Public interest in investments has increased dramatically during the past decades. Also parallely, there has been much research interest related with profitability, liquidity, and statutory and regulatory protection of investments, the three important pillars of investment. However, there is no similar research comparing the markets of Spain, USA and Russia in order to answer the research question of this thesis. Considering these factors, there exists need for this scientific research. The objective of this study was to discover the effect of statutory and regulatory protection in investment decision by comparing and analysing the legal environment of investments. The two steps to achieve this objective were: - Analyse and compare the legislation and securities market regulation international, national and institutional framework. - Survey. On a national level, we focused on three markets - Spain, the USA and Russia. On an institutional level, we concentrated on state agencies with regulatory power over securities markets of the above mentioned countries. The conclusion answered the main question of the work – “How does statutory and regulatory protection affect investment decisions?” This thesis in financial and business law is very relevant and will be of great interest to the investment sector. It can help interested parties in investment societies find specific solutions to improve the efficiency in investments in the above mentioned securities markets taking into consideration statutory and regulatory protection. Also, this work raises new questions for future research and indicates new possibilities of conducting future investigations. / Vicerrectorado de Investigación y Transferencia de Conocimiento (Escuela de Doctorado) "Convocatoria para la concesión de subvenciones con el objetivo de facilitar la obtención de la mención de Doctor internacional en el título de doctora o doctor, Ayudas Movilidad 2015". Jeffrey E. Smith Institute of Real Estate and Capital Markets of University of Missouri "Research Scholar (Becario de Investigación) - 01/02/2016-31/12/2017".

[pt] Estudamos as razões para se investir em RSC/ASG. Exploramos as diversas críticas que o conceito recebeu ao longo dos anos; e o recente entusiasmo de CEOs se comprometendo em liderar suas empresas em benefício de todos os stakeholders e de gestores de ativos de incorporar aspectos ambientais, sociais e de governança (ESG) ao seu processo de tomada de decisão de investimento. Para esclarecer o investimento em RSC/ASG e o comportamento das empresas em relação a ele, nos baseamos em artigos bastante recentes de pesquisa empírica sobre RSC/ASG para a escolha de quatro modelos diferentes de opções reais. Utilizando os modelos, realizamos análises de sensibilidade sobre a decisão de se tornar uma empresa socialmente responsável, investir em RSC/ASG para capturar um benefício, bem como sobre a alternativa de abandono e a probabilidade de salto para zero. Nossos resultados sugerem que o investimento em RSC/ASG é valioso, mas não pelas razões comumente apresentadas. O investimento cria uma oportunidade para a empresa limitar suas perdas quando envolvida em um evento prejudicial à sua reputação, ao meio-ambiente ou à sociedade. Para manter a oportunidade viva, a empresa precisa investir continuamente em iniciativas de RSC/ASG, que podem ser mais acessíveis às empresas maiores e mais fortes. Discutimos se essa oportunidade impulsiona um comportamento imprudente ou antiético das empresas e apontamos a contradição entre o possível incentivo à irregularidade e o propósito original do conceito. / [en] We studied the rationales of investing in CSR/ESG. We explored the several critics that the concept received over the years; and the recent rush of CEOs into signing commitments to lead their companies for the benefit of all stakeholders and of asset managers into incorporating environmental, social and governance (ESG) on their investment decision making process. To clarify the CSR/ESG investment choice and the investment behavior of the firms towards it, we drew on very recent empirical research articles on CSR/ESG to choose four different real options models. Using the models, we performed sensitivity analyses on the decision to become a socially responsible firm, to invest in CSR/ESG to capture a goodwill, as well as on the abandonment option and jump to zero probability. Our results suggest that the investment in CSR/ESG is valuable, but not for the reasons commonly presented. The investment creates an opportunity for the firm to limit its losses when involved in a reputational, environmental, or social damaging event. To keep the opportunity alive, the firm has to continuously invest in CSR/ESG initiatives, which may be more accessible to larger and stronger firms. We discuss whether this opportunity propels firms to engage in a reckless or unethical behavior and point out the contradiction between the possible incentive to malpractice and the concept s original purpose.

El discernimiento de la situación financiera en pequeñas y medianas empresas es muy importante, debido a estos cambios continuos deben tomar mejores decisiones, incluidas las decisiones de inversión para mejorar el rendimiento; se considera que el aporte del presente análisis beneficiará a aquellas empresas que enfrentan este problema por falta de conocimiento. La presente investigación tiene como objetivo determinar el equilibrio financiero frente a la toma de decisiones para la inversión de la panadería El Padrino en el periodo 2020-2021 en la Ciudad de Chiclayo. La investigación es de carácter descriptivo con un diseño no experimental. Se recolectó información de la técnica de análisis para la revisión de los Estados Financiero y Estado de Resultados, a través de la entrevista con el Gerente y Contador de la panadería. Se expone, conocer el equilibrio financiero a través de un Diagnóstico Financiero, debe ser uno de los principales objetivos de las empresas para lograr una mejor liquidez y solvencia lo largo de la vida de las empresas, es por ello que por medio del objetivo general de este artículo, se dar a conocer el análisis del equilibrio financiero en la que se encuentra la empresa para la toma de decisiones de inversión. / Discernment of the financial situation in small and medium-sized businesses is very important, due to these continuous changes they must make better decisions, including investment decisions to improve performance; It is considered that the contribution of this analysis will benefit those companies that face this problem due to lack of knowledge. The objective of this investigation is to determine the financial balance in the decision making process for the investment of the El Padrino bakery in the period 2020-2021 in the city of Chiclayo. The research is descriptive in nature with a non-experimental design. Information was collected from the analysis technique for the review of the Financial Statements and Income Statement, through the interview with the Manager and Accountant of the bakery. It is stated that knowing the financial balance through a Financial Diagnosis should be one of the main objectives of companies to achieve better liquidity and solvency throughout the life of the companies, which is why through the general objective In this article, the analysis of the financial balance in which the company finds itself for making investment decisions will be made known.

Made available in DSpace on 2016-04-25T18:39:48Z (GMT). No. of bitstreams: 1 Joao Batista dos Santos Neto.pdf: 5372264 bytes, checksum: 5b73656abd38b37375064ac0954feec8 (MD5) Previous issue date: 2012-07-03 / Many investment projects present as relevant characteristics: the uncertainty to future earnings, the irreversibility of investment and the managerial flexibility, with regard to the freedom with the decision making in the time. Studies show that these characteristics are not treated by the traditional methods of planning and evaluation of investment, and for to supplement the limitations of these methods, an alternative that is gaining prominence is the Real Options Theory, whose application has been studied with a focus on investments that require large amounts of capital, such as mining, oil exploration and power generation. This alternative can also benefit investment projects for micro and small companies, providing that are taken into account their constraints, especially in relation to the amount of capital available. This paper aims to propose a method for planning and evaluation of investment, with the joint application of the Theory of Constraints - TOC - and of the Real Options Theory - TOR - in the process of decision making for investment in small businesses the trade sectors of products and services. The methodology consisted of an exploratory research and development of a Single Case Study, which focused on the application of the proposed method in financial planning before the opening of a business focused on sales of products and services for pets. The case study validated the hypothesis and attested the effectiveness of the proposed method, because beyond of make possible a level of free cash flow near to the traditional methods, the proposed method has made possible: the optimization of production capacity and financial resources available; the identification of the lower risk option, and the maximizing of the return on investment / incerteza quanto aos ganhos futuros, a irreversibilidade do investimento e a flexibilidade gerencial, no que diz respeito à liberdade de decisão no tempo. Estudos demonstram que estas características não são tratadas pelos métodos tradicionais de planejamento e avaliação de investimento, e para suprir as limitações destes métodos, uma alternativa que vem ganhando destaque é a Teoria de Opções Reais, cuja aplicação vem sendo estudada com foco em investimentos que requerem elevados montantes de capital, tais como: mineração, exploração de petróleo e geração de energia. Esta alternativa também pode beneficiar os projetos de investimentos de Micro e Pequenas Empresas, contanto que sejam levadas em consideração as suas restrições, sobretudo, em relação ao montante de capital disponível. Este trabalho tem por objetivo propor um método de planejamento e avaliação de investimento, com a aplicação conjunta da Teoria das Restrições TOC e da Teoria das Opções Reais TOR no processo de tomada de decisão de investimento em empresas de pequeno porte dos setores de comércio e serviços. A metodologia consiste numa pesquisa exploratória e no desenvolvimento de um Estudo de Caso Único, que enfocou a aplicação do método proposto no planejamento financeiro antes da abertura de um empreendimento voltado para a comercialização de produtos e serviços destinados a animais de estimação. O estudo de caso validou as hipóteses e atestou a eficácia do método proposto, pois além de viabilizar um nível de Fluxo de Caixa Livre próximo ao dos métodos tradicionais, o método proposto viabilizou ainda: a otimização do uso da capacidade produtiva e dos recursos financeiros disponíveis; a identificação e a opção de menor risco, e a maximização do retorno sobre o Investimento

<p><p><p>Allmänhetens uppfattning är att desto fler valmöjligheter det finns desto bättre är det. Men är det verkligen så i alla olika valsituationer vi ställs inför? (Iyengar & Lepper 2000)  </p><p> </p><p>Utifrån tidigare forskning testar vår uppsats om människors valmöjligheter, ett experiment där vi ser hur människor gör sina val på den svenska fondmarknaden. De fick välja mellan ett mindre (limited) urval eller ett större (extensive) urval av fonder. </p><p> </p><p>Utgångspunkten i uppsatsen är två olika forskningsartiklar från Iyengar & Lepper (2000) samt Iyengar & Jiang (2003) där de testar hur människor gör sina val när de får olika stora utbud att </p><p>välja bland. I deras forskning kommer de fram till att även om människor tycker att det är roligare att ha många valmöjligheter så blir det oftare val gjorda eller saker köpta om de har </p><p>mindre saker att välja bland. Detta fenomen kallas choice overload och innebär alltså att det finns en valtrötthet för människor när de ska göra sina val. </p><p> </p><p>Vårt huvudsyfte med denna uppsats är att testa om fenomenet choice overload kan tillämpas på den svenska fondmarknaden och därmed se om beslutet att själv välja fonder påverkas av fondutbudets storlek. Experimentet skedde genom en enkätundersökning på två stycken bankkontor där slumpvis utvalda kunder fick svara på enkäterna. Vi hade två olika enkäter där </p><p>den ena bestod av en fråga där de skulle välja bland ett mindre urval fonder (10st) och den andra bland ett större urval fonder (60st). Varje respondent fick bara en enkät och var därmed helt ovetande om att den andra existerade. Istället för att välja själva kunde de även få låta en </p><p>rådgivare välja åt dem, detta för att få ett alternativ till att välja själv. När vi samlat in alla enkäterna (98st) så jämförde vi resultaten mot varandra i statistikprogrammet SPSS. </p><p> </p><p>Delsyftet som kompletterar huvudsyftet i uppsatsen är att vi rensar för demografiska skillnader som t.ex. kön, utbildning och ålder, så att de inte har någon inverkan på beslutet att välja fonder.  </p><p> </p><p>Genom experimentet vi gjorde så visade det sig att människor valde fonder själva i större utsträckning när de fick enkäten med det mindre fondutbudet på (limited) än när de fick den enkäten med det större fondutbudet (extensive). Denna slutsats är förenlig med den forskning </p><p>vi hade som utgångspunkt till uppsatsen. Alltså att människor hellre gör sina val när de har ett mindre utbud att välja bland. Även om människor gillar att ha många valmöjligheter så kan det leda till att det blir så komplext att hantera att det leder till fenomenet choice overload. </p><p>Vårt experiment med enkäter visar även att de demografiska skillnaderna inte spelar någon signifikant roll för resultatet. </p></p></p>

Allmänhetens uppfattning är att desto fler valmöjligheter det finns desto bättre är det. Men är det verkligen så i alla olika valsituationer vi ställs inför? (Iyengar &amp; Lepper 2000)     Utifrån tidigare forskning testar vår uppsats om människors valmöjligheter, ett experiment där vi ser hur människor gör sina val på den svenska fondmarknaden. De fick välja mellan ett mindre (limited) urval eller ett större (extensive) urval av fonder.    Utgångspunkten i uppsatsen är två olika forskningsartiklar från Iyengar &amp; Lepper (2000) samt Iyengar &amp; Jiang (2003) där de testar hur människor gör sina val när de får olika stora utbud att  välja bland. I deras forskning kommer de fram till att även om människor tycker att det är roligare att ha många valmöjligheter så blir det oftare val gjorda eller saker köpta om de har  mindre saker att välja bland. Detta fenomen kallas choice overload och innebär alltså att det finns en valtrötthet för människor när de ska göra sina val.    Vårt huvudsyfte med denna uppsats är att testa om fenomenet choice overload kan tillämpas på den svenska fondmarknaden och därmed se om beslutet att själv välja fonder påverkas av fondutbudets storlek. Experimentet skedde genom en enkätundersökning på två stycken bankkontor där slumpvis utvalda kunder fick svara på enkäterna. Vi hade två olika enkäter där  den ena bestod av en fråga där de skulle välja bland ett mindre urval fonder (10st) och den andra bland ett större urval fonder (60st). Varje respondent fick bara en enkät och var därmed helt ovetande om att den andra existerade. Istället för att välja själva kunde de även få låta en  rådgivare välja åt dem, detta för att få ett alternativ till att välja själv. När vi samlat in alla enkäterna (98st) så jämförde vi resultaten mot varandra i statistikprogrammet SPSS.    Delsyftet som kompletterar huvudsyftet i uppsatsen är att vi rensar för demografiska skillnader som t.ex. kön, utbildning och ålder, så att de inte har någon inverkan på beslutet att välja fonder.     Genom experimentet vi gjorde så visade det sig att människor valde fonder själva i större utsträckning när de fick enkäten med det mindre fondutbudet på (limited) än när de fick den enkäten med det större fondutbudet (extensive). Denna slutsats är förenlig med den forskning  vi hade som utgångspunkt till uppsatsen. Alltså att människor hellre gör sina val när de har ett mindre utbud att välja bland. Även om människor gillar att ha många valmöjligheter så kan det leda till att det blir så komplext att hantera att det leder till fenomenet choice overload.  Vårt experiment med enkäter visar även att de demografiska skillnaderna inte spelar någon signifikant roll för resultatet.

The main goal of my master thesis is evaluation an investment project of company on the base of dynamic methods of investment evaluation. Methods of evaluation are net present value, payoff period, gross investment, profitability index and internal rate of return.

This thesis is concerned with developer project Rezidence Austerlitz in Slavkov u Brna realized by KALÁB company. It describes managing this project from buying the grounds to selling the real estate to clients. At the same time the thesis deals with the project's financing, time schedule and assesses market and construction risks. Part of the work is also analyzing the estate market which adverts to evolution of housing construction across the whole Czech Republic in the past ten years. Progress of real estate construction in Jihomoravský kraj is described in detail, including the progress of estate valuation.

This study investigates what three large, multinational hospitality companies do in practice when evaluating and making IT investment decisions. This study was launched in an attempt to 1) learn more about how multinational hospitality companies evaluate, prioritize, and select IT investments in the context of hotel GDS; 2) call attention to an important and costly topic in hopes of improving current practices; and 3) fill a noticeable literary void so that future researchers on IT and hotel GDS would have a foundation and starting point. The perennial question of any business is "How does an organization add value?" Value can be defined from many different perspectives and may result from tangible and intangible factors. Principal stakeholders include shareholders (investors), customers, and employees. Shareholders typically measure value in terms of economic return on their investment based upon some level of perceived risk. For customers, value is assessed in terms of a price-value relationship; that is, how much they received in terms of product and services for the price they paid. For employees, value is measured by salary and by the intrinsic rewards of the job. Yet, one of the most elusive questions with respect to information technology is "How can value be measured?" Hospitality executives are being pressured daily to invest more in information technology (IT) - especially in the area of hotel global distribution systems (GDS), which have become the cornerstone of a hotel firm's IT infrastructure and portfolio. There are a number of sweeping changes on the horizon impacting hotel GDSs and requiring the development of a well-crafted strategy for global distribution systems. These broad changes include bypass theories to remove airline GDSs and travel agents, the introduction of new and emerging player, and innovative approaches to pricing and promotion. Many of these developments offer promise to hoteliers, but they also threaten their control over their customer relationships and their inventory and add to the complexity and cost of distribution. Selecting the appropriate distribution channels is paramount to success and important if hotel firms are to grow top-line revenue and control overhead; yet the number of choices facing hotel executives is overwhelming. They are also at a loss for measuring value derived from IT. One of the greatest issues plaguing the advancement of technology in the hospitality industry is the difficulty in calculating return on investment. Until recently, most technology investment decisions have been considered using a support or utility mentality that stems from a manufacturing paradigm. Under such thinking, business cases could be built around an application or technology's ability to reduce costs or create labor savings. However, management's attitudes towards technology have been shifting in recent years. The more technologically savvy hospitality companies are looking to IT to build strategic and competitive advantages. These types of investments yield results over time, and seldom in the short-run. This is problematic among owners and investors who demand more immediate results. Moreover, it is difficult to quantify and calculate the tangible benefits of technology when it is used for strategic purposes. Today's financial models are inadequate for estimating the financial benefits for most of the technology projects under consideration today. While the hospitality industry has disciplined models and sufficient history to determine the financial gains or success of opening a new property in a given city, it lacks the same rigorous models and historical data for technology, especially since each technology project is unique. Although this problem is not specific to the hospitality industry, it is particularly problematic since the industry tends to be technologically conservative and unwilling to adopt new technology applications based on the promises of its long-term merits if it cannot quantify the results and calculate a defined payback period. When uncertainty surrounds the investment, when the timing of the cash flows is unpredictable, and when the investment is perceived as risky, owners and investors will most likely channel their investment capital to projects with more certain returns and minimal risk. Thus, under this thinking, technology will always take a back seat to other organizational priorities and initiatives. Efforts must be made to change this thinking and to develop financial models that can accurately predict and capture the financial benefits derived from technology. Given the present predicament and difficulties surrounding the current tools, techniques, and measures, executives are faced with an important choice. They can 1) continue to use the present methods despite their shortcomings, 2) dispense with ROI, cost-benefit, and discounted cash flow analyses altogether for IT projects, or 3) develop new methods, tools, and measures that can accommodate the complexities of IT and quantify the intangibles. This study is a call to action in favor of the latter because the measures determine not only which projects will be accepted but also how their success will be evaluated. Having a rigid evaluation process forces executives to identify a project's potential contribution and align the project's objectives with the firm's strategic goals and objectives. Using the co-alignment principle as its theoretical underpinning, this study employs a multiple-case design to investigate the resource allocation processes used with respect to information technology and global distribution systems. It looks at how three leading, multinational hospitality firms address IT project/investment evaluation and decision-making, the measures they use, and the frustrations they encounter. These frustrations include problems that arise from a hotel firm's fragmented ownership as well as from hotel executives' inability to measure the results of IT through definitive cause-and-effect relationships. The results of the study provide affirmation of the co-alignment principle and document linkages and co-alignment between strategy and IT. Clearly, decisions involving IT and hotel GDSs require multivariate measures, multidimensional perspectives, and multidisciplinary involvement. However, research from the marketing discipline is noticeably absent in this area. This study concludes that because IT plays an important enabling role for marketing initiatives and is redefining the supply chain of a hotel firm, marketing researchers can no longer stand on the sidelines. This study also identifies three important constructs, or classes of variables (context, process, and project), the variables comprising each, and their influences on the evaluation and decision-making processes. These findings add to the understanding of IT evaluation, measurement, and decision-making in the context of hotel GDS. This study clarifies the intangible aspects in hopes that useful measures can be developed in subsequent research to quantify and evaluate these costs and benefits. Finally, this study provides a series of prescriptions or recommendations gleaned from the three companies that were the focus of this study in hopes that they will lead to the development of best practices in the hospitality industry. / Ph. D.

Bakgrund: Intresset för att engagera sig inom investeringar och aktiemarknaden har sett en betydlig ökning genom den senaste årtionden, särskilt bland allt fler yngre individer. Inom dagens samhälle är det allt vanligare att människor inte enbart kommunicerar ansikte mot ansikte, utan också på den digitala arenan via internet och sociala medier. Detta är något som även kommit att förändra hur aktiemarknaden ser ut idag och hur informationsutbytet genomförs bland investerare på marknaden. Syfte: Analysera och beskriva betydelsen av informationsutbyte för unga aktieinvesterare. Teori: Studien tillämpar sig av teorier såsom beteendemässiga finansteorin, heuristik, inramningseffekten, flockbeteende, överdriven självförtroende, effektiva marknadshypotesen, mun-till-mun metoden och elektronisk mun-till-mun metoden. Metod: Studien använde sig av en kvalitativ metod i form av semistrukturerade intervjuer. Urvalet riktade sig mot unga investerare som var från 18 till 29 år gamla och sammanlagt deltog åtta respondenter.  Slutsats: Studiens resultatet kom fram till att informationsutbytet hade en betydelsefull roll för unga aktieinvesterares beslutsfattande och att de hade en större tilltro till information som härstammade från deras närmaste omkrets än från digitala medier. Dessutom framkom det att individer med högre finansiell kunskap och erfarenhet var mindre påverkade av snedvridningar och informationsutbytet. Det gick även att observera att respondenter som påverkades i mindre utsträckning av yttre påverkan, också hade en större nivå av medvetenheten om dessa snedvridningar och heuristik. / Background: Interest in investing and the stock market has seen a significant increase over the past decade, especially among an increasing number of younger individuals. In today's society, it is becoming increasingly more common for people to not only communicate face-to-face but also in the digital arena through the internet and social media. This is something that has also come to change how the stock market looks today and how information is exchanged among investors in the market. Purpose: Analyze and describe the importance of information exchange for young equity investors. Theory: The study applies theories such as the behavioral finance theory, heuristics, the framing effect, herd behavior, overconfidence, the efficient market hypothesis, word-of-mouth communication and electronic word-of-mouth communication. Method: The study used a qualitative method in the form of semi-structured interviews. The sample was aimed at young investors who were from 18 to 29 years old and a total of eight respondents participated. Conclusion: The results of the study concluded that the exchange of information played a significant role in the decision-making of young stock investors and that they had greater trust in information that originated from their immediate circle than from digital media. In addition, it emerged that individuals with higher financial knowledge and experience were less affected by biases and the exchange of information. It was also possible to observe that respondents who were influenced to a lesser extent by external influences also had a greater level of awareness of these biases and heuristics.