A partir dos anos noventa a economia brasileira passou por um intenso processo de privatizações. Esse processo mudou substancialmente o cenário econômico brasileiro, atraindo a atenção dos investidores e aquecendo o mercado das fusões e aquisições. Neste cenário o setor não cíclico de Bolsa de Valores de São Paulo vem apresentando nos últimos anos um crescimento destacado dentro da economia do país; esse fato tem intensificado as atividades de análise e avaliação de empresas nesse setor. O objetivo principal de toda empresa é criar valor para os acionistas, isto implica uma gestão eficiente dos recursos e dos riscos incorridos. Os gestores devem focar seus esforços em investimentos que possam gerar no curto e no longo prazo valor para os acionistas. A gestão do valor de uma empresa está baseada na determinação de variáveis que podem influenciar seu valor presente. O objetivo desta dissertação é realizar um estudo de caso de uma empresa do setor não cíclico de alimentos da Bovespa, identificando os fatores de risco que influenciam os fluxos de caixa futuros para fins de avaliação de empresas. Neste estudo foram utilizadas simulações de Monte Carlo como técnica para mensurar o valor da empresa de forma probabilística, sendo o fluxo de caixa livre para a empresa e EVA® as variáveis objetivo respectivamente; e o custo de capital, a taxa de crescimento sustentável e as receitas futuras da empresa, as variáveis aleatórias. O estudo tem como base de projeção dos dados o período do mês de janeiro de 2002 a dezembro de 2007, sendo feitas as respectivas projeções e simulações a partir de 2008 até 2017. Os resultados do estudo revelam que dependendo da metodologia a ser utilizada na mensuração do valor da empresa, cada variável aleatória tem um determinado peso que contribui na variância do valor esperado no valor da empresa. / Since the 90th decade, the brazilian economy has passed through many industry privatization. This process has changed in different ways the trends of brazilian economy view, bringing the attention of many investors that dealt a lot with the fusion and acquisition market. In this view the acyclic stock exchange of São Paulo(BOVESPA) is presenting in the last few years such a dynamism in the developing of the country economy; this fact has intensified the activities and analysis of many industries belonging to this sector. The main objective of all industries is create value for the shareholders, and this implies in an efficient management of the recourses and risks involved. The manangers must focus their investments that can generate in short and long periods variable values to the shareholders. The management value of an enterprise is based in the determination of variables that can changes the present value of an enterprise. The objective of this dissertation is to realize a case study of an enterprise of the acyclic food sector of BOVESPA, identifying the risky factors that have influence in the flow future box in order to evaluate the enterprises dealing with this specific sector. In this study was used Monte Carlo simulations as a measure technique to measure the value of an enterprise in a probabilistic way, considering the box flow free to the enterprise and EVA® the objective variables respectively; and the cost of the capital, the growing tax and future prescriptions of the enterprise, the random variables. This study has as a projection base the data of period from January 2002 as far as December 2007, making the future simulations and projections of the year 2008 as far as 2017. The results of this study reveal that depending of the methodology to be used in the measure of the enterprise value, each random variable has a determined weight that contributes in the variance of the expected enterprise value.

This dissertation investigates the association of operating leverage with stock returns, the value premium, and the profitability premium. Results in the first essay support the hypothesis that operating leverage is related to stock returns and the value premium across the sampled countries. Results are robust to cross-country differences, typical controls, multiple definitions of operating and financial leverage, and while controlling for the endogeneity of operating and financial leverage. This suggests that the rational explanation for the presence of the value premium lies in the underlying risk exposure of fixed asset risk of operating leverage which is expressed through the value premium. Results further support the hypothesis of strengthening labor protection increasing operating leverage. In turn, increased labor protection marginally negatively associated with the value premium, suggesting that labor protection reduces the value premium through financial leverage. However, because operating and financial leverage are oppositely affected by employment protection, the joint effect of this association may be cumulatively washed out in estimating value premium with employment protection legislation. Results in the second essay further support the hypothesis that operating leverage is related to stock returns and additionally support the hypothesis of operating leverage being associated to the profitability premium. The profit premium tends to be insignificant when generated within operating leverage portfolios, and the profit premium only tends to be significantly positive in the higher operating leverage portfolios. Furthermore, once operating leverage and profitability are orthogonalized from one another, the estimated coefficient of profitability is reduced by a magnitude of roughly 10. These results provide evidence in support of the profit premium being based on the riskiness of the firm through operating leverage, and therefore the profit premium is a rationally priced risk factor in stock returns. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection

We explore the relationship between the stock market value of firms and patent quality using a recently developed composite index measure. The study is conducted on 137 firms during 1991-2015, which provides 914 unique firm year observations. By defining patent quality through patent value indicators, we analyze each indicator’s relationship to the market value of firms. We find that an extra citation per patent increases a firm’s market value by 5 %, and an extra patent family member per patent increases a firm’s market value by 4 %. Patent counts and patent grants show slight negative effects on the market value of firms. Using the composite index measure, we divide our sample into quartiles containing the most important and least important patents. With the use of this methodological framework, we show that the market can identify and separate the more important patents from the less important patents.

Typescript (photocopy). / Digitized by Kansas Correctional Industries

The last decade has witnessed a dramatic growth in passive investing via exchange-traded funds (ETFs). To the extent that the demand for stocks via ETF flows is not related to firm-specific fundamental values, large ETF flows may push the price of the underlying stocks away from their fundamentals-based value. In this study I provide evidence consistent with this conjecture. In particular, I first document a positive association between ETF flows and the price-to-fundamentals relation of underlying stocks. Then, by using BlackRock’s expansion into the ETF business as an exogenous shock, I provide evidence that the association is likely to be causal rather than reflect some form of endogeneity (i.e., ETFs selecting certain stocks). Also, I find that high-flow firms subsequently underperform low-flow firms in operating and stock performance, consistent with the misvaluation being caused by non-fundamental demand shocks. Cross-sectional tests suggest that the ETF-related misvaluation is stronger for stocks with: a less competitive equity market (i.e., with prices more sensitive to demand shocks), lower ownership by active investors, and more costly arbitrage constraints. Finally, I find that high-flow firms exhibit behavior typically associated with perceived overvaluation (e.g., more secondary equity offerings).

Esta pesquisa consiste em investigar como se articulam as noções de vida e valor na filosofia nietzschiana tardia. A relação entre essas noções se faz visível em Crepúsculo dos ídolos, quando Nietzsche critica a decadência por avaliar negativamente o valor da vida: o filósofo defende que a vida é o critério de avaliação das avaliações e criadora de valores, de modo a ser incoerente estabelecer qualquer juízo acerca dela. Contudo, questionamos se essa filosofia não seria passível das mesmas críticas por entender que o critério avaliativo é ele próprio criador de valores: averiguaremos se seria possível uma mesma vida criar valores e avaliá-los. No limite, sendo a decadência um modo de vida, objetamos como poderia a filosofia nietzschiana avaliá-la. Faremos ver que apenas um tipo de vida poderá ser simultaneamente critério de avaliação das avaliações e criadora de valores e que, portanto, poderá avaliar outras formas de vida, como a decadente / This researchs aim is to investigate how to articulate the notions of life and value in Nietzsche\'s late philosophy. The relation between these notions is visible in Twilight of idols, in which Nietzsche criticizes the decadence for negatively evaluating the value of life: the philosopher argues that life is the evaluation criterion of evaluation and creates values, so as to be incoherent to establish any judgment about it. However, we question whether this philosophy would not be liable to the same criticism for understanding the evaluative criteria is itself the creator of values: we will investigate whether it is possible for a same life to create values and evaluate them. If the decadence is a way of life, we question how Nietzschean philosophy could evaluate it. We will see that only one way of life can simultaneously be evaluation criteria of evaluation and create values and, therefore, can evaluate other forms of life, such as the decadent one

Mok Ka Ming. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaf 31). / Abstracts in English and Chinese. / Chapter I --- Introduction --- p.1 / Chapter II --- Data Description --- p.4 / Chapter III --- Market risks for stocks --- p.6 / Chapter 1. --- Listing Location --- p.7 / Chapter 2. --- Operation Location --- p.9 / Chapter 3. --- Measurements --- p.10 / Chapter IV --- The Model --- p.13 / Chapter V --- Empirical Results --- p.16 / Chapter 1. --- Summary statistics --- p.16 / Chapter 2. --- Diagnostics Test --- p.17 / Chapter 3. --- The co-efficient --- p.18 / Chapter 4. --- Comparing the result with US dollar-denominated returns --- p.21 / Chapter VI --- Sub-period analysis --- p.26 / Chapter VII --- Market analysis --- p.29 / Chapter VIII --- Industrial analysis --- p.31 / Chapter IX --- Conclusion --- p.35 / Chapter X --- References --- p.37 / Chapter XI --- Appendix --- p.39

Orientador: Ana Maria Freire da Palma Marques de Almeida / Banca: Hélia Sônia Raphael / Banca: Ricardo Ribeiro / Resumo: O presente estudo aborda o tema relacionado à Avaliação Institucional implantada na Escola Técnica Paulo Guerreiro Franco, que é uma das escolas técnicas vinculadas ao Centro Estadual de Educação Tecnológica Paula Souza - CEETEPS, órgão responsável pela rede de escolas técnicas do Estado de São Paulo. A temática escolhida ainda não é assunto plenamente incorporado pelas instituições de maneira geral e nem mesmo pelas escolas técnicas, porém tem ganho enorme centralidade nas discussões e publicações atuais, refletindo o interesse e destaque deste tema para as reformas e políticas públicas em educação, principalmente após a reformulação da Lei de Diretrizes e Bases da Educação LDB de 20 de dezembro de 1996. A pesquisa apresenta-se como uma contribuição para o aperfeiçoamento dos conhecimentos a respeito da Avaliação Institucional em Centros de Educação Tecnológica, tendo como objetivo principal identificar, especificamente na Escola Técnica Paulo Guerreiro Franco de Vera Cruz SP, as percepções que cada segmento da comunidade escolar tem a respeito dessa avaliação que foi implantada na escola desde o ano de 1999 e quais os seus reflexos no cotidiano escolar e melhoria da qualidade do ensino. A metodologia utilizada foi a pesquisa qualitativa com o auxílio de instrumentos para obtenção de dados quantitativos da unidade escolar pesquisada. Constou também de análise dos dados e observações do cotidiano como forma de estudo, para aprofundamento de conhecimentos e posicionamentos em relação ao processo de avaliação. A análise dos dados foi elaborada a partir dos indicadores obtidos pela realização de entrevistas semiestruturadas, com representantes de todos os segmentos da unidade escolar, desde os integrantes da parte pedagógica (alunos, professores, coordenadores,) como os da parte administrativa. / Abstract: The present study approaches the theme related to the Institutional Valuation introduced on Escola Técnica Paulo Guerreiro Franco, that is one of the technical schools linked to Centro Estadual de Educação Tecnológica Paulo Souza , responsible organ for the Techinical schools from Sao Paulo State.The chosen subject is not still a completely incorporated theme by all institutions and even by technical schools, but it have won a lot of centralization on actual discussions and publications, reflecting the interest and the emphasizes of this theme to some reforms and public policies on education, mostly after the Educational Directives and Basis Law reformulation LBD from December, 20th 1996. The research comes like a contribution to the improvement of knowledge about Institutional Valuation in Technological Education centers that have as main objective identify, mostly on Escola Tecnológica Paulo Gurerreiro Franco in Vera Cruz SP, the perceptions that each statement of school community have related with this valuation which was implanted since 1999 and its reflexes at the school daily and the improvement of teaching quality.The used methodology was a quality research with some instrument’s assistance to the procurement of quantity in researched school unity. This also consists on some analysis of datas and observations in daily routine as a study way in school unity to knowledge and positions related to the valuation process. The data analysis was elaborated from indicators acquired through the realization of half-structured interviews with representants of all unity school section, not only the pedagogical part (students, teachers, coordinators) but also the administration one. / Mestre

The theoretical part of diploma thesis there are contains a general analysis and various approaches to the use of EBITDA. The practical part documents the process which uses EBITDA in the relative valuation of the shares of Telefonica O2 Czech Republic, a. s. and other alternative uses of this indicator on a sample of comparable companies to Telefónica O2 Czech Republic, a. s.

The master thesis evaluates the company ZVVZ GROUP. The main focus is to link the aspects connected with the yield valuation method DCF APV (Discounted Cash Flow Adjusted Present Value), since this method has many advantages, although rarely used in practice. The DCF Entity method is chosen for comparison. This method is used much more often, despite methodological imprecisions, which are usually omitted. To demonstrate the advantages of the DCF APV method, I have decided to evaluate a complicated company ZVVZ, a. s. which has been transformed into holding ZVVZ Group, a. s.