As for the Monte Carlo Method, we first introduce a brief history of the method and pricing options by using the method. Secondly, the basic idea of using the method in computing option price is described. Thirdly, pricing vanilla options is introduced. Fourthly, we discuss some techniques of improving computing accuracy. They include antithetic variables, control variate methods and importance sampling. / Fifth, we study in detail pricing option problems by using the Monte Carlo method. Then we present a new method on pricing American option, by which, the required memory in computation can be significantly reduced. For most methods of pricing American options, bias exists. However, by using the memory reduction method, minimizing biases is possible. We also discuss the problem for valuation of multiasset options by using our method. In fact, this is an important application of the Monte Carlo method in practical financial problems. / Finally, comparisons of the performances of these numerical results are presented. / Some basic concepts on options are first introduced. Then general methods for pricing options are described. These methods include: analytical formula, finite difference methods and binomial and multinomial methods. These prepare us for the in-depth study on the Monte Carlo method in subsequent chapters. / The Monte Carlo approach has proved to be a valuable and flexible computational tool in modern finance. The Monte Carlo method is the main topic of the thesis. / by Chen Yong. / "August 2002." / Adviser: Raymond Chan. / Source: Dissertation Abstracts International, Volume: 63-10, Section: B, page: 4710. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (p. 77-79). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

Tam Wai-man Grace. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 76-77). / Abstracts in English and Chinese. / Abstract --- p.ii / 序言 --- p.iii / Acknowledgement --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.7 / Chapter 2.1 --- Dividend Irrelevance Theory --- p.8 / Chapter 2.2 --- Bird-in-the-hand Theory --- p.9 / Chapter 2.3 --- Clientele Effect Theory --- p.10 / Chapter 2.4 --- Signaling Theory --- p.11 / Chapter 2.5 --- Agency Cost Theory / Chapter 2.5.1 --- Theoretical Models --- p.15 / Chapter 2.5.2 --- The Latest Agency Cost Model --- p.19 / Chapter 2.6 --- Residual Theory --- p.24 / Chapter 2.7 --- Other Studies on Dividend Policy / Chapter 2.7.1 --- Low-Regular-Dividend-Plus-Extras Policy --- p.26 / Chapter 2.7.2 --- Comparison of the Dividend Policies of Japanese and U.S. Firms --- p.27 / Chapter Chapter 3 --- Methodology / Chapter 3.1 --- Model --- p.28 / Chapter 3.2 --- Anti-Signaling Hypothesis --- p.29 / Chapter 3.3 --- Agency Cost Hypothesis --- p.30 / Chapter 3.4 --- Residual Hypothesis --- p.31 / Chapter 3.5 --- Investment Opportunities Hypothesis --- p.32 / Chapter 3.6 --- Industry Control --- p.33 / Chapter 3.7 --- The Four-Hypothesis Model --- p.34 / Chapter Chapter 4 --- Sample and Data Description / Chapter 4.1 --- Sample Description --- p.35 / Chapter 4.2 --- Variable Description --- p.36 / Chapter 4.3 --- Limitations --- p.39 / Chapter 4.4 --- Descriptive Statistics --- p.41 / Chapter Chapter 5 / Chapter 5.1 --- Regression Results and Implications --- p.42 / Chapter 5.2 --- Alternative measurement for Agency Cost Hypothesis --- p.45 / Chapter 5.3 --- Comparison of the Dividend Policies of Hong Kong and the World --- p.47 / Chapter Chapter 6 --- Conclusion --- p.49 / Tables / Table 1 Summary of the Four-Hypothesis Model --- p.50 / Table 2 Construction of Variables --- p.51 / Table 3 Dividend Payout Ratios of 83 Hong Kong Listed Firms from1992 to 1999 --- p.52 / Table 4 Earnings Growth Rate of 33 Hang Seng Index Constituents from 1996to 1999 --- p.54 / Table 5 Dividend Payout Ratio of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.55 / Table 6 Regression Results for Raw Data --- p.55 / Table 7 Regression Results using Substantial Shareholders Concentration as Proxy for Agency Cost Hypothesis --- p.57 / Table 8 Summary of Regression Results --- p.58 / Charts / Chart 1 Dividend Payout Ratios of 83 Hong Kong Listed Firms from1992 to 1999 --- p.59 / Chart 2 Earnings Growth Rate of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.60 / Chart 3 Dividend Payout Ratio of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.60 / Appendices / Appendix 1 The Complete Dataset --- p.61 / Appendix 2 Definition of Variables in Different Sectors --- p.63 / Appendix 3 Non-Nested Tests --- p.54 / Table A3.1 Non-Nested Tests Results --- p.65 / Table A3.2 Non-Nested Test Statistics and Choice Criteria - Anti-signaling Hypothesis vs Agency Cost Hypothesis --- p.66 / Table A3.3 Non-Nested Test Statistics and Choice Criteria - Anti-signaling Hypothesis vs Residual Hypothesis --- p.67 / Table A3.4 Non-Nested Test Statistics and Choice Criteria 一 Anti-signaling Hypothesis vs Investment Opportunity Hypothesis --- p.68 / Table A3.5 Non-Nested Test Statistics and Choice Criteria ´ؤ Residual Hypothesis vs Agency Cost Hypothesis --- p.69 / Table A3.6 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Investment Opportunity Hypothesis --- p.70 / Table A3.7 Non-Nested Test Statistics and Choice Criteria ´ؤ Residual Hypothesis vs Investment Opportunity Hypothesis --- p.71 / Table A3.8 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Anti-signaling Hypothesis --- p.72 / Table A3.9 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Residual Hypothesis --- p.73 / Table A3.10 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Investment Opportunity Hypothesis --- p.74 / Table A3.11 Non-Nested Test Statistics and Choice Criteria 一 Technology Industry Phenomenon vs Anti-signaling Hypothesis --- p.75 / Bibliography --- p.76

Made available in DSpace on 2014-06-12T17:40:10Z (GMT). No. of bitstreams: 2 arquivo606_1.pdf: 1092767 bytes, checksum: 01fd37cd5c555ffc511ffbfdb0fd8999 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2010 / Nos últimos 20 anos o movimento entre aquisições e fusões tem aquecido as operações mundiais e mudando ou extinguindo drasticamente o significado da expressão empresas locais , não dando nenhum tipo de margem para que as empresas continuem vivendo um empirismo dentro de seu mercado, no conceito amadorístico. Com o amadurecimento e consolidação desta nova tendência, o fator risco começou a ser mais bem estudado, pois quando existe uma operação de compra de outro ativo o que se esta sendo adquirido é fluxo futuro e o risco implícito na operação. O presente trabalho analisou a viabilidade econômicofinanceira valuation usando como ferramenta para mensuração do risco um modelo estocástico, que neste caso trabalhou-se com a simulação de Monte Carlo, de compra de uma fonte de água mineral, por uma empresa multinacional que atua no mercado Brasileiro há anos e julga como processo estratégico para a perenidade de sua operação a aquisição e consolidação neste segmento. No primeiro momento foram identificadas três fontes que poderiam interessar aos acionistas (dentro da mesma região geográfica), depois a metodologia usada foi ir a campo, conhecer e estudar todas as informações coletadas dentro das empresas, fazer entrevistas com o staff de cada organização. Este arcabouço de informações permitiu que se começasse a montar os modelos de valuation, mensurando todo o ganho sinérgico que se teria com as operações e calculando qual seria o FCF (free cash flow) da operação e sugerindo ao board a melhor avaliação levando em consideração o binômio Risco x Retorno

The aim of the diploma thesis is to determine the market value of the company Telefónica Czech Republic,.a.s. as at 31.12.2010. The structure of the thesis has a form of expert opinion and does include the valuation itself as well as the financial and strategic analysis. The financial plan for the period of 2011 till 2017 was compiled based on the outcome of both the analyses (strategic and financial). The value of the company is determined by two methods: DCF equity (three scenarios of future development, pessimistic, realistic, optimistic, are included) and market comparison. The interval of valuation is determined based on outcome of both the methods.

The goal of diploma thesis is valuation of Racio, s.r.o. Thesis is divided into 6 parts. The first part contains characteristics of the company. In strategic and financial analysis are valuated ekonomical and non-economical aspects of relevant markets, competitors and impacts on Racio's financial situation. At the end of thesis is made financial plan and business valuation. DCF in APV is basic method of valuation. As a support of valuation is used market comparation.

The goal of this diploma thesis is the estimation of the objective value of a pharmacy as of 31. 12. 2010. In line with standard valuation process, in the first part the financial analysis gives a fair estimate of the financial health and effectivity of the company. Subsequently, the strategic analysis deals with long-term perspectives of the respective company, together with a detailed analysis of the company's industry. The first two parts are used as a basis for prognosis of value generators and financial plan preparation. The final value of the company is determined by means of two methods, DCF equity and capitalized net earnings method.

A discussão acerca do impacto dos tributos sobre a renda na geração de valor ainda é pouco explorada na teoria de finanças. No entanto, a necessidade de investigação do tema é crescente, já que se trata de importante variável na composição do valor das empresas. O problema de estudo investiga se a estrutura dos tributos sobre a renda, determinada pela legislação específica de um país, pode ser responsável por um ganho de valor das empresas desse país se comparado a outro país com diferente legislação. O objetivo deste trabalho é determinar o impacto dos tributos sobre a renda no valor das empresas em diferentes países. Em um primeiro momento é analisada, por meio da técnica bibliográfica e documental, a legislação dos tributos sobre a renda das empresas dos países selecionados (Brasil, EUA, Espanha e Japão), a fim de demonstrar e comparar as formas de apuração desses tributos. Após essa evidenciação, são realizadas análises estatísticas, por meio de testes de diferença entre médias das alíquotas efetivas e das bases de tributos sobre a renda nas empresas de capital aberto dos países analisados, buscando comparar os resultados obtidos com as formas de tributação sobre a renda apresentadas. Para comprovação e análise final do trabalho foi elaborada uma simulação hipotética visando demonstrar os efeitos dos tributos sobre a renda na geração de valor das empresas. Os resultados apurados revelam diferenças significativas entre a alíquota efetiva dos países e a alíquota marginal definida pela legislação, além de demonstrarem que o LAIR é estatisticamente diferente do Lucro Tributável. / There have been few in-depth studies of the impact of income tax on the generation of value in the theory of finances. However, there is a growing need to investigate the issue, since taxation is a major variable affecting the value composition of companies. This study asks whether the income tax structure stipulated by the specific legislation of a certain country may account for gains in the value of companies in this country compared to other countries with different legislation. The aim of this study is to determine the impact of income tax on the value of the companies in different countries. It initially uses bibliographical and documentary techniques to analyze income tax legislation affecting companies in the selected countries (Brazil, the USA, Spain and Japan), in order to demonstrate and compare different ways of reflecting these taxes in accounting terms. Having shown this, it proceeds to perform statistical analysis of average actual tax rates and taxable income parameters for publicly traded companies in the countries analyzed, and compares the results obtained with forms of income taxation. In conclusion, and as the final analysis of the study, a practical simulation is devised to show the effects of income tax on value of companies. The findings point to significant differences between actual rates in these countries and marginal rates as defined by legislation, and further show that Pre-Tax Income is statistically different from Taxable Income.

A marca, em nossos dias, se tornou imprescindível ferramenta de marketing, ao permitir à empresa obter uma vantagem competitiva sustentável por um período de tempo relativamente longo. Soma-se a isso o fato de que, uma marca bem construída, constitui-se, em alguns casos, no maior patrimônio da empresa, apresentando valores superiores aos dos demais ativos (máquinas, instalações, terrenos e outros). Nesse sentido, em um cenário cada vez mais competitivo, o aprofundamento em questões que envolvam a evolução do conhecimento estabelecido acerca de sua avaliação e da relação existente entre ela e os consumidores ganha importância dentro do marketing contemporâneo. Além disso, a crescente força dos serviços na economia mundial justifica um direcionamento da pesquisa para o setor. Esta tese, diante do exposto, aborda a avaliação de marca e seus modelos, focando-se naqueles baseados no consumidor (de marketing) e no setor de serviços. Sua proposta fundamentou-se em dois objetivos: propor um modelo integrativo de avaliação de marca de serviços baseado no consumidor (de marketing) e verificar sua aceitabilidade por um grupo de executivos de marketing de empresas de serviços. Uma extensa revisão bibliográfica possibilitou conhecer um pouco mais sobre esse assunto ainda pouco explorado no meio acadêmico (quando comparado a outros em marketing). O levantamento teórico abordou temas como modelos, marcas, e serviços. Ênfase especial foi dada ao quesito brand equity e suas variantes (consumidor, econômica e de empresas), com foco no consumidor procedeu-se uma comparação entre os modelos de marketing. Partindo-se das informações coletadas uma proposta de modelo integrativo de avaliação de marcas baseado no consumidor foi apresentada, neste modelo procurou-se apresentar elementos voltados para serviços. A esse modelo batizou-se de Modelo Alvo. Por fim foi conduzida uma pesquisa de cunho exploratório, com um grupo de executivos de empresas do setor de serviços que ocupavam cargos de diretoria e gerência em marketing, buscando verificar a aceitabilidade do modelo integrativo proposto. Essa pesquisa, estritamente qualitativa e sem uso de testes estatísticos, comprovou a não só a aceitabilidade do modelo como também uma possível aderência à prática mercadológica dos executivos entrevistados. / At the present day, brand has become as irreplaceable marketing tool, as it allows enterprises to gain a competitive advantage, which may be sustainable for a relatively extensive period. In addition to that, a well-built brand may rapidly become the enterprise’s main asset, as it bears grater value than the other assets (machinery, plans, real state and so on). In this sense, it is plainly understandable that in a state of the affairs characterized as one of increasing competition, the examination in depth of questions concerning both the furtherance of its acknowledge evaluation, and the actual relationship it keeps up with regular consumers its more and more relevant to contemporary marketing. Besides, the growing importance of services as far as world economy is concerned is a good reason for (re-) directing research procedures to be carried out in this domain. This Doctoral Thesis will focus on an appraisal of brand and its models, mostly by taking into account consumer based brand equity models as well as the service sector. The Thesis aims then at attaining two purposes. The first develop an integrative model for consumer based brand equity and in the second we carried out a thorough investigation of its favorable reception on a group of marketing executives working in the service sector. A far-reaching reappraisal of the existing bibliography made it possible to reach a greater range of information on a poorly explored academic subject (if compared with others marketing studies). The theoretical survey made here bears upon models, brands and services. In addition, we lay a stress on brand equity and on its varying kinds (the one meant for consumers, the economic one and the enterprises variety). Much in the same way, we make a thorough comparison between existing marketing models mostly by focusing on the above-mentioned consumer oriented model. Based on the information gathered we propose a consumer oriented integrative model of brand evaluation, by paying greater attention to elements peculiar to the service sector. We call it Target Model. Lastly, in order to add further strength to the point made we conducted an exploratory research by interviewing a group of Executives in Office of the service sector enterprises, chiefly those who were responsible for Marketing Management. Such research was conducted on a strictly qualitative basis (no statistical results taken into account) as we tried to prove not only that proposed model is entirely acceptable, but also that suits the marketing doings of all those executives we had interviewed.

It can be stated that where a valuation is used as an assessment of risk there is no research-backed theory of valuation, that is one that explains the methodology used and is validated by a hypothesis. The significance of this thesis is the recognition of the ignorance, and confusion that exists and the need of a theory to explain methodology verified by a hypothesis or hypotheses. This thesis is the result of systemic research in an attempt to define the confusion that exists, resulting from the application of inappropriate economic theories in valuation. This research also attempts to find the reason for and the source of the confusion. This research supports that which has previously been advocated that valuation principles of valuation Practice must be underpinned by a working theory embedded in positive economics. The finding of this paper is that price theory is an appropriate proxy for valuation theory where a valuation is used as an assessment of the recovery of funds. However importantly this research also recognises and examines the possible ability of other related economic theories to explain areas price behaviour where price theory cannot. The findings of this research are likely to have important implications in the valuation profession. Hopefully this will result in stimulating debate and a realisation of a need for a theory which supports a credible and validated process of valuation.

The determination of long-term goals for climate policy, or of near-term mitigation effort, requires a shared conception among nations of what is at stake. Unfortunately, because of different attitudes to risk, problems of valuing non-market effects, and disagreements about aggregation across rich and poor nations, no single benefit measure is possible that can provide commonly accepted basis for judgment. In response to this circumstance, a portfolio of estimates is recommended, including global variables that can be represented in probabilistic terms, regional impacts expressed in natural units, and integrated monetary valuation. Development of such a portfolio is a research task, and the needed program of work suggested. / Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/). / Results cited from the MIT Joint Program on the Science and Policy of Global Change were developed with the support of the US Department of Energy, Office of Biological and Environmental Research [BER] (DE-FG02-94ER61937) the US Environmental Protection Agency (X-827703-01-0), the Electric Power Research Institute, and by a consortium of industry and foundation sponsors.