par les migrants, et le niveau de confiance et de fiabilité des villageois vietnamiens qui en sont bénéficiaires. Voici les résultats principaux obtenus en combinant les données d’un terrain d’expérimentation de 2010 avec les données de VHLSS 2002 (2002 Vietnam Household Living Standard Survey). En ce qui concerne le niveau de confiance, cette étude montre que les transferts de fonds internationaux sont liés de manière positive au comportement de confiance de ceux qui les reçoivent. En ce qui concerne le niveau de fiabilité, l’étude trouve que les transferts de fonds internationaux ont un lien négatif avec le niveau de fiabilité de celui qui les reçoit tandis que les transferts de fonds internes ont un lien positif avec le niveau de fiabilité de celui qui les reçoit. Cette étude montre en outre que le niveau de fiabilité est plus élevé dans le sud que dans le nord de Vietnam. Le deuxième chapitre s'interroge sur l'impact des enfants lassés dans la communauté d’origine par les migrants sur leur décision de retour en Chine en utilisant une enquête ménage en milieu rural du district de Wuwei (dans la province de l’Anhui) en 2008. Un modèle de durée paramétrique à hasards proportionnels en temps discret et un modèle probit sont employés pour estimer séparément le rôle des enfants laissés au village par âge et par sexe sur la longueur des épisodes migratoires pour les migrants actuels et les migrants du retour, ainsi que pour les intentions de retour de migrants actuels. Cette étude souligne le rôle des enfants lassés derrières comme raison significative pour le retour des parents migrants. Le dernier chapitre étudie l’impact de l’expérience migratoire sur le choix d’être entrepreneur pour un migrant du retour après son retour dans sa communauté d’origine. En utilisant la même base de donnés chinoise, cette étude montre que les migrants du retour ont une tendance plus affirmée à devenir entrepreneurs que les non-migrants, et que l'épargne rapatriée par les migrants, comme la fréquence des changements d'emploi pendant l'épisode migratoire, exercent une influence positive sur la probabilité des migrants de devenir entrepreneurs après leur retour. / This dissertation is comprised of three chapters on the interaction between migrants and their source regions applied to China and Vietnam. The first chapter examines whether remittances are related to receivers’ trust and trustworthiness in Vietnam. Using a combination of a field experiment conducted in 2010 and the “2002 Vietnam Household Living Standards Survey”, the chapter finds that while internal remittances have no significant relationship to trusting behavior, international remittances demonstrate a significantly positive connection. On the other hand, international remittances are negatively related to trustworthiness, while internal remittances are positively associated. Besides, this study finds that the level of trustworthiness is higher in the south than in the north. The second chapter explores the role of children by age and by gender as a motive for return migration in China by using a rural household survey conducted in Wuwei County (Anhui province) in 2008. Resorting to a discrete time proportional hazard model and a binary Probit model to estimate respectively the determinants of migration duration for both on-going migrants and return migrants, and the return intentions of on-going migrants, the chapter finds consistent results regarding the role of left-behind children as a significant motive for return. The last chapter examines the impact of the migration experience on individuals’ choice of being self-employed upon their return to their home villages. By using the same data of Wuwei survey, the chapter finds that return migrants are more likely to be self-employed than non-migrants, and that both return savings and the frequency of job changes during migration increase the likelihood for return migrants to become self-employed.

by Hu Wai Kwok, Li Siyi. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 85-87). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Overview Of Fundamental Analysis --- p.1 / Valuation Approaches --- p.2 / Information Sources --- p.2 / Methodology --- p.2 / Chapter II. --- ANALYTICAL FRAMEWORK FOR COMMON STOCKS --- p.4 / Chapter III. --- ECONOMIC ANALYSIS --- p.5 / International And Domestic Economic Environment --- p.5 / Economic Forecasting --- p.6 / Chapter IV. --- INDUSTRY ANALYSIS --- p.9 / Industry Classification And Industry Life Cycle --- p.9 / The Economy And Industry Analysis --- p.10 / Porter's Five Competitive Forces --- p.11 / Industry Analysis Techniques --- p.12 / Information Sources For Industry Analysis --- p.13 / Chapter V. --- COMPANY ANALYSIS: MEASURING AND FORECASTING EARNINGS --- p.14 / Understanding The Financial Statements --- p.14 / Ratio Analysis --- p.15 / Influence of Accounting Practices --- p.17 / Capital Structure And Dividend Policy --- p.18 / Forecasting Earnings --- p.19 / Evaluation of The Management Strategy --- p.21 / Chapter VI. --- APPLIED VALUATION --- p.23 / Intrinsic Value Versus Market Price --- p.23 / Determination Of Intrinsic Value --- p.23 / Dividend Discount Models (DDM) --- p.23 / Free Cashflows To Equity Discount Models (FCFE) --- p.28 / Chapter VII. --- CASE STUDY --- p.31 / Company Background --- p.31 / Birth of Cheung Kong Infrastructure --- p.31 / The Restructuring --- p.31 / Business of CKl --- p.33 / Economic Analysis --- p.33 / China's Macroeconomic Environment --- p.34 / Regional Economic Conditions --- p.35 / Economic Forecasting --- p.37 / Industry Analysis --- p.37 / Industry Classification --- p.37 / The Economy And Industry Analysis --- p.38 / Industry Overview And Historical Performance --- p.38 / Porter's Five Forces --- p.43 / Industry Life Cycle --- p.45 / Hong Kong Construction Materials Industry --- p.46 / Company Analysis --- p.47 / CKI's Businesses --- p.47 / Company Strategy Analysis --- p.48 / Risk Factors --- p.50 / Financial And Operation Analysis --- p.51 / Forecasting And Valuation --- p.52 / Intrinsic Value vs. Market Price --- p.57 / Chapter VIII. --- SUMMARY --- p.59 / APPENDIX --- p.61 / BIBLIOGRAPHY --- p.85

The paper brings answers on the the question whether it is possible to measure the field of recruitment. Via quantifying the administrative process of recrutment, the paper reflects the savings of time and costs by using e-recruitment application (applicant tracking system ATS) and it searchs for the relationship between quality of hire and increase of company value and its profit.

本研究主要探討股票股利宣告與公司股價間之關係，期間涵蓋自民國八十年至民國八十四年止，共五年期間，以台灣證券市場上市公司宣告股票股利事件為研究對象，計九十六個樣本，另再依股票股利率增加、不變或減少，分成三小組，做進一步研究。研究方法為，採SHARP市場模式估計應有之均衡報酬，再計算平均異常報酬AR與累積平均異常報酬CAR，分析董事會決議日前後二十日的股票異常報酬之變化情形，另再探討造成三組之間不同異常報酬反應程度的原因為何。 　　實證結果顯示： 　　一、股票股利宣告日當天有顯著之異常報酬存在，顯示此一宣告事件具有情報效果，但消息在宣告日前便已被洩漏。 　　二、台灣股票市場不具半強式效率，投資人可自已公開之資訊中賺得異常報酬。 　　三、股票股利率的變動將造成市場不同反應程度之異常報酬，具有不同之情報效果。股票股利率增加時，較支持AR大於零之情報內容。 　　四、影響事件日異常報酬之因素，以股票股利率與由營運而來的現金流量較顯著。 　　五、股票股利率增加時在宣告日有正的顯著異常報酬，主要影響因素為股票股利率，影響方向為正，次要影響因素為由營運而來之現金流量，影響方向為負。股票股利率不變時，雖有正的異常報酬，但並不顯著，主要影響因素為由營運而來之現金流量，影響方向為負。股票股利率減少時，宣告日異常報酬由正轉負，主要影響因素為股票股利率，影響方向為正。

Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

Syfte: Syftet med denna undersökning är att göra en komparativ studie mellan Sverige-och global aktiefonder för att vidare analysera vilka aktiefonder som ger högst avkastning. Metod: Uppsatsen bygger på en statistisk analys vilket sekundärdata ligger till grund för våra beräkningar. Genom tillämpning av kvantifierbar hård data där bland annat historiska aktiekurser ingår, så har en kvantitativ studie använts. Befintliga teorier och modeller har tillämpats. Slutsats: Studien visar i stort sett att högre risk ger en högre avkastning. Under period 1 presterade Latin Amerika fonderna bäst varefter Sverige fonder presterade bättre under period 2. Dessa marknader kan vara väldigt oberoende av varandra och tenderar därmed inte att följa varandras kursutveckingen. Slutsatsen är då att en investering i olika geografiska placeringar diversifierar risken mer. Exempelvis en investering i en svensk fond och en latin amerika fond.

Syfte: Studien har utrett om aktiesplit genomförda på Stockholmsbörsen under åren 2004-2008 genererat överavkastning och i sådana fall om det har funnits några skillnader i överavkastning beroende på företagens storlek. Teori: Den effektiva marknadshypotesen, framförallt i dess semistarka form, har utgjort en teoretisk referensram för arbetet. Metod: En kvantitativ deduktiv forskningsansats har tillämpats med eventstudiemetodik som grund. Undersökningen behandlar en femårsperiod mellan 2004-2008 där ett urval av 56 stycken splitar mötte uppsatta kriterier. Dessa delades in i tre undergrupper beroende på bolagens kapitalstorlek vid splitgenomförandet. Kursdata för 250 dagar innan spliten och 250 dagar efter har samlats in för berörda bolag med hänsyn till splitdagen. OMXSPI har använts som jämförelseindex. Resultat: Resultatet tillsammans med hypotesprövning visar att överavkastning i samband med aktiesplit har påträffats för hela populationen under mätperioden. Ett möjligt samband mellan storleken på bolag och omfattningen överavkastning har även upptäckts. Den enskilt största överavkastningen uppmättes på splitdagen. Analys: En analys av resultaten pekar på att marknaden uppfattat aktiesplit som en positiv nyhet och i linje med tidigare forskning har det funnits överavkastning i tiden runt en aktiesplit. Vid uteslutande av en undergrupp som inte klarat hypotestestet kunde sambandet mellan företagsstorlek och omfattningen överavkastning till viss del bekräftas som negativt. Slutsats: Investerare har kunnat generera överavkastning i samband med aktiesplit på Stockholmsbörsen mellan 2004-2008. Resultatet tyder på ett negativt samband mellan företagsstorlek och överavkastning, däremot kan inte sambandet bekräftas tillfullo. / Purpose: The study has investigated whether or not stock splits on the Stockholm Stock Exchange during the years 2004-2008 generated positive abnormal return and in such case, has there been any difference in the positive abnormal return depending on firm size. Theory: The efficient market hypothesis, especially in its semi-strong form, has provided a theoretical framework for the essay. Method: A quantitative deductive research approach is applied with event study methodology used as basis. The study concerns a five-year period 2004-2008, where a selection of 56 splits met set criteria. These were divided into three groups depending on their capital size at the split date. The price data for 250 days before the split, and 250 days after were collected for the companies with regard to split day. The same data was collected for OMXSPI that was used as a benchmark. Results: The result together with hypothesis testing shows that positive abnormal return associated with stock split has been found in the overall population. A possible correlation between the firm size and the extent of positive abnormal returns has also been discovered. The single greatest positive abnormal return was measured on the split date. Analysis: An analysis of the results indicates that the market perceived stock split as positive news. There has been a positive abnormal return around the time of a stock split in line with previous research. The exclusion of a subgroup that failed hypothesis test revealed a partly confirmed negative relationship between firm size and the amount of positive abnormal returns. Conclusion: Investors have been able to generate positive abnormal returns in association with stock split on the Stockholm Stock Exchange from 2004 to 2008. The results suggest a negative correlation between firm size and positive abnormal returns, however, the correlation is not fully confirmed.

Syfte: Studiens syfte är att undersöka om Riksbankens tillkännagivanden av reporänteförändringar har en effekt på den svenska aktiemarknaden, samt om det råder skillnader mellan fyra branscher i Stockholmsbörsen. Studien syftar även till att undersöka om det kan urskönjas en skillnad mellan branschernas räntekänslighet. Metod: Undersökningen baseras på en eventstudie med ett estimeringsfönster på 60 dagar före tillkännagivandet av reporänteförändringen, och ett eventfönster på 11 dagar. Urvalet består samtliga reporänteförändringar mellan 2001-2015, och av följande branscher, Finans & Fastighet, Industrivaror, Hälsovård, Teknologi, som är inhämtade från Stockholmsbörsen. Teori: Den teoretiska utgångspunkten i studien är teorin om den effektiva marknadshypotesen och teorier om reporäntan. Det presenteras även teorier om diskonteringsräntans effekt samt pris- och inkomstelasticitet. Finansiell psykologi, som är en invändning mot effektiva marknadshypotesen, redogörs dessutom tillsammans med tidigare forskning som har legat till grund för undersökningen. Slutsats: Studien resulterar i att det inte råder ett entydigt samband mellan Riksbankens tillkännagivanden av reporänteförändringar och den svenska aktiekursen. Resultatet illustrerar att det råder en skillnad mellan de valda branschernas räntekänslighet. Det går inte direkt att fastställa att den svenska marknaden är effektiv. / Purpose: The purpose of this study is to examine if Sweden’s central bank announcements of the federal funds rate have an effect on the Swedish stock market, and whether there are differences between four sectors of the Stockholm Stock Exchange. The study also aims to investigate if there is a difference between the sectors interest rate sensitivity.  Method: The study is based on an event study with an estimation window of 60 days prior the announcement of the federal fund rate, and an event window of 11 days. The sample consists of all the announcement of the federal funds rate between 2001- 2015 and the following sectors, Finance & Real Estate, Industrials, Healthcare, Technology, who are acquired from the Stockholm Stock Exchange. Theory: The theoretical basis in this study is the theory of the efficient market hypothesis and theories about the federal funds rate. An introduction to theories about the discount rate and price and income elasticity is also presented in the study. Financial psychology, which is a statement of opposition against the efficient market hypothesis, is also introduced together with previous research which the examination is based on. Conclusion: The results show that there is no unambiguous correlation between Sweden’s central bank announcements of the federal funds rate and the Swedish stock price. The result illustrate that there is a difference between the selected sectors interest rate sensitivity. In summary, it’s established that the Swedish stock market cannot be seen as an efficient market.

published_or_final_version / Statistics / Master / Master of Philosophy