The aim of the article is to find the relationship between the growth and decline in the share price during the promulgation period of quarterly results of companies and surprise, either positive or negative in the quarterly results. Quarterly results are compared with the forecasts of analysts who publish their forecasts for quarterly results at Thomson Reuters. Relationship is confirmed statistically, where stock returns in the period is the dependent variable, independent variables are three -- return of the corresponding market index, excess impact -- measure of surprise in quarterly results in comparison with analysts' estimates and VIX index. Linear regression is used for testing of return and GARCH model is used for testing of volatility, there is focus on adaptation of actual volatility to the long-term average volatility after accidental shock.

This thesis explores return on investment within higher education in the Czech Republic. It analyzes the issue, comparing groups of students studying at Czech universities, according to their country of origin. The first part of the thesis is focused on defining higher education as an economic asset, and exploring its financing in the Czech Republic. Furthermore, the concept of human capital is analyzed, including its history, methodology and the types of return on investment identified within higher education. In the second part the parameters for the analysis are defined. This section also outlines the set method for calculating return on investment within higher education in the Czech Republic. The return on investment for students in higher education is then examined between the three nationalities with the highest representation in Czech universities -- Czech, Slovak and Russian students.

The master's thesis deals with analysis of use of direct marketing in Československá obchodní banka, a.s. The aim of this thesis is to introduce use of direct marketing in the bank and the process of realization of direct campaigns. Further the aim of this thesis is to analyze financial investments in direct marketing in Československá obchodní banka, a.s. and reveal successful and failed campaigns. On the example of successful and failed campaigns there is conducted analysis and are defined reasons why given campaigns are successful and unsuccessful. For failed campaign there are proposed solutions and improvements.

When expenses become an issue, training is often one of the first budget items to be cut. There have been a number of evaluation studies about rates of return from training interventions. Most results are based on interviewing participants about the value of the intervention and its effect on their productivity. This often results in quadruple digit return on investment indications. Decision makers who control the budget often view these kinds of results with skepticism. This study proposes a methodology to evaluate training interventions without asking participants their opinions. The process involves measuring learning through a series of pre-tests and post-tests and determining if scores on pre-tests can be used as predictors of future return on investment results. The study evaluates a series of return on investment scores using analysis of variance to determine the relationship between pre-tests and final return on investment results for each participant. Data is also collected and evaluated to determine if the financial results of the organization during the period of the training intervention could be correlated to the results of the training intervention. The results of the study suggest that the proposed methodology can be used to predict future return on investment from training interventions based on the use of pre-tests. These rates of return can be used as a method of selecting between competing training intervention proposals. It is a process that is easily understood by the key decision makers who control the allocation of financial resources. More importantly, it is a process that can maximize the value of each dollar spent on training.

This paper examines the relationship between ownership concentration and corporate performance amongst listed South African industrial firms. The study‘s theory base is rooted in the principal-agent problem and seeks to investigate the theory‘s applicability to the South African context. Descriptive statistical analysis is performed in line with existing studies (Demsetz&Lehn, 1985; Demsetz&Villalonga, 2001; Morck et al., 1988). The percentage sums of the five and ten largest shareholders as well as firm market capitalisation are treated as independent variables. The financial measures of Tobin‘s Q and return on capital employed (ROCE) form the dependent variables as a basis for measuring firm financial performance. The results suggest that there is no statistically significant relationship between ownership concentration and firms‘ financial performance in the case of Tobin‘s Q or ROCE during the survey period. However, a statistically significant positive relationship between firms‘ market capitalisation and financial performance is found. The study tentatively suggests that the separation of ownership from control does not appear to have any negative behavioural implications for the theory of the firm in the South African context. Future research is encouraged to confirm these results. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

The purpose of this paper is to determine whether the adoption of a simple trend-following quantitative method improves the risk-adjusted returns across various asset classes within a South African market setting. A simple moving average timing model is tested since 1925 on the South African equity and bond markets and within a tactical asset allocation framework. The timing solution when applied to the JSE All Share Index, RSA Government Bond Index and within an equally weighted portfolio improved returns, while reducing risk. Testing the model within sample by decade highlighted periods of inferior return performance providing evidence to support prior research (Faber, 2007) that the timing model acts as a risk reduction technique with limited to no impact on return. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

The field of stock returns and assessing stock returns utilising financial ratios has attracted substantial interest from various stakeholders. In terms of previous research, the role of financial ratios on stock returns has been based on studies in developed markets, with limited research in emerging markets. This research study provides an understanding of two specific financial ratios, namely the Return on Equity (ROE) and Dividend Payout (DPO) ratios and their impact on annual stock returns (ASR) in emerging stock markets in South Africa and Nigeria. A longitudinal analysis was performed from 2000 to 2013 for companies listed on the JSE Top 40 Index and from 2006 to 2013 for companies listed on the NSE 50 Index. The tests between the mean ROE and the mean ASR for companies listed on the JSE Top 40 Index revealed a significant positive correlation. The conclusions drawn from the relationship between the mean ROE and the mean ASR for companies listed on the NSE 50 Index and both the relationships between the mean DPO and the Mean ASR for both companies listed on the JSE top 40 Index and the NSE 50 Index was inconclusive. / Dissertation (MBA)--University of Pretoria, 2014 / lmgibs2015 / Gordon Institute of Business Science (GIBS) / unrestricted

Este trabalho tem como objetivo testar quais são as características dos Conselhos de Administração de 20 bancos, com capital aberto, no Brasil, no período compreendido entre os anos de 2007 a 2013, bem como detectar a influência das mesmas sobre a Rentabilidade do Ativo (ROA), Rentabilidade do Patrimônio Líquido (ROE) e a Razão Valor de Mercado (RVM). Para alcançar esses objetivos foram levantadas características relevantes que envolvem os Conselhos de Administração (CA) dos bancos, apoiando-se nas recomendações do Comitê de Basileia sobre o que se exige da estrutura desses Conselhos como instrumento de governança. Além das instruções do Comitê, outros artigos científicos, envolvendo dados dos CA e sua provável influência sobre a rentabilidade, foram referenciados. Após o levantamento das variáveis do CA utilizou-se uma análise de regressão múltipla para avaliar se as mesmas influenciam ou não e, em que dimensão elas interferem na rentabilidade dos bancos. Os resultados foram divididos em duas partes: a primeira levou em conta a alavancagem de controle do maior acionista de cada banco no período estudado e, a segunda considerou como uma das variáveis independentes a alavancagem de controle dos três maiores acionistas, entre os anos de 2007 a 2013. Através do resultado estatístico de uma análise quantitativa constatou-se que as características do CA influenciam, em intensidades diferentes, o ROA, ROE e o RVM. Quanto ao ROE e ao ROA, os menores níveis de Governança Corporativa (GC) demonstraram influências negativas para os dois tipos de controle, enquanto que o maior nível, o 3, mostrou influenciar positivamente o resultado. O número de componentes do CA refletiu, positivamente, sobre a rentabilidade. Porém, um aumento ocasionaria um decréscimo na mesma. As variáveis de controle influenciaram em pelo menos uma das variáveis dependentes. O estudo estatístico apresentou um importante resultado sobre a GC em bancos brasileiros. Esse aspecto pode servir de suporte ao investidor em sua tomada de decisão, pois evidencia que as variáveis abordadas devem ser consideradas quando forem verificados os retornos. / This study aims to test some characteristics of the Board of Directors of 20 publicly traded banks in Brazil in the period of 2007 to 2013, to determine whether these influence the Return on Assets (ROA), Return on Equity (ROE) and market value ratio (MVR).To achieve these goals, some relevant features that involve the Board of Directors (BoD) of banks were prospected, based on recommendations of the Basel Committee about the demands on the structure of these councils as instruments of governance. Scientific articles involving characteristics of the BoD and the possible influence on profitability were also considered. Once the BoD variables are set up, a multiple regression analysis was applied to assess whether, and how, the characteristics of the BoD influence the profitability of banks. The tests were divided into two parts: the first considering the leverage control of the largest shareholder of each bank, in every year; and the second had as one of the independent variables to leverage control of the three largest shareholders in the same period. Through the statistical results of a quantitative analysis, it was observed that the characteristics of the BoD influence, at different intensities, ROA, ROE and MV. In consideration of ROE and ROA, lower levels of Corporate Governance (CG) showed negative influences for both types of control, while the higher level, 3, resulted positive influence in the result. The number of members of the CA correlated positively with profitability. The control variables influenced on at least one of the dependent variables. Through this study, a significant statistical result is presented about GC in Brazilian banks. This may support the investor in his decision-making, highlighting that these variables must be considered when returns are checked.

Essa pesquisa tem como tema central a História Oral de Vida de imigrantes libaneses e seus descendentes nascidos no Brasil, bem como de brasileiras não-descendentes, que empreenderam o retorno ao Líbano, cujo fluxo foi verificado com maior intensidade ao final da década de 1980. A problemática geral dessa pesquisa é verificar e analisar a concretização do retorno, a partir da análise dos fenômenos de readaptação e adaptação, reinserção e inserção, destacando-se as dificuldades, os dilemas e os conflitos decorrentes desse ato. Mais do que a ocupação de um espaço geográfico, devemos considerar que o retorno e restabelecimento nos vilarejos de origem significam uma apropriação (ou criação) cultural do lugar (aqui entendido em sua dimensão subjetiva), construindo-se sentimentos de identidade, de pertencimento ao grupo que, por meio de suas ações, controlam e influenciam pessoas, estabelecem relações, determinam valores e normas a serem seguidas. Considerando identidade e cultura como processos dinâmicos, em constante elaboração e reelaboração, há que se verificar que a reinserção e inserção ao país implicarão renúncias, escolhas e seleções, que serão negociadas pelo migrante em relação ao grupo de origem. / This research has as central subject the Oral History of Lebanese immigrants and their descendants borned in Brazil, as well as of Brazilians not-descendants, who had undertaken the return to the Lebanon, whose flow was verified with more intensity to the end of 1980\'s. The general problematic of this research is to verify the achievement of the return, from the analysis of the phenomena of readjustment and adaptation, (re) insertion and insertion, in order to distinguish the difficulties, the dilemmas and the decurrent conflicts of this act. More than the occupation of a geographic space, we must consider that the return and reestablishment in the villages of origin mean a cultural appropriation (or creation) of the place (understood here in its subjective dimension), constructing identity feelings, belonging to the group that, by of its action, controls and influences people, establishes relations, determines values and norms to be followed. Considering identity and culture as dynamic processes, in constant elaboration and rework, it is important to verify that the (re) insertion and insertion to the country will imply resignations, choices and elections, that will be negotiated by the migrant in relation to the group of origin.

Då unga individer varken arbetar, studerar eller erhåller annan likvärdig sysselsättning skapas problem på olika nivåer eftersom såväl samhälle, familj och individ påverkas. Vidare saknas anhörigas perspektiv vilket kan problematiseras utifrån att kunskap kring unga individers återgång till sysselsättning är av betydelse och deras anhöriga kan tänkas besitta kännedom om ämnet. Studien syftar sammanfattningsvis till att genom kvalitativa intervjuer med anhöriga och en professionell person fördjupa kunskapsläget samt öka förståelse för deras uppfattning, med fokus på vad som hindrar respektive bidrar till unga individers återgång till studier, arbete eller praktik. Studien berör unga individer av olika kön i åldrarna 14 till och med 26 år vilka är eller tidigare varit utanför studier, arbete eller praktik. Ekologisk systemteori utgör studiens teoretiska utgångspunkt och används i en tematisk analys av resultatet. Studien resulterar i ett flertal bidragande respektive hindrande faktorer för unga individers återgång. Individens motivation, utveckling och relationer kan bidra till men också hindra återgång. Detsamma gäller stöd och anpassningar, organisatoriska aspekter samt anhöriga. Även normer och regleringar kan verka bidragande samt hindrande för unga individers återgång till studier, arbete eller praktik. Därutöver visar resultatet att unga individers återgång hindras av psykisk ohälsa, händelser, ekonomiska aspekter samt av den tid som individen varit utanför studier, arbete eller praktik. Studien görs som en del av Vi-projektet.